Ex-Baird Managers’ RIA Recruits $1.4B Team From Former Firm

A father-and-son team managing $1.4 billion in client assets has left Baird Wealth Management to join the startup firm Xcelsior Advisor Partners. Stanley M. Reeg and Todd M. Reeg moved their practice from Baird to the RIA on Friday. The team operates out of Davenport, Iowa, and Scottsdale, Arizona, and brings $9 million in annual revenue to their new firm.

This move marks a significant shift for Xcelsior, which launched in early 2025. The firm was founded by former Baird regional leaders Mark A. Peterson and Matthew S. Curley. Since its inception, Xcelsior has recruited six practices, five of which previously worked at Baird. Leadership at Xcelsior projects they will hold approximately $3 billion in total assets by the end of this summer as remaining client funds transition.

The attraction for many of these advisors involves the established relationships with the founders. Max Rathman, Director of Branch Development at Xcelsior, noted that the recruits are driven by trust in Peterson and his track record at their former firm. Xcelsior operates by offering equity stakes to advisors and providing upfront bonuses to offset the financial impact of deferred compensation left behind at previous employers.

Xcelsior utilizes Simplicity as its independent broker-dealer partner. This structure allows advisors to maintain commission accounts while utilizing custodial services from Charles Schwab and Fidelity Investments. The Reeg team brings a long history of collaboration, having worked together for over 25 years. The elder Reeg began his career in 1985 at Dain Bosworth before transitioning through A.G. Edwards and eventually Baird in 2014. His son joined the industry in 1999 at A.G. Edwards. Baird remains a large entity with approximately 1,400 advisors and $565 billion in total assets.