Cambridge Investment Research (CIR) is a large independent broker-dealer that provides services to financial advisors and investors. While CIR has generally positive reviews, like any large financial services company, it also faces some complaints. Common issues raised in cambridge investment research complaints include high fees, poor customer service, inaccurate reporting and misconduct by affiliated advisors. Understanding the types of complaints against CIR can help investors evaluate the brokerage and make informed decisions.
High Account Fees and Commissions
One of the most common cambridge investment research complaints is that account fees and commissions are too high compared to other brokerages. CIR charges account maintenance fees, transaction fees and other account related costs that can add up. Some investors report they pay 2-3x more in fees at Cambridge vs other firms. CIR contends their costs are competitive for the services provided, but the fee structure should be carefully reviewed.
Poor Customer Service
With a large customer base, Cambridge Investment Research has received complaints about poor customer service. Some clients report long wait times to speak to representatives, unreturned calls/emails and overall lack of responsiveness. However, other reviews praise their customer service. Experiences likely vary based on account size and advisor assignment.
Inaccurate Reporting
Some Cambridge Investment Research complaints cite problems with inaccurate account statements and performance reporting. Mistakes found include incorrect fee calculations, portfolio values and cost basis data. While occasional errors occur at all firms, consistent reporting inaccuracies indicate a systemic issue.
Advisor Misconduct
As an independent brokerage, Cambridge Investment Research works with thousands of independent affiliated advisors. Inevitably, some advisors engage in misconduct like churning, unauthorized trading, misrepresentation or questionable investment advice. CIR aims to supervise advisors appropriately, but clients should be cautious when choosing an advisor.
While most investors have a positive experience using Cambridge Investment Research, several common complaints exist like high fees, poor service, reporting errors and advisor misconduct. Understanding these issues provides important context for evaluating CIR and selecting the right brokerage.