The largest generational transfer of wealth is about to happen in the United States, and credit unions are failing to help their members navigate the journey. Yes, I know your credit union claims to make wealth management services available to members. However, sitting around waiting for members to come forward for services they may not know they need is not a service mission strategy. Only measuring the margin on investment sales is certainly inadequate.

Let’s apply the model of financial education, where credit unions have long and proudly held a moral advantage and action-oriented commitment. We aggressively seek out youth, the financially troubled and recovering, and households with low credit scores to educate and guide them to financial equilibrium. These efforts are quite honorable and should be extended to middle-class baby boomers who are managing their day-to-day finances well but may need help with longer-term planning.

Boomers may benefit significantly from two assertive moves by their credit union: (1) helping members develop a comprehensive wealth management strategy by understanding the laws and instruments that maximize full transfer of wealth, and (2) upgrading their understanding and navigation of “fintech” solutions for money management.

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