12 financial tips loan officers must share with members

Loan officers should strive to be more than form pushers and evolve to be viewed as members’ financial advisors. When you have a loan origination system that provides a holistic view of your members’ financial data, you are more apt to position yourself as an advisor, increasing the opportunities to provide additional member services. Here are 12 tips to give members that will help put them into a better financial position:

  1. Set Realistic Budgets. Budgeting is a great way to establish benchmarks for spending and saving. But, they aren’t going to be useful if they’re set in a vacuum. Don’t forget to include emergency savings accounts, savings plans – both short and long term – for vacations, college funds, home purchases, and retirement.
  2. Track Your Budget. Budgets help members live within their means, but they can be difficult and time consuming to track. Maintaining a record of cash flow in a home is complex and detail oriented. This is where most of your best-laid plans go off the rails. Help members by introducing them to websites, software, and mobile apps that are designed to help with budgeting, such as mint.com or other Personal Financial Management (PFM) tools.


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