Baird Acquiring 85 Advisors Through Merger
Baird is merging with McAdams Wright Ragen, a wealth management firm based in Seattle that oversees more than $10 billion in client assets, according to a statement from the companies.
McAdams 85 financial advisors, based in seven offices throughout the Pacific Northwest, will swell the ranks of Bairds 725 advisors. Terms of the deal were not disclosed.
McAdams Wright Ragen is a well-established and highly respected firm with a business model and client-focused culture that are very consistent with Bairds approach, said Paul Purcell, Bairds chairman and CEO, in the statement. Taking this important step enables MWR to enhance the services and capabilities it offers its clients, and positions Baird to expand our current footprint in the Pacific Northwest.
Milwakuee-based Biard manages more than $100 billion in client assets, meaning that the merger with McAdams Wright Ragen will add around 10% to that total. Baird recently reported record high revenues of $1.1 billion for 2013, up 11% from $961 million in 2012.
Baird has been growing its advisor ranks, adding more than 325 advisors and branch managers since 2009. Overall employment at Baird has risen from 2,458 in 2009 to 2,935 in 2013, a 20% increase.
McAdams Wright Ragen was founded in 1999 by Brooks Ragen and Scott McAdams. The firm has been consistently profitable, according to a statement from Baird. McAdams Wright Ragen had revenues of $48 million in 2013.
Baird embodies the same culture and values that have set our firm apart in the industry and been instrumental to our success, said Scott McAdams, president and CEO of the eponymous firm.