Bailard Named to Barron's Top 100 RIA Firms, 2025

Bailard Recognized Among Barron’s Top 100 RIA Firms

Independent firm stands alongside the nation’s largest wealth managers.

 

SEPTEMBER 30, 2025 – Bailard, Inc. has been named to Barron’s list of the Top 100 RIA Firms for 2025, marking our fourth appearance in five years.

Unlike rankings based only on assets under management, Barron’s evaluates firms on a wide range of factors, from client retention and advisors’ experience to technology resources and charitable work.

Bailard Named to Barron's Top 100 RIA Firms 2025

For an independent firm like Bailard, it’s more than just another list. It shows that independence and values-driven service can stand alongside the biggest names in the industry without sacrificing the personal, values-driven approach that defines us.

“Being included in Barron’s Top 100 RIAs highlights Bailard’s ability to compete nationally while keeping our focus where it belongs, on doing right by our clients,” said Mike Faust, CFA, Bailard’s President of Wealth Management.

You can view the full Barron’s list here: https://www.barrons.com/advisor/report/top-financial-advisors/ria?

Bailard offers comprehensive wealth and asset management, with the resources of a national firm and the agility of an independent one. For us, independence isn’t just a structure. It’s the freedom to put our clients first, always.

 

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About Bailard, Inc.:
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions with comprehensive wealth management and investment strategies across public and private markets. Headquartered in the San Francisco Bay Area, the woman-led, majority employee-owned firm manages over $7 billion in assets as of September 30, 2025. A Certified B Corporation™ and signatory to the UN Principles for Responsible Investing, Bailard combines deep expertise with a long-standing commitment to putting clients first.

About the Barron's Top 100 RIA Firms: These achievements 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. The Barron’s Top 100 RIA Firms was announced in September 2025, 2024, 2023, and 2021 by Barron’s. Bailard ranked 92 out of 100 on the 2025 list; 88 in 2024; 99 in 2023; and 98 in 2021. Advisors who wish to be ranked complete a 102-question survey; Barron’s then verifies that data and applies its rankings formula to generate a ranking. The formula features three major categories of calculations: assets, revenue, and quality of practice with multiple sub-calculations in each. Past performance is no indication of future results. All investments have the risk of loss.

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IMAGE: Spotlight, photo courtesy of Wesley Pribadi, unsplash

Bailard Equity Strategies Ranked by Zephyr’s PSN

Industry recognition highlights Bailard during a volatile quarter.

 

SAN FRANCISCO – September 15, 2025: Bailard, Inc. announced that four of its equity strategies—International, Micro Cap Value, Technology, and Technology and Science—were recognized in Zephyr’s quarterly PSN rankings for Q2 2025. The list showcases strategies that delivered notable performance amid rapidly changing market conditions.

“For us, these rankings provide a snapshot of how our approach is designed to deliver over time,” said Dave Harrison Smith, CFA, Chief Investment Officer at Bailard. “They’re a reminder that discipline and patience matter, especially when markets are unpredictable.”

Bailard strategies earning recognition

Using proprietary screens, PSN identifies strategies that have outperformed peers over multiple time periods. Bailard’s strategies earned the following recognition for the period ending June 30, 2025. Among them, the Bailard International Strategy stood out with a 5-Star rating in the EAFE Universe (230 products)—placing it in a select group recognized for both performance and lower volatility compared to peers.

Bailard International Strategy

    • 5 Star: EAFE Universe (230 products)

Bailard Micro Cap Value Strategy

    • 3 Year: Micro Cap Universe (58 products)
    • 4 Star: Micro Cap Universe (58 products)
    • 1 Year: US Equity Socially Responsible Universe (150 products)

Bailard Technology Strategy

    • 3 Year: All Cap Universe (393 products)
    • 3 Year: All Cap Growth Universe (78 products)

Bailard Technology and Science Strategy

    • 3 Year: All Cap Universe (393 products)
    • 3 Year: All Cap Growth Universe (78 products)

Insight from PSN

Zephyr also commented on the challenges managers faced in achieving top recognition:

"Q2 2025 combined unprecedented volatility with surprising resilience, requiring managers to demonstrate conviction and agility," says PSN Product Manager Nick Williams. "PSN Top Guns managers excelled by navigating significant market leadership shifts, maintaining discipline during turbulence while capitalizing on opportunities. Their performance highlights the distinct value of active management in SMAs as markets responded to evolving economic conditions and policy changes."*

*This endorsement was provided by the program administrator of Zephyr’s PSN. The program is not a client of Bailard, Inc. No cash or non-cash compensation was provided in exchange for this endorsement. The program administrator has no material conflicts of interest with Bailard, Inc.

Recognition from independent evaluators like Zephyr affirms Bailard’s continued focus on delivering results with consistency. Explore our equity strategies and how they fit into a diversified portfolio at https://bailard.com/equity-strategies/.

 

About Bailard, Inc.:
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions with comprehensive wealth management and investment strategies across public and private markets. Headquartered in the San Francisco Bay Area, the woman-led, majority employee-owned firm manages over $7 billion in assets as of June 30, 2025. A Certified B Corporation™ and signatory to the UN Principles for Responsible Investing, Bailard combines deep expertise with a long-standing commitment to putting clients first.

About the PSN rankings: Zephyr’s PSN database is one of the longest-running resources for investment professionals, covering 2,800 firms, 285 universes, and more than 21,000 products. Its robust 40-year performance database underpins the PSN Top Guns rankings, which highlights strategies that have outperformed peers over multiple time periods. The complete list and an overview of the methodology can be found here https://psn.fi.informais.com/PSNTopGuns/topguns_zephyr.asp

The rankings were announced in August 2025, and apply to the quarter ending June 30, 2025. There was no fee to enter. The recognition is based on PSN’s proprietary database and ranking methodology. PSN and its parent company, Informa Financial Intelligence, are independent of Bailard, Inc. The quote from product manager Nick Williams was provided by the program administrator of PSN, who is not a client of Bailard. Bailard did not provide any cash or non-cash compensation in exchange for this statement, and has no affiliation, ownership interest, or financial arrangement with PSN or its program administrator that would reasonably be considered a material conflict of interest. Rankings are based on gross-of-fee returns, the deduction of fees and expenses could have affected performance ratings.

- 1 Year Category: had one of the top 10 returns for the 1-year period in their respective strategy.

- 3 Year Category: had one of the top 10 returns for the 3-year period in their respective strategy.

- 4 Star Category: had an r-squared of 0.80 or greater relative to the style benchmark for the recent 5-year period. Moreover, the strategy’s returns exceeded the style benchmark for the 3 latest 3-year rolling periods. The top 10 returns for the latest 3-year period then become the 4-Star Top Guns.

- 5 Star Category: had an r-squared of 0.80 or greater relative to the style benchmark for the recent 5-year period. Moreover, the strategy’s returns exceeded the style benchmark for the 3 latest 3-year rolling periods. Products are then selected which have a standard deviation for the 5-year period equal or less than the median standard deviation for the peer group. The top 10 returns for the latest 3-year period then become the 5-Star Top Guns.

Important disclosures and key risks regarding Bailard’s strategies

Bailard International Strategy: In addition to the possible loss of investment value due to general market price movements, international investments might suffer losses due to unfavorable exchange rate movements or economic and/or political instability in foreign countries. In some cases, financial statement information might not be readily available or might not be reliable for certain foreign markets. International accounting standards might be different from U.S. accounting standards, and financial data might be subject to misinterpretation. Trading in international markets can be more expensive than trading in domestic markets. Stock markets of certain foreign countries, particularly emerging and frontier markets, may be illiquid, and settlements can be delayed. Emerging and frontier markets have greater risks and can have higher transaction costs than their developed market counterparts.

Bailard Micro Cap Value Strategy: The Bailard Micro Cap Value Strategy is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with micro cap stocks. These companies may face greater economic cycle risk, credit risk, geographic risk, product, and customer concentration risk than that faced by larger companies. Micro cap stocks are more volatile and less liquid than larger cap stocks and may be more difficult to trade. There are times when the micro cap value equity style underperforms other equity investment styles. The market value of an investment will fluctuate as the securities markets fluctuate. There can be no assurance that this or any investment strategy will achieve its investment objectives.

Bailard Technology Strategy: The Bailard Technology Composite is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with growth stocks and technology stocks. The strategy is primarily subject to the risk that the market value of investments will fluctuate as stock markets fluctuate plus the style and sector risks associated with a complete weighting in the technology sector, which may be more volatile than the overall stock market. The strategy is also subject to the size risks associated with investments in smaller market cap stocks in addition to its predominant tilt toward large cap stocks The strategy may invest in American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) which are subject to the same risks as the foreign securities that they evidence or into which they may be converted (including political or economic instability, the impact of currency rate fluctuations and different accounting standards). The strategy may invest in derivative securities, which may be volatile and may increase investment leverage.

Bailard Technology and Science Strategy: The Technology and Science Strategy is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with growth stocks, technology stocks and health care stocks (including emerging life sciences stocks). The strategy is primarily subject to the risk that the market value of investments will fluctuate as stock markets fluctuate, and the style and sector risks associated with a heavy weighting in the technology and health care sectors, which may be more volatile than the overall stock market. The strategy is also subject to the size risks associated with investments in smaller market cap stocks in addition to its predominant tilt toward large cap stocks. The strategy may invest in American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) which are subject to the same risks as the foreign securities that they evidence or into which they may be converted (including political or economic instability, the impact of currency rate fluctuations and different accounting standards). The strategy may invest in derivative securities, which may be volatile and may increase investment leverage.

Non-Financial Information: The use of screens based on non-financial information (NFI) as an input to the strategy may exclude certain investments and result in performance that differs from strategies not using such inputs. NFI assessments are inherently subjective, and investors may disagree on what constitutes favorable NFI characteristics. We rely on third-party NFI data, which may be incomplete or inconsistent, and our application of NFI criteria may not always align with an investor’s values. Our evaluation of NFI criteria may change over time.

There can be no assurance that Bailard will achieve its investment objectives. All investments have the risk of loss.

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Bailard_Wealth for Good Award Winner 2025

Bailard Earns Global Recognition and National Ranking

Firm honored at the international Wealth for Good Awards and named to Financial Advisor Magazine’s 2025 Top RIA ranking.

 

SAN FRANCISCO – August 27, 2025 – Bailard, Inc. today announced it has received two honors this summer, reflecting both the firm’s values-driven commitment to its community and its continued standing among the nation’s independent RIAs. Bailard was awarded “Best Philanthropic Initiative (Americas)” at the global 2025 WealthBriefing Wealth for Good Awards and was also named to Financial Advisor Magazine’s 2025 Top RIA Ranking.

Bailard_Wealth for Good Award Winner 2025The Wealth for Good Awards are an international program recognizing wealth management firms worldwide that advance initiatives prioritizing purpose and impact. Bailard was recognized for the work of the Bailard Foundation, which has distributed more than $1.25 million in grants and donations since its inception in 2019, with over 90% of those funds benefiting the local Bay Area community. The Foundation focuses on affordable housing, homelessness and poverty, and financial literacy, while also supporting employee matching and volunteer initiatives.

“Giving back is central to who we are. Our employees dive in — through donations and hands-on volunteering — and often say it’s among the most rewarding aspects of being part of Bailard,” said Sonya Mughal, CFA, Chief Executive Officer of Bailard. “The Foundation channels that passion into real impact here in the Bay Area, and we’re honored that work has been recognized on a global stage.”

In addition, Bailard was recognized once again among Financial Advisor Magazine’s Top RIAs, marking the firm’s fifth consecutive year in the Top 100. The annual survey ranks independent registered investment advisors by assets under management as of December 31, 2024.

“Being named among the Top RIAs is a credit to our team and to the clients who put their trust in us,” said Mike Faust, CFA, President of Wealth Management at Bailard. “It’s their partnership that makes this recognition possible.”

Together, these recognitions honor what Bailard has done for decades: caring for clients while staying true to the firm’s values. With more than $7 billion in assets under management as of June 30, 2025, Bailard continues to combine independent wealth and asset management with a commitment to community and responsibility.

More on the Bailard Foundation’s work can be found at bailard.com/bailard-foundation.

 

About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions with comprehensive wealth management and investment strategies across public and private markets. Headquartered in the San Francisco Bay Area, the woman-led, majority employee-owned firm manages over $7 billion in assets as of June 30, 2025. A Certified B Corporation™ and signatory to the UN Principles for Responsible Investing, Bailard combines deep expertise with a long-standing commitment to putting clients first.

About these recognitions
These achievements 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. The 2025 WealthBriefing Wealth for Good Awards were given in June 2025 by ClearView Financial Media. This annual award gives an opportunity in the global wealth management industry to demonstrate their commitment to and pre-eminence in the crucially important areas of ESG, Impact, Diversity and Inclusion. The Judges Panel consisted of asset managers, banks, trust companies, law firms, family offices and independent consultants, each of whom has in-depth knowledge and experience with ESG, Impact, Diversity and Inclusion in the wealth management space. The Bailard Foundation has a board of directors that is led by chairwoman Terri Bailard, widow of firm co-founder Tom Bailard, and features both friends of Bailard, Inc. and its employees. The Financial Advisor Top RIAs ranking is published each July, and compiled through an annual survey that brings together independent RIAs across the country. To be eligible, firms must be independent registered investment advisors and file their own ADV statement with the SEC, and provide financial planning and related services to individual clients. Firms were recognized by their assets under management as of December 31, 2024; Bailard ranked #87 of 366 firms represented in the 2025 list. Bailard ranked #84 of 431 firms in 2024; #91 of 521 firms in 2023; #94 of 534 firms in 2022; #97 out of 607 in 2021; and #100 of 715 in 2020. Past performance is no indication of future results. All investments have the risk of loss.


IMG: Bailard Again Named a Top Corporate Philanthropist for 2025

Bailard Named a Top Bay Area Corporate Philanthropist

Continuing an upward climb on the San Francisco Business Times list, reflecting a values-driven culture of giving.

 

SAN FRANCISCO – August 7, 2025 – Bailard is honored to be named one of the Top 100 Corporate Philanthropists in the Bay Area by the San Francisco Business Times—marking the firm’s fifth consecutive year on the list. Bailard climbed to #65 for 2025, continuing its upward trajectory from #89 in its first appearance in 2021 and joining a distinguished group of honorees including Salesforce, Google, the San Francisco 49ers, and Levi Strauss.

The Corporate Philanthropy Awards shine a spotlight on Bay Area companies that demonstrate a strong commitment to the community through charitable giving and volunteerism. For Bailard, this recognition reflects the firm’s deep-rooted values and the role philanthropy plays in its culture, from the board room to everyday employee life.

“Being named to the Philanthropists’ list for five years running is a meaningful marker of who we are,” said Sonya Mughal, CFA, Chief Executive Officer of Bailard. “It’s about more than generosity. This kind of recognition speaks to consistency, intention, and a culture rooted in values. What stands out most to me is how this team continues to live those values through their actions, year after year.”

IMG: Bailard Again Named a Top Corporate Philanthropist for 2025
L-R: Sonya Mughal, Bailard CEO; Peter Hill and Juan Rascon-Borgia, Bailard Foundation board members.

Bailard employees regularly roll up their sleeves for volunteer efforts, from building playhouses and renovating homes with Habitat for Humanity to mentoring students in financial literacy. These hands-on moments bring the firm’s values to life and connect employees with the communities they serve. Bailard is also grateful to the 360 nonprofit organizations it has supported since the Bailard Foundation’s inception in 2019. Their work inspires continued commitment and deepens the firm’s sense of purpose.

Bailard’s impact is made possible through the combined efforts of Bailard, Inc. and the Bailard Foundation, which focuses on three core areas: affordable housing, homelessness and poverty, and financial literacy. Since its founding in 2019, the Foundation has granted more than $1.25 million, with over 90% benefiting local Bay Area nonprofits. In addition to grants, the Foundation supports employee giving through a matching program and coordinates volunteer events that continue to bring the team together in service.

A group of Bailard employees and Foundation Board members attended the SFBT Corporate Philanthropy Summit last week to celebrate alongside peers and partner organizations. For the team, it was a chance to see Bailard’s values in action and feel part of something bigger than any one firm or initiative.

To learn more about the Bailard Foundation, visit https://bailard.com/bailard-foundation/.

 

About the San Francisco Business Times’ Top Corporate Philanthropists in the Bay Area
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 Corporate Philanthropists in the Bay Area is an annual award, given in July of each year. SFBT recognizes the top 100 for-profit companies and nonprofit healthcare institutions based on the year’s cash donations to charitable organizations across the Greater Bay Area, including the counties of Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma. Bailard ranked #65 in 2025, #71 in 2024, #79 in 2023; #82 in 2022; and #89 in 2021. There was no fee to enter. Please visit the SFBT for more information: https://www.bizjournals.com/sanfrancisco/subscriber-only/2025/08/01/the-top-corporate-philanthropists-in-the-bay-area.html. Past performance is no indication of future results. All investments have the risk of loss.

 

About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions with comprehensive wealth management and investment strategies across public and private markets. Headquartered in the San Francisco Bay Area, the woman-led, majority employee-owned firm manages over $7 billion in assets as of June 30, 2025. A Certified B Corporation™ and signatory to the UN Principles for Responsible Investing, Bailard combines deep expertise with a long-standing commitment to putting clients first.


Bailard Appoints Dave Harrison Smith, CFA, Chief Investment Officer

Bailard Appoints Dave Harrison Smith, CFA, as CIO

Continuity and Growth Across Our Investment Team.

 

SAN FRANCISCO – July 1, 2025 – Bailard is pleased to announce that, as of today, Dave Harrison Smith, CFA, has been promoted to Chief Investment Officer. He succeeds Eric Leve, CFA, who held the role for more than a decade and will continue with the firm as a portfolio manager, fully focused on international markets.

Bailard remains firmly rooted in our core values—accountability, compassion, courage, excellence, fairness, and independence—while continually positioning the firm and our clients for what’s ahead. This leadership evolution reflects both continuity in our investment philosophy and a forward-looking vision for growth.

Dave joined Bailard in 2009 and most recently served as Executive Vice President of Domestic Equities. As CIO, he now oversees all investment strategies across the firm. Eric, who helped shape Bailard’s research efforts for more than three decades, will remain a key part of the investment team, focusing on the global markets he knows so well.

“Throughout Bailard’s 50-plus-year history, we’ve approached leadership transitions with a deep respect for our values and a focus on continuity,” said Sonya Mughal, CFA, Chief Executive Officer. “Today’s news is no different. Dave’s appointment is yet another example of our ability to grow strong talent from within and our commitment to thoughtful succession. He understands who we are and where we’re going.”

A deep bench of professionals—many with years of shared experience—continues to shape Bailard’s investment process. Dave’s appointment builds on that foundation, and reflects our commitment to steady leadership, clear thinking, and delivering meaningful outcomes.

“I’ve been honored to work alongside Dave for more than a decade,” said Leve. “He brings clarity and consistency to everything he does, and I look forward to watching him shape the CIO role. For me, it’s a great moment to return my focus to international equities, a long-time passion of mine. It’s a space that demands close attention and, as recent headlines remind us, remains full of potential and complexity.”

“It’s an honor to step into this role,” said Smith. “We’ve built a disciplined process and a team that’s deeply invested in doing the work. My focus is on carrying that forward by staying curious, thinking critically, and keeping our clients’ goals front and center.”

As of the end of the second quarter, Bailard surpassed $7 billion in assets under management—marking a new high for the firm and highlighting the continued momentum Dave referenced.

Our history has been shaped by principled leadership and the courage to do what’s right for our clients. We invite you to revisit our firm’s journey as we look ahead to this exciting new chapter: https://bailard.com/our-story/.

 

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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 $7.1 billion in assets under management as of June 30, 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.

 


AdvisorHub 2025 Advisors to Watch

Mike Faust Awarded 2025 Advisors to Watch by AdvisorHub

Michael Faust, CFA, ranked in the top five of AdvisorHub’s Advisors to Watch for the second year—recognizing his standout leadership at Bailard [See more…]

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Image: Pull Quote from Mary Bersot Q&A with CEO Sonya Mughal

Built on Trust - Guided by Values

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?
Image: Pull Quote from Mary Bersot Q&A with CEO Sonya MughalMary: 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.


Bailard is a 2025 Top Workplace! San Francisco Chronicle

Bailard Named San Francisco Chronicle Top Workplace

Independent by design. Empowered by culture.

 

Bailard multi-year winner, San Francisco Chronicle Top Workplaces 2024-2025SAN FRANCISCO – May 12, 2025 – Bailard, an independent wealth and asset management firm, has once again been recognized as one of the San Francisco Chronicle’s Top Workplaces in the Greater Bay Area. Ranked first in the small company category (35-149 employees), this marks Bailard’s second consecutive year on the list—based entirely on employee feedback.

At a time when many financial firms are consolidating, Bailard’s independence continues to set it apart. The firm combines the scale to serve a broad range of clients with the agility and personal touch of a closely connected team. That independence also fuels a workplace culture where employees feel heard, make a difference, and are energized by the work they do.

“Our independence has always been a defining trait of Bailard,” said Sonya Mughal, CFA, CEO of Bailard. “It allows us to be nimble, personal, and direct—whether we’re serving clients or supporting each other as colleagues. We don’t have layers of red tape. We have passion, accountability, and the freedom to do what’s right.”

The award is based on confidential survey results gathered by research partner Energage LLC, which measures key drivers of engaged workplace cultures—such as feeling respected, supported, and empowered.

Rooted in its core values of accountability, compassion, courage, excellence, fairness, and independence, Bailard fosters an environment where employees can bring their best thinking to clients and colleagues alike. With this latest recognition, the firm reinforces its position as a rare combination in financial services: an enduring independent firm with a vibrant, values-led culture.

To learn more about opportunities at Bailard, visit https://bailard.com/careers/.

 

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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.

 

About the San Francisco Chronicle Bay Area Top Workplaces

The San Francisco Chronicle Bay Area Top Workplaces is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The 2025 Top Workplaces award was released in May 2025, with responses 103 companies recognized across small, midsize, and large categories. Bailard ranked #1 out of 57 participants in the small company category (fewer than 149 employees). The 2024 Top Workplaces award was released in August 2024, with 117 companies recognized. Bailard ranked #2 out of 65 small companies. 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. 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.


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