1. Tell us about your professional background and your interaction with Philanthropies and the Gift Planning Services team.
I joined New York Life Insurance Company on March 7, 1978 in Pocatello, Idaho. In the 39 years since then I’ve spent 10 years as a client adviser, five years in the New York Life home office working on field technology, eight years as Vice President of Advanced Markets in the home office of Beneficial Life, an LDS owned company, and 16 years as a professional trainer in financial services. I currently serve a joint role at Cambridge Financial Center as both director of Advanced Markets and a high net worth client adviser. I first partnered with Philanthropies while at Beneficial Life working on a joint task force with Beneficial, Deseret Trust Company, and Philanthropies. Since then I’ve helped analyze potential gifts of life insurance, met with Philanthropies donors to discuss the role of life insurance and investments in their gifting strategies, and participated on the National Planned Giving Council advisory board. I’ve met some wonderful friends, who have become substantial clients, because of my work with Philanthropies.
2. Please highlight some accomplishments or interactions with clients that you are proud of.
As part of my professional education I completed a Master’s Degree in Financial Services, and then went on to receive the Chartered Advisor Philanthropy (CAP) designation from the American College of Financial Services in Philadelphia. That’s where I learned the tools of philanthropic giving, and how they can contribute to the seeming paradox that by using charitable devices they can pass money to both a favored charity, and gift more after-tax money to their family than if they leave it as an outright bequest subject to estate and gift taxes.
3. Tell us about your family, where you grew up, schooling etc.
Born in Blackfoot, Idaho, I grew up in Pocatello where I graduated high school and from Idaho State University with a B.A. in Political Science. I have three older brothers. Perhaps the most interesting thing about my family is that my Uncle Arthur Jensen just turned 105 years old, the same age his mother reached. My mom is 99 years old and in good health. Her mind is alert with curiosity and love of family. Mother had a cousin who lived to 103 and an aunt who lived to age 108. So, when I do life insurance planning I always make sure policies are scheduled to remain in force well past age 100 – because that’s my family experience. Marcella and I have three boys and a daughter, all adults now, and five terrific grandchildren.
4. Tell us about your hobbies, interests, and places you’ve travelled to.
My primary hobby is writing books and articles. I also enjoy photography and hiking and reading about history. As to places we’ve travelled, Marcella and I are doing our best to make it “everywhere.” We’ve been to Europe on four occasions, including a Rhine River cruise. We’ve also been to Hong Kong, Brazil, Argentina, India, Japan, Australia, and New Zealand. Our hands-down favorite are the islands of the South Pacific, including Tahiti and the Cook Islands (a hidden treasure). We love learning about the local cultures and finding out how much people around the world have in common.
5. Let us know about your books you’ve written.
I enjoy writing historical fiction and biography, with 17 published books. Stories from the Life of Porter Rockwell (written with John W. Rockwell) always is of interest to LDS readers. Something I learned in writing the book, was that it was on the orders of Joseph Smith and the Nauvoo City Council that the Nauvoo Expositor anti-Mormon newspaper was destroyed. What I didn’t know is that it was my great-great-grandfather, David Norton who kicked in the door to be followed by Porter Rockwell, who destroyed the press. More than 150 years later John and I joined together to write about Porter’s fascinating story. Most of my other books are written about military history from World War I and World War II. The most recent, Compassionate Soldier, is new to the market in 2017, and shares 15 true stories of people who act against their own interest in war to help a person in need – including, sometimes, a suffering enemy. Asked by Shadow Mountain (an LDS owned, but non-LDS content publisher) to write the story, I was inspired to see the depth of goodness people are capable of. To learn more about my books, please visit www.jerryborrowman.com
6. Any thoughts or words or wisdom you may want to share.
Several years ago, I purchased a single premium life insurance policy for the benefit of the graduate school I attended in Philadelphia. For a one-time premium of $12,000 I will leave a legacy of $100,000 to assist the college in its operations. Financial products, including life insurance, can create a legacy for both family and charities that endure for many generations. I find it humbling how many people love the LDS Church and want to leave assets to further church programs when they’re gone. With sound financial advice, you can magnify the value of the gifts using a variety of approved charitable planning techniques (which reduce taxes to increase giving opportunities) and financial products. I hope everyone reading this newsletter will consider working together as a team of advisors to help clients create legacies, including the many wonderful community based and educational charities, that matter to your clients and their families. For that matter, I hope that each of you will consider how to leave a legacy that lives long beyond you.
7. Something unique that people may not know about you.
I’ve taught more than 2,500 adult training classes in life insurance and financial services in more than 35 states and 10 foreign countries. I work closely with Senator Orrin Hatch and others in Utah’s Congressional delegation in advocating for our clients who rely on life insurance as part of their financial and estate plans.
8. Anything else you’d like to add that would help the rest of the council members get to know you better.
I’m working very hard to be a more patient driver ...