Tuesday, October 15, 2019

Are Wealth Management Services Core to Your Credit Union? Here’s Why They Should Be

Credit union leaders are always in search of new ways to better serve members and add value to their lives. While your organization doesn’t chase shareholder returns in the same way that other financial institutions might, finding new opportunities to meet member needs and generate new business is still important. And when those two goals intersect, opportunity awaits.

Wealth management is such an intersection. After all, financial security is the top priority for credit union members of all ages.

At the same time more than half (52%) of members prefer accessing financial services at a credit union,[1] but member penetration for investment services is a mere 3%,[2] according to a February 2019 report, “Making Wealth Management Core in Credit Unions” by Kehrer Bielan and sponsored by CUNA Brokerage Services, Inc. (CBSI). The report found that, when credit unions make wealth management core to their business, they can:[3]

· Increase the share of members helped by the wealth management unit by 29%
· Double the revenue production of the wealth management unit
· Increase the net profit contribution of the wealth management unit to the credit union by 56%

But what does it mean to make investment services “core” to the business? The report found that wealth management becomes a key part of the credit union’s offerings when members think of the credit union as a provider of investments as readily as they view it as a provider of traditional deposit and loan services.

The report also found that integrating wealth management services, such as retirement planning, investment services and overall financial planning yields a number of significant benefits. Here are four advantages the report identified that credit unions may enjoy when wealth management services become core.

1. Expanded wallet share
Households that have investment holdings with their credit union keep 42% more savings and investments at their credit union than those who simply consider the credit union to be their primary depository.[4] The typical credit union household keeps just 17% of their savings and investments with their credit union.[5] However, the report found that when just one investment relationship is added, credit unions increase wallet share by 159% and the relationship has a positive impact on member loyalty and retention.[6]

2. Increased customer life cycle
When credit unions offer more products and services, they not only give members more options, but they also strengthen member relationships. By adding just one investment relationship, credit unions can increase wallet share by almost 160%.[7] And when a household considers the credit union its primary financial institution, assets held by the credit union jump by 82% on average.[8] In addition, the report found that wealth management client households stay with their credit unions for 1.7 more years on average versus households that view credit unions as being their primary depository.[9]

3. Added points of sale
Members with investment relationships at their credit unions are often in need of other financial services, too. Those with investment relationships are:[10]

· 35% more likely to have a first mortgage
· 100% more likely to have a second mortgage
· 50% more likely to have a home equity line of credit
· 93% more likely to have an automobile loan
· 77% more likely to have a money market account

4. Higher levels of member trust
While the report found that 44% of credit union households with one credit or depository account have a great deal of trust in their credit union, that number drops to 41% when a second deposit or loan product is added.[11] However, when an investment or insurance account is added, members are 20% more likely to have a great deal of trust in credit unions.[12]

Make Wealth Management Core to Your Credit Union

There are numerous ways credit unions can integrate investment services into their core services. The Kehrer Bielan report identified four essential components:

1. Hire and empower high-quality advisor talent: Research points to a direct correlation between number of advisors and the number of members helped by wealth management services.

2. Offer incentives for advisory business: Firms that do so enjoy a 2.4 times greater share of their revenue from advisory business compared to firms that do not.[13]

3. Include and emphasize financial planning services: These services help address key member concerns regarding their financial stability and preparing for the future.

4. Improve member awareness and referral practices: As your members have a pleasant experience with their advisors, they’re more likely to spread the word. Develop a referral policy that recognizes and rewards members for their loyalty. They feel appreciated and you get new business — it’s a win for everyone.


Want to learn more about making investment services core to your credit union? View our infographic and listicle now. cunamutual.com/makeWMcore

Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker/dealer in all fifty states of the United States of America. The representative may also be financial institution employee that accepts deposits on behalf of the financial institution.


[1] Kehrer Bielan, Making Wealth Management Core in Credit Unions, February 2019, pp 2.

[2] Ibid, pp 18.

[3] Ibid, pp 18.

[4] Ibid, pp 20.

[5] Ibid, pp 20.

[6] Ibid, pp 19.

[7] Ibid, pp 19.

8 Ibid, pp. 15.

[9] Ibid, pp 22.

[10] Ibid, pp 19.

[11] Ibid, pp 23.

[12] Ibid, pp 21.

[13] Ibid, pp 15.

Thursday, June 27, 2019

CBSI Women of Distinction Represent Credit Union Movement in Chicago

CUNA Brokerage Services, Inc. (CBSI) recently united its top female advisors in Chicago for the organization’s annual Women of Distinction Conference. In addition to networking and engaging in professional development, including participation in the CBSI-sponsored Investment News Conference, the advisors reached out to nonprofit, Dress for Success, and donated everything from business suits, handbags, shoes, jewelry and scarfs to coats and a variety of personal hygiene care items.   

CBSI Women of Distinction 
Beyond our fellowship as women advisors, is our collective passion for bridging the gender gap,” says Karen Reinertson, CRPC, Financial Advisor, RBFCU Investments Group at Randolph-Brooks Federal Credit Union. “Together, we’re committed to helping women realize the tremendous value we can deliver within the investment management industry, particularly by helping people shape brighter financial futures through the credit union movement.”

CBSI Women of Distinction is currently comprised of 35 advisors. Eligible advisors have three years tenure in good standing with CBSI, consistently achieve their annual production numbers, and are committed to mentoring a fellow female advisor and engaging in subcommittee work and community outreach designed to drive the growth of female advisors within the financial services industry.

Tuesday, June 25, 2019

Summit Credit Union, CUNA Brokerage Services, Inc. Host University Personal Finance Majors

University students interested in careers in Personal Finance got an in-depth look at credit unions, financial advising, and CUNA Mutual recently, thanks to Summit Credit Union and CUNA Brokerage Services, Inc.

 CUNA Mutual Exchange Center.
Students from the University of Wisconsin’s Financial Occupations Club for University Students (FOCUS) were hosted at the CUNA Mutual Exchange Center on April 19. The students were all Personal Finance Majors whose comprehensive coursework, covering household financial issues and concerns, enables them, among other things, to sit for the Certified Financial Planner (CFP) exam after graduation.

The students found out how CUNA Mutual Group serves credit unions and members, asked questions about Financial Advisors with CUNA Brokerage Services, Inc., and learned about managing Institutional and Retail Assets from CUNA Mutual Fiduciary Consultants.

Interns and recent hires who came to CUNA Mutual from the UW-Madison also gave the personal finance students insights into the career path and work culture of collaborating on financial products and services.

The students were hosted by Rob McCalla of The CENTER for Advisor Excellence and Ric Mathias, Vice President Sales Development at Summit Credit Union, who also led a discussion about career opportunities with credit unions.

Tuesday, April 23, 2019

Coordinators, Sales Assistants Donate for Youth at Conference

Attendees at the CUNA Brokerage Services, Inc. (CBSI) Coordinators and Sales Assistant Academy conference in Milwaukee, WI came together Mar. 11-13 and provided much-needed donations of supplies and personal items for troubled youth and their families. 

The donations were collected for the Walker’s Point Youth & Family Center, a Milwaukee non-profit that meets the needs of runaways and homeless youth by helping them resolve personal and family problems, strengthen family relationships and support safe and stable homes.

Jennifer Klein, CBSI Learning & Development Manager says that CBSI employees and the attendees at the CSAA conference demonstrated their commitment to making a difference and giving back to the community.

“Conference attendees work at credit unions, which have an ongoing mission to meet the needs of people at all levels of society.  It’s very much a shared value in our movement and we’re very happy that so many attendees brought donations,” Klein said.

Audra O’Connell, Executive Director of Walker’s Point Youth & Family Center, thanked attendees at the opening session of the conference and noted how the organization provides shelter, safety and understanding for young people dealing with a variety of stressful problems. 

“Teens who come to us for help are usually having serious problems at home,” O’Connell noted. 

“They leave because of abuse or neglect and many come from alcohol or drug addicted families.”

She added, “Our goals are to encourage families to work out problems, help youth decide on a positive course of action and ensure a more stable living environment.”

Donations can be made online by visiting https://walkerspoint.org/support-us.

For those interested in learning more about youth issues, Walker’s Point Youth & Family Center is affiliated with the National Network for Youth.

Friday, April 12, 2019

A Shift in Approach that Actually Results in... Well, Results

By Tammie Harvey, CUNA Mutual Group, Director, Continuous Improvement & Agile Execution

In an era of rapid change and marketplace disruption, we’re all challenged to help our customers/members identify and address a host of evolving needs. Realizing traditional methods – known as a waterfall approach – were not helping us reach our goals at a necessary pace, we shifted our thinking to an agile approach.

Now, a waterfall approach consists of building requirements, designing solutions, releasing to the marketing and then getting feedback from customers. In a nutshell, you focus on figuring out exactly what you want in the beginning and you don’t tell anyone about it or use the solution until it’s done and ready for implementation. By that time, you might be headed in the wrong direction, and because it’s a waterfall, there’s no way to go back up to one of the previous steps in the process, without adding time, cost or risk.

Agile on the other hand is about gathering customer insights, building solutions and verifying with customers along the way. Then, releasing the minimum amount necessary to serve your customers’ needs. You build upon the minimum viable solution over time to get to your end state – consistently co-creating with your customers along the way. Through continuous learning, you mitigate your risk of building something your customers don’t want or need.

To illustrate, think about someone who opens a coffee shop. On day one, they sell coffee. When customers go through the drive-thru, the owner asks them what else they want. The next day the owner adds muffins to the menu. Over time, the coffeeshop becomes a restaurant that serves a variety of beverages, food items and gifts – all that the customers said they wanted while giving you feedback along the way.  

Agile can be intimidating at first. It requires change. Change in how you think, behave and execute your work. Let’s face it, that can be hard. Agile also comes with a whole set of its own terms. There are several methods that can be adopted, depending upon the business problem you are trying to solve. And, because it is a relatively new concept to the financial services industry, education is key – for employees and customers. The learning never stops.

The results; however, speak for themselves. An iterative, co-creation process leads to efficient development, aligned work teams, positive customer experience, quality solutions, and a better ability to manage and change priorities.

Our results have been both transformational and incremental. For example, product development now takes months instead of years, and when we determine through testing that something isn’t adding value for our customers, we stop working on it. In addition, employees feel empowered to identify improvements and adopt new ways of working so they can deliver value faster for our customers.

Not only are credit unions excited about the products and services we’re building, and how they’re part of it, they’re excited about how they can start embracing this thing called “agile” and reap its benefits.

Friday, March 8, 2019

Protect Members from Scams and Themselves

Members willingly give away their personal and financial information and then get tricked into authorizing wires, ACH, plastic card and other types of monetary transactions. Protecting members from themselves is a tricky proposition.
Recognizing scams can be difficult for both you and your members. But you can slow the growing rate of scams by remaining vigilant and continuing to provide awareness and great member service.
Unfortunately, scams are on the rise. Nearly 25 million Americans lost a total of $8.9 billion to phone scams alone in 2017, according to a 2018 TrueCaller survey. These numbers, while significant, only scratch the surface. Consider these statistics:
·         On average, Americans receive 23 spam calls and 8.5 spam texts in a month. (TrueCaller)
·         The average user receives 16 malicious emails per month (Symantec 2018 Internet Security Threat Report) with the fraudster looking to trick the individual into giving access to account, login, or financial information.
A primary factor is whether a victim finds a fraudster’s story convincing—and to what degree. A good scam artist provides enough information and urgency to compel a victim to act quickly. Unfortunately, with an aging population, perpetrators are preying on the elderly, who tend to let their guard down more easily.

What can you do?
- Familiarize yourself with the most common scams using tools such as CUNA Mutual Group’s Emerging Risks video series, RISK Alerts and Protection Resource Center.
Educate members about known scams in one-on-one settings, during community events, and on the credit union’s website or in the newsletter.
·         If you suspect a member has fallen victim to a scam, respectfully share your concerns with the member. Hopefully this will remedy the situation but be prepared with information and examples of scams.
CUNA Mutual Group’s Risk & Compliance Solutions also helps you stay at the forefront of loss trends and prevention strategies by providing educational resources. Check out the Consumer Scams emerging risk page to learn more.

Monday, January 14, 2019

CUNA Brokerage Services, Inc. Advisors Hit Top 100 in 2018

Members are at the top of every credit union’s priority list and in today’s complex and ever-changing world, it’s important to fully understand member needs and deliver the right strategies.

CUNA Brokerage Services, Inc. (CBSI) has top talent who work directly with credit union members on a daily basis: financial advisors are trusted partners who help members to navigate and achieve financial security. That’s why we are pleased to share that nine CBSI advisors are recognized on Financial Planning’s 2018Top 100 Bank and Credit Union Advisors list. These exceptional advisors include:
  • ·         Bryan Roberts, American Heritage FCU
  • ·         Karen Reinertson, Randolph Brooks FCU
  • ·         Donald Lutz, Sandia Laboratory FCU
  • ·         Paul Fedorko, Sandia Laboratory, FCU
  • ·         Mary LaFerriere, Novartis FCU
  • ·         Frank Feng, Financial Center CU
  • ·         Eric Hilbun, DuTrac Community CU
  • ·         Susan Breyer, Altra FCU
  • ·         Costas Grekis, Clearview FCU

CBSI exists to help more people gain financial security through access to the power of investing. We work in partnership with credit unions and empower advisors to be effective coaches, to position investment services as core to delivering financial security and to highlight the credit union as the resource members can trust to deliver that security.

CBSI advisors strive to break down three key barriers that stand between people and their dreams:

1.       Perceived complexity -- many feel that investment products, markets and strategies are too difficult to understand
2.       Paralyzing fear -- of losing hard-earned savings
3.       Lack of access -- to caring, professional advice at key moments in their lives

Highly tailored to the goals of members, credit unions and advisors, CBSI replaces barriers with wide-open opportunity. We provide simple, transparent and understandable investment advice and strategies, turning complexity into simplicity, uncertainty into access and fear into confidence.

CBSI salutes all our advisors and their efforts that meet the needs of modern-day credit union members. It’s time to put more members on a path to success, to replace their barriers with confidence and opportunity. It’s time for wealth management the credit union way!


Thursday, December 20, 2018

TruStage® Celebrates Protecting 20 Million Customers by Recognizing 20 Exceptional Credit Unions

We’ve reached a significant milestone on our journey to becoming a more consumer-centric organization: more than 20 million people are now protected through TruStage insurance products.

Working alongside nearly 4,000 credit unions, TruStage has helped Americans build financial security for themselves and their families. Because credit unions do so much to support the financial stability of families in their communities, we knew the best way to celebrate this milestone was by giving back.

As a token of our appreciation, we donated $20,000 to DonorsChoose.org on behalf of 20 U.S. credit unions with the most policyholders (to date) for their contributions in helping us reach this major milestone.

The following credit unions each received $1,000 to donate to a local school through 
·         A+ Federal Credit Union, TX
·         Alliant Credit Union, IL
·         America First Federal Credit Union, UT
·         America's First Federal Credit Union, AL
·         CEFCU, IL
·         Delta Community Credit Union, GA
·         Dupaco Community Credit Union, IA
·         Ent Credit Union, CO
·         Golden 1 Credit Union, CA
·         HawaiiUSA Federal Credit Union, HI
·         Hudson Valley Federal Credit Union, NY
·         Lake Trust Credit Union, MI
·         Landmark Credit Union, WI
·         Metro Credit Union, MA
·         Municipal Credit Union, NY
·         Navy Federal Credit Union, VA
·         State Employees Credit Union of Maryland, Incorporated, MD
·         Summit Credit Union, WI
·         Teachers Credit Union, IN
·         VyStar Credit Union, FL

Each credit union is using the charitable gift to support projects at local schools in the communities they serve, allowing many students access to technology, resources and equipment that wouldn't be an option otherwise.

A big thank you to credit unions for all you do to protect people from all walks of life. Together, we’re making a critical difference.

Take a look at how credit unions are celebrating this exciting milestone with us:
Landmark Credit Union
VyStar Credit Union

Delta Community Credit Union

Alliant Credit Union
A-Plus Federal Credit Union

Hawaii USA Federal Credit Union
Lake Trust Credit Union
Metro Credit Union
Municipal Credit Union
Navy Federal Credit Union
Dupaco Community Credit Union

Tuesday, December 18, 2018

CUNA Mutual Group Foundation, Employees Commit $1.7 Million to Local Nonprofits

The combined generosity of CUNA Mutual Group employees and the CUNA Mutual Group Foundation will provide a $1.7 million benefit to nonprofits in Dane County and other communities nationwide where employees reside.

The funds were pledged over just four weeks during the company’s Employee Giving Campaign, which concluded Nov. 30. CUNA Mutual Group’s 3,300 employees were invited to donate to an eligible 501(c)(3) organization of their choice, including United Way. All eligible donations made during the pledge period received a dollar-for-dollar match from the CUNA Mutual Group Foundation.

“We expanded giving options this year based on employee feedback and, not surprisingly, people showed incredible excitement, passion and commitment,” said Cedric Ellis, executive vice president of enterprise services, and president of the CUNA Mutual Group Foundation.

Employees pledged approximately $650,000. The Foundation matched $600,000 and contributed an additional $450,000 to the 2018 fundraising campaign for United Way of Dane County. The funding will assist myriad organizations of employees’ choosing. These include organizations and programs committed to schools, youth, health, animal welfare, food and housing stability, community outreach, military veterans and more.

The month-long event also presented opportunities for non-financial giving. “Employees donated canned goods and numerous other food-related items to the River Food Pantry in Madison and purchased more than 400 “wish list” items for individuals at the Mendota Mental Health Institute.” And as usual, employees volunteered their time at various nonprofits. Nearly 14,000 combined volunteer hours have been logged so far in 2018 – a hefty 65 percent increase from 8,500 hours in 2017.

Ellis said CUNA Mutual Group has a long history of corporate social responsibility and corporate giving, and the company recently celebrated the 50th anniversary of the CUNA Mutual Group Foundation. “We work hard to ensure a brighter financial future is accessible to everyone, but without access to basics like food, affordable housing, and educational opportunities, people can’t feel financially secure.”

The Foundation and its mission continue to evolve, Ellis added. Over the past three years, CUNA Mutual Group has increased its focus on diversity, equity, and inclusion efforts. Filtering the Foundation’s work through this lens has produced positive and often unexpected outcomes. The same is true for corporate social responsibility and how CUNA Mutual Group serves the nonprofit community.

“Being more intentional with our giving efforts is beneficial—not only for the organizations that receive our support, but also for our community, and for us.”

To learn more about the CUNA Mutual Group Foundation, please visit: https://www.cunamutual.com/about-us/corporate-social-responsibility

About CUNA Mutual Group:
CUNA Mutual Group is a financially strong insurance, financial technology and investment company. For generations, we’ve partnered with credit union leaders to protect and grow their businesses, and help people plan, protect and invest for their future. CUNA Mutual Group offers commercial and personal insurance products; lending and payment security solutions; and retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.

About CUNA Mutual Group Foundation:
Celebrating 50 years, the CUNA Mutual Group Foundation is a registered 501(c)(3) and is the philanthropic arm of CUNA Mutual Group. The foundation’s purpose is to advance economic stability and support the sustainable development of the communities where CUNA Mutual Group offices reside; including Madison, Wis.; Waverly, Iowa; Great Bend, Kansas; and Fort Worth, Texas. The foundation also actively supports and participates in the credit union movement, embracing the cooperative philosophy of “people helping people.”

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Corporate headquarters are located in Madison, Wis.
CUNA Mutual Group ©2018

Sunday, November 11, 2018

CBSI Advisers Assemble and Deliver Care Packages for Veterans

Earlier this year, our CBSI advisers partnered with credit unions and financial services representatives for a community service effort in support of veterans at the Michael E. DeBakey VA Medical Center in Houston, Texas.

As part of their annual conference, over 500 attendees assembled and delivered 368 care packages to local veterans—and it was an impactful day for all participants.

“I’m proud to have served in the Marine Corps. A lot of these men and women that are in these hospitals, they gave to people, and not even realizing the impact that they would really mean to anybody in that situation,” said Eric Edwards, Managed Adviser for Point Breeze Credit Union. “For companies to be able to embrace them with open arms—to celebrate that—it really means a lot.”

“It’s amazing what happens when people come together to give and serve,” said Rob Comfort, President, CBSI. “There’s not a greater joy that we have, than when we take our focus off of ourselves and put it onto others, and I can’t think of any greater group of people to support than our veterans.”
Together we can make a difference. If you’d like to explore volunteer opportunities and make a difference in the lives of veterans in your community, reach out to your local VA through The U.S. Department of Veterans Affairs.

Learn more about how we give back and focus on Corporate Social Responsibility (CSR) as a business.

Tell us what volunteer opportunities you participate in on
Facebook or Twitter.