Financial institutions that enlist advisers from their brokerage units to source business for their trust and investment managers enjoy greater growth in assets under management, a new study showed.
The number of credit unions offering investment programs increases, while the number of banks doing the same decreases.
In an attempt to woo top talent, institutions are restructuring compensation packages for in-house financial advisers.
After launching investment services five years ago, the $1.2B Gesa has $44M in assets under management.
Larger firms tend to pay advisers on an annual grid and at slightly lower rate.
That’s one of the findings from a study from research firm Kehrer Saltzman & Associates, which was sponsored by CUNA Brokerage Services Inc.
CUNA Mutual virtual conference attendees hear from CUNA Brokerage Services director in Tuesday session.
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.
The 2012-2013 Credit Union Investment Services Benchmarking Study was conducted by management consultant firm Kehrer Saltzman & Associates.
Kehrer Saltzman research also cites gap between consumer trust in banks and credit unions and their trust in the advisers who work there.