Redefining Well-th with Carol Nulman of The Nulman Group

We’ve been reaching out to the Hightower community to see how their ideas about wealth have informed their lives, practices and passions. This week, we spoke to Carol Nulman, managing director and partner at The Nulman Group, about her path into the finance industry, how mentoring can help women find their way into advising, and why giving back is essential in wealth management.

What was your path into advising?

I graduated from the Boston University School of Management in the late ‘70s after Title IX. Companies were looking for women to recruit from the business school, and because there weren’t yet a lot of us in the workforce, I ended up with twenty jobs to choose from.

I chose the Xerox Corporation where I was fast tracked, sent to training every six months, and promoted. It was a great job, and I was loving life! In 1982, I was contacted by Lehman Brothers. They wanted to train a group of 12 professionals from outside the finance world and bring them in, and thought I might be interested. I was! I worked on a team of 12 – me plus 11 men – and the rest is history. Over the years, I worked at several other advisory firms and finally went independent.

What was it like being the only woman at Lehman Brothers?

Being the ‘80s, it was definitely a chauvinistic environment; everyone thought I would fail. There was a requirement that we had to open ten accounts a month with a minimum transaction of $25,000. Right away, there were doubts I could make that, but I did. I had to work really hard. Everything had to be done at a distance to keep my gender from clouding my professional image, and I believe that’s what allowed me to succeed.

In the beginning of my career, I realized I’d rather have a few accounts with a lot of money than just a sliver of many accounts. I was good at that and it became my niche. While living in New York City, I had to cold call and knock on doors for Lehman.

When I went out on these appointments, I had no one to cover me while I was gone, and I realized I needed a team to best serve my clients. I started with an assistant, and from there, spent twelve to fourteen years building a team of all women. Having a group like that to lean on through major life events – like having children – has been a saving grace, and helped all of us stay on track with our careers without missing a beat.

How do you make the industry more welcoming to women through your mentorship?

As an advisor, I think it’s important to start young. Not just with girls, but with all children. Pay attention to the kids in your life and your clients’ lives and get to know them from a young age. When they’re old enough to understand – maybe 11, 12, 13 – send them some stock for their birthday, Bat Mitzvah or confirmation. That can be the beginning of a lifelong relationship.

That’s how a lot of my mentoring starts, but I also do community work. Schools don’t do a great job of preparing young people for the business world, so I teach them essential skills like a proper handshake, how to dress, and how to send an interview thank you note. It’s important to encourage the next generation, especially girls, and teach them that they can do anything they want. People say, “how’d you do this?” I say nothing but hard work, there’s no magic in this.

What does the idea of “well-th. rebalanced” mean to you in your practice?

It’s really important to me that I teach clients how to respect wealth and give back to their communities. Having access to wealth is a huge privilege, and I see philanthropy as somewhat of a moral obligation. I run a family office model and I try to engage each of my clients to go on a mission and find their passion. That’s what well-th means to me: a responsibility to use your means to help others.

Why is it important for modern advisors to take a more holistic approach to finance?

Money is not rational, it’s emotional, and I think people have begun to realize that. People want more personal relationships with their advisors, which is why I think women are so well suited for this kind of career. We are brought up to be people-focused, caring and emotionally engaged, and this helps build trust with clients across the board.

If you could go back in time and give yourself advice at the beginning of your career what would you tell yourself?

You know what? I wouldn’t have changed my course at all, because I was somewhat of a pioneer in the field. I liked the challenge of the work. The industry needed more role models and I took that very seriously. So, I wouldn’t change anything. I think I’d tell myself to keep going! If you believe in yourself and like what you’re doing, then do it. It’s a career, not a job. Building a business is going to take years, so you better love it and the people on your team!