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This agency only works with local, privately-owned funeral homes. This means you will be dealing with a trusted member of your community, not some distant corporation only worried about a bottom line.
Why Financial Advisors Give Bad Advice About Funeral Planning
There are a lot of good financial advisors out there. I have taken the advice of some of them. One of the most recognized of financial advisors was Harry Browne, who was also the Libertarian candidate for president in 1996 and 2000. I have a collection of his books. There are others such as Dave Ramsey, Sylvia Porter, Vanita van Caspel, Charles J. Givens (dec.), Suze Orman, etc. I have dug into their material, watched their shows, listened to their radio programs, and have uncovered great advice. I appreciate Harry Browne more than all the others, because he never gave advice outside his knowledge.
Do you think Dave Ramsey knows it all? Read these articles:
Ten Things Dave Ramsey Got Wrong
How Dave Ramsey's Bad Math Leads to Bad Financial Advice
Dangerous Retirement Planning Advice From Financial Guru Dave Ramsey
These advisors are dangerous when they start to convince you they know everything, when they venture into areas where their knowledge is not solid. They sometimes pretend to have understanding of disciplines and subjects that require expertise they simply do not have, such as income taxation, medical science, or law. Another field where expertise is required to give sound advice is funeral and final expense planning. Fortunately, good advisors such as Harry Browne always pass on giving advice where they have no place giving it. Others, though, such as Suze Orman and Dave Ramsey, give advice about funeral planning without much expertise and without even having done much research. Even the best of financial advisors are in reality most interested in selling their books, CDs, and DVDs. The primary motivation of financial gurus is usually to sell themselves to make money for themselves. If they can help you make money, too, that's great. It's a win-win deal for the money you pay for their material. But you have to know where they fall short and not put these people on pedestals.
When advising people, "Don't buy funeral plans," they are blurting out a hasty generalization, just as idiotic as "don't buy gold." It is either biased, unsubstantiated, or both. When a financial advisor tells you not to buy funeral plans, he or she is saying that all funeral plans are bad or flawed, or somehow unprofitable or a losing investment in every way. The truth is, there are some bad funeral plans, but there are also good ones, some better than others. I explain to families which types of plans are the very best. That is my mission. Even though I make money selling these plans, I actually make less on each plan sold than years ago when I was selling the not-so-good deals.
The best book I've studied on funerals and recommend that you read also is Profits of Death: An Insider Exposes the Death Care Industry, by Darryl Roberts (1997). His family owned funeral homes and cemeteries. He reveals the practices of the death industry you need to know to make wise choices in purchasing arrangements. Only an insider can give you the right advice about whether a funeral plan is good or bad. I am also an insider, having worked for numerous funeral and burial companies. I have been an insurance agent and pre-need sales agent for two decades. I also went through the National Funeral Director's Certified Preplanning Consultant designation program. This qualifies me to give advice. And I give you objective advice, not advice slanted toward the profit goals of a funeral home or corporation.
Some of Darryl Roberts' advice from the book:
"The key to controlling future funeral and cemetery costs is to arrange and pay for them in advance."
"...people will purchase more in an emotionally charged at-need moment than they will in a calmer and more stable pre-need moment."
"Pre-planning is absolutely the best thing you can do to ensure that you get the final arrangements you want and save money at the same time."
"In my opinion, insurance policies are the best way to go. The insurance industry is highly regulated. Also, insurance companies are typically more balanced and more stable than most death merchants. Even when insurance companies go bankrupt, state and federal agencies come to the rescue of policyholders. Certainly the same cannot be said of funeral homes and cemeteries!"
The only advisor with the qualifications needed to give good advice about funeral planning is one who has extensive experience in the industry. I have written many hundreds of funeral, burial and cremation plans over 25 years, and it has not been for just one company. I have represented large and small operations, totally honest and somewhat crooked operations. I have been in the trenches and seen every tactic used in the interest of making money, even at the expense of families. I have studied and adhered to the standards of the National Funeral Directors Association. I have applied my education in accounting to the numbers that pertain to funeral planning and the related life insurance funding. With me it's "always about the money," but it's about YOUR money. It's not about whether or not I'm making money for the funeral home or the funding company. It's about zeroing in on the best value for your money.
Below is a cost comparison of two funeral homes I recently did for a client. Only someone with pertinent experience could put this together quickly:
Our average ten-year plan at most ages is around $33.00 a month. Compare that to what other funeral homes you may have had in mind can offer you. The average funeral plan in the Salt Lake area on a ten-year plan is around $80.00 per month per person.
Let me show you in detail in your home how to outline your final wishes and preferences in the best way possible. Let me show you the best plan for your money.
