CUNA Mutual Group, LPL Financial form strategic alliance

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CUNA Mutual Group, a broad financial services provider based in Madison, Wis., announced a strategic alliance with LPL Financial to offer LPL’s digital platform for its wealth management business, CUNA Brokerage Services Inc. CBSI will continue to work directly with credit unions and financial professionals. LPL, the largest U.S. broker-dealer with $958 billion in advisory and brokerage assets as of March 31, will also provide back-end broker-dealer and registered investment adviser services. “We are excited to become one of LPL’s largest clients, and believe we’ll be able to instantly reach new heights with an enhanced value proposition for financial institutions, advisors and the members we serve,” Rob Comfort, president of CBSI, said in a news release. The wealth manager serves 300 credit unions with more than 550 financial advisers and $36 billion in client assets. CUNA Mutual Group will also launch a new brand, Cuna Mutual Group Financial Advisors, and will continue to distribute annuity products. The strategic alliance between CBSI and LPL Financial is subject to approval by the Financial Industry Regulatory Authority.