The team of Carlos Lara, Dr. Robert Murphy, David Stearns and I completed an innovative new training program for the financial services industry professional who wish to become practitioners of the Infinite Banking Concept, or IBC. We unveiled this program at the 2013 annual Think Tank Symposium.
You may be asking, why did we develop the program: My answer: Simply because it had to be done! The interest in IBC has been exploding over the years, making a course like this necessary. But first, let me give you the background.
The Infinite Banking Concept is a philosophy I developed by which you could use life insurance policies as a way to “become your own banker.” This meant that you are in charge of the banking function, financing life’s major purchases with loans from your own pool of assets, rather than outside institutions.
When I first developed the concept I was attempting to spread the word through a 2 ½ hour seminar to small groups in our city and, on occasion in other cities in the South. But, the message was “going over the heads” of participants. Over a period of time I realized that I was trying to present too much information in too short of a time frame – after all, this concept is a major paradigm shift for most people, and we all live by a paradigm created by what we have learned in the past.
I re-wrote the course to cover 10 hours of lecturing, and the participants asked me to write a book on the material. That was the beginning of this BYOB.
It was first available, in print, October 1, 2000. It was written to educate the general public about the power of dividend-paying whole life insurance, a power that was being totally overlooked even by life insurance home-office people and their agents because of their mind-sets. Their concentration was centered on the client’s need of protection in the event of premature death and what is the best form of life insurance to perform that function. But they completely overlooked the ability of whole life to satisfy their clients’ need for financing while they were still alive.
Yes, before my book came out, the life companies and their agents clearly demonstrated that one could borrow money from the company and put the cash value up as collateral. But in my 47 years of being involved in the life insurance business, I don’t recall anyone in the business that ever demonstrated that “Your need for finance – during your lifetime – is greater than your need for death protection.” That fact is clearly demonstrated in BECOMING YOUR OWN BANKER and in my follow-up book BUILDING YOUR WAREHOUSE OF WEALTH. This is my contribution to the financial world.
Who is the Book For?
I had no idea of how BYOB would be accepted, but it was extremely attractive to professionals within the financial world. Remember, I did not write it for them – I wrote it for the general public. Even so, financial professionals were responsible for the majority of the sales of the book because they would distribute them to potential clients – in order to do some of their work for them.
Unfortunately, many financial people believed that just because they had read my books, or attended one of my seminars, that they “knew all about IBC” and were qualified to teach others about the subject. But, this isn't the case – my book and seminar were designed for the general public. Just because you read a copy of Harry Potter, doesn't mean you know how to write novels!
IBC Practitioners' Program
Now we come to the purpose of the present course. Unlike my previous books and seminar, this program is designed especially for the financial professional who wants to become an IBC Practitioner.
Among other goals, this course will rectify those practices that have proliferated in the last few years in which life agents treat IBC as “just another way to sell life insurance.” To the contrary, the concept is a total overhaul of the way one can operate in his/her financial world.
More and more people are discovering IBC and its potential to transform their own financial situations, as well as the country. As the demand for “banking policies” grows, so too will the demand for financial professionals who can properly educate their clients on IBC. By publicly listing those individuals who graduate from this educational program, the Nelson Nash Institute will let the world know who the true IBC Practitioners are. This will serve the public of course, but it will also reward those who have done the responsible thing by undergoing the necessary training to fully understand IBC as I have developed it. As the public learns of the program, they will naturally gravitate toward those financial professionals who have graduated from the program and are IBC Practitioners.
Becoming Your Own Banker is exploding nationally, so there is a vital need for agents who thoroughly understand the concept. These agents must practice it in their own lives and teach it correctly to their clients and prospects. This concept, properly understood and practiced can change the financial world.
The IBC Practitioners’ Program was developed for the financial services professional. The course material is designed to sequentially take the student through a rigorous study of the national and household financial PROBLEM, the SOLUTION and the IMPLEMENTATION of that solution. The course will highlight the clear benefits of using what we call “privatized banking” through dividend-paying whole life insurance.
The course clearly provides a practical foundation through rigorous analysis of the concept. It establishes a clear relationship between foundational Austrian economic principles and BYOB, and standardizes terminology.
After completion of the course, you will feel confident in your ability to answer any question related to the Infinite Banking Concept, whether it be economics, banking, or life insurance related.
Your deeper understanding of the actuarial process will allow you to design “banking policies” for any client circumstance. In this course, we won’t merely teach you the theory of IBC, but also how to implement it with real-world clients. Over the years, even seasoned insurance agents who have read my book and attended my seminar still had practical questions about policy design – questions that fell outside the scope of my earlier efforts, because they were aimed at the general public. In this Practitioners’ Program, my colleagues and I will systematically address these practical issues.
The Nelson Nash Institute (NNI)
I congratulate you for undertaking this bold step to your knowledge of IBC to the next level. This will give you the ability and the confidence to better guide your own clients. After you finish viewing the online lectures, you will take an exam. Those who pass will become designated IBC Practitioners, a fact that – if you desire – we will list on our Infinite Banking Institute website. The NNI will be the new face of the Becoming Your Own Banker Web Site and will provide a needed emphasis on teaching and supporting the financial services professional, whether they be enrolled or already graduated from the course.
We appreciate your trust in us to provide sound education in IBC, and we likewise want to direct the general public to those financial professionals who have demonstrated their mastery of the subject. By working together, we can spread knowledge of IBC in a method that will ensure the integrity of my original vision.