Atria Recruits Capital Credit Union

Atria’s Credit Union-Focused Broker-Dealer Subsidiary CFS Signs Multi-Year Deal To Support Capital Credit Union, With Over $2.3 Billion In Assets And More Than 120,000 Members, In Fifth Such Jump From LPL Financial

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 multiyear partnership with Capital Credit Union, the fifth credit union in recent months to join CFS from LPL Financial.

Founded in 1927, Capital Credit Union has $2.3 billion in total credit union deposits and serves more than 120,000 members across Wisconsin through 24 branches. The credit union is based in Green Bay and has members in the greater Green Bay, Fox Valley and Heart of the Valley areas, in addition to Greenville, Oshkosh, Freedom, Shawano and Sturgeon Bay.

“We were looking for a partner who fully understands and embraces the experience we are looking to create for our members,” said Laurie Butz, Capital Credit Union’s President and CEO. “We have been serving the members of our community for nearly a century, and we needed to identify a firm that understands the credit union culture and changing needs of those we serve.”

Laurie Butz, President and CEO, Capital Credit Union

Through the partnership, Capital Credit Union will gain access to an expanded range of products and solutions, work closely with Atria’s team to develop targeted marketing strategies, and leverage Atria’s integrated financial professional and member technology platform.

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.

“We are incredibly excited about our new partnership with Laurie and the Capital team and helping Capital serve its members,” said Kevin Mummau, Co-Head of the Financial Institution channel at Atria Wealth Solutions. “Capital’s strategic objectives align perfectly with CFS’s core strengths and our commitment to supporting credit unions in developing their investment programs and ensuring an unmatched member experience.”

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

The previous recent credit union deals were Allegent Community Federal Credit Union, with more than 20,000 members and over $278 million in assets; Clearview Federal Credit Union, with more than 117,000 members and over $1.8 billion; Harvard University Employees Credit Union, with more than 52,000 members and over $1 billion; and Mobiloil Credit Union, with almost 75,000 members and over $1 billion.

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’s other subsidiaries include Cadaret Grant, NEXT Financial Group, Western International Securities and SCF Securities, and soon will 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.

“The ability to broaden our program through people, technology and investment products while maintaining and preserving the core culture of our credit union was imperative,” Butz said. “CFS shares a passion for the credit union mission of people helping people, which makes them the right partner for us today and well into the future.”

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

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