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Good help is hard to find. Family offices, the private investment firms of the super-rich, are increasingly Be willing to pay extra for it.
this war for talent Partnerships between family offices and Wall Street are driving up salaries not only for top investment positions but also for executive salaries. While compensation depends on the size and scope of the family office, base salaries for administrative assistants now often exceed $140,000, according to three recruiters who spoke to CNBC. That’s well above the $81,500 industry average for senior administrative assistant positions, according to staffing firm Robert Half.
There are approx. 8,000 single family offices Globally, there are nearly 3,200 in North America, according to a survey by Deloitte Private. Family office management roles can include a wide range of responsibilities that go well beyond typical duties such as preparing expense reports and managing correspondence. For example, organizing trips for the entire family or coordinating household staff tasks at multiple individual residences is usually fair game.
“You have to do anything for this person, but you don’t know what it’s going to be,” said Jonathan Hova, a recruiter and senior vice president at Career Group. “If a water pipe bursts in Southampton in January, you Just go there.”
A Botoff Consulting survey of 436 family offices and family investment firms showed the median base salary for family office administrative assistants is $100,048.
Also, the larger the family office, the higher the executive assistant salary can be expected to be. The survey found that among family offices with at least $2.5 billion in assets under management, median compensation was about 35% higher.
That’s in addition to annual bonuses, which typically range from 10% to 20% of base salary, according to Botoff.
The survey showed that the top 10% of administrative assistants in family offices, regardless of size, earned $188,800 per year with a 20% bonus. Among the largest family offices, which are more likely to use long-term incentive plans, the top 10% of associates can earn total compensation of up to $240,000.
“For some families, there’s definitely going to be some price shock,” said Trish Botoff, founder and managing principal of Botoff Consulting. “But I think they’re also finding that when they have control over what services are provided, how it’s done and who does it. They will be more satisfied with the results.”
Family office executive assistants are often required to travel with the executives they support, whether personal or professional.
Recruiter Dawn Faktor Pincus is looking for an administrative assistant who will travel with the head of the family office at least once a month, including holidays. She estimates total compensation for this position to be There is a maximum limit of $200,000 between base salary of $170,000, travel expenses, starting bonus and annual bonus.
Faktor Pincus, senior recruiter at Howard-Sloan Search, said travel and time commitment are just part of the reason why the position pays so well. These ultra-wealthy employers are often picky and want candidates with top or Ivy League degrees or experience working with high-net-worth individuals, she said, and that experience is invaluable. When a family office needed an administrative assistant with a creative background, she placed an aspiring novelist who graduated from a prestigious university.
“It’s a small pool,” Facto Pincus said.
Fira Yagyaev, a recruiter at Larson Maddox, said most family offices want at least five years of relevant experience, with some requiring at least eight to 10 years because of the complexity of the role.
“They are really embedded in the family’s day-to-day experience, so this is probably one of the most important hires,” said Yagaev, head of wealth management, trust and family office services at the recruitment agency.
At the same time, these wonderful assistants should take on any task, no matter how big or small, without complaint. Hova said at least 10 percent of an administrative assistant’s job is similar to that of a personal assistant.
“It’s always been a service role,” he said.
Additionally, the job comes with a tricky personality, Faktor Pincus said.
“A lot of times it can be difficult for ultra-high-net-worth individuals,” she said. “People don’t become that successful by being so nice and lovable.”
