Date: Oct 08 2020
In our fast paced world, we see how client needs and expectations are changing the role of the family office. Here, Mindy Earley (Chief Learning Officer at FOX), and Gaby Griffin (Market Leader, Business Owners and Family Executives at FOX), share how the family office can meet these evolving client needs.
Griffin explains that along with changing roles inside the family office, is the growing complexity and risk profile of the family office. Rather than then the tax and accounting background of executives in the traditional family office, we are now seeing a deeper legal or corporate background. Family offices are also showing newer roles, such as a Relationship Manager (RM), who works together with both internal and external members of the office to serve the family.
Griffin states that among family office leaders, emotional intelligence and softer relationship skills are becoming more important. Other evolutions we see within the roles of the family office include the evolving compensation and benefit structures, which means families are now able to cast a wider net around who they’re able to hire.
Earley calls this transition in family office roles, “The Great Reshuffle.” As part of this reshuffling, the Covid pandemic has accelerated the ability to hire remote candidates. Earley also explores how changes in family office roles play out within the rising generation.
The rising generation is often described as “Champions for Change” – they are often more willing to facilitate difficult conversations and transitions within the family. This group also reports experiencing stress as they manage simultaneous and competing opportunities and pressures. Sometimes the rising generation experiences a struggle with being wealthy, or living up to family expectations, and also in caring for both the older and the younger generations.
FOX coaches the rising generation and helps them to be purpose driven in moving forward and setting goals.
Mindy Earley is an education and family office professional who believes that empowerment and knowledge are key to living a purpose-driven and self-actualized life. She is inspired by helping people learn, grow and discover the way that they will make personal and productive contributions, using their strengths and talents.
Area of Expertise: Family Learning