Cambridge Expands its M&A Plan as part of its Growth Strategies and Names Steve Chipman as Senior Vice President, Strategic Initiatives


April 20, 2020

Cambridge announced it is increasing its current efforts to explore growth through strategic engagements with quality broker-dealer firms, RIAs and other larger branches of financial professionals. While the industry norm for such engagements is a large firm acquiring smaller firms, Cambridge is employing flexibility, one of its core values, in exploring opportunities. Additionally, many acquirers are backed by private equity, insurance or bank parent companies, or subject to Wall Street expectations. Cambridge’s commitment to remaining privately controlled allows it to focus on a long term outlook that is beneficial to all parties with an independent mindset. Cambridge’s increased focus includes welcoming Steve Chipman to the firm as Senior Vice President, Strategic Initiatives. In this role, Chipman will spearhead initiatives as part of the newly formed department.

Cambridge’s continued growth is based on a three-pronged set of long-term growth strategies: first, organic growth – defined as offering solutions and assistance to existing advisors to meet their revenue goals for their respective businesses; second, recruiting new financial professionals, and third, acquisitions of quality mid-size or smaller firms – if there is a cultural alignment. Cambridge has previously successfully engaged with several small to mid-sized firms and believes this is an important part of the overall growth strategies for the firm going forward. It remains a high priority to ensure that any potential acquisition or strategic engagement includes a strong sense of shared values as well as a mutual success for all parties. In his new leadership role, Chipman seeks to identify those strategic opportunities with quality firms, and he will remain active in the ongoing relationship following each engagement.

Market volatility and other factors may continue to challenge many small and some mid-sized firms due to lack of scale. Many of the recent acquisitions across the marketplace are based on private equity deals dependent on quickly monetizing synergies and returns, and this activity often proves to be inflexible or less than optimum for the financial professional seeking to run their own independent business. In contrast, Cambridge brings its dedication to independence to the transaction table along with its priorities for serving the independent financial professional and their business needs. Cambridge’s private control/ownership continues to be an important differentiator alongside its core values of integrity, commitment, flexibility, and kindness. Private ownership also allows Cambridge to intentionally balance growth with continued prioritization on maintaining high levels of customized service for the existing financial professionals.

Chipman joins Cambridge with over 25 years of experience within the financial services industry, including leadership of various acquisition efforts. He previously held senior leadership roles at Advisor Group, Foothill Securities, and Pershing LLC, Bank of New York Mellon. Chipman has also served on the Financial Services Institute Board (FSI) and FINRA Regulatory Advisory Council. Chipman earned a Bachelor of Business Administration degree with an emphasis in finance from the University of Massachusetts, and attended the Securities Industry Institute at the Wharton School of the University of Pennsylvania. Additionally, he holds FINRA Series 7, 24, 63, and 65 licenses.

 

 

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly owned subsidiaries of Cambridge Investment Group, Inc.