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Updated September 18, 2026. Quick answer: It depends which hat Baird is wearing. As your investment adviser, Baird owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Baird owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Baird’s own Form CRS states: “When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
How it’s registered
From Form CRS (Client Relationship Summary) (Effective as of March 27, 2026 (Rev. 03/27/2026)): “Robert W. Baird & Co. Incorporated (“Baird”, “we”, “us” or “our”) is registered with the U.S. Securities and Exchange Commission as a broker-dealer and an investment adviser and is a member of FINRA and SIPC.”
The standard of conduct, in its own words
“When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
On commissions: “When we act as your agent, you will pay us commissions or sales charges. For certain types of investments, such as equity securities and ETFs, the transaction-based fees are typically up-front commissions based on our commission schedule.”
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your broker-dealer | SEC-registered broker-dealer | Regulation Best Interest (not a fiduciary duty) | Yes | Form CRS (Client Relationship Summary), Effective as of March 27, 2026 (Rev. 03/27/2026) |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $10,000 a year, 2.00% on a $500,000 account) | Form CRS (Client Relationship Summary), Effective as of March 27, 2026 (Rev. 03/27/2026) |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Baird discloses a published fee that runs $10,000 a year on a $500,000 account; see the full dollar breakdown from Baird’s own fee disclosure before deciding whether the standard of conduct here changes your answer.
If the answer above changes your mind about staying, see what it costs to leave Baird, or read the general mechanics of switching financial advisors.
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Source: WiserAdvisor’s service descriptionSources
- Form CRS (Client Relationship Summary) (Effective as of March 27, 2026 (Rev. 03/27/2026)): https://files.brokercheck.finra.org/crs_8158.pdf
- SEC Investment Adviser Public Disclosure, Robert W. Baird & Co. Incorporated (CRD #8158): https://adviserinfo.sec.gov/firm/summary/8158
- Robert W. Baird & Co. Incorporated, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/8158/PDF/8158.pdf
Methodology. This page was built September 18, 2026, quoting directly from Baird’s own current Form CRS, with the source linked above; any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading the firm’s own Form CRS. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
What does it actually take to open an account? See Baird’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full Baird review, including its fiduciary status and what it costs to leave.
Comparing Baird against other options? See Baird alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.