Important changes are coming — here's what you need to know.
CUSO Financial Services, LP (“CFS”) is the brokerage firm that provides non-deposit investment services* through its financial professionals located at Elevations Credit Union. On October 1, 2024, Atria Wealth Solutions, the holding company for CFS was acquired by LPL Financial (“LPL”). LPL is the nation’s largest independent brokerage firm** and is also a federally registered investment adviser.
This decision to align with LPL was made to provide our members with enhanced tools, resources and technology to better meet your financial goals. As a trusted leader in the financial services industry, LPL offers an expansive platform and innovative solutions that will allow us to deliver an even higher level of service. We believe this partnership with LPL will offer you significant benefits, including access to industry-leading technology, a broader range of investment options, and a commitment to helping you pursue your financial goals with confidence.
Thank you for your continued trust in Elevations Credit Union and for allowing CFS to assist with your investment goals. We are excited about new opportunities offered through LPL and we are committed to leveraging new resources for your financial benefit. If you have any questions, please reach out to our wealth management team.
LPL is the nation’s largest independent broker-dealer*, offering access to an impressive range of products, services, and resources to help your advisor provide you with personalized service. By investing heavily in innovative technology and automation, LPL makes it easy for your advisor to spend more time helping you pursue your financial goals.
Your relationship with your advisor will not change. They will continue to be your financial advisor and primary contact. The broker/dealer is changing to LPL Financial.
LPL offers innovative resources that enables your advisor to continue providing you with personalized service, such as independent research, advanced technology platforms and back-office support.
LPL is a Financial Industry Regulatory Authority (FINRA) member firm, subject to federal securities laws and the rules of industry self-regulatory organizations. LPL is a member of the Securities Investor Protection Corporation (SIPC) which provides account protection up to $500,000 per member, of which $250,000 may be claims for cash. An explanatory brochure is available at www.sipc.org. LPL purchases $1 billion of excess SIPC insurance that provides additional protection for LPL accounts to cover aggregate net equity (of all member accounts), subject to conditions and limitations. The account protection applies when an SIPC member firm fails financially and is unable to meet obligations to securities members, but it does not protect against losses from the rise and fall in the market value of investments.
CUSO Financial Services will move to LPL officially on or about May 17th, 2025.
Depending on the account type, you may be required to sign a new agreement with LPL. Once the accounts convert, you will be notified if you need to sign a new agreement. The process is relatively easy and can be done via electronic signature or by hard copy if desired.
For existing advisory accounts moving to LPL, the overall advisory fee to the member will be the same as the current advisory fee. The Brokerage Fee Schedule will be provided in a future mailing you will receive and will apply to all brokerage accounts.
You may wish to consider receiving your statements electronically, or you may prefer to continue receiving your statements on paper in the mail. You will be able to make this choice upon the conversion date.
You will access your account information through Account View and more information will be shared with you closer to the conversion date.
There should be no tax implications with the movement of accounts. Your accounts will be transferred to comparable products at LPL. However, we would recommend you consult your tax professional for further information.
Your fundamental investment strategy and allocations will remain the same for the most part. In some cases, LPL may have advanced investment options that can be discussed after your accounts move.
LPL will receive assets on May 17th, 2025. Please note you will be able to continue to conduct all of your business with your advisor per usual during this entire timeframe.
There is no cost whatsoever to you.
This will not affect your relationship with your advisor in any way. You can count on your advisor to continue to provide the level of service you expect. Your fundamental investment strategy and allocations will remain the same for the most part. In some cases, LPL may have advanced investment options that we can discuss after your accounts move. Once LPL is the new broker/dealer, you may be asked to sign a new agreement with LPL. The process is relatively easy and can be done via electronic signature, or by paper if desired.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Elevations Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
**As reported by Financial Planning magazine, 1996-2023, based on total revenue.