With $30 trillion expected to transfer to Gen X and Gen Y from baby boomers through inheritances, the signs are not good that credit unions will retain this wealth unless they actively start engaging these two influential groups.
That was one of the insights shared at CUNA Brokerage Service Inc.'s FOCUS Conference on Feb. 17. CBSI is the broker-dealer affiliate of CUNA Mutual Group in Madison, Wis.
David Polet, CUNA Mutual's Voice of Customer director, and Gary Weuve, CBSI's Center for Advisor Excellence vice president and author of "Close More Sales in Financial Institutions: 12 Keys to Success," told a FOCUS adviser workshop session that credit unions have been steadily losing younger members and as a result, the pipeline for their future personal investments is getting smaller while the competition for their money is greater.
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