SPECIALISED ROLES: KEY CHALLENGES FOR U.S. HIRING MANAGERS

The US professional services sector continues to enjoy robust growth, fuelled by a convergence of factors, including wealth transfer, the rise of alternative investments, and the increasing complexity of global financial affairs. This presents a significant opportunity for companies in the trust, family office, and fund administration sectors that are looking to expand their operations; however, it also creates an increasingly competitive marketplace. 

Competition is particularly intense around one essential resource: talent for specialised roles. When it comes to filling niche vacancies needed to drive growth, hiring managers face a new set of challenges that require new approaches to overcome.

THE SCARCITY OF SPECIALISED PROFESSIONALS

One of the most pressing issues is talent scarcity. It can be hard enough to find highly qualified professionals in fields such as complex trust and estate law, alternative fund accounting, or bespoke family office operations. Add to that the fact that for specialised roles, candidates must possess not only the relevant domain knowledge but also exceptional discretion, strong client-facing abilities, and the commercial acumen to operate at the highest levels. Often, hiring managers are not looking at a talent pool measured in the thousands, but a finite list of suitable candidates, with only a small proportion actively seeking opportunities at any one time.

INTENSE COMPETITION AND ESCALATING COMPENSATION

With numerous firms vying for the same limited pool of experts, competition is fierce. Boutique trust companies, multi-family offices, and global fund administrators are all fishing in the same pond, inevitably driving up compensation. Candidates, of course, know this. Professionals who can boast proven track records and in-demand skill sets are well aware of their market value, often considering multiple offers simultaneously, and leveraging their rarity to secure the best package. To be competitive, companies must present compelling offers that go beyond base salary, incorporating bonuses, benefits, and clear pathways for long-term wealth creation.

CULTURE FIT IN SPECIALISED ROLES

In the world of private wealth and specialised funds, culture ranks alongside, or even above, skills and experience. For family offices, for example, hiring is about more than just competence; it’s about finding a candidate who can integrate seamlessly into the family’s inner circle. And even in larger corporate trust or fund administration environments, a mismatch in working style, communication preferences, or core values can be disruptive and costly. A candidate who looks perfect on paper can be a significant mis-hire if they don’t align with the organisation’s culture, values and ethics – so the ability to make deep, nuanced assessments is crucial.

THE REMOTE WORK VS. IN-OFFICE DILEMMA

Highly specialised professionals naturally concentrate around major financial hubs such as New York, Miami, Chicago, or San Francisco. For companies elsewhere in the US, finding the right culture, skills and experience match can therefore be extremely challenging. While the normalisation of remote and hybrid working means that hiring managers can look further afield, roles that require deep integration with a small, tight-knit team or face-to-face interaction with clients might necessitate a local hire. This raises the additional challenge (and cost) of persuading candidates to relocate away from the major centres.  

HIDDEN TALENT: THE PASSIVE CANDIDATE MARKET

As many hiring managers are aware, simply posting a job advertisement is unlikely to attract the calibre of talent required to fill specialised roles. Often, the most qualified and sought-after professionals aren’t reading the job boards – they’re in well-compensated roles suited to their niche skills. To reach this hidden talent pool requires a proactive, discreet, and sophisticated approach. Recruiters must be able to leverage a deep network and have the credibility to engage passive candidates, successfully presenting opportunities as compelling and strategic career moves.

THE SOLUTION: A NICHE APPROACH FOR SPECIALISED ROLES

Navigating these challenges requires more than a generalist recruitment strategy. The hunt for top-tier talent in the US trust, family office, and fund administration sectors is a complex undertaking defined by talent scarcity, fierce competition, and the critical need for cultural alignment. 

At Victus Search, we specialise in overcoming these exact hurdles. We understand the subtleties of these niche markets because we operate within them every day. Our dedicated focus and extensive global network allow us to identify, engage, and secure the exceptional talent that standard methods cannot reach. 

If these challenges resonate with your hiring experiences, contact us to discuss how we can help you secure the leadership and expertise your organisation needs to thrive.