The High-Stakes World of Family Office Assistants
Ultra-Wealthy Families Willing to Pay Top Dollar for Exceptional Help
The war for talent between family offices and Wall Street has reached new heights, driving up salaries for top investment roles and administrative staff alike. Executive assistants, in particular, are in high demand, with base salaries often exceeding $140,000, according to recruiters.
A Job Like No Other
Family office administration roles come with sweeping responsibilities that go far beyond typical duties like compiling expense reports and managing correspondence. From organizing travel for the entire family to coordinating household staff at multiple personal residences, the job requires a unique blend of skills, flexibility, and discretion.
Compensation Packages That Rival Wall Street
The median base salary for executive assistants at family offices is $100,048, according to a survey by Botoff Consulting. However, the larger the family office, the more executive assistants can expect to be paid. At family offices with at least $2.5 billion in assets under management, the median pay is about 35% higher. And with annual bonuses ranging from 10% to 20% of the base salary, top performers can earn up to $240,000 or more.
The Ultimate Support Role
Executive assistants to family offices are often required to travel with the executives they support, both on personal and professional trips. This level of commitment and flexibility comes at a premium, with recruiters seeking candidates with top-tier or Ivy League degrees and previous experience working with high-net-worth individuals.
A Small Pool of Exceptional Talent
Family offices desire candidates with a unique blend of skills, experience, and personality. With most requiring at least five years of related experience, the pool of qualified candidates is small. Recruiters must search high and low to find the perfect fit, often placing candidates with creative backgrounds or exceptional educational credentials.
The Ultimate Challenge
Working as an executive assistant to a family office comes with its fair share of challenges. From dealing with thorny personalities to taking on any task, big or small, without complaint, the job requires a unique level of dedication and professionalism. However, for those who are up to the challenge, the rewards can be substantial.
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