CHICAGO, Oct. 28, 2015 (GLOBE NEWSWIRE) -- Family Office Exchange (FOX), a global membership organization of enterprise families and their key advisors, revealed that 88 percent of family offices plan to increase salaries next year with a median increase of 3 percent. The finding is part of the 2015 FOX Family Office Compensation and Benefits Report. By contrast, in 2014, 83 percent of family offices saw salaries rise, with a median increase of 4 percent.
This year’s report, which was co-sponsored by Grant Thornton LLP, contains compensation data for 25 different family office staff positions. The data comes from 112 different family offices reporting on nearly 800 individual staff positions, with information on salary, incentive compensation, benefit packages, and retirement plans.
New data, collected for the first time, shows a surprising proportion of the CEOs of family offices to be women. The study reports that 35 percent of the participating family offices have female CEOs, compared to just 4.6 percent of S&P 500 companies. The average family office CEO is 54 years old, and staff members range in age from 22 to 84 years old. Thirty-six percent of participants, with CEOs who are 60 years or older, are facing imminent succession issues.
“The 2015 FOX Family Office Compensation and Benefits Report is an invaluable resource for family offices that want to ensure that their compensation and benefits plans are competitive,” said Jane Flanagan, Director of Family Research at FOX. “In an environment where finding and retaining talent is the number one concern, having peer data that addresses the entire package—from base salary to benefits and flexible work hours - helps the office leadership ensure that they are doing everything they can to be competitive.”
“Grant Thornton is pleased to sponsor this important research and share our insights and experience related to long-term incentive compensation in family offices,” said Bruce Benesh, Grant Thornton’s national partner-in-charge of Compensation and Benefits Consulting. “Long-term incentives are becoming more prevalent and can be a powerful tool for offices seeking to attract and retain the best available talent.”
The 2015 FOX Family Office Compensation and Benefits Report is available to all FOX family office members. For more information, please contact us.
About Family Office Exchange
Family Office Exchange (FOX) is the premier global member network for enterprise families and their advisors who are pursuing best practices for managing their family enterprise and growing their family wealth. The community includes over 8,000 family leaders and sophisticated advisors from 460 organizations in 20 countries who utilize FOX’s resources each year for advice, networking, education, and best practices in wealth management.
About Grant Thornton LLP
Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms. In the United States, Grant Thornton has revenue in excess of $1.4 billion and operates 57 offices with more than 500 partners and 6,400 employees. Grant Thornton works with a broad range of dynamic publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations.
“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see grantthornton.com for further details.
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Source:Family Office Exchange LLC