Linda Mack of Mack International a featured panelist at the Family Office Risk Management Summit in New York City Dec 7-8

The Family Office Risk Management Summit held December 7-8 at the Princeton Club in NYC explored topics related to Risk, Controls and Business Continuity facing Family Offices presented by experts chosen by Financial Research Associates.

Chicago, IL. (PRWEB) Jan 7, 2016 —

Linda C. Mack, founder and president of Mack International, the premier retained executive search and strategic family office/human capital management consulting firm, was a panelist at the recent Family Office Risk Management Summit, held December 7-8 in New York City.

This highly targeted conference provided by Financial Research Associates presented a broad overview of numerous topics related to overcoming key areas of risk facing Family Offices today. The agenda was designed to create a series of sessions dedicated to key topics including overcoming the challenges of cyber security, counterparty risk hidden risks, internal controls and business continuity.

Linda C. Mack was invited to be a panelist on the topic of “Establishing a Successful Business Continuity and Staffing Structure.” The session explored challenges Family Offices face in running and managing either a single family or multifamily office. Staff hiring, retaining, and continuity as well as succession planning issues were the focus of the panel moderated by Timothy McCarthy, President, Caribbean Region, Holdun Family Office. 

On hiring new staff members, the panel discussed some of the survey results on how Family Offices made their selections. Linda explains, “We cited results that defined key characteristics of high performing employees and contrasted them with those underperforming. It turns out, they are mirror images of one another.” Linda’s philosophy is that defining the position along with the process is critical. “Having the requisite skills for a family office positon is only the first cut. Thorough assessment on culture fit is critical for success.” Linda prefers behavioral interviews to identify candidate values, philosophies and their approach to handling everything from communications and decisions to problems and delicate situations. She consistently takes the process deeper, peeling back the layers to listen for qualities that reflect a prospective employee’s fit with the family and the position. “Does the candidate have a service heart? What is their communication style? Their ability to make a decision? Their sense of loyalty?” Without being thoughtful in the selection (and questioning) process, the risk of choosing the wrong candidate or losing the right candidate is tremendously high, according to Linda. A thorough onboarding process is also very important for the success of the candidate hired by the family. 

An upbeat discussion on creating a positive, proactive environment with staff rewards was also part of the session. Stories were shared by panelists about families and MFOs that had “fun” committees, casual dress in return for donations and special social events encouraging team building.     

Apart from sharing ideas on best practices for identifying, training, retaining and motivating staff, another key discussion revolved around succession planning–a subject often given cursory attention until the Family is faced with unfortunate circumstances. Linda Mack urged all Family Offices to create a well thought out succession plan not just for retirement but for the unexpected.

“It is a huge and preventable risk if a Family Office loses a key leader and there is no plan. Develop and document plans in writing for both immediate and long term. Identify who will be responsible for implementing the succession plan and define their responsibilities. If you have a plan, but don’t tell anyone, it is useless. Also have an interim plan to backfill if you must until a permanent replacement is chosen.”

One Family Office has already designated Linda Mack as their company of choice when their succession plans become imminent. “They are ready, and so am I,” said Linda.

About Mack International LLC

Mack International, LLC, is the premier retained executive search and strategic management/human capital consulting firm serving clients in the family office, family business enterprise and wealth management industries. Mack develops close consultative partnerships with clients and candidates and has achieved an exceptional track record of success as evidenced by consistent referrals, repeat engagements and long tenures of candidates placed. For more information, visit www.mackinternational.com or call 800.976.0015.