If the recipients of the transfer are your members you win, and if not, you lose. The downside is of a magnitudethat is a potentially existential risk to your credit union.
What’s needed is simple. The children and grandchildren of your members must also be members.
Unfortunately, the average age of a member is 53. Even worse, surveys show adult children prefer not to have anaccount where their parents have an account.
Unless credit unions adopt a wealth transfer strategy today it will be a train wreck for the industry.
At Access Softek we believe one essential component of the right strategy is for every credit union to offerinvestment options such as a robo advisor, self-directed digital investing and a crypto solution.
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