The veteran advisors have managed US$460 million in client assets at their old firms and have come from Morgan Stanley Smith Barney, Merrill Lynch, JP Morgan Securities and MML Investors Services.
Referring to advisers who have joined the firm from the brokerage units of big banks, Matt Curley, Baird’s private wealth chief operating officer remarked, "We’ve hired a lot of longstanding, wirehouse-type of advisers that are looking for something different."
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While in California, adviser Patty Estopinal joined Baird’s Roseville office from Morgan Stanley Smith Barney, where she managed US$175 million in client assets, Estopinal had been with Citigroup’s Smith Barney since 1993 and with Lehman Brothers and EF Hutton prior to that.
Further, advisers Matthew Fields and Tonya Nichols moved to Baird, Oregon as a team from Merrill Lynch, the brokerage owned by Bank of America. The advisers, based in Portland, managed US$170 million in client assets at Merrill.
Additionally, advisers Jayson Bales and Steve Phillips have joined Baird in Texas. While Bales, based in Dallas has come from MML Investors Services, Phillips, based in Fort Worth, joins from JP Morgan Securities. The advisers had managed US$115 million in client assets at their old firms.
Currently Baird has about 700 advisers across the US and plans to add 65 new advisers by year-end.
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By GlobalDataTill date the average production for Baird’s veteran adviser hire is US$953,000 in annual revenue generation.
