CUSO Financial Services, a San Diego-based third-party marketing firm, has implemented broker-dealer services and back-office support for TruMark Financial Credit Union, one of the largest credit unions in Pennsylvania.
TruMark switched its 10-year investment program from another broker-dealer, a spokesperson for CFS said in an e-mail message. The credit union was looking to expand the program and gain more management control over aspects of its investment business, according to CFS.
Under the dual-employee program implemented, TruMark Financial’s managers and advisors will be licensed, registered and supervised for compliance through CFS. Specifically CFS will work with TruMark Financial’s program manager to facilitate the process of training and licensing all branch employees to sell fixed annuities and other products, the firm said in an announcement. It also will provide back-office support through its relationship management and performance tracking software.
Christian Roach, senior vice president in charge of retail and marketing at TruMark Financial, cited CFS’s ability to convert the program from a completely outsourced one to a dual-employee program as one of the reasons for switching the program. TruMark Financial also liked CFS’s focus on helping the credit union advance its investment services through increased marketing support.
“Along with its much better technology platform dataVISION and improved reporting capabilities, the CFS focus on flexible customer support attracted us,” Roach said in a statement.
TruMark Financial, based in Trevose, Pa., is one of the 30 credit unions CFS signed on in 2011. It has more than $1.4 billion in assets and 95,00 members in 14 branches.