Investment Revamp at Coastal FCU Aligns With Membership Needs
Nearly seven years ago, changes to Coastal Federal Credit Union’s investment program were put in place to help build a stronger presence with members, many of whom had long-time ties to IBM, the cooperative’s original sponsor.
From the creation of a financial advisory center dedicated solely to investment and trust services to a shift from a managed employee to a dual employee model, the $2 billion Coastal in Raleigh, N.C., grew its investment portfolio to $150 million in assets under management.
The investment program operates under the Coastal Wealth Management banner. Jones said the conversion was completed Dec. 20. Members will have access to a broader lineup of products and services, including insurance, while CFS’ Web-based account management system aims to help the program’s overall goal of growing the wealth management department.
Coastal Wealth Management is made up of Jones, five advisers, one sales assistant, one financial planning specialist and one administrative assistant.
Established in August 1967, the credit union was formed by eight IBM employees. In 1991, the field of membership was expanded to include employees of other businesses throughout Research Triangle and North Carolina. It now serves 190,000 members and operates 15 branches, including a network of 4,200 shared branches nationwide.
“The team at Coastal is very good at identifying their goals, and we look forward to helping them chart their course to achieve those goals,” said Valorie Seyfert, CFS president/CEO.