[00:00:00] Speaker A: When you put yourself in those positions where you have to grow, the right people always show up. There's people out there that have a skillset and you just haven't grown enough to attract them. But once you're there, you realize this is the exact person we need to partner with in our business. And once you kind of understand that's how things work, a lot of that fear goes away.
[00:00:26] Speaker B: My guest today started in the life insurance business in 2013. Now, one year into his journey, he became overcome with the power of this thing called the infinite banking concept, and he began practicing that has been doing it ever since. Now, Kyle is passionate about empowering his clients through education about money. He believes that in life there are five areas, spiritual, personal, family, financial and occupation. And the purpose of winning financially is to fund your mission and your ambitions in all of those areas of your life. As an authorized infinite banking practitioner, much like myself, he specializes in working with large businesses and families who are looking to create private banking systems. Now, he is the owner of fact and financial and an authorized infinite banking practitioner, which is so important because his agency has helped over 2000 families and growing and has created over $650 million in legacy for future generations. Kyle, you're an amazing guy. I'm so excited to have you on the program. Thanks for joining us today.
[00:01:26] Speaker A: It is my pleasure, Richard, it's always an honor to have a conversation with you and I'm really looking forward to this.
[00:01:32] Speaker B: Now, one thing I think is really interesting about your story is how early it begins and what brought you into the life insurance industry to begin with and someone starting at an early age. You've been working ever since you were very young, and something happened at age 19 that really was kind of the pivot point for you to start taking your life a different direction. What was that?
[00:01:55] Speaker A: So I was very fortunate to have a grandfather who actually set me up with a Roth IrA when I was 16 years old. I mean, what a gift to get at such a young age. And so he poured into me this idea of, you want to start building wealth and you want to keep it in environments that are going to be protected from future taxation. And he said, if you work hard now, put money in that asset, you could retire early. And for me, that sounded amazing because I hadnt found my passion in life and I didnt love going to school. So work and school at the time were both not high on my priority list. So retiring early and golfing or doing whatever I wanted sounded like a dream. So I was very busy in high school. I would work on the weekends and I would save like 50% or more of my income and I would put it into this Roth Ira. And I did that for a number of years. And then 2008 rolled around and I graduated high school in 2007. So im 19 years old now. The market crashes and I see 40%, give or take of that value just disappear.
And the advice that was given to me at that time, so were only talking like $6,000 or something that was lost out of that. Its not like it was a ton of money to me working during high school, that was a ton of money. But I said, lets go into the future. If I was 58 years old, 62, 63, and this happened to me with a couple million dollars in there, are they going to tell me the same thing they told me at 19, which was, dont worry, youre young, you can afford to take some losses because you got time. And I'm like, well, what if I was 60? What are you telling me then? And so the whole thing just kind of freaked me out, and I just kind of stopped for a second and I just started saying, there's got to be a different, more safe, secure way to systematically grow wealth. Something's got to be out there, because this was just not the play. And it took me a few years, but eventually I found permanent life insurance. Fell in love with that, the idea of protection, certainty, guarantees. And then here we are today, ten years later.
[00:04:05] Speaker B: Amazing. Well, I think taking myself back to my own life and some similar experiences happened to me at an early age when I was around age 1819, and I found myself getting involved in a lot of personal development classes. And it was also at a similar point where originally the insurance industry, life insurance, fell into my lap. And I was thinking the same thing, there's got to be another way. And I got very focused on real estate and getting involved in lots of courses and training, because going into the bank and having the person look at the form and just asking me the questions on the form without even really seeming to care or knowing any of the answers themselves. But it said, look, you answered these ten questions, and because of the way you answered them, that just put a limiter on everything that we can offer you. We can only offer you things in this bucket now. And I thought, is that the best advice that exists out there? It just seemed very disingenuous and very strange to me, and it seemed very limiting. So I think that we share a similarity there in our own life experience. Now, you started looking for other things, and somehow permanent insurance showed up for you. So was it. Was it a friend, a neighbor? Uh, just through research. How did you actually find that that might be an option for you to pursue further?
[00:05:17] Speaker A: Yeah, so I kind of. I was never big on college. Um, I was also introduced to the book rich dad, poor daddy when I was 16 years old. So that also started to make me question what I was being taught in school. Why are we never taught about money? And that started to really bother me. And when I started to dig deeper, I realized if I go to a typical college and go towards a typical diploma education, they're not going to have the curriculum that I'm learning, that I'm wanting to learn about when it comes to money. So instead, what I did is I started a number of businesses, a landscaping business that failed. I mean, plenty of other ones between, like, 19 and 23, and great learning experience. And during that time, I would find networking events, and I would go to them, and I would try to find a millionaire that was in the room, one of the speakers, someone that they referenced, and I would approach them. I would say, can I take you to lunch? I would love to ask you some questions. And most of them would say yes.
And during lunch, which I would pay for, I would ask him, what would you do if you were me? What do you wish you would have known 20 years ago? What should I be aware of at this age? And it eventually led me to an orthodontist who was one of my original money mentors. He's the one that taught me about whole life. Now, prior to that, I was working with a gentleman who was very successful close to my age, and I helped him build a lot of his systems for one of his early businesses. And he's the one that actually got us into insurance with a gentleman he knew, and he was describing these benefits of permanent life insurance. You know, it's tax free. You know, you can borrow from it, which was the incorrect language, right? You can borrow from it, and you can still earn money while you're using money. And I was like, I don't know. This sounds a little bit too good to be true, but go home, do my research. And I'm like, well, this is exactly how permanent life insurance works. This is what I've been looking for. This is something I could get behind. And so I originally started in the industry promoting indexed universal life. And it wasn't until I met the orthodontist who gave me some additional reading, and one of them was becoming your own banker, that I started to learn the asset I was looking for. Is in that book. And so I had to get the right education to give me the awareness to then make the right decision that was effective for me and my family. And I transitioned out of the IUL space in ten months, and it's been nothing but whole life insurance ever since.
[00:07:46] Speaker B: Yeah. Amazing. And, uh, so that, you know, the journey was a real cycle, but I think the period of time to say, you know, ten months or a year, and at a young age, some people would look at that and say, well, maybe you didn't have enough time in, but the reality is, you know, knowing you, Kyle, you're. You're. You're a hustler. You. You grind, you go to work. You. You. You work out more than most people that I know. Um, you're up at the crack of before the sun and all these kind of things, so, like, you're. You're really motivated about how you go about life, and I think that that's a really important takeaway for our audience to understand. And so you bring that energy into most, most things that you do. And I suspect that even in that early training phase, as you were learning about, as an example, iuls, you were, you were still learning, but you were learning very quickly, very voraciously, and you are able to still make that pivot decision. And I think for many people who are in the industry, the insurance industry, they may be too vested, let's say, over a period of time, to be able to make that pivot transition. So what would you say is unique about the circumstances that led you to meeting this orthodontist friend, and how did that transition conversation happen for you, where it's like, oh, well, actually, if I want to implement this process the way that I've been told I can, or I think I can, I really need to be changing the vehicle that I'm working with in order to be more functional on that. So what exactly transpired there?
[00:09:10] Speaker A: So I think it comes down to, I'm always hesitant to take advice from individuals who are either haven't maybe accomplished a whole lot yet. There's always great potential in all of us, but sometimes you want to make sure that the track record's there. And the two gentlemen I was working with in the IUL space, they were wonderful.
But when I met the orthodontist, he was on a completely different level financially, in his occupational world, just different. And he was more of a sage. He was already in his seventies when I met him, and so theres a lot that we could be learning from the previous generations. I mean, a ton. So when I went and saw this class, he was teaching to a bunch of dentists and orthopedic surgeons, and then you got 24 year old Kyle in there, and I don't make hardly any money compared to anyone else, and that's a great room for me to be in. And I'm like, you guys are using whole life for this. So then I kind of asked him at the end, I'm like, I got these iuls, and don't you know that those are better than whole life? Like, how do you guys not know this? Because at the time, I felt like I already knew everything. I had found it right. And so he very nicely and politely pointed me to a couple of books. The Pirates of Manhattan by Barry Dyke. Becoming your own banker. And thats when I started to realize maybe the things that I was told about certain life insurance products were not 100% truthful, because the reality is, what I was promoting at the time is more of an investment grade vehicle. And what you want at your foundation is an asset that has the strongest guarantees you can find, and thats why we use it for banking. And when I had that light bulb moment go off, I went back to the professionals I was working with in the insurance world, and I said, listen, I just did a lot of reading and some research on whole life, and what do you guys really know about whole life insurance? And their response was all I needed to hear. Oh, that's a black and white product compared to the new color tv products we have today. They were essentially calling it like a dinosaur, outdated, but that's all they could tell me. So I realized they really didn't know anything in that space, so I had to make a transition. I went to the orthodontist. I said, who taught you this, and are they willing to mentor me? And a week later, his mentor was flying down to Phoenix. I booked an appointment right away, rotted my policies, and I said, will you teach me to do what youre doing right now? Because this is where I want to go. And that was basically it.
[00:11:39] Speaker B: Wow. Incredible. And so this led you down the path now? I mean, you started the industry, and theyre, you're pivoting right away, and you need to now start to formulate and begin to build your own business, your own practice. And that was really the starting block for, for fact and financial. Is that correct?
[00:11:56] Speaker A: Yes.
[00:11:57] Speaker B: Amazing. And so it's, it's been an incredible journey of learning, and you've now grown an agency. You have a number of people with you that comes with it. Many of its own challenges, of course, managing people. But it all has to start somewhere.
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You've now run an agency. You have a number of people with you that comes with it, many of its own challenges, of course, managing people, but it all has to start somewhere. So when you started to make that pivot decision, it was really for yourself, beginning that journey, thinking about, again, your own family. But at what point did you realize that you could maybe take this one step further and help other people or, or build an organization? Was that always part of your vision? Jeff?
[00:13:18] Speaker A: So it wasn't originally, and that's the interesting thing about growth. So when I asked this gentleman to mentor me, which I'd encourage anyone that's new in any industry, go find a mentor or a coach, because they will condense the timeframes it takes you to get really good at your craft. And so I spent four years with him and a decent amount of money just to go through his programs. And, you know, now looking back, having ten years of industry experience, I see the number of the number three things that I think insurance agents fail due to lack of community systems and processes and training and coaching. And so I had the training and coaching part with my mentor. That was wonderful. They didn't have strong systems and processes and they didn't have a strong community there. So after about four years, I got to a point where I felt like I couldn't learn anything else there and it was time to move because I couldn't grow any longer. And so, you know, I parted ways and it was great. Um, and I started factum and I had no idea what we were doing. This was six years ago now. I had no idea about anything in the insurance world, not even how contract levels work, nothing. We figured out everything as we went, and it was scary. It was an adventure, but we realized we've got to go build something that one we can grow into, but then offer something where other agents can come learn with great training and coaching, great systems and processes, and a community that's going to keep everyone real tight, real hungry and then growing as well. And so thats been the last six years for us.
[00:15:01] Speaker B: Trey. Yeah, amazing. And I think its incredible to have a little bit of self awareness to know thats the case. Like you mentioned, you felt that there was a ceiling on your learning potential, and that ceiling was below where you wanted to be. You had a vision of something more and a hunger for that additional knowledge. And I think that from my perspective, if we could encourage anyone watching just the desire to be hungry about learning more. Always being curious. I would say to people, if you remember that little guy, curious George, always getting into trouble, but man, he was learning things and so quick because of the trouble he was getting into. So develop that mindset of curious George and you'd be amazed at what it's going to take you to and the people that you will meet along the road of life because you've got that natural curiosity and be voraciously hunger hungry to learn more and more things. So with that in mind and building now a community of people, an agency, as it were, you guys do a lot of incredible training as an organization, but of course you have to go through all these challenges. You mentioned a little bit about learning about the industry from the backend perspective. When we think about it, for us consumers, we look at the front end, which is the person, the advisor that were speaking with, and for the most part, we have no earthly idea what goes on in the backend. So you mentioned contracting, negotiating for contract rates, there's how compensation works, there's licensing rules, there's multiple states, every state's a little bit different. So expand a little bit on some of the hierarchy of challenges that you had to face to make that next step.
[00:16:34] Speaker A: Yeah, it was a wild transition for us because it's one thing to join an agency that's already established doing things, even if they don't have a strong, you know, great systems and processes, great community. They're at least up and running. And we know, you know, about 90% of insurance agents will fail in the first 24 months of their career. That's just the stats. And I believe it's due to lack of those three things. And so we have that. But you don't fully appreciate it until you leave and you go to do it on your own. And then you go, how am I supposed to sell insurance and teach people when we got to also figure out these contract levels, underwriting new business policy service. I mean, there's a lot that goes into that back end that we were never accustomed to because that was kind of taken care of for us. So the big transition was starting to juggle time in. When do we go out, prospect and sell insurance versus build the infrastructure for the company? Because if you don't have the systems, it doesn't matter how much business you submit, it's not going to go anywhere. And so one of the books that was really key for us was the one thing by Gary Keller. I've read that book maybe 15 times by this point. We read it every year as a company. And I had to get really good at time blocking. Certain amount of time was spent prospecting in the morning, and then we'd go work on systems and processes in the afternoon. And that was an animal and a struggle in and of itself. And if you look at our production, Richard, the past six years, youll see this compound curve going up. And then as soon as we had to go build out more infrastructure, you see it come down for a year and then it comes back up. And thats where all the challenges are, because it interrupts your growth. Because you realize if we keep growing like this, without the infrastructure, its going to actually turn into a streaks straight down to the ground. And so this just becomes this game. You start playing on a little bit of infrastructure, a little bit of training, coaching, more community, more sales, and it just becomes this juggling act, which you cannot do by your own.
You'll get to a certain point and you got to start attracting the right people to grow your organization. Um, but if you put yourself in those positions here, here's what's, here's where you can have a little faith with this. When you put yourself in those positions where you have to grow, the right people always show up.
And I'm going to say always with a lot of confidence, because there's people out there that have a skill set and you just haven't grown enough to attract them. But once you're there, you realize this is the exact person we need to partner with in our business. And once you kind of understand that's how things work, a lot of that fear goes away. The pressure is still there, it's still stressful, but the fear is not there of that you're going to burn this thing to the ground, because, you know, the bigger we get, the more people we know, someone's going to introduce us to the right person, and it's the exact person we need to meet for that particular part of the journey.
[00:19:36] Speaker B: Yeah, I like that, you know, growing to a point where you can see and you can realize, uh, what's, what's around you. And it's not that it materializes out of thin air often it was always there, but you just didn't have the awareness to see it. It's like the forest through the trees type of an example. And the other thing that you mentioned, I mean, just, just the word infrastructure, I think, is important because a good way to relate this is if you think about driving on a highway, and the highway was built a long time ago, and maybe it's. Maybe it's a double lane highway, and now it's. There's too much traffic. Of course, everything's out of stall. You have people coming in off a merge lane. It just backs up in that section every time you drive that road. Frequently, eventually they go and start doing the work to increase. They're going to add another lane. But you got to go through a year, sometimes two years, three years worth of construction where you see that dip and that flow of traffic declines. Before then, all of a sudden it's all completed and it opens up like a floodgate again. So the same model of that in like, the real physical world of infrastructure is really what's happening in the back end of a business.
[00:20:37] Speaker A: That's a great analogy, by the way. That's exactly.
[00:20:40] Speaker B: I was due for one.
[00:20:41] Speaker A: You know, you don't like it when those construction cones are up, but it's reduced down to one lane. But when it's done and the road's nicer and it's smoother and it's wider, then you're like, ah, it was all worth it, but you got to get through those times. And that's where a lot of the struggle is. So if you're not, you know, really dead set on doing something, I don't think you'll make it through there. A lot of people will quit at about that point because it's so much easier to just sell a little bit of insurance without building anything too great, and they kind of revert back to their comfort mode. And so if you're going to go after, like, a bigger dream, a bigger vision, you got to have a team that's running with you as well. It is too difficult to do everything on your own.
[00:21:28] Speaker B: And so having the team in place and you have people in different roles, you have advisors, obviously, meeting with clients, doing those things. And I'm sure that they. The good news with all those people is that they're going to give you intellectual shortcuts about where we need improvements in the infrastructure, in the system based on how they're going about the world and today. And regulations change, things change. Probably state by state, et cetera. But what do you have as far as teammates that you would need on the back end of the business? You've got front stage. Front end is the people meeting with clients on a regular basis. Backstage is people maybe doing applications. You have people managing, contracting. You have people dealing with, of course, you know, the bookkeeping, compliance. There's a whole host of different things on the back end. So you have different people in those roles so that you can free up the front stage people to focus on what they're really good at.
[00:22:18] Speaker A: Absolutely. So some of the really key players in our business, obviously having a strong new business team, someone that's monitoring everything in underwriting and the changes that are happening within certain insurance carriers as well, that's not something you're going to want to spend your time on. If you are, you know, teaching people the education of whole life and infinite banking at a high level. You're going to want someone that's also a professional, that's going to get those clients through the underwriting process while having a great experience. Uh, the next person you'll probably going to want is someone to help you service those policies, too, once they're enforced. We use life insurance a lot. I think that's one of the most fun parts about becoming your own banker. A lot of people have life insurance, but they don't use their life insurance. Right. I, and so we really use these policies. And so youre going to want someone to facilitate policy loans, anything like that. Beneficiary changes things that would take away from your time to sell insurance. And then youre going to want someone thats really good at building systems.
We custom built a CRM that was very niche specific to who we work with, how we do business. Its got all of our community blended into it. And so we had to go actually build a CRM from scratch, from the ground up to make sure it was exactly how we wanted it to be in our world. And so those are going to be like probably the main core things you're going to want to see from a systems and processes standpoint, which is going to help you stay very organized, very meticulous, great for client experience.
And then from there I would jump into like a training and coaching side for the agents.
[00:23:56] Speaker B: Yeah, amazing. So, yeah, it was a whole host of, you know, really the back end of a business structure for an insurance agency. And I think you could drop ship that and pop it into any, you know, insurance industry. And it's going to be very similar. There might be some subtleties on the positioning and what they're working on. But fundamentally, you have all these rules that need to be done, and there's so much that does happen in the backend and challenges, and some of those challenges are with things like underwriting, with things like changes with the insurance industry itself, or the insurance companies, or maybe changes with like, as an example, tax rules and so on. So it's a constant evolvement. And how have you found in their time in the industry, that evolvement of change that seems to happen on a semi regular basis? And where do you need to, like, either pivot or adjust or tweak? And how are you always refining the machine based on what's coming up that's not necessarily within your control?
[00:24:48] Speaker A: Yeah, it, uh, for us, the big one there is, we're big on relationships. And so we really decided to plant our flag, if you will, with one particular insurance carrier. And so I know a number of agents would write with three or four different insurance carriers, which I have no problem with them doing business that way. But for us, because of the size that we want to grow our organization to, we have to have a certain level of, let's call it certainty in our world that we can always depend on. Let's say we can depend on like 80% of it at any given time. I can navigate 20% change here or there. As long as we got 80% of it down, well be okay. And so if I was dealing with three different insurance carriers, and theyre all changing how they do underwriting or whatever it is, that to me, sounds like an absolute nightmare from a systems point of view. So we prefer to ride with pretty much exclusively with one carrier, and we build our systems around that carrier, because were really turning this into more of a marriage. We want to be more married with this carrier to do what were going to do at all very large scale. And in order to do that, we gotta make sure that we know where they're going, they know where we're going, and we're gonna build it accordingly. And so that one, I think, has been probably the best for us because we have that strong relationship with the insurance carrier we place business with. We get the insights from them on, hey, this is gonna be changing from a regulatory standpoint, uh, from a marketing standpoint, you're gonna wanna be careful of this, make sure you're not set. You're not saying that. Whereas a lot of other agencies, I don't think they have those relationships with the home office carriers. To be able to converse like that on a quick enough pace to stay ahead of any changes that are going to happen in the bigger world.
[00:26:31] Speaker B: That makes so much sense now. When we come back after these messages, we're going to learn more about these five important areas of life that you need to be focusing on financially to maximize what life has to offer.
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so what exactly are the five areas of life that you need to be focusing on? We've got spiritual, personal, family, financial and occupation. All of them matter. They're all happening for all of us. But are we putting any time and attention on them now? Kyle, these are areas are very important to you. Theyre a core pillar in everything that you guys teach in your business at factum. And theres some integration that happens here with the concept of infinite banking. And I think you do a very good job of cohesively putting these things together. So walk us through first, why have you identified these areas and why are they so important to you and the organization?
[00:28:07] Speaker A: So I think one of the issues we see across the landscape, at least in the United States, I'm sure you'd say it's similar in Canada as well. But there's this idea that's pushed out there about retirement. Like this is the end goal is to retire. And I look at what actually brings us success and fulfillment in life, and it's always some type of act or service in, you know, to other people. When we're serving people at a high level, we get that feeling of being successful or fulfilled. And so I just don't think we were put here to retire and play golf five days a week, six, whatever that is.
[00:28:48] Speaker B: Right. What 19 year old Kyle thought would be a great life has now pivoted is what you're saying.
[00:28:54] Speaker A: Hey, we do not trust 19 year old Kyle, okay? If we were to get advice from him, that's not a great person to get advice from, and so what I realized is probably about three or four years ago, I'm still working with the same mentor and coach, by the way, and he was asking me about my life, and I said, I feel like my life's perfect. Like I got good purpose in my life spiritually. I'm healthy, my family is growing, we're having tons of fun with good relationships. We're winning financially. I enjoy what I do for work. Like, I don't want to retire from this. I'll just move around in the business to keep serving. And he said, well, you have abundance in all areas of life. And that's really where this idea started from. And I was like, you know, if you really sit down with someone and say, what do you really want?
It really boils down to abundance in those areas of life. That's what I've come to the conclusion of. And the reason becoming your own banker is so, um, so complimentary to that idea is because in the financial sector, we are crazy blessed to live in the United States. Our income is uncommonly high, comparatively speaking, to the rest of the world. So a lot of times we hear these conversations like, if I could just make more income, that would solve my problems. And im like, well, heres the thing. We got more income than anyone else in the world. I dont think thats our problem. Our problem resides in how much of that are we actually keeping? And if you look into the concept of banking in general, it has nothing to do with investing or investments. It is a control conversation. These dollars that we earn flow through our life. How many of them are you keeping permanently in an environment that you have complete access and control of? And so when I read the book, become your own banker, Nelson Nash talks about the habits of Americans is really the problem. We make so much money, we don't keep any of it. And then, so you can't even start the process of becoming your own banker if you can't get your savings habits down, which is he calls Parkinson's law. And so we just kind of gravitated towards that message and said, this is where we could help. Most people across America, is help them with their habits and then position them to the right vehicle to store wealth in. And then once it's there, let us introduce you to this idea of treating that system like a banking system. And this is where it gets really fun, because, you know, it took me several years for my family to really get ahold of this idea. And now, ten years later, we've got a pretty substantial private family banking system. And here's where it gets so exciting, is our family is closer together now around this conversation of money and education. There's stronger relationships, there's more trust. And this is not like a charity project or anything. This is a business we're running. So there's contracts and there's conversations that happen within the family. But you think about what that's done for us. The Fuller family, on a spiritual conversation. Imagine money is not the problem that separates a family, but it actually helps bring you closer together around this idea of banking. So when you implement infinite banking inside, like, a family system, it hits the personal sector, it hits the family sector, the financial. It'll affect you personally. And since this is what we do for a business now, it becomes extremely fulfilling to go teach other families how to do this. And so to me, those two just come. When those two worlds collide, it's like the greatest thing ever.
[00:32:38] Speaker B: I love that because what you're doing, you have regular family meetings. I often see you will post pictures of a whole, a whole group of the family together around the boardroom having fun discussions. You know, you're at the whiteboard. And it's. It's so interesting because, you know, we, we released our book, don't spread the wealth very much, to talk about that. That important aspect of turning conversations in the household from being this negative energy that is so common and the cause of so much stress and. And unfortunately, even broken households and taking that idea and pivoting, it's like, how do we turn this into a positive conversation? How do we get everyone to rally around something that's so core and so similar that we can all share and be blessed in and turn this into, you know, making conversations around funny money, fun, and engaging in the family level. And there's so many wonderful ways to do that. We talk about a little bit of that in our book, and you're actively living that, not just in your own family, but in the way that you're bringing in your. Your advisor teammates into those conversations and then how they're able to now take that out into the world that of the people that they. They so most likely love to serve.
[00:33:43] Speaker A: Absolutely. It's the greatest thing ever. Now, imagine if we had 10%, 20%, 30% of the population in the US and Canada thinking and operating like that. Would that not have a tremendous impact on vulture, on future politics?
I just don't ever think there's this top down approach, which is why I think Nelson Nash was such a pioneer. He knew you got to fix this fundamentally from the ground up. And it starts with those habits, which is why, you know, becoming your own banker is not a scam. The first third of the book has nothing to do with strategies or policies. It has everything to do with human behavior. Very few financial principles that I come across are saying, you got to address that first, and then you could probably do this. I think there's too many people out there that are willing to sell a product and not teach you the actual habits and the process first. And so good on him. And we're all blessed to have that book in our life.
[00:34:43] Speaker B: Yeah, I mean, it's, it's, it was a complete rev. Revelation for me. And doing this now for, in my 16th year of teaching this process to other people, it's been a true blessing. And I mirror and share everything you identified about having that connection of, of purpose and joy and abundance, because you're able to do something that you so love to do on a regular and daily basis. And so when, when you think about, uh, as you grow and, you know, you've served, uh, several thousand families, that's a growing number. Recognizing how much even just if we isolate, as an example, a tax free death benefit that's in place, you know, the stat I said at the beginning was about 650 million. I'm sure that's higher since I, you know, received that data.
What does that feel like? And, you know, do you, do you talk about that in the group and the organization when you have your regular meetings about how that number is growing and the impact that that's going to have on so many generations out into the future?
[00:35:41] Speaker A: Yeah, absolutely. I think that's one of the most wonderful things about getting into the life insurance industry as a career. And I think more young individuals should pursue this industry as a career. It is the greatest career to be in. We offer certainty, guarantees and protection against an event that has to happen in our life. This insurance that we promote is so unique. Like you could have health insurance and car insurance and homeowners insurance your entire life and never use it.
You will use your whole life insurance policy. It is guaranteed. And so what an interesting way to promote insurance and how unique that is now, I've been told from individuals who have like 40 years in the industry, I always like to go seek out those people. And many of them have told me, you will never fully appreciate how much you're actually doing until you have one of your clients pass away. And we're one of the few industries that pushes money out when that event happens. A lot of investment type vehicles, brokerages, firms that are managing money, they're going to want to try to retain as much of that money as possible.
We're the only ones that push it out immediately to the families. Isn't that an interesting concept? And so what does that legacy do for the families we serve? So many things sets the next generation up for a larger opportunity pool to do better things, bring more light into the world. Um, ideally, hopefully they're transferring their values and their stewardship as well. But it also helps all these families escape this perpetual debt cycle that we're in. Like we are in so much debt in the United States. Its not like a new thing, but how do we ever get out of that problem? We got to solve that individual family level. So to also empower families that when their kids are growing up, the death benefits going to wipe out any potential debt they had, which to me offers a ton of peace of mind, clarity.
Its just so important for these families when we're thinking about that level, second generation, third generation, that's the part that I think really excites us is how much impact this has. The second generation, third generation down. That's how we're going to fix this problem that we're in.
[00:38:05] Speaker B: Well, one of the things that Nelson taught me and miss him dearly every day, Nelson Nash, is, you know, you need to learn how to think at least 70 years down the road or learn to think beyond your own lifespan. And just the pure thought of that idea, I think, is hard for some people to understand because they've never even heard of it. They never even thought that that's a possibility. But when you, you open yourself up to the possibility, it's amazing what you can start to create, which you can manifest into your life. And that type of thinking changes the way what you do with money and things today because you're recognizing that this, this resource that you're working with that's running through your hands, for many people, it's through versus containing. And so if you can go from money running through your hands to containing money so that you can use it to bless more than just your own life, it really fundamentally changes dynamic quite quickly. Now, when we come back after these messages, we're going to talk a little bit about some of the important tax benefits of this strategy, but also we're going to delve into some of the important innovations that you've built into your business practice and why those are important and how we can take this idea and move it up to some degree of scale to help as many people in the country as possible. Are you looking for a great book to read? Turns out I have one for you. It's called cash follows the leader. It's available anywhere books are sold. But if you want to get a free copy and you can download it right to your inbox, you can go to coachcanfield.com cashfollows.
Welcome back. We're here with Kyle Fuller. We're talking about this important legacy aspect, aspect of, you know, life insurance, whole life insurance, specifically something that we know will be there. There are many types of life insurance that have an end date. They eventually may not be there or the costs rise, et cetera. But the beautiful thing about well structured whole life insurance is that it will be there when you need it. And we know that there's two fundamentals in life, and that's death and taxes. Now, we talk about the little thing about death, but what's interesting with death and taxes is that when death comes, more taxes also show up. So for many people that don't understand, when someone passes away, you have a certain time limit, both in Canada and the United States, where you have to file that final tax return. And for many people, everything that they own is considered sold on the day that they pass away. And often their largest tax bill, they're not even around to pay it, and someone else has to pay the bill for them. When you have this resource of insurance, again, going back to what Kyle stated, looking at this legacy value, being able to cancel out, you know, debts and things for other family members, but really paying that final tax bill is a huge burden for many people, and often it is the cause of so much additional stress, so much additional pain and frustration, and it even puts people back into debt when somebody passes away. We've seen the GoFundmes. The original goal, fund me is life insurance. So, Kyle, how do you see the impact of that tax free benefit really showing up if we were to extend that out over a multitude of generations, if we could really blow this concept up at some level of scale?
[00:41:12] Speaker A: Yeah, I think, and this is what was so amazing about Nelson Nash's vision, is this idea of getting more of that power and that control back at the unme level away from some of the larger institutionalized hands that may or may not have our best interest. And so we know, I mean, this is my belief that there's never going to be a top down approach that's going to fix these problems. We got to fix ourselves, fix our families, fix our communities. And if we do it in that order. That's when we're going to start to see the impact across the state, across the country. And so we've got to get this control and this stewardship responsibility back at the Unme level. Now, when we're using life insurance as our primary banking tool and that death benefit is transferred to my children, for instance, it's going to go into our family trust, and my boys will never have to participate in a loan program from a commercial bank. Some type of government sponsored program. By the way, there is nothing government sponsored. There's only taxpayer sponsored. Right. Let's get clear with our words. So we are like, unbeknownst to a lot of people, we're contributing to that, that problem by tying into a system that is broken, in my opinion. So we got to get away from that, which is what Nelson said. So if you think my children start having children and we started this plan, you know, with my wife and I, our kids will have private access to private funds, and there is no way to inflate that money supply.
This is what you have. You got to grow it. So hopefully, you're transferring your leadership, your stewardship, your values, uh, inside that type of vehicle and trust as well. And so if we don't empower the second 3rd generation, I think this problem we're in is just going to get worse, because the people at the government level, they've already proven themselves since 1913 that they are not great stewards of wealth building. And so we can either rely on them or we've got to get it back into our own control and solve this problem at the unme level. For me, that's why I can never retire, because those of us that know this and can actually do something about it through our education, I think we're called to do something about this in our life. At least that's my opinion.
[00:43:34] Speaker B: Jeff? Yeah, I absolutely love it. And that bigger vision, that bigger impact if we can get.
Just imagine for a moment you think about all the programs that are created by a government, whether it's municipal, you know, state, provincial, federal, what have you. Many of these are created because there's a demand from the people to fix a problem. And some of those problems often are created when someone passes away. There's an economic challenge that people are experiencing hardship, and a lot of those hardships are solved with money, with dollars. And one of the reasons that they aren't able to be solved is because the individual people themselves don't have a resource that creates those dollars properly. So the more that we can build and create that stewardship and the mindset around being responsible for those dollars, the more we're taking on that ownership, and we're no longer asking for someone else to solve it with a handout. And it doesn't mean there's a difference between a handout and a hand up. One of those things actually helps people. The other one can actually enslave them into deeper and further bondage. And to some degree, not exclusively, but certainly to some degree, we are seeing that happen over the span of the last 50 years in many federal programs, both in Canada and in the United States. And so this is really about taking back that control and beyond just your own personal experience, but really on an aggregate level for the people of a nation. And if we can do it in such a way where we can guarantee a positive outcome, a financial outcome that will automatically solve problems and not allow the government to get their hands on any of it, we really are creating massive change. Now, if you just imagine for a moment as a viewer, what if every single person that you knew had established an insurance contract that was going to show up and bring the value of money when it was most needed and it could be utilized for the next generation? And if we could carry that cycle forward in two generations, massive change could take place. And I think what you're doing, Kyle, at factum, is so powerful, it's so inspiring, because it's. It's really a way to affect a positive change. $650 million worth of death benefit means that's an awful lot of legacy potential that's going to transition to another generation. We don't know when, but we do know that it will.
[00:45:54] Speaker A: Yeah.
And, you know, we're. We're just getting started, Richard. Like, you know, we're. We're ten years in at this point. And that's the, that's the important part about growth. It's who we are now is completely different than who we were four years ago, six years ago, eight years ago. And so there's a massive compound effect to that, too. And it's part of just the mission we're on, because we are looking to grow a very large agency. I think we need an army of insurance agents who understand economics at our level to go out there and teach the american public, the canadian public, about what's really going on with money, how money works. And so it is definitely a mission that we're on, and it will have massive impact. And this goes back to part of that spiritual part of life, too. I forget who said it, but there's a quote that says the individual who plants a seed knowing they'll never sit under the shade of that tree is starting to figure out the essence of life.
And these policies are so great. I'm ten years in and they've changed my life from all the living benefits, the cash value, growth, everything that whole life offers. But to think about what this going to do for my children and my childrens children, I think thats where a lot of people would benefit greatly in their lives, is having some type of purpose thats putting them in the service of others on a very large scale. What kind of world would that look like? Like you said, two or three generations down, if we taught our kids to behave that way, their kids behave that way. That now were talking massive, massive impact.
[00:47:29] Speaker B: Trey, I believe its a good man leaves an inheritance to his childrens children is the proverb. And you talk about scale and going big, and I want to talk a little bit about that. Youve really developed some key and incredible relationships. There are large organizations out there in the world who meet and congregate regularly. How are you now starting to find a way to take the impact of Nelson's message and spread the message a little bit wider to larger organizations?
[00:47:59] Speaker A: So, you know, if you're going to scale, the first thing I would recommend you do is you go find a system and a model, just like you'd find a coach or mentor in this business. Find someone who's already built an organization and go look at how they did it. So for me, that was Keller Williams. I was always really intrigued with their company, their vision, their values, very in line with the way I already tend to live my life. And so when I looked at how many real estate agents they had and Im like, how did they do this? Theyre 40 years in.
Clearly theyve figured something out. So I started reading everything I could, talking to a lot of their leadership.
And so a big part of how were planning on scaling is just watching what they did and were just going to build something similar in the life insurance realm. Now, if you are going to build something that big, you've got to build it right, which means you can't rush that process. So you got to be somewhat patient. And sometimes that's hard because you might want more revenue, more profits, whatever it is. But you got to make sure that community's built just like building a skyscraper. You cannot rush the foundation. If that's rushed, storm comes along, something happens, that whole building could come down. So you gotta lay the foundation right, which is why we always say the community is the most important part. So, really what we're doing here is we're empowering our agents to live abundantly in all those areas of life. And that's what's really attracted the right individual to our organization. And then from there, we have a pretty robust training and coaching program. So we built a training manual that teaches, you know, the lessons of these five areas, how to grow and scale an insurance business. And we're talking, this manual right now is about 130 pages. So it's not a quick five or six page. I mean, there's like 60 lessons in this thing that insurance agents need to understand. To grow an insurance agency, then you got to have systems and processes that are about 80% the same for all of our agents and allows them to build, like, 20% of their creativity into that model. That piece is very important because if someone is going to do something drastically different than what we teach and promote here, it tends to be a hole in the system, and you got to cut those holes out. They can exist. It's. It's somewhat cancerous. And so, on the systems and processes side, we built a robust, infinite banking course and whole life insurance course. So there is a training curriculum that everyone needs to follow. Generally speaking, we've got a wealth scorecard. So our agents are committing our clients to getting results based off the same questions, same results, uh, same systems. And so once all those pieces are in place and. And they're. They've been stress tested, we'll call it that. Now you can start moving forward at a very large scale. If you recruit too early and those things are not done, it will bury you.
We learned that lesson about two years ago.
[00:51:00] Speaker B: Now, when you say you learned that lesson, I'm assuming that means that you, you, you, you, probably. There was a price tag to the lesson, I have no doubt, both in time and probably in dollars as well. And so, necessity is the mother of all invention. And so you've retooled probably some of the training and things to really dial it in and get more crystal clear in that systematic approach, which I think is really important. And with the systematic approach to everything, not only are you doing that from your business standpoint, but you're helping to also infuse a bit of a systematic approach with the clients that you serve so they, too, can see the benefit of being able to kind of do things in a more similar and easy to replicate model of the world. Is that correct?
[00:51:45] Speaker A: That's absolutely correct. And so one of the reasons why I know a lot of insurance agents fail in this business is because they jump into creativity too soon. They need their own spin, they need their own thing, but they have no system and process to rely on to actually get them results. And so they end up burning out or they cant be profitable in two years and then they leave the industry. And so this is exactly why we built our systems and processes, our training and coaching. Were going to tell you all the things you need to be doing so that you are successful. And then once you are successful, by all means start blending in some of your unique abilities. Thats the greatest thing you can do. You just got to do it in the right sequencing if you want to have those results. And part of that process and system is you got to make sure that the clients, when they see our logo and they're working with an agent, they will pretty much be able to tell you what our vision is, what our values are, and what this client experience is going to be like. That piece is also very important. So if I'm driving around in my hometown and I see a Keller Williams sign, open house, I see that red logo, I can pretty much guess the type of agent ID go in there and talk to. And I would assume that they believe in God, are family oriented, and they live to serve. That would be a very common thing youd see in the KW space. But isnt that cool that you could almost guess who youre about to talk to because the company is so set on its values in that way? I've just never really seen anything of that scale in the insurance world. And I think what we do is so important that we're going to need an army of well trained agents who've got great values, who are promoting a product that I think every single American should own. And once they've got that piece down, we can have a ton of fun teaching them how to become their own bankers.
[00:53:42] Speaker B: Amazing. Well, Kyle, thank you so much for being on the program today, for sharing how you've built a business from scratch out of nothing learned along the way, how to turn it into a systematic approach. And you've helped everyone watching today understand how they can duplicate something once they build it right with the solid foundation. So for everyone watching, stay tuned for next week's incredible episode as we continue to unpack the amazing overcoming challenges that entrepreneurs face and how they are innovating in their unique vertical.
