Women are better represented in executive roles at family offices than in most corporations in the U.S., according to a new survey.
Women make up nearly one-third of executive roles in family offices, "outstripping U.S. corporate data for women in C-suite and leadership roles," according to the biannual compensation report from Morgan Stanley's Single Family Office Advisory group, in collaboration with Botoff Consulting. The report contains responses from over 400 single family offices, with 77% of participant families having a total net worth of over $500 million.
In addition, the report found that fierce competition for family office talent — especially in accounting, tax, investment and support roles — is driving up pay and bonuses.
More than 90% of firms surveyed reported giving their employees salary increases in the past year, with incentives such as bonuses remaining strong for 82%.
The majority of single family offices in the survey said they planned to give salary increases of 5% or more — well above the national median, "which is at its highest level in 20 years as a result of inflation and labor shortages," according to Spear's.
The use of long-term incentive compensation plans continues to grow, with 59% of respondents using such plans. That's especially true with larger firms — 72% of firms with over $1 billion in assets under management.