Sanford Schmidt, fiduciary wealth advisor on strategic insight, ethical planning & client advocacy
Sanford Schmidt is the Founder and Chairman of Schmidt Financial Group, a boutique financial planning firm based in Northbrook, Illinois. With over three decades of experience in wealth management, Schmidt has established a reputation for providing strategic, client-focused solutions as a fiduciary advisor, helping affluent families protect, transfer, and maximize their wealth. His expertise extends beyond financial advising, involving collaborations with top legal and accounting professionals to develop comprehensive estate and insurance strategies tailored to the needs of high-net-worth individuals. Schmidt Financial Group adheres to rigorous compliance standards and regularly collaborates with independent legal and tax professionals to ensure that all client strategies meet the highest ethical, fiduciary, and regulatory benchmarks. Schmidt’s educational foundation includes a Bachelor of Science in Accounting from the University of Illinois at Chicago, as well as esteemed financial certifications, including Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), and Chartered Life Underwriter (CLU). The following is an insightful interview with Schmidt, where he shares his background, journey, and key insights into the wealth management field.
Professional reflection and future planning
In your extensive career advising high-net-worth families, how have you maintained motivation during challenging economic periods?
Economic periods undergo cycles, and nothing remains constant. Planning opportunities close while new ones open. Staying current and keeping up with changing events motivates me to add value to my clients continually. This approach ensures that we are proactive rather than reactive, a crucial aspect in financial planning.
Sanford Schmidt previously held an affiliation with The Leaders Group, Inc., a broker-dealer known for its broad base of independent advisors. During this period, Schmidt remained focused on client transparency, suitability protocols, and risk-adjusted strategies, prioritizing long-term relationship building over transactional gains.
What new wealth management trends excite you, and how do they fit your firm’s mission?
Technology is revolutionizing how wealth managers monitor and manage money, enabling them to grow equity portfolios more efficiently while enhancing risk management and aligning investment strategies. This technological advancement aligns well with our mission of providing strategic, client-focused solutions. We are committed to leveraging these tools to enhance our clients’ financial outcomes and experiences.
What are the current challenges facing Schmidt Financial Group, and how are you addressing them to continue providing exceptional service?
One of the significant challenges is that good long-term employees will eventually retire. Replacing them is difficult because employees today prefer working from home part of the week. Training new employees requires time and dedication, so finding the right individuals to maintain exceptional service is a key focus for us. This challenge emphasizes the importance of building a flexible and supportive workplace culture.
Looking ahead, how do you envision the financial planning industry evolving in the next 5 to 10 years, and how is your firm preparing for these changes?
Technology continues to simplify efficiency within the industry. Artificial Intelligence will assist advisors in creating financial plans and asset allocation models. Our firm embraces these trends by incorporating new tools to deliver greater value to our clients. This proactive adaptation ensures we stay ahead in a rapidly evolving industry landscape.
What advice would you offer to individuals aspiring to enter the field of wealth management today?
I encourage aspiring professionals to find a mentor or a firm willing to invest in their training process. It takes about three years to gain sufficient experience with support to build a successful foundation in this field. Learning to be a business owner, advisor, and professional requires wearing many hats, and finding the right mentor or company is crucial for success.
Reflecting on your career, is there anything you would approach differently if given the chance?
Yes, I would have hired an operations officer to help run my company, freeing up more of my time to focus on building my business. This would have allowed me to focus more on client relations and strategic developments, further enhancing our firm’s growth and service quality.
What makes Northbrook, Illinois, a strategic location for your firm, and how does the community influence your business practices?
I have lived in the Chicago area my whole life. I attended all levels of education here and raised my family in this area. My long-term presence in this community enables me to maintain, create, and foster new and existing relationships. The supportive network and familiarity allow us to provide personalized client service tailored to local needs.
Expertise and achievements
Can you share a project or initiative that stands out as a significant accomplishment in your career?
An accomplishment I am particularly proud of is being a role model for my children, with two out of three joining my business or the industry. They have invested in their education by obtaining post-graduate degrees and have become dedicated students of the financial industry. Their commitment and growth in this field bring me immense pride, both as a father and a professional.
Sanford Schmidt has been featured in regional financial planning forums and has contributed to continuing education events for estate planning and tax professionals. His emphasis on education and transparency aligns with his belief in empowering clients through knowledge.
Beyond your professional endeavors, what hobbies or interests do you pursue to maintain balance in your life?
I enjoy staying active by playing racket sports, and health and nutrition have been lifelong passions since I was 16. I am dedicated to studying nutrition, maintaining a consistent breakfast routine for the last 50 years, working out regularly, and keeping my body in optimal condition. I believe in treating food as medicine; otherwise, medicine becomes your food.
Is there a particular quote or philosophy that has guided your approach to financial advising and client relationships?
Yes, I’ve always adhered to the expression, “If it is to be, it is up to me.” This quote serves as a constant reminder that the responsibility to put in the necessary time and effort lies with me to achieve the best outcomes for my clients.
Vision for the future
What do you envision as the most significant opportunities for growth in the financial planning industry?
The growing role of technology and Artificial Intelligence in the field presents vast growth opportunities. These tools enable us to offer more sophisticated and personalized services efficiently. By leveraging advanced technologies, we can enhance our advisory capabilities and expand the range of solutions we provide, thus attracting a broader client base.
Will there be a shift in client expectations, and how is Schmidt Financial Group preparing for it?
Yes, clients will continue to seek more transparent, personalized, and tech-driven solutions. We are proactively implementing the latest digital tools and analytics platforms, ensuring our services remain top-tier and aligned with evolving client expectations. This preparation includes continuous education and training for our team to adapt to new industry standards and innovations.
As an industry veteran, what legacy do you hope to leave behind?
I aspire to leave a legacy characterized by honesty, client dedication, and a focus on strategic, informed wealth management. I hope to inspire future financial advisors and my own children to carry forward a commitment to excellence, continuous learning, and community service, ensuring the sustainability and positive impact of our practice.
In conclusion, Sanford Schmidt shares valuable insights into the financial planning industry, revealing a commitment to innovation, exceptional client service, and mentorship. His dedication to both professional and personal development sets a high standard for future industry leaders. Schmidt Financial Group stands as a testament to his life’s work, embodying his values and vision for the future —a future built on client outcomes that reflect ethical, long-term financial planning principles.