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…]
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.
Bailard Celebrated as a 2025 San Francisco Chronicle Top Workplace—for the Second Year in a Row
Independent by design. Empowered by culture.
SAN 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.
Bailard CEO, Sonya Mughal's 30-Year Journey
“There’s no role or career that a woman cannot thrive in,” said Sonya Mughal, CEO of Bailard. “What people do need to understand is that you can thrive only in the correct environment.”
Bailard Clears Redemption Queue and Expands Team for 2025 Growth
Bailard advances its efforts to seize opportunities in the evolving real estate market. With a disciplined investment approach and an expanded team, the Bailard Real Estate Fund is positioned for growth in the year ahead…
Pensions & Investments, "AI applications: When can investors feel the impact?"
LLMs. Co-pilots. Agents. Two years after ChatGPT took the world by storm, the hype behind artificial Intelligence remains palpable. Major tech companies are pouring billions into sparkling new infrastructure for AI workloads. Utility companies in areas with dense data centers are seeing revenues and power consumption soar. Yet, outside of semiconductor and infrastructure players, few companies have seen significant revenue from AI products. Investors are increasingly left asking: When will these massive capital investments start benefiting software companies? What’s causing the delay?
Bailard CEO Sonya Mughal shares what’s kept her there for 30 years
“There’s no role or career that a woman cannot thrive in,” said Sonya Mughal, CEO of Bailard. “What people do need to understand is that you can thrive only in the correct environment.”
Bailard Awarded Among the 2024 P&I Best Places to Work in Money Management
SAN FRANCISCO – December 9, 2024 – Bailard, an independent asset and wealth management firm based in the San Francisco Bay Area, has been named one of the 2024 Best Places to Work in Money Management by Pensions & Investments. The firm is honored to be ranked fifth in its category (companies with 50-99 employees). This marks the seventh consecutive year that Pensions & Investments has recognized Bailard.
Presented by Pensions & Investments—the global news source for money management and institutional investing—the 13th annual survey celebrates employers who build and sustain exceptional workplace cultures in the money management industry.
Bailard’s culture, rooted in its core values of accountability, compassion, courage, excellence, fairness, and independence, shapes both meaningful client relationships and an environment where employees thrive.
“Earning this recognition again highlights the culture we’ve built together at Bailard. It’s an environment shaped by our core values and energized by the dedication of our team. Together, we remain focused on serving our clients and making a positive impact,” remarked Sonya Mughal, CFA, Bailard’s Chief Executive Officer.
Julie Tatge, Pensions & Investments Editor-in-Chief, commended the winners, “As their employees attest, the companies named to this year’s Best Places to Work list demonstrate a commitment to building and maintaining a strong workplace culture. In doing so, they’re helping their employees, clients, and their businesses succeed.’’
Pensions & Investments partnered with Workforce Research Group, a research firm specializing in identifying great places to work, to conduct a two-part survey process of employers and their employees. The first phase evaluated workplace policies, practices, philosophy, systems, and demographics, representing 20% of the total evaluation. The second phase measured the employee experience through a survey, contributing 80% of the total score. Combined scores determined the final rankings.
Discover the full list of winners and explore profiles of the top firms across size categories at http://www.pionline.com/BPTW2024.
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, 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 $6.4 billion in assets under management as of 9/30/2024, Bailard is a majority employee-owned, woman-led firm, Certified B Corporation™, and UN Principles of Responsible Investing signatory.
About Pensions & Investments’ Best Places to Work in Money Management
Pensions & Investments, owned by Crain Communications Inc., is the 50-year-old global news source for money management and institutional investing. P&I released the 2024 ranking in December 2024. Participating firms must have at least 20 U.S.-based employees, $100 million of discretionary institutional assets under management or advisement, and a minimum of one year in business. This award does not evaluate the quality of services provided to clients and is not indicative of Bailard’s future performance. There was no cost for Bailard to enter. In 2024, 113 firms were ranked, with 27 managers recognized in Bailard’s category of 50 to 99 employees. For 2023, 2022, 2021, 2020, 2019, and 2018, there were 123, 100, 76, 94, 76, and 69 firms ranked, respectively.
White Paper: "AI Is Moving Fast—And the Winners Might Not Be Who You Expect"
AI is evolving fast, and so is the way investors are approaching it. In his latest white paper, Dave Harrison Smith, CFA—EVP, Domestic Equities—shares where he sees the shift in AI investing, from buildout to opportunity. Read on for his full analysis: