In Her Words: Angela Dailey, From Working On Wall Street to Empowering Women in Investing
An entrepreneurial spirit sparked early in her career set Angela on a journey of building, leading, and giving back through education.
Angela, thank you for agreeing to share your story with Belle Curve Stories. You've had a long and interesting career. Can you tell us about your early professional experience?
After graduating from college in the mid 1970s, I worked in nonprofit. A couple of years later, I transitioned to Drexel Burnham Lambert, which was a multinational investment bank. At that time the firm was very small. I started as a sales assistant, which was essentially a clerical job. All the trades were recorded by hand in a book, as technology was not what it is today. I wasn’t really thrilled with the job, but I didn’t think I wanted to be a stockbroker. (Now the term is financial planner.) After about six or seven months, I was offered a job handling advertising and public relations because the person in that role was leaving. That was really a turning point, and my career grew along with the firm. As Drexel became more powerful, my responsibilities kept expanding.
By the time I left in the late 80s, I had responsibility for internal and external communications, including advertising, press relations, employee communications and sales promotion, and I was one of a few women in the C-suite. I was one of the first women named to an investment banking board. You could say it was part luck, or that I was in the right place at the right time. The culture was very entrepreneurial, and I had some key mentors. My boss, Jim Balog, Vice Chairman, and I just clicked. I also worked closely with our CEO, Fred Joseph. I was included in all strategy meetings and leaned in before the word entered the lexicon of women in business. These two men had a great impact on my career trajectory.
I left Drexel about six months before it collapsed and went into bankruptcy. During Drexel’s three-year investigation by the government, I led the strategy and implementation of the firm’s crisis management efforts. From there, I started DAI, influenced by the fact that Drexel was spending a literal fortune on consultants and I said to myself, “I can do that.” When I was exploring this, I got advice from I.W. Burnham, founder of the firm, that resonated with me, “I like the security of working for myself,” he said. “It’s unlikely that all your clients will fire you on the same day. You’re not depending on one source.” Drexel was my first client. Over the years, I have worked with many of the top firms in the industry. Today, I’m still leading DAI as board director and managing partner, but about five years ago, I started stepping back. In other words, I’ve been focusing on a small roster of key clients and less on searching for new business.
What are your current priorities?
I’m passionate about building financial security, especially for women, as it provides options in life. I think it’s really important to understand your finances, including your investments and estate planning. It’s also important to discuss financial matters with family. People need to be aware of their options and not stay in bad situations because they believe they don’t have any other choice.
In addition to my work at DAI, I’m the CEO of Women Investing in Security and Education (WISE) and I spend about 25 percent of my time there. We offer a variety of workshops and webinars on personal finance issues. These include topics like estate planning, tax strategies, and how to get started with investing. We also cover divorce planning, which, unfortunately, has been one of our most popular topics.
Additionally, we have a very innovative program called "Tearing Down the Pink Wall,” which was initially created to highlight women in financial services and introduce them to the media. We host events, usually twice a year, where we invite top women in financial services, some from the Barron’s 100 Most Influential Women in finance list, to participate in a panel. We discuss the markets, their workings, and interesting trends. We also delve into the panelists’ career journeys, including the challenges they faced and their experiences with mentorship. We partner with universities, including the University of California system and UMass Amherst, for these events and we’re in a growth mode, where we’re expanding our programs and partnerships. We’re currently in talks with State Street in Boston, a college in DC, and the entire University of California system.
How did you get involved with WISE?
After moving to California, I learned about an event they were hosting where a friend of mine was speaking. I got in touch with my friend, who then introduced me to the group. I’ve been working with them for many years and took on a leadership role about seven or eight years ago.
Are these events free to attend?
Yes, all of our events are free of charge. We rely on our “ambassadors” who are a group of high-profile women in the community to help us secure funding.
Who were your female role models or mentors?
A: I was very influenced by my mother and her philosophy of life. I was fortunate to have male mentors who I considered peers, even though they were more advanced in their careers. I believe that mentorship should be organic and not forced. You can learn a lot from observing people you admire and emulating their good qualities and effective management skills.
What advice would you give your 25-year-old self?
I would advise my younger self to look at careers in revenue-producing jobs, specifically in sales. I think that in these roles, your contribution to the organization is more easily quantified. I also think it’s really important to enjoy what you do, because you won’t excel if you don’t.
Belle Curve Stories is about women navigating life with grit, grace and growth. What do those three words mean to you?
Those are great words.
Grit to me means persistence. If something doesn’t work, what’s Plan B, and what’s Plan C? Don’t give up if you think you are onto something. Persistence is grit, and this is something that many women need to work on. You can’t be too sensitive. Some women are so sensitive. Just move on.
Grace is treating everybody well. Learn how to correct people if they need it, but don’t act like a jerk.
Growth is always expanding your options. As Fred Joseph would say, “Keep your options open.” Don’t turn down growth opportunities for whatever reason. Continue with the growth and learning. Learn about your own profession. But also, another piece of advice, which I thought was so valuable from Jim Balog was, “Don’t expect to get all of your satisfaction in life out of your career.”
As told to and edited by Teresa Bellock and Sandra Ditore.
Angela Dailey, 72, is the founder & managing partner of DAI Partners, a seasoned business owner, and a board member with over 40 years of experience in financial services. Committed to empowering women, she leverages her expertise to help them achieve financial security. As the CEO of WISE, a nonprofit dedicated to women’s investing education, Angela leads the organization, donating her time and knowledge to its mission. She and her husband, Brian, reside in California and frequently visit New York City, where Angela’s two adult sons live and work.
