Best Practices

Family offices often describe their hiring challenges as a “talent shortage,” but the real issue is usually unclear role design, outdated expectations and hiring processes that miss what truly matters.

As families grow and become more diverse, a one-size-fits-all approach to the family office can become difficult to maintain and even counterproductive.

As a family grows, the family office faces more complex decisions — and more people wanting to weigh in on those decisions. But complexity can also be a catalyst for decisions that will help focus the family office and bring the family together, according to family office leaders and advisors.

Raising responsible stewards starts early, with parents modeling the behaviors and values they hope to instill while teaching children gratitude, discipline and awareness of others. Family office leaders and advisors note that intentional parenting can help kids avoid entitlement and develop the foundations for responsible adulthood.

Tony Pritzker emphasizes teamwork, transparency and philanthropy, while giving his children the freedom to pursue their passions with diligence and purpose.