Piedmont Advantage Credit Union is abandoning its third-party broker-dealer for CUSO Financial Services.
The North Carolina credit union was impressed with CUSO's remote delivery technologies as well as its focus on compliance and reputation in the industry, CUSO said.
The credit union will look to CUSO to help it expand its investment services program, which has about $13.8 million in assets under management and employs one financial adviser.
"Member support and ease of doing business are very important to us," James Grenon, financial wellness program manager at Piedmont, said in a statement. "With members spread over so many different locales, we need to leverage technology that both educates members and implements programs."
Piedmont's investment services program had been with CUNA Brokerage Services since it launched in 2007.
Piedmont has more than 40,000 members across North Carolina and more than $312 million in assets. It was established in 1949 as the exclusive credit union partner for Piedmont Airlines but has since expanded its membership to many other companies and communities.
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The large Los Angeles institution launched the program mid-April with one adviser and a program manager and is looking to add more advisers soon.
June 16 -
The large Northwest Pacific institution abandoned its third-party broker-dealer for CUSO Financial Services.
April 28 -
The Spokane, Wash.-based credit union will look to CUSO to rebuild its investment program and integrate it into its core offerings and services.
February 26
"Tailored customer support is our top priority, as it is with Piedmont Advantage," Valorie Seyfert, CUSO's CEO, said in a statement. "Our concierge approach allows us to adjust the type of program based on the needs of our financial institutions."
