Family offices, the private investment firms of the ultra-wealthy, are on the hunt for top talent, driving up salaries for executive assistants to staggering heights. According to a survey by Botoff Consulting, the median base salary for executive assistants at family offices is $100,048, with top earners raking in up to $190,000, plus bonuses that can reach 20% of their base pay.
High Stakes in High Society
With about 8,000 single-family offices worldwide, nearly 3,200 in North America alone, the demand for skilled executive assistants is at an all-time high. These roles come with high-stakes responsibilities, from managing travel plans for the entire family to handling household staff at multiple residences. Jonathan Hova, a senior vice president at Career Group, notes that the job description can be unpredictable, with tasks ranging from mundane office duties to emergency repairs in far-flung locations.
The Price of Perfection
The salary for executive assistants at family offices varies based on the size of the firm, with larger offices offering more lucrative compensation packages. Trish Botoff, founder of Botoff Consulting, emphasizes that families are often willing to pay top dollar for control over the services they receive. However, the demanding nature of these roles means that candidates must possess top-tier degrees or previous experience working with high-net-worth individuals.
Personal Touch in a High-Pressure Environment
Recruiters like Dawn Faktor Pincus and Fira Yagyaev emphasize the personal touch required in these high-pressure roles. Candidates are expected to have at least five years of related experience, with some positions demanding up to a decade of experience due to the complexity of the job. Faktor Pincus highlights that successful candidates must be prepared to handle tasks that blur the line between professional and personal assistant duties.
Navigating the demands of ultra-high-net-worth individuals can be a challenging aspect of the job. Faktor Pincus notes that these clients can be difficult, given their drive for success. Despite the challenges, the allure of working for the ultra-rich and the potential for six-figure salaries make these executive assistant roles highly sought after in the competitive job market.
In conclusion, the rise in executive assistant salaries in family offices reflects the growing demand for top-tier talent in the ultra-wealthy sphere. The unique blend of professional skills and personal touch required in these roles sets them apart as some of the most coveted positions in the job market today.
