Cetera Financial Group has bolstered its footprint in the credit union sector by welcoming two new names in as many weeks to its community of partners in the Northeast.
In successive December announcements, Cetera welcomed Citadel Credit Union and Lighthouse Credit Union to its network of financial institution partners.
Both credit unions will now leverage Cetera Financial Institutions, a division of Cetera Investment Services, to support and grow their respective wealth management programs.
Based in the Philadelphia area, Citadel Credit Union serves more than 260,000 members and manages over $6 billion in assets. The credit union transitioned to Cetera from CUSO Financial Services as part of a strategic shift to enhance its investment services offerings.
“This partnership marks an exciting milestone for Citadel as we take our program to the next level with expanded solutions and services and enhanced technology to better serve our members,” Sheri Perkins, senior vice president and head of wealth management and retirement at Citadel, said in a statement Friday. “We spent considerable time researching and evaluating broker-dealers to ensure we partnered with the best.”
In a parallel statement, Citadel cited "consolidation that impacted its prior broker-dealer" as a motivating factor to search for another partner. CUSO Financial services was acquired by Atria Wealth Solutions in 2017. Earlier this year, Atria itself became an acquisition target when LPL announced plans to snap it up in February.
After LPL closed that deal in October, the firm said it expects to retain at least 80 percent of Atria's advisors once the dust settles on the transition process which it expects to conclude by mid-2025.
Over at New England, Cetera inked a partnership with Lighthouse Credit Union, which has a history going back to 1936 and oversees $2 billion in assets for more than 165,000 members. The credit union, which recently transitioned from a state to a federal charter, aims to provide more expansive services to its members across Maine, New Hampshire, and beyond.
“From our first meeting, it was clear that their values aligned with ours,” John Olerio, vice president of wealth management at Lighthouse Credit Union said in a statement Tuesday. “Together, we’re dedicated to enhancing member services by leveraging cutting-edge technology to deliver personalized wealth management solutions.”
LeAnn Rummel, president and CEO of Cetera Investment Services, highlighted Cetera’s expertise in the credit union space as a key driver of these partnerships. “Our extensive experience in supporting credit unions uniquely positions us to deliver tailored solutions that empower advisors and members alike,” she said.
Cetera's tie-ups with Citadel and Lighthouse extend the list of credit union partnerships it landed this year, which includes Eglin Federal Credit Union in Florida, California Coast Credit Union, and Hawaii State Federal Credit Union.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
