Priya Malani: How a Merrill Lynch VP Left Wall Street to Help Millennials Build Wealth

She was one of the youngest vice presidents in Merrill Lynch history. She had the corner office trajectory, the prestigious title, and a career path that most finance professionals dream about. Then Priya Malani walked away from it all to start a company that Wall Street said would never work.

Her target market? High earners in their twenties and thirties—the exact demographic that traditional wealth managers had been ignoring for decades.

The Gap That Wall Street Refused to See

During her years at Merrill Lynch, Malani noticed a troubling pattern. Young professionals earning six figures were being turned away by financial advisors because they hadn't accumulated enough assets yet. The industry's minimum investment thresholds—often $500,000 or more—effectively locked out an entire generation of potential clients.

"Traditional advisors only want to work with people who are already rich," Malani observed. "But what about the doctor just out of residency making $200,000 who has no idea how to invest? What about the engineer at a tech company with stock options they don't understand?"

These weren't people who lacked money. They were people who lacked access to quality financial guidance at the exact moment they needed it most.

Understanding the HENRY Problem

Malani coined her target demographic "HENRYs"—High Earners, Not Rich Yet. These are individuals and couples typically earning between $175,000 and $500,000 annually who, despite their impressive incomes, struggle to build meaningful wealth.

The statistics paint a stark picture:

• The average millennial carries over $33,000 in student loan debt
• Between 2021 and 2022, total average debt for millennials grew 15%, reaching an all-time high of $115,784
• Nearly 30% of millennials cite student loans as the main reason they haven't bought a home
• Only 48% of millennials have enough in emergency savings to cover three months of expenses

Living in high-cost cities like New York, San Francisco, or Boston amplifies these challenges. A $200,000 household income sounds impressive until you factor in $3,000 monthly rent, $1,500 in student loan payments, childcare costs, and the pressure to keep up with peers who seem to have figured it all out.

"My clients aren't broke," Malani explains. "They're just at a different stage of wealth building. And they deserve the same quality of advice that's been reserved for people with seven-figure portfolios."

Building Stash Wealth from Scratch

In 2016, while participating in an IBM focus group for Watson artificial intelligence tools, Malani had an epiphany. Technology could bridge the gap between what traditional advisors charged and what her target market could afford. Two years later, she registered Stash Wealth as an investment advisory firm with the SEC.

The early days were brutal. Malani describes arriving at the office at 5 AM, making her own coffee, and working through weekends. She went nearly three and a half years without visiting family.

"Instagram glamorizes entrepreneurship," she says bluntly. "They show you the freedom, the flexibility, the laptop-on-the-beach lifestyle. They don't show you the 80-hour weeks, the constant anxiety, or crying on the phone trying to figure out QuickBooks."

That QuickBooks experience taught her a crucial lesson about delegation and business operations—one that would shape how she advises her own clients.

The Expensive Lesson About Bookkeeping

Like many founders, Malani initially tried to handle everything herself, including the company's finances. She quickly discovered that attempting to manage bookkeeping without proper expertise was costing her far more than professional help ever would.

"Crying on the phone to QuickBooks is not cost effective," she admits. "I was spending hours trying to figure out things that a professional could handle in minutes. That time could have been spent serving clients or growing the business."

The experience reinforced a principle she now preaches to her HENRY clients: know when to outsource. Your time has a value, and spending it on tasks outside your expertise often costs more than hiring professionals—even when those professionals aren't cheap.

For entrepreneurs and high earners alike, this applies to bookkeeping, tax preparation, legal work, and dozens of other specialized functions. The math usually favors paying experts to do what they do best.

Redefining Financial Planning for a New Generation

Stash Wealth's signature offering, the Stash Plan, breaks from traditional financial planning in several key ways:

It goes beyond retirement. While conventional advisors focus almost exclusively on 401(k)s and IRAs, Malani's approach addresses the full spectrum of millennial financial concerns: paying off student loans strategically, saving for a house down payment, planning for kids, funding travel goals, and yes, eventually retiring.

It's fiduciary-first. As a registered fiduciary, Stash Wealth is legally obligated to act in clients' best interests—not to push products that generate commissions. This transparency resonates with a generation skeptical of traditional financial institutions.

It leverages technology. Virtual consultations and digital tools keep costs manageable while maintaining personalized service. Clients don't need to take time off work to visit a mahogany-paneled office for advice.

It speaks their language. Malani hosts "The F. Word" podcast, where the F stands for finance (though the edgy name hints at the no-nonsense approach). Topics range from negotiating salaries to understanding stock options to having money conversations with partners.

Hard Truths About Work-Life Balance

One of Malani's most refreshing perspectives concerns the myth of "having it all." Rather than perpetuating the fantasy that entrepreneurs can achieve perfect balance, she advocates for conscious prioritization.

"Decide what's important to you and don't judge yourself for it," she advises. "Some seasons of your business demand everything you have. Other seasons allow for more personal time. The people who burn out are the ones trying to do everything perfectly all the time."

This philosophy extends to financial decisions as well. Not every HENRY needs to max out their 401(k) while paying off student loans while saving for a house while funding a travel account. Sometimes the right financial plan involves choosing which goals to prioritize now and which can wait.

The Results Speak for Themselves

Stash Wealth has been named among the top 23 financial advisory firms for millennials. Malani has become a regular contributor to publications like the Wall Street Journal, CNBC, BuzzFeed, and NerdWallet. She speaks at Harvard, Cornell, and NYU, spreading financial literacy to the next generation of high earners.

More importantly, thousands of HENRYs now have access to the kind of financial guidance their parents' generation reserved for the already wealthy.

The company's growth validates Malani's original thesis: serving an underestimated market with genuine expertise builds sustainable business. Wall Street may have dismissed millennials as not worth their time, but that dismissal created an opportunity for someone willing to take them seriously.

Lessons for Aspiring Entrepreneurs

Malani's journey from corporate VP to startup founder offers several takeaways:

Find the gap others ignore. The best business opportunities often exist where established players have become complacent or dismissive. Malani didn't try to compete with Merrill Lynch for their existing clients—she went after the people Merrill Lynch was actively turning away.

Build credibility through expertise. Before starting her company, Malani invested years developing genuine competence in wealth management. That foundation of real knowledge separates successful experts from opportunistic grifters.

Don't romanticize the struggle. Entrepreneurship requires serious sacrifice. Understanding that reality upfront helps founders prepare mentally and practically for the challenges ahead.

Outsource what you don't do well. Time spent wrestling with QuickBooks or learning to file your own business taxes is time not spent on activities that actually grow your business.

Serve your market authentically. Malani's success comes from genuinely understanding and caring about her clients' specific challenges—not from applying generic advice with millennial branding.

What Traditional Finance Gets Wrong

The financial services industry has long operated on a model that serves people who already have wealth while ignoring those actively building it. This approach makes sense from a short-term revenue perspective—wealthy clients generate more fees—but it misses the bigger picture.

The HENRY becoming a doctor today will be a high-net-worth client in twenty years. The engineer with confusing stock options will eventually have a portfolio worth managing. The couple struggling to balance student loans with home savings will one day need estate planning.

By building relationships with clients early in their wealth-building journey, advisors like Malani create loyalty that lasts decades. Traditional firms, focused only on immediate asset minimums, miss this opportunity entirely.

The Broader Shift in Financial Advice

Malani's success reflects a larger transformation in how financial services are delivered. Technology has lowered the cost of providing quality advice, making it economically viable to serve clients who would have been unprofitable under traditional models.

This democratization benefits everyone. Young professionals get access to guidance that helps them avoid costly mistakes. Advisors tap into a massive market their competitors ignore. The financial literacy of an entire generation improves.

For millennials and Gen Z workers building careers and wealth, the message is clear: you don't have to wait until you're rich to get real financial help. Companies like Stash Wealth exist specifically to serve people at your stage of the journey.

Simplify Your Financial Management

Whether you're a HENRY trying to make sense of your finances or an entrepreneur building your first company, one thing remains constant: clear financial records form the foundation of smart money decisions. You can't optimize what you can't see.

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