If your financial advisor doesn’t have specialized training in properly structuring a policy designed to maximize the power of the Bank On Yourself concept, and how to use it to become your own source of financing, or he uses the wrong company or product, your plan could grow much more slowly or you could lose some of the tax advantages, or both.
Our research has shown that this concept, and the kind of policy used to maximize the power of the concept, is not even covered in the standard industry training programs taken by agents seeking licenses or designations. And we have found that even most experienced advisors require a year of additional, specialized training in this concept, to become truly proficient at it.
Unfortunately, most financial advisors and insurance agents “don’t know what they don’t know” about Bank On Yourself. You may have heard the saying “A little knowledge can be a dangerous thing,” and in our experience, that’s often true in the case of Bank On Yourself. If you don’t have a trained specialist helping you, it’s all too likely that you won’t experience all of the benefits outlined in the Bank On Yourself $100,000 Challenge.
So Where Do You Find Expert Help?
Requests from folks all over the country for a referral to an advisor who truly understands all the ins and outs of the Bank On Yourself method, and could act as their professional guide, led to the creation of the Bank On Yourself Authorized Advisor Program (also referred to in Pamela Yellen’s first book, Bank On Yourself, as “Certified Advisors”).
Much of the training focuses on how the agent can coach his or her clients through the years to become their own source of financing—ultimately for their entire lifestyle – while maximizing their retirement income in the process.
Today, there are some 200 highly qualified professionals across the United States and Canada who form the core of Bank On Yourself Authorized Advisors. Each is a licensed life insurance agent who has undergone many hours of additional training on the technical details and features that make these policies such a powerful financial tool. They are working every day to generate the kind of success stories shared here and in the Bank on Yourself book.
Each of the 200 Authorized Advisors:
- Have passed a certification test and demonstrated their competency with the concept
- Take continuing education classes
- Work under the guidance of a Bank On Yourself technical and policy-design specialist team that has collectively designed tens of thousands of policies for the concept
- Work with some of the financially strongest life insurance groups in the world, and know which companies have policies that meet all the requirements needed to maximize the power of the concept
The Bank On Yourself Authorized Advisor training program is sponsored by a separate company that was chosen for its outstanding history and success in training advisors to help their clients reach their financial and personal goals without taking any unnecessary risk, through the use of life insurance and annuity products. Admission standards to be accepted into the program are high, and only one out of approximately every 20 applicants is accepted.
Your next step is to request a free Analysis which will get you a referral to a Bank On Yourself Authorized Advisor who can design a custom-tailored program to help you reach your goals and dreams.
If you wish to verify that a financial advisor or insurance agent you already work with or who has told you about this concept is an Authorized Advisor, email firstname.lastname@example.org and provide their full name and state.
Beware of Untrained Advisors
You may be tempted to discuss this with a financial advisor you know or have worked with and ask if they can help you implement Bank On Yourself. Your advisor or agent may mean well, but we have seen over and over again that most don’t know what they don’t know.
That’s why, if you talk to a financial advisor or insurance person who has not thoroughly investigated this concept, or who is not familiar with the proper way to structure the policy, our experience shows that here’s what he or she is likely to tell you:
1. “You should never buy that kind of life insurance.”
Many advisors received little or no training on dividend-paying whole life policies and don’t understand the riders used to super charge the growth of the policy. Adding these riders can grow your cash value significantly faster than it would in a traditionally designed whole life policy.
Most advisors got their training the same place Suze Orman, Dave Ramsey, and 99.9 percent of all advisors got it, and don’t have a clue how the policies used for the Bank On Yourself concept are different. As we explained, most industry training programs don’t cover this type of policy at all, partly because so few companies offer it.
In addition, an advisor who helps a client implement this kind of policy takes a a 50 – 70% pay cut to do it, something many advisors are not willing to do. They take this pay cut because 50 – 70% of your premium will typically be directed into a “paid-up additions rider” that turbo charges the growth of your cash value, but pays the agent virtually no commission.
2. “It’s a good idea, but you should use a different type of policy, like a universal life, indexed universal life, or a variable life policy.”
No other life insurance product comes with as many guarantees as dividend-paying whole life, and it is the only one recommended for Bank On Yourself!
Also, some advisors will try to steer you toward a different product because they are “captive” agents whose contracts restrict them to using only the products of specific companies.
3. “It sounds too good to be true.”
It’s based on an asset class (whole life) that has increased in value every single year for more than 160 years – even when stocks, real estate and other investments tumble. Famous people like Walt Disney and J.C. Penney have also used this time-tested method, as have hundreds of thousand of people of all ages and incomes.
Bank On Yourself is not a magic pill and you won’t get all of these results overnight. However, if you have a little patience and discipline, it can soon turn your financial life around and give you peace of mind for a lifetime.
4. “Oh, I can help you do that.”
As we noted above, most advisors “don’t know what they don’t know,” so buyer beware! And if your advisor tells you he already understands all the important details necessary to help you implement and benefit from Bank On Yourself, you may want to ask him, “If you could have done this for me, why didn’t you?”
Would you like to become a Bank On Yourself Authorized Advisor?
If you’d like to consider becoming a Bank On Yourself Authorized Advisor, we invite you to learn more about the program.