Family offices are facing the same crisis that is plaguing the financial industry as a whole: a lack of new financial management talent to take over as the world faces its greatest wealth transfer in history.

The wealth-producing generation for high-net-worth families is ready to pass on the reins to the next generation, or even two generations, but there is a shortage of financial advisors to help with the transfer and the subsequent management, according to Vincent Hayes, head of Global Family Office for BNY Mellon Wealth Management.

“The job of being a family office financial advisor and manager on paper would seem to be an optimal career for any advisor, but recently there has been a talent gap,” Hayes said in an interview. “Many of these family offices have been around for 30 years or more now and the advisors have been with them just as long and now there is no one to step in to take over.”

According to a survey by BNY Mellon Wealth Management released earlier this year, succession planning is viewed as extremely or very important by two out of three family offices. Many office representatives admitted that they could use external help in succession planning, as finding a trusted partner can be difficult. A majority also said it is important to have both a family member and a non-family member involved.

“A key to solving the talent shortage for family offices is to identify the need [for a successor] early,” Hayes said. “It is a competitive environment for family offices. Young advisors are well versed in investments and accounting, but for the family office environment they also need interpersonal skills. Family offices have trust, confidentiality and privacy issues. They need and want an advisor who is multitalented.”

According to the survey, 42% of family offices said they need external help in developing an effective succession plan, and more than a third said it is difficult to find a trusted external partner to help with succession planning. Sixty percent said it is a challenge to recruit well-qualified executives.

Each family office is different, but there are certain similarities that connect the operations, Hayes said. Beyond that, the financial advisor has to build out his or her skills.

The survey showed a significant number of family offices attribute succession planning challenges to lack of expertise and difficulty in obtaining trusted advice, but nearly a third of family office representatives said they will pay a salary above market rate to hire the right expertise. The study also noted that more family offices are entering non-traditional assets like cryptocurrencies, and need advisors with expertise in a variety of investments.

In addition, Hayes noted, the family office advisor needs to keep up with changes in technology.

“It is incredibly important to have an advisor who is aligned with the vision and philanthropic goals of the family,” Hayes added. “A typical family office has five to six members, so each hire is extremely important. This is someone who may be with the family for 20 or 30 years and may serve multiple generations of the family.”