After 52 years in finance, CPA Alan Blecker left Wall Street in 2014 when a brokerage firm denied 14 of 15 surrender applications from his senior clients trying to convert annuities. Frustrated by the denial and worried about financial collapse, he switched to Infinite Banking Concept, where he's worked for over a decade.
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Got very scared the world was coming to an end and I was on my own.
Today's guest is Alan Blecker. He's a former CPA, CLU, CHFC, and someone who spent decades around Wall Street long enough to see where money's quietly leaking out of people's lives and how to stop it.
Take a chunk of money and get a guaranteed, predictable, increasing stream of income for life. These were seniors. They needed income. I was floored. I spent all of this time. I knew it was better for them. 14 out of 50, they said no. The world continues continues to collapse.
Well, Alan, I don't think you shared with us and our listeners really, I mean, 52 years in the financial world, you talked about some of the origin part of that story, but at what point did the reinvention of Alan and the introduction of Infinite Banking come to play?
So the reinvention and, um, inter, uh, when I got started in IBC, 2014. So we had come off some pretty bad years, '08, '09.
Yeah.
And I was associated with Wall Street at the time. I got very scared in, in like 2010, got very scared the world was coming to an end, and I was on my own. And I went and associated with a Fortune 100 company. And, um, so I'm there, and then the world continues to collapse, '08, '09, and, uh, then it started to come back, you know, in '11 and '12. And I had a lot of clients in annuities, annuities with guarantees, because I had already seen what happens in the earlier market shifts. I saw, I saw, you know, 2000 to '03, you know, I saw, you know, what happened in, in '07 to '10 or '09, you know. So I had these annuities and my clients were protected, and then the markets started going up, and I kept them in the markets because they had downside protection. Well, the market value started to approach the guarantees. The market value started to approach the guarantees. And I went— these were older people, seniors— and I went to them and I say, you know, we could annuitize this now. Annuitize meaning take a chunk of money and get a guaranteed, predictable, increasing stream of income for life.
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These were seniors. They needed income. Oh, that's good, that's good, that's good, because that's all the annuity would have gotten them, 5%. Here they could have gotten more money. They could have used the higher market value. Well, I went to the brokerage firm. I forget exactly, but I may have given them 15, let's say, applications. Of the 15 applications to surrender the annuity and take the liquidated proceeds and buy an immediate annuity that distributed income for life, guaranteed predictable stream of increasing income for life, 14 out of 15, the brokerage firm denied the application. Wouldn't process the application.
Wow.
I was floored. I spent all of this time, which is irrelevant. I educated clients. They said, yeah, this is— I knew it was better for them. I knew they could lock in something that was fluctuating, which was the market. I knew they could capitalize on something by making it into a stream. 14 out of 50, they said no. I said, this is not a world that I can exist in. And that's when I moved in 2014, because 2013 is when I started telling people to liquidate out, you know, just freeze the money. The markets had come up considerably in 2013, and I went to IBC. I rendered my resignation around March of 2014 and joined IBC, and I've been with IBC It'll be 12 years come about April. And that's— that was the trigger. All this other stuff, but then here they won't do what I believe is in their best— what they believe they wanted to do it. I just suggested the concept. So that, that was my, say, the straw that broke the camel's back. Just disgusting. And I went into the to the office manager, nothing I can do. I mean, no explanation, nothing I can do.
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