CUSO Financial Services (CFS) in San Diego is a registered investment advisor (RIA) and broker-dealer. The firm offers various asset management programs through investment advisor representatives (IARs). Some of these IARs may also offer stand-alone financial planning services around topics like estate planning and retirement income management.
CUSO Financial Services Background
CFS has been providing investment advisory services since 1997. Today, it exists as a limited partnership wholly owned by Atira Wealth Solutions, Inc., a Delaware-based corporation. Atira Wealth Solution, in turn, is owned by LPL Financial Holdings, Inc., a publicly traded company that owns and operates financial advisory firms.
CFS, which is located in San Diego, is led by CEO and founding partner Doug Ketterer and COO and founding partner Eugene Elias Jr.
CUSO Financial Services Client Types and Minimum Account Sizes
CFS works with a variety of clients, but the vast majority of its clientele are individuals without a high net worth. The firm also works with:
- High-net-worth individuals
- Corporations and other businesses
- Pension and profit-sharing plans
- Charitable institutions, foundations and endowments
Investment minimums depend on the type of advisory program or sub-program that clients enroll in:
Contour Platform: Varies by program
- Advisor as Portfolio Manager (APM): $25,000
- Separately Managed Accounts (SMA): $100,000 (or higher, if required by SMA manager)
- Unified Managed Accounts (UMA): $100,000 (minimums vary by model provider)
- Fund Strategist Portfolios (FSP): $2,000
CFS Asset Management Account Program: $25,000
- Digital Investment Program: $5,000
Third-Party Investment Adviser (TPIA) Programs: Varies by provider and program
Retirement Services and Financial Planning & Consulting Services: No account minimum required
Services Offered by CUSO Financial Services
CFS provides a broad range of investment advisory and financial planning services through its network of Investment Adviser Representatives (IARs). These services are delivered via in-house programs, digital platforms, and third-party relationships, allowing for a mix of discretionary and non-discretionary arrangements.
- Contour Platform: A wrap fee program administered through Envestnet, offering:
- Advisor as Portfolio Manager (APM): IAR-managed portfolios
- Fund Strategist Portfolios (FSP): Managed mutual fund/ETF models
- Separately Managed Accounts (SMA): Professionally managed individual portfolios
- Unified Managed Accounts (UMA): Multi-manager models in a single account
CFS Asset Management Account Program: Tailored portfolios developed with the help of IARs, investing in mutual funds, ETFs, stocks, bonds, and UITs. Discretionary authority applies to mutual funds and ETFs; all other trades are non-discretionary.
Third-Party Investment Adviser (TPIA) Programs: Access to a wide array of outside managers and strategies, including asset allocation, tax management, risk-based models and tactical portfolios. These can be offered under co-advisory or solicitor agreements.
Digital Investment Program: An automated platform powered by Schwab’s Institutional Intelligent Portfolios® technology, offering ETF and mutual fund portfolios based on client goals and risk profiles.
- Financial Planning and Consulting Services: CFS IARs may offer standalone financial planning or consulting services for a negotiable fee. Topics may include:
- Investment portfolio analysis
- Estate and business succession planning
- Complex financial planning engagements
- Retirement Services
- Employer-Sponsored Plans: Advisory support for SEP, SIMPLE, 401(k), 403(b), and defined benefit plans, including plan design assistance, fiduciary oversight coordination, and participant education.
- Participant-Directed Accounts: Non-discretionary guidance on investment selection, asset allocation, and ongoing rebalancing.
- TIAA-CREF Investment Solutions IRA: Asset allocation and product selection (e.g., index mutual funds, annuities) for Traditional, Roth, and SEP IRAs.
CUSO Financial Services Investment Philosophy
IARs working with CFS clients may adopt a variety of investment strategies and methodologies. Common methods of analysis include fundamental and technical analysis.
Fundamental analysis involves taking an in-depth look at the financial state of a company. This could entail a thorough review of the firm’s financial records, earnings, debts and other money-related factors that may help the advisor make educated assumptions about its future performance. By employing technical analysis, the advisor can forecast price movements by looking at past trends. But because past performance never guarantees future results, both methods carry their own risks.
In addition, IARs take individual factors into account such as the client’s risk tolerance and tax situation when making investment decisions.
Fees Under CUSO Financial Services
Fee schedules depend on the advisory program and types of securities that the client is invested in. If applicable, CFS would retain a portion of its advisory fee to pay IARs. Asset-based fees for asset management services generally come with a maximum fee of around 2.25% of client assets. Financial planning fees may not exceed $500 per hour or a $20,000 flat fee.
What to Watch Out For
CFS has five disclosures on its Form ADV from the past 10 years. These disclosures are attributed to either the firm itself or to one or more of its advisory affiliates.
In delivering its services to clients, CFS works with a variety of affiliated and unaffiliated third-party firms. This framework may raise conflicts of interest as some representatives may be incentivized to recommend or sell specific products. Unaffiliated firms may also charge different kinds of fees for their services. And while these payments won’t go to CFS, they would affect your account size. However, CFS has a fiduciary duty to work in your best interests at all times, and it has certain protocols in place in order to reduce the potential for conflicts of interest.
Opening an Account With CUSO Financial Services
To contact CFS, call (800) 686-4724 or get in touch online by sending a message on its contact page.
All information was accurate as of the writing of this article.
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