CUSO Financial Services Now Manages the Investment Program at EECU Federal Credit Union
Industry-leading Texas credit union EECU – and three additional credit unions across Texas – has contracted with growing broker-dealer to direct the expansion of its investment program
SAN DIEGO – May 30, 2019 – Texas-based EECU Federal Credit Union has engaged CUSO Financial Services, L.P. (“CFS”) to oversee the development and management of its investment program. Three other credit unions in Texas, Common Cents Credit Union, River City Federal Credit Union and My Community Credit Union, also recently awarded CFS contracts to lead the expansion and enhancement of their investment programs.
EECU’s assets are over $2.34 billion, and membership is well above 210,000 according to NCUA.gov. The credit union, headquartered in Fort Worth, has fourteen financial centers and is in the process of adding one in North Richland Hills. EECU’s investment program was formerly managed by LPL Financial.
In related investment management program moves across the state of Texas, three additional credit unions have also trusted their investment programs to CUSO Financial Services:
• Common Cents Credit Union, with three locations serving Jefferson and Chambers Counties with over $32M in assets and 2900+ members, moved its program from SWBC.
• River City Federal Credit Union, with three locations serving San Antonio and Bexar County with over $108M in assets and 11,000+ members, also moved its program from SWBC.
• My Community Credit Union, with seven locations serving Ector and Midland Counties with over $382M in assets and 35,000+ members, moved its program from CUNA Brokerage.
These four credit union moves are part of a more than $7 billion shift in assets and a 638,000+ membership move to CFS over the last year.
“The decision to transition to CUSO Financial Services was based on CFS’ robust products, superior platform, and comprehensive digital offerings,” explained Jeff Ferraris, CFS Program Manager for EECU and industry veteran with over 35 years of experience. “EECU is on pace for a 40% year over year increase in non-interest income, and strong increases in other program metrics as well. The credit union’s ability to work with the CFS transitions and recruiting teams right from the get-go was critical to reaching these fantastic year over year wins. With the CFS support, EECU was able to hit the ground running with little down time, and quickly see significant improvements for its members.”
Chief Retail and Marketing Officer of EECU Matt Kaudy said, “We have ramped up quickly with CUSO Financial Services and are on a three-fold growth track: leveraging our centers of influence (our financial centers), growing revenue as a result of our expanded options with CFS and improving the breadth and depth of our community engagement.”
Tailoring investment programs to serve credit union needs, with a focus on both customer service and innovative multi-channel and remote delivery technologies, has served CFS well for over two decades. Operating models range from fully-managed to dual-operation, or a hybrid; all models include access to the award-winning, paperless account management platform, dataVISION, and its new integrated client portal, Clear 1.
“We have always won credit union clients due to our unparalleled technology, and that trend continues today. Both our advisor-facing and client-facing platforms are incredibly innovative and intuitive. We’re so proud to support hundreds of users on our advisor platform and over 300,000 users on our client portal, helping everyday people improve their financial futures in a meaningful way,” said CUSO Financial Services President and CEO Valorie Seyfert. “When you couple this with our longtime ‘white glove’ customer service approach, you have a formula that helps credit unions to materially grow their investment programs. We are thrilled to be working with these forward-thinking Texas-based credit union teams.”
About CUSO Financial Services, L.P.
CUSO Financial Services, L.P. and Sorrento Pacific Financial, LLC (Members FINRA/SIPC) are full-service broker-dealers and subsidiaries of Atria Wealth Solutions. Established in 1997, they specialize in placing investment programs inside credit unions and banks, providing customized investment and insurance solutions to over 200 financial institutions throughout the country, with $30+ billion in AUA. Headquartered in San Diego, with branch offices nationwide, both broker-dealers are SEC Registered Investment Advisors, with expertise in key areas including retirement services, wealth management, advisory solutions and insurance products for individuals and business customers. For more information, see cusonet.com, or LinkedIn at CFS and SPF.
EECU is a member-owned financial institution that provides a broad array of competitive products and services, adhering to sound management and ethical principles. We are dedicated to the communities we serve with the goal of promoting thrift, improving the financial well-being of all members, and building lifelong financial relationships one experience at a time.
# # #