Our expertise in recruiting and assessing family office executives gives us a great deal of value...finding the ideal "fit" for wealth advisory firm executives.
CHICAGO (PRWEB) May 16, 2019
Linda C. Mack, founder and president of Mack International, the premier retained executive search and family office strategic management/human capital consulting firm, led a session entitled ‘Hiring for the Service Gene’ at the exclusive Integrated Wealth Advisor Council Meeting for the Family Office Exchange (FOX) in Chicago, April 18, 2017.
The FOX Integrated Wealth Advisor Council is a global member network for chief executives of wealth advisory firms and boutique multi-family offices dedicated to building their business among the highest net-worth clients. The goal of the Council is to rapidly prepare wealth advisory firms for profitable growth by providing peer insights, informed analysis of the drivers of success for integrated wealth advisors globally and offer clear articulation of the needs of the target audience.
Linda’s session was described as “outlining what you need to know before your next interview” emphasizing that “hiring the right person for the job is as much about “fit” as it is technical qualifications and skills.” Mack International has a track record of success with both Family Offices and Family Office Advisory Groups, uniquely qualifying them to speak about best practices for both audiences. Linda explains; “Our expertise in recruiting and assessing family office executives gives us a great deal of value when finding the ideal “fit” for wealth advisory firm executives. On the advisor side, we understand their business and know what the job encompasses—and we work with their target client families and know why those families choose certain advisors. Finding and developing that “trusted advisor” is the Holy Grail.”
Linda began her presentation by defining the skills and reviewing the roles and responsibilities of a successful Relationship Manager. Although the scope of responsibilities varies by platform, Relationship Managers in general are defined as the key client facing executives responsible to advise, service, enhance, retain, and, depending on the platform, originate the business with family office clients. “There are certain attributes this person must have to succeed,” said Linda. “You have to find the skill set, but more importantly the “culture fit” not only ideal to the firm, but to their target (family) clients. And “culture fit” goes well beyond “personality”; it includes values alignment and many other dimensions.”
The second part of the presentation dealt with assessing service culture fit. “Since every family is unique, it is imperative that their advisor understands the nuances of that family’s culture,” said Linda. “Knowing your client—their values, philosophies, decision making style, communication preferences—and the ability to adapt to their cadence is paramount in establishing “trusted advisor” status. It takes enormous intuition and immense ‘EQ’.”
Linda concluded the session with advice on Behavioral Interviewing along with examples of specific questions to ask a prospective candidate and exactly what to listen for during the interview. “You want to ask big picture questions, both personal and professional. If you ask the right questions, actively listen, and pay attention to nonverbal cues, you will notice patterns. This is not a test; it is a discovery exercise intended to determine if there is a mutual fit. The point is both parties need to get to know one another substantively before embarking on a 15+-year relationship.”
Lots of questions and anecdotal experiences were shared at the end of the session. People commented that the discussion prompted them to re-examine their hiring process. “It gives me a lot of satisfaction to help support and coach people on assessing prospective relationship managers. Clarity, consensus, alignment and accountability are very important in the design and execution of a Best Practice Assessment Process. There are no silver bullets or short cuts.”
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 and investment 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.
About the Family Office Exchange
Family Office Exchange (FOX) is the premier global member network for enterprise families and their advisors who are pursuing best practices for managing their family enterprise and growing their family wealth. The community includes over 8,000 family leaders and sophisticated advisors from 500 organizations in 27 countries who utilize FOX’s resources each year for networking, objective advice, and continuous learning.