Robert W. Baird & Co. Incorporated

Registered investment adviser · Milwaukee, WI · CRD #8158

Form ADV data as of 2026-09-01

Regulatory assets

$394.07 billion

Total accounts

367,123

Employees

4,322

Disclosure events

Firm details

Website: https://twitter.com/rwbaird
Telephone: 414-765-3500
SEC file number: 801-7571
Most recent Form ADV filing: 2026-04-20
SEC record: View this firm on the SEC's IAPD site

Disciplinary disclosures

This firm reports 8 disclosure questions answered Yes, covering 26 reported events. Form ADV Item 11 covers charges and pending proceedings as well as findings, so a Yes answer is not itself a finding of wrongdoing. The underlying detail is filed with the SEC.

Convicted of or pled guilty/no contest to an investment-related misdemeanor (past 10 years)
SEC or CFTC found a violation of its regulations or statutes
SEC or CFTC entered an order in connection with investment-related activity
SEC or CFTC imposed a civil money penalty or a cease-and-desist order
Another regulator found a violation of investment-related regulations or statutes
A self-regulatory organization found a violation of its rules
A self-regulatory organization expelled, suspended, barred, or restricted the firm
An authorization to act as an attorney, accountant, or federal contractor was revoked or suspended

Assets and accounts

Provides continuous and regular supervisory or management services	Yes
Discretionary regulatory assets under management	$289.49 billion
Non-discretionary regulatory assets under management	$104.58 billion
Total regulatory assets under management	$394.07 billion
Discretionary accounts	216,498
Non-discretionary accounts	150,625
Total accounts	367,123
Regulatory assets under management attributable to non-U.S. persons	$389.9 million

People

Total employees (excluding clerical)	4,322
Employees performing investment advisory functions (including research)	3,170
Employees who are registered representatives of a broker-dealer	3,426
Employees registered as investment adviser representatives with a state	2,509
Employees registered as IARs for another investment adviser	0
Employees who are licensed insurance agents	1,588
Firms or persons who solicit advisory clients on the firm's behalf	20

Custody

Has custody of client cash or bank accounts	Yes
Has custody of client securities	Yes
Client funds and securities held in the firm's custody	$212.77 billion
Clients for whom the firm has custody	240,134
A related person has custody of client cash or bank accounts	No
A related person has custody of client securities	No
The firm acts as a qualified custodian	Yes
A related person acts as a qualified custodian	No
Number of persons acting as qualified custodians for the firm's clients	55

How the firm is compensated

A percentage of assets under managementHourly chargesFixed fees (other than subscription fees)CommissionsPerformance-based feesOther

Advisory services offered

Financial planning servicesPortfolio management for individuals and/or small businessesPortfolio management for investment companiesPortfolio management for pooled investment vehiclesPortfolio management for businesses or institutional clientsPension consulting servicesSelection of other advisers (including private fund managers)Publication of periodicals or newslettersEducational seminars/workshopsOther

Other business activities

Broker-dealer (registered or unregistered)Commodity pool operator or commodity trading advisorRegistered municipal advisor

Affiliated related persons

Broker-dealer, municipal securities dealer, or government securities broker or dealerOther investment adviser (including financial planners)Commodity pool operator or commodity trading advisorTrust companyInsurance company or agencyReal estate broker or dealerSponsor, general partner, or managing member of pooled investment vehicles

Reported conflicts of interest

Form ADV Items 8 asks advisers to disclose arrangements that may create a conflict with client interests. This firm answered Yes to:

Buys securities from or sells securities to advisory clients (principal transactions)
Buys or sells for itself securities it also recommends to clients
Recommends securities in which it has another proprietary interest
Executes agency cross transactions involving advisory client securities
Recommends securities for which it serves as underwriter or general partner
Recommends securities in which it has another sales interest
Recommends brokers or dealers to clients
Receives soft dollar benefits
Compensates a non-employee for client referrals
Provides employee compensation specifically for obtaining clients
Receives compensation from others for client referrals

Client types

Type of client	Clients	Assets
Individuals (other than high net worth individuals)	153,711	$33.33 billion
High net worth individuals	82,420	$135.03 billion
Banking or thrift institutions	18	$492.4 million
Investment companies	18	$157.93 billion
Pooled investment vehicles (other than investment companies and BDCs)	8	$1.25 billion
Pension and profit sharing plans (not the participants or government plans)	1,709	$17.82 billion
Charitable organizations	1,433	$7.66 billion
State or municipal government entities (including government pension plans)	76	$8.18 billion
Other investment advisers	254	$480.4 million
Insurance companies	22	$8.78 billion
Corporations or other businesses not listed above	1,669	$19.39 billion
Other	21	$3.73 billion