Family Offices Face Talent War: Salaries Tell the Story

 

When I first heard that some executive assistants in family offices are earning nearly $200,000 a year, I'll admit, I was floored. But as the founder and CEO of CFO Family, a company deeply embedded in the family office ecosystem, I quickly realized this wasn't just a fluke. It's a sign of a seismic shift in our industry.

Let's break this down.

The Numbers Don't Lie

According to a recent survey by Botoff Consulting, the median base salary for executive assistants at family offices is now $100,048. But here's where it gets really interesting: the top 10% of administrative assistants are raking in $188,800, with a 20% bonus on top of that.

Now, I've been in this game for a while. I've seen trends come and go. But this? This is different.

More Than Just a Number

These salary figures aren't just numbers on a page. They're telling us a story about the evolving nature of family offices and the people who make them tick.

Executive assistants in family offices aren't just answering phones and managing calendars. They're often the glue that holds the entire operation together. They're privy to the most sensitive information, they're coordinating complex family affairs, and they're often the first point of contact for important business matters.

In my experience running CFO Family, I've seen firsthand how crucial these roles can be. An exceptional executive assistant can make the difference between a smoothly run family office and one that's constantly putting out fires.

The Size Factor

Here's another interesting tidbit from the Botoff survey: the larger the family office, the more executive assistants can expect to be paid. We're talking about median pay being 35% higher in larger offices.

This makes sense when you think about it. Larger family offices often have more complex operations, more family members to serve, and a greater need for discretion and expertise.

The War for Talent

So why are we seeing this salary boom? Simple. It's a war for talent.

Family offices are competing not just with each other, but with private equity firms, hedge funds, and other high-paying sectors of the financial world. They need to offer competitive salaries to attract and retain top talent.

But it's not just about the money. The role of an executive assistant in a family office requires a unique blend of skills. You need someone who's tech-savvy, discreet, adaptable, and able to handle the complex dynamics of wealthy families.

Finding someone who checks all these boxes? That's like finding a needle in a haystack. And family offices are willing to pay top dollar when they do.

The Long Game

Here's something else to consider: among the largest family offices, there's a growing trend towards long-term incentive plans for key staff, including executive assistants.

This tells me that family offices are thinking strategically. They're not just throwing money at the problem. They're looking to build long-term relationships with key personnel.

And that makes sense. The best executive assistants often have extensive knowledge of the family's daily experiences and personal involvement. That kind of institutional knowledge is invaluable – and it takes time to build.

What This Means for the Industry

As someone who's been in this industry for over two decades, I can tell you: this trend is going to have ripple effects.

For one, it's going to force family offices to really think about their organizational structure. Are they utilizing their executive assistants to their full potential? Are they providing opportunities for growth and development?

It's also going to put pressure on smaller family offices. How can they compete for talent when they can't match the salaries offered by larger offices?

And let's not forget about the executive assistants themselves. With higher salaries come higher expectations. The bar is being raised, and those in these roles will need to continuously upskill to justify their compensation.

Looking Ahead

So where do we go from here?

As the CEO of a company that provides back-office solutions for family offices, I'm watching this trend closely. I believe we're going to see continued evolution in the role of executive assistants in family offices.

We might see more specialized roles emerging. Maybe dedicated family liaisons, or specialists in areas like cybersecurity or data management.

We'll likely see more investment in training and development for these key staff members. After all, if you're paying someone a six-figure salary, you want to make sure they're at the top of their game.

And I wouldn't be surprised if we start seeing more executive assistants transitioning into higher-level roles within family offices. With their comprehensive understanding of the family's affairs, they're well-positioned to take on more strategic roles.

The Bottom Line

The rising salaries of executive assistants in family offices aren't just a blip on the radar. They're a sign of a deeper shift in how family offices operate and how they value their key personnel.

As someone who's built a career in this space, I find it fascinating. And a little challenging, if I'm being honest. But that's what keeps this industry exciting.

One thing's for sure: the family office of tomorrow is going to look very different from the family office of yesterday. And the executive assistants? They're going to be right at the heart of that transformation.

It's an exciting time to be in this industry. I, for one, can't wait to see what comes next.