Baird adds advisors with $335M, including mother-son team
Baird picked up advisors managing a combined $335 million in client assets from two rivals, the firm said.
The new additions build on a year of robust recruiting for the regional brokerage firm. Baird has added 38 advisors during 2018, opened six branch offices and acquired a $2 billion wealth management firm.
Now, the firm adds a mother-son team to its branch office in Raleigh, North Carolina. Paisley Wessel and her son Cory managed about $125 million while at their former employer Wells Fargo, according to Baird. The duo generated more than $1 million in annual production.
Paisley Wessel is a 35-year industry veteran who has past work experience at Prudential Securities in addition to her tenure at Wells Fargo, according to FINRA BrokerCheck records. The younger Wessel joined her at the wirehouse in 2010, according to BrokerCheck records.
In the second of two moves, former Morgan Stanley advisor David A. Thuli joined Baird in Milwaukee, where the regional brokerage is headquartered. Thuli oversaw $110 million in client assets and generated $900,000 in annual production, according to Baird.
Thuli has been with Morgan Stanley since 2008, according to BrokerCheck. He has past work experience at A.G. Edwards.
The regional broker-dealer has stepped up its expansion this year.July 23
The moves come as the employee-owned firm posted record revenues.May 14
A spokeswomen for Wells Fargo declined to comment on the departures while a Morgan Stanley spokeswoman was unavailable for immediate comment.
Baird now has about 890 financial advisors operating in 30 states and client assets of $136 billion, according to the company. So far this year, the firm opened new branches in Tucson, Arizona; Durango, Colorado; Elgin, Illinois; Ann Arbor, Michigan; Anchorage, Alaska; and Toledo, Ohio.
In June, Baird bought M. Griffith, a wealth management firm in upstate New York that had a dozen advisors overseeing $2 billion.