POUGHKEEPSIE, N.Y. — When members were asked their opinion on renaming Hudson Valley Federal Credit Union's investment division, many wanted the new name to make them feel included.
After extensive research and meeting with four focus groups that included members and the CU's investment and trust services representatives, the $2.1 billion HVFCU changed the division's name from The Investment Center to HVFCU Financial Services effective March 1. The investment arm offers a plethora of investment services as well as insurance, retirement plans and trust services. The CU offers discount brokerage services through Linsco/Private Ledger and trust services through The Private Trust Company N.A., an affiliate of Linsco/Private Ledger Corp. Discussions to change the name began in the summer of 2006 and it was very clear that the new brand needed external and internal buy in, said Derrik Wynkoop, chief financial officer at HVFCU. "We wanted to know 'do members even know we have these services.' Our employees also said having the 'HVFCU' in the name was important," Wynkoop said. The CU wanted to continue building on its reputation in the community having been originally chartered to serve IBM employees. Wynkoop said it was also important for the financial services division to differentiate itself from the Charles Schwabs of the world. During "point intercept" interviews with members at the HVFCU's branches, the feedback produced many "emotional advertising ideas."
"We heard members say they didn't want a litany of products thrown at them and they didn't like the words 'wealth management' because it made them think they wouldn't qualify to use the services," Wynkoop said.
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As part of the rebranding campaign and to help them start their financial planning, members will receive "The Big Picture Book," a complimentary dream planner.
HVFCU Financial Services has approximately $265 million in assets under management and many members who use the division are in the "middle market" asset range, meaning they tend to open individual retirement accounts or are looking to start college funds, for instance, Wynkoop said. Members are served by 10 financial consultants and one trust representative. Those with assets in the $1 million to $5 million range tend to seek assistance with trust services.
In addition to the new name, a new logo was created to depict stability and growth, Wynkoop said. The logo features three pine trees synonymous with the landscape familiar to Hudson Valley. Another change came in the accessibility to financial consultants, who were mainly available from 9:00 to 3:00 Monday through Friday.
"We realized we needed to be open late night hours and on weekends. Consultants can go to a member's home," Wynkoop said. "Bankers' hours are gone. We need to be there when they need us." –[email protected]
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