The NAFCU Journal September-October 2020 - 19

The assessments will do more than
just tell people what percentage of
their income to put into a 401(k)
retirement plan, Comfort says. They
can help with using credit more wisely,
saving for a first home, or addressing
needs for life insurance for young
adults starting families.
"They can take those steps and then,
perhaps five years after they start or
whenever it's appropriate, they can
engage with an adviser to go deeper,"
Comfort says.
In surveys, more than half of credit
union members say they prefer to
invest through their credit unions,
but only 2 percent actually do,
Comfort says. They may be going
somewhere else, he says. "But we
feel the bigger problem is they're
not getting help at all. So, we're
working on ways to help them."
One of those ways is a pilot program
started by CUNA Mutual Group to
reach underserved members who may
not otherwise be thinking about savings.
Started in partnership with four credit
unions, the program is designed to
increase savings and investment among
Spanish-speaking members. 
Another tool for savers in general is an
investment account known as a managed
account, says Robert Edgar, regional vice
president of the credit union division
for Securian Financial Group, based in
St. Paul, Minn. His division provides
401(k) plans to credit unions. Managed
accounts go beyond the approach of
target-date retirement funds, which

gradually shift investment strategies
from more risk to less as a person ages. 
Target-date funds are easy to explain,
but they generally consider only one
factor: the year in which a person
plans to retire. Managed accounts
take a more holistic approach, Edgar
says. As a result, they can factor in

''

things like where someone lives, how
much money they earn and what
their employer is contributing to their
retirement plan. "This multiple-factor
approach presents a far more personalized investment solution that better supports a participant's ability to achieve
targeted retirement income goals," he
says. "As opposed to a one-size-fits-all

We're going to need to be very flexible and pivot
quickly as we learn and create new educational
opportunities for members that help them navigate
whatever it is that they're facing.

''

- MELISSA WALSH, VICE PRESIDENT OF MARKETING, MID-HUDSON VALLEY FEDERAL CREDIT UNION

THE NAFCU JOURNAL  SEPTEMBER-OCTOBER 2020

19



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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