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CUNA Mutual Group commits $25 million to wealth management business
Investment Will Enhance Company’s Broker-Dealer Technology, Training, and Marketing Capabilities
MADISON, WI (November 5, 2014) — CUNA Mutual Group has launched a multi-year, multi-million-dollar investment in its broker-dealer, CUNA Brokerage Services, Inc. (CBSI), to help credit unions boost fee income and enable members to achieve financial security in their working and retirement years. CUNA Mutual Group’s Wealth Management business consists of CBSI, the company’s financial advisor network, and wealth management products.
The company is committing more than $25 million to CBSI for technology, staffing, training and other resources.
“Credit unions have told us one of their top needs is generating non-interest income, especially during times of tight margins,” said Robert N. Trunzo, president and chief executive officer of CUNA Mutual Group. “Our $25 million investment in CBSI is one of the ways we are addressing those needs. We will better position CBSI to help credit unions enhance their investment services and deepen member relationships.”
CUNA Mutual Group’s CBSI is the leading broker-dealer serving credit unions throughout the nation with more than 250 credit union programs, 400 financial advisors, and $3 billion in mutual fund, annuity and managed account sales.
“CUNA Mutual Group understands our vision and what we’re trying to accomplish,” said David Young, executive vice president at Commonwealth Credit Union in Frankfort, Kentucky. “The company cares about our credit union in the same way we care about our members. It’s the same type of partnership.”
Founded in 1985, CBSI is owned by CUNA Mutual Group’s policyowners and shares the same member-focused philosophy as its credit union customers. “When you look at the competitive marketplace, we realize it’s the big investments and smaller attention to detail that helps win over and retain our customers,” said Trunzo. “Credit unions are our first and only priority – complete focus.”
The company’s significant investment follows the July announcement that Jeff Bosco, senior vice president, will lead CUNA Mutual Group’s Wealth Management business. “We recognize the great responsibility associated with serving credit unions and the financials needs of members. As we evaluated these needs, it was important to look at our industry today and as it will look in the future. We view this as an investment in credit unions and their members,” Bosco said.
About CUNA Brokerage Services, Inc.:
CUNA Brokerage Services, Inc. (CBSI) provides broker-dealer services to credit unions throughout the nation, offering a full range of investment and insurance products to help credit unions help their members reach a more secure financial position.
CBSI, an affiliate of CUNA Mutual Group, is the leading broker-dealer serving the credit union marketplace. CBSI has more than 250 credit union programs, 400 active advisors, with more than $3 billion in mutual fund, annuity and managed account sales, and more than $140 million in annual revenue. In 2013, CBSI paid credit unions more than $65 million in fee revenue.
About CUNA Mutual Group:
CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStage™ – branded consumer insurance products; and investment and retirement services to help our customers succeed. More information is available on the company’s website at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.