Celebrating Don Asfahl’s Remarkable Career

We’re excited to celebrate the retirement of Don Asfahl, Chairman of Baird Trust, who stepped away in September after an incredible 50-year career. Don’s legacy is one of genuine care, humility and outstanding service – qualities that have touched countless families and colleagues over the decades.

Don managed more than $2.5 billion in assets for high-net-worth families and major institutions, always with the goal of putting people first. Whether helping clients grow  their assets or simply offering a kind word and steady guidance, Don’s personal touch set the gold standard for client relati onships. He’s known for treating everyone with respect, responding to challenges with wisdom and bringing a sense  of calm to even the most complex situations. And he’s not afraid to have a little fun, like when he wore a Batman costume to a quarterly meeting!

Don’s leadership and example have shaped the culture at Baird Trust, inspiring colleagues to strive for objectivity, transparency and true partnership. He’s always quick to share credit with his team and is admired for his emotional intelligence and  investment expertise – attributes that led to his recognition as Baird’s 2025 Kasten Award winner for outstanding external client service.

Now that he is retired, Don plans on traveling with his wife and spending time with his two children and four grandchildren. As Don begins this new chapter, we thank him for his friendship and mentorship and wish him many new adventures in retirement.

“I’ve had the good fortune of working for and then alongside Don since 2006. When I think of him, what immediately comes to mind is consistent excellence at serving his clients. He had a process that he followed day in and day out, and he always set high expectations for himself. But Don was kind as well, and his clients and colleagues alike would regularly turn to him for insight, wisdom and reassurance. I wish him nothing but the best on his well-earned retirement.”

— Mark Nickel, CFP®, President & CIO, Baird Trust

“I’ve known Don for 40 years, even from before he joined Hilliard Lyons in the 1990s. The quality of Don’s character as a person has been instrumental in defining his professional career. His education, base of knowledge and extensive experience are impressive on their own – but when those attributes are combined with his kind and understated demeanor and his ability to truly listen, comprehend and advise, you have an individual who instantly instills trust with clients and Financial Advisors. If you were to pick someone from the organization you would want to join you for your biggest, most important client, 10 times out of 10 it would be Don. His impact and legacy will live on indefinitely.”

— James R. Allen, CFA, Vice Chair of Baird, Former Chairman and CEO of Hilliard Lyons

“I’ve had the pleasure of working alongside Don for 34 years. He has led by example with strong work habits, great focus and high  integrity that never wavered, and all his interactions with clients and co-workers included fairness and kindness. Through all the ups  and downs in our industry over the years, Don’s consistent excellence has been a great contributor to the success of Baird Trust.”

— Andrew W. Means, CFA, Director of Equity Investments, Baird Trust