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Family offices are reportedly paying executive assistants up to $190,000 a year, signaling a trend of increasing compensation for administrative roles due to a rising demand for talent. These private investment groups owned by the ultra-wealthy are willing to pay a premium for reliable support in light of the ongoing talent war between family offices and Wall Street.
As competition for talent intensifies, executive assistants are commanding base salaries exceeding $140,000, according to insights from CNBC and recruitment experts. The compensation varies based on the size and complexity of the family office, with Robert Half noting a significant increase compared to the average salary for senior executive assistants, which stands at $81,500.
Research indicates that there are approximately 3,200 single-family offices in North America and around 8,000 worldwide, emphasizing the growing prominence of these investment entities. Responsibilities for executive assistants within family offices extend beyond traditional administrative tasks, often involving intricate duties such as managing household staff, coordinating travel arrangements, and handling property maintenance across multiple residences.
Jonathan Hova, a seasoned recruiter and senior vice president at Career Group, underscores the dynamic nature of executive assistant roles within family offices. The level of dedication and flexibility required to support high-net-worth individuals is unmatched, as illustrated by scenarios where assistants must tackle unexpected challenges like burst pipes at remote locations.
A survey conducted by Botoff Consulting reveals that the median base salary for executive assistants in family offices hovers around $100,048, reflecting the upscale compensation trend in this segment. As family offices grow their assets under management, executive assistants can anticipate higher pay packages, with top earners in larger organizations potentially reaching an all-in income of $240,000 or more annually.
Trish Botoff, founder and managing partner of Botoff Consulting, acknowledges that some families may experience “sticker shock” when confronted with the rising cost of talent in the executive assistant realm. However, she emphasizes the value of personalized and efficient support services tailored to the unique needs and preferences of family office principals.
Executive assistants in family offices often serve as indispensable partners to the executives they support, accompanying them on personal and professional trips and providing seamless administrative assistance in a variety of settings. Recruiters like Dawn Faktor Pincus recognize the rigorous demands of these roles and seek candidates with elite educational backgrounds and prior experience in wealth management to meet the expectations of ultra-wealthy clientele.
With most family offices requiring a minimum of five years of relevant experience and some demanding up to a decade of industry expertise, the bar for executive assistants is set high. Fira Yagyaev, head of wealth management and family office services at Larson Maddox, underscores the complexity of these positions and the invaluable insights they offer into the daily lives of affluent families.
In navigating the nuanced world of family office dynamics, executive assistants must exhibit a high degree of adaptability and professionalism, seamlessly balancing administrative duties with personal tasks and handling challenging personalities with poise. The service-oriented nature of these roles underscores the importance of emotional intelligence, resourcefulness, and a willingness to go above and beyond for the benefit of the family office.
As the demand for skilled executive assistants in family offices continues to rise, the compensation scale reflects the crucial role these professionals play in supporting the operational and strategic needs of wealthy families. The premium placed on exceptional talent underscores the evolving landscape of administrative roles in the context of private investment entities, signaling a shift towards competitive compensation packages and a wealth of opportunities for seasoned professionals in this niche field.
