LPL Financial to Provide Wealth Management Services to Members of PSECU

Rhea-AI Summary

LPL Financial (LPLA) has partnered with Pennsylvania State Employees Credit Union (PSECU) to deliver wealth management services to its members via LPL’s Institution Services platform. The collaboration allows financial advisors at PSECU to manage approximately $700 million in brokerage and advisory assets. This new relationship aims to enhance financial planning, retirement income planning, and investment strategies tailored to PSECU members' needs. The partnership highlights LPL's commitment to client support and innovative solutions in financial services.

Positive

• Partnership with PSECU expands wealth management services.
• Financial advisors to manage approximately $700 million in assets.
• Enhanced access to a wider selection of investment products.

Negative

• None.

CHARLOTTE, N.C., March 01, 2021 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq:LPLA) 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.”

Learn about other firms that recently joined LPL in the LPL Financial News and Media section of LPL.com. Advisors, find an LPL business development representative near you.

About LPL Financial
LPL Financial (https://www.lpl.com) is a leader in the retail financial advice market and the nation’s largest independent broker-dealer**. We serve independent financial advisors, professionals, and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

*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.

**Based on total revenues, Financial Planning magazine June 1996-2020

*** 2018/2019 Kehrer Bielan TPM Survey. Based on Financial Institution Market Share

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
• Obligations
• May Lose Value
  

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Media Contact:
Lauren Hoyt-Williams
(980) 321-1232
Lauren.Hoyt-Williams@lpl.com

FAQ

What is the significance of LPL Financial's partnership with PSECU?

The partnership enhances wealth management services for PSECU members, allowing advisors to manage around $700 million in assets.

How much in assets will PSECU's advisors manage through LPL Financial?

PSECU's advisors will manage approximately $700 million in brokerage and advisory assets.

What services will LPL Financial provide to PSECU members?

LPL Financial will provide financial planning, retirement income planning, and comprehensive investment advice to PSECU members.

What is LPL Financial’s stock symbol?

LPL Financial's stock symbol is LPLA.