"The importance of having an "expert generalist" is not up for debate."
Chicago, IL. (PRWEB) December 13, 2015
Linda C. Mack, founder and president of Mack International, a premier retained executive search and strategic family office/human capital management consulting firm, was a moderator at the recent National Family Office Forum, held November 11-13 in Park City, Utah.
Rather than presenting a broad overview of numerous topics, the agenda was designed to create a series of sessions taking a deep dive into fewer key topics, providing attendees with practical take-home value. The program was both interesting and of value to those attendees with or without formal family office structure. The three areas of concentration were Family Enterprise, Family Cohesion and Family Impact.
Linda Mack moderated a panel exploring the Family Enterprise entitled, “The Missing Link—Understanding and Solving for the Critical Leadership Role of the Expert Generalist in the Family Office.” Her panel included Michael Zeuner, Managing Partner of WE Family Offices and Tommy Mayes, Executive Advisor of SunGate Capital, LLC and. Linda, who coined the term “expert generalist” began by defining the role and why it is so critical. Also discussed were how one becomes an expert generalist and what technical skills, experience and competencies are needed.
“All too often wealthy families overlook a critical role in their family office structure—that of the expert generalist. Our interactive panel explored what the role is, discussed why it is so critical, and reviewed the options families have in solving for the role,” said Linda. The panelists, each with diverse backgrounds and experiences, shared real world case studies highlighting best practices that should be encouraged as well as pitfalls to be avoided.
Copies of “The Missing Link” white paper authored by Linda Mack and Michael Zeuner were distributed to the audience. The conversation explored the benefits and tradeoffs on filling the role of expert generalist in one of three ways: appointing someone within the family, hiring an outside professional, or engaging an external wealth advisory firm. “There are pros and cons with each scenario,” notes Linda, “but the importance of having a designated expert generalist is not up for debate. It is an essential, pivotal role to the success of the family enterprise. Universal consensus is, if you don’t have one, that is what we term “The Missing Link.”
The panel focused intently on the question, “How does a family go about filling the position, and with whom?” Essentially it entails a very specific search for a person who has the courage and expertise to advise a Family Office on the broad spectrum of wealth management, family and next generation issues and opportunities. It also involves the having the capability of initiating difficult but necessary conversations in the interest of helping the family successfully achieve long term goals. Mack International has a superior track record of success in helping families find expert generalists for their Family Offices. “Our proprietary process results in consistently selecting the person with the best skills, attributes and personal characteristics required to be an expert generalist.”
The panel shared several personal experiences and case studies contrasting families who didn’t recognize the value of having an expert generalist and the ensuing challenges they faced. Also discussed were examples of families who had found an expert generalist whose performance allowed them to achieve their goals and objectives at a higher level. Linda explained it this way: “Regardless of the course a Family Office takes in designating an expert generalist—whether inside the family, via professional hire, or outsourced—there is an evolution of the role over the course of generations. The scope of the role develops significantly over time as the family grows. By the third generation there is more inherent complexity and having the right person in the role is priceless to helping the family successfully sustain itself into future generations.”
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 on national and international basis. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by its unmatched industry expertise, in-depth market knowledge and unparalleled track record of success. 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, please visit http://www.mackinternational.com or call 800 976 0015.