The Evolving Role of Purpose in Family Offices

Interest in family offices (FOs) is rapidly increasing, and this focus comes at a critical moment. The field is undergoing significant changes, such as the growing prominence of impact investing, which suggests that FOs can transcend their traditional role as technical vehicles for capital allocation and wealth preservation. While existing research has primarily examined the external functions of FOs, such as asset management, emerging discussions among practitioners and advisors are shifting attention toward a deeper understanding of purpose in these organizations. This paper connects two emerging research areas—FOs and organizational purpose—to develop an integrated framework exploring why, how, and where purpose is relevant to FOs and enterprising families, while identifying promising directions for future interdisciplinary research.