With more family offices being launched every year around the world as demand grows, a key challenge is ensuring high standards are maintained so that what is meant by “family office” is not degraded, a network organization representing much of the sector says.

Ahead of the Family Office Exchange Fall Forum (October 28-30) at Chicago’s JW Marriott hotel, one of FOX’s leading figures spoke to Family Wealth Report about what sort of prominent discussion points are likely to arise at this gathering.

“It is a mission for us at FOX to maintain the quality of what is meant by a family office,” Michael Sallas, director of education design and development of education programs at the organization, said. An educator, Sallas has developed educational programs domestically and internationally for the public, private, and non-profit sectors. He has created professional designation and certification programs.

Although estimates are hard to come by - some studies say there are more than 3,000 family offices in the US alone - anecdotal evidence certainly suggests the sector is thriving, not just in North America, but in other parts of the world. The sector is relatively young in Asia, but with that region's predominance of family-run businesses, the potential for associated family office growth is large.

Sallas said the rapid proliferation of family offices meant it is essential to monitor the quality of organizations that use that label and ensure that standards are monitored and maintained.

The conference program – which is off-limits to the media to ensure members can speak their minds as freely as possible – touches themes such as “engaging the next generation”; “benchmarking compensation and incentives to remain competitive and retain key talent”; “fostering teamwork in the governing board and family”, and “deploying capital in private equity and other smart investment decisions”.

The three-day event will include a keynote from neuroscientist Tali Sharot on her book, The Optimism Bias, which details research suggesting that human brains are hardwired to be optimistic – and what are the associated dangers and benefits.

Among the features are a “gap analysis” comparing the delivery of industry services to the needs of complex multigenerational families. The analysis study results from the work of the FOX Thought Leader Council detailing the key services required by the ultra-wealthy in today’s private wealth management industry across a range of disciplines. These include investment, tax, estate and fiduciary planning, insurance, governance and philanthropy.

FOX told FWR that, in total, over 330 people are expected in Chicago’s event, comprising some 200 family members and family office executives on the family day, then adding another 80 advisors on the all-member day, as well as speakers and FOX staff.