Products and services offered by R obert W. Baird & Co. Incorporated
IMPORTANT INFORMATION ABOUT BAIRD’S OBLIGATIONS TO YOU WHEN PROVIDING FINANCIAL PLANS AND FINANCIAL PLANNING SERVICES
Robert W. Baird & Co. Incorporated (“Baird”) offers financial plans and financial planning services to clients in two ways: (1) as a brokerage service, provided in Baird’s capacity as broker-dealer; and (2) as an investment advisory service, provided in Baird’s capacity as investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). There are important differences between brokerage services and investment advisory services and Baird’s obligations to clients when it provides those services. Some of those differences are described below. More specific information about those services, and the differences between them, is available on Baird’s website at http://www.rwbaird.com/ about-baird/disclosures.aspx.
Whether Baird provides financial planning services as broker-dealer or investment advisor depends upon whether or not a client has entered into a written financial planning agreement with Baird. If a client does not enter into a written financial planning agreement with Baird, then Baird acts as broker-dealer when providing those services. If a client enters into a written financial planning agreement with Baird, then Baird acts as investment advisor when providing those services.
Brokerage Services—Financial Planning Services Provided without a Written Financial Planning Agreement
If Baird provides a personal financial plan or financial planning services to you and you have not entered into a written financial planning agreement with Baird for those services, you should understand that Baird and your Baird Financial Advisor do not provide investment advisory services to you or act as a fiduciary to you under the Advisers Act. Rather, when Baird provides such a financial plan or financial planning services to you, it is doing so in its capacity as a broker-dealer, and Baird’s provision of such financial plans and financial planning services to you are solely incidental to the brokerage services it provides to you. In providing services to you as a broker-dealer, Baird must have a reasonable basis for believing the recommendations made to you are suitable. Once the financial plan is delivered to you, the financial planning services provided to you will be deemed to be completed, and Baird and your Baird Financial Advisor will have no obligation to update the financial plan, implement the financial plan or monitor the investments in your accounts.
If you would like more information about investment advisory financial planning services, or if you would like to enter into a written financial planning agreement with Baird for those services, please contact your Baird Financial Advisor. You should note that Baird generally charges a separate financial planning fee for investment advisory financial planning services.
Investment Advisory Services—Financial Planning Services Provided under a Written Financial Planning Agreement
If Baird provides a financial plan or financial planning services to you under a written financial planning agreement, Baird acts as a fiduciary to you under the Advisers Act and such services constitute investment advisory services subject to the Advisers Act. The specific terms and conditions related to the financial plan and financial planning services provided to you will be contained in your written financial planning agreement. Additional important information about Baird, Baird’s Financial Planning Department and your Baird Financial Advisor and the advisory services they provide in connection with a financial plan is contained in Baird’ Form ADV Part 2A Financial Planning Services Brochure and the Form ADV Part 2B Brochure Supplements for the Financial Planning Department and your Baird Financial Advisor (collectively, the “Brochure Documents”). Unless your written financial planning agreement with Baird otherwise provides, the advisory services provided by Baird and your Baird Financial Advisor to you are limited to advice or recommendations incorporated into the financial plan delivered to you and advice or recommendations made to you, if any, during a meeting relating to the contents of the plan. Unless Baird has otherwise agreed in writing, the financial planning services provided to you and Baird’s investment advisory relationship with you will be deemed to be completed when the financial plan is delivered to you, and Baird and your Baird Financial Advisor will have no obligation to update the financial plan, implement the financial plan or monitor the investments in your accounts. You should refer to your written financial planning agreement and the Brochure Documents for more specific information.
BAIRD’S RELIANCE UPON INFORMATION PROVIDED BY YOU
Baird and your Baird Financial Advisor will provide services and prepare a financial plan for you using the information that you have provided, including the information contained in this document. You are solely responsible for providing information to Baird and your Baird Financial Advisor reasonably requested by them in order to provide the services selected by you and for ensuring the information in this document is true and complete. In providing the services and preparing a financial plan, Baird and your Baird Financial Advisor will assume that you have provided true and complete responses to the information requested in this document and to any other information requests made by them. Baird and your Baird Financial Advisor will rely upon this information without independent verification. You are responsible for promptly informing your Baird Financial Advisor of any inaccuracies or changes in any information you provide. Neither Baird nor your Baird Financial Advisor is responsible for any errors in a financial plan or any adverse consequence arising out of the failure by you to provide true and complete information or to promptly inform your Baird Financial Advisor of any such inaccuracies or changes.
ACKNOWLEDGEMENT
By completing and returning this document to Baird, you represent that the information contained in this document is true and complete and acknowledge your understanding and agreement to all of the foregoing.