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 has been with UBS for 34 years and specializes 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 $275 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.
The private wealth business includes 155 offices in 33 states, with more than 1,300 advisors serving more than 190,000 individuals and nearly 4,700 institutions; 90% of private wealth assets 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 that Baird and nine other firms, including Interactive Brokers and William Blair, had been communicating through non-compliant channels.