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Family offices are increasingly paying executive assistants up to $190,000 a year, reflecting the growing need for knowledge and support in the private investment sector. The rising competition for talent has led to higher compensation not just for top investment roles but also for administrative positions within family offices. The demand for reliable assistance has prompted many private investment groups owned by the ultra-wealthy to offer higher salaries and benefits to attract and retain top talent.
According to recruiters interviewed by CNBC, executive assistants working in family offices now command base salaries exceeding $140,000, with some earning significantly more. This compensation is influenced by the size and complexity of the family office, as well as the specific responsibilities of the role. Robert Half, a recruiting firm, notes that this represents a significant increase compared to the average salary for senior executive assistant positions, which typically hover around $81,500.
Research conducted by Deloitte Private reveals that there are approximately 3,200 single-family offices in North America and around 8,000 worldwide. Executive assistants in family offices often have varied duties that go beyond traditional administrative tasks, such as managing household affairs, coordinating travel arrangements, and overseeing property maintenance across multiple residences. The role demands flexibility, attention to detail, and a strong sense of discretion to meet the diverse needs of high-net-worth individuals and their families.
Jonathan Hova, a senior vice president of Career Group, emphasizes the importance of being prepared for any task that may arise while supporting a principal in a family office setting. The role often involves responding to unexpected emergencies, managing complex logistical arrangements, and providing personalized support to ensure the smooth operation of the household and investment activities.
A survey conducted by Botoff Consulting found that the median base salary for executive assistants in family offices is $100,048, with potential for higher compensation based on the size and assets under management of the organization. Top-performing assistants in larger family offices can earn salaries approaching $190,000, with additional bonuses and incentives based on performance and tenure with the firm.
Trish Botoff, the founder and managing partner of Botoff Consulting, notes that some families may be surprised by the high salaries offered to executive assistants in family offices. However, she emphasizes that the value of experienced and qualified support staff cannot be overstated, particularly in the fast-paced and demanding environment of private investment management.
Executive assistants working in family offices often accompany principals on both business and personal travel, demonstrating a high level of commitment and flexibility in their roles. Dawn Faktor Pincus, a senior recruiter at Howard-Sloan Search, highlights the importance of finding candidates with exceptional qualifications, experience, and interpersonal skills to excel in this unique work environment.
Fira Yagyaev, head of wealth management, trust, and family office services at Larson Maddox, underscores the importance of experience and expertise in the recruitment of executive assistants for family offices. The demanding nature of the role requires candidates with a minimum of five to ten years of relevant experience in finance, administration, or related fields.
In conclusion, the competitive landscape of family offices and private investment groups has driven the demand for talented and dedicated executive assistants. The high salaries and benefits offered reflect the critical role these professionals play in supporting the complex needs of ultra-wealthy individuals and families. As the industry continues to evolve and grow, the value of executive assistants in family offices will only increase, underscoring the importance of attracting and retaining top talent in this dynamic and rewarding field.
