Tips & Tricks of an Ultra-High-Net-Worth Estate Manager
By Mike Putnam, Ph.D.
“Some days I went to work in a helicopter. I flew in a private 737. Nothing was normal.”
“If someone asked the one word that describes what I do as an estate manager, I’d say ‘facilitator.’” So said Alfred Penny,[1] who spent the past 24 years as the estate manager for an ultra-high-net-worth family—a family worth billions.
What exactly is a facilitator? You might say Alfred’s job is to manage day to day tasks so his boss doesn’t have to. “I don’t generate income, but I facilitate an environment which is conducive to doing business,” he said.
Life with multiple properties, a private jet, a fleet of luxury vehicles, and an art collection worth millions presents its own set of challenges.
The life of the super-rich isn’t challenging in the way life is for many of us. However, life with multiple properties, a private jet, a fleet of luxury vehicles, and an art collection worth millions presents its own set of challenges. That’s where Alfred comes in. As estate manager, he managed all this so his boss, aka the “principal,” could do what he did best. And that was “making millions and millions of dollars. We all have certain redeeming qualities,” Alfred said wryly.
Getting your start & getting your share
“There’s more out there… there’s real potential for a career in private service.”
A funny, exuberant, and humble man, Alfred dedicated his adult life to being a private service professional. He started out at the Culinary Institute of America (CIA) in Hyde Park, NY on the private chef track.
After CIA, he did “a few stages [2] under chefs at the best restaurants in the country.” Developing this kind of “provenance,”[3] as Alfred put it, is essential for working your way into the world of high-net-worth families and above.
At the same time, he insists that if they’re ambitious enough, a housekeeper working at a local hotel could make it into this world. “How hungry are you?” he asked. Indeed, Alfred wanted to share his experience to help the next generation see that there’s more out there—that there’s real potential for a great career in private service. So if you’re hungry and interested in learning what it takes, listen up.
Alfred spent almost a year as a chef of a private yacht traveling the world by sea.
“I went through the Panama Canal, to the south of France, and so many other places on that yacht.”
After a few short stages, Alfred got his first job as a chef on a private yacht, then spent almost a year traveling the world by sea: “I went through the Panama Canal, to the south of France, and so many other places on that yacht.” He quickly took a step to the next level when CIA recommended him to a prominent New York entrepreneur who was looking for a private chef.
“Some days I went to work in a helicopter,” Alfred said. “I remember flying cross country on a private 737. Nothing was normal.”
During political fundraisers hosted by his most recent principal, Alfred served dinner to and met several U.S. presidents, vice presidents, as well as numerous ambassadors and dignitaries.
Want glamour? There’s plenty. Want straight ahead benefits and a good salary? Just listen:
Many domestic helpers can’t imagine getting health benefits from an employer. Alfred tells a different story. One of the housekeepers he worked with made $80,000 a year, received 100% health insurance, and a matching 401k contribution. Every few years the boss would buy her a new car. When they were remodeling one of the houses, she got several pieces of high-end furniture for free.
Alfred himself made in the $200,000 range, but he made it clear that packages vary in every possible way. Salary is just one piece of the puzzle, depending on the perks and location (cost of living differences vary widely by location), that number could move up or down significantly.
Let’s be realistic though, these are demanding positions. Going private is “a tough world,” Alfred said.
“There’s no space for excuses. You’ve got to be on your A-game—without fail, period.”
Butlers, house managers, and housekeepers—pride & modesty at the top
From the Four Seasons or the Peninsula, for example, you could make the move to a housekeeper position for a high-net-worth family.
Private chefs start at schools like CIA and Johnson & Wales. But according to Alfred, there are also butler schools around the world, Starky International is a well-known house manager school in the US, and trade schools abound where you can get your start. The housekeepers he has worked with started at mid-range hotels, then worked their way into more prestigious hotels. From the Four Seasons or the Peninsula, for example, you could make the move to a housekeeper position for a high-net-worth family.
Alfred’s winning character might be described as a paradoxical mix of pride and modesty.
“Cultivate pride in your work, but never forget that there’s always, always more to learn."
“You have to work your way up and learn the trade, understand finer products and materials, and take pride in that.”
“When I was hiring staff,” Alfred said, “I never discriminated; I wanted somebody who took pride in their presence. Their resume had to be folded and in a beautiful envelope, and most importantly, they wanted to learn and were willing to grow. When they got the job, they stood by my side and asked me lots of questions.”
His message: Cultivate pride in your work, but never forget that there’s always, always more to learn. For example, Alfred described himself during his stages as standing beside great chefs, watching everything closely, and asking for tips. “I emulated their style and skills: clean clothes, the best tools, and true mastery of their calling.”
Alfred had just graduated from one of the finest culinary schools in the country, but he was humble. “Some people think they can do no wrong, there’s an arrogance to them,” he said. “But you have to work your way up and learn the trade, understand finer products and materials, and take pride in that.”
The learning never stops
Consider the level of knowledge and expertise for those in private service. Alfred spoke with admiration of the two housekeepers he worked with (both were immigrant women)—there was not a material in the residence that they did not understand completely.
· Fine linens and towels
· Every kind of clothing fabric: silk, chiffon, linen, cashmere, leather
· The variety of stone for counter tops, mantles, floors, statues
· The variety of wood for furniture of all kinds, and floors, doors, wainscoting, molding
“Eventually, I was handling an art collection worth hundreds of millions: de Kooning, Warhol, Calder, and these are the common names. It boggles the mind.”
Few people recognize the level of expertise required in this kind of work. The higher you go, the more there is to learn. Alfred started with his former employer as a private chef and house manager. As his principal grew from high-net-worth to ultra-high-net-worth, Alfred grew along with him. As their trust deepened his principal asked him to manage the extensive and very expensive art collection that he had begun to acquire.
“Unfortunately, my knowledge of art was minimal,” Alfred said. “I was humble, extremely humble. I asked questions; I studied. Eventually, I was handling an art collection worth hundreds of millions: de Kooning, Warhol, Calder, and these are the common names. It boggles the mind.”
Gatekeeper of the castle
“I was the gatekeeper to the castle. Discretion, privacy, and security were of the utmost importance.”
Aside from the profound privilege that wealth of this magnitude brings, it also brings risk. During his tenure, Alfred said that he had to remain invisible to the world. He couldn’t be found on Google. “There was information blackout, total anonymity.” If you’re on social media, your information is public and that is completely unacceptable. “So as estate manager,” Alfred said, “I was the gatekeeper to the castle. Discretion, privacy, and security were of the utmost importance.”
The “castle” itself had to have serious protection as well. All the properties he managed were equipped with elaborate security systems and surveillance cameras. When a vendor came to the house, for example, they used the service entrance. They were required to sign an NDA;[4] their pictures were taken. They couldn’t take pictures in the house, and if they broke the rules they would be asked to leave immediately.
Most of us don’t think about the risk that these families face. And as facilitator, part of Alfred’s job was protector. “You have to build a loyalty to your principal and the family you work for. And you have to understand and respect the position you’re in,” he said. “My anonymity was part of that. It wasn’t easy, but it comes with the territory.”
“This whole career is about passion and love for what you do. Sure, when you’re higher up the ladder, there is some loneliness...there are also rewards. Huge rewards.”
A passion and love for what you do
For private service professionals at this level, the demands are extremely high and there are definite sacrifices, but for Alfred, “this whole career is about passion and love for what you do. Sure, when you’re higher up the ladder, there is some loneliness,” he said. “But if you’re willing to go in 100%, there are also rewards. Huge rewards.”
Alfred is at the top of his game, he’s all about being great at what he does. But as you can see, there are costs and benefits. Is this the right path for you? Only you can know.
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[1] To protect his anonymity, his name has been changed.
[2] The French word for apprenticeship (it rhymes with mirages). A typical stage lasts no more than two weeks.
[3] More French. This is used to describe background, experience, or history. For example, “this job candidate has top-notch provenance.”
[4] NDA or Non-Disclosure Agreement—a document which legally binds you to maintain the privacy of information that you’ve been exposed to while working with a client.
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