Family offices have become increasingly willing to pay executive assistants high salaries, with reports showing figures as high as $190,000 a year. This surge in compensation is a reflection of the growing demand for skilled professionals in the field.
Finding reliable assistance in today’s competitive market is no easy feat. The rise of family offices, private investment groups catering to the ultra-wealthy, has created a demand for top talent across all roles, including administrative positions. The battle for talent between family offices and traditional financial institutions like Wall Street has driven up salaries not just for investment professionals, but also for executive assistants.
Executive assistants in family offices now command base salaries upwards of $140,000, according to recruiters interviewed by CNBC. This represents a substantial increase compared to the average salary of $81,500 for senior executive assistants in other industries. The compensation for executive assistants can vary depending on the size and complexity of the family office, but the trend is pointing towards higher salaries across the board.
In North America alone, there are approximately 3,200 single-family offices, with a global total of around 8,000 such entities, as reported by Deloitte Private. Managing the operations of a family office requires a diverse skill set that goes beyond typical administrative duties. From handling mail to coordinating travel for the entire family, executive assistants in family offices are expected to take on a wide array of responsibilities.
Jonathan Hova, a recruiter and senior vice president at Career Group, emphasizes the all-encompassing nature of the role, stating that executive assistants need to be prepared for any task that may come their way. The unpredictable nature of the job, from dealing with household emergencies to organizing complex travel plans, requires a high level of adaptability and resourcefulness.
Botoff Consulting’s survey of family offices and family investment firms revealed a median base salary of $100,048 for executive assistants in the industry. As family offices grow in size and complexity, executive assistants can expect their compensation to increase accordingly. The survey shows that family offices with assets under management of $2.5 billion or more pay around 35% higher salaries than the industry average.
In addition to base salaries, executive assistants in family offices may receive annual bonuses ranging from 10% to 20% of their basic income. For the top 10% of assistants in the industry, total compensation can exceed $200,000, with bonuses reaching 20% of their salary. Larger family offices often offer long-term incentive programs that further boost the earning potential of their executive assistants.
Trish Botoff, founder and managing partner of Botoff Consulting, notes that some families may experience “sticker shock” when faced with the high salaries of executive assistants. However, she emphasizes the importance of investing in top talent to ensure quality service and support for the family’s diverse needs. Having control over the services provided and the personnel involved can lead to greater satisfaction and efficiency in the long run.
Executive assistants in family offices often find themselves accompanying the executives they support on extensive travels, whether for personal or business purposes. Dawn Faktor Pincus, a senior recruiter at Howard-Sloan Search, highlights the demanding nature of the role, requiring frequent travel and around-the-clock availability.
Recruiters like Fira Yagyaev from Larson Maddox emphasize the need for significant experience in the field, with many family offices requiring a minimum of five to ten years of relevant work experience. The complexity of the job and the high expectations of ultra-wealthy clients make it crucial for executive assistants to possess a diverse skill set and a strong work ethic.
In conclusion, the rise in compensation for executive assistants in family offices reflects the increasing demand for top talent in the industry. With the complexity of tasks, the unpredictable nature of the job, and the high expectations of clients, executive assistants play a crucial role in ensuring the smooth operation of family offices. As family offices continue to expand and evolve, the need for skilled and dedicated executive assistants will only continue to grow.