The global family office ecosystem is expanding rapidly, and with it the competition for skilled professionals. As these organisations grow in number and complexity, talent management is emerging as one of the defining operational challenges for the sector.
Since 2019, the number of family offices worldwide has increased by nearly a third, reaching roughly 8,030 according to Deloitte. This expansion has intensified the competition for experienced professionals who can operate effectively in what are often lean, highly specialised teams.
The wider wealth management industry is facing a similar dynamic. Schwab Advisor Services’ 2025 RIA Compensation Report estimates that more than 70,000 new hires will be needed across the sector over the next five years. Despite advances in automation and artificial intelligence, people remain the most significant cost centre for most firms, accounting for approximately 68 per cent of total expenses. In practice, this means that attracting and retaining the right talent continues to be central to performance.
Elizabeth Havens, partner at executive search firm BraddockMatthewsBarrett, which operates across New York, Boston and London, says the hiring pace among family offices remains strong. Recruitment is being driven by the launch of new family offices, as well as by existing organisations upgrading their teams and expanding both investment and operational functions. As family offices evolve and become more institutional in structure, hiring decisions are becoming increasingly deliberate.
One area where demand remains particularly strong is investment professionals with experience in private markets. Family offices are actively seeking candidates who bring established networks and the ability to source, analyse and execute direct and co-investment opportunities. Given that many offices operate with relatively small teams, versatility is highly valued. Rather than hiring narrow specialists, principals often look for professionals who can invest across multiple asset classes and adapt to a range of deal structures.
The rapid growth of the sector over the past decade has also expanded the available talent pool. Previously, recruiting candidates with direct family office experience could be difficult simply because there were relatively few professionals with that background. Today, as more offices have emerged and matured, there is a deeper bench of individuals who understand the specific dynamics of working within a family office structure.
At the same time, family offices remain open to candidates from institutional investment platforms such as asset managers, private equity firms and hedge funds. Competitive compensation is one reason for this. In many cases, family offices now offer packages that are comparable to or even exceed those available in traditional asset management. The attraction is not purely financial, however. Broader investment mandates, greater flexibility in strategy and the absence of fundraising pressures also make family office roles appealing to investment professionals at various stages of their careers.
Operational roles are also evolving as family offices grow more sophisticated. Higher operating budgets have enabled many organisations to increase headcount in both front and back office functions, while also investing in more advanced technology and reporting platforms. As a result, there is rising demand for professionals who can support the investment team in areas such as risk management, portfolio reporting and system implementation. While not always mandatory, credentials such as the CFA designation or advanced academic degrees are becoming increasingly common among candidates.
The expansion of alternative investments across the broader wealth management industry is also influencing hiring patterns, particularly among asset managers. Family offices themselves have long allocated to alternative assets, so the rise of retail alternatives has not dramatically altered their internal staffing needs. However, the growth of the family office market has encouraged many alternative asset managers to create dedicated teams focused specifically on serving family office clients.
Within these firms, the surge in retail demand for alternatives has increased the need for product specialists and professionals who understand the wealth management channel. Earlier in the development of this market, candidates with only wealth management experience were often sufficient. As the industry has matured, however, firms are increasingly seeking professionals who combine both wealth and alternatives expertise.
Ultimately, the talent landscape around family offices reflects a broader trend: the sector is becoming more institutional, more competitive and more visible. As family offices continue to scale and professionalise, the ability to attract versatile investment professionals and operational experts will remain a critical factor in how these organisations evolve.
