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.
Most members don't trust financial advisers at their credit unions because they may not know they can get quality investment advice at their local cooperatives.
That’s one of the findings from a study from research firm Kehrer Saltzman & Associates, which was sponsored by CUNA Brokerage Services Inc.
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.
Kehrer Saltzman research also cites gap between consumer trust in banks and credit unions and their trust in the advisers who work there.
Kehrer Saltzman survey finds LPL is the largest.
When the nation’s economy spiraled down around 2008, the housing market and employment sector weren’t the only areas that were hammered.
Nearly half of all financial advisers are paid on the basis of production over the past six to 12 months, a change from years past.