Community First Credit Union logo
Investment Services

Introducing LPL Financial - Your questions answered

Starting on or around May 17th, Community First Investment Services will begin using LPL Financial as our new broker/dealer.

what you need to know

We are excited to announce that we are switching to LPL Financial for our new broker/dealer in May 2025. This new partnership with LPL Financial offers many advantages that enable our team to provide you with personalized service. This change will not in any way affect your relationship with your financial advisor. Additionally, your fundamental investment strategy and allocations will remain the same for the most part.

You do not need to do anything at this time. We will provide more information in the coming months. If you have any questions, please reach out to us over the phone at 904-371-8076 (select option 9) or by scheduling an appointment with a financial advisor.

FREQUENTLY ASKED QUESTIONS

WHO 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 our team 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 MY FINANCIAL ADVISOR CHANGE?
  • You will work together with your advisor as you always have.
  • Your relationship with your financial advisor will not change. They will continue to be your financial advisor and primary contact.
  • The broker/dealer is changing to LPL Financial.
WHAT WILL THIS CHANGE FOR ME? WHAT'S THE BENEFIT OF THIS PARTNERSHIP FOR 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 frees up our time to give you even more personalized service.
WILL THIS MOVE TO LPL COST ME ANYTHING?
  • There is no cost whatsoever to you.
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?
  • On or around May 17th, 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.
WILL MY FEES CHANGE ONCE I MOVE TO LPL?
  • For existing advisory accounts moving to LPL, the overall advisory fee to the member will be the same as the current advisory fee.
  • The Brokerage Fee Schedule will be provided in a future mailing you will receive and will apply to all brokerage accounts.
IS THERE ANYTHING I NEED TO DO REGARDING MY ACCOUNT?
  • You may wish to consider receiving your statements electronically, or you may prefer to continue receiving your statements on paper in the mail. You will be able to make this choice upon the conversion date.
IF MY ACCOUNTS MOVE, WILL THERE BY 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.
IF MY ACCOUNTS MOVE, WILL MY INVESTMENTS CHANGE?
  • Your fundamental investment strategy and allocations will remain the same for the most part.
  • In some cases, LPL may have advanced investment options that you can discuss with your financial advisor after your accounts move.

Meet your CFS* Advisor Team at Community first

Check the background of these investment professionals on FINRA's BrokerCheck

Ken Millhone

Ken Millhone

Program Manager

CUSO Financial Services, L.P

+ Learn more about Ken
Mark Fitzmorris

Mark Fitzmorris

Wealth Advisor

CUSO Financial Services, L.P

+ Learn more about Mark
Zach Toelle

Zack Toelle

Financial Advisor

CUSO Financial Services, L.P

+ Learn more about Zack
Michael Young

MICHAEL J. YOUNG, CRPC®

Financial Advisor

CUSO Financial Services, L.P

+ Learn more about Michael
Ed Reynolds

Edwin Reynolds

Financial Advisor

CUSO Financial Services, L.P

+ Learn more about Ed
John Lunney

John Lunney

Financial Advisor

CUSO Financial Services, L.P

+ Learn more about John
Deidre Knott

Deidre Knott

Financial Advisor

CUSO Financial Services, L.P

+ Learn more about Deidre

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Community First Credit Union of Florida has contracted with CFS to make non deposit investment products and services available to credit union members. CUSO Financial Services, L.P. (CFS) does not provide tax or legal advice. For such guidance, please consult your tax and/or legal advisor.

**As reported by Financial Planning magazine, 1996-2023, based on total revenue.