Member engagement with wealth management services in the Canadian credit union system

Abstract

Conducted within a collaborative community of inquiry encompassing a broad range of key stakeholders, including members, credit union wealth leaders from across the country, and my sponsor organization, Aviso Wealth, this thesis examined the research question: How might leaders in the Canadian credit union system increase member engagement with credit union wealth management services? The overarching methodology followed was an action-orientated approach. Adhering to Royal Roads University’s ethics guidelines, the research included credit union members who completed an anonymous survey to understand their current wealth management relationships and perceptions, followed by a series of two virtual wealth leader focus groups, during which participants refined the themed survey data and subsequently engaged in a discussion of implementation recommendations. In both methods, I took an appreciative inquiry approach, however, the scope of my research did not support the complete use of the appreciative model. Member resultant findings and recommendations confirmed that each component of this complex system has a leading role to play in increasing member engagement with credit union wealth management. Furthermore, leveraging existing credit union strengths, such as providing financial education to members, taking a collaborative approach, and recognizing the inherent values in local credit unions intertwined with the national scale of partnerships within the cooperative system, creates a powerful opportunity for change. Keywords: credit unions, wealth management, financial literacy, member engagement, responsible investing, digital adoption