Cambridge Investment Research Inc., a Fairfield, Iowa-based independent firm, has created a fee-only registered investment advisor in an effort to attract small independent firms.
BridgePort Financial Solutions, which launches with $1 billion in assets under advisement, can provide smaller RIAs with support in areas such as technology, practice management, outsourcing solutions, and succession and acquisition.
“BridgePort is our newest solution for fee-only financial advisors interested in taking that next step,” Jeff Vivacqua, president of growth and development at Cambridge, said in a statement.
“We created BridgePort with the smaller RIA business owner in mind; for many firms that fall into this category, it may make sense to streamline operations and accelerate their growth pattern by becoming part of a larger group,” he continued. “That is why we created this standalone firm, it is a different business model than Cambridge.”
According to the statement, small firms can strike a deal with BridgePort that involves full ownership of their business or a minority or majority stake. They can also choose to retain their own branding or adopt BridgePort’s branding.
Eddie Rollins, a former partner at Horizon Investments who led its distribution efforts, was named managing director of BridgePort.
Three advisor groups overseeing more than $700M in combined client assets head to new firms.
New research finds most Americans fear a US retirement crisis, while skepticism grows toward AI financial advice and crypto in retirement plans.
Getting a client into a fund has never been easier – but after that, the hardest part is yet to come.
A former NYLIFE Securities rep was permanently barred after using internet-enabled glasses to cheat on the Series 6 exam
Both of Vanguard's acquisitions have targeted the RIA industry, but the first ended in a legal settlement just weeks before buying Altruist.
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
