Comprehensive Financial Planning Questionnaire...Comprehensive Financial Planning Questionnaire Version 201 ó- ï Financial Advisor Client Name Rep Code Baird Account Number Confidential

Comprehensive Financial Planning

Questionnaire

Version 201т-о

Financial Advisor

Client Name

Rep Code

Baird Account Number

Confidential – 1

Purpose of This Workbook This workbook is designed to help you collect and organize the information needed to develop your Comprehensive Financial Plan, and will include your goals and the resources available to fund them. As you go through this workbook, gathering some of the following documents may be helpful in sharing important details of your current situation: bank and investment statements, retirement account statements, college fund account statements, employer benefits, Social Security Administration statement, liability statements, and insurance policies. Some of these documents may or may not apply to your particular situation. Important data can be gathered from the above mentioned documents such as: current account balances, contributions and additions currently being made, projected employee benefits, when major liabilities end, future Social Security benefits or pension benefit amounts. Thank you in advance for taking the time to gather some of this information so we can focus on the fun stuff: developing a plan that addresses your goals, hopes, and dreams in retirement!

Introduction to Your Retirement Lifestyle Plan It is time to take control of your own future. With a well-designed Comprehensive Financial Plan, you can obtain the most enjoyment possible from the money you have to spend during the rest of your life. In an uncertain world where investment returns are unpredictable, planning is the most important exercise you can do to increase the likelihood that you’ll enjoy a rewarding retirement. Planning the future you want should be an enjoyable process, and it all starts with your Goals. So, take your time, allow yourself to dream a little, and have some fun. Begin by telling us a little about yourself.

Personal Information About You

Client 1 (C1) Client 2 (C2) Name

Street Address

City, State

Gender Male Female Male Female Date of Birth

Marital Status

Employment Status Employed Retired Business Owner

Employed Retired Business Owner

Employment Income

Other Income (non-investment only)

Children and Grandchildren (or any other Participant included in this plan)

Name Date of Birth Relationship

Confidential – 2

Let’s Talk About Your Goals 1. Retirement Living Expense [Page 3]

When would you like to retire? How willing are you to delay retirement in order to reach your Goals? Are you already retired? It’s time to identify the amount for your basic living expenses during retirement. The budget worksheet [Page 13] can assist you in determining this amount.

2. What’s Happening Before You Retire? [Page 4-5] If retired, skip to number 3.

If you plan to use money from your Investment Assets (i.e., savings and investment accounts) to pay for any purchases or activities before you retire, you should create a separate Goal for each one. • Review the 14 Lifestyle Goals on the following pages and identify those that are important to you. • DO create a Goal for expenses that will be paid (fully or partially) from Investment Assets (e.g., renovating the kitchen, or taking that BIG trip to Europe). • DO NOT create Goals for any expenses that are paid entirely from your employment income (e.g., cars, annual vacations).

3. Retirement Lifestyle Goals – Add in the fun stuff! [Page 4-5] Add a Lifestyle Goal for each significant purchase or activity that will make your retirement satisfying and enjoyable. Lifestyle Goals are above and beyond what you need to pay the basic expenses of day-to-day living. • Review the 14 Lifestyle Goals again. Which ones are important to your retirement satisfaction? • Dream a little (or a lot). Create all the Goals you’d like, even if you’re not sure you can afford them. • Be sure to consider cars, travel and gifts, which are usually important Goals during retirement.

4. Still Have College? [Page5] If you still have College expenses to pay, start with the College Goal. • Enter all College Goals regardless of when they occur before or during retirement. • Enter as many College Goals as you need for kids, grandkids or even yourself, undergraduate or graduate.

Goal Importance Scale Rate the importance of each Goal on a scale of 10 - 1, with 10 being the most important. This groups your goals by Needs (what you must have), Wants (what you would like to have), and Wishes (what you wish to have).

Creating more individual Lifestyle Goals can help you make better financial decisions, and increase the overall satisfaction you obtain from your money during the rest of your life. You may even discover that you can do more with your money than you ever expected.

Confidential – 3

Retirement Age and Living Expense

Retirement Living Expense

This Goal is for your basic day-to-day living expenses (e.g., food, clothes, utilities, etc.) during retirement. Be sure you don’t “double count” any expenses. For example, if you entered a separate Goal for a car, don’t include the purchase cost of this car in your Living Expense, but do include all operating expenses (e.g., gas, taxes). Please see page 11 for a budget worksheet.

Adjustments to Living Expense Your Retirement Living Expense amount may include some expenses that will end during retirement. When the expenses end, your Living Expense amount would be reduced. Please indicate any expenses that will end.

Description Annual Amount (current dollars)

Year Expense Will End

Check if amount inflates

e.g., Mortgage $16,000 2021

Retirement Age - if retired skip to Lifestyle Goals When would you like to retire? Enter your Target Retirement Age. Then, indicate how willing you are to delay retirement beyond that age, if it helps you fund your Goals.

Client 1 Client 2 Target Retirement Age Age:

Age:

How willing are you to retire later to attain your Goals?

Not at All Slightly Willing

Somewhat Willing Very Willing

Not at All Slightly Willing

Somewhat Willing Very Willing

Retirement Living Expense

Confidential – 4

Health Care Expense Include Medicare expenses? Yes No (We will estimate the amount of the expense for you.) If you believe that Health Care costs, beyond basic expenses such as your Medicare supplement, are likely to be particularly significant for you or your family, use this Goal to separate those costs from your retirement living expense.

Pre-Medicare Costs Importance High Low 10 1

Description Start

Target Amount

How Often

How Many Times

Year At Retirement

C1 C2

9 e.g., Extra Health Expenses (at age 80)

2029

$10,000

Annual

10

Other Out of Pocket Expenses

Post-Medicare Costs Importance High Low 10 1

Description Start

Target Amount

How Often

How Many Times

Year At Retirement

C1 C2

9 e.g., Extra Health Expenses (at age 80)

2029

$10,000

Annual

10

Other Out of Pocket Expenses

Other Lifestyle Goals - Before and During Retirement

Add a Lifestyle Goal for each significant purchase or activity, funded by your investment accounts (not employment income). Lifestyle Goals are above and beyond what you need to pay the basic expenses of day-to-day living. Rate the importance of each Goal on a scale of 10 1. This will identify your goals by Needs (10, 9, 8), Wants (7, 6, 5, 4), and Wishes (3, 2, 1).

Most Common Goals Other Goals Travel College Car (net of trade-in) Home Health Care Gift or Donation

Wedding New Home Celebration Major Purchase Start Business Provide Care Leave Bequest Private School

Importance High Low 10 1

Description Start

Target Amount

How Often

How Many

Times

Year At Retirement

C1 C2 8 e.g., Ann’s New Car 2015 $35,000 Every 4 Yrs 5

Confidential – 5

College

If you plan to pay for all or part of a college education (or some other education program) for yourself, a child, or grandchild, make sure you have a Goal for it.

Importance High Low 10 1

Student Name

Start Year

No. of Years

Target Amount Notes Own Estimate

or Type Use the Amount for

a Specific School - prepaid years - scholarship / loans

8 e.g., Susan 2020 4 State University $1,000/yr scholarship

Type of Average Annual College Costs Average All $29,009 Public In-State (4 yrs) $22,826 Public In-State (2 yrs) $15,933 Private (4 yrs) $44,750 Public Out-of-State (4 yrs) $36,136 Public Out-of-State (2 yrs) $25,399 *Data Source: Peterson’s Undergraduate and Graduate Institution Databases, copyright 2013. Peterson’s, Nelnet, LLC. All rights reserved.

Legacy Goals

Is it time to give back? Or maybe your parents or kids need help. Use Gift Goals for anything from holiday presents to cash gifts for family members or organizations. Create bequests for the money you’d like to leave at your death.

Gifts – During Life Importance High Low 10 1

Description Start

Target Amount

How Often

How Many Times

Year At Retirement

C1 C2 6 e.g., Gifts for Tim 2025 $10,000 Annual 5

Bequests at Death Importance High Low 10 1

Description When Will This Bequest Be Given?

Recipient

End of Plan Target Amount C1 C2

2 e.g., Bequest to My College

State College

$10,000

Confidential – 6

Retirement Income

Identify all the resources you have to fund your Goals. Don’t worry about determining the exact amounts.

Social Security Benefits - if available, provide your Social Security estimate statement. Client 1 Client 2 Are you eligible? Yes No Receiving Now Yes No Receiving Now

Amount of benefit/Age $ Use Program Estimate $ Use Program Estimate When to start at Soc Sec Full Retirement Age

at age at retirement at Soc Sec Full Retirement Age at age at retirement

Pension Income If available, provide your pension statement. If you have a lifetime pension, put “End of Life” in “Year It Ends” column.

Description

Whose is it? Monthly Income

Yr It Ends or No. of Yrs

% Survivor Benefit

Check if amount inflates C1 C2

e.g., ABC Pension $1,500 End of Life 50%

Part-Time Work & Other Retirement Income Don’t include interest or dividend income from your investments. Include income from part-time work, rental property, annuities, royalties, alimony, etc. All amounts are pre-tax and begin at retirement unless otherwise noted.

Description

Client 1 Client 2

Monthly Income Yr It Ends or No. of Yrs

Monthly Income Yr It Ends or No. of Yrs

e.g., Part-time $ 1,000 5

Confidential – 7

Investments

Identify all the resources you have to fund your Goals.

Accounts Held At Baird

Please provide the account numbers for the Baird accounts that should be included in this analysis.

Accounts Not Held at Baird Please provide copies of account statements.

Amounts You Are Saving

Please indicate the amount you are saving annually in the following accounts prior to retirement. All savings are assumed to continue now until retirement, unless otherwise indicated. Account Owner Account Description Joint, IRA,

You Employer

$ $

$ $

$ $

$ $

Extra Savings - if not Retired

Could you save more to fund your Goals? Yes No If yes, enter the maximum extra amount you could save each year in addition to the amounts above: $ Use program estimate of

5% of employment income

How willing are you to save more? Not at All Somewhat Willing Slightly Willing Very Willing

Owner Plan Type (Taxable, IRA, Roth IRA, 401(k),etc.) Current Value Total Cost Basis

Allocation Stock

% Bond

% Cash

%

Confidential – 8

Annuities (Fixed and Variable)

Guaranteed Minimum Withdrawal Benefit

Owner Annuity Type (Fixed or Variable)

Current Value Cost Basis Death Benefit Allocation

Stock% Bond% Cash%

$ $ $

$ $ $

$ $ $

$ $ $

Annuity

Year Guaranteed Withdrawals

Begin

Year Guaranteed Withdrawals End (Default is death)

Annual Guaranteed Withdrawal Amount Increase in Guaranteed Withdrawal Amount

1 $ %

2 $ %

3 $ %

4 $ %

Confidential – 9

Other Assets

Primary Residence Business

Owner Owner

Current Value Current Value

Growth Rate % Growth Rate

%

If you intend to sell this home or business to fund your goals, enter the following:

Year to Sell

Estimate of Cash Received (after-tax)

Description

Enter Year

At Retirement C1 C2 Low Expected High

Primary Residence

Business

Other Assets (Other Homes, Real Estate, Personal Property, Collectables, Inheritance)

Description

Owner Current Value

Planning to sell this asset?

Year to Sell

Cash Received (After-tax)

C1

C2

Joint

Yes No Only If Needed




Liabilities

Description Owner Current

Balance Monthly Payment

Term Interest Rate C1 C2 Joint

Confidential – 10

Additional Considerations Do you have any of the following? Please provide statements.

Insurance - To complete a full analysis, statements MUST be included

Life Ins. Policy 1 Life Ins. Policy 2 Life Ins. Policy 3 Life Ins. Policy 3 Policy Type (Whole, Group Term, Variable, etc.)

Name of insured

Death Benefit $ $ $ $

Cash Value, if applicable

$ $ $ $

Premium (optional) $ $ $ $

Year Policy Ends

Disability Insurance Client 1 Yes No Client 2 Yes No Attach statement with policy details

Long Term Care Insurance Client 1 Yes No Client 2 Yes No Attach statement with policy details

Other Information – To complete a full analysis, statements MUST be included

Client 1 Client 2 Notes Stock Options Yes No Yes No

Restricted Stock Yes No Yes No

Deferred Compensation Yes No Yes No

Small Business Ownership Yes No Yes No

Estate - complete this section to have the adequacy of your Estate planning reviewed and analyzed.

Client 1 Client 2 Notes Will? Yes No Yes No

Including a provision for a Bypass Trust?

Yes No

Yes No

Date documents were last reviewed

Medical Directive? Yes No Yes No

Power of Attorney? Yes No Yes No

Confidential - 11

Budget - Optional to Help Determine Basic Living Expense

Personal and Family Expenses Current Retirement Home Expenses Current Retirement

Alimony Mortgage / Rent Bank Charges Equity Line Business Expense Real Estate Tax Cash - Miscellaneous Homeowner’s Insurance Cell Phone Association Fees Charitable Donations Electricity Child Allowance/Expense Gas/Oil Child Care Trash Pickup Child Support Water/Sewer Clothing Cable/Satellite TV Club Dues Internet Credit Card Debt Payment Telephone (land line)

Dining Lawn Care

Entertainment Maintenance Gifts Furniture Groceries Other Healthcare TOTAL Hobbies Household Items Personal Insurance

Current Retirement

Laundry/Dry Cleaning Disability for Client

Personal Care Disability for Spouse Pet Care Life for Client Recreation Life for Spouse Vacation/Travel Long Term Care for

Other Long Term Care for

TOTAL Medical for Client

Medical for Spouse Vehicle Expenses Current Retirement Umbrella Liability

Insurance Other Personal Property Tax TOTAL Fuel Repairs / Maintenance TOTAL ALL EXPENSES Current Retirement

Parking / Tolls Personal and Family

Other Vehicle Expenses TOTAL Home Expenses Personal Insurance

TOTAL

Confidential - 12

Risk Profile Analysis The following questions will be used to assess your risk tolerance in order to develop a current investment objective.

1. Which of the following best describes how you would use your portfolio to achieve your goal? (Please choose one.)

Capital preservation and current income with relatively small fluctuations in annual returns and market value. High current income with relatively small fluctuations in annual returns and market value. High current income and some growth of capital with moderate fluctuations in annual returns and market value. Moderate growth of capital and some current income with moderate fluctuations in annual returns and market value. Growth of capital with moderately high fluctuations in annual returns and market value. Aggressive growth of capital with high fluctuations in annual returns and market value.

2. Which statement best describes your approach towards investing? (Please choose one.)

I take a conservative approach to investing. I am uncomfortable with volatility and will accept lower rates of return in order to have stable portfolio values. I take a moderate approach to investing. I expect the value of my investments to fluctuate, but not too drastically. I will accept periodic, small losses in my portfolio, but I expect long term returns somewhere between the historical return of bonds and stocks. I take an aggressive approach to investing. My investments may fluctuate as much or more than the stock market does. While some years I might have a loss, over time I expect my returns to be as high or higher than the historical return of stocks.

3. Investing in the financial markets entails some degree of risk. Investors who seek high rates of return should be

willing to accept periods of low or even negative returns, possibly over extended periods of time. The table below demonstrates the tradeoffs between average return, likelihood of losing money in any One Year, and how extreme the declines may be. Review each hypothetical portfolio and select the one that you would be most comfortable with. (Please choose one.)

Portfolio Statistics Portfolio A Portfolio B Portfolio C Portfolio D Portfolio E Portfolio F

Percent in Equity 0% 20% 40% 60% 80% 100%

Average Return 2.50% 3.25% 4.50% 6.00% 7.25% 8.25% Maximum decline in portfolio value -5% -10% -22% -34% -44% -53% Probability of loss in any one year 6% 7% 17% 20% 22% 24%

These statistics are intended to illustrate the variability of returns associated with each hypothetical portfolio. Past performance is no guarantee of future results. The Maximum decline represents the largest decline in value that the hypothetical portfolio would have experienced. The duration and time period of the decline may be different for each portfolio. The probability of loss represents the percentage of historical returns less than zero that the hypothetical portfolio would have experienced in any one year period. The hypothetical portfolios do not represent any specific product or performance. More information is available upon request.

4. Based on your financial goals, how long is your investment horizon? Your investment horizon begins now and lasts

through the end of your financial goal (retirement, college, home purchase, etc.) (Please choose one.) Short-term (0-3 years) Intermediate-term (4-6 years) Long-term (7 or more years)

5. When do you expect to initially begin withdrawing cash from your investment portfolio? (Please choose one.)

I do not plan to withdraw cash from my portfolio. Within the next 3 years. Within the next 4-6 years. Within the next 7 or more years.

6. How much do you plan to withdraw from your portfolio during the time period indicated in the above question?

(Please choose one.) I do not plan to withdraw cash from my portfolio. 1-3% annually. 4-6% annually. 7% or more annually.

Confidential - 13

Products and services offered by Robert W. Baird & Co.

FINANCIAL PLANNING CLIENT ACKNOWLEDGEMENT

REQUIRED SIGNATURE Please acknowledge receipt of our Financial Planning Services Brochure (Form ADV Part II) describing the services offered by Robert W. Baird & Co. by signing, dating and returning this questionnaire to your Baird Financial Advisor. Your Baird Financial Advisor or the Baird Financial Planning Department will develop your Personal Financial Plan using the information you have provided about your current financial situation and financial goals. We rely on the accuracy and completeness of such information without independent verification. By signing this form you represent that the information you have provided in connection with the development of your Personal Financial Plan is accurate and complete to the best of your knowledge. We are not responsible for any inadequacies or errors in your Personal Financial Plan that result from incomplete or inaccurate information you have provided to us. You understand that the provision of your Personal Financial Plan is an investment advisory service, subject to the Investment Advisers Act of 1940. In providing this service, we have certain fiduciary duties to you that do not apply to a brokerage relationship. The investment advisory services provided as part of your Personal Financial Plan terminate upon delivery of the plan. Thereafter, if we provide services to you, we will be acting in a brokerage capacity unless you specifically engage us otherwise.

This document must be signed before Baird can prepare a Financial Planning Analysis.

Signature Date

Signature Date

Baird Private Wealth Management Brochure March 30, 2017

Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue Milwaukee, WI 53202 1-800-792-2473 rwbaird.com

Member FINRA & SIPC SEC File No. 801-7571

Financial Planning Services

This brochure (“Brochure”) provides information about the qualifications and business practices of Robert W. Baird & Co. Incorporated (“Baird”) and its Private Wealth Management Department’s Financial Planning Services. Clients should carefully consider this information before becoming a client of Baird. If you have any questions about the contents of this Brochure, please contact us at the toll-free phone number listed above. The information contained in this Brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Baird is available on the SEC’s website at www.adviserinfo.sec.gov.

http://www.adviserinfo.sec.gov/

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Robert W. Baird & Co. Incorporated Baird FPS Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 03/30/2017 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC

Material Changes Robert W. Baird & Co. Incorporated (“Baird”) updated the Form ADV Part 2A brochure for its Private Wealth Management Department’s Financial Planning Services (the “Brochure”) on March 30, 2017. The following summary discusses the material changes that Baird has made to the Brochure since March 30, 2016, the date of the last annual update to the Brochure.

• Baird updated information about Baird’s regulatory assets under management and certain of Baird’s affiliates. See the Sections of the Brochure entitled “Advisory Business” and “Other Financial Industry Activities and Affiliations” for more information.

• The following events were previously disclosed to clients:

o In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest.

o In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a firm supervisor within its Private Wealth Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (WSPs) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000.

o In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by certain of the subadvisors participating in Baird’s wrap fee programs offered through its Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have failed to adopt or implement policies and procedures designed to provide specific information to Baird’s clients and financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000.

A client should note that the foregoing summary only discusses material changes made to the Brochure since March 30, 2016. The updated Brochure contains changes that are not listed above.

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Table of Contents Advisory Business .......................................................................................................... 1

Robert W. Baird & Co. ................................................................................................. 1 The Client-Baird Fiduciary Relationship .......................................................................... 1 Description of Services ................................................................................................ 1

Fees and Compensation ................................................................................................. 4 Advisory Fee .............................................................................................................. 4 Other Fees and Expenses ............................................................................................. 5 Other Compensation Received by Baird ......................................................................... 5

Performance-Based Fees and Side-By-Side Management ............................................... 6 Types of Clients .............................................................................................................. 6 Methods of Analysis, Investment Strategies and Risk of Loss ........................................ 6 Disciplinary Information ................................................................................................ 6 Other Financial Industry Activities and Affiliations ........................................................ 7

Broker-Dealer Activities ............................................................................................... 7 Investment Management Activities ................................................................................ 7 Certain Affiliations ....................................................................................................... 7

Code of Ethics, Participation or Interest in Client Transactions and Personal Trading........................................................................................................ 9 Code of Ethics ............................................................................................................ 9 Participation or Interest in Client Transactions ................................................................ 9

Brokerage Practices ..................................................................................................... 10 Review of Accounts ...................................................................................................... 10 Client Referrals and Other Compensation ..................................................................... 10 Custody ........................................................................................................................ 11 Investment Discretion .................................................................................................. 11 Voting Client Securities ................................................................................................ 11 Financial Information ................................................................................................... 12

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Advisory Business This Brochure describes the Financial Planning Services that the Private Wealth Management Department of Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients. Separate brochures describe other investment advisory services that Baird offers to its clients and discuss the agreements, fees and potential conflicts of interest for each service. If you would like to request a brochure for another investment advisory service provided by Baird, please call Baird toll-free at 1-800-792-2473.

The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records.

Robert W. Baird & Co. Baird is an employee-owned wealth management, capital markets, asset management, and private equity firm formed in the State of Wisconsin in 1919.

Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Holding Company (“BHC”). BHC is owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG.

Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird offers include: portfolio management and analysis; analysis and recommendations regarding asset allocation and investment strategies; research, analysis and recommendations regarding investment managers and individual securities; investment consulting; financial planning; investment policy development; and account performance monitoring. Baird also offers clients execution of brokerage transactions and administrative services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services.

Baird participates in wrap fee programs, including programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee for providing portfolio management services under those wrap fee programs.

As of December 31, 2016, Baird had approximately $107.5857 billion in regulatory assets under management, approximately $76.7861 billion of which was managed on a discretionary basis and approximately $30.7996 billion of which was managed on a non-discretionary basis.

The Client-Baird Fiduciary Relationship Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Baird and its associates are deemed to have a fiduciary relationship with a client when providing the investment advisory services that are described in this Brochure. That means that Baird and its associates are required to act in the best interest of the client when providing investment advisory services. From time to time, Baird or its associates may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of Baird or its associates. Baird generally addresses potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that contain information about individuals providing investment advice to clients, and the agreements clients enter into with Baird. In addition, Baird has adopted internal policies and procedures for Baird and its associates that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; and act with utmost care and good faith in dealings with advisory clients. The specific business practices that create potential conflicts of interest with clients and additional measures used by Baird to address them are discussed in other sections of this Brochure.

A client should note that registration as an investment adviser does not imply a certain level of skill or training.

Description of Services Baird offers the services described in this Brochure (the “Services”) through its Financial Advisors and certain of its home office professionals in its Financial & Estate Planning & Department (the “Department”).

The Services are non-discretionary in nature and a client retains full discretionary authority to manage the client’s assets.

Baird Financial Advisors and its home office professionals tailor their advisory services to the individual needs of clients.

Financial Planning Services Financial Plan If the client wishes to obtain a financial plan from Baird, the client will need to define his or her financial goals, needs and objectives and gather and provide relevant information to Baird. A client will typically complete a financial planning questionnaire to help define the client’s financial goals, needs and objectives and provide relevant information to Baird. Upon request, a Baird Financial Adviser or other Baird representative may

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provide assistance with the questionnaire. A client may also enter into a financial planning agreement (an “Agreement”) with Baird that describes the specific Services being provided.

Based upon the responses to the questionnaire and other information provided by the client, the client’s Baird Financial Advisor and/or the Department will prepare a financial plan (a “Plan”) for the client. The contents of a Plan depend upon the particular needs and requests of the client. A Plan generally evaluates the client’s retirement, life insurance, education funding, estate and/or other cash flow needs and provides recommendations and strategies for meeting those needs. The Plan generally includes an analysis of the client’s investment needs and goals and recommends an asset allocation and/or broad categories of investment alternatives designed to achieve Client’s goals. Recommended investment categories may include one or more of the following categories of assets, also known as asset classes:

• Equity securities, including, but not limited to, equity securities issued by U.S. large cap, mid cap and small cap companies (which may include value and growth companies);

• Fixed income securities, including, but not limited to, short-term, intermediate-term and long-term fixed income securities issued by U.S. companies and obligations issued by U.S. or state governments or their agencies (which may include high yield corporate bonds, mortgage-backed and asset-backed securities, and municipal securities);

• Foreign securities, including equity and fixed income securities issued by foreign companies and governments (which may include companies and governments in emerging markets);

• Non-traditional assets, including, but not limited to, real estate, commodities, currencies, securities indices, interest rates, credit spreads, and private companies;

• Investment products that pursue non-traditional, complex or alternative investment strategies (“Alternative Strategies”) or that involve special risks not apparent in more traditional investments (“Alternative Investment Products”), including, but not limited to: hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, exchange or swap funds, leveraged funds, inverse funds, and other special situation funds, structured certificates of deposit and structured notes (“structured products”), ETNs, business development companies (“BDCs”), REITs, master limited partnerships (“MLPs”), managed futures and mutual funds and ETFs that pursue Alternative Strategies; and

• cash, including, but not limited to, money market funds.

Each asset allocation strategy has different allocations across each asset class, and some strategies may have no allocation to one or more asset classes described above.

If requested by a client and agreed to by Baird, the Plan may consist of an estate plan analysis designed to provide information on possible gift and estate tax consequences for the client related to the transfer of assets during his or her lifetime or at death. This estate plan analysis may make recommendations regarding advanced estate planning techniques specific to high net worth families.

If requested by a client and agreed to by Baird, the Plan may also consist of detailed stock option analysis. This analysis may calculate the approximate tax cost associated with stock option exercises over a number of years. It may also compare various stock option exercise strategies to help determine the optimal strategy from a tax and investment standpoint.

The Plan will set forth recommended actions in furtherance of the client’s goals, needs and objectives. In developing a client’s Plan, Baird does not assume or undertake any responsibility for implementing the recommended actions or for monitoring the actions taken by the client unless Baird has otherwise agreed to do so in writing.

A Baird Financial Advisor may assist the client in implementing the Plan under a separate arrangement; however, the client is not obligated to implement the Plan through Baird. Clients may utilize a financial advisor of their choice and may choose to implement only a portion of the recommendations included in the Plan. Since the client is not obligated to implement the Plan, neither the Baird Financial Advisor nor the Department performs a subsequent review or periodic or continual monitoring of the client’s assets after delivery of a Plan unless Baird has otherwise agreed to do so in writing.

A Plan is effective as of the date indicated thereon. After a client has received a Plan, Baird undertakes no obligation to implement the actions recommended in the Plan, to review or monitor a client’s investments, other assets, financial position or returns, or to update or modify the Plan, unless Baird has otherwise agreed to do so in writing. Any changes to a client’s financial and personal position and needs will affect the analyses, information and recommendations made in a Plan. Financial planning is an ongoing process and a client should regularly consider whether financial and personal changes warrant a re-evaluation of the Plan.

Additional Planning Services In addition to the development and delivery of a Plan described above, Baird also offers certain additional financial planning services (“Additional Planning

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Services”). The Additional Planning Services made available to clients include: a discovery process, budget planning and review, goal setting (which may include goals and strategies for debt reduction or savings for education or other funding needs), goal action planning and implementation, goal check in meetings, general financial planning review (which may include reviewing and updating a Plan), investment review and retirement funding review.

In order to obtain Additional Planning Services, a client will need to enter into an Agreement with Baird. The Agreement will set forth the specific Services to be provided.

Divorce Financial Analyst and Consulting Services A Baird Financial Advisor may be engaged by a client (or the client’s attorney) to provide financial analyses and related financial consulting services in connection with a divorce. These services are provided upon request and may include: gathering of financial details relevant to the divorce, assessment of marital/community and separate property, income and expense analysis, financial modeling, cash flow forecasts, examination of retirement and insurance issues, property division analysis, preparation of asset inventories and financial settlement scenarios, present value calculations, and tracing of financial statements to help categorize flow of funds or potential credits and reimbursements, and communications with the client’s attorneys and tax advisers. Under certain limited circumstances approved by Baird’s home office, a Baird Financial Advisor may also provide testimony and reports in the divorce proceeding as to the analytical services provided. Baird may provide its analyses and reports to a client’s attorneys and, with the consent of the client or the client’s attorney, as required by law or in order to provide the services requested by the client, to the client’s tax adviser and other client representatives as well as insurance companies, mediators, judges, opposing parties and other third parties.

The divorce financial analyses and related consulting services Baird provides are based on information provided by the client and third parties (including without limitation the client’s attorneys and tax advisers, opposing parties, mediators, forensic accountants, actuaries, pension valuators, insurance companies and others). Baird relies on the accuracy and completeness of the information provided to it without independent verification. Baird does not take responsibility for any losses resulting from incorrect or incomplete information Baird receives from the client, the client’s advisers or third parties.

Baird’s analyses and reports are effective as of the dates indicated thereon or, if not so indicated, on the dates they are delivered to the client or the client’s attorney. After providing the analyses and other

services requested, Baird undertakes no obligation to review or update them.

If a client desires to engage Baird to provide additional services, either at the time Baird is providing divorce financial analyst and related consulting services or after such services have been provided, the client will be required to enter into a separate agreement with Baird describing those additional services.

Other Important Service Information A client should note that the Services do not include the analysis or recommendation of specific securities or other investments or the implementation of investment strategies, although those services may be provided by Baird and/or a Baird Financial Advisor under a separate agreement with Baird. The Services only offer a client a recommendation as to the allocation of the client’s investment portfolio among various asset classes generally, which may include recommendations regarding allocations to alternative asset classes. The recommended allocation will reflect Baird’s analysis different asset classes and the different levels of risk associated with those investments. That analysis involves the consideration of past performance and the use of forward looking projections that are based upon certain assumptions about how markets will perform in the future.

Baird may use other entities to assist in the preparation of a Plan, such as the use of third party planning software and research providers. Baird will not separately charge a client for use of these other entities except with a client’s consent.

The Services provided by Baird may also include limited consultations with the other professionals assisting the client, such as the client’s attorney or tax adviser. More comprehensive financial planning services may involve the Baird Financial Advisor, working either independently or with individuals from other Baird departments, considering more complex issues in financial planning and reviewing estate planning strategies. A client’s other professional advisers often play an integral role in the Services.

In preparing a Plan for a client or providing other Services, Baird relies on the accuracy and completeness of the information that the client provides in the financial planning questionnaire and otherwise, without independent verification. Baird is not responsible for any inadequacies or errors contained in the Plan or other advice provided in connection with the Services that result from a client’s failure to provide Baird with accurate or complete information.

Baird’s advisory relationship with the client terminates automatically upon the cessation of Services, which occurs when Baird delivers a Plan to the client, unless Baird has agreed in writing to provide Additional

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Planning Services, in which event the advisory relationship terminates upon the cessation of Additional Planning Services.

A client or prospective client may, but is not required to, enter into a new relationship with Baird to implement the Plan or other recommendations made by Baird. In some cases, the client may already have a separate brokerage or advisory relationship with Baird while the financial planning Services are being provided to the client, and the termination of financial planning Services will not affect that pre-existing relationship. When a client enters into a new relationship with Baird following the cessation of financial planning Services, that relationship would generally be brokerage in nature and not advisory unless the client or prospective client and Baird separately agree to enter into an investment advisory contract.

If a client engages Baird to provide brokerage or advisory services in addition to the preparation of a Plan or provision of Services, Baird will earn additional compensation in the form of fees and/or commissions. Thus, any recommendation to use Baird to implement the Plan or other recommendations made pursuant to the Services presents a conflict of interest.

Legal and Tax Considerations Baird and its associates will not provide any legal or tax advice to a client as part of the Services and no advice provided by Baird or any of its associates shall be deemed to be legal or tax advice. A client is urged to consult with the client’s personal legal and accounting professionals regarding any Plan or other financial planning Services provided by Baird.

If a client obtains an estate plan analysis, the client is urged to consult with the client’s personal legal and accounting professionals to determine appropriate estate planning strategies and to prepare any necessary documents required to implement an estate plan.

If a client obtains financial analyses or related financial consulting services in connection with a divorce, the client should understand that Baird does not provide legal or tax advice even though Baird’s services are provided in connection with a divorce or related legal process,. Clients are encouraged at all times to obtain legal and tax services from licensed professionals. Baird is not responsible for judgments, settlements, consent decrees, awards or other decisions relating to a client’s divorce, the division of assets or support payments. Those matters are the responsibility of the client and the client’s attorney.

Additional laws, regulations and other conditions apply to retirement accounts, which include employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”)

that are subject to the Internal Revenue Code of 1986, as amended (“IRC”) (collectively, “Retirement Accounts”). Each owner, trustee, named fiduciary, responsible plan fiduciary, or other fiduciary acting on behalf of a Retirement Account (“Retirement Account Fiduciary”) should understand that Baird and its associates do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts.

Fees and Compensation Advisory Fee Financial Planning Plans and other Services are provided for a fee. The fees for the Services are negotiated between the Baird Financial Advisor and the client. Generally, the fees are based upon the specific Services provided by Baird to the client. A wide range of Services is available, and the client selects the combination of Services that best fits his or her goals and objectives. The fees for the Services vary based upon a number of factors, including the complexity of the client’s Plan, if any, the other Services to be provided, if any, and the interaction of the Baird Financial Advisor with the client’s other professional consultants, including, among others, Certified Public Accountants (“CPAs”), trust department personnel, and attorneys. Fees may vary from client to client based on a number of factors, including, but not limited to, the factors described above. Baird may waive all fees for Services in its sole discretion.

The Services related to a Plan are typically provided under a flat fee arrangement, although hourly fee arrangements may also be available. Currently, the flat fee for preparing a Plan and providing related financial planning services generally ranges from $500 to $10,000, but may be higher depending upon the particular Services requested and complexity of the Plan. The flat fee will normally be paid in whole or in part in advance by the client, as reflected in the Agreement signed by the client. For clients paying an hourly rate, Baird may require a retainer (in an amount agreed to by the client) against which the hourly rate and out of pocket expenses will be applied. Following delivery of a Plan, clients will generally incur additional charges for follow-up consultations at a rate agreed to by the client and the Baird Financial Advisor.

The Additional Planning Services are typically provided under a flat fee arrangement, although other arrangements may be available in certain circumstances. The flat fee for Additional Planning Services generally ranges from $125 to $10,000 annually, but may be higher depending upon the particular Services requested.

The client may also negotiate fees based upon the number hours it takes to complete a Plan. The hourly

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rate is negotiated by each individual client and the rate varies widely, depending upon the complexity of the Plan and the persons providing the services.

A written fee estimate will be provided to the client following an initial consultation. There is no fee for an initial consultation. Clients are not obligated to use any other Baird service to receive an initial consultation.

For Services related to a Plan, fees are payable as Services are rendered. Fees associated with Additional Planning Services are generally paid quarterly in advance. Baird’s fees and other charges relating to the Services may be automatically deducted from a client’s Baird account or the client may instruct Baird to issue the client an invoice for the fees and charges (“direct billing”). A client’s Agreement will set for the specific fee amount and terms of payment.

Divorce Financial Analytical Services Baird Financial Advisors who have been approved by Baird may also provide financial, analytical and related consulting services to clients in connection with a divorce for a flat fee or at an hourly rate, or a combination thereof. The flat fee or hourly rate is negotiated between the Baird Financial Advisor and the client. The fee or hourly rate is reflected in the agreement signed by the client. The fee or hourly rate will be reflected in an invoice sent to the client and paid within 30 days by the client (unless the client and Baird agree to another arrangement, such as debiting the amount from the client’s account at Baird).

The flat fee will normally be paid in whole or in part in advance by the client, as reflected in the agreement signed by the client. If reflected in the agreement signed by the client, a flat fee may be imposed for each service provided. If agreed to by Baird, the flat fee may be paid upon completion of the services provided by Baird or on an installment basis. The flat fee will be subject to a minimum of $500 unless Baird and the client negotiate a different minimum amount, to be reflected in the client’s agreement.

As an alternative to the flat fee, or in addition to the flat fee, Baird may provide services at an hourly rate. The hourly rate will be reflected in the agreement signed by the client. The hourly rate may vary depending on the nature of the service provided. Normally, the hourly rate will be higher for any testimony, analyses and reports that Baird provides in the divorce proceeding. For clients paying an hourly rate, Baird may require a retainer (in an amount agreed to by the client) against which the hourly rate and out of pocket expenses will be applied. Baird will keep track of the time spent on the services provided in 0.25 hour increments, and provide an invoice each month showing the amount of time spent on the services provided and if, applicable, the amounts charged against the retainer and the remaining retainer balance. If the retainer amount is exhausted, Baird may

require that an additional retainer be provided to cover the cost of anticipated additional services. Any part of the retainer that is not used shall be promptly refunded following completion of the services provided or earlier termination of the relationship; provided, however, a minimum fee of $500 will be charged in all cases.

Other Information The fees charged to a client for the Services are paid to Baird and a portion of such fees are paid to the Baird Financial Advisor as part of the Financial Advisor’s non-recurring compensation. Since Baird began providing these Services, it has had other fee ranges and schedules in effect, which may provide fees lower or higher, as the case may be, than those described above. As new fees are put into effect, they are made applicable only to new clients, and fees for existing clients are not affected. Therefore, some clients may pay different fees than those shown above.

There is no minimum dollar value of assets or other conditions required of a client to receive these services.

Baird may waive the minimum fee on a temporary or indefinite basis or negotiate a fee level different from the schedule shown above or set a different payment schedule.

Other Fees and Expenses The fees and charges paid to Baird by the client only cover the preparation and delivery of the Plan, and if applicable, the performance of the Additional Planning Services. Baird’s fees and charges do not include any costs or expenses associated with implementing the Plan or other recommendations made in connection with the Services, including, without limitation, fees that may be charged by investment advisors or managers advising the client or managing the client’s assets or other service providers, such as custodians and broker-dealers.

If a Baird Financial Advisor or other representative of Baird discusses matters relating to a Plan or the Services with a client’s tax or legal advisors, the client may be charged a separate fee by those advisors.

Clients may also subscribe to other services or programs offered by Baird. Those service and programs may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the Service.

Other Compensation Received by Baird Baird is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and its Financial Advisors are registered broker-dealer representatives of Baird. In such capacities, Baird and its Financial Advisors provide brokerage and related services to clients, including the

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purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of life insurance policies and annuities. Baird and its Financial Advisors receive compensation based upon the sale of such securities and other investment products, including asset-based sales charges and service fees on the sale of mutual funds. However, Baird and its Financial Advisors only offer asset allocation and similar investment recommendations of a general nature when providing the Services, and they do not recommend any particular investment product in connection with providing the Services. A client has the option to purchase investment products through brokers or agents that are not affiliated with Baird.

Performance-Based Fees and Side-By-Side Management Baird advises client accounts not participating in Services described in this Brochure that are subject to asset-based fee and performance-based fee arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. However, Baird does not offer these fee arrangements for financial planning services. If a client participates in other services provided by Baird, the client should review the Form ADV Part 2A Brochure for those services for more information about these types of fee arrangements.

Types of Clients Baird offers the Services to all types of current or prospective clients, including, but not limited to: individuals, banks or thrift institutions; pension and profit sharing plans; trusts; estates; charitable organizations; and corporations or other business entities.

Methods of Analysis, Investment Strategies and Risk of Loss Baird Financial Advisors and the Department may use various forms of third party research information and related tools to provide the Services. These sources of information and tools may include, among others, external market, economic, financial and investment data and analyses provided by organizations not affiliated with Baird. Baird Financial Advisors and the Department may also use research reports created by Baird. However, it should be noted that the Department and Baird Financial Advisors are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with the client’s investment objectives and in the client’s best interest. They may also employ the use of computers and third party financial planning software to more readily display information, assist with analysis, and make asset allocation recommendations. Although they use information and tools that Baird deems reliable, Baird

does not independently verify or guarantee the accuracy of the information or tools used.

Risk is inherent in any investment in securities and Baird does not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved if the client decides to implement a Plan. Baird’s recommendations are based in part upon its Capital Market Assumptions. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. That analysis involves the consideration of past performance and the use of forward looking projections that are based upon certain assumptions made by Baird about how markets will perform in the future. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s Financial Advisor. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s investments could differ materially from those assumptions. Clients are encouraged to discuss with their Financial Advisor the risks that apply to them. A client should also review the prospectus or other disclosure document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product.

Disciplinary Information In December 2008, Baird, without admitting or denying the allegations, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Rules 2110, 3010(a) and 3010(b) by failing to establish and maintain an adequate supervisory system reasonably designed to review and monitor its fee-based brokerage business and its registered representatives. Baird was found to have failed to: implement fee breakpoint discounts on certain fee-based brokerage accounts; clearly identify the specific fee applicable to each customer; implement a system to automatically credit customers with the fee breakpoint discounts specified in their account agreements; and adequately disclose inclusion of margin activity and short sales in fee calculations for fee-based accounts. Baird was fined $500,000 and paid restitution of $434,510 plus interest to affected customers.

In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of FINRA that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible

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customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest.

In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a firm supervisor within its Private Wealth Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000.

In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by certain of the subadvisors participating in Baird’s wrap fee programs offered through its Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have failed to adopt or implement policies and procedures designed to provide specific information to

Baird’s clients and financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000.

Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov.

Other Financial Industry Activities and Affiliations Baird is registered with the SEC as a broker-dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with certain investment advisors and investment products that are identified below, including certain mutual funds, ETFs, private equity funds and hedge funds. Certain Baird associates and certain management persons of Baird may invest in those funds.

Broker-Dealer Activities Baird is engaged in a broad range of broker-dealer activities, including: individual and institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services.

Certain Baird Financial Advisors and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities.

Investment Management Activities Baird Advisors and Baird Equity Asset Management are investment management departments of Baird, and Chautauqua Capital Management (“CCM”) is a division of Baird Equity Asset Management.

Certain Affiliations Affiliated Investment Advisors Baird is affiliated, and may be deemed to be under common control, with Riverfront Investment Group, LLC ("Riverfront") by virtue of their common indirect ownership by BFG. Additional information about Riverfront is available in Riverfront’s Form ADV Part 2A Brochure.

Baird is affiliated, and may be deemed to be under common control, with Greenhouse Funds LP (“Greenhouse”) and Greenhouse Fund GP LLC


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("Greenhouse GP") by virtue of their common indirect ownership by BFG.

Affiliated Mutual Funds , ETFs and Investment Companies Baird is the investment adviser and principal underwriter for Baird Funds, Inc. (the “Baird Funds”). Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed-income securities (the “Baird Bond Funds”). Baird Equity Asset Management provides investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”). CCM provides investment management and other services to certain Baird Funds pursuing global or international investment strategies (the “Chautauqua Funds”). As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus and statement of additional information available at www.bairdfunds.com.

Baird Advisors serves as investment sub-adviser to a mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information.

Baird Advisors also serves as investment sub-adviser to two sub-funds of PrivilEdge, a Société d’Investissement à Capital Variable (SICAV) (an investment company with variable capital) organized under the laws of Luxembourg. Baird receives compensation for the services provided to those sub-funds.

Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information.

CCM serves as investment sub-adviser to a mutual fund series of each of The Advisors’ Inner Circle Fund and Pace® Select Advisors Trust and Baird receives compensation for those services. Additional information about those mutual funds, including information relating to the fees paid by those funds for investment management services, is available in the funds’ prospectus and statement of additional information.

Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange-Traded Fund III. Additional

information about those mutual funds and ETFs, including information relating to the compensation paid to Riverfront by those funds for investment management services, is available in each fund’s prospectus and statement of additional information.

Affiliated Private Limited Partnerships CCM acts as investment manager for, and Baird is the general partner of, the Chautauqua International Growth Equity QP Fund, LP and the Chautauqua Global Growth Equity QP Fund, LP (the “Chautauqua Limited Partnerships”), and CCM serves as investment sub-adviser to the Multi-Advisor Funds International Fund. Those funds are private pooled investment vehicles that are not required to be registered with the SEC as investment companies.

Affiliated Private Equity Funds Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird Capital makes venture capital, growth equity and private equity investments primarily in the healthcare, technology and services, and products sectors. Baird, in combination with certain executive officers, may be deemed to control Baird Venture Partners Management Company I, LLC (“BVP I”); Baird Venture Partners Management Company III, LLC (“BVP III”); Baird Venture Partners Management Company IV, LLC (“BVP IV”); Baird Capital Partners Management Company III, LLC (“BCP III”); Baird Capital Partners Management Company IV, LLC (“BCP IV”); Baird Capital Partners Management Company V, LLC (“BCP V”); Baird Asia Partners Management Company I, LLC ("BAP I"); Baird Capital Partners Asia Management I Limited Partnership (“BCPA I”); Baird Capital Global Fund Management I LP (“BCGF I”); and Baird Capital Partners Europe Limited. BVP I, BVP III, and BVP IV participate in venture capital opportunities by generally investing in equity securities of early-to-growth stage companies. BVP I is the general partner of the three limited partnerships and is an investment adviser registered with the SEC. BVP III is the general partner of three limited partnerships and is an investment adviser registered with the SEC. BVP IV is the general partner of three limited partnerships and is an investment adviser registered with the SEC. BCP III, BCP IV and BCP V generally invest in equity securities of growing lower-middle market companies issued in management buyouts, recapitalizations, industry consolidations and growth equity transactions. BCP III is the general partner of three side-by-side limited partnerships and is an investment adviser registered with the SEC. BCP IV is the general partner of three side-by-side limited partnerships and is an investment adviser registered with the SEC. BCP V is the general partner of three side-by-side limited partnerships and is an investment adviser registered with the SEC. BAP I has organized a limited partnership to invest in growth equity and change of control investments in companies that would benefit from accessing manufacturing or distribution capabilities in China. BAP I is the general

http://www.bairdfunds.com/

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partner of one limited partnership and is an investment adviser registered with the SEC. BCPA I makes growth equity investments in smaller, high potential companies with substantial operations and growth opportunities in China. BCPA I is the general partner of three limited partnerships and is an investment adviser registered with the SEC. BCGF I generally makes buyout and growth equity investments in lower middle market companies in the U.S., U.K. and China. BCGF I is the general partner of four limited partnerships and is an investment adviser registered with the SEC. Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority and is the manager of certain partnerships formed to acquire businesses and make investments across a range of industry sectors.

In addition, Baird, in combination with certain executive officers, may be deemed to control Baird Principal Group Management Company I, LLC (“BPG I”). BPG I co-invests with private equity funds and private equity professionals in transactions in the United States and Europe. BPG I is the general partner of one limited partnership and is an investment adviser registered with the SEC. Only Baird employees were permitted to invest in the BPG I limited partnership.

Affiliated Hedge Funds Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Offshore Fund LP. Those funds are hedge funds that are not required to be registered with the SEC as investment companies.

Other Affiliated Financial Services Firms Baird is affiliated with, and may be deemed to control, bFinance UK Limited (“bFinance”) and bFinance’s related companies by virtue of Baird’s indirect control over those entities. bFinance is a financial services firm located in the United Kingdom and regulated by the Financial Conduct Authority.

Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients

and the interests of Baird and its affiliates and associates.

To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including Baird Financial Advisors, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. In addition, an Access Person who has discretionary authority over client accounts must generally pre-clear his or her trades or obtain prior authorization from his or her supervisor or Baird’s Compliance Department before executing a trade. The Code also generally prohibits Access Persons who have discretionary authority over client accounts from executing a security transaction for their personal accounts during a blackout period that can extend from one to seven days before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird management or by Baird’s Compliance Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request.

Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients.

Participation or Interest in Client Transactions Cash Sweep Program Baird offers to clients a Cash Sweep Program through which cash balances in client accounts are automatically deposited or “swept” into an interest-bearing deposit account or money market mutual fund. See “Custody” below for more information. In addition to the fee paid by the client related to the Services, Baird receives a fee from each bank or money market fund related to a client’s investment in the Cash Sweep Program for certain administrative, accounting and other services that Baird provides to the bank or fund. Through the Money Market Fund Option, Baird receives compensation from the money market mutual funds and their sponsors. Baird may waive receipt of any or all of this compensation. The compensation that Baird receives from the Bank Sweep Option and the Money

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Market Option gives it a financial incentive to recommend that clients invest cash balances in the particular sweep options included in the Cash Sweep Program. More detailed information about the Cash Sweep Program and the compensation Baird receives is available on Baird’s website at www.rwbaird.com/disclosures.

Trust Services Arrangements Baird maintains alliances with certain unaffiliated institutions, including Comerica Bank & Trust, National Association, that provide trust services. These unaffiliated institutions offer various types of trust services, including trust administration, custody, tax reporting and recordkeeping, to Baird clients. In connection with these alliances and the trust services provided by these unaffiliated institutions, Baird may provide marketing support services in assisting clients in their evaluation of the trust services. Baird may be compensated by these unaffiliated institutions for providing these marketing support services. Such annual compensation generally will not exceed 10% of the annual trust service fees received by the unaffiliated institution. This provides Baird a financial incentive to recommend firms that are part of the alliance.

Lending Arrangements Baird maintains alliances with certain unaffiliated lenders, including Tristate Capital Bank, that provide financing opportunities to Baird clients. Baird receives a referral fee from the lender in some instances. Baird compensates its Financial Advisors based upon the referral fees it receives. The amount of the referral fee varies, depending upon the lender and the amount of the financing. It is Baird’s practice to provide more specific information about the referral fee at the time a client obtains such financing. As a result of the foregoing, Baird and its Financial Advisors have a financial incentive to recommend that the client obtain loans from lenders that pay Baird referral fees.

Other Interests in Client Transactions Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its Financial Advisors. Baird and its Financial Advisors may have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or a Baird Financial Advisor.

Baird and its Financial Advisors may recommend to clients, and may buy and sell for client accounts, securities in which Baird and its affiliates and associates have a material financial interest. For more information, please see “Fees and Compensation” and “Other

Financial Industry Activities and Affiliations” above, and “Client Referrals and Other Compensation” below.

Brokerage Practices The Services provided under this Brochure only include services related to the creation of a Plan. The Services do not include the implementation of the Plan or the solicitation or execution of specific securities transactions. As a result, Baird does not recommend or select broker-dealers to effect transactions for client accounts as part of the Services. However, some clients elect to participate in other advisory programs or services provided by Baird to implement a financial plan. Under those circumstances, Baird may select broker-dealers. A client should consult with the client’s Financial Advisor or review the Form ADV Part 2A Brochure for the other advisory program or service for more information.

Review of Accounts Unless the client and Baird otherwise agree in writing, the client’s Financial Advisor and the Department generally do not provide ongoing review of a Plan or the client’s accounts or ongoing reporting. If a client requests and Baird agrees in writing to provide ongoing review of a Plan or other Services, the scope and frequency of the review or performance of other Services will be specified in the client’s Agreement.

If a client opens an Account with Baird, Baird will generally provide the client with a monthly brokerage account statement when activity occurs during that month. Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity.

Client Referrals and Other Compensation Baird may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s account. The amount of compensation will vary, with the specific level determined based upon consideration of various factors including, but not limited to, the individual’s role in developing the client relationship and the assets under management. Baird may pay these fees to registered representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird.

Baird and its affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” above.

http://www.rwbaird.com/disclosures

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Custody Unless a client elects to open an account with Baird (an “Account”) in connection with the Services, Baird does not have custody of client assets and it does not recommend or select custodians for client accounts as part of the Services.

If a client opens an Account with Baird, Baird will act as the custodian of the client’s assets in the Account and will provide certain custody services, including holding the client’s Account assets, crediting contributions and interest and dividends received on securities held in a client’s Account, and making or “debiting” distributions from the Account. Information about account statements and performance reports, if any, that Baird provides to clients is contained under the heading “Review of Accounts” above.

As custodian, Baird may hold a client’s Account assets in nominee or “street” name, a practice that refers to securities and assets being registered in Baird’s name or in a name that Baird designates, rather than in a client’s name directly. Baird will be the holder of record in those instances.

Baird may utilize one or more subcustodians to provide for the custody of a client’s assets in certain circumstances. For instance, Baird utilizes subcustodians to maintain custody of certain client securities that are traded on foreign exchanges.

Baird offers to clients a Cash Sweep Program through which cash balances in client accounts are automatically deposited or “swept” into an interest-bearing deposit account (the “Bank Sweep Option”) established by Baird with one or more banks selected by Baird for inclusion in the Cash Sweep Program. Certain clients who meet the eligibility requirements may, as an alternative, invest their cash in one or more taxable or tax-exempt money market mutual funds (the “Money Market Fund Option”) that Baird makes available as part of the Cash Sweep Program. Baird generally receives compensation in addition to the Transaction Fee when clients participate in the Cash Sweep Program. See “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Other Interests in Client Transactions—Cash Sweep Program” above for more information.

If a client elects to participate in Baird’s Cash Sweep Program, Baird will deposit or invest (i.e., “sweep”) a client’s free credit balances in accordance with the client’s instructions and terms of the Cash Sweep Program. Any deposits, including CDs that a client maintains directly with a bank or through an intermediary (such as Baird or another broker), in the same capacity with the bank, will be aggregated with the client’s Bank Sweep Option assets at the bank for purposes of calculating the $250,000 FDIC insurance limit. Total deposits exceeding $250,000 may not be

fully insured by the FDIC. A client is solely responsible for monitoring the total amount of other deposits that the client has with a bank in order to determine the extent of deposit insurance coverage available. Baird is not responsible for any insured or uninsured portion of a client’s deposits at a bank.

Baird in its sole discretion may accept certain clients whose assets are held by another custodian that is acceptable to Baird in its sole discretion (a “third party custodian”). A client who uses a third party custodian to hold Account assets does so at the client’s risk. A client should understand that Baird does not monitor, evaluate or review any third party custodian. The client should also understand that the client will pay a custody fee to the third party custodian in addition to the fees the client pays to Baird. Baird may also impose additional fees on Accounts with assets held by a third party custodian due to the increase in resources needed to administer those Accounts. Further, such third party custody arrangements may limit the investments made available to the client and the client may not receive performance review or reporting from Baird. In addition, a client who uses a third party custodian is not eligible for cash sweep services offered by Baird. Clients using a third party custodian are encouraged to establish appropriate cash sweep arrangements.

A client who uses a third party custodian authorizes Baird to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s Account. Also, the client will receive account statements directly from the client’s selected custodian. A client should carefully review those account statements and compare them with any statements provided by Baird. A client should note that the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird due to a variety of factors, including the use of different valuation sources and accounting methods (e.g., trade or settlement date accounting) by the custodian and Baird.

Investment Discretion Baird does not have discretionary authority to buy or sell securities for client accounts or otherwise act for client accounts in connection with the Services. A client retains full discretionary authority over client’s accounts and is solely responsible for implementing any Plan.

Voting Client Securities Baird does not have authority to vote proxies with respect to the securities held in the client’s account or otherwise act for client accounts in connection with the Services. A client retains the right to vote proxies with respect to the securities held in such accounts and is solely responsible for voting any such proxies.

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Financial Information Baird does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of its most recent fiscal year. Baird is not aware of any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to clients, nor has it been the subject of a bankruptcy petition at any time during the past ten years.

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Baird Privacy Policy Last Updated: November 2016

It is the policy of Robert W. Baird & Co. Incorporated (“Baird”) to protect the privacy of our clients who share personal and financial information with us in the course of receiving financial services from Baird. We treat your information as confidential and recognize the importance of protecting access to it.

Baird protects your privacy and treats as confidential any personal or financial information we receive in the course of providing our financial services to you. We are providing you with our Privacy Policy in accordance with Title V of the Gramm-Leach-Bliley Act and its implementing regulations.

Categories of Information We Collect

Baird collects and maintains information about our clients so that we can evaluate their financial needs and provide a broad range of financial services. You may provide information to your Baird Representative or others at Baird when communicating with us in writing, electronically, or by phone.

For instance, we may collect the following personal information about you:

• Information we receive from you on account applications, agreements or other forms, such as your name, address, e-mail address, phone number, Social Security number, assets, income and date of birth

• Information about your transactions with us, our affiliates, or others, such as your account balance, positions and history

Depending on the products and/or services you require, information may also come from consumer reporting agencies and those providing services to us.

Cookies

Baird uses a first party cookie to collect information about visitor website visitors (non-identifiable demographic information) and their behavior on our website. The information is then stored by Google Analytics for use in analyzing this site visitor demographics and behavior. Information that is collected includes; age, gender, location, the pages you visit, how long you are on the site, how you arrive at the site and links that you click on. This information is not personally identifiable. Learn more about

http://www.rwbaird.com/help/safety-security/cookies Baird’s use of cookies on our sites:

Protecting Your Privacy

We do not disclose any nonpublic information about our clients or former clients to anyone, except as requested or authorized by our clients, as necessary to process a transaction or service an account, as requested by regulatory authorities, or as otherwise permitted by law.

We may disclose information about you or your account with companies that perform administrative or marketing services for Baird, with investment advisors, with a research firm we have hired, or with a business partner (such as a bank, insurance company, or other financial institution) with whom we are developing or offering investment products or services. When we enter into such a relationship, our contracts restrict the companies' use of client information, requiring them to maintain the confidentiality of such information.

We also restrict access to nonpublic personal information about you to your Baird Representative and those Baird employees who need to know that information to provide investment products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information. If your Financial Advisor’s affiliation with Baird ends and they join a non-affiliated broker-dealer, your Financial Advisor may use limited information to contact you to move your account to

http://www.rwbaird.com/help/safety-security/cookies

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their new firm. The information they may use is limited to your name, address, email address, phone number and account title.

At Baird, we have always worked to maintain the highest standards of confidentiality and to respect the privacy of our clients. While recent regulation requires that we provide this notice, Baird's Privacy Policy reflects the level of confidentiality that has always existed at Baird.

You may have instructed Baird to share certain information with members of your Baird household or with other third parties. If you have given such instructions to Baird, you have the ability to revoke these instructions by contacting your Baird Financial Advisor.

We endeavor to keep our client information complete and accurate, and encourage you to notify us if any of your information should be updated. Should you need to update your records, or have any questions regarding Baird's Privacy Policy, please contact your Baird Financial Advisor.

It also is important that you check Baird’s website often for updates to Baird’s Privacy Policy. The most current version of Baird’s Privacy Policy will always be available here http://www.rwbaird.com/help/

. The month and year at the top of the page indicates the last safety-security/privacy-policy.aspxPrivacy Policy content update.

http://www.rwbaird.com/help/safety-security/privacy-policy.aspx

http://www.rwbaird.com/help/safety-security/privacy-policy.aspx

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Financial Planning Agreement

Each person (individually or collectively defined as “Client”) signing this Financial Planning Agreement (the “Agreement”) hereby retains Robert W. Baird & Co. Incorporated (“Baird”), which is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), to provide the types of financial planning or other services (the “Services”) that Client may from time to time select in accordance with, and subject to, the terms of this Agreement.

In consideration of the agreements described herein, Client and Baird hereby agree as follows:

1. Financial Planning Services Financial Plan (a)

If Client wishes to obtain a financial plan from Baird, Client will need to define his or her financial goals, needs and objectives and gather and provide relevant information to Baird. Client agrees to complete a financial planning questionnaire to help define Client’s financial goals, needs and objectives and provide relevant information to Baird. Upon request, a Baird Financial Adviser or other Baird representative may provide assistance with the questionnaire.

Based upon the responses to the questionnaire and other information provided by Client, Client’s Baird Financial Advisor and/or Baird’s Financial Planning Department (the “Department”) will prepare a written financial plan (a “Plan”) for Client. The contents of the Plan will depend upon the particular needs and requests of Client. The Plan will address those financial planning topics agreed to by Baird and Client and set forth on the signature page to this Agreement. The Plan will generally evaluate Client’s retirement, life insurance, education funding, estate and/or other cash flow needs and provide recommendations and strategies for meeting those needs. The Plan generally includes an analysis of Client’s investment needs and goals and recommends an asset allocation and/or broad categories of investment alternatives designed to achieve Client’s goals. Recommended investment categories may include cash, equity and fixed-income securities, and for some clients, a Plan may recommend allocations to “satellite” or “alternative” asset classes, such as commodities, emerging markets, global real estate, high-yield fixed-income securities, and mutual funds with fund of hedge fund strategies.

If requested by Client and agreed to by Baird, the Plan may consist of an estate plan analysis designed to provide information on possible gift and estate tax consequences for Client related to the transfer of assets during his or her lifetime or at death. This estate plan analysis may make recommendations regarding advanced estate planning techniques specific to high net worth families.

If requested by Client and agreed to by Baird, the Plan may consist of a detailed stock option analysis. This analysis may calculate the approximate tax cost associated with stock option exercises over a number of years. It may also compare various stock option exercise strategies to help determine the optimal strategy from a tax and investment standpoint.

The Plan will set forth recommended actions in furtherance of Client’s goals, needs and objectives. Client understands and agrees that, in developing Client’s Plan, Baird does not assume or undertake any

responsibility for implementing the recommended actions or for monitoring the actions taken by Client unless Baird has otherwise agreed to do so in writing.

A Baird Financial Advisor may assist Client in implementing the Plan under a separate arrangement; however, Client is not obligated to implement the Plan through Baird. Clients may utilize a financial advisor of their choice and may choose to implement only a portion of the recommendations included in the Plan. Client understands and agrees that, since Client is not obligated to implement the Plan, neither the Baird Financial Advisor nor the Department performs a subsequent review or periodic or continual monitoring of Client’s assets after delivery of a Plan unless Baird has otherwise agreed to do so in writing.

A Plan is effective as of the date indicated thereon. Client understands and agrees that after Client has received the Plan, Baird undertakes no obligation to implement the actions recommended in the Plan, to review or monitor Client’s investments, other assets, financial position or returns, or to update or modify the Plan, unless Baird has otherwise agreed to do so in writing. Client understands that any changes to Client’s financial and personal position and needs will affect the analyses, information and recommendations made in the Plan. Client further understands that financial planning is an ongoing process and that Client should regularly consider whether financial and personal changes warrant a re-evaluation of the Plan.

Additional Financial Planning Services (b)

In addition to the development and delivery of a Plan described above, Baird also offers certain additional financial planning services (“Additional Planning Services”). The Additional Planning Services made available to clients include: a discovery process, budget planning and review, goal setting (which may include goals and strategies for debt reduction or savings for education or other funding needs), goal action planning and implementation, goal check in meetings, general financial planning review (which may include reviewing and updating a Plan), investment review and retirement funding review.

The Additional Planning Services, if any, to be provided to Client are set forth on the signature page to this Agreement.

Other Important Financial Planning Services Information (c)

Client understands and acknowledges that the Services do not include the analysis or recommendation of specific securities or other investments or the implementation of investment strategies, although those services may be provided by Baird and/or a Baird Financial Advisor under a separate agreement with Baird. The Services only offer Client a recommendation as to the allocation of Client’s investment portfolio among various asset classes generally, which may include recommendations regarding allocations to alternative asset classes. The recommended allocation will reflect Baird’s analysis of different asset classes and the different levels of risk associated with various investments. Client understands that analysis involves the consideration of past performance and the use of forward looking projections that are based upon certain assumptions about how markets will perform in the future.

Baird may use other entities to assist in the preparation of a Plan, such as the use of third party planning software and research

Robert W. Baird & Co. Incorporated Financial Planning Agreement Page 2 Rev. 12/07/2015

providers. Baird will not separately charge Client for use of these other entities except with Client’s consent.

The Services provided by Baird may also include limited consultations with the other professionals assisting Client, such as Client’s attorney or tax adviser. More comprehensive financial planning services may involve the Baird Financial Advisor, working either independently or with individuals from other Baird departments, considering more complex issues in financial planning and reviewing estate planning strategies. A client’s other professional advisers often play an integral role in the Services. Since Client’s other professional advisers will likely play an integral role in the Services, Client hereby authorizes and directs Baird to share Client’s information with such professional advisers to the extent necessary to provide the Services.

Client understands and acknowledges that, in preparing a Plan for Client or providing other Services, Baird relies on the accuracy and completeness of the information that Client provides in the financial planning questionnaire and otherwise, without independent verification. Client understands and agrees that Baird is not responsible for any inadequacies or errors contained in the Plan or other advice provided in connection with the Services that result from Client’s failure to provide Baird with accurate or complete information.

Baird’s advisory relationship with Client terminates automatically upon the cessation of Services, which occurs when Baird delivers the Plan to Client, unless Baird has agreed in writing to provide Additional Planning Services, in which event the advisory relationship terminates upon the cessation of Additional Planning Services.

Client may, but is not required to, enter into a new relationship with Baird to implement the Plan or other recommendations made by Baird. If Client already has a separate brokerage or advisory relationship with Baird while the financial planning Services are being provided to Client, the termination of financial planning Services will not affect that pre-existing relationship. If Client enters into a new relationship with Baird following the cessation of financial planning Services, that relationship would generally be brokerage in nature and not advisory unless Client and Baird separately agree to enter into an investment advisory contract.

2. Legal and Tax Considerations Client understands and agrees that Baird and its associates will not provide legal or tax advice to Client pursuant to this Agreement and that no advice provided by Baird or any of its associates shall be deemed to be legal or tax advice. Client understands that Client should consult with Client’s personal legal and accounting professionals regarding any Plan or other financial planning Services provided by Baird.

If Client obtains an estate plan analysis, Client understands that Client should consult with Client’s personal legal and accounting professionals to determine appropriate estate planning strategies and to prepare any necessary documents required to implement an estate plan.

Additional laws, regulations and other conditions apply to retirement accounts, which include employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as amended (“IRC”) (collectively, “Retirement Accounts”). Each owner, trustee,

named fiduciary, responsible plan fiduciary, or other fiduciary acting on behalf of a Retirement Account (“Retirement Account Fiduciary”) understands and agrees that Baird and its associates do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts.

3. Fees and Expenses Client agrees to pay all fees and other charges relating to any Services that Baird provides to Client.

Fee for Financial Plan (a)

If Client has engaged Baird to provide a Plan, Baird’s fee for providing the Plan is set forth on the signature page to this Agreement. The payment of the fee is payable in full upon delivery of the Plan by Baird to Client. Following delivery of a Plan, Client understands that if Client wishes to have follow-up consultations, such follow-up consultations generally will be subject to additional fees and charges, at a rate agreed to by Client and Baird.

Additional Financial Planning Fees (b)

If Client has engaged Baird to provide Additional Planning Services, Baird’s annual fee for providing those Services is set forth on the signature page to this Agreement. Unless otherwise indicated on the signature page, the annual fee is payable in advance each calendar quarter in equal installments.

Other Fee and Expense Information (c)

Baird’s fees and other charges relating to the Services may be automatically deducted from Client’s designated Baird account or Client may instruct Baird to issue Client an invoice for the fees and charges (“direct billing”). The signature page sets for the specific terms of payment.

Client understands that the fees and charges paid to Baird by Client only cover the preparation and delivery of the Plan, and if applicable, the performance of the Additional Planning Services. Baird’s fees and charges do not include any costs or expenses associated with implementing the Plan or other recommendations made in connection with the Services, including, without limitation, fees that may be charged by investment advisors or managers advising Client or managing Client’s assets or other service providers, such as custodians and broker-dealers.

Client further understands that Baird’s fees and charges do not include the fees and charges of Client’s other service providers. Client further understands that if a Baird Financial Advisor or other representative of Baird discusses matters relating to a Plan or the Services with Client’s tax or legal advisors, Client may be charged a separate fee by those advisors.

4. Important Disclosures Client understands and acknowledges that the particular investment advisory services that Baird provides in connection with the Services, the terms and conditions of such Services, and other important information about the Services (including the associated risks, fees and expenses) and about certain persons providing services to Client, are further described in Baird’s Form ADV Part 2A Brochure for its Financial Planning Services (the “Baird Brochure”) and the Form ADV Part 2B Brochure Supplements for the Department and Client’s Financial Advisor(s) (collectively, “Brochure Documents”) that have


been delivered to Client. Client should read those documents carefully.

If Client opens one or more accounts with Baird relating to the services provided under this Agreement (each, an “Account”), client understands, acknowledges and agrees that each such Account and each Account that Client may open in the future are subject to the terms and conditions of this Agreement and Client’s Client Relationship Agreement with Baird.

Client understands, acknowledges and agrees that the Baird Brochure and each other document, schedule or form reflecting Client’s program or service selections provided by Baird to Client now or in the future, is a part of this Agreement and incorporated herein by reference. By obtaining the Services, Client agrees to be bound by all of the applicable terms and conditions contained in those documents.

If Client engages Baird to provide brokerage or advisory services in addition to the preparation of a Plan or provision of Services, Baird will earn additional compensation in the form of fees and/or commissions. Thus, any recommendation to use Baird to implement the Plan or other recommendations made pursuant to the Services presents a conflict of interest. Additional information about conflicts of interest is contained in the Baird Brochure.

It is Baird’s policy to protect the privacy of clients that share personal and financial information with Baird in the course of receiving financial services from Baird. Baird treats Client information as confidential and recognizes the importance of protecting access to it. Client should refer to the document entitled “Baird’s Privacy Statement”, which has been provided to Client, for more information.

5. Limitation of Liability Client understands that investing involves risks that are borne solely by Client. Client acknowledges and agrees that Baird does not in any way guarantee Client’s accounts against any loss or decline in value, nor does Baird make any representation or commitment whatsoever as to the performance, yield or return of Client’s accounts. Baird’s recommendations are based in part upon the use of forward looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. Client understands that there is no guarantee that markets will perform in the manner assumed and the actual performance of markets and Client’s investments could differ materially from those assumptions.

CLIENT AGREES THAT NONE OF BAIRD, ITS AFFILIATES, OR ANY OF THEIR RESPECTIVE CURRENT OR FORMER OFFICERS, DIRECTORS, AGENTS, OR EMPLOYEES (EACH, A “COVERED BAIRD PARTY”) SHALL BE LIABLE TO CLIENT OR ANY OTHER PERSON FOR: (I) ANY ACT OR FAILURE TO ACT, OR FOR ANY ERRORS OF JUDGMENT, BY A COVERED BAIRD PARTY, EXCEPT TO THE EXTENT A COURT OR ARBITRATOR OF COMPETENT JURISDICTION HAS DETERMINED SUCH COVERED BAIRD PARTY TO HAVE BEEN NEGLIGENT, BREACHED A DUTY TO CLIENT, OR VIOLATED APPLICABLE LAW; (II) ANY ACT OR FAILURE TO ACT BY CLIENT OR AN AGENT OF CLIENT; (III) ANY MISSTATEMENTS IN, OR OMISSIONS FROM, DOCUMENTS PROVIDED TO CLIENT THAT WERE NOT PREPARED OR APPROVED BY BAIRD; (IV) ANY ACT OR FAILURE TO ACT BY A COVERED BAIRD PARTY IN RELIANCE UPON INSTRUCTIONS REASONABLY BELIEVED BY A BAIRD COVERED PARTY TO HAVE BEEN PROVIDED BY CLIENT OR AN AGENT OF CLIENT; (V) CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR ANY SERVICE A COVERED BAIRD PARTY PROVIDES TO CLIENT; OR (VI)

ANY LOSSES CAUSED DIRECTLY OR INDIRECTLY BY GOVERNMENT RESTRICTIONS, EXCHANGE OR MARKET RULINGS, SUSPENSIONS OF TRADING, ACTS OF WAR, TERRORISM, STRIKES, POWER OUTAGES, OR OTHER EVENTS OR CONDITIONS BEYOND A COVERED BAIRD PARTY’S REASONABLE CONTROL.

Nothing in this Agreement shall constitute a waiver or limitation of any rights that the parties may have under applicable law, including securities laws, ERISA or the IRC (if applicable), or rules or regulations of self-regulatory organizations of which Baird is a member.

6. Arbitration Agreement This Agreement contains a pre-dispute arbitration clause. By signing an arbitration agreement, the parties agree as follows:

• ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED.

• ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY LIMITED.

• THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS.

• THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD UNLESS, IN AN ELIGIBLE CASE, A JOINT REQUEST FOR AN EXPLAINED DECISION HAS BEEN SUBMITTED BY ALL PARTIES TO THE PANEL AT LEAST 20 DAYS PRIOR TO THE FIRST SCHEDULED HEARING DATE.

• THE PANEL OF ARBITRATORS MAY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY.

• THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT.

• THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED IN THIS AGREEMENT.

Client and Baird agree that any claim or controversy between Client or Agents of Client on the one hand, and Baird or any of Baird’s present or former officers, directors, agents or employees on the other hand, shall be settled by arbitration.

This Arbitration Agreement shall apply to any claim, controversy or issue arising from events that occurred prior to, on, or subsequent to the execution of this Arbitration Agreement concerning or relating to: (i) any Baird account; (ii) any transaction between the parties described herein whether or not such transaction occurred in a Baird account; (iii) the construction, performance or breach of this Agreement or any other agreement between Client and Baird; or (iv) the services provided, or any duty or obligation owed to Client, by Baird or any of its present or former officers, directors, agents or employees.

This Arbitration Agreement shall be interpreted according to the laws of the State of Wisconsin. Any arbitration under this Arbitration


Agreement shall be before the Financial Industry Regulatory Authority (“FINRA”), and shall be conducted in accordance with the rules of such organization. The award of the arbitrators, or of the majority of them, shall be final, and judgment upon the award rendered may be entered into any court, state or federal, having jurisdiction.

No person shall bring a putative or certified class action to arbitration, or seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action or is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action, until: (i) the class certification is denied; or (ii) the class is decertified; or (iii) the Client is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Arbitration Agreement except to the extent stated herein.

The Arbitration Agreement contained in this Section shall survive Client’s death, if Client is an individual, and shall survive Client’s dissolution, if Client is an entity, and shall survive termination or revocation of an account, this Agreement, or a Client’s agent’s appointment as a representative of Client, regardless of the reason for termination or revocation.

7. Term and Termination The term of this Agreement shall commence upon the parties’ execution hereof and shall continue until Baird delivers the Plan, at which time this Agreement shall automatically terminate, unless Baird has agreed in writing to provide Additional Planning Services, in which event this Agreement terminates upon the cessation of Additional Planning Services.

This Agreement may also be terminated by Client or by Baird at any time. Termination by Client shall be in writing, sent by registered mail to Robert W. Baird & Co. Incorporated, Attn: Fee Based Account Administration Department, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. If for any reason Baird finds it necessary to terminate this Agreement, notification will be made to Client in writing and sent by first class mail to Client’s address of record.

Client understands and agrees that Baird has no duties or obligations to Client at any time following the term or termination of this Agreement.

This Agreement shall survive any event that causes Client’s Financial Advisor to be unable to provide services to Client (either on a temporary or permanent basis), including if Client’s Financial Advisor ceases to be employed by Baird. In any such event, Baird will continue to provide services to Client and will as promptly as practicable assign another Financial Advisor to Client’s Accounts (either on a temporary or permanent basis) and Client will be notified of any such change.

8. Amendment Except to the extent prohibited by applicable law, Client understands, acknowledges and agrees that Baird may from time to time in its sole discretion update, change, or amend: (a) the terms or conditions applicable to the Services; (b) any Baird Brochure or other disclosure document provided to Client; and (c) this Agreement or any other document provided to Client (each such update, change or amendment, an “Amendment”). Each such Amendment shall become effective immediately upon delivery to Client of a notice of such Amendment or at such later date specified in the notice. Client

hereby consents to the delivery of any such notice by United States Mail or courier. Client understands, acknowledges and agrees that Client’s continued participation in the Services following any such notice constitutes Client’s consent, acceptance and agreement to the applicable Amendment. If Client does not wish to agree to an Amendment, Client may change programs or services, cancel a Service, or terminate the Agreement. Except as specifically permitted in this Agreement, no provision of this Agreement can be, nor deemed to be, waived, altered, modified or amended unless agreed to in writing and signed by Baird.

9. Assignment and Successors This Agreement may not be assigned (within the meaning of the Advisers Act) by Baird without the prior consent of Client. Client hereby agrees that this Agreement and all the terms thereof shall be binding upon Client’s heirs, executors, administrators, personal representatives, successors and assigns. This Agreement shall inure to the benefit of Baird and any successor organization.

10. Governing Law This Agreement shall be deemed to have been made in the State of Wisconsin and shall be construed, and the rights and obligations of the parties shall be determined, in accordance with the laws of the State of Wisconsin without regard to conflicts of laws principles; provided that nothing herein shall be construed in any manner inconsistent with the Advisers Act, ERISA or IRC (if applicable) or any rule or regulation of the SEC or a self-regulatory organization of which Baird is a member. This Section shall survive termination of this Agreement regardless of the reason for termination.

11. Entire Agreement and Counterparts This Agreement, together with any other documents or Amendments delivered to Client from time to time, represent the entire agreement between the parties with regard to the matters described herein and therein. This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same agreement.

12. Severability and Headings If any provision of this Agreement shall be held or made invalid, void or unenforceable by reason of any law, statute, rule, regulation, court or arbitration decision, administrative order, or otherwise, the remainder of this Agreement shall not be affected thereby and, to such extent, the provisions of this Agreement shall be deemed to be severable. The heading of each Section of this Agreement is for descriptive purposes only and shall not be deemed to modify or qualify any of the rights or obligations set forth in each such Section.


Client Signature Page Client Account Information (If Client is opening an Account for Financial Planning Services, provide the title (registration) of the Client Account and Baird Account Number below.)

Title (Registration) of Client Account Baird Account Number

Financial Planning Services to be Provided (check all that apply)

Financial Plan (Plan will be prepared and delivered once.)

Financial Plan

Financial Plan to Include Estate Plan Analysis

Financial Plan to Include Stock Option Analysis

Additional Planning Services (Each selected Service will be provided once annually.)

Discovery Process

General Financial Planning and Budget Review

Preparation and Delivery of a Financial Plan

Goal Setting and Action Planning

Goal Progress Meetings

Investment and Asset Allocation Review

Retirement Funding Review

Fee Information

Fee for Financial Plan $________________

Method of Fee Payment: □ Client will be billed directly

□ Client’s Baird Account will be debited as described in Section 3 (Provide Account Number Below)

Baird Account Number:

Annual Fee for Additional Planning Services $________________

Method of Fee Payment: □ Client’s Baird Account will be debited as described in Section 3 (Provide Account Number Below)

Baird Account Number:

Note any Special Instructions Regarding Services or Fees in the Space Below

Client acknowledges that the Agreement contains a pre-dispute arbitration clause at Section 6.

Client hereby acknowledges receipt of the Brochure Documents and Baird’s Privacy Statement.

ROBERT W. BAIRD & CO. INCORPORATED Baird Financial Advisor or Baird Representative Name

Signature Date (MM-DD-YYYY)

Baird Branch Manager or Supervisor Name

Signature Date (MM-DD-YYYY)

CLIENT Full Legal Name of Client (Print or Type)

Legal Street Address Line 1

Legal Street Address Line 2

City State ZIP

Client Signature Date (MM-DD-YYYY)

This page is left intentionally blank

Robert W. Baird & Co. Incorporated

Brochure Supplement March 15, 2017

Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue Milwaukee, WI 53202 1-800-792-2473 rwbaird.com

Member FINRA & SIPC

SEC File No. 801-7571

This brochure supplement provides information about the persons listed above that supplements the brochure of Robert W. Baird & Co. Incorporated (“Baird”) and its Financial Planning Services. You should have received a copy of that brochure. Please contact Baird at the number listed above if you did not receive Baird's brochure of if you have any questions about the contents of this supplement. The persons listed above are Baird’s home office investment professionals that may provide services to clients from time to time in connection with the Financial Planning Services. Additional information about the persons listed above is available on the SEC’s website at www.adviserinfo.sec.gov.

Financial Planning Services

777 East Wisconsin Avenue Milwaukee, WI 53202 1-800-792-2473

Geofrey C. Banda

Audrey E. Blanke Richard J. Braun

Christopher J. Dolan

Brian J. Ellenbecker Scott M. Grenier

Richard B. Holman Timothy M. Steffen


2

Robert W. Baird & Co. Incorporated Baird FPS Brochure Supplement

777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/15/2017

800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC

Geofrey C. Banda

Educational Background and Business Experience

Geofrey C. Banda (Born in 1975)

BS, Economics & Finance, University of Dayton

MBA, University of Cincinnati

Portfolio Analyst, Robert W. Baird & Co. Incorporated, since November 2003; Vice President, Robert W. Baird & Co. Incorporated, since January 2012; Assistant Vice President,

Robert W. Baird & Co. Incorporated, from January 2007 to December 2011.

Disciplinary Information

Not applicable.

Other Business Activities

Not applicable.

Additional Compensation

Not applicable.

Supervision

Baird generally supervises Mr. Banda’s advisory activities by reviewing the suitability of investment advice and recommendations that he

provides to clients, periodically reviewing client

communications, and approving sales and advertising literature he uses. Timothy M. Steffen, Director, Robert W. Baird & Co. Incorporated, and Director of Financial Planning for Baird, is primarily responsible for supervising Mr. Banda’s advisory activities on behalf of Baird. Mr. Steffen’s telephone number is 1-800-792-

2473.

Audrey E. Blanke


Audrey E. Blanke (Born in 1992)

BA, Finance, University of Wisconsin-Madison

Financial Planning Associate, Robert W. Baird & Co. Incorporated, since January 2016; Private Wealth Management Intern, Robert W. Baird Incorporated, from May 2015 to December 2015.

Barista, Cosi Incorporated, from September 2013 to February 2014.

Librarian & Marketing Director’s Assistant, Stafford Rosenbaum LLP, from March 2012 to

September 2015.

Student, University of Wisconsin-Madison, from September 2011 to December 2015.


Not applicable.


Not applicable.


Not applicable.

Supervision

Baird generally supervises Ms. Blanke’s advisory activities by reviewing the suitability of investment advice and recommendations that she

provides to clients, periodically reviewing client communications, and approving sales and advertising literature she uses. Timothy M. Steffen, Director, Robert W. Baird & Co. Incorporated, and Director of Financial Planning for Baird, is primarily responsible for supervising Ms. Blanke’s advisory activities on behalf of Baird.

Mr. Steffen’s telephone number is 1-800-792-2473.

Richard J. Braun


Richard J. Braun (Born in 1967)

BA, Economics, University of Wisconsin-Madison

MBA, University of Wisconsin-Milwaukee

Financial Planner, Robert W. Baird & Co. Incorporated, since August 2014.

Investment Sales Specialist, Investment Sales

Consultant, Planning & Sales Assistant Director,

Northwestern Mutual Investments Services, LLC/Northwestern Mutual Life Insurance Company, from September 2004 to August 2014.


Not applicable.

3





Not applicable.


Not applicable.

Supervision

Baird generally supervises Mr. Braun’s advisory activities by reviewing the suitability of investment advice and recommendations that he provides to clients, periodically reviewing client communications, and approving sales and advertising literature he uses. Timothy M.

Steffen, Director, Robert W. Baird & Co.

Incorporated, and Director of Financial Planning for Baird, is primarily responsible for supervising Mr. Braun’s advisory activities on behalf of Baird. Mr. Steffen’s telephone number is 1-800-792-2473.

Christopher J. Dolan

Educational Background and

Business Experience

Christopher J. Dolan (Born in 1975)

Associate Degree, Spanish, Stephen E. Ricks College

BA, Spanish Teaching, Brigham Young

University

MBA in Finance, University of Washington

Financial Planner, Assistant Vice President, Robert W. Baird & Co. Incorporated, since January 2016.

Financial Consultant, Charles Schwab & Co.,

Inc., June 2013 to December 2015.

Account Executive, Fidelity Investments, October 2006 to June 2013.


Not applicable.


Not applicable.


Not applicable.

Supervision

Baird generally supervises Mr. Dolan’s advisory activities by reviewing the suitability of investment advice and recommendations that he

provides to clients, periodically reviewing client communications, and approving sales and advertising literature he uses. Timothy M. Steffen, Director, Robert W. Baird & Co. Incorporated, and Director of Financial Planning for Baird, is primarily responsible for supervising Mr. Dolan’s advisory activities on behalf of Baird.

Mr. Steffen’s telephone number is 1-800-792-2473.

Brian J. Ellenbecker


Brian J. Ellenbecker (Born in 1978)

BS, Finance, Marquette University

Senior Vice President, Robert W. Baird & Co. Incorporated, since January 2017; Senior Financial Planner, Robert W. Baird & Co. Incorporated, since January 2015; Vice President, Robert W. Baird & Co. Incorporated,

from January 2012 to December 2016; Assistant Vice President, Robert W. Baird & Co. Incorporated, from January 2007 to December 2011; Financial Planner, Robert W. Baird & Co.

Incorporated, from March 2005 to December 2014.


Not applicable.


Not applicable.


Not applicable.

Supervision

Baird generally supervises Mr. Ellenbecker’s

advisory activities by reviewing the suitability of investment advice and recommendations that he provides to clients, periodically reviewing client communications, and approving sales and advertising literature he uses. Timothy M. Steffen, Director, Robert W. Baird & Co.

Incorporated, and Director of Financial Planning for Baird, is primarily responsible for supervising Mr. Ellenbecker’s advisory activities on behalf of

4




Baird. Mr. Steffen’s telephone number is 1-800-792-2473.

Scott M. Grenier

Educational Background and Business Experience Scott M. Grenier (Born in 1976)

BA, Economics, Hamilton College

MSFS, The American College

Senior Estate Planner, Senior Vice President, Robert W. Baird & Co. Incorporated, since

January 2015; Financial Planner, Vice President,

Robert W. Baird & Co. Incorporated, from December 2010 to December 2014.


Not applicable.


Not applicable.


Not applicable.

Supervision

Baird generally supervises Mr. Grenier’s advisory activities by reviewing the suitability of investment advice and recommendations that he provides to clients, periodically reviewing client communications, and approving sales and

advertising literature he uses. Timothy M. Steffen, Director, Robert W. Baird & Co. Incorporated, and Director of Financial Planning for Baird, is primarily responsible for supervising Mr. Grenier’s advisory activities on behalf of Baird. Mr. Steffen’s telephone number is 1-800-

792-2473.

Richard B. Holman


Richard B. Holman (Born in 1971)

BA, Politics, University of Miami

JD, Florida State University

Senior Estate Planner, Vice President, Robert W. Baird & Co. Incorporated, since October 2014.

Corporate VP of Case Development, The Nautilus Group, New York Life Insurance Company/NYLife Securities LLC, from February 2008 to October 2014.


Not applicable.


Not applicable.


Not applicable.

Supervision

Baird generally supervises Mr. Holman’s advisory activities by reviewing the suitability of investment advice and recommendations that he provides to clients, periodically reviewing client communications, and approving sales and advertising literature he uses. Timothy M.

Steffen, Director, Robert W. Baird & Co. Incorporated, and Director of Financial Planning for Baird, is primarily responsible for supervising Mr. Holman’s advisory activities on behalf of Baird. Mr. Steffen’s telephone number is 1-800-792-2473.

Timothy M. Steffen

Educational Background and Business Experience Timothy M. Steffen (Born in 1969)

BS, Accountancy, University of Illinois

Director of Financial Planning, Robert W. Baird

& Co. Incorporated, since August 1999; Director, Robert W. Baird & Co. Incorporated,

since July 2014; Senior Vice President, Robert W. Baird & Co. Incorporated, from January 2004 to June 2014; First Vice President, Robert W. Baird & Co. Incorporated, from January 2000 to December 2003; Vice President, Robert

W. Baird & Co. Incorporated, from August 1999 to December 1999.

Disciplinary Information Not applicable.

5




Other Business Activities Not applicable.

Additional Compensation Not applicable.

Supervision

Baird generally supervises Mr. Steffen’s advisory activities by reviewing the suitability of investment advice and recommendations that he

provides to clients, periodically reviewing client communications, and approving sales and advertising literature he uses. Laura K. Thurow, Managing Director, Robert W. Baird & Co.

Incorporated is primarily responsible for supervising Mr. Steffen’s advisory activities on

behalf of Baird. Ms. Thurow’s telephone number is 1-800-792-2473.