401k Girls on Secure 2.0, Rollovers & Fiduciary Strategy

[0:03] JD: You're going to have a really, really bad time, sir. [0:09] Jessica Porter: Let me up. Let me up. [0:10] JD: You're going to have a real bad time. Everybody, welcome back. Let me sing you a little song. Is that okay with you, Jessica and Hayley if I sing a little song? [0:22] Jessica Porter: Let's hear it. [0:23] Mark: Oh, bad decision. [0:27] JD: You made it to the show. The retireholics know that you love us so. And why wouldn't you? Cause we are a handsome crew. Welcome, everybody. Another episode, Retireholics. My name is Jay Dizzle. I'm joined by Silent J, Nerdy Chad, Chad Johansson, and. And. And the one and only everybody's favorite retireholic guy. Welcome, everybody. Let's get it going. Don't forget we're going chatboard champion, old school style. So that's in play. Congrats to last episode's winner, Webby. Sorry, Webby, we didn't get you anything. That's because your broker dealer sucks a little. Housekeeping I figured out last night Retireholics, the audio only podcast, like on all the. The. All the podcast apps, is happening again. I had no idea this was happening, but. So the last few episodes have been going up there. I guess that's Brandon. I don't know. But if you like us in the audio only version, and I don't know why you would. It's. It's happening. It's going like every episode. We have to intro our guests and there's nobody better to do that than Justin McNeil. Justin, take it away. [2:11] Chad: I hate to tell you, buddy, but [2:12] Justin: anybody's better after that little song you. You just sang there. Sorry, [2:18] JD: buddy. [2:18] Justin: I know he does control my. My livelihood. Well, we are certainly classing up the. The group today. Thankfully. I think this is our first ever six seater. Today we are joined by. [2:31] JD: What? [2:32] Justin: No. [2:32] JD: Okay. [2:33] Mark: Lies. [2:34] Chad: You tell lies. [2:35] Justin: I do. Anyways, today we are joined by two ladies. One is a native Houstonian, a proud Oregon State University stepmom, a dog mom, a road trip enthusiast and a partner at bp. [2:48] JD: Oh, son of a. [2:49] Chad: Wealth management. [2:51] Justin: The other is a Portland, Oregon local, avid gardener, national park explorer, and debt free living advocate and advisor at that same group. Ladies and gentlemen, please welcome Jessica and Hayley Porter. [3:04] JD: God. [3:05] Jessica Porter: Hello. Thank you. [3:08] JD: Remember the good days when Justin used to make up? I feel like that was all accurate. I tried it. [3:13] Justin: You guys call me out. What am I supposed to do? [3:15] JD: I liked it. I liked it better than you made up. He used to do stuff like. And Jessica won the rollerblading Oregon contest back in. You know. Anyways, there's no pleasing you. We don't usually do this. We usually like to just kind of get right to it. But given that the 401k girls is kind of this new thing that's catching fire and everyone's talking about, I thought you could kind of introduce what the hell it is. I saw it and I was like, oh, shit. Is this some kind of cool podcast? I like these marketing things they're doing on LinkedIn is where I saw you guys. So I immediately went to find the podcast and listen, and I'm like, nope, Sign a podcast. So I dug a little deeper, and it's something different. You let everyone out there know, what. What the hell is this? What are you doing? [4:12] Jessica Porter: That's a good question. Thanks. So I think to explain it, I'll start with the concept of it, which was Hayley and I are both retirement plan advisors. Her and I head up the retirement plan department at bpg. Wealth Management is what our firm is called. [4:31] JD: And you owe us one. [4:35] Jessica Porter: I did Business planning Group. It counts when it's a name. I'll take my sip from my. From my. Here. If you can see it, [4:45] JD: put it right here. [4:47] Mark: What is it? What's in the cup? [4:49] JD: Oh, they got their own mugs. They got their own. We don't even. [4:54] Mark: Mugs, dude, we had eight years ago. [4:57] JD: Motherfucker. Sorry. [4:58] Mark: Yeah, we gave them to people in here. Okay, perfect. [5:06] Jessica Porter: So Hayley and I have been enough to enough conferences and industry events to recognize that two women managing a retirement plan department is a unique thing in our business. And we both have the same last name. We're not related. Everybody thinks we're sisters, but we thought. We sort of sat down and said, this is unique. We have to do something with this. And so it kind of came from two places, which was, this is a little bit different. And the second was accessibility. We do a ton of 401k education, employee meetings, workshops, and there are a lot of questions people have, and there's a lot of places to go that aren't necessarily the right places to go, like your TikTok financial advisor. And so we really just wanted to put together something that's really frustrated as kind of a social media campaign, which is just creating something that feels a little bit more interesting, something that feels 401k is. I mean, for us maybe, but for most people, not that fun of a topic. And so we wanted to make it a little more interesting. And again, just something that's really easy and accessible. Quick tips for somebody to go to ask questions. [6:14] JD: And the delivery would be like the platforms, like LinkedIn, Instagram, that type of stuff. [6:21] Jessica Porter: Yep, yep, that's exactly right. [6:23] JD: Yeah, but done by. People actually know what they're talking about. I want to talk about finance and TikTok later because there's a new segment I want to add to the show. But I digress. We'll save it for a little bit later. Very cool. The idea of someone in our industry getting together and trying to talk about the things that we do in a fun and kind of engaging way that's not. Suit and tie is a. Is a novel concept. I wish we would have come up with something similar to that. But you know, good ideas. Good ideas. My, my joke didn't land. [6:58] Chad: It felt it fell flat. [7:01] JD: All right, well, I wasn't listening here because you want the latest 401kt. You want to know what's popping off right now? We call it headlines. Brandon, let's do some headlines. This one comes from benefitslink.com and by the way, I don't mention them enough. They, they are not the most polished looking media group. It looks like the thing was made in 1991, but it's a great place to get retirement plan and 401k information. By the way, anytime we hire someone at our firm, I recommend that they sign up for their email blast because these, these people really seem to tap into the industry. So anyways, I never give them enough credit. Benefits link.com I apologize for this article. This one's a little, little third party administrator deep and so we'll touch on it quick and we'll move on because I know a lot of you aren't third party administrators, but I'll drink for this. The title of the article is ASC Partners with Pension Pro to Exponentially Enhance. Sorry. Acrosynth Efficiencies for tps. Oh, I just did it. Damn it. Exponentially Enhance efficiencies. Who's writing that? Here's the deal. I don't know what they stand for. Do you know what they stand? Actuarial. [8:40] Chad: Actuarial. Actuarial Consulting Services, I think. No. Actuarial Services Corporation. [8:46] JD: Whatever it is. Here's why I brought this up. I like that they're partnering with Pension Pro because I, I would say that Pension Pro is a somewhat forward thinking, kind of more evolved technology than a lot of the technology that third party administrators use. So I think they're doing really well. And I would say that even though our firm uses the aforementioned compliance system, it's a little old school and a little. And a little dated. So I appreciate that. But where this caught me off guard was that in 2018, almost six years ago, or almost seven years ago, actuarial Services Corporation purchased Pension Pal. And Pension Pal is a version of, is a competitor to Pension Pro. So I'm going to kick this right to you, nerdy Chad, because I know that you are a disciple of the American Retirement association and, and you're, you're one of those little ASPA Kool Aid drinking guys. Now I'll drink this. So you must have your ear to the ground of what third party administrators like and don't like. Do you think this is Actuarial Services corporations saying Pension Pal sucks and we need to partner with something that's better like Pension Pro? Like, what's going on? [10:15] Chad: I think they've realized that they're not going to create a profit margin on their purchase of Pension Palm and they're looking and saying the vast majority of our clients are using Pension Pro. And so we need to create some sort of synergy and relationship there in order to keep our clients happy. And I think when you see Stacks AI and all damn all these other ones coming out with new technologies. So for those that don't know it's a customer relationship management software that we're talking about Pension Pro, Pension Pro and Pension Pal is, I think that they're looking and saying in order to keep our clientele before they jump ship and go somewhere else, then that's building out new technologies for this. We've got to try to appease them with what they're currently using. Hold on longer. [11:00] JD: Yeah, that kind of sounds like code for what I said, which was that Pension Pal sucks and so they're looking for something else. Did you know that in 2000? [11:09] Chad: No, I don't. I'm not agreeing with that. J.D. don't, don't, don't, don't pass it over. I think, I think both of them have major holes, but that's not what they're admitting. I think they're admitting that they're not going to be profitable on that acquisition. And in order to keep the existing clients that do make them profitable happy, they've got to start using technologies and embracing technologies that are already being used. [11:30] JD: Once again, I feel like you're saying the same thing. I am a, I am a paying customer of Pension Pal and I think it sucks. And the fact that when ASCL Drink bought it, I thought that it was all going to improve a whole lot. And this tells me that I have even less hope and prayers that that stuff's going to improve. Improve because they're even pivoting to partnering with a competitor. That's fine. That's great. I've got a question for the 401k girls. In your opinion, outside of of Pension Pro or pension Pal or any of that, how important do you honestly think technology is and the advancement of technology for the future of retirement plan services? Like we've kind of been dated for a long time. A lot of new things are happening. Are you excited about it? Does our industry need it or do we maybe not go Hayley, because Jessica took the intro. We'll put you on the spot. [12:35] Hayley Porter: I mean the world is constantly improving in their technology. Things are getting better and more streamlined and the industry is going to need to keep up with that too. I can think of a few websites off the top of my head that could stand for some improvements and obviously that's what the participants are going to be looking for too. [12:58] JD: When you look at like record keeping technology or and we'll dive deeper into your guys business model a little bit later but financial wellness technology, I mean do you feel like our industry is lacking right now or when you step in if like. No, we're pretty good. [13:15] Jessica Porter: I think it's pretty good. I definitely think a lot of record keepers in TPAs are embracing a lot more technology. I think we have to be careful though because it's really important to keep up. But I also think you can go too far and make things more complicated than they need to be. And I think if you're going to have the best retirement success, you need to make it easy for participants. It needs to be simple, it needs to be intuitive. So I think the technology needs to be there. But I think it can be really easy to take it a step too far. [13:50] JD: I actually think that that's really well said. Technology isn't always the answer to everything, right? I mean sometimes it takes people and hard work and experts and this and that. But Chad, I liked what you said about stuff. Stacks, dot. [14:07] Chad: Yeah. Artificial. [14:08] Mark: You know this one, you know this one. There you go. [14:10] JD: I do want to wrap this subject by saying and this is not me trying to, to like rock the boat or. Cause like I do a lot of times this is me saying Actuarial Services Corp Day terror and many of their peers are literally running on software that I feel like has been the same for the last 15, 20 years. And so I am interested to see if they're going to maintain their market share. Do you know that, that I'll drink. ASC claimed that over 50%. This was in 2018. Over 50% of all 401k accounts were tested or administered on their software. And again, this was, you know, a while ago. Yeah, they have good market share. They have very good market share in an unbundled world. [15:00] Chad: That's not true if you're looking at all four. [15:03] Mark: No, no, no, because. [15:04] JD: No, no, no, Chad. Bundled providers use their software. Some large bundled providers, users, so, and again, this was seven years ago. So things may have changed. And obviously things are changing. When you see guidelines, human interests and stacks, dot whatever. It'll be interesting to see how that changes. Sorry, I said I'd go quick. I didn't. Next headline, Bestwell unveils new emergency savings account offering. I don't know. 401k girls. There was a time when Chad met the founder and chief executive officer of Veswell, Aaron Schum. And he was sitting with, with Chad and telling him all about Veswell and what they were going to do in the future. And Chad walked away from that conversation. He said to me, that guy's nuts. He has no idea what he's doing. I don't even understand what he's saying. I think he's going to fail. Obviously he has not at this point. The jury could still be out Chad. Is he crazy with his new concept? Are you on board with Aaron now or what's going on here? [16:14] Chad: We have talked for years about how to, how to spend your next earned dollar as an employee. Is it on paying down debt? Is it on saving for emergency savings? Is it within the 401k? I think that as a whole we lack in this area of emergency savings accounts and I think the vast majority of Americans and the statistics in that article prove it. Less than 50% of Americans have $1,000 saved up in an emergency account. That proves the fact that we need to be helping people embrace this topic. No, he's, he's on it. J.D. i think that this is a good call. It's a good step. He's, he's, I will say he's a bit behind though if I'm going to tout the others. I mean, Empower rolled one out, right? Voya rolled one out. There are many others that are already doing this. And now Veswell is saying, hey, this is our, our next step in evolution. [17:02] JD: I actually want to get into some of the weeds of a pension linked emergency savings account versus an emergency savings account. But first, 401k girls, this is right up your alley based on some of the stuff I've seen on, on social Media and whatnot. I'm assuming the idea of emergency savings accounts at your employer are something that you guys would really get behind. Like you're into this concept. [17:32] Jessica Porter: So first can I just comment on the first line that says vestwell, the backbone of the modern savings economy. [17:40] Chad: I hated that too. Jessica. [17:43] Jessica Porter: I got a good giggle. I don't know who wrote this article. I didn't look at the author but I thought that was very interesting. [17:51] Chad: It's because of all the state ran plans they have, they have a big relationship. [17:54] JD: I love you. I like this controversy right now. What do you're saying? That's a weird sentence right there or who decides that? [18:02] Jessica Porter: I don't know. I didn't get to vote on that anyway, it's a statement. I appreciate their stance there. All that to say. Yeah, absolutely. I agree. I think this is needed again anything to me that makes it easier for people to do these things. If, if it's a barrier to go and open up your own savings account in a high yield savings account then make it easy to do it directly through your retirement plan. I think it's a great idea. [18:29] JD: Yeah, yeah. Automation. [18:31] Hayley Porter: I didn't forget it. [18:35] Mark: I don't, I just don't see anything unique to this whatsoever in my mind. That's why I was hoping again the 401k girls like educate me on how you would talk to participants about this because in my mind it's like I can have direct deposit go to my primary checking to my banking savings to my whatever. Like I could have six different accounts if I wanted to. Like what is so vastly unique or different about this other than the fact that it's got a different acronym that we get to say to me it's. I mean, I don't know, I don't [19:10] Chad: see anything about this that was, was [19:12] Mark: eye opening to me at all. [19:15] Jessica Porter: I think that's fair. I think the question I would ask you can put your money in your bank savings in this but are you doing that? [19:24] Chad: And me personally, I'm a, I'm a [19:27] Mark: saver so don't ask me personally I speak for the masses and I know that nobody is because apparently we have statistics to back that up. Which I understand. [19:35] JD: Yeah, yeah. [19:37] Hayley Porter: And I think that it's on the same platform as your 401k so you're viewing it all in the same place. Accessible. [19:45] Jessica Porter: Yeah. Your bank's not going to have an advisor telling you to do this generally but your 401k plan probably is and they can coach you and tell you and it Also comes directly out of your paycheck. You're not thinking about it. Like Hayley said, it's all in place. [19:57] Mark: And did I see something in there that your employer can also put money into this as well so you could almost have like a matching arrangement for like savings. Is that what I saw? [20:08] JD: There was a sentence that said employers can contribute directly and then that's customizable is what Aaron was talking about that to me again. Yeah, so hang on, sorry. I want to mark you finish your point then I'm going to take the tech, the technical stuff to chat. [20:28] Mark: Oh, okay. Thanks a lot, buddy. I appreciate the. At least you're honest and then let [20:36] JD: me get to the details with chat. [20:38] Mark: No, my fluff is now gone. You've now ruined it, J.D. sorry. [20:41] JD: All right, there is a pleasa and there's an ESA and I'll drink for both. Okay. Secure 2.0, which is not by the way an acronym, has the pension linked emergency savings accounts and this is where you have this 2500 limit. You can actually even automatically enroll your employees in this program and if the employer contributes, it actually is, it goes into the 401k plan, kind of similar to the college tuition payment type of thing. Whereas I don't believe that this is what Aaron Schuman best will have. I believe that theirs is simply a emergency savings account that is after tax and then somehow the employer could just put some money in for you as well. So it's very, very different now someone correct me if I'm wrong out there but, but very, very different now there's this debate out there, Chad, about the secure 2.0 backed emergency savings accounts and then just the non emergency savings accounts and apparently the nons are winning because they're a little more flexible, a little more loose. There's not a lot of issues with them where the secure backed ones have some rules obviously along them. So did you know what I was talking about there? Does that make sense and where's your take on all that? [22:14] Chad: No, I think the reason why I'll say the non secure endorsed ones are winning in my opinion is because they're easier at this stage, it's more widely spread, it's accessible. Whereas those complying with the rules and I'll say the regulation around the secure side of things, it's, it's difficult when you look at all the provisions that came out secure. Most record keepers are not embracing all 94 of them yet and they're pushing them in, in phases. This is one that's going to Hit the back burner for sure. And so giving people access to save money. I still don't believe that in this side. JD The. The emergency savings account, not the PL S A is deductible from an employee. [22:58] Mark: Just because you say it out loud, that counts. [23:01] Chad: I know. I'll take it afterwards. I don't think it's deductible, and I don't see any employers making contributions to it. I think at this stage they're using it as a vehicle to allow employees access to save some money ahead of time and earmark it for expenses. [23:16] JD: I don't want to get in the weeds with you right now, but you're talking about the secure pension linked ones. Yes, pension link ones. If I'm an employee and I make deposits into my emergency savings account, my understanding is you have to treat that like a deferral. And if you have a match, you have to match me for that into the 401k plan. [23:40] Chad: Agreed. Just like you said. Just like the college savings, the paybacking tuition, I think the employer contribution on that end is deductible, right? [23:50] JD: Of course, yeah. Yeah. Because it's just like the 401K one. Yeah, you're right. Where errands is completely outside, but then to the 401k girls point not completely outside because you can see it on Veswell. And so when you're logging into your 401k and all these other things like Hayley mentioned, how cool to then see, oh, wow, I've got this extra thousand dollars over here in my emergency savings account, which I could take out at any time with no penalty, no taxes, and spend it. I do not. [24:22] Chad: JD we rolled into these statistics when we were talking Cal Savers years ago. [24:26] Mark: But. [24:27] Chad: But employees will say investors are 50% more likely to save if it happens prior to the paycheck being cut. So to Jessica's point earlier, if it's after the fact and you can save it in your own bank account, they're just not doing it. If you can push it in front of the paycheck being cut, it's happening. Which is why I think these are so important. [24:47] JD: We're the retireholics, they're the 401k girls. You're talking about saving money in your paychecks. This is what our whole thing's built on, bro. Yeah, yeah, of course I back you, Jessica. Hayley, I don't have this in my kind of plan of attack here, but since we're Talking about Secure 2.0 and you guys are retirement plan advisors helping Clients, can you give me a little quick tip taste of like, from your perspective, all these 90 plus provisions that Chad was talking about, how has it been for you guys to counsel your clients on what they should, what they can optionally add and what, what is mandatory? Like, has that been a shit show? How have you dealt with that? Like, how is that going? [25:33] Jessica Porter: It's, it's a lot. It's. I think I get the point of it. The point of it, of course, is for better participant outcomes, for more flexibility, to encourage more people to sa. It's, it's a lot to make sure they're understanding. But also on the record keeper side, are all the record keepers ready to roll all of these things out or do they have the capability to do it right? Exactly. They, they don't. And then we're the irs, they like to, you know, release all these different things. Ah, there it is. [26:05] JD: Internal Revenue Service. You can always finish your thought and catch up your penalty after, but go, go. [26:12] Jessica Porter: They don't necessarily give guidance on how to do it. And so I think it's been tricky for us to work with a lot of people and say, well, here are the rules. But we don't have the logistics on how it's done. Luckily, we've had some grace periods. Luckily we're working with third party administrators that have helped us out a lot here. But it's definitely tricky and it's definitely been a lot for us to kind of help them navigate through it, the [26:36] JD: nuances of it all, the details of it all. It's, it sounds great on surface. And in a little highlight from your record keeper, that's two sentences. And then your client's like, well, wait a second, like, how does this work? Or how do we do this or that? And then another great point, Jessica, is, yeah, a lot of these record keepers, even though these provisions are executable now, they don't have their technology set up to deal with it. So the client's like, yeah, I want to do this. And you're like, okay, great, let's do it. And then your record keeper's like, we can't do that yet. You know, there's no way to do that. [27:08] Chad: And you can't blame them for that. The investment to make, make all of these changes. I sent out a request for information this past week to all of our major record keepers around self certification for hardships. And essentially what I got back from most of them, it's like, yeah, we're not there yet. We're focusing on the far more Important things. We'll keep the normal process for hardships in place and we'll move to that at some point. We're thinking Q3 of this year, maybe Q4. But yeah, it's a lot on them, it's a lot of money, it's a lot of investment which is why we've seen one America get eaten up. Massmutual get eaten up. A number of other small record keepers are starting to get purchased because they just, they can't put the money into building out the technology for these changes. [27:53] JD: I don't want to be super pessimistic. The Chicken Little, the sky is falling. But a lot of these provisions are not being understood by small and medium sized companies. And I think the jury's still out or we're still going to find out how many of these companies are screwing this up. Long term, part time employees, all kinds of stuff. The shit's going to hit the fan over the next two years so it'll be interesting. And so I backed Jessica and that I love the intention of secure 2.0 but sometimes Washington just screws up the details and they might be causing a lot more harm than good in a lot of these areas but makes it fun for us to talk about. As I was running around the Westwell website trying to figure out this emergency savings account stuff that they had, I stumbled into something and I just want to share it with everyone listening in. There was this solution and you go to their solutions. There was something called Gratify and I was like gratify? What the fuck is Gratify? Turns out that Vestwell, you know they're, they're John Pierpoint Morgan. I don't. Was that in his name? [29:15] Chad: I think so. [29:17] JD: It's part of their investors and they had bought something that was for like billions of dollars and in it was this other company gratified that I think had a value of like 30 million or something that someone fact checked me and, and they, they kind of sold it to Veswell because they're an investor of them on Pure Point Morgan. So somehow they kind of like said hey you guys can have this thing and it's a financial wellness tech again that was valued at about $30 million. And so I didn't know this and this happened several years ago but Aaron Shum and Vesswell have a wellness thing that they kind of own. They do own. Not kinda and it's called Gratify. So go ahead people, go on the Internet, check it out, it's there. I've known, I know Nothing about it, but that's that. Jessica, Hayley, we are. We are neanderthals. We're basically four 1k cavemen. We play a game where we spin a wheel, and if it lands on our name, we have to drink a smear off ice. We have to pound it. So, Brandon, let's spit. Let's spin the wheel of ice. The wheel of ice. Chad, why don't you ask the 401k girls something you want to ask them? Because, you know, it takes me a while to do this. [30:52] Chad: Oh, can I push you into a question that might make you a little uncomfortable? Which would be from a provider standpoint. Who are you all seeing doing a good job that you would position to a client as being a good resource? [31:08] Jessica Porter: You're like a record keeper. [31:11] Chad: Yeah. [31:13] Jessica Porter: All right, you're gonna. You're gonna call us out. We're gonna have to answer the question. [31:18] Chad: It's gotta be good conversation. That's the point. If you two are doing this business, as we know you are, you have an opinion here. [31:26] Jessica Porter: You're not wrong. I'll let Hayley weigh in too. I would say just kind of off the top. Empower and Boya have been really good partners and I think really committed to technology and developing their platform. [31:46] Hayley Porter: Generally pretty smooth experience for participants and the plan sponsors, and we have great local representation for both of those guys. [31:55] JD: Well, it just so happens that I'm about to talk about Empower, and I don't think you two are gonna like it. Brandon, the next headline. I'm kidding. [32:09] Chad: We all know I'm gonna fight this one because I'm good with it. [32:14] JD: The next headline comes from wealth management dot com, and it's called Empowers Wealth Unit Gross Assets 29% of 401k rollover capture. The way I read it, like, the words change, they blur, and then they change and they come clear. And in my mind, it says, the evil empire is steadily gaining control. That's how I read it. I don't know. So Empower personal wealth used to be personal capital, which, if I remember, I think they bought it for a billion dollars. They bought personal capital. Okay, everyone stay with me here, okay? Let's take a breath. I usually do that for myself, not you. I run hot. But. So at the time of purchase, personal capital had assets under management of $12 billion. This was early 2020. Jessica, Hayley, you guys aware that Empowered bought personal capital for a billion dollars? Yeah. Okay, good. On a recent earnings call, the Great West Lifeco. That's the, you know, chief executive officer Paul Mahone and Great west. For everyone out there that doesn't get this owns Empower. That's the bigger kind of parent company bragged that Empower Personal wealth had brought in over 3 billion in net new assets in Q4. And again, just to kind of settle everything. What? Chad, why are you tilting your head? I mean, you're muted. [33:59] Mark: What a dummy. [34:00] Chad: I did not. I had to burp. All right? I did not get the net in that. JD Net in the net. [34:07] JD: Okay, so. So my. I was trying to reset everyone. Empower Personal Wealth. Is Empower the record keepers version of or product offering to offer? Come on, J.D. what is. God damn it. Iras. I should know that. Individual Retirement Accounts. I'll drink to get that rollover access or business from their clients. Okay. And they bought the personal capital tech and business to do that. Okay, let me get back to my strategy here. So Empower Personal wealth, because the CEO told us brought in over 3 billion in net new assets in Q4 last year. Here they currently. Oh, I'm drinking for something they currently employ. And I want Jessica and Hayley to listen to me and I want every advisor out there to listen to me. Now, they currently employ over a thousand of their own kind of chained in cubicle advisors. I don't know if they're actually chained to their cubicles. I just imagine that it's probably not true. But they're in these cubicles, these advisors. [35:24] Jessica Porter: There's. [35:24] JD: They're actually probably working from home in their pajamas, but who knows. And they're reporting 29% growth and they now have assets under management of 86 billion. Okay, one more thing. When they bought personal capital now called Empower Personal wealth, it had 12 billion in assets under management. It now has 86 billion and assets under management falling. Okay. [36:04] Mark: Cash rules everything around me. Queen. Get the money. Dollar, dollar bill, yo. [36:11] JD: So Ed Murphy, the guy running Empower Retirement, we've heard him talk about this on numerous things. He says he's advisor friendly. You know he's only doing this to support you, Jessica. To support you. Hayley. Like these are rollovers you don't want. I'm saying to everyone out there, watch the out. This record keeper that was positioning JD millions of hundreds of millions of dollars off of the clients that you were bringing to them to record. Keep through these. I'll drink just as I'm pissed. Ira rollovers. Jessica, Hayley, any. Any thoughts? Am I a psychopath? Am I. Do I need to remove my tinfoil hat? Like, what's going on? [37:03] Jessica Porter: I can't speak to that, but I can speak to empower. I don't disagree with you. And there's definitely been some hiccups in the past for us and competing with advisors and taking over rollovers. To me, the most important thing, and Hayley mentioned this earlier, is local representation. Our local rep, we have a great relationship with. She wants our business. She understands what's important to us. She's going to set the parameters so we can work around that because of who have relationship and partnership with. On the whole, I don't disagree with you, and I don't love that they're competing with the people. They also need to. [37:45] JD: And by the way, Ed Murphy, their leader there, and empower every time, would agree with you, Jessica. He would say, jessica, Hayley, if you want control, we'll give it to you. Like, we will not take rollovers that you don't want us to take. And I believe him when he says that. I also think when he's back at his fancy cigar club, wherever he lives, and he's. He's smoking off and doing whatever he's saying. But, you know, the trends will be that millions of these dollars won't go to people like Jessica and Hayley who want to control them. And that's clearly the case, Chad. The amount of assets under management from these rollovers and the growth since they bought personal capital for a billion dollars. And I have not heard anyone else out there talk about this. I just did the research today in this kind of nerdy mode I had. That's. That's insane. He. Ed Murphy's sitting back on. This is phenomenal. Like, we're killing it right now. And. And you're. You said you were going to challenge me on this. You don't think financial advisors all across the country should be the ones making the revenue? [38:59] Chad: I do. [39:00] JD: Instead of this fucking record keeper that, by the way. And I'll shut up here in a second. They brought all these clients to that record keeper. It wasn't their super bowl ads that brought the clients there. It was the advisors all across the country that knocked on doors, found these clients, knew their networks, and brought them to them. And how dare they make all this. Yeah, you get my. [39:23] Chad: I won't. Go ahead, Mac. [39:26] Justin: What's the alternative, though? Because most advisors, correct me from our own. Girls, please. They don't give a shit about small balances. Okay, so the. [39:35] Jessica Porter: The. [39:35] Justin: The alternative is the employee doesn't get any type of guidance or anything like that. [39:39] JD: Right. [39:40] Justin: If they. If their assets don't roll over to an advisor or stay with them, I don't see it as a totally bad things because they were going to be orphaned anyways. [39:48] Chad: Right. [39:48] Justin: Every advisor gets to set what their limit is. I was with Empower today at lunch and learned something that was. I thought was impressive. And I had a couple margaritas, so I might be getting this number wrong. But he had shared that they had. They had rolled over like 1.2 billion to advisors with this program. And the advisor we were with said, yeah, my threshold set at 100 grand. I want all of that coming to me. Everything else they can, they can handle, because I don't want to manage it. So I don't think it's total doom and gloom for that stuff or like they're. They're just raking advisors over the coals because advisors, most advisors are gonna ignore that anyways. [40:21] Chad: Don't jd. Don't jd. Let the rest of us talk. [40:24] JD: I want. I want Jessica and Hayley to kind of answer that because they're the ones that are actually on these front lines. But I was gonna say is that you say that all these small accounts are usually abandoned or not serviced. I would. All I'm trying to say is I would like to see broker dealers, and I don't know who Jessica and Hanley's broker dealer is or if they even have one. And maybe they're a registered investment advisor. I don't know. But I'd like to see broker dealers say, no, no, no, let's empower our local advisors across the country to get these rollovers, whether they're small and build the tech to evolve. Like so. I just don't like seeing it going to these big companies when I feel [41:07] Justin: like I understand that thought process like [41:09] JD: Jessica and Hayley, but Jessica, Hayley, you're the actual people. What do you think? [41:16] Jessica Porter: Yeah. [41:16] Hayley Porter: Alternative process could be to have the advisors be the first point of contact there, regardless of the balance of the account, send it to the advisors, and then they can determine from there if they want to service it or not. But like Justin was saying, they do have that program, and we've been able to enact that on some of our plans. But there is a little bit of a barrier to entry there because the plan sponsors need to sign off on being part of the program if it's an existing plan. So that's kind of the. An illustration would be automatic enrollment in a plan versus voluntary enrollment. If you have to sign up for something, it's not going to happen, versus it being automatic and you get that benefit right away. [42:06] JD: That's a great Analogy. Okay, so I will calm down based on Hayley's comments. I just want to let everyone know that's listening in. That's an advisor. I just want you to be eyes wide open. That's all. J.D. [42:19] Chad: let me give you some statistics as to where this came from, though, because from an Empower, from a business operations perspective at Empower, if I tell you these statistics, you'll probably go, well, shit, now I get why. And these are back to 2022, when I was at one of their conferences. $80 billion at risk. So of their retirement plans, they had $80 billion that had a distributable event in a given year. And of that $80 billion. Yeah, no, no, yeah. That's not going to change from year to year. In fact, as they grow, it's going to get larger. [42:52] JD: I didn't mean to interrupt. [42:54] Chad: In that given year, 9 billion of the 80 billion went to Fidelity. In a given year, 12 billion of that 80 billion went to Vanguard. These are assets that the advisor is not maintaining. So when we talk about a distributable event and they're looking and saying, where are outflows going? Are they going to our partners? They are not. Why are they not going to our advisor partners? Well, because Fidelity's eating them. Vanguard's eating them. These. Schwab is eating them. So how can we get more to our advisor partners? Let's be more interactive with the average participant. When they come across a distributable event, let's give them resource. So now Empower is playing an active role in saying, hey, we're here to help you. Your company's closed, you're moving employment. We have a process for this. Advisors set a threshold as to what they want to be involved in. But outside of that, now Empower is having the conversation that is then retaining assets for them. But also. Hold on, J.D. here's the statistic. They rolled this out with Edward Jones first. Advisors who were not following this process were maintaining about 4% of the assets rolling out of their plans. Edward Jones advisors were maintaining 50% of the assets rolling out of their plans. So that should tell you that, yes, this is most certainly a pitch for Empower and most certainly going to lead to more revenue for them. But statistically, it is leading to more assets staying in the advisor's book of business as well. It is a win, win, Chad. [44:32] JD: Literally. Go ahead, Jessica. [44:34] Hayley Porter: Son. [44:35] Jessica Porter: Yeah, I would play devil's advocate too and say, if the advisor is losing the assets to Empower, whose fault is that? If they're not proactive enough to be working with the participants and the plan sponsor to be retaining those assets, then maybe they don't care enough to ever tame them anyway. [44:52] JD: That's fair. I love the argument of the strong will survive. You're totally right, Jessica. Like if you're going to ignore that and let it happen, then it's going to happen. I'm just in this. Oh, I've already said it. So I won't, I won't circle around. [45:05] Chad: And nobody's Disagreeing with you, J.D. just so you know, I'm in full, full on board with your point. I use personal capitals and power to aggregate my assets. Aggregate my assets. Oh, wow, that one was hard. So that I have a one stop shop to see what my life insurance policy is, what my home value is, what my 401k balance is. Everything aggregates into the personal capital. Tech. And every single time I log in, every single time I log in, it pops up and says, empower would like to meet with you to talk through your personal finances. Click this button and we'll have an advisor spend time with you. What you should be doing. [45:48] JD: You have a personal advisor. So we didn't even touch on that. And I'm sure Jessica and Hayley's company has a wealth management arm. And so here you're now adding to my argument, which is. [46:02] Chad: But I am not a 401 participant. Let me distinguish between that. This is just me using their technology to aggregate assets. [46:10] JD: We got other stuff to, to talk about, so we got to move on. Unfortunately. I, I thought we dug. [46:15] Mark: Don't worry, this is only our second headline, everybody. We're just cruising. [46:19] JD: Don't worry, Jessica Hayley. Mark always does that. We just ignore him. He's. He's got a weird obsession with headlines and where we're at. We're actually going to play a game next. Jessica Hayley, are you down to play a game? Have some fun. [46:34] Hayley Porter: Let's do it. [46:35] JD: If you knew that this game was a game that you're gonna play, not us, and that the game was titled, who would you rather? Are you down? Let's go. Okay. Jessica's like, wait a second. This is the financial TV personality game. So these are all like people on TV that give financial advice. And we're going to ask you, who would you rather? And I'm going to give you four examples of what you would rather do with these people and you're going to let me know. Mark Roby. Do we do each one of them? Yeah, yeah, we're going to do each One of them. Yeah. Yeah. Instead of. Okay, so when you look at these people and I'm sure you know who all these people are, right, Hayley? Jessica, Say yes. Hayley. No. Who do you not know? [47:31] Hayley Porter: Orman and Kramer. [47:32] JD: You don't know Jim Cramer. Okay. [47:35] Mark: Money. [47:36] JD: That's. Okay. [47:38] Chad: There it is right here, right now. [47:41] JD: Let me give you some context then. Jim Kramer is on. On I'll drink cnbc. He does this Mad Money concept. It's gone on for two decades. Decades where he tells you what stocks to buy. He's probably wrong more times than he's right. I don't know. But he's got all this energy and he rolls up his sleeves of his little dress shirt and goes, goes, goes. High energy. Suze Orman is like the. I mean one of the top, top TV financial advice people that we've had over the last two decades. Some people love her, some people hate her. She's trying to talk to the regular people out there and help them understand, you know, whether they should buy an annuity or invest in a E Trade account or what they should do. So. Shit. But it's okay. You could just look at them and make your decision. I want you to know. Who would you rather Jessica and Hayley each. We'll start with Jessica. Put in charge of your own investments. Be stranded on a desert island with. Be a business partner with. So start a new business. Or the last one, which is my favorite, which we've done many times on this show. Party with in Las Vegas. And I mean like hangover style, like a three day banger. No sleep, you know, shit's going wrong. Okay, Jessica. So put in charge of your own investments. Desert. Deserted. Desert island. Deserted island. Business partner. Vegas. And in a little backstory, [49:19] Jessica Porter: I'm going to start with Vegas because somebody commented, and I think they were talking about Kramer, that he did tons of Coke in the 80s. [49:30] JD: I missed that in Vegas. Okay, that's phenomenal. [49:35] Jessica Porter: I'm gonna go with that one. God. Desert island. I think o'. Leary. Only because he seems the least annoying. [49:42] JD: Yeah. [49:42] Chad: Oh, I don't know about that. [49:44] Jessica Porter: Maybe I don't watch enough Shark Tank. What were the other two? Business partner. And? [49:51] JD: And in charge of your own investment. Investments. You're going to turn over your money and you're left with Orman and Ramsey. [50:00] Jessica Porter: I guess Ramsey is a business partner and Orman in charge of my money. I don't like any of these options, guys. [50:11] JD: I think that was pretty well done. I couldn't argue with your answers there, Hayley. I know you're a little more in the dark because you have no idea who Susie Orman or Jim Cramer is, but go ahead. [50:21] Hayley Porter: Sorry about that. Messed your game up. Okay. I am going to party with Kevin. Oie. I think I like that. Classy. Could be a semi classy party. [50:33] JD: He's probably got a Lear jet. He's got lots of cat. Like it can be fun. Yeah. [50:37] Hayley Porter: Yep, yep, yep. Let's see. Desert island with Kramer. Sounds like fun. Resourceful person. [50:46] JD: Could be. Yeah, for sure. [50:49] Hayley Porter: Let's see. Dave can manage my money. [50:54] Chad: Agreed. [50:55] Hayley Porter: Business partner. [50:58] JD: Business. Okay. Yeah, I wish. We'll have to track this. We'll. We'll ask AI. Oh, drink. We'll ask artificial intelligence to track your strategies and see which of you comes out on top over the next three or four years. I don't know. Evil Judy, Chad, which of these do you want to run your investments? [51:20] Chad: I. Dave Ramsey is the only person. When I looked at this group, I'm like, well, or oh, but probably Ramsey. To run my own investments. [51:27] Hayley Porter: Yeah. [51:28] JD: I don't know. I didn't get to watch the chat bar. I'm curious what the chat bar said to all that. Okay. Bats or Fiction Fridays? This is a 401k girls thing. Is Brandon showing me a. No. Just. So this is something you guys are doing and tell us a quick bit about it. And then I'd like to hit the last one, which was a. A fact or fiction thing, which is should you pay off all your debt before you started investing? So you have some others planned? We got one coming out tomorrow. What's going on with Fact or Fiction Friday? [52:09] Hayley Porter: Yeah. So this is an effort. There's lots of myths and misconceptions, misinformation out there, and a lot of times that holds people back from making those smart money moves. There's so many sources of information and people become paralyzed by it. So we wanted to address some of the myths out there. So we've touched on should you pay off all your debt before you invest? And renting versus buying a home is renting, throwing away your money. So we've got some other ones coming out, but we just wanted to kind of address those and put them direct. [52:44] JD: I would. I. I had served up the. And pay off your debt before you invest. But I like the rent first. I'm going to pivot here on this one and get Jessica and Hayley's thoughts on this because I live in California and obviously I'm fortunate enough to own my own home and several Lamborghinis that I park outside of it. But I have a lot of nieces and nephews and kids that are approaching their, you know, young, mid-20s. They've got. They're starting to have their first kids, some of them in their 30s. And I. And I, I worry about them because they're like, I can't afford a home out here. And they seem to have a lot of a stress about it like, that they're somehow not a good human being because they can't. And so how do you talk to these people? Like, what is. What is the myth or is it not of, do you have to buy a home and be a homeowner? [53:43] Jessica Porter: Really like this one? Because I hate it when people say that renting is throwing away money because you're not building equity. If I buy dinner, is that throwing away money? Because it's not building equity? It's still gave me something that I needed during that time. I'm paying money for a home, for a shelter, over my head, for space for myself. And my family is not throwing away money. You're not necessarily buying equity. But also at the same time, if the roof needs to be replaced or the plumbing goes out or something happens. [54:16] JD: Shit. [54:16] Jessica Porter: That's right. That's not on you. Right. So that happens, you call your landlord. And I say this as an elder millennial, that is renting. And I have this conversation a lot with my clients, because you feel like by the time you're not, you know, 35 plus, you don't own a house, you haven't checked the box, but if you look at what incomes were back when boomer parents were buying homes, and what the home costs were in the interest rates and your monthly payment was, it's nothing compared to what they're going for now. And we live in Portland, which. Not as quite as expensive as California, but still a pretty tough. [54:53] JD: Right. Portland's kind of popping off too. Yeah. [54:55] Jessica Porter: Yep, yep. Pretty expensive housing market. And obviously interest rates have been really high, which means if you can't support that monthly payment, that's not going to work for you. And so we have a lot of conversations with younger people of it's okay to not put this box on your list right away to have checked off if it's just not going to work for you, we have to be realistic about what the options are. [55:15] Chad: Does. Does the higher interest rates have an effect on that of the thought of buying a home with a heavy mortgage versus renting and using the additional dollars to invest? That's gotta play a factor in that conversation, right? [55:32] Jessica Porter: It absolutely does. Yeah. I Mean, you can buy a house for $700,000 at three and a half percent interest versus seven and a half. And in one case you can afford it, another case you can't. And, you know, if you can take that money instead, rent at a much lower cost and invest it for the future, that's probably going to be the better option. [55:52] JD: Chad, this falls right into your bailiwick, which is. It's a math problem. Usually you're doing the math, and I'm sure just. What did you just say? Bailiwick? [56:03] Mark: What the fuck is that? [56:05] JD: That's a boomer thing. [56:07] Mark: You don't just say that and then walk right away, buddy. What is that? What are you saying? [56:12] JD: Boomer thing, bro? I'm. I'm gonna be 54 in April. I. I say, like, old school, you know, words, but. Yeah, no, it's a math thing. And the interest rates. Absolutely. No, but can I bring up the industry for a second? The home mortgage interest rates. We were living in a fantasy world for the last, what is it, 10 years or whatever. Like, we. [56:40] Chad: But to us young folks, jd, that was normal reality. [56:44] JD: And Jessica and Hayley's clients and people. And if there's any, like, regular people listening in that are not financial advisors, like, you need to know this, like, to get a 3, 4% mortgage, that was crazy town. That's not. That was a fantasy world that we were living in. We have zero percent interest rates, like, negative even. Like, there was negative money happening in all these kind of sharing of investments and stuff. So 7%. When you really, like, zoom out and look at the United States for the last 50 years or whatever it is, I know it's shocking. [57:21] Justin: Pretty low compared to the 80s. [57:22] JD: It's really not that far off from what the median is. Jessica, am I wrong or. [57:28] Jessica Porter: You're not wrong? I think the biggest difference is that housing prices haven't gone down in the same way that interest rates have gone up. And that's where that disconnect is in being able to afford it. [57:40] JD: And now we're all pretending to be, like, real estate agents and shit, because that's got. No, it's got to do with inventory. It's got to do with building costs. It gets complicated. But loved the moral, the story, chad, that the 401k girls said, which is. And I want to say this for, you know, even if there's just a few younger people that tune into this that feel like they're not living in [58:05] Mark: a van down by the river. [58:08] JD: No, no, no. I think home ownership was the thing in the 70s and the 80s and the 90s, maybe in the early 2000s. But times have changed. Don't worry about it. Live your life, you know, go. Go make the best of your days and do what you got to do. And you don't. Don't feel like a piece of. If you can't buy a home. To be honest with you, a lot of crap comes along with it. You're kind of strapped down to the location you are and your mortgage. And by the way, take a look. [58:38] Chad: There's the surfer in you. [58:40] JD: Take a look at a mortgage. [58:42] Mark: It's coming from a guy who owns like a $40,000 million dollars house. [58:47] JD: And the amount of interest, that context over that entire time. With that said, when I pull in, [58:54] Mark: in my, like, yeah, here it is. [58:56] JD: Here it comes into my circular driveway and I look at my mansion, I think to myself, jd, you're better than most people. [59:06] Mark: There it is. There it is. [59:09] JD: All right, let's. Let's go straight to a little rap on the 401k girls and then chap our champion one more time. 401k girls, we're going to learn wellness financial. That's a wellness. [59:30] Chad: Can we. Can we get a JD on this? Can we get a peek into what tomorrow's topic might be? Will you be releasing a Friday topic tomorrow? [59:41] Jessica Porter: We are. I'm going to defer that one to Hayley because she's going to be in charge of that post. [59:46] Chad: I get it. I get it. [59:48] JD: If you want to keep it under the. That was. That was Hayley's task at 8am Chad. And your little boomer ass her right now. [59:56] Chad: Now we got her. Now we got her hammered and she's not open to it. [1:00:01] JD: She's like, yes, the topic tomorrow is gambling. Probably not good for your financial. [1:00:10] Hayley Porter: See what we got on the docket. Give me a second. [1:00:13] JD: Wow. She's got a social media calendar. That's what she's looking at right now. She knows exactly what's going to pop off tomorrow. [1:00:19] Jessica Porter: That's right. [1:00:19] Chad: I asked because I'm equally excited. It was the comment that I made on. On LinkedIn. It's like, this is cool what you all are doing. [1:00:28] JD: You liked it. [1:00:30] Jessica Porter: Thank you. [1:00:31] Hayley Porter: Tomorrow, we are talking about emergency funds. [1:00:39] JD: Very lined up with today's show. Yeah. [1:00:42] Mark: Is it sponsored by Veswell? [1:00:46] Jessica Porter: We are not sponsored yet. [1:00:50] Mark: You could sponsor something if you. If you're willing to spend advertising dollars. [1:00:55] JD: No, actually, Mark, that's a great. You can. [1:00:58] Mark: You can sponsor the robe if you want. It's. It costs negative dollars. [1:01:04] JD: Show them Your robe. [1:01:08] Mark: It brings no value to your business, but it's for a good cause. [1:01:16] Jessica Porter: It looks like the prime real estate has been taken up, though. [1:01:19] Mark: I'll just rip those off if you want. Jessica, you just tell me where you want your patch. [1:01:23] Chad: I'll take that plain design one off. We changed the logo anyways. [1:01:28] JD: My kids gave me. [1:01:29] Mark: I'll just that thing right off there. [1:01:31] Chad: Don't worry. [1:01:32] JD: So what could Jessica and Hayley do with 401k girls? Like, do you have big aspirations? Do you. Do you lay your head on your pillow and dream of something sick? [1:01:47] Jessica Porter: Hayley, I do. I've been doing this for almost 11 years. And for me, the 401k girls is a brand. We're still under the business planning group umbrella, so we're still obviously very much associated with the brand. But for us, it's about creating a brand that is unique, that is different. And I think one of when we started this, we decided we don't have to wait until we're 100% ready. Let's just do it. And so I think part of this is just us also figuring out what works, what we like, what people are responding to. At the end of the day, our goal is to be a resource, to be a brand that people think about of. You know, they manage for 1k plans, but they also provide just really simple, easy advice. People's attention spans are really small these days. I don't need to do a 30 minute webinar if somebody wants us to. Great. But just a one minute something where people will actually take action and make changes. [1:02:51] JD: So Hayley, not a podcast. He's not in the plans. [1:02:59] Hayley Porter: It's not not in the plans, but we just spread our wings here. We're open to figuring out where we're going next and what opportunities may come our way. [1:03:10] JD: So I'm an old guy, but I think it would be cool to hear you guys discuss stuff in long form. Okay. So Jessica, you guys are smart. Like I said, I'm old. And so we talked about TikTok finance before. And I. I went to see, as I was prepping for the show, I meant to say prepping. And I said prepping, but. And I said, they're on Instagram. Yes, they are. Wow. I found them on Instagram. I'm like, are these on Tick Tock? And I went to go see, like, if you're on Tick Tock and I couldn't find you. And God bless you. But it opened me up to this concept that I want Justin, Chad, and Mark to know and Brandon More importantly, the people that are on TikTok trying to give financial advice right now is hilarious. [1:04:03] Chad: Oh, it's so bad. [1:04:05] JD: And what I want us to do on this show. And I'm going to get right back to the 401k girls before we wrap, but this is about us. Although they've priority figured out Hayley, Jessica, I'm a narcissist, so I apologize. Is all about me. Is we should do a segment on that. We should put up in the little. Oh, yeah, A video of tick tock person. Yeah, it's gonna be hilarious. Okay, so. But what Jessica said. Come on, jd, Bring it back. Is that. No, people need snippets. They need, like. And I get it. I'm a father of three. I've got. I've got two daughters. One's age 26, one's 22. My son's 20. [1:04:48] Jessica Porter: And. [1:04:48] JD: And, like, they. They watch stuff on their phones, and they get it in small bits, and they believe the stuff they see. So they need people like, y' all doing good content that's actually accurate, and that's relatable. Yeah, well, that too. Yeah. But I was going for more. Yeah, relatable, yes, Chad, but experienced and professional. And so I support you in that. And I think if you guys can figure out a way to do that, well, that can be great. And if you stand in front of your 401k clients and you do that enrollment meeting and it's a room of 15 or 100 or 200, to bring that same 401k girls vibe to that meeting is also a win, because how that's happened for the last 10 years is some guy in a boring suit going through a PowerPoint deck. So it doesn't just have to happen on social media. It can also happen in the real world as you guys are delivering this stuff. And I'm. I'm not telling you. I'm not mansplaining you. This is your strategy, so I kind of are. Yeah, I was. I say do it, man. I want to see it happen. [1:06:04] Mark: I think they already have a strategy there, buddy. None of what you say really affects what they're gonna do. It's gonna be awesome. [1:06:10] JD: Hayley seemed a little off base. I wasn't sure if she knew exactly where they're heading. I just wanted to. [1:06:16] Mark: She was texting Jessica on the side going, can you believe this Boomer? Why is he telling. Giving us advice like, you know what we're doing. [1:06:24] JD: Love you guys. [1:06:26] Jessica Porter: Well, thank you. Cheers to that. That's exactly what our plan is. That's what we're doing. And I really appreciate the support. [1:06:33] JD: Thank you. Thank you, thank you. Brandon, play some music. Let's go.