Scratch every one of the five advisors that Baird just captured in Salt Lake City, and you'll find someone who came up from Citigroup Smith Barney before Morgan Stanley took over.
The interesting thing in the latest round of defections is not that they all come from "Morgan."
All five of the Salt Lake City advisors that Baird just picked up -- with joint AUM of about $250 million -- actually worked on the Smith Barney side of the company.
That makes them old colleagues of Baird's new SLC branch manager, Dean Cottle, who jumped ship back in March.
Whether these advisors are actively disgruntled with the way life turned out at Morgan Stanley Smith Barney or simply looking to work with old friends is hard to say.
But taken in the context of advisor after advisor jumping from the Smith Barney side of the bus, it says a lot. This is a trend.
(And to think we were just talking about Baird not having much of a presence in Utah or the Rocky Mountains.)