I've always had my characters tie a cord to the wand and then to my belt, then you can just drop the wand as a free action and it dangles from your belt. Now you wouldn't want a longsword dangling from a string tied to your belt, but I don't see a problem with a little wooden stick.
If that doesn't work: Play a Tiefling with a prehensile tail. Have a familiar pick up your dropped wands. Train a guard dog to 'fetch' your 'sticks', but not chew on them. Trained monkey. Hire a torchbearer to hand you wands.
Best way is just to play the game, and not worry about dropping things. Unless the GM is forcing you to drop things, just ignore it and assume it doesn't happen.