When Aaron Persons became program manager at University Federal CU in 2010, production was low, turnover high and branch employees had lost faith in the program. To better integrate the program into core offerings, he promoted a "give to get" mind-set where advisors should be the ones giving referrals. He also empowered reps to make decisions.
Bank: University Federal Credit Union
TPM: CUSO Financial Services
Location: Austin, Texas
FAs manager oversees (12/31/12): 6
LBEs manager oversees (12/31/12): 5
Team production 2012: $1.6 million
Team production 2011: $1.3 million
Team AUM (12/2012): $174 million
Team AUM (12/2011): $112.8 million
Avg. production per rep: $365,000 (Estimate)
Years at bank: 2.5
Years in industry: 12
Age of program: 10 years
Sample of products: Mutual funds, Managed accounts, Variable annuities
Do you decide what products are on the shelf? No
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