Republican Herb W. Morgan is running for California controller in the Nov. 3, 2026, general election. He faces Democrat Malia Cohen, according to BallotReady election data.

Asked in our candidate questionnaire why he is seeking the office, Morgan said: "California's finances lack the independent, real-time oversight the Constitution assigns to this post. The Controller is the state's chief fiscal officer and auditor, not a policy advocate. That role has not been used to its full extent. … I will publish state payments on a public ledger, apply continuous audit tools to high-risk programs, and report waste, fraud, and control failures in plain language."

Candidate information

Party: Republican

Family: "Married 35 years, two adult children," Morgan said in our questionnaire.

Education: "My education is a B.A. in Economics with honors from the University of California, Santa Cruz," Morgan said in our questionnaire. He holds a high school diploma from El Camino High School, according to BallotReady.

Background: Morgan "arrived in California on his first birthday in 1967" and "grew up in Westminster and Oceanside, California, and attended local public schools," according to his campaign website.

Experience and public service

Asked about his occupation and work history, Morgan said in our questionnaire: "I am a finance executive and investment adviser with roughly forty years in capital markets. I began on Wall Street with Dean Witter, J.&W. Seligman, Dreyfus, and LPL Financial. In 2004 I founded Efficient Market Advisors, the first ETF-managed-account platform, which grew to about $1.5 billion in assets and was sold to Cantor Fitzgerald in 2017. I remained Senior Managing Director and Chief Investment Officer of that division until I retired to run for Controller."

Efficient Market Advisors had approximately $1.1 billion in assets under advisement when Cantor Fitzgerald Investment Advisors acquired it in March 2017.

Morgan also said in our questionnaire: "I also served on the San Diego City Employees' Retirement System board, appointed in 2009 and reappointed in 2013, and served as both vice president and president of the board."

He serves as a board member at The Private Shares Fund, a position he has held since 2023, according to BallotReady.

On the issues

Asked what accomplishments show he can handle the job, Morgan said in our questionnaire: "I built and sold a regulated investment firm that grew to about $1.5 billion in assets, then remained as chief investment officer after the sale, responsible for process, risk controls, and client reporting. That work required the same discipline the Controller's office demands: custody of other people's money and clean, timely books. … Those roles are evidence I can read a balance sheet, enforce controls, and state plainly when the numbers do not add up."

On the critical differences between himself and other candidates, Morgan said in our questionnaire: "The office is California's independent fiscal officer, not a policy seat. My opponent has treated the post as a platform for broader political priorities and has not delivered continuous, public scrutiny of how state dollars are spent. … I will publish state payments on a public ledger and apply continuous audit tools to high-risk programs so findings arrive while money is still moving."

Morgan said he proposes creating a system where every time a state-funded nonprofit pays for anything, that transaction goes into a state database, and then using AI to monitor those purchases and flag anything suspicious, according to CalMatters. He also said he will carefully scrutinize the state's spending on homelessness.

Endorsements

Morgan has received endorsements from the following organizations, according to his campaign endorsements page, the Sacramento Bee and BallotReady:

  • McClatchy California Editorial Board / Sacramento Bee
  • California GOP
  • Howard Jarvis Taxpayers Association
  • California Rifle and Pistol Association
  • California Republican Assembly
  • California Congress of Republicans
  • Unity Party of California
  • San Diego County Republican Party
  • San Bernardino County GOP
  • Los Angeles County GOP
  • Santa Clara County GOP
  • Monterey County GOP
  • San Francisco GOP
  • Bay Area GOP
  • Silicon Valley Association of Conservative Republicans