Business Innovators Radio - Interview with Ilya Berman, Founder of Integrity Financial Solutions

Episode Date: May 24, 2023

Ilya carved out a niche for his business by offering his clients a proprietary approach to retirement planning using safe money options.Through his experiences, Ilya learned to be self-sufficient and independent early on. Throughout Ilya’s life and career, his independence and entrepreneurial spirit have paved the way and inspired him to help others reach their financial independence. Ilya’s financial journey started in the mortgage industry working for a large financial firm. Thereafter deciding to transition to an independent financial professional.The best part of being independent is his ability to work honestly and earnestly for his clients rather than any one company. He strives to provide high-quality service to his clients by staying informed and continuing his education.Ilya is passionate about the work he does at Integrity Financial Solutions and believes with the right strategy in place, clients can achieve financial independence in retirement, free from concerns about outliving their income.Ilya knows that clients are expecting more than ever from their financial professionals and is determined to improve the industry by setting the bar high by offering superior service as well as informing the public on what they should expect from their financial professionals.Ilya aims to serve his clients with a higher level of professionalism. He stays plugged into current events and market conditions so he can be an invaluable asset to every one of his clients and paint a realistic picture of how market changes might affect their retirement sustainability.Success is built on trust and strong relationships formed by dedication and open communication with clients.Learn More: https://safemoney.com/florida/ilya-berman/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-ilya-berman-founder-of-integrity-financial-solutions

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of influential entrepreneurs. This is Mike Saunders, the authority positioning coach. Today we have with us, Ilya Berman, who's the founder of Integrity Financial Solutions. Elia, welcome to the program. Yes. Hello.

Hey, I want to learn all about what you do. And obviously you talk about financial solutions through an integrity mindset. So that's obviously what people want. But before we get into that, give us a little bit of your story and your background. And how did you get into the financial services industry? Sure, sure, absolutely. And thank you for having me on the podcast. Basically, I started the mortgage industry back in the day.

I would probably say in the early 2000s, let's say, and then of course that industry went a little south and kind of wanted to still be in the financial world and got my insurance license and among other certifications and kind of went forward from there and started with mortgage protection, final expense, got into the health side of things as well. I think kind of narrowed my niche down to the annuity and the index universal life scenario. Those products, in my opinion, offer the best upside with limited downside and, of course, growth and things of that nature. So that is my main niche. You know, when you mentioned those two words, annuities and index universal life insurance, I think a lot of people have a lot of misconceptions about, oh, well, I heard annuities or I've, I've heard that life insurance. Talk a little bit about some of those misconceptions that you help educate your clients on so that they get the full understanding of their benefits. Correct. Correct. And most people that I do speak with regarding the, let's say, annuity side of the scenario, you know, they're always thinking, well, it's bad. They're, of course, thinking about the variable annuity versus the fixed or the fixed indexed annuity.

they're thinking about, you know, large fees that are associated with the variable annuity versus not, you know, no fees are very low fees for the fixed or fixed index annuity. A lot of people also have a misconception of, let's just say, you know, loss versus the guaranteed income side of things. So those are the main things on the annuity side. On the index universal, most people truly don't even understand how that works, or there's, you know, two buckets, to the products, one would be the life and one will be the accumulation. So those are, I would say, the main misconceptions that I run across. Yeah, and then once you can show some statistics and research on, you know, maybe annuities, for instance, and say there's guaranteed returns, I think that anytime people hear the word

guarantee, it's like, okay, tell me more, because I don't want the risk of volatility. I don't want my money going down. And now if you're in your 20s and you have a lot of runway before retirement, you know, you might be able to, you know, weather some volatility, but typically when people are approaching retirement, they want to know their money is safe and secure. So how are annuities providing that guarantee of return? Correct. So basically, I run across, let's just say, two parts of the situation, or actually three. One, of course, people that just want to accumulate a large sum of money, of course, and leave it on to their ears.

The other part would be where they do want to take a guaranteed income for their life. And some people, a combination of all of the above. So it kind of just depends on, you know, where the person's at financially, of course, and what their goals are. A lot of want to leave a legacy and some just want to spend the money for themselves and enjoy their retirement. Yep, that's a good point. And, you know, it kind of does get down to what do you, what do you look at?

envision. You know, what does retirement look like for you? And if it is to sit back and play golf and do nothing, then wonderful, then we need to plan for that. If it's, I want to start a new business, then we need to plan for that. So it really does get down into what you just said is what, what are those end goals and results? So talk a little bit about then the life insurance, because I think people hear the word life insurance and they think, you know, the old term life and, oh, I've got that or, you know, I don't need life insurance because, but these permanent policies, bring a whole lot of different benefits. So what are some of those that people should consider? Yes, absolutely. So a lot of the newer policies, number one, they carry a lot of living benefits.

So it's not only whether or not you pass, that's where beneficiaries benefit. It's basically you are still here and alive, unfortunately, possibly with a terminal illness or chronic illness or anything of that nature. You know, you can still access to funds to that. You can take loans out for yourself, enjoy, let's say, your retirement. And at the same time, you've got, you know, the accumulation bucket on the side of the side of their building for you as well. So most people are not aware of that. The ones that are, of course, are utilizing them and having a great benefit and advantage. You know, I think that the word limiting benefits is such a unique phrase because people think life insurance kicks in when you pass away.

And you get whatever the face value, and there it is. But like you said, there's some living benefits as well as the death benefit. So the permanent policies bring, in addition to the death benefits, some of those living benefits, like you said, like when, you know, because let's face it, the elephant in the room is the premium on a permanent life insurance policy is much higher than the premium on a term life policy. But with that comes these living benefits. So go a little bit deeper on some of those living benefits like cash accumulation. You know, what is the benefit of having cash accumulation? Well, you mentioned being able to borrow against it. Well, you know, don't you kind of become your own banker when you're pouring into your own policy and then, oh, I needed to buy a car.

Don't go to the dealership. Maybe go to your own, you know, well, your own bank, which is your insurance policy. How would that work? Exactly. Exactly. Basically, you just summed it up right there. And most people, it's like the, uh, banking, you're your own banker, basically.

You're lending the money to yourself, and if you wish to pay it back, you can, and if you don't, and not a problem either. So that's a real, I would say not so much new, but very, let's say, advanced, newer concept for today's, let's say, society. And most people are not aware of it. So that's another reason why these products are always constantly being upgraded, and refined and revised. And it's just you've got to keep up with the industry.

You've got to keep up with the products. And, you know, it's an ongoing educational process, I would say. Yeah, it's a new way of thinking. I think that's a really huge thing because we think in certain buckets, like I need to borrow money for house or car or whatever, and I need life insurance for when I die. Well, these kind of ways of thinking maybe open up opportunity. And talk a little bit about,

risk in that permanent policy because, you know, like if you mentioned index universal life, well, that's indexed to the market. Well, the market can be volatile. So is there risk in your insurance policy? Okay. So basically, no, there is not. It's tied to the market. It's not in the market. So most people are thinking where, let's say, if you purchase a stock and let's say it's Apple, you know, it can go up, of course, and you can go down. This is just indexed to the market. So basically mirrors the market. It follows it. So, you know, the concept, of course, is a little bit more, I would say, in depth to get in over the current, let's say, conversation, but it's very, very, it's safe. It's safe. So whatever happens to the account value pretty much is locked

in at that account value and will not go down. So there's a guaranteed rate of return. And even if the market that it's indexed to crashes, you're going to not get a rate of return, but at least you're not going to lose your money. Exactly, exactly. That's a big piece. Kind of what we mentioned with annuities.

You know, people tend to, when they're approaching retirement, hey, my days of wanting to make the big gains and take, you know, the volatility. and weighted out, those are gone. We now need to protect what we have. So I want the guaranteed rate of return. And I want to know that this insurance policy, while it does provide these benefits,

is not going to, you know, lose money. So that's a big piece that I think people need to realize. Absolutely. And what about also, I know myself personally, I set up a permanent life insurance policy last year. and I had a term life policy. Well, I remember that the term life policy was whatever it was 10 years, let's say. And I had to renew that and guess what came with that?

I had to have another health exam. Now, everything was fine. But isn't there a potential negative if you, every 10 or whatever number of years on a term policy, you have to get a new renewal, you have to get health. And what if your health changed? Well, now all of a sudden, you might not get the better rate. and your rates are going up, whereas a permanent policy is permanent. What benefits does that bring for those medical exams?

Exactly. So number one, of course, you don't have to re-qualify, as you mentioned. And, of course, number two, the price for the premium on a term will be, of course, higher whether you be 30 years old or whether it be 60 years old. Whereas the permanent policy, most of them go up to age 120 and some are a little higher, But at that point in time, you know, you just have, you just have, you know, we never know what we're going to pass, of course. So, you know, if you take a 30-year term and you're 30 years old, then you basically have to pass prior to 60 in order for that to pay out to the beneficiaries, whereas the permanent policy, you know, pay out at whatever age that, of course, this occurs, whether it be 75 or 85 or beyond. So, but that would, that's a huge advantage point.

and starting out early, age-wise, out of permanent policy is going to be much more beneficial than pretty much spending or slash wasting your money on a term, which has no cash value at the end, unless you pass prior. Yeah, and I, you know, I've said this many times when I'm thinking about or talking about comparing term versus permanent insurance, and you've got a mortgage background, and back in the late 90s, early 2000s, I was in the mortgage industry. So comparing term is like renting a house, but comparing permanent is like buying a house. Well, you get a lot of benefits when you own the home.

You have tax benefits. You have equity buildup, pride of ownership. And yet if you rent and you live there for five or 10 years, the landlord might love you when you move out. He says, have a nice day. And you get nothing for that. So that's a really good example of comparing term versus permanent. Yes, absolutely. Absolutely. Ownership versus rent.

And then what about when we're thinking about retirement and wealth building, one of the aspects gets to the point of, you know, like estate planning or, hey, Mr. Ormises client, you've got these many children or grandchildren. So, you know, here's your estate. Here's how much that you have and will be projected to have. So now let's talk about how to transfer that, you know, upon your death. So if you had certain investments, then when it transfers to the errors, there's going to be tax implications. Are there benefits of a universal life insurance policy that would help out that way when you're planning to transfer funds to your family? Exactly. That's 100% correct. So, and what I usually do is I don't specialize in the estate planning, but I do deal with an individual that does. So those things, of course, are more expertise on his side of the equation, so-called, but they absolutely always have to be thinking forward about, you know, today at a certain age where, let's say, 50 in five years and 10 years down the road

or closer to, let's say, Social Security age, you know, you always have to be thinking how to advance and how to make sure that at the age where you're going to, so-called, decide to retire or partially retire, then, of course, the financials have to be in line. mind. Yes, absolutely. You know, and you bring up a really good point there, and that is you may be a specialist in certain areas that you focus on, like annuities and index universal life, but you bring in experts to help the clients as kind of like a team approach, because you don't know exit plan, you don't know legal, you don't know the tax. So let's bring in a CPA to work with the client.

And it's not, if they have a CPA, then good. Let's bring the CPA in to talk about how the annuities and the life insurance factor into their tax planning, factor into their extra planning. So I think that that would make your clients feel very comfortable that you're handling the areas that you're an expert in and then you're bringing in either their current experts or people that you recommend so that it's a full holistic approach to their retirement, making sure everything works well together. Exactly. Well, it's just been really a great pleasure talking with you today.

If someone is interested in learning more about annuities and index universal life and connecting with you to see how that could benefit them, what's the best way that they can reach out and learn more and connect with you? Absolutely, they could visit the website at Integrity Financial Solutions.org or they can reach out to me directly. My number is 813, 816, 9600. Either way is fine and look forward to meeting with the new people and of course discussing anything that they wish to discuss.

And Mike, I appreciate you and me having you on the show as well. Excellent. Well, thank you so much, Elia. You've been listening to Influential Entrepreneurs with Mike Saunders. To learn more about the resources mentioned on today's show or listen to past episodes, visit www. Radio.com