In early April, Baird said it recruited a team of seven employee advisors with about $770 million in client assets from Wells Fargo in Houston, while Royal Alliance announced that it added two independent teams in Chicago and Salt Lake City with combined assets of more than $400 million and nearly $3.5 million in yearly fees and commissions.
In addition, Baird says it is opening a second branch in Houston that will be led by John S. Hantak, who just moved to Baird from UBS. He will supervise the new Baird team, which includes legacy A.G. Edwards & Sons advisors, which—through acquisitions—became part of Wachovia and later part of Wells. The group’s business model is mainly focused on retirement planning for employees and executives in oil and gas industry.
“We couldn’t be more pleased to welcome John and these highly regarded financial advisors to Baird,” said Michael J. Schroeder, president of Baird Private Wealth Management, in a statement. “Baird’s culture celebrates their entrepreneurial accomplishments and highly specialized expertise in the area of retirement planning for oil and gas industry professionals.”
In Houson, Hantak will work with ex-UBS advisors J. Gillette Burns, Orlando C. Montesino, Andrew A. Atkinson, Richard G. Pfeil, Matthew Leatherwood, Thomas S. Davis and Nelson Shields Jr.
Baird has more than 700 advisors as of early 2013, the company says. Since early 2009, it has added about 275 advisors and branch managers, including new offices in Fort Worth, Texas; Charlotte, N.C.; Sarasota, Fla.; Portland, Maine; Salt Lake City; and Portland, Ore.
Royal Alliance Associates, part of the AIG-owned Advisor Group of independent broker-dealers says that its two new teams moved to affiliate with Royal’s hybrid platform because of the “flexibility and cutting-edge technology” it offers fee-based advisors.
The two new independent teams are JLTD, based in Chicago and led by advisors Timothy McGrath and Horace Seely-Brown; and the Integrated Financial Group of Salt Lake City, which includes advisors Sam Clark, James Davenport, Les Barber, Steve Fulmer and Casey Kotter.
“We are continuing our fourth-quarter 2012 momentum in early 2013,” said Kevin Beard, senior vice president of recruiting, in an interview. “We are being more engaged by advisors, who are seeking a long term partner in the broker-dealer space.”
Year to date, Royal Alliance has added affiliated advisors with about $6 million in yearly fees and commissions, he notes.