Expert Contribution

The Gap

Services Expected vs. Services Received

Clients often equate wealth management with providing investment advice, but investments are just one piece of the overall pie. The other big pieces, often overlooked, include risk management and tax planning during wealth accumulation, distribution, and transfer. These pieces amongst others are vital when it comes to achieving and preserving wealth. Spectrum Group, a leading research firm, that strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the voice of the investor found a staggering gap between the services a client expected from their wealth manager and the services actually provided. In a technological era where efficiency and optimization dominate, these concepts segue into other industries, like Financial Services. Financial advisors are under more and more pressure from both clients and regulatory bodies, such as FINRA, to have the client’s best interest in mind. The industry often uses the terms “holistic” and “comprehensive” to describe wealth management services, but many times, as seen in Spectrum’s research, advice is only centered around creating a portfolio for your investable assets. Benjamin Franklin’s famous quote, “nothing can be said to be certain, except death and taxes.” Is perhaps even more pertinent in today’s world, especially with states such as CA implementing taxes upwards of 13%. For the majority of Americans, the combination of federal and state taxes will ultimately be the great hindrance of wealth accumulation.

At WestPac Wealth Partners, we strive to achieve accountability through academia and advance designations, an in-house advance planning team comprised of JDs and CPAs, and partnering with other trusted advisors of other industries.

We strive for continual mastery of our craft. I am Yale-trained in Wealth Management Theory and Practice and have earned the premier credential in wealth management, the Certified Private Wealth Advisor® certification that takes a holistic and multidisciplinary approach to addressing the sophisticated needs of high net-worth clients. Phil has achieved the Certified Exit Planner™ designation that also takes a multidisciplinary approach in counseling business owners on a wide array of business issues that ultimately helps them with a successful exit of their business, shifting wealth to their personal balance sheet.

Keep an eye out for our upcoming articles as we address some of the above expected services that are currently not being provided by many advisors. Tax changes are coming, either in the way of a Biden Tax Plan or expiring provisions from the Tax Cut and Jobs Act. Prepare and preserve the hard-earned wealth that you’ve created. Success is when preparation meets opportunity!

Phil Kang and Henry Chau are Registered Representatives and Financial Advisors of Park Avenue Securities LLC (PAS). OSJ: 5280 CARROLL CANYON ROAD, SUITE 300, SAN DIEGO CA, 92121 619.684.6400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representatives of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners, LLC is not an affiliate or subsidiary of PAS or Guardian. Insurance products offered through WestPac Wealth Partners and Insurance Services, LLC, a DBA of WestPac Wealth Partners, LLC. Kang CA Insurance License #0G18874 | Chau CA Insurance License #0I21767 | Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. | 2021-123276 Exp. 06/23

By Henry Chau, CPWA®, WestPac Wealth Partners

About The Author

Wealth Advisor
Phil Kang, CExPTM and Henry Chau, CPWA
WestPac Wealth Partners

Uniquely positioned to offer our clients access to one of the most comprehensive financial product platforms available today, Westpac envisions and enhances our clients’ goals by designing a customized strategy and creating a life map to achieve and protect their wealth. 

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