Credential Financial is connecting its credit union partners with portfolio management firms specializing in discretionary investment management for rich investors.
Typically, affluent credit union members may have looked to bank-owned brokers or other institutions for their investment needs, says a release from the company. The Credential Affiliate Program aims to capture these clients by linking them with third-party investment professionals who provide additional wealth management services including estate planning, insurance needs analysis, and retirement planning.
Read: Credential becomes MGA for 6 B.C. credit unions
In the next decade, the high net worth segment will be the fastest growing both in terms of number of households and dollars, says the 2013 edition of the Household Balance Sheet Report by Investor Economics. These projections show that by 2022 there will be nearly 2.2 million Canadians with assets of more than $500,000, and this segment of the population will control $4.5 trillion in investable assets.