A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Ultra rich families are increasingly using their personal investment firms to bring millennial and Generation Z heirs into the fold.
In a tough job market, it’s a way for younger family members to get job experience, according to Joshua Gentine, a family office consultant. Further, there are more opportunities for next-generation heirs to get involved in investing as family offices step up their bets on alternatives and startups, he said.
However, even among the wealthiest families, the issue of salary is a loaded topic, advisors to family offices told Inside Wealth.
One of the chief issues, according to Gentine, is that family members typically get paid less than they would if they were not a member of the family. This trend is especially pronounced for smaller family offices, he said.
