An employer-based credit union in a very populated suburban market was struggling with their program. Their membership seemed like the right demographic for this service, they had an experienced advisor on board through a third-party marketing firm, but nothing was happening. Referrals were a struggle, and the credit union SEGs weren't involved at all. After some extensive fact-finding and consultation, a team from USAdvisors Network was able to devise a marketing and training plan that was practical, cost effective, and most importantly - effective.
The result was a near doubling of the program's revenue. The credit union now sees this initiative as an integral part of member services, and its reach has extended to several of its SEGs and beyond.
This community-based credit union had been pondering the investment and insurance business for years. There were several options presented over the years, mostly from traditional marketers to credit unions - but they all seemed so structured and “cookie-cutter.” None of them felt right for their institution. After all, they had a broad demographic, a multitude of SEGs, and no captive worksite member base to pull from. So what could they do?
After meeting with a team from USAdvisors Network, this credit union agreed to develop a start-up and business development plan that fit their model to a “T,” and it all started with taking the time to find out what model would be the most appropriate. What type of advisor? What type of marketing? What type of referral process? What level of training? All of this was well thought out ahead of the decision to begin an investment program - and because it involved CU staff from all levels, the program was well integrated from the start and has enjoyed many years of success.
Today they enjoy serving the investment needs of nearly 30 percent of their members.
Credit unions have had uneven success at this business for years. USAdvisors Network has worked with many credit unions as they try to determine if this is the right fit for their institution and their membership. One simple truth has emerged - that no one model or strategy has worked well at all credit unions. In fact, there is almost an infinite combination of factors that ultimately lead to investment program success, and just as many ways to organize this effort to succeed - or to fail.