A recent report from CNBC highlighted a rising challenge in the financial world: the wealthy are struggling to find enough qualified people to manage their money. As more high-net-worth individuals turn to personalized services like family offices, the industry faces a shortage of talent capable of earning their trust and delivering consistent results.
According to McKinsey, the U.S. is on track to face a shortfall of roughly 100,000 wealth advisors by 2035. This isn’t just a recruitment issue. It’s a fundamental shift in how young professionals view work, status, and responsibility. Fewer graduates are entering math-intensive fields like finance, opting instead for trendier careers in tech and digital content creation. And those who do enter the financial world are often reluctant to serve ultra-high-net-worth families, where the demands are nuanced, personal, and high stakes.
But the shortage isn’t just about supply. It’s about fit.
“In the family office space, very often not the best person for the job gets the job, but the one who’s trusted,” said Tobias Prestel, managing director of Prestel and Partner Family Office Conferences. That trust is often earned through long-standing relationships, but it can also be misplaced. When millions of dollars are on the line, hiring the wrong person – even someone familiar – can lead to financial catastrophe.
What Wealthy Families Are Really Looking For
Beyond technical credentials, wealthy families want advisors who understand their values, their lifestyle, and their unique goals. They want the financial equivalent of a high-end concierge – someone who listens deeply, serves with discretion, and never forgets who the client is.
Unfortunately, many newer advisors struggle with this mindset. They bring their own opinions, ambitions, and biases into the conversation, forgetting that high-net-worth advising is more about stewardship than spotlight. It takes humility, emotional intelligence, and a deep commitment to client-first service.
How to Know Who You Can Trust
Trust isn’t just a feeling—it’s a pattern. If you’re paying attention, people show you exactly who they are. Every time.
Here’s what to look for when deciding whether someone’s worth trusting with your money, your time, or your future:
- Tone and language.
Do they speak with honesty? Encourage the people around them? Or do they fall back on sarcasm, criticism, or fake charm? The way someone talks says a lot about what they value. - The effect they have on others.
Pay attention to the people around them. Do those people seem stronger, more capable, more alive? Or do they seem nervous, diminished, or off-balance? The right people bring clarity and strength to others without even trying. - Respect for others.
How do they treat people—especially ones they don’t need anything from? Real respect isn’t about being polite when it benefits them—it’s consistent, grounded, and shows up in the small stuff. - Patterns of behavior.
One good moment doesn’t mean much. Look at the track record. Do they help or hurt? Leave things better—or worse? - Making a difference.
Do they build things? Give back? Uplift others? Or are they always chasing something for themselves? People you can trust contribute to the world around them—and don’t make excuses for those who tear it down. - Willingness to take responsibility.
Do they admit when they’re wrong? Do they fix things they messed up? Or do they always blame someone else? People who can’t face their own mistakes aren’t safe to trust with yours. - What they do under pressure.
Anyone can look good when it’s easy. But how do they act when it’s not? When the spotlight’s gone, the deal’s falling apart, or they don’t get their way—do they stay steady? Or do they crumble, lash out, or hide? That’s when the truth shows up.
The Bottom Line
Whether you’re wealthy or just working hard to get there, the principles behind trust are the same. In a world of sales pitches and smooth talkers, the real measure of an advisor isn’t in their charm—it’s in their conduct. We should all be asking harder questions, watching for quiet warning signs, and expecting more from those we rely on.
Because at the end of the day, trust isn’t a luxury. It’s the foundation.
