No: Baird is paid through commissions, sales charges, trail fees, markups and revenue sharing from fund sponsors on its brokerage accounts, as well as advisory fees on its advisory accounts. Robert W. Baird & Co. is registered with the SEC as both a broker-dealer and an investment adviser. In its Private Wealth Management wrap programs, the maximum advice fee is 2.00% a year on the first $1 million, stepping down above that.
That makes Baird a dual registrant, not a fee-only firm. Here’s what its own filings say.
How Baird is paid
Baird (CRD 8158) offers brokerage and advisory accounts, and its Form CRS, effective March 27, 2026, compares them.
Brokerage. “When we act as your agent, you will pay us commissions or sales charges.” On mutual funds, UITs and annuities, Baird also receives trail fees, paid “for as long as you hold the investment.” When it trades bonds or underwrites an offering, its pay is built into the price through markups, markdowns and dealer concessions. The Form CRS says Baird has “an incentive for you to trade more often and in larger amounts.” There’s no minimum to open a brokerage account, and Baird doesn’t monitor these accounts unless it agrees in writing.
Advisory programs. You pay an asset-based fee, typically quarterly in advance, and most programs are a wrap fee that covers advice, trading and custody. If an outside or affiliated manager runs the account, you pay that manager’s fee on top. Baird monitors advisory accounts “generally at least quarterly.”
Financial planning. Standalone planning is “typically a stated dollar amount,” paid after the plan is delivered or quarterly for ongoing planning.
On its Form ADV Part 1, filed September 1, 2026, the advisory side reports being paid by a percentage of assets, hourly charges, fixed fees, commissions and performance-based fees, and reports a broker-dealer business. It doesn’t check insurance broker or agent, but the Form CRS lists annuities among the investments that pay Baird commissions and trails.
The CFP Board’s standards allow “fee-only” only when neither the advisor nor a related party receives sales-related compensation. Commissions, sales charges, trail fees and revenue sharing are sales-related pay, so Baird doesn’t meet that test as a firm.
What else the filings disclose
Which investments pay more. The Form CRS says commissions on mutual funds, UITs and variable annuities “tend to be higher” than on stocks and ETFs, which are higher than on bonds. Some sponsors share revenue with Baird, mainly on mutual funds, and others make further payments.
Its own products. Baird and its affiliates “earn additional fees” when you invest in proprietary funds, ETFs, UITs and private funds. The wrap brochure says Baird is the adviser and principal underwriter for Baird Funds, and its affiliated managers include Baird Advisors, Baird Equity Asset Management, Baird Trust and Strategas. Advisors who refer clients to Baird Funds can receive referral pay in some cases. For retirement accounts invested in these products, Baird waives or offsets its program fee on that portion.
How advisors are paid. Advisors are paid monthly on a percentage of their “total production,” which includes advisory fees, commissions and trail fees, and that percentage rises as production rises. They can also earn deferred pay or bonuses for net new assets, financial planning and designations, recognition trips, and recruiting bonuses when they join from another firm.
Disciplinary history. The Form CRS answers “Yes.” The details are on BrokerCheck.
What Baird costs
Baird’s Private Wealth Management wrap brochure, dated March 27, 2026, publishes maximum rates for the advice fee. New accounts can generally choose a tiered schedule, where each slice of assets is billed at its own rate:
| Assets | Maximum yearly advice fee (tiered) |
|---|---|
| First $1 million | 2.00% |
| Next $1 million | 1.50% |
| Next $3 million | 1.35% |
| Next $5 million | 1.25% |
| Above $10 million | 1.00% |
Or a breakpoint schedule, where one rate applies to the whole account: a maximum of 2.00% up to $1 million, 1.75% from $1 million to $1,999,999, and 1.50% from $2 million.
A portfolio fee is added when a manager runs the account. It’s 0% for Baird’s ALIGN Strategic portfolios, mutual funds and ETFs, and ranges up to 0.77% for some separately managed account strategies. Minimums for most programs run from $5,000 to $250,000, and fund expenses are on top. The brochure says the program fee and minimum “are negotiable in certain instances,” and also that “in some instances, clients may pay a higher fee than indicated in the fee schedules.”
At the published maximum on the tiered schedule, with no portfolio fee:
- $500,000: 2.00%, or up to $10,000 a year
- $1 million: 2.00%, or up to $20,000 a year
- $2 million: $20,000 plus $15,000, or up to $35,000 a year (1.75%). The breakpoint schedule would put the whole $2 million at 1.50%, or $30,000.
Financial planning is priced separately. The planning brochure, also dated March 27, 2026, says a flat fee for a plan “generally ranges from $500 to $10,000,” and ongoing planning from $125 to $10,000 a year, either of which can be higher for complex work.
The schedule is a maximum, not a quote, so ask for your rate in writing. For comparison, fee-only firms that publish a percentage fee charge a median 1% of assets, or $5,000 on $500,000 and $10,000 on $1 million at that rate. Fee-only planners who charge a flat fee for ongoing planning charge a median $4,500 a year (middle half $2,400 to $7,200), and a one-time plan has a median of $2,000. A flat-fee planner may not manage your investments for that price, while a Baird wrap fee covers management, trading and custody. Our guides to what an advisor costs on $1 million and whether 1% is too much go further.
Who Baird may suit
Baird may suit someone who wants a named advisor at a large firm with a wide shelf: Baird’s own managers and funds, outside managers, strategies from Baird Trust, and stand-alone planning that can be bought without an investment account. Its published planning range starts at $500, and ongoing planning at $125 a year, so a client can pay for a plan without moving assets. Someone who rarely trades may find a brokerage account fits.
Someone who wants advice from a firm paid only by them, or a fixed published price before meeting anyone, may want to compare a fee-only planner first. Our guides to RIA vs broker-dealer and fee-only vs fee-based vs commission explain the differences. For similar firms, see Edward Jones and Raymond James.
How to check it yourself
- Read the Form CRS. It’s linked from the firm’s SEC record and posted at bairdwealth.com/retailinvestor. See what a Form CRS tells you.
- Ask whether your fee is tiered or breakpoint, and for your rate at each level in writing.
- Ask which role your advisor is in for each account: broker or investment adviser.
- Ask for your total cost in dollars, including the advice fee, any portfolio fee and fund expenses.
- Look up your advisor on BrokerCheck.
Our guide to telling whether an advisor is fee-only walks through each check, and questions to ask a financial advisor gives you the rest.
Compare similar firms
Other regional brokerage firms we’ve checked against the fee-only definition: Edward Jones, Raymond James, Stifel, RBC Wealth Management, Janney. See all 50 firms.