Independent broker-dealer LPL Financial (LPLA) said Monday that it added Alliant Credit Union to its institutions-services platform. Based in Chicago, Alliant Credit Union is the sixth-largest U.S. credit union with $8.2 billion in assets.
“LPL Financial is an industry leader in helping banks and credit unions expand their capabilities, discover new avenues for revenue growth and become more profitable. We are especially pleased to offer our services to so prominent and well-established an institution as Alliant Credit Union,” said Andy Kalbaugh, managing director at LPL Financial Institution Services, in a press release.
In total, LPL Financial, led by Mark Casady (left), says it serves over 685 banks and credit unions with brokerage, trust and wealth management services. (The unit provides third-party brokerage, wealth management and trust services to investment programs of banks and credit unions.)
“We also believe that our new partnership with Alliant reflects a larger industry trend, as we have increasingly seen a migration of credit unions toward service providers whose more robust capabilities can translate into more opportunities for growth,” Kalbaugh explained.