Fillable Comprehensive Financial Planning Questionnaire

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Comprehensive Financial Planning Questionnaire

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Comprehensive Financial Planning
Questionnaire
Version 2016-9
Financial Advisor
Client Name
Rep Code
Baird Account Number
Confidential – 1
Purpose of This
W
orkbook
This workbook is designed to help you collect and organize the information needed to develop your
Comprehensive Financial Plan, and will include your goals and the resources available to fund them.
As you go through this workbook, gathering some of the following documents may be helpful in sharing
important details of your current situation: bank and investment statements, retirement account statements,
college fund account statements, employer benefits, Social Security Administration statement, liability statements,
and insurance policies. Some of these documents may or may not apply to your particular situation.
Important data can be gathered from the above mentioned documents such as: current account balances,
contributions and additions currently being made, projected employee benefits, when major liabilities end, future
Social Security benefits or pension benefit amounts.
Thank you in advance for taking the time to gather some of this information so we can focus on the fun stuff:
developing a plan that addresses your goals, hopes, and dreams in retirement!
Introduction to
Y
our
Retirement Lifestyle Plan
It is time to take control of your own future. With a well-designed Comprehensive Financial Plan, you can
obtain the most enjoyment possible from the money you have to spend during the rest of your life. In an
uncertain world where investment returns are unpredictable, planning is the most important exercise you can
do to increase the likelihood that you’ll enjoy a rewarding retirement.
Planning the future you want should be an enjoyable process, and it all starts with your Goals. So, take your
time, allow yourself to dream a little, and have some fun. Begin by telling us a little about yourself.
Personal Information
About You
Client 1
(C1)
Client 2
(C2)
Name
Street Address
City, State
Gender
Male Female Male Female
Date of
Bir
th
Marital
Status
Employment
Status
Employed Retired
Business Owner
Employed Retired
Business Owner
Employment
Income
Other
Income
(non-investment
only)
Children and Grandchildren (or any other Participant included in this plan)
Name
Date of
Bir
th
R
elationship
Confidential – 2
Let’s Talk About Your Goals
1. Retirement Living Expense [Page 3]
When would you like to retire? How willing are you to delay retirement in order to reach your Goals? Are you
already retired? It’s time to identify the amount for your basic living expenses during retirement. The budget
worksheet [Page 13] can assist you in determining this amount.
2. What’s Happening Before You Retire? [Page 4-5] If retired, skip to number 3.
If you plan to use money from your Investment Assets (i.e., savings and investment accounts) to pay for any
purchases or activities before you retire, you should create a separate Goal for each one.
• Review the 14 Lifestyle Goals on the following pages and identify those that are important to you.
• DO create a Goal for expenses that will be paid (fully or partially) from Investment Assets (e.g., renovating
the kitchen, or taking that BIG trip to Europe).
• DO NOT create Goals for any expenses that are paid entirely from your employment income (e.g., cars,
annual vacations).
3. Retirement Lifestyle Goals – Add in the fun stuff! [Page 4-5]
Add a Lifestyle Goal for each significant purchase or activity that will make your retirement satisfying and
enjoyable. Lifestyle Goals are above and beyond what you need to pay the basic expenses of day-to-day
living.
• Review the 14 Lifestyle Goals again. Which ones are important to your retirement satisfaction?
• Dream a little (or a lot). Create all the Goals you’d like, even if you’re not sure you can afford them.
• Be sure to consider cars, travel and gifts, which are usually important Goals during retirement.
4. Still Have College? [Page5]
If you still have College expenses to pay, start with the College Goal.
• Enter all College Goals regardless of when they occur before or during retirement.
• Enter as many College Goals as you need for kids, grandkids or even yourself, undergraduate or graduate.
Goal Importance Scale
Rate the importance of each Goal on a scale of 10 - 1, with 10 being the most important. This groups your goals by
Needs (what you must have), Wants (what you would like to have), and Wishes (what you wish to have).
Creating more individual Lifestyle Goals can help you make better financial decisions, and increase the overall
satisfaction you obtain from your money during the rest of your life. You may even discover that you can do
more with your money than you ever expected.
Confidential – 3
Retirement Age and Living Expense
Retirement Living Expense
This Goal is for your basic day-to-day living expenses (e.g., food, clothes, utilities, etc.) during retirement.
Be sure you don’t “double count” any expenses. For example, if you entered a separate Goal for a car,
don’t include the purchase cost of this car in your Living Expense, but do include all operating expenses
(e.g., gas, taxes). Please see page 11 for a budget worksheet.
Adjustments to Living
Expense
Your Retirement Living Expense amount may include some expenses that will end during retirement. When the
expenses end, your Living Expense amount would be reduced. Please indicate any expenses that will end.
Description
(current
dollar
s)
Year
Expense
Will
End
Check
if
amount
inflat
es
e.g., Mortgage $16,000 2021
Retirement Age
- if retired skip to Lifestyle Goals
When
would you like to retire? Enter your Target Retirement Age. Then, indicate how willing you are to delay
r
etirement beyond that age, if it helps you fund your Goals.
Client
1
Client
2
Target Retirement
Age
Age:
Age:
How willing are
y
ou
to
retire later to
attain
your
Go
als?
Not at All
Slightly Willing
Somewhat Willing
Very Willing
Not at All
Slightly Willing
Somewhat Willing
Very Willing
Retirement Living Expense
Confidential – 4
Health Care Expense
Include Medicare expenses? Yes No (We will estimate the amount of the expense for you.)
If you believe that Health Care costs, beyond basic expenses such as your Medicare supplement, are likely
to be particularly significant for you or your family, use this Goal to separate those costs from your
retirement living expense.
Pre-Medicare Costs
Importance
High
Low
10
1
Description
S
tar
t
T
ar
get
Amount
How
Of
t
en
How
Many
Times
Y
ear
At
Retir
ement
C1
C2
9
e.g., Extra Health Expenses
(at age 80)
2029
$10,000
Annual
10
Other Out of Pocket Expenses
Post-Medicare Costs
Importance
High
Low
10
1
Description
S
tar
t
T
ar
get
Amount
How
Of
t
en
How
Many
Times
Y
ear
At
Retir
ement
C1
C2
9
e.g., Extra Health Expenses
(at age 80)
2029
$10,000
Annual
10
Other Out of Pocket Expenses
Other Lifestyle Goals - Before and During Retirement
Add a Lifestyle Goal for each significant purchase or activity, funded by your investment accounts (not
employment income). Lifestyle Goals are above and beyond what you need to pay the basic expenses of
day-to-day living. Rate the importance of each Goal on a scale of 10
1. This will identify your goals by
Needs (10, 9, 8), Wants (7, 6, 5, 4), and Wishes (3, 2, 1).
Most Common Goals
Other Goals
Travel College
Car (net of trade-in) Home
Health Care Gift or Donation
Wedding New Home Celebration
Major Purchase Start Business Provide Care
Leave Bequest Private School
Importance
High
Low
10
1
Description
S
tar
t
T
ar
get
Amount
How
Of
t
en
How
Many
Times
Y
ear
At
Retir
ement
C1
C2
8 e.g., Ann’s New Car 2015
$35,000 Every 4 Yrs 5
Confidential – 5
College
If you plan to pay for all or part of a college education (or some other education program)
for yourself, a child, or grandchild, make sure you have a Goal for it.
Importance
High
Low
10
1
Student
Name
S
tar
t
Y
ear
No. o
f
Y
ear
s
Target
Amount
Not
es
Own
Estimat
e
or
T
ype
Use the Amount
for
a Specific
School
- prepaid
y
ear
s
- scholarship /
loans
8
e.g., Susan
2020
4
State University
$1,000/yr scholarship
Type of Average Annual College Costs
Average All $29,009 Public In-State (4 yrs) $22,826 Public In-State (2 yrs) $15,933
Private (4 yrs) $44,750 Public Out-of-State (4 yrs) $36,136 Public Out-of-State (2 yrs) $25,399
*Data Source: Peterson’s Undergraduate and Graduate Institution Databases, copyright 2013. Peterson’s, Nelnet, LLC. All rights reserved.
Legacy Goals
Is it
time to give back? Or maybe your parents or kids need help. Use Gift Goals for anything from
holiday presents to cash gifts for family members or organizations. Create bequests for the money
you’d like to leave at your death.
Gifts – During Life
Importance
High
Low
10
1
Description
S
tar
t
T
ar
get
Amount
How
Of
t
en
How Many
Times
Y
ear
At
Retir
ement
C1
C2
6 e.g., Gifts for Tim 2025
$10,000 Annual 5
Bequests at Death
Importance
High
Low
10
1
Description
When Will This Bequest Be Given?
Recipient
End of Plan
Target Amount
C1
C2
2
e.g., Bequest to My College
State College
$10,000
Confidential – 6
Retirement Income
Identify all the resources you have to fund your Goals. Don’t worry about determining the exact amounts.
Social Security Benefits - if available, provide your Social Security estimate statement.
Client
1
Client
2
Are you
eligible?
Yes
No
Receiving Now
Yes
No
Receiving Now
Amount of
benefit/Age
$ Use Program Estimate $ Use Program Estimate
When to start
at Soc Sec Full Retirement Age
at age at retirement
at Soc Sec Full Retirement Age
at age at retirement
Pension Income If available, provide your pension statement.
If you have a lifetime pension, put “End of Life” in “Year It Ends” column.
Description
Whose is
it
?
Monthly
Income
Yr It Ends
or
No. of
Y
r
s
%
Sur
viv
or
Benefit
Check
if
amount
inflat
es
C1 C2
e.g., ABC Pension
$1,500 End of Life 50%
Part-Time Work & Other Retirement Income
Don’t include interest or dividend income from your investments. Include income from part-time work, rental
property, annuities, royalties, alimony, etc. All amounts are pre-tax and begin at retirement unless otherwise
noted.
Description
Client
1
Client
2
Monthly
Income
Yr It Ends
or
No. of
Y
r
s
Monthly
Income
Yr It Ends
or
No. of
Y
r
s
e.g., Part-time
$ 1,000
5
Confidential – 7
In
v
estments
Identify all the resources you have to fund your Goals.
Accounts Held At Baird
Please provide the account numbers for the Baird accounts that should be included in this analysis.
Accounts Not Held at Baird Please provide copies of account statements.
Amounts You Are Saving
Please indicate the amount you are saving annually in the following accounts prior to retirement. All savings are
assumed to continue now until retirement, unless otherwise indicated.
Account Owner
Account Description Joint, IRA,
You
Employer
$
$
$
$
$
$
$
$
Extra Savings
- if not Retired
Could you save more to fund your Go
als?
Yes
No
If yes, enter the maximum extra amount you
could
save each year in addition to the amounts
abov
e:
$
Use program estimate of
5% of employment income
How willing are you to save
mor
e?
Not at All Somewhat Willing
Slightly Willing Very Willing
Owner
Plan Type (Taxable, IRA, Roth IRA,
401(k),etc.)
Current Value
Total Cost Basis
Allocation
Stock
%
Bond
%
Cash
%
Confidential – 8
Annuities (Fixed and Variable)
Guaranteed Minimum Withdrawal Benefit
Owner
Annuity Type
(Fixed or Variable)
Current Value Cost Basis Death Benefit
Allocation
Stock%
Bond%
Cash%
$
$
$
$
$
$
$
$
$
$
$
$
Annuity
Year
Guaranteed
Withdrawals
Begin
Year Guaranteed
Withdrawals End
(Default is death)
Annual Guaranteed Withdrawal Amount
Increase in Guaranteed
Withdrawal Amount
1
$
%
2
$
%
3
$
%
4
$
%
Confidential – 9
Other Assets
Primary
R
esidence
Business
Owner
Owner
Current
Value
Current Value
Growth
Rat
e
%
Growth Rate
%
If you intend to sell this home or business to fund your goals, enter the following:
Year to Sell
Estimate of Cash Received
(after-tax)
Description
Enter
Y
ear
At
Retir
ement
C1
C2
Low
Expected
High
Primary Residence
Business
Other Assets (Other Homes, Real Estate, Personal Property, Collectables, Inheritance)
Description
Owner
Current
Value
Planning to
sell
this
asset
?
Year to
Sell
Cash
R
eceiv
ed
(Aft
er
-tax)
C1
C2
Joint
Yes No
Only If Needed
Yes No
Only If Needed
Yes No
Only If Needed
Yes No
Only If Needed
Liabilities
Description
Owner
Current
Balance
Monthly
P
ayment
T
erm
Int
erest
Rat
e
C1
C2
Joint
Confidential – 10
Additional Considerations
Do you have any of the following? Please provide statements.
Insurance -
To complete a full analysis, statements MUST be included
Life Ins. Policy 1
Life Ins. Policy 2
Life Ins. Policy 3
Life Ins. Policy 3
Policy Type (Whole, Group
Term, Variable, etc.)
Name of insured
Death
Benefit
$
$
$
$
Cash
Value
, if
applicable
$
$
$
$
Premium (optional)
$
$
$
$
Year Policy Ends
Disability
Insurance
Client 1 Yes No Client 2 Yes No
Attach statement with policy details
Long Term Care
Insurance
Client 1 Yes No Client 2 Yes No
Attach statement with policy details
Other
Information –
To complete a full analysis, statements MUST be included
Client
1
Client
2
Not
es
Stock
Options
Yes No Yes No
Restricted
S
t
ock
Yes No Yes No
Deferred
Compensation
Yes No Yes No
Small Business
Ownership
Yes No Yes No
Estate - complete this section to have the adequacy of your Estate planning reviewed and analyzed.
Client
1
Client
2
Not
es
Will?
Yes
No
Yes
No
Including a provision for
a
Bypass
T
rust
?
Yes No
Yes No
Date documents were
last
r
eview
ed
Medical
Directiv
e?
Yes
No
Yes
No
Power of
A
tt
orney
?
Yes
No
Yes No
Confidential - 11
Budget - Optional to Help Determine Basic Living Expense
Personal and Family
Expenses
Current
Retir
ement
Home
Expenses
Current
Retir
ement
Alimony
Mortgage / Rent
Bank
Char
ges
Equity Line
Business
Expense
Real Estate Tax
Cash -
Miscellaneous
Homeowner’s Insurance
Cell
Phone
Association Fees
Charitable
Donations
Electricity
Child
Allowance/Expense
Gas/Oil
Child
Car
e
Trash Pickup
Child
Suppor
t
Water/Sewer
Clothing
Cable/Satellite TV
Club
Dues
Internet
Credit Card Debt
P
ayment
Telephone (land line)
Dining
Lawn Care
Entertainment
Maintenance
Gif
ts
Furniture
Groceries
Other
Healthcar
e
T
O
TA
L
Hobbies
Household
It
ems
Personal Insurance
Current
Retir
ement
Laundry/Dry
Cleaning
Disability for Client
Personal
Car
e
Disability for Spouse
Pet
Car
e
Life for Client
R
ecreation
Life for Spouse
Vacation/T
rav
el
Long Term Care for
Other
Long Term Care for
T
O
TA
L
Medical for Client
Medical for Spouse
Vehicle
Expenses
Current
Retir
ement
Umbrella Liability
Insurance
Other
Personal Property
Tax
T
O
TA
L
Fuel
Repairs /
Maintenance
TOTAL ALL EXPENSES
Current
Retir
ement
Parking /
T
olls
Personal and Family
Other
Vehicle Expenses
T
O
TA
L
Home Expenses
Personal Insurance
T
O
TA
L
Confidential - 12
Risk Profile Analy
sis
The following questions will be used to assess your risk tolerance
in order to develop a current investment objective.
1. Which of the following best describes how you would use your portfolio to achieve your goal? (Please choose one.)
Capital preservation and current income with relatively small fluctuations in annual returns and market value.
High current income with relatively small fluctuations in annual returns and market value.
High current income and some growth of capital with moderate fluctuations in annual returns and market value.
Moderate growth of capital and some current income with moderate fluctuations in annual returns and market value.
Growth of capital with moderately high fluctuations in annual returns and market value.
Aggressive growth of capital with high fluctuations in annual returns and market value.
2. Which statement best describes your approach towards investing? (Please choose one.)
I take a conservative approach to investing. I am uncomfortable with volatility and will accept lower rates of return in
order to have stable portfolio values.
I take a moderate approach to investing. I expect the value of my investments to fluctuate, but not too drastically. I will
accept periodic, small losses in my portfolio, but I expect long term returns somewhere between the historical return of
bonds and stocks.
I take an aggressive approach to investing. My investments may fluctuate as much or more than the stock market does.
While some years I might have a loss, over time I expect my returns to be as high or higher than the historical return of
stocks.
3. Investing in the financial markets entails some degree of risk. Investors who seek high rates of return should be
willing to accept periods of low or even negative returns, possibly over extended periods of time. The table below
demonstrates the tradeoffs between average return, likelihood of losing money in any One Year, and how extreme
the declines may be. Review each hypothetical portfolio and select the one that you would be most comfortable
with. (Please choose one.)
Portfolio Statistics
Portfolio A Portfolio B Portfolio C Portfolio D Portfolio E Portfolio F
Percent in Equity 0% 20% 40% 60% 80% 100%
Average Return 2.50% 3.25% 4.50% 6.00% 7.25% 8.25%
Maximum decline in portfolio value
-5%
-10%
-22%
-34%
-44%
-53%
Probability of loss in any one year 6% 7% 17% 20% 22% 24%
These statistics are intended to illustrate the variability of returns associated with each hypothetical portfolio. Past performance is no
guarantee of future results.
The Maximum decline represents the largest decline in value that the hypothetical portfolio would have experienced. The duration and time period
of the decline may be different for each portfolio.
The probability of loss represents the percentage of historical returns less than zero that the hypothetical portfolio would have experienced in any
one year period. The hypothetical portfolios do not represent any specific product or performance. More information is available upon request.
4. Based on your financial goals, how long is your investment horizon? Your investment horizon begins now and lasts
through the end of your financial goal (retirement, college, home purchase, etc.) (Please choose one.)
Short-term (0-3 years) Intermediate-term (4-6 years) Long-term (7 or more years)
5. When do you expect to initially begin withdrawing cash from your investment portfolio? (Please choose one.)
I do not plan to withdraw cash from my portfolio.
Within the next 3 years.
Within the next 4-6 years.
Within the next 7 or more years.
6. How much do you plan to withdraw from your portfolio during the time period indicated in the above question?
(Please choose one.)
I do not plan to withdraw cash from my portfolio.
1-3% annually.
4-6% annually.
7% or more annually.
Confidential - 13
Products and services offered by Robert W. Baird & Co.
FINANCIAL PLANNING CLIENT
A
CKNO
WLEDGEMENT
REQUIRED SIGNATURE
Please acknowledge receipt of our Financial Planning Services Brochure (Form ADV Part II) describing the services
offered by Robert W. Baird & Co. by signing, dating and returning this questionnaire to your Baird Financial Advisor.
Your Baird Financial Advisor or the Baird Financial Planning Department will develop your Personal Financial Plan
using the information you have provided about your current financial situation and financial goals. We rely on
the accuracy and completeness of such information without independent verification. By signing this form you
represent that the information you have provided in connection with the development of your Personal Financial
Plan is accurate and complete to the best of your knowledge. We are not responsible for any inadequacies or errors
in your Personal Financial Plan that result from incomplete or inaccurate information you have provided to us.
You understand that the provision of your Personal Financial Plan is an investment advisory service, subject to the
Investment Advisers Act of 1940. In providing this service, we have certain fiduciary duties to you that do not apply to
a brokerage relationship. The investment advisory services provided as part of your Personal Financial Plan terminate
upon delivery of the plan. Thereafter, if we provide services to you, we will be acting in a brokerage capacity unless
you specifically engage us otherwise.
This document must be signed before Baird can prepare a Financial Planning Analysis.
Signature Date
Signature Date
Baird Private Wealth Management
Brochure
September 9, 2016
Robert W. Baird & Co. Incorporated
777 East Wisconsin Avenue
Milwaukee, WI 53202
1-800-792-2473
rwbaird.com
Member FINRA & SIPC
SEC File No. 801-7571
Financial Planning Services
This brochure (“Brochure”) provides information about the qualifications and business practices of
Robert W. Baird & Co. Incorporated (“Baird”) and its Private Wealth Management Department’s
Financial Planning Services. Clients should carefully consider this information before becoming a
client of Baird. If you have any questions about the contents of this Brochure, please contact us at
the toll-free phone number listed above. The information contained in this Brochure has not been
approved or verified by the United States Securities and Exchange Commission or by any state
securities authority.
Additional information about Baird is available on the SEC’s website at
www.adviserinfo.sec.gov.
ii
Robert W. Baird & Co. Incorporated Baird FPS Brochure
777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 09/09/2016
800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC
Material Changes
Not applicable.
iii
Robert W. Baird & Co. Incorporated Baird FPS Brochure
777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 09/09/2016
800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC
Table of Contents
Advisory Business .......................................................................................................... 1
Robert W. Baird & Co. ................................................................................................. 1
The Client-Baird Fiduciary Relationship .......................................................................... 1
Description of Services ................................................................................................ 1
Fees and Compensation ................................................................................................. 4
Advisory Fee .............................................................................................................. 4
Other Fees and Expenses ............................................................................................. 5
Other Compensation Received by Baird ......................................................................... 5
Performance-Based Fees and Side-By-Side Management ............................................... 6
Types of Clients .............................................................................................................. 6
Methods of Analysis, Investment Strategies and Risk of Loss ........................................ 6
Disciplinary Information ................................................................................................ 6
Other Financial Industry Activities and Affiliations ........................................................ 7
Broker-Dealer Activities ............................................................................................... 7
Investment Management Activities ................................................................................ 7
Certain Affiliations ....................................................................................................... 7
Code of Ethics, Participation or Interest in Client Transactions and
Personal Trading........................................................................................................ 9
Code of Ethics ............................................................................................................ 9
Participation or Interest in Client Transactions ................................................................ 9
Brokerage Practices ..................................................................................................... 10
Review of Accounts ...................................................................................................... 10
Client Referrals and Other Compensation ..................................................................... 10
Custody ........................................................................................................................ 10
Investment Discretion .................................................................................................. 11
Voting Client Securities ................................................................................................ 11
Financial Information ................................................................................................... 11
1
Robert W. Baird & Co. Incorporated Baird FPS Brochure
777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 09/09/2016
800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC
Advisory Business
This Brochure describes the Financial Planning Services
that the Private Wealth Management Department of
Robert W. Baird & Co. Incorporated (“Baird”) offers to
its clients. Separate brochures describe other
investment advisory services that Baird offers to its
clients and discuss the agreements, fees and potential
conflicts of interest for each service. If you would like to
request a brochure for another investment advisory
service provided by Baird, please call Baird toll-free at
1-800-792-2473.
The information contained in this Brochure is current as
of the date above and is subject to change at Baird’s
discretion. Please retain this Brochure for your records.
Robert W. Baird & Co.
Baird is an employee-owned wealth management,
capital markets, asset management, and private equity
firm formed in the State of Wisconsin in 1919.
Baird is owned indirectly by its associates through
several holding companies. Baird is owned directly by
Baird Financial Corporation (“BFC”). BFC is, in turn,
owned by Baird Holding Company (“BHC”). BHC is
owned by Baird Financial Group, Inc. (“BFG”), which is
the ultimate parent company of Baird. Associates of
Baird own substantially all of the outstanding stock of
BFG.
Baird offers various investment advisory services to
clients, including services not described in this Brochure.
The investment advisory services Baird offers include:
portfolio management and analysis; analysis and
recommendations regarding asset allocation and
investment strategies; research, analysis and
recommendations regarding investment managers and
individual securities; investment consulting; financial
planning; investment policy development; and account
performance monitoring. Baird also offers clients
execution of brokerage transactions and administrative
services, including maintaining custody of account
assets. Clients may also negotiate other services with
Baird. Baird offers its services separately or in
combination with other services.
Baird participates in wrap fee programs, including
programs not described in this Brochure and it provides
portfolio management services in connection with those
programs. Baird receives a portion of the wrap fee for
providing portfolio management services under those
wrap fee programs.
As of December 31, 2015, Baird had approximately
$83.9098 billion in regulatory assets under
management, approximately $63.1077 billion of which
was managed on a discretionary basis and
approximately $20.8021 billion of which was managed
on a non-discretionary basis.
The Client-Baird Fiduciary Relationship
Baird is registered with the Securities and Exchange
Commission (“SEC”) as an investment adviser under the
Investment Advisers Act of 1940, as amended (the
“Advisers Act”). Baird and its associates are deemed to
have a fiduciary relationship with a client when
providing the investment advisory services that are
described in this Brochure. That means that Baird and
its associates are required to act in the best interest of
the client when providing investment advisory services.
From time to time, Baird or its associates may engage
in certain business practices or may receive
compensation or other benefits that create a potential
for conflict between the interests of clients and the
interests of Baird or its associates. Baird generally
addresses potential conflicts of interest by disclosing
them to clients through documents provided to clients,
including, without limitation, this Brochure, Brochure
supplements that contain information about individuals
providing investment advice to clients, and the
agreements clients enter into with Baird. In addition,
Baird has adopted internal policies and procedures for
Baird and its associates that require them to: provide
investment advice that is suitable for advisory clients
(based upon the information provided by such clients);
make full disclosure of all potential, material conflicts of
interest; and act with utmost care and good faith in
dealings with advisory clients. The specific business
practices that create potential conflicts of interest with
clients and additional measures used by Baird to
address them are discussed in other sections of this
Brochure.
A client should note that registration as an investment
adviser does not imply a certain level of skill or training.
Description of Services
Baird offers the services described in this Brochure (the
“Services”) through its Financial Advisors and certain of
its home office professionals in its Financial & Estate
Planning & Department (the “Department”).
The Services are non-discretionary in nature and a client
retains full discretionary authority to manage the client’s
assets.
Baird Financial Advisors and its home office
professionals tailor their advisory services to the
individual needs of clients.
Financial Planning Services
Financial Plan
If the client wishes to obtain a financial plan from Baird,
the client will need to define his or her financial goals,
needs and objectives and gather and provide relevant
information to Baird. A client will typically complete a
financial planning questionnaire to help define the
client’s financial goals, needs and objectives and provide
relevant information to Baird. Upon request, a Baird
Financial Adviser or other Baird representative may
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provide assistance with the questionnaire. A client may
also enter into a financial planning agreement (an
“Agreement”) with Baird that describes the specific
Services being provided.
Based upon the responses to the questionnaire and
other information provided by the client, the client’s
Baird Financial Advisor and/or the Department will
prepare a financial plan (a “Plan”) for the client. The
contents of a Plan depend upon the particular needs and
requests of the client. A Plan generally evaluates the
client’s retirement, life insurance, education funding,
estate and/or other cash flow needs and provides
recommendations and strategies for meeting those
needs. The Plan generally includes an analysis of the
client’s investment needs and goals and recommends an
asset allocation and/or broad categories of investment
alternatives designed to achieve Client’s goals.
Recommended investment categories may include
one
or more of the following categories of assets, also
known as asset classes:
• Equity securities, including, but not limited to, equity
securities issued by U.S. large cap, mid cap and small
cap companies (which may include value and growth
companies);
• Fixed income securities, including, but not limited to,
short-term, intermediate-term and long-term fixed
income securities issued by U.S. companies and
obligations issued by U.S. or state governments or
their agencies (which may include high yield
corporate bonds, mortgage-backed and asset-backed
securities, and municipal securities);
• Foreign securities, including equity and fixed income
securities issued by foreign companies and
governments (which may include companies and
governments in emerging markets);
• Non-traditional assets, including, but not limited to,
real estate, commodities, currencies, securities
indices, interest rates, credit spreads, and private
companies;
• Investment products that pursue non-traditional,
complex or alternative investment strategies
(“Alternative Strategies”) or that involve special risks
not apparent in more traditional investments
(“Alternative Investment Products”), including, but
not limited to: hedge funds, funds of hedge funds,
private equity funds, funds of private equity funds,
exchange or swap funds, leveraged funds, inverse
funds, and other special situation funds, structured
certificates of deposit and structured notes
(“structured products”), ETNs, business development
companies (“BDCs”), REITs, master limited
partnerships (“MLPs”), managed futures and mutual
funds and ETFs that pursue Alternative Strategies;
and
• cash, including, but not limited to, money market
funds.
Each asset allocation strategy has different allocations
across each asset class, and some strategies may have
no allocation to one or more asset classes described
above.
If requested by a client and agreed to by Baird, the Plan
may consist of an estate plan analysis designed to
provide information on possible gift and estate tax
consequences for the client related to the transfer of
assets during his or her lifetime or at death. This estate
plan analysis may make recommendations regarding
advanced estate planning techniques specific to high net
worth families.
If requested by a client and agreed to by Baird, the Plan
may also consist of detailed stock option analysis. This
analysis may calculate the approximate tax cost
associated with stock option exercises over a number of
years. It may also compare various stock option
exercise strategies to help determine the optimal
strategy from a tax and investment standpoint.
The Plan will set forth recommended actions in
furtherance of the client’s goals, needs and objectives.
In developing a client’s Plan, Baird does not assume or
undertake any responsibility for implementing the
recommended actions or for monitoring the actions
taken by the client unless Baird has otherwise agreed to
do so in writing.
A Baird Financial Advisor may assist the client in
implementing the Plan under a separate arrangement;
however, the client is not obligated to implement the
Plan through Baird. Clients may utilize a financial
advisor of their choice and may choose to implement
only a portion of the recommendations included in the
Plan. Since the client is not obligated to implement the
Plan, neither the Baird Financial Advisor nor the
Department performs a subsequent review or periodic
or continual monitoring of the client’s assets after
delivery of a Plan unless Baird has otherwise agreed to
do so in writing.
A Plan is effective as of the date indicated thereon. After
a client has received a Plan, Baird undertakes no
obligation to implement the actions recommended in the
Plan, to review or monitor a client’s investments, other
assets, financial position or returns, or to update or
modify the Plan, unless Baird has otherwise agreed to
do so in writing. Any changes to a client’s financial and
personal position and needs will affect the analyses,
information and recommendations made in a Plan.
Financial planning is an ongoing process and a client
should regularly consider whether financial and personal
changes warrant a re-evaluation of the Plan.
Additional Planning Services
In addition to the development and delivery of a Plan
described above, Baird also offers certain additional
financial planning services (“Additional Planning
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Services”). The Additional Planning Services made
available to clients include: a discovery process, budget
planning and review, goal setting (which may include
goals and strategies for debt reduction or savings for
education or other funding needs), goal action planning
and implementation, goal check in meetings, general
financial planning review (which may include reviewing
and updating a Plan), investment review and retirement
funding review.
In order to obtain Additional Planning Services, a client
will need to enter into an Agreement with Baird. The
Agreement will set forth the specific Services to be
provided.
Divorce Financial Analyst and Consulting Services
A Baird Financial Advisor may be engaged by a client (or
the client’s attorney) to provide financial analyses and
related financial consulting services in connection with a
divorce. These services are provided upon request and
may include: gathering of financial details relevant to
the divorce, assessment of marital/community and
separate property, income and expense analysis,
financial modeling, cash flow forecasts, examination of
retirement and insurance issues, property division
analysis, preparation of asset inventories and financial
settlement scenarios, present value calculations, and
tracing of financial statements to help categorize flow of
funds or potential credits and reimbursements, and
communications with the client’s attorneys and tax
advisers. Under certain limited circumstances approved
by Baird’s home office, a Baird Financial Advisor may
also provide testimony and reports in the divorce
proceeding as to the analytical services provided. Baird
may provide its analyses and reports to a client’s
attorneys and, with the consent of the client or the
client’s attorney, as required by law or in order to
provide the services requested by the client, to the
client’s tax adviser and other client representatives as
well as insurance companies, mediators, judges,
opposing parties and other third parties.
The divorce financial analyses and related consulting
services Baird provides are based on information
provided by the client and third parties (including
without limitation the client’s attorneys and tax
advisers, opposing parties, mediators, forensic
accountants, actuaries, pension valuators, insurance
companies and others). Baird relies on the accuracy and
completeness of the information provided to it without
independent verification. Baird does not take
responsibility for any losses resulting from incorrect or
incomplete information Baird receives from the client,
the client’s advisers or third parties.
Baird’s analyses and reports are effective as of the
dates indicated thereon or, if not so indicated, on the
dates they are delivered to the client or the client’s
attorney. After providing the analyses and other
services requested, Baird undertakes no obligation to
review or update them.
If a client desires to engage Baird to provide additional
services, either at the time Baird is providing divorce
financial analyst and related consulting services or after
such services have been provided, the client will be
required to enter into a separate agreement with Baird
describing those additional services.
Other Important Service Information
A client should note that the Services do not include the
analysis or recommendation of specific securities or
other investments or the implementation of investment
strategies, although those services may be provided by
Baird and/or a Baird Financial Advisor under a separate
agreement with Baird. The Services only offer a client a
recommendation as to the allocation of the client’s
investment portfolio among various asset classes
generally, which may include recommendations
regarding allocations to alternative asset classes. The
recommended allocation will reflect Baird’s analysis
different asset classes and the different levels of risk
associated with those investments. That analysis
involves the consideration of past performance and the
use of forward looking projections that are based upon
certain assumptions about how markets will perform in
the future.
Baird may use other entities to assist in the preparation
of a Plan, such as the use of third party planning
software and research providers. Baird will not
separately charge a client for use of these other entities
except with a client’s consent.
The Services provided by Baird may also include limited
consultations with the other professionals assisting the
client, such as the client’s attorney or tax adviser. More
comprehensive financial planning services may involve
the Baird Financial Advisor, working either
independently or with individuals from other Baird
departments, considering more complex issues in
financial planning and reviewing estate planning
strategies. A client’s other professional advisers often
play an integral role in the Services.
In preparing a Plan for a client or providing other
Services, Baird relies on the accuracy and completeness
of the information that the client provides in the
financial planning questionnaire and otherwise, without
independent verification. Baird is not responsible for any
inadequacies or errors contained in the Plan or other
advice provided in connection with the Services that
result from a client’s failure to provide Baird with
accurate or complete information.
Baird’s advisory relationship with the client terminates
automatically upon the cessation of Services, which
occurs when Baird delivers a Plan to the client, unless
Baird has agreed in writing to provide Additional
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Planning Services, in which event the advisory
relationship terminates upon the cessation of Additional
Planning Services.
A client or prospective client may, but is not required to,
enter into a new relationship with Baird to implement
the Plan or other recommendations made by Baird. In
some cases, the client may already have a separate
brokerage or advisory relationship with Baird while the
financial planning Services are being provided to the
client, and the termination of financial planning Services
will not affect that pre-existing relationship. When a
client enters into a new relationship with Baird following
the cessation of financial planning Services, that
relationship would generally be brokerage in nature and
not advisory unless the client or prospective client and
Baird separately agree to enter into an investment
advisory contract.
If a client engages Baird to provide brokerage or
advisory services in addition to the preparation of a Plan
or provision of Services, Baird will earn additional
compensation in the form of fees and/or commissions.
Thus, any recommendation to use Baird to implement
the Plan or other recommendations made pursuant to
the Services presents a conflict of interest.
Legal and Tax Considerations
Baird and its associates will not provide any legal or tax
advice to a client as part of the Services and no advice
provided by Baird or any of its associates shall be
deemed to be legal or tax advice. A client is urged to
consult with the client’s personal legal and accounting
professionals regarding any Plan or other financial
planning Services provided by Baird.
If a client obtains an estate plan analysis, the client is
urged to consult with the client’s personal legal and
accounting professionals to determine appropriate
estate planning strategies and to prepare any necessary
documents required to implement an estate plan.
If a client obtains financial analyses or related financial
consulting services in connection with a divorce, the
client should understand that Baird does not provide
legal or tax advice even though Baird’s services are
provided in connection with a divorce or related legal
process,. Clients are encouraged at all times to obtain
legal and tax services from licensed professionals. Baird
is not responsible for judgments, settlements, consent
decrees, awards or other decisions relating to a client’s
divorce, the division of assets or support payments.
Those matters are the responsibility of the client and
the client’s attorney.
Additional laws, regulations and other conditions apply
to retirement accounts, which include employee pension
benefit plan accounts that are subject to the Employee
Retirement Income Security Act of 1974, as amended
(“ERISA”) and individual retirement accounts (“IRAs”)
that are subject to the Internal Revenue Code of 1986,
as amended (“IRC”) (collectively, “Retirement
Accounts”). Each owner, trustee, named fiduciary,
responsible plan fiduciary, or other fiduciary acting on
behalf of a Retirement Account (“Retirement Account
Fiduciary”) understands and agrees that Baird and its
associates do not provide legal advice regarding
Retirement Accounts. A Retirement Account Fiduciary is
urged to consult with his or her own legal advisor about
the laws and regulations that may apply to Retirement
Accounts.
Fees and Compensation
Advisory Fee
Financial Planning
Plans and other Services are provided for a fee. The fees
for the Services are negotiated between the Baird
Financial Advisor and the client. Generally, the fees are
based upon the specific Services provided by Baird to
the client. A wide range of Services is available, and the
client selects the combination of Services that best fits
his or her goals and objectives. The fees for the
Services vary based upon a number of factors, including
the complexity of the client’s Plan, if any, the other
Services to be provided, if any, and the interaction of
the Baird Financial Advisor with the client’s other
professional consultants, including, among others,
Certified Public Accountants (“CPAs”), trust department
personnel, and attorneys. Fees may vary from client to
client based on a number of factors, including, but not
limited to, the factors described above. Baird may waive
all fees for Services in its sole discretion.
The Services related to a Plan are typically provided
under a flat fee arrangement, although hourly fee
arrangements may also be available. Currently, the flat
fee for preparing a Plan and providing related financial
planning services generally ranges from $500 to
$10,000, but may be higher depending upon the
particular Services requested and complexity of the
Plan. The flat fee will normally be paid in whole or in
part in advance by the client, as reflected in the
Agreement signed by the client. For clients paying an
hourly rate, Baird may require a retainer (in an amount
agreed to by the client) against which the hourly rate
and out of pocket expenses will be applied. Following
delivery of a Plan, clients will generally incur additional
charges for follow-up consultations at a rate agreed to
by the client and the Baird Financial Advisor.
The Additional Planning Services are typically provided
under a flat fee arrangement, although other
arrangements may be available in certain
circumstances. The flat fee for Additional Planning
Services generally ranges from $125 to $10,000
annually, but may be higher depending upon the
particular Services requested.
The client may also negotiate fees based upon the
number hours it takes to complete a Plan. The hourly
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rate is negotiated by each individual client and the rate
varies widely, depending upon the complexity of the
Plan and the persons providing the services.
A written fee estimate will be provided to the client
following an initial consultation. There is no fee for an
initial consultation. Clients are not obligated to use any
other Baird service to receive an initial consultation.
For Services related to a Plan, fees are payable as
Services are rendered. Fees associated with Additional
Planning Services are generally paid quarterly in
advance. Baird’s fees and other charges relating to the
Services may be automatically deducted from a client’s
Baird account or the client may instruct Baird to issue
the client an invoice for the fees and charges (“direct
billing”). A client’s Agreement will set for the specific fee
amount and terms of payment.
Divorce Financial Analytical Services
Baird Financial Advisors who have been approved by
Baird may also provide financial, analytical and related
consulting services to clients in connection with a
divorce for a flat fee or at an hourly rate, or a
combination thereof. The flat fee or hourly rate is
negotiated between the Baird Financial Advisor and the
client. The fee or hourly rate is reflected in the
agreement signed by the client. The fee or hourly rate
will be reflected in an invoice sent to the client and paid
within 30 days by the client (unless the client and Baird
agree to another arrangement, such as debiting the
amount from the client’s account at Baird).
The flat fee will normally be paid in whole or in part in
advance by the client, as reflected in the agreement
signed by the client. If reflected in the agreement
signed by the client, a flat fee may be imposed for each
service provided. If agreed to by Baird, the flat fee may
be paid upon completion of the services provided by
Baird or on an installment basis. The flat fee will be
subject to a minimum of $500 unless Baird and the
client negotiate a different minimum amount, to be
reflected in the client’s agreement.
As an alternative to the flat fee, or in addition to the flat
fee, Baird may provide services at an hourly rate. The
hourly rate will be reflected in the agreement signed by
the client. The hourly rate may vary depending on the
nature of the service provided. Normally, the hourly rate
will be higher for any testimony, analyses and reports
that Baird provides in the divorce proceeding. For clients
paying an hourly rate, Baird may require a retainer (in
an amount agreed to by the client) against which the
hourly rate and out of pocket expenses will be applied.
Baird will keep track of the time spent on the services
provided in 0.25 hour increments, and provide an
invoice each month showing the amount of time spent
on the services provided and if, applicable, the amounts
charged against the retainer and the remaining retainer
balance. If the retainer amount is exhausted, Baird may
require that an additional retainer be provided to cover
the cost of anticipated additional services. Any part of
the retainer that is not used shall be promptly refunded
following completion of the services provided or earlier
termination of the relationship; provided, however, a
minimum fee of $500 will be charged in all cases.
Other Information
The fees charged to a client for the Services are paid to
Baird and a portion of such fees are paid to the Baird
Financial Advisor as part of the Financial Advisor’s non-
recurring compensation. Since Baird began providing
these Services, it has had other fee ranges and
schedules in effect, which may provide fees lower or
higher, as the case may be, than those described above.
As new fees are put into effect, they are made
applicable only to new clients, and fees for existing
clients are not affected. Therefore, some clients may
pay different fees than those shown above.
There is no minimum dollar value of assets or other
conditions required of a client to receive these services.
Baird may waive the minimum fee on a temporary or
indefinite basis or negotiate a fee level different from
the schedule shown above or set a different payment
schedule.
Other Fees and Expenses
The fees and charges paid to Baird by the client only
cover the preparation and delivery of the Plan, and if
applicable, the performance of the Additional Planning
Services. Baird’s fees and charges do not include any
costs or expenses associated with implementing the
Plan or other recommendations made in connection with
the Services, including, without limitation, fees that may
be charged by investment advisors or managers
advising the client or managing the client’s assets or
other service providers, such as custodians and broker-
dealers.
If a Baird Financial Advisor or other representative of
Baird discusses matters relating to a Plan or the
Services with a client’s tax or legal advisors, the client
may be charged a separate fee by those advisors.
Clients may also subscribe to other services or programs
offered by Baird. Those service and programs may be
subject to fees, commissions or other expenses that are
entirely separate from the payment of fees and
expenses for the Service.
Other Compensation Received by Baird
Baird is registered as a broker-dealer under the
Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and its Financial Advisors are
registered broker-dealer representatives of Baird. In
such capacities, Baird and its Financial Advisors provide
brokerage and related services to clients, including the
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purchase and sale of individual stocks, bonds, mutual
funds, private investment funds, and other securities,
and sales of life insurance policies and annuities. Baird
and its Financial Advisors receive compensation based
upon the sale of such securities and other investment
products, including asset-based sales charges and
service fees on the sale of mutual funds. However, Baird
and its Financial Advisors only offer asset allocation and
similar investment recommendations of a general nature
when providing the Services, and they do not
recommend any particular investment product in
connection with providing the Services. A client has the
option to purchase investment products through brokers
or agents that are not affiliated with Baird.
Performance-Based Fees and Side-By-Side
Management
Baird advises client accounts not participating in
Services described in this Brochure that are subject to
asset-based fee and performance-based fee
arrangements. Performance-based fee arrangements
involve the payment of fees based upon the capital
gains or capital appreciation of a client’s account.
However, Baird does not offer these fee arrangements
for financial planning services. If a client participates in
other services provided by Baird, the client should
review the Form ADV Part 2A Brochure for those
services for more information about these types of fee
arrangements.
Types of Clients
Baird offers the Services to all types of current or
prospective clients, including, but not limited to:
individuals, banks or thrift institutions; pension and
profit sharing plans; trusts; estates; charitable
organizations; and corporations or other business
entities.
Methods of Analysis, Investment Strategies
and Risk of Loss
Baird Financial Advisors and the Department may use
various forms of third party research information and
related tools to provide the Services. These sources of
information and tools may include, among others,
external market, economic, financial and investment
data and analyses provided by organizations not
affiliated with Baird. Baird Financial Advisors and the
Department may also use research reports created by
Baird. However, it should be noted that the Department
and Baird Financial Advisors are not obligated to act in a
manner consistent with Baird research reports and they
may act in a manner that is contrary to those reports if
they deem it to be consistent with the client’s
investment objectives and in the client’s best interest.
They may also employ the use of computers and third
party financial planning software to more readily display
information, assist with analysis, and make asset
allocation recommendations. Although they use
information and tools that Baird deems reliable, Baird
does not independently verify or guarantee the accuracy
of the information or tools used.
Risk is inherent in any investment in securities and
Baird does not guarantee any level of return on a
client’s investments. There is no assurance that a
client’s investment objectives will be achieved if the
client decides to implement a Plan. Baird’s
recommendations are based in part upon the use of
forward looking projections, which in turn are based
upon certain assumptions about how markets will
perform in the future. There can be no guarantee that
markets will perform in the manner assumed and the
actual performance of markets and a client’s
investments could differ materially from those
assumptions. Clients are encouraged to discuss with
their Financial Advisor the risks that apply to them. A
client should also review the prospectus or other
disclosure document for any security or other
investment product in which the client invests, as it will
contain important information about the risks associated
with investing in such security or other investment
product.
Disciplinary Information
In December 2008, Baird, without admitting or denying
the allegations, consented to the sanctions and findings
of the Financial Industry Regulatory Authority, Inc.
(“FINRA”) that it violated NASD Rules 2110, 3010(a)
and 3010(b) by failing to establish and maintain an
adequate supervisory system reasonably designed to
review and monitor its fee-based brokerage business
and its registered representatives. Baird was found to
have failed to: implement fee breakpoint discounts on
certain fee-based brokerage accounts; clearly identify
the specific fee applicable to each customer; implement
a system to automatically credit customers with the fee
breakpoint discounts specified in their account
agreements; and adequately disclose inclusion of
margin activity and short sales in fee calculations for
fee-based accounts. Baird was fined $500,000 and paid
restitution of $434,510 plus interest to affected
customers.
In April 2016, Baird, without admitting or denying the
findings, consented to the sanctions and findings of the
Financial Industry Regulatory Authority, Inc. (“FINRA”)
that it violated NASD Conduct Rule 3010, FINRA Rule
3110, and FINRA Rule 2010, by failing to establish and
maintain a supervisory system and procedures
reasonably designed to ensure that customers who
purchased mutual fund shares received the benefit of
applicable sales charge waivers. In May 2015, Baird
began a review to determine whether Baird had
provided available sales charge waivers to eligible
customers. Based on this review, in May 2015, Baird
self-reported to FINRA that various eligible customers
had not received available sales charge waivers. Baird
was found to have disadvantaged certain retirement
plan and charitable organization customers that were
eligible to purchase Class A shares in certain mutual
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funds without a front-end sales charge. The findings
also stated that these customers were instead sold Class
A shares with a front-end sales charge or Class B or C
shares with higher ongoing fees and the potential
application of a contingent deferred sales charge. Baird
was censured and required to pay restitution to affected
customers estimated to be approximately $2.1 million
including interest.
In July 2016, Baird, without admitting or denying the
findings, consented to the sanctions and to the entry of
findings of FINRA that the firm and a firm supervisor
within its Private Wealth Management business did not
reasonably supervise a former Financial Advisor who
misused a customer’s funds. The findings stated that
the supervisor did not reasonably follow-up on red flags
associated with a trade correction request submitted by
the Financial Advisor that should have alerted him to the
Financial Advisor's misuse of a customer’s funds. The
supervisor also did not follow certain of Baird’s written
supervisory procedures (“WSPs”) relating to trade
corrections. After the supervisor realized that the
Financial Advisor misused the customer’s funds, Baird
reimbursed the customer for the loss. The findings also
included that Baird did not establish and maintain a
supervisory system, including WSPs, for correcting trade
errors that was reasonably designed to ensure
compliance with applicable securities laws, regulations
and rules. Baird was censured and fined $200,000.
In September 2016, the SEC announced that Baird,
without admitting or denying the findings, consented to
the sanctions and findings of the SEC that it violated
Section 206(4) of the Advisers Act and Rule 206(4)-7
thereunder by failing to adopt and implement adequate
policies and procedures to track and disclose trading
away practices by certain of the subadvisors
participating in Baird’s wrap fee programs offered
through its Private Wealth Management Department.
Through these programs, Baird’s advisory clients pay an
annual fee in exchange for receiving access to select
subadvisors and trading strategies, advice from Baird’s
financial advisors, and trade execution services through
Baird at no additional cost. However, if a subadvisor
chooses not to direct the execution of particular equity
trades through Baird in order to fulfill its best execution
obligation and the executing broker charges a
commission or fee, Baird’s advisory clients often are
charged additional commissions or fees for those
transactions, which is often embedded in the price paid
or received for the security. This practice is referred to
as “trading away” and these types of trades are
frequently called “trade aways.” Baird was found to
have failed to adopt or implement policies and
procedures designed to provide specific information to
Baird’s clients and financial advisors about the costs of
trading away. Baird agreed to provide additional
disclosure to clients and review and, as necessary,
update its policies and procedures. Baird also was
ordered to cease and desist committing or causing any
violations and any future violations of Section 206(4) of
the Advisers Act and Rule 206(4)-7 thereunder and pay
a civil money penalty in the amount of $250,000.
Additional information about Baird’s disciplinary history
is available on the SEC’s website at
www.adviserinfo.sec.gov
.
Other Financial Industry Activities and
Affiliations
Baird is registered with the SEC as a broker-dealer
under the Exchange Act and as an investment adviser
under the Advisers Act. Baird is also affiliated with
certain investment advisors and investment products
that are identified below, including certain mutual funds,
ETFs, private equity funds and hedge funds. Certain
Baird Financial Advisors and certain management
persons of Baird may invest in those funds.
Broker-Dealer Activities
Baird is engaged in a broad range of broker-dealer
activities, including: individual and institutional
brokerage transactions; origination of, and participation
in, underwritings of corporate and municipal securities;
market making and trading activities in corporate
securities and municipal and governmental bonds;
distribution of mutual fund shares; option transactions;
and research services.
Certain Baird Financial Advisors and certain
management persons of Baird are registered, or have
an application pending to register, as registered
representatives and associated persons of Baird to the
extent necessary or appropriate to perform their job
responsibilities.
Investment Management Activities
Baird Advisors and Baird Equity Asset Management are
investment management departments of Baird, and
Chautauqua Capital Management (“CCM”) is a division
of Baird Equity Asset Management.
Certain Affiliations
Affiliated Investment Advisors
Baird is affiliated, and may be deemed to be under
common control, with Riverfront Investment Group, LLC
("Riverfront") by virtue of their common indirect
ownership by BFG. Additional information about
Riverfront is available in Riverfront’s Form ADV Part 2A
Brochure.
Baird is affiliated, and may be deemed to be under
common control, with Greenhouse Funds LP
(“Greenhouse”) and Greenhouse Fund GP LLC
("Greenhouse GP") by virtue of their common indirect
ownership by BFG.
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Affiliated Mutual Funds and ETFs
Baird is the investment adviser and principal
underwriter for Baird Funds, Inc. (the “Baird Funds”).
Baird Advisors provides investment management,
administrative, and other services to certain Baird Funds
investing primarily in fixed-income securities (the “Baird
Bond Funds”). Baird Equity Asset Management provides
investment management and other services to certain
Baird Funds investing primarily in equity securities (the
“Baird Equity Funds”). CCM provides investment
management and other services to certain Baird Funds
pursuing global or international investment strategies
(the “Chautauqua Funds”). As compensation for its
services, Baird receives fees from each Baird Fund,
which fees are disclosed in each Fund’s prospectus and
statement of additional information available at
www.bairdfunds.com
.
Baird Advisors serves as investment sub-adviser to a
mutual fund series of the Bridge Builder Trust.
Additional information about that mutual fund, including
information relating to the compensation paid to Baird
by that fund for investment management services, is
available in the fund’s prospectus and statement of
additional information.
Baird Equity Asset Management serves as investment
sub-adviser to a mutual fund series of the Principal
Funds, Inc. Additional information about that mutual
fund, including information relating to the compensation
paid to Baird by that fund for investment management
services, is available in the fund’s prospectus and
statement of additional information.
CCM serves as investment sub-adviser to a mutual fund
series of each of The Advisors’ Inner Circle Fund and
Pace® Select Advisors Trust. Additional information
about those mutual funds, including information relating
to the compensation paid to Baird by those funds for
investment management services, is available in the
funds’ prospectus and statement of additional
information.
Riverfront acts as investment sub-adviser for certain
mutual fund series of the Financial Investors Trust and
certain ETFs that are part of the ALPS ETF Trust.
Additional information about those mutual funds and
ETFs, including information relating to the compensation
paid to Riverfront by those funds for investment
management services, is available in each fund’s
prospectus and statement of additional information.
Affiliated Private Limited Partnerships
CCM acts as investment manager for, and Baird is the
general partner of, the Chautauqua International
Growth Equity QP Fund, LP and the Chautauqua Global
Growth Equity QP Fund, LP (the “Chautauqua Limited
Partnerships”), and CCM serves as investment sub-
adviser to the Multi-Advisor Funds International Fund.
Those funds are private pooled investment vehicles that
are not required to be registered with the SEC as
investment companies.
Affiliated Private Equity Funds
Baird is also engaged in a private equity business
through Baird Capital (“Baird Capital”), Baird’s global
private equity group. Baird Capital makes venture
capital, growth equity and private equity investments
primarily in the healthcare, technology and services,
and products sectors. Baird, in combination with certain
executive officers, may be deemed to control Baird
Venture Partners Management Company I, LLC (“BVP
I”); Baird Venture Partners Management Company III,
LLC (“BVP III”); Baird Venture Partners Management
Company IV, LLC (“BVP IV”); Baird Capital Partners
Management Company III, LLC (“BCP III”); Baird
Capital Partners Management Company IV, LLC (“BCP
IV”); Baird Capital Partners Management Company V,
LLC (“BCP V”); Baird Asia Partners Management
Company I, LLC ("BAP I"); Baird Capital Partners Asia
Management I Limited Partnership (“BCPA I”); Baird
Principal Group Management Company I, LLC (“BPG I”)
and Baird Capital Partners Europe Limited. BVP I, BVP
III, and BVP IV participate in venture capital
opportunities by generally investing in equity securities
of early-to-growth stage companies. BVP I is the
general partner of the three limited partnerships and is
an investment adviser registered with the SEC. BVP III
is the general partner of three limited partnerships and
is an investment adviser registered with the SEC. BVP
IV is the general partner of three limited partnerships
and is an investment adviser registered with the SEC.
BCP III, BCP IV and BCP V generally invest in equity
securities of growing lower-middle market companies
issued in management buyouts, recapitalizations,
industry consolidations and growth equity transactions.
BCP III is the general partner of three side-by-side
limited partnerships and is an investment adviser
registered with the SEC. BCP IV is the general partner of
three side-by-side limited partnerships and is an
investment adviser registered with the SEC. BCP V is
the general partner of three side-by-side limited
partnerships and is an investment adviser registered
with the SEC. BAP I has organized a limited partnership
to invest in growth equity and change of control
investments in companies that would benefit from
accessing manufacturing or distribution capabilities in
China. BAP I is the general partner of one limited
partnership and is an investment adviser registered with
the SEC. BCPA I makes growth equity investments in
smaller, high potential companies with substantial
operations and growth opportunities in China. BCPA I is
the general partner of three limited partnerships and is
an investment adviser registered with the SEC. BPG I
co-invests with private equity funds and private equity
professionals in transactions in the United States and
Europe. BPG I is the general partner of one limited
partnership and is an investment adviser registered with
the SEC. Only Baird employees were permitted to invest
in the BPG I limited partnership. Baird Capital Partners
Europe Limited, an English limited company, is
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Robert W. Baird & Co. Incorporated Baird FPS Brochure
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regulated and authorized by the Financial Conduct
Authority and is the manager of certain partnerships
formed to acquire businesses and make investments
across a range of industry sectors.
Affiliated Hedge Funds
Greenhouse acts as investment manager for, and
Greenhouse GP is the general partner of, the
Greenhouse Master Fund LP and the Greenhouse
Onshore Fund LP. Greenhouse also acts as investment
adviser for the Greenhouse Offshore Fund LP. Those
funds are hedge funds that are not required to be
registered with the SEC as investment companies.
Code of Ethics, Participation or Interest in
Client Transactions and Personal Trading
Code of Ethics
Subject to the restrictions described below, Baird and its
affiliates and associates may engage in securities
transactions for their own accounts, including the same
or related securities that are recommended to or owned
by Baird clients. These transactions may include trading
in securities in a manner that differs from, or is
inconsistent with, the advice given to Baird clients, and
the transactions may occur at or about the same time
that such securities are recommended to or are
purchased or sold for client accounts. This creates a
potential for a conflict between the interest of clients
and the interests of Baird and its affiliates and
associates.
To address the potential for conflicts of interest, Baird
has adopted a Code of Ethics (the “Code”) that applies
to its associates that provide investment advisory
services to clients, including Baird Financial Advisors,
their supervisors, and certain associates who have
access to non-public information relating to advisory
client accounts (“Access Persons”). The Code prohibits
Access Persons from using knowledge about advisory
client account transactions to profit personally, directly,
or indirectly, by trading in his or her personal accounts.
In addition, an Access Person who has discretionary
authority over client accounts must generally pre-clear
his or her trades or obtain prior authorization from his
or her supervisor or Baird’s Compliance Department
before executing a trade. The Code also generally
prohibits Access Persons who have discretionary
authority over client accounts from executing a security
transaction for their personal accounts during a blackout
period that can extend from one to seven days before or
after the date that a client transaction in that same
security is executed. The Code provides for certain
exceptions deemed appropriate by Baird management
or by Baird’s Compliance Department. In addition,
orders for the accounts of Access Persons and other
Baird associates that are under discretionary
management by Baird may be aggregated with orders
for other Baird client accounts, so long as the order is
executed as part of a block transaction with client
orders. A copy of the Code is available to clients or
prospective clients upon request.
Baird has also implemented certain policies and
procedures relating to Baird’s and its associates’ trading
activities that are designed to prevent them from
improperly benefiting from the trading activities of
Baird’s advisory clients. In addition, Baird’s Compliance
Department monitors the personal trading activities of
all of Baird’s associates providing advisory-related
services to clients.
Participation or Interest in Client Transactions
Cash Sweep Program
Baird offers to clients a Cash Sweep Program through
which cash balances in client accounts are automatically
deposited or “swept” into an interest-bearing deposit
account or money market mutual fund. See “Custody”
below for more information. In addition to the fee paid
by the client related to the Services, Baird receives a fee
from each bank or money market fund related to a
client’s investment in the Cash Sweep Program for
certain administrative, accounting and other services
that Baird provides to the bank or fund. Through the
Money Market Fund Option, Baird receives
compensation from the money market mutual funds and
their sponsors. Baird may waive receipt of any or all of
this compensation. The compensation that Baird
receives from the Bank Sweep Option and the Money
Market Option gives it a financial incentive to
recommend that clients invest cash balances in the
particular sweep options included in the Cash Sweep
Program. More detailed information about the Cash
Sweep Program and the compensation Baird receives is
available on Baird’s website at
www.rwbaird.com/disclosures
.
Trust Services Arrangements
Baird maintains alliances with certain unaffiliated
institutions, including Comerica Bank & Trust, National
Association, that provide trust services. These
unaffiliated institutions offer various types of trust
services, including trust administration, custody, tax
reporting and recordkeeping, to Baird clients. In
connection with these alliances and the trust services
provided by these unaffiliated institutions, Baird may
provide marketing support services in assisting clients in
their evaluation of the trust services. Baird may be
compensated by these unaffiliated institutions for
providing these marketing support services. Such
annual compensation generally will not exceed 10% of
the annual trust service fees received by the unaffiliated
institution. This provides Baird a financial incentive to
recommend firms that are part of the alliance.
Lending Arrangements
Baird maintains alliances with certain unaffiliated
lenders, including Tristate Capital Bank, that provide
financing opportunities to Baird clients. Baird receives a
referral fee from the lender in some instances. The
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referral fee is generally shared with the client’s Financial
Advisor. The amount of the referral fee varies,
depending upon the lender and the amount of the
financing. It is Baird’s practice to provide more specific
information about the referral fee at the time a client
obtains such financing. As a result of the foregoing,
Baird and the client’s Financial Advisor have a financial
incentive to recommend that the client obtain loans
from lenders that pay Baird referral fees.
Other Interests in Client Transactions
Baird offers to clients other investment products and
services not described in this Brochure. These
investment products and services provide different
levels of compensation to Baird and its Financial
Advisors. Baird and its Financial Advisors may have an
incentive to favor those investment products and
services that generate a higher level of compensation
than those that generate a lower level of compensation.
For more information about the other investment
products and services offered by Baird, clients should
contact Baird or a Baird Financial Advisor.
Baird and its Financial Advisors may recommend to
clients, and may buy and sell for client accounts,
securities in which Baird and its affiliates and associates
have a material financial interest. For more information,
please see “Fees and Compensation” and “Other
Financial Industry Activities and Affiliations” above.
Brokerage Practices
The Services provided under this Brochure only include
services related to the creation of a Plan. The Services
do not include the implementation of the Plan or the
solicitation or execution of specific securities
transactions. As a result, Baird does not recommend or
select broker-dealers to effect transactions for client
accounts as part of the Services.
Review of Accounts
Unless the client and Baird otherwise agree in writing,
the client’s Financial Advisor and the Department
generally do not provide ongoing review of a Plan or the
client’s accounts or ongoing reporting. If a client
requests and Baird agrees in writing to provide ongoing
review of a Plan or other Services, the scope and
frequency of the review or performance of other
Services will be specified in the client’s Agreement.
Client Referrals and Other Compensation
Baird may provide compensation to individuals who
refer clients in some instances. When applicable, the
compensation paid is a percentage of the client’s fee
payments or the value of the client’s account. The
amount of compensation will vary, with the specific level
determined based upon consideration of various factors
including, but not limited to, the individual’s role in
developing the client relationship and the assets under
management. Baird may pay these fees to registered
representatives of Baird and its affiliates as well as to
unaffiliated solicitors that have entered into a written
agreement with Baird.
Baird and its affiliates and associates may receive
certain economic benefits in connection with providing
advisory services to clients, which are described in the
sections entitled “Other Financial Industry Activities and
Affiliations” and “Code of Ethics, Participation or Interest
in Client Transactions and Personal Trading” above.
Custody
Unless a client elects to open an account with Baird (an
“Account”) in connection with the Services, Baird does
not have custody of client assets and it does not
recommend or select custodians for client accounts as
part of the Services.
If a client opens an Account with Baird, Baird will act as
the custodian of a client’s assets in the Account and will
provide certain custody services, including holding the
client’s Account assets, crediting contributions and
interest and dividends received on securities held in a
client’s Account, and debiting distributions from the
Account.
As custodian, Baird may hold a client’s Account assets in
nominee or “street” name, a practice that refers to
securities and assets being registered in Baird’s name or
in a name that Baird designates, rather than in a client’s
name directly. Baird will be the holder of record in those
instances.
Baird offers to clients a Cash Sweep Program through
which cash balances in client accounts are automatically
deposited or “swept” into an interest-bearing deposit
account (the “Bank Sweep Option”) established by Baird
with one or more banks selected by Baird for inclusion
in the Cash Sweep Program. Certain clients who meet
the eligibility requirements may, as an alternative,
invest their cash in one or more taxable or tax-exempt
money market mutual funds (the “Money Market Fund
Option”) that Baird makes available as part of the Cash
Sweep Program. Baird generally receives compensation
in addition to the Program Fee when clients participate
in the Cash Sweep Program. See “Code of Ethics,
Participation or Interest in Client Transactions and
Personal Trading—Cash Sweep Program” above for more
information.
If a client elects to participate in Baird’s Cash Sweep
Program, Baird will deposit or invest (i.e., “sweep”) a
client’s free credit balances in accordance with the
client’s instructions and terms of the Cash Sweep
Program. Any deposits, including CDs that a client
maintains directly with a bank or through an
intermediary (such as Baird or another broker), in the
same capacity with the bank, will be aggregated with
the client’s Bank Sweep Option assets at the bank for
purposes of calculating the $250,000 FDIC insurance
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limit. Total deposits exceeding $250,000 may not be
fully insured by the FDIC. A client is solely responsible
for monitoring the total amount of other deposits that
the client has with a bank in order to determine the
extent of deposit insurance coverage available. Baird is
not responsible for any insured or uninsured portion of a
client’s deposits at a bank.
A client who uses a third party custodian to hold assets
does so at the client’s risk. A client should understand
that Baird does not monitor, evaluate or review any
third party custodian. The client should also understand
that the client will pay a custody fee in addition to the
fee that the client pays to Baird and that the client may
not receive performance review or reporting from Baird.
In addition, a client who uses a third party custodian is
not eligible for cash sweep services offered by Baird.
Clients using a third party custodian are encouraged to
establish appropriate cash sweep arrangements.
Investment Discretion
Baird does not have discretionary authority to buy or
sell securities for client accounts or otherwise act for
client accounts in connection with the Services. A client
retains full discretionary authority over client’s accounts
and is solely responsible for implementing any Plan.
Voting Client Securities
Baird does not have authority to vote proxies with
respect to the securities held in the client’s account or
otherwise act for client accounts in connection with the
Services. A client retains the right to vote proxies with
respect to the securities held in such accounts and is
solely responsible for voting any such proxies.
Financial Information
Baird does not require or solicit prepayment of more
than $1,200 in fees per client six months or more in
advance and, thus, has not included a balance sheet of
its most recent fiscal year. Baird is not aware of any
financial condition that is reasonably likely to impair its
ability to meet its contractual commitments to clients,
nor has it been the subject of a bankruptcy petition at
any time during the past ten years.
03/2016 Robert W. Baird & Co. Incorporated
777 E
as
t Wisconsin Avenue
Milwaukee, WI 53202
Toll-free (800) 792-4011
PRIVACY POLICY
ROBERT W. BAIRD & CO.
Robert W. Baird & Co. Incorporated ("Baird") protects your privacy and treats as confidential any personal or financial
information we receive in the course of providing our financial services to you. We are providing you with our Privacy Policy
in accordance with Title V of the Gramm-Leach-Bliley Act and its implementing regulations.
It is the policy of Baird to protect the privacy of our clients who share personal and financial information with us in the
course of receiving financial services from Baird. We treat your information as confidential and recognize the importance of
protecting access to it.
Categories of Information We Collect
Baird collects and maintains information about our clients so that we can evaluate their financial needs and provide a
broad range of financial services. You may provide information to your Baird Representative or others at Baird when
communicating with us in writing, electronically, or by phone. For instance, we may collect the following personal
information about you:
• Information we receive from you on account applications, agreements or related forms, such as your name, address,
e-mail addresses, phone numbers, social security number, assets, income and date of birth; and
• Information about your transactions with us, our affiliates, or others, such as your account balance, positions and
history.
Depending on the products and/or services you require, we may collect information from consumer reporting agencies and
those providing services to us.
Protecting Your Privacy
We do not disclose any nonpublic information about our clients or former clients to anyone, except as requested or
authorized by our clients, as necessary to process a transaction or service an account, as requested by regulatory authorities,
or as otherwise permitted by law.
We may disclose information about you or your account with companies that perform administrative or marketing services
for Baird, with investment advisors, with a research firm we have hired, or with a business partner (such as a bank, insurance
company, or other financial institution) with whom we are developing or offering investment products or services. When we
enter into such a relationship, our contracts restrict the companies' use of client information, requiring them to maintain the
confidentiality of such information.
We also restrict access to nonpublic personal information about you to your Baird Representative and those Baird employees
who need to know that information to provide investment products or services to you. We maintain physical, electronic, and
procedural safeguards to protect your nonpublic personal information. If your Financial Advisor’s affiliation with Baird ends
and they join a non-affiliated broker-dealer, your Financial Advisor may use limited information to contact you to move your
account to their new firm. The information they may use is limited to your name, address, email address, phone number and
account title.
At Baird, we have always worked to maintain the highest standards of confidentiality and to respect the privacy of our clients.
While recent regulation requires that we provide this notice, Baird's Privacy Policy reflects the level of confidentiality that has
always existed at Baird.
You may have instructed Baird to share certain information with members of your Baird household or with other third parties. If
you have given such instructions to Baird, you have the ability to revoke these instructions by contacting your Baird Representative.
We endeavor to keep our client information complete and accurate, and encourage you to notify us if any of your
information should be updated. Should you need to update your records, or have any questions regarding Baird's Privacy
Policy, please contact your Baird Representative. You may also visit Baird’s website at rwbaird.com. Any changes to the
policy will be reflected on the website.
This page is left intentionally blank
IMPORTANT INFORMATION ABOUT YOUR FINANCIAL PLAN OR REPORT
In consideration for the receipt of the accompanying financial plan or report (the “Report”), each of
the recipients of the Report (“you”), hereby understands, acknowledges, and agrees as follows:
Date of Report. The information contained in the Report is provided as of the date shown on the
cover page to the Report. Baird and its representatives do not undertake to update the Report or the
information contained therein unless they specifically agree to do so in writing. However, Baird
reserves the right to amend the Report should additional information or evidence become available.
Account values that are shown in the Report are based on values provided as of a specific date.
A
ctual account values will change on an ongoing basis, and they may be substantially different from
that shown in the Report.
Use of Third Party Software. The Report was prepared using third party software. While Baird
believes that such software is reliable, Baird makes no representation or guarantee that the
calculations made by the software or the information contained in the Report are accurate.
Legal and Tax Advice. Baird and its representatives do not provide legal or tax advice to clients.
You are strongly urged to consult with your legal and tax professionals prior to taking any action
based upon the information contained in the Report.
Not an Official Statement of Assets, Debt or Income. The Report is provided to you for
informational purposes only and is not intended, in any manner, to be an official account statement
or an official statement of your assets, debt or income.
Baird’s Reliance Upon Information Provided by You. You are solely responsible for providing
information to Baird and your Baird representative(s) reasonably requested by them in order to
provide the services selected by you, including the preparation of the Report. In providing the
services and preparing the Report, Baird and your Baird representative(s) have assumed that you
have provided true and complete information relevant to the Report, including, without limitation: (a)
the existence and amount of
all assets, debt, income and expenses; (b) relevant age, biographical
and employment information about each spouse and child, if any; and (c) applicable legal and tax
information. Baird and your Baird representative(s) have relied upon this information when providing
you services and preparing the Report. You are responsible for promptly informing Baird of any
inaccuracies in the Report or if any information has changed since you originally provided the
information to Baird. Neither Baird nor its representatives are responsible
for any adverse
consequence arising out of the failure by you to provide true and complete information or promptly
inform Baird or its representatives of any such inaccuracies or changes.
Forward-Looking Projections and Certain Hypothetical Assumptions. The Report contains
forward-looking projections that are based upon certain hypothetical assumptions about future
events. Some of these hypothetical assumptions include, without limitation, hypothetical assumptions
about future: rates of inflation, interest rates, rates of return, levels of asset appreciation, dividend
rates, growth rates, your income and expenditure amounts, taxes, tax rates, tax filing status,
liquidations and divisions of property, and support paym
ents, as applicable. If you would like
information about the assumptions made in connection with the preparation of the Report, you
should contact your Baird representative. Forward-looking projections illustrate the effects of using
assumptions and should be used only as an aid for planning and decision making. You should not
interpret forward-looking projections as an indication or guarantee of what will happen in the future.
Baird and its representatives do not make any promise or guarante
e that forward-looking projections
or hypothetical assumptions will be realized in the future. You should note that any hypothetical
assumption about future events made in the Report may not occur as is assumed by the Report. The
forward-looking projections contained in the Report could be materially impacted to the extent actual
future events differ from the hypothetical assumptions made in the Report. You are, therefore,
cautioned against unduly relying upon the forward-looking projections contai
ned in the Report. You
and your tax and legal professionals should carefully review the Report and consider the
hypothetical assumptions made before making any decision or taking any action based
upon the Report.
Asset, Debt, Income and Expense Information. If the Report contains assets over which Baird
has custody, Baird generally relies upon third party sources, such as third party pricing services,
when valuing those assets. In some instances, such as when Baird is unable to obtain a price for an
asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not
price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some
cases, Baird obtains pri
ces from the issuers or sponsors of investment products. This frequently
occurs with respect to the valuation of alternative investment products. Baird does not conduct a
review of valuation information provided by third party pricing services, issuers, or sponsors, and it
does not verify or guarantee the accuracy of such information. Valuation data for investments,
particularly alternative investment products, may not be provided to Baird in a timely manner,
resulting in valuations that are not
current.
The Report contains assets that are not custodied with Baird. Those assets have been
included in the Report at your request and have been valued based solely upon the
information that you or your agents have provided to your Baird representative(s).
Likewise, all debt, income and expense information included in the Report has been
included in the Report at your request based solely upon the information that you or your
agents have provided to your Baird representative(s). The Report is useful only if all
asset, d
ebt, income and expense information contained in the Report is accurate.
Therefore, you and your tax
and legal professionals should carefully review the Report and
verify the accuracy of all
asset, debt, income and expense information before making any
decision or taking any action based upon the Report. Baird and its representatives do not
verify or guarantee the existence of assets that are not under Baird’s custody or the
accuracy of any information provided by you or your agents. Neither Baird nor its
representatives are responsible for any adverse consequence arising out of information
provided by you or your agents.
The values shown in the Report could be materially different from prices obtained from other sources.
This is especially true for certain types of assets that may be difficult to value, such as real property,
automobiles, jewelry, art, antiques, coins, or other similar assets or collectibles. Values used in the
Report may vary from prices received in actual transactions and are not firm bids, offers or
guarantees of any type with respect to the value of assets, and the values shown in the R
eport may
be greater than or less than the amount you would receive if the assets were actually sold.
Characterization and Division of Property; Support Payments. Any characterization of property
in the Report as marital property or separate property and any proposed division of property
contained in the Report is based solely upon information provided by you or your agents. Any
proposed division of property contained in the Report are for settlement and discussion purposes only
(i.e., to reflect a proposed settlement offer, possible property division scenarios, etc.). It is not a
recommendation o
f what should be done. In addition, support calculations contained in the Report
are shown for settlement and discussion purposes only. It is not a recommendation of what should be
done. You and your legal professionals should carefully review any such property characterization or
division or support payments to ensure that they are accurate.
Page 1 Rev. 12/07/2015
Financial Planning Agreement
Each person (individually or collectively defined as “Client”) signing
this Financial Planning Agreement (the “Agreement”) hereby retains
Robert W. Baird & Co. Incorporated (“Baird”), which is registered with
the Securities and Exchange Commission (“SEC”) as an investment
adviser under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”), to provide the types of financial planning or other
services (the “Services”) that Client may from time to time select in
accordance with, and subject to, the terms of this Agreement.
In consideration of the agreements described herein, Client and Baird
hereby agree as follows:
1. Financial Planning Services
Financial Plan (a)
If Client wishes to obtain a financial plan from Baird, Client will need
to define his or her financial goals, needs and objectives and gather
and provide relevant information to Baird. Client agrees to complete a
financial planning questionnaire to help define Client’s financial goals,
needs and objectives and provide relevant information to Baird. Upon
request, a Baird Financial Adviser or other Baird representative may
provide assistance with the questionnaire.
Based upon the responses to the questionnaire and other information
provided by Client, Client’s Baird Financial Advisor and/or Baird’s
Financial Planning Department (the “Department”) will prepare a
written financial plan (a “Plan”) for Client. The contents of the Plan
will depend upon the particular needs and requests of Client. The
Plan will address those financial planning topics agreed to by Baird
and Client and set forth on the signature page to this Agreement. The
Plan will generally evaluate Client’s retirement, life insurance,
education funding, estate and/or other cash flow needs and provide
recommendations and strategies for meeting those needs. The Plan
generally includes an analysis of Client’s investment needs and goals
and recommends an asset allocation and/or broad categories of
investment alternatives designed to achieve Client’s goals.
Recommended investment categories may include cash, equity and
fixed-income securities, and for some clients, a Plan may recommend
allocations to “satellite” or “alternative” asset classes, such as
commodities, emerging markets, global real estate, high-yield fixed-
income securities, and mutual funds with fund of hedge fund
strategies.
If requested by Client and agreed to by Baird, the Plan may consist of
an estate plan analysis designed to provide information on possible
gift and estate tax consequences for Client related to the transfer of
assets during his or her lifetime or at death. This estate plan analysis
may make recommendations regarding advanced estate planning
techniques specific to high net worth families.
If requested by Client and agreed to by Baird, the Plan may consist of
a detailed stock option analysis. This analysis may calculate the
approximate tax cost associated with stock option exercises over a
number of years. It may also compare various stock option exercise
strategies to help determine the optimal strategy from a tax and
investment standpoint.
The Plan will set forth recommended actions in furtherance of Client’s
goals, needs and objectives. Client understands and agrees that, in
developing Client’s Plan, Baird does not assume or undertake any
responsibility for implementing the recommended actions or for
monitoring the actions taken by Client unless Baird has otherwise
agreed to do so in writing.
A Baird Financial Advisor may assist Client in implementing the Plan
under a separate arrangement; however, Client is not obligated to
implement the Plan through Baird. Clients may utilize a financial
advisor of their choice and may choose to implement only a portion
of the recommendations included in the Plan. Client understands and
agrees that, since Client is not obligated to implement the Plan,
neither the Baird Financial Advisor nor the Department performs a
subsequent review or periodic or continual monitoring of Client’s
assets after delivery of a Plan unless Baird has otherwise agreed to do
so in writing.
A Plan is effective as of the date indicated thereon. Client understands
and agrees that after Client has received the Plan, Baird undertakes
no obligation to implement the actions recommended in the Plan, to
review or monitor Client’s investments, other assets, financial position
or returns, or to update or modify the Plan, unless Baird has
otherwise agreed to do so in writing. Client understands that any
changes to Client’s financial and personal position and needs will
affect the analyses, information and recommendations made in the
Plan. Client further understands that financial planning is an ongoing
process and that Client should regularly consider whether financial
and personal changes warrant a re-evaluation of the Plan.
Additional Financial Planning Services (b)
In addition to the development and delivery of a Plan described
above, Baird also offers certain additional financial planning services
(“Additional Planning Services”). The Additional Planning Services
made available to clients include: a discovery process, budget
planning and review, goal setting (which may include goals and
strategies for debt reduction or savings for education or other funding
needs), goal action planning and implementation, goal check in
meetings, general financial planning review (which may include
reviewing and updating a Plan), investment review and retirement
funding review.
The Additional Planning Services, if any, to be provided to Client are
set forth on the signature page to this Agreement.
Other Important Financial Planning Services Information (c)
Client understands and acknowledges that the Services do not include
the analysis or recommendation of specific securities or other
investments or the implementation of investment strategies,
although those services may be provided by Baird and/or a Baird
Financial Advisor under a separate agreement with Baird. The Services
only offer Client a recommendation as to the allocation of Client’s
investment portfolio among various asset classes generally, which
may include recommendations regarding allocations to alternative
asset classes. The recommended allocation will reflect Baird’s analysis
of different asset classes and the different levels of risk associated
with various investments. Client understands that analysis involves
the consideration of past performance and the use of forward looking
projections that are based upon certain assumptions about how
markets will perform in the future.
Baird may use other entities to assist in the preparation of a Plan,
such as the use of third party planning software and research
Robert W. Baird & Co. Incorporated
Financial Planning Agreement Page 2 Rev. 12/07/2015
providers. Baird will not separately charge Client for use of these
other entities except with Client’s consent.
The Services provided by Baird may also include limited consultations
with the other professionals assisting Client, such as Client’s attorney
or tax adviser. More comprehensive financial planning services may
involve the Baird Financial Advisor, working either independently or
with individuals from other Baird departments, considering more
complex issues in financial planning and reviewing estate planning
strategies. A client’s other professional advisers often play an integral
role in the Services. Since Client’s other professional advisers will
likely play an integral role in the Services, Client hereby authorizes and
directs Baird to share Client’s information with such professional
advisers to the extent necessary to provide the Services.
Client understands and acknowledges that, in preparing a Plan for
Client or providing other Services, Baird relies on the accuracy and
completeness of the information that Client provides in the financial
planning questionnaire and otherwise, without independent
verification. Client understands and agrees that Baird is not
responsible for any inadequacies or errors contained in the Plan or
other advice provided in connection with the Services that result from
Client’s failure to provide Baird with accurate or complete
information.
Baird’s advisory relationship with Client terminates automatically
upon the cessation of Services, which occurs when Baird delivers the
Plan to Client, unless Baird has agreed in writing to provide Additional
Planning Services, in which event the advisory relationship terminates
upon the cessation of Additional Planning Services.
Client may, but is not required to, enter into a new relationship with
Baird to implement the Plan or other recommendations made by
Baird. If Client already has a separate brokerage or advisory
relationship with Baird while the financial planning Services are being
provided to Client, the termination of financial planning Services will
not affect that pre-existing relationship. If Client enters into a new
relationship with Baird following the cessation of financial planning
Services, that relationship would generally be brokerage in nature and
not advisory unless Client and Baird separately agree to enter into an
investment advisory contract.
2. Legal and Tax Considerations
Client understands and agrees that Baird and its associates will not
provide legal or tax advice to Client pursuant to this Agreement and
that no advice provided by Baird or any of its associates shall be
deemed to be legal or tax advice. Client understands that Client
should consult with Client’s personal legal and accounting
professionals regarding any Plan or other financial planning Services
provided by Baird.
If Client obtains an estate plan analysis, Client understands that Client
should consult with Client’s personal legal and accounting
professionals to determine appropriate estate planning strategies and
to prepare any necessary documents required to implement an estate
plan.
Additional laws, regulations and other conditions apply to retirement
accounts, which include employee pension benefit plan accounts that
are subject to the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”) and individual retirement accounts (“IRAs”)
that are subject to the Internal Revenue Code of 1986, as amended
(“IRC”) (collectively, “Retirement Accounts”). Each owner, trustee,
named fiduciary, responsible plan fiduciary, or other fiduciary acting
on behalf of a Retirement Account (“Retirement Account Fiduciary”)
understands and agrees that Baird and its associates do not provide
legal advice regarding Retirement Accounts. A Retirement Account
Fiduciary is urged to consult with his or her own legal advisor about
the laws and regulations that may apply to Retirement Accounts.
3. Fees and Expenses
Client agrees to pay all fees and other charges relating to any Services
that Baird provides to Client.
Fee for Financial Plan (a)
If Client has engaged Baird to provide a Plan, Baird’s fee for providing
the Plan is set forth on the signature page to this Agreement. The
payment of the fee is payable in full upon delivery of the Plan by Baird
to Client. Following delivery of a Plan, Client understands that if Client
wishes to have follow-up consultations, such follow-up consultations
generally will be subject to additional fees and charges, at a rate
agreed to by Client and Baird.
Additional Financial Planning Fees (b)
If Client has engaged Baird to provide Additional Planning Services,
Baird’s annual fee for providing those Services is set forth on the
signature page to this Agreement. Unless otherwise indicated on the
signature page, the annual fee is payable in advance each calendar
quarter in equal installments.
Other Fee and Expense Information (c)
Baird’s fees and other charges relating to the Services may be
automatically deducted from Client’s designated Baird account or
Client may instruct Baird to issue Client an invoice for the fees and
charges (“direct billing”). The signature page sets for the specific
terms of payment.
Client understands that the fees and charges paid to Baird by Client
only cover the preparation and delivery of the Plan, and if applicable,
the performance of the Additional Planning Services. Baird’s fees and
charges do not include any costs or expenses associated with
implementing the Plan or other recommendations made in
connection with the Services, including, without limitation, fees that
may be charged by investment advisors or managers advising Client
or managing Client’s assets or other service providers, such as
custodians and broker-dealers.
Client further understands that Baird’s fees and charges do not
include the fees and charges of Client’s other service providers. Client
further understands that if a Baird Financial Advisor or other
representative of Baird discusses matters relating to a Plan or the
Services with Client’s tax or legal advisors, Client may be charged a
separate fee by those advisors.
4. Important Disclosures
Client understands and acknowledges that the particular investment
advisory services that Baird provides in connection with the Services,
the terms and conditions of such Services, and other important
information about the Services (including the associated risks, fees
and expenses) and about certain persons providing services to Client,
are further described in Baird’s Form ADV Part 2A Brochure for its
Financial Planning Services (the “Baird Brochure”) and the Form ADV
Part 2B Brochure Supplements for the Department and Client’s
Financial Advisor(s) (collectively, “Brochure Documents”) that have
Robert W. Baird & Co. Incorporated
Financial Planning Agreement Page 3 Rev. 12/07/2015
been delivered to Client. Client should read those documents
carefully.
If Client opens one or more accounts with Baird relating to the
services provided under this Agreement (each, an “Account”), client
understands, acknowledges and agrees that each such Account and
each Account that Client may open in the future are subject to the
terms and conditions of this Agreement and Client’s Client
Relationship Agreement with Baird.
Client understands, acknowledges and agrees that the Baird Brochure
and each other document, schedule or form reflecting Client’s
program or service selections provided by Baird to Client now or in
the future, is a part of this Agreement and incorporated herein by
reference. By obtaining the Services, Client agrees to be bound by all
of the applicable terms and conditions contained in those documents.
If Client engages Baird to provide brokerage or advisory services in
addition to the preparation of a Plan or provision of Services, Baird
will earn additional compensation in the form of fees and/or
commissions. Thus, any recommendation to use Baird to implement
the Plan or other recommendations made pursuant to the Services
presents a conflict of interest. Additional information about conflicts
of interest is contained in the Baird Brochure.
It is Baird’s policy to protect the privacy of clients that share personal
and financial information with Baird in the course of receiving
financial services from Baird. Baird treats Client information as
confidential and recognizes the importance of protecting access to it.
Client should refer to the document entitled “Baird’s Privacy
Statement”, which has been provided to Client, for more information.
5. Limitation of Liability
Client understands that investing involves risks that are borne solely
by Client. Client acknowledges and agrees that Baird does not in any
way guarantee Client’s accounts against any loss or decline in value,
nor does Baird make any representation or commitment whatsoever
as to the performance, yield or return of Client’s accounts. Baird’s
recommendations are based in part upon the use of forward looking
projections, which in turn are based upon certain assumptions about
how markets will perform in the future. Client understands that there
is no guarantee that markets will perform in the manner assumed and
the actual performance of markets and Client’s investments could
differ materially from those assumptions.
CLIENT AGREES THAT NONE OF BAIRD, ITS AFFILIATES, OR ANY OF
THEIR RESPECTIVE CURRENT OR FORMER OFFICERS, DIRECTORS,
AGENTS, OR EMPLOYEES (EACH, A “COVERED BAIRD PARTY”) SHALL
BE LIABLE TO CLIENT OR ANY OTHER PERSON FOR: (I) ANY ACT OR
FAILURE TO ACT, OR FOR ANY ERRORS OF JUDGMENT, BY A COVERED
BAIRD PARTY, EXCEPT TO THE EXTENT A COURT OR ARBITRATOR OF
COMPETENT JURISDICTION HAS DETERMINED SUCH COVERED BAIRD
PARTY TO HAVE BEEN NEGLIGENT, BREACHED A DUTY TO CLIENT, OR
VIOLATED APPLICABLE LAW; (II) ANY ACT OR FAILURE TO ACT BY
CLIENT OR AN AGENT OF CLIENT; (III) ANY MISSTATEMENTS IN, OR
OMISSIONS FROM, DOCUMENTS PROVIDED TO CLIENT THAT WERE
NOT PREPARED OR APPROVED BY BAIRD; (IV) ANY ACT OR FAILURE
TO ACT BY A COVERED BAIRD PARTY IN RELIANCE UPON
INSTRUCTIONS REASONABLY BELIEVED BY A BAIRD COVERED PARTY
TO HAVE BEEN PROVIDED BY CLIENT OR AN AGENT OF CLIENT; (V)
CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR
ANY SERVICE A COVERED BAIRD PARTY PROVIDES TO CLIENT; OR (VI)
ANY LOSSES CAUSED DIRECTLY OR INDIRECTLY BY GOVERNMENT
RESTRICTIONS, EXCHANGE OR MARKET RULINGS, SUSPENSIONS OF
TRADING, ACTS OF WAR, TERRORISM, STRIKES, POWER OUTAGES, OR
OTHER EVENTS OR CONDITIONS BEYOND A COVERED BAIRD PARTY’S
REASONABLE CONTROL.
Nothing in this Agreement shall constitute a waiver or limitation of
any rights that the parties may have under applicable law, including
securities laws, ERISA or the IRC (if applicable), or rules or regulations
of self-regulatory organizations of which Baird is a member.
6. Arbitration Agreement
This Agreement contains a pre-dispute arbitration clause. By signing
an arbitration agreement, the parties agree as follows:
• ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO
SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL
BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE
ARBITRATION FORUM IN WHICH A CLAIM IS FILED.
• ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A
PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN
ARBITRATION AWARD IS VERY LIMITED.
• THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS
STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE
LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS.
• THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S)
FOR THEIR AWARD UNLESS, IN AN ELIGIBLE CASE, A JOINT
REQUEST FOR AN EXPLAINED DECISION HAS BEEN SUBMITTED
BY ALL PARTIES TO THE PANEL AT LEAST 20 DAYS PRIOR TO THE
FIRST SCHEDULED HEARING DATE.
• THE PANEL OF ARBITRATORS MAY INCLUDE A MINORITY OF
ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE
SECURITIES INDUSTRY.
• THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME
LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME
CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE
BROUGHT IN COURT.
• THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM
IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE
INCORPORATED IN THIS AGREEMENT.
Client and Baird agree that any claim or controversy between Client
or Agents of Client on the one hand, and Baird or any of Baird’s
present or former officers, directors, agents or employees on the
other hand, shall be settled by arbitration.
This Arbitration Agreement shall apply to any claim, controversy or
issue arising from events that occurred prior to, on, or subsequent to
the execution of this Arbitration Agreement concerning or relating to:
(i) any Baird account; (ii) any transaction between the parties
described herein whether or not such transaction occurred in a Baird
account; (iii) the construction, performance or breach of this
Agreement or any other agreement between Client and Baird; or (iv)
the services provided, or any duty or obligation owed to Client, by
Baird or any of its present or former officers, directors, agents or
employees.
This Arbitration Agreement shall be interpreted according to the laws
of the State of Wisconsin. Any arbitration under this Arbitration
Robert W. Baird & Co. Incorporated
Financial Planning Agreement Page 4 Rev. 12/07/2015
Agreement shall be before the Financial Industry Regulatory Authority
(“FINRA”), and shall be conducted in accordance with the rules of
such organization. The award of the arbitrators, or of the majority of
them, shall be final, and judgment upon the award rendered may be
entered into any court, state or federal, having jurisdiction.
No person shall bring a putative or certified class action to arbitration,
or seek to enforce any pre-dispute arbitration agreement against any
person who has initiated in court a putative class action or is a
member of a putative class who has not opted out of the class with
respect to any claims encompassed by the putative class action, until:
(i) the class certification is denied; or (ii) the class is decertified; or (iii)
the Client is excluded from the class by the court. Such forbearance to
enforce an agreement to arbitrate shall not constitute a waiver of any
rights under this Arbitration Agreement except to the extent stated
herein.
The Arbitration Agreement contained in this Section shall survive
Client’s death, if Client is an individual, and shall survive Client’s
dissolution, if Client is an entity, and shall survive termination or
revocation of an account, this Agreement, or a Client’s agent’s
appointment as a representative of Client, regardless of the reason
for termination or revocation.
7. Term and Termination
The term of this Agreement shall commence upon the parties’
execution hereof and shall continue until Baird delivers the Plan, at
which time this Agreement shall automatically terminate, unless Baird
has agreed in writing to provide Additional Planning Services, in which
event this Agreement terminates upon the cessation of Additional
Planning Services.
This Agreement may also be terminated by Client or by Baird at any
time. Termination by Client shall be in writing, sent by registered mail
to Robert W. Baird & Co. Incorporated, Attn: Fee Based Account
Administration Department, 777 East Wisconsin Avenue, Milwaukee,
Wisconsin 53202. If for any reason Baird finds it necessary to
terminate this Agreement, notification will be made to Client in
writing and sent by first class mail to Client’s address of record.
Client understands and agrees that Baird has no duties or obligations
to Client at any time following the term or termination of this
Agreement.
This Agreement shall survive any event that causes Client’s Financial
Advisor to be unable to provide services to Client (either on a
temporary or permanent basis), including if Client’s Financial Advisor
ceases to be employed by Baird. In any such event, Baird will continue
to provide services to Client and will as promptly as practicable assign
another Financial Advisor to Client’s Accounts (either on a temporary
or permanent basis) and Client will be notified of any such change.
8. Amendment
Except to the extent prohibited by applicable law, Client understands,
acknowledges and agrees that Baird may from time to time in its sole
discretion update, change, or amend: (a) the terms or conditions
applicable to the Services; (b) any Baird Brochure or other disclosure
document provided to Client; and (c) this Agreement or any other
document provided to Client (each such update, change or
amendment, an “Amendment”). Each such Amendment shall become
effective immediately upon delivery to Client of a notice of such
Amendment or at such later date specified in the notice. Client
hereby consents to the delivery of any such notice by United States
Mail or courier. Client understands, acknowledges and agrees that
Client’s continued participation in the Services following any such
notice constitutes Client’s consent, acceptance and agreement to the
applicable Amendment. If Client does not wish to agree to an
Amendment, Client may change programs or services, cancel a
Service, or terminate the Agreement. Except as specifically permitted
in this Agreement, no provision of this Agreement can be, nor
deemed to be, waived, altered, modified or amended unless agreed
to in writing and signed by Baird.
9. Assignment and Successors
This Agreement may not be assigned (within the meaning of the
Advisers Act) by Baird without the prior consent of Client. Client
hereby agrees that this Agreement and all the terms thereof shall be
binding upon Client’s heirs, executors, administrators, personal
representatives, successors and assigns. This Agreement shall inure to
the benefit of Baird and any successor organization.
10. Governing Law
This Agreement shall be deemed to have been made in the State of
Wisconsin and shall be construed, and the rights and obligations of
the parties shall be determined, in accordance with the laws of the
State of Wisconsin without regard to conflicts of laws principles;
provided that nothing herein shall be construed in any manner
inconsistent with the Advisers Act, ERISA or IRC (if applicable) or any
rule or regulation of the SEC or a self-regulatory organization of which
Baird is a member. This Section shall survive termination of this
Agreement regardless of the reason for termination.
11. Entire Agreement and Counterparts
This Agreement, together with any other documents or Amendments
delivered to Client from time to time, represent the entire agreement
between the parties with regard to the matters described herein and
therein. This Agreement may be executed simultaneously in any
number of counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same
agreement.
12. Severability and Headings
If any provision of this Agreement shall be held or made invalid, void
or unenforceable by reason of any law, statute, rule, regulation, court
or arbitration decision, administrative order, or otherwise, the
remainder of this Agreement shall not be affected thereby and, to
such extent, the provisions of this Agreement shall be deemed to be
severable. The heading of each Section of this Agreement is for
descriptive purposes only and shall not be deemed to modify or
qualify any of the rights or obligations set forth in each such Section.
Robert W. Baird & Co. Incorporated
Financial Planning Agreement Page 5 Rev. 12/07/2015
Client Signature Page
Client Account Information
(If Client is opening an Account for Financial Planning Services, provide the title (registration) of the Client Account and Baird Account Number below.)
Title (Registration) of Client Account
Baird Account Number
Financial Planning Services to be Provided
(check all that apply)
Financial Plan
(Plan will be prepared and delivered once.)
Financial Plan
Financial Plan to Include Estate Plan Analysis
Financial Plan to Include Stock Option Analysis
Additional Planning Services
(Each selected Service will be provided once annually.)
Discovery Process
General Financial Planning and Budget Review
Preparation and Delivery of a Financial Plan
Goal Setting and Action Planning
Goal Progress Meetings
Investment and Asset Allocation Review
Retirement Funding Review
Fee Information
Fee for Financial Plan
$________________
Method of Fee Payment:
□ Client will be billed directly
□ Client’s Baird Account will be debited as described in Section 3 (Provide Account Number Below)
Baird Account Number:
Annual Fee for Additional Planning Services
$________________
Method of Fee Payment:
□ Client’s Baird Account will be debited as described in Section 3 (Provide Account Number Below)
Baird Account Number:
Note an
y Special Instructions Regarding Services or Fees in the Space Below
Client acknowledges that the Agreement contains a pre-dispute
arbitration clause at Section 6.
Client hereby acknowledges receipt of the Brochure Documents
and Baird’s Privacy Statement.
ROBERT W. BAIRD & CO. INCORPORATED
Baird Financial Advisor or Baird Representative Name
Signature
Date (MM-DD-YYYY)
Baird Branch Manager or Supervisor Name
Signature
Date (MM-DD-YYYY)
CLIENT
Full Legal Name of Client (Print or Type)
Legal Street Address Line 1
Legal Street Address Line 2
City State ZIP
Client Signature
Date (MM-DD-YYYY)
✔
✔
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Robert W. Baird & Co. Incorporated
Brochure Supplement
November 23, 2016
Robert W. Baird & Co. Incorporated
777 East Wisconsin Avenue
Milwaukee, WI 53202
1-800-792-2473
rwbaird.com
Member FINRA & SIPC
SEC File No. 801-7571
This brochure supplement provides information about the persons listed above that supplements the
brochure of Robert W. Baird & Co. Incorporated (“Baird”) and its Financial Planning Services. You should
have received a copy of that brochure. Please contact Baird at the number listed above if you did not receive
Baird's brochure of if you have any questions about the contents of this supplement.
The persons listed above are Baird’s home office investment professionals that may provide services to
clients from time to time in connection with the Financial Planning Services. Additional information about
the persons listed above is available on the SEC’s website at www.adviserinfo.sec.gov.
Financial Planning Services
777 East Wisconsin Avenue
Milwaukee, WI 53202
1-800-792-2473
Geofrey C. Banda
Audrey E. Blanke
Richard J. Braun
Christopher J. Dolan
Brian J. Ellenbecker
Scott M. Grenier
Richard B. Holman
Timothy M. Steffen
2
Robert W. Baird & Co. Incorporated Baird FPS Brochure Supplement
777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 11/23/2016
800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC
Geofrey C. Banda
Educational Background and
Business Experience
Geofrey C. Banda (Born in 1975)
BS, Economics & Finance, University of Dayton
MBA, University of Cincinnati
Portfolio Analyst, Robert W. Baird & Co.
Incorporated, since November 2003; Vice
President, Robert W. Baird & Co. Incorporated,
since January 2012; Assistant Vice President,
Robert W. Baird & Co. Incorporated, from
January 2007 to December 2011.
Disciplinary Information
Not applicable.
Other Business Activities
Not applicable.
Additional Compensation
Not applicable.
Supervision
Baird generally supervises Mr. Banda’s advisory
activities by reviewing the suitability of
investment advice and recommendations that he
provides to clients, periodically reviewing client
communications, and approving sales and
advertising literature he uses. Timothy M.
Steffen, Director, Robert W. Baird & Co.
Incorporated, and Director of Financial Planning
for Baird, is primarily responsible for supervising
Mr. Banda’s advisory activities on behalf of Baird.
Mr. Steffen’s telephone number is 1-800-792-
2473.
Audrey E. Blanke
Educational Background and
Business Experience
Audrey E. Blanke (Born in 1992)
BA, Finance, University of Wisconsin-Madison
Financial Planning Associate, Robert W. Baird &
Co. Incorporated, since January 2016.
Private Wealth Management Intern, Robert W.
Baird Incorporated, May 2015 to December
2015.
Barista, Cosi Incorporated, September 2013 to
February 2014.
Librarian & Marketing Director’s Assistant,
Stafford Rosenbaum LLP, March 2012 to
September 2015.
Student, University of Wisconsin-Madison,
September 2011 to December 2015.
Shift Supervisor, Cruisers Frozen Custard,
February 2008 to August 2011.
Disciplinary Information
Not applicable.
Other Business Activities
Not applicable.
Additional Compensation
Not applicable.
Supervision
Baird generally supervises Ms. Blanke’s advisory
activities by reviewing the suitability of
investment advice and recommendations that she
provides to clients, periodically reviewing client
communications, and approving sales and
advertising literature she uses. Timothy M.
Steffen, Director, Robert W. Baird & Co.
Incorporated, and Director of Financial Planning
for Baird, is primarily responsible for supervising
Ms. Blanke’s advisory activities on behalf of Baird.
Mr. Steffen’s telephone number is 1-800-792-
2473.
Richard J. Braun
Educational Background and
Business Experience
Richard J. Braun (Born in 1967)
BA, Economics, University of Wisconsin-Madison
MBA, University of Wisconsin-Milwaukee
Financial Planner, Robert W. Baird & Co.
Incorporated, since August 2014.
Investment Sales Specialist, Investment Sales
Consultant, Planning & Sales Assistant Director,
Northwestern Mutual Investments Services,
LLC/Northwestern Mutual Life Insurance
Company, from September 2004 to August
2014.
3
Robert W. Baird & Co. Incorporated Baird FPS Brochure Supplement
777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 11/23/2016
800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC
Disciplinary Information
Not applicable.
Other Business Activities
Not applicable.
Additional Compensation
Not applicable.
Supervision
Baird generally supervises Mr. Braun’s advisory
activities by reviewing the suitability of
investment advice and recommendations that he
provides to clients, periodically reviewing client
communications, and approving sales and
advertising literature he uses. Timothy M.
Steffen, Director, Robert W. Baird & Co.
Incorporated, and Director of Financial Planning
for Baird, is primarily responsible for supervising
Mr. Braun’s advisory activities on behalf of Baird.
Mr. Steffen’s telephone number is 1-800-792-
2473.
Christopher J. Dolan
Educational Background and
Business Experience
Christopher J. Dolan (Born in 1975)
Associate Degree, Spanish, Stephen E. Ricks
College
BA, Spanish Teaching, Brigham Young
University
MBA in Finance, University of Washington
Financial Planner, Assistant Vice President,
Robert W. Baird & Co. Incorporated, since
January 2016.
Financial Consultant, Charles Schwab & Co.,
Inc., June 2013 to December 2015.
Account Executive, Fidelity Investments,
October 2006 to June 2013.
Disciplinary Information
Not applicable.
Other Business Activities
Not applicable.
Additional Compensation
Not applicable.
Supervision
Baird generally supervises Mr. Dolan’s advisory
activities by reviewing the suitability of
investment advice and recommendations that he
provides to clients, periodically reviewing client
communications, and approving sales and
advertising literature he uses. Timothy M.
Steffen, Director, Robert W. Baird & Co.
Incorporated, and Director of Financial Planning
for Baird, is primarily responsible for supervising
Mr. Dolan’s advisory activities on behalf of Baird.
Mr. Steffen’s telephone number is 1-800-792-
2473.
Brian J. Ellenbecker
Educational Background and
Business Experience
Brian J. Ellenbecker (Born in 1978)
BS, Finance, Marquette University
Senior Financial Planner, Robert W. Baird & Co.
Incorporated, since January 2015; Vice
President, Robert W. Baird & Co. Incorporated,
since January 2012; Assistant Vice President,
Robert W. Baird & Co. Incorporated, from
January 2007 to December 2011; Financial
Planner, Robert W. Baird & Co. Incorporated,
March 2005 to December 2014.
Disciplinary Information
Not applicable.
Other Business Activities
Not applicable.
Additional Compensation
Not applicable.
Supervision
Baird generally supervises Mr. Ellenbecker’s
advisory activities by reviewing the suitability of
investment advice and recommendations that he
provides to clients, periodically reviewing client
communications, and approving sales and
advertising literature he uses. Timothy M.
Steffen, Director, Robert W. Baird & Co.
Incorporated, and Director of Financial Planning
4
Robert W. Baird & Co. Incorporated Baird FPS Brochure Supplement
777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 11/23/2016
800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC
for Baird, is primarily responsible for supervising
Mr. Ellenbecker’s advisory activities on behalf of
Baird. Mr. Steffen’s telephone number is 1-800-
792-2473.
Scott M. Grenier
Educational Background and
Business Experience
Scott M. Grenier (Born in 1976)
BA, Economics, Hamilton College
MSFS, The American College
Senior Estate Planner, Senior Vice President,
Robert W. Baird & Co. Incorporated, since
January 2015; Financial Planner, Vice President,
Robert W. Baird & Co. Incorporated, December
2010 to December 2014.
Disciplinary Information
Not applicable.
Other Business Activities
Not applicable.
Additional Compensation
Not applicable.
Supervision
Baird generally supervises Mr. Grenier’s advisory
activities by reviewing the suitability of
investment advice and recommendations that he
provides to clients, periodically reviewing client
communications, and approving sales and
advertising literature he uses. Timothy M.
Steffen, Director, Robert W. Baird & Co.
Incorporated, and Director of Financial Planning
for Baird, is primarily responsible for supervising
Mr. Grenier’s advisory activities on behalf of
Baird. Mr. Steffen’s telephone number is 1-800-
792-2473.
Richard B. Holman
Educational Background and
Business Experience
Richard B. Holman (Born in 1971)
BA, Politics, University of Miami
JD, Florida State University
Senior Estate Planner, Vice President, Robert W.
Baird & Co. Incorporated, since October 2014.
Corporate VP of Case Development, The
Nautilus Group, New York Life Insurance
Company/NYLife Securities LLC, from February
2008 to October 2014.
Disciplinary Information
Not applicable.
Other Business Activities
Not applicable.
Additional Compensation
Not applicable.
Supervision
Baird generally supervises Mr. Holman’s advisory
activities by reviewing the suitability of
investment advice and recommendations that he
provides to clients, periodically reviewing client
communications, and approving sales and
advertising literature he uses. Timothy M.
Steffen, Director, Robert W. Baird & Co.
Incorporated, and Director of Financial Planning
for Baird, is primarily responsible for supervising
Mr. Holman’s advisory activities on behalf of
Baird. Mr. Steffen’s telephone number is 1-800-
792-2473.
Timothy M. Steffen
Educational Background and
Business Experience
Timothy M. Steffen (Born in 1969)
BS, Accountancy, University of Illinois
Director of Financial Planning, Robert W. Baird
& Co. Incorporated, since August 1999;
Director, Robert W. Baird & Co. Incorporated,
since July 2014; Senior Vice President, Robert
W. Baird & Co. Incorporated, January 2004 to
June 2014; First Vice President, Robert W. Baird
& Co. Incorporated, January 2000 to December
2003; Vice President, Robert W. Baird & Co.
Incorporated, August 1999 to December 1999.
5
Robert W. Baird & Co. Incorporated Baird FPS Brochure Supplement
777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 11/23/2016
800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC
Disciplinary Information
Not applicable.
Other Business Activities
Not applicable.
Additional Compensation
Not applicable.
Supervision
Baird generally supervises Mr. Steffen’s advisory
activities by reviewing the suitability of
investment advice and recommendations that he
provides to clients, periodically reviewing client
communications, and approving sales and
advertising literature he uses. Laura K. Thurow,
Managing Director, Robert W. Baird & Co.
Incorporated is primarily responsible for
supervising Mr. Steffen’s advisory activities on
behalf of Baird. Ms. Thurow’s telephone number is
1-800-792-2473.
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Comprehensive Financial Planning Questionnaire

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Completed 10 April 2022

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