Linda Mack of Mack International was a featured speaker at the J.P. Morgan Family Office Breakfast Forum on ‘The Family Office of the Future’ on December 8, 2022, in West Palm Beach, FL.
Linda Mack of Mack International was a featured speaker at the J.P. Morgan Family Office Breakfast Forum on ‘The Family Office of the Future’ at the J.P. Morgan Private Bank in West Palm Beach, FL.
West Palm Beach, FL.— Linda Mack of Mack International was a featured speaker at the J.P. Morgan Family Office Breakfast Forum held December 8, 2022, at J.P. Morgan’s Private Bank location in West Palm Beach, FL. Linda was joined by Sarah Berg, Sr. Philanthropy Advisor at J.P. Morgan where they led a discussion on the future of Family Offices. Both Linda and Sarah shared distinct experiences working with ultra-high net worth families. Mack International has served Family Offices in a consultancy role for over 20 years and understands the challenges families are facing as they plan for the future.
The consistent and accelerating growth of single Family Offices in Florida is not surprising. Many people who have had second homes in the sunshine state are now transitioning to permanent residence status. Florida is recognized as a business and tax friendly environment with a healthy and robust economy and low crime rates. Linda commented that in addition to Family Offices, more candidates are interested in making Florida their home. “We expect this trend to continue. A challenge is keeping school districts ahead of the wave for young families, but cities are well aware of the situation, and many are actively seeking solutions.”
Linda shared her perspectives regarding the family office of the future and the implications for the type of leadership that would be required for long term family success. “Candidates that will be most sought after and valued by Family Offices in their C-suite will be more proactive and strategic. They will have strong business, financial and investment acumen, and a mindset of leading a professional services business providing a clear value proposition that positively resonates with family clients. They will also be trusted advisors who provide valuable counsel and advice to individual family members and to the family as a whole. They will be leaders who inspire and motivate high performing teams and a culture of excellence, not hierarchical managers—there is a big difference. The premier candidates will have “high E.Q.” combined with high I.Q. and will be well networked in the market, bringing “best practice” knowledge to their roles.”
Linda explained the effect of the extraordinarily competitive landscape when searching for C-suite leadership. “You need to attract highly talented leaders and once you have them you cannot afford to lose them. Retention is critical.” Linda emphasized that once you find the ideal leader, consider how you will stimulate and motivate that individual. “Compensation is important but factors such as a clear mandate and metrics for success and apportioning resources and authority commensurate with accountability are crucial to both attracting and retaining talent.”
Both Linda and Sarah discussed the significance of governance, succession planning and the importance of smooth transitions in leadership. Linda offered the ingredients Family Offices might consider to ensure ongoing success. “Successful family offices recognize the future is now. They must continue to strengthen their value proposition, have leaders that are technologically savvy for better organizational efficiency and effectiveness, develop succession strategies and build a culture that will continue to attract and retain the best of the best.”
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.