Cambridge welcomes 500th employee
Cambridge Investment Research Inc. has welcomed its 500th employee, Randy Fulsaas.
Fulsaas is a trader on the asset management and product services team.
Among the largest employers in the local area, the broker-dealer has called Fairfield its home since the early 1990s and has plans in place to ensure it remains privately owned and based in Fairfield well into the future.
“We value independence for many reasons, including how being independent and privately owned enables our management team and employee associates to serve our clients all across the country while continuing to grow our base in Fairfield,” said Eric Schwartz, Cambridge founder, chairman, and CEO. “We have spent the last 25 years designing a business structure that supports successful growth without requiring the backing of another large organization such as a corporate parent or private equity firm. Cambridge ownership is currently shared among its management and independent financial advisors, and we are planning to expand ‘family ownership’ by introducing an employee ownership plan in the next 24-48 months.”
“This achievement by one of Fairfield’s premier companies is a remarkable accomplishment and a testament to the strength of jobs that are created within existing businesses,” said Fairfield Mayor Ed Malloy. “Cambridge Investment Research is a valued community partner in all of Fairfield’s strategic goals. I congratulate all of the employees for the company’s success and look forward to seeing their future growth.”
Schwartz also cited Fairfield’s 10-year strategic plan, formed several years ago under the leadership of Malloy, which included the creation of 1,000 new jobs across the area.
“We are proud that Cambridge is helping to accomplish that goal, and believe we are on path to achieve 1,000 employees with Cambridge in the next 10 years,” said Schwartz.
Many different types of broker-dealers are in the financial services industry. Many are subsidiaries of commercial banks, investment banks and investment companies. A broker-dealer provides services to financial professionals that include processing investment business, marketing assistance, practice management and education. In addition, a broker-dealer holds responsibility for regulatory compliance and adherence to securities laws.
Cambridge now has 500 employees and more than 2,200 independent financial advisors. These financial professional are not employees – they are an independent business owners who choose to do business with Cambridge. In turn, they have the freedom to structure their business in a manner that enables them to best serve the needs of their clients with unbiased investment advice that may be compensated in the form of fees, commissions or both.
“Our home office associates and management teams have strong ties locally,” said Amy Webber, Cambridge president and chief operating officer. “We take great pride in hiring locally, promoting from within, and encouraging talented professionals originally from the area to come back and build their careers here; and we combine that with recruiting those from other parts of the country who have experience in our industry to move to the area and make this their home. This combination has been a significant part of the recipe for our success.”
Webber joined Cambridge 16 years ago as she and her husband decided to return from the Southwest to live and raise their family in the Midwest.
“Like many of my associates at Cambridge, including Randy – our 500th home office associate, we have family nearby [in Wisconsin]and many dear friends in Jefferson County and the five county region,” said Webber. “Being based in Fairfield means Cambridge and its associates can focus on the culture and values important to all of us and still get the economic support and talent pool we need to continue to grow and be successful.”