There are two challenges that immediately come to mind when trying to find work in the family office in Singapore. These challenges can prevent you from getting a job and should be considered when looking for a job.
1. The level of compensation can be a real challenge in the industry. To get the best talent, who wears many hats and moves fast and can really serve a family office well, you often have to pay almost top dollar, and many family wealth offices are run by entrepreneurs who are a bit frugal and look to the dollar from the start to make sure it is not spent unwisely. And they may not feel comfortable paying $750,000 or $650,000 a year. So this can be a challenge, just overcoming this obstacle can be a big problem.
2. Another challenge I would like to mention is that because of the reputation in the industry, many people are even afraid to go to an interview because maybe someone in the office building will recognize them and know that they are applying for a job . and they fear that if they return to their current employer, they will lose their job and it may be several years before they find another great job in a large family office. It’s a very real problem and the first thing any leader who comes to me talks about is being tactful about what they’re looking for and making sure we don’t confuse their current career with their progress there.
These challenges can make navigating the industry extremely difficult. Being aware of the challenges can help you advance in your career. If you can wear a lot of hats and it gets you to work in the family office, then you can get into this industry. To do that, you need to show other partners the value you can bring. Having your relative experience in the industry can really help you land a family office. The beginning can be difficult, but you need to set clear career goals and then start from the bottom. If you start out as an analyst, you can always move up the rankings. If you decide not to be an analyst and want to work outside the family office industry, it may be more difficult to log in later.