Be a Preferred Retirement Adviser

CUs have a tremendous opportunity to offer their members guidance and support.

March 30, 2015


Credit unions can become preferred financial advisers for preretirees, according to a Filene Research Institute report.

The report, "Baby Boomers and Retirement Planning: Recent Trends and Future Implications for Credit Unions," synthesizes the results of Filene's survey of more than 700 preretirees to make the following recommendations:

  • Provide asset-management services for high-income households to increase your footprint in the boomer market and to increase the share of their assets in credit union-related products;

  • Offer financial advice to low-income households to help them start planning for retirement as early as possible;

  • Discuss the wide range of options available to boomers. Start with stable fixed investments such as bonds and then build a diverse portfolio based on the individual's risk profile;

  • Never overlook the importance of educating boomers on retirement savings, expectations, and behaviors;

  • Leverage boomers' personal relationships with existing members. This group trusts recommendations and referrals from friends and family regarding financial advisers.

As boomers continue their retirement journey, credit unions have a tremendous opportunity to offer guidance and support through advice, practical services, and a diverse menu of investments, according to the report.

CUNA offers retirement planning resources for credit unions. You can view them here.

(Via News Now)