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Inaugural Program Leadership institute a success
CBSI Trains Executives to Grow CU Investment Services Programs
MADISON, WI (June 26, 2014) — CUNA Brokerage Services, Inc. recently launched its Program Leadership Institute to train credit union executives how to manage and grow a strong, robust and fully integrated investment and insurance program at their credit unions. Twenty-two senior credit union executives attended the inaugural meeting in Las Vegas.
“Investment and insurance products represent the largest potential untapped source of member-friendly, non-interest income for credit unions,” said Hendrix Niemann, managing director of wealth management at CBSI.
Credit unions only attract around 3 percent of their members’ investment dollars, while almost half (46 percent) of members have investment accounts elsewhere (Filene Research Institute, 2012), he added.
“We understand that many of the credit union executives tasked with supervising the investment program may have little knowledge or experience in the investment world, and many also have ‘day jobs’ elsewhere in the credit union,” said Niemann. “Therefore, the curriculum for our Program Leadership Institute is constructed to include content and material applicable to every program manager and champion, regardless of knowledge or experience.”
“The meeting reinforced the importance of advisor programs, discussed challenges facing the industry and opportunities they present, especially with helping retirees,” said Tom Brock, executive vice president at Altra Federal Credit Union in Onalaska, Wis. “The chance to meet and hear ideas from other credit union program champions and managers was very valuable.”
The Program Leadership Institute’s curriculum tracks include:
· General Program Management
· Managing, Motivating and Working with Financial Advisors
· Marketing Your Program
· Operations & Technology
· General Industry Knowledge
Delivery of the curriculum happens in traditional face-to-face meetings, via live facilitated webinars, and through interactive self-paced online courses.
“Program Leadership Institute represents an unprecedented commitment to the training needs of executives running financial advisory and investment management programs inside credit unions at a time when most other broker-dealers provide little-to-no training for this group,” said Niemann. “Most other broker-dealers have cut back on or eliminated this kind of investment; we have done precisely the opposite. The key to successful investment programs inside credit unions is well-trained, effective, knowledgeable, passionate program managers and champions. That is what Program Leadership Institute is all about.”
“I was honored to have been invited to attend the inaugural Program Leadership Institute,” said Rose Gilliam, president and CEO of Argent Federal Credit Union in Chesterfield, Va. “Every speaker was dynamic and provided thought-provoking content and ideas that could be put into practice immediately. I am excited to share these ideas with our advisors and partner with them to elevate the success of our program.”
About CUNA Brokerage Services, Inc.:
CUNA Brokerage Services, Inc. (CBSI) provides broker-dealer services to credit unions throughout the nation, offering a full range of investment and insurance products to help credit unions help their members reach a more secure financial position.
CBSI, an affiliate of CUNA Mutual Group, is the leading broker-dealer serving the credit union marketplace. CBSI has more than 250 credit union programs, 400 active advisors, with more than $3 billion in mutual fund, annuity and managed account sales, and more than $140 million in annual revenue. In 2013, CBSI paid credit unions more than $65 million in fee revenue.
About CUNA Mutual Group:
CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStage™ – branded consumer insurance products; and investment and retirement services to help our customers succeed. More information is available on the company’s website at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.