If you think wealth management programs are exclusively for high net worth individuals, think again. Wealth management comes in all shapes and sizes. You can better serve (and retain!) your members when you help them plan for the future and live the lives they want. For more details: www.nafcu.org/moneyconcepts

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Presented by
Michael Thompson and Barry Dayley, CFP®, RFC®
MONEY CONCEPTS WEALTH MANAGEMENT LEARNING SERIES
Top Five Myths about Credit Union
Wealth Management Programs
All Securities through Money Concepts Capital Corp. Member FINRA/SIPC
Money Concepts Advisory Service is a Registered Investment Advisor with the SEC
All Non Securities and Non Advisory Products through Money Concepts International, Inc.

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Objectives
 Learn what wealth management is, and what it is not
 Discover top five myths about wealth management, and
how you can overcome them
 Get tips for implementing a new program or reinvigorating
and existing program

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What is wealth management?
Wealth management comes in all
shapes and sizes.

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Myth #1
It takes a lot of Members to support
a Program Representative
NOT TRUE!

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POLLING QUESTION
What is the average gross revenue produced by program
representatives in the best practices financial institutions?
A. $385,810
B. $161,456
C. $629,156

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Myth #1: It takes a lot of Members to
support a Program Representative
 Best practice institutions average 11,196
 Produce over $350,000 GDC
 A full time Representative can only serve 500 – 800
members effectively

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Myth #2
It’s all about referrals
NOT TRUE!

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Myth #2: It’s all about referrals
 Quality of referrals
 Depth of profiles done by the Representative
 Products and services
 Management support
 Trust of the Representative

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Myth #3
High production means cannibalizing
the credit union deposits
NOT TRUE!

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POLLING QUESTION
Nine out of ten credit union members consider their credit
union to be their primary financial institution. What percent
of credit unions have investment or insurance products
with their members?
A. 50%
B. 25%
C. 12%

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Myth #3: High production means
cannibalizing the credit union deposits
 Lower disintermediation
 Only 1/3 investment come from deposits
 TRUE Wealth Management increase deposit and loans

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POLLING QUESTION
Members will maintain savings balances 25 percent higher
if they have an investment account at the credit union.
A. True
B. False

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Myth #4
Adding additional Representatives will
adversely affect productivity of
existing Representatives
NOT TRUE!

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Myth #4: Adding additional Representatives
will adversely affect productivity of existing
Representatives
 Recruitment difficult
 Multiple advisors add continuity and higher productivity
 Increased member penetration

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Myth #5
Sales Assistants are not important to
the success of a program
NOT TRUE!

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Myth #5: Sales Assistants are not
important to the success of a program
 29% more likely to achieve top performance
 Registered or Unregistered
 Training

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Top Five Myths Debunked
Myth #1 It takes a lot of Members to support a Program Representative
Myth #2 It’s all about referrals
Myth #3 High production means cannibalizing the credit union deposits
Myth #4 Adding additional Representatives will adversely affect
productivity of existing Representatives
Myth #5 Sales Assistants are not important to the success of a program

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① Stop
② Start
③ Create
Action Steps

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Register for the Money Concepts Wealth
Management Learning Series at
www.nafcu.org/MCwebinars
Questions?

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THANK YOU
Money Concepts International. Inc.
11440 N. Jog Road
Palm Beach Gardens, FL 33418
www.nafcu.org/moneyconcepts
Barry Dayley, CFP®, RFC®
Executive Vice President
Tel: (561) 847-2112
Barry@moneyconcepts.com
All Securities through Money Concepts Capital Corp. Member FINRA/SIPC
Money Concepts Advisory Service is a Registered Investment Advisor with the SEC
All Non Securities and Non Advisory Products through Money Concepts International, Inc.
Providers of Financial Services Since 1979