High-Net-Worth Members Offer Credit Unions Value

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While credit unions are often associated with small businesses and local families, higher net worth individuals and growth companies actually have a long history with these financial institutions. In fact, many have their own brand of private banking or wealth management for individuals and larger companies. Because these types of institutions have a deeper understanding of personalized service and unique needs, the match actually makes complete sense.

Though some institutions may scoff at catering to this type of clientele, there are reasons to consider it. First, while private banking or wealth management may seem like an option for the ultra rich, it doesn’t have to be. For most, it is simply a method of managing money that is more complex than average. For example, a growing professional with multiple service needs, a senior interested in estate planning or a small business with overseas importing are just a few types of members who may consider high-net-worth banking and a credit union. The major difference is that the complexity of their issues makes it more likely that they will require a bespoke style service. On the business side of banking, today’s entrepreneurs are just as likely to serve customers down the street as they are to reach someone across the globe. These types of international transactions can also require a different approach than everyday banking.