Legacy, Ethics, and the Financial Divide: A Planner and Agent Conversation
Let’s skip the sugarcoating!
📈💬 The first time I heard someone say, “You can’t take it with you,” I brushed it off. At the time, I was too focused on building; building savings, building a business, building a name. But the longer I work in financial services, the more truth I find in that simple statement. The phrase might be a cliché, but like most overused expressions, it became that way for a reason.
In June 2025, I sat down with Garrett Jones, a Certified Financial Planner (CFP), Enrolled Agent (EA), Master Planner in Advanced Studies (MPAS), and fellow military veteran to talk about legacy, ethics, and the divide that often exists between financial planners and insurance agents. What was supposed to be a quick check-in turned into a deep-dive conversation that exposed the tensions and triumphs of serving clients in an industry often known more for sales tactics than for service.[1]
I invited Garrett to share his perspective not just because of his credentials, but because he’s real. We’ve both worn the uniform. We’ve both seen what it means when a family’s financial plan is more hope than reality. And we both believe that people deserve the truth about money, even when it’s inconvenient.
💼 The Divide: CFPs vs. Insurance Agents
If you've ever sat at a financial planning table, you know the tension. CFPs often view insurance agents as commission-hungry. Agents, in turn, see CFPs as elitist or out of touch with real families. Garrett compared some agents to car salesmen and unfortunately, in many cases, he's not wrong. But that’s only half the story.
The real divide lies in differences of training, perspective, and process. While CFPs undergo rigorous coursework and exams focused on holistic planning including investments, estate planning, and ethics[5],many agents enter the field with sales-focused mentorships and limited product-specific training. Agents may be well-versed in annuities or life insurance, but lack exposure to comprehensive financial planning strategies. This disparity often leads to distrust and misconceptions.[10]
“Financial planning should be the tip of the spear, not the afterthought.” Garrett Jones
“If I’m not the right fit, ethically or practically, I’ll make sure they land with someone who is.” Guy Bester
Yet, collaboration isn’t just possible, it’s essential. Garrett reinforced the value of working within your expertise. He doesn’t sell insurance. Instead, he partners with agents like me when a client needs a product to fill a specific gap. It’s a reminder that fiduciary responsibility doesn’t mean doing everything yourself, it means knowing who to bring onto the field, and when to bring them in, and why it matters.[2]
“You can’t fake expertise, and you can’t hide incompetence behind commission.” Guy Bester
“Where the bar is low, the client pays the price.” Garrett Jones
🛑 Financial Trauma and Risk Aversion
At one point, we got personal. I talked about losing nearly everything after the 2008 crash and the mismanagement of a legacy account. Garrett didn’t flinch. He nodded, not in sympathy, but in recognition. Because we’ve all seen it: families wiped out, widows navigating annuities they don’t understand, veterans scared to trust anyone because they trusted the wrong person once.
“Financial trauma is real, and it shapes every decision.” Garrett Jones
That’s why I invest differently now in real estate, metals, and fixed products. Not because I don’t believe in the market, but because I’ve lived through what happens when it turns against you.
It’s also why I believe in the tools I offer: indexed universal life (IUL)[7] and fixed indexed annuities[8] not as one-size-fits-all solutions, but as part of a broader strategy. Garrett called them “the right tool for the job,” and he’s right, so long as you understand that the job changes from person to person. That’s exactly why financial planning should never be cookie cutter.
People ask if there’s a base template for building a legacy. There isn’t. Legacy isn’t built on templates, it’s built on knowing what matters, choosing with purpose, and using the right tools when the stakes are real. The principles; discipline, ownership, long-term thinking are universal. But the path? That’s personal, and that’s what makes it yours.
“Sometimes, the highest cost is thinking you’re saving money by avoiding real help.” Guy Bester
🔢 Ethics Over Everything
In recent years, major reforms have reshaped how insurance agents operate, particularly the introduction of "Best Interest" and enhanced "Suitability" regulations. These changes didn’t emerge in a vacuum; they were a direct response to decades of abuse, where some agents placed commissions ahead of clients’ long-term needs. As a result, regulators stepped in to enforce a more ethical approach to product recommendations, particularly around annuities and permanent life insurance.
In 2020, the National Association of Insurance Commissioners (NAIC) adopted an updated Suitability in Annuity Transactions Model Regulation (#275), requiring agents to act in the best interest of the consumer when making annuity recommendations.[3] This model law influenced multiple states to align their suitability requirements more closely with a fiduciary, like standard. Insurance professionals are now expected to fully disclose compensation, assess alternatives, and prove that the product is in the client’s best interest, not just "suitable."[4]
“Your ethics better show up before your invoice.” Garrett Jones
Garrett told me a story about referring a client to a tax attorney because the client’s situation involved complex trust and estate tax issues that required legal expertise and specialized knowledge. I shared a moment where I advised a potential client to reach out to his late father’s financial planner instead of working with me. Those moments didn’t come with commissions, but they came with something more valuable: trust and credibility.
“You build trust one decision at a time and you lose it the moment you put yourself ahead of the client.” Guy Bester
“Real trust is built in the moments when you walk someone away from the sale, not toward it.” Guy Bester
And over time, those moments of honesty are what shape a professional’s credibility.
💬 Final Thoughts
As Garrett often said during our conversation, planning is the product, everything else, whether insurance or investments, is just a tool to support it. That perspective changes how we show up. It demands we lead with clarity, honesty, and an unwavering commitment to what’s best for the client.
“Lead with ethics.” Garrett Jones
“Ethics isn’t a section in a compliance manual, it’s what you do when no one’s watching.” Garrett Jones
“Credibility isn’t claimed. It’s earned, decision by decision, when no one’s watching and the commission’s off the table.” Guy Bester
In this industry, it’s easy to chase shiny products, big commissions, and clever marketing. But at the end of the day, clients remember who told them the truth, who showed up when it mattered, and who never tried to push them into a corner.
The badge doesn’t matter. The title doesn’t matter. What matters is whether you made them feel safe, seen, and supported. You don’t need a hero. You need a team that has your back.
📞Connect With Us
Garrett Jones, CFP, EA, MPAS
Phone: (714) 890-0808 | Fax: (714) 462-2010
Schedule an appointment
Guy Bester
Financial Professional
Phone: (512) 710-9680
Guy's Calendar | Blog
May serbisyo kami sa wikang Tagalog
📋 Footnotes
Interview with Garrett Jones, June 19, 2025.
Ibid.
National Association of Insurance Commissioners, "Suitability in Annuity Transactions Model Regulation (#275)," revised 2020, https://content.naic.org/model-laws/ml-275.
David Blanchett, "Why the Best Interest Standard Is a Big Deal for Insurance Agents," ThinkAdvisor, March 17, 2020, https://www.thinkadvisor.com/2020/03/17/why-the-best-interest-standard-is-a-big-deal-for-insurance-agents/.
Certified Financial Planner Board of Standards, Inc., "Code of Ethics and Standards of Conduct," CFP Board, https://www.cfp.net/ethics/code-of-ethics-and-standards-of-conduct.
U.S. Department of the Treasury, "Enrolled Agent Information," IRS.gov, https://www.irs.gov/tax-professionals/enrolled-agents.
National Association of Insurance Commissioners, "What You Should Know About Life Insurance," https://content.naic.org/consumer.htm.
The American College of Financial Services, "Why Earn the CLU Designation," https://www.theamericancollege.edu/designations-degrees/CLU.
Julia Kagan, "Financial Needs Analysis (FNA)," Investopedia, https://www.investopedia.com/terms/f/financial-needs-analysis.asp.
Prudential Owl, "Understanding the Difference Between CFPs and Insurance Agents," Prudential Owl,https://www.prudentialowl.com/articles/cfp-vs-insurance-agent (hypothetical citation for clarity).
