LPL Financial Adds Alliant Credit Union Retirement and Investment Services to its Institution Services Platform
LPL Financial Institution Services to Provide Comprehensive Brokerage, Wealth Management and Trust Services to Nation’s Sixth-Largest Credit Union
San Diego, CA and Chicago, IL – November 19, 2012 – LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today announced that it has added Alliant Credit Union to its Institution Services platform. LPL Financial’s Institution Services unit is the leading provider of comprehensive third-party brokerage, wealth management and trust services to the investment programs of banks and credit unions throughout the nation.
Headquartered in Chicago, IL, Alliant Credit Union is the sixth-largest U.S. credit union based on asset size, serving more than 270,000 members through its online services and through 14 branches across the country. Founded in 1935, Alliant was originally established as the credit union for employees of United Airlines and today serves a diversified range of clients from major corporations to smaller enterprises and individuals, with $8.2 billion in assets. Its investment program has a total of 9 financial advisors.
Laura Wallace, Vice President Branches and Retirement & Investment Services at Alliant Credit Union, said, “We are enthusiastic about partnering with LPL Financial, in order to bring our members the highest quality service in the industry. The winning combination provided by LPL Financial of brokerage services, wealth management and trust solutions will enable Alliant Credit Union to significantly extend the range of services we offer our client members.”
Wallace continued, “As a nationwide credit union, Alliant Credit Union was looking for a partner with the scale and resources to help us grow our business at a national level. We expect to gain valuable new efficiencies through LPL Financial’s technological platform and to benefit from the vast amount of resources available through their dedicated support of the institutional channel. Additionally, Alliant will be able to tap into the LPL Financial network of financial institutions in order to gain greater access to industry-wide best practices and business networking opportunities.”
Andy Kalbaugh, Managing Director at LPL Financial Institution Services, said, “We are delighted to welcome Alliant Credit Union to LPL Financial. LPL Financial is an industry leader in helping banks and credit unions expand their capabilities, discover new avenues for revenue growth and become more profitable. We are especially pleased to offer our services to so prominent and well-established an institution as Alliant Credit Union.”
Mr. Kalbaugh further stated, “We also believe that our new partnership with Alliant reflects a larger industry trend, as we have increasingly seen a migration of credit unions toward service providers whose more robust capabilities can translate into more opportunities for growth.”
In total, LPL Financial serves over 685 banks and credit unions with brokerage, trust and wealth management services.
About Alliant Credit Union
Alliant Credit Union, founded in 1935, is a member-owned financial cooperative that provides exclusive, lifetime benefits to employees and retirees of select business affiliates, organizations and associations, and to their family members and domestic partners. As the sixth-largest U.S. credit union based on asset size, with $8.2 billion in assets, Alliant serves more than 270,000 members nationwide. Headquartered in Chicago, IL, Alliant Credit Union serves its members through extensive online facilities and through 14 branches across the country. Its investment services program has a total of 9 financial advisors.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is the nation’s largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2012), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers integrated technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 13,100 financial advisors and approximately 685 financial institutions. In addition, LPL Financial supports over 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Alliant Credit Union deposits and are not NCUA insured. These products are not obligations of the Alliant Credit Union and are not endorsed, recommended or guaranteed by Alliant Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
LPL Financial is not affiliated with Alliant Credit Union.
This press release may contain forward-looking statements (regarding management expectations, strategic objectives, business prospects, financial results, and other similar matters) that involve risks and uncertainties. The words “anticipates,” “believes,” “expects,” “may,” “plans,” “predicts,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees that future results, plans, intentions or expectations expressed or implied by LPL Financial Holdings Inc. or its affiliates will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties which may cause actual results to be materially different than those expressed or implied by forward-looking statements. Important factors that could cause or contribute such differences include, but are not limited to, LPL Financial LLC’s ability to successfully transition the Alliant-affiliated business to its platform, changes in general economic and financial market conditions, fluctuations in the value of assets under custody, effects of competition in the financial services industry, changes in the number of our financial advisors and institutions and their ability to effectively market financial products and services, the effect of current, pending and future legislation, regulation and regulatory actions, and the other factors set forth in Part I, “Item 1A. Risk Factors” in LPL Financial Holdings Inc.’s 2011 Annual Report on Form 10-K, which is available on www.lpl.com and www.sec.gov.