This is one in a series of articles in our month-long special report, “Women in Family Offices.” To view all the articles, click here.
As part of our month-long focus on Women in Family Offices, we asked six female leaders to discuss themselves, their businesses and their views on women’s strengths, positions and progress in the family-office landscape.
Related video: Watch our panel on Women in Family Offices
Here are the contributions of the first three.
Chris Clarke, CEO, First Affiliated Holdings Inc., Collingwood, Ont.
My company has been providing family-office services as a multi-family office for many decades, during a time when few Canadians understood the meaning of the term. Many still don’t.
In recent years, the vast majority of senior positions in family offices have been populated by men, often with an expertise in financial capital markets. But that is changing as more folks come to understand the true history and intention behind family offices and the ingredients for the success of multi-generational legacies.
A true family office (key word: “family”) is built to preserve and grow the financial, human and social capital of the family. Financial management is only one pillar of a successful succession plan and family legacy. The historic intention of a family office is to provide resources, systems and processes designed to enhance the wealth experience of the family members themselves, giving them the opportunity to thrive as individuals and as a family community.
This is as much a relational process as it is a transactional one. I see the issue as more about energy than gender, as in “feminine and masculine” and a need for the healthy blending of both. Leading a successful family office requires a unique balance of financial-management savvy (transactional) and behavioural emotional intelligence (relational).
It is true that many women, assuming they have a financial background, are uniquely qualified to lead family offices because, as mothers and wives, they know that financial success means very little if the family relationships are suffering.
Generally speaking, women are often inclined to create inclusive team cultures that support a longer-term view for success founded in business purpose and community contribution.
Increasing financial literacy and engagement by women and their daughters will also become an expanding source of clients for multi-family offices who serve their clients with an authentic, relational perspective.
These female clients care as much, if not more, about how their resources enhance their family experience than they do about investment returns.
Helen Kearns, executive chair, Bell Kearns & Associates Ltd., Toronto
The broadly defined family office business has exploded over the 19 years that I have worked at Bell Kearns & Associates. In Canada, in 2006 there were a handful of multi-family-office businesses. Now there are multiples of that, as well as a surge in single-family offices.
I think the opportunity associated with this trend has attracted huge numbers of people into the family-office industry and, happily, a large number of women are taking advantage of that opportunity.
Women bring a unique set of skills to the family office business. In general, they feel very comfortable building relationships with families. They are often more empathetic and are not averse to sharing feelings with their clients, something that men sometimes find more difficult to do.
Men sometimes have to establish themselves as the dominant alpha male or the smartest person in the room. Women don’t exhibit that trait as often, and they tend to listen more. Some would call it a difference in EQ, or Emotional Intelligence.
Our own firm has been run by two women for 19 years. We have grown our business every year and have a client retention rate of 95 per cent. Most of our clients are families, although we do have several investment corporations and foundations. That tells you that a multi-family office such as ours can flourish under female leadership.
I did not grow up in a family of entrepreneurs. My father was a schoolteacher. However, when I decided to leave Richardson Greenshields, I was at the top of my game as Global Head of Institutional Sales and Trading (the first woman in North America to hold that title).
The opportunity presented itself where I could acquire a TSX brokerage company. It was terrifying, because suddenly the only way the business was going to survive was on my brains and my relationships. In our first year in business, Kearns Capital, an institutional brokerage boutique, participated in over $2 billion of underwriting activity. The lesson learned: Test yourself, and you will be surprised how far you can grow.
The investment business thrives on high-performance ideas, and ideas are gender-blind. Women can excel in the investment industry in whatever format they choose. Many organizations have mentoring programs to deliver that message; Women in Capital Markets comes to mind.
I am extremely hopeful for the future. The women—and men—who work at Bell Kearns today bring all of the skills that serve our clients’ long-term goals and the framework to deliver those services. They are also fluent in new technology and hold onto a cultural belief of continuous improvement.
We feel privileged to have earned the trust of our clients over the 33 years that our firm has been in business, and we believe that we are well positioned to serve the next generation of clients who are seeking us out.
Shelley Forsythe, director, Family Enterprise Planning, BMO Family Office, Vancouver
I feel supported by BMO and its commitment to promoting gender equity in the workplace and beyond—a key pillar of BMO’s Zero Barriers to Inclusion strategy. By turning challenges into opportunities, we can continue the positive impact of breaking down barriers, providing mentorship and supporting networks for women. Having diverse teams is beneficial because we all bring different skill sets to the table.
At BMO Family Office, we are well positioned and passionate about engaging all genders of generational families. Women especially like to be engaged in conversations, to be educated to make informed decisions and to develop long-term relationships with their advisory team. With many families this is of paramount importance as they are sharing their stories and bringing us into their inner circle of trust. We are invited to meet and educate their family, while assisting them with family and financial conversations.
Mentorship, allyship, sponsorship and advocacy all play a part in helping women become successful and relevant in this industry. For myself, being a lifelong learner has helped my growth and career trajectory by continuing to develop my technical (IQ) and human (EQ) skill capabilities. In addition, having a tightknit circle of friends, a vibrant professional network and leaders who believed in me all helped shape my career path.
When it comes to work-life balance, and motherhood in particular, many women are faced with “should I stay or should I go, or is there something in between” decisions. This is deeply personal to me! I recall struggling with this balancing act, and there are no easy answers; however, I was able to tap into my strong networks to talk through the challenges, and this empowered me to choose the best option for me and my family.
I am grateful for the role models and mentors I have had along the way, both from a personal and professional perspective. I will continue to pay this forward to assist others in reaching their potential.
Responses have been lightly edited for clarity and length.
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