30 Aug Top financial advisors and programs honored by CUSO Financial Services at annual investment conference
At its annual user conference, CUSO Financial Services, L.P. (CFS), a full-service broker dealer and SEC Registered Investment Adviser providing customized investment and insurance solutions to credit unions, recognized top investment advisors and programs. The conference, themed "It's a New Day 2011", was held July 30th to August 3rd at the Manchester Grand Hyatt in San Diego.
Continued challenges in navigating financial markets in 2009 and 2010 increased the need for stability, efficiency and education of financial advisors and investment clients alike, according to CFS executives. Looking for higher touch relationships with advisors, many investors chose to leave big bank brokerages and wire houses, creating great opportunities for credit unions offering investment and insurance services to their members. By adding to its management and back office resources to provide more support to investment programs, CFS responded to this flight to quality.
The company also enhanced technology offerings to help advisors provide expanded services and performance reporting to investors.
As a result, in 2010, more than 15 CFS-affiliated investment programs achieved 50 percent or greater revenue growth earning them the "Breakthrough" award, and many investment advisors had their best year ever. CFS also recognized 9 investment programs with "Keystone" awards, honoring the credit unions with the highest production per million dollars in total credit union assets.
The top program awards went to:
-- Nevada Federal Credit Union, which earned the "Rising to New Heights" award for its 111 percent year-over-year investment program growth
-- WyHy Federal Credit union in Wyoming won the "Rookie Program of the Year" award for having the highest GDC to total assets ratio of all new programs, those with CFS for less than 2 years
-- DFCU Financial received the "2010 Program of the Year" award for achieving the highest commission per advisor
-- Navy Federal Financial Group won the "2010 Pinnacle" award for the highest total production.
Indicating they had met CFS's highest production standards, CFS recognized 72 individual advisors with its Gold, Silver and Bronze Pacesetters awards. At the top, 31 of the company's advisors achieved Gold Pacesetter status.
Kevin McDermott from Citadel Federal Credit Union in Pennsylvania was awarded the "Pacesetter of the Year" honor while Pan Kwe from Wescom Financial Services in Pasadena, California, was recognized as the "Advisor of the Year."
In addition, the company awarded 19 Silver Pacesetter awards to the next tier of top producers and rounded out the awards presentation by recognizing 22 Bronze Pacesetters. In all, the 72 Pacesetters represented roughly the top 20% of producers in 2010.