WASHINGTON — A recent study conducted by Callahan's Internet Strategy Consortium revealed that 51% of online members have met with a financial planner/advisor, but only 6% used the credit union for this service.
While the likelihood increases with age, a significant proportion of members in their 20s and 30s have turned to a financial planner at some point. The survey showed that 63% of members report being likely to use the credit union for their financial planning needs in the future.
"This data reveals that not only are members receptive to financial planning information at an earlier age, but other financial institutions are successfully targeting these segments," said Jay Johnson, executive vice president at Callahan. "Member feedback shows that many are not confident about their financial futures, and want guidance from their credit union."
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One significant barrier is awareness of credit union financial planning services and education, Callahan reported. To meet the diverse needs of different segments, credit unions will need to take a "more integrated approach to provide more extensive education, interactive tools and account options to help members save." Many credit unions have a "patchwork" of resources that do not link back to specific credit union services, or instead instruct members to call their financial planning staff, according to Callahan.
"While opportunities exist for credit unions to leverage their trusted advisor positioning, the data also showed the impact of losing the financial planning relationship to other providers. These members were far less willing to use credit union resources for financial planning due to their established relationships," Johnson said.
More than 11,000 credit union members responded to the online survey, which was placed on the Web sites of ten credit unions during July 2006, Callahan said.
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