Family offices, despite their significant financial resources, are encountering difficulties in recruiting and retaining staff. A survey conducted by wealth manager AlTi Tiedemann Global and research firm Campden Wealth revealed that nearly 80% of family offices struggle with hiring, and 54% face retention issues. Large family offices, even with competitive salaries, report higher turnover rates. Smaller family offices tend to rely on family members for key roles, reducing retention problems. The main challenge is the lack of clear or attractive long-term career opportunities within family offices. Better benefits, flexibility, and outsourcing are suggested strategies to address these issues. — new from CNBC
