MADISON, Wis. — Four months after CUNA Mutual Group expanded its 401(k) program to external markets, the company has reported signing on 174 financial advisers and five broker-dealers.

In June, CUNA Mutual opened its 401(k) retirement program to business members, businesses and select employee groups. According to Kevin Thompson, vice president of asset accumulation products at CUNA Mutual, more than 97% of all 401(k) plans in the industry are sold through an adviser or broker, which was part of the company's motivation to build resources and a distribution channel based on an advisory model.

In addition to the financial advisers and broker-dealers, including CUNA Brokerage Services Inc., that are now clients, 73 credit unions are 401(k) program participants through CUNA Mutual.

The company said it currently has 60% of the 401(k) marketplace in credit unions, representing approximately 4,500 plans and 125,000 plan participants.