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P.O. Box 9350, Austin, TX 78766

(512) 997-2367
UFCUinvestmentservices@ufcu.org
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Transition from CFS to LPL

The parent company of our broker dealer, CUSO Financial Services, was acquired by LPL Financial LLC (LPL), a leader in the investment services industry. Here’s what you need to know:

The Transition

  • Beginning May 16, 2025, we have partnered with LPL, a broker-dealer and clearing firm to replace CFS and Pershing. LPL Financial provides the operational backbone to our Investment Services division available at UFCU.
  • The last day to view account summaries in Clear 1 is May 15, 2025.  
  • While some accounts will become available in May 2025 in the new account viewing system, Account View, other account types may not viewable until later, due to being networked in. If you have multiple accounts, you will likely not be able to see all of them immediately as this is a gradual transition of account data. 
  • This new partnership is a deliberate move to bolster our capabilities and ensure we continue to meet your needs with even better financial options, resources, and services. With this change, we’ll be able to provide you with additional tools, streamlined processes, and an expanded array of resources while maintaining the personalized service you have come to trust. 
  • Most importantly, your dedicated Financial Advisor will not change. You’ll work with the same advisor after your investment account(s) move to LPL Financial in May 2025. 

Beginning in March 2025, approximately 90 days before our operational conversion to LPL Financial, you may have received by mail written notice of the transition from CFS for each investment account. These letters are standard regulatory disclosures designed to provide you with all the necessary information about the upcoming changes. No action is required.  

The Benefits 

Beginning May 16, 2025, you have a host of enhancements designed to improve your overall experience: 

  • Broader Investment Options: An expanded array of investment strategies tailored to your unique financial goals and preferences.
  • Comprehensive Resources and Account Management: Access to advanced planning tools to better align your portfolio with your personal and financial objectives, along with portfolio insights and industry expertise.
  • A Complete View of Your Accounts with Account View, which performs efficiently, displays trends, and offers insights. Your view includes a summary of key information, total values with changes highlighted and supporting details, and charts and graphs to help you understand your information at a glance.

What will not change? 

  • Your Financial Advisor will not change. Your relationship with your existing Financial Advisor will stay exactly as it is today. You will continue to work directly with them for all your financial planning and investment needs. 
  • The credit union service you love will not change. UFCU will remain your trusted partner, offering the same personalized, Member-focused service you have come to expect. 
  • Our contact information will not change. As always, you can contact your financial advisor or reach out to our support team any time at (512) 997-2367. 

Transition FAQs

What is LPL? 

  • LPL is the nation’s largest independent broker-dealer*. 
  • LPL offers access to an impressive range of products, services, and resources to help your advisor provide you with personalized service. 
  • By investing heavily in innovative technology and automation, LPL makes it easy for our team to spend more time helping you pursue your financial goals. 

Does my relationship with you change? 

  • Our team will work together with you as we always have. 
  • You will continue to work with your current financial advisor as your primary contact. 
  • The broker/dealer is changing to LPL Financial. 

What will this change mean for me? What's the benefit of this partnership to me? 

  • As the nation’s largest independent broker-dealer, LPL offers innovative resources that enable us to continue providing you with personalized service, such as: 
    • Independent research, so we can continue to provide you with personalized financial guidance. 
    • Advanced technology platforms and back-office support that free up our time to give you even more personalized service. 

Is my money safe? 

  • LPL has the same regulatory and protection requirements as we do. 
  • LPL is a Financial Industry Regulatory Authority (FINRA) member firm, subject to federal securities laws and the rules of industry self-regulatory organizations. 
  • LPL is a member of the Securities Investor Protection Corporation (SIPC) which provides account protection up to $500,000 per member, of which $250,000 may be claims for cash. An explanatory brochure is available at www.sipc.org. 
  • LPL purchases $1 billion of excess SIPC insurance that provides additional protection for LPL accounts to cover aggregate net equity (of all member accounts), subject to conditions and limitations. The account protection applies when an SIPC member firm fails financially and is unable to meet obligations to securities members, but it does not protect against losses from the rise and fall in the market value of investments. 

What date will the change take place? 

CUSO Financial Services will move to LPL officially on or about May 17, 2025. 

Will I have to sign a new agreement with LPL? 

  • Depending on the account type, you may be required to sign a new agreement with LPL. 
  • Once the accounts convert, you will be notified if you need to sign a new agreement. 
  • The process is relatively easy and can be done via electronic signature or by hard copy if desired. 
  • We will likely reach out to you to confirm your contact information (mailing and email address) and Trusted Contact for your account. 

How do I access my accounts? 

You will access your account information through Account View and we will share more information with you closer to the conversion date. 

If my accounts move, will there be tax implications? 

There should be no tax implications with the movement of accounts. Your accounts will be transferred to comparable products at LPL. However, we would recommend you consult your tax professional for further information. 

When will my accounts transfer to LPL? 

  • LPL will receive assets on May 17th, 2025. 
  • Please note you will be able to continue to conduct business with your current Financial Advisor per usual during this entire timeframe. 

Will your move to LPL cost me anything? 

There is no cost whatsoever to you. 

What's the impact to me? What should I expect? 

  • This will not affect your relationship with our team or your Financial Advisor in any way. You can count on us to continue to provide the level of service you expect. 
  • Your fundamental investment strategy and allocations will remain the same for the most part. In some cases, LPL may have advanced investment options that we can discuss after your accounts move. 
  • Once LPL is the new broker/dealer, we may be reaching out to ask you to sign a new agreement with LPL. The process is relatively easy and can be done via electronic signature, or by paper if desired. 

*As reported by Financial Planning magazine, June 1996-2024, based on total revenue.