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In this episode, we ask:
- What is Phil’s history in financial services?
- What’s happening with Lake Growth Financial Services?
- How is Phil enjoying the Bank On Yourself® strategies?
- Inside the credit union, how did the member-owned structure show up?
- How does the publicly-traded bank ownership show up?
- What about stock-owned life insurance companies?
- What about mutually-owned life insurance companies?
- What concrete behaviors show up each quarter?
- What did banks pull back from in 2020?
- What did credit unions continue to offer in 2020?
- How is this like a mutually-owned life insurance company?
- Where do the models diverge?
- What do I want?
- What about dividends?
- How much money do I want in somebody else’s bank?
- What about 175 years?
- What about the best of both worlds?
- What is guaranteed to grow, uninterrupted?
- What about buying a car?
- What about paying off the mortgage?
- What can grow every single year, guaranteed?
- What about working with kids?
- What other tool can offer guarantees?
- What other tool can offer uninterrupted compounding?
- What happened to the rates that caused many companies to de-mutualized?
- Why are credit unions always under threat?
- What’s nice about the mutual life insurance companies?
- What about the contracts that get grandfathered in?
- What happens when legislation strikes a credit union?
- When is the time to lock in the contract?
- What are the most important takeaways?
- How can I take more control over my financial future?
- How many strings are attached to the money?
- Do you have the control, the access and the liquidity?
- Would you like to meet with Phil?
Phil Smith is a Financial Planning Associate at Lake Growth Financial Services, bringing more than 17 years of banking and credit‑union experience to the firm. A Bank On Yourself® client since 2013, Phil has personally used the strategy to navigate major life transitions, eliminate debt, fund investments, and build long‑term financial resilience—giving him a rare dual perspective as both a seasoned practitioner and a long‑term policyholder.
Known for his disciplined, thoughtful approach, Phil draws inspiration from his journey in traditional kung fu, where he is a fourth‑degree black belt soon testing for master level. He applies the art’s core principle—time and effort—to helping clients build stable, flexible, and future‑focused financial strategies.
Phil serves clients nationwide and can be reached at philsmith@lakegrowth.com.
