More than just money: Single-family offices as guardians of the family legacy

Single-family offices (SFOs) act as guardians of family business legacies, integrating financial and non-financial assets into investment strategies. Through a comparative multiple-case study of nine German SFOs, we identify three legacy archetypes—balancers, pioneers, and renewers—each employing distinct mechanisms to embody the family legacy within their governance and investment approaches. Our findings also reveal that sender–receiver dynamics between generations systematically moderate how legacy is integrated, interpreted, and translated into investment strategies. By extending the concept of legacy beyond traditional family business contexts, demonstrating how generational negotiations shape strategic decisions, and challenging stewardship theory’s assumption of inherent goal alignment between generations, this study contributes to family business literature and emphasizes the strategic significance of legacy in wealth management and investment decision-making within SFOs.