Executive assistants in family offices are commanding impressive salaries as demand for skilled professionals rises in this niche sector. According to a survey by Botoff Consulting, the median base salary for executive assistants at family offices stands at $100,048. However, those working in offices managing billions in assets can see base salaries soar to as much as $190,000. The top 10% of administrative assistants across family offices command salaries of $188,800, coupled with a 20% bonus.
In family offices managing at least $2.5 billion in assets, the median pay for executive assistants is notably higher, approximately 35% above the industry average. This significant salary increase reflects the intense demands and responsibilities associated with working in high-net-worth environments. As Dawn Faktor Pincus, a senior recruiter at Howard-Sloan Search, highlights, the travel and time commitment are integral reasons why the role commands such a high salary. Pincus is actively seeking an executive assistant who will accompany a family office principal on monthly travels, including during holidays.
The compensation for executive assistants can be staggering, with total remuneration packages sometimes exceeding $200,000. This includes a base salary of $170,000, additional travel pay, and bonuses upon signing and annually. In stark contrast, the industry average for senior executive assistant positions is $81,500, as reported by staffing firm Robert Half.
The role of an executive assistant in a family office requires more than just secretarial duties; it often extends into personal assistance. As Jonathan Hova, a senior vice president at Career Group, noted:
"You will have to do anything for this person, and you don't know what that will be."
This unpredictability underscores the need for adaptability and readiness to tackle diverse tasks, from managing office affairs to addressing personal issues that might arise unexpectedly.
Family offices typically seek candidates with extensive experience due to the complexity of the role. Recruiter Fira Yagyaev from Larson Maddox points out that many offices require a minimum of five years of relevant experience, with some preferring candidates with eight to ten years. This experience is crucial for navigating the often challenging personalities and high-pressure environments typical within these elite settings.
Globally, there are approximately 8,000 single-family offices, with nearly 3,200 located in North America, according to Deloitte Private. These offices manage significant wealth and require executive assistants who can seamlessly integrate into their unique operational frameworks. The demanding nature of the job often means that executives must be ready to address any situation at a moment's notice. Hova encapsulates this reality by stating:
"If a pipe bursts in Southampton in January, that's where you're going."
The all-in compensation for the top tier of executive assistants at large family offices can reach up to $240,000. These roles demand high levels of commitment and flexibility, often requiring executives to prioritize the needs of the family office principal above all else.