Mr Chen had been my client since 2008. He passed away a few months ago, and I am writing this in commemoration of him.

He first came to me after the stock market collapse in 2008. At that time, his account balance was dangerously low. His experience was very typical of Americans who suffer from the conflict of interest that is common at big brokerage houses.

When he retired from WMATA, he enjoyed a very generous government pension. However, a broker from one of the big Wall Street houses convinced him to withdraw his pension in a lump sum for the broker to invest. This broker went on to lose 80% of Mr. Chen’s retirement money. 

Allow me to say a few more words about conflict of interest. A broker was legally allowed to screw their clients as long as it was deemed “suitable”. Since then, regulation has tightened up a little. These days, a broker recommending a rollover (like in Mr. Chen’s case) must document it’s in the client’s best interest, not the company’s or their own.

Mr Chen’s father served as the ambassador to Panama representing the Republic of China (now in Taiwan after the Chinese civil war.) When the Japanese invasion of China happened, resulting in the sacking of then Chinese capital Nanking, the embassy in Panama lost its home country’s financial support. The ambassador moved his family to America, where Mr. Chen got his education in the field of civil engineering. 

Mr Chen went on to become the chief structural engineer when Washington D.C. was building its first subway. He devised ways for the subway to safely cross under the river. A more visible example of his contribution is the design of the honeycomb roof in the D.C. metro, used to strengthen structural strength and reduce noise. 

When my home city of Guangzhou started to build its own subway system in 1997, Mr Chen was invited to share his expertise of structural design, especially for the sections that passed under the river. Today, the Guangzhou Metro is the third largest subway system in the world. 

After retirement, Mr. Chen was actively involved in community service. He and I jointly led a leadership training program for immigrant youth in Rockville, Maryland. He was dedicated to his Catholic faith and introduced me to the Knights of Columbus, where he once served as the Grand Knight. 

Mr. Chen is survived by three children and seven grandchildren. As Mr. Chen’s financial advisor, I am proud to continue to serve in this role for many of his children and grandchildren.

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