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Cambridge Investment Research IBD

Cambridge Brings Outsourced CFO to HNW Advisors

Cambridge has partnered with Hero CFO to bolster its financial reporting capabilities for wealthy clients.

Cambridge Investment Research, the Fairfield, Iowa-based independent broker/dealer, has launched an outsourced CFO offering to better support its advisors working with high-net-worth clients.

The broker/dealer will pair advisors with a seasoned CFO, via a partnership with Hero CFO, a subsidiary of Compass CFO Solutions, to provide the services.

The new service will be available to Cambridge’s 3,700 advisors, who can choose services their clients may need on an a la carte basis. That includes household bookkeeping, electronic bill payments and budget preparation and review.  

“By making personal CFO services easily accessible, we are revolutionizing the way financial professionals and their clients access concierge-level financial reporting,” Tammy Robbins, Cambridge's executive vice president and chief business development officer, said in a statement.

The personal CFO services are part of Cambridge’s Private Client Solutions program, which connects advisors with experts on wealth and legacy planning, tax and estate planning, business owner solutions, insurance, cash management and lending.  

Other IBDs in the space have been beefing up their support for HNW-focused advisors in recent years. LPL Financial offers a suite of high-net-worth services within its LPL Business Solutions division, including support with case consultations, advanced planning, estate and philanthropic planning, tax planning, customized portfolio construction and access to a “virtual ensemble" practice.

Commonwealth Financial Network has an advanced planning team to support advisors with charitable planning, trust and estate issues, risk management and investment taxation, executive benefits and concentrated stock planning, among other things.

Earlier this year, Cambridge announced the launch of a new RIA aimed at smaller, fee-only advisors looking for flexible acquisition options. BridgePort Financial Solutions is a standalone entity from Cambridge’s corporate RIA and broker/dealer and will take minority, majority or full ownership stakes in the advisor businesses that join the platform.  

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