Cambridge Investment Research Inc., which is privately owned, is following through on its commitment to target registered investment advisors, closing a series of deals to buy firms at the end of last year, according to a filing this week with the Securities and Exchange Commission.
The independent broker-dealer, like its competitors Osaic and Cetera Financial Group, has been working to build its registered investment advisor business; RIAs are more highly valued by potential buyers like private equity funds because of the cash flow those businesses generate.
Two years ago, Cambridge Investment Research, based in Fairfield, Iowa and with 4,100 financial advisors, said it was willing to pay financial advisor recruits a better deal if they move client assets to the firm's in-house money management system, WealthPort.
It’s not clear whether the firms or advisors Cambridge bought at the end of 2025 were receiving that 2024 deal on client assets. But the three transactions, one in November and two at the end of December, indicate that Cambridge is focused on building its headcount of advisors.
Cambridge also had a lot of success recruiting advisors from Commonwealth Financial Network last year after it was announced a year ago that LPL Financial was buying its rivals, industry executives noted.
“The problem with Cambridge is, they’re keeping quiet about recruiting Commonwealth advisors,” said one senior industry executive who spoke privately to InvestmentNews. “Unlike some of their competition, Cambridge hasn’t done any press releases announcing the Commonwealth teams they recruited last year.”
A spokesperson for Cambridge on Friday did not comment before this article was published.
It appears that Cambridge is working a two-way strategy to bring more advisors to the firm: recruiting advisors from rivals like the former Commonwealth Financial or Osaic, and buying firms.
In November, Cambridge bought Dempsey Lord Smith, a broker-dealer with 75 advisors, for close to $5.2 million, according to the filing, which was made on Monday and is the firm’s annual audited financial statement to the SEC.
At the end of December, Cambridge acquired Mark Presley and Sterling Capital for $119,000 and IBN Financial Services Inc. and IBN Advisory Services, Inc. for $354,000, according to the filing. Earlier in the year, the company acquired the clients and accounts from Cambridge advisor William Eric Bishoff for $869,000.
Meanwhile Cambridge last year reported large recruiting deals as well. The firm in June announced it had signed up a huge office formerly affiliated with Osaic Inc., Ameriflex Group Inc., with $11.9 billion in customer assets and 129 advisors.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
