Citing an effort to help credit unions boost non-interest income, CUNA Mutual Group announced Wednesday it will invest more than $25 million into its broker dealer service CUNA Brokerage Service, Inc. for additional staff, training and resources.
"Credit unions have told us one of their top needs is generating noninterest income, especially during times of tight margins," Robert N. Trunzo, president/CEO of CUNA Mutual Group said. "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 Mutual Group's CBSI is the leading broker-dealer serving credit unions with more than 250 credit union programs, 400 financial advisors and $3 billion in mutual fund, annuity and managed account sales, the company said.
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"CUNA Mutual Group understands our vision and what we're trying to accomplish," said David Young, executive vice president at Commonwealth Credit Union in Frankfort, Kentucky. "The company cares about our credit union in the same way we care about our members. It's the same type of partnership."
Founded in 1985, CBSI is owned by CUNA Mutual Group's policy owners and shares the same member-focused philosophy as its credit union customers, the company explained.
"When you look at the competitive marketplace, we realize it's the big investments and smaller attention to detail that helps win over and retain our customers," Trunzo said. "Credit unions are our first and only priority – complete focus."
The company's significant investment follows the July announcement that Jeff Bosco, senior vice president, will lead CUNA Mutual Group's Wealth Management business.
"We recognize the great responsibility associated with serving credit unions and the financials needs of members. As we evaluated these needs, it was important to look at our industry today and as it will look in the future. We view this as an investment in credit unions and their members." Bosco said.
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