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The Business Insider article, “Here’s how family offices are snapping up talent from private-equity firms and elite wealth managers, according to 6 top recruiters,” quoted StevenDouglas’ Julie Zorn on what she’s seeing in the family offices space. The article is excerpted below.
Prepping for possible changes to the tax code
Building out robust direct-investment platforms is a focus for many family offices. But they are also looking to hire more legal talent to help them navigate changes in tax policy if Democratic candidate Joe Biden wins the US presidential election. Yagyaev said she has seen an increase in the number of trust and estate specialists for just that reason.
“Absolutely, they are trying to pivot and get more legal guidance, anticipating changes to tax law,” said Julie Zorn, who runs the national family office search practice at StevenDouglas.
“They’re making sure they are ready for whatever is ahead,” she said.
That doesn’t necessarily mean hiring in-house talent. Some want the resources of a large law or accounting firm, said Zorn, who is based in Southern California and recalled many instances of family offices outsourcing those roles.
Business Insider | By Rebecca Ungarino | November 2020
To read the full article, click here.