Ohio CUs Help Investment Firm Grow
CINCINNATI - Financial Network Group has grown to become one of Cincinnati's largest investment advisory firms, thanks to Ohio credit unions. Launched in 1991, the firm has grown to $57 million in assets and generates about $4 million in revenue each year, said Nathan Bachrach and Ed Finke, managing partners in a April 1 Business Courier article. Financial Network Group, a fee-based firm, provides financial planning, asset allocation plans and buys and sells securities through a partnership with Royal Alliance Associates. The firm employs 35 planners and staff members. More than 27,000 credit union members are clients, according to the firm. Some of the credit unions it works with include $79 million Emery FCU; $46 million Cincinnati Ohio Police CU and $20 million Communicating Arts CU. Looking ahead, Financial Network Group is planning to build a business line to provide financial services to accounting firms, Bachrach told the publication. It may also consider expanding the Royal Alliance Associates network of offices. The firm currently supervises five offices. "This gives our members an alternative to traditional banking services," said Emery FCU CEO John Wagner in the article. "It's important that our members get good advice, and Financial Network Group has never overcharged."