Linda Mack of Mack International served as a panelist for the UHNW Institute’s 2022 Symposium on November 2, 2022, in New York City.

Linda Mack of Mack International served as a panelist for the UHNW Institute’s 2022 Symposium on ‘Talent in 2030: The Core Challenge’, November 2, 2022, in New York City.

WEST PALM BEACH, FL —

Linda Mack of Mack International attended the UHNW Institute’s’ 2022 Symposium held in New York City on November 2, 2022. Linda, who is also a Board Member of UNHW served as a panelist on the discussion entitled ‘Talent in 2030: The Core Challenge.’   The group session was moderated by Jamie McLaughlin, CEO, J.H. McLaughlin & Co. Co-Founder & Board Member, The UHNW Institute. Other panelists included Milton Pedraza, CEO, The Luxury Institute Advisory Board Member, The UHNW Institute and David Weller, Senior Partner, Leadership Alliance Advisory Board Member.

The panel explored the contrasts between the traditional Family Office model of the past with the challenges Family Offices are facing now and in the future—particularly in the areas of recruiting and retaining key talent. Linda shared best practices Mack International is seeing in attracting and retaining C-Suite leadership and key trends in the market impacting the family office of the future.

According to Linda, attracting the ideal candidate is more competitive and challenging than ever before. “When you consider the supply of candidates who not only have the qualifications to do the job successfully, but who also have the personal characteristics and attributes required to be an effective family office leader coupled with being a specific culture fit to the family, you are looking for needles in haystacks.”

Additional considerations post-pandemic are some candidate’s desire for  hybrid/remote work environments, putting added pressure on families to be flexible. Linda emphasized the need for clarity prior to launching a search. “A strong consensus and alignment should be shared before proceeding to recruit. These would include a business plan, role and culture fit requirements, performance expectations and metrics and compensation philosophy.”

As a consequence of the business model changing, the profile of the “leader of the future” was also discussed.  Linda offered that  new leaders need to be more strategic and proactive than ever. “Aside from having a strong business, financial and investment acumen, and being technologically savvy, family offices will be searching for leaders who are well networked in the market and able to foster an engaging and inspiring culture, particularly in a hybrid work environment,” said Linda.

Linda emphasized that retaining key talent is the other side of the same coin. Once a search is successful, high performers need to be stimulated and compensated.

“Family offices that provide leaders authority commensurate with accountability, sound governance, and growth opportunities in their respective roles have high retention rates.”  Linda noted that compensation packages today can include a combination of salary, bonus, and LTIs for performance. “You get what you incent so it is critical that compensation be aligned with family office goals and objectives,” said Linda.

The session underscored that having a well-defined, comprehensive process to identify, recruit, assess, hire and onboard the ideal candidate is essential for success going forward. 

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.