Posted By Wanda Rich
Posted on May 22, 2025

Sanford Schmidt is the Founder and Chairman of Schmidt Financial Group, a boutique financial planning firm located in Northbrook, Illinois. With over three decades of experience in the field, Schmidt has distinguished himself as a leader in wealth management, specializing in strategic and client-focused solutions designed to help affluent families protect, transfer, and maximize their wealth. His firm collaborates with top-tier legal and accounting professionals to create comprehensive estate and insurance strategies tailored to the unique needs of high-net-worth individuals. Holding a Bachelor of Science in Accounting from the University of Illinois at Chicago, Schmidt boasts several prestigious financial credentials, including Certified Financial Planner, Chartered Financial Consultant, and Chartered Life Underwriter. His extensive knowledge is further augmented by holding FINRA Series certifications, reinforcing his position as a recognized leader in his field. The remainder of this article consists of an enlightening interview with Schmidt, where he shares insights from his journey and expertise in wealth management.
Background and Professional Journey
What motivated you to start your career in wealth management, and what led to the creation of Schmidt Financial Group?
My journey into wealth management began with a genuine interest in finance and a drive to help people manage their financial futures. After earning my degree in accounting and acquiring various financial certifications, I noticed a gap in the market for personalized, strategic financial services that catered specifically to affluent individuals and families. This is what inspired me to establish Schmidt Financial Group. I wanted to build a firm that not only provides comprehensive financial planning but also fosters long-lasting relationships with clients, ensuring their legacies are well-preserved.
How has Schmidt Financial Group evolved since its inception, and what are some key strategies that have fueled its growth?
Since its founding, Schmidt Financial Group has grown significantly, becoming a trusted name in wealth management. One high-impact strategy that has propelled our growth is the qualified leverage strategy. This innovative approach restructures highly taxed qualified plan retirement assets into a leveraged tax-free asset class called Life Insurance. It's a strategy that has been well-received because it effectively protects and maximizes the value of our clients' assets by converting potentially taxable assets into an estate tax-free inheritance for their heirs.
Insights into Wealth Management
What principles guide your decision-making process, especially when dealing with complex planning and tax uncertainties?
Our decisions are always grounded in the clients' goals and objectives, as well as their risk tolerance. Most of the strategies we recommend have been established in legal frameworks for decades and are supported by case law. We collaborate with clients' advisors to minimize tax uncertainties, ensuring the decisions align with both the clients' long-term objectives and the regulatory landscape.
Can you discuss how you manage relationships with other professionals in the financial services industry?
Building and maintaining professional relationships with attorneys, accountants, and peers is crucial in our line of work. We've cultivated these relationships by sharing innovative solutions and collaborating over many years. This has created a deep level of trust and added significant value to our clients. Our network of professionals ensures that we provide holistic and effective strategies for wealth transfer and preservation.
In an industry that is constantly evolving, how do you ensure you and your team stay ahead?
Continuing education is a cornerstone of our practice. We regularly engage in courses to stay current with the latest developments in financial tools and regulations. Learning from the experiences of top accountants and attorneys, especially those working with high-net-worth clients, also contributes significantly to our creativity and capability to offer cutting-edge solutions.
Leadership and Team Dynamics
What qualities do you believe are most vital in a leader serving affluent clients, and how do you demonstrate these qualities?
In my experience, effective communication, honesty, and transparency are the most vital qualities for a leader working with high-net-worth clients. Demonstrating these qualities daily helps build trust, ensuring that clients feel confident in the decisions being made for their financial future.
How do you mentor junior advisors and colleagues within your firm?
Mentorship is a key aspect of my role. For junior advisors, the main component they often lack is experience. I work closely with them, ensuring they are making the right recommendations and presenting ideas properly to our clients. This hands-on approach not only helps them gain the necessary experience but also ensures that client interests are always prioritized.
With so many responsibilities, how do you determine which tasks to handle personally versus delegating to your team?
We have built a capable team to handle various aspects of the financial planning process. My primary focus is on designing the plans and educating both the clients and the team on these designs. Once a client decides to move forward, I delegate specific tasks to specialists such as our case underwriter and advanced case design personnel. This ensures that each part of the process is managed by experts, allowing me to focus on strategic oversight and client engagement.
In part two of our interview, we will delve deeper into strategic planning, client relationships, and the future of wealth management as envisioned by Schmidt.
Achievements and Vision for the Future
What do you consider your most significant achievement in wealth management so far?
One of our proudest achievements is the successful implementation of the qualified leverage strategy, which has resonated well with both advisors and clients. By converting highly taxed qualified plan retirement assets into a leveraged, tax-free asset class using life insurance, we’ve managed to provide clients with a robust solution for wealth transfer and preservation. This strategy not only enhances the value of their estates but also ensures that their heirs receive a tax-efficient inheritance.
Could you elaborate on your approach to handling client concerns, especially in cases where an investment underperforms?
Transparency plays a crucial role in our client interactions. When a financial product does not perform as anticipated, we take a step back to analyze the situation. We assess what might have changed from our original forecast and engage in open discussions with our clients. Reviewing all elements of the transaction helps us determine the best steps to realign our strategy with the clients' goals, thereby restoring confidence and trust.
How do you foresee the future of wealth management evolving, and what role does Schmidt Financial Group plan to play in that future?
The wealth management industry is continuously evolving, with advancements in technology and shifts in client expectations. At Schmidt Financial Group, we are committed to staying at the forefront of these changes by leveraging innovative solutions and continuing education. Our goal is to expand our services while maintaining the personalized client focus that has been our hallmark. We are particularly interested in integrating more technology-driven platforms to enhance client experience and improve advisory processes.
With the rapid advancement of technology, how do you see its integration impacting wealth management?
Technology offers a significant opportunity to enhance efficiency and client engagement in the wealth management sector. We are exploring ways to incorporate advanced data analytics and digital platforms into our practice. These tools can streamline operations, provide deeper insights into market trends, and facilitate more personalized financial planning for our clients. However, the human element will always remain vital, as trust and personalized advice are irreplaceable in wealth management.
What are the core values that underpin your firm’s operations, and how do they guide your strategic decisions?
Integrity, strategic thinking, and a commitment to personalized client service are the core values that drive our operations. These values guide every decision we make, ensuring that we remain client-centric and solution-oriented. By adhering to these principles, we've been able to build lasting relationships with our clients and provide them with tailored strategies that meet their unique needs.
In terms of growth and innovation, what are your future aspirations for Schmidt Financial Group?
Our aspirations for the future include broadening our reach while continuing to offer innovative and strategic financial solutions. We aim to enhance our collaboration with legal and accounting professionals to provide even more comprehensive services. Furthermore, we envision expanding our mentorship programs to nurture the next generation of financial advisors, ensuring that they uphold the high standards and values that Schmidt Financial Group stands for.
In conclusion, Sanford Schmidt’s vision for wealth management emphasizes the importance of strategic innovation, client-centered service, and the integration of new technologies. His leadership at Schmidt Financial Group is marked by a commitment to excellence and a forward-thinking approach that seeks to adapt and thrive in the ever-evolving financial landscape.