Cambridge Investment Research has crossed $2 billion in annual revenue for the first time, capping five years in which the independent broker-dealer and corporate RIA has doubled its top line while leaning hard into recruiting and M&A.
The Fairfield, Iowa-based firm said it officially hit the revenue mark on Oct. 31 and now works with more than 4,100 financial professionals nationwide. In addition to the revenue milestone, Cambridge reports overseeing more than $250 billion in assets under advisement and employing over 900 staff supporting advisors in all 50 states.
Chief executive Amy Webber framed the milestone as a reflection of long-running efforts to build around independence and firm culture rather than short-term growth.
In a Wednesday statement, Webber touted it as “a major achievement in our firm’s history,” crediting Cambridge’s financial professionals and associates for helping the company move from “scrapping for every opportunity” in the late 1990s to today’s scale.
This year’s revenue mark, which comes as Cambridge approaches its 45th anniversary in March next year, stacks onto a run of other wins the firm is highlighting to advisors.
Over the past 12 months, Cambridge says it set a new recruiting record, ranked third in J.D. Power’s Independent Advisor Satisfaction Rankings, and picked up the InvestmentNews Employer of Choice recognition at the Women to Watch Awards in October.
This summer, the firm also debuted what it describes as an AI-driven, fully agentic account-opening tool. The launch announcement in August described it as an industry first, touting the "digital associate" as a tool that can execute direct account openings in 17 minutes, compared to a small team that would take more than nine days. Moving forward, the firm said it aimed to have an integrated team of human and digital associates to elevate service and support across the organization.
President of growth and development Jeff Vivacqua said the revenue surge has been a collective effort. He said Cambridge is “proud to share this milestone with our 4,100+ advisors” and with associates who he said focus on creating better collaboration opportunities with financial professionals.
The revenue announcement also comes a week after the firm revealed it acquired Georgia-based Dempsey Lord Smith, which added roughly 75 financial professionals. Earlier in June, Cambridge also brought over Ameriflex Group, a large hybrid office that had been affiliated with Osaic, representing $11.9 billion in client assets and 129 advisors.
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