Legacy isn’t one-size-fits-all. Family offices know this better than anyone. In just five years, their numbers have tripled to more than 4,500 worldwide—many of them formed by first-generation wealth holders, bringing new demands and fresh challenges.1
As families grow and generations shift, so do the definitions of stewardship and impact. What’s emerging is a new complexity: the need to align multiple generations, priorities and operating styles—while still running efficiently. Advisors and family offices are being asked to orchestrate purpose, performance and participation all at once. Deloitte reports that while 65% of family offices leverage technology for security and risk control, only 28% use it for family or client engagement.2 The gap reveals the real challenge: innovation alone isn’t enough without connection and coordination.
Why It Matters: Engagement is the New Continuity
The question isn’t just operational efficiency – it’s continuity. According to Northern Trust, 53% of rising-gen members say philanthropy is their entry point into the family enterprise.3 Yet a Bank of America Private Bank study shows a disconnect: nearly 9 in 10 Millennials and Gen Zers feel ready to lead family giving, while only half of older generations agree.4
The tension between readiness and trust underscores the urgency of aligning purpose across generations. Philanthropy—especially when it’s structured thoughtfully—can be a bridge, not a battleground.
What to Consider: Flexibility, Transparency and Tools that Engage
Private Foundations still serve families seeking full control and governance rigor. But donor-advised funds (DAFs) now offer an agile complement—tools that can modernize the giving experience while preserving intent. When families blend both vehicles, they gain flexibility.
- Meet payout rules with a DAF as a pass-through, while maintaining time for strategic decision-making.
- Expand mission reach beyond a foundation’s charter.
- Invite the next generation into philanthropy through intuitive, digital platforms that reflect how they already collaborate and communicate.
- Maintain discretion when privacy or anonymity matter.
For family offices managing complexity, philanthropy—supported by modern, data-driven tools—can become an organizing force for governance and purpose rather than an added burden.
How Innovation Helps: Technology as a Catalyst for Meaningful Giving
Emerging platforms are transforming how families define and document impact. The right technology doesn’t replace judgement—it extends it. By enabling shared visibility, collaborative decision-making and transparent reporting, modern giving structures help families see their philanthropy as part of a living legacy—one that evolves with each generation’s passions and priorities.
For advisors, the message isn’t just about growth—it’s about continuity. Schwab’s 2025 RIA Benchmarking Study found that firms expanding into areas like charitable planning, family education and legacy support not only retain 97% of client families but also deepen relationships across generations.5
The takeaway isn’t about adding another service—it’s about staying connected as client needs evolve. Advisors who help families articulate their values, structure their giving and engage younger voices become part of the family’s continuity plan. In a world where wealth and leadership are transitioning faster than ever, that relevance is its own form of growth.
At a Glance
Metric
|
Evidence |
Growth of family offices since 2019
|
Tripled. Now 4,500+ worldwide.1
|
Outsourcing of core functions
|
89% outsource at least one;
top areas: legal 73%, IT 60%, accounting 47%.1
|
| Next-gen readiness for philanthropy |
88% of Millennials/Gen Z say they are ready;
~50% of older generations agree.4 |
| RIA retention and growth |
Firms offering charitable planning/family education retain 97% clients and grow faster.5 |
In The End
Sustaining family legacy isn’t about choosing between tradition and innovation—it’s about using each to strengthen the other. Philanthropy sits at that intersection: a place where values meet vision, and where families can let new voices learn, experiment and lead without risking what matters most.
Families who blend structure with openness aren’t just preserving wealth; they’re cultivating wisdom. And as modern, innovative DAF solutions evolve, they’re giving advisors and family offices new ways to streamline operations, foster collaboration and bridge generations—enabling families to be more connected, more purposeful and ultimately, more impactful.
Important Disclosures & Definitions
1 Hedgeweek. (2024). Family Offices: A New Era of Growth, the Opportunity and Operational Landscape in 2024. Insights Report. Global Fund Media.
2 Deloitte Private. (2024). Digital Transformation of Family Office Operations, 2024. The Family Office Insights Series - Global Edition. Deloitte Touche Tohmatsu Limited (Deloitte Global).
3 Northern Trust Corporation. (2024). Engaging the Rising Gen: Practical Advice from Future Family Leaders & Family Office Execs.
4 Bank of America Private Bank. (2024). 2024 Bank of America Private Bank Study of Wealthy Americans. Bank of America Institute.
5 Charles Schwab & Co., Inc. (2025). Insights from the 2025 RIA Benchmarking Study.
AAI001018 10/21/2026
