Kinecta Federal Credit Union is extending its product line to investment services through a new partnership with FusionIQ, a provider of cloud-based wealth management solutions.
The credit union, which was founded in 1940 and provides banking, lending and insurance services to around 270,000 members across California, New Jersey and New York, has adopted the FusionIQ One platform to power its ascent into digital investing services.
The multi-custodian platform was initially introduced by FusionIQ in June last year, and features four integrated, pay-as-you-go modules – digital advice, self-directed, digital model marketplace and finTAMP – that enable credit unions, banks, RIAs and independent broker-dealers to implement an all-in-one white-label digital wealth platform.
Donna McNeely, president of Kinecta Wealth Management, says the credit union is adhering to the calls of its members for an investing solution that aligns with “a digitally driven demographic” through the adoption of its partner’s turnkey offering, which she claims “goes beyond a tech solution”.
Mark Healy, CEO of FusionIQ, argues that the evolution of traditional small accounts solutions has failed to keep abreast with “the growing demands” of banking institutions and credit unions, and says its partnership with Kinecta, one of the largest credit unions in the USA with assets of $6.7 billion, will aid towards meeting the digital investing demands of its members.
Kinecta has become the latest financial institution to tap Massachusetts-based FusionIQ for its wealth management solutions, following the provider’s July 2023 integration with Blueleaf, and later partnership with Valley National Bank.