Threecredit union dealer groups have merged to create financial services firm CU Financial Advisory Services.

The consolidation of Encompass, Select, and Sydney Credit Unions will see the new group commence with approximately 2,000 clients and $140 million under management.

The combined membership of the three credit unions is around 70,000.

According to Encompass Credit Union general manager Ken May, who will also act as chairman of the CU Financial Advisory Services company, the combined resources will potentially attract business from other credit union members currently not using financial planning services.

“The company is interested in discussing the provision of services to other credit unions,” May says.

The financial planning personnel of each of the groups is to be consolidated, with the new company to be jointly owned and operated by the three credit unions for their members.

The group says it will initially be staffed by six licensed financial planners and two administration staff who have transferred from their respective credit unions, with Soula Tsipidis appointed as general manager.

After originally holding individual financial planning licenses, the group says joining forces will enhance their members’ access to wealth planning, while also providing management and administration back-up to the existing advisers.