Mallard Financial Partners in Newark has announced a series of leadership changes that reflect a desire to give long-time employees and board members a chance to try their hand in a new position.
“The change is really in the roles that each person is taking on, just to get a feel for the different positions,” said Lehnerd. “This is the first time it’s happened in maybe 2-3 years, and is anticipated to change again in another 18 months.”
Pam Baumbach, CFP®, IACCP® has been elected president and chief operating officer. Jacqie Thompson, AAMS® is the new vice president. Susan Lehnerd, CFP® is treasurer, and Paul Baumbach, CFA, CFP®, ChFC is secretary.
One position that won’t change is COO, which didn’t exist prior to now. Pam Baumbach will hold onto that position for the foreseeable future.
“We’re growing as a company, and we feel we need one central person to funnel things through,” Lehnerd said.
The firm has over 180 clients and manages over $170 million in client assets, with portfolios ranging from $20,000 to over $10 million. Mallard is a “Fee-Only” firm, which means it has a fiduciary responsibility to act in the client’s best interest and not accept compensation based on product sales.
“I’m excited to usher Mallard into the next phase of its evolution,” said Pam Baumbach. “As we continue to grow, it made sense to consolidate the corporate functions under one person. With dedicated leadership and a focused vision, we can continue to be a firm that serves both long term and new clients. “
Baumbach has been with the firm since 2000 and has experience in management, operations, trading, compliance, and financial planning. She has a BS in accounting and certificate in financial planning from the University of Delaware.
The other corporate officers have been with the firm for at least 9 years each. Paul Baumbach is one of the business’ founders.