According to new research, those credit unions that provided investment services to their members in 2013 experienced a 9% increase in penetration, beating out banks.
Financial advisers bring in $7.7 million of new investment assets in 2013 and produce $246,325 in investment services revenue.
While bank-owned BDs generate more revenue, credit union BDs report higher net income.
The number of credit unions offering investment programs increases, while the number of banks doing the same decreases.
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.
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.