It is really more by accident than design that the team of DFS Private Wealth is comprised wholly of women, including Baccarani’s daughter and partner in the firm, Jennifer Black.
Speaking to Wealth Professional, Baccarani points out that she did have one female employee who did not work out. But she concedes that women are often well suited to the field: “There’s a little bit more care from female assistants than male,” she says.
She went as far as to say that women can outgun men with their nurturing instinct. She said: “I really think women do a better job in most cases - really helping the client, figuring out what they need assistance with. We’re not just looking at investments here, we’re getting to know our clients and their families.”
Baccarani’s primary aim when she meets a client is to help: “If someone has a problem, I try to understand and help to figure out how to solve it.” She describes her modus operandi as: “Listening and understanding and then helping.”
DFS Private Wealth is known for its holistic, 360 degree approach to wealth management. By taking into consideration all aspects of a client’s situation to generate a complete financial picture, instead of only focusing only on investments, the company hopes to offer clients greater security.
Baccarani said wealth management is a career that puts women on a level financial playing field with men because, except for the fee given to the bank or the dealer (in the case of DFS Private Wealth this is Mandeville Private Client), money generated by a financial advisor is kept by the advisor. “There’s definitely not more going to the male than the female advisors. It’s completely based on your production,” said Baccarani.
Financial reward, though, is not Baccarani’s focus. When she promotes wealth management as a career for women, she emphasises the public spirited nature of the role: “You can do so much with [this career]. You can really make a difference in people’s lives, not only financially, but overall. People appreciate what we do and they tell us all the time, so it’s very rewarding,” she said.
The key skill women need to succeed in wealth management, according to Baccarani, is confidence. She said: “Women shouldn’t be intimidated by the fact that the industry is predominantly male. They should feel comfortable that they can do as good or better a job than most of the men in the industry.”