Los Angeles Federal Credit Union with $160 Million* in AUA Moves from LPL's CFS to Cetera

​Cetera today announced that Los Angeles Federal Credit Union (LAFCU) has affiliated with Cetera Financial Institutions to support and grow its member-focused investment services program, LAFCU Wealth Management.  
 
LAFCU Wealth Management comes to Cetera from CUSO Financial Services (CFS) – an LPL Financial company – bringing with it approximately $160 million in assets under administration,* as well as two experienced advisors: Steven Liang and John Herrera. Clients can now look forward to a modernized experience with enhanced resources to help them reach their financial goals.  
 
LAFCU President/CEO Anthony Cuevas said credit union leadership kept an enhanced members' experience in mind when looking for a new financial services partner, noting that Cetera's proven ability to understand the nuances of a credit union's wealth management program and prioritizing LAFCU members' needs.
 
"Since partnering with Cetera, we have never once felt like just another investment program," Cuevas said. "With Cetera we have the freedom to run our wealth management business how it will best serve our members – all while using the robust technology and top-tier support Cetera can offer thanks to its size, scale and commitment to outstanding client service. Cetera is helping us offer the elevated financial planning, advice and investment options our Los Angeles community so deeply wants and deserves." 
 
Founded in 1936, LAFCU was formed by 13 Los Angeles City employees who pooled $65 with the goal of creating a safe, low-cost place for fellow city employees to save and borrow money in the face of a historically painful economy. Over the past 89 years, LAFCU expanded to provide financial services to more than 75,000 members across the Greater Los Angeles Metropolitan area. 
 
"LAFCU's decision to partner with Cetera underscores our shared dedication to excellent service," said LeAnn Rummel, president and CEO of Cetera Investment Services. "We are eager to support LAFCU Wealth Management's continued growth by using the tools, technology and community-driven approach that make Cetera such a desirable destination for banks and credit unions." 
 
Cetera Financial Institutions is a community within Cetera Investment Services that supports the investment programs of over 450 banks and credit unions. Cetera Investment Services celebrated its 40-year anniversary in 2024, and with nearly 70 renewals signed through October 31, 2024, Cetera Financial Institutions' current retention rate is 99 percent for all institutions in its network as of that date.