Ross Pake - Tips For Startup Financial Planners

Many financial planners have aspirations of starting their own firms so that they can offer a more personal service to their clients in addition to enjoying a more flexible professional life. This is a step that Ross Pake took in 1993 when he founded Legacy Wealth Management and he offers the following advice to financial planners who are looking to follow in his footsteps.

Ross Pake

Develop A Niche

You will likely find it difficult to compete directly with larger firms that offer a general financial planning service, so it helps to find a niche that you are particularly talented at and sticking to it. You can then advertise your firm as being able to offer a more personalized service based around that niche, which will be attractive to many clients.

Choose Vendors Wisely

As a financial planner you will often be asked to recommend service providers to your clients. It is important that you conduct proper research before aligning yourself with a vendor, as poor service on their part will also reflect poorly on you and your firm because you endorse them.

Network Constantly

Just because you are no longer working for a larger firm, that doesn’t mean that you can develop a business relationship with one. Ross Pake points out that networking is vital to the growth of any business, so you should take the time to build a reputation in the local business community and develop contacts that may be able to provide your firm with opportunities further on down the line.

Ross Pake - Common Business Development Mistakes

Ross Pake founded Legacy Wealth Management in 1993 with the aim of offering a wide range of financial planning service to clients in California. He understands the many difficulties that come with both establishing a business and developing it to the point where it can grow and become a true success. He has pointed out the following mistakes that many new business owners make when they are trying to grow their firms.

Ross Pake

Not Acting Like An Expert

As the owner of your own firm you need to make sure that everybody you interact with is confident that you can provide the services that you offer. If fellow professionals don’t think that you are carrying yourself as a peer they will be far less likely to develop a business relationship with you, which may mean that you miss out on some valuable opportunities. Furthermore, if your clients don’t believe that you have the knowledge required to help them reach their goals they will soon look for the services of somebody else.

Rushing Sales

You need to understand that your firm exists in the client’s mind to provide them with something that they need, rather than to sell them something they may not necessarily want. Whenever you speak to a client for the first time you need to take a little bit of time to establish a relationship with them. Ask plenty of questions, as this will give you a better idea of what they are looking for out of the service that you provide to them. If they suggest that they may be interested in a product that you sell, be sure to provide them with all of the information that they need without trying to force the product on the client.

Failing to Communicate

Once you have established a relationship with your client, it is important that you do whatever you can to maintain it. Remember that anybody who hires a Personal Financial Planner is looking for a level of service that lives up to the name, so if you don’t communicate with the client regularly they may start to think that they are just another number to your firm. Update your client on a regular basis and always be sure to inform them of any issues that may affect their finances as quickly as possible.

Not Being Consistent

Many new businesses focus solely on getting the client, while paying less attention than they should to keeping the client. Ross Pake notes that this often leads to a drop in the quality of service the client receives, which can frustrate them to the point where they look for another professional. Set the standard in your first meeting and then always aim to hit this standard throughout the course of the relationship.

Ross Pake Navigated Complex Maze of Regulations for Insurance License

Ross Pake had a choice to be licensed to sell casualty insurance, which covers against legal liability for death, injury, disability, or damage. Personal lines brokers provide insurance for individuals against automobile mishap, residential property loss and damage, earthquake, flood, watercraft and umbrella policies which protect against excess liability. Some brokers even specialize in bail bond insurance products which guarantee the appearance of defendants in courts of law.

Ross Pake

Ross Pake received at least 20 hours of classroom instruction in his insurance specialty. As an aspiring new broker in California, Pake completed a 12-hour ethics and California Insurance Code course. The pre-licensing courses provided the materials needed for pre-exam study. The exams themselves may include fantasy scenarios and questions about policies and California laws governing insurance products sold in the state. Ross Pake also gave his fingerprint impressions as part of the requirements for getting his license.

Insurance licensing exams in California range from one and a half to two and a half hours and may have as many as 150 questions. The licensing authority provides candidates like Ross Pake preparation information, the location of exam centers, samples of possible exam questions and suggestions for testing strategies, as well as testing fees. Even once Ross Pake was awarded his insurance broker license, he was required to submit more forms before he could legally sell insurance products in California. These forms and documents’ purpose is to show your financial security in transacting, soliciting or negotiating insurance sales. A $10,000 Bond of Insurance Broker is required, and is available from surety bond issuing companies, as well as a Business Entity Endorsement.


Ross Pake Oversees Extensive Offerings of Legacy Wealth Management

Ross Pake’s financial planning firm, Legacy Wealth Management, prepares financial plans for those who want to advance their wealth growth, and plan for wealth retention, as well as those in retirement who seek to ensure the inheritance of their heirs. Ross Pake and his financial advisors offer a variety of services, including cash flow management, retirement planning, risk management, investment advice, insurance options, tax and estate planning and help for business owners to ensure their business succession.

Ross Pake

Ross Pake as ensured that his company covers a broad scope of planning needs. These include planning for insurance products and investments and protection against risk in investments. Ross Pake’s firm grasp of investment issues cover creating and managing the accumulation of capital for the generation of future cash flow for re investment. Pake’s services cover planning for returns adjusted for risk possibilities, and planning for the fluctuations of inflation.

Ross Pake is especially equipped to assist those who are within 5 years of retirement, with complete consulting on the benefits of 401Ks, IRAs and other investment protected assets. Pake consults clients to assist with tax planning, helping to reduce liabilities and helping free cash flows for investment purposes. Ross Pake helps clients plan estate presentations, creating structures for the creation, accumulation and distribution of assets.

Should the client find he or she is struggling with cash flow, Ross Pake provides structures for maintaining personal cash flow, controlling debt and counseling on lifestyles which will support the client’s plan.

Ross Pake’s wealth management structure at Legacy Wealth Management utilizes specific steps to help all clients attain their goals. Of primary importance is the client and planner relationship, a mutual respect and communication which forms the successful venue for sound decisions. The professionals at Legacy Wealth Management carefully researches financial data from the client to help determine agreed upon goals, and analyzes the financial standing of the client to help form a sound financial plan. The professionals at Legacy Wealth Management also continue the work of implementing their recommendations, where communication and understanding are uppermost between the client and the Planner, and implementation involves an ongoing attention to the progress of the plan and the mutual respect of client and Planner toward ultimate success.

The rigorous certification requirements for professional certification status are especially strenuous and monitored in the United States, where a professional Board’s established regulations, exams and ethics monitoring are designed to ensure that financial clients are protected and assured of the highest in financial assistance. Of special concern is top flight financial advice unaffected by the bias of sales commissions, and Ross Pake’s Legacy Wealth Management prides itself on objective and tailored investment advice to each client.

Ross Pake Studies Communications at Number One Ranked School

Offering 87 undergraduate degrees and 55 graduates degrees, the University of California at Santa Barbara is 8th among public universities in the United States, and 28th among the Best Global Universities, according to U.S. News & World Report.  This alma mater of Ross Pake is one of the most highly rated Universities in the United States, in a number of degree areas.
The humble beginnings of the UCSB of Ross Pake were in the Anna Blake School, founded in 1891 to train students in home economics and industrial arts.  Anna Blake became a State Normal School, then Santa Barbara State College in 1921.  Despite opposition by the State College system, Santa Barbara State College entered the research-oriented University of California system in 1944.  A member of the Association of American Universities, UCSB is beautifully situated on cliffs above the Pacific Ocean, and boasts its own beach, with miles of coastline, a lagoon and a rocky extension into the ocean known as Goleta Point. The University of California at Santa Barbara richly deserves its ranking of 16th out of the top 100 best value public colleges in the nation by Kiplinger in 2015.

Ross Pake

Ross Pake took his Bachelor’s degree in Communication Studies through UCSB's Department of Communication, which is recognized by the National Research Council as top in the nation.  The National Communication Association has ranked the Interpersonal and Small Group Communication program and the Intercultural and International Communication programs as number 1 in the nation.  Organizational Communication has been ranked number 2, Communication and Technology is number 4, and the Mass Communication program is number 17.  UCSB’s Department of Communication is ranked third in the nation for research productivity, as well as One of the Top High Impact Departments in the nation.  Ross Pake’s choice for his Communication Studies could hardly have been better.

Cetera Advisors, which partners with the Legacy Wealth Management of Ross Pake, prides itself on having the financial strength and reach of a large services firm, while having the personalized service of a smaller one.  Cetera assists its member firms like Legacy Wealth Management to have flexibility in suiting its client’s financial needs.

The combination of Connect2Clients and the Pentameter® system assists Ross Pake and Legacy Wealth Management to optimize their services and success.  Developing the business, achieving business efficiency and engaging in regular diagnostics helps Legacy understand its areas in need of improvement, ultimately offering the highest quality in wealth management to Legacy clients.

Ross Pake also engages with wealth management workshops through Cetera Advisors, which focus on the special needs of affluent clients.  Pake may study a Certified Wealth Strategist® track, for a Certified Retirement Counselor certification, and a choice of three Masters paths of study.  Cetera Advisors offers Ross Pake study in identifying investment strategies specifically oriented to affluent investors.  Tax-loss harvesting, insurance, retirement income and business and management planning resources studies are available.

Ross Pake - The Fascination With Texas Hold ‘Em 

Ross Pake likes to play poker every now and then. Poker has become highly popular in the sports spotlight, with tournaments such as the World Series of Poker, the Asia Pacific Poker Tour and more being televised on major sports channels. Unlike most games played in a casino, poker has become increasingly popular through a growing understanding that luck plays much less of a factor in the outcome of each hand. While luck still has a presence that can present some surprising moments, there is an immense amount of skill in the way that players manipulate their odds. Below are some of the approaches a hold ‘em player may have towards turning the odds in their favor.

  Ross Pake

Deductive Reasoning

Many players try to guess what the other player has through a process of deductive reasoning. As the cards in the middle flop, players do one of two things: they either bluff, or play their bets according to the cards they have. It is up to the players to watch their opponents and study their betting habits as well as their mannerisms to determine bluffing.

Smart Betting

On the offensive side, a strong betting game will help decrease your opponents’ chances at getting lucky as well as help you narrow down who your biggest threats are. If you get yourself into a hand where someone is betting as strongly and as confidently as you are, it gives reason to be wearier of what that person may have.

Ross Pake - Delta Tau Delta

Ross Pake joined the Delta Tau Delta Fraternity while he was enrolled in the University of California at Santa Barbara. It was an enriching experience for the young academic, who went on to graduate and become a successful wealth manager. He credits much of his success to the invaluable relationships, connections and values he earned from this respected fraternity. Below is an excerpt from Delta Tau Delta’s official website that explains their mission and values:

Ross Pake

“Delta Tau Delta is a values-based organization. Our mission and values are offered to the public as a representation of the core values contained in our Ritual. All Delt men live by a common mission: "Committed to Lives of Excellence." All programs offered by the Fraternity reflect our values, and are designed to help the men of our Fraternity reach the level of excellence for which we all strive. 
The four fundamental principles of Delta Tau Delta are Truth, Courage, Faith and Power. “

Ross Pake is proud to have adopted the credo practiced by his fellow fraternity brothers. It has helped him continue towards a life of excellence and achieve his personal and professional goals. He believes that joining Delta Tau Delta had a significant and positive impact on his life that started the day of his induction.

Ross Pake - Being an Effective Wealth Manager

Once you have reached the stage of life where you are comfortable with your levels of disposable income, then it is time to start managing your money in a proactive fashion that helps you save for retirement as well as grow upon what you have built. Being an effective wealth manager can be a full-time job for many, which is why hiring an esteemed wealth manager such as Ross Pake could be in order.  

Ross Pake

Quality wealth managers have a rich background of experience in the financial sector, and can help expand and boost your portfolio in a number of ways. They can help manage your investments and move your money into areas that have strong forecasts for growth. All the while, you can go on with your life and continue to make the most of the time you won’t spend worrying about the security of your funds.

The best wealth managers have the utmost confidence with their clients; and are often given the responsibility of handling taxes and other such financials. As Pake puts it, “I take care of and solve complicated investment, tax and estate planning issues for my diverse client base so they don't have to worry about these issues. My thirty years in this field attest that I have been through many battles and have picked up the knowledge and skills necessary to solve any issue the exists or may arise in the future. Many of my client relationships now span two and in some cases three generations. My clients Financial Legacy begins with a plan that is put in place and monitored and that will remain intact for future generations.”

Ross Pake - Background Biographical Info

Ross Pake is a wealth manager who was born in Royal Oak, MI. in 1972, he and his family moved to California, where Ross would continue to grow and develop as a smart and ambitious person. He attended Palos Verdes High School and graduated in 1979.

For college, Pake initially attended the University of California at Berkeley for his freshman year before transferring to UC Santa Barbara. While at UCSB, he pledged the Delta Tau Delta fraternity, where he formed bonds with his fellow brothers and develop core values that would serve as a catalyst to his success both in academia as well as in his professional career. He graduated in 1983 with double major in Business Economics (B.A.) and Communication Studies (B.A.).

Ross Pake
After graduating from UCSB, Pake went on to engage in post graduate studies at USC and UC Irvine. He earned his PFP designation in 1992 from UCI Extension. From there, a career in finances took off, which he describes as so: “I help retirees and business owners achieve financial independence and retirement security by managing and monitoring their investments and by overseeing estate planning, tax and insurance planning issues. My unique proposition is a combination of many things developed over a long period of time...these include; knowledge and experience, education and credentials, independent and unbiased investment advice, dedicated and personalized service, and a long term view and a level of personal care that are nearly obsolete in the financial services industry.”

With all of his achievements and credentials that he built over the next few decades, Pake went on to open Legacy Wealth Management, a firm where he could control the amount and the type of clientele that they focus on. “My firm is seeking to work with only a select demographic of new clients. These clients are typically within five years of retirement or about to retire or perhaps recently retired but are not satisfied with their current advisor and that have investable assets greater than $800k. They are also likely to live in Southern California within a 100 mile radius of my office located in Tustin, CA.”

All of his professional accomplishments aside,Ross Pake’s personal life is something worth celebrating alone. He married the love of his life in 1989, and together they are raising three beautiful and smart children.

Passion with Ross Pake

Having a passion for what you do is one of the keys to success in anything that you take on. When it comes to the world of estate planning, insurance planning, tax issue resolution, investment management, and advice this could not be any truer of a statement. That is because stakes that are at hand when you are dealing with such topics are great, they can affect an individual not only now but in the future as well as future generations. Delving sound strategic advice and leading management skills in the management of financial matters is of the utmost importance. You must be a dedicated professional that is focused in every way on all of the elements which can affect a person’s financial matters when that task takes on a massive scale, then you must be the kind of person that truly has done their homework and put in hard research to make sure that you deliver the best product possible on behalf of your clients. For Ross Pake, he has been in the industry for more than 30 years. He is a personal financial planner, a retirement rollover specialist, and a certified financial planner that has been recognized as being one of the best in the business time and time again. He is the founder and CEO of Legacy Wealth Management that has driven that organization to a leading position on behalf of their clients. They have put together a long history of success in this role and constructed a truly magnificent story of trust and execution that has little rival.

Education of Ross Pake

A true professional is always working. Not only have they put in the hard work to achieve the high degree of education, but they are always looking around for things that can teach them more about what they do and the people they work with and so on. In the beginning, when you commit to pursuing a higher education it is important to find that focus that helps you attain that goal. It is from this base of commitment and dedication that an individual can improve themselves in light of their future careers. Studies are meant to be challenging, and they are focused on developing that individual for a future professional career.

Ross Pake

For some, they are fortunate enough to find a career that is challenging at some point in the future. Within those challenges lie those moments and events that teach us more about ourselves, what we could’ve done better, and about many other conditions. For Ross Pake, he is most certainly a proud individual that has a prestigious degree from the University of California at Santa Barbara. He is also an alumni of the Delta Tau Delta fraternity. This proud brotherhood has promoted many of its members towards excellence in all types of matters related to their studies. The University of California at Santa Barbara is known for being one of the countries public Ivy universities. It offers one of the highest education levels in the country. The academic rigor that is experienced through an education at that school is second to none and prepares the student for an exciting world of personal achievement in their futures.

Ross Pake - Looking to Play the Best

Golf enthusiast and history buff Ross Pake looks to soon accomplish a rare feat in the sport; to complete a round of 18 on every one of the top 100 golf courses in the United States of America. Pake is determined to take a stab at every course on the top 100 hundred list, determined by the writers and golf experts at Golf Digest Magazine each and every year.

Though Ross Pake is excited to play such courses as Augusta National, home of the annual Masters Tournament, there are many other courses that continue to pique his interest, as well as to adorn the top of his bucket list. Several of these courses are included below.


The Oakmont Country Club is no stranger to the top 10 courses in America list , as it continually provides golfers of all skill levels a formidable challenge in terms of a multitude of nasty, even notorious bunkers, ankle-deep rough and deep drainage ditches throughout the course. Home to some of golf’s fastest putting greens, Oakmont presents a daunting task for anyone’s short game.

Pebble Beach

According to Golf Digest Magazine, Pebble Beach is the “greatest meeting of land and sea in American golf,” as the famous course includes nine of its holes along the rocky Pacific coast. Presenting scenic views and requiring considerable skill, as Ross Pake knows, Pebble Beach is continues to separate the good from the greatest during each tournament it hosts.

National Golf Links

The National Golf Links of America, located in New York, contains a superior collection of holes, one that isn’t and can’t be replicated anywhere else.

Ross Pake - Serving a Diverse Client Base

Ross Pake is the founder and lead financial services professional of Legacy Wealth Management, a top industry firm that provides expert investment, tax and estate planning, monitoring and management to a diverse client base. An industry leader for many years, Legacy Wealth Management provides the expertise and experience every client needs to achieve resolution of their financial planning issues, and to pursue financial independence, and retirement security, with confidence.

Ross Pake and his Legacy Wealth team seek to establish lasting financial legacies for clients, those that, through careful monitoring and management, will remain intact and beneficial for clients and their families for future generations for many years to come. Through a strong commitment to dedicated and personalized service, as well as a long-term perspective, the Legacy Wealth team ensure clients have the tools, knowledge and guidance needed to achieve financial and retirement security well into the future.

Ross Pake has worked hard to build a relationship of trust with every client, the reason why so many maintain lasting loyalty to Pake and the Legacy Wealth team. In some cases, Pake’s client relationships remain with his firm over the course of two and three generations, those that continue to this day.

Financial independence and retirement security can be possible through the right financial advisor. With the help of Ross Pake and the Legacy Wealth Management team, retirees and business owners find the value of experience, independence and expertise. For more information on what they can offer you, call the toll-free Legacy Wealth number today at (888) 767-7237.

Passion with Ross Pake


Ross Pake - Expert Problem-Solving

People in need of resolution to their financial planning issues turn to proven financial services professional and Certified Financial Planner (CFP) Ross Pake, a top financial advisor, planner and manager for more than 30 years. A top advisor for LPL Financial, as well as the founder and President of Legacy Wealth Management, Pake continues to find solutions to complex financial planning problems, and to deliver the unbiased, independent investment and financial advice clients need to make the best decisions possible for a secure long-term financial future.

Ross Pake

Ross Pake, a High New Worth Advisor and Retirement Rollover Specialist to numerous retirees and business owners throughout the region, is trusted for the considerable skill, experience and care he brings to every client; attributes that have underlined a successful financial services career that has spanned across the past three decades. Known for his ability to both handle and solve complex issues in investment, tax and estate planning, Pake has provided effective solutions and management to clients for many years, and continues to be trusted for providing the advice and guidance people need to secure financial independence and security for many years to come.

Ross Pake delivers personalized service and unbiased, independent investment advice to every client he serves, believing in providing clients the long-term view and personal care that have nearly become obsolete throughout the financial services industry. Pake’s goal is to always provide a satisfying experience to every client, and to provide every individual nothing less than everything they need to meet their long-term financial objectives.