LETTERS

A certifiable ‘Oops!’

I enjoy reading your weekly newspaper, but I winced when you referred to a CLU as a “certified” life underwriter (“Selling the secrets of long-term care aces,” March 28 InvestmentNews).

It’s bad enough that the general public still doesn’t know what a CLU is, but it would be nice if our peers in the financial services industry could get it straight.

CLU stands for Chartered Life Underwriter.

ALEX CHODAKOWSKI

Chartered life underwriter

Brandon, Fla.

Give credit unions more credit

Apparently Scotty Miller hasn’t truly looked at the credit union situation, as evidenced by his misleading comments in your April 13 article “What penny-pinching?”

Here in Oshkosh, Wis., where I serve as a volunteer and the current chairperson of a small local credit union, we strive to provide the highest savings and certificate rates along with the lowest loan rates to serve our members’ needs while maintaining fiscal responsibility. Credit union expenses are closely monitored and controlled, as we are stewards of our members’ funds.

With the current consolidation of banks and their failure to serve the common person, we feel the credit union movement will continue to grow and prosper with our motto of “People helping people.” Try going to the local bank and asking for a $500 loan, with no collateral, to help pay medical bills and see how soon you’re shown the door! Then stop at your member-owned credit union for a more pleasant experience.

I would encourage every financial adviser to join a local credit union, where your expertise would be helpful in helping the credit union design, monitor and offer services to their members. These non-profit credit unions are always looking for qualified members to serve as board members.

Volunteer because you care about your community and helping other people. I guarantee your personal satisfaction will be overwhelming.

ROY DUXSTAD

President

Duxstad Investment Inc.

Oshkosh, Wis.

Citigroup? More like Citigrab

You recently asked on your website (www.investmentnews.com): Is the proposed merger between Citicorp and Travelers a threat to independent financial advisers?

This merger was a pure play for overseas dominance of financial services – and the U.S. market is too competitive for this merger to be a threat to independent advisers.

The overseas markets today are reminiscent of the U.S. market in the 1950s, in that consumers did not research carefully the cost of services or products. This allows a financial entity to price significant profitability into the products they are providing.

With more than 100 million potential uninformed customers in more than 100 different countries, this surely is the combined Citigroup’s intention.

C. SCOTT McINTIRE

Regional brokerage manager

Phoenix Home Life

Cincinnati

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