Numerica to convert investment services to Cetera Financial
Credit union previously was affiliated with CUSO
Karina EliasAugust 11th, 2022
Spokane Valley-based Numerica Credit Union plans to convert its current investment program to Cetera Financial Institutions, a subsidiary of California-based Cetera Financial Group Inc., says Nancy Almond, Numerica’s senior vice president of financial services.
The conversion is scheduled to be completed on Sept. 16.
In addition, the credit union has been growing and plans to continue growth in other states, she says. According to the credit union list pub-
lished by the Journal, the financial institution has just under 112,000 members as of December 31 2021.
“The credit union is growing,” says Almond. “By offering a full menu of services through our investments, we know we are going to see growth in our investment accounts too.”
Numerica currently manages $200 million and was formally affiliated with California-based CUSO Financial Services L.P. since 2013. CUSO is a full-service broker dealer that specializes in working with credit unions.
Almond says as the institution’s contract with CUSO was nearing its end, she explored five different options and evaluated the credit union’s growth and changes to determine what type of partnership was best for the financial institution.
“What I was looking for was the next generation of advice that we can offer,” she says.
Where some broker dealers have a platform where trades are placed and the credit union manages its own growth, Cetera provides a growth relationship manager that works with the team and executives to identify growth areas, says Almond.
In addition, Almond says Numerica will have access to tools, technologies, and solutions, including AdviceWorks—Cetera’s award-winning platform for fin-
ancial professionals and members.
“What we see is a holistic approach to a credit union investment program where we offer our financial planning services and look to small businesses and help them with their employees’ benefits and investment accounts,” she says.
The Cetera Financial Group is based in El Segundo, California, and has approximately $353 billion in assets under administration, and $122 billion in assets under management as of December 2021.