The 5 Rules of IBC, with David Stearns

So you’ve decided to buy a specially designed whole life insurance policy. You’re working with the right advisor, you have an excellently designed policy. But one day you think: How do I become the best banker I can and use my policy to its fullest potential? To get the most out of your IBC policies, you must follow Nelson Nash’s 5 Rules of IBC. Here to unpack these 5 principles for IBC is David Stearns. https://www.youtube.com/watch?v=v177xxW5c4M David Stearns is Nelson’s son-in-law and president of Infinite Banking Concepts, LLC. He is carrying on Nelson’s legacy both professionally and personally. If you want to learn from the best, this is as close to the source as you can get… so tune in now! Table of contentsContinuing Nelson Nash’s LegacyThe Evolution of the Nelson Nash InstituteHow to Find an IBC PractitionerDavid Stearns Shares The 5 Rules of IBCThink Long-RangeDon’t Be Afraid to CapitalizeDon’t Steal the PeasDon’t Do Business with BanksRe-think Your ThinkingBonus: Be Prepared for WindfallsAbout David StearnsBook A Strategy Call Continuing Nelson Nash’s Legacy Nelson Nash was the innovative creator of the Infinite Banking Concept and the Author of Becoming Your Own Banker. Now, IBC and the Nelson Nash Institute continue to educate people about IBC and how life insurance can play an instrumental role in personal finance. The company is now headed by David Stearns, Nelson’s son-in-law, who we have the pleasure of speaking with today.  David joins us today to share the 5 Rules of IBC that Nelson shared, and how he interprets them today. [22:30] “Whole life insurance is not glamorous–okay, number one. Number two, it’s hard work because you’ve got to make the effort to build your portfolio over the years.” The Evolution of the Nelson Nash Institute Nelson Nash saw IBC as a way for people to get their money out of Wall Street, and have greater safety, liquidity, and leverage. Nelson was so passionate about IBC that even at the age of 85 he was doing dozens of seminars a year, teaching people about IBC.  These seminars were hosted by insurance agents and other financial professionals all over the country. They’d hire Nelson and fly him out, and he’d share his wealth of knowledge with whoever was in the room. But, according to David, no one ever really asked the question: what are people doing with this information?  Because the reality was, people were applying the information to the wrong life insurance products. Or, agents were sending non-selling associates to listen to the information. There were just too many instances of the IBC message being watered down or twisted into something it wasn’t. But, they were still using Nelson’s name. That’s when David Stearns and a few others got together and decided that it would be critical to the future of IBC to implement a standard. That standard would become what is the Nelson Nash Institute and the IBC Practitioner Program, which was meant to hold advisors accountable to the information Nelson offered.  This would ensure that advisors couldn’t co-opt Nelson’s message, nor morph it into something that it isn’t meant to be.  How to Find an IBC Practitioner If you are ever interested to know whether or not you’re working with or connecting with an IBC practitioner, there’s a database you can check. The IBC Practitioner database is extremely useful in verifying who has been through the training and whether they are adhering to the rules and standards of IBC.  The benefit of working with someone who is in the program or completed it is that you can be sure of their character. An IBC Practitioner will have all the values that Nelson Nash and IBC have shared and cultivated. Those in the program also get the benefit of working with other Practitioners to boost their knowledge and skills. This ensures that the training is solid and standardized.  The fundamentals of IBC are critical to the success of an agent and their client...