The CUMIS Group has agreed to purchase the assets of CUFPA Financial Planning Group.

CUFPA supports the wealth management initiatives of over 30 credit unions in British Columbia, while CUMIS, through its wealth management division MemberCARE Financial Services, provides similar services to over 135 credit unions and caisses populaires in all other provinces except Quebec.

The purchase by CUMIS is expected to enhance the delivery of life insurance, segregated funds and mutual fund products to credit unions in B.C. The agreement will also bring additional value to MemberCARE’s existing offering nationwide.

“This arrangement will provide the best value to our credit union partners in B.C. and we are pleased to have been able to bring this opportunity forward” said John Martin, president and CEO of CUFPA. “The combined sales volumes of CUFPA and MemberCARE will enable participating credit unions to access top level commission payouts under national product provider contracts — basically, combining the best of both CUFPA and MemberCARE.”

Michael Porter, president and CEO, The CUMIS Group Ltd, added, “this agreement is a significant achievement and one that will provide outstanding benefits to B.C. credit unions and their members for years to come.”

CUFPA will continue to play a role in the transition to CUMIS over the next three to four months and further details of the new business arrangement will be provided to credit unions in the coming days and weeks.