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 email@example.com.