The Rise of Executive Assistant Salaries in Family Offices: Navigating a Growing Need for Knowledge – Italcoins

The Rise of Executive Assistant Salaries in Family Offices: Navigating a Growing Need for Knowledge

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Family offices have been reported to pay executive assistants up to $190,000 a year, highlighting the increasing need for knowledge in this field. This rise in compensation is a direct result of the talent war between family offices and Wall Street, as these private investment groups owned by ultra-affluent individuals seek out top talent to support their operations.

Executive assistants in family offices now command base salaries exceeding $140,000, according to recruiters who have observed this trend. This significant increase in compensation for executive assistants reflects the growing complexity of their roles and the expanding responsibilities they undertake within family offices. The competition for talent has led to a substantial jump in compensation, with average salaries for senior executive assistants now reaching $81,500, as reported by recruiting firm Robert Half.

A research study conducted by Deloitte Private found that there are approximately 3,200 single-family offices in North America and around 8,000 worldwide. These family offices handle a wide range of tasks beyond traditional administrative duties, such as managing mail, creating expense reports, and coordinating travel and household services for affluent families. This broad scope of responsibilities underscores the crucial role executive assistants play in supporting the operations of family offices.

Executive assistants in family offices often find themselves dealing with unique challenges, such as accompanying their executives on personal and professional travels. The demanding nature of these roles necessitates a high level of dedication and commitment from executive assistants, who are expected to provide seamless support for their principals in various settings.

Recruiters like Trish Botoff of Botoff Consulting are actively seeking executive assistants who possess the skills and experience required to excel in family office environments. These professionals are often required to have Ivy League or top-tier degrees, along with previous experience working with high-net-worth clientele. The specialized nature of these roles means that family offices are willing to offer competitive compensation packages to attract top talent, including base salaries, travel expenses, sign-on bonuses, and annual bonuses that can significantly increase total earnings.

The demanding nature of executive assistant roles in family offices necessitates a minimum of five years of experience in the industry, with some offices requiring up to eight to 10 years of relevant experience. Recruiters emphasize the importance of finding candidates who are capable of handling both administrative and personal assistant duties, as executive assistants in family offices are expected to provide comprehensive support to their principals in all aspects of their daily lives.

The unique challenges and opportunities presented by executive assistant roles in family offices require individuals who are dedicated, skilled, and adaptable. These roles often involve navigating complex relationships, managing high-net-worth individuals, and juggling a diverse range of responsibilities on a daily basis. Despite the demanding nature of these positions, executive assistants in family offices have the opportunity to work closely with some of the most influential and successful individuals in the world, providing essential support and guidance to ensure the smooth operation of these private investment groups.

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Sofia Adams

Editor at Italcoins since 2024.

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