Baird Private Wealth Management, a dually registered wealth management arm of Robert W. Baird & Co., has added The Palm Financial Group to its Madison West office in Wisconsin.
Previously with UBS, where they oversaw $680 million in assets, the Palm Financial team includes Michael Palm and his sons Matthew Palm and Nicholas Palm, all of whom are joining Baird as financial advisors.
Michael Palm had been with UBS for 34 years, specializing in financial planning, pension consultation and asset management for individuals and small businesses. He’s a CFP and a certified investment management analyst. Matthew Palm, also a CFP, spent about a year and a half with Baird PWM before joining his father at UBS. Nicholas Palm is a CPA and fluent in Spanish. He started his career as an accountant with Wipfli and spent about a year as a senior auditor for Honkamp Krueger & Co. before moving to UBS in 2016.
They are joined in the move by Accredited Financial Analyst Kirk Hager, Client Specialist Courtney Justmann and Client Assistant Michele Dahlk.
Milwaukee-based Baird, which also encompasses an investment bank and private equity arm and has more than $405 billion in total assets, said the acquisition furthers its commitment to its home state, noting that Baird Capital has invested more than $185 million in Wisconsin companies and reaped $344 million in returns. Baird also bought the naming rights for the state’s largest convention center, set to open in May in Milwaukee.
“We are very excited to continue to grow our presence in Madison and the state of Wisconsin, home of Baird's global headquarters,” said Executive Market Director Katie Costigan, citing the talent of the incoming team.
The private wealth business includes 155 offices in 33 states, with some 1,300 advisors serving more than 190,000 individuals and nearly 4,700 institutions with $275 billion in cumulative client assets, 90% of which are managed under SEC regulations.
Late last year, the firm was ordered to pay a $15 million settlement after the U.S. Securities and Exchange Commission found Baird and nine other firms, including Interactive Brokers and William Blair, had been communicating through non-compliant channels.