CBC Federal Credit Union Selects CuVantis Wealth Planning to Offer Non-Commission Financial Planning to Members
CuVantis Wealth Planning Brings New Financial Model to Credit Unions and Advice-Based Experience to Members
OXNARD, CA – April 18, 2019 – CBC Federal Credit Union (CBC) has selected CuVantis Wealth Planning (CuVantis) to provide purely fee-based financial planning and investment advisory services to members of CBC. CuVantis is a newly formed third-party provider of credit union investment services and different from many others in that CuVantis completely foregoes commission-based products to focus solely on financial planning and investment advisory services.
“We’re excited about this partnership and what it means to our members,” said Patrick Miller, CEO of CBC. “The basic model that credit unions have used to offer investment services hasn’t changed in almost 30 years, and truthfully, it has some challenges. We feel the CuVantis model is much more aligned with credit union philosophy, offers a better experience for members and has the potential for a significantly better financial return for the credit union. It’s a win-win all the way around.”
CuVantis was formed late last year by three long-time industry executives, Keith Weber, CEO; Bob Millington, COO; and Dodd McGough, EVP of Compliance. According to Weber, the difference between CuVantis and other providers is the basic philosophy that forms their approach to the business. “It’s similar to the difference between banks and credit unions,” said Weber. “They both offer loans and savings products, but how they offer those products is very different. When you start from a different place philosophically, it permeates throughout everything you do and ultimately translates into a very different member experience.”
Weber says the most obvious difference is the fact that CuVantis advisors will be primarily salary-based, as opposed to commission-based, leading to what he believes will be a more consultative member relationship. Second, CuVantis has also developed a tiered service model that can provide services to all credit union members, regardless of investable assets.
The third major difference may be the potential of a pure advisory model to the program’s profitability for the credit union. Having spent much of his early career in investment services, Miller recognizes the potential. “We expect the combination of recurring revenue and limited compensation expense will make the CuVantis model much more profitable to the credit union over time,” he said.
About CBC Federal Credit Union
CBC Federal Credit Union was established in March of 1952 by a small group of civilian employees working as civil engineers at the Construction Battalion Center (CBC) in Port Hueneme, California, to serve the savings and borrowing needs of the civil employees on base. CBC Federal Credit Union expanded its field of membership in 1999 to include anyone who worked, lived, attended school or worshiped in Ventura County. Today, CBC Federal Credit Union has 6 branch locations throughout Ventura County with assets in excess of $450 million. The Credit Union offers a wide array of consumer lending and deposit products. For more information visit www.cbcfcu.org.
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 as a CUSO 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.
CBC Federal Credit Union
(805) 988-2151 ext 5705
CuVantis Wealth Planning
Keith Weber, CEO