Top positive review
73 people found this helpful
Good strategy but beware of miguided sellers...
on March 21, 2007
I've read the book. I'm a graduate of the author's seminars for agents (and mortgage brokers)and one who's sat through a friendly competitor's
version of same. I've also witnessed at least 6 public seminars on the subject matter and like to think I have a unique insight to the concepts
discussed in the book.
For one, the strategy is sound, both in theory and real life.
I have implemented the strategies myself and have no regrets.
The problem with the author's approach is that he beleives so strongly in his position, he trains his agents and mortgage brokers to aggressively push all prospective clients to place every last available cent they own in to an Equity Indexed Universal Life contract. Knowing the author's background and ethics, I can say without hesitation that he is a "True
Believer" and NOT a get-rich-quick Scam artist.
The "invest it all" tactic may be okay for some, but other agents/brokers simply educate the prospective client and try to get them to understand/acknowledge that home equity is NOT all it's cracked up to be. In fact it's often times a wasted, nearly useless asset.
But many agents have failed miserably using the author's "All-or-Nothing" investment philposophy. No surprise there.
Other savvy insurance brokers/agents simply ask, "Do you have any underperforming investments?"
Of course you do - who doesn't?
Then an investor can dip his toe in the water by investing a small amount of money in an EIUL policy. If the investment performs well after a year, he usually wants to consider placing more $$$ in the EIUL policy at the policy's anniversary date.
Bottom Line about the book and author: Good strategy. Bad sales technique.
If you want to try this concept, find an agent who knows EIUL's, has read the book, has gone through the training with either author Doug Andrew or 2 or 3 other gurus of Andrew's ilk AND, most importantly, is comfortable with your desire to start with smaller investment amounts.
If the agent/broker wants you to dump everything you own in to an EIUL, no matter how sincere his intent, he's NOT someone you want to deal with.
Find someone else.