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Can Credit Unions Provide Financial Advice As Well As Banks Do?

Tuesday, March 4, 2014 - 9:12 AM
"Credit unions are trying to expand their businesses, particularly into providing financial advice to the middle class. That’s a demographic band that holds nearly no interest for the giants of the financial industry. To the giants, you can have $250,000 in assets and still be considered small fry, even though that’s more than most American households have socked away in their retirement nest eggs by the time they’re approaching 60-years-old."
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
Rep Points: 14,635
1. Tuesday, March 4, 2014 - 9:33 AM
I have never thought of my credit unions or my banks as a place to get financial advice.  In fact, I resent it when they try to persuade me that their certain financial products are best for me.  I prefer credit unions because at this point the ones I use are not into offering more financial products or advice.  I don't go to the supermarket expecting the manager to tell me what I should buy and I feel the same way about my financial institutions.  I do my own research for financial products and that is the way I prefer it.
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
2. Tuesday, March 4, 2014 - 10:03 AM
I agree with paoli2.All banks and credit unions are going to be biased on what they can offer.  A chevy dealer is not going to recommend a ford even if the ford was a better car for me.
FARFAR108 posts since
Feb 26, 2013
Rep Points: 387
3. Tuesday, March 4, 2014 - 5:29 PM
If one reads about Future Advisor, which credit unions are starting to hook-up with, it's quite an interesting concept for the customer who wishes to diversify their funds.

About Us | FutureAdvisor
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
Rep Points: 14,635
4. Tuesday, March 4, 2014 - 7:59 PM
I'll go with Paoli & FAR on this one; doing it as well as banks is faint
praise.  Believe this past advice from Ken on CD Alternatives from banks
applies to Credit Unions as well:

   If you are looking for alternatives to CDs, it's a good idea to do your
   own research. Here are two good sources of basic investment information:

         Clark Howard's Investment Guide
         Bogleheads® investing start-up kit
cumuluscumulus365 posts since
Jan 16, 2010
Rep Points: 1,714