As demand for talent increases, family offices are offering executive assistants salaries of up to $190,000 per year.

• Top dollar is being paid by family offices to compete with Wall Street for both C-suite and administrative positions.
• At family offices with billions in assets, executive assistants can earn salaries of up to $190,000.
• These assistants, who are well-paid, are expected to exceed expectations for their ultra-rich employers.

The ultra-wealthy's private investment firms, known as family offices, are increasingly willing to pay a premium for good help.

The competition between family offices and Wall Street has led to a rise in salaries for both top investment roles and administrative staff. Executive assistants in family offices now typically earn base salaries of over $140,000, which is significantly higher than the industry average of $81,500 for a senior executive assistant position, according to three recruiters who spoke to CNBC.

According to a survey by Deloitte Private, there are approximately 8,000 single-family offices globally, with around 3,200 located in North America. Family office administration roles often entail extensive responsibilities beyond typical tasks such as preparing expense reports and managing correspondence. These responsibilities may include organizing travel for the entire family or coordinating household staff across multiple personal residences.

"You will have to do anything for this person, and you won't know what that will be," said Jonathan Hova, recruiter and senior vice president at Career Group. "If a pipe bursts in Southampton in January, that's where you'll be going."

According to a survey of 436 family offices and family investment firms by Botoff Consulting, the median base salary for executive assistants at family offices is $100,048.

The survey found that at family offices with at least $2.5 billion in assets under management, the median pay for executive assistants is about 35% higher.

According to Botoff, annual bonuses typically range from 10% to 20% of the base salary.

According to a survey, the top 10% of administrative assistants at family offices, regardless of size, earn $188,800 with a 20% bonus. Meanwhile, at the largest family offices, which frequently use long-term incentive plans, the top 10% of assistants can potentially receive all-in compensation of up to $240,000.

"Trish Botoff, founder and managing principal of Botoff Consulting, stated that while some families may experience sticker shock, they find greater satisfaction when they control the services provided, how they are done, and who is doing them."

Family office executives frequently require their executive assistants to accompany them on both personal and professional trips.

Dawn Faktor Pincus, a recruiter, is seeking an executive assistant to travel with the family office principal at least once a month, including on holidays. The estimated total compensation for the role is over $200,000, which includes a $170,000 base salary, travel pay, sign-on bonuses, and yearly bonuses.

Faktor Pincus, a senior recruiter at Howard-Sloan Search, stated that the travel and time commitment are just some of the reasons why the role pays so much. These ultra-rich employers are often selective, looking for candidates with top-tier or Ivy League degrees or previous experience working with high-net-worth individuals, which comes at a premium. For one family office seeking an executive assistant with a creative background, she placed a graduate of a prestigious university who was an aspiring novelist.

"It's a small pool," Faktor Pincus said.

Family offices typically require at least five years of related experience, with some demanding even eight to 10 years due to the complexity of the role, according to recruiter Fira Yagyaev of Larson Maddox.

Yagyaev, head of wealth management, trust and family office services at the recruiting agency, stated that the family experiences on a daily basis are complex and therefore, this hire is likely one of the most critical.

Executive assistants are expected to handle any task, big or small, without complaint, and can expect at least 10% of their work to involve personal assistant duties.

"It is always a service role," he said.

Plus, the work comes with thorny personalities, said Faktor Pincus.

"Ultra-high-net-worth individuals can be difficult," she said. "Success often comes from being tough and assertive."