Los Angeles Federal Credit Union Partners with Cetera
In a significant move, Los Angeles Federal Credit Union has established a new partnership with Cetera Financial Institutions. This affiliation is set to enhance the financial planning and wealth management services available to LAFCU's 75,000 members. By joining forces with Cetera, lauded for its expertise and support within the financial services industry, LAFCU aims to provide an even better experience for its members.
Growth through Affiliation
LAFCU Wealth Management, previously associated with CUSO Financial Services, is moving to Cetera, bringing around $160 million in assets under administration. This transition not only signifies a fresh start for LAFCU's investment services but also enhances the resources available to members. Experienced advisors Steven Liang and John Herrera will continue to support clients, ensuring a smooth transition and continued excellence in service.
Commitment to Member Experience
LAFCU's President and CEO, Anthony Cuevas, emphasized that the credit union leadership prioritized an upgraded experience for members when selecting a financial services partner. Cuevas remarked on Cetera's understanding of credit union wealth management programs, highlighting their commitment to catering to LAFCU members' unique needs. "With Cetera, we have the freedom to run our wealth management business in a way that best serves our members," Cuevas shared, anticipating enhanced financial planning and investment opportunities for the community.
LAFCU’s Rich History
Founded in 1936 by a small group of city employees in Los Angeles, LAFCU has grown steadily over the decades. Originally created to offer a safe, low-cost saving and borrowing option during tough economic times, it has since expanded its reach to more than 75,000 members throughout the metropolitan area. This growth is a testament to its commitment to community and member-centered service.
Strengthening Financial Services
According to LeAnn Rummel, President and CEO of Cetera Investment Services, this partnership underlines their mutual dedication to service quality. Cetera's tools, technology, and community-driven approach will play a pivotal role in supporting the ongoing growth of LAFCU Wealth Management. With nearly 450 banks and credit unions benefiting from Cetera’s expertise, those at LAFCU can expect a robust support system.
Cetera’s Achievements
As a trailblazer in the financial advisory space, Cetera Investment Services celebrated its 40th anniversary recently, with an impressive retention rate of 99 percent among partner institutions. Managing more than $554 billion in assets as of late, Cetera's commitment to its advisors remains strong, as evidenced by a 4.8 out of 5 satisfaction score from over 40,000 reviews.
Looking Ahead with Cetera
Cetera Financial Group’s innovative model offers a marriage of modern technology and personalized services, granting financial advisors the tools they need to succeed. This partnership with LAFCU positions both organizations for ongoing success and adaptation in a rapidly changing financial landscape.
Frequently Asked Questions
What is the main goal of LAFCU's partnership with Cetera?
The main goal is to enhance financial planning and wealth management services for LAFCU members, providing them with improved resources and support.
How much in assets is LAFCU bringing to Cetera?
LAFCU is bringing approximately $160 million in assets under administration to Cetera.
Who are the advisors continuing with LAFCU Wealth Management?
Experienced advisors Steven Liang and John Herrera will continue to serve LAFCU's clients throughout this transition.
What does Cetera offer its financial partners?
Cetera provides personalized support, advanced technology, and a community-driven approach designed to cater to the needs of financial institutions.
When was LAFCU founded?
LAFCU was founded in 1936 by thirteen city employees who aimed to create a safe and low-cost saving option for their fellow city workers.
