MADISON, Wis. (11/6/14)--CUNA Mutual Group announced Wednesday it is making a $25 million investment in its broker-dealer, CUNA Brokerage Services Inc. (CBSI), for technology, staffing, training and other resources.
CUNA Mutual Group's wealth management business consists of CBSI, the company's financial adviser network and wealth management products.
"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, CUNA Mutual Group president/CEO. "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 offers credit unions more than 250 credit union broker-dealer programs, 400 financial advisers, and $3 billion in mutual fund, annuity and managed account sales.
Founded in 1985, CBSI is owned by CUNA Mutual Group's policy owners. "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."
The company's 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," Bosco said. "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."