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.
Our 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 designates 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.

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.