Cetera Financial Group continues its expansion into the credit union space as it forges ties with a new partner institution in California.
Cetera has announced a new partnership with California Coast Credit Union, the oldest financial institution in San Diego County.
With a near-century record of serving the community going back to 1929, the union is cutting ties with Osaic to collaborate with Cetera Financial Institutions, which will be managing and expanding its investment program moving forward.
This partnership will also see four financial professionals from the credit union get integrated into Cetera’s framework of retail investment advice, which will provide resources and support to enhance Cal Coast Financial Services and improve the investment products and services offered to credit union members.
"We are proud to welcome California Coast Credit Union to the Cetera family," said LeAnn Rummel, president and CEO of Cetera Investment Services in a statement.
Rummel cited her firm’s “proven track record” of working with financial institutions and their members to bolster their investment programs. The firm is
In March, Cetera unveiled a major partnership with Hawaii State Federal Credit Union, which saw Cetera extend the scope of its reach to include over 126,000 members and nearly $400 million in assets within the Aloha State.
The partnership with California Coast Credit Union is in a sense a much bigger deal. Established by local teachers, it currently stands as the third-largest credit union in San Diego County, serving approximately 200,000 members and representing $116 million in assets under administration.
"Cal Coast is committed to supporting the financial wellbeing of our members with free one-on-one financial coaching, workshops, webinars, and more," said the credit union's president and CEO, Todd Lane, who said Cetera’s “high touch service and support model” pushed it ahead of the pack following “an extensive RFP process.”
“[The model] provided the best fit to ensure our financial services program is aligned with Cal Coast's vision and commitment to our members,” he said.
"We look forward to providing innovative solutions and services to Cal Coast's members and a higher level of support to its financial professionals," Rummel said.
Cetera’s partnership with Cal Coast comes shortly after Cetera Investment Services celebrated its 40-year anniversary.
Over its history, the firm has grown its footprint across two communities including Cetera Financial Institutions, which supports over 400 banks and credit unions – in March, that division revealed it had set up a council devoted to the credit union space – and Cetera Investors, the advisor-focused arm that includes both a supported-independence branch model and another division for independent financial professionals.
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