Despite commanding large portfolios and generous compensation budgets, many family offices are finding it increasingly difficult to attract and retain top talent—and it’s not just about the money.
A recent survey by AlTi Tiedemann Global and Campden Wealth revealed that nearly two-thirds of ultra-wealthy investment firms are struggling with staffing issues. While family offices often allocate up to 72% of their budgets to senior leadership, this hasn’t translated into long-term workforce stability.
The challenge is particularly severe among larger firms managing over $1 billion in assets, with 92% reporting recruitment difficulties. High turnover is also a concern—these firms lose, on average, one staff member every nine months. In contrast, smaller family offices—those with $150 million to $249 million under management—report fewer issues, often due to greater reliance on family members in operational roles.
Erik Christoffersen, who leads AlTi’s multifamily office division, noted that many firms are facing a talent crunch as older team members retire, and institutional investors increasingly compete for a shrinking pool of skilled professionals.
Even more pressing than salary, however, is the lack of clear career progression in the family office sector. Over half of respondents cited limited long-term opportunities as a key reason behind hiring and retention struggles—compared to just 26% who flagged compensation.
According to Christoffersen, “It’s not always a compelling job pitch. Family offices need to better articulate what makes working with them rewarding.” He also suggested that firms revisit their org structures to help employees grow within their roles, which can lead to better engagement—and upward salary movement.
Flexible work policies and improved benefits may help retain staff, especially for firms that can’t compete on pay alone. For all but the largest offices, outsourcing select functions may be the best way to cover internal gaps and stay agile.
In today’s more turbulent economic landscape, Christoffersen emphasised the importance of strong talent: “In the past decade, everyone benefitted from cheap capital and a rising market. But this decade is different—volatility is back, and smart, active management is essential.”
