Being the Personal Assistant (PA) of a high-net-worth family undoubtedly comes with a lot of perks – generous salary, lots of travel, sometimes on a private jet and many other incredible experiences. As good as it sounds, this may not be a role for everyone.
In this article we unveil what it takes to be the perfect Family Office PA. However, first we are going to take a look at what the role entails and the different positions available.
What is a PA in a Family Office and what are the roles available?
A Personal Assistant is essentially the “right-hand man” supporting high-net-worth families and their respective Family Offices. A PA needs to complete the day-to-day personal and professional tasks for the family they serve and ensure the smooth running of the Family Office.
The duties of a Personal Assistant range very widely, from running errands for the Principal to attending important meetings to take notes, managing portfolios or even travelling the world with the Principal. It varies based on the family’s needs, so the PA will have to be flexible and ready to tackle anything thrown their way. A more senior position within the Family Office is known as an Executive Personal Assistant (EA) and requires more technical skills. An EA is often the key contact point for the Principal and is responsible for liaising with professionals while offering critical lifestyle, travel, and property support.
What are Family Offices looking for in a PA?
Confidentiality and discretion are essential for this role. As you can imagine, those with a high-net-worth would not appreciate having their information leaked to the public. As someone who handles the personal and even financial matters of a high-net-worth person, a PA must be someone who can be highly trusted with sensitive and private information.
Additionally, a PA will need to have the ability to resource and juggle many different requests and expectations. With busy lifestyles and complex schedules, you’ll need to be skilled and reliable to support individuals and families when managing their personal and professional affairs.
Employees need to offer a tailor-made service and are expected to go above and beyond their job remit to ensure their boss is satisfied. Agreus’ Co-Founder Paul Westall highlighted the unique nature of a role in Family Offices when speaking to Bloomberg in August 2023 stating; “if someone needs to pick the mail up or make a cup of coffee for the Principal’s friend then you may be required to do that”. While this may seem a menial task, having a positive, willing, and can-do attitude to even the smallest task is important. As mentioned as Principals have intense schedules anticipating their needs with acts like this will go a long way.
Thinking of hiring a PA in your Family Office? Here’s what you need to think about.
Your ideal PA must possess these qualities:
- Positive attitude.
- Attention to detail.
- Problem-solving skills.
- Integrity and discretion.
- Interpersonal and communication skills.
- Ability to multitask.
They will also have to be a perfect cultural fit due to the highly personal nature of a Family Office and the role of a PA. PA’s often share close relationships with the clients and this unique bond is the reason why Cultural Fit is particularly important. Ensure to identify the idiosyncrasies and characteristics of the family that may impact your next hire, including the family’s purpose, beliefs and behaviours, then balance them with the values, priorities and goals of a candidate.
In our 2023 Global Family Office Compensation Benchmark Report, we explored the compensation structure of different Family Office roles across regions. We found that the PAs in USA Family Offices receive the highest base salary on average, ranging from USD$72k to USD$199k. In Europe, a PA’s salary can range from EUR€60-€72k or EUR€99-€132k. In the UK, the majority of PAs receive less than GBP £60k. Whereas in Asia, a PA has an equal chance of receiving less than SGD$60k or SGD$85k-$99k.
Agreus is an established full-service resources and recruitment consultancy dedicated to working exclusively with Family Offices. Agreus has successfully placed entry-level through to executive-level professionals within investments, legal, accountancy and finance and operational roles in Family Offices across the world. We understand the dynamics of a Family Office and can offer the perfect candidates as well as consultative advice on compensating your employees. For a more tailored conversation about hiring for your Family Office, please do not hesitate to get in touch.
Alternatively, if you are interested in working for Family Offices, please see the link below: