Family offices are increasingly willing to pay top dollar for qualified executive assistants, with some reports indicating salaries as high as $190,000 per year. This trend can be attributed to the growing demand for knowledgeable and skilled individuals in this role.
The competition for talent between family offices and Wall Street has led to a significant increase in compensation not only for top investment positions but also for administrative roles. Executive assistants, in particular, are now commanding base salaries upwards of $140,000, with some even earning more than $190,000, according to recruiters interviewed by CNBC. This represents a substantial increase compared to the average salary of around $81,500 for senior executive assistants.
In North America alone, there are approximately 3,200 single-family offices, with a global total of around 8,000. The responsibilities of executive assistants in family offices extend far beyond typical administrative tasks, often involving the coordination of various personal and household affairs for affluent families. Jonathan Hova, a senior vice president at Career Group, emphasized the wide-ranging nature of the role, highlighting the need for assistants to be ready to handle any task, no matter how unexpected or unusual.
A recent study conducted by Botoff Consulting found that the median base salary for executive assistants in family offices is around $100,048. As family offices grow in size and complexity, executive assistants can expect to receive even higher compensation, with those working for offices managing up to $2.5 billion in assets earning a median salary up to 35% higher than average.
Annual bonuses, typically ranging from 10% to 20% of base salary, further contribute to the overall compensation package for executive assistants. The top 10% of assistants in family offices can earn up to $188,800 in salary with an additional 20% bonus, regardless of the size of the organization they work for. Those in larger family offices with long-term incentive programs may have the potential to earn up to $240,000 in total compensation.
Trish Botoff, founder of Botoff Consulting, acknowledged that some families may be surprised by the high salaries offered to executive assistants in family offices. However, she emphasized the importance of experienced and capable assistants in managing the complex and demanding responsibilities of these roles.
Executive assistants in family offices often accompany their principals on travels, both for personal and professional reasons. Dawn Faktor Pincus, a senior recruiter at Howard-Sloan Search, highlighted the significant time and travel commitments required for this role, which contribute to the high compensation offered.
Recruiters emphasize that executive assistants in family offices must possess a combination of experience, qualifications, and personal qualities to succeed in these roles. Many family offices require a minimum of five years of relevant experience, with some preferring candidates with eight to 10 years of experience due to the demanding nature of the job.
Overall, the increasing demand for skilled executive assistants in family offices reflects the growing complexity and responsibilities of these organizations. With high-net-worth families seeking top talent to manage their affairs, executive assistants play a crucial role in supporting their principals and ensuring the smooth operation of the family office.
