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It has been reported that family offices are paying executive assistants up to $190,000 a year. This significant increase in compensation reflects the growing need for knowledgeable and skilled individuals to support the operations of family offices.
Family offices are private investment groups owned by wealthy individuals and families. As these entities compete for top talent with Wall Street and other financial institutions, they are willing to pay top dollar for executive assistants who play a crucial role in their operations.
Executive assistants working in family offices now command base salaries well above $140,000, according to recruiters who spoke with CNBC. The compensation of executive assistants varies depending on the size and complexity of the family office, but overall, there has been a notable increase in pay for these roles. Compared to the average salary of $81,500 for senior executive assistants, the current compensation levels represent a significant jump.
In North America alone, there are approximately 3,200 single-family offices, and the global total is around 8,000, according to a study by Deloitte Private. Executive assistants in family offices often take on a wide range of responsibilities beyond traditional administrative tasks, such as managing household staff, handling travel arrangements, and overseeing property maintenance.
Jonathan Hova, a recruiter and senior vice president of Career Group, emphasized the diverse and demanding nature of the role of executive assistants in family offices. These individuals are often required to handle unexpected and high-pressure situations, from emergency home repairs to complex travel logistics.
A survey conducted by Botoff Consulting found that the median base salary for executive assistants in family offices is $100,048. With bonuses and additional incentives, the total compensation package for these roles can be even higher, particularly in larger family offices with significant assets under management.
Top-performing executive assistants in family offices can earn salaries of nearly $190,000, with bonuses of up to 20% of their base pay. In larger family offices with long-term incentive programs, these individuals have the potential to earn total incomes exceeding $240,000 per year.
Trish Botoff, founder and managing partner of Botoff Consulting, noted that families may experience “sticker shock” when considering the cost of hiring top-tier executive assistants. However, the value of having skilled and dedicated support staff who can handle a wide range of responsibilities is often well worth the investment.
Executive assistants in family offices often accompany their principals on both personal and professional trips, providing essential support in various settings. Dawn Faktor Pincus, a recruiter at Howard-Sloan Search, highlighted the demanding nature of these roles, which often involve frequent travel and long hours.
To excel in executive assistant roles in family offices, candidates typically need a minimum of five years of relevant experience, with some positions requiring eight to 10 years of experience. Recruiters emphasize the need for candidates with strong educational backgrounds, experience working with high-net-worth clients, and the ability to handle diverse and challenging tasks.
Overall, the role of executive assistant in a family office is a demanding and dynamic one, requiring individuals who are skilled, adaptable, and dedicated to providing high-level support to their principals. The significant increase in compensation for these roles reflects the growing recognition of the value that executive assistants bring to the operations of family offices.
