Bailard Named One of the Top Workplaces in the SF Bay Area
Values-Driven Firm Honored with Multiple Awards During Summer 2024
FOSTER CITY – September 4, 2024 – Bailard, Inc., an independent wealth and asset management firm, is proud to announce its recognition as one of the Bay Area’s 2024 Top Workplaces by the San Francisco Chronicle. The firm was ranked second in its category (for companies with 35-149 employees).
This widely-regarded list is based entirely on employee feedback gathered through a confidential, third-party survey conducted by Energage LLC, a leader in employee engagement technology. The survey uniquely assessed key aspects of the employee experience, including respect, support, grow opportunities, and empowerment.
Bailard’s CEO, Sonya Mughal, CFA, was also honored with the Leadership Award for the company’s category, a testament to her values-driven approach to leading the firm.
“I’m incredibly proud that Bailard has been recognized as a Top Workplace and humbled to receive a leadership award,” said Sonya Mughal, CEO of Bailard. “The trust and mutual respect we’ve cultivated at Bailard are among our greatest strengths. Leading a team that not only strives for excellence but leads with compassion in all that they do is deeply rewarding. Together, we will continue to build on our strong foundation, always with an eye toward upholding our values, supporting one another, and delivering for our clients.”
This latest recognition adds to a series of awards Bailard has received over the summer, underscoring the firm’s achievements in workplace culture and community engagement, as well as wealth and asset management. Recent accolades include:
- San Francisco Business Times’ 2024 Top Bay Area Corporate Philanthropists: Bailard was recognized as one of the Bay Area’s most generous corporate citizens for a fourth consecutive year;
- AdvisorHub’s 2024 Advisors to Watch: Bailard Wealth Management President, Mike Faust, CFA, ranked #6 out of 200 RIAs to Watch for his leadership, professionalism, and ability to scale the wealth management team without compromising service; and
- Worth Top RIAs 2024: Bailard was named to the Leading Advisor program, following a rigorous selection process designed to highlight top registered investment advisors.
These awards reflect Bailard’s long-standing commitment to success, driven by its six core values of accountability, compassion, courage, excellence, fairness, and independence.
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About Bailard, Inc.
Founded in 1969, Bailard is an independent, value-driven wealth and asset management firm serving individuals, families, and institutions alike. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable, responsible and impact investing expertise. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with over $6 billion in assets under management as of 6/30/2024, Bailard is a majority employee-owned and women-led firm, Certified B Corporation™, and a Principles of Responsible Investing signatory.
Past performance is no indication of future results. All investments have the risk of loss. These awards and recognitions do not evaluate the quality of services provided to clients and are not indicative of Bailard’s future performance. There were no fees to enter. Please see important award disclosures for each award, as well as the linked text for additional important information regarding award eligibility and methodologies. The 2024 Top Workplaces is an annual award from the San Francisco Chronicle, released in August 2024, where Bailard ranked #2 out of 105 participants in the small company category (35-149 employees). The Top 100 Bay Area Corporate Philanthropists is an annual award, given by the San Francisco Business Times in July 2024, July 2023, July 2022, and July 2021. AdvisorHub’s RIAs to Watch was given in July 2024. Advisors are ranked on the scope and growth of the practice, as well as professionalism, which includes regulatory record, community service, and team diversity. The Worth Top RIA Firms 2024 was released in May 2024, using a rigorous selection process, including AUM of over $500 million, predominance of high-net-worth clients, and unbiased advice independent from broker-dealers.
Bailard Recognized as a Top Corporate Philanthropist
Bailard today announced its ranking among the San Francisco Business Times’ annual top 100 Bay Area Corporate Philanthropists list, for the fourth year in a row. This year, Bailard earned 71st place, climbing eight spots from its position last year and once again joining esteemed Bay Area companies such as Google, Salesforce, and the San Francisco 49ers.
The Corporate Philanthropy Awards celebrate the Bay Area’s most generous corporate citizens, recognizing companies that give their time, talent, and resources to their communities. The annual list ranks the 100 top corporate philanthropists based on local cash giving and includes for-profit companies and nonprofit healthcare organizations that support Bay Area-based charitable organizations in the counties of San Francisco, San Mateo, Alameda, Contra Costa, Marin, Napa, Santa Clara, Solano, and Sonoma. This year’s honorees were recognized at the Corporate Philanthropy Summit on July 25.
“Philanthropy has been integral to Bailard’s identity since its founding,” said Bailard’s Chief Executive Officer, Sonya Mughal. “Recognition as a top Bay Area philanthropist for the fourth consecutive year highlights the team’s commitment to our core values—accountability, courage, excellence, fairness, independence, and most of all, compassion. I am incredibly proud of our team’s dedication to making a meaningful impact in our community and improving the lives of those around us.”
The recognition highlights the efforts of both Bailard, Inc. and the Bailard Foundation. Earlier this month, Bailard proudly announced its Bailard Foundation reached $1 million in grants and donations distributed in its first five years. As of June 30, 2024, the Bailard Foundation has distributed $1,008,037 since its inception in June 2019, with over 90% directly benefitting the local Bay Area community.
The Bailard Foundation focuses on three core areas: affordable housing, homelessness & poverty, and financial literacy. In addition to aiding non-profit organizations selected by the Bailard Foundation Board, the Foundation also offers an employee matching program for charitable endeavors about which Bailard’s employees are passionate. To learn more about the Bailard Foundation, please visit our website here. Dive deeper into Bailard’s dedication to impact here.
On the Foundation board of directors are friends of Bailard—including chairperson Terri Bailard, widow of firm co-founder Tom Bailard—and current employees.
About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions alike. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable impact investing expertise. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with $6 billion in assets under management as of June 30, 2024, Bailard is a majority employee-owned and women-led firm, Certified B Corporation™, and a Principles of Responsible Investing signatory.
About the SFBT Top Corporate Philanthropists
For 24 years, the San Francisco Business Times has published the Corporate Philanthropists List. The list features 100 top corporate philanthropists in the Bay Area ranked by local cash giving. It includes for-profit companies and nonprofit health care organizations that made contributions to Bay Area-based charitable organizations in the following counties: San Francisco, San Mateo, Alameda, Contra Costa, Marin, Napa, Santa Clara, Solano, and Sonoma. The Corporate Philanthropy Awards program was founded in partnership with Northern California Grantmakers. A portion of the proceeds goes to NCG to fund the Corporate Philanthropy Institute, with the mission to educate more companies about effective giving and best philanthropy practices. The aim is to honor those who give the most and in doing so to help raise the bar and inspire more giving. This achievement does not evaluate the quality of services provided to clients and is not indicative of Bailard’s future performance. The San Francisco Business Times Top 100 Bay Area Corporate Philanthropists is an annual award, given to Bailard by the San Francisco Business Times in July 2024, July 2023, July 2022, and July 2021. Each year, 100 firms appeared in the San Francisco Business Times list. Bailard ranked #71 in 2024, #79 in 2023; #82 in 2022; and #89 in 2021. There was no fee to enter. Bailard, Inc. received this award; almost all donations from Bailard are given through the Bailard Foundation, except for 4% in 2023; 2% in 2022; and 4% in 2021.
The Bailard Foundation Distributes $1M in its First Five Years
Through the Foundation and volunteer events, Bailard, Inc. continues to prioritize and support community impact
SAN FRANCISCO – July 17, 2024 – Bailard, Inc., an independent wealth and asset management firm in the San Francisco Bay Area, proudly announces that its Bailard Foundation reached $1 million in grants and donations distributed in just its first five years. As of June 30, 2024, the Bailard Foundation has distributed $1,008,037 since its inception in June 2019, over 90% of which has directly benefited the local Bay Area community.
“Reaching the $1 million mark is such a momentous milestone for the Foundation and the firm,” said Sonya Mughal, CEO of Bailard. “Through the Foundation, we’ve been able to make a real impact on the local community through causes that are dear to the hearts of our firm and employees. Bailard, for decades, has been devoted to bettering the community around us and giving back to those less fortunate, and the Foundation serves as a pillar of that commitment. I’m thrilled to see the good that it has already accomplished and look forward to all that it will accomplish in the future.”
The Bailard Foundation focuses on three core areas—affordable housing, homelessness & poverty, and financial literacy— which, to date, the Foundation has given $617,185. Beyond this focus, the Foundation offers an employee charitable matching program and continues to support long-standing community partnerships that pre-date its creation. Bailard also organizes frequent employee volunteer opportunities in the community, a practice that also pre-dates the Foundation’s creation.
Bailard launched the Foundation to formalize the firm’s decades-long dedication to giving back and to correspond with the 50th anniversary of the company’s founding in 2019.
“During my nearly 30 years at Bailard, I’ve seen how important giving back has been to the firm and its employees,” said Kim Aquino, CFP®, a Senior Vice President with Bailard and a member of the Foundation’s board of directors. “Launching the Foundation was such a natural step for Bailard and its values-driven, compassionate culture. Achieving the $1M mark shows how deeply Bailard and our employees care, not just about one another and our clients, but also the greater community. It’s been a real honor to serve on the board and act as a catalyst on behalf of the firm.”
Earlier this year, Bailard, Inc. announced its certification as a B Corporation™. Bailard, Inc. has also been named a Top 100 Corporate Bay Area Corporate Philanthropist by the San Francisco Business Times each of the last four years, from 2021 – 2024.
About Bailard, Inc.
Founded in 1969, Bailard is an independent, value-driven asset and wealth management firm serving individuals, families, and institutions alike. Bailard has built a long-term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable, responsible, and impact investing expertise. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with over $6.2 billion in assets under management as of 6/30/2024, Bailard is a majority employee-owned and women-led firm, a Certified B Corporation™, and a Principles of Responsible Investing signatory.
On the Foundation board of directors are friends of Bailard—including chairwoman Terri Bailard, widow of firm co-founder Tom Bailard—and current employees.
About the Corporate Philanthropy Awards: For 24 years, the San Francisco Business Times has published the Corporate Philanthropists List. The list features 100 top corporate philanthropists in the Bay Area ranked by local cash giving. It includes for-profit companies and nonprofit health care organizations that made contributions to Bay Area-based charitable organizations in the following counties: San Francisco, San Mateo, Alameda, Contra Costa, Marin, Napa, Santa Clara, Solano, and Sonoma. The Corporate Philanthropy Awards program was founded in partnership with Northern California Grantmakers. A portion of the proceeds goes to NCG to fund the Corporate Philanthropy Institute, with the mission to educate more companies about effective giving and best philanthropy practices. The aim is to honor those who give the most and in doing so to help raise the bar and inspire more giving. This achievement does not evaluate the quality of services provided to clients and is not indicative of Bailard’s future performance. The San Francisco Business Times Top 100 Bay Area Corporate Philanthropists is an annual award, given to Bailard, Inc. by the San Francisco Business Times in July 2023, July 2022, and July 2021. Each year, 100 firms appeared in the San Francisco Business Times list. Bailard ranked #79 in 2023; #82 in 2022; and #89 in 2021. The 2024 rankings list has not yet been announced but will be announced by the publication later this month. There was no fee to enter. Bailard, Inc. received this award; almost all donations from Bailard are given through the Bailard Foundation, except for 4% in 2023; 2% in 2022; and 4% in 2021.
All investments have the risk of loss. This is not a recommendation of, or an offer to sell, or solicitation of an offer to buy any particular security, strategy, or investment product.
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The “weight loss” drug Ozempic burst onto the scene in 2023 as a juggernaut winner for Danish drug maker Novo Nordisk. What began as a drug to treat Type 2 diabetes, however, soon proved efficacious to treat a much more widespread problem: obesity. That left Novo Nordisk in the driver’s seat of a blockbuster “off-label” drug. The challenge for Novo is making sure patients with Type 2 diabetes aren’t left on the side of the road.
Bailard Achieves B Corp™ Certification
San Francisco, CA – January 18, 2024 – Bailard, Inc., an independent wealth and asset management firm, proudly announces its recent certification as a B Corporation™ (B Corp™). This achievement marks a significant stride in the firm’s dedication to values-driven practices that benefit its clients and employees, and the community.
“Our recent certification as a B Corporation reaffirms Bailard’s commitment to values-driven wealth and asset management, and the principles ingrained in our company since its founding over 50 years ago,” said Michael Faust, CFA, President of Wealth Management. “The rigorous certification process is a proof point that, at Bailard, we ‘walk the talk,’ too. Our dedication to making a positive impact is not just rhetoric but a reflection of the values that guide our team every day.”
Bailard’s certification places it among the distinguished cohort of over 3,500 certified B Corps worldwide, recognized for meeting B Lab’s stringent standards of verified social and environmental performance, public transparency, and legal accountability emphasizing the delicate balance between profit and purpose.
The firm integrates B Corp principles into various facets of its business, guiding clients in aligning portfolios with their values, fostering a strong and award-winning company culture, and championing responsible and impact investing. Bailard also actively pursues initiatives to enhance office efficiencies and, in 2019, established the Bailard Foundation to contribute to the betterment of the communities it serves.
CEO Sonya Mughal, CFA, emphasized, “Choosing to pursue B Corp Certification was a natural step for Bailard; it aligns seamlessly with the values that have guided us for decades. We can hold ourselves accountable through the independent verification and public transparency, and also lead by example as we prioritize a culture of responsible business practices and continuous improvement.”
For those seeking wealth and asset management aligned with values and a commitment to positive impact, Bailard invites you to explore the possibilities. Learn more about our B Corp journey at www.bailard.com/bcorp and discover how we’re redefining excellence in financial services.
About Bailard, Inc.
Founded in 1969, Bailard is an independent, value-driven asset and wealth management firm serving individuals, families, and institutions alike. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, as well as robust, in-house sustainable, responsible and impact investing expertise. Through it all, Bailard works with clients to align their financial goals with their values. Based in the San Francisco Bay Area with over $5.8 billion in assets under management as of 12/31/2023, Bailard is a majority employee-owned and women-led firm, a Certified B Corporation™, and a Principles of Responsible Investing signatory.
The Rise of B Corps and Benefit Corporations
Focusing on the rise of B Corps and Benefit Corporations, Blaine Townsend, CIMC®, CIMA® (Director of Sustainable, Responsible & Impact Investing) sheds light on the shift towards a business paradigm that values employee, community, and environmental well-being alongside shareholder returns.
The role of corporations in society has always been hotly debated. In fact, Thomas Jefferson warned of the “aristocracy of our monied corporations” a century before the Supreme Court granted Southern Pacific Railroad (and, by extension, all corporations) the same rights as a “person.” Today, large companies drive almost every aspect of American life—from environmental outcomes to political influence. But smaller companies also play a huge role in the U.S. economy and labor force. With that outsized influence comes the opportunity to positively impact shareholders, employees, communities, and the planet. Since 2006, the Certified B Corporation™ framework has set out to guide (mostly smaller) companies in doing just that.
B Corps and Benefit Corporations: Understanding the Difference
The Certified B Corp is a manifestation of a broader movement supporting the idea of the “Benefit Corporation.” In short, a for-profit company that works for shareholders, but also makes an explicit commitment to have a positive impact on employees and other stakeholders. The common denominator between a B Corp™ and Benefit Corporation is the shared belief that maximizing profit is not the sole mission of a business.
There is a distinction, however: The Benefit Corporation is a legal status offered in 41 U.S. states and the District of Columbia. It is akin to a C Corp or LLC. A B Corp is a third-party certification that has been granted by the non-profit organization B Lab™. There is a lot of overlap between the two, and in both cases, companies are making it clear the fiduciary duty of its officers and directors also encompasses employees and other stakeholders.
In any state where the Benefit Corporation legal charter exists (like California), a Certified B Corp must also take the step to change their legal designation to a Benefit Corporation as part of the certification. While clothing/gear brand Patagonia is perhaps the best-known B Corp, Bailard, Inc. is one of the newest, having achieved its B Corp Certification in 2023. There are currently nearly 8,000 B Corps in over 90 countries. The movement is growing.
Small Businesses, Big Impact
A company can incorporate as a Benefit Corporation at its outset, or convert later by amending its governing documents and meeting certain legal requirements. Historically, very few publicly listed companies have incorporated as Benefit Corporations (perhaps as few as three). Most, like Bailard, are smaller, privately held companies. That is not a deficit in the power of the B Corp movement, however.
Despite the dominance of large corporations, smaller companies are pivotal in the U.S. economy and its society. According to the Small Business Association (SBA), businesses with fewer than 500 employees account for 99.7% of all U.S. companies. They employ over 40% of domestic workers and have generated over 60% of net new jobs in the U.S. since 1995. Small businesses account for 44% of all U.S. economic activity.
The Power of Certification
In fact, the power of smaller companies to reshape the global economy for a broader set of stakeholders was a foundational piece of B Lab’s founding philosophy. Although the B Corp process is industry-agnostic, B Lab touts that companies in 162 industries have been certified, often in sectors that need it most. An academic study found a positive correlation between the number of B Corps in an industry and the prevalence of “shareholder-centric” policies within that industry, such as high layoff rates or significant pay disparities. The poorer these metrics are, the more likely it is that companies within the industry will pursue B Corp Certification.
For companies already aligned with the B Corp mission, certification is often more about publicly affirming what has been a private commitment to specific values. For Bailard, undergoing the certification process was more like looking in a mirror than looking at a map. As an independent, majority employee-owned, woman-led, majority women- and minority-owned, and community-focused company, the B Corp Certification was an affirmation of the company’s long-standing core values. However, the process does require a willingness to be evaluated publicly. It also provides a structure to codify corporate policies. The process to get certified is not easy. According to B Lab, only 40% of certification applications are successful, underscoring the principle that a B Corp must genuinely “walk the talk.”
Once committed, B Corps have shown a 96% retention rate. However, even for those choosing not to fully complete the certification, B Lab can provide resources. B Lab reported that over 240,000 companies used its assessment tool, which helps companies look at their own practices. At the center of the process is the B Lab Impact Assessment, which requires companies to score at least 80 out of 200 points to be certified, covering Governance, Workers, Community, Environment, and Customers. A fee based on company revenue is paid to B Lab to go through the process. Gathering all the required information and providing the documentation can be daunting and may take a full year.
Demonstrating Real Benefits
Evidence suggests the values attributed to being a Benefit Corporation strengthen a business. For example, during the challenging year of 2020, only 4.5% of B Corps failed, compared to 12.5% of American businesses overall. B Corps also report higher employee retention rates and a competitive edge in recruiting. Additionally, there is a growing number of key professional service firms in the space that want to work with other B Corps. Numerous studies have shown that consumers are very interested in the values behind the brands they buy or the companies they hire. To that end, B Lab provides a search engine for finding B Corps for consumers or business networking.
In an era of “greenwashing,” B Corps have completed a third-party assessment of key employee and sustainability metrics. Being a B Corp gives more gravity to the expressed values of a firm. Multiple studies show that Millennial and Gen Z employees—who currently make up 50% of the U.S. workforce—consider a company’s values when making purchases or choosing where to work.
A Commitment Beyond Profit
The rise of B Corps and Benefit Corporations signifies a shift in corporate philosophy, as it clearly reflects a commitment to specific values. But it is also more than that. It is a commitment to the idea that building stronger ties with employees and more sustainable business practices is the right way to conduct business going forward. Businesses that treat their employees poorly, or ignore environmental or reputational risks, are seldom the backbone of the community or industry outperformers. Nobel Prize-winning economic professor Robert Shiller summed it up well: “The B Corp movement is, to me, a product of a general improvement in our understanding of economic behavior. Through greater appreciation of the real motives that drive and excite people, B Corporations provide a significant new opportunity for investors. I think they could make more profits than any other types of companies….”
This paradigm shift towards more socially responsible and sustainable business practices is not just a trend; it’s the future of business. B Corps and Benefit Corporations are leading the way, proving that success in business can also mean success for shareholders, employees, and society more broadly.
1 The state of Delaware uses the term Public-Benefit Corporation (PCB) instead of Benefit Corporation.
2 https://www.forbes.com/sites/forbesbusinesscouncil/2022/03/25/how-small-businesses-drive-the-american-economy/?sh=2cd4a0304169
3 https://hbr.org/2016/06/why-companies-are-becoming-b-corporations
4 https://www.inc.com/ali-donaldson/why-a-record-number-of-business-owners-are-embracing-b-corps.html
5 Ibid.
6 https://www.federalreserve.gov/econres/feds/files/2020089r1pap.pdf