Mark Willis is a Certified Financial Planner with Lake Growth Financial Services, a full financial firm specializing in the Bank on Yourself concept. Mark explains more about what a Certified Financial Planner does that differ from typical insurance agents, and how the Bank on Yourself concept works to give policy owners financial security by helping them grow their money in a safe and predictable way, while also acting as a source of their own financing. He breaks down the different aspects of this concept and highlights some key pitfalls to be aware of. Tune in to find out more!

 

Key Takeaways:

[:18] John introduces his guest for this episode — Mark Willis.

[2:21] What is a Certified Financial Planner (CFP)?

[9:00] What does Mark do?

[12:23] How does the Bank on Yourself concept work, and why would someone buy it?

[18:43] Bank on Yourself gives people access to capital in a way that makes them become, in essence, their own banker. Mark explains further.

[20:44] Mark illustrates how the banking portion of the concept works in terms of withdrawing money from the policy as a loan.

[28:17] The problems with this policy come up in the insurance aspect of it.

[30:02] The design of the policy is key to reducing the commissions.

[32:59] How does this policy compare to and differ from other types of policies?

[37:50] John and Mark discuss the phenomenon of market chasing.

[40:43] John highlights how Infinite Banking differs from the Bank on Yourself concept.

[44:01] The Bank on Yourself system ensures its agents and advisors go through rigorous training before speaking with clients.

[44:37] What are some elements you should consider before getting on board with the Bank on Yourself system?

[47:36] Who is not a good candidate for this policy?

[49:26] If you’re interested in finding out more about Bank on Yourself, get in touch with Mark!

 

Mentioned in This Episode:

Mark Willis on LinkedIn

Lake Growth Financial Services

Mark Willis’ Calendar — Schedule a Meeting

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