CUANM Newsletter
May 28, 2021
Inside this issue
  Stull Retiring as CEO from Credit Union Assoc. of N.M.  
 

Albuquerque, New Mexico, June 1, 2021 - Paul Stull is retiring as CEO of the Credit Union Association of New Mexico after seven years of service leading the statewide group that represents 42 credit unions in New Mexico, on June 30, announced Harold Dixon, CEO of State Employees Credit Union and Chairman of the CUANM Board of Directors.

Stull was hired in 2014 after a nationwide search and came to New Mexico from Arizona State Credit Union, where he was Senior Vice President of Strategy and Brand. During his time in New Mexico, Stull and CUANM spearheaded several high-profile projects, such as the Connected Academy at the University of New Mexico Children's Hospital, a statewide data breach notification act that was signed into law in 2017, as well as ensuring that the association was able to grow its for-profit businesses to maintain its relevance. 

"Paul exemplifies what credit unions do best," Dixon said. "He helped us serve our local communities and remained focused on that for all the credit unions in the state. Without his valuable leadership - all done with an incredible sense of humor - New Mexico's credit unions would not be as strong as we are today." 

Stull is an alumnus of Oxford University's Said Business School's Strategic Leadership Program and brought a trained strategic mind to help many of the state's credit unions succeed, Dixon said. 

"Working together is a hallmark of credit union cooperatives," Stull said. "I enjoy helping credit unions remain independent while working together to serve their members and communities, while always being relevant today and into the future. I'm very proud to have continued that tradition here in New Mexico."

"New Mexico's 42 credit unions are nearing 1 million members and are responsible for nearly $14 billion in assets. That success speaks volumes about their dedication to their local communities," Stull said. 

Stull we be succeeded by Juan Fernandez Ceballos, who served as a Vice President at CUANM for 11 years. 

About Us: The Credit Union Association of New Mexico is a trade organization that helps credit unions address member needs through services, products, education and advocacy. CUANM has been helping credit unions help their members since 1958. 

 

 

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  NM Biz Kid$ Win 2nd Nationally  
 

New Mexico's entry in the 2020 Biz Kid$ competition is a national winner. Congratulations to the team of Camdon and Casey who are students at the UNMH Connected  Academy for their hard work. Biz Kid$ is a credit union funded and branded financial education program for young adults, championed by the National Credit Union Foundation.
The team launched the CSquaredCakes for the national competition. The team won a first place award in New Mexico, which comes with a $500 prize, and second nationally, which comes with a $750 prize. 
Some comments made by the judges include:
• Love the name. Very creative. The website looks good and does make you want to order. Like the fact that they cater to hospitals.
• Love this idea! I love the idea of the donation to the hospitals - I think this should be more upfront as this is something different that I haven't seen before. I think this would be something that would help increase attention and sales to the business.



 

 

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  Animas, Sandia Laboratory, merge  
 

Animas Credit Union in Farmington will officially become part of Sandia Laboratory Federal Credit Union as of July 1, 2021. A majority of voting ACU members approved the merger in April 2021, and the National Credit Union Administration and New Mexico Regulation & Licensing Department's Financial Institutions Division gave regulatory approvals earlier in the year. For a time, ACU branches will be known as "Animas Credit Union, a Division of SLFCU" as the two organizations work to consolidate ACU member accounts into SLFCU's transactional system. This work is anticipated for completion in mid-2022. 

"This vote was a momentous occasion for both the ACU and SLFCU teams. I am honored to welcome ACU's 14,000-plus members into our Credit Union family," said Robert Chavez, CEO of SLFCU. "For ACU's members, there exists a very real opportunity to get more of our products and services into their hands, which will help SLFCU generate additional revenue for the combined organization. This merger is a great example of what cooperatives do best: help each other." 

 

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  Don't Miss CUANM's Annual Meeting  
 

The CUANM Annual meeting is nearly here and now is the time to register for a great program of education and our election of directors.

All credit union employees, volunteers and management are welcome to attend on June 9 and 10. 

Our program this year includes a number of hot topics and some inspirational words from NFL Mascot "KC Wolf". What's it like to rally the crowd and how to you come back from a debilitating injury even stronger than before. Dan Mears is "KC Wolf" from the Kansas Chiefs, you won't want to miss this look behind the scenes at the inspiring story of a big league mascot. Investments, regulation and hot HR issues are also on tap.

Get all the details and register here http://events.r20.constantcontact.com/register/event?oeidk=a07ehpwe4bc62a20b8c&llr=ruch5ieab

The program is split into two virtual half days to make attendance even more content.

We all look forward to seeing you at Annual Meeting 2021.

 

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  Pandemic shines a light on need to help members with investments  
 

By Robert Comfort, President of CUNA Brokerage Services, Inc.

For more than a decade, the need for retirement savings and the level of focus needed on an individual's investment plans has changed dramatically. The world around us has pivoted away from providing traditional retirement programs and pensions - putting the onus on the individual. This has become even more important during this time of global pandemic and economic uncertainty. 

We've known for some time that credit union members would prefer accessing financial services at a credit union - more than half of members state that. However, only 3% of members utilize their credit unions for investment services according to research from Kehrer Behlen.1 With many members struggling financially and facing uncertain futures, this is a time when future planning on retirement goals might be put off. However, now more than ever is when credit unions should be the trusted, go-to source to help members through this crisis. 

Credit unions will benefit from increasing their focus on helping more members become educated and ensuring they have plans in pace to help provide peace of mind that their future needs are being covered. This delivers on member needs and builds the credit union business overall. As research shows, members who enter into an engagement with a credit union do more business with them in the long term and are more loyal. In fact, households that own an investment or insurance product from their credit union are 13 percent more likely to not consider switching from their credit union when compared to all households who consider their credit union their primary financial institution.1 Successful credit unions do this by ensuring that investment services are seen as equally important as their savings, lending and insurance businesses and defining a clear vision for their wealth management program.

Making investment services core requires more than a vision. It involves deep thought, a different strategy and incorporation of these best practices:

  1. Ensure your credit union has the right number of advisors to properly serve your membership. This starts by understanding how many advisors are needed to deliver on your members' needs as well as confirming you have the right advisors in the right places to serve them. Perhaps, incorporate an associate advisor model where senior advisors mentor those with less experience. Nurturing the next generation of advisors is critical considering today only 11% of advisors are under age 40.2 However, as Baby Boomers are expected to pass down up to $48 trillion of wealth in the next 25 years to Generation X and Millennial family members, your credit union needs advisors on tap to build and nurture long-term relationships with those legacies.3 To do this effectively, it makes sense to partner with the right external partner that has credit union expertise to identify, onboard and train advisors as well as drive the appropriate level of service based on what your credit union members need today.

 

  1. Increase member awareness and understanding of your program's value and drive referrals in both traditional and non-traditional ways. Expanding member awareness and filling the opportunity pipeline is a crucial part of growing your advisory business. Streamline marketing activities across advisors by working with a strategic partner who can help you create a 12-month integrated marketing and execution plan. This could include everything from employee engagement and referral programs to marketing campaigns and social media. We also recommend working with a partner who has deep data, analytics and lead generation capabilities to drive member awareness and leads.

 

  1. Drive growth of advisory business. Working with a credit union wealth management partner can also help propel your investment services strategy. A qualified investment services provider can help your credit union develop a strategic plan with company-wide goals that increase the number of members helped with wealth management services and provide the tools and technology to accomplish these goals. 

 

  1. Leverage advanced analytics. Use your proprietary data and supplement it with financial behavior data so you can capitalize on the benefits of predictive analytics. These powerful insights will help you separate current clients as well as your overall membership into different customer segments and so you can prioritize your outreach efforts.

 

Having a disciplined plan in place and planning for success, while being able to adapt to the changing world we live in and adjust as needed, works. It starts by treating the program as core. When you adopt a thoughtful, disciplined approach to growth, it pays dividends in terms of helping members achieve their goals while helping you deliver on your mission. 

 

 

 

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