At the largely fee-based independent broker/dealer and investment advisor Cambridge Investment Research, Eric Schwartz will add chairman of the board to his CEO mantle and has promoted COO Amy Webber to president of the firm he founded 26 years ago, effective immediately, according to a September 20 announcement from the Fairfield, Iowa-based company.
In addition to Webber, who is expected to continue as COO, Schwartz has promoted Chief Marketing Officer Jim Guy to first executive VP; Guy will retain chief marketing responsibilities.
Cambridge Investment Research has about 1,000 affiliated representatives, and the firm is the first big independent B/D to use a largely fee-based advisory business model--a majority of the firm's revenues are derived from fee-based advisory business. Cambridge Investment Research reps voted the firm Investment Advisor Broker/Dealer of the Year for 2007 in division IV, for B/Ds with 1,000 or more reps. Schwartz is a member of the IA Broker/Dealer Advisory Board. (For more on Cambridge and the other B/D winners, please go to the IA September cover story.)