Credit Union Warrior Featured on Currency Marketing's "Credit Union Innovators" Podcast

Since the release of What are you saving for? on April 1, things have been extraordinarily exciting around Members Credit Union. The success of this program has absolutely blown us away, and the public attention it has received has been overwhelmingly positive.

On the heels of this excitement I was asked to take part in Currency Marketing's podcast called "Credit Union Innovators" and hosted by Tim McAlpine (one of my favorite people in and around the credit union movement). We were able to discuss a wide variety of topics, including Football Pick'em, What are you saving for?, and the future of credit unions. Still shocked that I was considered for the guest spot, but had an absolute blast!

Give it a listen.

Credit Union Warrior Featured on CU Tomorrow Podcast

Last month, I had the opportunity to discuss credit union efforts to attract younger members with Filene/CU Tomorrow's Ben Rogers. I was joined by two brilliant young credit union professionals that I work with in Filene's 30 Under 30 group, Amy Stanton and Robin Hickey.

This gave me time to talk about Members Credit Union success stories such as Football Pick'em and What Are You Saving For? More than that, though, it gave me the opportunity to hear what other credit unions are doing, and planning to do, to attract younger members.

Here's a link to the podcast. Definitely leave a comment either here or on the Filene blog to tell us how you think credit unions can better excite young adults about the credit union movement.

An Age-Old Question: How Young/Old is Too Young/Old for a CEO?

A friend of mine in the credit union movement, who will remain nameless, is being considered for a President/CEO level position within the industry. This friend has all of the tools needed to be a success in this new role: a resume full of accomplishments in the credit union space, top notch education, executive management experience, an out-of-this world industry reputation, a magnetic personality, and tireless work ethic. The only problem: this person is 29 years old.

Now, we all know that age is not supposed to be a factor in hiring decisions...but isn't it anyway? I mean, how often is an 80-year old considered for an executive marketing position? How many 22-year olds can qualify for a job that requires "10-15 years experience"? Ageism - right or wrong, overt or covert - simply exists.

I'll be the last person on this planet to argue against the value of work experience, especially as it applies to the position in question. I am a much better credit union employee today than I was when I started 4.5 years ago. I also know that I could do a much better job than many people do in positions that require the aforementioned "10-15 years of experience".

This situation begs the questions: Is there an age that is "too young" for a credit union CEO? Is there an age that is "too old" for a credit union CEO?

I'll answer this in a couple conflicting ways - first, with an obligatory sports analogy. If you were starting a sports franchise, would you rather have LeBron James (24, 3 years of experience) or Michael Jordan (45, 15 years of experience)? Not fair, right? Athleticism is so integral in basketball that your choice would be dramatically skewed in favor of the younger player, James. In making such a choice, you must consider the unique requirements for the position you're trying to fill. In this case, basketball, youth takes precedence.

So, what are the unique requirements of a credit union President/CEO? I think this position needs someone who can passionately inspire members and staff to believe in their credit union and the credit union movement. Someone who has an uncanny ability to analyze complex data and make tough decisions based on said data. Someone with charisma, confidence, and earned respect. Someone whose accomplishments, both in academics and business, demonstrate a proven track record of success and hard work.

Many of these qualities (like charisma, education, and passion) are age independent. I would also argue that what is suitable for one credit union executive position may or may not be suitable for another. A highly educated, energetic President, for example, may or may not be a great fit for a conservative credit union with a blue collar field of membership. The perfect fit, by that criteria, could be any age 25-95.

But what about the other qualifications? Do you have to be 40, 50, 60, or 70 to be able to earn the respect of employees, members, and volunteer directors? Could you be 30? How about 80? How many years of experience do you need to be able to demonstrate strong analytical skill? How long does your track record of success need to be to pique the interest of the people making hiring decisions? 10 years? 20 years? 30 years?

Age has even become a huge issue in the political landscape, with the likely Democrat and Republican nominees being nearly 25 years apart (McCain 71, Obama 46). I have heard arguments that McCain is too old just as often as I've heard complaints that Obama is too young and inexperienced. Fair? Nope. Legitimate concerns? Possibly.

Here's the deal. The average age of credit union members is 47. The average age of credit union CEOs in the $70-99 million asset size range is 50. The average age of credit union CEOs with over $400 million in assets is 55. That's a view from 10,000 feet, though. Some credit unions are happy to serve an aging population. Their members, I'd argue, may very well prefer to do business with a credit union run by one of their contemporaries. Likewise, credit unions with a younger membership base may very well be wise to hire a younger CEO, one who understands their needs, wants, and desires in a way that older leaders may not.

And to me, that's what it's all about. Boards should hire the person who best fits into their vision for the future of the credit union. Often, I'd agree, that's the credit union professional, 40-55 years old, who has 15-25 years of experience within the movement. That said, I have met too many young, extremely qualified credit union employees under 35 who could make significant contributions at the highest levels in their organization. I have also met many CEOs who have worked well into their 60's and 70's whose ability to innovate and lead effectively never wanes. My point is this: don't hire based on age. Hire based on an individual's ability to move your financial institution in the direction the Board desires. And if your Board doesn't have that vision, that direction, your needs run deeper than just a vacant CEO position.

Help Vancity Win a Webby!

Vancity Credit Union's Change Everything blog has been nominated for the extremely prestigious Webby Awards. A site that excites people about making positive changes (big or small) for themselves, their communities, or the world, Change Everything is a truly amazing display of what social media in the credit union space can be. Certainly check the site out if you haven't already.

Vancity's competition is quite fierce, as they are up against Bebo, Facebook, Flock, and Ning - all tremendous sites themselves. So, we need your help! Register to vote in the Webby competition by clicking here. Look for the Social Media category and cast your vote for Change Everything.

Next, if you have your own blog post the following video and Webby instructions so your readers will cast a vote for Change Everything as well.

Thanks, and however the vote turns out we already know that Change Everything is an amazingly great addition to the Web generally, and credit unions specifically.

What Credit Unions Can Learn from Brett Favre

Brett Favre announced today that he's retiring after 17 amazing seasons in the NFL. Likely to be considered among the top 5 or 6 quarterbacks to ever play the position, Favre finished his career with 160 wins, 442 touchdown passes, 61,655 yards, three MVP awards, and a Super Bowl ring. His stats speak for themselves, but what is truly amazing about number 4 was his ability to appeal to the masses. Young or old. Rich or poor. Packer fan or not. People love Brett Favre.

Here's why: he's part superman, part human; half American icon, half guy down the street. He looked like a guy who loved what he was doing. He was a real person with real talent, real success, real strife, and real failures.

I believe there are 4 great lessons credit unions can learn from Brett Favre:

1. Have fun
From his rookie season to his 17th, you could tell Favre was having a good time. Watching him run down the field to give a teammate a hug, a high-five, or a laugh showed that he was truly doing what he loved to do. The public can tell. The public is drawn to that. When members see that you enjoy fulfilling your mission as a credit union employee, you have become a magnetic force in their lives.

2. Take Chances
Favre threw into double coverage. Favre tossed shovel passes in heavy traffic. Favre threw on the run, off his back foot, with blitzers in his face...it didn't matter. Sometimes it worked great, sometimes it didn't. I would argue that a more conservative quarterback in Favre's shoes wouldn't have been nearly as successful. To achieve amazing results, you must take amazing chances. I hear too many credit unions talking about growth, and not enough talking about the aggressive (read: risky) steps they are taking to achieve such success.

3. Be Up-Front, Honest, and Speak Plainly
Favre was not perfect. He threw many game and season-ending interceptions. He fathered a child out of wedlock at the age of 18 (he married the mother, Deana, 7 years later). He had a well-documented bout with prescription pill dependency. Each and every time, Favre candidly accepted responsibility for his actions, resolved to do better, and followed through on his promises. To top things off, Favre spoke like the guy down the street. He spoke plainly and unabashed, no matter how hard the topic may have been.

"If you're going to tell your story, don't go halfway,"
-Brett Favre

Credit unions are human organizations. Sometimes we mess up. The more open and honest we are with our membership and the general public about the times we fall short of their expectations, the easier the pill is to swallow. To err is human. To gloss over, sweep under the carpet, or avoid responsibility is disingenuous.

4. Perform
At the end of the day, Favre was a winner. He had the toughest job in sports to perform, and he did it magnificently. Credit unions have a tough job too. Our members count on us to offer real solutions to real financial needs. We must make sure that we continually examine and improve our portfolio of personal finance solutions so we can win the battle of ideas. We all know that it feels better to be associated with a credit union than a bank, but at the end of the day we must make sure that we are meeting the public's financial service needs.

Disconnecting from Konnects

As a marketer/public relations type, the relationships I build are vital to my success. Thankfully, the development of social media sites like MySpace, Facebook, and LinkedIn have made keeping connected with these contacts much easier. Instead of a rolodex full of business cards, I now get updated instantaneously on developments in each of my connections' lives.

A few months ago I got invited to join a Konnects network. "Just another LinkedIn rip-off," I thought to myself - but I decided to give it a try anyway. During the sign-up, I was asked if I was a member of LinkedIn and if I would like to try to find my LinkedIn contacts within Konnects. Sure, why not, right? Turns out, all of my contacts were emailed to join Konnects on my behalf. Cool? No. Should I have understood the implications of linking my LinkedIn account before agreeing? Absolutely. That was my bad.

So, there I was apologizing to folks that they were randomly invited to "yet another social media site." That was bad enough.
Then, the unthinkable happened. Konnects, without telling me beforehand, sent out ANOTHER EMAIL to my contacts. A "reminder email," they called it.

Here's the deal, Konnects: 1) Don't send an email on my behalf unless I've approved it. 2) If folks didn't sign up after the first email, they aren't going to sign up.

I'm certain this is a desperate attempt by Konnects to grow market share, but they must realize that this type of tactic does nothing but tick people off: the forced "inviter" and the annoyed "invitees." Today, thanks to your indiscretion, I am disconnecting from Konnects.

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