Family Offices are like snowflakes--each is entirely unique.
Chicago, Il. (PRWEB) January 23, 2017
As 2016 came to a close, Hunt Scanlon asked some of their ”most treasured contacts” to come forth and proclaim what is trending and what the future holds. Their editorial team produced what they describe as some of the “best interviews the industry has ever seen.” Linda Mack of Mack International was invited to be interviewed on her experience serving the Family Office environment. Linda discussed the nuances of recruiting in this highly specialized sector and was subsequently declared one of the top 10 best interviews conducted in 2016. Following is a synopsis offering highlights of the interview’s Q&A.
When asked to describe Mack International: “We are a small, highly specialized boutique firm and we all work collaboratively and approach each assignment as one team. The common thread of our family clientele is that it’s all family--family offices, family enterprises, family investment companies and family foundations. On the advisor side, we specialize in working with the full spectrum of firms serving the ultra-high net worth family market. This ranges from global private banks, and broker dealers to boutique wealth management firms, and multifamily offices to niche investment consultants, asset managers, and trust, tax and estate specialists. The Mack team on each assignment has over 30 years’ experience specializing in Family Office work.”
When defining the nuances in dealing with a family office: “It is a very personal relationship. We use a proprietary 360 degree assessment process involving everyone with whom the candidate will work; family members, advisors and family office staff. Each family is distinct--they have unique values, needs, cultures, dynamics and goals. Our role is to get all constituencies including multiple generations in sync and aligned around their collective vision and objectives. Only then can we determine who best will fit.”
On culture fit and the family office: “Culture fit is crucial and represents 95% of every search we conduct. The culture fit must be right on the bull’s eye, or it won’t work. Philosophies, values, communication style, and decision making are all part of it. Getting someone who has the requisite skills and experience to perform the job is just the first cut. It is a challenge to identify qualified individuals who can work in a family environment and fit the culture for what can sometimes be at least a generation in time.”
The type of talent Mack International is typically recruiting: “Family Offices are like snowflakes--each entirely unique. Typically we are looking for an “expert generalist” to be the head of the family office. This person must possess an understanding of all the functional areas on a horizontal and vertical basis across the whole continuum. They must also have tremendous peripheral vision to always anticipate how any one occurrence interconnects with and affects anything else. They may not have all the answers, but they need to know all the questions and have the network and resources at hand to get the information necessary for the family to make good decisions. The expert generalist is also responsible for coordinating among and between the external advisors and the internal staff in all functional areas. Finally, we return to culture fit because we are often getting into investment and even compensation philosophies.”
On tenures and expectations of family office executives vs. traditional senior level searches: “Tenures tend to be longer. We are typically looking for someone who will assume the position as a 15 to 20 year assignment. This translates into what can be at least a generation. A family office is much more personal, private and confidential than a relationship with an institution. We help families define performance expectations and metrics to evaluate what success might look like and that becomes something unique for each family given the cultural differences that exist. That is why the identification and vetting process is so critical and requires a skilled search consultant to bring all of this together.”
Click here for the full article: http://www.mackinternational.com/wealth-effect-identifying-unique-leaders-run-family-office/
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.