CHICAGO, December 31, 2021 / PRNewswire-PRWeb / – Linda mack of Mack International led a thematic networking roundtable at the 16th Annual Campden Wealth Family Office Meeting in West Palm Beach, Florida, November 16-18. Conference attendees included family managers and family office executives representing important business and financial families. The conference allowed for an exchange of ideas and thought leadership on how families should be successful at planning and executing in a post-pandemic era.
The conference included “thematic” round tables. Each roundtable gave participants the opportunity to choose a micro-topic to share their knowledge and experiences, gain knowledge and seek advice from other community members. Linda led a panel discussion on talent and what family offices should consider when hiring their next CEO and best practices in recruiting, retention and compensation.
Linda began by describing the key factors that family offices should consider implementing to successfully recruit and retain top talent. The emphasis was on clarity. “In the absence of a clearly defined business mandate, performance expectations and indicators of success, combined with good governance and smooth succession planning, you run a high potential risk of not being able to attract the ideal candidate. According to Linda, once the proverbial house is in order, it’s easier to measure the qualities of a potential leader in context.
Linda sparked a discussion on how the family office of the future shapes the background, skills and experience most sought after when searching for a key executive. “The family office leader of the future must be extremely strategic and proactive while demonstrating a high emotional and intellectual IQ. He should also have a keen sense of business, finance and investing. Being tech-savvy and able to effectively harness technology to help the family achieve goals is imperative. ”The optimal leader according to Linda is a“ generalist expert ”- a term coined by Linda who is now referred to throughout the world. industry – someone who has knowledge across the wealth management continuum and functional areas and has a deep understanding of the inextricably linked connections between them. relationships with external counselors and the integration of their efforts on behalf of the best interests of the family was emphasized. was deemed essential to ensure the viability of the family business.
From Linda’s experience, family offices often focus on the skills and competencies required of a particular candidate to perform the job by assessing their education, experience and achievement. “Cultural fit is central to success and includes many dimensions, including values, philosophies and communication, decision making and leadership style, and other personal attributes.” Alignment between the manager and a potential candidate with the right culture within the organization optimizes the success and effectiveness of the new leader.
Compensation is always a hot topic and there have been some trends in recent years to note. Linda highlighted her role in educating and informing families who do not have the pulse of the market but are looking for top talent. She encourages families to see each person they hire as a return on their investment, not a cost. “Long-term incentives, retirement planning, bonuses and annual incentives are becoming commonplace. The roundtable group had a lively discussion about long-term incentive trends in the market and the importance of ensuring that incentives motivate behaviors that align with the desired goals of the family.
Once you found the ideal leader, Linda asked the members to think about how they could stimulate and motivate this person. Compensation is important, but factors such as the allocation of resources and authority according to responsibility as well as formalized governance and succession plans are also crucial in attracting and retaining talent.
The dynamic and interactive session was well received and enjoyed strong participation from members. Linda commented: “An increasingly competitive market and better access to information are two factors that force family offices to appreciate the importance of having a well-defined and comprehensive process to identify, recruit, assess, hire. and integrate the ideal candidate. Combined with a well-designed compensation program and thoughtful retention strategies – you can create a solid ROI for everyone. ”
About Mack International
Mack International is the leading executive search and strategic / human capital management consulting firm serving national and international clients in the areas of family office, family businesses and wealth management nationally and internationally. Founded in 2002, the company has achieved an exceptional track record of success, as evidenced by its unparalleled expertise in the industry, in-depth knowledge of the market and its track record of unprecedented success. Founder and President, Linda C. Mack has established proprietary methodologies such as the Mack 360 © and is recognized for coining the term “generalist expert” in the industry.
Isabel Bolt, Mack International, 8173015461, [email protected]
SOURCE Mack International