Employee Spotlight: Daniel Humphrey, Account Executive
Meet Daniel Humphrey, one of Madison’s Account Executives. Daniel is a crucial part of our inbound sales team, who likes interacting with clients and teaching them about how a Self Directed IRA can benefit their retirement portfolio. When he’s not working, Daniel enjoys health and fitness activities.
We asked Daniel a few questions to find out more about him and his role at Madison Trust Company. Here’s what he had to say:
Do you have any previous experience in the financial services industry? What did you study in school that may have led you here?
I attended Marist College where I studied finance. After graduation, I worked as a financial advisor. The financial services industry has always interested me and I’m eager to keep learning more every day.
As an Account Executive, what does your daily workday look like?
Usually, the first thing I do in the morning is reply to any emails I received overnight. After that, I go through my task list which consists of follow-up calls with different individuals to make sure all of their questions are answered. I also often talk with investment sponsors to confirm that certain investments are still on track. Then, in the afternoon I answer incoming calls and speak with those who may have scheduled a call online through my Calendly. Additionally, I collaborate with the documents team to make sure the account application and any forms sent to me go to the right place to be processed.
Are there any frequent questions that you are asked from people just starting out with Self Directed IRAs?
Here are a few commonly asked questions:
1. What is a Self Directed IRA?
A Self Directed IRA is an individual retirement account that you can use to invest in alternative assets outside of Wall Street such as real estate, cryptocurrency, private placements, etc.
2. Is this legal?
Yes! Many people are unaware that you can invest in alternatives because it is not available at most IRA brokerages.
I do recommend that before investing with a Self Directed IRA, you should do your due diligence and speak to an advisor. It is important to be aware of certain rules such as prohibited transactions.
3. What can/can’t I invest in?
With a Self Directed IRA you can invest in almost any alternative asset with a few exceptions, such as collectibles and life insurance policies. For more information, you can go to “What can an IRA invest in?” on our website.
How do you see your role as providing value to the company and our clients?
A compliment I often receive is that people calling in are genuinely very happy to speak with a real person, as opposed to trying to navigate an automated system. It’s something so simple that goes a long way. I enjoy being the first point of contact and forming a relationship and trust with the person on the other end of the phone.
How can clients going from a standard IRA or 401(k) to a Self Directed IRA have a smooth transition?
I recommend looking at Madison Trust’s website. Our FAQ pages, blogs, and informational pages are full of important facts to get someone started.
What do you like about working at Madison Trust?
One of my favorite things about Madison Trust is the company culture. When onboarding as a new employee, you are instructed to take a personality test that determines what type of bird you are – eagle, owl, dove, or parrot. It may seem a little silly at first, but it helps us understand how each of us works and likes to be treated. For example, owls often like to work alone and are very organized and analytical. Then, there are parrots who thrive in group projects, are very energetic, and come up with lots of ideas. This has helped us work better together and be more efficient as a company.
Do you currently invest in any alternative assets? If so, which ones?
At the beginning of the crypto craze, I was just learning about it and invested about $100 in dogecoin. I just wanted to dip my feet in it and see what all the talk was about.
Ideally, I would like to invest in real estate. I believe it is one of the best forms of passive income. Personally, I would like to invest in a property in a college town, where the demand for rentals is high. What many people don’t know about investing in real estate is that the process is fairly simple and can be quite lucrative.
Do you see alternative investments becoming more popular in the future?
The Self Directed IRA field is largely untapped right now. I think the more people who know about it, the more people will use it. It allows people to invest in things that make sense to them as opposed to standard stocks, bonds, and mutual funds. Once people understand that the process is simple, they will be able to grow their portfolio in a way that they never thought to be possible.
Let’s end with a fun question! If you were stranded on a deserted island, what 3 things would you take with you?
Although this may seem funny, I first choose to take my laptop so I can continue watching my favorite movies and TV shows. To be more practical, I also choose to take some type of seeds to plant food and something to start a fire – maybe flint and steel.