201: Take Control of Your Retirement Fund with Parker Pursell of eQRP
We are gearing up for our first annual Money and Wellness Conference for Female Physicians, and I’m showcasing another one of our wonderful sponsors for this event. This week, I’m joined by Parker Pursell, the CEO of eQRP. eQRP provides self-directed 401(k)s, and they’re a company I recommend to all of my clients.
If you’re looking to invest outside of the stock market but you don’t have the capital to get started, this is where eQRP can help you leverage your 401(k), 403(b), or even an IRA so you can invest the way you really want to and set yourself up for retirement.
If you want more control over your 401(k) or your IRA, this episode is for you. eQRP gives you the opportunity to avoid taxes and diversify your portfolio outside of Wall Street, and Parker is explaining how an investment vehicle like this is perfect for physicians who want to prepare for retirement as soon as possible.
Learn more about Money for Women Physicians, an exclusive money coaching program to get your money and mindset working for you.
What You'll Learn from this Episode:
- How a self-directed 401(k) differs from your regular 401(k).
- Why physicians need additional streams of income more than ever before.
- What makes eQRP a great option for high-income earners, business owners, and side hustlers.
- The extra flexibility in preparing for your retirement using eQRP.
- Why having control over where your money is invested is vital for building wealth.
- Some 401(k) mistakes you need to avoid.
- How eQRP can help save on your tax bill using their investment vehicle.
Listen to the Full Episode:
Featured on the Show:
- Follow me on Instagram
- eQRP: Website | LinkedIn
- Email any questions you have to Parker
- Passive Income MD
Welcome to The Wealthy Mom MD Podcast, a podcast for women physicians who want to learn how to live a wealthy life. In this podcast you will learn how to make money work for you, how you can have more of it, and learn the tools to empower you to live a life on purpose. Get ready to up-level your money and your life. I’m your host, Dr. Bonnie Koo.
Hello everyone. We are gearing up for our first annual Money and Wellness Conference that’s taking place in early March at the gorgeous Miraval resort in Arizona. I know so many of you wanted to attend, but we sold out. And we were limited by the capacity of the conference room, frankly.
And so we actually just signed a contract for the 2025 one. It’s going to have much more capacity and we have a lot of flexibility because it’s a proper hotel with a proper conference section, versus Miraval which really isn’t meant for conferences, it’s really meant for smaller retreat type things.
So what we’re going to do is showcase our wonderful sponsors. Now, I was really picky about who could sponsor our conference. In fact, I personally reached out to trusted companies that I, for the most part, have personally worked with or know the company owner really well. And I had a lot of inquiries to sponsor my conference and I basically turned them down because I don’t know who they are. And I don’t want to recommend anyone that could potentially not be great.
So today’s sponsor is eQRP. Now, they are a company that I talk about a lot with my clients. They are a company that provides self-directed 401ks. We’re going to talk all about what that means, so don’t worry about that. But it’s a great resource if you are looking to invest in investments outside of the stock market but maybe you’re thinking, I don’t have any money. You do have money, it’s just largely inaccessible to you inside of a 401k or a 403b or maybe even an IRA.
And so the eQRP is a solution, a possible solution to that. And I personally have one. I’ve had it for, gosh, I don’t even know how long it’s been. It’s been like three or four years and I’ve been very happy with the service. So here’s my conversation with the CEO, Parker Pursell.
Bonnie: All right, welcome to the show. I’m so excited to have you. We had to reschedule this a few times, right? Why don’t you introduce yourself?
Parker: I’m Parker Pursell, CEO of eQRP. I’ve been working here for three years. I actually came into this company off of being unemployed. Most of my background was built in the customer service industry on the likes of Chick-fil-A. My family business is what I cut my entrepreneurial teeth on, learned a lot about really what money was, right? How it came in. I just never had an idea for how to keep it or how to grow it.
And so coming here to the eQRP three years ago, it really just changed my life for the better. And now I have the awesome opportunity to lead this company and really use my story as a banner to a lot of people that I think are kind of going through the same stage that I did, just different stages of life.
Bonnie: It’s so interesting, you were unemployed to CEO.
Parker: Yeah. I mean, it’s, you know, God has his hand on my journey, but I’m thankful. Like you just, you don’t change who you are, right? Your environment and circumstances may change, but who you are as an individual doesn’t change. So I just knew that at some point I was going to end up where I was supposed to. And I ended up where I did. But I’m just, I’m doing what I love. I’m really in my dream job. So I’m very thankful for the opportunity I have.
Bonnie: So let’s get right into it. So basically we’re talking about self-directed 401ks today, and we’re going to talk specifically about the eQRP. And this is something I talk to my clients a lot because they want to access capital for alternative investments.
And what I mean by that is something besides the stock market. They find out either working with me or on their own, that there are faster ways to get the cashflow back versus like waiting for 30 or 40 years. Because these days people want income that’s not dependent on their primary job sooner than retirement. And it’s also a smart financial move, right? So that you have multiple streams of income in case one dries up, right? And my clientele, female physicians, medicine is not as stable or glamorous as it was. So I think doctors are really looking for options.
So I found out about even the concept of a self-directed 401k, it was probably through another financial blogger friend, actually I think it was Peter Kim of Passive Income MD. And he introduced me to Damion. Was Damion the CEO before you?
Parker: Yeah, Damion is the founder of the company.
Bonnie: Okay. I’m sure he’s got a lot on his plate now, so that’s why he needed a CEO.
So let’s talk about what a self-directed 401k is versus – Well, before we even go into that, I just want to be specific that this is for someone who either has a business or as you said, a business activity. So why don’t you define what a business activity is?
Parker: Yeah. So solo 401ks, the easiest way to describe it and who they’re for is for people who are high income earners, side hustlers, people who need a place to park money to save on their taxes, right? And so what the IRS, how they lay it out, you have to be conducting activity that would lead to income generation.
And that could be literally anything. You could be an affiliate marketer. You could be a TikTok dancer that’s shooting out a film, like you’re trying to earn income and you can show that activity that would thus lead to producing income.
So for you in particular, in your group there’s a lot of 1099 individuals out there that are performing medical services for different clinics, or they’re hopping around or either they’re W2’d and then they’re moving to the next job, or you’re a business owner as well and you’ve got employees and there’s ways for you to do that too with us.
But the self-directed 401k is awesome because it gives you a lot of flexibility in what you want to invest in. And if you are making any type of 1099 income, then you qualify. So it’s pretty easy. Or you’ve got another business that you’ve set up for yourself and it’s just you, you’re a solopreneur, you qualify for it.
Bonnie: Okay, and then what I want to say is I do think a lot of physicians do have 1099 income because some of them speak, right? And that’s 1099 income right there. Some of them do surveys. And so I would say a lot of physicians can qualify or figure out how to qualify if they really want this investment vehicle.
Okay, so you said earlier that it gives you a lot of flexibility. So let’s talk about the difference between me opening up a solo 401k at, well, I actually had one at TD Ameritrade, which is now Charles Schwab versus opening a self-directed.
Parker: Yeah. So self-directed is very important to understand because a lot of entities will sell you the idea of self-directed and what you want isn’t what they’re selling, but they know what you’re actually doing. It’s just a way to get you into their system and self-direct different stocks. That’s not what many people like yourself are asking. They’re like, I want to invest in things outside of the stock market.
Therefore, with our organization, what’s awesome is that you get to have checkbook control. So you have a bank account set up with your funds, your retirement money, where you can wire it out, send it to real estate syndications. You can do private lending. You can invest in oil and gas. There’s so many things that you can invest in, but that’s truly self-directed.
Now, whatever Schwab or Ameritrade or these people sell you as self-directed, it’s not. And we’ve had people come to us with that issue that you just said, I was sold this and this is what they told me. And then when I came back and asked them, hey, I want to go invest in this opportunity, they’re like, no, you can’t do that. You can go invest in these mutual funds, but not real estate or any of these other things.
So you have to really understand the tool that you’re getting and be very clear and ask pointed questions in the process to make sure that you have the right thing to do what you’re trying to do.
Bonnie: Oh, that’s so interesting. I didn’t know that companies would sell a self-directed, but they’re basically like, well, it’s sort of self-directed, but not really self-directed.
Parker: Correct. It’s like, well, the advisor is not directing it. You are, but you aren’t taking it out of the system, which is where the pain point is for most people. And I say this a lot, what got you here today isn’t going to get you to where you want to go tomorrow. So you have to be able to adapt and change.
And I think that’s true for the retirement industry in and of itself. I think that’s why you’re seeing a lot of people pay attention to this self-directed approach, because the system that they were sold under, they’re getting to a point in their life where they’re watching all these things happen around them. Washington, just for whatever reason, has got stickum on their hands with the money printer press and they can’t take it off. And so they are being affected by a lot of policies and legislation. Things are being pushed through.
So, you know, really nobody’s going to care about your money more than you do. Therefore, the two things that you need to really set yourself up for success is, first, you have to get control, right? So that’s where most people are like, well, I don’t know how to do that, right? Well, good for them, we know how to do that.
Secondly, education. Now what, right? So the now what is just as important. You know, think of your journey, Bonnie, and how you got to where you did. You started off like most people where you hit a pain point and made a decision to change direction. And then now your landscape of investment opportunities is so vast because you took time to really understand what else is out there and learn how to do it.
And so for us, we’re not trying to get in the way of people where they’re wanting to go. I like to use it like we come alongside, right? The advisors will tell you what to do, we teach people how to do it. And so you’re the hero of your own journey, which is ultimately where you want to go. We want to get you where you want to go.
So I’ll get on a soapbox sometimes talking about that, but because I feel it and we talk with people every single day that feel the same thing. And they have to know that there is another way, and the places they try to get their money from are just going to tell them, eh.
It’s Hotel California, it’s easy to get in, right? When you give them their money, they make it super easy for you. Then when you want to get it out, they’re like, sorry, you got to jump through these 80 loopholes to get your money out. And they end up staying there because they’re frustrated.
Bonnie: Yeah. I mean, this is definitely an education thing because like I said, so many people don’t know what this is. Can we talk about the difference between this versus a self-directed IRA? I get this question all the time.
Parker: Yeah, so it’s a good question because understanding the tool that you’re using and what you’re trying to accomplish is equally important, right? And so the 401k structure in and of itself, the way the IRS lays it out is just more flexible, right?
The IRA structure is really open to anybody, right? So you don’t have to have a “business activity” to open up a self-directed IRA. Contribution limits are lower. And then also when you start getting your money into a Roth IRA, it’s stuck. Like you can’t move it outside of a Roth IRA once it’s there. So if you wanted to move it to another vehicle and self-direct it, you couldn’t do it. You can move it to a self-directed IRA, but you couldn’t move into another 401k.
So I’m not going to get too far in the weeds with that, but just understanding that there are mass differences and as a passive investor, especially someone that’s looking to invest in real estate, there are implications to using debt within your retirement plan. And so one big thing that we tell people is that in the 401k industry you aren’t subject to the UBIT triggered UDFI tax. So like if I go out and raise money for –
Bonnie: Well let’s define that first.
Parker: Yeah, so UBIT is unrelated business income tax. And then the UDFI is unrelated debt financed income. So you’ve got a business that’s using debt, right? And so if I go out and take, let’s go I put 20% down on a multifamily property and I take 80% of debt out, right? So when your returns come back, Bonnie, if you’re using an IRA product that is investing in this deal, then you are going to be subject to paying equal profits up to the debt leverage.
So 80% of your profits that you get back on that deal are going to be taxed up to the level of debt taken out. So since 80% of the debt was taken out, then 80% of your profits are going to be taxed up to 37%. And so what does that mean to me as an investor? Well, what it means is that if you’re in a 401k tool or a product, right, is that you aren’t subject to paying that.
Therefore, instead of paying Uncle Sam, your distribution, your hard-earned money is going to them for whatever reason. Now the 401k side of things, you aren’t subject to paying that. So now in perpetuity, you’re taking potentially $30,000, instead of giving it to Uncle Sam, now you’re placing it in another opportunity, which is now earning you more income towards your number that you want for the end of your life, right?
So that is so important in the education, right? I’m just pointing one thing out, but that’s one thing that people miss. And if you’re in a deal right now with a self-directed IRA, you can move it over and completely miss that tax. There’s no taxable event when you’re moving from an IRA to a 401k, but just knowing that piece of information could save you thousands and thousands and hundreds of thousands of dollars in perpetuity.
Bonnie: Yeah. Basically, I tell people, don’t open a self-directed IRA. That’s usually what I tell people. I guess it might be the only option if they really have no business activity and really don’t want to bother with it. But even just hearing the numbers, right, part of me is just like, I don’t want to say make it up, but do something.
Parker: Yeah. And we can help any and everybody, right? So there are times where people come in and all they have is a Roth IRA or an inherited IRA, but they’re still stuck with the same feeling of their money not doing what they want it to do.
So they can put it in a self-directed tool that we can help get them set up with, right? But the reality is the 401k is where you want to grow into if you can, right? And so sometimes it’s a journey for people to get to where they want to go.
But the eQRP and what we’re designed to do is help people get clear about their situation with where they are, get a clear picture of where they want to go and then give them a roadmap to say, hey, here’s the tools, here’s the education, here’s the resources available to you to accomplish the thing you want.
Bonnie: Yeah. Do you guys offer a self-directed IRA?
Parker: So we work with different entities that offer that. And the reason we do is because we really asked ourselves a question of, there’s people who fundamentally are at the point where they want to change direction, right? And now, depending on your investment opportunities, you can still invest in all the things that a self-directed 401k can, right? But they just need the education to help start putting their money to work elsewhere.
So they’re aware that going into a real estate deal that they’re going to be subject to this, right? But to them, if they get to invest in a real estate opportunity versus a mutual fund, they’re going to take that every day. So our goal is that hopefully if they start generating that 1099 income, that we can start migrating them over to the superior product, which is the 401k.
And we take care of all that for our people. So there’s no brain damage in the setup process. It’s super simple. But I don’t feel like people should be denied an opportunity to get to where they want to go. And as we’ve evolved as a company, it’s more of like, how can we continue to serve people and give them the tools that they need to help get them to where they want to go?
So we’re on a mission to help free people. And so we continue to adapt and help serve in bigger and better ways.
Bonnie: Yeah. I learned the term money jail from Damion, actually. And then when I teach that concept, my clients are like, oh my God, you’re right. My money’s in money jail. What I mean by that is it’s stuck in a 401k or 403b, which has a lot of rules in terms of when you could take it out. And so people are frustrated when they find out that, or when they decide like, hey, I want to invest in these other things. I have all this money in this account, but I can’t take it out, right?
You know, when the Cares Act happened a few years ago, that was a great way for people to actually tap into there. So I had a lot of clients who did that to put a down payment on a rental property, for example.
Parker: Yeah, if you’re working at a W-2 job right now and you’re contributing to that plan, you can’t take it out until you’re severed from service. But if you’ve worked at any other organization that you’ve left or you’re no longer working there, you have access to all that money that’s sitting there.
And the reality is they just continue to roll it over either into a rollover IRA, or they just put it in your next company sponsored plan. But you have access to that money. And a lot of times, like what’s great is we’ve done this, we’ve systemized the process, we know what questions to ask. When we get on the phone with these custodians, the thing that actually limits you, who has that money, is the person on the other side that’s not educated about what they can actually do, which is sad.
Their education is keeping you from getting to where you want to go. And what you want to do is legal. It’s completely within the scope of the IRS. But they’re like, nope, can’t do this. And we’ve gotten to the point of threatening legal with some of these custodians because they just say no because they’re just reading a script sheet in front of them. They aren’t really critically thinking of like, oh, could this person be right?
Bonnie: Yeah, I rolled over old company 401ks into the solo 401k. So I think it’s important to let people know that, yeah, when you leave a job – Actually a lot of my clients have multiple 401ks scattered around because they haven’t consolidated it. And then they come into my world, they’re like, yeah, it would be easier if I just had one account to log into.
Parker: Umbrella it. Umbrella it all into one thing.
Bonnie: Yeah, exactly. And then also if they do have a business activity, I let them know like, hey, you could roll it over. And the two ways that I’m aware of, tell me if there’s more, is you can just fill out some paperwork, which is what I did, where you transfer it in kind. Well, this is for a regular solo 401k. Self-directed, you’d have to sell it first. Or you could actually withdraw it. And then as long as you deposit it within, is it 30 days, 60 days?
Parker: 30 days.
Bonnie: Yeah, it won’t count as a distribution. So that would be a tragedy if you didn’t make that deadline.
Parker: The brain damage we take care of for people anyway, and our systems have gotten better, the services that we offer have gotten way better. So it’s like we do all the hard, heavy lifting for the individual when they come in, which is, to be quite honest, worth its weight in gold because if you don’t know, it’s very frustrating and stressful.
But also something I want to mention is that people who are business owners and have employees as well, most people just think, oh, well, I can’t have a self-directed plan and invest in all the things that I want to, right, in these investments, real estate, you name it. But we’re able to do that for members out there as well.
So people in your community, Bonnie, if you have someone asking you like, hey, I’ve got six employees in this business, they can self-direct their company plan and invest all that money that they’re putting in for themselves, but also their employees, and help them go invest in these things, too.
And there are states right now that are mandating that companies ought to take the company – I don’t know the exact terminology, but they’re basically giving away the company for 401k or state 401k, or they can go get something else. But they’re mandated that they have to. I think Colorado is one of them, there’s some other states. California wouldn’t surprise me if that’s one of them that you have to offer this to your employees.
So the more you know, right? And there’s a lot of people that are looking for that. And we’re the only firm in the country that does it right now. So we have business owners with employees that are loving it.
Bonnie: I just want you to clarify what you mean by you’re the only company that provides this service. Because there are other companies that offer self-directed, as we talked about, right?
Parker: Correct. So specifically being for business owners that have employees.
Bonnie: Oh, got it.
Parker: So like a safe harbor plan, so you have to meet safe harbor laws. It’s a little more antiquated, but we’ve got a partner that we work with.
Bonnie: More brain damage?
Parker: Yeah. Yeah, more brain damage. Like I said, I’m not going to go into the weeds of it, but it’s complicated. And for us, like culturally, the reason that we’ve gotten to where we did is because we just kept pushing ahead, trying to figure out how to give the people the solution to their pain point. So there is no other company to my knowledge, and we’re out there in the space all the time, that is offering this very thing because the brain damage happens when you’re working with compliance and then also with somebody who is trying to figure out alternative investments.
And most people just don’t want to touch it because they’re, you know, well, this group just wants to stay in their own niche, do their thing and not worry about getting creative with really helping people out.
Bonnie: Yeah, and also doctors are busy. They don’t have time to figure out how to do all this stuff, you know? And we don’t want to.
Parker: Yeah. I mean, I look at the leaves in my backyard and don’t get me wrong. It’s like, when you start elevating like time is money, then you can just allocate like, well, if I got to pay a guy to come, you know, $500 to come in my backyard and clean up all the leaves from fall, like I could be spending that time with my family or my kids. And to me, it’s like a no brainer. Yeah, it’s worth $500 of my time or whatever the thing is.
So we really hammer down on the customer service portion and really want to make sure that we’re taking care of our members and taking care of all that brain damage because it is frustrating. But we’re with you every step of the way. So it’s really quick just once you decide to go, we put that money in a place for you to start sending it out. So all you’re worrying about is where am I going to put this money in the next investment?
You can spend time focusing on the things you need to focus on, right? Like your due diligence, underwriting whatever deals you have come across your table and then just let us handle all the back office stuff for you.
Bonnie: Yeah. I think it’s safe to say that nobody loves paperwork.
Parker: No, I hate it.
Bonnie: Yeah. Okay, well, it’s good to know that it can grow with the company. I don’t have an employee right now, but I probably will within the next year. And so it’s nice to know that I still had the opportunity to use the eQRP product.
So Solo 401ks, they don’t have ERISA protection. Let’s talk about that and then how the eQRP helps with that.
Parker: So I’m not well versed in ERISA laws. But for instance, like safe harbor, I use that in particular because the firm that we work with has an ERISA attorney on file that basically just makes sure that we are not violating anybody’s individual rights when it comes to them having a plan. Everybody’s protected. Everybody has the same options that the employer has.
And so for us, the way that we’ve structured our plan basically keeps you in compliance with that. So we’ve built it to where you are protected.
Bonnie: Yeah. And like nobody listening needs to know exactly – I mean, you could look it up, it’s an acronym. But yeah, once you start throwing up acronyms, people’s eyes usually glaze over. But I think the only thing people need to know is that the solo 401k doesn’t have the same protections as an employer based and eQRP has done some magic so that’s not true for the eQRP. That’s the best way to say it.
Parker: We figured out the brain damage for you.
Bonnie: Yes, exactly. There you go. I’m going to use that term all the time now.
Okay, is there anything else that we haven’t talked about that you want to talk about or mention?
Parker: No. I mean, I think when we start talking about where you’re at today, right, if you’re feeling anxious, if you’re feeling like there’s got to be a better way, it all just starts with a conversation, right? It starts with your community. It starts with mentors like you, Bonnie, people in your community.
You’re a, I say a beacon of hope for people because you’ve experienced things, you understand things, you know things. And when you think of a teacher or mentor, like Damion’s been to me, when I come up with a problem and I need a solution, I go to someone who’s either done it or has experienced the feeling that I have.
And so, you know, we can’t predict the future. We don’t know what’s going to happen. We never will, but we can always be ready. And I think one of the main takeaways is that if you can put yourself in a position to be flexible, which is what this plan provides you, you can pivot, right? If you get uncertain about what’s happening in the stock market, then you can take your funds from that, put it in a position to then go maybe buy gold and silver, right?
So you can do everything that you’re currently doing with the eQRP, you just can do more, right? So if you want to stay in the market, you can, but you can have a portion of your portfolio to go be doing other things. And so being flexible and nimble is super important because if you’re trapped in one thing, then you’re just left hoping that it works out.
And Damion talks, he uses this word called hopium that a lot of people smoke. And he’s like, if people are just smoking hopium 24/7, that’s all they’re going to get, is just a hopium high. But when you layer the education with the right tool and in the right community and people that have surrounded you, you can really do some amazing things.
So if you’re out there struggling, trying to figure it out or you just need help, want any information, we’re here to help work through your personal situation. So there’s no phone call that we take, it could be about your money, and sometimes it could be about family stuff going on because it’s all attached and connected to what’s happening in your finances.
Bonnie: What can you invest in with an eQRP? We don’t have to name all of it, but what are the most common things you see your clients and what can’t you invest in?
Parker: Yeah, so big asset classes you can invest in, most popular, I’d say, real estate, you got commercial, you got industrial, oil and gas, you can do private lending, you can do single family rental, invest in businesses. So for instance, we have an opportunity called FrameTec, it’s a manufacturing business. But a lot of people don’t know, you pass a lot of businesses on your drive to work that retirement funds are being invested in to support those businesses and startups.
And so what you can’t invest in is collectibles, things like artwork, wine, NFTs. I say NFTs in particular because it was a really hot topic and people were trying to buy them. But there’s still a lot of gray in that area. You can invest in Bitcoin and those things, but you start getting in that weird space. I always say, if it’s gray, stay away because the IRS is always going to say you’re guilty until proven innocent. So just be passive, stay with what you know, right?
There’s a lot of shiny objects out there, but our team’s here to answer those questions. So you’re not left on your own when you’re out investing. You can call us and say, hey, I’ve got this opportunity to invest in, I just want to understand how I can do this or if I can. And sometimes the way that the question is asked, we can get you what you want, we just have to do it a different way.
So that hopefully provides some clarity. There is a laundry list of maybe other things, but the filter is what’s more important. And our team can filter those investment opportunities to give you an appropriate answer.
Bonnie: Yeah. So what I’m really hearing, and I’ve experienced this as a client, is you’re not just a servicer that’s like, okay, it’s open, bye. Basically, you guys are knowledgeable and resourceful so that when people have any questions, which is, you know, at least general customer support, you obviously have that down, but also can answer questions about what you can invest in. Which technically is basic customer support, but a lot of companies don’t necessarily give that.
And also accessibility, right? Like you’ll actually hear back from a real person in a timely manner, right?
Parker: Yeah. And what’s cool is that we’re all on our own financial journeys ourselves, right? Like when I look at where I was three years ago and where I am today, it’s just wild thinking I was making some cash on the side, doing some power washing, and then now I am where I am.
And so everyone in our company shares that cultural value, right? And we all know that the person on the other side of the line is trying to get to where we want to go too. So being available is so key and it’s important. And so for us, like there are things that we come across that we don’t know, which is fun. Like when somebody brings an opportunity that says, hey, I want to invest in this. And we say, I don’t know, we’ve never seen that before. But it doesn’t mean we can’t find an answer and we’ll chase it down as much as we can. So we learn along the way, which is fun as well.
Bonnie: What differentiates your company versus the myriad of other self-directed companies that also claim checkbook control? Because you’re not the only company that has checkbook control, right?
Parker: Correct. And there are a lot of other like products out there, right? Super simple to go set up a self-directed 401k or self-directed IRA elsewhere. But like I said, that’s the first step in the journey, right? And then the second step is now what, right? You’re left really to kind of fend on your own.
And so for us as a company, we’ve really doubled down on the people that are here, right? We have institutional knowledge here at our organization where I would say like the average – We didn’t really start hiring a bunch of people until 2020. Like that’s when we started bringing in more and more people. So we’re not a legacy product. Like we’re not putting something on the market to just ride it out and hope it works out.
We’re constantly asking what else, what else, what else? How can we serve you better? What else can we provide? How can we put more educational information in front of you? And so we’ve essentially carried this mantra going into this year, like our goal is to just give away the self-directed retirement game for free.
Meaning through our education platform, we’ve got newsletters that are about to start coming out. We’ve got podcasts that are rolling where we talk about just money psychology or different asset classes. Like it’s just conversational, but most people just don’t know.
And so can they provide the tool to you? Yes. Can they give you basic customer service? Yes, but they’re all scripted. Like for us, we’re truly trying to hunt down the problem and find the appropriate solution for you, and that’s never going to go away. I worked at Chick-fil-A, so I like to say that I know a thing or two about customer service. And I would say for us, we bend over backwards for members to help get them what they want and get them to where they want to go.
So we aren’t going to be the same company this year, Jan 24 that we’re going to be in Jan 25 and so on and so forth. It’s just not who we are. It’s not who Damion is. So if you’re not growing, you’re dying. And that’s our rally cry as a company.
Bonnie: Yeah. I mean, Damion, he’s all about growth mindset and growing and becoming your best self. So I do like that about him.
Okay, I think we’ve covered everything. So I’ll let everyone know the best way – Well, basically it’s wealthymommd.com/eqrp, that’s all lowercase. And that is my affiliate link, so I want to put that out there as a disclosure. And, of course, we’re so grateful that you’re a sponsor of our first Money and Wellness Conference. We’re really grateful for that. I know it’s going to be a great resource because there are real estate talks and I know people are going to be like, I don’t have money.
Parker: You think you don’t have money.
Bonnie: Yeah, exactly. You think you don’t, yeah. So it’ll just be great to offer a solution, because it is a solution that so many people are just not aware of. And when they find out, they’re like, whoa, this is amazing to be able to access hundreds of thousands of dollars, potentially, right?
Parker: Yeah.
Bonnie: All right, see you next week, everyone.
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