CUSO Financial Services, L.P. (“CFS”) and Wescom Financial Services (“WFS”) today announced the continuation of their long-standing relationship. WFS, a wholly-owned subsidiary of Wescom Credit Union (“Wescom”) with more than $4 billion in assets and nearly 200,000 members based in Southern California, has renewed a multi-year contract with CFS. The renewal is attributed to CFS’s innovative technology, highly customizable programs, and responsiveness to WFS’s business needs.
From 1999 to 2003, Wescom Credit Union maintained a Dual Program relationship with CFS prior to becoming its own broker-dealer. Since 2004, WFS has maintained its investment program with CFS and achieved a five percent-member penetration with $1.3 billion of assets under administration (AUA) embracing a one-to-three ratio with its Wescom asset base. In 2019, WFS conducted an extensive RFP (Request for Proposal) process to determine which secondary clearing relationship would best support their broker-dealer. Throughout the process, WFS determined that CFS was the best choice to be its secondary clearing partner and provide trading, operations, technology, clearing, and other back-office support functions.
“CFS understands our need to provide a comprehensive, yet customizable suite of investment solutions as well as a technologically advanced advisor platform and intuitive member portal, giving advisors and members real-time transparency to make important financial decisions,” said Jonathan Allen, WFS President. “At WFS, we place great value on our relationships and member experiences and CFS has consistently delivered and even surpassed, our expectations as a partner. Their technology solutions alone are built with the seamless understanding of how advisors think and what they need to provide thoughtful advice to their clients.”
CFS, and its parent firm, Atria Wealth Solutions (Atria), recently rolled out an integrated advisor technology platform, Unio, and an intuitive client portal, Clear 1, to its financial institutions and their clients and members. Both Unio and Clear 1 received overwhelming reviews from WFS advisors and members for enhancing their online experience in a personalized and transparent manner. WFS reported a 70 percent-member adoption rate within one year after introducing Clear 1 to its members. Atria and CFS are not only focused on offering superior technology, but also providing a competitive advantage to its financial institutions – forging more connections between advisors and their clients.
“We collaborate extensively with WFS to deliver the capabilities and tools they need to deepen their relationships with members,” said Valorie Seyfert, CFS President. “We look forward to furthering our partnership with WFS and continuing to deliver leading wealth management services including the best tools, technology, resources and customized solutions to support their investment program growth and strengthen their member connections through every touchpoint.”
