February 11, 2013 / 4:10 PM / in 5 years

ON THE MOVE-Baird lands veteran adviser duo from Wells Fargo

Feb 11 (Reuters) - Robert W. Baird & Co has expanded its adviser force in Florida with a veteran team of advisers who joined the firm in February from Wells Fargo & Co’s U.S. brokerage.

Milwaukee-based Baird said on Monday it hired advisers Jim Caprara and Chris Hain from Wells Fargo Advisors, where they managed $175 million in client assets. The advisers opened a new office for Baird in Merritt Island, Florida.

The new additions come shortly after Baird said last month it hired a former Wells Fargo senior manager to help expand the firm’s recruiting of veteran advisers. Peter Miller, who was most recently head of Wells Fargo’s Advisor Development Group, joined Baird in January as a senior vice president, based in the firm’s St. Louis office.

Wells Fargo Advisors, owned by Wells Fargo & Co, is the third-largest U.S. brokerage. The firm in 2008 took over Wachovia, which one year earlier had bought A.G. Edwards. During those acquisitions, many A.G. Edwards advisers and executives made the transition to Wells.

Both Caprara and Hain had been legacy A.G. Edwards advisers who joined Wells through the acquisitions.

Wells Fargo confirmed the departures but declined to comment further.

Milwaukee-based Baird said it 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.

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