CuVantis Wealth Planning, LLC Brings New Financial Model to Credit Unions and a Better Experience to Members
CARLSBAD, CA – February 20, 2019 – A trio of former credit union retail brokerage executives and industry consultants have banded together to form a new CUSO to offer pure fee-based financial planning and investment advisory services to credit union members. Former CUSO Financial Services Chief Marketing Officer Keith Weber and Chief Information Officer Bob Millington have partnered with Strategy Basecamp Co-Founder and compliance consultant Dodd McGough to form CuVantis Wealth Planning, LLC (CuVantis), a California-based Registered Investment Advisor (RIA). CuVantis will offer non-commission, fee-based financial planning and investment advisory services to credit union members. Weber will serve as CEO of CuVantis while Millington will serve as COO. McGough will serve as executive vice-president of compliance.
“We’re excited to bring an investment services offering to credit unions that is fully aligned with credit union values,” said Weber. “Credit unions have a mission to always put the member first, and yet traditional programs with their commission-based compensation structures sometimes fail to do that. CuVantis eliminates those inherent conflicts and was built around providing the best member experience possible.”
According to Weber, CuVantis provides significant differentiators. Salary-based financial advisors mean credit unions and members will no longer have to worry about whether an advisor is recommending a product to receive a commission. CuVantis has also developed a tiered service model that allows advisors to serve all members, not just those with significant assets. This service offering includes both full-service planning and advisor-assisted digital advice (a.k.a. – “robo-advice”). Finally, a set of defined, systematized processes will also lead to a more consistent member experience. “Many CEO’s have told us they’re concerned that the experience or investment recommendations their members receive will be different depending on which advisor they meet. We’ve solved that problem by developing systematized processes around every aspect of the member interaction,” said Weber.
CuVantis is also introducing a new financial model that will potentially make the investment services program more profitable to credit unions. “The benefits of recurring revenue that are the mainstay of advisory relationships are pretty well-known and accepted,” said Millington. “But much of that top line revenue immediately goes out as compensation expense. Changing the compensation model create a better member experience and an improved long-term financial model for the credit union.”
While this model might be new to credit unions, it’s not new to the broader RIA industry. “Investment advisory firms have been using this model very successfully for more than two decades,” said Weber. “It’s time credit unions have an option that allows them to catch up with the experience their members can get elsewhere.”
About CuVantis Wealth Planning, LLC
CuVantis Wealth Planning, LLC is a California Registered Investment Advisor that provides financial planning and investment advisory services through credit unions to credit union members. Formed in October 2018, CuVantis allows credit unions both a voice in how services are provided and the ability to participate in a multi-credit union owned investment services provider. For more information, visit www.CuVantis.com.
CuVantis Wealth Planning, LLC
Keith Weber, CFP®