League-Backed Small CU Consulting Service Debuts in S. Dakota
SIOUX FALLS, S.D. - With a goal of assisting small credit unions on pricing and expense reduction, the South Dakota Credit Union League is offering a specialized-and perhaps unique-one-on-one consulting service, "I'm not sure any League has gone as far as we are in undertaking on-site operational review of staffing, operational systems and strategic planning tailored to individual credit unions," explained Peter Henthorn, the League's new president/CEO. Under the program, the League's three- member consulting staff will visit with CU management to advise on such areas as operations, staffing and others areas seen as having profit potential, said Henthorn, a former Boulder businessman and head of a consulting firm who joined the League June 5. The League already has two client CUs signed up and does expect to sign up more outside South Dakota. He declined to name the two which are to start receiving services next month. Fees are based on expenses plus 25% of the net improvement. "I know other Leagues do this sort of thing to a limited degree - tweak this or tweak that - but not to the level we hope to take it with a focus on the individual management style and philosophy," said Henthorn.