There was a time when Credit Union of Texas members who wanted to shift some of their retirement assets around had to suffer through the painfully laggard and low-tech service offered by the credit union's broker-dealer.
Reps had to "chisel time in stone," according to Bryan Durrett, vice president of the $1 billion, Dallas-based cooperative. It would take weeks for approvals, concurred Karen Coffey, vice president of marketing. The CU of Texas's investment program had been in place for about 15 years with $30 million in assets under management. With renewed energy to jump-start the division, the credit union decided it was time to move to a faster, more high-tech solution, especially given the impact the economy has had on retirement funds.
"[In the industry], we've seen a lot of members move their retirement money not because they wanted to but because of attrition," Durrett said. "These are people who've left their employers," he noted, adding that CU of Texas has not seen any significant movement of funds among its members.
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