401(k) vs Wealth Management: Can Advisors Compete?

[0:04] JD: Michael, I think I'll. I'll talk about my illness briefly, but, yes, I am feeling better, [0:12] Chad: but that's so kind of you. [0:14] JD: Well, I don't know if everyone knows. I pretty much. I pretty much canceled the last two weeks because at that moment, I was not feeling good. Laying in a bed in Greece with a little infection going on. Wow. So energetic and happy. [0:53] Chad: Yeah, really? That's very unbrandon. Like in the way that intro, it's not matching my. [0:59] JD: My mood or my hopes for this show. I'm much more a dark, drunk place. But that's okay. I like that. That was good. Brought me up a little bit. Welcome, everybody, to another episode of Retireholics. It's so good to see you all again. Sorry for the two weeks off, but glad that you're back here with us. It's good to see you, Chad. It's good to see you, Silent J. Robe guy. I've missed you. You look more handsome than ever. And I'm excited for today's guest, which don't forget, Justin, I know it's been a few weeks, but you'll be doing. I almost forgot. And welcome back, people. We missed you, chat Bar. So I suggest today be the best chat bar day in the history of the world. You need to let it rip. Full send. Let's go, Chat bar. Get it going. [1:52] Chad: Let's go, Chat Bar. [1:55] JD: I just got. I just got a text from Papa John's and the pizza has been picked up and is on its way to Tony Davis's house. So, Tony, I'll fill you in a little more on what pizza you have coming your way. But think anchovies, buddy. I hope you like anchovies. Okay. I am going to sing a song, Mark. [2:15] Mark: Oh, again? [2:17] JD: Yeah, I mean, we should go on for a while. It's time to sing a song. [2:21] Justin: That's fair. [2:22] JD: I gotta change my outfit a little bit and I've got to. I do some technical things here that Brandon has taught me to do where [2:32] Vance: it always gets dicey. [2:33] JD: So got that going. I need to change my mic. [2:38] Mark: Oh, gosh. [2:41] Justin: Excuse me. [2:43] Chad: Typically, when you mute Justin, I don't [2:46] Justin: have my mic here today, man. I can't do it. [2:51] JD: Okay, here we go. [2:53] Chad: Fuck is that? [2:54] JD: Little, little quick little. [2:57] Vance: You look like the Guns n Roses dude. [2:59] JD: Oh, well, Mark, I just happen to be singing a Guns N Roses song tonight. [3:04] Mark: Wait, isn't that the guy from Poison? [3:06] JD: Oh, that's even better. Okay, Axel. [3:11] Vance: Axl Rose. I like it. [3:12] JD: Here we go. Here we go. Wait, wait. My lyrics. [3:16] Vance: Wow. [3:17] JD: A Little nervous. I hate doing this. [3:20] Chad: It's the first time doing it. [3:21] JD: It's been a while. Here we. He's got a brain and it seems to me reminds me of arisa memories where 401k was as cool as the rehob guy. Now and then when I see Fred's face, he takes me away to that special place and if I stare too long, he'll think I'm creepy inside. Whoa oh, Fred re is fine. Whoa oh oh, oh Sweet Fred of [4:18] Mark: mine [4:21] JD: Best friends forever. Brannon. Let's let's spin the wheel of ice. Let's get it over. [4:32] Chad: I just ate three tacos and two packs of nachos. Can't do that. Yeah, I had an extra one tonight. Thank God I did not have everything I needed. [4:58] JD: Vance. This is the part in the show where Justin has to pound a smearing off ice, which is unfortunate because it's going to have him injury. [5:09] Vance: Maybe think about that next time. [5:10] JD: Here's. Are you ready? All right. This is. All right, everybody, you know what the drill. Justin's going to intro our guests and you're going to vote on how well Justin does on 0 to 10. Take it away, Justin. [5:24] Justin: Today's guest is a wealth strategist and founder of your dedicated fiduciary. Before the thought of becoming an entrepreneur came to mind, he got his start in the industry at Altigris Investments, where he advanced through the ranks rather quickly. After almost a decade into his career, life threw an unexpected curveball when a family member got sick. And instead of focusing on his career, he put it all on hold to spend some very valuable time together. After her dad passing, he did what we all would want to do after this huge life event like that. He grew a big beard, really long hair, hopped on a Harley and rode around the country for the better part of a year. During his ample windshield time and no doubt of more than just a few insects, he realized many advisors were falling short in the service name of their clients and wanted to do something about it. So. So we founded your dedicated fiduciary to plug those holes. Fast forward a few years later and life is great. He resides in sunny San Diego with his wife, two kids. But sadly, he parted ways with the beard, the hair and the beloved Harleys. Ladies and gents, fans bars. [6:21] JD: Vance. [6:23] Mark: Cheers. [6:24] JD: Are you still in San Diego, buddy? [6:27] Mark: I'm always in San Diego in my mind. It depends. I travel a lot, you know. [6:32] JD: Okay. [6:32] Mark: When are we going? Surfing is what I want to know. [6:34] JD: Anytime you want, man. Although it's flat it's so bad right now. The last two days. All right, Beer of the episode. Beer of the episode is Salty Crew. Why do I have it? Brannon bought it and put it in the refrigerator here at the office and said, jd, if you ever forget about beer of the episode and you want to have one to do, you can use this one. So let's give it a taste. [6:57] Chad: There we go. How long has it been there for jd? [7:00] JD: A couple weeks? A month, month and a half. [7:03] Chad: Not bad. [7:05] JD: Does beer go bad? [7:07] Vance: No. [7:08] Justin: Sure it does. [7:08] Chad: Yeah. [7:09] JD: You know what, to be totally honest with you, this is by boat beer by Salty Crew. I don't know who makes this shit. I don't know. Google it. But it's good. It's a blond ale, and I'm gonna give it. As far as blonde ales go, I'm gonna give it five out of five rubs. [7:28] Chad: Dang. You're going the other way. [7:30] JD: No, I recommend it. It's a solid, solid blonde ale. Well done. [7:35] Mark: Hey, J.D. did I ever tell you that my old man actually owns a brewery in Maryland? [7:41] JD: Oh, wow. [7:42] Mark: You can Google it. It's the Milkhouse Brewery in Maryland. [7:46] Chad: If you just Google milk name, I [7:49] Mark: think it'll pop up and I'll have to get y' all some. [7:54] JD: That sounds awesome. We would love. [7:55] Chad: Now we're talking. [7:56] Vance: Would they like to be our presenting sponsor? [8:00] Mark: You know, I know. I know a guy over there. I can talk. [8:02] JD: Tony Davis, the last chat bar champion we had, Your Donald, is approaching with your Papa John's order. So it says, if you're going to meet with the dash or face to face, please wear a mask as a safety precaution. Tony. That's what the text says. Okay, we're going to play some games today, Vance. The most important game you need to be aware of is called Acro. Sin. If you say any acronym or initialism today, my name excluded, you must drink from your penalty drink. I'll be sipping off the malort here. Okay, so any acronym or initialism. We are also going to play Chap Our champion. So if you can watch that chat bar, at the end of the show, you're going to vote for your favorite chat bar. Er, okay. Whether that's humor or intelligence, or maybe it's just someone who pisses you off. Whatever you want, you vote that person in the finals. And then you know the drill. You out there in the Internet world of the World Wide Web, you will vote for the winner. Okay with that, let's pop right into some mother headlines, people. [9:16] Mark: Headline [9:18] Vance: only took about 10 minutes to get there. [9:23] JD: Yeah. Mark, I think we're a little rusty. I think it's been a while. Get back on here. Hey, you know everybody's favorite podcasts out there in the 401k world? Fred Nevin and Fred have a new episode out, dropping season two, episode number seven. They talk about several acts that I cannot say right now. Setting up every community for fucking something. And then there's a new. I'm just gonna say I'm a drink. There's a. There's a. There's a rise and shine act that's going. Being discussed in the Senate right now. That's two, isn't it? [10:09] Chad: Yeah. [10:10] JD: Really? But it's. Yeah. [10:11] Vance: Okay, wait, we count that as two. [10:16] JD: Yes. And there's. There's another one called earn. There's another one called earn. [10:20] Vance: Nope, don't repeat twice. [10:26] JD: Let me explain this to you guys. [10:28] Vance: The. [10:29] JD: The first one I mentioned. This is the acronym. Are you ready? Retirement Improvement and Savings Enhancement to supplement healthy investments for the nest Egg. What the fuck are they doing in the government spending that much time on this? And then the next one is Enhancing American Retirement Now. Anyways, I think it's silly that they spent all these time on these acronyms. But the good news is, according to Nevin and Fred, and you should take a listen to the podcast, things are happening in a bipartisan Senate and we're going to see new rules come the end of the year. They think it's going to happen right after the November elections. I think it was Mr. Reich himself who said, think about right around Thanksgiving time, some cool new rules coming to play. Now, some things might get stripped out, some things might get added in, but there's a lot of cool shit in those three acts that will kind of be merged together in one. And so exciting times for 401k lovers. But go check out the Nevin and Fred podcast. Headline number two. I have no idea what it is because I can't find my notes because I jumped off of my notes. Headline number two, I like this one. Ricky boy talks to Fidelity. Crypto, dude. Our old friend rick Unser at 401k Fridays has the motherfucker from Fidelity who's well versed on crypto and he's defending fidelity stance on it. And I highly recommend that everyone tune in and listen to that because he's got a lot of great defensive points where he kind of counters the Department of Labor and their compliance assistance release that they put out there. And it's great listening to if you want to get back into that crypto and kind of hear the other side from the Department of Labor. And then lastly in headlines, there's a. I like to do this because maybe Brandon can chime in too, if he's able, but we've got some cybersecurity shit going down. Please don't take my Social Security number. [12:43] Justin: What's the. [12:43] JD: Is that my volume? [12:44] Justin: No. Advance has got some audio on the background. Thank you. [12:49] JD: Oh, Brandon, can you shut that off, whatever that is? [12:53] Mark: I assure you it's not. I have nothing in the background. Well, there's a second. Vance, did you send your credentials? No, [13:05] Chad: they're gone now. They got scared like, I'm out of here. [13:12] Mark: No, how was your. No, I. I got in on my computer because I can't see all the comments. Multiverse, Vance, that's awesome because I'm like, I'll be able to see it in size 72 font on my computer, but there's no audio playing in the background anyway. [13:26] JD: Vance, you need to drink for that. Party foul. No one told you you can do that, so you need to drink. Brandon, the article I'm looking for is Please don't take my Social Security number. It looks like cetera. And this is interesting in working with a third party group which apparently was like their mailing group, right? So Chad, Justin, Mark, Vance, that they work with a firm to send out notices to participants and that firm got hacked. And here we go again. What did the hackers get? They got people's names and their Social Security numbers. And here is the national association of Plan Advisors reporting on this. And Satera saying, oh, I'm so sorry, we apologize. And allowing for free credit reports for all these. It was like north of 2,000 participants and saying, we're so sorry. And giving them the tools and things they need to monitor and check it out. And yes, they're going to work on their systems and fix these things and plug these gaps. But I just want to bring up this. I'm going to ask Vance as our guest, like, do you think Social Security numbers are really like, is that that sketchy of a thing if people out there know your Social Security number? 622-01-1700. I mean, does that really fucking matter? [14:49] Chad: He made that up. He for sure made that up. [14:51] Mark: This show free. This is amazing entertainment, man. This is awesome. Does it really matter if your Social Security number is out there? I don't know. I'm no macro economist, but I'm going to go with yes, you are. [15:06] Chad: Remember the last time that we had a breach like this, what they start doing, they started calling the financial institutions, saying, name and Social Security number and trying to get withdrawals done or in service distributions. I assume that's where this. Where you were going with this, because I haven't read the article, but, yeah, it fucking matters. [15:25] Vance: Remember that guy who was advertising that company? I forget what it was called, but he just started broadcasting his own, and then he got his identity stolen. [15:33] JD: That's what I just did. That was my real Social Security number. The counterpoint Vance was, I was making in is that I think that shit's all out on the dark web. I think Google's been hacked. Facebook's been hacked. Like. Like the credit companies themselves have been hacked. Here comes Brandon. [15:51] Vance: What the. [15:52] Mark: The government, like, loses, like, 20 million Social Security numbers of hackers, like, every couple of years. Like, it's. It's ridiculous. They get in everything. They're gone. They lose them all. [16:03] JD: I kind of feel I'm of two minds. On the one mind, I'm very pro cybersecurity, and I do think as a retirement plan industry and a financial service industry, we should take that seriously and continue to work really hard at good tech and protocols and stuff like that. On the flip side, I feel bad for cetera here, where I'm like, you worked with a third party that did distributions and. And they lost some fucking Social Security numbers. Who fucking gives a shit? But that's just the surfer in me. [16:35] Chad: All right, [16:38] Vance: go on, Rance. [16:39] Justin: Pointing this out earlier, and I confirmed it. [16:41] Mark: The. [16:42] Justin: The website we used to search everything is indeed an acro sin. [16:46] Mark: Oh, gosh. [16:47] JD: What? [16:47] Justin: G. Yes. [16:50] Mark: Really? [16:50] Justin: Yes. [16:50] Mark: It's not. [16:51] Justin: It stands for Global Organization of Oriented Groups. [16:54] Mark: It does not. [16:55] Chad: No, it's a miss. [16:56] Mark: It's a misspelling of Google as in Googleplex. It is not. [17:01] JD: I'm waiting. I'm waiting for a final call. [17:06] Justin: Internet. [17:08] Vance: Did you just get tricked? [17:10] Justin: Maybe I did. [17:11] JD: All right, Vance. I don't usually do this. I don't usually do this, but I'm not. [17:16] Chad: No, no, no. [17:16] JD: But I think. I think context is important here. Not everyone knows your backstory, so what I don't usually do is ask the guests, like, oh, tell us how you got into your current role and this and that. But I think your story of. Of working for financial advisors and seeing all these different types of business models and kind of educating and informing yourself and then breaking out on your own is interesting. So. So give the audience some context on kind of the history of Vance and your role before becoming an Advisor. And where that's kind of brought you to. [17:50] Mark: Sure thing. Yeah, absolutely. I was attending a happy hour in La jolla back in 2007, specifically at the Hyatt, which J.D. you're probably familiar with. [18:00] JD: I know the spot. [18:01] Mark: It goes a little hill. There was Cafe Japango. Right? [18:04] JD: Japango. I was just gonna say Japan. [18:06] Mark: Right? [18:07] JD: Yeah. [18:07] Mark: Like all these guys roll up in their multi six figure cars. [18:12] JD: That was probably me. I was there. [18:14] Mark: Weird. Were you making 400 grand a year selling subprime mortgages? [18:19] JD: I was making way more than that. I was driving a Lambo. But go on. [18:22] Mark: Okay. Well, I was not, sir. I was not. So I talked to these guys and I'm like, what do you guys all do? You know, you're driving these crazy cars. You get these great big Breitling watches. They're like, oh, we're loan originators. You know, we're mortgage brokers. And like, don't you own a home? No, I'm 27 years old. I got 15 grand saved up at the time. They're like, that's crazy. Spend no money, go ahead and get yourself a teaser rate and three to five years, it will reset at prime and you'll be making more money by then anyway. [18:54] JD: What year was this? What year was this? [18:56] Mark: 2007. [18:57] JD: Oh, yeah. Real estate market's going to do really well in a few years, right? [19:00] Mark: Yeah, right, right. So I kind of did a little math and I thought that the economy might be a bug in search of a windshield. And my then boss was really connected in this business owners group. And it's like, you know, Bates are always reading the Wall Street Journal and Investors Business Daily. I know this guy who owns this company called Altegris. His name is John Stunt. You should go talk with him because you've built my business and I just think that the two of you might hit it off. So I get an interview with John and I sit down at the La Jolla Cove office. And it's just, you got a view of the San Diego coastline going north and Black's beaches right there. And he had these two big surfing pictures on the wall behind him and they were of him in these waves. [19:44] JD: And what's this guy's name? [19:46] Mark: Sorry, John. J o n sunt s u n d t okay, continue. He's like, Mr. SoCal. So he's like, ah, here, you done some good things for my buddy. You meet really none of our qualifications for getting hired here. You have no mba, you've never worked. Yeah, I mean, he was like, you know, Hey, I distinctly remember him taking [20:09] JD: the Gotta Drink Masters. You can always finish your thoughts. [20:18] Mark: Good catch. I have a mild case of adhd. Squirrel. Thanks for the Drake. [20:23] JD: Bring him up again. Ring him up again. [20:29] Mark: Keep it going. This is just really fun. I'm not driving after this. Anyway, I sit down and he looks at my resume, and he shoves it back across his desk. And he's like, this is where people really end their careers, not start their careers. And I'm sorry, but you really meet none of our requirements, you know? So I looked up and I said, when did you serve Chopu? And he's like, how did you know that that's that particular wave? And I go, well, you know, I mean, I've surfed Blacks in the morning, right? Blacks Beach. And we totally hit it off about surfing. And we had this whole side conversation. He's like, you know, man, I really love your energy and your enthusiasm. It's infectious. It's contagious. This is great. I'm just sorry I got nothing for you. And I stood up Jack, JD And I said, I'm not going to leave you alone until you give me a job. So he then introduced me to his chief of staff. She and I hit it off really well. Her name is Dr. Laura Pyle. She's fantastic. I'm going to see her in Austin later this month. And I bugged them for nine months until they finally gave me a job. Because at that point in time, Altegris was a platform of feeder funds into really big institutional names. John Paulson, SAC Capital, Winton Brevin Howard. [21:52] JD: You've ever watched seeing money management, stuff like Money. So. So yeah, that job. Then you're calling on different advisors, shops of a variety of sizes to what, plug them into some type of money management systems that they're offering or something. [22:09] Mark: Yeah. So the model at Altegris was if you have enough money. [22:14] Vance: I'm just pausing this for a second. You said something capital. I feel like it was letters. [22:21] Mark: I was hoping you didn't catch it. And it was also. [22:24] Vance: And also the. The First Wave name you mentioned before. Blacks. Does that stand for something? [22:32] JD: No, but I'm sure I am not [22:34] Vance: a surfer, obviously, bro. [22:37] JD: Mark, I've been surfing my whole life. I would not surf Chopu. So I got to figure out who this John Sant guy is, because I wouldn't do it. But. All right, continue. On. What? You are like a wholesaler, right, for this type of company? [22:48] Mark: Yeah. Yeah. So Altegris was a platform of feeder funds, and up until then, they only had relationships with direct investors. And so there was this whole side project to take those investment strategies, these asset managers, or access to these asset managers, and bring them to the intermediary distribution channel. So I spent years traveling around the country, going in and teaching and consulting financial advisors. [23:13] JD: And this, Vance is what I wanted to get to is you're. Because of that job, you're able to look under the hood of all these different type of advisor shops and start to learn something about them. And what I've seen from you on some podcasts and on YouTube was. And no offense to those firms, you know, doing the best they can, but you weren't very like satisfied with how they approached it or how they're all going about it. You saw a lot of room for improvement that then motivated you to want to kind of spark out on your own. No. [23:45] Mark: Yeah, because I spent thousands of hours, JD inside of these wealth management firms, meeting with the private wealth advisors. And in the context of those meetings, it was to teach them how to use these institutional alternative investments. But what I did is I learned absolutely everything that I could about them with what did they do? What did they not do? How did they manage money? Do they actually manage money? Do they outsource the management of money? And I became what I view as a subject matter expert in financial advisors. And I became rather disillusioned and disenfranchised and I just basically went, you know, this is all Tish Love, which is bullshit spelled backwards, but it all smells the same, right? And so that's how I ended up starting my own firm years later. [24:30] JD: And to give our audience some context, we're working this world of convergence, right, you 401k freaks, where people who are wealth managers, financial planners, are starting to get into our space and we're starting to get into theirs. And so I like having people like Vance because on the show, because I came to Vance several years ago and I loved him for his charisma and kind of his vibe. And I was like, bro, let's do some 401k plans. Let's do this shit. And you basically turned me down. You told me to go away and leave you alone because you weren't in a 401k. And I was bummed. But now I want to ask you, our world's changing. So 401k pros used to just focus on 401k. That's becoming less and less of a thing, whether they're part of a bigger firm or they're partnering with other firms. Now they're looking to get into wealth management financial planning alongside their 401k business. And I'm curious, has your perspective changed from when I asked you the prom and you told me no? Do you now think like, oh shit, maybe I do need to start expanding this 401k or are you still holding steady on fuck you JD. [25:48] Mark: Wow. Wow. Alexa, show me a loaded question without showing me a loaded question. [25:56] Vance: Just say yes. [26:00] Mark: My firm has 3, 1, 2. [26:03] JD: Of course you do. [26:04] Mark: 3, 4 01ks, right? Why is that? The answer to that is because we're not directly in the 401k business. If a client comes to us and says, hey, I, I own a business, which many of our clients do and I want you to take over our 401k, we go down that road. I don't have a 401k silo in my business and I've had practitioner friends of mine go, you know, you really should diversify some of your own expertise and revenue sources by developing that because I understand it can be a great business. Ultimately, when I get up in the morning, I go, what makes me tick the most? It is watching the implementation of tangible value that families have not gotten before. And the business owning families that we serve that have not had liquidity events or that aren't already retired, many of them already have 401k plans. And we just kind of take a peek and it looks pretty good. But maybe there's an opportunity for us to rekindle the that conversation here. [27:09] JD: I get that and go, sorry, I [27:12] Chad: was just going to ask, when you hear JD position that question that people who are 401k focused and have a very well established firm and in all likelihood have some of your clients as 401k clients, is it, have you fearful at all that they're going to start going after the private well side, having a tie into these business owners and these committees. [27:38] JD: So that's their goal, Vance. Their goal is to come snatch the individual from their 401k plans. And this is happening on a national level. Like big shops, millions of dollars behind them are looking to what we call monetize the 401k participant. And that means getting in there on a financial planning and a wealth management. I mean this is a big shift for our industry. So Chad's question, are you, do you concern, are you concerned about that at all? [28:06] Mark: And sorry Chad, I thought you were asking that question of JD and then there was the pause. I'm going, great. I think that one was for me, [28:14] Chad: it was, hey, Ready? [28:15] Mark: Ready. Wtf? There we go. Like already called it on myself, y'. All. [28:23] JD: Okay, Vance, do you care that 401 careers might be coming after your individual clients? [28:30] Mark: I would care if anyone would come after my clients, but at the end of the day I would go, have I brought tangible value? Do I have a meaningful relationship? And if I've done my job correctly, I have a position in my client's life that is irreplaceable because of the aforementioned things like when you eliminate someone's or significantly reduce someone's estate tax burden, when you draft a family heritage statement, when you advise them on a lot of the acronym based estate planning strategies and tax planning strategies that a typical, I'll just say plain vanilla financial advisor does not have the expertise in. I'm not worried about someone coming and wrenching that relationship away from me. And most people look at the 401k as an opportunity to reduce taxes and save for long term retirement. But a typical client for us is a business owner or already retired. And I just don't see that as much of a threat. But if I am investing assets and just rolling them, either outsourcing them, the asset management that is to a TPA or a third party or the house or whatever. [29:47] JD: Finish your thought. [29:49] Mark: This is actually really fun game. [29:53] JD: Glad you like it. Well, hey, Vance. Hey, Vance. [29:58] Chad: You're. You're winning. [29:59] JD: Yeah. You're winning the game. [30:01] Mark: Whatever. Yeah, yeah. It's all right. Yeah. Second place is the first loser. You loser. [30:08] JD: No, I mean I like, I like what you're saying. It's a classic answer and it's a smart answer, which is if you're doing your job as a, as a planner or a wealth manager, then you don't, you don't feel as vulnerable. [30:22] Chad: My counter. My counter though, jd and this is what I don't think, and Sampson's in the chat bar saying something similar. And on the 401k side, my counter is that 401k providers, advisors, shops that have some bandwidth and capital behind them, they're going to go get advance and they're going to have someone with your skillset doing the private well side with all of these individuals that they have access to through, through the 401k. So I get the thought that we know a lot about the private wealth. Well, imagine if that 401k shop now adds you in and they have events that can go out there and create significant value for these individuals. The tie in the access to the people, the annual fiduciary view where they're sitting in front of the committee and building rapport. They don't just have access to the one decision maker, your one private wealth client. They're working with the six people that are sitting on that committee within that company. And that's where I think others are downplaying it. [31:23] JD: It's the access that could should concern you Vance, is that like you said, like if some of them are business owners or sit on established foreign committees, these 401k advisors are going to try to dazzle them and wow them in what we call fiduciary review meetings. And if they do that well and do their job as a 401k person, then they're going to have that side conversation of like look, we've got a wealth management side that's you know, national and they're phenomenal and let us talk to you about it. So it's the access they have. And I hear you. First of all, we've talked about this ad nauseam on this show. Are there going to be specialists like Jim saying we'll stick 401k and Vance maybe who sticks wealth management and planning and will they succeed? Of course. But we're just trying to have conversations with people like you Vance, because our world seems to be changing at a really rapid pace. When I say our world, I mean the 401k world. Big acquisitions are happening with hundreds of millions of dollars of investment money behind them for the sole purpose of grabbing these participants accounts and winning that business. [32:34] Mark: And that hasn't absolutely. Because there's an asset grab. Right? [32:38] JD: Yeah. [32:38] Mark: Chad. The thing that Chad brought up is really interesting because I'm more concerned and really I have an issue in getting front of this particular type of avatar. If you are a C suite executive and you have your company's 401k and it's all custody at pick a custodian, right? And you have a bunch of concentrated stock. You're already in the door at the custodian. And so there's a financial advisor bro over there who's like well I'm so and so and I can help you as your financial advisor. And it's just one degree of separation between my 401k and my concentrated stock position is at this custodian and I'm just going to move over here. And so how do you use the Internet if they're not even Google searching for these things? How do I reduce my concentrated stock position tax efficiently or whatever if they don't even know to think about that and they don't know to bring that up in conversation, then how am I going to get in front of that person? So the 4.01k platform is a great way to do that. And I completely understand what you're saying. It's just if I had, you know, we have 56 households here. If all 56 were business owning households and had a need be worried for, I would, I would, oh, I would be doing the 401k all day long as a piece of the overall pie. [34:07] JD: Fair enough. And I'm not trying to put the fear of God into you, but just because they're not business owners, here's the next thing. The next shoe that's going to drop is we talk about data and 401k plans and the vendors that service them have a lot of data on those participants. And so one of your clients might be that $600,000 a year salaried client, not a business owner, but works for a company. And now the 401k world has that information. They know their salary, they know how much is in their 401k. They know where their 401k is invested, they know where they live, they know their Social Security number and therefore they can target marketing towards them. Emails, phone calls, what have you to try to win them from their current advisor. And that is where the industry is also heading. There's two things happening with our industry. They want to go after the rank and file. Mark hates it when I say that. Just kind of the regular people with the lower account balances. [35:13] Vance: Okay, I'm just a normal person, buddy. [35:16] JD: And then they want to go after the big account balances as well. And they've got strategies to do that. So we just want to continue to have this conversation with people like you, Vance, because you're kind of on the other side of the fence. You know, we want to peer over that fence and talk to you as a planner, a wealth manager. [35:31] Vance: Because I don't want to talk to us. [35:34] Mark: No, no, I do. And I want to point something out because I have a family that is comprised of. One of the members is an educator and I don't want to violate the acronym, but let's just say that there's an acronym, acronym based retirement planning solution that is very well known for teachers, right. And I get this call like, hey, [36:03] JD: you know, you can say 401k and 403b, right? You can say those. [36:06] Mark: Yeah, no, no, I know that, but I don't, I don't want to say [36:08] Chad: Non Employee Retirement Income Security Act. [36:11] Mark: No, I didn't want to say that. But I also want to say the name of the actual platform. But if you know the platform that works with teachers, you can deduct that because I don't want to fil. Oh, drink away, bro. Drink away. [36:27] Chad: It's just TIA now. And that's not. [36:29] Mark: That's. [36:30] JD: Oh, I said it. You said it too, Chad Drake. [36:33] Chad: But you would have to say the initialism for it to count, right? No, no, it's still an acronym. [36:39] Mark: How long have you been playing this game? Teachers Investment Annuity. I don't know who that was, but sorry. [36:44] JD: Go ahead, Lance. Go ahead, Vance. [36:47] Mark: So I get this call, hey, the 401k guy came in today and you know, we can actually get a lower cost and roll all of our investments into the platform and save ourselves some money. And I went, okay, why don't you go ahead and send me over the proposal, right? And in a nutshell, it was taking all of their assets, and this is, you know, multiple millions, and moving it into proprietary products that when I actually account for the cost of the investment and the advisory cost, it was going to be slightly higher than what they were getting here. And I'm like, did they point out to you that some of these shared classes might only be available there? So let's say you actually did do this under the ostensible guise of reducing your cost. One, you're going to have an employee over there. You're not going to have an in house dedicated person that's yours for life. Two, your cost is actually going to go slightly up. Three, if you put the. Excuse me, the non qualified, meaning the non retirement assets into their proprietary mutual funds. Historically, those mutual funds, the stock mutual funds, have kicked off very significant capital gains and that's going to show up on your schedule D. Did that advisor tell you about that? Well, no. Did the advisor, the 401k bro, did he actually ask for your tax return? Well, no, I mean, I know you do that, but like, I don't know, it just, it seemed cheaper. I go, did the 401k brah actually show you or tell you the fact that some of those proprietary share classes can't be moved? So if you invest here and the account grows to here and you want to leave, which you might want to, when you wake up and see all this stuff, you're going to have a capital gain to pay. And it was just crickets. And I, like, I just get so defensive of the public because you have this platform, the name of which all these people know in My view, preying on teachers. Do you want guaranteed income in retirement? Here's an annuity that we're going to push on you. [39:04] JD: Beat it in your face. [39:06] Mark: Like where's the fiduciary in that? [39:10] JD: I love Vance so much more when he goes anti retirement plan. I think some of the things you say are a little off base, but that's fine because we don't know a lot about wealth management planning. But a lot of your points are, are well put. They're somewhat accurate and I love it. [39:30] Mark: What do you mean somewhat accurate? What's, what's not accurate about what is [39:35] JD: what is accurate about? What you're saying is that course in the 403b, 401k world, the level of service that you're getting on an individual level is going to be surface level, right? It's not going to be anywhere near what you're offering. These people looking at their tax returns, what have you. [39:53] Mark: Oh wait, let me hop in there real quick because I want to. I may have blended those two inadvertently. I'm not saying that the 401k rep or point of contact or advisor, if you will, would be doing the wealth management. This was the 401k point of contact, came in, did a lunch and learn, hey, here are all of our proprietary products. Here's the state of the market update which was written by some strategist that the person has never even met. And that's fine, right? That's completely fine. One of the things I'd actually love to ask you as a group is the proprietary share classes that are offered in these 401 plans. Because that's something I've never. [40:34] JD: Right. [40:35] Mark: This was the 401k provider or point of contact. Made the introduction to an advisor with this group and I get this litany of questions from the client and I'm going, this all sounds warm and fuzzy. And I realized that the number that you're seeing in basis points, no acronyms, might be a little lower, but when you Google the cost of these shared classes, it's going to be a little higher. [41:04] JD: And they went, I do want you to know that, that those times have changed and they are changing pretty rapidly. The times of proprietary funds and certain share classes with lots of sub shit, lots of revenue share stuff built into them. But in your defense they still exist. I mean they definitely are still out there. So I don't want to say that they're not a thing anymore. But the industry is moving towards institutional share class of funds and kind of a more transparent look, but still, when you add an asset based revenue on there to run a 401k plan, it's always going to look more expensive than peer funds that they could get in some type of brokerage account somewhere. Because there are jobs that are being done to run a 401k plan that are not being done for an individual. [41:56] Chad: Different don't need to be done. And it's important to acknowledge, if you haven't seen, seen much of it, that the proprietary fund play nowadays is different than it was a decade ago. The vast majority of providers, if they're pushing something proprietary or showing concession on the asset charge, I'm not saying it equals out, they're saying, hey, if you use our fixed account, we're dropping your asset charge from 1% to 97 basis points. Like they're, they're showing some sort of. We got skin in this and we're going to give you something from it. [42:28] JD: But Chad, you can understand when someone in Vance issues. [42:34] Chad: Oh, absolutely. [42:35] JD: Looks in and goes, why is there AN S&P 500 fund for 60 basis points? Like that doesn't make any sense. [42:44] Mark: Right, right. Or the situation I've seen is you have the name on the door. [42:52] Chad: Right. [42:53] Mark: And then you look at the investment options that are sub advised. [42:56] JD: It's sub advice. [42:57] Mark: Yes. And I'm going to, I can get that same thing for much. I mean, fractions of the cost. [43:03] JD: You know, it's funny, you're going to see that more with the educational company you talked about. You're going to see a lot more of that in 403B than you're going to see in the 401K space these days. But, but, but yeah, some accounts still exist even though for a 1k, let's play a game. Let's mix that. Play a game. And then I got so much more. You've motivated me, Vance, to talk about quite a few more things around this investment side. But let's have some. This is, this is called the, the totally original nope or dope game. Please play my intro if you could. Oh God. Best game ever. Best game ever. Okay, in this game, Vance, we're going to ask you a question and you're just going to tell me is it dope or are you. Nope. On this thing. Okay. [44:06] Mark: Can we do this every week? [44:09] Chad: We do, we do for like 120 straight weeks, dude. [44:13] JD: Trust me, Vance. Trust me, Vance, you don't want to do this every Thursday. It's rough. [44:20] Chad: I look like I'm 60 already. [44:23] JD: First one is personal for me. I'm having a personal struggle with this, so I'm kind of using the game to get some personal help. I listened to a surf podcast, and I would have thought these guys would have backed me, but they actually stated that wearing shorts was an immature thing to do. And especially wearing shorts with flip flops, no closed toe shoes. They were saying, like, you're. And maybe this is a male thing versus female here. So I hate to be sexist, but let's stick on the male side. You're a man. You should wear pants and shoes, not shorts and flip flops. And this really hurt me because I do this a lot. I'm currently wearing shorts and flip flops. So my question to you is, are you. Nope. Or dope on this fashion? Like, when you see me in public, do you go, why the fuck? What a loser. Why wouldn't that guy put on some pants and shoes? [45:25] Mark: No. I would look at you and I would go, there's my brother from another mother, because I'm in shorts and flip flops right now. I'm sorry, you said this was a surfing podcast where you heard this. [45:36] JD: Yeah, I know, right? How ironic. [45:38] Mark: Were the surfers in, like, New York city? [45:41] JD: No, they're SoCal guys. And they were. They're very, like, they're very passionate about the fact that especially if you're, like, over age 30 or 40, like, stop wearing shorts and flip flops. And it cuts my soul, Vance. Like, I was sitting there driving my car, going, no. So, Mark, is there any. Any validity to what they're saying? Like, am I blowing it from a fashion standpoint? [46:07] Vance: All I can say is I don't ever wear pants. Like, ever. I mean, even. Don't take it the wrong way. Even when it's cold outside, I just wear shorts and a sweatshirt and shoes. Like, as long as my top half is warm, I'm good. Like, that might be the most obscene thing and stupid thing I've. I'm confident that those guys had. They have problems. [46:33] JD: Love you. Thank you for that, Justin. This got worse for me because I was recently, literally days ago, was in Paris, France. And it became clear to me very quickly. In Paris and you're a male, you don't fucking wear shorts. If you do, you're literally like a tourist. None of the people that live there wear shorts. And I felt very insecure. And this is why this is coming to the surface again. So, Justin, no Berdo on shorts. [47:08] Chad: I was gonna say he's definitely in them all the time. [47:11] JD: Okay, enough said, Chad. [47:12] Justin: There you go. [47:14] Chad: I Am. I don't even know how to answer this at this point. If I'm dope or dope. [47:18] JD: I'm. Well, you wear Wranglers and boots. [47:20] Chad: No, I don't. Like, I'm dope on shorts and. And flip flops. I'm. Nope on whatever these fools said. [47:27] Mark: Yeah, good. What are they trying to say? [47:29] Chad: That you're not professional enough? Like you're not grown up enough if you still wear. [47:34] JD: It wasn't a professional thing. It was. It was a fashion. [47:37] Mark: What are they wearing? [47:38] Justin: Levi's and Vans. [47:40] JD: Not grown up enough. [47:41] Chad: They're just. And they're wearing khakis and New Balance. [47:47] JD: Great, Chad. Nice. [47:49] Mark: Studying for CFA level three events. [47:52] JD: That doesn't happen often when Chad does a good joke like that. That was solid. [47:55] Mark: Wait, what? What? [47:56] JD: What? Did you just say something? Level three, what did you say? Okay, next one. We always start with you on the totally original Nope. Or dope game. And so next question is Twitter Advance. If I could maybe I can make this a two part for you. Are you Nope. Or dope on Twitter in general being on there. And then maybe you can explain Fintwit to us 401k people, because I don't know if we're really tapped into that. [48:26] Vance: Does that count? [48:26] Mark: I am. I think that I'm. Nope. On. Nope on Twitter. I don't think it does dope on fintwit. [48:33] Justin: Oh, not you. [48:35] Mark: Right? [48:36] Justin: Who is that for? [48:36] JD: Just. [48:37] Mark: You're just truncating the words. It's not a acronym or anything. [48:41] JD: It's. Okay, fuck it. [48:42] Vance: Who cares? [48:43] Mark: Yeah. Fintwit is not an acronym. [48:45] Chad: Yeah, good. [48:46] Mark: Okay. [48:46] JD: I don't think mark knows what Fintwit is, nor do many 401k advisor. What is Fintwit? [48:52] Mark: All right, so Fintwit is. It's financial Twitter. So if you put in, you know, I don't. I don't say hashtag because I'm not, you know, a vape smoking, man bun Laden. [49:08] JD: Easy on the man buns. [49:10] Mark: Hey, whoa, easy. Hold on. Remember my hair was longer than yours at one point, right? Anyway, so fintwit is the financial and economic community on Twitter. So I was nudged, forced to join Twitter back in. I forget the year. But I hired this marketing person to help me brand and identify and convey the message that I wanted to convey to the public. And he's like, you have to be on Twitter. That's where all the financial journalists are. So I joined Twitter originally to follow my friend Danielle DiMartino, who's the author of this fantastic book, want to know about the Fed. This is it. [49:51] JD: Put it right in front of you, right in front of your chest. [49:54] Vance: Now you're just gone. [49:56] JD: You exposed me to her in my research of you and her YouTube channel. You were on a show with her on YouTube. I'm getting the right woman here. [50:05] Mark: Yeah. Wow. Yes. Yeah. Daniel DeMartino Booth. [50:08] JD: Yeah. And so now I'm going to check out more of her stuff. So thanks for that. That was interesting. [50:12] Mark: And she worked inside the Fed as the advisor to Richard Fisher. She is absolutely brilliant. And if you want to understand the Fed, buy the book, read the book, follow her all over. So anyway, we were engaging on Twitter and there were five or six economists with whom I was going back and forth. And then this whole financial advisor community, it just forms. So I don't find a lot of value in going and clicking the search bar on Twitter and looking at all the things that Twitter tells me are important. I already know what's important in my life, but I do find a lot of value in communicating with financial journalists and other propeller heads on Twitter. [50:54] JD: Here's my problem with Twitter, and I'll send it to Chad, Justin and Mark. Although I don't think they spent a lot of time on Twitter. Is. I feel like I wanted to get into Twitter retireholics on Twitter. I'm on Twitter. We put some shit out there from time to time. We promoted the show today on Twitter with an image of you or whatever. But I feel like the only way you get traction on Twitter is when you say, like, really intelligent, funny things. Like, everyone's there just to, like, impress people with their witty, funny comments that get all these likes and follows. And I'm more into LinkedIn, where I can actually go somewhere and learn shit. I don't need to spend my day on Twitter to go, oh, that guy said something really funny and cool. Like, let me like that. Anyways, Justin, Twitter. No, Chad. [51:47] Chad: I'm gonna say nope. General dope for sports updates. I got a lot of sports updates from Twitter. [51:55] Vance: Wow. [51:55] Justin: Okay, Mark, ESPN don't work. [51:59] Vance: If something. If something happens. Oh, I missed that. Sorry. If something happens in the world, Twitter is the first place I go because it, like, is instant. People, you know, they just. There. There's a lot of people there. I always find it kind of crazy that people that are on there, they have like 2 million followers, but then on Instagram, they have like a hundred thousand. So I'm always like, where the. Like, there's a lot of people on there or Is it just a bunch of like spammy bots or whatever? I don't know. [52:32] JD: Twitter's followers are a joke, Mark. You see people, they like, they got 100,000 followers and they post stuff and it gets like two likes and it's like, what is going on here? I don't quite understand at all. But I don't know. I'm a see, it's. I'm going to stay open minded to it and try to do more. [52:50] Vance: But no, sorry, but here's my answer. That is I'm dope because Elon Musk has taken over and he might do some crazy shit that just makes it awesome. [52:58] Mark: I don't know. [53:00] JD: Following Elon on Twitter is 100 out of 100 yays. There's nothing better than following Elon on Twitter. Okay, last one. And I don't think we've done this one before. And I've been on a lot of flights recently, so this is hits close to home for me. Vance, talking to the person next to you on your flight. [53:31] Mark: Do you know why that's hilarious to me? All right? I have lived out of a suitcase for years. First of all, dope. Absolutely dope. And I can prove why. Okay? Absolutely dope. People will tell you stuff on a plane. I mean, crazy deep things, very intimate things. Because one of two things happens. Either the plane goes down and you die together and you're never going to tell anyone, or like, you walk out and you go your separate ways into the sea of humanity and you never see each other. I have picked up five clients by just turning to the person next to me on the plane that I'm taking to whatever city or coming back to San Diego and just going, hey, I'm Vance. Who are you? You know, so and so like, you coming home or are you going too? Oh, I'm, you know, whatever the answer is and just striking up a conversation. [54:32] JD: Surprise me, Vance. That doesn't surprise me when you ask people who are trying to park their expensive cars what they do for a living. You fucking stalker. Okay, Mark, dope on talking to someone and. Or someone talking to you on an airplane. [54:49] Vance: Oh, man, that's a tough one. But I will say nope, only because too many times have outweighed the positives to kicking up that conversation of like being stuck in a conversation you I don't pick up. Right. Instead I get a person that tells me their life story about all the bad things that have ever happened and I have to pretend to care where I just wanted to listen to a podcast and sleep Right. You know, I. I don't want to talk to anybody. Right? So. [55:19] JD: Hey, is it just me or has Brandon been falling asleep on his little memes up in the corner? Chad, [55:28] Chad: I'm. I'm a nope. I'm a nope for sure. Although two things. Sherry makes a point. Start the conversation at the very end of the flight. I'm cool with that. When we land, it's like. The other thing is, anybody who's traveled with me knows I am asleep before takeoff every time. And then when they come around for drinks, I can order a cocktail, but I will be asleep before takeoff on every flight. [55:50] JD: Well, that's. That's a smart defense, Chad. That protects you from that. Um, I have my own defense for that. Um, I tend to fly in first class in a pod where I can shut the. I have my own little wall that I shut down and I lay down in my first class seat and so I don't have to deal with the riff raff of the regular folk on the plane. Justin, you're the last one to finish this. [56:14] Mark: I don't have a pod, but I [56:15] Justin: wear noise canceling earphones for a reason. Dude, it's a major. Nope. [56:19] JD: I hate that someone said someone's trying to tell you their life story and you're just listening to your music. They can't tell you, all right, you're [56:26] Justin: not doing anything different here. [56:28] Vance: It's funny you said it's all real quick because my. My kids are taking one of their first few flights of their lives this past week. And I told them, you know, like, oh, my daughter said, well, what do you do on the plane? I said, well, we'll have your tablet. You can watch a movie, you can draw, you can. Whatever you want. [56:45] JD: She's like, okay. [56:46] Vance: And I said, you know what? Years ago, before they had all this cool shit, you had to talk to people. Do you want to just do that? You want to sit next to me and talk to me? She's like, please, no. [56:54] Chad: No. [56:55] Vance: Even my daughter didn't want to talk to me [57:00] JD: before. We wrap with a little chat bar champion vote and then head into the after show. If Vance will stay with us. Vance. We don't get wealth management people on the show often, so I wanted to go over my personal portfolio with you really quickly. [57:22] Mark: I can't wait to learn more. [57:23] JD: Okay. I've got. I have a. It's not really a financial advisor. It's more of a investment guru is how I would put it. But I have 5% of my, my. And I've Got a lot of. I mean, my net worth is through the roof, bro. So you're talking about I got 25% in Netflix, I've got 25% in Apple. I got 25% in Facebook, but that's a short time thing I might pump out of it here. And the rest of it, I've got a little split in some cryptocurrencies. How do you think? What do you give me a grade on that? Give me the classic elementary school grade, F through A plus. How you thinking I'm doing? Remember, my risk is like, send it, motherfuckers. [58:19] Chad: While he looks young. He's 51. [58:21] Mark: So I'm going to. No, I know. I know JD's age. I'm going to add JD, what you just said as the last box on the investment questionnaire that I send clients. Like on a scale from 1 to 10, one being cash in a mattress [58:36] JD: and being send it full send. [58:41] Mark: Well, let me ask you something. When did you buy those names? [58:45] JD: Oh, recently? Every time. Robe Guy, Rogue Guy does drunk stock picks on retireaholics. And when he does, I move my entire net worth into his. His choices. So. Thanks, Mark. [58:56] Mark: You're welcome. [59:06] JD: There he is. If you want to wholesale, if you want to go back to your old job and you want to wholesale for Mark's drunk stock tips, you could sell those all the time. Okay, let's go chap our champion. Justin, your vote for champ. Our champions tonight is whom? [59:25] Mark: Webby. [59:26] JD: Webby Webb's in the vote there. Rob Guy, who do you choose for your Chat Bar Champion pin tonight? [59:35] Vance: I. I've just got to go with someone. I'll be honest to everybody. I haven't really paid attention to what you're saying, but I looked at how many names have been coming through, and Shannon comes to mind immediately. [59:47] JD: I'm gonna. I'm gonna throw David K in the mix, even though he worked for a census, and I think a census is a bunch of. But whatever, we'll throw him in the mix. Chad, your vote. [1:00:01] Chad: I don't know if I can count it because it was off Chat Bar lion, but the picture that Timothy Yee just sent me via LinkedIn took over for me. So I'm going, Mr. Yi. [1:00:11] JD: And last, but of course not least, our very special guest, Vance, who is your vote for Chatgar Champion. [1:00:21] Mark: You know, I gotta say, it's a tie. To be completely honest with you, it's a tie between both in there. [1:00:26] JD: Then fuck it, throw them both in there. [1:00:28] Mark: It's. It's Shannon and Mr. Yee. I think it's Shannon Edwards. I think. [1:00:33] JD: Yeah, we call her S Words on [1:00:35] Mark: this show because it comes up as S Words. And I went to LinkedIn and I'm like, oh, there is no Shannon S Words. [1:00:41] JD: And I'm weird because college we call her S Words. [1:00:45] Mark: Oh, I see. [1:00:46] JD: It's a thing. It's a thing. [1:00:47] Vance: It was, it was a misspelling that has now turned into her actual name. [1:00:51] Mark: Ah, yeah. Some things in life were meant to be, you know. But yeah, between her and Tim, I've really enjoyed their interaction. [1:01:00] JD: And they both already got votes. Right? Am I clear on that? [1:01:02] Justin: Yeah. [1:01:03] JD: Okay. All right, let's send it to the finals. And you out there in the audience, you are going to choose the winner. Tony, I. Tony texted me he's last time's winner and he said, hey, I like thin crust and I like pepperoni. And even gave me the pizza place that he wanted from Tony and I texted him back and I said okay, extra anchovies. Got it. I sent a pizza Chicago deep dish. I made myself today a deep dish pizza which I believe had like cheese in the crust, but it had anchovies, bacon, onions, a ranch base and jalapenos. And Tony, I did give you some of your own pepperoni. I sent you $240 worth of pizza. So. [1:01:56] Chad: But JD I want to know, did [1:02:00] JD: you try the anchovies one? And how do you feel about it, Tony, if you're there in the chat bar? Ok. The winner of Sorry for the COVID cough is Timmy. Are we going to keep it going? Keep voting people? It's close. No, we're going to end it. Thanks, Brandon. [1:02:24] Vance: Oh, we got a. Got a two timer now. Look at that, Tim. [1:02:28] Mark: Yay. [1:02:28] JD: Timmy, [1:02:32] Vance: you can't do pizza again, advance. [1:02:35] JD: Thank you so much for being our guest. [1:02:37] Mark: Thank you. [1:02:39] JD: We are going to go to the after show. [1:02:41] Mark: Okay. [1:02:42] JD: We drink more and we get deeper into the conversation. You can stay with us, which we would love. If you need to leave and go take care of your family or whatever you got to do, that's fine. We'll just talk shit about you in the afternoon. [1:02:56] Mark: Well, that's easy to do. Just to google it. I will see when my wife and children pull up in the suv we are good to go. [1:03:05] JD: I don't know if my. [1:03:06] Vance: Wow. [1:03:07] Mark: Literally, wow. [1:03:10] JD: I don't think I've gotten that long, have I, Chad. Wow. [1:03:14] Chad: I don't think I've seen you that long before J.D. nope. [1:03:16] Vance: That is epic right there. [1:03:21] JD: Thanks. Thanks to Twitter, bro. Hey, hey. I love how he's at a hair salon. [1:03:29] Mark: Oh, damn. [1:03:31] JD: Can you help me with my split ends and get some conditioner in here, please? [1:03:36] Mark: Wait. [1:03:36] JD: Help. [1:03:37] Mark: I had to have texted that to you. [1:03:41] Justin: No, you put it on your Twitter. That and the. The other one. [1:03:44] JD: Okay. Congratulations. [1:03:46] Chad: Are you serious? [1:03:47] Mark: Wow. [1:03:47] JD: Congratulations to Timothy for being Chat bar champion. And from the bottom of my heart and the boys hearts, thank you all to you guys continuing to come back and spend Thursday nights with us. We very much appreciate it. We love you guys. We've got some special things planned. Next week will be a fun show to tune into because the boys and I will all be together and we'll be streaming live to you. Kind of a different version of our show next week. And then more things stacked on behind that that we've got planned that I think you guys are really going to like. So if you're sitting there at home and you're thinking to yourself, these fucking retireholics, they keep doing the same shit for the last fucking 18 months over and over and over again. I'm sick of it. I got something for you, man. We're about to pivot and you're going to like it. Okay, it's been another episode of Retireholics. Let's play some music. Brandon. I'm going to get more beer. Toilet. Yes. And pound a beer. I'm going to fucking pound a beer on my way back from the toilet. Play some music. [1:04:54] Chad: Justin's going to join you.