Investment FAQs - Redwood Credit Union

Exciting changes are underway

As a reminder, our wealth management services and your investment accounts are moving to LPL Financial as of September 21, 2024.

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Latest update

As we transition from CUSO Financial Services L.P. to LPL Financial, you can view your aggregate balance in RCU digital banking.

Find step-by-step instructions for accessing your account details in digital banking.

As a reminder, on September 21^st, we began transitioning our investment and wealth management services as part of our commitment to provide you with superior tools and services.

If you have questions, please reach out to your Wealth Advisor using our Contact Form or call (707)576-5040.

We’re committed to a smooth transition

Here’s what to expect:

Transition period

The transition period, beginning September 21st, is a phase where your assets are moved to the new platform. While we expect it to be faster, some account types can take up to 180 days.

Member contact

We may reach out to you for assistance with completing necessary forms to ensure a smooth transition.

Account access

Starting September 23rd, you may experience temporary visibility issues with some accounts in digital banking. At any time, our financial advisors will still have full access to service your accounts.

What this means for you:: Unchanged advisor relationship

You will continue to work with your current advisor and will have access to an enhanced platform for viewing your investment online.

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.; 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.

Give us a call

(707)576-5040

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FAQs

As we transition from CUSO Financial Services L.P. to LPL Financial, you will be able to view your aggregate balance in RCU digital banking as well as link directly to available LPL account details. If you have questions, please reach out to your Financial Advisor using our Contact Form or call (707) 576-5040.
For any questions or questions, please continue to contact your financial advisor.
Your advisor is your primary contact for any questions or concerns you may have during this transition.
Yes, you will be able to continue to use RCU digital banking to view and access your investment accounts online or in the RCU app. If you have relationships with AssetMark, Morningstar, SEI, or Orion, please reach out to your advisor at (707)576-5040 to discuss alternate options for viewing your accounts online.
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.
Additional signatures may be needed depending on the registration type of your account. Normally any trust or business account will need additional signatures. Other forms may be requested by your advisor. We will reach out to help you through the process.
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.
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.
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.
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.
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.
- Enhanced Relationships: The alignment with LPL allows Redwood Wealth Management to maintain high-touch relationships for better service delivery.
- Comprehensive Financial Services: Your Redwood Wealth Management 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.
^*As reported by Financial Planning magazine, 1996-2023, based on total revenue.
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.
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.
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.
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.
The packets mailed from CUSO Financial Services are required legal notices regarding our transition from CUSO Financial Services to LPL Financial. If you hold multiple investment accounts, you may receive a packet for each account, as each account must be notified individually. No action is required if you wish to continue with your advisor at RCU.
Yes. You can choose to receive statements via email or electronically through the LPL client portal after the transition.
In most instances, your investments, allocations, and models will remain the same. If changes are necessary, your advisor will discuss suitable alternatives with you.

Questions?

If you have additional questions for your wealth management team, please send us a message or call (707) 576-5040.

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Thank you for trusting us for your investment needs.

Disclosures

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (Member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Redwood Credit Union and Redwood Wealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Redwood Wealth Management, and may also be employees of Redwood Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Redwood Credit Union or Redwood Wealth Management. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency

Not Credit Union Deposits or Obligations

Not Credit Union Guaranteed

May Lose Value

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Your Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html more detailed information.

LPL Financial Form CRS

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 circumstances.

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.