Benefits - Educated Investor University

Educated Investor: Educated Investor University - Benefits

Developed in cooperation with over 30 credit union executives, the Educated Investor Educated Investor University is helping credit unions discover the benefits of financial education.

Build a Superior Sales and Service Culture
Employee Retention

Build a Superior Sales and Service Culture

The old saying is true: You can't sell what you don't understand. The facts back this up:

After completing Educated Investor University coursework, nearly 90% of employees said they would be more likely to refer the products they studied to members.

A 2005 study by the Securities Industry Association showed that 67% of individuals (your employees) don't feel they know enough about personal finance to make sound financial decisions.
If your employees are not comfortable in their knowledge of your financial products, they won't have the confidence needed to sell them to your members.

Industry experts agree, in order to build a successful sales and service culture and empower your people to provide referrals, it is critical that you take the time to help educate your employees.

How much will added referrals impact your bottom line? The table below uses estimates taken from a sample of credit union executives and industry sources*:

Product or Service	Average Profit	Referrals Per Sale**	Profit Per Referral	Annual Value
Auto Loan	$350	10	$35	$4,200
First Home Mortgage	$3,400	10	$340	$40,800
Home Equity Loan	$1,700	10	$170	$20,400
Home Equity Line of Credit	$1,400	10	$140	$16,800
Personal Loan/Consumer Loan	$350	10	$35	$4,200
Insurance/Investment Products	$2,000	10	$200	$24,000
Total Profit from Just 10 Additional Referrals Per Product Per Month				$110,400

In a recent survey of over 1,000 credit union employees who had completed one or more Educated Investor University courses:

94% said they felt more knowledgeable about the topic.
90% said they would recommend the course to a member or employee.
86% said they would be more likely to refer the products they studied to members.

Return to Top of Page

Employee Retention

It's a fact: The average credit union experiences a turnover in front line positions of 30 to 40 percent every year. At an average cost of $2,500 or more to find and train a new employee, smart credit unions are developing sales and service cultures to help them train and retain top notch people so turnover won't drain the most vital resources from your credit union—your staff.

The Educated Investor University is a powerful employee benefit that gives your employees vital financial knowledge to not only improve their performance, but also to improve their lives. That translates to employees who like their jobs and stay on longer.

Improve satisfaction: A financially confident employee is a happier, more satisfied employee.
Increase retention: We are all more likely to invest our time with organizations that invest in us and our well-being. Improve your employees' lives by increasing their personal finance know-how and watch your retention rates grow.
Improved productivity: Research shows that the combined impact of better financial education on employee behavior and well-being can result in a gain to the employer of $700 to $2,000-for every employee, every year!

Return to Top of Page