Having explored family offices' broad trends and projections earlier in 2024, the consultancy is going into more detail about what different family office figures are paid, across scores of specific roles.

A survey of single- and multi-family offices around the world. which is being put together and conducted by US-based Botoff Consulting, is likely to show that these organisations continue to wrestle with acquiring talent in a time of tight margins and rising costs.

A report issued early in 2024, which covers trends and projections, drills into far more detail about actual compensation data by position. Botoff said its report covers “significantly” more information, including data on about 40 positions that commonly exist in family offices.

In the past, the family offices sector, which spans thousands of organisations in North America and abroad, has been relatively opaque, but it is becoming more professionalised and, as a result of a desire to tap into deals, more visible in the public eye. 

The latest compensation survey being conducted at the moment does not just cover family offices, but also family investment firms and private family trust companies. The study will shed light on salaries, bonuses and the increasing use of long-term incentives – the total picture of compensation in this multi-trillion dollar (AuM) space – an area that this news service tracks and covers regularly.

Non-US family offices have until 31 October to take part in the new survey. Only those firms which take part can obtain full access to its contents when published, Botoff Consulting told this publication in a recent call.

The US portion of the survey, which is already closed, had an increase over the 2023 US survey of 7 per cent in participants (from 405 to 433) and a 30 per cent increase in reported incumbents (from 1,728 to 2,240).

The report will include a profile of firms and executives taking part; family office compensation trends and practices; incentive plan trends and approaches; how to understand compensation market data, and compensation details by position.

This news service intends to cover the findings of this report as soon as it is published; it will also conduct interviews with Botoff Consulting about its views on compensation trends and challenges in this industry. To find out more about the survey, click here.

(This article first appeared in Family Wealth Report, sister news service to this one.)