Jane Bierwirth, Co-Head of the Asset Management practice at RSR Partners, based in New York, recently contributed to an article published by CIO Magazine that contemplates why top investment talent, once aspiring to the offices of endowments and foundations, is now being lured to family offices.
Jane noted that family office environments can sometimes require a different skill set than the E&F world, especially when working in a multigenerational family office. Families of significant wealth often look to the investment staff in their offices to help educate millennials. “Family office leaders recognize that empowering a succeeding generation is a lifelong journey, and they devote a fair amount of time counseling younger family members on their social and emotional well-being,” commented Jane, who wrote a white paper on the generational shift of wealth happening among family offices.
Jane offered the following advice to investment professionals seeking family office positions: look for a governance structure that facilitates informed decision-making and candid dialog. “The offices should define the roles and responsibilities of each office executive and the charter for each committee,” Jane noted. “Who, within the family or among outside advisers, has control of which assets, and who has the authority to change existing arrangements?”