The salaries of board members have doubled

Compensation for family office managers has more than doubled in the past six years. Salaries have increased by 133% since 2016. This stems from the Compensation Standard Report on Agreement. Agrios is a recruitment agency specialized in family offices It operates in the UK, Europe, USA, Middle East and Asia Pacific.

According to the analysis, the average executive salary in 2016 was £165,000. Meanwhile, it has risen to between £200,000 and £250,000. Only 6 per cent of managers will earn less than £100,000 today, and another 13 per cent will earn less than £150,000. 49 per cent will reach more than £200,000 a year.

This development also reflects the more common executive salary: according to Agrios, in 2016 it was between £150,000 and £200,000. In 2017, this value has already increased to 300 thousand pounds. The most common base salary is now between £300,000 and £350,000.

These jumps in salaries are five times more than the national comparison. While family office managers’ salaries increased by as much as 133 per cent between 2016 and 2022, UK national salaries would have increased by only 23 per cent. According to the Office for National Statistics, the average weekly wage was £486 in 2016 and £598 in 2022.

Bonuses are not yet included in salaries

Board members’ remunerations are not included in their salaries. In 2017, 15 percent of respondents said they had not received a reward. That number has since fallen to 12 percent. In 78 percent of cases, bonuses are discretionary, and in 2016 that percentage was still 73 percent.

In addition to this, non-cash compensation for directors of family offices. According to Agrios, more than two-thirds of them receive private health insurance, 53 percent on company phone and 29 percent on life. There are also discounts such as memberships at fitness studios.