Let me take you back to the late 1990’s in California. A bank, Cal Fed Bank, had a best-in-class wealth management program. It had its own broker dealer, Cal Fed Investments, and the best integrated life insurance sales program in the industry. I was fortunate to have been a part of this successful program. When Cal Fed was acquired by Citibank in 2002, the Cal Fed Investments life insurance program contributed roughly 20% of the broker dealer revenue.
During my career, I have experienced a variety of levels of commitment from credit union executives when it comes to the support they provide to their wealth management programs. It has always puzzled me that more credit unions don’t view this important service as a “core” offering. I have worked on both sides of the balance sheet during my career and have witnessed the many benefits that are derived from having a fully integrated program from a variety of perspectives.
Here, I share my top five reasons why you should go 'all in' and give your full support to your retail wealth management program.
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