LPL Picks Up $11B of CUNA Brokerage Assets

 Commentary  May 25, 2022 at 07:44 AM  Share & Print

LPL Financial says that about $11 billion of CUNA Brokerage Services’ client assets have moved onto its Institution Services platform, with another $21 billion expected to follow in the coming months.

The news comes about a year after LPL and CUNA formed a strategic partnership. At the time of the 2021 announcement, CUNA’s brokerage unit had about 550 advisors working with 300 credit unions and clients nationwide, with some $36 billion of assets.

“We are bringing together that common spirit along with our innovative platforms to create a dedicated support model serving the credit union investment program marketplace,” Rich Steinmeier, LPL’s head of Business Development, said in a statement.

Last week, LPL disclosed that it had about $1.096 trillion in advisory and brokerage assets on its platforms as of April 30. That’s up 3% from a year ago but down 6% from March 31. 

“Our strategic alliance with LPL Financial creates a transformative value proposition for the credit union industry that we believe will result in many more members receiving the critical help they need,” according to Rob Comfort, president of CUNA Brokerage Services. 

LPL currently works with more than 20,000 financial advisors, roughly 800 institution-based investment programs and about 500 independent RIA firms nationwide. 

European Compliance Association

European Compliance Association