Helping Members Find Their Financial Roadmap Despite Economic Turbulence

By Robert Comfort, president of CUNA Mutual Group’s CUNA Brokerage Services Inc, as published in the Credit Union Times

The current turbulent economic climate has left many credit union members feeling lost. Some members are riding out the economic ups and downs of the pandemic while others are grappling with it by delaying financial planning or robbing their retirement savings to make ends meet.

In this environment of uncertainty and financial stress, it can be tempting for credit union members and even those of us in financial advising to say, “Let’s wait until things calm down, and then we’ll get together when we know more.”

In fact, according to Kehrer Bielan Research & Consulting, traditional referrals to financial advisors were already down by 50% in the last two years, and now there continue to be challenges during the pandemic. That means that credit unions can’t wait – they need to find effective and new ways to engage members now.

If your credit union has these concerns, it’s not alone. However, we must fight these temptations and not let concerns stop us from doing everything we can to help our members. There’s no more important time than now – in the midst of a crisis – to have a plan. Many credit unions are already adapting to the ever-changing environment. If you are not one of those credit unions, now is the time to develop an overall plan to help members navigate through the changing and complex times we are in.

Here are a few ways credit unions can help members through the current crisis

This article was originally published October 7, 2020 by the Credit Union Times.

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