'Booming' Retirement Could Offer CUs Opportunity To Become Trusted Advisers

NASHVILLE, Tenn. - As baby boomers inexorably head toward retirement, financial-planning services will be a priority need among credit union members-and a wealth of opportunity for credit unions.

"Credit unions have a great opportunity to serve their aging membership into retirement," said Bob Buckingham, VP asset accumulation products for CUNA Mutual Group. Buckingham said the typical credit union member is often missed by financial planners, creating a niche for credit unions to provide this service.

MEMBERS Development Company LLC, which is jointly owned by CUs and CMG, is investigating the potential for a national network to promote CUs as a respected option for middle Americans seeking planning support. "This would be a program to provide lifestyle planning to everyone regardless of income and help raise awareness of wealth management," said Paul Specht, director of MDC Operations, who added that the program is in the design stage with a proof-of-concept program slated to begin yet this summer.