UNFCU Financial Advisors is not to be confused with UNFCU Financial Services, the credit union's investment center, which has a third-party arrangement with Raymond James Financial Services, Inc. Since that alliance formed, income has grown 600%, Ryerson said. The financial services division can also help credit unions with investment services, but not on the brokerage side, he added.

As for the size of the credit unions UNFCU Financial Advisors can assist, Ryerson said there is no threshold. The CUSO does have a particular appeal to smaller credit unions that may be facing a merger to survive.

"They might get to a point where the board will have to decide if they are merged out of existence–will the members continue to be served as they were originally envisioned," Ryerson posed. "It is very possible they could remain in existence, if they get the right help."

Those credit unions in the $250 million asset range are probably less likely to merge, but might be "struggling to do more for existing members, grow and get more capital and hard cash."

The first step in the process starts with the credit union determining what their most immediate needs are, Ryerson said. Based on the product or service, member data information is gathered through zip code information, for instance. From there, UNFCU Financial Advisors can either offer what the credit union needs or sources it out to one of its partners. At this point, the decision is made on if the division will hire someone to be on site at the credit union or if the credit union's New York-based call center would be the best approach.

Ryerson wants to be clear that the CUSO is not a vendor, but a "solution provider."

"I don't like that word 'vendor,'" he said. "The people we work with know this is a collaborative effort. My position is a partnership that has to be equal in nature and all parties have to be on the same page."

The revenue sharing really depends on the credit union's needs, Ryerson said. If UNFCU Financial Advisors ultimately ends up managing a program and other programs are added, the revenue split can be "more generous." In 2007, the business plan calls for investment and insurance registration in Geneva, Vienna and Rome. In Nairobi, Africa, the credit union has a partnership that offers members the option to be served through London-based Old Mutual plc, in that country, or at UNFCU here. Nearly 600 members are from Santiago, Chile, but are serviced from the credit union's New York base. Ryerson said going forward, they will concentrate on building more of a presence throughout Europe.

Considered by some in the industry to be one of the hardest areas to crack, property and casualty insurance will also be offered through MetLife and Travelers. "They took a chance on us," Ryerson said. "I've been working on property and casualty since I got here in June 2003. I was disheartened to learn that some companies just didn't think credit unions should be doing this. Most want to deal with larger players." The credit union has a few other projects in the works to round out its newest launch including institutional cash management for small- to mid-size credit unions, pension plan services and an online advisory service that would help members with custom solutions on things like debt consolidation and credit management.

"Everything we are doing is in the concept of what I like to call 'open architecture,'" Ryerson said. "What I've learned is while there is a need for more service providers, the clear preference is credit unions want those that are developed within the industry." –[email protected]