Cambridge Investment Research Acquires $1B B-D Dempsey Lord Smith
Cambridge Investment Research has acquired Dempsey Lord Smith (DLS), an independent broker-dealer based in Rome, Georgia, that oversees approximately $1 billion in client assets. The transaction—financial terms of which were not disclosed—brings the 75-person enterprise fully into the Cambridge family as a wholly owned subsidiary.
Founded in 2007 by Jerry Dempsey Jr., who left Raymond James to launch the firm, DLS was majority-owned by Dempsey, with additional equity held by senior leaders John Lord, Ernest Smith, and Duvan Brock, according to the firm’s latest SEC Form ADV. The company’s advisor base spanned 10 states and supported clients through a broad suite of wealth management services, including investment planning, estate strategies, charitable giving, education funding, and business succession.
Although DLS had established a solid technology and platform foundation—leveraging Fidelity’s FMAX platform and Envestnet—Dempsey said the firm had reached a point where additional scale was required.
“This partnership allows us to build on the strong community we’ve created while giving our advisors access to deeper tools, technology, and services,” Dempsey said. “With Cambridge, we can accelerate advisor growth far faster than if we continued to build independently.”
Cambridge executives highlighted that DLS leadership saw diminishing strategic value in continuing to operate their own broker-dealer, ultimately preferring to focus their energy on advisor development and client service.
“They’ve cultivated an exceptional advisor community and a legacy of growth that aligns squarely with Cambridge’s values,” said Jeff Vivacqua, president of growth and development at Cambridge. “Stepping away from running a broker-dealer allows them to put 100% of their effort where it matters most: advisor success.”
The acquisition follows a year of active recruitment for Cambridge. Most notably, the firm secured an affiliation with $12 billion hybrid RIA AmeriFlex Group in June after its departure from Osaic.
As of September 30, Cambridge reported $254 billion in assets under advisement, 4,000 producing advisors, and an additional $102 billion managed through its RIA arm, Cambridge Investment Research Advisors. The firm remains privately owned and led by founder and co-chairman Eric Schwartz and CEO Amy Webber.
DLS was represented in the transaction by Republic Capital Group and Williams Private Wealth Advisory & Consulting.
