Justin Steitz, Chief Operating Officer, spoke with Private Wealth Magazine’s Russ Alan Prince for a Q&A about credit unions and offering wealth management and financial planning services. He says the key is leveraging technology solutions to be able to offer members a holistic financial view through their digital banking platform.

Prince: What is the value of providing credit unions with wealth management services.

Steitz: Consumers today want to seamlessly access their investment portfolios as well as cutting-edge financial planning tools from within their banking apps. We have found in working with credit unions that their members are considered close to 90% highly engaged with their respective credit union if they utilize their wealth management offering, versus only 41% being highly engaged if they are not participating in the credit union’s wealth management offering.

Also, our research shows a member with a wealth management account within their credit union carries five times greater balances compared to a member without a wealth management account. These numbers show how important it is for members to build deeper relationships with their credit unions to meet more of their needs, which is what we often refer to as “stickiness.”

Read the full Q&A here: https://bit.ly/3JDdgYC