Baird scoops up advisers with $1.1 billion from Wells Fargo

The group of six advisers brought in $5.44 million in annual revenue for their former firm.
MAY 17, 2015
Regional brokerage firm Robert W. Baird & Co. Inc. has scored a large recruiting win with the addition of six advisers from Wells Fargo Advisors who previously managed some $1.1 billion in assets combined. The group, which will open a new office for Baird in Wichita, Kan., brought in $5.44 million in annual revenue from those assets, according to a press release. They all joined at the same time late last week, although only two operate on a team. The advisers include Don Barry, Phillip Garrison, Kevin McWhorter, Suzanne Marshall, and Jill and Brian Docking of The Docking Group. The combined assets under management are almost equal to the total amount of assets that Baird has recruited so far this year, according to moves tracked by InvestmentNews' Advisers on the Move database. All of the advisers were at one time with A.G. Edwards & Sons Inc., which became part of Wachovia Corp. in 2008 and then Wells Fargo & Co. later that year. Baird has about 800 advisers in 80 offices, according to the release. Those advisers manage some $110 billion in assets, a number that has grown by more than 10% in the past year through acquisitions. Last year, the firm acquired a Pacific Northwest firm McAdams Wright Ragen Inc., which had 85 advisers. Wells Fargo has more than 15,100 advisers and around $1.7 trillion in assets, according to its latest quarterly report.

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.