Family Office Exchange, the Chicago-based membership network for wealthy families, is hosting a workshop on how to start up family offices, one of the organization's most frequently asked questions.

The event, Family Office 101: Creating a Family Office Blueprint, will take place in Miami on 22 and 23 February next year, and aims to give wealthy families a road map for up to the first two years of establishing an office.

The workshop will cover business structure, staffing, investment, budgeting and technology.

Starting up a family office today is arguably more complex than ever, not the least because of the of the unstable world economy but also because of the upsurge in regulation. For example, since July all US firms with assets under management exceeding $150 million have to register with the SEC, a law particularly sensitive for family offices.

At the same time, technology is advancing and creates the possibility of efficiency gains as well as new challenges.

“One of the main complaints I’ve heard is the need for better reporting across multiple asset managers, brokerage providers and custodians, often in multi-currency environments and across several tax entities,” said Family Wealth Report editor Harriet Davies in the keynote speech given at the Elite Summit in Montreux, Switzerland, last month.