Archive for Management & Operations

Exercising 101 (and I don’t mean how to do a push-up)

Originally posted on

Guest post written by Andrea Tolentino, Operations Consultant, Quantivate

Quantivate is the NAFCU Services Preferred Partner for Vendor and Contract Management

The auditor just left your building telling you your organization needs an exercise program for business continuity and without one you would be in trouble next time around. You are thinking to yourself, how in the world am I going to be able to accomplish completing a scenario-based exercise by the end of the year? Especially with all of the other tasks I have to do?! There is no way!

You are in luck because here are my top five tips to getting your organization on the right track for exercising. Follow these tips and you will be set for exercise success. Read more

Three Phenomenal Lessons from 60 Minutes and Amazon’s Jeff Bezos

Originally posted on

Guest post written by Sundeep Kapur, Digital Strategist, Allied Solutions. Sundeep will lead an integrated marketing workshop at NAFCU’s Strategic Growth Conference in Venice Beach, California in March 2014. Register here »

60 Minutes recently had a very engaging discussion with Jeff Bezos, the founder and CEO of Amazon started off as a place to purchase books and continues to innovate and evolve into a powerhouse that serves so many (and so well).

How Amazon serves up ecommerce to their consumers and facilitates the cloud for businesses is absolutely amazing. Jeff spoke about innovative new products, same day delivery for markets (including groceries), and even using drones to deliver items to your front door.

While the press really got excited about the drones, Jeff also spoke about three key fundamentals which in my opinion are destined to make Amazon even greater. These fundamentals are what credit unions need to keep in mind as we seek innovative ways to leverage big data, serve omnipresent consumers, and respond to the challenges of real-time fulfillment.

Fundamental Number One: Stay Connected to Your Consumer Read more

How Do Your Executive Benefits and Compensation Stack Up Against Your Peers?

Originally posted on

By David Frankil, President, Burns-Fazzi, Brock

Whenever I play golf (rarely) I’m told that I’m only competing against myself. Odds are it is my foursomes’ way of making me feel better about shooting my weight instead of some much more reasonable number.  No issue there, we’re all just trying to improve our respective game—but some perspective is helpful, even if only to set goals and understand best practices.

The same can be said about executive compensation and benefits—it is not a competition, but it is helpful to know how your peers compare. The key difference is that structure also counts when it comes to compensation and benefits.  For example, do credit unions in your peer group just provide 457 plans, or do they also have split-dollar plans?

The NAFCU-BFB Executive Compensation and Benefits Survey of Federal Credit Unions Read more

Holistic Wealth Management Services

Originally posted in The Federal Credit Union magazine.

By Barry Dayley, Executive Vice President, Money Concepts

Money Concepts is the NAFCU Services Preferred Partner for Turnkey Financial Planning & Wealth Management Solutions

Structural changes in the banking industry initiated by consumer demand and the convergence of financial services have forever changed the credit union landscape. In the past 2½ decades, the depository institutions’ share of total U.S. household financial assets fell 44 percent, to 12.4 percent, while the share of mutual funds increased 16 times, to 11.4 percent. This fact, coupled with the ever-increasing commoditization of traditional banking products and banking services offered by non-bank competitors, poses a real threat to a credit union that is not able to address wealth management needs. Today, nearly all large financial institutions in the world offer some semblance of what they refer to as wealth management as part of their Private Banking platform.

In fact, wealth management services are reportedly being provided by 83 percent of large banks, 63 percent of medium-sized banks and 49 percent of small banks. However, many of these organizations simply offer investment products or access to online financial planning calculators and count that as wealth management services. To compete in this space, a credit union must offer real and practical solutions. Read more

The Most Common Challenges Around Performance in Financial Institutions Today

Originally posted on

Guest post written by Julie ann Wessinger, National Director of Client Performance Strategies, Allied Solutions.

Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), and Mechanical Breakdown (MBP); iSolutions; and rateGenius.

1.      Lack of consistent, behavior-based COACHING to hold employees accountable (in a positive way).

This is mostly due to the philosophy of promoting from within and the number of acquisitions that have been taking place over the past few years. There are a myriad of philosophies and approaches—and sometimes lack thereof—across an organization. Implementing a formal coaching process is a great way to bring the entire management team together to build synergy and relationships while building the bench strength of the organization. To learn more check out the whitepaper, Why Coach?

2.      Challenge moving employees from a TRANSACTIONAL to PROACTIVE approach to meeting needs (or from order takers to order makers). Read more