Adapting to the new normal mostly meant becoming a remotely organised and virtual family office. As advisors, we would like to share some insights we find helpful as we move into 2022 and come to terms with the fact that Covid might be around for quite a while, sadly. Since we all are well-versed in Covid-induced change and transformation, the good news is that talent and insight remain at the core of operating successful family offices in the long run. Yet over the past two years, we have understood that the means to leverage both have transformed fundamentally.
Transforming the operating model of family offices
Trust is considered to be the air that family offices breathe. Hence, winning, onboarding and retaining talent was and always will be a top priority, one that used to be a highly personal leadership matter. Since the pandemic, access to new talent has gone completely digital, giving professional networks like LinkedIn more importance in managing the talent pipeline in the long run. As a result, there are more senior leaders becoming more active and present at social media events. This suggests that digital readiness to recruit top talent in a purely digital process incorporating virtual touchpoints will only become more important to competitive advantage. Yet, retaining top talent and enabling them to perform at their best becomes even more critical.
