2019 was another exceptional year for Tower. We were honored to receive several noteworthy acknowledgements in recognition of our commitment to service excellence and member satisfaction. Since our inception in 1953, Tower’s reason for being has never wavered: to enhance the financial well-being of our members by creating and delivering value through the products and services we offer in terms of service, price, honesty, convenience, consistency, variety, safety, confidentiality, and timeliness.
One example of this is Tower Wealth Management© (TWM)1, our financial services group. I know many of us are looking for potential ways to increase our wealth, and beyond that, to save for our future and retirement. Look no further than TWM. Experienced Wealth Advisors who are also salaried Tower employees will help you explore your investment options, both short- and long-term. There are no high-pressure sales tactics or self-serving, commission-driven recommendations. Just solid financial advice you can count on.
TWM reached an important and impressive milestone in 2019. The group has now reached nearly $500 million (half a billion) in assets under advisement. The focus of TWM has always been to offer our members low cost, high quality investments options, along with objective advice.
I’m also proud to report that, for the fourth year in a row, Tower was named “Credit Union Partner of the Year” by Frost Financial Services. The recognition was due to the continued success of the Tower Car Buying Service, powered by TrueCar©. When purchasing a car with the Tower Car Buying Service, Tower members get discounted member pricing along with a hassle-free experience. In fact, Tower members save an average of $3,402 off MSRP!2 So if a new car or SUV is on your wish list this year, be sure to start your car search at Tower.
Member satisfaction is a major focus of Tower’s Board of Directors and Senior Management. We strive daily to provide top-notch, personalized service for our members, whether in a branch, over the phone or online. Each year, NICE Satmetrix, the co-developer of Net Promoter©, benchmarks leading brands according to their Net Promoter Score© (NPS). The score is based on the simple question: “How likely is it that you would recommend Tower to a friend or colleague?”
I’m happy to say that Tower’s Net Promoter Score is 86.44, which is very strong in the industry. To give some context, Southwest Airlines’ NPS is 71, Costco’s is 74, Ritz Carlton’s is 68 and Apple’s is 68. The average score for the banking industry is 34.
While scores are a good measure of performance, even more telling is the positive feedback we consistently receive from member surveys. Here are just a few of the comments we’ve received in recent months: “I have been dealing with Tower for over 20 years. Tower is an excellent organization and has very knowledgeable and helpful associates. I think Tower rates more than five stars!” “I have been a member for nearly 30 years. I always recommend Tower to anyone I meet in need of banking services.” “Tower has always met our needs in one way or another. All personnel make you feel comfortable. Also the banking options available are exceptional.” “I have been a Tower member for 41 years. I bought my first car, first house, sent my children through school. [Tower has] provided an economic base for saving and growth through the relationship my family and I [have] developed with Tower. There is no other financial organization that I would rate higher.”
And, I’m pleased to say that Tower doesn’t just have highly satisfied members, our employees have a high degree of satisfaction also. Tower was recognized last year—and also again this year—as a “great workplace” by the independent analysts at Great Place to Work©. Tower earned the credential both years based on extensive ratings provided by our employees in anonymous surveys. Having been a part of Tower for many years now, both as a member and volunteer Board member, I credit our mission-driven, people-oriented culture as the reason for the positive survey outcome.
One of the reasons Tower is so special is that our members and employees are always looking for ways to give back to our community. One way we do this is with our annual Have a Heart campaign to benefit the TowerCares Foundation. For a donation of a $1 or more, we’ll display a paper heart in a branch with your name or the name of a loved one. Donations will help support children receiving treatment at the Johns Hopkins Children’s Center in Baltimore, Md. and their families. To make a donation, stop in to a Tower branch this month or donate online.
On behalf of Tower’s Board, I thank you for your membership and the confidence you have placed in Tower to provide for your financial needs. Please mark your calendars for Tower’s Annual Meeting on Tuesday, May 12 at 5:00 p.m. at Tower’s Laurel Headquarters. All Tower members are welcome to attend. I encourage you to come out and meet your volunteer Board of Directors and members of Tower’s Senior Management team.
In closing, if you know family members or co-workers that are not yet part of Tower, please share the value of credit union membership with them. Encourage them to join so they too can enjoy the savings and benefits of Tower membership throughout 2020 and beyond.
1Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Tower Federal Credit Union and Tower Wealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Tower Wealth Management, and may also be employees of Tower Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Tower Federal Credit Union or Tower Wealth Management. Securities and insurance offered through LPL or its affiliates are:
|Not Insured by NCUA or Any Other Government Agency||Not Credit Union Guaranteed||Not Credit Union Deposits or Obligations||May Lose Value|
Between 1/1/20 and 12/31/20, the average savings off MSRP experienced by consumers who connected with a TrueCar Certified Dealer through the Tower Federal Credit Union Auto Buying Program and who were identified as buying a new vehicle from that Certified Dealer was $4,128. Your actual savings may vary based on multiple factors, including the vehicle you select, region, dealer, and applicable vehicle-specific manufacturer incentives, which are subject to change. The MSRP is determined by the manufacturer and may not reflect the price at which vehicles are generally sold in the dealer’s trade area, as many vehicles are sold below MSRP. Each dealer sets its own pricing.