We are in a period of extraordinary wealth creation and accumulation that is driving the need for more family offices and expanding the breadth and depth of what is expected from them. This article contextualizes the impact those changes are having and why offices need to be built for the long run.
We are excited to bring you FOX’s 2024 Foresight. As FOX turns 35, join us in exploring a range of highly consequential themes shaping the next 35 years and beyond. It is our hope the topics, which originated from families, thought leaders, practitioners, and the FOX team, will stimulate your thinking and inform your decisions and actions over the coming months. 2024 FOX Foresight is presented in 9 chapters:
Many successful family-owned businesses are managing embedded family offices within their existing operations to maximize the benefits and opportunities gained from the unique structure. But in time, the needs of both the business and the family shift for various reasons that include the family growing and earlier generations transitioning out of the business. If you aim to run a best-in-class, well-functioning family office while also operating a family-owned business, consider these best practices and related emerging trends.
Cybersecurity is a known and growing risk that all family offices need to address. The potential of a cybersecurity attack is no longer a matter of whether it will happen, it’s now a matter of when it will happen.
Navigating increasing complexity and changing needs while demonstrating the value of a family office is no small feat. The day-to-day work of running an office often leaves little room to fully grasp the impact of the work being done to fulfill the family’s vision. This 2023 FOX Family Office Study explored several key components of family office operations such as complexity, cost, governance structure, education, and advisors and outsourcing.
FOX honored Shannon Kennedy, Head, BMO Wealth Management - U.S., with the Glen W. Johnson Legacy Award. The award is presented to a distinguished individual with extraordinary business achievements and who demonstrates Glen’s values and characteristics. Glen was a great admirer of Shannon and we can’t think of a more deserving inaugural recipient given Shannon’s accomplishments and continued influence within the family office industry.
For nearly 40 years, the pioneers of the family wealth profession have been working with family leaders and family office executives to help their families manage and grow their enterprises, strengthen their family systems and well-being, and deliver a positive impact on their communities and the world. For the first time ever, FOX will gather on the same stage the five most prominent and iconic founders of the family wealth field.
Please join us for a continuation of our conversation with the Industry Founders panel.
In April of 2023, FOX released the Rising Gen Research Brief, the findings from rising gen focus groups, and a survey, conducted in 2022. This session will dive into the data through the lens of our rising gen panelists. We will learn how they experience, work through, and address the rising gen challenges in their lives and families. By discussing common challenges and goals of this segment, we will understand how to better serve this group, and leave with ideas for how other families have turned challenges into opportunities.
Family offices may take on a variety of roles in service to the family, so it is essential that there is a strategy that helps frame the office’s purpose and an overarching plan to help align and execute against diverse interests. The panel will cover three key areas during this session: 1) Share critical questions to ask and answer when designing or refining a family office’s purpose, 2) Provide examples and stories of how family offices evolved and progressed and, 3) Explore the latest findings from FOX’s Family Office 2023 Study for a fresh look at the state of the family office.