Bob Schrieber: Baird Advisor Lands $100K Suitability Complaint

Elgin, Illinois financial advisor Bob Schrieber (CRD# 1811758) allegedly recommended an unsuitable investment, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Robert W. Baird & Company.

Mr. Schrieber’s BrokerCheck report discloses one investor complaint. Filed in January 2024, it alleges that as a representative of Robert W. Baird & Company, he recommended an unsuitable investment in a stock product. The pending complaint alleges damages of $100,000.

Under FINRA’s suitability standard, brokers must “have a reasonable basis to believe” that when they recommend an investment or strategy to their client, the recommendation is appropriate, or suitable, for the client’s background and objectives. FINRA Rule 2111 stipulates that they must arrive at this determination “on the information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” An investor’s profile includes their age, risk tolerance, investment background, liquidity needs, investment objectives tax status, net worth, and more. “A broker’s ‘recommendation,’ which is based on the facts and circumstances of a particular case, is the triggering event for application of the rule,” according to the rule.

Robert W. Baird & Company’s website includes a profile of Mr. Schrieber that describes him as a Managing Director of The Schrieber Group, a practice within the firm. “He excels at designing plans to help meet the financial goals and objectives for his clients,” the profile states. “He has seen first-hand that this can help put them on the path in pursuit of their specific aspirations as he continues to review the progress with them. Bob believes that the most important part of the relationship between himself and his clients is trust.”

According to the Financial Industry Regulatory Authority, Bob Schrieber holds 36 years of securities industry experience. Based in Elgin, Illinois, he has been a broker and an investment advisor with Robert W. Baird & Company since 2019. His registration history includes Wells Fargo Clearing Services (Elgin, Illinois; 2008-2019), AG Edwards & Sons (Elgin, Illinois; 1995-2008), and Edward D. Jones & Company (St. Louis, Missouri; 1988-1995). His credentials include the passage of eight securities industry qualifying exams: the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He holds 36 state licenses. (Information current as of March 16, 2024.)

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