MADISON, Wis. – CUNA Mutual Group is reporting it plans to partner with LPL Financial on a new wealth management initiative. The new effort will include the introduction of a new brand and will “accelerate digital experiences for credit unions and their members,” the company said.
“After three years of steady growth through strategic investments, innovation and partnerships, CUNA Mutual’s latest update now focuses their wealth management business, CUNA Brokerage Services, Inc. (CBSI), squarely on the client-facing side of financial advising,” CUNA Mutual said. “Through a new and exciting collaboration, CUNA Mutual Group and LPL Financial have agreed to bring strengths from each of their respective organizations together into a strategic alliance, unique to the credit union space.”
According to CUNA Mutual, CBSI will continue to work directly with credit unions and financial professionals but will also now “leverage LPL’s integrated digital platform, streamlining the end-to-end experience for financial professionals and members.”
LPL will also provide back-end broker dealer/Registered Investment Advisor (RIA) services, CUNA Mutual said.
‘Unique’ in Industry
“By combining CUNA Mutual Group’s expertise in client experience and data-driven strategic consultation for credit unions and advisors with LPL’s leading platform, we will deliver an advisor and customer experience unique to the credit union industry,” said CBSI President Rob Comfort. “We are committed to helping more consumers make financial decisions that work for them, and we will continue to build, buy or partner to do so. We are excited to become one of LPL’s largest clients, and believe we’ll be able to instantly reach new heights with an enhanced value proposition for financial institutions, advisors and the members we serve.”
Added Rich Steinmeier, LPL Financial managing director and divisional president, business development, “We extend a warm welcome to CUNA Mutual Group as they join LPL’s network of institutional clients. CUNA Mutual Group is a leader in its market, and it’s an honor to have the opportunity to support their business. We look forward to supporting them in growing their capacity to serve a marketplace with an increasing demand for personalized advice.”
In the coming months, the company said it plans to launch a new brand, CUNA Mutual Group Financial Advisors, as it “accelerates ways to better help people achieve a brighter financial future through investments and retirement.”
Building on Momentum
“The move will capitalize on the momentum and wealth management relationships with credit unions that CBSI has built over the past 36 years,” CUNA Mutual said. “CBSI grew from 400 advisors in 2017 to more than 550 advisors currently, across approximately 300 credit unions, managing more than $36 billion in assets. CBSI will continue to distribute annuity products.”
In 2020, CUNA Mutual Group noted it had four of its annuities listed among Barron’s 100 Best Annuities in 14 different categories.
The alliance between CBSI and LPL Financial is subject to FINRA approval.