North Island Credit Union has tapped CUSO Financial Services as its third-party broker dealer, CUSO announced on Wednesday.

The San Diego-based credit union picked CUSO from among three other contenders due to its technology and strength in the credit union industry, CUSO said. The credit union had been with another broker dealer for nine years, although CUSO declined to say which one.

CUSO's appointment is a huge coup for the firm as it had lost North Island's investment services program to that rival broker dealer nine years ago. 

North Island serves more than 76,000 members in 10 branches and holds $1.1 billion in assets. It aims to grow its investment services program by 20% within the next few years, CUSO said.

"Although CUSO Financial Services is a professionally run organization and has great technology tools, the executive management is very accessible and understands the credit union model — it isn't just about numbers," Carl Federici, North Island's vice president of investments and insurance, said in a statement. "They know we want continuity in our program, stable management, and new ideas on how to grow our base, who to hire that work best in this environment, and what new offerings are needed by our clients."

North Island's investment program is led by a producing program manager along with four additional advisors, five sales assistants, two full-time and two part-time administrative assistants and a regional program development manager. It operates under a dual employee model whereby the program's financial advisors are employed by North Island but are licensed, registered and supervised by CUSO.

The program relaunched with CUSO in January 2015.

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