Increased Training Programs and Customer Analysis Boost Performance for CFS and Its Credit Union Partners
SAN DIEGO--(www.allCUnews.com [1])--CUSO Financial Services, LP, (CFS) a full-service broker dealer and Registered Investment Adviser that provides customized investment and insurance solutions to the credit union industry, announced today that its credit union investment representatives and programs are having record-breaking years. CFS, founded in 1997, is a limited partnership that shares ownership with many of the 100+ credit unions with which it works, through the sale of limited partnership units.
According to the company, a majority of its credit union customers are on pace to have their best years ever within their investment programs. In 2006, 46 percent of CFS’s customer programs had one or more record breaking months. To date in 2007, those monthly records are sustained and 59 percent are on pace for record breaking years.
“We are breaking records at every level including the highest ever monthly revenue for a representative, for a program and for CFS as a firm,” said Valorie Seyfert, President and CEO of CUSO Financial Services, L.P. “We see that the increased emphasis we put on customer support, training and analysis, along with better technology tools, are having a positive impact on the program revenues at every level.”
CFS credits its full complement of support services for credit unions and investment representatives with making the difference. These support systems include new rep training, dedicated resources for fee-based advisory and life insurance specialties, ongoing training webcasts for existing advisors, and technology systems that support the reps for both “front and back office” procedures. In addition, the company has created a program development group that helps each credit union analyze its market base and identify needs of its members for investment services at each life stage. These systems are having a direct impact on sales with fee-based assets up more than 50 percent, and insurance product sales on pace to increase nearly 70 percent this year.
At its annual user conference held in August, CFS recognized 74 representatives with awards as Gold, Silver and Bronze “Pacesetters” in 2006, indicating they had met CFS’s highest production standards. As of September 2007, there are 100 sales representatives on pace to hit those high standards this year. Five of the company’s top producers achieved the elite million dollar status in 2006, and that number is expected to increase this year, with seven investment advisors already on pace to attain the million dollar level in 2007. Twenty seven representatives reached Gold Pacesetter status in 2006 and that number is also slated to increase, with 37 tracking for gold so far this year.
Also on the increase is the number of CFS’s top producing credit union programs. Approximately 28 credit union programs are on pace to generate at least $1 million in investment program revenue; nine are on pace to hit $2 million or more and two could achieve more than $5 million in gross revenue in 2007.
“What was once considered impossible in the credit union industry is today not only possible but probable for programs that implement the CFS keystone strategies for success,” added Seyfert.
Over the past several years, the company has transitioned to a sophisticated financial management system with in depth budgeting and forecasting, analytical capabilities, multi-state reporting and a robust customer support process. With close attention to all aspects of the company’s financial details, CFS has achieved a record of consistently healthy financial performance, benefiting both CFS and its credit union partners with record profit distributions.
About CUSO Financial Services, LP
Established in 1997, CUSO Financial Services, LP (Member FINRA/SIPC) is headquartered in San Diego and has more than 100 credit union users, including 26 of the top 100 credit unions in the country. With branch offices located nationwide, and more than 300 licensed representatives, CFS is a full-service broker/dealer and Registered Investment Adviser offering customized investment and insurance solutions to credit unions. For more information, call 858-530-4400 or visit www.cusonet.com [2].
Contacts
Clearpoint Agency, Inc.
Beth Walsh, 858-724-2500
beth@clearpointagency.com [3]
Links:
[1] http://www.allCUnews.com
[2] http://www.cusonet.com
[3] mailto:beth@clearpointagency.com
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