Since 2014, the Family Enterprise Advisor designation has been a key credential among professionals who work with wealthy people and their families. We decided to ask advisors who have earned the designation to tell us what it has brought to their practice and how it has influenced their careers.
As president of Reichert Family Enterprise Advisors Inc. in Winnipeg, Chris Reichert is a family-meeting facilitator specializing in the “soft side” of family enterprise succession and continuity planning. Besides the FEA designation, his credentials include an MBA and TEP (Trust and Estate Practitioner). Previously he was with Blackwood Family Enterprise Services, helping families across Western Canada make good decisions about complex topics.
Reichert values the “three-circle model,” which frames the affairs of enterprising families as overlapping sectors of family, business and ownership. “One thing that I’ve seen, and a lot of the research shows, is that family issues are often more of a problem than business-based issues,” he says.
He started his career as an entrepreneur, and says that time spent as the non-family president of another family’s business was “an eye-opener” concerning these issues. He says he has also learned a lot from his wife, a therapist, about how to ask questions “from a family-circle lens.”
But the first inspiration for his career came in Grade 5, when he happened to sign up for his school’s conflict mediator program, where he first learned, he says, “how to make people comfortable, to listen to what’s not being said and create safe space.”
What first led you to earn your FEA designation?
“It was a colleague – the way he looked at challenges – and the fact that I’m married to a therapist. I looked at this and I thought this could be so rich compared with the standard designations. The other designations are critically important, but they’re quantitative, whereas the FEA is rich with qualitative conversations.
If I could, I would sign up and do the FEA all over again, I enjoyed it so much.
Chris Reichert
What takeaways have stayed with you?
“The tools and the models that were introduced to us: the three-circle model; the family enterprise model, about all the different types of capital; life-cycle models – where is the business in its life cycle, but also where is the family? And some other tools that I’ve discovered outside the FEA dovetail really nicely and in a complementary fashion.”
What advantages has your FEA status given you?
“What the FEA does is it differentiates you from all the other advisors that are in your community. My belief is that if you have an FEA designation, it demonstrates a commitment to higher learning. It is an investment in time and money – you don’t get it by accident. It shows that you care about families and you know what they have at stake.
Any unexpected discoveries?
“I guess I didn’t expect some of the friendships there would be with some members of the cohort; it brought together like-minded people who really enjoy being in the company of other people – and it’s a very collaborative network of professionals. I can’t believe I get to do this work. Facilitating family meetings that help families realign and thrive across generations is incredibly fulfilling.”
Responses have been lightly edited for clarity and length.
Administered by Family Enterprise Canada, the FEA (Family Enterprise Advisor) designation is increasingly recognized across the country. It identifies advisors with expertise in family business and significant technical knowledge in a related field. The program, which costs $16,995 plus tax, consists of six modules and a capstone team project. More than 450 professionals have achieved the designation.
Other FEAs profiled in this series
- Krista Han, managing partner for New Brunswick with Grant Thornton LLP, who manages a province-wide team of professionals who advise family businesses.
- Barb Schimnowsky, a specialist in executive search in Vancouver who today sets up CEOs for success in family businesses.
More from Canadian Family Offices:
- Where to invest $1 million right now
- Heir and spare: avoiding sibling rivalry in business succession plans
- A piece of a private jet: the fractional ownership model
- Passion for a foreign country can bring financial snags for families
- FEC course supports women in family business
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