During this month we are taking a look at shifting developments in talent management. We explore how the sector keeps pace with demands for talent, how this is changing, what sort of specific skills are in demand – and what might be less so. This also affects compensation, aligning interests, and alternative approaches to recruitment. Botoff Consulting, for example.) Already, earlier this year we examined how an understanding of geopolitics must be on the list of topics for industry figures to grasp.
Since 2019, the number of family offices has increased by nearly a third to 8,030 , sharpening competition for top-tier talent. In February, Schwab Advisor Services released its 2025 RIA Compensation Report, which found that the sector is projected to need more than 70,000 new hires over the next five years; even as AI and other tech has made an impact, people make the main difference and 68 per cent of firms' expenses stem from people. What sort of trends are unfolding?
We recently interviewed Elizabeth Havens, partner at BraddockMatthewsBarrett, an executive search firm that operates in New York, Boston, and London. Havens is based in New York.
The conversation focused particularly on areas such as family offices and Registered Investment Advisors in the US, but the observations have broader relevance as well.
Elizabeth Havens
Family Wealth Report: Are you noticing any sign of change in the pace of recruitment in family offices in any area?
Elizabeth Havens: The pace of hiring across family offices remains robust and active, driven by continued team upgrades, the launch of new offices, and the addition of incremental headcount across investments and operations functions. As family offices continue to evolve and become more institutional, hiring activity remains steady and intentional.
FWR: What backgrounds are most in demand right now?
Havens: Broadly speaking, the demand for investment professionals with private markets experience remains high, particularly for individuals who bring established networks for direct and co-investments and have the ability to underwrite them. Given that most family offices tend to operate with lean investment teams, there is a strong preference for professionals with “best athletes” profiles or individuals who can invest across asset classes and navigate multiple structures.
FWR: What new roles or skill sets are emerging inside family offices as alternatives become a larger part of retirement and wealth-management strategies?
Havens: For new family offices, candidates with prior family office experience, or experience in similarly structured investment platforms, are increasingly in demand. While years ago the talent market was not deep enough to consistently recruit candidates with direct family office experience, the growth of the sector over the past decade has materially expanded and strengthened the available talent pool.
For established family offices, principals tend to be open to candidates from a wide range of institutional platforms. Given that compensation is often competitive with traditional asset management, combined with greater flexibility in investment approach and that benefit of confidential performance reporting, there continues to be strong interest in exploring family office positions from investment professionals at all levels.
FWR: Are you seeing gaps in the necessary skills? If so, how are family offices filling these gaps?
Havens: We are not necessarily seeing gaps, but we are seeing family offices broaden the roles and skills they are seeking as they become more institutional. Principals have increased operating budgets which has increased headcount across both front- and back-office functions, as well as greater investment in sophisticated software and technology platforms.
On the operations side, demand is rising for professionals who can act as an extension of the investment team, supporting areas such as risk management and serving as leads on investment and reporting systems. Consequently, while not mandatory, credentials such as a CFA or advanced degree have become more common and increasingly attractive.
FWR: How is broader retail interest in alternatives changing talent composition within family offices? Within alternatives managers?
Havens: Family offices have had access to alternatives for a long time, so the expansion of retail alternatives across the high net worth and RIA space has not materially impacted the talent composition at family offices. However, as the family office market has grown significantly, many alternative asset managers have responded by building dedicated family office coverage teams, including specialized sales and product professionals.
The increase in retail alternatives has dramatically influenced talent demands at asset managers. With the development of new strategies, the demand has increased for product managers and specialists focused on the wealth channel, alongside continued growth in wholesalers. A few years ago, when the space was just emerging, candidates with only wealth experience were accepted, but with the maturation of the industry, particularly in certain asset classes, having both wealth and alternatives experience is critical. We expect to see this specialization develop further.
FWR: Are family offices, RIAs and asset managers competing more directly for talent because of these changes?
Havens: The growth of the RIA space has not significantly affected family offices; however, the increase in the sophistication of family offices has affected asset managers. Because family offices tend to be more institutional, many are offering compensation equal to or exceeding many asset management firms. Combined with broader investment mandates and no fundraising requirements, top investment talent is increasingly drawn to family office opportunities.
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