Photo: World Economic Forum, Flickr
So you want to be the next Geroge Soros? You want to run your own family office with billions under management and invest with the big boys?Well, shocker — You have to start from the bottom, and you need more than luck to get to the top.
This is Wall Street, after all.
Here at Clusterstock we’ve been learning a lot about family offices from a new book called The Family Office Book, written by Richard C. Wilson, he runs an industry organisation called The Family Offices Group association with 40,000 single and multi family offices as members.
So he knows his stuff.
In the book he does an interview with Matthew Andrade, the director of Investment Analysis at Kinnear Financial. Andrade explains how, as a newbie, you should try to get your foot in the door to the family office world.
Here’s what Andrade had to say:
…I had somebody reach out to me as a result of the posting that I had made on the LinkedIn Group that sort of generated this discussion. He was just asking me, “I would like to learn a little bit about this, I am current a portfolio manager overseeing U.S. large cap equities, but I have thought about getting into the family office space.” It was just an e-mail saying, can i take 20 minutes of your time…
Get to know somebody and then in the event you get to a point where you do need to hire somebody that is a little more experienced, maybe you have already developed a relationship as a result of one of those contacts. If you are somebody trying to get into the family office business, don’t by shy about sending an e-mail to someone like myself…
Everyone hates rejection of course, but think about it: This is just a little bit of LinkedIn stalking combined with some careful e-mail writing.
You might even have to make a phone call, but you can handle it.