Cambridge Launches New Service for Advisors With Wealthy Clients

Cambridge launched a new Private Client Solutions (PCS) service that it said Tuesday was designed to help advisors meet the needs of their high-net-worth and ultra-high-net-worth clients.

The new offering will “leverage Cambridge’s resources across multiple functional areas and draw on the expertise of professionals from key business units across the firm to further empower affiliated financial professionals,” the financial solutions firm said in a news release.

The service is part of Cambridge’s broader Client Solutions platform that provides specialized guidance to advisors and other financial professionals to support their end clients, it said.

The Client Solutions platform already offers case design, consultation and coaching tools that Cambridge said are focused on the needs of independent financial professionals and their investing clients.

The new PCS service will use “cutting-edge technology tools, advanced planning support and practice management resources to provide seamless, carefully tailored service approaches,” Cambridge said.

“Cambridge has always supported its financial professionals and their respective” high-net-worth and ultra-high-net-worth clients through “informal support by various teams and associates around the firm,” Jeff Vivacqua, president of growth and development for the company, told ThinkAdvisor on Tuesday.

“Areas of expertise have always been centered on investment management, tax planning, and succession and acquisitions to name just a few,” he said. The new PCS offering, however, “creates one entry point for our financial professionals that brings coordination between our subject matter experts across the firm for a seamless experience,” he noted.

“Cambridge’s growth centers on organic, acquisition and recruiting opportunities,” he went on to explain. “We believe our financial professionals share these same types of opportunities with small-business owners, high-net-worth and ultra-high-net-worth clients. To address those evolving needs, we identified solutions that represent the best parts of our entire company.”

Cambridge used “feedback from our financial professionals through engagement journey meetings to understand their needs and their client needs, which fall into six categories and serve as the foundation of a Private Client Solutions engagement,” he told ThinkAdvisor.

“Those categories are investment management, tax and estate planning, wealth protection and legacy planning, business owner solutions, cash management strategies and asset-backed lending,” he said.

The new offering was introduced to Cambridge financial professionals for the first time at Cambridge’s inaugural Circle of Excellence gathering, Feb. 5-8 in Boca Raton, Florida. The gathering honored Cambridge financial professionals who have attained the highest level of achievement and leadership in their field.

A “beta period began in early 2022 and lasted about 14 months with a handful of Cambridge’s top-producing financial professionals,” Vivacqua told ThinkAdvisor, adding, “The demand for it proved greater than we anticipated. The PCS offering has helped these Cambridge financial professionals provide the necessary solutions to multiple clients, affecting over $700 million in assets under advisement.”

PCS is now available to all of the firm’s 3,800-plus financial professionals, he added.

“We took care to launch this offering once we were sure we could meet the needs of all of our financial professionals and their investing clients,” he explained. “We are able to offer this at scale and on-demand to address specific client challenges as they come up — and without requiring our financial professionals to invest in complex new systems or specialized hires themselves.”

Cambridge includes the Cambridge Investment Research Advisors corporate RIA and Cambridge Investment Research independent broker-dealer. Combined, they were responsible for $144 billion in assets under advisement as of Dec. 31, according to its website.

Pictured: Jeff Vivacqua, Cambridge president of growth and development.