Do you have an "investment department" or a "financial planning department" at your credit union?
The first 20 years of helping members with non-deposit investment products in credit unions was primarily designed around distributing products (mostly mutual funds and annuities) to members. What members really were looking for in the past and need from us today is unbiased financial education and advice from people they can trust.
A recent Fidelity Investments study (2007 Bank Investment Consultant and Source Media, Inc.) of retirees found, "while 39% of those surveyed are very happy with their advisors that figure jumps to 61% when an advisor has done a retirement income plan. Of that 61%, nearly all said they would refer someone else to that advisor. Plus, over 75% of respondents would move all of their assets to that advisor and 66% said they would prefer to pay an annual fee to an advisor to monitor their retirement income plan."
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