Baird nabs $267M Morgan Stanley Smith Barney team; J.P. Morgan adds 70 advisers

A team of four financial advisers has left Morgan Stanley Smith Barney, where they advised on $267M in client assets, to join the private-wealth-management group at Robert W. Baird & Co., according to a company spokesperson.
MAR 29, 2010
Baird grabs MSSB advisers, opens Winston-Salem branch A team of four financial advisers has left Morgan Stanley Smith Barney, where they advised on $267M in client assets, to join the private-wealth-management group at Robert W. Baird & Co., according to a company spokesperson. The group, which includes Jon Bolton, J. Stephen Rowell, C. Scott Wray and E. Lee Cain, will open Baird's first Winston-Salem, N.C. branch. Joining them in that office will be Jeff Trollinger, who was most recently an adviser for AIG VALIC/AIG Retirement. The amount of client assets he advised could not immediately be learned. With the addition of this team, Baird has recruited more than 100 financial advisers to its wealth management group this year, according to a statement from the firm. As InvestmentNews noted in July, the wealth management firm has well surpassed its total number of recruits for 2008, when it added 59 advisers. JPMorgan beefing up Bear Stearns' private-client group JPMorgan Chase & Co.'s chief executive noted this week that he is looking to add “really good” brokers in the near future to bolster its retail-brokerage business. But the firm apparently already has been busy adding advisers in at least one part of its private-wealth business in recent months. According to a report from Dow Jones, JPMorgan has recruited more than 70 financial advisers in 2009 for its Bear Stearns Private Client Services — which it acquired last March after Bear Stearns & Co. Inc. nearly collapsed. JPMorgan also has plans to open two or three offices for Bear Stearns' private-wealth business, according to the report, which would represent the first new office the unit has opened in 15 years.

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

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.