The growth of investment assets and the consistent revenue stream that can be derived from them also help to diversify overall CU revenue. Such diversification has the potential to help CUs take pressure off of the generally shrinking net interest margins being experienced within the industry. My experience tells me that credit unions typically don't have the in-house resources and capabilities necessary to build viable programs, so they need the assistance of a broker/dealer partner that is service-oriented, technology-savvy and dedicated to serving credit unions. Without this critical support, it's nearly an impossible challenge for a program to get traction. Our broker/dealer helped us grow and create a successful program not only by providing quality service and strong marketing support, an advanced technology platform and a diverse product mix, but also by introducing a program philosophy and approach for the CU to embrace. The philosophy espouses what CFS calls its "keystone components" to program success and they include integration, awareness and credibility.

Essentially, the success of the investment program requires a deep commitment from the CU's senior management to support these components on every level and at every opportunity. They have to create equal shelf space for the program, make it one of the CU's major focuses and clearly communicate that commitment to the staff.

Our investment program's growth is undoubtedly attributable to a combination of senior management's commitment to the keystone components and a complete buy-in from staff. Equally important, the CU is beginning to see the value that the investment program brings in terms of broadening the financial relationship that it shares with members, a relationship that is vital to long-term CU growth. We've taken steps to make the program one of the four key focuses of our marketing efforts and senior management has shown support by creating a well-structured referral program as motivation for staff to generate referral opportunities. In order to feel comfortable making those referrals, however, staff needs proper training. So the credit union has incorporated that into its new employee training program as well as all other product training. Having a well-trained staff has obvious value to the members and reps, but the staff also values training because they become confident that their investment representatives are knowledgeable and accessible. That provides line staff with a solid comfort level and it then becomes a two-way street in which we help them achieve their referral goals and they help us get in front of members who need our services.

Building a successful investment program requires a team approach in every respect and, as with any team, it's only as strong as its weakest link. Of course, it needs a workhorse broker/dealer partner supporting it every step of the way with everything from technology and marketing support to training and strategic planning. Most importantly, it requires the full and consistent commitment from senior management and the enthusiastic support of the staff in order to become supremely successful.