Simplifying and accelerating your wealth advisory business

This is the second in a three-part series to help prioritize the burning issues that face credit union leaders, offering actionable tips to help grow wealth management departments. 

Financial literacy has never been more important. Your members, as well as all the people you’re trying to reach through your marketing efforts, need education and assistance with growing and protecting their assets, either for themselves or someone in their family.

Consider these facts: 60% of the public has an investment account somewhere, according to Scott Stathis of Stathis Partners, which serves the bank and credit union investment and insurance services space. According to Schroders 2023 US Retirement Survey, working Americans ages 45 and older on average believe it will take $1.1 million to retire comfortably. But just 21% say they’ll reach $1 million.

Moreover, we’re in what the New York Times recently described as, “the greatest wealth transfer in history.” To dive a little deeper, the Times reported, “Most will leave behind thousands of dollars, a home, or not much at all. Others are leaving their heirs hundreds of thousands, or millions, or billions of dollars in various assets.

“Of the $84 trillion projected to be passed down from older Americans to millennial and Gen X heirs through 2045, $16 trillion will be transferred within the next decade.”

 

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