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Financial Planning > Behavioral Finance

LPL Adds $8.2 Billion Credit Union to Platform

By Janet Levaux

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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.

Alliant Credit Union has 270,000-plus members that access its services online and in 14 branches across the country. Founded in 1935 to serve United Airlines employees, the organization now has an investment program that includes nine financial advisors.

“As a nationwide credit union, Alliant Credit Union was looking for a partner with the scale and resources to help us grow our business at a national leve,” said Laura Wallace, vice president of branches and retirement & investment services at Alliant Credit Union, in a statement.

“We are enthusiastic about partnering with LPL Financial, in order to bring our members the highest quality service in the industry. The winning combination provided by LPL Financial of brokerage services, wealth management and trust solutions will enable Alliant Credit Union to significantly extend the range of services we offer our client members,” Wallace shared.

LPL Financial has more than 13,100 affiliated financial advisors. It also supports over 4,500 financial advisors licensed with insurance companies with customized clearing, advisory platforms and technology solutions.

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