Inspiring Conversations with Bernadette Wright of Impact Wealth Strategies, LLC

Today we’d like to introduce you to Bernadette Wright.

Bernadette, we appreciate you taking the time to share your story with us today. Where does your story begin?
March 17th, 2022, that is the day that everything changed.

The day started just as any other day would, but ended with the realization that my husband was having a heart attack. Once we arrived to the hospital, we learned that he had 7 blockages and would require open heart surgery. Open heart surgery is fairly common these days, so while it wasn’t the news we were expecting, I remained hopeful.

In my mind, he was going to be away from his practice for maybe 4 to 6 weeks and we were going to commit to improving his health going forward. At least that was the plan.

Instead, 24 hours after his surgery, which by all accounts was a success, they called a code blue. I watched as a nurse jumped on top of his recently sewn together sternum and began to do compressions, but there was no response. I quietly backed into a corner, hoping no one would make me leave, and watched as doctors and other nurses ran into the room to assist. I was in a state of disbelief. We were JUST talking not 15 minutes ago! I then felt someone grab my hand and lead me out of the room. They directed me to a chair at the opposite end of the hallway, where I had a front row seat to the blue light that was illuminated outside of my husband’s room. I called my sister and with hands and voice shaking I quietly said “code blue”. She was confused, because remember, he was JUST FINE….so she responded “WHAT?”. I found the strength to again say… “Code Blue”. She did not waste any time, and we did the only thing we knew how to do….and that was to pray. She got off the phone with me and called my other sisters and my mom and they began to intercede as I sat in the hall praying quietly…but also feeling as if I was frozen in time. At some point, they sent a Chaplain up to stand next to me, which caused more anxiety than comfort. In my head the following thought was circulating at maximum volume, NO! THIS IS NOT GOING TO END THIS WAY!

When I was finally allowed to go back into the room, my husband had been sedated and ventilated. A few days later, he was able to open his eyes and as they slowly took him off the ventilator, I knew that something was wrong. My husband was later diagnosed with a traumatic brain injury and it was global. He was experiencing vision loss, memory loss, hallucinations and more, all within 72 hours of having had open heart surgery. This was no longer going to be a 4 to 6 weeks and everything is going to be fine scenario. Just like that, everything changed.

My husband, who had been practicing law for over 25 years, could not work for almost a year. That year, I became his full-time caregiver. No one was working and we needed resources. It was during this time that I learned more about living benefits and that our life policy did not have them.

Based on his heart attack and brain injury, living benefits would have allowed us to advance up to $900,000 of his policy to help care for his needs and provide an additional layer of security for our family. Instead, the policy we had been paying on for 19 years would do us no good, and we were on our own. This is when I decided to learn everything I could about this industry, including getting licensed as an insurance agent and transitioning my legal hat from primarily litigation and business matters to effective life, estate and retirement planning solutions.

Impact Wealth Strategies was born out of a desire to ensure that everyone knows what we didn’t know and understands why it matters. Irrespective of your background or socioeconomic status, the question remains the same….”What happens if you LIVE?”

Alright, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
Impact was one of the many “transitions” that were happening during that time in our lives. My husband was still home recovering and I had transitioned to a full time caregiver. That transition didn’t mean that the rest of my life took a sabbatical. We still had our youngest child graduating high school and moving to another state and a law firm that needed administration even though neither of us were practicing during that time. So when time would permit, I would study for the life insurance exam and learn everything I could about how to start an Independent Agency. Sometimes that meant staying up while everyone else was sleeping. The road wasn’t as smooth as it would have been before our lives changed. However, I only ended up here, doing what I am doing today, because things DIDN’T go smoothly.

We’ve been impressed with Impact Wealth Strategies, LLC, but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
Impact Wealth Strategies, LLC is an independent life insurance and wealth planning firm that specializes in educating consumers on matters of life AND death. Being independent was important because it meant not being limited to only one carrier, which may not be the best fit for the client. For example, one of the reasons we didn’t have living benefits is because our agent did not work with a company that sold products with living benefits. People offer what they have access to. The other reason we didn’t have appropriate coverage is because we had not invested any time into strategic wealth planning and thinking about the “what if’s” of life. Impact was founded with this in mind. We offer clients a holistic approach to wealth planning, which includes having access to more than one top rated carrier.

What sets us apart is our mission to evangelize living benefits and educate people on a time proven, yet often underutilized wealth asset called life insurance. Life insurance isn’t just about death and wealth isn’t just about making and storing money, it’s also about leverage. What are we doing to leverage the assets that we have, big or small, in a way that benefits us in a multi-faceted way? Are we utilizing the tax codes in a way that maximizes the amount of money we have available in life and in death? Are we looking at our retirement options based on what we know today or basing our strategy on what worked for our grandparents? Impact teaches people how to use and grow the resources that we have. This includes educating consumers on how you can utilize life insurance policies while you are still alive; for everything from educational needs, life events, business succession planning, cash flow or even creating a tax-free retirement strategy.

What makes us different is that we go beyond insurance and annuities and also speak to the estate planning needs of the clients. The goal is to structure a plan where our client’s assets are growing in a protected environment during life and that their legacy is protected in death. In Proverbs 13:22, the Bible says that a good man leaves an inheritance to his children’s children. In order to accomplish that, we have to teach our own children how to duplicate the process by educating them on what generational wealth planning looks like. That process starts first with us.

One acronym we came up with for Impact is “I Must Put Away Cash Today”. Putting the cash away is one thing, but putting it in the RIGHT places based on your age and objectives is another. Diversification is key. The younger you are, the more risks you can take. However, as we get older, it is wise to transition out of a stock market only mindset and start looking at options that will allow you to participate in market like gains without experiencing market like losses. This can be done through either an Indexed Life Policy or an Indexed Annuity Product.

So here is what I want your readers to know, knowledge does not cost you anything, but lack of knowledge can cost you everything. Had we not been in a strong financial position prior to my husband’s health crisis, we would have been in deep trouble. Like many people, we never thought anything like this would happen to us. We now know better. Impact will teach you what solutions are out there and what you need to know about this aspect of wealth planning FOR FREE. We love person to person interactions. Yet I also realize that we live in the digital age, so Impact is adjusting our approach in that area as well. We have an abundance of information on the website and plan to begin podcasting and posting on various social media outlets soon.

What we are most proud of brand wise is our reposition your way to wealth initiative. If we can take what a person already has access to and come up with a comprehensive strategy that meets their personal and financial objectives without increasing their overall budget, then that is what we call a win/win. If there was one thing I could leave your readers with, it would be that no matter how old you are or how much money you have or don’t have YET, the time to learn about estate, retirement and strategic financial planning is now. After all, you don’t know what you don’t know. Even if you don’t have a dime to your name, start getting educated about what’s out there today. That way, when that vision you have been carrying comes to pass and money is now in your hands, you’ll know how to multiply it, protect it and extend it for generations to come.

Any advice for finding a mentor or networking in general?
Find a mentor whose spirit is in alignment with the mission that has been placed in your heart and be up front about what you are looking for. From a networking perspective, what has worked well for me is building relationships with my current client base and branching out from there. Position yourself and your business as a solution to a problem someone else is facing and network in those spaces. Go where people are looking for you to be.

Contact Info:

• Website: http://www.impactwealthstrategies.com
• Instagram: @impactwealthstrategies