LPL Financial Welcomes Investment Services at First Community to Its Institution Services Platform

CHARLOTTE, N.C., Nov. 04, 2020 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq:LPLA), a leading retail investment advisory firm, independent broker-dealer and registered investment advisor (RIA) custodian, today announced that Investment Services at First Community, the wealth management program at First Community Credit Union (FCCU), has joined LPL’s Institution Services. The program reported having served approximately $40 million in advisory and brokerage assets*. It was previously affiliated with CUNA Brokerage Services.

With 44 branches, approximately 340,000 members and $3.2 billion in assets, FCCU has grown steadily over the past 20 years to become the largest credit union in Missouri. Investment Services at First Community is available to the credit union’s members, supporting the credit union’s mission to be its members’ primary trusted source for financial advice.

“We want to provide FCCU members with the guidance, tools, education and resources to help them work toward their financial goals and manage their financial risks. We are committed to helping our clients broaden their economic awareness by providing them with access to industry-leading services and financial products in a convenient, courteous and professional manner,” said Thomas Thornton, program manager.

The new relationship with LPL, along with now having the wealth management program managed internally, will position the program for long-term growth, said Thornton, who is joined by Bob Scafa, a financial advisor with more than 20 years of experience. The program will hire several new advisors quickly in order to more effectively provide members with investment advice and service.

“By joining LPL’s Institution Services platform, we also now have access to more modern technology, products and financial planning software to serve a large membership base more efficiently and effectively. We appreciate LPL’s support and commitment to investing in innovate capabilities,” Thornton said.

Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, “We welcome Investment Services at First Community to LPL and are committed to supporting their growth goals. With expanded services and additional financial advisors, they are accelerating their ability to be able to help more FCCU members plan for all the important financial moments in their life. LPL understands the unique needs and opportunities for our institutional clients. We support them with a leading wealth management platform, including the technology, investment platforms, strategic consultative support and dedicated service experience that can help them bring more value to members and their institution. We look forward to supporting the entire Investment Services at First Community team for years to come.”