From business to legacy: The strategic role of Family Offices in family life

Abstract Objective The purpose of this study was to explore how Family Offices (FOs) function as relational and strategic structures designed by business families to preserve their wealth, values, and cohesion across generations. Background Unlike traditional financial institutions, FOs place the family—not just the assets—at the center of their purpose. As business families transition away from direct business management, the FO emerges as an organizational structure to support legacy planning, intergenerational dialogue, and relational continuity. Method Through a systematic bibliometric review of 46 academic articles published between 1980 and 2024, four thematic domains in the FO literature were identified: organization and succession, investment strategies, entrepreneurship and philanthropy, and governance mechanisms. Results Although investment remains a main theme, there is growing scholarly recognition of the FO's role in promoting family unity, educating younger generations, and transmitting values that strengthen identity and purpose. FOs may help families to manage complex emotional, generational, and financial dynamics. They serve not only as wealth management tools, but also as facilitators for intergenerational mentoring, philanthropic engagement, and conflict prevention. Conclusions and Implications Anchored in theories of socioemotional wealth and family systems, this research shows how FOs can align financial decisions with relational well‐being and long‐term cohesion. It contributes a family‐centered perspective to the emerging field of FO studies and offers practical insights for family educators, therapists, and advisors seeking to foster family resilience and continuity in an increasingly complex socioeconomic context.