"There aren't that many billion-dollar credit unions in New England," Madigan said. "This arrangement allows all of these credit unions to offer trust services without a large financial upfront commitment."

At Tremont, most of the queries involve estate planning. Older members are concerned with planning for their possible incapacity while others seek guidance on money management. Then there are those members who have concerns with where and who they will

leave their wealth. During his appointments, Madigan will often discuss the need for a durable power of attorney or naming a trustee.

"In some cases, the children might be spendthrifts, have [substance] abuse problems or have children with special needs," Madigan said. "Up until now, they haven't had to cope with this. That's when I get a call."

Tremont was founded to serve teachers but has since evolved to several communities and more than 150 select employee groups. Still, many of its members are involved in education. Teachers with pension plans have sought retirement planning as have other members who have accumulated $250,000 or more in their 401(k) plans.

Between the four credit unions, Madigan said he sees up to a dozen members each month. The bulk of his visits come through staff referrals. Training sessions have helped credit union employees to pinpoint those members who may have estate planning needs. For instance, Madigan recently conducted a session for 15 of Fitchburg FCU's employees. The goal was to help them identify prospects and offer education about what is available. A series of informational seminars for both members and employees will kick off in the fall.

Another avenue for referrals comes from local attorneys and accountants, Madigan said. He currently works with a dozen of them. To make the approved list, Madigan meets with up to five of them in the communities served by the credit unions. They submit applications and undergo a stringent check.

Madigan, a lawyer by trade for nearly 20 years in Massachusetts and a trust and investment professional for nine years, has seen the impact that consolidation has had on trust departments at large banks.

"With all the mergers and consolidations, and there have been many in New England, some banks don't want to provide service to the small customer anymore," Madigan noticed. "They tell them to call the 1-800 number if they don't have $2 million or more."

The difference at credit unions is being able to provide service to those with considerably less assets, from $100,000 and up, Madigan said. He's also noticed how fiercely loyal members are.

"I just don't see people being loyal to banks anymore," he said.

Some of the industry, including Madigan, are convinced that now is the time for credit unions to offer trust services.

"Because of the member demographics, there is a place for credit unions," he said. "This type of business takes time to build. Five years from now, you can say 'we're glad we go into the business when we did."

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