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2024-05-02

The benefits of building a relationship with an executive search firm.

Stryde recently wrote a blog highlighting the benefits of partnering with an executive search firm with the client in mind. There are also many benefits for candidates, aside from landing a great new role, hence this article!

The family office space is growing globally and undergoing varying levels of professionalization. These entities (which come in various shapes and sizes) are offering more services to their families and adopting multi-asset class investment strategies. These family offices are becoming more institutionalized, and there is a greater need for sophisticated talent, possessing exceptional leadership skills and knowledge across legal, investing, tax, accounting, wealth/estate planning, governance, and operations.

As many family offices are lean organizations, senior-level talent is most often sourced directly from professional networks or through engagement with executive search firms. Rarely are these roles posted publicly.

Whether you are content in your current role, actively looking, or somewhere in between, it makes professional sense to build a relationship with an executive search firm that has specialist knowledge and networks in this field.

What advantages will this relationship offer?

Market insights: There is plenty of published data on changing trends in portfolio allocation and approaches to structure and governance in family office, but there is a paucity of information when it comes to talent trends, compensation benchmarks, and in-demand expertise. That’s where a specialist executive search firm can add value to your job search/career planning. They should be able to offer you a pulse on the market and highlight skill areas which are of current importance. As an example, Stryde has supported several clients in Q1 2024 with building their direct investing capability and tax expertise through a variety of searches.

Recruiters invest in networking day in and day out and as a result, they build up insider knowledge about job opportunities, potential career tracks, and common barriers to employment within family offices. An expert consultant should give you a realistic perspective on the market and whether your background is attractive.

Personalized feedback: A search firm can offer personalized feedback on your resume and likely career path in family office. Or, if you are recommended for a specific role, they can coach you on how to position and describe your past experiences at the interview. Selection processes at family offices tend to be over several months, with multiple stages that involve family members and other executives. A search partner will help you prepare for each stage, provide feedback along the way, and manage communication in a timely manner. It’s not unusual for senior candidates to have 5-10 interviews.

Proactive approach: Executive search is a proactive recruitment process and mainly focuses on engaging passive candidates for senior roles. Firms like Stryde Search are always looking to develop connections with individuals in post whether they are passively or actively planning their next career move. It’s important to be open to building a relationship with a search firm, taking time to explain your career goals, motivations, and geographic/remuneration expectations should be the foundation of any initial conversation. That way, they can keep you in mind for roles that may come up in 6-12 months.

Confidentiality: If you are currently employed at a family office/family operating company, chances are you want to look for a new role discreetly. Working with an executive search firm can help you maintain confidentiality. A reputable recruiter can represent you anonymously to potential employers until you feel comfortable disclosing more details about yourself and support the mutual signing of NDAs where necessary.

Negotiation Support: An executive recruiter can assist with salary negotiations and other aspects of a potential offer, leveraging knowledge of industry standards and market conditions. Compensation and employment contract negotiation support is important in a field like family office where there is a lack of known industry norms.

Human Approach: As the world of recruitment becomes more automated, a search firm can utilize technology to attract and stay in touch with candidates, but when it comes to the crucial steps of a senior selection process, the human touch is vital for all parties. A search professional facilitates the process and allows both sides to air their views, concerns, or unanswered questions so that each party can conduct their due diligence and make a well-informed decision at the end. Time spent exploring all aspects of the role and family office setup is time well spent.

How can you engage an executive recruiter?

Professional contacts, LinkedIn, industry bodies, and networking groups are good sources of executive search firm names. When you approach an executive search firm for the first time, it’s important to evaluate their approach and check they operate ethically and adhere to best practice principles.

In our experience, many candidates find the search process rewarding even when the outcome does not result in an offer. With the guidance of the right firm, a candidate has the opportunity to explore their career interests and hone interview and/or, negotiation skills in the process. Equally, the search consultant will get to know you to another level which will likely put you in a strong position for the next role that will inevitably come along.