Lessons learned after 30 years on Wall Street

I’ve been on Wall Street officially for 30 years and about 50 years unofficially. Given that I’m 52, one might wonder how that can be. In 1925, my grandparents started Lebenthal & Co. as a municipal bond specialist, so from about the age of 4 I would periodically visit the office with my father. Seeing my grandmother running the company (she worked until she was 93), instilled in me the idea that women can do anything. I followed her lead and not only ran the company myself, but restarted it after its sale.
As I reflect on my path, and that of other women on Wall Street, I have seen the good and bad. I am frustrated by the lack of progress in some areas, but encouraged by my peers, who have attained positions they would not have had when I started, or even 10 years ago. I have enormous respect for those women, because they had to succeed in a corporate atmosphere where merit can be less important than politics. In watching them, as well as reflecting on my own success, I have learned invaluable lessons.

TOOT YOUR OWN HORN

Don’t be afraid to toot your own horn. Back in our school days, the teacher praised you and pointed out to others how smart you were, but that typically isn’t going to happen in business. Make sure you talk about your strengths, successes and qualifications
Have a sense of humor. They say laughter is the best medicine; it is also a way to counter frustration, problems and even discrimination in a way that will also likely gain you friends and allies.
Realize you are not only qualified, but overqualified. Leap for that promotion. If it’s offered to you, keep fears that you can’t do it to yourself. You more than likely can!

(Related read: 2016 InvestmentNews Women to Watch)

Understand that balance is never permanent. Just as if you were riding a unicycle, you will be balanced for moments in time. Sometimes you might fall, but people will mostly be amazed you did it all. Embrace those moments when you have balance and try not to be overly upset on the days you don’t.
Ask for what you want. This is one of the most difficult things for women to do. It is the most important lesson I have learned, especially since restarting the company. I have found that people, especially men, often like helping us. Figure out how to say what you want in a way that feels comfortable and fits your personality.
Embrace your failures as much as your successes. Sallie Krawcheck is my idol on this topic. Two high-profile firings have become a part of her brand and a way to teach the next generation of women.

NEW TALENT

Speaking of the next generation, take care of them. They not only need us, but there is great talent that should be identified and nurtured to keep them in our business.
Consultative management is the best way to lead. The opinions and experience of others, especially those with more expertise in a specific area, are critical to making the best organization, as well as keeping people engaged and reminding them of their value.

(Related read: Why aren’t there more women fund managers?)

Build a network and nurture it. Be there for people in good times and bad. Keep in touch with them, even when they cannot do anything for you. Build a network internally and externally.
Finally, remember you are always growing. After all this time, I have learned new lessons this year — some about myself, some about others. While they weren’t always lessons I wanted to learn, they are part of the framework of who I am as a woman and as a leader.

Alexandra Lebenthal is CEO of Lebenthal & Co.