PrimeVest Partnership Spurs Growth in Langley Investment Program
With members such as NASA scientists, Langley Federal Credit Union started looking at expanding its 16-year-old investment program in ways that would continue to meet the needs of its unique member base.
"The main thing is we wanted to get more into life insurance, financial planning and advisory services," said Victor Puliafico, president of Langley Financial Services LLC, the wholly owned CUSO of the $1.5 billion Langley FCU in Newport News, Va.
Langley Financial now oversees assets in the $125 million to $250 million range with another $20 million in advisory assets, Puliafico said. In 2010, the CUSO experienced 50% growth in its investment program in part because of a staff referral program and more marketing. There has also been an increase in thrift savings and IRA rollovers.
"Many people were burned in 2008," Puliafico said when asked what were members' most pressing concerns in a turbulent economy. "They want to be able to have enough assets to retire. They want to minimize risk."