Cresset CEO Warns of Talent Shortage in Family Office Services
Susie Cranston, CEO of Cresset Capital, highlighted a critical talent shortage in adjacent family office services, particularly in tax and accounting, during a panel at Goldman Sachs’ annual RIA Professional Investor Forum. While industry reports predict a general advisor shortage, Cranston pointed to a more severe decline in accounting graduates and CPA exam passers, which have dropped by up to 50%. She argued that although artificial intelligence is automating entry-level tasks, it cannot replace the high-touch, experienced human expertise required by ultra-high-net-worth families with assets exceeding $100 million. This scarcity of qualified professionals is expected to advantage scaled registered investment advisors (RIAs) that can effectively cultivate talent. Other industry leaders, including Hightower’s Larry Restieri, agreed that AI will commoditize basic financial services, thereby increasing the value of human emotional intelligence and complex wealth management skills. The discussion reflects a broader trend among major RIAs to expand dedicated family office divisions to meet the growing demand for multi-generational wealth services in the United States.
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