CUNA Mutual Group, a broad financial services provider, completed a strategic initiative that promises to rapidly bring digital experiences to credit unions and their members related to wealth management services through financial advisors.
Originally announced in June of 2021, the alliance between CUNA Brokerage Services, Inc. (CBSI) and LPL combines the strengths of each organization. CBSI, CUNA Mutual’s wealth management business, continues to work directly with credit unions, provide data analytics and support financial professionals. Simultaneously, CBSI will leverage LPL’s integrated digital platform, streamlining the end-to-end experience for financial professionals and members. LPL will also provide support services as the broker-dealer, clearing firm, and custodian.
“LPL and CBSI share a long history of supporting institutions as well as the belief that members should have access to financial advice. We are bringing together that common spirit along with our leading platforms to create an unparalleled support model serving the credit union marketplace,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development.
“This agreement represents a significant milestone for us in our mission to serve more members with personalized guidance that can help fulfill their important life goals,” said Rob Comfort, president, CBSI. “With access to LPL’s economies of scale and innovative technology platform, combined with our advanced data capabilities and experience and leadership serving this market, we can accelerate growth for the advisors and credit unions we are committed to and continue to support. Our strategic alliance with LPL Financial creates a transformative value proposition for the credit union industry that will result in many more members receiving the critical help they need.”
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.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of CUNA Mutual Group (CMG). Securities and insurance offered through LPL or its affiliates are: Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value