A wand is a a construct tool designed to aid and assist you in directing and manipulating energy. A wand has no inherent power itself unless it is charged. You determine how you will use it as your the one working with the energy to be directed or manipulated. We cannot tell you what to do. I suggest reading some more about the uses and nature of wands.
As far as the signifigance of it's design "fairy wand" it is a visual representation or a mental aid to help one who for instance may practice fairy magic. But again it has no inherent power without you charging it. Wands are used as a conduit where you raise the energies either from yourself or another source and then you direct that energy, focus it, on a specific action or goal.