David B. Magayna, Gemini Financial Services, Inc
Interview with David B. Magayna of Gemini Financial Services, inc for the West Anne Arundel County Chamber Spotlight on Business
1) Name: Gemini Financial Services, Inc./ David B. Magayna (Dave)
2) Address: 8373 Piney Orchard Parkway, suite 100, Odenton, MD 21113‐1530
3) Phone Number: 410‐672‐5500
4) Email: dmagayna@gemini‐advisors.com
5) Website Address: www.gemini‐advisors.com
6) Years in business/Year business started: Nine/2004
7) What company does: Financial Planning, Insurance and Investment Management Services
8) How they got into business / what inspired them to start business:
a. I worked in technology for almost 30 years. After a layoff from IBM in 2002 towards the end of the tech downturn, my financial advisor (in Rockville, MD), who I had been with since 1994, suggested that I apprentice with him. He was aware of my educational background and understanding of financial concepts and felt I would be a good fit in his business. I was able to learn and earn with his clients, while building my own business.
b. I decided to open Gemini Financial Services to create a more client‐friendly model that would serve the growing population here in West Anne Arundel County. The fact that I opened an office two miles from my home was an added bonus.
9) Memorable story about business:
a. I had a new financial planning client who had tried to start an internet business with far less capitalization than he needed. He had quit his job and to live and grow his business had relied on credit card debt. He was in trouble and he knew it; he just didn’t know how to get out of it. I worked with him to devise a plan that would help him pay down his debt, lower his home expenses, and finally help him face the fact that the business model he created was unworkable for what he was hoping to do. One of the first issues we addressed was consolidating his insurance coverages and adjusting deductibles, which saved him over $900 a year. After we solved that first problem, he called me, full of emotion, and said he really saw light at the end of the tunnel and thanked me profusely for my help. That’s when I realized that much of this business is more about helping people feel secure, and less about wringing another half‐percent gain out of an investment portfolio.
10) Why the company joined the Chamber, what they enjoy most about it or how has joining the Chamber impacted their business:
a. I joined the Chamber because I thought it was important to interact with other business people in the community, primarily for networking, but also to gain an understanding of the community. For most of my time living in Odenton (since 1994) I had an office in northern Virginia or Montgomery County, MD. I traveled extensively around the country and spent a lot of time commuting. There was little time for friendly chats with my neighbors or to learn about Odenton.
b. I’ve enjoyed my time in the Chamber, particularly chairing the Chamber Education Committee and serving on the Chamber Board. It’s been very gratifying to be on the Board, and serve as the Chairman, as the Chamber has grown from an association of businesses to an organization with a defined strategic plan geared towards growth, financial stability, business development and legislative advocacy.
11) What they strive to accomplish or communicate to customers
a. Synthesizing my answer to a sound bite, it’s that “Life is a marathon, not a sprint”, especially when it comes to investing. Investing is one tool to help clients accomplish a life plan. Helping clients stick with a plan and not worry too much about even severe movements in the markets is where I can demonstrate my greatest value. If we’ve built a well‐diversified, risk‐appropriate portfolio for a client, it should weather the rocky periods in the markets and help her reach her life goals.
b. Protect your greatest asset. It’s not your house or car, it’s you and your ability to earn a lifetime income of millions of dollars. Too many people are blissfully unaware of how well they’re protected, or not, against a major disability until it’s too late. A major disability is three times more likely than a premature death.
12) Favorite quote, TV Show, song, artist, hobby, etc.
a. Favorite quote: " You don't have to be a hero to accomplish great things‐‐‐to compete. You can just be an ordinary chap, sufficiently motivated to reach challenging goals." ‐ Sir Edmund Hillary
b. TV show: Just about anything produced by David E. Kelley and lots of sports: Go Steelers!
c. Hobby: I’m an avid reader; I read about 50 books a year, primarily mysteries and crime fiction, but also biographies and histories. One of my favorite books is Brave Companions by David McCullough, and my favorite author is Michael Connelly. I serve on the national board of Bouchercon, the World Mystery Convention, that brings together fans, authors, publishers, editors and agents at an annual conference celebrating all things mystery.