Osaic has expanded its institutional platform with the addition of five credit union-affiliated wealth programs, marking its latest move to grow its presence among community financial institutions.
The credit unions – collectively managing close to $500 million in client assets – were previously affiliated with CUSO Financial Services, a unit of Atria Wealth Solutions.
Each will continue to operate independently under its existing brand while transitioning their wealth programs to Osaic Institutions, the Scottsdale, Arizona-based hybrid RIA's channel focused on serving the financial institution market.
According to an announcement on Thursday, Rave Financial Credit Union in Southeast Texas, formerly known as Mobileoil Credit Union, joins the platform through Osaic’s W-2 advisor model. The wealth program at Rave will be led by advisor Marioreen “Mario” Gibson and her team. According to Osaic, the credit union will gain access to centralized reporting systems, single sign-on capabilities, and dedicated business support resources.
“It’s incredibly rewarding to offer these community pillars the scale and capabilities of a large firm—while continuing to deliver a personalized experience that feels intimate and intentional,” said Greg Cornick, executive vice president of advice and wealth management at Osaic.
Three other institutions – South Metro Federal Credit Union in Minnesota, Capital Credit Union in North Dakota, and Impact Credit Union in Ohio – have also moved to the Osaic Institutions channel. Their respective wealth units, South Metro Wealth Management, Capital Investment Services, and Impact Financial Services, will receive platform access and business development support as part of the new affiliation.
Noble Credit Union in California has likewise joined the channel to support its advisory arm, Noble Investment Services.
Earlier this year, Osaic added Navy Federal Investment Services to its platform, bringing more than 60 advisors under Osaic Institutions. Navy Federal, the largest credit union in the US, serves over 14 million members.
CUSO Financial Services is a subsidiary of Atria, the object of an acquisition deal announced by LPL in February last year. That acquisition, which posed numerous complexities for LPL, was ultimately completed in October. Last month, Atria Wealth co-founders Doug Ketterer and Eugene Elians announced their plans to leave LPL, marking the end of their eight-year journey since launching the firm.
It's worth noting that Osaic isn't the only big name making moves in the credit union space. Last year, Cetera landed several notable partnerships including one with California Coast Credit Union, a nearly 100-year-old financial institution on the West Coast, and another with Hawaii State Federal Credit Union, the largest such institution in the Aloha state.
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.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"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.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
