Financial planners have a big challenge these days. The economy has made more than one of them look pretty foolish in some of the advice they have provided. But a select group is looking incredibly savvy due to the innovative, but conservative service they have provided clients. There are a few tips here how to be in this group as well…by becoming your own bank.
Having a bank would be an attractive perk if you made all the decisions about who, where and how the assets of the bank were to be invested…and knew in advance what the outcome was going to be. Who wouldn’t want that situation?
That is what the creative financial planners have done for this small group of clients. The details are quite simple conceptually and the details to building your own banking empire is not that much more complicated.
The first step is to find the right financial planner. Obviously this can be a little daunting if you are not sure what you are precisely looking for. But, if you will do a simple search for “personal bank” you should find a number of choices of professionals to call.
After finding a consultant that you are comfortable with, he or she will introduce you to a highly specialized life insurance policy that emphasizes the cash value accumulation and minimizes the life insurance function. This makes it much more affordable than normal life insurance policies.
The policy gives you the framework for you to invest money, sometimes tax free, and gives you the complete say over where the funds you have deposited are invested. The surprise ingredient is that you can be the borrower as well as the investor. This component eliminates your previous needs to borrow money from third parties.
Once you have your “bank” in place you are controlling all aspects of your financial life. You are earning money from every angle of activity and are being paid for your smart move with tax favorable dividends from the insurance company. Very smart indeed!
For more details: www.thepersonalbanker.com
Tags: Banker, Become, Clients, Financial, Planners, Teach, Their
