The six-adviser wealth management division of GreenState Credit Union, which manages $350 million in assets, has switched its broker-dealer affiliation to LPL Financial. Five of the advisers at the Cedar Rapids, Iowa-based institution, the largest credit union in the state, were formerly affiliated with Cambridge Investment Research. The sixth was with Royal Alliance, part of Advisor Group.
GreenState advisers will use LPL’s Institution Services platform as well as Financial Resources Group Investment Services to assist with client service and growth.
Established in 1938, GreenState Credit Union serves more than 230,000 members.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
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"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
