MADISON, Wis. – CUNA Mutual Group said it is making a $25-million investment in its broker-dealer, CUNA Brokerage Services, Inc. (CBSI), to help credit unions boost fee income and “enable members to achieve financial security in their working and retirement years.”
The multi-year investment in the company’s wealth management business includes CBSI, as well as its financial advisor network and wealth management products. The $25-million is budgeted for technology, staffing, training and other resources, according to CUNA Mutual.
“Credit unions have told us one of their top needs is generating non-interest income, especially during times of tight margins,” said CEO Robert N. Trunzo in a statement. “Our $25-million investment in CBSI is one of the ways we are addressing those needs. We will better position CBSI to help credit unions enhance their investment services and deepen member relationships.”
CUNA Brokerage Services has relationships with more than 250 credit unions, with 400 financial advisors and $3 billion in mutual fund, annuity and managed account sales.
CBSI, founded in 1985, announced in July that SVP Jeff Bosco had been named to lead the Wealth Management business.