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Baird grabs 8 more advisors and $880M from wirehouses

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Baird added three teams managing around $880 million in client assets from Wells Fargo and Morgan Stanley, adding to the ongoing advisor exodus at the industry’s largest firms.

The Mathey Mirabella Group includes managing directors John Mathey and Dan Mirabella, managing $305 million in assets and production of $1.5 million. Mirabella will also serve as branch manager for the firm’s Ann Arbor, Michigan, office.

The Olson Bellfi Pham Group includes husband-and-wife duo, managing director Karla Olson-Bellfi and vice president Omer Bellfi, in addition to vice president Thai-Vi Pham. The team manages $475 million and $1.6 million in production and joins Baird’s Ann Arbor office.

Meanwhile, the McCrea Burns Group, which includes director Dobbin McCrea, vice president Cassidy Burns and associate advisor Kevin Rollwagen, joins the firm’s Edina, Minnesota, office. That team manages $98 million with $1.7 million in production.
The new hires are the latest additions to the firm’s wealth management segment. In early 2018, Baird acquired Strategas, a boutique firm that specializes in macroeconomic research. Baird also hired 35-year industry veteran John Taft as vice chairman.

After a strong recruiting push in the first half of the year, Baird’s private wealth management business grew to 860 financial advisors in 94 locations. They manage client assets of $136 billion, according to the firm.

The moves come after Baird posted strong earnings in April. The Milwaukee-based regional broker-dealer reported record revenue for the eighth year in a row. Revenue at the employee-owned wealth management firm swelled to $1.53 billion in 2017, a 10% increase over 2016. Operating income totaled a record $199 million, and the firm’s 2017 return on book value was almost 21%.

While advisor headcount has fallen at many of the industry’ largest firms, wirehouses have still reported healthy earnings. For Wells Fargo, for example, net income in the firm’s wealth and investment management business rose 7% year-over-year to $714 million, driven higher in part by falling income tax expenses, the firm says.

Wells Fargo was among biggest losers as advisors jumped to other firms.
May 22

Wells Fargo declined to comment on the latest departures. Morgan Stanley did not return requests for comment.

Mathey has 34 years of experience. He began his career at A.G. Edwards in 1983, which part of Wachovia and then Wells Fargo in 2008, per FINRA BrokerCheck records. Mirabella is a 39-year industry veteran. He began his career with Merrill Lynch in 1977, eventually moving to A.G. Edwards in 1995 and remaining there until it later became part of Wells Fargo, per BrokerCheck.

Olson-Bellfi began her career with IDS Marketing in 1986, before moving to A.G. Edwards in 1988 and Wells Fargo in 2008. She has 32 years of experience, per BrokerCheck. Thai-Vi Pham has 15 years of experience in the industry. Pham first registered with A. G. Edwards in 2002 and moved to Wells Fargo in 2008, per BrokerCheck. Omer Bellfi has more than five decades of experience beginning with Paine Webber in 1967. Bellfi moved to Wells Fargo in 2008, also after working for A.G. Edwards, per BrokerCheck.

McCrea has 24 years of industry experience, starting with Piper Jaffray in 1994 before moving to Morgan Stanley in 2009, per BrokerCheck. Burns began her career with Piper Jaffray in 1998. She was most recently registered with Riverbridge Partners, according to Baird. Rollwagen began his career with UBS in 2007 before moving to Morgan Stanley in 2009, per BrokerCheck.

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