LPL Financial LLC today announced that the retail brokerage and advisory business of CUNA Brokerage Services, Inc. (CBSI), the wealth management business of CUNA Mutual Group, has joined LPL’s Institution Services platform. On May 21, ~$11 billion of client assets were onboarded to LPL, including ~$10 billion of brokerage assets and ~$1 billion of advisory assets. The remaining ~$21 billion of assets are expected to onboard over the next several months.
“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 union investment programs 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 we believe will result in many more members receiving the critical help they need.”
“LPL and CBSI share a long history of supporting institutions as well as a belief that members should have access to financial advice. We are bringing together that common spirit along with our innovative platforms to create a dedicated support model serving the credit union investment program marketplace,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development.
CUNA Mutual Group and LPL Financial signed an agreement in June 2021 to transition support of the financial services company’s retail advisory and brokerage business to LPL.
About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve,* supporting over 20,000 financial advisors, and approximately 800 institution-based investment programs and approximately 500 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.
