Linda Mack of Mack International was a panelist at the Global Family Office conference held in Los Angeles on November 2, 2023, to discuss Family Office Trends.
WEST PALM BEACH, Fla., Dec. 13, 2023 /PRNewswire-PRWeb/ -- The Global Family Office community held a USA Family Office conference on November 2, 2023, in Los Angeles. Several topics of interest to Family Offices were explored including investing, regulations, the impact of AI and benchmarking. Linda Mack of Mack International participated as a panel member on the topic entitled, 'Family Office Trends'. The panel was led by Vahe Vartanian, Founder and DEO of the Global Family Office Community. Panel members joining Linda were Thomas Brown, Principal and Founder at Ad Altius Advisors; Paul Westall, Co-Founder, Agreus Group; and Daniel Krauss, Tax Partner, Eisner Advisory Group. Each panel member was presented with questions aligned with their specialty including tax considerations, compensation, preserving wealth through generations, and any notable changes in the purpose and definition of the Family Office over time.
Linda's contribution centered around 4 current trends her company has observed affecting decisions regarding human capital.
Current Staffing Trends: The landscape is extremely competitive. "Family Offices are having to keep pace with more formalized recruiting and retention strategies. Performance management and compensation plans are more defined, documented, and creative. Governance and succession planning are approached thoughtfully and with intention. The new hybrid model has forced families to be more flexible when establishing expectations of in office vs. remote work schedules.
Unique Issues Families Face in Hiring: Families are recruiting with a long-term focus—a leader for 10-15 years. "Competition for talent for the C-Suite is strong and shows no signs of softening. However, finding someone with the requisite skills and experience to be successful is just the first step. They must also be the right culture fit. Academic credentials, experience, and accomplishments constitute but a subset of the selection criteria applied. It is of paramount importance that values, philosophies and other personal attributes that comprise culture fit align as well."
Best Practices for Retaining Key Talent: Clarity, Authority, and Resources. "Without a clear business mandate and authority commensurate with accountability, a leader will find it difficult to be successful. A competitive compensation package and well designed incentive programs are also critical. Onboarding should include identifying resources necessary to achieve goals and tailored personal and professional growth opportunities for the individual. Sound governance along with defined and documented strategies for smooth family leadership transitions and succession planning instill confidence and help retain key C-Suite leaders. Finally, every family office must create and maintain a culture that is compelling in order to attract and retain exemplary candidates."
Implementing a Governance Structure: Composition, Guidelines, and Transparency. "Family businesses that are clear about their future needs and establish leadership requirements and personal attributes are set up for success. Building consensus around processes and decision making protocols gives valuable structure when implementing governance. Creating internships, training and development programs, and mentorship opportunities can help in identifying potential leaders whether they are family members or non-family members. The way to avoid awkward situations is to demonstrate neutrality. Family members should qualify, be interviewed, and ultimately be held accountable for the same performance metrics as others in comparable positions. They should be compensated according to market rates—no more and no less. In order to attract and retain the best and brightest, the most prudent approach from a credibility standpoint is to be transparent and consistent across the board."
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 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], www.mackinternational.com
SOURCE Mack International
Share this article