The US Continues To Lead The Global Family Office Market As many of the world’s largest economies experience a mass exodus of ultra-high-net-worth individuals and families, the United States continues to attract more billionaires than ever before. And, for the wealthy families that already exist within US borders, opportunities for growth continue to abound. America boasts the most sophisticated family enterprise ecosystem in the world. North American family offices reportedly manage in excess of $1.7 trillion today, while family-controlled businesses make up 35% of the Fortune 500. There are thought to be anywhere between 6,000 and 8,000 family offices across
Read More
Archives for Articles
The Great Transfer Of Wealth And What It Means For Family Office Hiring
The Great Transfer Of Wealth And What It Means For Family Office Hiring $84 Trillion is on the move, but finding the right talent to steer it is the real challenge. Obtaining and retaining talent has always been difficult for family offices. These are inherently idiosyncratic organizations that require professionals with a distinct set of technical competencies who can also align with an eclectic set of personalities across principals, staff, family members and a constellation of trusted advisors. Family office executives must be strategic, proactive, open-minded, agile, and possess high levels of intellectual horsepower as well as emotional intelligence. As
Read More
A Sustainably Successful Process for an Executive Search
A Sustainably Successful Process for an Executive Search Human Capital Planning: Getting clarity on the “who” you are looking for… The human capital plan of any Family Enterprise should build consensus around specifically defining each position in the organization’s structure. This definition must include two essential components: position specification and ideal candidate profile/culture fit. Position specification will include scope, reporting structure, responsibilities/accountabilities, performance expectations and metrics to measure success. Once the position specifications have been clearly defined, the family can determine the skill, knowledge, experience and competency requirements as well as the education, certifications/designations required for each role. Clarity around
Read More
Recruiting and retaining top family enterprise leadership talent
Recruiting and Retaining Top Family Enterprise Leadership Talent Struggling to find the right fit for your family office? Mack International’s Linda Mack explains how to avoid costly mistakes and build a successful recruitment strategy. Family offices often fail to define the role and its long-term goals, leading to mismatched hires. Lack of NextGen involvement can raise red flags for potential hires. A winning compensation package aligns incentives with family goals for long-term success. Increased access to information and an intensified competitive market are two key drivers requiring family enterprises to implement more formalised, clearly defined strategies in recruiting and retaining
Read More
Handing Over the Keys—The Challenges of Reaching Gen Z
Handing Over the Keys—The Challenges of Reaching Gen Z By Linda Mack, Mack International In a recent FEUSA podcast Pat Soldano was joined by Dr. Frank Luntz, communications expert and researcher, on “How to ‘Decode Language’ to reach Gen Z (18-29)” Why is this considered a critical issue? Because in the next 20 years, an estimated $90 trillion will change hands from Baby Boomers and Gen X to Millennials and Gen Z, and according to the latest research, the communication gap between the old guard and new guard has never been wider or more misunderstood. The podcast focused on insights
Read More
Frequently Asked Questions Posed to this C-Suite Executive Search and Family Office Consulting Firm
Frequently Asked Questions Posed to this C-Suite Executive Search and Family Office Consulting Firm by Linda Mack of Mack International We are building a family office. Where do I start and whom do I hire first? The most important thing is to begin by asking yourself some questions. For what generation is the office being built? What clients will it serve? What scope of services will be provided? Which of these services will be insourced vs. outsourced? Often it is best to start slowly by thoughtfully creating your long term plan before taking action. An analogy most can identify
Read More
Financial Services Review Names Mack International – Top Financial Recruitment Service Providers 2023
Financial Services Review Names Mack International – Top Financial Recruitment Service Providers 2023 Mack International, LLC – Executive Search Experts for Family Enterprises Family Offices are built with the intention of growing and preserving wealth, preparing the next generation, and ensuring shared goals and vision are realized. However, the ways in which they seek to accomplish their objectives are highly customized. No two families are alike. The adage, “When you’ve seen one family, you’ve seen one family…” is true. Each family office focuses on serving the family it supports with a distinct scope of services that often include finance and
Read More
Four Things to Know About Family Office Compensation and Talent
Four Things to Know About Family Office Compensation and Talent In an increasingly competitive market for sophisticated and experienced professional and investment talent, family offices are seeking and applying new approaches to attract and retain top level executives. Transactional Tax Planning partner and chair Saul Rudo, Mergers and Acquisitions partner Tom Lamprecht, and Employee Benefits and Executive Compensation partner Mitch Pahl of Katten recently hosted Family Office Compensation and Talent panels in New York and Chicago with Linda Mack, CEO of Mack International, and Trish Botoff, Founder and Managing Principal of Botoff Consulting. In each meeting, we sought to assess
Read More
Profile of the Family Office Leader of the Future
Profile of the Family Office Leader of the Future By Linda Mack, Mack International 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
Read More
Trends in the Overall Family Business Enterprise Market
Trends in the Overall Family Business Enterprise Market by Linda C. Mack, Mack International An intensely competitive market and increased access to information are requiring Family Business Enterprises to keep pace in the recruiting, compensation, and retention arenas. As the New Year approaches, the office of the future and its leaders are looking to benchmarks and best practices to take their respective firms to the next level. A More Formalized Approach Whether considering employment agreements, performance management or compensation packages, the trends all point to more formalized strategies and methodology. At the CEO and CIO level, the vast
Read More