242: The Good, the Bad, and the Ethical ...

Welcome to the second in my two-part series on what are possibly the most misunderstood insurance products out there: annuities and whole life insurance.

Our goal at Hendershott Wealth Management is to help you build wealth–and a legacy that lasts. Part of that process is protecting your wealth, and that’s why getting the right insurance matters so much!

I’ve avoided covering these topics until now because it’s really difficult to find someone who can be considered an expert who isn’t also trying to sell you a policy. But then, I realized I can find product experts who are no longer selling the product–like today’s guest, Ashley Foster.

Ashley used to make a living by selling whole life insurance policies, but over time he realized that he didn’t want to sell insurance–he wanted to do comprehensive fiduciary financial planning like we do at HWM.

He gave up earning huge commissions that funded luxury trips with parties DJ’d by someone from the Beastie Boys (true story) to pursue a more meaningful career; one that allows him to focus on what will be the most helpful to his clients, instead of trying to sell them expensive insurance they likely don’t need.

These days, Ashley runs his own firm, Nxt:Gen Financial Planning, and loves to go on vacations–that weren’t funded by commissions–with his wife and their adorable cat, François. (Make sure you check out our YouTube channel to see Frankie’s adorable unflappability!)

Ashley joined me on this episode of the podcast to demystify the world of whole life insurance policies.

From the actual cost for consumers to the loss of potential returns vs. investing in the stock market over the same time period, he breaks down the good, the bad, and the ethical gray areas of whole life insurance. 👇

Here’s what you’ll learn in this week’s episode of Love, your Money:

• What led Ashley to become an expert on whole life insurance 
• How becoming a CERTIFIED FINANCIAL PLANNER™ professional changed the direction of Ashley’s career 
• What a whole life insurance contract is, and how it limits your long term financial growth
• The true cost of a whole life policy–from opportunity risk vs investing, to the cost of premiums relative to potential benefit payouts
• How transparency, compliance, disclosure, and conflicts of interest influence insurance sales
• The circumstances in which purchasing a whole life insurance policy make sense, like guaranteeing an inheritance for heirs or covering estate taxes
• Whether Ashley still recommends whole life insurance to clients now that his income isn’t reliant on those sales
  
  …and more. (Spoiler alert: He doesn’t recommend these policies, and neither do I!)

Show Notes

To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/ashley-foster

Follow Hilary on:
Twitter
LinkedIn
Instagram
Facebook
YouTube

Subscribe to Love, your Money

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.