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Expect More High Pressure From Credit Unions Trying To Sell Products

Tuesday, December 31, 2013 - 8:01 AM
"Credit unions should be offering more insurance and investment services and need to do a better job making members aware of these offerings. Speaking during a recent CUNA Mutual Group's Online Discovery Conference, Hendrix Niemann, managing director, practice and wealth management at CUNA Brokerage Services, stressed that credit unions must find ways to increase their non-interest income streams. Niemann cited research from Raddon Financial Group that found that if credit unions could convert 50% of their CD accounts to investments, it would result in a $350,000 profit, improved loan-to-deposit ratios, and a 7-basis point-increase in ROA."

Credit Unions Need to Do Better Job Offering Investment and Insurance Advice
5
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,215
1. Tuesday, December 31, 2013 - 7:18 PM
Sounds like the same thing that was told to bank employees 20-30 years ago. The banks went from customer service to a sales tactic with all of its employees. Bank employees were sent to classes to learn how to deflect any customers negative reply when the customer was presented with another option for their money. If the customers were interested, then immediately refer them to the proper department or set up an appointment during the conversation. PEOPLE BEWARE. You will be sent to employees who make high commissions on the products they will sell you. The lowly customer service person also gets paid for every person they refer.  It is not always in your best interest. 
2
Ally6770Ally6770914 posts since
Jan 16, 2010
Rep Points: 2,658
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