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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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The Family Office of the future is evolving. Successful family offices recognize the future is now. There is a trend toward being more strategic and proactive while continuing to strengthen their value proposition. Technology is being leveraged for both efficiency and effectiveness. Return on investment and compelling “value-add” services are a key focus for family offices and enterprises intent on growth and stability. Recruiting, retention, and succession strategies are fundamental to the success of every Family Office, and building a culture that will continue to attract and retain is its lifeblood.
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As a consequence of the business model changing, there are implications for the type of leadership required for long term family success. The profile of the most effective family office leaders is evolving both in skill level and personal characteristics. What are some of the attributes of premier candidates for the C-suite?
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- The ability to think critically and be more strategic and proactive vs. reactive. Individuals with a strong business and legal background and education will be in increasingly high demand
- A strong business, financial and investment acumen—an “expert generalist” who not only has knowledge across the horizontal spectrum but also understands the interconnectivity inherent in each decision and its implications across multiple disciplines
- A mindset of leading a professional services business providing a clear value proposition that positively resonates with family clients such that family clients “choose” to do business with the family office
- Able to demonstrate technological savvy and use that knowledge for organizational efficiency
- Trusted advisors who provide valuable counsel and advice to individual family members and to the family collectively
- Combines high I.Q. with equally high E.Q. - inspires and motivates high performing teams and a culture of excellence
- Well networked in the market, bringing “best practice” knowledge to their role
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Once a family office finds their “ideal” leader, they must consider how they will stimulate and motivate that individual. Compensation is important but factors such as a clear mandate, metrics for success, and apportioning resources and authority commensurate with accountability are crucial to both attracting and retaining talent. Equally important are sound governance, effective succession planning and smooth generational transitions. The majority of offices are looking for someone with the requisite skills and experience to do the job well,, but culture fit and alignment with the family and family office has proven to be the predominant predictor of future success. Most family offices seek long term relationships with their executives spanning 15-20 years. Leaders who align with the family and family office culture are poised to shape and set the stage for future generations.
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Our thanks to Linda Mack, Mack International.
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About Mack International
Mack International, LLC is the premier retained executive search and strategic human capital consulting firm focused on providing solutions to single family offices/family enterprises, multi-client family offices, and the full spectrum of wealth management advisory, investment management and financial services firms that serve the ultra-high net worth private wealth and family markets.
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Upcoming Events
- April 27-28: Prairie Family Business Center Annual Gala Event, Sioux Falls, SD
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May 3: Family Business Association Annual meeting, Sacramento, CA
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May 10-12: Family Office Club Event, New York, NY
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May 10: High Center Directors, virtual
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- May 10: PATG/FEUSA Event and Presentation at SPB, New York, NY
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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