What is the deal with Family Offices? I've been getting hit up by recruiters with family office rols and I am not sure how they are actually structured. Some of them seem to be in-house tax teams and others seem to be their own little tax firm. Can anyone shed some light on this for me?

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If you have seen one family office, you’ve seen one family office. That’s the saying for the industry and it is accurate. They are all unique

likehelpful

I work in a family office. We prepare tax returns in house and one of the big 4 firms review. We don’t send all the returns for external review but a lot of them. I worked at EY for 7+ years before I made the switch.

I’ve enjoyed it so far. Happy to answer any questions you have.

likesmarthelpful

Work life balance is much better. Comp is higher. I left for around a 24% base increase but family offices give pretty good bonuses (20%+), so total compensation increase will definitely be noticeable once I get my annual bonus next year.

As Partner 1 accurately says, they are all unique. In my area of the country (Northeast) there are many wealthy families fortunate enough to have their own in-house finance staffs to handle their affairs. I have a few friends who have chosen that route after public.

On the pro side, the consensus seems to be they provide great benefits and much more work life balance than public, and the opportunity to expand beyond tax to learn a bit more about the broader finance picture. Good benefits, but keep in mind you likely will not be getting double digit raises like public.

However, on the con side, I have known a few to get bored after a few years, especially when it turns out to be mostly the same compliance, year after year. Deal work will vary considerably from family to family, and it could be entirely outsourced.

But, again it all depends on the operation and you should do your homework. If you are young, it may be better to stay in public where you will have an exposure to a broader experience, then consider a family office later in your career.

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