Robert W. Baird & Co. Incorporated

• A percentage of assets under your management
• Hourly charges
• Fixed fees (other than subscription fees)
• Commissions
• Performance-based fees
• Other

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

See the firm's brochure (dated March 27, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$394,068,801,480 as of October 2026, filing dated September 1, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Financial planning services
• Portfolio management for individuals and/or small businesses
• Portfolio management for investment companies (and business development companies)
• Portfolio management for pooled investment vehicles (other than investment companies)
• Portfolio management for businesses (other than small businesses) or institutional clients
• Pension consulting services
• Selection of other advisers (including private fund managers)
• Publication of periodicals or newsletters
• Educational seminars/workshops
• Other

Also doing business as

BAIRD, BAIRD ADVISORS, BAIRD EQUITY ASSET MANAGEMENT, BAIRD GENERATIONAL WEALTH GROUP, BAIRD INSTITUTIONAL EQUITIES & RESEARCH, BAIRD PRIVATE ASSET MANAGEMENT, BAIRD PRIVATE WEALTH MANAGEMENT, CHAUTAUQUA CAPITAL MANAGEMENT, THE DDK GROUP

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

1971 (55 years)

Employees

Total: 4,322. Performing investment advisory functions: 3,170.

Wrap fee program participation

Yes.

Custodians (Schedule D, Section 5.K(3))

Robert W. Baird & Co. Incorporated · affiliated

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

Other offices (Schedule D, Section 1.F)

25 other offices, as of the October 2026 filing

Birmingham, MICanonsburg, PACharlotte, NCChicago, ILCincinnati, OHCleveland, OHDallas, TXDenver, COEvansville, INFort Worth, TXGrand Rapids, MIGreen Bay, WIHouston - Memorial City, TXLake Oswego, ORLexington, KYLouisville, KYMadison, WIMequon, WINashville, TNRoseville, CAScottsdale, AZSeattle, WATowson, MDWaukesha, WIWexford, PA

States registered or notice-filed

53 states or jurisdictions

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SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

8 Reports 8 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Criminal matters Items 11.A and 11.B

• 11.B(1) In the past ten years, has the firm or an advisory affiliate been convicted of, or pleaded guilty or no contest to, a misdemeanor involving investments or an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these?

Regulatory matters Items 11.C to 11.G

• 11.C(2) Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
• 11.C(4) Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.C(5) Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
• 11.D(2) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
• 11.E(2) Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?
• 11.E(4) Has a self-regulatory organization or a commodities exchange ever disciplined the firm or an advisory affiliate by expelling or suspending it from membership, barring or suspending it from association with other members, or otherwise restricting its activities?
• 11.F Has an authorization to act as an attorney, accountant, or federal contractor granted to the firm or an advisory affiliate ever been revoked or suspended?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $231,509,343,978 in the October 2021 data and $394,068,801,480 in the October 2026 data, up 70%.

Total employees: 3,604 in October 2021 and 4,322 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. October 2026
   • Updated its list of owners and control persons (Schedule A).
2. May 2026
   • Item 11 disclosure answers changed: 8 yes answers, previously 9 (now no: 11.D(1)).
   • Updated its list of owners and control persons (Schedule A).
3. April 2026
   • Employees performing advisory functions went from 3047 to 3170.
   • Regulatory assets under management went from $342,142,869,924 to $394,068,801,480 (+15%).
   • Changed its office addresses in Seattle, WA.
   • Added an office in Cincinnati, OH.
   • Added an office in Houston - Memorial City, TX.
   • No longer lists an office in Pittsburgh, PA.

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.