Voice of Experience: Deborah Freer, Chief Operating Officer, US, RBC Capital Markets

By Melissa J. Anderson (New York City)

Deborah Freer, U.S. Chief Operating Officer at RBC Capital Markets, began her career over three decades ago, and says she believes strongly in the importance of women helping women, and of being a mentor.

For example, looking back on her own early career, Freer said, “I wish I had a little more insight into how to deal with certain types of people. My first 10 years would have been easier. I wish I had had more insight into how things ultimately work in this business.”

It is fortunate, then, for Freer’s niece, who is beginning her own career on Wall Street. Her aunt has amassed a slew of advice to share with her. “I tell her, ‘Keep your eyes open, every single day. You can’t think for a second that you’re not going to learn or add value.’”

She continued, “The other thing is that you have to do your job really well before you start trying for the next one. You need to prove you can ace a job before you get considered for the next promotion. And always ask for feedback. Push people into telling you how you’re doing whether it’s good or bad. And don’t be afraid to try new things.”

Chief Cook and Bottle Washer

Freer began her career in 1980, working in sales for financial services at AT&T, and then moved into institutional sales at Merrill Lynch. “Merrill was my biggest client and they offered me a role in Infrastructure for Capital Markets globally,” she explained. “From that point onward, I was on a strong trajectory. Most of my positions have been entrepreneurial, and getting exposure to senior management early on was significant. I was pretty lucky to have had different roles that were very greenfield,” she recalled.

Working in capital markets, Freer held roles in tech development, product development, trading, prime brokerage, client services, and relationship management, working her way up to something like a CAO role in each. One of her proudest achievements, she continued, was her product development work on Merrill Lynch’s first institutional portal, MLX.

She continued, “But my biggest achievement to date is what I’ve accomplished here at RBC.”

“I love my job here at RBC because I’ve been given the opportunity to really help build something, which is not available at many other firms. I’ve worked for a few firms on the Street, including through the financial crisis. That has given me some definite ideas on how to navigate and advance through organizations.”

“Ten years ago, even as recently as five years ago, our capital markets business was already well-established in Canada, but not in a competitive place here in the U.S. But we’ve really moved the dial here and we’re sitting in that place now.”

Freer says her current role is incredibly interesting, considering all the changes occurring in the financial industry. “There is a lot of change ongoing in industry and the daily role of a COO is pretty interesting – I call myself chief cook and bottle washer. This can mean everything from picking out furniture to macro firm-wide strategy, to meeting with our regulators,” she said with a laugh. “You have to ensure everything is humming along at all times.”

Finally, she added, she is proud of the growth of RBC’s diversity efforts in the U.S. “I think our efforts around diversity are pretty exciting. Now that we have a top-tier U.S. franchise, keeping employees in the U.S. constantly engaged is exciting and allows us to be creative in how we approach diversity.”

Women in Financial Services

Freer pinpointed a few issues that may be challenging for women in financial services, but ultimately, she said, women need to take responsibility for their own success. “I think many times for women, we are probably our own worst enemy,” she said. “This is not an industry for a wall flower by any means. And it seems that women don’t spend as much time as they should helping other women. I also think networks are very important.”

She continued, “When given the opportunity, women do wonderful in this business – whether as a client-facing person handling trading, sales, or marketing, or as a back-office person overseeing technology or functions – there are tremendous opportunities for women. Whether you make this your life career, or it’s a temporary career move, this business builds extensive character and transferable skills. My best advice is to be true to yourself and don’t be hesitant to ask for help along the way.”

“When it comes to work life balance, I’ve found being direct and working hard pays off,” Freer said. Today, she continued, she believes work life is more challenging than it has been in the past few years. “I think work life challenges are cyclical. It was very bad years ago, then it was really good, and now we’re in a bit of a downward climb again. When the market tightens up, organizations downsize and they often focus on the people with the most experience.”

For women who have reached upper levels, she continued, “The most important thing is keeping your eyes open and listening and learning and contributing every day.”

“Stay current, and don’t get too complacent. Don’t develop that ‘I’ve seen it all before’ mentality. And ask for feedback. I do it all the time. You don’t want to be surprised at the end of the year when you have your review.”

Diversity at RBC

Freer pointed out that RBC won the prestigious Catalyst award for diversity and inclusion in 2010. At RBC today, nearly 40 percent of corporate-wide executives are women, and women hold 54 percent of management roles. “And when I joined three years ago, the programs that were very apparent in Canada weren’t yet apparent here. We spent a lot of time trying to make those programs more visible here. I worked with HR and business leaders to create the diversity leadership council here in the US, and that gave us the ability to look at the issues that are specific to the US.”

Freer mentioned RBC’s R-Women, Pride, and Multicultural networks, as well as external partnerships with groups like the Financial Women’s Association. “The FWA has been amazing. It gives us the ability to extend ourselves outside RBC here in New York.”

She continued, “And our employees and clients are extremely receptive to the diversity work. Our accomplishment at simultaneously building our business and becoming a more diverse organization shows how a commitment to inclusion is not a sacrifice, but instead a facilitator of success,” said Freer. “We have benefitted from this commitment, and that has informed our wider effort of fostering greater diversity industry-wide.”

In Her Personal Time

Freer, who has been married for 26 years, has two daughters (19 and 16). “They both want to be in business, and that makes me proud,” she said. “I’ve been in this business before they were born and since, and I’ve been able to manage and maintain both my family and career. I think you have to have a really good sense of humor!”

“You can’t take yourself too seriously – there’s a lot of intensity in this industry.”

She continued, “But my daughters are extremely independent and smart, and raising kids in this environment hasn’t always been easy, but it’s been honest and open and good.”

In her spare time, Freer enjoys boating, especially in the Adirondacks. She also devotes time to philanthropic work, such as serving on the Board of Associates the Ronald McDonald House. Freer would love to do more philanthropic work, but noted that right now “that’s about all the time I have!” she said with a laugh.