In the gilded world of ultra-wealthy families, where private jets outnumber family arguments only slightly, a new career path has emerged for millennial and Gen Z heirs: joining the family investment firm. It’s basically nepotism with better coffee and worse salary negotiations.
These personal investment outfits, known as family offices, are increasingly hiring the next generation to give them real-world experience in a job market that treats young professionals like expired coupons. Consultant Joshua Gentine, himself a third-generation heir to Sargento Foods (yes, the cheese people), explains it’s a practical move.
Family offices are diving deeper into startups and alternative investments, creating more slots for heirs to play venture capitalist without the awkward “what do you actually do?” questions at reunions.
The catch? Paychecks. Even when your last name is on the yacht deed, the salary often arrives looking like it got lost in the family trust. Advisors report that family members routinely earn less than market rate, especially in smaller setups.
“They already have dividends and a fat net worth—they don’t need more.” Gentine calls this logic completely off-base, like telling a billionaire kid their allowance is generous because caviar is technically food.
Underpayment breeds quiet resentment, the kind that simmers during holiday dinners. Heirs hesitate to push back against Mom or Dad for fear of seeming greedy or risking the ultimate pink slip: disinheritance vibes. Loyalty becomes a golden handcuff in reverse—stuck because leaving would feel like betraying the bloodline.
On the flip side, some heirs land overpaid roles relative to industry norms. They end up chained by comfort, unable to bolt for a real job without taking a pay cut that would feel like downgrading from first class to the cargo hold.
Tensions run high across generations. Self-made founders benchmark pay against what they earned at age 25, ignoring that today’s avocado toast costs what their first house did.
One advisor shared a recent case: a deal-closing heir watched uncles withhold a promised bonus because it seemed “too high.” Confronting them risked family harmony, so the bonus stayed in limbo, like a holiday fruitcake nobody wants but everyone pretends to appreciate.
Family offices often skip formal compensation structures altogether. Duties blur, pay stays flat across siblings regardless of workload, and ambiguity reigns supreme. Millennials and Gen Z, however, are changing the script. They’re demanding written plans, clear metrics, and actual negotiations—refusing to accept a handshake and a “trust me” from the patriarch.
Experts recommend bringing in compensation consultants or forming mediation committees before the next Thanksgiving turns into a boardroom showdown. Prevention beats therapy bills, after all.
The ultra-rich may have solved world hunger for cheese, but paying the kids fairly? Still a work in progress.
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