Baird has recruited a veteran financial advisor managing $168 million in client assets from Edward Jones, an employee-owned broker-dealer, which has been boosting its talent base in recent months.

Veteran advisor Richard Bingaman joins Baird from Edward Jones.
Veteran advisor Richard Bingaman joins Baird from Edward Jones.

Richard Bingaman brings more than 20 years of experience to his new firm. He will assume the roles of senior vice president and financial advisor at Baird’s new wealth management office in Elgin, Illinois, located about an hour from Chicago.

“Rich grew up in Elgin and is a highly respected veteran advisor, so he’s the perfect person to help us establish and grow our presence in that fine community,” said Frank Moroni, managing director and Chicago area market director for Baird’s private wealth management business.

Bingaman was not available to comment. He spent 23 years with Edward Jones before joining Baird, according to FINRA BrokerCheck records. Edward Jones declined to comment.

“Elgin is Baird’s fourth office in the greater Chicago area,” says Rebekah Berry, Baird’s Elgin office manager. “We had been looking to expand further west of the city, and Rich is the perfect addition to Baird given his ties to the area.”

The Milwaukee-based firm has approximately 860 advisors managing client assets of $126 billion, according to Baird.

Planners have been ditching the wirehouses “because they have less freedom to price and market their business the way they want to,” says Danny Sarch, recruiter and owner of Leitner Sarch Consultants.

Baird, along with other regional BDs, has ramped up recruiting efforts to capitalize on advisors exiting the wirehouses, though Edward Jones doesn’t fall into that category. Baird’s has hired planners from Morgan Stanley, Wells Fargo and UBS.

Amanda Schiavo

Amanda Schiavo is an associate editor for Financial Planning. Follow her on Twitter at @SchiavoAmanda.