CUSO Lures $603 Million Program from LPL
Broker-dealer CUSO Financial Services has poached a credit union investment program from LPL Financial, CFS says.
Air Academy Federal Credit Union in Colorado Springs, which has $603 million in assets and more than 48,000 members, has brought on San Diego-based CFS to oversee its investment program, according to a press release from CFS.
“The transition from our previous broker-dealer was flawlessly executed in just 90 days. The CFS team is absolutely outstanding — from precision project management to exceptional program support and training,” Air Academy CEO Glenn Strebe says in the press release. “Within the first 30 days, our program rep had already built strong internal relationships, garnered new program enrollments, and begun converting our previous book of business.”
CFS and Sorrento Pacific Financial are broker-dealer subsidiaries of Atria Wealth Solutions specializing in running investment programs inside banks and credit unions, according to the press release.
The two firms now work with over 200 financial institutions across the U.S. and have more than $30 billion in assets under administration, according to CFS.
The recent addition comes roughly three months after CFS lost a credit union’s wealth management team to LPL.
The two financial advisors who comprised Power Investment Services at Power Financial Credit Union managed around $130 million in brokerage and advisory assets.