Protected Investors Acquired by Cambridge Investment Research
Over the years you’ve seen the name Protected
Investors on forms and various communications from me. PIA has been my
Broker-Dealer (BD) since 2002. That is about to change as PIA has agreed to
be acquired by Cambridge Investment Research, a much larger BD. Next time
we meet I can tell you the long version, but the sad, short story is that small
BDs can’t compete with the larger firms. Information about Cambridge is
below and you can check out their website: https://www.cir2.com/
This
move to Cambridge should have minimal effect on you. You remain the owner of
record on your account. Your account numbers will remain the same and you
will continue to receive statements directly from Schwab, First Affirmative
Financial and/ or your mutual fund companies. There is no cost or
tax consequences to you associated with this transfer, and your investments
will not change. I will remain your investment advisor and will continue
to service your account unless you choose not to sign the Cambridge paperwork
that you will receive within the next few months.
For
over 80 years, Protected Investors of America (PIA) has served its clients with
excellence and integrity. PIA has been in the same office building on
Montgomery Street in San Francisco since 1937. That office will soon
close and PIA will be exiting the general retail brokerage business on July
29th. PIA plans to continue to use the PIA name, as we enter into a new
relationship with Cambridge Investment Research, Inc. (Cambridge).
Cambridge is a registered broker-dealer in all 50
states with clearing services offered through National Financial Services (NFS)
and Pershing LLC, both members FINRA/ SIPC. Cambridge has more than 2,500
rep-advisors, supported by approximately 590 home office staff. By
comparison, PIA has 50-60 advisors and about 10 staff.
Investment Advisor magazine recently honored
Cambridge as 2015 Broker-Dealer of the Year in Division IV – the division
representing independent broker-dealers with over 1,000 producing advisors.
Cambridge has earned this honor six of the last eight years, and was previously
honored in 2014, 2013, 2012, 2010, 2008, and 2007 as Broker-Dealer of the Year in
Division IV and in 2003 for Division III.
Cambridge’s full range of products and services, and
their receptivity to my ideas and concerns about how to satisfy my clients and
support my practice, have convinced me that I have found what I am looking for:
a truly independent broker-dealer. PIA has selected Cambridge and elected to
move as a group in order to provide the smoothest transition for our clients. I
sincerely hope that you will join me at my new firm and allow me to be your
Cambridge rep-advisor.
Vickie or I will be calling you within the
next few months to check in. We can set up a time to meet in my office or
talk by phone to review your accounts, complete the new Cambridge forms and
answer your questions. I look forward to servicing your current and
future investment needs. Finally, if you have immediate questions or
concerns, please contact me by phone at 916-444-2233
or by email at bdreizler@protectedinvestors.com.