CUSO Financial Services (CFS) has extended its multi-year contract with Wescom Financial Services (WFS), a unit of Wescom Credit Union.
Wescom Credit Union had a Dual Program relationship with CFS between 1999 and 2003.
The two parties have maintained an investment programme from 2004.
Since that time, WFS is said to have “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”.
The renewal of the relationship is the result of an extensive RFP (Request for Proposal) carried out by WFS last year.
The aim of the RFP was to find out the ideal secondary clearing partner to support its broker-dealer.
The technology and customisable programmes of CFS were said to be the key factors resulting in the contract expansion.
CFS’s responsiveness to the business requirements of WFS is also said to play an integral role in the renewal.
WFS president Jonathan Allen said: “CFS understands our need to provide a comprehensive, yet customisable suite of investment solutions as well as a technologically advanced adviser platform and intuitive member portal, giving advisers and members real-time transparency to make important financial decisions.
“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.”
Pasadena-based Wescom Credit Union has over 200,000 members and manages around $4bn in assets. The credit union has 24 branches.
CUSO, headquartered in San Diego, offer investment and insurance solutions to more than 200 banks and credit unions.