An advisor team with nearly half a billion dollars under management has left independent broker-dealer AXA Equitable Financial Services for Cambridge Investment Research.
The Lansdowne/Boca Raton Private Wealth Management group had been with AXA for the past five years and consists of five producing advisors with approximately $2.6 million in annual production.
The group is leaving AXA for Cambridge Investment Research because of frustrations with how AXA structures its compensation plan, under which offices in different regions are treated differently, says Robert OBraitis, president and chief investment strategist of the group.
Its a very opaque system that didnt allow a lot of continuity between offices in different geographic locations, says OBraitis, who has been in the financial services industry since 1991.
Iowa-based IBD Cambridge Investment Research currently has $53.4 billion in assets under management and 2,400 independent registered representatives in its network.
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