In the past, credit unions made efforts to grow their Select Employee Group (SEG) business through a basic offering of share accounts coupled with attractive loan rates. Today, that offering is simply not enough. Employers are now searching for providers that can deliver a full suite of services ranging from the traditional banking & loan products all the way through to retirement planning and workplace financial advice. For credit unions looking to distinguish themselves in the crowded business banking marketplace, incorporating a financial planning program into their SEG offering presents an attractive growth opportunity.
Focus on Financial Wellness
The financial wellness of employees has taken a front seat in the strategic planning of many employers. Financial stress among employees is a growing concern for many organizations. It can lead to decreased productivity, higher absenteeism, and lower job satisfaction. By offering workplace financial planning services, credit unions can help alleviate these issues, demonstrating their commitment to the well-being of SEG members. There are four key areas where credit unions can utilize advisory and wealth management services to significantly enhance their SEG value proposition.
The integration of a financial planning program into a credit union’s SEG offering is a strategic move towards solidifying and expanding its relationships with SEGs. It reflects an understanding of the comprehensive financial needs of SEG members and positions the credit union as a pivotal partner in their financial journey. For credit unions aiming to enhance their SEG business, this integration is not just an advantageous addition; it’s a key strategy for sustainable growth and member satisfaction.
Get In Touch
Interested in offering a wealth management program to your membership or reviewing your current program? Please contact Michael McDermott, Head of Program Management at 708-487-1458 or email@example.com