Robert W.
Baird & Co. Inc. is expanding its wealth management operations in Texas, recruiting seven former
Wells Fargo advisers and hiring veteran
UBS manager John Hantak to open a new office in Houston.
All seven previously worked at AG Edwards & Sons Inc., which was acquired by
Wells Fargo Advisors in 2008. They manage a cumulative $770 million in client assets and will all work out of a second office
Baird is opening in Houston.
The advisers joining
Baird are J. Gillette Burns, Orlando Montesino, Andrew Atkinson, Richard Pfeil, Matthew Leatherwood, Thomas Davis and C. Nelson Shields.
Mr. Hantak, a Houston native, who worked for
Citigroup Global Markets Inc. and Morgan Stanley Smith Barney LLC, has been a complex director for
UBS Financial Services Inc. in Connecticut for the last three and a half years. He oversaw more than 50
UBS advisers in Stamford and Greenwich, Conn.
The Houston market, one of the fastest in the country to recover from the
recession, thanks to the boom in domestic energy production, is an increasingly attractive market for financial advisers. All the advisers joining
Baird focus to varying degrees on professionals in the oil and gas industry.
“We think there's a very good opportunity in the Houston area and in fact all of Texas,” said John Mabee, vice chairman of
Baird Private Wealth Management. “We've expanded in Dallas and Fort Worth, and expect to see more growth in those three cities going forward.”
Baird has been quietly establishing a bigger presence in wealth management since the financial crisis. It has hired 275 new financial advisers since 2009 and now has a brokerage force of about 700. It managed more than $77 billion in client assets at the end of last year. Mr. Mabee attributed
Baird's recent recruiting success to the turmoil in the industry since the financial crisis.
“The landscape has changed so much in the last three to five years. A lot of advisers have ended up at firms they didn't sign up with, and they're looking for a place to come to,” said Mr. Mabee, who has been with
Baird since 1994. “A large majority of people who have joined us are form firms that were bought by other big firms.”
