Linda Mack of Mack International was a panelist at the 2021 virtual summit for the Family Office Leadership Program held June 7-9 sponsored by CITI Private Bank
Linda Mack of Mack International was a panelist at the 2021 virtual summit for the Family Office Leadership Program held June 7-9 on a session entitled 'Talent in Demand'. The summit was sponsored by CITI Private Bank.
CHICAGO, July 8, 2021 /PRNewswire-PRWeb/ -- Linda Mack of Mack International was a panelist at the 2021 virtual summit for the Family Office Leadership Program held June 7-9 on a session entitled 'Talent in Demand'. The summit was sponsored by CITI Private Bank. Linda was joined by fellow panelist, Trish Botoff, Managing Principal, Botoff Consulting and moderator, Alexi Coscoros of CITI Private Capital Group.
The virtual Family Office Leadership Program (FOLP) was attended by some of the world's top family office executives and family members who are clients and prospects of Citi Private Bank. Attendees generally include CIOs, CEOs and other key personnel who are responsible for private investment companies, family enterprises, investment portfolios, real estate, and day to day administrative/legal and financial affairs of their principals and families.
As family offices take a more institutional approach to investing, the demand for specialized talent is increasing. Leaders who align with a family office culture are poised to shape and set the stage for future generations. The topic focused on family office executive hiring and compensation trends. Linda, described by Alexi. Coscoros as a "pioneer in executive searches and trusted advisor for both family offices and associated professionals" was asked about how services of principals have changed. Linda replied that the biggest trend over the last 20 years is family offices and family investment firms have become more strategic and professional in terms of systems and operating platforms. "You are now seeing increasing movement of talent from public and institutional markets to family offices. This is driving more competition. Families are seeking a strategic skill set. They want investors, not allocators…leaders who inspire people, not managers. Organizational charts are less hierarchical, flatter with a strong emphasis on trust."
Services have broadened and evolved according to Linda. "Investment oriented Family Offices continue to become more sophisticated both in their scope and level of services and reporting. Passive investments are being outsourced while direct activity is coming in-house."
It was noted that single Family Offices have seen substantial growth in north America. Is this pattern being repeated globally? Linda cited common threads of accelerated pace continuing internationally despite the pandemic. One exception being the UK with consequences of Brexit making their direction less predictable.
Compensation continues to be a hot topic for Family Offices. Trish Botoff discussed long term incentives and the expectations of candidates to be offered seriously competitive packages. Linda emphasized her role on educating and enlightening families who don't have a pulse on the market yet seek top notch talent. "We encourage families to view every person they hire as a return on investment. It is not a cost. It is a value-add. If they want long term commitments and specific skills and attributes, the content of the job will benchmark the compensation range and total package. Boundaries put on compensation ranges have significant implications on our ability to recruit the best candidate. Be thoughtful of your goals and objectives and tie incentives to those performance metrics."
The session closed with Linda's "parting advice" on both hiring and retaining. "The best strategic leaders are expert generalists who not only have knowledge across the horizontal spectrum of all the wealth management disciplines but also understand the interconnectivity between each. Nothing happens in isolation and each decision has implications across multiple disciplines. Once you find the ideal leader, consider how you will stimulate and motivate that individual. Compensation is important but factors such as apportioning resources and authority commensurate with accountability as well as formalized governance and succession plans are also crucial to both attracting and retaining talent. Without these in place, people leave."
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 a 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.
Media Contact
isabel bolt, Mack International, 8173015461, [email protected]
SOURCE Mack International
Share this article