Cambridge Investment Research, the independent broker/dealer based in Fairfield, Iowa, has launched an outsourced CFO offering to better support its advisors working with high net worth clients.
The broker/dealer will pair advisors with an experienced CFO through 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 advisers, who can choose the services their clients may need on an a la carte basis. This includes household accounting, 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 development officer, said in a statement. of business.
CFO Personal Services is part of Cambridge's Private Client Solutions program, which connects advisors with experts in wealth and succession planning, tax and estate planning, business owner solutions, insurance, cash management and lending.
Other IBDs in the space have increased their support for HNW-focused advisors in recent years. LPL Financial offers a range of high net worth services within the LPL business solutions division, including case consultation support, advanced planning, estate and philanthropic planning, tax planning, custom portfolio building and access to a “virtual ensemble” practice.
Commonwealth Financial Network has an advanced planning team to support advisers with charitable planning, trust and estate matters, risk management and investment taxation, executive benefits and concentrated stock planning, among others.
Earlier this year, Cambridge announced the launch of a new RIA targeting smaller, fee-only advisors seeking flexible purchase options. BridgePort Financial Solutions is an independent entity from the Cambridge corporate RIA and broker/dealer and will take minority, majority or full ownership stakes in advisory businesses joining the platform.