SAN DIEGO – CUSO Financial Services (CFS), a full-service broker-dealer and SEC Registered Investment Adviser that provides customized investment and insurance solutions to credit unions, is now working with Empower FCU to build its investment program and to integrate it into the core offerings of the financial institution.
Empower FCU executives conducted due diligence on five different broker-dealers before choosing CFS for its specialization in financial institutions and its proven success in growing investment programs through collaboration, integration, and focus on the needs of the client. CFS technology and reporting capabilities were also cited as reasons the credit union decided to make the change.
Empower Federal Credit Union, headquartered in Syracuse, has 148,000 members with approximately $1.3 billion in assets and more than 20 branches in upstate and central New York. Although Empower FCU has had an investment program for more than 20 years, it was never fully integrated; it operated in separate offices outside the branches and direct reporting to credit union management was not part of the operations.
With CFS as its broker-dealer, financial advisors will operate as dual employees of the credit union and CFS, whereby they are employed by the credit union but registered, licensed and compliance-supervised by CFS. A vice president within the credit union staff also is responsible for the investment program’s performance.
“We think better integration will help the program grow and give our members the peace of mind they want,” said James H. Reynolds, senior vice president of operations for Empower FCU. “CFS management is accessible, proving that they understand our philosophy and service orientation.”