15 Family Office Research: A Primer

Abstract

Although the practical importance of family office is rising to sustain the dynastic wealth of business families, there is comparatively little academic research on such phenomena. In this chapter, I explore the evolution of family office research through (1) development and classification of family offices, (2) a review of previous literature on family offices in the management field, and (3) suggestions on possible future family office research. First, I clarify that family offices are distinguished from other professional financial services in terms of holistic/long-term approach, higher personal attention to families, and close cooperation with other types of trusted advisors. I then explain that family offices function as tools for wealthy families to regenerate themselves while continuously maintaining their elite class formation. Second, I thoroughly review previous literature on family offices in the management field in terms of four main research streams: (1) governance; (2) succession, legacy, and education; (3) advice and investment; and (4) family entrepreneurship. Lastly, based on the comprehensive literature review, I identify five possible future research topics on the family office. All these descriptions imply that ample room exists for researchers to explore family office topics in the future in terms of theoretical and empirical perspectives.