Sep 252013
Financial Advisory: A Missed Opportunity By Credit Unions

Financial Advisory Is A Large Opportunity For Engagement and Revenue Creation, Yet It Continues To Be Ignored by Most Credit Unions, Credit Union Advisors Top Rivals in Productivity, Bank Investment Consultant Financial Advisory is one of the primary drivers for Credit Unions (and Banks) to really engage their members (customers) in a way that drives Loyalty, Revenues and Profitability.  Yet, this continues to be a missed opportunity for Credit Unions (and Banks). Bank Investment Consultant recently published the results of a survey with hundreds of Credit Unions conducted by Kehrer Saltzman & Associates.  The findings – presented in the above infographic – reinforce the view that Credit Unions can be much more effective and engaging with their membership. Financial Advisory Revenue Generation The survey found that Financial Advisors generate significant revenues for Credit Unions, averaging $262,000 per 3rd party B/D Advisor, though in-house B/D Bank Advisors generate more than $400,000 in Revenue.  Either way, it is clear that Financial Advisory services generate significant revenue. Share Deposits Per Financial Advisor Credit Unions deploy one (1) Financial Advisor per nearly $450 million in share drafts, as compared to just a bit over $300 million in deposits for Banks.  Clearly, this suggests that, Credit Unions [Read More...]

Sep 232013
Customer Engagement - What? Why? How?

Ron Shevlin recently wrote an interesting article on his blog entitled What Engagement Banking Needs Is REAL Engagement.  Ron’s blog post is a reaction and comment to Jeanine Skowronski’s article in American Banker titled What Engagement Banking Needs Is Less Engagement.  Both articles are well written and, more importantly, offer keen insights on the challenges facing bankers as it relates to customer engagement.  The emerging questions include: What is customer engagement? Why Should Banks and Credit Unions care? How are Banks and Credit Unions performing? How to do customer engagement effectively? What Is Customer Engagement? Real Customer Engagement is only relevant and valued when a) customers want it, AND b) the interaction solves customers’ problem(s). Preferably, the solution offered through the Engagement is proactive with a positive customer experience. To Ron’s point, cashing a check or taking a deposit is not engagement. Nor is a ‘Like’ on your Facebook account because your customer liked the silly cat photo, or a heartwarming story about one the Bank’s or Credit Union’s staff. Engagement can, however, include helping customers with a home purchase, assisting during the selection of insurance product, supporting wealth management activities including investments, trust creation / management, among many other activities. Why Banks and [Read More...]

Sep 162013
Lessons Learned Over 12 Years in the Trenches of Early Financial Literacy – Kill the Messenger

Sam X Renick has spent over twelve years in the field of early financial literacy, reading out loud, singing off key, dancing off beat, teaching great money habits to more than a quarter of million children in nearly 40 states and 8 countries. During that time Sam has ”discovered things” and learned a variety of lessons. For example, authenticity matters more than rhythm. Fist bumps make more sense than handshakes. And children’s minds are like sponges, they have an astonishing ability to absorb information. In his series, Sam will share some of the most important discoveries and lessons he’s learned in the field and practice of early financial education. He hopes these discoveries and lessons help others avoid errors and be more effective. And mostly, he hopes, the discoveries and lessons help kids and families.  Sam’s writing for Sammy’s Song Club can be accessed via his blog.   (Guest Post) Lessons Learned Over 12 Years in the Trenches of Early Financial Literacy – Part 2: Kill the Messenger “…the messenger matters…” Simran Sethi, Professor, Journalist When is the last time you described your CFP, CPA, economics or personal finance professor as a “sick, trendy, individual blowing up my wallet?” For those interested in effective financial education, it is crucial to ask ourselves, will the audience relate to and connect with the person or medium communicating the message? [Read More...]

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