Tennessee's family wealth comes from healthcare, music, logistics and real estate, with offices in Nashville, Memphis and Knoxville, plus families relocating from higher-tax states.
The family office landscape in Tennessee
Family offices in Tennessee are concentrated in and around:
- Nashville
- Memphis
- Knoxville
Where family office candidates come from in Tennessee
Nashville's large healthcare companies and growing finance community supply accountants and operations staff.
Across the state, accountants and auditors earn an average of $82,260, 13% below the US average of $94,750 and #41 of 51. Financial managers average $164,480, 12% below the US average of $186,910 (BLS Occupational Employment and Wage Statistics, May 2025). Family offices usually pay above these averages to win experienced people.
Family office salaries in Tennessee
| Role | Base salary in TN | Typical bonus |
|---|---|---|
| Family Office Controller | $160K–$220K | 15–25% |
| Family Office Accountant | $85K–$135K | 5–15% |
| Family Office Tax Manager | $140K–$195K | 10–20% |
| Family Office CFO | $275K–$440K | 25–50% |
| Family Office Chief of Staff | $140K–$230K | 15–30% |
| Family Office Operations Manager | $120K–$185K | 10–20% |
| Family Office Executive Assistant | $85K–$140K | 10–20% |
| Family Office Payroll Manager | $100K–$140K | 5–15% |
Our estimates for a single family office managing $250M–$1B, adjusted for Tennessee using BLS pay levels for accountants and financial managers (8% below the national midpoint). Try the salary calculator for other office sizes.
Taxes, trusts and the law in Tennessee
Tennessee has no tax on wages and repealed its tax on investment income in 2021. It is often cited as a trust-friendly state.
How Tennessee compares with nearby states
| State | Accountant avg. (BLS) | Financial manager avg. (BLS) | Family office controller (estimate) |
|---|---|---|---|
| Tennessee | $82,260 | $164,480 | $160K–$220K |
| Alabama | $81,080 | $160,120 | $160K–$220K |
| Kentucky | $80,790 | $145,780 | $155K–$215K |
| Mississippi | $77,680 | $128,380 | $150K–$205K |
What this means for hiring in Tennessee
Accountant pay in Tennessee ranks #41 of 51, below the national average. That makes a well-paid family office role attractive locally, and candidates relocating from higher-cost states will sometimes trade a little base salary for quality of life. Financial managers in Tennessee rank much higher (#24) than accountants, so budget more for a controller or CFO than staff-level pay would suggest. No state tax on wages is a real recruiting advantage: someone moving from New York or California keeps noticeably more of the same salary in Tennessee. With several metro areas to draw from, most staff-level searches in Tennessee can be filled locally; senior roles still benefit from a confidential, recruiter-led search.
Family office questions for Tennessee
Does Tennessee have an income tax?
No. Tennessee doesn't tax wages, and it repealed its tax on interest and dividends in 2021.
How much do family office jobs pay in Tennessee?
We estimate a family office controller in Tennessee earns about $160K–$220K base and an accountant about $85K–$135K. For context, accountants and auditors in Tennessee earn an average of $82,260 across all employers, 13% below the US average (BLS, May 2025).
Where are family offices in Tennessee?
Mostly around Nashville, Memphis, Knoxville.
Does Tennessee have a state income tax on wages?
No. Tennessee has no tax on wages and repealed its tax on investment income in 2021. It is often cited as a trust-friendly state.