TMG Financial Services Adds Advisory Services Line, Celebrates 10 Years in Business

Advisory Services product suite offers credit card teams ‘extra set of hands’ 

Credit card agent issuer TMG Financial Services is marking a decade in business with the development of an advisory services arm.

“The firm was originally founded to manage purchased credit card portfolios, and our community financial institution partners will tell you our special brand of people-centric portfolio management has changed the way people think about agent-issuing relationships,” said Eric Schurr, chief strategy officer for TMGFS.

“Over time, however, we found our experts could also be of service to community financial institutions that want to maintain ownership of their card portfolios,” he continued. “Particularly in this rapidly transforming payments marketplace, cards teams are often looking for a second opinion, an extra set of hands or a new game plan altogether.”

Schurr says the Advisory Services suite of products will allow financial institutions and other credit card issuers to take advantage of TMGFS’ team of experts to evolve their own credit card program. The team will apply its knowledge and experience in everything from underwriting and collections to marketing and data analytics to enhance existing credit card portfolios not owned by TMGFS.

A Decade in Credit Cards

Over 10 years in business, TMGFS has grown its portfolio to 120,000 credit cards and boasts $225 million in assets under management. In that time, rates and the associated costs of funds have fluctuated, consumer preferences have shifted and numerous new ways to pay have been introduced to the market.

“Among the larger trends impacting the credit card business over the last decade is the migration of consumer purchasing to the online space,” said Schurr. “Today, e-commerce sales make up nearly 9 percent of overall U.S. sales, up from 3.4 percent in 2007. This is only expected to increase as retailers better integrate online and in-store transactions, and as smart devices, voice assistants and chat bots provide an even more intuitive, personalized shopping experience.

“Payments today are deeply integrated into the purchasing experience,” Schurr continued. “Most merchants allow consumers to store their payment information to make subsequent purchases possible with one click. This has profoundly changed the ‘top of wallet’ challenge for issuing financial institutions.

Founded with three clients, TMGFS has grown to now serve 50 financial institutions and other member-centric organizations.

Nishna Valley Credit Union, one of the first to partner with TMGFS, has maintained its relationship with the firm throughout the decade. “The partnership has just been fantastic for a credit union like ours,” said CEO Tim Marcsisak. “TMGFS gives us an in-demand product we can turn around for members, and it doesn’t cost us any money to do so. We actually earn a small fee to offer a credit card we otherwise couldn’t afford. There’s a huge intangible value, as well, because the product makes our members happy.”

TMG Financial Services (TMGFS) is known for providing collaborative, innovative and consumer-oriented solutions in the payments industry. With comprehensive credit card programs, products and services, TMGFS ensures financial institutions and member-based associations have the tools to thrive in the competitive financial services marketplace. TMGFS was named one of America’s fastest-growing companies by Inc. Magazine and currently has more than 120,000 credit cards and $225 million in assets under management. For more information, visit www.tmgfinancialservices.com