The recruiting wars for financial advisors appear to be heating up — or, at least, staying hot — despite the fact that many in the industry are taking some time off to enjoy the final weeks of summer.
Baird said Monday that it had recruited four veteran advisors to its Private Wealth Management group from UBS (UBS) and Morgan Stanley (MS) with a total of some $330 million in client assets and $2.3 million in trailing 12-month fees & commissions.
The Andersen Group in Chicago, which includes the father-and-son team of Richard and Eric Anderson, moves to Baird from UBS with about $165 million in client assets and $1.2 million in yearly production.
Dan Phillips in Edina, Minn., was recruited to Baird from UBS with some $105 million in client assets and $535,000 in yearly production.
Phillips has been in the business for more than 30 years since starting his career in 1981 with Piper Jaffray as an annuity product manager. In 2000, he became an advisor with the firm, which was bought by UBS in 2006.
Baird also added John Huynh recently from Morgan Stanley in Baltimore. Huynh’s client assets are $60 million, while his yearly fees and commissions stand at $565,000.
The firm says that it has added more than 300 reps and branch managers to its wealth-management operations since early 2009. The privately owned company, which many of its advisors have a stake in as partners, now has more than 700 employee advisors.
Last month, Baird announced that it had recruited seven ex-Wells Fargo Advisors with $1.9 billion in client assets.