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Michael Baker

Advocates For Your Wealth.

No Current Employment Listed

Overview

Services

Advisor Services

  • Financial Planning

  • Portfolio Management

Funds

Funds Used With Clients

There are no funds listed for this advisor at this time.

Firm Client types

Qualifications

Experience

No timeline events available.
Employer Years Dates
Sequoia Financial Advisors, LLC 2 months, 2 weeks Aug 2017 - Present
Aurum Wealth Management Group LLC 1 year, 5 months Mar 2016 - Aug 2017
Sixth City Financial, LLC 2 months Jan 2016 - Mar 2016
Game Plan Financial Advisors, LLC 6 years, 2 months Jan 2010 - Mar 2016
Enterprise Rent A Car 2 years, 3 months Sep 2007 - Dec 2009

Designations & Memberships

  • Financial Planning Association
    Membership
    Financial Planning Association
    The Financial Planning Association (FPA®) is the largest membership organization for personal financial planning experts in the U.S. and includes professionals from all backgrounds and business models. We help connect thousands of consumers to competent and ethical planners who uphold the FPA Standard of Care.
  • Certified Financial Planner
    Designation
    Certified Financial Planner
    A standard certification for advisors, designees are exposed to nearly 100 topics on integrated financial planning. Major topics include, but not limited to: insurance, employee benefits, securities, state and federal tax, estate tax and planning, asset protection, etc.

Articles and Answers

Insights by Michael Baker

There are no insights for this advisor to display at this time.

Answers

Ask a financial questionAsk a question
I would like to know if I can do a direct rollover for a company listed here on BrightScope.
Justin,Once you leave your current employee you can contact your plan administrator and/or your HR department and discuss the proper method for rolling your 401(k) into an IRA. So long as the transfer is direct from your 401(k) to your IRA custodian and you don't take custody of the assets in betwe...  (more)
Answered Jun 2015
Are YieldCo's suitable for IRA accounts?
James,One consideration is Unrelated Business Tax Income (UBTI) When you hold an MLP in the IRA, you will still have to pay taxes (out of the IRA) on any income that is passed through to partners in excess of $1,000/year. There are various views on this because the income can justify those taxes, ...  (more)
Answered Jun 2015
How do I draw out 401K funds in full?
Good day Elizabeth,Perhaps you could clarify whether you'd like to liquidate your account, or simply move the account away from your old 401(k) plan, say to an IRA or a new employer's plan. As Jorge said, if you withdraw the money you'll be forced to pay taxes on that amount, as well as a penalty ...  (more)
Answered Jun 2015
Do I have to leave my company 401(k)?
Steve,Congratulations on your upcoming retirement! You certainly are not required to take your money out of the company 401(k) plan, however I'd strongly encourage you to roll it into an IRA. Employer plans tend to have higher fees which negatively impact your long-term performance. In addition the...  (more)
Answered Jun 2015
How can an financial advisor help me with college planning or a 529 plan?
And advisor should help you select the proper asset allocation for a 529. plan, but there are numerous considerations when deciding how best to save for college. For instance, if you have a child who earns a scholarship and doesn't need the money in the plan there are tax consequences associated wi...  (more)
Answered Jun 2015
I have a 401k thru toro/wheelhorse. Please inform as to when and how I can access this account for retirement.
The simplest answer to this question is after you are no longer employed and reach the age of 59 1/2. Under this circumstance any money that you withdraw will be taxed, but will not face the 10% penalty for an early withdrawal.There are numerous considerations when evaluating this type of thing tha...  (more)
Answered Jun 2015
How do I draw my 401k out in full?
LaTesaIt's important to determine if you're looking to draw the money from your 401(k), which triggers taxes; or if you're looking to roll those assets into another account (new employer plan, or IRA), which is not taxable when done properly. In either case you'll want to call the phone number on ...  (more)
Answered Jun 2015
Contact Information Change?
Desiree,You may want to consider rolling your 401(k) assets into an IRA. This will accomplish your goal of updating contact information by establishing a new IRA, and it will also give you complete control over the assets. Another option might be to roll the assets into a current employer's plan. ...  (more)
Answered Jun 2015
    *Answers are submitted by advisors without compensation.

    Licenses & Conducts

    SEC
    U.S. Securities and Exchange Commission
    • license status
      Registered
    • disclosures
      None
    • as of date
      Aug 22, 2017
    FINRA
    FINRA
    • license status
      Not registered
    • disclosures
      None
    • as of date
      N/A
    Review the status and details of the disclosures noted above using the SEC's Investment Advisor Public Disclosure website:

    Assets

    Advisor

    Last updated on Aug. 23, 2017
      • $29.0M
        Total Assets Under Management
      • $0
        Total Assets Under Advisement
      • 75
        number of clients
      • $386.7K
        Estimated Average Account Balance Per Client

    Fees

    Fee Only Advisor
    $
    This advisor has certified that they are compensated soley by their clients, and do not accept commisions or compensation of any kind based on the products they recommend.

    Types of Compensation Arrangements