LPL Financial has added the wealth management program of Missouri’s largest credit union, with $40 million in advisory and brokerage assets, to its institution services platform, according to an announcement today.
The First Community Credit Union (FCCU) wealth management program previously was affiliated with CUNA Brokerage Services.
Program manager Thomas Thornton explained, in the release, that the new relationship with LPL, along with having the wealth management program managed internally, will position the program for long-term growth. He said the program will quickly hire several new advisors. Thornton joins LPL with Bob Scafa, a financial advisor with more than 20 years of experience.
“We want to provide FCCU members with the guidance, tools, education and resources to help them work toward their financial goals and manage their financial risks. We are committed to helping our clients broaden their economic awareness by providing them with access to industry-leading services and financial products in a convenient, courteous and professional manner,” Thornton said.
He added that moving to LPL’s Institution Services platform also will provide FCCU access to more modern technology, products and financial planning software to serve a large membership base more efficiently and effectively.
Rich Steinmeier, LPL Financial managing director and divisional president, business development, said, “With expanded services and additional financial advisors, they are accelerating their ability to be able to help more FCCU members plan for all the important financial moments in their life. LPL understands the unique needs and opportunities for our institutional clients."
FCCU, which provides investment services to its members, supporting its mission to be its members’ primary trusted source for financial advice, has 44 branches, about 340,000 members and $3.2 billion in assets.
LPL Financial, headquartered in Fort Mill, S.C., San Diego and Boston, is the nation’s largest independent broker-dealer. Its financial institution services provide third-party investment services to financial institutions, offering insurance and investment services to about 800 banks and credit unions nationwide.