Cambridge Investment Research

Cambridge Investment Research, formally Cambridge Investment Research, Inc., is a United States-based financial-services company headquartered in Fairfield, Iowa. Its principal business is operating as an independent broker-dealer, while investment-advisory and asset-management activities are conducted through affiliated entities, including Cambridge Investment Research Advisors, Inc. The organization is associated with Cambridge Investment Group, Inc., a holding-company structure that brings together broker-dealer and registered investment-adviser subsidiaries. The company traces its origins to the early 1980s, although published reference material gives differing founding dates: the overview identifies 1981, while the historical account identifies 1985. Eric Schwartz founded the business and continued to control it during its early growth. By 2010, Cambridge was described as one of the larger U.S. brokerage dealers and remained founder-controlled at that time. Its independent-broker-dealer model places the firm between traditional wirehouse brokerage organizations and smaller registered investment advisers. Rather than being identified primarily with a consumer-facing product brand, Cambridge functions as infrastructure and support for financial professionals, supplying brokerage, advisory, platform, supervision, and related operational capabilities. Cambridge’s business scope includes broker-dealer services and investment management. Its affiliated advisory operation allows the broader organization to support investment-advisory relationships in addition to brokerage accounts. The available reference material does not provide a complete catalog of specific investment products, proprietary funds, fee schedules, or geographic operations beyond the United States, so those details are not asserted here. A significant governance event occurred in April 2016, when the U.S. Securities and Exchange Commission charged Cambridge Investment Research Advisors with inadequate supervision of an employee who defrauded at least 47 advisory clients and made unsuitable trades in certain client accounts. The advisory subsidiary settled the matter by paying a $225,000 civil penalty. The episode is relevant to the company’s compliance and supervisory history, but the available material does not establish broader findings about all of Cambridge’s operations. In January 2017, founder Eric Schwartz left the chief executive position and became executive chairman. Amy Webber, who was already president, became chief executive officer. Later in 2017, the organization was restructured under Cambridge Investment Group, Inc. as a holding company comprising multiple broker-dealer and registered investment-adviser subsidiaries, including Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc. This restructuring clarified the separation between the operating entities while preserving the broader Cambridge organization’s independent-financial-services model. Cambridge is therefore best understood as a private, U.S.-focused financial-services group whose visible brand is closely linked to independent brokerage and adviser support. Its positioning emphasizes the role of an independent intermediary and platform provider rather than a mass-market bank, insurer, or publicly traded asset manager. Publicly available reference material supplied for this entry does not establish current ownership details, current executive rosters beyond the documented leadership transition, revenue, assets under management, employee counts, or a current corporate website.

Cambridge Investment Research is a U.S. financial-services organization headquartered in Fairfield, Iowa. Reference material describes it as an independent broker-dealer with additional investment-management capabilities provided through Cambridge Investment Research Advisors, Inc. The organization’s published history contains a discrepancy concerning its founding date: the article overview places its establishment in 1981, while the historical section states that Eric Schwartz founded it in 1985. Because the supplied sources do not resolve that inconsistency, no single founding year is recorded as definitive in this dossier. Eric Schwartz founded the company and retained control during its formative period. By 2010, Cambridge was characterized as one of the larger brokerage dealers in the United States and was still controlled by Schwartz. Its business model centered on the independent-broker-dealer channel, supporting financial professionals rather than operating as a conventional consumer bank or a captive brokerage arm of a diversified banking group. The organization also developed an affiliated registered investment-adviser operation, enabling it to participate in advisory and asset-management activities alongside brokerage services. The company’s most prominent documented regulatory event occurred in April 2016. The U.S. Securities and Exchange Commission charged Cambridge Investment Research Advisors with failing to provide adequate supervision over an employee who defrauded at least 47 advisory clients and carried out unsuitable trading in certain client accounts. The advisory subsidiary resolved the case by paying a $225,000 penalty. The event placed supervisory systems and compliance controls at the center of the company’s public record, although the supplied material does not describe additional penalties or a wider institutional finding. Leadership changed in January 2017. Schwartz left the CEO role and became executive chairman, while Amy Webber, then president, became chief executive officer in addition to continuing as president. The change represented a transition from founder-led operational management toward a new executive leadership arrangement while preserving Schwartz’s connection to the organization through the chairmanship. Later in 2017, Cambridge adopted a holding-company structure under Cambridge Investment Group, Inc. The group included several broker-dealer and registered investment-adviser subsidiaries, specifically including Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc. The restructuring distinguished the corporate group from its operating subsidiaries and reflected the organization’s broader range of brokerage and advisory activities. The available reference material does not provide a detailed chronology of product introductions, acquisitions, international expansion, ownership changes, financial performance, or current board composition. It also does not identify a publicly traded listing or ticker. Cambridge is accordingly documented here as an active, privately held, United States-focused independent financial-services organization, with its core identity grounded in broker-dealer operations and affiliated investment advice.

1. 2017Leadership transition

   Eric Schwartz became executive chairman, and Amy Webber became CEO while remaining president.

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2. 2017Holding-company reorganization

   Cambridge Investment Group, Inc. was established as a holding company for multiple broker-dealer and registered investment-adviser subsidiaries.

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3. 2016SEC supervisory case

   The SEC charged Cambridge Investment Research Advisors over inadequate supervision linked to client fraud and unsuitable trading; the matter was settled for a $225,000 penalty.

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4. 2010Established as a major independent brokerage dealer

   Cambridge was described as one of the larger U.S. brokerage dealers and remained under founder Eric Schwartz’s control.

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5. 1985Founding attributed to Eric Schwartz

   The historical account identifies 1985 as the year Eric Schwartz founded Cambridge Investment Research.

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6. 1981Earlier founding date reported

   The overview of the reference article identifies 1981 as the company’s founding year, although another section gives 1985.

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A U.S. independent broker-dealer and affiliated advisory platform supporting financial professionals and investment clients.

• Independent broker-dealer servicesBroker-dealer

  Cambridge’s core business is operating as an independent broker-dealer in the United States. The platform supports financial professionals and their client relationships through brokerage operations and related infrastructure. The supplied reference material does not enumerate specific securities, account types, or commission schedules.

• Investment advisory and asset-management servicesInvestment management

  Investment-advisory and asset-management activities are associated with Cambridge Investment Research Advisors, Inc., an affiliated registered investment adviser. These activities extend the organization beyond brokerage into advisory relationships and managed investment assets. Specific programs, strategies, and products are not identified in the supplied sources.

• 2017Creation of Cambridge Investment Group holding-company structureStrategy

  The organization operated through multiple broker-dealer and registered investment-adviser entities and sought a structure that grouped those businesses at the corporate level.

  What changed. Cambridge reorganized under Cambridge Investment Group, Inc., with Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc. among the subsidiaries.

  Aftermath. The restructuring separated the broader group from its operating subsidiaries and formalized the organization’s multi-entity brokerage and advisory model.

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• 2017Founder-to-successor CEO transitionOther

  After a period of founder-led management, Eric Schwartz stepped away from the CEO position.

  What changed. Schwartz became executive chairman, and Amy Webber assumed the CEO role while retaining the presidency.

  Aftermath. The change moved day-to-day executive leadership to Webber while keeping Schwartz involved as chair.

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• 2016SEC action concerning client fraud and unsuitable tradingControversy

  The SEC alleged that Cambridge Investment Research Advisors did not adequately supervise an employee who defrauded at least 47 advisory clients and conducted unsuitable trades in some client accounts. The subsidiary settled the action by paying a $225,000 penalty.

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• 2017Eric Schwartz moves to executive chairman as Amy Webber becomes CEO

  Founder Eric Schwartz stepped down from the chief executive role and became executive chairman. President Amy Webber assumed the CEO position while retaining her presidency.

  Leadership change
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• 2017Cambridge reorganizes under Cambridge Investment Group holding company

  The organization was restructured as Cambridge Investment Group, Inc., bringing multiple broker-dealer and registered investment-adviser subsidiaries into a holding-company framework.

  Other
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1. Cambridge Investment Research