Hiring the Right Professionals for Your Family Office
A family office is usually a separate entity from the family business — with its own staff and expertise. Every one is unique, but a few common rules make for a well-designed, well-structured office.
The Core Roles
Structure depends on the size of assets, the services offered, and how involved the family wants to be. Most offices need a CEO or Managing Director to run operations, supported by a COO (administration and concierge), a CIO (all investment decisions), and a CFO (bookkeeping, controllers, accountants). Add an IT director for technology and security, plus in-house or outsourced legal counsel. Larger offices staff one to three people under each executive.
Board and Committees
Staff need direction. A Board of Directors — family insiders plus professional outsiders — guides the office, setting policies and often forming committees such as an Investment Committee and a Distribution Committee to make decisions in specific areas on the family’s behalf.
Aligning Incentives
In a Single-Family Office, it’s vital to align non-family staff so they work for the family and no one else — typically salary plus performance-based incentives. Equally important, structure incentives so family and non-family members collaborate toward common goals rather than competing for control. And build policies that remain enforceable after the founder is gone.
The Cost — and the Multi-Family Alternative
Staffing is the largest expense. All-in costs can exceed $1 million a year for an average office managing $100 million or more. To manage that, many Single-Family Offices partner with peers to share costs, or join a Multi-Family Office — gaining professional family-office services at reasonable cost through shared economies of scale, which brings these services within reach of families well below the $100 million threshold. Done right, staffing delivers value, confidentiality, aligned interests, and continuity of the family brand across generations.
Great staffing is what makes a family office endure. Whether building a single-family team or joining a multi-family office, the right roles and incentives are the foundation.
