Staff Retreats: How They Can Benefit Your Family Office

When I was heading up consulting for FOX, I had the pleasure of spending a morning with the staff of a large family office at their three-day retreat in the wilderness of northern Wisconsin. I was there to share some FOX wisdom and best practices, and found it invigorating to be with a group of engaged professionals. Not only did the family support the entire staff being away from the office for three days, but they invited them to use their family lodge for the experience.

The family office leadership packed the retreat with nonstop activities, presentations, learning experiences, meals and sports. While it seemed busy, being away from the office with their colleagues gave the staff time to reflect on their strategy for the future and hear from people they might not normally interact with on a daily basis. The peaceful yet energetic setting enabled them to view things with a different perspective and think about their roles and responsibilities in new ways.

My first question to the group was about their expectations for the FOX session and the retreat itself. I was impressed with the participants’ desire to learn more about what other offices are doing, to hear about the industry, and to discuss how they could help the family they work for manage the inevitable future transitions that all families face. They wanted to relax and have fun, but that was secondary to the desire to up their game and become more effective in how they operated on a daily basis.

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It had been a few years since the last retreat. The feedback from this year's event was extremely positive. The staff returned to the office with a renewed sense of purpose and energy.

Retreats may not be something most offices can do every year, but without time to reflect, the big picture often gets lost in the details of the day to day. Family office staff are, after all, service oriented to the extreme. They regularly jump through hoops and juggle multiple tasks to meet the demands of their clients. It’s good to give your staff a break—a working break to move to the next level. I would argue that retreats, when done well, result in productivity increases that quickly outpace any drop in activity while away.

Curious about educating family members? Browse some FOX resources, or check out the Educators & Facilitators section of our Advisor Directory.