Tailoring Wealth Programs with Member Insights

The foundation of any successful wealth management program is a thorough understanding of the financial situation and needs of the members it is designed to serve. This means going beyond basic demographic data to grasp the nuanced financial goals, challenges, and behaviors of their members. The journey toward successful wealth management offerings begins with gathering a wide range of member data and insights. 

​Gathering Insights: A Multifaceted Approach
Credit unions can leverage many tools and strategies to gather insights, including:

Teller Insights: This is the front line. Tellers regularly engage in conversations with members, providing them with a firsthand look at members' immediate financial concerns, questions, and the types of transactions they prioritize. This direct feedback is invaluable for identifying trends and areas where members may require additional support or services.

​Select Employer Group Findings : SEGs typically have unique retirement plans and benefits packages that play a significant role in a member’s financial life. By gaining a deep understanding of these specifics, credit unions can offer highly personalized wealth management services that align with the unique needs and opportunities of their respective SEGs.

Transactional Data Analysis: Reviewing transactional and financial data can help credit unions identify patterns and trends that speak to broader financial behaviors and needs.

Surveys and Questionnaires: These can uncover specific financial goals, preferences, and concerns of members. Open-ended questions can provide valuable context and insights into the why behind member behaviors.

---

Translating Insights into Action
The true value of these insights comes from translating them into actionable strategies of course. 

Identifying Common Themes: Look for patterns in the data that indicate common needs, preferences, or challenges among your membership base.

Segmentation: Use the insights to segment your members into groups with similar financial behaviors and goals. This allows for the development of targeted strategies that cater to each segment's unique needs.

Personalized Product Development: Armed with a deep understanding of what members need and want, credit unions can tailor their wealth management products and services to better align with those needs.

For credit unions, the journey toward exceptional wealth management services begins with understanding their members. Luckily you are not alone! Your wealth management partner should be well versed in this area and knowledgeable about the tools & strategies that work best. By investing time and resources into gathering and analyzing member insights, credit unions can ensure their wealth management programs are specifically designed for their members. This deep dive into member needs is more than a step in the process—it's a commitment to the very principles that define the credit union movement: community, connection, and personalized service.