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Family offices are increasingly paying executive assistants up to $190,000 per year due to the rising demand for knowledge and expertise in the field. These private investment groups owned by the ultra-wealthy are willing to offer higher compensation to secure reliable and talented individuals who can assist in managing their financial affairs. The competition for skilled professionals between family offices and Wall Street has led to increased salaries not only for top investment roles but also for administrative support staff, such as executive assistants.
According to recruiters who spoke with CNBC, executive assistants working in family offices now commonly earn base salaries exceeding $140,000. The compensation for these roles may vary depending on the size and complexity of the family office, but there has been a significant increase in pay compared to the average salary for senior executive assistants, which is typically around $81,500. This trend reflects the growing importance of administrative support in family office operations.
In North America alone, there are approximately 3,200 single-family offices, with a global total estimated to be around 8,000. These offices require executive assistants to handle a wide range of responsibilities that go beyond traditional administrative tasks, such as managing correspondence, preparing expense reports, and coordinating various household services. The nature of the work in family offices often requires executive assistants to be flexible and willing to take on any task that may arise, from handling emergencies to organizing travel arrangements for the entire family.
The median base salary for executive assistants working in family offices is estimated to be $100,048, based on data collected by Botoff Consulting from a survey of 436 family offices and family investment enterprises. As family offices grow in size and complexity, executive assistants can expect to see higher compensation packages, with those working in offices managing up to $2.5 billion in assets earning a median salary that is 35% higher than the average.
In addition to base salaries, executive assistants in family offices may also receive annual bonuses, typically ranging from 10% to 20% of their base salary. The top 10% of executive assistants in family offices earn salaries of $188,800 or more, with bonuses of 20% on top of their base salary. Larger family offices often offer long-term incentive programs, allowing top-performing executive assistants to earn total compensation of up to $240,000 or more over time.
Trish Botoff, founder and managing partner of Botoff Consulting, acknowledges that some families may find this level of compensation surprising, but emphasizes the value of having skilled and dedicated support staff in managing complex financial matters. Executive assistants in family offices play a crucial role in ensuring the smooth operation of the office and providing personalized support to high-net-worth individuals and their families.
Dawn Faktor Pincus, a recruiter specializing in hiring executive assistants for family offices, highlights the demanding nature of the work, which often involves extensive travel and a high level of commitment to meeting the diverse needs of the principal and their family. Executive assistants in family offices are expected to accompany their executives on trips, both for business and personal purposes, and are required to provide administrative support in a variety of settings.
To excel in this role, executive assistants in family offices must possess a combination of skills, including strong organizational abilities, attention to detail, and the ability to work effectively with high-net-worth individuals. Many family offices prioritize candidates with Ivy League or top-tier educational backgrounds, as well as experience working with wealthy clientele. Recruiting firms like Howard-Sloan Search are constantly seeking out qualified candidates who can meet these demanding requirements and provide exceptional support to their clients.
Overall, executive assistants in family offices play a crucial role in managing the day-to-day operations of these complex organizations and supporting the needs of their ultra-wealthy clients. By offering competitive salaries and benefits, family offices are able to attract and retain top talent who can help drive their success and ensure the smooth functioning of their operations. The demand for skilled executive assistants in family offices is expected to continue to grow, reflecting the increasing complexity and diversity of services provided by these private investment groups.
