By Hightower Advisors / March 23, 2021
In honor of Women’s History Month, we are taking the time to highlight the incredible lives and career paths of some of the women who make up Hightower’s collaborative community. Throughout the month, we are releasing a series of video interviews with six of the firm’s female advisors and employees, hosted by Hightower’s Chief Investment Strategist and Portfolio Manager Stephanie Link, and posting snippets from those conversations right here on the blog.
Today, Stephanie chats with Andrea Baumann Lustig, who is managing partner at Fischer Stralem Advisors in New York City. Prior to forming Fischer Stralem Advisors, Andrea was president of Stralem & Company, a private wealth manager serving ultra-high-net-worth individuals, families and institutions for over 50 years.
Read on for their conversation, edited and condensed for clarity and length:
Stephanie Link: I wanted to start by asking you about your journey in the industry. Can you tell me a bit about how you got to Hightower?
Andrea Baumann Lustig: My journey started outside the industry. In business school, I got a job at a management consulting firm and I loved it. The industry, clients and problems were always changing, so I was always able to adapt. The fluidity of that role allowed me to keep all my options open and learn so much about so many different things.
After business school, I ended up going back to that firm, Booz, Allen & Hamilton, Inc., and spending 11 years there. I realized that I love solving problems in that environment, because it called on so many different talents that I wanted to cultivate.
I specialized in solving strategy problems for some of the biggest financial corporations in America. I liked providing value at the highest levels of management, and I liked being listened to. There was a lot of gratification – I could see all the work that I’d done and how that translated into making change happen.
And then, along the way, I had my three kids. As you know, management consulting is a grueling career. I was on the road a tremendous amount. That’s when the wealth management genie started knocking at the door.
My family has been in wealth management for six generations. I’m the sixth! I only found that out by looking on Ancestry.com and looking at my family tree all the way back – my great, great, great grandfather founded The Banque Levy in France back in 1810! I didn’t want to join my father’s firm unless I could join on my own terms. So, I joined Bernstein Investment Research and Management, and leaned a lot about wealth management being there. After a few years, I came to my father’s company, Stralem & Company. I was there for 20 years, and eventually became president.
That’s what got me to the point of meeting Alan Fischer. I was very involved in the capital campaign for our synagogue, where we raised $96 million. Alan and I met each other through that – he’s a very generous donor. We just hit it off and found that the more we talked to each other, the more we thought 1+1 could equal 3. Alan brought Hightower into the picture and the rest is history. We merged and became Fischer Stralem Advisors and became a part of Hightower in September
Stephanie Link: Hats off to you. What kind of advice would you have for the next generation of women who want to get into the business? What would you tell them to do for success?
Andrea Baumann Lustig: Such a great question. I think the answer is a question that everyone needs to ask themselves, which is: How can you be true to yourself? Think through what it is that you enjoy doing. I got here because I followed what I liked doing. I didn’t think I was going to go into wealth management, yet I found my way here because I was true to myself.
Stephanie Link: Being happy and being driven are such a wonderful, unique combination. I hope these up and comers can find that too.
Andrea Baumann Lustig: I don’t want to make it seem like it was all fun and games; there were some very challenging times too. I am lucky I have three happy, healthy girls who are contributing members of society. That makes me so happy. But there were plenty of times where I didn’t get to the basketball game or the soccer game. I was there a lot, but I wish I could have been there for everything.
Stephanie Link: Hey, you’re allowed to have it all. I think you’re really an inspiration and I’m sure you make your family so proud. We are so happy you are a part of our team at Hightower.
Andrea Baumann Lustig: I have to say, my move to Hightower has been great. I am so lucky to have my partners, and the people at Hightower were so terrific in negotiation, integration, and now helping us make use of all that Hightower has to offer. I couldn’t be happier; I really mean that.
Stephanie Link: Thanks so much for coming to the firm, and for talking with me today. It was such a pleasure.
To learn more about how Hightower supports women advisors, email us at advisorsuccess@hightoweradvisors.com
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