Linda Mack moderated a webinar entitled Hiring and Developing Your Team sponsored by the Family Wealth Alliance on February 9, 2021

Share Article

Linda Mack of Mack International moderated a Best-in-Class Webinar Series episode entitled ‘Hiring and Developing Your Team’ sponsored by the Family Wealth Alliance on February 9, 2021.

“These are processes,” said Linda, “that are ongoing, not transactional, and they become ingrained in the firm’s culture significantly influencing long-term success..."

Linda Mack of Mack International moderated a Best-in-Class Webinar Series episode entitled ‘Hiring and Developing Your Team’ sponsored by the Family Wealth Alliance on February 9, 2021. The webinar was 4th in a series of 7 broadcasts focused on building and maintaining family wealth firms. According to Rachel Hyman, Managing Director, The Family Wealth Alliance, “Most leaders would agree that the talent they hire over the next few years needs to be diverse, have high EQ, and be good “people-people.” They would also agree this is hard to find.”

Linda was joined by panelists Jennifer Murtie, Head of the High Net Worth Practice, Senior Wealth Advisor, Ballantine Partners and Kara Pass, President and CEO of Market Street Trust Company.

Rachel Hyman initiated the discussion asking Linda how she responds to family offices and their frustration about good talent, diverse candidates and the cost of finding new leadership. Linda explained, “I tell our clients that hiring leadership talent is an investment and they need to evaluate the individual and the ROI they represent. We help our clients define the position and culture fit requirements and develop a profile of the position, requisite skills along with personal characteristics and attributes for success. We advise clients about the compensation package their ideal candidate will require and if that is beyond their budget, we talk about either relaxing their requirements, rethinking the budget or consider other alternatives. It is a very competitive market.”

Both Kara Pass and Jennifer Murtie, when asked about finding ideal candidates, explained their firms’ look for a combination of position and culture--particularly how an individual can enhance their existing culture(s). Their respective leadership teams fully participate in identifying exactly what the role entails. They both agreed the continual hunt for good talent and leveraging centers of influence resulted in maintaining a pipeline of people with talent. Character and personality were weighted more heavily than technical expertise because “you can train for that.” Linda agreed. “One of the most common mistakes family offices and firms make is hiring someone who was a “rock star” at another firm, but they are not the right culture fit. This is not just personality, but values, philosophies, communication styles, and approach to decision making.”

Another common mistake according to Linda is ineffective onboarding and the absence of a “defined plan for success.” How do Market Street and Ballentine ensure their new leaders are supported? Both had regular performance and check-in reviews. Ballentine created a Talent Development Council reviewing internal training, leadership, surveys and awards creating an upbeat and positive environment. Market Street has an apprentice model, helping leaders grow internally, and exploiting areas of strength. “These are processes,” said Linda, “that are ongoing, not transactional, and they become ingrained in the firm’s culture significantly influencing long-term success. When people feel that investment, it positions them to rally and bloom.”

Take-aways from the session included the importance of connections despite the limitations imposed through the pandemic, the value of growing networks, and being creative in recruiting for diversity. “You realize a more robust culture when you engage different points of view, maintain close relationships and widen your lens,” said Linda. “Thank you both for being amazing and inspirational and for reminding us how exciting it is when you do a great job selecting the right candidate and provide a stimulating environment in which to contribute.”    

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 investment and 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.

About the Family Wealth Alliance

The Family Wealth Alliance, is a membership organization serving the multifamily wealth community: family wealth firms, family wealth professionals, and the people, ideas, and resources that help them serve their clients at the highest level.
Since 2003, our integrity and structure has produced a thriving constituent base.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

isabel bolt
Visit website