SAN DIEGO–CUSO Financial Services reported San Antonio-based Generations Federal Credit Union of San Antonio has been added as a client of its broker-dealer solutions. CFS said its in-depth knowledge and understanding of the credit union industry and its ability to offer a hybrid program, where the advisor is an employee of the credit union, were the reasons Generations executives gave for the move.
Generations has more than 52,000 members, $541 million in assets and a strong base with city, fire department and police department employees. Generations executives interviewed four broker-dealers before choosing CFS to manage the investment program and its compliance operation. The credit union is already seeing positive results, with an increase of $2.2 million in investment advisory dollars in just the last three months, the company reported.
“In our previous investment program relationship, the financial advisors were employees of the broker-dealer and didn’t really understand how our credit union makes a difference daily in the lives of our members," said Marcel Theriot, senior vice president of finance for Generations. "CFS management understood the banking channel and allowed us to brand the program in our own way, with our own advisor employee. They looked at the program holistically, as an integral part of our offerings, and we liked their anticipated technology enhancements.”
According to the company, in addition to industry-leading planning and reporting tools, Generations is also offering its members several CFS-developed, award-winning tech tools as well, including:
- BuildMyProfile – online profile form with customizable templates
- SendMyDocs – mobile app that allows clients to snap photos of documents and securely send them to financial advisors
- Financial Management Center – online investment assessment and referral tool
- MPV mobile – mobile app that allows clients to manage investment accounts securely
- eVISION – online trading platform
- fundVISION – mutual fund direct trading platform
- Home Banking Integration – a single-sign on access that consolidates the view of checking, savings, loan, and investment information all on one page in Generations’ normal home banking system.
In addition, Generations plans to be an early adopter of the digital advisor program that CFS will roll-out in 2018. CFS provides a comprehensive selection of products and services including investment, insurance, and advisory options. CFS does not offer proprietary products, reducing bias.
“Our 20-year history of placing investment programs inside financial institutions has taught us that you must be flexible to meet the needs of each FI’s community and client base,” said Valorie Seyfert, president at CFS. “Generations recognized we would work with them to come up with the best possible program for their members. Maintaining their culture helps them grow their investment program and expand in their community. We are honored to be working with Generations and feel confident it will prove to be a long-term relationship.”