Life in single-family offices was lonely, so Steve Ivacko sought greater community

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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.

Steve Ivacko likes families – the more complex, the better. In his position as a partner with MNP’s Family Office Services in Vancouver, families are naturally his clients. However, he also values the broader family of his professional colleagues, and says he has enjoyed how the evolution of his career has broadened his circle.

His trajectory has been unusual; in fact, “it was completely by accident,” he says. “My first job out of school was for an insurance company. I was going to be a musician.” He studied jazz saxophone.

But soon he found himself working for a film-industry business that was partly owned by a prominent Canadian family. Those connections led to his becoming “sort of a personal CFO for a few families” and working in a single-family office.

“It’s definitely challenging working for a single family,” he says, pointing out that, because of the need for discretion in discussing his clients or the nature of his work, “it was hard to find community.”

After a six-month backpacking break in South America, he made the transition to multi-family offices, working with WaterStreet Family Offices in Vancouver and then building a boutique family office/trust company before joining MNP in May of 2022.

What did you enjoy most about taking the FEA course?

Coming from a single-family office where I was mainly alone, it was good to be able to share and be understood in some of the challenges I faced. There are so many people willing to share and to help bring about solutions!

Out of the 25 people in the class, 20 were technical people: tax advisors, lawyers, accountants. One was an entrepreneur who had just sold her business; her next step was to become an advisor to other people. Another woman in the course was a counsellor. We worked together on a problem, and the biggest takeaway was learning to understand the family’s whole picture rather than applying an inside-the-box solution.

The other key thing was being able to work collaboratively with other professionals and being able to leave ego at the door. It’s really humbling to be in a room full of smart people who came from different backgrounds and came up with a solution together.

You are now an ambassador for the program. What does that mean?

Ambassadors are people who have been designated as local champions in their markets. I endorse the program when I meet professionals or encounter families who might benefit from being a family member of Family Enterprise Canada.

You already hold a CPA, CMA and a TEP. What has the FEA added to your professional credentials?

The biggest part of the program for me is just the way it teaches people who think very technically to take a step back and look at things more holistically.

For instance, tax people may focus on the tax without looking at the other implications it will have for the family in 10 or 20 years. This leads to the tax tail wagging the dog; people may make decisions solely based on the financial merit rather than the human merit.

Do the technical solutions help or hinder the family’s soft-issue challenges? Will they help them grow?

The FEA offers a unique perspective, broadening horizons and keeping an open mind. It’s just a constant reminder to listen first before making any assumptions or coming up with a solution.

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

• Anne Evamy, a business-transition advisor who works with families and business owners through her advisory firm, Junction Point Inc., based in Calgary.
• Chris Reichert, president of Reichert Family Enterprise Advisors Inc. in Winnipeg, who is a family-meeting facilitator specializing in the “soft side” of succession and continuity planning.
• 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.

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