Financial Services News

Since announcing its partnership with Multi-Bank Securities, Inc. (MBS) in September 2014, the NACo Financial Services team has witnessed eConnectDirect, a platform for members to manage fixed-income investments, gain traction and attention from NACo's members.

Thanks to the support of both MBS and NACo members, the rollout has been largely positive and continues to gain momentum.

At NACo's recent Legislative Conference, Financial Services made it a priority to harness the enthusiasm and insights of both the state association executive directors and financial experts, and received feedback that was both encouraging and optimistic.

Updated Numbers

MBS reported at the conference that it has a total of 60 counties with eConnectDirect. Additionally, MBS reported that NACo's endorsement of the tool has had a positive impact on many prospective user's opinion of the platform.

Since September 2014, MBS sometimes in collaboration with NACo has conducted a multitude of webinars for all local government entities, including 123 for counties. Live webinars earned high praise from several conference attendees; many identified online demonstrations as the easiest way to witness how the tool is user-friendly and straightforward.

Productive Focus Groups

NACo Financial Services and MBS jointly hosted several interested individuals in a focus group meeting for a demonstration of eConnectDirect and discussion about the program.

NACo Financial Services has made keeping the states involved a high priority during this rollout, and this gave the team an opportunity to gain insight from those who have the best interests of counties at heart. Response to the tool was supportive and affirmative, and NACo Financial Services will focus on moving forward with that in mind.

Informative Workshop

In the interest of providing some economic context for both users and non-users of eConnectDirect at the conference, Jim Powell, senior vice president of MBS, joined a panel on the impact of changing interest rates. It was moderated by NACo Chief

Financial Officer Dave Keen, and attendees left with a greater understanding of how interest rate shifts can directly impact county budgets; increased awareness of varying state policies and restrictions; facts about best practices in the investment field, and recommendations for how to cultivate positive relationships with brokers.

Powell was joined by David Messerly of FHLBanks; Richard Gould, treasurer of Greene County, Ohio, and John Tuohy, deputy treasurer of Arlington County, Va.