Advisory Arm CUNA Brokerage Services, Inc. seeks to expand its network to further opportunities for credit union members
MADISON, Wisc., Dec. 3, 2020 /PRNewswire/ — CUNA Brokerage Services, Inc. (“CBSI”), the brokerage arm of CUNA Mutual Group, announced today that it is actively seeking to add 300 advisors to its workforce over the next three years. Recruitment will be nationwide, with particular focus in Milwaukee, Wis.; Suffolk and Nassau County, N.Y.; Manchester-Nashua, N.H.; Eureka, Calif.; Atlanta, Ga.; St. Louis, Mo.; and Longview, Wash.
This expansion will further accelerate CBSI’s advisor growth trajectory, which has been robust in recent years. The organization saw a 10% increase in total advisors between 2018 and 2019, and through this new hiring initiative, it is poised to achieve a nearly 77% expansion in its advisor network since 2018 by the end of 2024. These efforts will also seek to combat the rising number of near-term advisor retirements, which Cerulli Associates forecasted to reach roughly 37% of the total advisory workforce in 2019 over the following 10 years.
Mission Driven, Client Focused Advisors
“At a time when financial security is threatened for so many Americans, mission-driven and client-focused advisors are needed more than ever before,” said Robert Comfort, President, CBSI. “We are tremendously proud of the strong growth at CBSI over the past few years, and it stands as additional proof for our value proposition and the high degree of trust we’ve earned through our work with credit unions. We’re excited to expand our workforce even further so we can continue to give our credit union partners and their members superior and much-needed financial advisory services.”
CBSI’s data-driven approach and ability to tap into the potential of credit unions – which have historically had high trust and consumer satisfaction marks – are primary differentiators that position its advisor force to seek greater financial opportunities for America’s increasingly diverse consumer base. To explore this in greater detail, CUNA Mutual Group’s Multicultural Center of Expertise, in partnership with the Center for Advisor Excellence, commissioned research through the Collage Group in 2019 that revealed several key findings:
- 61% of all new credit union membership growth now comes from multicultural consumers.
- Multicultural consumers are, on average, almost ten years younger than white consumers when they first reach out to a financial advisor – which can translate to a longer and more successful advisor-client relationship.
- Multicultural consumers are more likely to feel that an advisor being part of their credit union is a key factor in their decision process; 41% of Latinx and 35% of Black respondents reported that an advisor being part of their credit union was an important/must have factor in their selection.
“A strong advisor force is essential in helping today’s credit union members navigate the current recession and build a brighter, more secure financial future,” said David Sweitzer, Senior Vice President, Consumer and Advisor Experiences at CUNA Mutual Group. “What’s more, given heightened conversations surrounding racial disparities pertaining to generational wealth, we see ourselves as a conduit for helping facilitate greater access to financial planning tools and advice across all communities. We are happy to welcome these advisors so they can help hardworking Americans achieve the financial stability they deserve.”
About CUNA Mutual Group:
Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located at 5910 Mineral Point Road, Madison, WI 53705.
About CUNA Brokerage Services, Inc.:
CUNA Brokerage Services, Inc. (CBSI) provides broker-dealer and registered investment advisory 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 mark. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.