Date: Jul 22 2021
Erin Hulse is the Founder of Deviate Consulting, LLC, which focuses on accounting, software consulting and selection for family offices, investment advisors, hedge funds, fund administrators and small businesses throughout the world. Software focus includes multiple investment accounting, portfolio accounting and wealth management suites prominent in the industry.
Exploring Trust with Technology
Redefining Trust: Transparency, ethics and control = Trust
Algorithms Have Parents:
- Human centered AI
- Trust with AI
- Manage and mitigate AI risks
- Digital Governance
- Digital Literacy at the decision level
- Use it as a business tool
- Blockchain: Source of Truth
- Investment Expertise
- Don’t write off decades of experience and relationships; encode it in a digital format
- Find your digital vulnerabilities (weaknesses)
- Educate everyone to become digitally literate (education)
- Ethical AI: Mange, monitor and mitigate your AI risks (governance)
The Happy Middle - A Hybrid Work Environment
Rob Ollander-Krane, Moderated by Bonnie Gauger
Before Covid – Traditional or Progressive à During Covid – Remote work or Remote Life
- What stopped you from moving to something more progressive? – Family has an expectation, prefer having people in the office, loss of culture, confidentiality of data
Surprise! We need: Innovation, Technology, Flexibility, Balance and Culture
What successes did you see in your teams during covid?
- Flexibility, communication, resilience, technology, balance, collaboration
What is your personal preference?
- Work from home 26% , back to office 11% , combination 64%?
What do you think your firm should do?
- Work from home 4% , back to office 9% , combination 87%?
Start by surveying and asking your employees how they want to move forward.
- 59% of people would look for a new job if forced to go back to the office
- Determine what work needs to be done in the office
- Design for autonomy
- Level the playing field – Same rules for all, access to resources and opportunities
Drive = Passion, Mastery and Autonomy
- Instill a growth mindset, increase empathy
- Maximize autonomy: goal setting, check-ins and feedback
- Bias mitigation
Leadership in a New Era
Greg McCann, Courtney Pullen, moderated by Jill Shipley
- How clear and confident are you in what leadership means to you? Only 22% very confident
- How different is your leadership style when leading within the SFO compared with your style when working with the family? 33% pretty different and 25% about the same
What is more needed today? Leading or managing?
- Most organizations are over-managed and under-led.
What causes complexity in being a good leader in a family office?
- Dealing with the culture of the firm, but also dealing with the family dynamics.
How are different generations challenged?
- Different generations are almost different cultures, so we have to overcome those differences
Management requires emotional agility and self-awareness for collaboration. What are the characteristics of the best leader you’ve ever followed?
- Listener and an open mind