A succession-planning venture from Cambridge Investment Research, which has been in the works for a few years, now has a name: Continuity Partners Group.
As part of the new venture, 23 advisory firms in the Fairfield, Iowa broker-dealer’s network will be able to take out loans from Continuity in order to buy out other firms. It also gives junior advisors funding to buy out practices from senior advisors. Cambridge will provide funds by selling stakes in Continuity, in exchange for 20% of an advisory firm’s annual earnings. Details of the new venture were first reported by Investment News, but Eric Schwartz, chief executive officer of Cambridge, spoke to Financial Planning about the endeavor in the January issue of FP.
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