Hawaii State Federal Credit Union has appointed a new broker-dealer to run its investment services program.
The Honolulu-based credit union chose CUSO Financial Services from among four third-party marketers to help expand its brokerage program, CFS announced on Thursday.
CFS's home banking integration capability, which integrates with the credit union' s online banking, and its technology system were factors that influenced Hawaii State FCU's decision to switch to the new broker-dealer, CFS said. The credit union's management was also impressed with CFS's strength in the credit union industry and its commitment to making the investment program a core component of the credit union's offerings.
"While doing our due diligence, we checked references of all the broker dealers as well as reviewed their technology capabilities. We were impressed with CFS's excellent references, as well as its commitment to advanced technologies like mobile scanning and home banking integration," Craig Warren, executive vice president of Hawaii State FCU, said in a statement.
The credit union's Hawaii State Investment Services program is led by producing program manager, David Kimura, and includes two advisors, a sales assistant and a regional program development manager. The credit union expects to hire two additional advisors within the next year, according to CFS.
The investment program will operate under a dual employee model where the financial advisors are employed by the credit union but licensed, registered and supervised by CFS. The program's financial advisors support all eight of the institution's branches on Oahu and Maui, the broker-dealer said.
Hawaii State FCU is one of the largest credit unions in Hawaii with more than 80,000 members and $1.3 billion in assets.