Community Engagement: 4 Evolving Expectations for Credit Unions

In this article, Christopher Cassidy, SVP and Head of Institution Business Development, explains why credit unions are evolving their engagement strategies and how LPL is helping them connect more deeply with their communities.

Credit unions have always been a cornerstone of community financial wellbeing, including engaging with their communities and special employment groups to evolve as their members’ wants and needs change. 

Members expect personalized experiences and a sense of belonging in addition to comprehensive financial plans. They expect their credit union to be socially responsible and actively involved in their community. On top of the changing needs of their members, credit unions also face heightened competition in the wealth management industry, from traditional banks, fintech companies, and other wealth firms.

To stand out and keep their competitive edge, credit unions must retool their strategies for building enduring relationships with their members. This is where credit unions have always excelled, as they have long associated their growth and prosperity with that of those they serve.

As forward-looking credit unions advance their membership engagement strategies, LPL Financial is helping them forge deeper connections with their members. LPL plays a critical role in helping credit unions solidify stronger relationships by offering a broader and more comprehensive range of resources and support.

Educational Resources and Training Programs

In partnership with LPL Financial, credit unions have access to a comprehensive suite of educational resources and training programs designed to bolster their engagement initiatives. These resources span a broad spectrum of topics, from financial literacy to community development to volunteerism. LPL specialists support credit union advisors to lead workshops, webinars, and conferences to empower credit union professionals with the requisite knowledge and skills to meaningfully connect with their membership.

Marketing and Communications Support

Credit unions benefit from integrated marketing and communications support to amplify their community engagement initiatives. LPL can help credit unions develop compelling messages, create engaging content, and engage through multiple communication channels to reach a desired audience. Additionally, LPL offers guidance on how to use social media, public relations, and community outreach strategies to increase the visibility and effectiveness of their efforts.

Building Lasting Relationships with Advisors

LPL acts as a conduit, linking credit unions with financial advisors with similar values and goals. When advisors join credit unions, they benefit from the credibility, trusted brand, and established presence of a local institution and a Fortune 500 company. Credit unions benefit from advisors already embedded in the community. These relationships allow credit unions and advisors to combine their interests and passions to have a more substantial positive influence on their community.

Connecting Credit Unions with Like-Minded Institutions

In addition to helping credit unions make connections with potential advisors in their communities, LPL fosters a collaborative environment by connecting credit unions with like-minded peers across the country.

This network provides opportunities for credit unions to share best practices, exchange ideas, and learn from each other's experiences. LPL facilitates peer-to-peer learning, networking events, and industry forums, enabling credit unions to stay updated on the latest trends and innovations in community engagement.

Through the robust support of LPL, credit unions can enhance their engagement strategies, effectively responding to the changing needs of their members while encouraging lasting bonds within their communities.