Addison Avenue Financial Pioneers NewInvestment CUSO

Register now

PALO ALTO, Calif. - (05/11/05) – Addison Avenue FinancialPartners, a wholly owned CUSO for Addison Ave. FCU (formerly H-PFCU), is restructuring its CUSO to be the first to offer investmentadvisory services separate from its broker-dealer services. The$1.5 billion credit union, like all other credit unions, isbringing its broker-dealer in-house because of the impendingSecurities and Exchange Commission rule encouraging it to do so,but will create a new advisory service in the CUSO, to servemembers with more than $1.3 billion in investments undermanagement, according to Scott Davis, president of the CUSO. Thecredit union has become one of the first to undergo SECregistration as an investment advisor, and has contracted with athird-party, Houston-based US Fiduciary, to provide advisoryservices, Davis told The Credit Union Journal. This way, the CUSOwill be able to earn commissions on the investment advice, insteadof having all of the commissions go to thebroker-dealer/advisor.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER