Move to LPL Financial Will Enable Tech CU to Scale its Investment Services Platform
Technology Credit Union (Tech CU) recently entered into a new broker-dealer relationship with LPL Financial, a move that will enable Tech CU to scale its investment services platform and provide additional functionality to better serve its members and compete in the financial planning space. Additionally, Tech CU changed the name of its wealth management group from Tech Wealth Management to Tech Financial Management to better reflect the services the company provides.
“LPL is known for their industry-leading financial planning culture and strong commitment to serving its customers — something that closely aligns with Tech CU’s culture,” said Robert Reed, Executive Vice President and Chief Retail Banking Officer at Tech CU. “We feel this move will put Tech CU in a position to better serve its members with improved functionality, access to additional product and service offerings, and omni-channel solutions that allow investment services clients to benefit from an advisor-centric business model. There is a great team of advisors in place already and they’re energized by the opportunity to provide an even more compelling experience to our members using these capabilities.”
“In addition to working with LPL Financial, we wanted to update our brand to better reflect everything we do. Wealth management is typically seen as something for only high net-worth individuals, but our financial advisors are trained to provide guidance to people of all financial backgrounds,” added Reed.
The advisors of Tech Financial Management collectively service nearly $300 million in advisory and brokerage assets and offer a variety of services including:
- Retirement planning
- Financial planning and stock option planning
- Transfers/rollovers of retirement assets
- Funding a child’s education
- Growing, preserving and transferring wealth
- Insuring against the unexpected for individuals and businesses
- Personal, business and investment real estate loans; stock secured lines of credit and stock secured term loans
Tech CU expects the transition from its current broker-dealer to LPL Financial to be completed by the third quarter 2019. To learn more about Tech CU and LPL Financial, please visit www.techcu.com and www.lpl.com.
Tech CU has assets in excess of $2.9 billion, making it one of the 20 largest credit unions in CA. It serves more than 120,000 members throughout the San Francisco Bay Area — including employees of companies such as Tesla, eBay, Applied Materials, Nvidia and Facebook. As a federally insured not-for-profit organization, instead of maximizing profits to pay company stockholders, Tech CU invests its resources to deliver lower rates, outstanding service and member benefits. Founded in 1960 by the innovative employees of Fairchild Semiconductor, today Tech CU continues to be an industry leader, providing convenient and easy-to-use financial products for all stages of their members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. In 2019, Tech CU was named the best performing credit union in CA, and third top-performing credit union in the U.S. among 552 credit unions by S&P Global Market Intelligence for the second year in a row. To learn more, please visit: www.techcu.com.
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer**. We serve independent financial advisors 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 total revenues, Financial Planning magazine June 1996-2019