Utilities Employees Credit Union has dumped its broker-dealer of almost four years for Cetera Financial Group.
The virtual credit union, which has only one branch to support members across the U.S., was attracted to Cetera's "rep on demand" and other virtual advising services, according to Cetera's announcement on Thursday.
"They like the fact that we have experience building full service via the phone through rep on demand," Catherine Bonneau, CEO of Cetera Financial Institutions, said in an email. "They are modeling their sales team after our rep on demand model."
The credit union has two licensed reps with $20 million in assets under management, Cetera said. It had previously worked with SWBC Investment Services as its broker-dealer.
"Utilities Employees Credit Union found that Cetera Financial Institutions understood our need and growth opportunities," Bret Krevolin, Utilities Employees' chief financial officer, said in a statement.
The Wyomissing, Pa.-based credit union has had an investment services program since it was established in 1934. It seeks to help America's utility and energy employees and their families with their investment choices, it said.
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