As the number of family offices continues to climb globally, wealthy families are struggling to find qualified professionals to manage their growing fortunes. While demand for personalized wealth management services rises, a talent shortage is hindering growth.
According to Deloitte, there were over 8,000 family offices managing $3.1 trillion as of late 2023, with projections pointing to 10,720 offices and $5.4 trillion in assets by 2030. However, McKinsey estimates the industry could face a shortfall of 100,000 advisors by 2034 due to stagnant productivity and a shrinking talent pool.
One major issue: trust outweighs talent. “In this space, the most trusted person often gets the job—not necessarily the most qualified,” says Tobias Prestel of Prestel and Partner, which organizes global family office forums. For families managing hundreds of millions, selecting someone to handle their private affairs is a deeply personal decision.
This emphasis on trust can backfire, according to Reto Jauch of SZ&J. Families sometimes prioritize loyalty over expertise, even when looking for professionals to fill hybrid roles like CIO-CFO—a tall order few are equipped to take on.
In hubs like Singapore, some family offices are turning to automation and outsourcing to fill gaps, as the talent shortage bites. They also compete with top-tier banks, private equity, and hedge funds for skilled professionals, often paying a “trust premium” to secure loyal hires.
Compensation is rising. European family offices, for example, are offering performance bonuses, co-investment opportunities, and even profit shares to retain top talent, according to Campden Wealth and HSBC.
Yet working for a family office is not without risk—especially for younger professionals. The lack of clear hierarchies, defined roles, or predictable career growth make these positions seem unstable or like “retirement jobs.”
“There’s no roadmap. You’re working directly for the family, and that dynamic doesn’t change,” says Jauch. Success depends on managing egos and expectations—being confident, yet deferential. The role requires emotional intelligence and the ability to operate in gray areas.
That ambiguity is exactly why some experienced professionals turn down family office roles. One mid-career lawyer, “John,” declined a GC position at a Singapore office, citing concerns over job security, transparency, and long-term career risks. “It felt like putting all my eggs in one basket,” he said.
Jauch adds that the reward in this line of work isn’t always a title or promotion—it’s being part of something deeply personal and impactful. For those who value substance over status, it can be fulfilling. But the family will always call the final shot.
