Wescom Financial Services and CUSO Financial Announce Continued Partnership
San Diego / Pasadena, CA – February 24, 2020 – CUSO Financial Services, L.P. (“CFS”) and Wescom Financial Services (“WFS”) today announced the continuation of their long-standing relationship. WFS, a wholly-owned subsidiary of Wescom Credit Union (“Wescom”) with more than $4 billion in assets and nearly 200,000 members based in Southern California, has renewed a multi-year contract with CFS. The renewal is attributed to CFS’s innovative technology, highly customizable programs, and responsiveness to WFS’s business needs.
From 1999 to 2003, Wescom Credit Union maintained a Dual Program relationship with CFS prior to becoming its own broker-dealer. Since 2004, WFS has maintained its investment program with CFS and achieved a five percent-member penetration with $1.3 billion of assets under administration (AUA) embracing a one-to-three ratio with its Wescom asset base. In 2019, WFS conducted an extensive RFP (Request for Proposal) process to determine which secondary clearing relationship would best support their broker-dealer. Throughout the process, WFS determined that CFS was the best choice to be its secondary clearing partner and provide trading, operations, technology, clearing, and other back-office support functions.
“CFS understands our need to provide a comprehensive, yet customizable suite of investment solutions as well as a technologically advanced advisor platform and intuitive member portal, giving advisors and members real-time transparency to make important financial decisions,” said Jonathan Allen, WFS President. “At WFS, we place great value on our relationships and member experiences and CFS has consistently delivered and even surpassed, our expectations as a partner. Their technology solutions alone are built with the seamless understanding of how advisors think and what they need to provide thoughtful advice to their clients.”
CFS, and its parent firm, Atria Wealth Solutions (Atria), recently rolled out an integrated advisor technology platform, Unio, and an intuitive client portal, Clear 1, to its financial institutions and their clients and members. Both Unio and Clear 1 received overwhelming reviews from WFS advisors and members for enhancing their online experience in a personalized and transparent manner. WFS reported a 70 percent-member adoption rate within one year after introducing Clear 1 to its members. Atria and CFS are not only focused on offering superior technology, but also providing a competitive advantage to its financial institutions – forging more connections between advisors and their clients.
“We collaborate extensively with WFS to deliver the capabilities and tools they need to deepen their relationships with members,” said Valorie Seyfert, CFS President. “We look forward to furthering our partnership with WFS and continuing to deliver leading wealth management services including the best tools, technology, resources and customized solutions to support their investment program growth and strengthen their member connections through every touchpoint.”
About CUSO Financial Services, L.P.
CUSO Financial Services, L.P. (CFS) and Sorrento Pacific Financial, LLC (SPF) (Members FINRA/SIPC) are full-service broker-dealers and subsidiaries of Atria Wealth Solutions. Established in 1997, CFS and SPF specialize in placing and supporting investment programs within financial institutions. From their headquarters in San Diego, the companies provide customized investment and insurance solutions to over 200 banks and credit unions across the country with more than $30 billion in AUA. 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.
About Wescom Financial Services
For nearly two decades, Wescom Financial Services (WFS) has been offering full-service, investment solutions to Wescom Credit Union members. With 24 branches and nearly $4 billion in assets, Wescom Credit Union has become the essential banking alternative serving more than 200,000 members with its member-centric values and service. As a wholly-owned subsidiary of Wescom Credit Union, with more than 14,000 accounts managing assets of more than $1 billion, WFS stays true to the same principles of the service-driven culture established by its founding Credit Union. Our team of experienced WFS Financial Advisors is dedicated to understanding each members’ specific financial goals and providing valuable advice to make informed decisions about stocks, bonds, mutual funds, annuities, insurance and retirement products.
For more information, visit: wescomfinancial.com.
Wescom Credit Union
Melissa Penn – Grail Brands