BOSTON — Wade& and Acumen Financial Advantage have announced plans for a partnership aimed at helping credit unions and banks increase lending, strengthen their balance sheets and retain executive leadership.
According to an announcement from Acumen Financial Advantage, the proposed partnership will combine Wade&’s data-driven lending programs with Acumen’s financial advisory services, offering financial institutions a coordinated approach to growth.
Under the arrangement, the companies plan to introduce each other’s products and services to existing clients and work together on strategies involving loan growth, leadership continuity and financial capacity.
Lending and Growth Programs
Wade& provides lending solutions that use financial institutions’ existing customer and member data to identify opportunities for portfolio growth. Its offerings include:
- Preapproved lending: Programs that use institutional data to develop targeted loan and line-of-credit offers.
- Credit card targeting: Predictive models designed to identify prospective cardholders and match them with preapproved offers based on their expected account activity.
- Auto lending: A white-label program that allows institutions to offer auto loans under their own brands while Wade& provides the supporting infrastructure.
- Financial and Leadership Strategies
Acumen Financial Advantage said its services focus on three areas:
- Leadership continuity: Executive benefit and retention strategies, including supplemental executive retirement plans and other nonqualified arrangements.
- Financial capacity: Investment and balance sheet strategies involving insurance products, structured products and diversified investments.
- Community value: Charitable donation accounts and other programs intended to support community initiatives while preserving financial stability.
“Growth looks different for every credit union, which is why we take a consultative approach that starts with each institution’s goals,” said Erin Allen, vice president of channel partners at Acumen Financial Advantage.
What Must Also be Considered
Nick Wade, founder and CEO of Wade&, said institutions seeking loan growth must also consider executive retention and balance sheet management.
“Our clients come to us to grow, and growth depends on more than lending programs,” Wade said. “It depends on keeping strong leaders in place and making the most of the balance sheet.”
Wade& said its programs have been deployed at more than 40 financial institutions across North America. Acumen Financial Advantage provides financial strategy consulting to credit unions, banks, health care systems and nonprofit organizations.
The companies did not disclose financial terms or a timetable for formalizing the proposed partnership.
