it’s earnings season!
3rd quarter earnings are being released left and right. Amazon had an amazing run up after closing today (14%) when they announced their earnings for Q3 2006. Weyerhaeuser and GM will announce their earnings tomorrow. What does this mean to CU’s??
Watch your outgoing ACH transactions. We learned a lot about where our members are moving their money to when we started to watch ours. How much are your members transferring out to ING? How much to Sharebuilder, Scottrade, or Sogo Invest? With some minor uncertainty with the Fed meeting this week, as some decent earnings in the stock market, don’t be surprised to lose some core deposits and CD’s in the next few weeks.
So what’s a CU to do?
I believe the saying is, "He who has the most data wins." Finding out where your members’ money is going is numero uno priority. Once you know why it is leaving and where it is going to, find out why you can’t meet their needs, or why Sogo Invest is beating you.
Get to the bottom of why your investment solutions aren’t cutting it. Call them!! Blog about it!!
Sogo Invest is good news for credit unions and its members?
How can this be? The benefits of Sogo Invest for a credit unions members are obvious;
Sogo offers $1 to $3 dollar automatic investment plans Scottrade, doesn’t. Sharebuilder does but trades are made only on Tuesday
Sogo offers $3 real-time trades Scottrade $7 Sharebuilder $11.95 – $15.95
Sogo is the only online broker of the three to offer fractional shares on any Listed or NASDAQ stock or ETF
Sogo trades go through its parent company Genesis Securities LLC., which has been NASDAQ Platinum Certified since 2004 in the order entry category
That means you’re getting the fastest and most reliable execution on your trades out there.
But what could Sogo Invest possibly have to offer credit unions?
The people at Sogo Invest understand that the last thing credit unions want is to have there members withdraw funds from their accounts and take the money elsewhere
So in order to counter that Sogo Invest will share the commissions from new members with the credit unions that refer them. So instead of losing out completely
the credit union will receive a monthly statement showing the accounts they have generated along with Dollars of Commission Revenue
So if a credit union is going to partner with an online broker, why not use Sogo Invest. It’s GOOD for both the Credit Unions and its Members.