The firm cannot indicate a specific time frame for the developments, as this is dependant on “finding the right people,” chief executive Paul Purcell told the publication.

In 2010, Morgan Stanley Smith Barney veteran William Sewell was selected to open the firm's Raleigh, NC wealth management branch, which consists of a 7-strong team, including four financial advisors. 

However, there is “room for 16 advisors here,” Sewell is quoted as saying. Additional staff in Raleigh will be “part of the company’s new Carolinas push,” Purcell added.

Earlier this month, the firm appointed Mark Stevanovic as senior vice president, charged with the task of opening a new wealth management office in Portland, ME, as previously reported by Family Wealth Report. 

Baird was established in 1919 and is employee-owned, with additional offices in Europe and Asia. It oversees and manages client assets of around $87 billion.

The firm has confirmed that all the above details are correct.