Linda Mack Shares Best Practices of Family Office Talent Recruitment and Retention at the 14th Annual LIDO Family Office Wealth Management Forum in Dana Point, California
Chicago, Il. (PRWEB) October 05, 2016 -- Mack International LLC, the premier family office/wealth management retained executive search and consulting services firm, announced that the firm’s Founder and President Linda C. Mack appeared as a featured panelist at the 14th Annual LIDO Family Office Wealth Management Forum, September 21-23 at The Monarch Beach Resort, Dana Point, Calif.
More than 100 family office executives and family member delegates attended, many of whom represented Forbes’ top families. The Forum’s theme was “Exploring the Implications of Continuing Global Uncertainties” and provided attendees with valuable insights, analysis, observations, and opinions offering prudent guidance on important issues. A series of expert guest speakers on diverse topics delivered a unique opportunity to discuss essential issues, share ideas and gain access to the latest information to help Family Offices make informed decisions.
Mack spoke at a Family Office roundtable panel as one of three seasoned experts in the area of Family Offices moderated by Greg Kushner, founder and president of Lido Consulting. The popular session allowed participants to candidly talk about challenges and success stories amongst themselves. The panel of experts shared current, relevant observations and trends in their respective areas of expertise, and facilitated an open discussion with the audience in subsequent breakout sessions. Three main topics of interest were covered. Marc Pollick, Founder & President of The Giving Back Fund talked about leveraging philanthropy toward solving social problems; Jason Ozur, Senior Managing Director & Portfolio Manager of Lido Advisors discussed how fees and expenses impact returns; and Linda Mack presented best practices in recruiting and retaining family office executive talent.
Linda emphasized that an increasingly competitive market is requiring family offices to keep pace in the recruiting, compensation and retention arena. She described the two main reasons why family office searches fail. “Either the family errs on the side of hiring someone they trust, but the individual lacks the qualifications to perform the job successfully; or they hire an executive who is technically highly qualified, but is not a “culture fit” for the family.” Defining the position and family culture in depth and developing a process to assess prospective candidates based on the position and culture fit requirements is the critical first step to success. Linda shared the executive search process Mack International uses that ensures consistent success; she also shared best practices in the critical post-hire areas of onboarding, compensating and retaining executive talent.
The topic of compensation and its effect on retaining talent engaged everyone’s attention. A compensation plan that is not in alignment with a family’s philosophy and objectives is doomed, according to Linda. “It’s a fluke to retain an executive if the incentive plan is not a fit for both the candidate and the family.” Several family stories were shared about the unintended consequences that were born out of plans that were not effectively designed. “You must test the plan under various hypothetical situations, including three sigma ones, so you are able to anticipate how it might perform. Neither the family nor the executive can afford a bad surprise or a dysfunctional outcome.” Stories about unintended outcomes of plans during the 2008 financial meltdown and examples of plans where performance based on gross vs. net after tax returns triggered behaviors that didn’t benefit the family emphasized the need to carefully design and test all plans. “Incentives definitely drive behavior, so be sure you are driving the behaviors that are in alignment with your values, goals and objectives,” said Linda.
“The conversation shared at our roundtable underscored how universal everyone’s experiences are, and how important it is to be very thoughtful in designing and implementing effective recruiting and retention strategies. Participants felt the best practices we discussed will contribute to better outcomes for all.”
About Mack International
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
Jill Hendrickson, Mack International, LLC, http://www.mackinternational.com, +1 800-976-0015, [email protected]
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