FOX Family Office Forum Recap - Day Two

Exploring Trust with Technology

Clara Durodié

Redefining Trust:  Transparency, ethics and control = Trust

Algorithms Have Parents:

• Human centered AI
• Fairness
• Reliability
• Auditable
• Explainable

Digital Trust

• 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

Client Trust

• Investment Expertise
• Don’t write off decades of experience and relationships; encode it in a digital format

Takeaways:

• 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

Audience Question:

• 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

Audience Questions:

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

Three steps:

• 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

Manager Skills:

• 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

Audience Question:

• 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?

• Calm
• Empowerment
• Integrity
• Authenticity
• Empathetic
• Passion
• Trust
• Mentor
• Listener and an open mind