Best practice credit unions will incorporate these seven areas of focus into their "Baby Boomer Concierge Strategy":

Price checking, savings and certificates designed in a way that rewards members for their depth of relationship – the more deposits, the greater the rate.
Include traditional offers as well as reverse mortgages as part of loan products, and ensure member service representatives know when it's appropriate to discuss tapping into home equity and when it's not.
Investment services and licensed advisors who are able to deliver an array of fixed income capabilities, from annuities to bonds, and help members craft financial plans.
Establish partnerships or CUSOs to offer supplemental medical, long-term care and other insurance.
In the spirit of the retirement advisor, position the credit union to provide member education on how and when to apply for Social Security, how to apply for Medicare and what to think about in terms of supplemental insurance. MSRs should be comfortable explaining the nuances and tax implications of transferring wealth to heirs.
Develop "retirement bankers." Invest in the skills and technology required to train top performing MSRs in branches and the contact center to be effective concierges of all things retirement. These reps should be educated enough to either provide direct guidance or bring in specialists as needed.
Build out the technology tools to support the strategy. A few examples include:
- Retirement sections within digital delivery channels;
- Robust FAQs available online and in-branch;
- Financial planning tools available to bankers and advisors;
- Tablets or other devices to enable discussions and account opening at the member's kitchen table.

Credit unions that can demonstrate the ability to be the trusted concierge in helping boomers make smart decisions as they live in or approach retirement will establish true credibility, deepen relationships and increase value to members. And don't forget the bear hug – that warm embrace that tells boomers they are important members.

Instant Insights /

A Boomer Concierge Strategy is Key to Growth

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