FEA Principles of Practice

Dated: June 4, 2025

Family Enterprise Canada (FEC) is guided by the vision of helping enterprising families to flourish and evolve across generations to create a shared prosperity for all: the family, the business and the communities where they live and work. Our Family Enterprise Advisor (FEA) community includes professionals with diverse backgrounds, certifications, qualifications and areas of expertise. We share a common desire to see enterprising families thrive across generations and are inspired by the opportunity to have a positive impact on our clients, our communities and related economies.

The purpose of defining and agreeing to these Principles of Practice is to make explicit the common values we share in our approach to working with families and each other, regardless of our professions of origin. High ethical standards are critical to earning and maintaining trust in the family enterprise advising profession. We believe that what we do and how we do it matters.

To remain in good standing, those holding the FEA designation are asked to commit to these principles and to renew annually their agreement to uphold them. Violations of these principles will be subject to disciplinary action, including the removal of the FEA designation upon a peer review process.

Having earned my FEA designation, I recognize the associated responsibilities and commit to
consistently:

1. Consider the best interests of the family enterprise as a whole.

  • I will seek to enhance the well-being of all family members and to do no harm along the way.
  • I acknowledge that working with enterprising families requires a nuanced approach that requires sensitivity to individual family dynamics. As appropriate, I will inform myself about the values, culture, norms, needs and customs of each family client that I have the privilege to serve.
  • Within the limits of what has been shared with me, and considering my professional obligations, I will consider the impact that my advice has on the entire family enterprise system, including the often-complicated relationships among family members, owners and the business and/or shared assets.
  • I will actively inquire, listen, and seek to understand and integrate diverse perspectives.
  • I will demonstrate respect for the family by respecting their choices. I will recognize the privilege of the family to consider and incorporate my advice in light of their own capacity, priorities and decision-making practices.

2. Conduct my affairs with honesty, integrity and confidentiality.

  • I will protect the privacy of my clients, and keep their name and details confidential unless they consent to being mentioned or referenced.
  • I will avoid, disclose and/or consult and manage potential conflicts of interest, including personal, commercial, financial or client conflicts such as referral fees or other fee sharing arrangements.
  • I will take responsibility for my conduct and choices. This responsibility includes the actions I take or fail to take, and the consequences that result.*

3. Manage expectations with care.

  • I will use sound judgment, act with competence in all professional engagements, and accurately represent the scope and limits of my expertise as required.
  • I will set reasonable expectations of what can be accomplished in the course of my work with any client family, while also helping them to understand the continually evolving nature of our work together. In such cases where discovery leads to actionable insight, I will be proactive and transparent with suggestions to alter scope and seek consent along the way.
  • I will act in good faith and do my best to make my commitments and promises explicit where possible.

4. Collaborate and share.

  • I understand the importance of collaborating as part of a multi-disciplinary team and knowing the boundaries of my professional expertise and experience.
  • I will foster a supportive and collaborative environment for other advisors – within client engagements, among FEA designates and in the field at large.
  • As a member of the FEA community, I will look for opportunities to share ideas and learnings to support the advancement of the family enterprise field in general.
  • I recognize and support an environment of solicitation-free collaboration at FEC events where families are present.

5. Continue to learn and grow.

  • I will remain informed and current in the family enterprise field through regular engagement at conferences, advanced courses or self-study.
  • I recognize that both self-awareness and self-regulation are integral to how I engage with families and the multi-disciplinary teams that support them. I will continue to develop my personal skills and capacities in order to serve my clients and profession to the utmost.

An invitation to work with a business family is a privilege that is both intimate and challenging. The FEA designation equips us to respect and better understand the complexity of working within family enterprise systems. When each of us commits to these five core practices our community grows stronger, more trustworthy and valuable. We also acknowledge that as perpetual learners, we aspire to grow our capacities and monitor how they enhance the effectiveness of our collaborations. We know that the highest expression of our abilities is when we can confidently share our skills and experience, while increasing our respect for the complexity observed within family systems that summons both humility in approach and empathy for those embedded in these systems.

*The FEA Principles of Practice are intended to complement other Codes of Conduct governing the array of professional credentials that FEA designates may also hold. All FEA designates are expected to uphold these Principles. In the regrettable event of conflict while professionally engaged, any discipline-specific violation related to the FEA Designate’s technical advising would be governed by the respective professional code, while FEC retains the right to investigate violations and may result in disciplinary sanctions by FEC.

Contraventions of These Principles

All FEA Designates are expected to conduct themselves in accordance with the Principles of Practice; with clients, other advisors and professionals, and with the community as a whole, both in action and in intent. In circumstances when an FEA Designate is observed not to be acting in such a way, the following protocol will be followed.

Any alleged or perceived contraventions and/or complaints will be taken seriously, and every effort will be made to investigate and resolve them fairly, transparently and expeditiously. Surfacing issues and concerns, supported by facts, is a core value of FEA designates, and when it is believed those issues or concerns contravene the FEA Principles of Practice, a complaint should be filed.

At all times and throughout the process, the matter will be treated with the utmost confidentiality, fairness, dignity and defensibility.

Submitting a Complaint

Formal complaints must be submitted in writing, with appropriate supporting documentation, to the Chief Executive Officer (CEO) of Family Enterprise Canada (FEC). The CEO will contact the Complainant to acknowledge receipt of the complaint and arrange a session to discuss the nature of the complaint, the circumstances and to solicit any clarification and/or supporting documents deemed necessary. The CEO will include an individual from the FEA Community Council to participate in the discussion.

Where both the CEO and Committee Member feel that, based on a preponderance of information, that there is no actual contravention, they will so inform the submitting individual(s). Such a situation could include unfortunate but not intentional errors of omission, oversights and/or miscommunication leading to misunderstandings. In these cases, the focus will be on educating and coaching one or both parties to ensure such unfortunate circumstances are seen as a learning opportunity and prevented from happening in the future.

The CEO may also suggest the Complainant take the matter to the FEA Designate’s founding Professional Designation governing body, should they have additional professional accreditation.

Should the CEO and Committee Member deem that the complaint warrants further investigation, the Complainant will be contacted in writing to confirm receipt of the complaint and to confirm that an investigation has been launched.

Investigations

The Complaint will be submitted to the Chair, FEA Community Council to review the complaint and have the Standards Sub-Committee investigate the matter, the steps of which are as follows:

  • The FEA Designate will be informed in full, in writing, of the complaint made against him/her.
  • The Standards Sub-Committee will schedule interviews with the FEA Designate, the Complainant and any other individuals who may be witnesses to the incident(s).
  • Throughout the process, all names and the nature of the complaint and results of the investigation will be kept in the strictest confidence.
  • Upon completion of the investigation, the Standards Sub-Committee will prepare an investigative report containing relevant interview summaries and documentation, and will forward the report to the Chair with a determination on the validity of the complaint and recommendations as resolution based on the preponderance of evidence – either dismissal of the complaint or discipline of the FEA Designate.
  • The FEA Designate will be given a copy of the report and provided 30 days to respond.
  • The Standards Sub-Committee shall provide the Complainant and FEA Designate the opportunity to appear before the Committee to make representations and answer any questions the Committee may have.
  • A final report, with a recommendation on resolution, will be provided to the Chair, FEA Community Council.

Resolution/Discipline

  • Should the investigation determine that no contravention was found, the Complainant and the FEA Designate will be informed and the file closed.
    • If it is found that the contravention was filed frivolously or intentionally without substance, the Complainant will be coached on the inappropriate nature of their behaviour and submission of a complaint. Additional resolutions may include, but are not limited to, an apology to the respondent or other forms of discipline, or sanction based on the Complainant’s status with FEC.
  • If a finding confirms contravention of the FEA Principles of Practice, discipline will be prescribed. Depending on the context and severity of the contravention, this may consist of:
    • An informal resolution of the complaint;
    • A letter of counsel and/or caution to the FEA Designate;
    • A letter of reprimand to the FEA Designate;
    • Mandated remedial action by the FEA Designate;
    • Suspension or revocation of the FEA designation, and specific notification via the FEC website of the revocation.

Appeals

Decisions made at any step in the process may be appealed by either party to the Chair of the Family Enterprise Canada Board of Directors. The Chair will form an ad hoc team to review the Investigation Report and reconsider the recommended resolution.

Timelines

Every effort will be made to conduct the process in an expedient manner, ensuring a proper balance between a transparent, diligent and respectful process and one that ensures a timely investigation and resolution.

Standards Sub-Committee

The Standards Sub-Committee is comprised of the Chair and two Committee Members. A representative of the FEA Faculty may also be included if it is deemed necessary and appropriate based on the nature of the complaint.

Annual Reporting

The CEO will prepare an Annual Report to the Board, listing all complaints received, the specific nature of the complaints and their resolution.

Contact Us

If you have any questions about our Principals of Practice for the FEA Program, please contact Family Enterprise Canada by phone at 1-866-849-0099 or by email at info@familyenterprise.ca.

 
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