CHARLOTTE, N.C. – March 1, 2021 – LPL Financial LLC and PSECU have entered into an agreement to provide wealth management services to the credit union’s members through LPL’s Institution Services platform using the PSECU Financial Services (PFS) brand. The advisors with PFS reported having served approximately $700 million in brokerage and advisory assets** of PSECU’s members.
With headquarters in Harrisburg, Pa., PSECU was established more than 85 years ago when 22 state employees pooled $90 to create a not-for-profit financial cooperative. It has since grown to become Pennsylvania’s largest credit union, serving more than 475,000 members with $7 billion in assets.
The financial advisors provide financial planning, retirement income planning, estate planning, and comprehensive investment advice to help PSECU members work toward a more secure financial future. The new relationship with LPL Financial will provide access to an expanded selection of investment products, allowing the advisors to tailor strategies to each member’s unique needs.
“After careful analysis, we determined that LPL put our members in the best position to work toward their financial goals and manage their financial risks. LPL’s commitment to client support, dedication to advisor service, and access to a wide array of investment options and innovative technology solutions set them apart from the rest,” said PSECU President and CEO George Rudolph. “At PSECU, we aim to help our members achieve more, and we believe our new relationship with LPL Financial allows us to do just that.”
“We welcome these advisors to LPL’s Institution Service family. LPL understands the unique needs and opportunities of institutions like PSECU and their members,” said LPL Financial Senior Vice President Ken Hullings, head of enterprise recruiting, Business Development. “With a keen client focus, we are able to make meaningful investments in the technology, risk management and digital capabilities that enable teams to run efficient and productive programs, enrich the experience and value delivered to their members, and support the organization’s overall goals and mission.”
About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader* in the markets we serve, supporting more than 17,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.
* Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2019-2020 Kehrer Bielan Research & Consulting Annual TPM Report)
**Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Pennsylvania State Employees Credit Union (PSECU) and PSECU Financial Services (PFS) are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using PFS, and are employees of LPL. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of PSECU or PFS. PSECU has contracted with LPL to make non-deposit investment products and services available to credit union members. Securities and insurance offered through LPL or its affiliates are:
- Not Insured by NCUA or Any Other Government Agency
- Not Credit Union Guaranteed
- Not Credit Union Deposits
- May Lose Value