Has the client mix in wealth management changed at all in terms of individuals, institutions and small businesses?
MS: We’ve continued to expand our institutional business worldwide. Our institutional sales and trading department had their 15th record year in a row. On the private wealth management side, there’s no question that our average household asset figure has grown. Our core clients, those investing $1 million or more, continue to drive the vast part of our growth. KS: Do employees transfer often between the different units? MS: I’m not sure I’d use the word ‘often,’ but it does happen. In 2009, we had 126 internal promotions and 38 lateral transfers. It’s more common to see an employee join the ranks of financial advisors. Rarely do you see a financial advisor transfer to a corporate research role for example. KS: When I interview someone about financial advisors, I always ask about turnover, because it’s typically high. What is turnover like at Baird? MS: Historically, Baird runs about half the pace of industry in terms of turnover. Last year, it was about 4.7%. KS: That’s impressive. MS:
