SECU Investment Program Tops $100 Million Mark
Credit Union Investment Services (CUIS), a service organization of North Carolina State Employees' Credit Union (SECU), has reported that assets in investment services has exceeded $100 million.
Even more impressive than the $100 million figure is the atypical process in which CUIS achieved the milestone - with most members investing initially, on average, a minimal $1,000, according to a news release This milestone, achieved in just over a few years, is proof that its "wealth building for the not-yet-wealthy" approach is gaining traction with its members, the release said.
With 230 noncommissioned, multi-licensed representatives statewide, CUIS focuses on the average credit union member - one who is below the radar for the majority of investment products and would not typically qualify for the services elsewhere.
Since all representatives are salaried and receive no commission, members are assured to receive fair, impartial advice, the news release said. CUIS representatives guide investors based on the member's objective, time horizon, risk tolerance and overall financial condition - ultimately providing education for the member to make an informed investing decision.
And while $1,000 was already considered an extremely low amount for investing, Credit Union Investment Services recently opened the door for even more members by lowering the initial investment amount to only $250.
CUIS is a unique piece of the puzzle that ties in to SECU's overall organizational objective of helping members create a successful financial path, according to the release. Other pieces of the puzzle include an online member financial assessment tool, a basic low-cost estate planning essentials program, tax preparation services and partnerships with member groups - with SECU representatives providing financial education on topics from budgeting to retirement planning.
"We are thrilled that CUIS is an investment vehicle for many members who may not have had the opportunity to begin this process in the traditional market," said Joan McCool, senior vice president of SECU's IRA and investment services department. "To provide investment options for all members, you must adapt to what works for their needs and their budgets.
"With a low $250 investment minimum and noncommissioned representatives, CUIS offers a consumer-friendly investing option for SECU members. It is very rewarding to offer products and services that make a positive financial difference in the lives of those we serve."
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