INVESTMENT SERVICES
Retirement, rollovers, and college money in one place
Summit members can sit down with a licensed financial advisor at no cost for the first conversation. Investments are not deposits and are not insured, and we say that first rather than last.
Read this before you read anything else
Investment and insurance products are NOT deposits, are NOT NCUA insured, are NOT guaranteed by Summit Federal Credit Union, and MAY LOSE VALUE, including the possible loss of the principal you invest. They are not insured by any federal government agency. Securities are offered through an independent broker-dealer, and advisors are registered representatives of that firm rather than employees of the credit union. Past performance does not predict future results. This is a demonstration website; products, figures, and services shown are illustrative only.
Your share savings, checking, money market, and certificate balances at Summit are a different matter entirely. Those are federally insured by NCUA up to $250,000 per depositor for each ownership category, and nothing on this page changes that.
The distinction matters most when someone moves money from a certificate into a mutual fund. The rate stops being guaranteed. That can be the right trade over 20 years and the wrong one over 20 months, and an advisor's job is to be blunt about which situation you are in.
What advisors help with
Three conversations members ask for most
No product pitch in the first meeting. The first meeting is arithmetic.
Retirement planning
Working out what you will actually have at 65 given current savings, Social Security timing, and what you spend now. Advisors build the plan around your number, then talk about accounts. Traditional and Roth IRAs, SEP IRAs for the self-employed, and annuities are all on the table.
401(k) and 403(b) rollovers
When you leave a job you usually have four choices: leave it, roll it to the new plan, roll it to an IRA, or cash it out. An advisor will compare the fees and fund options side by side, and will tell you to leave it where it is when that is the cheaper answer.
Education savings
529 plans, Coverdell accounts, and plain taxable savings each behave differently for financial aid and for taxes. For families more than ten years out, the conversation is usually about the 529. For families two years out, a Summit certificate at a guaranteed rate is often the better fit.
Working with an advisor
What the first meeting looks like
It runs about an hour, at a branch or by video. Bring your most recent retirement account statements, a rough number for what you spend in a month, and any pension or Social Security estimate you have. You will leave with a written summary whether or not you open anything.
Advisors are compensated through the broker-dealer, and how they are paid on any recommendation is disclosed to you in writing before you sign. If a Summit deposit product beats the investment option for your situation, they will say so. That happens often with money needed inside three years.
Questions members ask
Is any of this covered by NCUA insurance?
No. Investment and insurance products are not deposits, are not NCUA insured, are not guaranteed by the credit union, and may lose value. Only your deposit accounts at Summit carry federal share insurance.
Should I roll my old 401(k) into an IRA?
Sometimes. An IRA usually gives you far more fund choices, but a large employer plan often has lower fund expenses than anything you can buy retail. Bring the fee disclosure from the old plan and the comparison takes about fifteen minutes.
I have $8,000 and no idea where to start. Is that too small?
No, and there is no minimum to book an appointment. For a first-time saver with no emergency fund, the advice is frequently to build three months of expenses in a high-yield savings account first and invest after that.
What is the difference between an advisor here and one at a brokerage?
The licensing is the same and the products largely overlap. The practical difference is that your advisor can see your whole picture at Summit, including the mortgage and the certificates, so the recommendation accounts for debt you already carry.
Can I move money back out if I change my mind?
Yes, though it depends on the product. Mutual funds and brokerage accounts can generally be sold on any business day at whatever the price is that day, which may be less than you put in. Annuities often carry surrender charges for a set number of years, and that schedule is disclosed before you sign.
One hour, no cost, no obligation
Bring your statements and a rough monthly budget. You will leave with a written summary.