Wednesday, November 12, 2014

Credit Unions Jumping into Wealth Management

The Silicon Valley Business Journal reported on local credit unions entering into the wealth management business.

Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues, stated that she believes this movement into wealth management is a natural progression for some credit unions, especially those that serve a more affluent population.

For example, Technology Credit Union has a 15-person in-house team dedicated to wealth management. The credit union plans to start offering trust services in 2015.

However, the article notes that targetting services for affluent customers can blur the line between credit unions and big banks.

Read the article.
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