Built on Trust - Guided by Values: Q&A with Mary Bersot, CFA and Bailard CEO, Sonya Mughal, CFA

After founding and leading Bersot Capital Management for nearly two decades, Mary Bersot, CFA, joined Bailard this spring with her long-standing clients and colleague Nicholas Risser. In this Q&A with Bailard CEO Sonya Mughal, CFA, Mary reflects on the decision, the values she’s carried throughout her career, and what this next chapter means for her and those she serves.

 

 

A PARTNERSHIP ROOTED IN SHARED VALUES

Sonya: When you were thinking about a possible partnership, what mattered most to you?
Mary: Culture came first. I wasn’t actively looking to make a change, but I recognized that clients need more support than ever: deeper planning, more resources, and a broader team. Bailard offered all of that, without asking me to make compromises. It’s an employee-owned firm where people have a vested interest in doing the right thing. This is a relationship business, and I believe a firm thrives when its clients do well. I felt that mindset from the beginning.

Sonya: You mentioned an early lunch as a turning point. Can you share more about that moment and what stayed with you?
Mary: When I met you and Joanne Howard for lunch in Tiburon, I was struck by how closely Bailard’s culture aligned with my own values. Joanne and I had worked together years ago at RCM (now part of Allianz Global Investors), and she had joined Bailard in 2021. Hearing about her experience—along with knowing other former RCM colleagues like Linda Beck and Chris Moshy were here—only deepened my sense that this could be the right fit.

Sonya: You’ve had such a remarkable career. What made this the right next chapter for you personally?
Mary: It’s funny, I don’t think of my career as remarkable. I started out in the late 1970s, when expectations for women were very different. I landed a job at a brokerage firm as a sales assistant. I couldn’t type, so I convinced them to let me take the broker’s exam instead. Over the years, I held senior roles, earned my CFA, and managed large institutional portfolios. What’s kept me going is the connection to clients and the meaning in the work. With Bailard, I can stay close to what I love.

Sonya: Something you said really stuck with me: that, at the end of the day, being a fiduciary means caring enough to find the right home for your clients. Can you share how that idea shaped your journey?
Mary: My clients trust me to put their needs first, and I take that seriously. That means listening, respecting their views, and never compromising that trust. I spent a year getting to know Bailard and came to believe I wouldn’t have to change how I serve clients here. If anything, I could offer more. People ask if I’m sad to leave my firm behind. I’m not. I’m taking it with me.

 

EXPANDING WHAT’S POSSIBLE FOR CLIENTS

Sonya: What challenges were you seeing in the wealth management landscape that made you think it was time for a change?
Mary: The landscape has changed. Between shifting tax laws, estate planning complexity, and the massive wealth transfer underway, I started to feel like the boutique model was reaching its limits. Clients need more than just good investment management. They need deep financial planning, estate support, thoughtful coordination, and the infrastructure to back it all up. I have that now, and I can stay focused on my clients.

Sonya: Some of your clients said, “We want you to keep doing what you do.” How have you been able to preserve that connection?
Mary: What I heard from clients was clear: they didn’t want a new experience, they wanted to keep the relationship we had. So that’s exactly what we’ve done. Nothing about how I show up for them has changed. If anything, Bailard has allowed me to do even more, while keeping the personal connection we hold so dear.

 

A CULTURE THAT ENCOURAGES PURPOSE

Sonya: You’ve been involved in nonprofit work for decades. What about Bailard’s culture resonated with you?
Mary: I’ve been on nonprofit boards since the early ’80s. One mentor told me, “Get Involved and stay tuned into others who are less fortunate than you.” That was the best advice I ever got. That mindset is lived out here, from the B Corp Certification® to the work of the Bailard Foundation. I felt immediately that this was a place where my community engagement would be embraced.

Sonya: I know you’re also part of the PCAOB Investor Advisory Group. Why is investor advocacy so important to you?
Mary: The 2008 financial crisis showed just how devastating it can be when corporate misconduct goes unchecked. We all saw people lose their life savings. In 2016, I joined the Investor Advisory Group of the Public Company Accounting Oversight Board (PCAOB), which was created under Sarbanes-Oxley to oversee auditors of public companies and protect investors. That mission runs deep for me. I’ve always believed in doing what’s right for clients, even when it’s not easy. And it’s something I found reflected in Bailard’s ethos too.

Sonya: What’s one thing people often misunderstand about being a financial advisor?
Mary: That it’s glamorous. People imagine client meetings on yachts or in mountain chalets. The reality? Most days it’s spreadsheets, long hours, and a lot of careful listening. I once told my son what I do, and he said, “Mom, you talk on the phone all day.” He wasn’t wrong. This job is about showing up again and again for your clients. That’s where the work, and the trust, really happens.

 

LOOKING AHEAD WITH CLIENTS, AND WITH CONFIDENCE

Sonya: What do you hope your clients say about you in five or ten years?
Mary: That I’m still here, still doing the work I love. I actually gave retirement a try before starting my firm—and quickly realized it wasn’t for me. I came back because this work brings me joy. I hope clients continue to see someone who cares deeply and who’s steady through both good times and hard ones. That’s always been my promise.

Sonya: What do you want your clients to know about what’s changed? And what hasn’t?
Mary: Trust me, I’m the same person you’ve always known. This change hasn’t taken anything away, it’s only added to what we can do together. I know change can be hard. But I chose this so I could keep showing up in the way my clients deserve, with more resources and a strong team beside me. This wasn’t about stepping back. It was about stepping forward with the right partner.

Sonya: As you look ahead, what are you most excited about?
Mary: Honestly, I’m excited for what this makes possible. I’ve joined a firm with incredible people—some of whom I’ve known since my earliest days in the industry—and that’s energizing. But most of all, I’m looking forward to continuing the relationships I’ve built over the years and helping clients meet whatever comes next with confidence. That’s why I’m here.

 

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About Bailard, Inc.

Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions. The firm delivers comprehensive wealth management alongside institutional investment strategies across public and private markets. Bailard’s wealth management offering includes personalized financial and wealth planning, investment portfolio management, and advanced strategies for special situations. Its asset management capabilities span domestic and international equities, fixed income, sustainable and responsible investing, private real estate, and customized solutions designed to meet a diverse range of client needs. Headquartered in the San Francisco Bay Area, Bailard is a majority employee-owned, woman-led firm with $6.5 billion in assets under management as of March 31, 2025. A Certified B Corporation™ and a signatory to the UN Principles for Responsible Investing, Bailard is proudly independent—built to put clients first, with clear values, extensive experience, and a long-standing commitment to accountability.

 

There is no guarantee Bailard or any of its strategies will achieve performance or investment objectives. Past performance is no indication of future results. All investments have the risk of loss. All investments have the risk of loss. Neither Bailard nor any employee of Bailard can give tax or legal advice. Please consult your tax or legal professional for such advice.