Feb 26 Robert W. Baird & Co said on Tuesday it
hired five veteran financial advisers who together managed $500
million in client assets at their old firms, top U.S. brokerages
Morgan Stanley Wealth Management and Wells Fargo Advisors.
The advisers, who moved in February, joined Baird's private
wealth management group in Maine and North Carolina. They are
among the latest big recruits for Milwaukee-based Baird, which
Vice Chairman John Mabee said has seen a "steady" flow of
adviser interest from top U.S. brokerages.
"There are good financial advisers out there that want to go
back to a (type of) firm that they were used to," Mabee said in
an interview on Tuesday, referring to veteran advisers who
started their careers at smaller firms that were later acquired
by larger Wall Street companies.
"So many financial advisers are just working for places that
they didn't sign up for," he said, adding that this, in turn,
has benefited interest in the smaller, privately owned Baird.
In North Carolina, advisers Joseph Lipe and John Lipe joined
Baird's Charlotte office from Morgan Stanley Wealth Management,
where they managed $250 million in client assets. Joseph Lipe,
who joined Baird as a director, had been an adviser at Morgan
Stanley and its predecessor firms since 1976.
Morgan Stanley Wealth Management, majority-owned by Morgan
Stanley, was formed from the merger of Morgan Stanley's
wealth unit and Citigroup Inc's Smith Barney in 2009.
Also on the move in North Carolina, adviser Kevin Phillips
joined Baird from Wells Fargo Advisors, the brokerage owned by
Wells Fargo & Co. Phillips, who managed $105 million in
client assets, joined Baird as a senior vice president based in
Baird's new office in Lake Norman.
Phillips had been an adviser at A.G. Edwards before joining
Wells after his firm was acquired in 2007 by Wachovia, which one
year later was acquired by Wells.
In Maine, advisers Robert Glenn and Chad Schuman joined
Baird's Portland office, also from Wells, where they managed
$145 million in client assets. Both advisers were also
previously with A.G. Edwards prior to joining Wells. Glenn, who
has worked in the industry for nearly three decades, joined
Baird as a vice president.
Mabee is hoping that the addition of senior hires to the
firm will strengthen its position in the wealth management
"We would like to be the best middle-market firm," he said.
Baird has added nearly 275 financial advisers and branch
managers to its private wealth management group since the
beginning of 2009. Many of those hires were industry veterans
who joined the firm from big U.S. brokerages.
Morgan Stanley declined to comment on the adviser
departures. Wells Fargo did not immediately return a request for