Family offices, the private investment firms of the ultra-wealthy, are competing fiercely with Wall Street for top talent. Executive assistants at these family offices are now commanding base salaries as high as $190,000, well above the industry average. This trend reflects a broader shift in the family office landscape, where salaries for both C-suite roles and administrative staff have surged due to increased competition.
Family offices, the private investment firms managing the wealth of the ultra-rich, are engaged in a fierce competition with Wall Street , vying for top talent across all levels, including administrative positions. Executive assistants at these family offices are now commanding base salaries as high as $190,000, significantly exceeding the industry average.
This trend reflects a broader shift in the family office landscape, where salaries for both C-suite roles and administrative staff have surged due to increased competition. While compensation varies depending on the size and scope of the family office, executive assistants are now frequently earning base salaries above $140,000, according to recruiters who spoke with CNBC. This figure stands in stark contrast to the industry average of $81,500 for a senior executive assistant position, as reported by staffing firm Robert Half. The global family office industry is booming, with nearly 3,200 family offices operating across North America alone, according to a Deloitte Private survey. These family offices often delegate a wide range of responsibilities to their administrative staff, extending beyond typical duties such as expense reports and correspondence. Tasks can include organizing travel for the entire family, coordinating household staff at multiple residences, and even handling unexpected emergencies, such as a pipe burst at a vacation home. 'You will have to do anything for this person, and you don't know what that will be,' said Jonathan Hova, recruiter and senior vice president at Career Group. 'If a pipe bursts in Southampton in January, that's where you're going.' Salaries for executive assistants at family offices reflect the demanding nature of the role and the high expectations of their employers. The median base salary for these positions is $100,048, according to a survey conducted by Botoff Consulting, which analyzed data from 436 family offices and family investment firms. Larger family offices, managing at least $2.5 billion in assets under management, tend to offer significantly higher salaries, with a median pay that is approximately 35% greater than that of smaller offices. This upward trend extends to the potential for bonuses, which typically range from 10% to 20% of the base salary, according to Botoff. The top 10% of administrative assistants at family offices, regardless of size, can earn up to $188,800 in base salary with a 20% bonus. Among the largest family offices, which often utilize long-term incentive plans, the top 10% of assistants can receive all-in compensation of up to $240,000. The demanding nature of the role, coupled with the high-profile clientele, contributes to the substantial compensation packages offered to executive assistants at family offices. The work often involves extensive travel, both personal and professional, with some recruiters specifying a travel requirement of at least once a month, including holidays. The intricate nature of the role requires candidates with a specific set of qualifications, further driving up the cost of employing these individuals.
FAMILY OFFICES SALARIES EXECUTIVE ASSISTANTS WALL STREET COMPETITION HIGH NET WORTH RECRUITMENT TRAVEL DEMANDING
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