LPL Financial has added Kern Schools Federal Credit Union to its Institution Services platform. The platform provides third-party brokerage, wealth management and trust services to banks and credit unions throughout the nation.
Ranked within the top 10 percent of credit unions across the U.S. based on assets, Kern Schools has a total of $1.2 billion in assets.
Headquartered in Bakersfield, Calif., Kern Schools was founded in 1938 to serve Kern County public school teachers. Today it serves approximately 165,000 members through its seven branches, and plans to open three new branches in 2013.
Its wealth management program oversees approximately $267 million in assets. Regarding LPL Financial, Larry Braley, vice president of wealth management at Kern Schools, said, “We were particularly attracted to the comprehensive capabilities of their technology platform and their in-house insurance solutions, but above all, their extensive and well-integrated retirement planning capabilities will open the door to a considerable new opportunity for Kern Schools.”
In total, LPL Financial serves more than 700 banks and credit unions with brokerage, trust and wealth management services.