Navigating the High Stakes of Executive Assistance: Inside the Lucrative World of Family Offices - Ahulan

Navigating the High Stakes of Executive Assistance: Inside the Lucrative World of Family Offices

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Family offices are increasingly recognizing the value of executive assistants and are willing to pay top dollar for the right talent. With the need for knowledge and expertise on the rise, executive assistants are now commanding salaries of up to $190,000 a year, according to recent reports.

Family offices, private investment groups owned by wealthy individuals, are engaged in a talent war with Wall Street, driving up compensation not only for top investment positions but also for administrative roles. Executive assistants at family offices are now earning base salaries upwards of $140,000, a significant increase from the industry average of $81,500 for senior executive assistants.

A survey conducted by Botoff Consulting found that the median base salary for executive assistants in family offices is $100,048. This figure is expected to rise as family offices with larger assets under management pay their employees more. Family offices with assets of up to $2.5 billion are paying median salaries around 35% higher than the average, with bonuses ranging from 10 to 20% of base salary.

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The top 10% of executive assistants in family offices can earn salaries of $188,800 plus a 20% bonus, regardless of the size of the organization they work for. Those in larger family offices with long-term incentive programs can potentially earn up to $240,000 annually.

Trish Botoff, founder of Botoff Consulting, notes that some families may be surprised by the high salaries but find that having control over the services, methods, and personnel in their family office leads to better results. Executive assistants in family offices often travel with the executives they support, whether for business or personal reasons.

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Recruiter Dawn Faktor Pincus is seeking an executive assistant to accompany a family office principal on monthly trips, offering a total compensation package exceeding $200,000. She emphasizes the importance of Ivy League or top-tier qualifications and experience with high-net-worth clientele, reflecting the demands of ultra-wealthy organizations.

According to Fira Yagyaev, head of wealth management at Larson Maddox, most family offices require a minimum of five years of industry experience, with some demanding eight to ten years due to the complexity of the role. Executive assistants at family offices are expected to handle both administrative and personal tasks, with personal assistant duties accounting for at least 10% of their workload.

The service-oriented nature of the executive assistant role is underscored by Hova and Faktor Pincus, who emphasize the importance of dealing with challenging personalities and being willing to take on any task, no matter how small. Faktor Pincus notes that success in dealing with high-net-worth individuals often requires a level of toughness and adaptability.

In conclusion, the demand for skilled executive assistants in family offices is on the rise, with top talent commanding salaries that reflect their value to the wealthy families they serve. The unique challenges and responsibilities of the role make it a lucrative and rewarding career path for those who are up to the task.

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