Baird scoops up advisers with $1.1 billion from Wells Fargo

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.