Working in a private office offers professionals an exclusive opportunity to engage with ultra-high-net-worth individuals (UHNWIs) in a bespoke, highly personalised environment. These roles carry significant prestige, granting access to sophisticated financial strategies and exclusive investment opportunities.
Building close, long-term relationships with a select group of clients is one of the most rewarding aspects of the role. Professionals can deliver tailored solutions while developing a deep understanding of their clients’ needs and objectives. The exposure to successful, often entrepreneurial clients also provides invaluable learning opportunities, offering insights into wealth creation, preservation, and legacy planning. Private office professionals often enjoy competitive financial rewards. Beyond attractive salaries, there is the potential for performance-based bonuses, profit-sharing, or even equity participation, making these roles particularly lucrative. The work itself is diverse and intellectually stimulating, ranging from estate planning and tax optimisation to managing philanthropic projects and complex investment portfolios.
Other activities of family offices include estate management, yacht and jet management, curating of fine art collections, and concierge services, offering opportunities to professionals with skills in these areas. Each family office is different and has its own raison-d’être. With fewer layers of bureaucracy than larger financial institutions, professionals in private offices benefit from greater decision-making authority and the flexibility to structure their roles to suit their working styles. Gina Le Prevost, FIRP, DipRP, CEO of AP Group, observes, “Working in a private office can be immensely fulfilling for those who thrive on building close client relationships and tackling intricate financial challenges. It’s an environment where expertise, innovation, and resilience are highly valued and rewarded.”
Yet, despite its allure, a career in a private office comes with considerable challenges. These roles often lack the breadth of resources available to larger institutions. This is compounded by the need to navigate ethical dilemmas, such as managing complex family dynamics or resisting pressure to adopt aggressive tax strategies.
Regulatory compliance is another key concern. The wealth management sector is subject to increasing scrutiny, particularly regarding anti-money laundering and tax transparency laws. Although family offices remain unregulated as entities in many jurisdictions, staying up-to-date with these evolving requirements is essential, but it can also be time-consuming and resource-intensive for smaller teams.
The concentrated staffing of private offices poses its own risks. The loss of even a single significant staff member can be destabilising underscoring the vulnerability of such a model. Furthermore, some private office professionals often operate with around the clock availability which can impact on work and lifestyle balances .
Career progression within private offices may also be limited compared to larger organisations, with fewer opportunities for upward mobility, however because of this the workload can be extremely varied with interesting challenges. Additionally, the specialised nature of the work can make transitioning to other industries more difficult as private office work is very niche depending on the entrepreneurs business ventures. It is therefore important to ensure your professional qualifications are up to date and further studying is always recommended
Simon Collard, AP Executive Manager for London, the UK, and Monaco, highlights the dual nature of the profession: “While private office roles are rewarding, they require a commitment to navigating high-pressure situations, ethical challenges, and the demands of elite clients. The key to success lies in balancing these responsibilities with the exceptional opportunities on offer.”
A career in a private office is not for everyone. It demands a unique blend of expertise, discretion, and resilience. However, for those willing to embrace the complexities and challenges, it offers a highly rewarding and prestigious pathway in the world of wealth management.