The NAFCU Journal September-October 2020 - 18

''

This has been a very strong
case for why an emergency
fund makes sense.

''

- CHRIS LUSSIER, ASSOCIATE VICE PRESIDENT OF INVESTMENTS,
THE ELM WEALTH MANAGEMENT GROUP OF RAYMOND JAMES &
ASSOCIATES INC.

 The efforts underway at MHV mirror
efforts nationwide. Credit unions are
adapting their long-standing educational
offerings to the realities of the COVID19 pandemic, which has put millions of
Americans out of work and sent the stock
market wildly fluctuating up and down. 
The demands of social distancing,
meanwhile, have complicated programs
that involve face-to-face exchanges,
such as the many financial literacy
programs that credit unions bring to
schools. The MHV boot camp was
initially going to include small-group
meetings in coffee shops but had to shift
to a webinar format, Walsh says.
While the demand for financial help is
unprecedented, it breaks down into three
broad categories, according to George
Nahodil, president and CEO of Members

1st Federal Credit Union in Mechanicsburg, Pa., which has more than 447,000
members and nearly $5 billion in assets.
In one camp are people who are living
paycheck to paycheck and struggling
to pay their bills. They need tools to
help them budget and save money. The
second camp includes people who need
help figuring out how to use credit wisely,
whether in the form of credit cards or
home equity lines of credit. The third
camp is concerned about protecting their
retirement savings.
The camps do not break down neatly by
age, Nahodil adds. That's why Members
1st developed a program in 2019 called
MyConcierge to hand out individualized advice based on each member's
situation. Nonetheless, Nahodil and
other credit union executives see some
common trends.

One is the temptation posed by low
interest rates. At Members 1st, members are weighing whether to refinance
mortgages, tap into home equity lines or
consolidate debt, Nahodil says. "That's
why we think our MyConcierge service
is really important, as we can tailor the
answer to your specific needs."
In addition, many credit union
members have increased their savings, largely because in the first few
months of the pandemic, stores were
closed and vacations were delayed.
Members also received government
stimulus checks in the spring. The
uptick follows years of studies showing
that many Americans lacked adequate
savings to cover emergency expenses
such as car repairs.
The challenge for credit unions is to help
members lock in those savings. But it
may not take as much convincing as it
once did. The pandemic is driving home
the need to set money aside, especially
among younger credit union members. 
"This has been a very strong case for why
an emergency fund makes sense," says
Chris Lussier, an associate vice president of investments for The Elm Wealth
Management Group of Raymond James
& Associates Inc. in Worcester, Mass.
His organization also advises employees
enrolled in the 401(k) plan offered
by NAFCU.
During the pandemic, Lussier has been
working with clients to ensure they adhere
to their retirement savings plans, despite
the temptations to sell or keep their money
out of the stock market entirely. "That's a
huge part of the job as an adviser in times
like these," Lussier says.
 Few young adults, however, are in
need of a personal financial adviser,
says Rob Comfort, president of the
brokerage services division at CUNA
Mutual Group in Madison, Wis.
Comfort's division staffs credit union
branches with advisers. To serve that
audience, CUNA Mutual Group is
using technology to develop selfservice risk and planning assessments. 

18

THE NAFCU JOURNAL  SEPTEMBER-OCTOBER 2020



The NAFCU Journal September-October 2020

Table of Contents for the Digital Edition of The NAFCU Journal September-October 2020

The NAFCU Journal September-October 2020 - Cover1
The NAFCU Journal September-October 2020 - Cover2
The NAFCU Journal September-October 2020 - 1
The NAFCU Journal September-October 2020 - 2
The NAFCU Journal September-October 2020 - 3
The NAFCU Journal September-October 2020 - 4
The NAFCU Journal September-October 2020 - 5
The NAFCU Journal September-October 2020 - 6
The NAFCU Journal September-October 2020 - 7
The NAFCU Journal September-October 2020 - 8
The NAFCU Journal September-October 2020 - 9
The NAFCU Journal September-October 2020 - 10
The NAFCU Journal September-October 2020 - 11
The NAFCU Journal September-October 2020 - 12
The NAFCU Journal September-October 2020 - 13
The NAFCU Journal September-October 2020 - 14
The NAFCU Journal September-October 2020 - 15
The NAFCU Journal September-October 2020 - 16
The NAFCU Journal September-October 2020 - 17
The NAFCU Journal September-October 2020 - 18
The NAFCU Journal September-October 2020 - 19
The NAFCU Journal September-October 2020 - 20
The NAFCU Journal September-October 2020 - 21
The NAFCU Journal September-October 2020 - 22
The NAFCU Journal September-October 2020 - 23
The NAFCU Journal September-October 2020 - 24
The NAFCU Journal September-October 2020 - 25
The NAFCU Journal September-October 2020 - 26
The NAFCU Journal September-October 2020 - 27
The NAFCU Journal September-October 2020 - 28
The NAFCU Journal September-October 2020 - 29
The NAFCU Journal September-October 2020 - 30
The NAFCU Journal September-October 2020 - 31
The NAFCU Journal September-October 2020 - 32
The NAFCU Journal September-October 2020 - 33
The NAFCU Journal September-October 2020 - 34
The NAFCU Journal September-October 2020 - 35
The NAFCU Journal September-October 2020 - 36
The NAFCU Journal September-October 2020 - 37
The NAFCU Journal September-October 2020 - 38
The NAFCU Journal September-October 2020 - 39
The NAFCU Journal September-October 2020 - 40
The NAFCU Journal September-October 2020 - Cover3
The NAFCU Journal September-October 2020 - Cover4
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