Michael Smith

CFP®, AWMA®, CRPC®
Personal Finance, Retirement, Insurance
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“Michael Smith is a Senior Financial Planner who delivers thoughtful, customized financial planning advice to clients and enjoys getting to know each client, their families and their unique goals in order to provide the very best advisory solutions. ”
Firm:

D3 Financial Counselors, LLC

Job Title:

Senior Financial Planner

Biography:

Prior to joining D3, Michael Smith spent several years with a large, regional bank as a Wealth Management Advisor within their private bank. He specialized in serving HNW business owners, professionals, and corporate executives. In this capacity, he collaborated with a customized team of specialist to deliver high-quality client service and comprehensive advice-based solutions to help his client’s achieve their financial goals.

Michael also has over a decade of experience with a large, global money manager where he helped business owners, professionals, and corporate executives accomplish their financial goals through holistic financial planning. He was responsible for assembling financial plans, managing the investment process and ongoing relationship.

Academically, Michael has earned his Master’s in Science in the area of Personal Financial Planning. Combined with his CFP designation, this combination has provided him with the necessary expertise in his profession.

Additionally, since the area of retirement planning and working with high net worth individuals have their own inherent nuances, Michael earned the Chartered Retirement Planning Counselor (CRPC) designation that focuses only in the area of retirement planning and the Accredited Wealth Management Advisor (AWMA) designation that focus solely on the needs of high net worth clients.

In addition to the required continuing education that is required with each designation, Michael also stays abreast of the ongoing changes in his profession as a member of the Financial Planning Association (FPA) and local estate planning councils.

Personally, Michael is a lifelong resident of the Chicagoland area and the four seasons (but not the extremes) and the urban diversity are what keep him here. He enjoys spending his free time with his wife and three children. When sports activities aren’t in the weekend plans, they enjoy exploring new restaurants, areas of the city, taking short weekend trips and just hanging out.

Education:

MS, Financial Planning, College for Financial Planning

CRD Number:

4056682

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July 2018
    Insurance, Retirement Savings
March 2017
    Annuities, Life Insurance, Long-Term Care Insurance
March 2017
    Insurance, Retirement Savings

All Answers
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    Banking, Retirement, Investing, Stocks
Are there any sure proof ways to safeguard my nest egg?
100% of people found this answer helpful

There are no easy answers or one solution to protecting assets. It typically comes down to establishing multiple layers of different types of asset protection with the goal to make it as difficult as possible for a creditor to get to your assets. Since the area of asset protection is different in every state and a very complex and technical concept, it is advised to consult with a reputable attorney in your area that specializes in asset protection. Just as important, in order for an asset protection plan to be successful, it would need to be in place prior to any sort of litigation, so don't procrastinate. Since you are a property owner, you are open to potentially more issues. 

In general, one of the first steps is to separate your investment properties from your personal assets. This can be typically done by setting up some sort of Limited Liability Company (LLC). In addition, make certain you have sufficient limits of liability coverage on both your investment properties and personal home to cover your net worth. This will usually require an umbrella policy to accomplish. These are just a few ideas of the different layers of asset protection. As mentioned above, be sure to work with an attorney that specializes in this area. 

 

May 2018
    Retirement, 401(k), IRAs, Taxes
To prepare for retirement, should I contribute to a Roth IRA or should my spouse and I be maximizing contributions to both of our 401(k)s?
100% of people found this answer helpful
July 2018
    Debt, Social Security, Investing, Real Estate
Should I pay my house off with the money that I have or keep the money in my investment accounts?
100% of people found this answer helpful
May 2018
    Retirement, Social Security, Retirement Plans
What are the benefits of waiting until full retirement age if I can comfortably live off of Social Security benefits now?
100% of people found this answer helpful
April 2018
    Retirement, Pensions, Social Security, 401(k), IRAs, Retirement Plans
Which account should I draw from first, my 401(k) or Roth IRA?
100% of people found this answer helpful
April 2018