6/14/2021

CUNA Mutual Group Collaborates with LPL Financial as it Accelerates Digital Experiences in its Credit Union Member Financial Advisory Program

New alliance provides leading digital wealth management platform to advisors, enabling more robust services for members

MADISON, Wis. – CUNA Mutual Group, a broad financial services provider, today announced another phase of their strategy to accelerate digital experiences for credit unions and their members. 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.

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. CBSI will continue to work directly with credit unions and financial professionals and will 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.

“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 Rob Comfort, president, CBSI, a member of CUNA Mutual Group. “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.”

“We extend a warm welcome to CUNA Mutual Group as they join LPL’s network of institutional clients,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “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 will also 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. The move will capitalize on the momentum and wealth management relationships with credit unions that CBSI has built over the past 36 years. 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 had four of its annuities listed among Barron’s 100 Best Annuities in 14 different categories.

The strategic alliance between CBSI and LPL Financial is subject to FINRA approval.

About CUNA Mutual Group

Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit cunamutual.com.

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

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