PenFed announced Thursday it will work through a CUNA Mutual Group subsidiary to offer wealth management services to members, expanding the offerings now available through its in-house service.
PenFed, the nation's second-largest credit union with $23 billion in assets, said it will work through CUNA Brokerage Services, a CUNA Mutual Group subsidiary that only serves credit unions. It generates about $145 million a year in revenue, and has about 430 advisors at 285 credit unions managing $25 billion in client assets.
“CUNA Mutual Group and PenFed share a common mission that centers around helping people plan for and secure their financial futures,” said Rob Comfort, president of CUNA Brokerage Services. “This new relationship will provide much broader access for PenFed members to critical financial advice that will help more members and their families.”
Comfort said earlier this month that only 16% of credit unions (about 910 institutions), offer wealth management services, but they tend to the larger ones. The largest 910 credit unions have 80% of the nation's 114 million members.
PenFed has been offering its members a comprehensive portfolio of wealth management services including financial planning, investment management and trust and fiduciary services. PenFed Wealth Management currently has financial advisors across the continental United States and Hawaii.
“This is great news for our members,” said Shashi Vohra, PenFed Executive Vice President and President, Affiliated Businesses. “Through our expanded relationship with CUNA Mutual Group, PenFed members will now have access to more onsite financial advisors in additional markets and enhanced offerings.”
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