Alexandra Lebenthal Left Her Family Firm, and She's 'Loving It'

There are many banks. Why did you take your concept to Houlihan Lokey?

One reason is that Houlihan is where so many female-led businesses fit in terms of size because it mostly focuses on the mid-market sector. So that would knock out the JPMorgans and the Bank of Americas of the world since their banking businesses are for much larger companies.

What's the chief challenge to your new mission?

This is a big effort to create a brand, an identity around Houlihan as a bank that has a focus on female-led companies. If you just put out a pink sign that says, "Investment Banking for Women," it's not necessarily going to work.

How will you create that brand?

This year the challenge is to build the identity and presence in the market so that ultimately a woman who is at the point of needing an investment banker will say, "I want to go to Houlihan" or, at least, "Houlihan is on my short list." But that will take some time.

What do you bring to the table that's different?

I've been the client of investment banks four or five times over the course of my career. So I know what it's like to go through the very emotional process of a transition when it's your company — as opposed to thinking about things from the banker's side. My role is to be the person the [woman] CEO can rely on during this emotional process.

Why did your leave your family firm three years ago?

There was drama around it, but I try not to look back. It's more appropriate for a Netflix special that you want to binge-watch and keep clicking on the next episode to find out what happens. It's so full of twists and turns and heroes and heroines and villains and villainesses. All I can do is have a sense of humor about it.

What was the core problem? The firm wasn't turning a profit?

Part of it was tremendously successful — the capital markets business — but not the wealth management business. For a number of years I'd wake up every day dreading having to go to work because I didn't enjoy what I was doing. I was very unhappy.

What finally triggered your decision to exit?

I came to the conclusion that it was time for me to be happy. If I was so deeply unhappy with my daily existence, then I had to focus on what was next. Once I made that decision, I felt a sense of relief and joy.

Does the family firm name exist in any form now?

It does. The name was sold. I don't really know anything more than that. It has something to do with a firm on Long Island [Lebenthal Financial Services and Lebenthal Global Advisors], but I'm not aware of any details.

At Houlihan, do you have interaction with financial advisors?

The firm does; and I will, hopefully, in the future. This year I'll be working with advisors that have female clients who have companies that need selling, as well as some of the banks and advisory firms that have a special focus on women. Houlihan has relationships with a couple of wirehouses and a couple of independent platforms whereby, if any of their financial advisors have clients that need selling, Houlihan will take on the investment banking assignments.

What can the industry do to attract more female financial advisors?

That question has been around for way too long! Instead of large financial advisory companies saying, "We're going to be the leader in female investing. Here's what we're going to do, and here's how we're going to do it," they do a research report on the size of the women's market.

What should they do instead?

There's an opportunity for any of the big banks or independent platforms to say, "We're going to own this market, and here's how we're going to do it and by when" [specific date]. Once you do that, you'll end up attracting more women [FAs].

Your father Jim Lebenthal died six years ago at 86. What's your capsule description of him?

He was incredibly vibrant, even at 86. He was 100% about living and being excited and happy and doing what he always wanted to do. During the months of COVID [stay-at-home orders], it would have been impossible to keep him inside. He would have been constantly thinking and writing and having great concerns about the bond world, which, obviously, has challenges now. He would have been out videotaping something and doing all sorts of stuff.

Years ago, you were labeled a socialite because you were on the boards of cultural institutions and often attended galas and events wearing fancy gowns. Do you miss all that?

No, I don't. It was wonderful for about a decade, but it got to be more of an obligation than a joy. To me, a socialite was someone who was only thinking about going out and dressing up. But I spent the vast majority of my day doing something completely different. When I went out, a lot of it was for business reasons, anyway. So, many of my contacts and relationships came from going to events. I still have my dresses downstairs.

You relaunched the family business in 2007. You started your job at Houlihan amid the pandemic. Do you deliberately plunge into new ventures during difficult times, or is that just a coincidence?

[Laughs] Maybe it's part of my upbringing: It always seems more appealing to take the road less traveled.

— Related on ThinkAdvisor:

• Alexandra Lebenthal: Who Are You Calling a Socialite?
• Lebenthal to Exit Wealth, RIA Business
• Lebenthal Selling Asset Manager, Brokerage Stake to South Street