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May 22, 2013 at 10:22 AM
Employee-owned Baird, which has about 700 advisors, says its client assets have topped $100 billion for the first time.
“$100 billion in assets is a big milestone for us,” said Matt Curley (left), national sales director of private wealth management, in an interview. “Plus, we are approaching $1 billion in total revenue and should eclipse that in 2013. We continue to hit records. Our business is strong and speaks to the trust and confidence clients place in us.”
(About $81 billion of Baird’s client assets are associated with its private-wealth management operations, with the rest tied to its capital markets, private equity and asset management work.)
Baird posted revenues of $961 million in 2012. Also, for the first quarter of 2013, Baird recorded its 133rd consecutive quarter of operating profit. The privately held firm was founded in Milwaukee more than 90 years ago. Last week, it celebrated Baird Cares Week, its annual philanthropy drive.
Recruiting Momentum
Baird has “hired a good number of advisors this year,” according to Curley. “We’ve also had some advisors retire, like at some other firms, and our headcount is stable.”
Last week, the firm said it recruited four advisors from Morgan Stanley (MS), UBS (UBS) and other firms with about $800 million in client assets under management.
To further add to its advisor headcount, Baird is turning to young adults.
“In 2013, we are definitely shifting up and are calling it a [year of] youth movement,” he explained. “Most college students don’t think of wealth management as well-known career option, so we are partnering with universities and business schools and even providing scholarships to get out a grassroots effort on campuses.”
From 2008 to 2012, Baird recruited 415 advisors. About 300 of the reps were experienced advisors, close to 40 were branch managers and the remainder were trainees.
