Tag Archive for Money Concepts

Preferred Partners to Shine at the 47th Annual Conference in Las Vegas

Join the more than 1,200 credit union leaders, experts, and solution providers gathering next week at NAFCU’s 47th Annual Conference and Solutions Expo to discuss the most pressing issues impacting the industry. A wealth of education, innovation, and networking opportunities will energize you and your team and positively impact your operations and bottom line.

Be sure to schedule an hour on Wednesday afternoon to hear John Ulzheimer’s thoughts on Credit Scoring: Separating Myth from Reality. John, a nationally recognized credit expert, always gives fascinating insights on the credit union universe. This session, presented by VantageScore Solutions, is scheduled at 1:00 pm and repeats at 2:15 pm.

Many of our Preferred Partners will also be in Las Vegas to meet you and to share their innovations and solutions at 16 educational sessions outlined below. Note that many sessions will be repeated this year so you don’t have to choose. Download a schedule at a glance with times and room locations.

It’s not too late to join your colleagues in Vegas. Register for the convention here.

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

Unlocking the 5 Keys to a Successful Financial Planning Program

To many people, the term financial planning evokes a feeling of exhaustion and confusion. I know I’m definitely in that category! Knowing this, it is essential that your credit union offers a financial planning program. By providing a helping hand, you will help your members feel less overwhelmed and establish lasting relationships in the process. Whether you have a financial program in place that you are looking to improve or you are looking to embark upon the adventure of starting one, a recent webcast we recorded with Michael Thompson and Barry Dayley from Money Concepts offers some great ideas on the ‘5 Keys to a Successful Financial Planning Program’ for credit unions.

1) The Right People

This reminds me of casting parts for a play. The whole production depends on the right people being cast in the right roles. The entire financial planning team has to share the same values, and program leadership must be able to communicate intent, like a good director leads a play (again with that analogy!). It is also essential to be sure that you hire representatives that keep members in mind and that understand that wealth management is not just a product; it’s about your members’ future. Read more

Top Six (Free) Webcasts in the NAFCU Services Library

Our partners are on the front lines with credit unions every day, and while you may only have experience with your credit union, the odds are that our Preferred Partners have worked with hundreds or even thousands. They can bring perspective and common problem-solving to bear on practically any topic.

At NAFCU Services, we try to help the knowledge transfer process by capturing the expertise of our Preferred Partners in digital format—in webcasts, webinars, podcasts and white papers that are archived in our NAFCU Services Partner Library. We are up to 180 and counting, and best of all they are free to ALL credit unions!

Check out our top six most popular webcasts over the last couple of years: Read more

7 strategies to help members that are five years from retirement (or so they thought…)

Let me start this post by saying that although I am way way too many years away from my own retirement, I still feel very much connected to those who are soon to be retirees. I too dream of my retirement – of those carefree days of leisurely lunches with the ladies, spontaneous travel and actually participating in the painting hobby I claim to have (but, then I remember I’m about 40 years away from that – or more! – and snap back into reality). But I do wonder what it would  feel like to be just 5 years from retirement bliss and then suddenly have to doubt that I can afford it? I can definitely feel for those worried pre-retirees and you should too, because they are members at your credit union.

Did you know nearly 2 in 3 (64%) of Americans believe that realistically they won’t ever be able to stop working and retire? (As reported in a StrategyOne Survey). That’s depressing. :-( And 10,000 baby boomers in the U.S. are turning 60 each day, on average! Wow – if that’s not an obvious sign that your credit union help is needed, I don’t know what is.

The market downturn has indeed affected us all. And when you’re five years from retirement and your stocks plummet, your 401(k) takes the biggest dip you’ve ever seen and you have lost the excitement you used to get when crossing off those days from your retirement countdown calendar—where do you turn to keep your retirement dreams alive? Is there a way to hang on to your plan of lounging on every beach around the world before you kick the bucket? Read more