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Baird Adds $350M Ex-Schwab Rep

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Baird, an employee-owned firm, says it recently added advisor Michael McHugh from Charles Schwab (SCHW) in Denver and Colin Brooks from Wells Fargo (WFC) in Spokane, Washington.

McHugh manages $350 million in assets and has about $1.75 million in annual fees and commissions. He started his career at Schwab in 1996.

“Mike is a strong addition to our growing team here in Denver,” said Steve Binder, director of the Colorado market for Baird, in a statement. “His commitment to achieving the best outcomes for his clients and appreciation for our firm’s unique culture make him a great fit for Baird.”

Brooks went into the industry in 1992 at Sandberg Securities and later worked at PaineWebber, Citigroup and Bank of America before joining Wells Fargo in 2008.

Baird says it has recruited 325 advisors and branch managers to its Private Wealth Management group since early 2010, most of whom are industry veterans. This unit now has more than 800 FAs with roughly $100 billion in client assets.

Raymond James’ News 

Raymond James (RJF) says it has added a team of two female advisors formerly with Morgan Stanley (MS).

Debra Dragich, CFP, and Toni Ondek, CFP, joined its employee operations in Wexford, Pennsylvania. While with the wirehouse, they managed client assets of $212 million and had annual fees and commissions of over $930,000.

“With over 35 years of combined experience and commitment to a long-term, client-first approach, they are a great addition to our firm, and we look forward to supporting them as they continue to grow their business,” said Bill Theis, Northern Lakes complex manager for Raymond James & Associates, in a statement.

Dragich began her career in 1997 with Bill Few Associates, a small broker-dealer in Pittsburgh, before joining Legg Mason in 1999. She stayed with the firm through its acquisition by Smith Barney in 2006 and then the firm’s acquisition by Morgan Stanley in 2009.

“While we looked at other firms, we found the culture at Raymond James to be a great fit,” said Dragich in a statement. “We found a sophisticated platform that had no gaps in the products or services we need, and a very responsive, advisor-oriented support staff who have made our transition really easy.”

Ondek cut her teeth as an advisor starting in 1997 at Legg Mason. “It is like coming full circle,” explained Ondek, in a press release. “I worked for Raymond James in St. Petersburg back in the 1980s, and the firm still has the same reputation for putting clients’ interests ahead of all else, with a service-first attitude, just as it did back then.

“We are happy to be associated with a firm that lives up to its reputation,” Ondek stated. “And, while not a major factor in our decision, we also knew it was a place where women advisors are welcomed, celebrated and supported through its Network for Women Advisors.” 

Ameriprise Addition

Ameriprise Financial (AMP) says it just added an ex-Stifel Financial (SF) team to its employee channel in Camp Hill, Pennsylvania.

David Bias and Henry Pofi joined the broker-dealer about a month ago and have $214 million in combined assets. They report to Vince Hackler, the branch manager in Baltimore.

Bias went into the business in 1981 and worked for James Butterfield, Janney Montgomery Scott, Legg Mason and Ryan Beck before joining Stifel in 2007.

Pofi first worked for Legg Mason, starting in 1989. He later worked for Ryan Beck and Stifel.

— Check out Merrill Rehires Branch Manager From Morgan Stanley on ThinkAdvisor.




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