As a specialist recruitment firm dedicated to serving Family Offices, Agreus has comprehensive data and insight in the sector’s compensation levels. One of our biggest highlights from last year was the release of the 2023 Global Family Office Compensation Benchmark Report, created in collaboration with KPMG, which puts a lot of that knowledge into the hands of Family Offices. However, for those looking for a more tailored solution, we also offer a compensation consulting service. Let’s take a look at why so many of our clients are opting for this service.
The unique nature of Family Offices
Handling the financial matters for ultra-high-net-worth families requires highly skilled professionals from the financial services and professional services industries with a varied set of skills, ranging from finance and investments to estate planning and wealth management. These individuals are often accustomed to competitive compensation packages.
However, unlike traditional financial institutions, Family Offices often lack standardised job roles and industry-wide compensation benchmarks. This absence of established guidelines makes determining fair and competitive compensation a challenging task.
Added to this, the Principals of Family Offices have often generated their wealth in industries such as manufacturing or retail. As a result, they may not be familiar with the compensation benchmarks and practices prevalent in other sectors, making it difficult to ensure fairness and competitiveness in their compensation structure.
The need for data-driven solutions
Family Offices are by nature very private, which makes it exceptionally hard to gain access to the compensation benchmark data from their peers. As a result, compensation in a Family Office is often a product of guesswork and emotion.
Data-driven solutions offer transparency, objectivity and alignment with market standards. Agreus recognises the importance of research-based insights in crafting compensation strategies that attract and retain top talent. By leveraging comprehensive data analytics, we ensure Family Offices make informed decisions that enhance their competitive edge.
Our Global Compensation Benchmarking report
As a dedicated partner for Family Offices, Agreus has been recruiting specialised talent for them for over a decade. This extensive experience has provided us with unique access to comprehensive compensation data within the industry. Since 2015, we have been leveraging this valuable information to release an annual compensation report that serves as an indispensable resource for Family Offices worldwide.
These reports offer in-depth insights into salary trends, compensation structures, and demographic profiles of Family Office professionals across the globe. By providing actionable intelligence, these reports empower Family Offices to optimise their compensation practices, ensuring they remain competitive in attracting and retaining top talent.
Recognising the need for a comprehensive understanding of the global Family Office landscape, we collaborated with KPMG Private Enterprise to produce the 2023 Global Family Office Compensation Benchmark Report. This extensive report was curated using more than 650 responses from Family Office professionals and over 13 years of primary data collected by us, making it one of the largest and most comprehensive studies of its kind.
Key insights from the report:
- 80% of Family Office professionals receive a performance bonus which can reach over 200% of their basic salary
- 58% received an uplift in their salary in 2022
- 74% of Family Offices facilitate working from home
- Almost 10% of CEOs in UK-based Family Offices can take home more than £1M in basic salary
- Apart from the Middle East, over 69% of CEOs in all other regions are non-family members
Tailored consultation services
Beyond providing high-level benchmarking data, Agreus offers tailored consultation services to individual Family Offices. Understanding the unique compensation challenges faced by Family Offices, we introduced a compensation benchmarking service.
By understanding the unique needs and objectives of each client, Agreus delivers strategic guidance and support to optimise compensation practices. We developed a rigorous compensation consulting process that allows us to engage all parties and develop a comprehensive understanding of the roles involved. Along with the primary data we gathered over years of working in the Family Office space, we have successfully assisted many Family Office clients in improving and professionalising their compensation structure.
As Family Offices strive for excellence in an increasingly competitive market, compensation benchmarking has become a priority. By partnering with Agreus, Family Offices gain access to specialised expertise, data-driven insight and tailored solutions that ensure fair and competitive compensation practices. With Agreus by their side, Family Offices can enhance their performance and stay ahead in the race for talent.
Unlock the full potential of your Family Office today. For a more tailored conversation, please do not hesitate to get in touch.