71. The Infinite Banking Concept Coach – Why do you need a coach?

You are listening to the Wealth Without Bay street podcast, a Canadian guide to building dependable wealth. Join your hosts, Richard Canfield and Jason Lowe, as they unlock the secrets to creating financial peace of mind in an uncertain world. Discover the strategies and mindsets to a financial future that you can bank on.

Recognizing the importance of having a good, proficient, experienced, infinite banking coach. That's the theme of today's episode. Welcome back to Wealth Without Bay street, joined today, of course, by Richard Canfield, co host, colleague, friend. And Richard is hailing, as always, from Chilliwack, British Columbia, Canada, otherwise known as the WAC Rich. We're going to have some fun today. We're going to share some amazing resources that we've developed. We're going to emphasize the importance of having a good coach.

Yeah, people ask questions all the time, especially once they start digging through the podcast episodes. And we have such a treasure trove of material that's there, and there's so many resources. Sometimes there's almost too many resources. So it's hard to go and swim through the sea of information that's out there and to kind of know where can you get stuff that's of quality and actually get you on track? And so we're going to talk a little bit about where we've compiled a lot of that stuff for our clients so that they can access it very easily and it's digestible and they can reference back to it and that sort of thing. And also we're just going to talk about the importance of.

If you're listening to this for the first time, you're discovering this, it's something brand new to you, or maybe you've been doing this for a while and you're just getting re engaged to it because life got in the way. Maybe Covid, maybe you were stuck in a hospital bed for three months because of COVID or something, whatever it is, and you're just trying to kind of of getting back on the horse, or you're just an avid learner and you're just kind of gobbling up all the pieces. There's going to be something in this for any one of you, because at the end of the day, continued learning is what helps us get better at everything that we do and the openness to learn something new. The curiosity of the brain is what helps us really absorb new information. So I encourage everyone to develop a mentality of Curious George. You all remember who Curious George was, right? That little monkey was always getting into trouble. Well, sometimes you got to go and get into a little Trouble. So you learn the best. And the best way you can do that is to, you know, get. Get started. A lot of times people are like, well, how do I get started? Well, the way you get started, you actually have to go get started. Like, you got to contact a coach. You got to do an application. You got to get some of your financial details over. You got to. You got to start the process. You know, like, you can't. You can't play the game sitting on the bench.

That's a good point. All the buzz in our client base, which is rapidly. I don't even think rapidly expanding even begins to describe it, but all the buzz in our client base is with the client portal that we launched and all of the resources that we make available 24. 7 from any device that connects you to the Internet. And we know that not only are we showing up in the marketplace in a way that presently nobody else is showing up, we thought, why don't we share this with the world and just share it and talk to people about the resources that we've created and the advantage that it represents? Because when you get started on this process, we talk to people all the time who approach us and say, hey, I've had a policy in place for the last several years, but I haven't met with the advisor who placed that policy with me since the policy was created. And to have a vault of resources that you can access online, that's today's day and age. That's what people come to expect. And we wanted to show up in a way that no one else is showing up. And so for everybody who's on the YouTubes, and if you're listening to this on your favorite podcast channel, just set a reminder for yourself to hop onto the YouTubes a little later on and you can actually see what we're describing here. But, Rich, I'm just going to share my screen. And on the Ascendant Financial CA homepage, the button that reads login to client portal, this is what directs an existing client to that resource. And it's password.

I love how we came up with the name for that, by the way. I think that that was genius. Pardon me? Login to the client portal. Like, I like how we named that.

Keep it simple. Where's the login button again? Oh, yeah, right there. Login Client portal.

Nice.

So inside the client portal, once you log in there, what's incredible is that you've got at your fingertips access to everything that you need, A to Z. So, for example, if you want to know how to request a policy loan. You just toggle through to the resource how to take out a policy loan. And once you get there.

There is a short tutorial video, there's a sample completed policy loan request form. There's a downloadable form that you can type directly into and save it, and then instructions on how to get that directly to the life insurance company. There's literally paint by numbers, step by step approach. And.

For clients who have been utilizing this tool, they have raved about it, telling us, this is incredible because if it's Saturday night at 11 o' clock and they know that the world headquarters of Ascendant is not open at that time, they can just log on and get access to all the resources that they need. We've got videos, we've got case studies. The group quarterly client coaching sessions that we host are all archived. So you can go into the archive.

Access all of the material that we covered in the quarterly group client coaching session. It's available at your disposal. And Rich, that speaks to Nelson's point in the book on page 65 when he said, I strongly recommend that you find a life insurance agent that is thoroughly familiar with the infinite banking concept to act as your coach. And above all, you've got to make this a lifetime commitment and you have to work with someone who's thoroughly familiar. Well, here at Ascendant, our entire team is at your disposal, literally 24, 7, 365, because everyone's contributed to, to the portal. What are your thoughts, Rich, on the value of these resources and how it's such an advantage.

To existing policy owners?

I mean, it's incredible because sometimes, like as an example, you may get started with doing this or you've been doing it for a while, and sometimes you may not have a need for a policy loan for a while. I mean, it could be a year maybe, and you haven't needed something. All of a sudden it's like, hey, I've been planning for a vacation or, or a real estate opportunity shows up and it's like, boom, I'm ready now because I have access to capital. I want to go take 20, 30, 40 grand out of a policy or a couple of policies. How do I fill out that loan form again? It's like muscle memory. When you do things on a repetitious basis, you tend to learn things really, really well. And so if you're not doing it all the time, you're not filling out a loan form every day, you're not filling it out usually even every month, you're probably Only doing it maybe, maybe two, three, maybe four times a year. So because there's these gaps in between doing it, sometimes we forget, oh, right. How does that form go again? Or, hey, I better go check. Is there a new form? Did they update the form? You know, what's the current interest rate with the company? Like, these kinds of questions come up, and now you have a resource where you can go to do that again, if you're, you're one of the client, part of our client community. But the end result is you need to be able to access this kind of information kind of quickly, because when the idea strikes, you want to be able to put it into motion right away. You don't necessarily want to have to coordinate calendars and book a time with someone to just ask those simple questions. You want to be able to get right into the meat and potatoes of it. So you can do this because at the end of the day, the focus is you are your own banker. It's not an advisor, it's not a company. It's not the insurance company. It's you. Everything rests on your shoulders. We want to really elevate the personal responsibility and the requirement that you're taking in your own financial life. You got to be in the game. You got to be in the driver's seat. You know, we're going for a road trip. Well, who do you want driving the car? You want someone who's got some practice behind the wheel? Well, that's you. You got to get some practice behind the wheel that's filling in these forms, that's receiving the capital, that's making sure you understand how you may want to track that through a independent checking account so that you can track the transactions of that. How do you want to set up your repayments? Are you making the repayments? Are you checking them off? You know, are you a digital world person where you store all your documents and files, or are you a physical world file folder person? And more importantly, how does your spouse fit into that? Is your spouse digital or physical? What's going to get you guys on the right level of communication, the right playing field? Do you need to do both of those things? Do you need a digital file folder and Dropbox to save it? And you also need a physical file folder where you and your spouse sit down, need a knee, and you look at an amortization, you'll look at a loan commitment. You check off, you agree that you're both what you're doing, hey, we're going to go on a family vacation. Great. It's 10,000 bucks. Awesome. Here we're taking a policy loan. We're going to plan for this vacation again next year or two years from now. This is the amount of money we're going to repay our system so that that capital is replenished to use it again for the next trip. Get on the same page. Make that commitment together. This is the interaction and conversations that you're having at the family household level and where the coaches are there to help start to engage in conversation with you so that you can see how to implement this in your life. Because what's going on in your life, how you and your spouse communicate, the different moving parts in your financial junk drawer is totally different than somebody else. If you're sitting in a car right now, listen to this, and there's someone right beside you, like that junk drawer over there of financial baggage. And yours are going to be totally different, right? And so understand that how you implement it versus how someone else implements it, there'll be variation. There's going to be core themes. There's going to be consistent themes and premises that are Nelson's golden principles that we've talked about in our podcast before. But the actual individual steps and the uniqueness to you, you got to figure out how to fit that into your life.

Nelson said it best in the book when he said, look, if you're implementing this process, and so, for example, if you reference his golden rule, don't steal the peas.

So you create a policy or system of policies, and. And let's presume for a moment that you don't have a coach, maybe someone who was licensed to help get the policies put into place, helped you do that, which is a very important step. But then from that point, you're accessing loans, you're not repaying them, and then wondering why your system's not working the way that you had intended it to. And Nelson said it best in his book. He said, look, if that ever occurs, there's. Don't point the finger at anybody else. The only person that you have to look at is yourself, because the policy owner's behavior is far more critical than the behavior of the insurance company. What we've done. Now, of course, you have to be a client here at Ascendant in order to gain access to the client portal. But here's the feedback that we've been getting. Clients are embarking on this journey and they feel taken care of right from the onset because they know that questions that come up. We've got an FAQ in the Client portal supported by video content. We've got paint by numbers on how to access policy loans, how to track them, how to repay them. We really try to make it as simple as possible for each policy owner. To do that, we bring our community together every quarter. We select a topic, we, we deep dive, we bring existing clients in to share their input, to share their lingering thoughts, to offer advice to the rest of the community as it relates to whatever that topic is that we're discussing. And so you really never feel like you're a lone ranger. And then on top of that, you've got access to your advisor who's going to coach you and mentor you through periodic meetings that you can arrange at your convenience. You've got access to our whole client services team which takes care of all the in force requests and all the things that you may need help with from time to time. But the emphasis here is on truly becoming your own banker because as a coach, we're responsible to you, not for you. And so you've really got to embrace this with the intention of becoming independent. That's the whole purpose of it. Nelson wants us to secede from the system, not be dependent upon it. That's what we do. We teach you how to go about it and we make all these resources available. We've invested so much time, energy and money into building this portal and we're adding new content to it all the time. That's what sparked the idea of why don't we just share it? Let's just share with the world and show people. You know, if we're talking and saying that we're unique and we're saying that we're showing up in a way that, you know, no one else is showing up, let's actually demonstrate that and show people. So that's what inspired us to do this episode today.

And even more importantly, like, even, you know, for anyone who was looking on the YouTube and actually saw the screen share that Jason had, like, you know, there's even a button right at the top that's like, hey, click here to provide feedback. Like, we can build whatever we have in our brain to build. And it all takes time, it all takes energy and effort and people power, human resources. But if we have, we're looking for people to provide our feedback and our clients are the ones that are going to do that. And so we make adjustments and change according to what we're being instructed from the people that are using the tool they think are going to be the best fits. And again, it doesn't Sound like we get a comment and then 24 hours later there's like a new video there. Like, we're not, we're fast, we're not that fast. But we're taking all that stuff under advisement and we're looking to make those adjustments. And something you said really sparked me, Jason, going Back to page 65. So for anyone who's got Nelson's book, page 65 is the beginning of part five, capitalizing your system and implementation. And at this point in the book, everything after this point in the book is really all about more ideas of how to engage with the concept of becoming your banker. The core of the book is kind of really up to page 50, and then it's more like ideas on how to implement after that. But one thing that Nelson says here is that it's much like developing a regimen of physical conditioning. You must evaluate your current condition. In other words, get on a scale, get some measurements, measure your chest and your arms and all that kind of stuff. And then design a program, get a coach, design a program of exercise and see that you do it regularly. As you make progress, a coach will make changes to improve your results. It works. Millions can attest to its effectiveness. So it's no different. It's the exact same principle. We're just doing it in your financial life and it doesn't mean. And so as you might need a little bit more sessions with the coach at the very beginning, as you're beginning your regimen of physical conditioning or financial conditioning, as you begin to get more practice and stuff and you become more independent, you'll probably extend out those times where you don't need your coach as often. And you'll reach out to your coach for more important higher level thinking type opportunities where you want to, you want to springboard ideas, you want to engage in, you know, really good thinking, conversation.

About, hey, what I was thinking about.

Doing this, or hey, this opportunity showed up, I'm probably going to go ahead with it, but I just wanted to check in with you to see what were your thoughts and could you have any advice for me on how to do it this way or what is another way at maybe is there something I'm not seeing?

Can you let me know about my blind spots? So you're now engaging with a conversation that's far beyond the ramifications of one financial decision. It's about what are the possibilities that are out there. These are conversations that can really expand into possibility and it really engages your mind. That's what I find now here's the other thing. Elsa says it's the next paragraph. Organize or join one already in existence. A wealth club that meets periodically. Hence you have the support of others that are working their way out of darkness. Financial darkness, that is. Be sure to include members that already have a good track record in practicing the principles of the infinite banking concept. This is important because you need to surround yourself with others of like minded understanding. You don't want to become a victim of feeling that you are a lone ranger. We all need nourishment of a favorable environment. No one elevates himself much above the environment in which he operates.

That is so poignant.

I love that paragraph.

It's just so good. And that's what that honestly, because we keep going back to that page. That is what gave birth to the client portal and the quarterly group client coaching sessions. Yeah, and we actively, especially in a.

Pandemic world because totally people, we don't.

Have the ability to connect in the environment. So we're, you know, hey, we've got technology, let's put it to work. We're doing those sessions. You get a chance to, you know, you're going to get a chance to see other people across the country that are engaging in this process and they're all at different stages. Maybe they've got two policies or one or they just, they, they just applied and they haven't even got it in their hands yet. You know, like people are at different environments. And so you can hop in a group, a little breakout group now and you could be talking with someone who's been doing this with Ted for 10 years and you might be brand new and you might hear a story of how they took a policy loan and repaid it and what the impact was to them. And that might be the defining difference. Now you didn't have to meet with your coach to get that story.

That's right.

It came from within the community itself and that's us as free people in free contract with one another through this beautiful thing called mutual life insurance where we can learn, grow together, add value to one another's lives and we can all. There's always something to learn. There's always something to learn on the journey of life.

We have to give credit to of course, another coach of ours, Dan Sullivan, the co founder of Strategic Coach and he said something that resonated so much and it's so true. He said, you're going to get the best intellectual shortcuts from your clients. Your clients are going to tell you what they want. You to build for them. And that's what we had been hearing, hey, is there a place we can go online where we can just get access if we want to know how to initiate this step in the process, or go back and review the sessions that have been hosted? And so it was our clients that we have to give the credit to that gave us the best intellectual shortcuts on what they wanted to see us create. And that's coming back often with interactions with our coaches, with interactions within the community. We pick up some great ideas during the quarterly client coaching. And so we can't be any more excited about this because our hope is too, for.

Colleagues who tune in, we have a lot of life license advisors that tune in to our resources, wealthwithoutbaystreet.com and our podcast and our YouTubes and the Facebooks. So our hope is that they become inspired, too, to innovate, because this will help everybody. It will help everybody be more educated, inspired and committed, disciplined. And that's what we need. That's what we need in order to achieve the 10%, which is the objective of having 10% of the population practicing this process. And ascended Financial can't get it done on their own, nor would we want to. You don't have to own the ocean to swim in it. There's plenty of room for everybody. But we're super proud of, you know, the resources that we've put together. And our hope is that it's an inspiration, you know, for others in our wonderful profession, you know, to be able to innovate and do things special for their clients as well.

And on that note, on inspiration and resources, and so some people on our podcast may not know about this. If you're a podcast listener, I know a lot of our clients are aware of it, but if you've been in just listening to the podcast or you just find it for the first time, you may not be aware of this incredible, incredible website, dayofnelson.com. if you go to dayofnelson.com, there's a wonderful tribute to Nelson Nash. The whole thing's like 11 hours long. But what's really interesting, when I'm going to show people. So I've got this up on the screen for YouTube. You can see if, as you're scrolling through the bottom, there's all the chapter titles down here. So this is a series of interviews conducted of people who knew Nelson, talking about their sharing stories, sharing bits and pieces of Nelson's wisdom. And then there's great, amazing clips of Nelson himself. Nelson Teaching from the front and explaining and talking about different aspects and sharing great stories that you would only been able to hear that don't. They're not in the book. They would have only existed in that live event experience with Nelson. And there's so many golden nuggets that you can learn from to deepen your understanding of this concept. If you're, if you've been doing this for a while, if you're an advisor and you've been doing it for a while and maybe you're a newer advisor, you learned about this after Nelson passed away. It's now been over two years since Nelson left us as of the time of this recording. And so these are golden things now. Now these little short clips and a variety of other ones are actually going to end up in the client portal that we have available so that people can have access to that. So you know, you pointed out earlier, Jason, when you had it up on the screen that there was a.

Number, a whole section on dedicated to Nelson videos. And so some of that's going to be there. There's a. You know, I know I myself personally, I was so truly and incredibly blessed. I only was only ever to record one interview with Nelson that I got recorded and I didn't have him on video, but I, we did have a recording. We had some audio issues, but the content was great. And in that, in that content Nelson talked about, it was something that was really important to him. Near the final stages of, of where he was at in his life was talking about how he was teaching his wife Mary how to be a widow and what were the things, the conversations like and how was he. Nelson was sharing his estate plan with everybody. It was only one page long and it was this great teaching. He used everything in his life as a teaching mechanism. And so that's available in the client portal so you can get that interview. You can hear how Nelson talked about all the policies they created, how he was planning for things to go when he was gone and how people had to make sure that family members had to have big enough policy loans portfolio outstanding so they could accept the dollars that were going to.

They had a place to store the windfalls.

Place to store the windfalls. And he talked about. We talked a little bit about the very first published article Nelson had in Nation's business magazine in 1961. And then the next time he was published in writing was in 2000 when becoming youg Own Banker came out. And then Warehouse of Wealth and then the case for ibc. It was just interesting Looking at that timeline over his life and there's so many great stories that he told in there. Now, all that being said is that these resources, there's a ton of resources available. Many of these are just available for you publicly online on our podcast and there's a lot of other good content out there. But be mindful of having yourself prepared for noise. So both Jason and I are wearing noise canceling headsets. I'm sure he's wearing it because there's people in the office. I'm wearing it because it looks cool. No, actually it's because sometimes my kids show up and make some noise in the background. So we got our noise canceling headsets on. Well, understand that whatever's out there in, in, you know, on YouTube and whatever, there is some stuff that's, that's noise, you have to develop that filter for yourself. So we're, we're trying to help by providing some guidance on that way. We don't want to steer you a direction or another. We just want to help you understand that. Take everything with a grain of salt and understand how is this information I'm hearing over here, how is that relating to my life? Now when you take what you heard over in this platform or that platform or that platform or in some other book and then you come into a client coaching session and then you get to actually hear experience of other people who are doing this in real life, you get to really like fine tune things. You know, it's just like tuning a guitar so it sounds better. Sometimes you're a little off tune. You just need to tweak it a little bit. And when you get in the right community of people, the supportive community, you're able to be surrounded with other like minded individuals. That's how you can start to get that fine tuning really working to your advantage.

Our clients are the best.

We love them all dearly.

The engagement, the interaction, the ideas.

The co inspiration that happens. It really, truly is remarkable. And it's amazing to be able to take a step back and to watch that grow and evolve and.

Man, what an incredible journey. And so we, you know, it was fun. It was fun sharing a bit of the client portal. But again, that's again to just full disclosure, that is for clients of Ascended Financial only. But we wanted to share with the world in hopes that people can get a glimpse of how we're out there saying, hey, we're showing up in the marketplace in a way that no one else is showing up. And we're not only recognized for what we do, but how we do it and that we focus on education, we want to be able to demonstrate that. And so we hope that the world got a good view of it here today.

There's one more thing I want to touch on too, before we kind of close it out, Jason, and that's that you know, what's starting to really come together. And I'm seeing more and more and more of it, and I suspect you are. I'll get you to just confirm that for me if you can. But, like, now we're starting to find our clients are. With these interactions that have been starting to build up over time. They're starting to create little collaborations. Yeah, you know, there's. There's clients that help people write books, and then there's other people writing books, and there's, you know, there's. There's people who have their own podcasts, and then they're having people that are guesting on theirs that they meet through the client community. We have a lot of business owner clients. We have a lot of people who are real estate investors and they're looking. Or people that are looking to get in it. So they're finding ways to connect with one another, and it's in support of just growing and growing towards a better future, a better and brighter future, and spreading light. And I find that those stories where we get to hear about a success where two clients have connected together, maybe one of yours and one of mine or another one of our team members, that's a beautiful thing because they're finding ways to connect prosperity in their life just by the virtue of Infinite Banking being the core, you know, medium that made that initial connect. It was both their, their joy and discovery and learning that connected them to Infinite Banking and then now is connecting them together for a potentially blossoming, profitable relationship in some way, shape or form. It's just phenomenal.

Yeah, it's happening in every corner of our client base. And, you know, we're. We're attracting others because, you know, it's our. Our clients are associating with people who are like our clients. And so it just creates this attraction that has really just taken on a whole life form of its own. And it's so incredibly humbling to see that. And if we cast a bit of a vision into the future, looking ahead to 2022 and beyond, we're also going to be, you know, planting seeds of inspiration within the licensed advisor community as well. And we're super excited about that and what that's going to create. And.

Rich. Great episode really appreciated you helping with the guided tour. The guided tour through the client portal. Like people are on a bus, you know, and we're standing at the front with the microphone going. And this is over here.

You'll see images.

This is the Nelson Nash videos and the frequently asked questions on your left. But if you just picture that, I think actually that would be a pretty fun thing to do virtually when we.

Have our virtual reality VR goggles moving forward or the infinite banking brought to you by VR.

That's right. All right, well, to all of our listeners, thank you so much again for tuning in. To Everybody on the YouTubes, thanks for watching. And if you look right over here, there's going to be a playlist as we encourage people to continue their journey of learning. So thank you again for tuning in. Make the rest of your day great, Rich, Always a pleasure. Looking forward to our next episode.

Thanks for listening to the Wealth Without Bay street podcast where your wealth matters. Be sure to check out our social media channels for more great content.

Hit subscribe on your favorite podcast player.

And be sure to rate the show.

We definitely appreciate it.

And don't forget to share this episode with someone you care about. Join us on the next episode where we continue to uncover the financial tools, strategies and the mindsets that maximize your wealth.