Alright – so today we’ve got the honor of introducing you to Mahalene Dulay. We think you’ll enjoy our conversation, we’ve shared it below.
Hi Mahalene , thanks for joining us today. Risking taking is a huge part of most people’s story but too often society overlooks those risks and only focuses on where you are today. Can you talk to us about a risk you’ve taken – it could be a big risk or a small one – but walk us through the backstory.
I started my career in financial services in 2007. For those reading this who remember what was going on in the market around that time (hello, housing bubble), it was not the easiest start for a recent college grad to build trust with people when it came to their money. The position itself was 100% commission and demanded 60-80 workweeks. Though I was (and still am) a highly motivated individual, the job was stressful in the first few years. There were many times where I was told that I would fail; the turnover in the financial services industry within the first 1-2 years is very high. However, I took that negativity as fuel to drive my motivation and determination to keep striving for success. I built a successful career for eleven years and was ranked one of the top reps in my office.
At the beginning of 2018, the firm environment and structure started to change. The uncertainty of whether those firm changes aligned with my personal and professional goals started to set in. It didn’t initially cross my mind about leaving because I was nervous about not having the stability it provided me for so long. This was especially difficult while being on maternity leave during that time. However, I learned an important lesson as I was navigating through what next steps would look like: sometimes it’s in the uncertainty where we find the most clarity to bring purpose to what we’re doing.
After speaking with colleagues and doing some exploration on my own, I decided that in order for me to thrive in my career, provide the best opportunities for my clients, and bring a vision I had to reality, I had to take a big risk. On May 1, 2018, with a 5-month-old, 3-year-old starting school for the first time and my husband in his own career transition, I left my previous firm and started my own financial planning firm. Thus, Modern Wealth Collective™ was born.
Though I had a strong base of clients to help set my foundation, this new venture felt like being back to the first few years in my career. This time, however, I had more responsibilities and loved ones that were dependent on me. To say that there was a lot of pressure and stress during this transition was an understatement! I knew that I was destined for a greater impact in this world, and that motivated me to keep moving.
Fast forward to now, our firm is thriving; we are growing our team and expanding our reach to create, build and protect wealth for women, especially women investors of color. The risk I took in leaving my old firm not only opened the door to more success, but it provided me with the opportunities to work on my legacy movement: my passion to push policy to implement and require financial literacy in our public-school curriculum.
Taking risks throughout my life have been no small feat, but the alternative of not taking those risks wouldn’t have given me the opportunities to evolve into some of the best versions of myself. For that, I am grateful.
As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?
My story of becoming a business owner started before I was born. I am a proud daughter of Filipino immigrants. Like many that left their homes to start a new life in the U.S., my parents had very little money when they arrived. They met in San Diego and shared the same dream of building a life for themselves where their future kids (my sister and me!) would have opportunities that they never had growing up in the Philippines. My parents worked long hours, sometimes even took on multiple jobs, to provide for us. Hearing their stories about growing up in the Philippines with not much to their names, to becoming successful business owners themselves and eventually retiring early to travel the world was one of the driving factors to my own road of entrepreneurship.
I graduated from the University of San Diego with a degree in Business Administration/Finance and started my career with a larger firm in San Diego in late 2007. When I founded Modern Wealth Collective™, I realized that there was a greater purpose to my role as a wealth advisor. A lot has changed over the years, but there’s still a gap in meeting the needs of women in wealth planning, especially for women of color. The financial services industry is made up of less than 20% of female financial advisors, and even less than that are female advisors of color.
Though I worked just as hard as my colleagues to build a successful business, there were many moments throughout my career where I felt I had to do more to prove myself as an expert in the field. It is because of the adversity I faced that Modern Wealth Collective™ strives to change the narrative for women investors of color to thrive in their careers, businesses and lives. Modern Wealth Collective™ is a safe, inclusive space for women of all backgrounds to achieve financial success.
In addition to keeping our clients’ goals at the core of our holistic planning approach, we take the time to talk about the emotional and cultural side of money. Our unique experiences with money throughout our lives impact our feelings and important decisions we make with our wealth. More importantly, we talk about money in an educational and non-judgmental way. Money shouldn’t be scary, so we created a space for our community to feel empowered and have fun!
At Modern Wealth Collective™, we have three key core pillars to money management: wealth, impact and purpose.
Wealth. Our goal is to build and preserve wealth for you, your family and your business. We believe in generational wealth of money and knowledge to create a meaningful legacy for future generations to come. Through sound financial planning, we approach everything with your best interests at heart and your most important financial goals at the core.
Impact. We believe in building wealth beyond the monetary value; your money is a resource that can make a lasting impact for you, your family and our communities. There is power in money; making the wise decisions with what to do with it should not have to be done alone.
Purpose. YOU are why Modern Wealth Collective™ exists. We want to build your dreams, not just your dollars. We protect what matters most to you, not just your assets. We believe our purpose also lies in the communities that we serve. Our legacy vision is to create and implement financial education in public education.
In addition to building my empire, I am a proud mom of three (five, if you include my two dogs, Guiness and Arya). You’ll find me hiking, exploring my hometown of San Diego or soaking it up at the beach. I LOVE to eat my way through my travels, and experience what different cultures have to offer. I’m a Bridgerton fan and love a good glass of red wine while reading books.
I am an advocate for the environment and social equality. I do this through implementing sustainability practices in my life, staying active in my community by hosting clean-ups in my hometown of San Diego and volunteering with local organizations that align with causes near to my heart. My love for giving back is also integrated with my business; I designed a unique way for clients to be part of what I call #TheMWCDifference, where we donate money to charities on their behalf when they establish a long-term relationship with our firm.
My passion for activism sparked my greater legacy vision to close the wealth gap in our communities; I’m a firm believer this starts with educational resources on financial literacy. I aim to create and implement a curriculum within the public education system where students learn the basics of money as early as Kindergarten and can continue to learn age-appropriate money concepts throughout their schooling. Through Modern Wealth Collective™, I believe that it’s achievable to create a successful business that aligns in harmony with my values and vision.
Any stories or insights that might help us understand how you’ve built such a strong reputation?
I’m a firm believer in community and collaboration over competition, especially when it comes to empowering and lifting other women up. We have a saying in our firm: “For so long, women of color have waited for a seat at the money table. We got tired of waiting and built our own.” It is my passion to empower and uplift other women to be successful and confident in their career, businesses and wealth. When we show up for others instead of bringing them down, everyone wins.
Being authentic to who I am and what I believe in has also helped build my reputation in my market. I was initially nervous building a firm and a brand that was “specifically niched”. However, I realized that representation in a space that is predominately white male matters, especially when it comes to money. There is power and opportunity in money; I want to be a champion for women investors of color to let them know that they are deserving of wealth and a seat at the money table.
Any thoughts, advice, or strategies you can share for fostering brand loyalty?
My relationship with my clients is built on trust; money is personal, so it makes sense to have someone that is relatable, knowledgeable and will have your back throughout the good and bad. Most of my clients have been with me since Day 1, which is a testament to my long-term, client-first approach in the firm. Communication throughout the year is crucial for our continued trust. We send out video and email communications at least once a month to our community to keep clients informed about what’s happening with our firm and what’s going on in the market. Additionally, we love sending out personal notes for celebrations, milestones or important events that happen in our clients’ lives. There’s something magical about receiving a hand-written note in the mail that hits differently than a text or email.
Like many other companies during the pandemic, we went 100% virtual for our client meetings and rely on email, phone calls and texting to stay in touch. We conduct check-ins and Annual Reviews throughout the year, because as we know, life happens, and our clients’ financial plans need to reflect those changes.
The beauty about what I do is being a large part of my clients’ lives: from buying their first home, to being a shoulder to cry on when a loved one dies, to getting married, babies, graduations, divorces and hitting huge milestones… I get to be a part of it all. It is in these relationships and knowing that I am a trusted partner in their lives that makes my career rewarding and helps foster brand loyalty.
Contact Info:
- Website: www.modernwealthcollective.com
- Instagram: https://www.instagram.com/modernwealthcollective
- Facebook: https://www.facebook.com/modernwealthcollective
- Linkedin: https://www.linkedin.com/in/mahalenedulay/
- Other: Disclosures: Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Modern Wealth Collective is not affiliated with Kestra IS or Kestra AS. Kestra IS, Kestra AS, and Modern Wealth Collective do not approve, endorse, nor are affiliated with these sites or any of the material contained therein. This profile is published for residents of the United States only. Registered Representatives of Kestra IS and Investment Advisor Representatives of Kestra AS may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact our Compliance Department at 844-553-7872. Investor Disclosures – https://bit.ly/KF-Disclosures
Image Credits
Keeley Miller