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CUNA Brokerage Services, Inc. (CBSI), a wealth management business-focused member of CUNA Mutual Group in Madison, Wis., has entered a strategic partnership with the San Diego-based LPL Financial, bringing the independent broker-dealer's integrated digital platform to CBSI's financial advisors and the credit union members they serve, the companies announced Monday.
As a result of the alliance, which will make CBSI one of LPL's biggest clients and is subject to FINRA approval, LPL will also provide back-end broker-dealer/Registered Investment Advisor (RIA) services to CBSI. According to LPL, CBSI plans to transition to LPL's platform in early 2022.
In addition, CBSI announced that in the coming months it will begin operating under a new brand, Cuna Mutual Group Financial Advisors, symbolizing the wealth management relationships it has built with credit unions over 36 years and recent advisor count growth. CBSI has expanded to include 550 advisors across approximately 300 credit unions today, up from 400 advisors in 2017, and currently manages more than $36 billion in assets.
"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," Rob Comfort, president of CBSI, stated. "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."
Rich Steinmeier, LPL Financial's managing director and divisional president, Business Development, stated: "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."
LPL currently supports more than 18,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
