We Value Excellence
Don't see your investment account balances in Digital Banking? Don't worry, the funds are there! As part of our recent system conversion, we're still working to display balances. Please contact us if you have more questions.
We are committed to providing the personalized advisory care you deserve.
To do this, we’ve taken the opportunity to select a new, enhanced investment platform.
What you need to know
- Your Advisor relationship will remain the same. You'll continue to work with the same knowledgeable Advisor.
- Your investment strategies will remain the same, too. Your investments maintain the same strategy and allocation with your various money managers.
- The new experience will be simplified. Advisors can more efficiently serve you through a single, streamlined platform.
- Your funds and information will remain secure. Advanced security measures continue to safeguard your financial well-being.
- You can be as involved as you’d like. Enhanced technology allows you to view your account information easily and securely via computer, tablet, or smartphone.
- We anticipate your account balances will start populating once again in Online Banking in early August. Reach out to your advisor if you have questions regarding Account View (your online access portal at LPL Financial).
Preparing for transition
The only thing we'll need from you is your cooperation throughout the repapering process. This will be initiated by your Advisor and involves electronically and securely signing documents to ensure your funds and information are properly transferred to the new platform.
What you can expect:
- Initial announcement letter & email: A general outline of what’s to come.
- Opt-Out Notice (only applies to certain accounts): No action required if you wish to continue your relationship with your Advisor.
- Advisor Follow-Up: Your Advisor reaches out to begin the transition process.
- Repapering: Electronic signing of documents to ensure a smooth transition.
- Cutover: The period of time when your assets are safely transitioned to the new platform.
Thank you for your cooperation through this brief transition to help BCU further empower your financial freedom.
Here Today For Your Tomorrow
Please contact your Advisor with
any questions at 847-932-8007
John T. Anderson
Bryan P. Farrissey, CFP®
James L. Kastner, CFP®
Kristi Mertens, CFP®
Jamie Hagen
Ted Watson, CFP®
Linda Winkelman
Heather M. Wright, MBA, CFP®, CRPC®
Jon Wylie, CFP®, CLTC®
James Yocom III, CRPC®
Read more about the new partnership!
Frequently Asked Questions
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Why can't I see my investments in online banking?
During our transition from TD Ameritrade and from CUSO Financial Services L.P. – the data feeds we receive are changing to new data feeds from LPL Financial. This caused a slight interruption in displaying that information in online banking. We are anticipating new balances to start displaying in either late July or early August. During this transition, you can leverage Account View (LPL’s online access portal) or reach out to your advisor directly. We apologize for this inconvenience.
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Why LPL Financial?
There were a variety of reasons why BCU and BCU Wealth Advisors, LLC chose to partner with LPL Financial. A few of the main reasons are as follows:
- #1 Independent broker/dealer in the US
- Largest market share among providers of brokerage services to credit unions & banks
- #3 RIA custodian in the US
- High touch relationship extended to BCU & BCU Wealth Advisors’ clients and WA team due to relationship BCU has with a credit union partner
- Thousands of investment & insurance options and solutions to meet client needs
- $40M dedicated annual budget to cyber security & data privacy
- Consolidated platform for client account access
- Consolidated reporting available for clients with various asset types & custodians
- Robust client portal for client account access, statements, transactions, etc.
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Will my advisor change?
Most clients will continue to work with their current financial advisor. In some cases, your financial advisor will change, but you will be notified if your advisor changes.
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Why is the custodian changing from TD Ameritrade to LPL Financial?
Charles Schwab & Co announced their purchase of TD Ameritrade in 2020. Knowing this major custodial change would be happening in 2023, BCU Wealth Advisors started looking at the features and services of this new platform in comparison to the existing platform at TD, and potential services offered by other providers. After evaluating a variety of different areas (client service, technology systems, pricing & the relationship scope for collaboration with BCU Wealth Advisors), we narrowed our options down to a few leading providers, and conducted detailed research on their proposed services. BCU offers its members other types of investment services – and many of our members take advantage of multiple services. BCU WA started focusing on platforms that could offer a broad range of investment products and services – on a single, streamlined platform. After an extensive due diligence process, we selected LPL Financial (member FINRA/SIPC) as the single relationship for both the advisory business and broker/dealer relationship.
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Will my fees increase because of this change?
For brokerage relationships, the fee structures will be similar. You can review detailed fee information HERE. For most advisory relationships, your fee schedules will remain the same. Your advisor will be able to provide more detailed information about the fees and expenses applicable to your specific account(s).
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What if I don’t want to move my investment relationship to LPL Financial?
You will have the option to “opt-out” of any account transfer activity. Unfortunately, if you make that decision, BCU and BCU Wealth Advisors – along with your advisor – will no longer be able to help you with your investment, insurance, retirement, financial planning, and wealth management needs.
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Will my investments remain the same?
Yes. For most members your investments, asset allocation models, and money managers will be exactly the same, as the accounts will be transferred in kind. If you hold one of the very few investments and/or accounts that cannot be transitioned – your Advisor will be in contact with you very soon.
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Why is the broker/dealer relationship changing from CUSO Financial Services, L.P to LPL Financial?
Charles Schwab & Co announced their purchase of TD Ameritrade in 2020. Knowing this major custodial change would be happening in 2023, BCU Wealth Advisors started looking at the features and services of this new platform, in comparison to the existing platform at TD, and potential services offered by other providers. After evaluating a variety of different areas (client service, technology systems, pricing & the relationship scope for collaboration with BCU Wealth Advisors), we narrowed our options down to a few leading providers, and conducted detailed research on their proposed services. BCU offers its members other types of investment services – and many of our members take advantage of multiple services, such as brokerage accounts, insurance products and direct-held investments offered through CUSO Financial Services, L.P. BCU WA started focusing on platforms that could offer a broad range of investment products and services – on a single, streamlined platform. After an extensive due diligence process, we selected LPL Financial as the single relationship for both the advisory business and broker/dealer relationship.
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Will I still be able to access funds in my investment or retirement account?
Yes. There will be a small window of time during the account transfer from your current custodian to LPL during which your funds will not be available, but your advisor will work with you to plan for this and take a distribution prior to transfer if needed.
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Will I be able to access my investment accounts online?
Yes. There will be a new client portal for you to log into once your account(s) have been transitioned. The good news is, for clients with advisory and brokerage assets, there will be one portal to log into versus the two you had prior.
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Will I need to choose different investments because of this change?
In rare circumstances, some clients may need to discuss options with their advisor. However, most investments, allocations, and models will remain exactly the same.
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Will I be able to electronically sign the paperwork required to make this change?
Yes. In most cases, we will be leveraging DocuSign or other similar electronic signature tool for your account transfer paperwork.
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What is the benefit of moving my investment from TD Ameritrade (soon to be Charles Schwab) to LPL Financial?
Given that all advisory clients would be required to make the transition to Charles Schwab regardless, we were proactive in looking ahead at the platform changes and experience our clients would have. Based on our due diligence, BCU Wealth Advisors determined that our clients would have a better overall experience with LPL Financial. Many of our advisory clients utilize multiple types of investment products, and we anticipate that the consolidated platform, along with consolidated reporting will be a great advantage for our clients.
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What is the benefit of moving my investment from CUSO Financial to LPL Financial?
Given we were making the change of custodians on our advisory platform, we also performed due diligence on our current broker/dealer relationship with CUSO Financial Services, L.P. While CUSO Financial Services, L.P., have been a great partner for the last 13 years, we listened to our clients’ feedback requesting a single platform relationship for all their investment and retirement needs. After an extensive evaluation we chose to end the relationship with CUSO Financial Services, L.P., and consolidate our client assets with one provider, LPL Financial.
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Will I need to sign paperwork if I only have an annuity or a single investment, such as a 529?
Yes, after the CUSO Financial Services relationship terminates on June 30, your advisor will be reaching out to get the appropriate signatures needed and to ensure LPL Financial has the most up-to-date information about you. In addition, this paperwork will assure your account is fully transitioned and will be visible in BCU’s Digital Banking once the transition is complete.
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Who do I contact if I need assistance with my investments during this transition?
Please continue to reach out to your financial advisor for any questions you may have.
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How much paperwork will I need to sign?
The amount of new account paperwork will vary depending on the type of account and how many accounts you have with BCU and BCU Wealth Advisors, LLC, among other factors. Your advisor and client service team will be in touch soon with you to provide details on new account paperwork, timing, and next steps.
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Will I be receiving a large packet of disclosures and prospectuses?
You will receive new account paperwork for your investment relationship along with disclosures and prospectuses. Some disclosures will need to be sent via mail until your paperless request has been activated.
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Will I still be able to receive my monthly distributions?
Yes. Your advisor will work with you to ensure that the same distribution strategies are set up for your accounts on the new LPL platform. For those of our clients with annual Required Minimum Distributions (RMDs) for retirement or inherited retirement accounts, new RMD instructions will be created on file for you, so your distributions will resume as needed. For many brokerage relationships, that are direct with a mutual fund or annuity company – there is very minimal impact, as just the broker/dealer of record is changing (from CUSO Financial Services, L.P., to LPL Financial), which is a more operational change. Therefore, your investment statements will remain nearly exactly the same as they are today.
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Will I still get my statements on a monthly/quarterly basis?
Yes. You will have the option to receive statements through regular mail or electronically. Once your account has been transferred, you will need to log into your new client portal with LPL and select your statement delivery method.
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Who do I contact if I have questions or concerns during this transition?
Your advisor is the ideal person for you to reach out to for all of your questions or concerns during this transition, or for any financial planning or investment needs.
Securities are offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates (CA Insurance License #0518721 or 0B91442). Investment advisory services are offered through BCU Wealth Advisors, LLC, a registered investment advisor and separate entity from LPL Financial. BCU Wealth Advisors, LLC is a wholly-owned subsidiary of BCU. BCU is not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using BCU Wealth Advisors, and may also be employees of BCU. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, BCU or BCU Wealth Advisors. Advisory services, securities, and insurance offered through BCU Wealth Advisors, LLC, LPL Financial or its affiliates are:
| Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value |
Your Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase products or services to persons outside of the United States. This website is not to be directly or indirectly interpreted as a solicitation of investment advisory services to residents of a jurisdiction unless the firm is notice-filed, registered or is eligible for exemption from notice-filing or registration in that jurisdiction. The contents of this webpage are not to be copied, quoted, excerpted or distributed without express written permission of the firm. Nothing on this webpage is intended as legal, accounting, or tax advice, and is for informational purposes only.
The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.