Boeing Employees' Credit Union's CUSO Launches New Trust Company

SEATTLE – Boeing Financial Services, a wholly-owned subsidiary of Boeing Employees’ Credit Union, has launched BECU Trust Company, becoming the first credit union in the state to offer investment management services through its credit union service organization. BECU Trust will offer investment management, living trusts, estate and financial planning, personal representative and executor services, retirement plan rollovers and provide fiduciary and investment services with an emphasis on the development of strong personal relationships with its members, said Helen Hitchcock, president/CEO of Boeing Financial Services. “This is a natural extension of our financial planning services,” Hitchcock said. “The decision to further enhance our service base means a significant opportunity for our members and our community.” Extensive research exploring the need for the trust company began more than a year ago and included a survey that was sent out to the top five percent depositors at the credit union – nearly 14,000 – to assess their needs for estate planning services, said Bonnie Pladson, president of BECU Trust Company. “We received very positive results, most were very familiar with trust services,” Pladson said. Indeed, 58% of those surveyed had some knowledge of estate planning while 41% had a general idea of what the various services are used for, Pladson said. As the largest credit union in the state with more than 300,000 members worldwide and $3.7 billion in assets, Pladson said the impetus behind launching the trust company was driven mainly by the need to make BECU a full-service organization. Five trust officers with more than 90 years of collective industry experience will serve members and non-members with a minimum of $350,000 in investable assets, Pladson said, with initial targeting towards potential clients in Seattle and throughout the Pacific Northwest. While the official launch occurred on April 1, services were made available in early March, Pladson said. Since then, several accounts have been established, but because of the long-term relationship-building aspect consistent with estate planning, Pladson said there is no rush to meet certain account projections. “It’s not uncommon for the development of a relationship to take from six to 18 months, she pointed out, adding products will not be sold. BECU President/CEO Gary Oakland said the new trust company is in complete alignment with the credit union’s philosophy. “BECU’s mission has always been to provide the tools necessary to help members meet their financial goals,” Oakland said. “The BECU Trust company is a great financial resource for our entire membership.” The new trust company has been marketed through the credit union’s Web site, its two full-service financial centers and 11 express centers. -