Baird snags another Morgan Stanley Smith Barney team

Robert W. Baird & Co. Inc. has made another addition to its wealth management business, this time snatching a $150 million adviser team from Morgan Stanley Smith Barney LLC. Russ Guard, a 15-year veteran of Smith Barney, and Jacob Duffy, who was with Smith Barney for five years, will operate as a team serving the Phoenix-Scottsdale market. At their prior firm, Mr. Guard and Mr. Duffy brought in $1 million in revenue annually, said Baird spokeswoman Anne Crago. The two advisers are joined by Carol Frasco, a registered client relationship associate. Ms. Frasco was at MSSB for about seven years, the Baird spokeswoman said. The new hires are in keeping with Milwaukee-based Baird's expansion strategy, the firm emphasized today. The $55 billion firm now employs 50 associates in the Phoenix-Scottsdale market and operates two office locations in Arizona. This year, Baird added 22 financial advisers, and last year, it added more than 100. The firm also recently announced plans to open offices in Charlotte, N.C., and St. Paul, Minn.