CUNA Brokerage Services, Inc. Joins LPL Financial’s Institutional Services Platform | New


The firm includes approximately 550 financial advisors in more than 250 credit unions who collectively manage approximately $36 billion in brokerage and advisory assets(1)

SAN DIEGO, May 24, 2022 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq: LPLA) today announced that the retail brokerage and advisory business of CUNA Brokerage Services, Inc. (CBSI), the business management company of CUNA Mutual Group, has joined the Institution Services platform of LPL. On May 21, ~$11 billion in client assets were brought into LPL, including ~$10 billion in brokerage assets and ~$1 billion in advisory assets. The remaining ~$21 billion in assets are expected to be integrated over the next few months.

“This agreement represents an important step for us in our mission to serve more members with personalized guidance that can help them achieve their important life goals,” said Rob Comfort, president of CBSI. “With access to economies of scale and LPL’s innovative technology platform, combined with our advanced data capabilities, experience and leadership in serving this market, we can accelerate advisor growth.” and credit union investment programs to which we are committed and continue to support. Our strategic alliance with LPL Financial creates a transformative value proposition for the credit union industry that we believe will enable many more members to receive the essential help they need.

“LPL and CBSI share a long history of supporting institutions as well as the belief that members should have access to financial advice. We bring this common spirit together with our innovative platforms to create a support model dedicated to serving the program market. ‘credit union investment,’ said Rich Steinmeier, managing director of LPL Financial and divisional president, Business Development.

CUNA Mutual Group and LPL Financial signed an agreement in June 2021 to transfer support for the financial services company’s retail advisory and brokerage business to LPL.

About LPL Financial

LPL Financial (Nasdaq: LPLA) was founded on the principle that the business should work for the advisor, not the other way around. Today, LPL is a leader in the markets we serve,* supporting more than 20,000 financial advisors, approximately 800 institutional investment programs and approximately 500 independent RIA firms nationwide. We are unwavering in our commitment to the advisor-centric model and the belief that Americans deserve access to personalized advice from a financial advisor. At LPL, independence means advisors have the freedom they deserve to choose the business model, services and technology resources that allow them to run their practice perfectly. And they have the freedom to manage their relationships with their customers because they know their customers best. Simply put, we take care of our advisors, so they can take care of their clients.

* Best RIA Custodian (Cerulli Associates, 2020 US RIA Marketplace Report); #1 independent broker in the United States (based on total revenue, Financial Planning magazine June 1996-2021); #1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 company in June 2021.

LPL and its affiliates provide financial services only from the United States.

(1) Includes approximately $4 billion in assets in third-party asset management platforms as of April 30, 2022, which LPL does not include in its reporting of total advisory and brokerage assets.

Securities and advisory services offered by LPL Financial LLC, an SEC-registered broker-dealer and investment adviser. FINRA/SIPC member.

We regularly disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Forward-looking statements

Statements contained in this press release regarding the future operating results, growth and plans of LPL Financial Holdings Inc. (together with its subsidiaries, including LPL Financial LLC, “LPL”) and CUNA Brokerage Services, Inc. (” CBSI”), including those relating to the future benefits of the relationship between LPL and CBSI, levels of assets under management, timing and amount of asset integration, advisor and client experience and investments in the Platform, as well as any other statements that do not relate to current facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on LPL’s and CBSI’s historical performance, as well as LPL’s plans, estimates and expectations as of May 24, 2022. Forward-looking statements do not guarantee that future levels of assets served, results, plans , intentions or expectations expressed or implied by LPL or CBSI will be achieved. Matters that are the subject of forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause levels of assets under management, financial results or actual operating results, activity levels or timing of events may differ materially from those expressed or implied by the forward-looking statements. In particular, LPL cannot guarantee that assets reported as managed by CBSI will translate into assets managed by LPL, or that credit unions served by CBSI or advisers of CBSI will join LPL. Important factors that could cause or contribute to such differences include: difficulties and delays in recruiting credit unions or CBSI advisors, or integrating their clients’ assets; disruptions in the business of LPL, CBSI or the credit unions served by CBSI that could make it more difficult to maintain relationships with their respective advisors and clients; the choice by credit unions served by CBSI not to enter into networking agreements with LPL; the choice by CBSI’s clients not to open or maintain brokerage and/or advisory accounts with LPL; changes in general economic and financial market conditions, including retail investor sentiment; the effects of competition in the financial services industry, including the success of competitors in recruiting credit unions served by CBSI or CBSI’s advisors; and the other factors set out in Part I, “Item 1A. Risk Factors” in LPL’s 2021 Annual Report on Form 10-K and any subsequent filings with the SEC. Except as required by law, LPL specifically disclaims any obligation to update forward-looking statements as a result of developments occurring after the date of this press release, even if its estimates change, and you should not rely on such statements as representing the views of LPL. on any date after May 24, 2022.

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Investor Relations

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