Baird Ordered to Pay Advisor $170,000

Posted on April 11th, 2014 at 10:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

A FINRA arbitration panel ordered Robert W. Baird & Co. to pay its previous investment advisor $170,000 for harming his career by firing him without reason.

Dennis E. Michels had worked for Baird in Orlando, Fla., for 10 years building a book of business, was fired in February 2012. Michels had built up a book of business of 120 clients with $53 million in assets under management by the time he left Baird.

Because of the firing, Michels has lost most of his book of business and it was impossible to find a first-tier financial firm to hire him, he said in his complaint. He now works for a private wealth management firm. His AUM has dropped to $27 million and his gross revenues have dropped from $613,000 to $200,000.

FINRA alsoordered the reason for his firing to be changed to “termination of employee-at-will over policy differences.”

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston


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