Paul Gydosh, the Managing Director of Kensington Wealth Partners speaks to CEO Today about his firm and his passion for helping people reach their financial goals.
Tell us a bit about your company? What motivates you about working within the wealth planning sector?
Headquartered in Columbus, Ohio with clients in 26 other states and most major cities, Kensington Wealth Partners’ team is world- class, both locally and through national resources that we employ. Each of us is focused on a ‘Serve First’ philosophy that we live, every day. Our objective is to make the most of your income and assets and help you make the most of your life. We counsel each client on the most effective use of each dollar earned, each dollar captured and invested, and those funds they choose to share with family and community. This takes us along the road of financial independence, retirement, in- vestment, tax efficiency, risk management, and estate planning.
I consider myself to be very lucky to have found a career that fits me so well, allows me to help individuals on the most personal, confidential level, and still remains fun and fulfilling, 30 years after it all started.
What are your top tips for successful management, preservation and transfer of wealth?
- Employ your brain, of course. Also, your heart.
- Uncertainty surrounds us. Seemingly more now than ever before. Embrace it.
- Engage a professional; some- one who has been there before many times to help you slow down and quiet all of the noise long enough to make better decisions. It’s all about big mistakes versus little mistakes. A big mistake at age 50 or 60 could be a disaster. Get help.
How does income planning play into an individual’s retirement plan?
Income planning is crucial to an individual’s retirement plan.
Fund your 401(k) or 403(B), or an investment account somewhere, anywhere. It’s all about long- term saving and investing. Week after week. Year after year. It’s the committed person who understands that retirement savings is a long-term game that weathers a volatile market and a volatile world.
For those people in or nearing retirement, it’s important to understand your cash flow needs and wants. Ask yourself: “Will I have enough money to live comfortably for five, 10, or 20 years without going broke?; What will happen if I live a long, long time?” An income plan will help you arrange your assets, maximize tax advantages, and make well-planned distributions for yourself and those you care about most.
What solutions does Kensington Wealth Partners offer in respect of maintaining and growing wealth for future generations of the same family?
A solid estate plan can help provide for financial security in this life and exert control and maximize the estate for a family’s future generations. Every family’s situation and goals are different. To fully leverage estate preservation and transfer opportunities and then develop the strategies that fit, we con- sider the very personal goals and feelings of each client. We dovetail those with their potential beneficiaries including family dynamics along the way, and then bring in will and trust design strategies, estate tax reduction techniques, family gifting strategies, charitable giving intent, and much more.
How can individuals and families make an impact on the world through charitable planning?
Charitable planning enables one to truly acknowledge that there is more to life than how much you have. By choosing to give back to causes for which you have a passion, you can make a lasting and notable impact on the world. That world is what you define it to be.
It can be your neighbourhood, your alma mater, your church, your country, national charities, or truly the world. We enjoy and are honoured to play a small role in helping our clients determine which charities are important to them; which charities truly drive a passion in their lives.
We work with each client to explore numerous charitable planning strategies that integrate seamlessly with their existing financial plan. These include new, as well as tried and true strategies that positively affect their gift while being sensitive to their estate planning and taxation. We have found that serious charitable giving is driven by charitable intent first; the tax and leverage benefits make the giving that much more effective.
Registered associates of Kensington Wealth Partners are registered representatives of Lincoln Financial Advisors. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Branch Office: 7650 Rivers Edge Drive, Suite 250, Columbus, OH 43235. Insurance offered through Lincoln affiliates and other fine companies. Kensington Wealth Partners is not an affiliate of Lincoln Financial Advisors. CRN-2019543-020618