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Exciting changes are coming to our wealth management services.
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Overview
This fall, Redwood Credit union is enhancing our investment and wealth management services by transitioning our broker/dealer from CUSO Financial Services, L.P. to LPL Financial, a leading provider of brokerage and advisory solutions. This change reflects our commitment to provide you with superior care and service. We will keep this page updated with the latest information.
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What this means for you:
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Unchanged advisor relationship
You will continue to work with your current advisor.
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Consistent investment strategies
For most Members, existing strategies and allocations will remain the same. If your account will require extra steps, your advisor will contact you to discuss options.
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Maintained security
Your investments and information will continue to be protected by advanced security measures.
Preparing for the transition
No immediate action is required from you. Here’s what you can expect during the transition:
Initial announcement
An overview of the upcoming changes.
Opt-out notice
For applicable accounts, an opt-out notice will be sent. No action is required if you wish to continue working with your current advisor.
Advisor contact
Your advisor may reach out to facilitate the transition, as necessary, and may request electronic signatures to ensure a smooth process.
Transition period
A secure phase where your assets are moved to the new platform.
Review your contact information
To stay informed, please log in to your RCU account and ensure your profile has your current email and mailing address.
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FAQs
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RCU is transitioning to LPL Financial to enhance investment and wealth management services for Members. We chose LPL Financial based on the following considerations:
- Top Independent Broker/Dealer: LPL is the leading independent broker/dealer in the United States.
- Extensive Service Network: LPL has the largest market share for brokerage services among over 1,100 credit unions and banks.
- Enhanced Relationships: The partnership with LPL allows RCU to maintain high-touch relationships for better service delivery.
- Comprehensive Financial Services: Your RCU Financial Advisors will continue to offer a full range of financial instruments including stocks, bonds, mutual funds, annuities, insurance, state-of-the-art technology, and objective investment research.
- Investment in Technology: LPL allocated $450 million annual budget to technology advancements.
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Members will continue working with their current financial advisor to facilitate a smooth transition. In the event of a change, you will be notified directly.
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For most brokerage relationships, the fee structures will be similar. For most advisory accounts, the fee schedules will stay the same. Your advisor will provide specific information on any applicable fees as the transition date approaches.
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You have the option to opt-out of the account transfer activity. If you make that decision, RCU and your advisor will no longer be able to assist you with your investment, insurance, retirement, financial planning, and wealth management needs.
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Yes. For most Members, the investments, asset allocation models, and money managers will remain unchanged. If an investment or account cannot be transferred, your advisor will discuss alternative options with you.
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After careful evaluation of various factors including Member service, technology systems, and the potential for enhanced collaboration, RCU selected LPL Financial. This decision was based on LPL’s ability to provide a broad range of investment products and services on a streamlined platform.
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Yes. There will be a brief period during which your funds will be inaccessible while your account is being transferred. Your advisor will assist you in planning this and arranging any necessary distributions before or after the transfer.
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Generally, you will continue to access your investment accounts through digital banking online or via the mobile app. In rare cases where this is not possible, your advisor will provide alternative access arrangements.
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In most instances, your investments, allocations, and models will remain the same. If changes are necessary, your advisor will discuss suitable alternatives with you.
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Yes. In most cases, electronic tools will be utilized for completing account transfer paperwork. If this is not an option for you, we will arrange for you to sign the necessary forms via wet signature.
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Yes. Following the termination of the relationship with CUSO Financial Services on September 20, 2024, your advisor will contact you to obtain the necessary signatures to update your information and complete the account transition.
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For any questions or questions, please continue to contact your financial advisor.
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The amount of paperwork required will depend on your specific account and the number of accounts you hold. Your advisor and Member service team will provide details and the next steps.
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You will receive new account paperwork along with the necessary disclosures and prospectuses. Some disclosures may be mailed until your request for paperless communication is processed.
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Yes. Your advisor will ensure that your existing distribution strategies are maintained on the new LPL platform. For accounts requiring annual Required Minimum Distributions (RMDs), new instructions will be established to continue distribution as needed.
For many brokerage relationships directly with a mutual fund or annuity company, the impact is minimal. The primary change is the broker/dealer of record, transitioning from CUSO Financial Services, L.P., to LPL Financial, which is mainly an operational adjustment. As a result, your investment statements will remain similar to their current format.
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Yes. You can choose to receive statements via email or electronically through the LPL client portal after the transition.
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Your advisor is your primary contact for any questions or concerns you may have during this transition.
Questions?
If you have additional questions for your wealth management team, please send us a message or call (707) 576-5040.
Send a Message
Thank you for trusting us for your investment needs.
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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.
SEC Marketing Disclosure.
The information provided on this Frequently Asked Questions (FAQs) page is for general information purposes only. While we strive to keep the information accurate and up-to-date, we make no representation or warranties of any kind, express or implied, and cannot guarantee its completeness or applicability to your individual circ*mstances.
Please note that any decisions you make based on this information are your responsibility. We aim to keep this FAQs page operational and accessible.
For personalized advice, please consult with your financial advisor.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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