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Baird Grabs 12 From Morgan, Wells Fargo, Schwab

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Baird hired 12 advisors from Morgan Stanley (MS), Wells Fargo (WFC) and Schwab (SCHW) with about $1.8 billion in combined assets under management and about $10.4 million in yearly fees and commissions, the employee-owned firm said Tuesday. The advisors join Baird’s private wealth-management group in Colorado, Florida and North Carolina.

Baird's John Mabee“Baird’s story continues to resonate with high caliber financial advisors who are looking for a firm that puts its clients and associates first,” said John Mabee (left), vice chairman of Baird’s private wealth management group, in a statement. “We have all the capabilities associated with a larger firm, yet we are owned by our employees, which gives us a tremendous advantage. We are delighted that these talented advisors have chosen to continue their careers at Baird.”

The Smith Norris Group of Boulder, Colo., is moving over with two advisors from Schwab and could bring about $640 million in AUM. Its advisors are Shawn Smith, branch manager, and Will Norris.

The RHY Group joined Baird from Morgan Stanley Smith Barney in Denver and plans to move some $350 million in assets. Its advisors are John Robinson, Scott Young, Martin Hoffman and Brian Robinson.

Also moving over from Morgan Stanley is the Allman-Bobbie Group in Raleigh, N.C., which has managed about $150 million. It includes John H. Allman and Frances Bobbie.

John Duguid made to switch to Baird from Morgan Stanley in Charlotte, N.C., where it plans to manage roughly $135 million in assets.

Coming to Baird from Wells Fargo Advisors is Scott Woods. His offices are located in Sarasota., Fla., and Durango, Colo., where he’s managed about $390 million in assets.

In addition, the Buskey McGinty Group has joined Baird in Sarasota from Wells Fargo. The team is comprised of Paul Buskey and Jane McGinty; it has overseen $265 million in assets.

Baird says it has added nearly 250 financial advisors and branch managers since 2009, most of whom are industry veterans, including wirehouse reps.

The Milwaukee-based firm has new office locations including Portland, Maine; Salt Lake City; Portland, Ore.; Denver; Fort Worth, Texas; Sacramento, Calif.; San Francisco; Charleston, S.C.; Charlotte, N.C.; Winston-Salem, N.C.; Raleigh, N.C.; and Lynchburg, Va.

Along with other firms, it is benefitting from wirehouse advisors‘ desire to embrace different ways of running their practices. Last week, a Morgan Stanley team switched to a hybrid (independent-RIA) model, for instance. 


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