Florida-Based Credit Union With $2.8 Billion-Plus in Client Assets Joins Cetera Network
Cetera Financial Group announced that Eglin Federal Credit Union has entered into a networking agreement with Cetera Financial Institutions in the delivery of its member-focused investment program, Eglin Wealth Management. Based in Fort Walton Beach, Fla., Eglin Federal Credit Union was founded in 1954 and serves nearly 125,000 members with more than $2.8 billion in assets, as of Sept. 30, 2024.
“We welcome the Eglin team to the Cetera family and appreciate the trust and confidence they have placed in our capabilities and in achieving our shared goals together,” said LeAnn Rummel, president and chief executive officer of Cetera Investment Services. “We look forward to helping the Eglin team expand and enhance their investment program and provide more members with financial planning and wealth management services for years to come.”
Cetera Financial Institutions is a community within Cetera Investment Services that supports the investment programs of over 450 banks and credit unions. With nearly 40 renewals signed through July 2024, according to Cetera Financial Institutions, its current retention rate is 99% for all institutions.
“Cetera shares the credit union philosophy of people helping people, and they are committed to delivering excellent service,” said Cathie Staton, president and CEO at Eglin Federal Credit Union. “Cetera aligns with our mission and culture, and we look forward to a bright future together serving our members. Their expertise supporting credit unions, and their excellent reputation gives us the confidence that this was the right move for Eglin Federal Credit Union and Eglin Wealth Management.”
In the insurance company division last month, Cetera Financial Group entered into an agreement to acquire Concourse Financial Group Securities Inc. – a subsidiary of Protective Life Corporation. CFGS comprises Protective’s affiliated retail distribution system, dually registered broker-dealer, and registered investment adviser. The acquisition is expected to bring approximately 350 financial professionals who oversee more than $12 billion in assets under administration and $4 billion in assets under management to the Cetera Wealth Partners community.
Further in 2023, Cetera acquired Securian Financial Group’s retail wealth business, now Cetera Wealth Management Group, bringing approximately $50 billion in assets to Cetera. In 2021, Cetera acquired Voya Financial Advisors’ independent financial planning channel, now Cetera Wealth Partners, bringing approximately $37 billion in assets to Cetera.
Cetera Financial Group, which is owned by Cetera Holdings, serves approximately 12,000 independent financial professionals and their teams, including tax professionals, banks, and credit unions in providing financial planning and wealth management services. Cetera Financial Group refers to the network of independent retail firms encompassing, among others, Cetera Investment Advisers LLC, a registered investment adviser, and the following FINRA/SIPC members: Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. Cetera oversees more than $521 billion in assets under administration and $224 billion in assets under management, as of June 30, 2024.
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