Whether it’s overseeing investments, planning for taxes, managing a multitude of philanthropic efforts, or a combination of all three, there is plenty to keep your single-family office occupied.
However, when compared to the larger environment of a multi-family office, a single-family office can often feel isolated and lonely.
Breaking the Bubble
A single-family office can often suffer isolation due to smaller team sizes, different internal dynamics, and fewer opportunities to build a large professional network.
Rather than working in a large, crowded office that is working to organize things for different clients – both large and small, minute after minute – your single family office likely works with just one family day after day, and over time, this can lead to a cloistered environment.
So, how can single family offices work to create peer networks that provide support and connection? Here are some strategies to consider.
Offer regular professional development and/or educational opportunities.
Your single-family office team provides quality service each and every day to your client. To show your gratitude and demonstrate that you value their growth and contributions, establish clear paths for growth within the family office.
Offer tuition reimbursements for classes or certifications related to the work they’re doing. This not only helps attract and retain the best of the best, but it also gives your team the chance to meet other people, establish professional connections, and combat any isolation they might feel working in a single-family office environment.
Stay connected with family office conferences or summits.
Each year, there are often conferences, summits, symposiums, or other programming – in person or online – that are tailored to family offices. Stay on top of where and when these events are happening and prioritize attendance. This is a great way to cultivate peer connection that is meaningful and beneficial for your team’s growth.
Focus on networking and cultivating strong peer support.
Single-family office professionals tackle various issues on a daily basis, and with leaner teams, it can often feel demanding. That’s why it’s critical to encourage each person on your team to stay engrained in a professional community.
One way to do this is through the recently launched Ultra High Net Worth Institute’s Single Family Office Circle. This independent, nonprofit think tank has identified some of the challenges of operating a single-family office and this networking opportunity has the ability to empower single-family office teams.
The UHNW Institute Circle offers:
- Case studies
- A robust family wealth resource library
- Forums, symposiums, regional meetups, study groups, and interactive clinics for single family office professionals to connect
- Discussion boards and webinars
- Talent development opportunities
- Training support and strategic consultations
Use your space as a gathering and/or collaboration area.
Utilize the physical space of your single-family office to promote idea-sharing, friendship, and professionalism. For example, remove cubicle walls and create open-plan concepts or other dedicated areas that encourage socialization and conversation.
Stay involved in the community.
Your family office team spends a lot of time together and while focusing on growing and protecting the wealth of your client is paramount, staying active and involved in local philanthropic or charitable activities is key. This also gives your team a way to find purpose outside of their work, connect with other like-minded professionals, organizations, or individuals in the area.
Bringing It All Together
Tackling and preventing the feeling of isolation in a single-family office is doable! It begins with some intentional efforts in building an environment of connection and community.
At Household Staffing, we recognize that single-family offices share a common thread – success depends on people you can trust. Building that team requires intention, care, and a commitment to long-term relationships.
For more than three decades, our team has specialized in helping families and family offices cultivate that sense of trust and continuity. Because when the right people are in place, a single-family office doesn’t operate in isolation, it thrives as part of a network built on collaboration and shared purpose.
Ready to strengthen your team?
Contact us today or complete our New Hire Form to begin a personalized search.
