Investment Market Share Still a Struggle for CUs
Credit union-affiliated households hold one-half of all personal financial assets in the U.S., and the industry has a reputation for being a trusted financial services provider.
With those advantages, one would think investment market share has increased for credit unions.
Like ELFCU, the $1.8 billion CommunityAmerica Credit Union in Lenexa, Kan., said awareness is a continual challenge. Members should be aware of the availability of investment services, but more importantly, they should also understand the long-term value it can bring to their lives, said Michael Haggerty, vice president of financial planning services. Community America partners with CUSO Financial Services LP, a San Diego-based broker-dealer and investment advisory firm.
“Despite our success with six, and on pace for seven consecutive record production years, and on pace to increase (gross dealer concessions) close to 500% over that time, there is still a significant opportunity to educate our members so more can benefit from the breadth of services we provide,” Haggerty said. “That is rewarding for members, the credit union and, of course, our advisers.”