When you need to prepare your taxes, you go to your tax professional.
When you set up your living trust, you go to an estate planning attorney.
When you want to buy or sell a property, you go to a real estate professional.
Foot issues? See a podiatrist. Is your baby is sick? Go to a pediatrician. Kitchen remodel? Hire a contractor that specializes in kitchens. And on and on we can go.
If this sounds like common sense, it’s because it is. The point is we seek out specialists in their field when we have specific goals we want to accomplish. It’s the best way to assure that we get what want-- the best advice from experienced professionals.
When it comes to the Infinite Banking strategy, there are specialists across the United States who have completed the necessary training and been approved by the Nelson Nash Institute to teach and implement the Infinite Banking strategy properly. You can find an authorized practitioner here: https://infinitebanking.org/finder/
Here is why you should only speak to an IBC Authorized Advisor:
Whole Life insurance is a financial product. Infinite Banking is a financial strategy.
There’s no end to the amount of incomplete information about life insurance on the internet.
There are many life insurance options and no one size fits all. Anybody who tells you should only buy a certain type of life insurance product probably isn’t qualified to be giving advice in the first place or have a professional agenda to steer you to something only they can offer.
The best life insurance product is the one that accomplishes an individual’s goals and everybody’s situation and priorities are different. If obtaining life insurance protection is your goal, you should work with a professional who can educate on the pro’s and con’s of all the different life insurance products available.
Taking it a step further, if you are interested in learning more about Infinite Banking, it’s important to know Infinite Banking can be accomplished with different financial products but none as well as a participating Whole Life policy from a mutual life insurance company.
Definition of product: an article or substance that is manufactured or refined for sale.
Definition of strategy: a plan of action or policy designed to achieve a major or overall aim.
If you want to incorporate Infinite Banking into your personal financial picture, then you want a strategy, not a product. To that end, you want a specialist who knows the field better than the rest.
In working with an IBC authorized practitioner, you’ll be working with someone who practices the strategy and can speak about their personal experiences. They should be able to tell you exactly how they’ve used the strategy to build wealth. If they can’t do that, they have not fully implemented IBC.
Furthermore, any advisor can speak about a Whole Life policy but most advisors don’t even own a Whole Life policy let alone practice Infinite Banking. Owning and practicing Infinite Banking with a properly designed IBC Whole Life policy is a world of difference!
In addition to the specific Infinite Banking training they receive, all IBC authorized advisors must own their IBC designed policies in order to be certified practitioners by the Nelson Nash Institute.
It’s worth mentioning that not all Whole Life policies are the same and certainly not up to the criteria needed to be used for Infinite Banking.
Example, people who buy final expense whole life policies technically have a whole life policy but this is far different policy from the type of whole life policy an IBC authorized advisor would use for Infinite Banking. Final expenses have little to no cash value growth and no flexibility or collateral capacity to use for banking purposes.
Another example are Gerber baby policies. These are technically Whole Life policies but they are non-participating policies which means they pay no dividends. They also cannot be used for banking purposes.
Switching gears, it pains me to say that there are advisors who advocate and teach Infinite Banking but are not Infinite Banking authorized advisors. They have not been interviewed by the Nelson Nash Institute, passed the necessary curriculum and gone thru the mentoring program to be approved as an IBC authorized advisor. They contribute nothing to the community of advisors who have committed to upholding the highest levels of integrity to the public who are asking for the Infinite Banking strategy.
All IBC authorized advisors take very seriously a code of ethics to structure and implement only the correct type of Whole Life policies for the Infinite Banking strategy. It’s because advisors were using the Infinite Banking name and peddling different recommendations that Nelson Nash created what was first called the Infinite Banking Institute, later changed to the Nelson Nash Institute by the board of directors to honor Nelson and his legacy.
My advice: work with an IBC authorized advisor who is trained and vetted versus those who fail to meet the requirements and can potentially put you at risk by recommending policies that are not right for the IBC strategy.
If an advisor is promoting IBC but is not a verified advisor on the Nelson Nash Institute website, you should ask him/her why that is.
Action Plan: 3 Steps
1. Connect with an IBC authorized advisor. Get a high level overview and learn the basics of the strategy. If it makes sense logically, request a customized plan.
2. Complete a financial analysis with your IBC authorized advisor.
3. Schedule an online or in-person appointment to review your IBC recommendations. If the plan makes sense for you, start the underwriting process to implement.
JLM Wealth Strategies, Inc.
IBC® Authorized Practitioner