"Rob has actually worked at a financial institution and formed and managed its investment program," Sandberg said. "He's about developing relationships and he knows the markets and who is available."

Michalowski said the lines have blurred between what credit unions and banks are looking for when hiring investment staff.

"The whole credit union and bank brokerage arena has found its own," he said. "Five years ago, there were differences in how programs were being run. As bank and credit union brokerage have become more mainstream, those extremes have left. They have similar payouts, products and similar commitments to their programs."

The $189 million MidWest Financial Credit Union has had an investment platform in place since 2003, said Tim Gisewhite, vice president of marketing and business development. One of its challenges was turnover.

"Because we had gone through a couple of different reps, we felt the program wasn't gaining the traction we wanted," Gisewhite said. "When the last rep left, we looked at the program to see if still fits and if there was still a membership need. We felt there was."

Michalowski, who had worked with Gateway on an outsourced basis prior to coming on-board full time, introduced Mark Carpenter to MidWest and the investment professional was hired in mid-2007 as the senior financial advisor. A certified financial planner and certified trust expert, Carpenter works with members on education, retirement, and legacy plans. Gisewhite did not provide assets under management for MidWest's investment program but activity has picked up so much that the credit union recently hired a sales assistant who reports to Carpenter.

"We are starting from scratch," Gisewhite said. "We had been without a program for a period of time. We were looking for someone who was a little entrepreneurial and someone who could integrate well with staff and referrals."

Gateway said it has created a "radical new approach" to its candidate search. The CUSO works with a credit union or broker-dealer to identify what they're looking for. Michalowski will find the candidates but instead of charging the typical percentage of that person's salary it will charge a flat fee. Sandberg said instead of $15,000 or $20,000 for example, it would be about $2,000 for each candidate found. Because all positions are commissioned, it is that much more important to find the right person for the job.

"That's why you need specialized resources on how to compensate," Sandberg said.

Michalowski applauds credit unions for being selective given the changes the investment industry has experienced. The flip side is with the economy being what it is, "good sales persons are less prone to make a move."

"Organizations are getting pickier in what they're looking for, which is a good thing," Michalowski said. "Companies are getting more educated so they know what a good candidate looks like."

And there's still the perception that credit unions "are a step down" from wirehouses and banks, Michalowski said.

"It's actually a step up. It's the whole idea of 'customer versus member,'" Michalowski explained. "A lot of people like the trust factor credit unions are known for. It also takes a lot of pressure off [investment hires] because it's a lot less adversarial [than at banks or wirehouses]."

–[email protected]