The number of affluent who turn to their credit union or bankfor their investment and insurance needs is low, according to aPrudential Financial study.

Members and customers who purchase investment and insurance products where they bank have onaverage $348,000 of investable assets, which is 84% more thanfinancial assets held by other bank customers and members. However,only two out of every 10 of the affluent have purchased theseproducts from their bank or credit union, Prudential Financialsaid.

“The Value of an Investment and Insurance Customer to a Bank,” astudy by Kenneth and Christine Kehrer and Peter Bielan, culledresponses from 4,374 households and 1,500 affluent households.

Consumers who have purchased an investment or insurance product from their primary credit union or bank havechecking account balances that are 16% higher than householdswithout a brokerage or insurance relationship, according to thestudy.

Investment and insurance customers are 34% more likely thanother households to stay with their current financial institutioneven if they receive better offers, the study revealed. Bycontrast, selling the typical customer additional banking productsdid not yield meaningful increases in customer loyalty.

Brokerage customers have savings account balances that are onaverage 85% higher than non-brokerage customers.

The data also showed that brokerage and insurance customers havemore than twice as many credit products and 11% more remote bankingproducts than customers who have not purchased an investment orinsurance product from their primary credit union or bank.

“The research confirms that the number of products is muchless important than the type of product in predicting how sticky acustomer is likely to be,” said John Gies, vice president andnational sales manager, Prudential Annuities. “Nevertheless, banksand credit unions have a significant opportunity to redeployresources and cross sell strategies.”