Linda Mack of Mack International participated as a panelist for the Global Family Office Conference held in London, UK, June 12-13, 2019.

Linda Mack of Mack International participated as a panelist about ‘Factors Making a Family Office Successful’ for the sixth annual Global Family Office Conference held at the Montcalm in London, UK, June 13, 2019.

 

Since most families hope to retain executive leadership for 15 years or more, getting “culture fit” right is critical for success…

CHICAGO (PRWEB) AUGUST 12, 2019 – The Global Family Office Conference held its sixth annual summit in London, June 2019. The agenda, set by family offices internationally and the conference’s Advisory Board included topics concerning Global Trends, Investments, Succession Planning, and Next Generation Interviewing. Linda Mack participated as a panelist during a session entitled, “What Factors Make a Family Office Successful?” She was joined by Marta Albert, Principal, RTH Investments and QG Family Office; Patricia Armstrong, Senior Director, Institute for Family Culture, Abbot Downing; Richard Azarnia, Principal, Single Family Office; and Jeremy Green, Team Head, UK, Agreus Group. The panel was chaired by Ian Morley, Chairman, Wentworth Hall Family Office. Topics explored during the session included the Family Office’s Mission, People as a Factor, Emotional Intelligence, Family Dynamics and the Role of Philanthropy.

Linda talked about the importance of a family developing a clearly defined mission, that will act as a living document serving the family through generational transitions. “The decisions made in building a Family Office must be in alignment with the family’s long-term vision. “Their mission is the expression of shared family values and objectives and the legacy they want to create. While the global mission doesn’t change over time, it needs to evolve to engage rising generations,” said Linda.

Key considerations surrounding “the people factor” was an important part of the panel discussion–and a subject upon which Linda speaks internationally. Best practices in recruiting, motivating and retaining leadership, succession and transition, culture fit, and governance were explored. Linda offered the following insight. “You need an effective process to define, identify, recruit and assess the right leadership talent. Defining the position and requisite skills and experience to be successful in the role is only the starting point. Defining the personal characteristics and attributes needed to ensure a good “culture fit” with the family are also essential as part of this process. Since most families hope to retain executive leadership for 15 years or more, getting “culture fit” right is critical for success and effectiveness. Once a hiring decision is made, it is also very important to have a strategy for on-boarding and planning for the individual’s success. Giving the new leader a clearly defined mandate, the resources needed to accomplish it, authority commensurate with accountability, and a competitive compensation package aligned with the family’s goals are critical.”

The importance of emotional intelligence was another interesting part of the panel’s dialogue. Understanding the psychology behind inter-generational relations and its role in sustaining the future of a family office were part of the conversation. Linda described the critical nature of emotional IQ as it pertained to leadership. “A leader in a Family Office must have very high EQ. Empathy, resilience, inclusiveness, collaboration and exceptional communication and facilitation skills are all important in fostering healthy family dynamics. Approachability and strong listening skills help promote harmony and bring people together.”

According to Linda, the panel shared valuable perspectives and the audience was highly engaged. “Learning from the insights and personal experiences of those who have helped families build successful family offices is always a topic of great interest.”

 

About Mack International 
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 and investment management industries on 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.