Linda Mack of Mack International moderated a Thematic Networking Roundtable at Campden Wealth’s 17th Annual America’s Family Office meeting on November 15, 2022, in West Palm Beach, FL. 

Linda Mack of Mack International moderated a Thematic Networking Roundtable at Campden Wealth’s 17th Annual Americas Family Office Meeting on the topic of ‘Outsourced vs. Insourced’ held on November 15, 2022, in West Palm Beach, FL.

WEST PALM BEACH—

Linda Mack of Mack International participated as a moderator and interviewer at Campden Wealth’s Annual Americas Family Office Meeting in November 2022 held in West Palm Beach, Florida.

One of the new innovations for the Campden meetings are hour-long thematic networking sessions. Each provides the opportunity to choose a micro subject to share the knowledge, experiences, and insights from fellow community members. Linda Mack was invited to be a moderator at a Thematic Roundtable entitled: ‘Outsourced vs. Insourced’.

Linda led the conversation citing the various ways to build a family office for the long term. “You have to know the span of clients you are serving and the scope of services you will offer. Deciding what services to outsource vs. insource will be predicated upon several factors.” Linda shared some examples of situations in which outsourcing might be the best choice.

“As a family grows and is establishing a family office for the first time, it might not make sense to insource certain functions. A family might choose to outsource to take advantage of economies of scale and access to the highest level of expertise in an area:  when better cost effectiveness, efficiency and competency can be achieved outside the family than having those systems in-house.” Linda emphasized that when you consider outsourcing, it is important to carefully select criteria and set expectations and measurements for success. Common criteria should include technical and industry expertise, performance track record, client focus, shared philosophy, respect for confidentiality, and market reputation, among others.  She also stressed that these are not static decisions. Family Offices transition over time and it is smart to be strategic and re-evaluate requirements every few years.

On the final day of the conference, Linda interviewed Kara Pass, President, and CEO of Market Street Trust for a ‘Fireside Chat.’ The topic was entitled, ‘What Got Us Here, Won’t Get Us There—a 100-Year Legacy and Planning for the Next 100 Years.’ The session shared lessons learned from a 100-year legacy, a founding family with innovation in their DNA, their evolution from a single-family to a shared family office with a focus on smart growth; and what practices will propel this office forward into the future.

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 wealth management industries on a 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.