MEMBERS Financial Rolls Out SEG Marketing Program

MADISON, Wis. – CUNA Mutual Group’s MEMBERS Financial Services has begun offering credit unions its Select Employee Group marketing program designed exclusively to help them market insurance and investment programs to members and attract new members through retirement planning and financial services. “Going directly to SEG employees with a financial services program is a win-win-win situation,” said Rob Peters, senior manager, CUNA Mutual’s Member Marketing Strategy. “Credit unions attract more members, employers offer their employees retirement services at no cost, and members receive financial advice and services to help retirement planning.” Peters said the SEG program complements the typical retirement programs offered by employers, such as a 401(k), but most employers do not provide financial counseling and services. MEMBERS Financial provides all the marketing materials necessary to educate and service employees, Purvis said. The $1.5 billion Coastal Federal Credit Union is currently using the program. It has held seven retirement seminars at SEGs and each one attracted 20 to 30 people, said Chuck Purvis, Coastal FCU senior vice president. The credit union has already garnered new business from using the program, he added. “Coastal felt it was an important service to offer, so we did a survey of our SEGs, and almost 90 expressed interest in working with us to develop a program, but it takes time to meet with all the companies and get it rolling.” A 2004 study by CUNA indicated only 20% of SEG employees eligible to join a credit union do so, yet 80% of the employees said they would use financial services designed to help save for retirement, CUNA Mutual said.