It may be hard to forecast how much revenue can be generated from a credit union's investment program but that first meeting the member has with an adviser may lay some groundwork.

Credit unions continue to work on increasing member penetration for investment services. The composition of the investment book, experience of financial advisers, referral program success, management support, marketing initiatives and member retention are just a few of the factors that will determine the ability to increase membership penetration and increase revenue from the existing book of business, said Mark Hoaglin, president/CEO of Above the Crowd Business Development Group, a San Diego-based credit union consultation firm.

Members want and need to meet with advisers on a regular basis, Hoaglin offered. They typically have mutual funds and annuities in their portfolios which are "buy and hold investments and should not be churned unnecessarily." To manage interactions, he said credit unions might ask does an advisor have too many clients or he losing as many clients as he is bringing in the door.

"With the increased effort to promote the program, comes a commitment to improve the skills of your advisor team. The last thing you want to achieve is an increase in referral activity only to have your members walk away in disappointment from their experience at the investment desk."