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
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
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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