Aaron Pottichen: Target Date Funds in Market Volatility | Retireholics

[0:00] Mark: Please don't look me in the eyes and tell me you didn't play today. Yeah, you're not looking. Yeah, I think. [0:08] Chad: I think my dad was trying to let us know that Obi Wan was in. Instead he called himself Obese One. [0:15] Justin: He has been sheltering in place for a while. [0:17] Chad: God damn that. God damn that spell checker spell correct. [0:22] Mark: You don't have it on here. [0:24] Aaron Pottichen: They do. [0:25] Justin: They do. [0:28] Aaron Pottichen: Is it joke? [0:29] Mark: No. [0:29] Justin: I guess. [0:29] Mark: I guess if you're using your iPad, [0:31] Aaron Pottichen: it would have it because it's got. [0:32] Justin: Yeah, they got it. I just typed spelling incorrectly and it popped [0:38] Aaron Pottichen: pots. [0:38] Justin: A text message. Are we gonna have our first no show? [0:42] Chad: Yeah, sure. That would be funny if he did on this. [0:45] Mark: Do not. Do not. [0:46] Chad: He's connecting. He's connecting. Chad, no. Look at that boy next door photo he's got. [0:54] Justin: Man, I don't see anything yet. [0:57] Chad: Oh, I'm probably. I'm like a host or something, I think. [1:00] Justin: Just look at the panelists. [1:02] Chad: He's logging in. [1:03] Justin: No, I wanted to see his picture. It's on this. [1:05] Mark: Right there. It's right there. [1:08] Justin: He's got that perfect head of hair that everybody in this group, except for JD drinks. You're well on your way too, Chad. Don't worry. [1:16] Chad: Cha cha cha chia cha cha cha. Chatty. [1:20] Justin: Mark, you put some product in your hair today, didn't you? [1:23] Mark: No, that's just water. [1:26] Justin: You're sweating right now. [1:28] Mark: I sweat profusely every day, all day. [1:31] Chad: Maybe you want to text him so Aaron can figure out his frickin video. [1:37] Mark: Yeah. [1:37] Aaron Pottichen: Do we need a video version of this? [1:39] Mark: Isn't he like the professional at all this stuff? [1:43] Justin: There he is. [1:46] Chad: Unmute yourself. Unmute yourself. Unmute yourself. [1:50] Mark: There we go. Was this your first time using Zoom? [1:54] Aaron Pottichen: Oh, my God. I was on a Zoom call earlier today and it was an absolute disaster. So that's positive. [2:02] Chad: In what sense? What made it a disaster? [2:05] Aaron Pottichen: It was with a large retro keeper that happens to have a shade of green. [2:12] Chad: And I noticed you like to hang out with those Fidelity people. [2:17] Aaron Pottichen: It was a mess, but it was all right. [2:21] Chad: But a. [2:22] Justin: A Ron saved the day, right? I got my entire haulage. [2:26] Chad: Yes. [2:27] Justin: I hope you're not gonna have that background on the entire time. I want to see the belt. [2:31] Aaron Pottichen: Oh, no, I got it. [2:33] Justin: The belt's gotta be around. By the way, did you get the memo that it's a maroon day? [2:38] Aaron Pottichen: You know what? I missed that memo, okay? [2:42] Justin: Ever since we kicked you off of payroll, you're missing those memos. [2:46] Aaron Pottichen: Now, Mark probably has something to Do [2:49] Chad: I feel like you're just wearing, like, a super cool hip tie dye kind of shirt for my angle right now? [2:56] Aaron Pottichen: Love it. [2:57] Justin: How do I. [3:00] Aaron Pottichen: Oh, my God. Are you kidding me? [3:03] Justin: I never thought I'd see Mark in a onesie on the show. Now I have Chad. [3:07] Mark: Chad. Okay. You're a very smart individual. I wore this for Halloween. I have a picture of me in this. In your home. [3:15] Justin: I know it's your home. I said on this show. [3:20] Mark: Oh, all right. [3:21] Chad: I don't listen. [3:21] Mark: I don't usually. I don't listen much. [3:24] Chad: Brannon. [3:25] Aaron Pottichen: Yeah, Mark. [3:25] Justin: Your BFF's already chiming in. [3:27] Mark: What's up, Blake? [3:29] Aaron Pottichen: Ready to go? Right here, baby. [3:31] Chad: I'm ready if you are. [3:32] Aaron Pottichen: Yeah. [3:35] Chad: Hey, A Ron, where are you? Where is a A Ron right now? Did you see your little face there in the classroom? [3:58] Aaron Pottichen: There it is. That's awesome. [4:00] Chad: Welcome. [4:01] Aaron Pottichen: I'll do it again for him. [4:02] Chad: Yeah, do it one more time. Pay attention. [4:05] Justin: Where are you? [4:06] Chad: Where is A Ron right now? [4:11] Aaron Pottichen: Don't want my kids to see that. They'll never let me live. [4:14] Chad: Welcome, everybody, to another episode of Retireholics Sheltering in place. My name is Mark Palmini, your favorite retireholic. I know I'm all your favorite, so thanks for tuning in. We've got a special guest today. His name is Karen Potichin, AKA the Champ, AKA thanks for being here, buddy. Look at that damn belt. [4:45] Aaron Pottichen: This is. This has a specific case it lives in and very rarely does it get busted out. So this is a very special occasion. [4:54] Chad: I just wanted to say for everyone tuning in, that that's how stupid the Retireholics are, is we create a fun game for Aaron. I don't know, two years ago, something like that. [5:06] Aaron Pottichen: It seems like yesterday every day for me. [5:10] Chad: And then we decide, hey, let's make a super expensive cool belt for the winner. Just for the hell of it. Who cares? And look at that pretty thing, man. Can you bring it up to the camera? Can we see it? [5:23] Justin: What did that thing actually cost? [5:24] Chad: Oh, it was pricey. [5:27] Justin: I feel like too. Aaron, it fits you. You look like you're a boxer and you should be wearing a belt. [5:36] Aaron Pottichen: I have it shined twice a week, so I've got a shine guy. [5:39] Justin: Hey, that's called child labor. Yeah, it's actually illegal in most states. What do clients say when they come into your office? [5:47] Aaron Pottichen: Oh, there's. I mean, there's nothing you have to say. They just see the belt and then they're done. [5:52] Justin: That's it. [5:53] Aaron Pottichen: I think you should sign here. [5:55] Justin: He just Prays they don't see the retireholics part. When they come into his office and they just see the belt. [6:01] Aaron Pottichen: They just see the belt. That's all they need to see. After that, it's done. [6:04] Chad: I think you should send that bitch to Alex Astley, have him clean it for you. [6:08] Justin: Every month can be fighting words there. [6:13] Aaron Pottichen: I don't want to get fajita juice on this. [6:17] Chad: Hey, buddy. How is. How's Texas, man? What's going on over there? You guys are, like, spreading the COVID trying to herd immunity style or what's the deal? [6:28] Aaron Pottichen: We're big with the Rona here, that's for sure. I mean, honestly, after. So the second week of March is when it all kind of started to lock down here, which is where our spring break was. And I feel like for the four weeks after that, I literally did not leave my neighborhood except to go for a walk with my kids. And I wasn't in a car for, I think, four and a half weeks. It was crazy. I mean, I got on the road for the first time. I'm like, I kind of don't remember how to drive. [6:58] Chad: Yeah, yeah, yeah. [7:00] Aaron Pottichen: And then, you know, Texas was completely shut down. I just literally went to my office today for the first time since mid March, and it's. It's weird out there. It's just weird. [7:12] Chad: Aren't you. Aren't you guys on the. Aren't you guys on the rebellious forefront of opening up compared to a lot of other states? Or am I getting my news wrong? [7:19] Aaron Pottichen: You know, Texas is either going to be incredibly smart or incredibly dumb. I'm not sure which one yet. [7:24] Chad: Cause you guys are ahead of the whole pace here, right? [7:26] Aaron Pottichen: Yeah. [7:27] Justin: It can be both, too. [7:29] Aaron Pottichen: Yeah, exactly. [7:30] Chad: So lucky. [7:32] Aaron Pottichen: Yeah. So we're probably both, which is not a bad place to be at. [7:36] Justin: Makes sense. [7:36] Chad: Well, I think we're all rooting for you. We don't want you to be wrong. [7:41] Aaron Pottichen: Yeah. Thank you. [7:43] Chad: I told you, Texas, you dumb. Yeah, no, we'd rather you guys tell us I told you so. Callie, you stupid idiots. [7:51] Aaron Pottichen: Yeah, you should go past August when you're locked down, right? [7:55] Chad: Yes. We're gonna be on lockdown for a long time. Terrifying. All right, let's dive right into this, man. Let's talk some 401k. I'm going to do something a little different. I'm going to use you riddled off, like, eight topics that you were offering up to me to talk about. [8:11] Aaron Pottichen: Yeah, yeah. [8:12] Chad: I'm just going to go rapid fire and we're going to try to touch on all of them instead of just pick from them. [8:19] Aaron Pottichen: So I'm just going to go. [8:20] Chad: Yes, sir. Oh, sorry. I got to do stuff. [8:22] Justin: I was keeping words of the episodes. I'm looking forward to drinking this guy. [8:25] Chad: I got to do stuff. The word of the episode today, fellas. Plan. If you say that word, you must drink from something sketchy. [8:36] Aaron Pottichen: I'm just gonna pour mine out. [8:38] Justin: That's the plan. Oh, look at that, Mark. [8:42] Chad: I got mine in a little shot glass. [8:44] Aaron Pottichen: By the way, I sent over an image that is the real. Is the real rogue. Nothing, Mark, nothing against your robe, but the image that I sent J.D. your brother is the robe of a real badass. [9:00] Chad: Brandon will be able to pull that up. [9:01] Aaron Pottichen: We will pull it up. [9:03] Justin: That's a real bad Tyson rogue iron rope. [9:07] Aaron Pottichen: He would walk out into that and it was a towel with a hole cut in it. [9:11] Mark: That's on a hole, dude. That's what he ate before his fight. That's why he was so angry. [9:18] Justin: He was just, hey, the one time he didn't wear it out, he ate some someone's ear. [9:23] Aaron Pottichen: So yeah, now they want. [9:24] Mark: And now they want to fight again. And you know what? I hope they do fight. And I hope Evander Holyfield bites his nose off. [9:30] Justin: Money to watch that one. [9:31] Aaron Pottichen: If you guys saw Tyson, he sends these back. [9:38] Chad: Aaron, Gary. Retireholics. Retireholics. Rule number one, don't get these guys started on sports because we'll never get to talk 401k. They'll just keep going. Continue on the housekeeping. Make sure you are in gallery mode. That's in the top right. Click on that button. So you're in gallery mode because there's nothing more annoying than just seeing the screen of the person talking and it kind of toggling back and forth. You don't want to do that. Please chat it up. Talk to us. Let us know if you got a question for Aaron or. I know a lot of you really love Mark Palmini, the rogue guy. He's like your favorite retireholic. I know Fred Reich thinks he's his favorite buddy. [10:20] Justin: Are you ever going to recover from that? [10:21] Chad: If you have a question for Mark, you know, put in the chat bar and the boys are watching it, Justin's watching it. And we will. We encourage that and chat to all the panelists and the attendees, not just the panelists. Okay, let's dive right in. Number one on your list of eight was how few participants are actually changing their deferral rate. And so I think you mean by that is Are participants in this Covid space actually pulling back their deferrals? And so why don't you kick us off? Aaron, what's your take on this? What's your vibe? [10:57] Aaron Pottichen: We've noticed in our client base very few people are making deferral rate changes and moving money in and out, and especially people that are in target date funds. And it's kind of like I think I'd said in my comments to you JD before in that message. But you know, to me this whole episode seems like it's kind of the target day fund shiny moment. And I'm not selecting one specific fund family over another, but. And this was replicated in a study that T. Roy Price put out and I think some information that another record keepers put out, maybe another one as well, that people that are in target day funds just aren't doing anything, which is the best thing to do for most people. Right. So that's been really interesting to see. Compared now we'll see how long that lasts. But compared to 08 where probably there's a lot more knee jerk reaction and at that time a lot less utilization of target date funds, it really kind of shows the value that these products have been able to kind of deliver for people because they're like, okay, well, I guess I'm not supposed to do anything. But we've just noticed that those people aren't doing much at all. [12:07] Chad: That's a good point. I never thought about that. If we have such high adoption of these asset allocation funds, target date funds, it's very different from 10, 15 years ago where people felt like they had to choose their own investments. And so you're right. Now that they're in this weird volatile pandemic state, they kind of think to themselves, oh well, I'm not supposed to do anything. My plan is set up for me where you're 15 years ago. They're probably scrambling to figure out what investments am I supposed to be in. I've even heard, I've heard a few stories of participants. Sorry Justin. That are have. And I'm not just making this up. Have come to us and said, hey, I want to up my deferrals. You know, markets are down, I want to up it. And I was like, damn, it's good to hear. [12:52] Aaron Pottichen: You know, on our team we've had a lot. We've done a lot of participant calls and we haven't really had as far as the calls I've had within. I've never talked to anybody that was like super negative. Like it's all going to go to zero. Nobody said that. And that's been pretty consistent with the other guys that are on my team when they've been talking to people. Nobody's super bearish or anything like that. They're just like, yeah, it's all going to come back. And we've actually seen more people put money into like domestic equity than anything else. [13:24] Justin: Yeah. Chris McDavid over at Bangkok echoes what you're saying. Only 3.5% have actually moved their deferrals down and more participants have moved from stable value to diversified funds rather than vice versa. So it's pretty cool to hear. That to me is super interesting. And I was gonna ask Aaron and all you guys what your thoughts were in terms of people not taking any change on the deferral rates. Do you think they're not changing the deferral rates because it was an auto enroll type situation and so they're not taking action? Do you think because someone's educated them and said now's a great to perhaps buy low so keep reinvesting in dollar cost averaging or do you think people are as smart as that statistic shows us that they look at the market downturn and say I'm going to pull out a stable value and put money into the market? [14:09] Mark: Mark well, my question just goes down to I want to know specifics and no offense, but I'm saying you mentioned T. Rowe, right? A report comes out from T. Rowe that talk, well, of course that's going to be the news on their side. That's what they want. But can we drill it down just a tad? Because my question is, okay, fine, the fro rates are staying about the same. It may be ticking up a little bit more. Who are the companies? Are they companies that haven't suffered financial ramifications? Are they not losing people? So in my mind these statistics come from people who are still employed and people who are still employed who have taken no cut in pay. And they're like, great, I'm in a great position because my expenses are going down. I'm at home, I'm not driving all these things right. So they're able to put a little bit more away. And also deferral rates don't change when people get terminated and roll their balances out because we don't know what they're doing anymore. So it's getting rid of the people who are got shelled and we're focusing on the people who are okay. So not to be the negative guy here, but in a way I understand the statistics, but I don't necessarily think it's showing us the full picture. [15:26] Chad: Yeah, Mark saying people that have been furloughed haven't upped their deferral rates. [15:34] Mark: Zero is still zero. [15:36] Chad: You kind of touched on it being the target date fund shining moment, which is your number two. So let me shift or modify that one a little bit. How are target date funds, do you guys think in general doing in this market, year to date? And again, you mentioned it, Aaron, the market hasn't been that bad, Right. I think year to date we're down like 17%. I think for the last three months maybe we're down like 19%. But considering everything that we've gone through in the UN the misunderstandings about the future of our economy, it hasn't been that bad. Have target date funds survived this? Okay, what's your understanding, Aaron? [16:21] Aaron Pottichen: Some of the target date funds that we use that are more active, managed and conservative, those have done spectacularly. I won't say spectacularly well. They've done well comparatively to the market. Our clients are really happy that they chose a glide path that was more conservative. The clients we have that opted for like an index fund that was slightly more aggressive on the glide path, most of that population is younger to begin with. And so they are kind of not really as concerned with what's going on because like I said, their overall balance is still fairly low and they're just dollar cost averaging into the 401k anyway. So the people that we've gotten the most response from as far as happiness with their result has been those that were in an active targeted fund that was more conservative and they lost less thus far. And they've been doing really well, I would say. And then the people that are in the index funds where it's the closer to retirement, those people, the index funds performed really well and it's doing its job. And those people are like, you know, like for instance, Drew, who's on our team, who's talking to somebody today and that person's up with over the past year, actually like 3% or something like that. And they're like, wow, this is. I haven't looked at my account in like two years since I talked to you, and I can't believe I'm actually up right now. So. And they're in it just in a simple index fund too. So it was. They were pretty happy. [17:52] Justin: We've, we've all. Chad, anybody that's been in this business has talked about it over the years that this is a long term Investment and buying and selling based upon market returns is not necessarily, necessarily the best strategy. And you should be holding in these downturns and continuing to invest. Not once had I ever really thought that the lack of action in choosing your initial investments would lead to a participant in this kind of situation not taking action. And so I love that those two are correlated. It makes me excited that the average American who doesn't know a ton about investing is still holding, holding still inside their target date fund. Although statistically Chris showed us showing that people are making some movements out of stable value. And those are, those are probably smart investors that are spending time looking at the market. [18:40] Aaron Pottichen: Yep. Yeah, yeah. I think, you know, all the after this is done, you know, when we get to the end of this year and we get to next year, we're going to see so much information come out about what people actually did over the course of this three to six to nine months. And that's really going to be where we find out how beneficial these target debt funds really were. But I'm willing to bet that it's going to show that people that were in those funds didn't do anything and so thus it was good for them. And it's going to only help amplify the popularity of these things going forward. [19:16] Chad: It's hard for me to keep up on the questions from the chat box because there's talks of gray hair, there's talks of pimples. Like I'm trying to sort through the weeds here, but Michael Webb, PCH are talking about Roth conversions. Aaron, are you, are your client. Are you seeing an uptick in requests for Roth conversions? [19:38] Aaron Pottichen: We're talking about it, but I don't know off the top of my head if we've helped anybody do that. I know we've been pretty aggressive with a lot of our clients on adding the in plan Roth conversion over the last few years. So drink. [19:54] Chad: That's me too. I think I said the P word. I don't know. Chad, you had some thoughts on that? You had some thoughts, I think on like more wealthy people that are not making as much this year or something and wanted to convert money or. Right. [20:14] Justin: I mean it's a pretty standard thought that if you're someone who your income and your tax tax bracket is going to be lower this year than other years. So if you're filing as a partnership or you're a business owner or an executive and you've been cut or you're a commission based employee, it might make sense to look at what you think Your tax bracket is going to be for 2020 and go ahead and do an implant Roth conversion. Darn you. You baited me there. Take that hit and get that money rolled into a Roth feature. [20:45] Mark: Wait, wait, wait, wait, wait. We still have to pay taxes this year? I thought they were just getting rid of that stuff for a little bit. Just like, ah, it's fine. We're just gonna give you guys money and then. [20:55] Chad: Mark, Mark, pay taxes. [20:58] Mark: What? [20:58] Chad: To be clear, at the salary I pay you, you don't have to pay taxes. You're good, you're good. [21:04] Aaron Pottichen: Let's move on to number three, tax credit. [21:09] Justin: Yes. [21:11] Chad: I shouldn't make fun of people with low income. I'm just trying to make fun of Mark. Just trying to make fun of Mark. Number three, this is a great time to be a specialist in retirement. What? Come on, you're talking about a global pandemic. Markets are crazy. People are getting furloughed by the millions. [21:31] Mark: This is a, a Ron's way of saying, it's so good to be me. I got the perfect bone structure in my face and my hair is amazing and I'm. I'm so beautiful that life just comes easy. Is it hard waking up every day knowing you're just. You were chiseled out of stone. [21:50] Aaron Pottichen: It's much easier knowing I don't live on minimum wage. [21:55] Chad: Hey, no, seriously. [21:58] Mark: It's made me a better person. [22:00] Chad: Yeah, seriously. So you think this is a good time to be a 401k pro? [22:06] Aaron Pottichen: I think what we've seen is there's a substantial amount of different. Now here's the thing. Not a lot has come out that's like Super Interesting. For 401ks, the CARES act had just a handful of things, right? But there was some things in there that nobody's talked about. Like for instance, the fact that you can do the companies can do, repay or contribute towards an employee's student loans tax free. Nobody's taught that. Has got almost zero press, right. And that's a big deal because so many companies have been talking about that and wanting to do something like that. But the payroll tax part definitely trips a lot of companies up from moving forward with that. So being able to talk about that in the context of a company's entire benefits I think is good. Most individual wealth managers don't have the knowledge of an employee benefits package to talk about that. So I think that's one way. Another way is just how do you structure a 401k or what are the levers you can pull on a 401k when you're going through all the crap that companies are going through right now to help add value to the company. So like we've been talking to companies about, hey, here's what cost you can reduce from your balance sheet. And then you know, we don't want you to do this, but you can put and have the participants pay for. But I'm sure they don't want that and they don't want their cost to increase by let's say, 20 to 50 basis points. But if that 20 to basis point, 20 to 50 basis point increase for their participants results in your seatmate at work being able to keep their job, I think they're okay with that. [23:42] Chad: Or to keep the plan as a whole, you know? [23:44] Justin: Right. There you go, J.D. [23:47] Chad: keep their match in place. [23:48] Justin: Hey, Aaron. There was some. [23:49] Mark: Whoa. [23:50] Chad: How's that graphic? [23:51] Justin: Jeez, I got my chat blocking it. [23:54] Aaron Pottichen: Oh, geez. [23:55] Chad: You know, Aaron, I used to be a purist when I would talk to advisors. I felt like you should just be a 401k advisor. You shouldn't dabble in other stuff. I really love the idea of someone who's 100% 401K. And so when all this talk of other benefits started to come up, I was kind of not so into it. But I'm slow to learn and I'm finally getting it that a true 401k pro that understands other benefits, these payments towards college debt, the health insurance and the health benefits, and to be able to go in and counsel a sponsor on where to shift those dollars, which you've been talking about for over a year, it makes sense to me now, so I get it. So if you're tuning in and you're an advisor, I think that's a road that you should go down and you should start to learn more about those other things because it's a key to your success, right? [24:52] Aaron Pottichen: Yeah, it's a big deal. And you know, what we found is whenever we're talking with employees, we generally have got them as a client, as our retirement client and an employee benefits client. And so we have a little bit of insight onto what does it cost for their medical insurance? Do they have an hsa? Does the HSA have an employer contribution as well to it? And then what types of other benefits do they have? Short term disability, long term disability, is there, is it employer paid, employee paid, all of those things. And so when we're talking to an employee and they're like, should I put 10% in if I only need to put 6% in to pay my to get the match. And if the difference between putting 6% in and being able to pay for like short term disability and long term disability and paying for those things or putting 10% in, we're telling that employee pay for your short term and long term disability out of your own pocket and reduce your 401k match because those are huge liabilities and you don't want to be left out without having to pay for those things. Right. So that's where we can kind of give someone a little bit more advice on making sure that they're doing the right thing with their money and allocating it towards the right spot. [26:07] Justin: There's a couple key things that I hear there. Number one is the term fiduciary, as I hear you say that. And I think we all know that the majority of micro market plans have no advisor that are, that is acting in a free space basket. [26:21] Aaron Pottichen: Dang. [26:22] Justin: So what you're doing there is getting advice. That question gets asked to some other advisors and their response is I can't get into that kind of detail with you. So kudos. Hence the question itself of being a retirement focused advisor and advising them this. [26:42] Chad: Yeah. [26:42] Aaron Pottichen: And it's. [26:43] Justin: Hold on. And I need to make this point because I think it's valuable. We've talked for years about being a retirement only focused advisor and I would love to see the statistic that shows which what's the percentage of 401k participants that have access to a personal advisor? And I think that it would be very minimal. A very small number of working Americans have access to an outside independent advisor. So you, the 401k advisor is the only person they're going to get a chat with. You're the only damn one they're going to touch and they're going to listen to. And so having the ability to go beyond just how much you should save and perhaps how you should invest long term in the 401k is crucial. And so I love that, I love that you're bringing more than just 401k advice. [27:35] Aaron Pottichen: Yeah. I think, you know, in my mind the continuum is if you can do employee benefits, retirement and individual wealth management, you can go deeper for that employee as well. Right. But we just see it as really valuable. And then, you know, we've got employees that have loved some of the advice we've been able to provide because it's been really actionable. Right. So we really like that part. [27:59] Chad: Before we move to number four on your list, I want to have a Special moment. It's a special moment for me. Going to mix it up a little bit. When we first started Retireaholics, we had something called the Wheel of Ice, and it was one of my favorite games. We would spin this wheel. It started as this very ghetto kind of cardboard wheel version that would barely spin. And the kind of shtick to the game was that Mark would always lose. And so whoever's name come up on the Wheel of Ice would have to pound a Smirnoff Ice. Every show we would spin the wheel, and every show Mark would lose, we would rig the game, and we'd try to come up with a new creative way to do it. So anyways, at a certain point, we felt like it was getting old. We had just done it too much. And so we retired the Wheel of Ice. I am proud to say, for all of you in attendance tonight, tonight is a night like no other night. The Wheel of Ice is making its comeback. I shipped 24 Smirnoff Ices to Mark today, so he's locked and loaded. And I'm not saying you're gonna lose, Mark. I mean, you have a chance. It could be someone else. [29:14] Mark: But, Brandon, did you ship them to everybody else? [29:18] Chad: No, Dash, we all have. [29:20] Aaron Pottichen: Okay, [29:23] Justin: very good question. [29:24] Chad: Mine's right here. It's right here above the screen. Everyone pay attention. Let's bring up the new wheel. And, Brandon, if you could spin that Wheel of Ice. The Wheel of I. [29:49] Justin: Mark. [29:50] Chad: It's Mark. [29:52] Justin: Yay. [29:52] Chad: Pound it, Mark. Pound that ice. [29:54] Mark: As per usual, just carry on with your conversation, and I'm gonna be over here enjoying this very nutritious beverage. [30:02] Justin: Are you gonna be able to take a knee like you did in original episodes? [30:06] Mark: No, I'm not going to. Just pound it. [30:09] Chad: Keep it on camera. [30:11] Aaron Pottichen: By the way, I'm an og. I remember those videos. [30:14] Chad: I'm so happy. I'm so happy. [30:16] Aaron Pottichen: The orange wall in the background. [30:18] Justin: Yeah, that was the pdc. Go, Mark. Go, go, go. [30:24] Mark: Wow. [30:24] Chad: If you're tuning in, this is not something you see on a normal 401k zoom. You know, webinar. So this is fun. [30:31] Justin: I haven't missed a step. [30:32] Aaron Pottichen: Mark, good job. [30:34] Justin: Impressive. [30:37] Chad: That's mark 2.0. [30:38] Mark: As good as I remembered them. [30:44] Aaron Pottichen: More to go. [30:44] Justin: Right. For those that don't know, the Wheel of Ice song was actually sang by jd. [30:51] Chad: Thank you. [30:53] Aaron Pottichen: You're on it, too, Chat. [30:55] Justin: No, not me here. [30:57] Aaron Pottichen: Let's listen to it again. [30:57] Justin: No, let's not. [31:11] Chad: No, he has done two before. He has done two before. All right, let's move on. Number four from Potichan says, I can't answer this, so I guess I won't ask you. I'll ask the other guys. But I'm curious how the groups that do retirement and wealth management are doing divisions. What's the basis of your question though, Aaron? Like, how are they doing? Do you think they'll be doing well or not? [31:35] Aaron Pottichen: A couple different things, but two things that stand out in my mind. One is I saw something on Twitter today and the search term financial advisor was actually a trending search term. [31:46] Justin: Wow. [31:47] Aaron Pottichen: It's a big deal. [31:49] Mark: But you were really just looking for your name to see if it was trending, weren't you? [31:53] Aaron Pottichen: Oh, I already have a Google search alert set up for that. [31:55] Mark: Oh, I bet you do. [31:58] Aaron Pottichen: And I set it up for all my kids too. And then number two was, that's a little odd. [32:04] Justin: That's scary. [32:07] Aaron Pottichen: And then I set it up for. The other component of this is I was talking with a guy today who's individual wealth management and he said that they just picking up new clients left and right because people are just, you know, when everything's going good, everyone is probably okay with just do it being a do it yourselfer. It's when you start to go through really choppy stuff like this that someone's like, I need someone. I need someone to hold my hand and know that everything's gonna be all right. And those people that are really good and can actually add value, I think in the individual wealth management space have probably been picking up a decent amount of clients, especially if they're good. [32:44] Chad: We talked about this with Wolnowitz when he was on volatile markets have always been an opportunity for wealth managers. Like that's common knowledge. If you're in wealth management and markets are rough, that's when you're out there picking up new clients because they're not getting the attention that they need from their current people. So yeah, I would stand to reason that if you do both wealth management and 401k, you could parlay some of those opportunities into new 401 business as well. Maybe you're not closing it today, but you could close it two months from now. Three months. [33:18] Justin: Well, there's a number of broker dealers that have set up catches. Right. So if it's under 50k in terms of rollover value, we're going to bring it in house. But still, still comp the advisor on it. There's a number of broker dealers that have done that. If it's over 50k and the advisor Sets the threshold. Then we're going to reach out to that person and say, hey, Joe Schmo or Nancy Schmo advisor. This participants requesting 100k rollover. Do you want to reach out to them immediately? [33:47] Aaron Pottichen: Yeah. There's a lot of 401 advisors that only do 401ks so they can get rollovers and you know, they're probably doing very well right now. [33:58] Justin: Well. And Aaron, I will say at the beginning of my career, I felt like that could be a conflict of interest advising them to pull the money out of the plan. The deeper I've gone into this and my comment earlier of who has access to other advisors to give them confidence. [34:13] Chad: Drink. Chad, after your, you can finish your thought. [34:16] Justin: I feel okay about that. I really do. Initially I thought, man, I'm getting comped on small rollovers that are automatic in sense. You know, a $10,000, a $20,000 rollover. I felt guilty about it initially. As time went on, I realized if left to their own tools, many folks are going to make mistakes. And at least this auto rollover feature that puts them in something that's prudent for their age or their demographic or their risk tolerance. I've come accustomed to feeling okay about that. [34:50] Aaron Pottichen: Yep. [34:51] Justin: By the way, I will acknowledge taking drinks of single malt scotch was not a great idea. It's too good of a drink to be taking shots of it. [35:01] Mark: You know what I, you know what I'll say after, after our shows? Tuesday nights and Thursday nights is fun because you start getting texts from Chad and usually he doesn't ever text you back. When you do that, it's like, ah, yeah. He had a couple of drinks on the show. [35:15] Aaron Pottichen: It's great. [35:16] Chad: We had a, we had a company wide zoom happy hour yesterday. [35:22] Aaron Pottichen: Yeah. [35:22] Chad: And all the retireholics showed up with water and tea. We were like, we're good. You guys go ahead and drink. We do this professionally. So. [35:32] Mark: Had drinks the size of our face. [35:34] Justin: Oh my gosh. And she said vodka cranberry too. Like that would be okay. [35:43] Chad: My point is here is the retireholics on that very Zoom happy hour. And we're just all, we're good. We'll just have some tea. [35:50] Aaron Pottichen: There's a great saying, you're good at something. Don't do it for free. Right. [36:00] Chad: Number five on your list is will this slow or increase a march towards open maps and pool plans or peps. [36:08] Mark: Oh, here we go. Here we go. [36:11] Chad: I don't want to get on my soapbox. I got super fake fired up. Yeah, I got it got it. I got super fired up with Fred Reich the other day on these peps. I'm becoming known as the PEP hater. So I'll shut up for a second, let you guys talk about it. [36:27] Justin: Wow, that was quiet there. [36:28] Chad: Or don't. [36:30] Aaron Pottichen: Nah, no talk on right now. [36:34] Chad: Fair enough. We'll move on to the next one. Fuck it. [36:36] Aaron Pottichen: I don't know what it's going to do. I don't think it. I personally don't think it's going to speed it up. I've never been a huge fan of the idea of these things. I like the idea, but I don't think it's going to do what it's supposed to do. The whole idea of these things is expanding retirement access. But I mean I deal with so many small businesses all the time and they don't set up 401k plans because they're complicated. They don't set up 401ks because they're complicated. They set, they. Let me put this another one. They don't set them up because they're complicated. They set up because they're busy people and they don't have time to do it. Nothing with regards to complication or cost either. [37:18] Chad: I'll say this. Go ahead, John. [37:20] Justin: I disagree with you, Aaron, that they're using this to create more access to retirement plans. I think that I just said plan. I think that we may think that as folks who are in this business, but the truth is in my mind at least the thought of creating this would lead to lower costs, thinner margins and companies trying to create efficiencies. That is my honest thought to it. I think that business is deciding, oh, I'm going to start a 401k because I can snap on to Transamerica's map or somebody else's map. That's naive in my mind. That's naive. That was never going to be the outcome. [38:09] Aaron Pottichen: Yeah, I've always thought that the idea of doing these open maps could be similar to what happened during the financial crisis where we basically had banks that were too big to fail. If this thing actually happens, where people really migrate to a lot of these things, I think we might just have it where we have giant retirement plans. We'll walk right into that. [38:34] Chad: What you're saying is not a good thing. That's. [38:36] Aaron Pottichen: I love this. Reduces competition. It reduces access for groups like yours, other groups to compete and then you just have giant Mets competing against one another. [38:50] Chad: I would love to say that I love that conspiracy theory, but I don't because it's never gonna friggin happen anyways. But I like that. That's cool. [38:58] Justin: And to answer your question, is it speed are slowing down? This is clearly slowing down. There was excitement about MEPs and PEPs when it rolled out. Now that we've hit this pandemic, there is no talk other than us nerds. There's no talk amongst businesses. [39:17] Chad: People said, mark, you should add PEPS to your lame or game game. So I'll leave that as well. [39:23] Mark: I don't want to do that because I know the answer already. [39:26] Chad: Number five or number six? Sorry. This is one of my favorite ones that you brought to the table. What kind of impact. This is a serious question. [39:36] Aaron Pottichen: Yeah. [39:37] Chad: What kind of impact will COVID 19 have on Alex Astley's fajita consumption? We can go around the horn. [39:48] Mark: It's going to go up through the roo. When you can order from your favorite restaurants and have fajitas delivered to you and you don't. Yeah, you want to support local, you're going to eat more. [40:00] Justin: But think of Alex. You really think he's. He's going to order fajitas local versus cook them in house? [40:07] Mark: I think he's going to do both. [40:08] Aaron Pottichen: Yeah, I think it's both. [40:10] Justin: I think he's got a. I think he's got a fajita Tuesday. We do taco Tuesdays. I think he's got a fajita Tuesday, Wednesday, Thursday, Friday takes a break on Saturday. Maybe Sunday brings it back into the office on Monday. I think you got a one or two day break. [40:28] Mark: Right. When we talked to him before, my big question was, when you make it at home, do you put it on the sizzling platter? Because if there's no sizzling platter, are they really fajitas? [40:38] Aaron Pottichen: Not really. [40:39] Mark: When you order it from a restaurant and they bring it to you, if it's not sizzling on the way up the driveway, I'm gonna get pretty sad. [40:46] Aaron Pottichen: Yeah, it's a topic in our household. My kids are really kind of way too concerned about his fajita consumption. Cool. [40:58] Chad: To add to it, Chad playing the guitar doesn't really burn that many calories either, so he could be in trouble. [41:03] Justin: Oh, come on. It's Alex. You know, he's running in the morning, getting workouts in in the afternoon. [41:10] Aaron Pottichen: I don't know. I think a lot of that stuff's photoshopped. Nobody's seen him in person recently. If you notice, pictures are pretty infrequent on social media. [41:20] Justin: I'm just saying, [41:23] Aaron Pottichen: who knows what's going on with Alex right now. [41:25] Mark: Some of us just post constantly about Murph challenges on Instagram. [41:29] Aaron Pottichen: I think we should. I'm trying to secretly tame him. I'm trying to secret him. [41:34] Chad: That was a lamer game One. Mark's lover, Justin's bitch, and Chad's stepbrother has asked a couple questions. That's a. I'm sorry, what's that? [41:44] Aaron Pottichen: I've been ignoring him. [41:46] Chad: Mark's lover, Justin's bitch, and Chad's stepbrother earlier said, you know, he was complaining that, you know, people are taking away their match. I call bullshit on that. I've not seen a lot of matches being withdrawn. And if matches are withdrawn, well, then advisors still got a lot to do. You got to step up your game to do all the other stuff, and you got to work with your clients for when they're going to bring that match back. And you got to educate participants. So whether matches come or go, it does in my mind. It doesn't change the advisor's role. You know, he's still got plenty to do. But now I love Mark's lover, Justin's bitch, and Chad's stepbrother because he said, quote jd, one more drink and your face is the same color as Justin and Chad's shirt. Okay, we'll move on to the number 8. Will this increase the demand for employers to set up or add emergency time out? [42:39] Justin: Time out? What is that, Ashley in the chat right now? [42:42] Mark: Yeah. Alex is here, by the way. [42:44] Justin: And also bring him in and ask him about the fajitas. [42:48] Mark: I think our producer was trying to hint to JD that he wanted to do in the game. [42:55] Aaron Pottichen: You know what? Make sure he's okay. [42:58] Chad: Okay. [42:59] Justin: Yeah. [42:59] Chad: Yeah. Let's go. Let's play the movie. Who is that game? Bring it on up. Aaron, we're going to give you three movie clips. You're going to hear the audio, and you're gonna have to guess what movie it is. Just wait till the end of the clip and let us know if you can get it. All right, here we go. She gets a special cologne. [43:20] Mark: It's called Sex Panther by Odeon. It's illegal in nine countries. [43:26] Aaron Pottichen: Oh, my God. Made with bits of real panther, so, [43:29] Mark: you know, it's good. [43:30] Chad: It's quite pungent. [43:31] Mark: Oh, yeah, there it is. There it is. [43:34] Aaron Pottichen: Yeah, I guess. Anchorman. Anchorman. [43:39] Chad: All right, you're one for one. Next clip. [43:42] Justin: San Diego Dio, can you hear me? [43:46] Chad: I am lost and so alone I'm asking for your guidance Won't you come down from your Throne. I need a type padre who will teach me how to rock. My father thinks you're evil. Evil, but man, he can suck a. Whoa, [44:18] Mark: Whoa, whoa. That's a first. [44:20] Aaron Pottichen: Is that Tenacious D? [44:22] Chad: Well, sort of. [44:24] Justin: It's close enough. [44:25] Aaron Pottichen: I just don't know. What movie is it? [44:27] Chad: School of Rock, Brandon. [44:28] Aaron Pottichen: Or Pick a Destiny. [44:29] Chad: Oh, that's me. [44:31] Aaron Pottichen: It was Jack Black, right? [44:33] Chad: You're two for two. You got it. You're two for two. All right, last one. [44:36] Justin: He's on top of this train. [44:38] Mark: All right. [44:42] Aaron Pottichen: You want to know why I pulled you over? Littering. [44:47] Chad: Sir. That's not ours. Candy bars. [44:50] Aaron Pottichen: Littering and littering and littering and littering [44:55] Chad: and littering and littering and. [45:06] Aaron Pottichen: Littering and smoking the reefer. Now, to teach you boys a lesson, Officer Rabbit and I are gonna stand here while you three smoke the whole bag. [45:15] Chad: Please. [45:16] Mark: No, [45:20] Chad: I don't know that one. [45:22] Mark: I know the movie. [45:22] Justin: I know it for sure. [45:24] Mark: Yep. [45:25] Chad: Aaron. [45:26] Aaron Pottichen: Super Troopers. [45:27] Justin: He said it. [45:28] Chad: Nice. [45:29] Aaron Pottichen: Nice. [45:30] Chad: Leave it to the boy next door. The perfectly chiseled chin, the hair that's not out of place to go 3 for 3 on the movie game. Well, well done. [45:39] Justin: Aaron, Alex wants to know if your son cut your hair. [45:43] Aaron Pottichen: No, my wife did. Yeah, she's actually cut it twice. [45:47] Justin: You're sitting so far away from the camera that none of us could tell if it was you, professionally done. Or your wife. [45:53] Aaron Pottichen: No, I have not. I have not cut my own hair. It is sticking up, though. [45:59] Chad: Brandon, you wanted us to move it along, so I'll go to the very last question. Will this increase. Will this, meaning this crap that we're in the middle of right here, this coronavirus, increase the demand for employers to set up or add emergency savings accounts? I've talked about this a little bit, but let's get our guest vibe on it. Emergency savings accounts. And you said employers. Is that something you've seen in the past? Have you ever discussed that with one of your clients before? We brought it up. [46:30] Aaron Pottichen: And I know there's a few record keepers that have tried to add these types of things on. I think maybe Hancock has something like this in the past. There's a few that have tried to roll some stuff out like this, and it hasn't really taken off at all. But I think it's hugely important, and I would love to see more employers do something like this. I actually think this is where, if some kind of fintech company can come up with something that is easy to kind of like implement and then connect with an employer's payroll system, it would be phenomenally successful. [47:08] Chad: We had this conversation with Fred Reich and I need to clarify. I need to clarify. What you're saying is that. [47:21] Aaron Pottichen: Oh, my God. [47:23] Chad: What you're saying is employers helping set up emergency savings for their participants. And we talked about those with Fred and my old man said the same thing, like, why can't you use your. Isn't a 401k a great emergency savings account, Erin? [47:39] Aaron Pottichen: Yeah, but getting the money out creates tax complications and it's a vehicle where we want. You know, I like the idea of the buckets of money thing. You've got your long term bucket, you've got your emergency bucket, short term bucket. And so I like the idea of teaching people that bucket of money is only supposed to be used when you're old and gray. Don't touch it. This bucket is supposed to be used if your transmission goes out and your old lady kicks you out of the house. Right. That's, that's what it's supposed to be. Useful. [48:08] Justin: I feel like there's a timeline in, in your growth as an individual and as a working person that I got out of college and my first thought was I need an emergency bucket. I, I couldn't afford to contribute to my 401k, but that was my first thought. And then after that came the 401k and other expenditures. But if I go back to that time period, I think I got advice from an advisor on that topic, and I don't think many are spending the time to have that conversation right now. [48:42] Aaron Pottichen: Yeah. [48:42] Justin: Which is, hey, the first time you start saving beyond your savings account should be an emergency spending account. Should be for that. Oh, shit. [48:52] Mark: That was your first thought after you graduated college? [48:57] Aaron Pottichen: No. [48:57] Mark: Really? [48:58] Justin: Brought to me by an advisor. Mark. [49:01] Mark: Yeah. Would you graduate last year? How long were you in college for? [49:05] Justin: Justin and I spent time in Colorado. We went to a very big company. [49:10] Mark: Now the matching shirts make sense. [49:14] Chad: Mark, did I, did I hear Aaron properly? Was his emergency savings moment when his wife kicks him out of the house? Was that what you said? [49:23] Aaron Pottichen: No, no, no, no, no. [49:25] Justin: Not me. [49:25] Mark: Actually, he said old lady too. [49:28] Chad: Right. [49:29] Justin: Old lady. [49:31] Chad: A little off character, a little off brand for pottichin. [49:39] Justin: Because Aaron mentioned it that we talked about this briefly off air last Tuesday following the conversation that I think this would be a very good, a very good topic for record keepers to host. There are very few of you, Aaron, that are stepping up in front of the average participant saying, hey, before you start participating, put your money into an emergency fund. And Hancock, which you mentioned at the beginning of this is one of the few that are doing that. And their program, I think, is called Twine, if I remember correctly, where they're coming out and saying, hey, we want you to save. Trust me, that's what our profitability is on. We want you to save. It's important to see save your retirement. But before you do so, you need an emergency fund. So spend a little bit of time looking at what your financial situation is and put money. What is going to be needed first before you hit retirement. We're going to live in this. This world for 45 years together before you. When you start your working career and when you hit retirement. So save in an emergency fund first before you go into your 401k plan. [50:47] Aaron Pottichen: Yeah. If there was some kind of function where you could set up like an automatic enrollment into an emergency savings plan [50:55] Justin: before you can start, that'd be interesting. [50:58] Aaron Pottichen: Yeah. And then if you can set that up, that would be because, you know, if you just look at all a great podcast to listen to is [51:08] Mark: 401k Fridays. Well, 401k Fridays, that's the only. Only if you dare mention another podcast on the show, I'm kicking you off. [51:17] Aaron Pottichen: Never heard of it. But the guy that wrote Liars Poker and all those other books completely forget his name Now. He had a podcast come out. It was all about coaching and he had a lot of great. And it was all about how do you create systems that incentivize people to do the right thing financially? And he was talking about that. It's really awesome. [51:36] Chad: I think that this Covid thing for sure. And Michael Webb talked about it in the chat where they're, of course, participants are going to come out of this and understand the need and the severity of having an emergency fund. So it'll be a great opportunity to help them accomplish that. What I'd like to see you do and your peers do, Erin, is help employers. I've said this before. Help your clients. Help your employers put together six months of cash to fund their business. Go ahead, Mark. [52:09] Mark: I was the best friend, but I, I do want to say I again, I'm the pessimist in all situations. And I love the. The butterflies and rainbows of people thinking that people are going to naturally change their thinking and habits. And we all know that they're really not. And so my point to that is, yeah, they're going to understand and know that they should be saving. But guess what? Government just gave them money. Also, next time it happens, I'm just gonna get a Check. I get that doesn't cover everything. So in some ways now it's like. It's like you expect it. You expect to be bailed out. You expect that if shit hits the fan, I guess I'm gonna get saved. And the fact of the matter is, right, what everyone has to say, you hit rock bottom when you realize you have to make changes. Well, I don't think a lot of people are hitting rock bottom right now because they're at home. They're making lots of orders to BevMo. They're getting booze delivered to their doorstep. Or is that just me? Is that just. [53:14] Justin: No, you're. [53:15] Aaron Pottichen: We're slowly turning into that wall E society. We're all just sitting on chairs all day long, rolling around, watching tv. It's not so. [53:23] Mark: No, Paul. [53:25] Chad: Paul Carlson agrees with you. He was chiming in earlier, saying, you know, people just don't do this kind of thing. They don't have what it takes to save money. [53:34] Mark: But that's why someone mentioned it on the chat earlier somewhere. Discipline, right? It said. Yeah, that's what it comes down to. [53:40] Chad: Hey, but that's the core mission of advisors all over the country, is to help people get out of that norm and learn those types of skills. I also want to say that. [53:50] Justin: Better. [53:51] Chad: I also want to say that Alex. Alex said, quote, aaron is looking tan and ripped. WTF is going on down there in Austin? [54:02] Aaron Pottichen: Two things. Amazon had a really good deal on tanning beds. And so I wife and I checked it out. You guys don't know this, but in reality, I'm actually just completely white. I mean, just. I mean, I'm, like, as white as this wall. So this is actually. If it rains. I mean, I look like powder. It's not good. [54:26] Chad: This is the first time I almost spit my beer all over my monitor. [54:30] Justin: And whatever I like, I like. Michael's response, though, is that it's the white background that makes him look super tan and red. [54:37] Aaron Pottichen: Ah, yeah. Maybe that's what it is. [54:40] Chad: Yeah. [54:40] Mark: Mine doesn't work as well. [54:42] Justin: Scared to wear red on the show. [54:45] Chad: Mark, we're running out of time, and I can't have a shelter in place. Episode without the Mark game. What's it called? [54:53] Mark: We're still doing it. All right. It's called are you game or is it lame? Okay. Aa. [54:59] Justin: Ron. [54:59] Mark: It's pretty simple. It's questions I'm gonna ask you. Yeah, I've got notes. [55:03] Justin: Whatever. [55:04] Mark: Blake, you should be happy I wrote them down. So my first. The point of the questions are yes or no. Hypotheticals, whatever. It. [55:14] Aaron Pottichen: Just answer the question. [55:15] Mark: I'll point to you or say your name. So my first question is. Now, this is kind of directed a little bit at Aaron, because I mentioned earlier. Yeah. I follow you on Instagram. I see that you work out with your kid and you do all these hardcore Murph challenges, and I get it. That's great. You're all ripped and chiseled, and so [55:34] Justin: am I. [55:38] Mark: I will say that again. A part of this quarantine process is looking at social media more than usual. And you see people posting things like, hey, look at what food I'm cooking, and it's just, whatever, fine. [55:48] Chad: But the. [55:50] Mark: The folks that post those damn maps that show, like, I rode 26 miles on my bike today, which took me three and a half hours, and I burnt 1200 calories. Is that lame, or are you game? Aaron, I'll start with you. [56:04] Aaron Pottichen: I think that's slightly lame. [56:07] Mark: Come on. Commitment. Perfect. Jd, you're next. [56:11] Chad: No, I'm game. If you're out there doing hardcore physical fitness and you want to share it with the world, I'm totally okay with that. [56:20] Justin: Okay, Chad, I don't need to know your running path. That's lame. [56:26] Mark: Justin. [56:26] Justin: I don't need a reminder that I'm fat and I need to work out. [56:30] Mark: All right. [56:32] Chad: Fatandshort.com fatandshort.com. sorry, go ahead. [56:36] Mark: My next sponsor, by the way, [56:40] Chad: Sending [56:40] Mark: back food at a restaurant. [56:41] Chad: Wait, hold on, hold on, hold on. Jake Rushton is on his fucking bike right now. He just. He's. [56:48] Mark: Yeah, of course. Post one of those pictures. I dare you. [56:53] Aaron Pottichen: That guy's got, like, 25 kids. How does he have time to ever work out? [56:57] Chad: What a joke. [56:58] Aaron Pottichen: It's ridiculous. [56:59] Chad: You go, Jake. You go. [57:01] Justin: He brings them to conferences with him [57:03] Aaron Pottichen: because he brings them to his conference. [57:06] Chad: You know what I'm doing right now, Jake? That's what I'm doing. [57:11] Mark: I got two kids. Go ahead, Mark. We can't leave our house, and I lost one of them yesterday. [57:17] Justin: My house isn't that big. [57:18] Aaron Pottichen: Isn't that lame or gay? [57:20] Justin: You found him or her, right, Mark? [57:23] Mark: I think so. I think that's the right one. [57:24] Chad: Wait, is your lame or game question if you lose your kid. [57:28] Mark: No, no, no. Okay, my next question is, sending food back at a restaurant, is that lame or are you game, Aaron? [57:35] Aaron Pottichen: That's game. [57:37] Mark: Oh, you're. [57:38] Aaron Pottichen: If somebody brings me, like, a steak that's not cooked, well, that stuff's going back. [57:42] Mark: Yeah. Texas, huh? [57:43] Justin: All right, jd, I would never. [57:46] Chad: I'm a Pacifist. I, I'm a vegan. If you send me a steak, I'll frickin eat it. That's not true, but. No, don't. I will not send it back. [57:55] Mark: Chad. [57:57] Justin: I hate to say it because Brooke gives me shit all the time, but I agree. I will eat something that was not even my order because I don't want to send it back. [58:06] Chad: You're a good man, Chad. [58:07] Mark: You're a good man, Justin. [58:10] Justin: I'm game. If it's not what I ordered, I'm send it back. [58:13] Mark: Well, no. Okay, you ordered the cheeseburger with fries. It comes to you. But maybe you just, you're like, how's your food? [58:19] Chad: Would you like to take that? [58:20] Justin: No, I won't do that. It's gotta be bad for me to send it back. [58:25] Mark: All right. [58:26] Justin: Did you see Michael's comment that you know what happens? [58:30] Aaron Pottichen: True, true. [58:32] Mark: You get the loogie. [58:33] Chad: You get the loogie sandwich. [58:35] Mark: So now this next question revolves around Mr. Potichon's beautiful head of hair that looks like when he wakes up in the morning, gets steps out of the shower, he just shakes it and it falls into place. [58:47] Aaron Pottichen: Exactly. [58:48] Mark: Starting tomorrow, if you were going to be either a bald for the rest of your life or had to have a mullet, a full on Billy Ray Cyrus mullet, this is a good one for the rest of your life. And I hope my producer genius Brandon is going to make a picture of Aaron no matter how he picks this. Sorry, what do you say, Mr. Potichin? [59:15] Aaron Pottichen: Oh, I'm going straight Lex Luthor all the way. [59:19] Justin: Yeah, boy, you would not look right with that. But jd, go on. [59:23] Chad: Yeah, I don't want to just answer haphazardly. I'm serious about this because I'm leaning towards the mullet. [59:31] Mark: You've got most of it started already. [59:34] Justin: I'm going to sport it. You're one of them. [59:37] Chad: I'm going mullet and I'm going to wear it proudly. Yeah, yeah. [59:40] Mark: Mullet, Chad. [59:42] Justin: So here would be my comment to JD's answer is next surf trip, we're shaving your head into a mullet. Then you could still wear your beak. Nobody would know. But we're gonna do that. [59:52] Chad: I would do it. [59:53] Justin: I'm going bald all the way. I am bald. [59:56] Chad: So I'm actually curious whether Chad or Justin. Although Chad, you can't call yourself bald. Would you want the mullet? [1:00:05] Mark: Are you. [1:00:06] Chad: Are you sticking. [1:00:07] Mark: Oh, dang. [1:00:10] Justin: Sorry, I'd seen that. [1:00:13] Mark: Wait, chat. So what was your answer? [1:00:15] Justin: Bald for sure. I Feel so awkward with this hair. [1:00:21] Mark: You look awkward, too. [1:00:22] Aaron Pottichen: Yeah. [1:00:23] Justin: Thank you. [1:00:23] Aaron Pottichen: It doesn't look right. [1:00:24] Justin: Tell my wife so I can cut my hair, please. [1:00:27] Mark: It's not even a question. [1:00:30] Aaron Pottichen: I mean, I don't live enough in the South. If I lived closer to, like, Louisiana, then I would definitely probably pick the bullet. The mullet. But I live in Austin. This is a cool place to live, so it's not gonna fly. [1:00:45] Justin: Yeah. [1:00:47] Mark: You know what they say. You know what they say? [1:00:53] Justin: No idea. I'm waiting. [1:00:58] Aaron Pottichen: What do they say? [1:01:00] Justin: We've been waiting for you. [1:01:01] Chad: And that has been another episode of the Retireholics sheltering in place. Thanks for tuning in. Aaron Potichin, the champ. Thanks for being with us. All of you guys that attended and stuck with us. I really appreciate it. Blake, Brandon, Chris, Gary, Jake, Josh, Lonnie, Michael, Paul. Thanks for giving me life. Paul Carlson. I appreciate the sperm that you provided to give me the life that. That I have. Pch. Pch. Hey, can you stop messaging me on Twitter, please? Thomas, Timothy, Tom, and Pch. I'm just kidding. I love you. Okay. Okay, bye. [1:01:47] Justin: Now you know why we don't give JD Free rein at the end of conversations on team meetings? [1:01:55] Aaron Pottichen: It gets bad. Look at those amps. [1:01:58] Justin: Dang, Mark. [1:02:00] Chad: Oh, sorry. Plan, plan. [1:02:07] Justin: When he says, thank you, dad, you just plug your ears immediately. [1:02:12] Aaron Pottichen: Got it. Now I know. [1:02:14] Chad: All right. It's been another great show. Thank you, buddy. It's been an hour. Brandon, roll the music. [1:02:24] Justin: Good night, Aaron. Preach. [1:02:27] Mark: Thank you so much. You done messed up a Ron. You break every step you take I'll be watching you every single day and every word you say [1:03:04] Chad: every game you [1:03:05] Mark: play every night you stay I'll be watching you. You belong to me how. [1:03:26] Chad: You take [1:03:29] Mark: every move you make every vow you break every smile you fake I reclaim you speak I'll be watching you.