6 Ways to Get Members on Board With Investing

By Robert Comfort05.23.2018

Investment services can make a critical difference to members’ financial well-being and a credit union’s bottom line.

However, many members may not see the credit union as a resource that can help them with their future plans and investments.

Here are four tips to change their minds:

1. Stress “financial security” instead of “wealth management.” Most members don’t consider themselves wealthy, so position investing as a way to build financial security instead. That’s a goal members at every socioeconomic level understand and endorse.

2. Help members understand it’s never too early—or too late—to start investing. The power of compounding is a millennial’s best friend. Simple math can demonstrate how important it is to start investing at a young age.

Conversely, many older members need investment help, too. According to a GObankrates.com survey, 28% of people over age 55 have no retirement savings and 26% have less than $50,000 saved. It’s your job to convey there’s still time to take control—and your credit union is here to help.

3. Show members the advantages of working with a personRoboadvisors and other online tools can provide valuable education. They also appeal to cost-conscious, Web-savvy members of all ages.

Therefore, position your program’s advisors as offering assistance a roboadvisor can’t: A holistic perspective on the members’ financial situation.

4. Connect with members—online and in person. Members rely on a variety of channels to manage their finances and will expect access to this same range of tools for investing. Use these channels to educate members and convey the full breadth of resources your credit union offers.

(via news.cuna.org)