Having developed a keen interest in the co-op business model, my attention has turned to the areas in which I could immediately deliver legal services within a cooperative setting. Having spent the last twenty-five years in wealth management disciplines, I did not have to devote a lot of time thinking about the question.
As it turns out, financial services (as opposed to wealth management) is relatively crowded with co-ops. They are credit unions. As a rule, credit unions could (and should) be the place where consumers obtain comprehensive and price-worthy wealth management products and services. Credit unions are regulated deposit taking institutions that are member owned businesses or “MOBs.” As such, they are ready made platforms to deliver higher quality wealth management services and products at lower cost.
The question is: Why don’t they?