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Reader scolds Rick Kahler for disparaging BYOB scheme | Financial Awakenings

You can go to the bank on this: every time I write something negative on any insurance product the proponents of these products come out of the woodwork, kicking and screaming.

My recent article on the Be Your Own Bank BYOB scheme didn’t sit well with Clark Sowers, Belle Fourche, SD, who wrote a letter to the editor of the Rapid City Journal shaming and disparaging me for my characterization of cash value insurance as a scam.

The only problem is that I didn’t call whole or cash value life insurance a scam. I did, however, call the BYOB scheme “one step from being a scam.”

I found it very interesting that Sowers says BYOB is promoted by other fee-only planners, inferring I must be out of step with my profession. I have never met a fee-only planner that promoted the BYOB concept, and I know a few thousand of them. I would be very interested in meeting a fee-only planner who promotes it.

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