Atria Recruits Harvard University Employees Credit Union

Atria’s Credit Union-Focused Broker-Dealer Subsidiary CFS Signs Multi-Year Deal To Support Harvard University Employees Credit Union, With Over $1 Billion In Assets And More Than 52,000 Members

Chris Latham, Managing Editor, Wealth Solutions Report

CUSO Financial Services (CFS), a broker-dealer subsidiary of Atria Wealth Solutions focused on the credit union wealth management space, announced a multi-year partnership with Harvard University Employees Credit Union (HUECU), which serves the Ivy League institution’s more than 52,000 members and manages over $1 billion in client assets.

HUECU, established in 1939, serves Harvard’s staff, students and alumni, Harvard teaching hospitals and other affiliated organizations. The deal comes a week after Atria announced a similar deal for CFS with Mobiloil Credit Union, which also holds over $1 billion and serves nearly 75,000 members.

Craig Leonard, President & CEO, Harvard University Employees Credit Union

“Our members are asking for expanded financial services, and CFS has a proven track record in the industry when it comes to implementing wealth management programs for credit unions,” said HUECU President and CEO Craig Leonard. “It’s clear that CFS shares our same values and mission – to offer members the support and options they can’t get anywhere else.”

CFS provides financial institutions with a product platform, practice management resources and tools such as the Clear1 portal and mobile app, which has real-time data and home banking integration. In addition, CFS offers four program models for credit unions.

Financial professionals and program managers can operate either as employees of CFS’ broker-dealer, as employees of the partnering institution, through a hybrid approach, or institutions may keep their current broker-dealer and brand equity while “piggybacking” on CFS’ capabilities.

Kevin Mummau, Co-Head of Financial Institution channel, Atria Wealth Solutions

“We’re excited to partner with HUECU and continue our shared passion for educating members on the importance of planning for their financial future,” said Kevin Mummau, Co-Head of Atria’s Financial Institution channel. “We know members want more than just investment advice, they want guidance throughout their life, and we look forward to supporting HUECU on this journey.”

Atria’s subsidiaries include CFS and its sibling in the financial institutions space, Sorrento Pacific Financial, both founded in 1997, which serve over 200 banks and credit unions with over $40 billion in assets under administration (AUA). Atria recently appointed Kevin Mummau and Brian Bichler as Co-Heads of its Financial Institution channel, managing CFS and Sorrento.

Tom Montilli, Chief Experience Officer, Harvard University Employees Credit Union

Atria’s other subsidiaries include Cadaret Grant, NEXT Financial Group, Western International Securities and SCF Securities, and will soon include Grove Point Financial, which the firm recently agreed to acquire from Kestra. With the addition of Grove Point, Atria’s subsidiaries will serve almost 2,700 financial professionals with approximately $115 billion in AUA.

Atria also hired former LPL Financial Divisional President Bill Morrissey late last year.

“CFS’ expertise in building and growing wealth management programs from the ground up was a primary driver in our decision to partner with them,” said Tom Montilli, Chief Experience Officer at HUECU. “The ability to expand our credit union’s digital presence was also an important factor. We wanted to keep our brand front and center and at the same time, offer the personalized support and solutions that our members expect. We found all that and more through CFS.”

Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com

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