"It doesn't make sense to sell products before [having a financial planning strategy in place]," Baldwin said. "It's putting the cart before the horse. We want to meet members at every life cycle."

The credit union uses a former Merrill Lynch adviser through CUFN to bring financial planning to members, Baldwin said. Having quality advisers is among the first steps to ensuring that members are getting their needs met and building a trusted rapport, Prior added. But there is still a mindset in the industry that a true financial planning program can be expensive and cumbersome.

"The model is tough," Prior said. "When you do more financial planning, you want to drive down costs for members and shrink your margins. You're trying to split 1% between the credit union and a broker and some credit unions are paying big salaries and small commissions. The problem here is you generate enough revenue to keep advisers but you might lose that [with a financial planning program]." Baldwin ensures that TOPCU's staff is kept up to speed on financial education. One testament to their knowledge is that 100% of the credit union's employees are enrolled in TOPCU's 401(k) program. Meanwhile, with the spotlight centered on the first wave of baby boomers who retired last year, both banks and credit unions are seeing renewed interest in setting up long-term care either through assisted living facilities or other means. Prior said he recently sent out a memo to CUFN advisers on asset protection and strategies on long-term care as well as trust services.

"Eighty percent of a credit union's deposits are typically with 20% of its members and they tend to be older," Prior pointed out. "The focus is on how to protect assets for loyal, long-time members."

Even though banks may have the jump on credit unions when it comes to financial planning programs, few actually provide those that offer integrated guidance, according to a 2005 study from SEI Investments. The survey of 21 wealth-management executives at banks revealed 52% said they thought they differentiated their services by supplying comprehensive advice. However, respondents most often mentioned traditional topics such as estate and financial planning when asked what their customers ask advice about. Sixty-two percent said technology is the largest obstacle to a fully integrated advice offering.

Over the past three years, financial solutions such as separately managed accounts, exchange traded funds and institutional money managers are being talked about more, Prior said. CUNA Mutual Group's eight-year old managed account program, for instance, topped the $1 billion mark in 2006.

Prior said looking beyond products, time frames and returns, the most valuable asset to members when it comes to financial planning is hiring the right adviser. Baldwin said the credit union would rather spend five to six months finding the right person than bring someone on who doesn't understand the credit union model.

"You have to ask the right questions," Prior said. "There are a lot of licensed people but not too many of them understand the [credit union] philosophy." –[email protected]