For almost 40 years, Phil Cannella has worked tirelessly to safeguard and protect the nest eggs of Americans in or near retirement. In order to accomplish this, Phil spent years selling nursing home insurance—now known as long-term care insurance.
Phil Cannella started his career after the untimely passing of his grandfather following a massive stroke. Phil’s grandfather had retired shortly before his stroke, but the ensuing medical care and associated costs dwindled the family’s savings down to almost nothing. Phil himself was forced to drop out of college to help pay the mounting medical bills.
After his grandfather passed away, Phil journeyed to the state capital of Harrisburg to research retirement law, and learn how to prevent other retirees from suffering the same fate as his beloved grandfather.
“As my grandfather faded away, he thought that he had left us impoverished, and that stayed with me,” Phil recalls. “I couldn’t understand how someone could work a lifetime and, because of an illness beyond their control, lose it all.”
This was the beginning of Phil’s mission to protect the hard work of older Americans and protect them from the same fate that befell his grandfather. The memory continues to motivate Phil to this day, long after starting First Senior Financial Group and later becoming the creator of Crash Proof Retirement.
Over his career, Phil witnessed something that was arguably as bad or unfair as his grandfather’s untimely passing—the tendency for the financial industry and society at large to take advantage of trusting, unsuspecting retirees, often costing them their hard-earned nest eggs. Sometimes it was in the form of out-and-out scams, but more often these seniors fell victim to poor financial advice or unscrupulous tactics of financial advisors.
The stock market crash of 2001-2002 inspired Phil Cannella to investigate safe alternatives to the corruption and conflicts of interest that permeate Wall Street. From 2003 to 2006 he worked on developing what would ultimately become the Crash Proof Retirement System, a proven way to grow your money while protecting 100% of your principal from market risk, upfront and ongoing fees, and perhaps best of all, freeing your nest egg from exposure to the unpredictable and oftentimes unethical culture of Wall Street.
Today, Phil Cannella proudly states that there are hundreds of Crash Proof vehicles that can shield your retirement nest egg from volatility. And it all started as one man’s tribute to his beloved late grandfather.