Research on family offices: What is the way forward? A systematic literature review

Abstract

Despite the growing presence of family offices (FOs) in practice, research on FOs is still in its infancy. Through a systematic literature review (SLR) of 104 papers, we synthesize existing knowledge in the field by integrating insights from both academic and practitioner research. Our SLR provides a state-of-the-art understanding of FOs and identifies new avenues for research that combine theoretical insights with practical implications. Specifically, our research addresses three key questions: i) How has research on FOs evolved; ii) What do we know about FOs, and iii) How can researchers further contribute to the field? We find that current research focuses primarily on FOs as service providers, with limited attention to the perspective of families as need originators. By bridging academic and practitioner-oriented research, we propose a novel definition of FOs to advance the discourse in the field. • We systematically reviewed 104 FO papers, including 53 practitioner-authored, 11 co-authored, and 40 academic-authored papers. • We raise a new definition of FO to redirect research in the field. • We propose an extensive agenda of future research questions on FOs. • We recommend four key design areas to enhance our understanding of FOs.