Voice of Experience: Neeti Bhalla, Managing Director and Head of Tactical Asset Allocation, Private Wealth, Goldman Sachs

Women should aim to maintain a sense of authenticity while rising through the ranks of the investment industry, says Neeti Bhalla, Managing Director and Head of Tactical Asset Allocation in Goldman Sachs‘ Private Wealth business. “Have a sense of what your true north is, a sense of who you are and what you are trying to accomplish,” she explained. “As a young woman coming into the business, you see more successful men than successful women. There is a natural tendency to emulate the men, a tendency to embrace male attributes. But this is unsustainable for women. You have to think, ‘What can I take from the role models I see around me and apply to my situation?’”

Bhalla, who earned a master’s degree in Social Anthropology alongside her MBA at Oxford as a Rhodes Scholar, suggests that embracing one’s individuality can be a competitive advantage. “You have to develop what is unique and differentiating about you. You have to become “a go-to person” for something in your career.”

Career Path in Investments

Bhalla was born in India, and moved to Kenya with her family when she was very young. She went on to study economics and business at Kenyatta University. “I was one of a handful of Indians there – it was a mainly an African population. It was an interesting lesson in how to blend in, how to adapt yourself to the environment. And it was my first time away from home,” she recalled.

She continued, “I was always fascinated by equities, and this was a very nascent business in Kenya at this time. I walked into the Nairobi Stock Exchange and offered my services gratis, just for the privilege of working there and being part of the growth of the industry. A month later, when my boss called me into his office and gave me an envelope with 350 Kenya shillings (~$4 in today’s exchange rate) for my work, I had the greatest sense of accomplishment.”

Soon she was selected as one of 20 people to work at Kenya’s Central Bank, and a year later, she decided to apply for a Rhodes Scholarship. She graduated from Oxford with an MBA and a masters in Social Anthropology.”

Bhalla had never heard of Goldman Sachs until going to Oxford. “But as soon as I met people from the firm and went through the interviews, I knew I wanted to work there,” she said. “I joined the Investment Banking division in London about 13 years ago, and for personal reasons moved to New York 11 years ago. In 2002, I joined the Investment Strategy Group in Private Wealth, which was then about a year old. I have grown up with the group, and at present am the Head of the Tactical Asset Allocation team in the Investment Strategy Group in Private Wealth Management.”

She continued, “I am most proud of helping put together a world class investment team. Our team has a very diverse background, but we are all passionate about delivering the best results and advise for our clients.”

Bhalla is also enthusiastic about being tapped to take part in the private wealth management’s global business strategy. “In Europe and Asia right now there is a lot of wealth in flux. Being part of the dialog to help identify how we can better position ourselves in these regions is really exciting.”

Reflecting on her early career, she continued, “I wish I could go back and say, ‘Don’t worry. It’s going to be fine. Don’t fret about the little things.’”

Women in Finance

“Women face unique challenges in finance. I heard someone at the firm once say that finance is a young person’s industry,” Bhalla said. “Well, you could say that motherhood is also a young person’s industry! There is an inherent conflict there, and as a result can be a source of angst for young women as they progress through their careers. As Sheryl Sandberg puts it, at the start of their careers, men and women receive the same message around what success looks like. But as one gets older, the message for women changes. Women are asked questions about how they balance work with family life and told to slow down, while men are still being high fived and encouraged to continue to run and win the race.”

The real challenge around increasing the number of women in the industry is retention, Bhalla believes. “I don’t think there is a barrier to entry – what we find in the recruitment process is that the caliber of young women coming out of university is exceptional. Our industry is very relationship oriented and very results oriented. The inherent skills of multitasking and being empathetic to client needs make this industry well suited to women. So the barriers to entry aren’t there – it’s the barriers to sustainability. We can recruit the best, but how many we retain over time is the key question.”

In addition to participating in Goldman Sachs’s women’s network and events, Bhalla mentors women in firm’s Returnship program – a 6-week training program for women who have left the workforce for personal reasons and want to prepare themselves to get back in. “As the market changes, it is important to guide women back into the workforce.”

She praised the firm for its commitment to retention through the Returnship program, as well as other programs like on-site child care, flexible working hours, and the ability to telecommute. “The support helps, but perceptions also have to change. That takes time,” she said.

Building Confidence

She encouraged women to build a strong support networks for themselves. “I don’t think there’s any magic silver bullet. Everyone has to find what works for them. A broad support network is important – mine has changed over time. After having children, my family’s support has taken on a greater importance for example. Mentors that can guide you and act as a sounding board, good relationships with co-workers who have your back when needed are all critical, ” she said.

Bhalla also urged women to nurture their own self confidence. “Don’t be afraid to speak up. As women, we have such a tendency to self edit, to think, ‘If I know something, I’m sure they know it already.’”

“But we are living in a world with such information overload, in a culture driven by the soundbite. In this sort of world, knowing the facts and details can really differentiate you. If you are aware of the big picture but are also able to follow through with key facts and details, that is a really powerful combination.”

Women should also be more proactive about identifying and reaching for new opportunities, she suggested. “What you find is that men go knock on senior people’s doors and say, ‘I want the next challenge or opportunity’ Women will continue to deliver exceptionally well on what they are asked to do but wait for someone to tap them on their shoulder. I think that holds us back a little bit. My advice would be to not always ask, ‘Am I ready?’ but to just put yourself out there.”

In Her Personal Time

Bhalla says she enjoys spending time with her family. “My twin daughters were born in 2008. It was my most life-altering event and I am still learning how that really changes your priorities. With children, you realize one can only do their best and stop aiming for perfection, Type A personality and children are not a compatible combination!”

She continued, “My children are my most important driving force. There are only so many hours in a day, and I’m so much more productive and efficient than I ever was before. I want to maximize my time at work and with my children.”

And, she added with a laugh, “I’ve learned to subsist on five hours of sleep per night.”

By Melissa J. Anderson (New York City)