Shell Employees FCU Forms Financial Services CUSO

HOUSTON – Shell Employees FCU has formed a CUSO to provide members with financial planning services. The credit union’s new wholly-owned subsidiary, Signal Hill Financial Resources will offer tax preparation services and insurance products to the CU’s 27,000 members, as well as to non-members who live or work in SEFCU’s field-of-membership that includes downtown Houston and the approximately 10 mile surrounding radius. SEFCU had also planned to offer investment services through the CUSO, but Patricia Garcia, president/CEO of Signal Hill Financial Resources, said those plans were changed because of the SEC’s pending decision. Instead, SEFCU is offering financial, estate, and retirement planning services under the CU’s roof through a division, Signal Hill Investment Services. Garcia is vice president of the division as well. Among the investment products being offered are bonds, mutual funds, annuities, and private money managers. The $227 million SEFCU has partnered with independent broker/dealer Linsco/Private Ledger (LPL Financial Services) to process all the trades, to act as custodian for all retirement accounts, and to oversee and supervise SHIS’ compliance department. SEFCU is in charge of all supervisory procedures. The staff of SHIS are employees of SEFCU and independent contractors with LPL. Garcia explained that Signal Hill is the oil field in California where Shell Oil made its first discovery in the 1930s. “We wanted a name that tied to Shell but didn’t imply that the CUSO or the investment division were only for Shell employees,” said Garcia. Shell employees account for about 80% of SEFCU’s membership.