Robert W. Baird & Co. has continued its hiring streak by adding seven new advisors in the western U.S., with plans to keep up its hiring pace into next year.
Baird’s financial advisor hires will probably total 65 this year, John Mabee, managing director and vice chairman of private wealth management at Baird, said in an interview Thursday. The firm may look to surpass that number next year depending on the hiring environment, Mabee said.
Baird, which is based in Milwaukee, Wis., has been able to differentiate itself from other wealth management firms when it comes to hiring because it is privately held and employee-owned, Mabee said.
“We continue to run the business like a business,” Mabee said. “If you’re spending your own money and not somebody else’s, you pay attention to it a lot more.”
The seven new financial advisors are based in the western U.S. in states including California, Colorado, Oregon and Utah.
Those hires come as Baird has seen success in that region, as well as the southeastern U.S., where the firm has opened offices in Charlotte, Raleigh and Winston-Salem, N.C., as well as Charleston, S.C. Establishing new offices has helped boost the firm’s hiring prospects, Mabee said, as word tends to spread to other financial advisors in the area.
“If we find a good core of [financial advisors] in any part of the country, we’ll certainly take a look at it,” Mabee said. “Over the last year or two years, in the Sacramento, San Francisco area, Salt Lake City and Denver, we’ve just had particular success out there.”
In Sacramento, Calif., Baird has hired Daniel J. Cairns, senior vice president, and John C. Kay, who work together under the name Cairns and Kay Financial Group. They previously served at Wells Fargo Advisors, where they had $100 million in client assets under management.
In Denver, Philip Holbert joins as vice president from Morgan Stanley Smith Barney, where he oversaw $100 million in client assets.
In Portland, Clark Robert “Rob” Nye joins as a director, Tom Shipley will serve as a senior vice president and financial advisor, and David L. Louthan joins as a financial advisor.
Nye joins from Seattle Northwest Securities, where he previously had $220 million in private wealth management assets under management. Both Shipley and Louthan join from Wedbush, where Shipley had $135 million in client assets under management and Louthan had $80 million.
In Salt Lake City, Richard Nigro joins as vice president from Morgan Stanley Smith Barney, where he previously oversaw $82 million in client assets.