# Cambridge rules out LPL sale, CEO Webber says URL: https://www.financialadvsr.com/article/cambridge-rules-out-lpl-sale-ceo-webber-e9b8bc Published: November 2, 2026 By: Vivian Cole, Deals Correspondent Section: Deals Publisher: Financial ADVSR (https://www.financialadvsr.com) Wealth Solutions Report reported that Cambridge's chief executive said the independent broker-dealer will not sell to LPL or any other firm, as speculation about a deal continues. Wealth Solutions Report reported on Nov. 2 that Amy Webber, chief executive of Cambridge Investment Research, said in an exclusive interview that the firm will not sell to LPL Financial or any other firm. The outlet framed the interview around a rumor that Cambridge could be sold, and its summary asked whether self-interested parties are driving that talk. Financial ADVSR has not been able to find a standalone Cambridge statement or an LPL statement on the rumor, so the interview is the main company response on the record. Webber also said Cambridge has drawn up a comprehensive blueprint for staying independent that addresses its strategic direction, operations and capital structure, and that the blueprint has been released publicly. Financial ADVSR could not verify that the plan has been published. Webber added that Cambridge has offered extra equity to members of its advisor community since 2022, and that its investments are paid for with a mix of cash reserves, borrowed capital and advisor input. Wealth Solutions Report wrote that speculation has grown since LPL's $2.7 billion purchase of Commonwealth in 2025, and pointed to deals for Mariner Advisor Network and Good Life Financial Advisors earlier this year. The outlet also described LPL's acquisition of Atria. Financial ADVSR could not independently verify those transactions, and they are reported here only as the outlet's account. The company's December 2025 release reported that Cambridge passed $2 billion in annual revenue for the first time, double its level five years earlier, and put its assets under advisement above $250 billion with more than 900 associates on staff. The release said Cambridge Investment Research, Inc., the broker-dealer, and Cambridge Investment Research Advisors, Inc., the RIA, are both wholly owned subsidiaries of Cambridge Investment Group, Inc. Those assets-under-advisement figures are not the same measure as regulatory assets under management. Cambridge has also said it is growing through recruiting. An August 11, 2026 release from Cambridge put the first-half 2026 recruiting total at 189 advisors, with roughly $6.8 billion in assets under advisement and $55.9 million in annualized revenue brought over to the firm's independent platform. The same release said the first half of 2025 included 185 advisor recruits with nearly $5.1 billion in total client assets. In a June 9, 2026 release, Cambridge said it recruited approximately $25 million in advisor revenue in the first quarter of 2026, after about $170 million in 2025. On the acquisition side, InvestmentNews reported, citing an SEC annual audited financial filing, that Cambridge closed four advice firm transactions in 2025, not counting recruiting deals. According to that audited filing, Cambridge acquired Dempsey Lord Smith, a broker-dealer with 75 advisors, at a price close to $5.2 million. A March 2026 Cambridge release announced the hiring of Cody Phelps as First Vice President of Strategic Acquisitions. Separately, LPL's quarterly SEC report covering the period through Sept. 30, 2026 totals $230.5 million in consideration tied to seven acquisitions. That figure is LPL's own acquisition spending, not a price for Cambridge. Cambridge has also recently cut jobs. KCRG reported that Cambridge is cutting 60 positions at its home office, equal to roughly 6% of that workforce, and that the company describes the moves as organizational changes, not a cost-cutting step. An Iowa WARN filing dated Oct. 12 names 33 workers at the Fairfield site among those slated for a layoff set for Nov. 11. The reports do not fully explain the difference between the 60 figure and the 33 in the notice. Third-party profiles list Cambridge Investment Research Advisors, Inc. at about $138.7 billion in regulatory assets under management, based on its most recent SEC Form ADV filing, according to Wealthmetrica. Financial ADVSR has not checked the Form ADV directly. Cambridge is headquartered in Fairfield, Iowa, and FINRA's board page lists Webber as President and CEO of Cambridge Investment Research, Inc. since 1998 and as a FINRA Industry Governor since 2017. What comes next is unclear from the public record reviewed here. Cambridge has not, in the material reviewed, provided a detailed public version of the plan Webber described, and no LPL statement about Cambridge was found. Financial ADVSR will update this story if either company or a regulatory filing addresses the rumor directly. Key facts: - LPL's 2025 purchase of Commonwealth was $2.7 billion, per Wealth Solutions Report - Cambridge's December 2025 release cites more than $250 billion in assets under advisement and over 900 associates - Cambridge reported 189 advisor recruits in the first half of 2026, with about $6.8 billion in assets under advisement - An SEC filing reported by InvestmentNews shows Cambridge bought Dempsey Lord Smith, with 75 advisors, for close to $5.2 million - An Iowa WARN notice lists 33 Fairfield employees affected by a layoff scheduled for Nov. 11 Why it matters: For advisors weighing a move, the ownership of a large independent broker-dealer can affect payout structures, platform services and long-term stability, so uncertainty about a possible buyer matters in recruiting conversations. Team leaders and firm executives also watch how a firm describes its independence plans, because stated commitments are often tested when acquisition interest surfaces. Sources: - Wealth Solutions Report: https://www.wealthsolutionsreport.com/exclusive-interview-cambridge-ceo-amy-webber-we-arent-selling-to-lpl-or-any-other-firm/ - finra.org: https://www.finra.org/about/governance/finra-board-governors/amy-webber - prnewswire.com: http://www.prnewswire.com/news-releases/cambridge-surpasses-2-billion-in-annual-revenue-302631293.html - prnewswire.com: https://www.prnewswire.com/news-releases/cambridge-continues-growth-with-strong-first-half-2026-results-302847608.html - prnewswire.com: https://www.prnewswire.com/news-releases/cambridge-builds-on-record-recruiting-year-with-strong-q1-2026-growth-302794450.html - prnewswire.com: https://www.prnewswire.com/news/cambridge/