SAN DIEGO -- CUSO Financial Services LP has grown 30% thanks to the addition of 32 new investment programs over the past year, the credit union broker dealer and investment adviser recently reported.
The credit unions, which total nearly $3.5 billion in assets and collectively serve 500,000 members, include 12 that moved their investment programs to CFS from other broker/dealers and 20 that have chosen CFS to help them start up investment programs, according to CFS.
The programs that have recently moved to CFS include USA FCU, Los Angeles FCU Sound CU, Norlarco CU, Nutmeg State FCU, Consumers CU, Midwest Financial CU, North Jersey FCU, E & A CU, Day Air CU and Point West CU.
"Credit unions are increasingly finding that comprehensive investment and financial planning support for members is required to help the credit unions' ability to retain not only their members' investment assets but also core assets, such as savings accounts and loans," said Valorie Seyfert, president and CEO of CFS.
Among those that have joined as consortium groups are a partnership of several credit unions in Michigan and one group of three credit unions in Georgia. With the consortium option, CFS offers an online program to help smaller credit unions offer additional member services and increase assets under management.
"We are gratified that our programs continue to do so well despite the volatility of the economy and feel confident that our programs will see continued success in 2008," Seyfert said.