Baird Amps Up Its Push for Advisor Talent, From Within and Without

Baird's "biggest goal from my perspective" for 2021 is the "continued integration of formerly Hilliard Lyons associates, which was the largest acquisition in Baird's history," Callahan said Friday. Hilliard Lyons is now integrated into Baird, while Hilliard Lyons Trust Company is a Baird company that remains under its original name.

"The joining of these forces allowed us to expand Baird's offerings to benefit our collective clients," she added.

Recruiting in a Pandemic

The COVID-19 pandemic certainly impacted the way in which Baird recruits new advisors, Costigan also pointed out during a phone interview with the two executives.

For one thing, there used to always be a visit to Baird's Milwaukee headquarters during the recruitment process, she noted. Since the pandemic started, "we've pivoted to a virtual Milwaukee visit and have conducted over 30 of those since June," she said, adding Baird has extended offers to some of those candidates and some have already started at the firm.

Although she expected recruitment to slow during the pandemic, it hasn't, she pointed out. Some advisor prospects have been eager to hear how Baird has responded to the pandemic because they were not happy with the way their firms responded to it, she said.

Some advisors, meanwhile, are nervous to make a change. Others see this as the best time to move with their books of business for reasons that include the fact that most clients are home now because of the pandemic and can be reached easily to go through the transfer process, Costigan said, echoing a positive that several breakaway RIAs have pointed to in recent months.

Related: 40% of Advisors Say Switching Firms Is Easier Than Before Pandemic: Fidelity

Baird even opened two new branch offices during the pandemic, in Pittsburgh, Pennsylvania, and Columbia, Tennessee, she said, noting the firm had offices in those states already but not in those cities.

Another Pandemic Challenge

Throughout the pandemic, "we were all truly amazed and kind of just taken aback in the most positive way by the adaptability, the flexibility, the resilience of our associates" and advisors, she also said.

Many branch support associates did not have prior experience working remotely before the pandemic. "We had a very quick pivot over really less than two weeks of taking an entire workforce" of about 700-800 associates who work with Baird's advisors and "move them to working from home," she explained.

Many of the firm's 1,300 advisors, meanwhile, could but did not opt to work from home prior to the pandemic, she pointed out. "We were able to make that quick pivot" with them also to remote work and "service our clients really seamlessly" since the start of the pandemic, she said. "Our clients have been adaptable as well," she added.

An increasing number of advisors and associates have been returning to Baird's 166 PWM branch offices since the fall, she went on to say, noting that while many have gotten comfortable working remotely, they like the flexibility of working on a hybrid basis as needed.

One additional thing Baird will be focused on in 2021, Callahan said, is "the continued evolution of our workforce and workplace of the future, and we actually have a dedicated project team within Private Wealth looking at that."

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