SAN DIEGO — Navy Federal Brokerage Services LLC and Navy Federal Asset Management has signed on with CUSO Financial Services LP for back-office investment support services.
CFS said it will provide NFBS, a broker-dealer, and NFAM, a registered investment adviser, with back-office efficiencies, including operations administration, trading services and dataVISION, a proprietary Web-based, online support platform developed by CFS. Both firms are subsidiaries of $35 billion Navy Federal Credit Union.
"At CFS, we believe in having the flexibility to provide customized program offerings that meet the needs of all types and sizes of credit unions," said Valorie Seyfert, president/CEO of CFS. "In our relationship with Navy Federal Credit Union, these flexible strategies will bring them much greater efficiencies and the ability to focus on doing what they do best, while we do what we do best. It's a great partnership for both of us."
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Navy Federal's conversion should be complete by October and the credit union will then be in a better position to share how the process went, said Jennifer Sadler, a spokeswoman.
CFS' relationship with Navy Federal goes back to 1999, the year the credit union launched its investment program, said Amy Beattie, chief operation officer. That same year, the CUSO submitted a broker-dealer request for proposal, another one in 2004 and a technology RFP in early 2008, she added. Navy Federal Brokerage Services launched July 1, 2006. In addition to providing stocks, bonds, mutual funds, annuities and other products, the broker-dealer is also a licensed insurance agency.
Serious discussions regarding the current relationship between CFS and Navy Federal started in February, Beattie said. The CUSO will convert Navy Federal from CUNA Brokerage Services Inc. on Oct. 1. The implementation should take about ten weeks, Beattie said. Members will be able to maintain their same account numbers for their investment and insurance accounts and keep the same identifications and passwords for their online brokerage accounts, she added.
"We see this as another opportunity to prove the strength of our programs and technology, as well as present a flexible solution that fits the needs of any size credit union," Beattie said. "We weren't big enough, perhaps, in our earlier days to handle this size of credit union, but we certainly can do it now, as we work with more than 25 of the top 100 credit unions, all having over $1 billion in assets."
A broker-dealer and registered investment adviser, CFS serves more than 120 credit unions. CFS said it has been working with $3.8 billion Wescom CU since February 1999. After launching their own broker-dealer in 2005, the CUSO continued the relationship. For the past five years, CFS has also serviced another non-credit union broker-dealer, Beattie said.
In May, Navy Federal announced it was expanding its field of membership to all Navy, Marine Corps, Army, Air Force active duty, reserve and guard personnel and all civilians working in the Department of Defense.
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