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Baird Makes Private Wealth Leadership Changes

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What You Need to Know

  • PWM executive director Erik Dahlberg is being promoted to division president, replacing Mike Schroeder, who is being promoted to the new role of PWM chairman.
  • The executives have each worked at the broker-dealer for more than 30 years.
  • The management changes will become effective Jan. 1.

Baird on Thursday announced leadership changes within its Private Wealth Management business set to take effect on Jan. 1.

PWM executive director Erik Dahlberg is being promoted to the role of PWM president, replacing Mike Schroeder, who is being promoted to the new role of PWM chairman.

Schroeder recently celebrated his 35th anniversary with the firm, where he started his career as a financial advisor. He has been PWM president since 2001 and was “instrumental in growing the business from 775 advisors to more than 1,300 coast-to-coast, and revenues growing from $291 million to more than $1.3 billion this year,” according to Baird.

In his new role as PWM chairman, Schroeder will mainly focus on studying strategic opportunities for continued growth, recruiting and retaining top advisor talent, while further developing leaders, Baird said.

Dahlberg started at Baird as a financial advisor 34 years ago and moved up to become regional director. In 2012, he moved to Milwaukee to lead the Southeastern Wisconsin market, where he also served as branch manager.

Since becoming executive director in 2016, Dahlberg has overseen PWM’s entire branch network of over 2,500 associates, Baird said. As Dahlberg becomes PWM president, his responsibilities will increase to “help further enhance branch leadership, progress Baird’s Wealth Management strategy, and increase the firm’s competitive advantage,” the company said.

Under the “tremendous leadership” of Schroeder and Dahlberg, PWM has “dramatically expanded its capabilities and the value brought to clients which, in turn, has fostered remarkable growth,” according to Steve Booth, Baird CEO, chairman and president.

“While we may have new titles, Mike and I have been working side by side for more than 15 years,” Dahlberg said in a statement. “That partnership and continuity  — for both associates and clients — will continue.”

“The future of our PWM business has never been brighter,” Schroeder said. “Our mission remains steadfast: To provide the best financial advice and service to our clients and be the best place to work for our associates.”

Baird’s Private Wealth Management business includes more than 1,300 financial advisors serving clients from over 160 locations in 33 U.S. states, managing assets of more than $239 billion, according to the firm. Baird overall had about 4,600 associates managing more than $355 billion in client assets as of Dec. 31, it said.

(Pictured: Mike Schroeder)