March 20 (Reuters) - Robert W. Baird & Co has expanded its private wealth management group, adding 12 veteran advisers who managed $1.9 billion in client assets at their previous firms, the Wisconsin-based broker-dealer said on Tuesday.
The new hires, who joined Baird in Colorado, Florida and North Carolina, came from Charles Schwab, Morgan Stanley Smith Barney and Wells Fargo Advisors.
“They bring a lot of tenure to the firm,” said John Mabee, vice chairman of Baird’s private wealth management group.
Mabee, who heads national recruiting for Baird, said the firm has benefited from adviser displacement at top U.S. brokerages, which he said has picked up over the last six months. “We’re getting more people reaching out to us than we ever had,” he said. “We have a pretty good pipeline.”
In Colorado, advisers Shawn Smith and Will Norris joined Baird’s Boulder office from Charles Schwab, where they managed $640 million in client assets. Smith, a two-decade industry veteran, also serves as a branch manager for the office.
Baird also added a former Morgan Stanley Smith Barney team in Denver. Senior adviser John “Jack” Robinson, who has worked in the industry for nearly three decades, joined Baird with advisers Scott Young, Martin “Coley” Hoffman and Brian Robinson.
The team together managed $350 million in client assets at Morgan Stanley Smith Barney.
In Florida, advisers Paul Buskey and Jane McGinty joined Baird’s Sarasota office from Wells Fargo Advisors, where they managed $265 million in client assets. Buskey has been an adviser for about three decades, starting with A.G. Edwards & Sons in the early 1980s.
Also in Florida, adviser Scott Woods joined Baird as a managing director. Woods had worked at Wells Fargo Advisors, where he managed $390 million in client assets. He splits his time between Baird’s Sarasota office and Durango, Colorado.
In North Carolina, Baird added three advisers from Morgan Stanley Smith Barney. Advisers John Allman and Frances Bobbie joined the firm’s Raleigh office. They managed $150 million in client assets at Morgan Stanley Smith Barney.
Adviser John Duguid joined Baird, in Charlotte, from Morgan Stanley Smith Barney, where he managed $135 million in client assets. Duguid, who started his career two decades ago at Merrill Lynch, joined Baird as a director.
Baird has roughly 700 advisers across the United States. The firm said it has hired nearly 250 advisers and branch managers for its private wealth management group over the past three years.