Top priorities for credit union wealth management leaders

CU Management Editor’s Note: This is the first of a three-part series to help prioritize the burning issues that face credit union leaders, offering actionable tips to help grow wealth management departments. 

Among the top concerns keeping credit union leaders up at night are emerging technologies, increasing non-interest income and CEO succession planning. While we help credit union CEOs solve these problems, in our day-to-day discussions within CU wealth management departments, the conversations often turn to their biggest threat: recruiting and retaining quality financial advisors.

Having placed dozens of financial advisors at credit unions over the years, which has included candidate screening and assisting in the offer and negotiation processes, you might say Priority Financial Group has served as a “matchmaker” between quality advisors and credit unions who care about the member and employee experience. Credit unions should be proud of their wealth management team, as doing it right can lead to better relationships with younger members, more deposits and higher non-interest income.

Today’s digital-first credit union member has come to expect convenient mobile experiences and up-front transparency of fees with a high degree of personalization. The modern wealth management client is no different—with an added layer of expectations to include robo-advice and/or choices in human-led virtual interactions.

 

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