Chicago, IL (PRWEB) June 30, 2015
Linda C. Mack, founder and president of Chicago-based Mack International, the premier retained executive search and strategic family office/human capital management consulting firm, moderated a key panel discussion during the Financial Research Associates' Sustainable Family Office SFO Operations & Management Conference, June 8-9 at The Princeton Club in New York.
Family office members and their executives attended this exclusive event for two days of peer-to-peer learning and networking. The summit faculty -- a blend of family members, their family office executives and consultants -- provided in-depth sessions on some of the most vexing operational and management issues challenging single-family offices today. Attendees participated in thoughtful discussions, gaining best practices and actionable ideas.
On June 9, Linda Mack moderated a panel for a session titled, "Recruiting and Retaining Talent: Building the Core Team and Supplemental Services of Your Family Office.” Panelists included Patricia Hale Botoff, Founder and Principal, Botoff Consulting, Geoffrey Fages, President and Founder, Fages Financial Advisors, and Steven Snyder, former Deputy General Counsel, Ziff Brothers Investments.
Attendees enjoyed the panel's insights regarding trends, challenges and best practices around recruiting and retaining key family office executive talent. As a basis for the panel's discussion, Mack presented a case study of a growing family office that had experienced a significant liquidity event.
“The family was planning to move their investment function in-house and hire public and private equity leadership talent to head these respective areas,” Mack explained. “To successfully accomplish this, the family needed to establish a more effective and formalized compensation program to attract, motivate and retain the requisite talent. The case highlighted the need to examine and take into account key considerations, including the family’s mission, values and compensation philosophy, as they were constructing their executive compensation programs. It is critical that compensation plan structures and incentives are aligned with each family’s mission, values, philosophies and objectives to achieve optimum results," Mack continued. "Performance expectations and metrics to measure success must also be clearly defined and customized to specific family goals and objectives.”
“We walked through some of the key challenges the case study family would face in constructing and administering the new compensation plans, and the vital importance of benchmarking, documentation and defining incentives and metrics for performance,” Mack added. Participants also shared lessons learned and insights gained based on personal experiences.
“For the past several years, we’ve observed an increasingly competitive recruitment market, requiring family offices to keep pace in the compensation arena. We are also seeing a greater use of long-term incentive compensation vehicles to maximize both performance and retention,” Mack said.
“There are no one-size-fits-all solutions. "It is always interesting that while so many different family offices report similar challenges, it remains true that when you've seen one family office, you've seen (just) one family office,” Mack said. “Each family and family office is unique and needs to determine and apply the solution that will best enable them to achieve their objectives. There is not one, specific blueprint solution that will necessarily work the same for any two families," Mack said.
About Mack International LLC
Mack International is the premier, boutique retained executive search and strategic management/human capital consulting firm, serving national and international clients in the family office, family business enterprise and the wealth management industries. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by consistent referrals, repeat engagements and long tenures of candidates placed. Founder and President Linda C. Mack has established proprietary methodologies such as the Mack 360© and is credited for having coined the term "expert generalist" in the industry. For more information, visit http://www.mackinternational.com or call 800.976.0015.
About Financial Research Associates (FRA)
Since 2001, Financial Research Associates has provided the retail and institutional financial markets with crucial educational and networking opportunities covering issues and topics that are often news to even the news media! With the FRA partners’ 65+-years of combined conference experience, our seamless operational processes and the extensive, original research that goes into each topic, FRA has established itself as the leading provider of substantive, topical information for C-suite financial executives.