Cambridge Rolls Out ‘Personal CFO’ Service for Wealthy Clients

Cambridge Investment Research has launched a new outsourced personal chief financial officer service for wealthy clients. With the new offering, Cambridge aims to connect its 3,800-plus independent financial professionals and their clients with the financial management expertise of a veteran CFO.

The rollout of the new offering comes about a year after Cambridge introduced its private client solutions group. The group brings together resources and expertise related to investment management, insurance, cash-flow management, tax planning, wealth protection and other major issues in the high- and ultra-high-net-worth client segments.

Through the expansion, financial professionals will be able to choose from a customizable menu of services for their clients which includes monthly household bookkeeping services, electronic bill payments, budget preparation and review, and more options.

By outsourcing these tasks to a seasoned CFO, financial professionals should be able to uncover useful insights into a client’s household financials and demonstrate their commitment to holistic planning, according to the independent broker-dealer.

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

The personal CFO services are made possible through a partnership with Hero CFO, a subsidiary of Compass CFO Solutions.

Cambridge’s total assets across its fee- and commission-based businesses were $162 billion as of Dec. 31.

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