Pop Quiz, Monday with Henry Wong
The Pop Quiz, Monday is a fun little exam that we love to give to savvy business owners. The examination is not a surprise after all since the interviewee already knew about the questions in advance. However, we can always pretend and have fun with the scenario of a young entrepreneur sitting in class nervously biting on their pencil. They are ready to take a pop quiz on a chapter that they were supposed to read the night before. Instead, they played Metroid all night on their SNES (Oops, this was me in high school). The real purpose of the pop quiz is that this is a fun way to introduce business tips from real-world experiences that you can not learn in a classroom. We want to thank our entrepreneur for being a good sport and volunteering their time to answer a few questions to help our community grow from their knowledge.
I want to introduce you to our guest today who will be taking our Pop Quiz Monday.
Can you please tell everyone your name?
What is your job role?
Founder and Managing Director of Friendly 401k
Tell us about your company?
Friendly 401k brings a modernized approach to corporate retirement plans such as the 401k. Majority of 401k plans have not modernized even as the world around us changed. Our approach was designed to reduce fiduciary liability for employers and improve access to financial wellness for employees.
What do you love most about your job?
Hearing the success stories of our clients after they have followed through with the actionable advice that we provide. Whether it is coming out of debt or having a solid financial plan that they are comfortable following, nothing beats hearing that they have followed through on the plan and that they are in a better place financially.
What motivates you to get up every day and go to work?
Knowing that the advice I give and the solutions provided will change someone’s life for the better.
How do your co-workers inspire you?
The dedication that they have towards the clients and wanting to promote change motivates me to push myself further.
How do you have fun at work (team building, pranks, etc..)?
We make sure we have the time to unwind together whether it is catching a sports game, dinner, or even just drinks. We build better relationships with one another by spending time outside of the office doing activities without discussing work.
What are some of the challenges of your job?
The change that I envision and promote is not widely accepted by the rest of the industry. Our industry is still reluctant to the idea of open and accessible advice to the public.
What are some lessons learned from a past project that you can share with us?
We analyzed a 401k that was in existence for over fifteen years. We were told the existing advisor that started their plan was always available to meet annually to check in on the client, but during our analysis, we found that the investment funds available have not changed in selection since the plan was started. We found that this plan had severe underperformance in investment returns and was higher in cost when compared to national averages for both criteria.
Suffice to say, just because a plan was started quite some years ago and the existing financial advisor kept good relations didn’t mean that 401k plan was performing optimally. It never hurts to have your existing 401k plan benchmarked and reviewed.
What advice would you give to someone who is starting in your industry?
Think bigger than what the industry states are the correct ways to do things. Push the boundaries of the norm because that is the only way you can truly help your clients.
Thank you for taking our pop quiz today. You get an A+ for effort. You can learn more about our interviewee and their business by visiting them on the web: