VERNON HILLS, Ill. — Nearly 10 years ago, Baxter Credit Union's investment program had its limits, offering members very few products like annuities and certain types of mutual funds.
When J.R. Ridge, vice president of wealth management, came to the $1.2 billion credit union in 2004, the new staffer immediately began looking at ways to expand investment offerings. That expansion included a re-launch, which would bring in a managed account component. Managed accounts allow investors to customize their pick of securities from a selection recommended by a portfolio manager. The accounts typically require a minimum $100,000 investment, but some credit unions have linked up with firms that have dropped that requirement down as low as $25,000.
"We migrated to having a true wealth management shop with trust services and long-term care," Ridge said, adding the ability for members to have their accounts managed through the credit union simplifies their financial lives by providing a single point of contact for money management.
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