Arrowhead Credit Union has switched its investment services program to CUSO Financial Services after a five-year stint with another broker-dealer, CUSO announced on Wednesday.
The San Bernardino, Calif.-based credit union cited CUSO's senior leadership team and the strategies it modeled for growing the investment services program as factors in its decision to move to a new provider. The credit union interviewed several broker-dealers before making its decision.
"It was clear they are a solid company that is going to provide us and our members with an exceptional service experience," Emily Friesen, Arrowhead's senior vice president of strategic marketing, said of CUSO in a statement.
Arrowhead is the 11th credit union to join CUSO's network this year. Its investment services program, which was previously with LPL, is led by a manager who oversees four advisors and one licensed assistant. The advisors have $112 million in assets under management, CUSO said. The program will be a managed program, meaning the advisors will be licensed, supervised and employed by CUSO.
"Our concierge approach allows us to proactively anticipate and address the needs of our financial institutions," Valorie Seyfert, CUSO's CEO, said in a statement. "We are right-sized, with the scale to provide sophisticated services and technology advancements that credit unions desire, and the resources to support priorities, such as compliance oversight, ease of doing business, and responsiveness for every client."
Arrowhead has 125,000 members with approximately $937 million in assets and 11 branches in Southern California cities, including San Bernardino, Riverside, Redlands and Chino.