For his regular series of interviews in Family Wealth Report, Joe Reilly interviews Alexandra Lebenthal, chief executive of Lebenthal & Co, about rebuilding the family business.

For his regular series of interviews in Family Wealth Report, Joe Reilly interviews Alexandra Lebenthal, chief executive of Lebenthal & Co, about rebuilding the family business, telecommuting and the importance of being fabulous.

Reilly: Did you always want to work in the family business?

Lebenthal: I did not always want to work in the family business. I wanted to be an actress until I was about 19 and then realized that while I envisioned myself winning academy awards, I didn’t necessarily relish all of the less glamorous moments of acting. With that epiphany I decided another career was a better choice. While I started on Wall Street after college, I didn’t plan on working in the family business for some time, or at all, however a non-family member who went to work there as president enticed me to join. Once there, I was there to stay.

Reilly: You rebuilt the family firm from scratch five years ago in the depths of the crisis, and are now handling over $1 billion a year in securities. What is the biggest challenge in starting a wealth management business?

Lebenthal: The biggest challenge by far was having enough capital to build the business. We were building the company when capital was tough for even the largest of companies. With limited reserves it was difficult to add everything we wanted at once.

Reilly: Do you think the current ultra high net worth business models are flawed?

Lebenthal: After over 25 years in the business, I still see an industry that truly doesn’t communicate with its clients. We all sell the same “stuff” and generally sell it in the same way using jargon that few investors actually understand. We miss the signals that investors, particularly females, give us. I have always lived outside of the ivory tower. It’s a lot easier to see what people really want that way.

Reilly: What is more challenging in a family business: father-daughter or father-son relationships?

Lebenthal: I would say a father-daughter, but honestly I don’t know having never been a son! I will say that in my own case, I had a hard time separating when I was CEO and he was chairman from when I was the daughter and he was the father. It became a lot easier when I restarted the company and he now works for me!

Reilly:  Where do you fall in the telecommuting debate?

Lebenthal: I could spend all of my time at home, but I wouldn’t be able to interact with everyone that works for me. I wouldn’t be able to walk around and give or get ideas. I think that there is flex time, particularly when women are dealing with childcare issues, but no one should be away from the office entirely. I recently heard Marissa Mayer say at a conference: “Start-ups were always about two guys in a garage, it was never one guy in a garage.”

Reilly:  Is there such a thing as a work-life balance?  

Lebenthal: Yes there is life balance! Here is the thing to remember - it’s never permanent. Like someone walking on a high wire, you achieve it for the time you are on the wire and then you are done. It cannot be a permanent thing. Sometimes you may fall, but people are usually amazed you did it at all!

Reilly:  What advice would you give to a woman starting on Wall Street today?

Lebenthal: The most important thing is don’t sit there and expect people to take care of you! If you want to be promoted be prepared to ask for it and be prepared to bring your achievements to people’s attention. Bear in mind, however, that women can often be seen as too aggressive, so make sure you keep a soft side and have friends around you. I would also recommend reading Sheryl Sandburg’s book (Lean In: Women, Work, and the Will to Lead). It’s a great guide!

Reilly: Your grandmother famously worked until age 93. Do you aspire to work until that age?

Lebenthal: I unequivocally do not! I do plan, however, to have other careers and look forward to what may lie ahead for me.

Reilly: How important is it to pursue active social, charitable and business lives? Is being fabulous good for business? 

Lebenthal: I have met so many people that have been important for my career and business by being involved in many different activities. Being fabulous - and of course looking fabulous - is a must!