Updates to the Family Enterprise Advisor program for 2023
Developments include the addition of two cities hosting in-person modules and round-the-calendar scheduling of cohorts
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For nearly 15 years, the Family Enterprise Advisor (FEA) program has prepared advisors to be fluent in the complexities of serving business families. This executive education program is the gold standard in family enterprise advising, especially for professional advisors looking to stand out from the crowd. Today, nearly 500 advisors across Canada proudly carry the FEA designation.
Advising an enterprise family requires a fundamentally different approach from advising other clients. Advisors to business families need a unique set of tools and strategies. They must think and plan differently.
Claire Lynch, National Director, Advisor Programs at Family Enterprise Canada, says it is this unique approach that defines the concept of being fluent in “family enterprise.”
“The FEA program trains advisors to use a different lens when working with business family clients. The family is the client, not the individual or the enterprise, and the aim is to serve in the best interests of the family as a unit.”
She adds: “Advisors learn how to integrate tools and strategies for understanding family dynamics, and to use process as a means of supporting the family, not quick-fix solutions.”
Some exciting updates have been made to the FEA program, starting with the 2023 cohorts. One is greater flexibility; candidates can choose from three cohorts (winter, spring or fall) with fixed start dates and a 12-month turnaround.
Another is the new “blended” delivery model, which combines virtual and in-person delivery benefits. Three modules are offered in person to support the essential elements of collaborative learning and community building, and four are provided online for added convenience.
The advisor industry is notoriously competitive and siloed. The FEA program teaches a different approach.
Claire Lynch, Family Enterprise Canada
In-person modules now move among five cities – Vancouver, Calgary, Toronto, Montreal and Halifax – up from three. All three cohorts converge at the Kingbridge Conference Centre, north of Toronto, for a three-day FEA Forum every October. The vision for the FEA Forum is to become the flagship of the FEA program.
The modules are designed to be immersive and interactive, with multi-disciplinary advising arguably the program’s linchpin. Here, advisors learn to bridge the gap between their varying fields to be part of a successful multi-disciplinary advising team. For example, a wealth manager collaborating closely with a tax lawyer can significantly benefit a family office exploring investment opportunities versus both advisors taking a siloed and potentially conflicting approach.
Candidates seeking FEA certification are typically financial or legal advisors with an established practice and a high ratio of family enterprise clients. The FEA is also popular with business family members and family office executives, as well as coaching and counselling practitioners.
The cohort model is a key ingredient of the FEA program’s “secret sauce.” During the program, members of the cohort – diverse as it may be – bond together, especially during the immersive capstone project. They become a team, and these bonds are lasting, extending into their professional lives as a powerful network. Many go on to form peer groups where the learning and professional sharing continues.
Another key ingredient and differentiator of the program is its hands-on, real-world application. In the final capstone project, multi-disciplinary teams work with a real family client to apply the tools and strategies taught in the coursework, Lynch explains. “Enterprise families benefit immensely from thoughtful, facilitated guidance from FEAs, who turn potential blind spots into opportunities for more comprehensive solutions.”
Candidates learn to work as an advisory team to a family business. “It is a multi-disciplinary approach, highly collaborative and an interactive learning experience.”
Collaboration lends itself to “knowledge integration,” a central program module. To do this, advisors need to learn how to work with other disciplines and offer complementary advice to their family business clients.
“The advisor industry is notoriously competitive and siloed,” she says. “The FEA program teaches a different approach. It teaches collaboration and coordination, resulting in far better outcomes for business family clients.”
When considering the FEA program’s other modules – Family Enterprise Strategy, Continuity Planning, Business Boards and Family Councils, Facilitation and Communication Skills, and Business Family Dynamics – FEA designates bring a comprehensive approach to their work. In addition, the program is distinguished by its instructors, all of whom are highly regarded as consultants and practitioners to family enterprises.
Says Lynch: “They bring to the classroom first-hand experience in working with families, and passion for the work they do.”
It is no wonder the FEA designation is increasingly sought after by Canada’s top industry advisors as a way of differentiating their approach in an increasingly crowded market.
Tim Mohr is Business Development Manager, Advisor Programs, for Family Enterprise Canada, the national association for business families and certified Family Enterprise Advisors, and home of the FEA program. For more information, please visit familyenterprise.ca/fea-program/ or contact Tim at tmohr@familyenterprise.ca
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