Credit unions

Nine banks agreed to be sold to credit unions last year. Some industry observers believe that number could double this year.

The broker-dealer refuted allegations that it used false advertising to mislead customers into thinking that the investment services it provided through a Utah-based credit union were part of the credit union.

The securities watchdog reprimanded the broker-dealers for allegedly not distinguishing their services from those of the credit unions they did business with.

Tulsa Federal Credit Union’s sole advisor, who joined from Merrill Lynch, is already months ahead of schedule.

California Credit Union and North Island Federal Credit Union consolidated their investment programs in anticipation of their merger in March.

The Arizona-based firm serves as a super OSJ, supporting advisors who work for 13 affiliated credit unions as either employees or independent financial advisors.

So far this year, at least 9 banks switched their investment services programs to new third-party broker dealers. One outsourced its broker-dealer operations to a TPM for the first time.

While most of the wealth management industry migrates to the higher net worth clients, CUNA sticks with its credit union base. In fact, it’s looking to expand its footprint.

Nabbing clients away from competitors is a tried-and-true form of corporate growth. Check out these poaches from the bank channel.

The large Los Angeles institution launched the program mid-April with one adviser and a program manager and is looking to add more advisers soon.