Family Office Salaries in 2024
One of the most misunderstood pay scales revolves around salaries when working for ultra-high net worth families, especially when it comes to their family offices. There are no "rules" when it comes to compensation in this domain, and salaries vary depending on a number of factors:
Also, the location can't be understated because jobs based in cities like NYC, Los Angeles and San Francisco pay substantially more due to the cost of living. These considerations are not exhaustive, and you may contact our office for details.
- Level of education
- Years of experience
- Level of responsibilities
Also, the location can't be understated because jobs based in cities like NYC, Los Angeles and San Francisco pay substantially more due to the cost of living. These considerations are not exhaustive, and you may contact our office for details.
How much do family offices pay their staff?
We recruit for family offices
Domestic employees that work for UHNW families and billionaires may have hourly pay for positions like housekeepers or nannies, but roles with more responsibilities will usually have a base salary plus year-end bonus.
Typically, the incentives and pay packages need to attract top candidates. Because there are no "market rates" for family office salaries, it can be a sort of bidding war between billionaires for top executives. Even the support cadre like executive assistants and PAs can have sky high salaries when they've proven their worth.
Typically, the incentives and pay packages need to attract top candidates. Because there are no "market rates" for family office salaries, it can be a sort of bidding war between billionaires for top executives. Even the support cadre like executive assistants and PAs can have sky high salaries when they've proven their worth.
What are some of the top salaries when hired by a family office?
Because we specialize in domestic workers for ultra-high net worth families and billionaires, we work with many family offices. Here are some average ranges for candidates:
While we don't typically recruit for CEOs or accounting professionals that would handle investments and finance matters, figure on salaries climbing much higher because those investment professionals are managing hundreds of millions or even billions of dollars.
- Executive housekeeper: $80,000 to $120,000
- Personal assistant: $120,000 to $180,000
- Executive assistant: $140,000 to $250,000
- Director of residences (COS): $180,000 to $350,000
- Lifestyle management services: $120,000 to $200,000
While we don't typically recruit for CEOs or accounting professionals that would handle investments and finance matters, figure on salaries climbing much higher because those investment professionals are managing hundreds of millions or even billions of dollars.
Why is compensation so high in family offices?
Attractive comp packages entice top-tier candidates
It's all relative. There are over 3,000 billionaires in the world, and there are more than 50,000 households with net worth between 50mn and 500mn dollars. The depth and breadth of the super-rich is staggering. Having said that, there is a finite pool of "talent" that have the skills and temperament to work with family offices, so the salaries must be high to attract top talent.
Once an employee has a certain level of education, training and experience working in a family office, then it becomes a match between family offices about who will get paid the best. Billionaires and UHNW families want the best estate management team that they can get, so a majority of family offices will simply outspend another organization to get the top candidates.
Once an employee has a certain level of education, training and experience working in a family office, then it becomes a match between family offices about who will get paid the best. Billionaires and UHNW families want the best estate management team that they can get, so a majority of family offices will simply outspend another organization to get the top candidates.
A final word on family office salaries
To win the war and capture the best candidate pool, family offices need to be smarter when they recruit. It's not always about spending the most money on salary. That helps, but hiring an experienced headhunter to advise you is a critical step.
Top search firms have the tools and the knowhow to outfit your company with candidates that will be assets to your organization. If your family office is struggling to recruit the personnel you need to thrive, then consider the adding the following to your compensation packages:
To learn more about family office salaries, contact us for our 10-page report.
Top search firms have the tools and the knowhow to outfit your company with candidates that will be assets to your organization. If your family office is struggling to recruit the personnel you need to thrive, then consider the adding the following to your compensation packages:
- A strong healthcare benefits package
- Paying tuition for dependents
- Having a professional development allowance
- Liberal parental leave days
- Aggressive signing bonus & year-end bonuses
- Matching your 401(k) & stock options
To learn more about family office salaries, contact us for our 10-page report.
Filed Under: family office, base salary, compensation 2024
