Good help hard to find in family offices

The scarcity and high cost of qualified professionals is the biggest challenge for family offices, said Thomas Livergood.

The scarcity and high cost of qualified professionals remains the biggest challenge for family offices, according to Thomas Livergood, chief executive of the Wheaton, Ill.-based Family Wealth Alliance LLC.
“We’re not grooming people, there’s no career track, and we don’t have certifications or training,” he said in a keynote address to the Family Office Forum conference this morning in Chicago.
Chief investment officers, who can earn between $500,000 and $2.5 million in total compensation, are particularly hard to find, Mr. Livergood said.
The family office business remains highly fragmented and wealthy families are “confused” about what family offices actually do, he said.
Mr. Livergood cited a recent survey taken by his organization that showed that The Goldman Sachs Group Inc. of New York was the most frequently mentioned firm by wealthy families when asked about family offices.
“Goldman Sachs is a fine company,” Mr. Livergood said, “but they’re not a family office.”