As the financial industry continues to evolve, many companies are focusing on the growing number of clients who have less-than-typical wealth. Many of these clients have been impacted by the 2008 financial crisis, and some have even lost their entire investment portfolios.
Family offices are taking advantage of this trend and are creating new products and services that can help these clients begin to rebuild their financial security. Thus, there is an increasing number of family office jobs as well as private bank careers. Family office job titles include financial advisor, wealth manager, financial planner, principal advisor, and principal banker.
These professionals have the opportunity to work in a field that focuses on helping people use their money more effectively and responsibly, while also providing them with the tools they need to prepare for life's future challenges.
While individuals who work in these fields tend to earn more than their counterparts in other financial-related industries, it's important to keep in mind that most families in need of these services simply don't have the money to pay an advisor.
That being said, in order to get the best private banking jobs, family office management, and wealth management, it is essential that you have a strong academic and professional background in finance, business administration, or management.
To top it off, family offices are often seen as a "serious" career choice, and many employers prefer candidates with a Master's or Ph.D. degree.
In this article, we will explore everything you wanted to know about the family office and private banking jobs & salaries.
Working for a family office and private bank jobs are lucrative careers in the financial industry.
Here are the most common family office careers in a single-family office or a private family office setup:
The CEO family office positions typically are the first official hires. CEOs are in charge of devising a strategy for the preservation, protection, and increase of family wealth. They oversee all the team members and communicate with all departments, from accounting to investment management. The CEO decides about potential deals and investments either alone or together with family representatives.
The CEO's involvement in deal sourcing and investment management depends heavily on the size of the family office. Every asset class has its own investment manager in larger SFOs. In smaller SFOs, the CEO also handles investment management. CEOs working for a family office usually have a finance or law background and often also a degree from an Ivy League university.
CEO for Family Office Compensation: $250,000 to $600,000/year (base salary)
CIOs oversee all investment-related matters at private equity, venture capital, and real estate firms. Working at a family office, the CIO is in charge of deal sourcing, investment management, and asset management, as well as beauty pageants and investment decisions. Typically, CIOs have previously worked for investment banks, private equity firms, or working for an investment family office. CIOs have extensive expertise in various asset classes and a solid track record.
The CIO family office position is in charge of risk management and reporting in addition to handling beauty contests and final investment choices. He is heavily involved in beauty contests and can obtain off-market managers for his investment companies from other firms. CIOs are usually in contact with investment executives from other firms and can thus source off-market managers for investment applications.
CIO for Family Office Compensation: $250,000 to $500,000/year (base salary)
The CFO of family office positions is responsible for all accounting-related matters. Family members who live in different countries or have tax vehicles may affect the CFO's duties. Together with the Chief Investment Officer, the CFO works on tax-efficient investment strategies.
Furthermore, the CFO family office job titles are responsible for cash flow reporting and financial statements as well as liquidity management. The CFO manages the liquidity of the family office by distributing profits to family members, in addition to paying constant and growing amounts of income. The CFO usually has a long business background and has worked for major consulting firms.
CFO for Family Office Compensation: $125,000 to $250,000/year (base salary)
The COO in family office positions is in charge of all non-investment duties. The COO hires staff, monitors risk management, and manages the family office's budget. They also manage private projects (such as founding a foundation). The COO requires smooth procedures and regular reporting. The COO has years of finance expertise and management experience.
COO for Family Office Compensation: $125,000 to $250,000/year (base salary)
CEO working in a family office.
The CLO family office positions provide legal advice and assistance to the Board of Directors and senior management on a range of legal issues, including corporate governance, securities legislation, antitrust law, employment law, and intellectual property.
CLO for Family Office Compensation: $175,000 – $250,000 (base salary)
Family office careers as General Counsels serve as the legal experts who critically and articulately scrutinize a wide range of legal issues, including drafting, reviewing, and approving policies and procedures, regulations, bylaws, and other legal documents.
General Counsel for Family Office Compensation: $125,000 to $250,000/year (base salary)
A lawyer working for a family office helps write and implement corporate agreements, as well as negotiate meetings, compose documents, and make phone calls in order to make sure that the provisions are unambiguous and free from problems for future clients. These lawyers often spend the majority of their time fighting for companies to avoid legal problems.
Private and Corporate Lawyer for Family Office Compensation: $105,000 to $120,000
A financial planner working for a family office identifies, analyses, and manages financial risks, rewards, and opportunities for a firm or individual. Wealth management professionals are responsible for assessing company finances, designing budgeting plans, and producing analysis documents.
Wealth Planner for Family Office Compensation: $120,000 to $150,000
Investment advisors working for a family office provide security analysis or investment counsel to a variety of clients and companies. They follow high standards of fiduciary responsibility and significant limits on discretion as a result of the quantity of private and personal information they deal with daily.
Investment Advisor for Family Office Compensation: $75,000 and $105,000
Portfolio managers working for an investment family office are responsible for developing and applying investment strategies and processes in order to meet client objectives and constraints, build and manage portfolios, make investment decisions, and maintain portfolios.
Portfolio Manager for Family Office Compensation: $150,000 – $200,000
Investing in the stock market is done by the portfolio, one of the many family office careers.
A real estate hedge fund specialist working for an investment family office does research and acquires property for investment. They work as an asset management analyst, researching market conditions in order to make sure the right investments are made.
Real estate fund managers, whose responsibility is to develop strategies, manage portfolios, and make investment decisions to increase the value of their holdings, rely on these analyses to guide their actions, REITs purchase and operate real estate for investment.
Investment Specialist for Family Office Compensation: $95,000 – $120,000
A corporate administrator working for a family office updates files and indexes documents sent and received. They also issue invoices and follow up with clients for their settlements. They also discuss legal issues with external attorneys, create family office registration, and registrar changes.
Corporate Administrator for Family Office Compensation: $50,000 – $126,000
A lifestyle manager working for a family office manages the lifestyles of clients or guests. They can also help manage requests and book travel, transportation, restaurants, venues, and suppliers for businesses. They might also assist in resolving policy disputes.
Lifestyle Manager for Family Office Compensation: $58,000 – $87,000
A concierge, also commonly known as a guest relations manager or guest services worker, working for a family office is a customer service worker. These positions may also be found in top-end offices and apartment complexes. These workers' duties may include managing or assisting with reservations.
Concierge for Family Office Compensation: $35,000 – $45,000
An accountant working for a family office tracks, accounts, and cleanse the company's finances. They perform financial audits, reconcile bank statements, and keep financial records up-to-date.
Accountant for Family Office Compensation: $100,000 – $150,000
Analysts working for an investment family office look at financial statements and predict the future performance of corporations in order to determine the firm's future profitability and expenses as well as capital structure and budgeting. Financial analysts are also required to keep track of the family office’s financial plan.
Financial Analyst for Family Office Compensation: $100,000 – $150,000
Philanthropy expert family office positions create and implement a wealth management plan that includes preserving family unity, as well as prosperity that lasts through generations. They are also in charge of business endeavors and charities to make the world and world society a better place by actively contributing money.
Philanthropy And Family Governance Expert for Family Office Compensation: $150,000 – $200,000
Like a financial advisor, private bank careers provides an in-depth analysis of an individual or organization's financial health and make recommendations based on individual or organization-specific investment, estate planning, and charitable considerations.
Private bankers are typically employed by large financial organizations, while financial advisors or wealth managers work outside the sector. Here are the most important things you must know if you are interested to start a private bank career.
Bank of America Private Bank Jobs are available to qualified candidates.
A private banker's career is based on his or her education. Bachelor's degree holders are generally required to work in private banking, accounting, or finance. A marketing degree may also be useful for a private banker in his or her career.
There are many UHNWI clients in financial institutions whose degrees may require a master's degree in finance, accounting, or business.
Depending on the client and the nature of private banker jobs, a FINRA or NASAA securities administration license is required to provide investment advice and employ investment strategies. A Series 6 or Series 7 FINRA license is typically required, but NASAA guidelines might also require a Series 63 or Series 65 license.
Recent information on Payscale showed that private banking associate salary is around $49,132 including commissions and bonuses. The total annual compensation ranges from $40,000 to $126,000. The average annual base pay for a private banker is $68,553, with additional compensation including bonuses and commissions.
Salary ranges for private bankers at major banks such as JPMorgan Chase ranged from $30,000 up to $170,000. JPMorgan Chase, private banking salary ranges from $38,000 up to $100,000.
It’s important for those who are considering switching careers to have a clear understanding of the various job opportunities that are available in the financial services industry. In order to better understand these opportunities, it’s helpful to understand the different types of jobs available in the financial services industry.
The increasing number of ultra-high-net-worth individuals and self-made millionaires increases the demand for private banking and family office services. Therefore, there is also an increasing demand for family office careers and private banking jobs.
For those with the right skills and experience, and contacts, you can land a lucrative family office job with an elite private bank career from a financial services firm or large firm. If you don’t have the credentials, work your way up.
Always remember that effective communication and collaboration skills are paramount. If private bank jobs or working for a family office are your dreams, go for it! Take action and achieve your dream career.