Westpark Wealth Advisors is an investment advisory firm based in Houston. Its individual advisor representatives (IARs) work with various client types, including individuals and businesses. A majority of the firm's assets under management are managed on a non-discretionary basis.
As a fee-based firm, some representatives associated with the Westpark Wealth Advisors are securities brokers and/or licensed insurance agents who can earn commissions for recommending certain products and services.
Westpark Wealth Advisors Background
Christopher Gammon is the sole owner of Westpark Wealth Advisors, which was founded in 1995. Gammon has been active in the financial industry for more than two decades.
Most of the firm’s IARs are also registered representatives of broker-dealers and licensed insurance agents. They may work with third-party money managers to help clients meet their investment goals.
Westpark Wealth Advisors Client Types and Minimum Account Sizes
Westpark Wealth Advisors provides services to a variety of client types including the following:
- Individuals and high-net-worth individuals
- Trusts and estates
- Charitable organizations
- Pensions and profit-sharing plans
- Businesses
The firm does not have a minimum requirement to open an account. That said, recommended wrap-fee programs and third-party money managers may have their own minimums.
Services Offered by Westpark Wealth Advisors
Westpark Wealth Advisors provides investment management through wrap programs or third-party managers. The firm’s IARs recommend or select investments based on the client’s risk tolerance, financial circumstances and other personal factors. If they recommend a third-party money manager, it's in order to provide certain clients with portfolio management services typically restricted to larger institutional investors.
The firm generally provides investment advice on the following types of securities:
- Equity securities (exchange-listed securities and securities traded over the counter)
- Corporate debt securities (other than commercial paper)
- Certificates of deposit
- Municipal securities
- Investment company securities (variable life insurance, variable annuity and mutual fund shares)
- U.S. government securities
- Securities option contracts
- Interests in partnerships (real estate, oil and gas interests)
- Direct participation programs and other alternative investments
Clients can also receive written financial plans that address different goals such as education funding, estate planning and retirement planning.
Westpark Wealth Advisors Investment Strategy
Westpark Wealth Advisors believes diversification is essential to helping clients meet their long-term investment needs. Advisor representatives devise asset allocation strategies based on the client’s risk appetite and financial situation.
Before selecting or recommending securities, IARs engage in various methods of analysis. They include:
- Charting
- Fundamental analysis
- Technical analysis
- Cyclical analysis
The firm’s investment team also uses outside sources of information such as financial media publications, corporate rating services and third-party research.
Fees Under Westpark Wealth Advisors
Westpark Wealth Advisors generally works on a wrap-fee basis, bundling different charges like investment management, brokerage and custodial costs into one fee. The firm collects its fees as a percentage of the client's assets under management (AUM). This percentage typically ranges from 0% to 2%, depending on the IAR and other factors. Clients may choose to have fees payable quarterly, semi-annually or annually, in advance or in arrears. Also, some clients may incur third-party money manager fees.
Financial planning fees are usually billed on a fixed-fee basis and typically range from $250 to $5,000. Rates will vary depending on a number of factors but the total fee to a client typically does not exceed an annual fee of $10,000 for the particular service provided.
These fees are exclusive of other fees charged by financial institutions involved in the management of your investments. These may include management fees charged by mutual fund companies or annuity fees charged by insurance companies.
What to Watch Out For
Within the past 10 years, Westpark Wealth Advisors has not had any legal or disciplinary events to report. For the firm’s latest disclosures, you can find its Form ADV on the official website of the Securities & Exchange Commission (SEC).
As noted early, most IARs are also brokers (for Calton & Associates) and insurance agents (for IMS Insurance Agency). These multiple roles can create potential conflicts of interest. They also come with different standards of behavior, and it can be unclear to clients if a recommendation is coming from their advisor, who has a fiduciary duty to put a client's interest first, or from their broker, who only has to make suitable recommendations. When receiving a recommendation, particularly for a product, make sure you know what it is based on and how your advisor and the firm may benefit from it.
Opening an Account With Westpark Wealth Advisors
If you're intersted in opening an account at Westpark Wealth Advisors, submit a contact form on the firm's website or call the practice at (713) 266-2993.
All information was accurate as of the writing of this article.
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