Michael Smoots, JD
Michael joined Prime Capital Investment Advisors (PCIA) in 2015 as an attorney with a specific focus on ERISA services provided by PCIA’s Qualified Plan Advisors retirement plan division. Prior to transitioning to PCIA, he provided legal and consulting services to retirement plan sponsors as the Managing Director of an Overland Park, Kansas based Registered Investment Advisory firm. During that two-year period, Michael’s retirement plan clients ranged from 10 to 600 participants, with plan assets up to $35 million.
From 2006 to 2013, he was a Vice President with one of the nation’s largest record keeping organizations, which served over 1 million participants and administered $100+ billion in retirement plan assets. His responsibilities included negotiating agreements with mutual fund managers and increasing revenue sharing payments. Michael helped established a process to review each mutual fund on the platform for total cost, as well as the applicable rebate–used to offset administrative expenses. As a member of the finance team, he reviewed hundreds of retirement plan opportunities ranging in size from $10 million to $20 billion, relative to market price, operational efficiency and risk. Working closely with the CFO, they turned a struggling business unit’s operations from a loss to profitability.
Michael’s retirement plan experience includes preparing and presenting periodic retirement plan reviews, fee analysis, guiding plan sponsors through fiduciary considerations, negotiating and preparing retirement plan documents, advising on applicable IRS, DOL and ERISA requirements, and conducting educational meetings with participants. This includes drafting and negotiating various agreements with assets managers and retirement plan providers. He has worked with many types of businesses and business owners.
Michael has practiced law in the Kansas City area for nineteen years. In 2003, he helped close a multi-million dollar sale of a national life insurance company and its subsidiary, which was an SEC registered mutual fund manager.
Michael currently holds the FINRA Series 63 and 65 registrations. He is also a member of the Kansas and Missouri Bars. Mike graduated from Kansas State University in 1992 (BS) and from the University of Kansas, School of Law in 1997 (JD). Mike’s wife, Amy, is small business owner, and they have two children. When time permits, he helps friends compete at area barbeque contests.