Industry - Bank Channel

New England Federal Credit Union Moves Investment Program to CUSO

by: Margarida Correia

Wednesday, December 5, 2012

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Vermont’s largest credit union has moved its wealth management program to broker-dealer CUSO Financial Services (CFS) after an extensive review of rival third-party marketing firms. New England Federal Credit Union was attracted to CFS’s service-oriented culture, which aligned with the credit union’s own culture, according to an announcement from CFS on Tuesday.

“We wanted a broker-dealer that could create a member experience based on credibility, trust, and advice,” Bill Smith, NEFCU senior retail delivery executive, said in a statement.

The credit union also cited CFS’s technology platforms and its ability to provide tools to allow members to manage their investment and insurance needs easier.

The investment program, which is labeled under the NEFCU Financial Group banner, is a managed program, meaning investment advisors are employed and managed by CFS. Two financial advisors have been hired since NEFCU’s switch to the new service provider. 

NEFCU, a community-based credit union serving more than 85,000 members from six locations in northwestern Vermont, has more than $930 million in assets.