MADISON, Wis. — As more proof to the growth of managed accounts, CUNA Mutual Group's signature program has topped the $1 billion milestone in assets.
The Managed Accounts Program started in 1999 and has grown considerably in the past two years with $300 million in new assets in 2005 to reach $712 million. In the first seven months of 2006, accounts have amassed more than $300 million to exceed $1 billion with more than 5,000 member accounts, according to CUNA Mutual. The program is growing at about $50 million monthly.
Managed accounts are professionally managed investment portfolios offered through specially trained and registered financial advisors in CUNA Mutual's MEMBERS Financial Services program. Two investment options are offered: MEMBERS Advisory Portfolio and MEMBERS Personal Portfolio.
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"We are certainly exceeding expectations for our managed account program," said Mark Warshauer, vice president of MEMBERS Financial Services.
Warshauer added that these are not commission-based accounts, rather members pay a portfolio management fee of 1-2% annually. He said the national trend is to move away from commission-based compensation to fee based. Almost 75% of the managed assets are for retirement.
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