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.

Media Contacts:

CBC Federal Credit Union 
Trish Williams
(805) 988-2151 ext 5705
Trish.williams@cbcfcu.org

CuVantis Wealth Planning
Keith Weber, CEO
(619) 738-4824
Keith@CuVantis.com

Partnership Makes Award-Winning Platform Available to Credit Unions and Their Members

CARLSBAD, CA – February 19, 2019 – Newly formed CUSO CuVantis Wealth Planning, LLC (CuVantis) has selected San Francisco based Emotomy to provide its digital advice (a.k.a. – “robo-advice”) platform. Emotomy has been selected by TD Ameritrade Institutional as one of 2019’s Innovation Quest finalists for its machine-learning algorithm.  The system attempts to create an early warning system that can help advisors and their clients address issues early on, leading to better relationships, more loyal customers, and potentially better outcomes.

“The digital advice space is very volatile,” said Bob Millington, COO of CuVantis. “So we were pleased to find a provider with such a solid, intuitive platform.  Members who want a truly digital experience will be able to define their risk tolerance, receive a portfolio recommendation, and open an account all online.” Flat-fee financial guidance from a licensed advisor is also provided for members who want assistance.

“We’re very excited to be working with CuVantis,” said Patrick Beaudan, CEO of Emotomy.  “CuVantis has a unique business model that can bring financial guidance to a segment of the population that is severely underserved. We’re excited to be a part of it.”

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.

About Emotomy
Emotomy is an end-to-end wealth-management platform for investment advisors and other financial institutions with over $4 billion in assets.  Emotomy allows client firms to efficiently manage their salesforce and investors by offering a seamless suite of intuitive tools including portfolio research and construction, investment proposals, custom risk questionnaires, tailored client demographic profilers, client onboarding, account reviews, billing and performance reporting. Emotomy is integrated with Pershing Advisor Solutions, TD Ameritrade Institutional, Schwab Institutional, E*Trade Advisor Services, and Interactive Brokers amongst others.
Media Contacts:

CuVantis Wealth Planning
Bob Millington, COO
(619) 535-7680
Bob@CuVantis.com

Emotomy
Mari Kawawa, CFO
(415) 435-5601
cfo@emotomy.com

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.

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Media Contacts:

CuVantis Wealth Planning, LLC
Keith Weber, CFP®
(619) 535-7680
keith@cuvantis.com