Hiring a team of trusted professionals for your family office is imperative.
When it comes to onboarding your Chief Operating Officer (COO), you’ll be looking for an experienced executive who can serve as a reliable advisor who’s willing to oversee the daily complexities of your family office.
The Importance of the Chief Operating Officer Role
A family office COO provides detailed support as well as strategy to reach long-term goals for the team.
As the operational pillar of the organization, a qualified COO coordinates legal advisors, household staff, crucial operating systems and technology, and financial professionals to ensure things are working seamlessly.
Many times, the COO works with multiple residences. With the right person, the family office can experience increased efficiency and accountability.
Every family office is different, but as the backbone of operations, the COO provides peace of mind for the principals to focus on business, investments, family life, and more.
Create a Job Description
Before starting the recruiting process, it’s important to know your family office needs and what will make it successful.
The first step in the process is to think about what duties are most important for your COO.
Consider these key factors:
- How many properties will they manage?
- What investment or philanthropy knowledge will the role require?
- How much travel is expected?
- Will the person manage budgets?
- Will they oversee household staff, corporate staff, or both?
- Will they be involved in human resources operations and if so, in what capacity?
Consider your unique family office dynamic and culture and clearly define what responsibilities your COO will have.
Outlining these during the recruiting and interview process ensures you’re interviewing the people most qualified for the position, and that there is no confusion about the role once hired.
Look for a Leader
Chief operating officers need to be strong leadership acumen and be experienced in building systems, streamlining processes, and leading teams of various sizes.
Look for individuals who have experience in corporate leadership, private equity, private investment, other family offices, luxury hospitality management, or estate management.
While previous support roles are key to building solid experience, family office COOs should be adept in managing complex organizations and teams and should be able to show real results.
Personal Skills Matter
Working in the family office field requires absolute discretion and confidentiality, and your COO must be willing to demonstrate this.
They also need to have solid communication skills – both in person and in writing and show a high level of emotional intelligence.
A qualified COO also maintains a level head in stressful situations, keeps calm under pressure, and showcases strategic thinking skills every step of the way.
Flexibility and the ability to lead with kindness, directness, and a focus on each team member and the people they serve is also an important part of this position.
Be Specific During the Interview Process
Keep in mind that unlike other corporate environments, family office work is deeply personal.
That means that while sometimes everything looks good on paper, you’ll need to spend some time learning more about their leadership style and personality to ensure it doesn’t clash with the family’s goals, values, or communication preferences.
Ask questions during the interview about their leadership philosophy, how they solve problems or handle conflicts, and ask them about their prior work with multiple generations.
It’s also good to discuss their overall career goals and get a sense of their passions and interests outside of work.
Why Household Staffing
Our team at Household Staffing understands that importance of attracting and retaining top talent to your family office.
Our experienced recruiters take a personalized approach, listening to what makes your family office distinct.
Let us help place a chief operating officer in your family office so you can build a legacy that stands the test of time.
Submit our New Hire Form or call us today at (212) 600-2085 to get started.
