MEET OUR PRINCIPAL: SUNG NAM PAK, CPA
The principal of the company, Sung Nam Pak, CPA, CFP, MBA is proud to be a Korean-American, Seoul National University Graduate and Samsung Group Alumnus. Before he started his CPA career, he had served 3 years in Korean Army and worked some years at the Corporate Planning Division at the Samsung Group.
He started his CPA career as a partner at a firm on Park Avenue in the year 1987. During this time, he earned high marks in his profession by impressing Park Avenue’s prestigious clientele with his polished, deep knowledge in the areas of accounting, tax law and business affairs and its brilliant adaption.
Since then, he has conceptualized his full-service accounting and consulting firm business model. While serving the extensive needs of his clientele of the wealthy clientele, he realized that merely providing accounting and tax services could not fulfill his professional goal of assisting clients as an intimately connected advisor. Without gaining a full understanding of the various financial circumstances facing one’s clients, the CPA cannot render the most effective solution for the clients. Therefore, he equipped himself with all the necessary knowledge and licenses in the areas of tax related law, investment, pension and estate planning, company fringe benefits, real estate deals and even insurance planning. He completed vigorous Post Master Taxation program courses, obtained a Certified Financial Planner license, a Security Dealer license, a Real Estate Broker License and even an insurance license. The technical knowledge from all the licensing processes and degrees training enabled him to get to his next phase of his career. He started to provide an umbrella of financial services to encompass every facet of an individual’s or business’ economic well-being.
After having served his prestigious Park Avenue clientele for four intensive years, he decided to redirect his commitment and expertise to his roots, the Korean community. Instantly, his practice was swamped by prominent clients in the community. However, at this time his bigger concern was to extend his tax and financial knowledge to the untapped Korean-American population and help them to integrate into the mainstream financial market place. His aim was to heighten their awareness of all the financial tools available to them so that they may be able to legitimately disclose their wealth, and take advantage of opportunity legally available to grow their wealth which previously seemed a daunting endeavor by those with little knowledge of the financial system in this country. As a way of furthering the understanding of this country’s financial tools among the community, he appeared as a regular contributor to live or recorded financial segments on radio program, and he held educational seminars at various medical conventions, trade associations meetings, alumni association’s gatherings, churches and other gatherings. He also wrote financial columns in community publications.
For his efforts and also for his expertise, he was approached by Fortune 500 CEOs, financial consulting companies, tax law firms, immigration attorney firms, medical associations, and other professional association groups. He is also popular among young Korean professionals. He was called for help from lawyers, fashion designers, mortgage underwriters, real estate developers, cooks, computer consultants, marketing consultants, investment bankers, M&A specialists, Wall Street gurus, to foreign exchange traders. Now his business network and his expertise collected from working with all these occupations contribute to the multi-faceted aspect of his current professional career.
For his efforts and also for his expertise, he was approached by Fortune 500 CEOs, financial consulting companies, tax law firms, immigration attorney firms, medical associations, and other professional association groups. He is also popular among young Korean professionals. He was called for help from lawyers, fashion designers, mortgage underwriters, real estate developers, cooks, computer consultants, marketing consultants, investment bankers, M&A specialists, Wall Street gurus, to foreign exchange traders. Now his business network and his expertise collected from working with all these occupations contribute to the multi-faceted aspect of his current professional career.
His main appeal to serving his clients lies in the extensive research and amount of time dedicated to addressing each individual case and particular need. He tackles each case vigorously and thoroughly, and interprets the tax code or the business situation in the way that is most favorable to his client. In one such instance, in the year 1991, he devised a way of using S-corporation to save on social security and medical taxes, and he propagated the method in Korean radio broadcasting, which attracted many challenges due to its unprecedented nature. Yet currently, the method is now widely accepted and advocated as an example to manipulating the tax code.
Now his name usually appears at the top of the list when it comes to complicated tax issues, audits, big management decisions or wealthy peoples’ personal investment or inheritance matters.
Education:
- Post Master Professional Certificate in Taxation at CUNY Baruch College
- M.B.A. in Accounting, SUNY Buffalo (1987)
- B.A. in English at Seoul National University
Professional Designation:
- Certified Public Accountant in New York
- Certified Financial Planner (#056408)
- Registered Investment Advisor
- Series 7 whole service securities dealer license
- New York State Real Estate Broker
Professional and Civic Involvement:
- Member of the American Institute of Certified Public Accountants
- Member of the New York State Society of Certified Public Accountants
- Regular appearance on Korean radio show once a week for 14 months (topics included financial and tax planning)
- Various seminars at doctors’ annual conventions (SNUCMAA, KMA etc.) alumni associations (Kyung-Ki girls’ high school etc.)
- Publishing in a financial magazine for Korean America Medical Association in Greater New York Chapter