LPL Financial Adds Kern Schools Federal Credit Union to its Institution Services Platform

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– LPL Financial Institution Services to Provide Comprehensive Wealth Management Support and Retirement Planning Services to Prominent California Credit Union –

LPL Financial, the nation’s largest independent broker-dealer,* a leading RIA custodian, and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today announced that it has added Kern Schools Federal Credit Union (Kern Schools) to its Institution Services platform. LPL Financial’s Institution Services unit is one of the leading providers of comprehensive third-party brokerage, wealth management and trust services to the investment programs of banks and credit unions throughout the nation.

Headquartered in Bakersfield, CA, Kern Schools is a prominent financial institution in Kern County and the Bakersfield area. It serves approximately 165,000 members with a broad array of financial services through its seven branches, and plans to open three new branches in 2013. Ranking within the top ten percent of credit unions across the United States based on assets, Kern Schools has a total of $1.2 billion in assets. Its Wealth Management program oversees approximately $267 million of assets, four financial advisors, and offers a wide range of wealth management products and solutions. Founded in 1938 to serve Kern County public school teachers, today Kern Schools has grown significantly from its modest beginnings and is open to all who live, work, or participate in Kern County, California.

Larry Braley, Vice President of Wealth Management at Kern Schools, said, “We are excited about joining LPL Financial and the enhanced capabilities this will bring. When it came time for a routine review of our broker-dealer relationship, we decided to undertake a serious investigation of what was offered throughout the industry and we were tremendously impressed with LPL Financial. We were particularly attracted to the comprehensive capabilities of their technology platform and their in-house insurance solutions, but above all, their extensive and well-integrated retirement planning capabilities will open the door to a considerable new opportunity for Kern Schools.”

Braley further stated, “We considered the areas which we believe could make the greatest impact on the future of Kern Schools and concluded the resources we would gain by joining with LPL Financial were the most attractive.”

Craig Kamis, Senior Vice President of Business Development & Advisor Recruiting at LPL Financial Institution Services, said, “We are honored to have earned the opportunity to work with Kern Schools Federal Credit Union. Kern Schools has a history of providing its members with outstanding service, and LPL Financial Institution Services is pleased to help them grow their business and bring it to a new level of achievement. Their choice of LPL Financial underscores our success in attracting banks and credit unions to the comprehensive, integrated platform of resources and support that we have created for financial institutions.”

Bill Chetney, Executive Vice President of LPL Financial Retirement Partners, the retirement plan-focused division of LPL Financial, said, “LPL Financial has made considerable investment in developing its retirement-planning resources, which reflects the growing importance of this area of financial services throughout the country. We are enthusiastic about attracting Kern Schools to LPL Financial; it is a clear demonstration of the ability of our Retirement Partners division to add value across multiple advisory channels.”

In total, LPL Financial serves more than 700 banks and credit unions with brokerage, trust and wealth management services.

About Kern Schools Federal Credit Union
Kern Schools Federal Credit Union was founded in 1938, and was granted a federal charter on April 19, 1940. Residents of Kern County are eligible for Membership and receive the benefits of an extensive loan program, including home and auto, wealth management services, and a lifelong financial partner. With convenient locations in and around Bakersfield, Kern Schools’ Membership has grown to over 165,000 to become the largest Member-owned financial institution in Kern County, California. For more information, visit

About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer,* a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 13,300 financial advisors and over 700 financial institutions. In addition, LPL Financial supports more than 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

The investment products sold through LPL Financial are not insured by Kern Schools Federal Credit Union deposits and are not NCUA insured. These products are not obligations of Kern Schools Federal Credit Union and are not endorsed, recommended or guaranteed by Kern Schools Federal Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and the loss of principal is possible.

*Based on total revenues, Financial Planning magazine, June 1996-2013

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