Discover the power of simple, focused strategy through the metaphor of a "strategic napkin," and explore how effective execution and communication can turn bold ideas into impactful action.

Execution: Unfolding our Strategic Napkin

Having been raised by an English teacher, my love for words and learning were nurtured and encouraged from an early age. As I started my career in credit unions, I fell in love quickly with the strategic documents I eventually had the opportunity to support crafting. The research, the collaboration, and the writing were all energizing. Over time, I observed that not everyone in the organization felt as much engagement with a thoughtfully produced, well-bound, beautifully designed, hundreds-of-page strategy document.

During my time at Bethpage Federal Credit Union, as I worked with Kirk Kordeleski and Linda Armyn on strategy, I felt the power of strategy well communicated. Everyone across the organization understood the simply articulated calling for impact. The strategy underneath was complex and took years to create. The way the credit union’s strategy was shared brought together human beings from diffuse operating units and with diverse perspectives and created seamless alignment.

Strategy is complicated. Sharing it should be easy. To achieve the impossible, leaders must bring bold action to life through a well-articulated, focused, engaging, and simple set of short statements. At Community Financial Credit Union, we share our strategy on a paper napkin to manifest that concept. The idea started metaphorically and is now a physical representation of our brand and future.

Many of the most legendary strategies were crafted over a coffee or beverage of choice on a napkin. Shifting from a big binder to a paper napkin ensures our intentionality stays intact and pushes us toward concise messaging, shareability, and accessibility. Metaphorically, the flexibility of paper folding and the infinite possibilities a humble piece of paper provides are remarkable.

Our napkin also supports our iterative approach to strategy. It’s a physical manifestation of our commitment and flexibility in an incredibly dynamic world where the change we are experiencing today is the slowest we will ever experience. Our strategic napkin enables living ideas. While some elements remain constant, portions evolve and improve, and we continue to iterate.

Strategy represents taking charge of your own destiny. It forces leaders to stay where they should be, imagining and building a future of impact. Strategy is not a plan with clear next steps and doesn’t represent an inevitable destiny. It jolts us from the comfort of routine that we as humans crave and requires us to envision what might be possible. It calls us to dream boldly about solving our members’ most significant challenges in compelling new ways.

As much as I adore strategy and dreaming about the impossible, the best strategies only create impact if they are well executed. The bridge between strategy and execution must be steady and sound for an organization to thrive. It’s a common misconception that organizations primarily falter due to lacking tactical planning. More often, if there are disagreements about the steps to be taken, the root cause can be traced back to ambiguities in strategy or vision itself. As David Lancefield, in his article for HBR, "

Don’t Let Distractions Derail Your Company’s Strategy

," points out, distractions can lead organizations astray. External pressures such as market shifts, competitive actions, or internal dynamics like overconfidence or lack of support can cloud strategic focus, leading to what appear to be execution failures.

Lancefield elaborates further on how distractions can derail strategic intent. He suggests that leaders delve deep into the nature of distractions, calling them out and understanding their implications for strategy. This self-awareness helps distinguish between harmful distractions and those that could be strategic opportunities.

Today’s world elevates bountiful distractions. A leadership team must support one another to discern what inputs should be considerations for strategic updates and what noise should be ignored and discarded in honor of excellence in execution. At Community Financial, we lead a rolling three-year strategic cycle and review and iterate on that plan quarterly. This provides a nimble approach to shifting our strategic target in real-time. We host ongoing conversations with different groups of human beings, sharing new insights, learning from listening posts with members, research, and expert brainfood. The operational discipline to create space for strategy hones our detection system for distractions, and our growing project management office insists on discipline. We’ve also created structures for innovation, as Dennis Campbell and Luis G Dopico outline in the 

.” We know that we must protect BOTH innovation and execution and the two need space from one another.

Leaders must build the muscle to distinguish between strategic shortcomings and execution failures to nurture the success of both. Consider:

Excellence in organizational communication takes ongoing discipline and must be codified by the executive team and across all other levels of leadership. Building the practice for cascading matters so that the responsibility and ownership do not solely reside with executives who make large decisions but also with the next tier of leaders empowered to increase the level of buy-in at all levels of the organization. For instance, if the executive team decides to launch a new product without partnering with the training and marketing teams, the ensuing chaos is not a strategy failure but a lapse in execution.

The key to successful execution in the face of strategic distractions lies in robust communication and realistic appraisal of organizational capabilities and external factors. Leaders must ensure that every segment of the organization understands the overarching strategy and their specific roles in its execution. One way to reinforce this daily through communication is to leave a team asking, “What might you do today to help us carry this forward?”

Recurring misfires or launch instability might sometimes be mistaken for strategic errors. However, these are typically execution errors where the systems in place fail to meet the strategic standards set. Often, executive teams “don’t know what they don’t know” about the systems that might either be aging or simply being embraced based on historical practices rather than being the best solutions or approaches.

External reviews of long-standing operational commitments can remove bias and the human resistance to change. Taken a step further, forensic vulnerability tests explore opportunities for efficiencies and may identify unknown risks that can stifle execution.

Chronic delays might indicate a more profound strategic misalignment or even organizational structure gaps. Isolated incidents where reasonable timelines are not met usually indicate execution inefficiencies. Building a practice for the review of execution across projects with a simple framework of asking “What went well?” and “What might we do better?” and cataloging those learnings over time can not only support the organization in continuous improvement, it helps a team take even more pride in how they are contributing to the growth in the organization’s capacity for execution.

Distinguishing between strategic gaps and execution issues requires a tuned eye, a humble curiosity, and a nuanced understanding of organizational dynamics. Turning strategic distractions into opportunities requires a proactive leadership approach that integrates feedback, refines even our favorite strategic commitments, and aligns them with practical execution plans led by a disciplined project management team. By addressing execution issues directly and refining strategies to accommodate real-world challenges and distractions, organizations can bridge the gap between plan and action, turning strategic visions into realized successes.

As your strategic napkin unfolds, we face a vibrant opportunity to change lives for the better and live up to the vision the founders of our movement had for the potential of the cooperative finance model at a time when human beings need credit unions most. Strategy and execution live together as balanced partners. Our members depend on that balance remaining, and our organizations will thrive when we bring both to life exceptionally well.

orsa, the credit union you knew as Community Financial Credit Union (CFCU)
Content before 2026 may contain references to our former name.

Execution: Unfolding our Strategic Napkin Blog Content

Discover how the future of payments is reshaping the financial industry, with insights on trends like digital wallets, embedded banking, and AI, and why credit unions must innovate to stay competitive and engage members.

Smashing our Piggy Banks: The Future of Payments

In an organization whose values start with belonging, we relish our quirks. One of mine is my disdain for piggy banks in credit union marketing. We have other metaphors at our disposal that elevate our story. My opinion is well known to those who work closely with me, and one day during my tenure at 

, the team loaded my office with leftover logoed piggy banks. I appreciate a good prank.

Despite my belief that they should not be leveraged to share our story as an industry, I did grow up with a piggy bank. I still have it. In fact, in my formative years, birthday money or coins I found on Hillsdale’s sidewalks landed in that unsafe vault. On the other hand, my daughter MacKenzie has never used cash unless it came from one of her grandparents. When I first began assigning her chores and agreed to an allowance, I quickly found 

 because I felt tremendous guilt every week when she asked for her allowance, and I never had the cash. She’s had a debit card and an app allowing her to “spend, save, and give” since she was nine years old. Not only is she learning foundational financial habits, but her payment experience will never include cash or checks. Unless I worked for a credit union, she would not understand the words “checking account.”

This shift in payments, like many current trends, unfolded rapidly. For decades, electronic payments have transformed the commerce landscape, painting every transaction with the brushstrokes of convenience and innovation. Gone are the days of cash being queen. Today, a mere tap or click suffices to complete transactions from mundane everyday expenses to those special purchases that may very well represent an impossible dream or two.

This evolution began with credit cards, which Bank of America first sent to a few customers in California in 1958. In 1966, they released the famous BankAmericard, which eventually became VISA. In a short period of time, consumers gained purchasing power that fueled our economy and taught wallets to hold less yet carry more. By 1974, the Equal Credit Opportunity Act ensured that women could apply for a credit card in their own name by making it illegal to discriminate against an applicant based on gender (yes, that was just 50 years ago). 

More about the fascinating history of credit cards can be found in this Forbes 2021 article

Today, electronic payments are more than a method. They are a movement. They connect crafters on Etsy to buyers and concertgoers with the latest merch to re-live the memories of epic summer evenings. They empower donations at the pace of a heartbeat, supporting causes with local and global footprints. They are an intrinsic part of what it means to be a 21st-century human. This progression to holding our financial identities in the cloud allows us to go from one purchase to another, making way for platforms like PayPal, Venmo, Apple Pay, and many others to emerge. Keeping an eye on these players keeps me up at night. Ron Shevlin coined the phrase “paycheck motels,” noting that these tools are places where funds spend time temporarily, with transactions so seamless that they conclude before the echo of a tap fades.

The natural evolution of electronic payments led to the demand for even more speed. As the May 2, 2024, article, “

Are Real-Time Payments Near an Inflection Point? Bank of America Thinks So

” by PYMNTS points out, there are a host of use cases and consumer demands for faster payments including access to earned wages, businesses paying suppliers more rapidly, insurance disbursements, and much more. People want more access, and they want it now. This demand will only accelerate with the next generation of members.

In a space with this much change, credit unions risk irrelevancy even if we remove the piggy banks from our marketing. With strategy and exceptional partners, we have reason to hold our hope close. Credit union executives seeking relevancy for our cooperative system must look at what the future of the human experience of payments holds beyond 2024. Although there are many trends worth paying attention to, here are my top four:

These ever-present choices are ubiquitous, and they will continue evolving. For consumers, this may look like further adoption of digital wallets and improvements over 

. I sense that the enhanced security of these features will push consumers and businesses alike to embrace this method once technology catches up to its promises. For businesses of any size, omnipresent solutions mean simplifying and consolidating platforms and vendors. From website payments to in-person transactions to mobile payments, many merchants today use different vendors for each payment method. Soon, they will be able to manage them under one simplified platform. One example worth learning from is the 

, as technology companies integrate financial products within their apps and website-embedded banking, it is anticipated that the number will grow from $2.7 trillion to $7 trillion between 2021 and 2026 in the United States alone. Tom Sullivan writes about many examples of embedded finance for Plaid in “

What is Embedded Finance? 4 Ways it will Change Fintech

.” One such example is Shopify Balance, which allows businesses to weave payments and account services nearly seamlessly into their platforms to enhance customer experience and drive new revenue opportunities.

As with many other parts of our business, AI will continue to mature and transform payments. For credit union executives, the 

 is a benchmark to follow closely. It provides insights into the AI maturity and capabilities of the 50 largest banks globally in four dimensions: talent (capability and development), innovation (research, patents, ventures, ecosystem), leadership (in public communications and strategy), and transparency (of responsible AI activities). Wired’s “

How Artificial Intelligence is Transforming Payments

” has three ideas about how AI may lead to payments innovation, including natural language spending analysis of spending. It’s just the beginning.

New business model considerations, such as 

In practice, this may look like our experience when using a ride-hailing app. Funds are transferred to the app by the rider or riders if you are splitting with others; a portion of the funds belong to the driver, some might go to a merchant in the event of a delivery, etc. All occur within one ecosystem. It is convenient for people and opens new opportunities for treasury management.

In a world where the MacKenzie’s of the world start their lives with apps and debit cards, McKinsey’s “

On the cusp of the next payments era: Future opportunities for banks

” points to a few emerging opportunities to consider:

A strong payments strategy helps to ease liquidity pressures. Resilient organizations that can pivot their deposit strategies to match new trends in buying consumer behavior will win the war for deposits.

Financial fraud will continue to grow in sophistication, and with it, credit unions must leverage generative AI solutions to automate and accelerate productivity in fraud detection and prevention.

With thinner margins, credit unions have a mandate to reduce operating costs. An effective way to do so is by modernizing our tech stack. McKinsey’s Operating Model Index, compiled from research across 150 leading financial institutions, finds that 

those scoring higher on operating-model maturity tend to grow faster—by 20 percent on average—and to be more profitable

For our credit union members, transactions transcend mere monetary transfers. Embracing the new wave of innovation in payments is not just a new way to transact. Payments are one of the more embedded connection points with our members and can engage our members with our brand more than any other touch point. Done well and with the right partners, payments can ignite loyalty, grow “stickiness” to the organization, and drive revenue. It’s time to smash our piggy banks and advance our payment strategy as a driver of our core business.

Smashing our Piggy Banks Blog Content

Gratitude and courage are at the heart of effective leadership. Learn how showing vulnerability, supporting your team through setbacks, and empowering others can help grow exceptional leaders in any organization.

Gratitude and Courage: Foundations of Leadership for Today

When I participated in a strategy session several months ago, I was directed to select two attributes from a pile of cards that best reflected my leadership ethos. From a swath of more than 40, each card with one attribute written across the top, I selected Gratitude and Courage. I carried those two words around with me for the rest of that day and upon returning to my desk, pinned them on the bulletin board where they are still stuck today.

Thankful for the good in life, expresses thanks, feels blessed.

Shows valor, doesn’t shrink from threat or challenge, faces fears, speaks up for what’s right.

In reflection, I couldn’t have imagined two attributes could so completely frame how I see the world. Yet, courage and gratitude have long been the foundations of my work. They have helped me grow strong strategic leaders who value innovation and progress, and more meaningfully, gifted me a network of humans with whom I have shared deep belly laughs, tears of triumph, and many momentous occasions.

Without a doubt, I’ve been incredibly lucky to walk alongside some of the most driven and talented individuals in the creative and credit union industries. To see my teammates, good souls I’ve coached and supported in their brilliance and careers, grow into exceptional leaders in new executive level positions is amongst my most valued life experiences. I am so very fortunate to call many of them my friends, whether we still work together or not, because of the time we spent together in our careers.

It took time for me to understand what my leadership looked like, to understand who I was and how I wanted to show up for others, influenced heavily by what I appreciated in my mentors and what I knew did not serve me well.

Your vulnerability matters. When it’s hard and when it’s fun.

Show up for them when it didn’t go well. 

Rarely is anyone better at letting us know we’ve screwed up than the voice in our head. We usually don’t need someone else telling us we should have done better. Instead, we need someone we trust telling us to get back in the game.

When they have a setback, ask yourself what your role as their leader was. 

Knowing what you could you have done differently sizes the conversation appropriately. You both get a shot to do better.

Tell your leader and your colleagues about this someone special. Position their path to success with their desires in mind. You shine when they shine.

Tell them just how great they are and mean it.

Reflect to them all the gifts you see. Point out when those strengths show up in their work and share how those gifts could be even more impactful.

Believe in them when they don’t believe in themselves.

Doing new things is so hard, it can be all-consuming. I’ve especially found this to be true for high performers who want everything to go right. Ask questions. Quiet doubt by answering challenges together.

It’s not always sunshine and rainbows. Know when it’s time to call a teammate out on their stuff.

Help them lean into their own gut. Leave pause and space for thoughtfulness. Ask bigger questions than you’ve been asked. Create reflection and spur curiosity.

Be brave and bold in your own shoes. Take calculated moonshots. Celebrate when they work out. Be sad when they don’t. In both cases, keep going.

For the big stuff. For the little things. For being them. For the gift to be a part of their career journey.

The very most important work we can do in executive leadership is to grow more leaders.

For our organizations, for the future of the industry, and for them, as humans.

For the dreams they’ve recognized and for the ones you’ll bring to life together.

I can think of no greater gift for us all than to show our teammates what they are truly capable of, and support them through it.

Gratitude and Courage: Foundations of Leadership for Today Blog Content

Explore key insights from a powerful discussion on closing the equity gap for women, tackling challenges in leadership, the dream gap, and the bold steps necessary to achieve 50/50 gender parity in the workplace and beyond.

We Can Do Better. It’s time for 50/50.

Last night, we inched closer to overcoming the equity gap. I am filled with a renewed sense of purpose and hope as I reflect on our spirited discussions at the Garden Theater in Detroit, where Community Financial Credit Union hosted a fireside chat event centered on Closing the Equity Gap. Alongside Lori Kitchen-Buschel, Teri Kuehn, and Teresa Freeborn, we ventured into hard conversations about the barriers women face and the seeds of action we can plant today for a flourishing tomorrow.

The equity gap for women is a complex tapestry woven from threads of deep-rooted archaic systems and economic, health, and social disparities. These gaps aren't solely about numbers on a paycheck but encompass the broader dreams and opportunities girls glimpse in their formative years and carry into their futures. Teresa Freeborn brought this to light with her insights, underscored by a life of achievements and sorrows that reminds us of the journey ahead to achieve true 50/50 parity in executive teams across all industries and boardrooms. In 2023, 

women CEOs finally outnumbered CEOs named John

. Men named John represent only 3.27% of the United States population and, until recently, had greater representation than women among S&P 500 CEOs.

The dialogue took a deeply personal turn as we shared our experiences with discrimination and the solitude that can accompany leadership roles. The dual female leadership at Community Financial Credit Union, which Teri Kuehn and I share, serves as a beacon of what is possible when women ascend to positions of power. Yet, the climb can reveal daunting challenges.

 sheds light on the harsh realities many women face, including those impacted by domestic violence, which First Step so courageously serves. Our workplaces must become havens that support survivors, with policies that reflect understanding and action. This isn't just an act of compassion. It's a strategic move towards closing this gap.

The visibility of women in leadership, particularly in sectors like credit unions, is often more illusion than reality. As Teresa Freeborn highlighted, female leadership at the top becomes rarer as organizations grow. This pattern needs immediate attention and action to ensure women's representation is genuine and widespread.

The audience challenged us during our robust question-and-answer session to advance the conversation regarding diverse women. According to 

McKinsey’s 2023 Women in the Workplace report

, women are about one in four C-suite leaders. Only one in 16 are minority women. The panel recognized the need to move this forward in upcoming discussions, to understand what leads to these disparities, and to take action to narrow these even more extreme gaps.

My daughter, MacKenzie, asked the panel to move beyond the equity gap to address the dream gap. We shared how important it is to invite girls and women to dream without boundaries and to map what’s possible. We also explored how seeing women in leadership roles helps lift that dream lid. One of the highlights of the evening for me was after the event when a team leader from the credit union said to me, “Tansley, when I become a ceo, I will invite you to be on my panel.” Her confident statement of “when I become” gave me chills and demonstrated the necessity to share our stories, no matter how difficult. The dream gap lifts when we paint a picture of the impossible.

We explored the power of optimism in seeing progress. Yet, we must not be confused about how wide the gap still is. I shared with the group that I have been painfully surprised by my experience of the last two years. Having earned the president & ceo opportunity at Community Financial Credit Union, I believed negative experiences based on gender would be better. The opposite has been true, and across a host of spaces, I have been treated more poorly since stepping into the role. I am transforming this burden into fuel to provide better experiences for leaders. Our past wins have generated momentum that we need to accelerate.

To the girls who joined us, you are the embers of hope. The promise of change – to the young women just starting their journeys, to the mothers, mentors, and allies who guide them: nurture resilience, embrace mentorship, and build support networks as strong as braided hair, intertwining strength with gentleness.

Can 50/50 parity be achieved? Absolutely. A 2022 study conducted by 

 identified ten organizations within the S&P 500 that have achieved it. They are women-led organizations and half count on a female board chair.

Imagine, if you will, a world a decade from now where the barriers we discuss today are relics of the past. It’s a bold dream. Some may call it impossible. But it is within our reach. Each of us has a role to play in this transformation. Challenge the norms, advocate for fair policies, support women-led enterprises, and educate the young to recognize and challenge biases.

This discussion was essential, and we will continue the conversation, and more change must happen. It’s time to act, to advance with purpose, to be impatient, and to ensure that the world our daughters step into celebrates them for no other than the sheer brilliance of their individual and collective potential. The goal must be bold, and we must swiftly commit to increasing the diverse composition in our Board Rooms and executive teams. Let’s close the equity gap with the urgency it demands and, in doing so, create a talent pipeline for future senior leaders able to align with the needs of our ever-evolving society. Our race to 50/50 starts now. What might you do tomorrow to move us there?

We Can Do Better. It's Time for 50/50 Blog Content

Exploring how credit unions can learn from jam bands by embracing flexibility, personalization, and collaborative energy to create memorable, engaging experiences that foster loyalty and ignite passion in members.

Credit Unions' Next Inspiration: Jam Bands

As our credit union conference season heightens, many of you may find yourselves heading to one frequently traveled conference capital: Las Vegas. Outside of my credit union life, I recently saw a Dave Matthews Band concert two nights before America's Credit Unions Governmental Affairs Conference launched at the new 

 at Park MGM. I enjoyed an incredible treat at this show, which projected sound, unlike any other concert I’ve attended. The crystal-clear surround sound was as smooth as soft butter melting.

Another Las Vegas venue that has been getting much attention is the $2.3 Billion 

. After forty U2 concerts, it now hosts yet another two jam bands, currently Phish and Dead & Company, in July 2024. Reading Josh Cornfields’ AP News interview with 

, I started thinking about the unique value jam bands bring to their remarkable followings.

Jam bands ignite a unique approach to music and concerts. Unlike traditional concerts where artists perform a fixed setlist, jam bands often take their basic song structures as mere starting points for exploration. This results in performances where all shows differ, offering a fresh experience even to their most loyal fans. This unpredictability is thrilling; fans revel in the spontaneity and the surprise elements that unfold on stage. Those who enjoy Dave Matthews Band shows with me often speculate for weeks about the set list we might hear and their approach to playing different songs.

In a recent conversation with Randy Harrington on the Despite Impossible podcast (

), Randy shared how he was inspired by the words of author Alan Watts, who described the state of Zen as being deliberately spontaneous. He may not have noticed, but his love for jam bands is likely one reason why the oxymoron of being 

So, what might credit union executives learn from jam bands?

First, an executive team, just like a band, requires strong communication and coordination. The best executive teams are inspired by new ideas, and they build upon them collaboratively. The result is additive. Members of these bands are typically highly skilled musicians who are adept at their instruments and excel in harmonizing with each other's improvisational flights. There is space for everyone to shine under the spotlight of a solo. The band (or the credit union) allows it. It enforces the performance, leading to that individual performing their craft at their best, regardless of whether the craft is playing the guitar, forecasting financials, or leading an enterprise risk management effort.

Jam bands cultivate a communal atmosphere in their performances, fostering a sense of unity and shared experience among fans. The band's reciprocal energy and engagement with the audience nurtures such dedication, making each performance a concert and communal celebration. Could being part of a financial cooperative become part of a cultural sharing experience? Credit unions ignite impossible dreams for human beings. I believe our industry can light up passionate emotions and thereby encourage the best performance from our talented team members as they find creative ways for our members to fulfill their impossible dreams.

The cornerstone of these bands is their exceptional approach to differentiation. They realize that experiences are unique, there is flow, and they transform each concert into an exclusive event. As credit unions, we can enhance the approach to personalization of our service through improvisation. Our closeness to our communities allows us to tailor offerings that significantly enhance member satisfaction and loyalty.

Credit unions can build joy. Our engagement strategy can mirror the experiences that the Grateful Dead’s devoted fans enjoyed by fostering a welcoming environment, connection, delightful surprises, and encouraging interactions between the credit union and its communities and among members themselves. This energy can transform brand awareness for our industry and grow a loyal community.

We can create engagement. Jam bands are known for their extended events. After Grateful Dead concerts, you might find a three-cheese gooey grilled cheese sandwich to devour. A credit union can similarly turn its offerings into experiences that go beyond the transactional. Creating memorable, engaging moments is not limited to the confines of a branch, a website, or a mobile banking app. In what ways might we connect emotionally with our members and the broader community?

Adapting to feedback in real-time is a jam band’s superpower. They consistently adapt their performances based on the live feedback from the audience during a show. Similarly, credit unions must relentlessly build that listening superpower. It can lead to 

The improvisational nature of jam bands shows a readiness to be spontaneous and flexible, responding to the moment. In the ever-changing environment of our credit union system, we can embrace flexibility in our operations, allowing for spontaneous decisions that enhance member service and operational efficiency. This is why strategy must be iterative. It is a living and breathing system that consistently plays off the change in tune and direction. When fluently executed, the result is nothing short of epic.

Credit unions understand their members and communities in an important and unique way. We can learn from the experiences jam bands bring to life and continue to build raving fans and an even stronger reputation as organizations that change lives and make the experience of financial services full of joy. Let’s build together toward the day when we walk into a conference hall, exchanging credit union stories as if they were recordings from live performances in a jam band community. And, if you have a chance to experience the live music of a jam band or otherwise, please share your experience with me. As the Grateful Dead sang, “…at least I’m enjoying the ride.”

Credit Union's Next Inspiration: Jam Bands Blog Content

A 90-day action plan to determine what to do with your inheritance—how to evaluate, save, invest it and more.

How to Overcome Inheritance Paralysis

Disclaimer: The information provided is not intended as tax or legal advice and may not be relied on for purposes of avoiding any federal tax penalties. We encourage you to seek specific advice from your personal tax or legal counsel.

Losing a loved-one such as a parent can feel impossible. Not only emotionally, but also, although less so, logistically when considering the many financial to-dos.

We’re here to guide you through the financial logistics of inheriting money or assets. First, we'll help you identify what to tackle first, and which items can wait until after you've had some time to grieve and cope. Second, you'll learn how to navigate how an inheritance can affect your overall financial situation, including your net worth snapshot, cash flow, investments, debt, savings, taxes, and your own estate plan. We'll help you understand how an inheritance will impact each of the 10 themes of financial planning, what we recommend you do, and when.

We know it's hard. But, we can at least guide you through the logistics.

Over the years, we’ve had clients, and children of clients, come to us for advice regarding a recent inheritance. Many have been visibly overwhelmed and feel like a deer caught in headlights. Understandably so, as an inheritance can profoundly impact our personal finances and leave us with a deeply emotional responsibility to “do the right thing, at the right time” with the funds.

 We’ve found that prioritizing inheritance to-dos into digestible 30-day, 60-day, and 90-day items can remove some of the stress and burden.

Assuming the estate has been settled and assets have been distributed, you may be looking at more investments than you’ve ever had, and perhaps more cash than you’re used to having. And, you may be wondering: 

What do I need to do first? Keep these positions? Sell these positions? Buy stocks? Buy mutual funds? Pay off my mortgage? Max out the kids’ college plans? Hire an advisor? Fire the advisor? Decrease my life insurance? Increase my life insurance? When should I reevaluate all of these decisions?

Phase 1, First 30 Days: Evaluate Everything, Buy and Sell (Nearly) Nothing

The first 30 days after you receive an inheritance should be about evaluating and understanding your full financial picture. During this time, we recommend not rushing into purchasing any big ticket items, or making substantial monetary commitments like paying down a mortgage, buying a house, maxing out kids’ college funds, or major investments. If possible, consider leaving any inherited investment positions as they are (within reason, and please a professional to discuss this in detail if you have any questions) to allow yourself time to evaluate what you have.

Commit to conduct a deep review of your finances. Pull up to the table with a big cup of coffee and look at what you have. Have each account statement available and assemble a detailed list of every asset you have, including newly inherited items (e.g., cash accounts, investment and retirement accounts, real estate, kids' college plans, bonds) and liabilities (e.g., personal debt, credit debt, student debt, mortgage/real estate, auto debt). For each every kind of debt you're carrying, you should know the remaining balance, payment terms, and the interest rate.

Review your cash flow before and after you received inheritance. If you’ve already created a budget, you probably know how much extra or deficit you have each month and where any extra funds should go. If you haven’t created a budget yet, now’s a good time to start. Make sure you know where, and how much of the inheritance you should spend.

 insurance on any substantial collectibles like art or jewelry if you've inherited any significant pieces.

: Consider not making any substantial changes in any inherited investment account in the first 30 days of inheritance to allow for time to evaluate and analyze your full investment portfolio. It's also a good time take a step back, digest what has happened, and get things in order.

The next 60 days are about making a plan for your investments and overall finances, and taking small steps to implement it. At this point, you should know where your assets are, how much they are, and how much (more or less) is in each account. You should understand how accounts are titled (outright in your name, in IRAs, or in trust; these titles are typically listed on each statement and have different tax impacts when withdrawing cash from them) and what is accessible to you for spending or saving.

By now you have a sense of what you have and how much you spend. And, you may be asking yourself 

If you’ve inherited money, do you know where it should go (e.g., savings, retirement, college plans, paying down debt, emergency cash reserve)? We recommend tackling things in the following order:

Pay down expensive debt such as high interest credit card or personal debt. And pay off your credit cards each month, no excuses!

 You never know when you'll need to pull cash from your rainy day fund.

If you have student debt, make a plan to pay if off.

Save for retirement by maxing out your employer retirement funds to at least get the “free” employer match. And, if possible, put the 

 allowable by the IRS into your account each year. Consider allocating funds to other tax deferred accounts like IRAs if you are 

Plan for college savings. Know how much your kids will need for college and then decide how much you want to contribute to their education. Come up with a plan to allocate funds to their college savings accounts every month.

Evaluate paying down your mortgage or refinancing your mortgage. Review your current (and perhaps floating) interest rate, what you pay each month, what the payment terms are, and if you have any prepayment penalties. Compare your interest rate to current 

, and what you could make if you invested excess cash in the market. Typically, this decision ends up being a emotional one, not a financial one. Most people simply want to pay off their mortgage so they can be debt free, even if they think they can make more by leaving that capital in the investment markets. We’re a fan of debt free 

 the markets. This decision is a personal one.

 Consider changing how much life insurance you have. You may be able to decrease or eliminate it by self-insuring. This allows your assets to provide for your loved ones, instead of insurance, after you pass. We've also seen people 

their life insurance after an inheritance, believing more assets will be required to keep up with a new standard of living.

 If you’ve inherited a portfolio of investments like stocks, bonds. or mutual funds, now is the time to take a deep dive into evaluating what you have.

First, understand what you are invested in (if they are mutual funds, individual stocks, or bonds/bond funds), if you're comfortable with the holdings, and if the overall asset allocation mix is appropriate for you.

Determine your asset allocation and risk. Many times we see inherited portfolios having a more conservative allocation (more weighting to conservative fixed income or bonds, than riskier stock or equity positions) than what would be appropriate for a younger, inheriting heir. However, we strongly caution there is no right answer to what someone’s allocation should be based on their age. This is a decision people must make on their own. There are a lot of free tools out there to determine an appropriate asset allocation mix for you based on your comfort, portfolio size and overall risk tolerance.

If you have inherited an IRA, you must follow the 

 to avoid costly distributions. You will have to take a required minimum distribution each year. Your IRA custodian can you assist with this transaction.

If you have inherited a substantial amount of inheritance, it may impact your taxes. This is because your assets 

 put you into a higher income tax bracket. Consider chatting with a professional to understand this completely.

The last phase of navigating your inheritance is finalizing and executing your plan, and developing a process to monitor your financial situation.

You should know where that “next dollar should go” and execute this plan. If you’ve paid down all expensive debt, student debt, are maxing out retirement accounts, and want to add funds to your children’s 529s, then set up a plan to do that regularly.

 Revisit your own estate plan. If you've inherited significant assets, it's important that you review your estate plan to determine what documents you’ll need in place.

: Consider umbrella coverage. We also recommend that you revisit your home / auto coverage if you’ve inherited significant assets, as it may impact the most appropriate deductible and coverage.

 Devise a plan to continue to monitor your investments and retirement plan. You’ll need to keep an eye on your overall allocation as the markets move and overtime as you near retirement.


It is important to understand that nothing in this content should be considered personalized investment, financial, tax or legal advice.

How to Overcome Inheritance Paralysis Blog Content

Tansley Stearns discusses how orsa credit union is using technology to foster stronger member relationships, emphasizing the importance of listening, co-creation, and innovation in delivering personalized financial solutions.

Stop. Collaborate (in Tech) through Listening

Credit unions stand at the crossroads of tradition and innovation in an era marked by relentless technological evolution. Maintaining relevance in the face of rapid change is daunting, yet it also presents a unique opportunity. At its core, technology offers a powerful medium to foster deeper connections with our most important constituents—our members. To thrive, credit unions must reimagine technology as a tool for operational efficiency and as a dynamic facilitator of dialogue and understanding.

Listening is the cornerstone of any meaningful relationship. In the context of financial services, it transcends the act of hearing member requests or responding to complaints. Authentic listening involves an ongoing, proactive engagement with members’ evolving needs, expectations, and their impossible dreams. It requires a shift from a transaction-based approach to a relationship-driven one, where feedback loops are not just member service mechanisms but foundational elements of product design and delivery.

orsa credit union has embedded this philosophy deeply within its innovation strategy. By prioritizing listening and committing to “optimizing our machine,” we aim to anticipate needs before they become apparent. This proactive stance is made possible through the strategic deployment of technology—collecting and analyzing data to predict trends and personalize experiences. In the last 18 months, we have grown partnerships with 

Our superpower of listening has also led us to develop in-house solutions. This approach allows us to experiment freely, tailoring solutions as unique as our members. We launched solutions like our One Pride CD, which allowed members to celebrate orsa’s proud partnership with the 

 throughout their magnificent season. The CD rate went up by 25 basis points when they scored the game's first touchdown. Just this April 1, we launched our 

This approach enhances our agility and strengthens our ability to listen. It integrates member feedback directly into the development cycle and invites us to engage our talented teams in building for the future. When asked the “build or buy” question, the answer must be “and yes.”

And we don’t stop there. We invite our partners to experiment and co-create with us. It is a radical act of trust and inclusivity. It transforms those we work with, from vendors and service providers to active participants in the innovation process that our strategy demands. In just a few weeks, we will spend an entire day sharing our strategy, addressing our gaps and chasms, and co-creating solutions that mirror the timeline of our three-year strategy. Such engagement bolsters relations with our current partners and creates even more possibilities for those partners to better serve the needs of credit unions nationwide.

Our investment extends beyond the digital interfaces and into the very fabric of the communities we serve. By investing in community-driven technological solutions, we foster an ecosystem of co-creation. These initiatives provide platforms where insights from diverse community members can be harnessed to develop culturally nuanced and broadly beneficial solutions. One such collaboration is our 

. Training our team to navigate the heavy impact of cancer diagnosis with our members adds a compelling and unique dimension to our service delivery. It also invests in the team we wish to grow. Through listening to those impacted by cancer, we understand that it affects physical and emotional well-being and can threaten financial stability. We seek to provide scalable experimentation while also enriching our understanding of the multifaceted role Community Financial can play in societal advancement. We are only getting started.

In our strategic framework, perfection is the enemy of progress. Our strategy is inherently iterative, reflecting our understanding that change is constant, and adaptability is critical. Technology plays a crucial role here, enabling us to implement changes swiftly and efficiently. Risk is managed through testing and learning cycles, ensuring that innovations are impactful and aligned with our strategic objectives. This iterative process is not about frequent change for its own sake but about enhancing our capacity to listen and adapt responsively.

Our interest in new digital payment platforms exemplifies our commitment to harnessing technology for better connectivity. These platforms represent the next frontier in financial transactions, offering speed, security, and convenience. More importantly, they reflect our dedication to meeting our members where they are, embracing technologies that resonate with their lifestyles and preferences.

For credit union executives, the message is clear: Technology is not merely a business tool but a manifestation of our commitment to listening and connecting with our members. It invests in our future members and ensures we meet them where they wish to be. As we navigate the complexities of the financial services landscape, our success will increasingly depend on our ability to leverage technology to reinforce trust, foster genuine relationships, and build a responsive, inclusive financial ecosystem. The future of finance is not just about managing wealth—it’s about nurturing relationships, and technology sets the table for ongoing investment in those growing connections.

Stop. Collaborate in Tech. And Listen. Blog Content

Learn how to recognize and overcome self-sabotage in organizations, with practical strategies for leaders to navigate change, enhance execution, and create sustainable success.

Sabotaging Strategy

Rigidly following that 16-week training plan we hunted down for the Cherry Blossom 10-miler, only to get caught up in the excitement of race day and feel our PR swept away with a hasty decision.

Setting aside time for ourselves and our partners to make some of the heavy decisions ahead, and instead getting distracted by the immediacy of right now.

Getting a strategic initiative to 98% complete, just to stop short of doing what it takes for successful implementation.

If we look closely at those examples, we can see that many times sabotage is rooted in preservation and employed to avoid discomfort and change.

Sabotage is a mechanism we use to keep pain at bay.

In the examples above, we might see that pain avoidance as a short walk in a tough mile 9, or the swiping of a screen instead of impassioned conversation, or the dodging of the change anchor that fuels organizational behavior and performance.

Sabotage is not always intentional. Although it can be.

Perhaps what’s more concerning is when sabotage becomes common practice, when we develop a familiarity with a habit of debilitating impacts.

, we know that when interconnected neurons become active during a particular event, their connection strengthens and a memory of this event is formed. The saying goes, “neurons wired together fire together.”

The more we run those neural circuits, the stronger those connections become and it's one of the reasons it’s so difficult for humans to find their way through new and different challenges. We have those familiar practices on lock, and we crave comfort.

Are our organizations snuggled up on the proverbial sofa lounging in their favorite comfy pants? If we are constantly seeking safety in a time when safety doesn’t equal sustainability, what does this mean for our credit unions?

There are many change management practices designed to support organizations and their teams through those cycles, and over the years, I’ve found a few ways to help my colleagues embrace new connections within them.

Understandably, project teams are immersed in detail and ensuring interdependencies are tightened and accounted for. As an executive sponsor, show up, take a high-level perspective, identify what’s not being said, recall the strategic imperative, keep coming back to it, and demonstrate your passion for results.

It’s a small step and an easy one. The language we use when referencing an initiative frames why the change is important. Maybe you’re launching Project Freedom, a new loan consolidation product. Maybe it’s Investing in You, a workforce succession planning initiative. Or, maybe it’s Comfort Kills, a creativity boosting series for your marketing team. Don’t just name a project, use it every time at every reference to send those neurons into a change intersection.

Too many times we stop at go-live. Maybe we have a few clean-up tasks. Yet at the conclusion of what we typically note as the end, we are essentially at the very beginning. We must still operationalize the change, root it into our everyday practices, and assign ownership to see strategic shifts. When we report to the organization the impact of that work in the first two weeks, six weeks, three months, six months, and at one year, not only have we earned an opportunity to celebrate, but we’ve also established that results are important to us, and they are the way we do business.

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