Virginia CU Drops CBSI, Rebrands Investment Program

The North Chesterfield, Va.-based Virginia Credit Union (VACU) is updating its investment program with a rebranding and shifting of its financial investment services out of CUNA Brokerage Services, Inc. (CBSI) to Ameriprise Financial Institutions Group (AFIG).

VACU ($5 billion in assets, 313,663 members) announced the changes on Monday. The statement from the credit union did not elaborate on the move away from CBSI. The selection of AFIG will “provide an enhanced, digitally-enabled experience for its members,” according to VACU’s statement.

In addition, the credit union said its investment program has been rebranded to VACU Investment Group (VACUIG).

As the credit union looks to expand its investment program footprint, VACUIG has a staff of five financial advisors managing more than $335 million in brokerage assets. The VACUIG advisors will now partner with Ameriprise to create personalized financial plans and help members and clients manage investments.

“The financial advisors who serve VACU members have always been committed to providing top-notch service,” VACU EVP of Financial Services John Stone said. “Technology has advanced and there are more capabilities we can bring to our members to help them connect with their advisor and reach their goals. We decided to partner with Ameriprise Financial to support our growing footprint and provide the digital tools necessary to elevate the member experience.”

“We’re honored to partner with Virginia Credit Union and support their growth with our powerful advice offering to their members,” AFIG Group Vice President Jay McAnelly said. “At Ameriprise, we help advisors deliver a best-in-class, referable experience to clients through industry-leading technology and a robust investment platform. Our expertise coupled with the team’s strong brand locally is already providing what members need to invest and feel confident amid the current volatile market environment.”