Debbie’s Post

📊 “The share of credit unions providing professional financial advice to members continued to grow, reaching 23.4% last year. That is almost double the prevalence of investment services in credit unions in 2011.” The growth in credit union investment management service offerings is a positive sign. However, there are still thousands of credit unions that can likely benefit from offering their members access to wealth management services. A properly designed fiduciary focused wealth management program can help credit unions further their mission. In addition, it can yield numerous benefits for the credit union and its membership such as : 📈 Improve Financial Outcomes for Members 🧭 Help members navigate financial complexities 👛 Gain Greater Member Wallet Share 💸 Diversify Revenue 📋 Discover cross selling opportunities Interested in offering a wealth management program to your membership or reviewing your current program? Please contact me at evan@partnerpf.com or visit Polaris Financial #creditunions #communitybanks #fintech #wealthmanagement #investments https://lnkd.in/gVdjgxe8

In recent years, we've witnessed a transformative shift within the financial sector, marked by a significant move of credit unions into the wealth management arena. This evolution is not just a trend but a clear signal of the changing landscape of financial services, where accessibility and personalized financial planning become paramount. Credit unions, traditionally known for their community-focused approach and competitive rates on loans and savings accounts, are now embracing wealth management services. This strategic expansion is driven by a desire to provide more comprehensive financial solutions to their members, ensuring that every aspect of their financial well-being is addressed under one roof. Why This Matters: Member-Centric Approach: Credit unions are leveraging their deep understanding of their members' needs and trust to offer tailored wealth management services. This move signifies a shift towards holistic financial wellness, where members have access to a wide array of financial planning tools and resources. Democratizing Wealth Management: By entering the wealth management space, credit unions are breaking down the barriers to financial advisory services, making them accessible to a broader segment of the population. This democratization of wealth management is crucial in an era where financial literacy and planning are key to achieving long-term financial security. Competitive Edge: For credit unions, adding wealth management to their portfolio of services not only enhances member satisfaction and retention but also positions them as full-service financial institutions capable of competing with larger banks and investment firms. As we navigate this evolving landscape, it's clear that the integration of wealth management services by credit unions is a strategic move that benefits members and the institutions alike. This development is a testament to the agility and member-focused ethos of credit unions, setting a new standard for personal and community financial health. Your Thoughts? I'm keen to hear your perspectives on this shift. How do you see credit unions shaping the future of wealth management? Let's discuss below. 👇 #Finance #CreditUnions #WealthManagement #FinancialServices #Innovation

In recent years, we've witnessed a transformative shift within the financial sector, marked by a significant move of credit unions into the wealth management arena. This evolution is not just a trend but a clear signal of the changing landscape of financial services, where accessibility and personalized financial planning become paramount. Credit unions, traditionally known for their community-focused approach and competitive rates on loans and savings accounts, are now embracing wealth management services. This strategic expansion is driven by a desire to provide more comprehensive financial solutions to their members, ensuring that every aspect of their financial well-being is addressed under one roof. Why This Matters: Member-Centric Approach: Credit unions are leveraging their deep understanding of their members' needs and trust to offer tailored wealth management services. This move signifies a shift towards holistic financial wellness, where members have access to a wide array of financial planning tools and resources. Democratizing Wealth Management: By entering the wealth management space, credit unions are breaking down the barriers to financial advisory services, making them accessible to a broader segment of the population. This democratization of wealth management is crucial in an era where financial literacy and planning are key to achieving long-term financial security. Competitive Edge: For credit unions, adding wealth management to their portfolio of services not only enhances member satisfaction and retention but also positions them as full-service financial institutions capable of competing with larger banks and investment firms. As we navigate this evolving landscape, it's clear that the integration of wealth management services by credit unions is a strategic move that benefits members and the institutions alike. This development is a testament to the agility and member-focused ethos of credit unions, setting a new standard for personal and community financial health. Your Thoughts? I'm keen to hear your perspectives on this shift. How do you see credit unions shaping the future of wealth management? Let's discuss below. 👇 #Finance #CreditUnions #WealthManagement #FinancialServices #Innovation

I wanted to share an article I just published on how credit unions can differentiate their offerings. In the crowded financial services market, credit unions must differentiate to stand out. This article explores how unique branding and key attributes help credit unions attract and retain members. I share a couple of real-life examples of brands that have successfully carved out their unique identities. Discover why personalized service, community focus, trust, financial education, and unique products are crucial for differentiation. Read the article here: https://zurl.co/P8Lx I welcome any feedback or comments. #creditunion #marketresearch #CustomerEngagement

Celebrating Credit Unions: Your Friendly Financial Heroes At Cedar Financial, we’re proud to partner with credit unions—the unsung heroes of the financial world! Here’s why we believe in their mission and continue supporting their growth: Not-for-Profit & Member-Focused: Credit unions prioritize people over profit, ensuring members benefit from better rates and lower fees. Community Champions: They invest in local communities, fostering personal relationships and meaningful financial guidance. Tech Meets Trust: With evolving digital tools, credit unions now offer modern banking solutions with a personal touch. Loan Lifesavers: From car loans to mortgages, credit unions are there to lend responsibly—helping members build their dreams. Committed to Good: Many are leading the charge with ESG initiatives, making positive changes for both people and the planet. As a proud partner, Cedar Financial celebrates the impactful work credit unions do every day. Together, we are committed to helping them thrive and continue their mission of “People Helping People.” Here’s to a strong finish in 2024 and even greater success in the year ahead. #CreditUnions #CedarFinancial #PeopleHelpingPeople #FinancialPartnerships

Available now to existing BankFirst PERKS checking accountholders, here’s one of the three new money-saving benefits we’ve added to our lineup of BankFirst PERKS: Financial Wellness: Financial Wellness allows you to create state-specific and legally binding Wills, Health Care Proxies, Powers of Attorney, Pet Powers of Attorney, Trusts, and more. Financial Wellness, powered by Gentreo, keeps you updated as local and national laws change, and you can update your documents any time, as often as you need. Store all your documents and other important information in your Family Vault. Decide who you want to have access to your documents and invite them into your Circle. Stay connected with the people who matter most so everyone knows what to do in an emergency. You’ve worked hard for the people and things in your life. Protect your legacy while protecting your loved ones from the stress and anxiety of going to court, hiring lawyers, and paying avoidable legal bills. If you do not have a BankFirst PERKS checking account and want to enjoy this and other benefits powered by BaZing, please call or stop by your local branch to upgrade your existing BankFirst checking account. * Financial Wellness requires additional activation to begin. Refer to the Guide to Benefits for more details. https://lnkd.in/eH5HqBJQ #BankFirst Member FDIC | Equal Housing Lender | Bank NMLS #454063

Available now to existing BankFirst PERKS checking accountholders, here’s one of the three new money-saving benefits we’ve added to our lineup of BankFirst PERKS: Financial Wellness: Financial Wellness allows you to create state-specific and legally binding Wills, Health Care Proxies, Powers of Attorney, Pet Powers of Attorney, Trusts, and more. Financial Wellness, powered by Gentreo, keeps you updated as local and national laws change, and you can update your documents any time, as often as you need. Store all your documents and other important information in your Family Vault. Decide who you want to have access to your documents and invite them into your Circle. Stay connected with the people who matter most so everyone knows what to do in an emergency. You’ve worked hard for the people and things in your life. Protect your legacy while protecting your loved ones from the stress and anxiety of going to court, hiring lawyers, and paying avoidable legal bills. If you do not have a BankFirst PERKS checking account and want to enjoy this and other benefits powered by BaZing, please call or stop by your local branch to upgrade your existing BankFirst checking account. * Financial Wellness requires additional activation to begin. Refer to the Guide to Benefits for more details. https://lnkd.in/eH5HqBJQ #BankFirst Member FDIC | Equal Housing Lender | Bank NMLS #454063

Does bigger always mean better? In terms of credit unions, there are benefits to both scales. Bigger can mean more resources and branches, which often results in more products and digital tools available for members. Whereas smaller credit unions harness their ability to connect to members and increase financial health. Read more to discover the lessons that lie within small credit unions. #PCSU/Coop #creditunions #creditunion

💥 Big news last week for credit card users... the Consumer Financial Protection Bureau finalized a rule that's putting a stop to excessive #creditcard late fees, which have historically risen each year, totaling over $14 billion annually. 💰 With this new rule, the Consumer Financial Protection Bureau slashed late fees from an average of $32 to just $8. 👀 Credit card issuers will now be required to show the math in order to be able to charge fees over the $8 threshold, providing for additional transparency. 🙌 For the average American consumer and family, this is a win, as they're projected to save more than $10 billion annually in late fees once this rule kicks in. That equals an average savings of $220 per year for the 45+ million people hit with late fees. In our industry, we are well aware that paying bills on time and in full is a great practice; but in reality, we know consumers are taking on more and more debt. Our nonprofit & HUD-approved #creditcounseling partners help consumers build and manage their budgets and debts so they can become financially empowered. If you or a client is in need of hope in tackling debt, please reach out to be connected with a nonprofit credit counselor today. A link to the CFPB release is in the comments. #credevolv #consumerprotection #creditcarddebt #financialfreedom #debtmanagement #cfpb