Family offices are increasingly recognizing the value of hiring executive assistants and are willing to pay top dollar for the right candidate. In fact, it has been reported that these private investment groups owned by the extremely affluent are paying executive assistants up to $190,000 a year. This significant compensation increase is a result of the growing need for knowledgeable and skilled individuals to support the increasingly complex demands of family offices.
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As the competition for talent intensifies between family offices and Wall Street, executive assistants are seeing a rise in base salaries, with some commanding wages exceeding $140,000. This increase in compensation is not only limited to top investment roles but also extends to administrative personnel. According to recruiters, executive assistants’ salaries are highly dependent on the size and scope of the family office, with some earning far above the average for their roles.
Research conducted by Deloitte Private has revealed that there are approximately 3,200 single-family offices in North America, with a total of around 8,000 worldwide. In these family offices, executive assistants are often responsible for a wide range of tasks that go beyond traditional administrative duties, such as managing travel arrangements for the entire family and coordinating household staff at multiple residences.
The median base salary for executive assistants working in family offices is around $100,048, according to Botoff Consulting, which surveyed 436 family offices and family investment enterprises. This number is expected to rise as family offices with larger assets under management tend to offer higher salaries. These executive assistants may also receive annual bonuses ranging from ten to twenty percent of their base salary.
For the top 10% of administrative assistants working in family offices, salaries can reach up to $188,800, with bonuses averaging 20% of their income. In larger family offices, where assistants are more likely to participate in long-term incentive programs, top performers can earn up to $240,000 in total compensation. Despite potential “sticker shock” for some families, offering competitive compensation is crucial to attract and retain top talent in family offices.
Executive assistants in family offices often have unique responsibilities, such as accompanying the executives they support on personal and professional trips. Recruiters like Dawn Faktor Pincus seek candidates with Ivy League or top-tier credentials and experience working with high-net-worth clientele for these demanding roles. The expectations for executive assistants in family offices are high, requiring a minimum of five to ten years of relevant experience and a willingness to take on personal assistant responsibilities as needed.
Fira Yagyaev, head of wealth management, trust, and family office services at Larson Maddox, emphasizes the importance of hiring experienced and capable executive assistants who can handle the day-to-day challenges of working in a family office. These individuals must be prepared to take on a wide range of tasks, both administrative and personal, and must be able to work with challenging personalities.
In conclusion, the demand for highly skilled and experienced executive assistants in family offices is on the rise, leading to increased salaries and benefits for those who can meet the unique demands of these roles. With competition for talent heating up, family offices are prepared to pay a premium for the right candidate who can provide expert support and assistance in managing their complex and diverse needs.