Are PEPs Really Fixing the 401(k) Coverage Gap?

[0:00] JD: To do like a super. Down on the ground. [0:02] Speaker B: Get your hammer. [0:04] JD: Let me ask you guys all a question. Let's. Let's ask ourselves all a question. You ready to senseo? [0:13] Chad: I'm ready. [0:14] Mark: Is that your question? [0:15] JD: Everyone out there in the, in the chat bar, I want you to ask yourself this question as well. Do you have a flat in Paris, France? I'm guessing most of you are gonna say no, but my answer to that question is yes, I do. Yes, I do have a flat in Paris. [0:36] Speaker B: So we know a guy, guys. We know a guy. [0:39] JD: Paris and Vale. [0:40] Chad: Each one of them with a 70 inch plasma screen. [0:44] JD: I don't think there's a plasma screen in this one, but no, I, I signed a lease in French. [0:51] Mark: Oh, so you don't have one. Shut up, dude. That's like me renting an Airbnb for a weekend. It says, who's got a four bedroom house on the shores of. [1:03] Justin: He's got a point, J.D. [1:04] JD: i signed a year lease. [1:06] Mark: Yeah, you don't have one. You do not have one. [1:09] JD: See? God damn you, Mark. You're right. [1:10] Mark: This isn't even a humble brag, Josh. This is a. It's an Airbnb absolute. Like I don't know how to start the show. Let me just say something to be cool. And it's failure. Two weeks off. [1:25] JD: Two weeks off, J.D. [1:27] Mark: and this is what you come to the show prepared with? [1:30] JD: Guilty as charged. Guilty as charge. [1:32] Mark: I'm not in the mood for this today. [1:34] JD: I'm just telling you right now, not the mood for this fire today. I actually, it's partly due to the second thing I want to share with you, Mark and everyone is that I am an empty nester. And the Paris flat is for my daughter who's going to school there. My other daughter is living up in Huntington beach and my son, as many of you know, is at University of Miami doing lines of cocaine. And so I'm all alone at the house. And you know what pisses me off more than anything? When it's Thursday night, it's retireholic and people on the Internet are telling me they can't show up because it's back to school night. Get your priorities figured it out. Get them straightened out. [2:21] Mark: Who was that? [2:22] JD: All kinds of fuckers are going to back to school night when they should be learning out about 4:1, by the way. [2:27] Mark: I mean, back to school night should have been two weeks ago. We've been back to school. I mean those, those, those schools are just lagging. [2:35] JD: Procrastination. Yeah, maybe, maybe. But with that shitty intro. Let's fire it up and spin the wheel of ice. Oh, good. [2:59] Speaker B: Thank goodness. [3:02] Mark: This is rigged. No. [3:10] Justin: Well, you got to coach little girls soccer. [3:14] JD: Is that where you're headed? [3:16] Chad: Yep. [3:16] JD: And my other. [3:17] Mark: And my other. My other coaches don't show up on Thursdays. So I get to do it all by myself. [3:21] JD: Do you know you. You know who was one of the best youth coaches in all of sports? That dude. That dude from the. From the Bad News Bears. Remember, he drank in the dugout and he was an awesome coach. All right, Justin, let's get it kicked off. We've. We've got a guest and I'm not going to step all over your toes. You go ahead and intro this real quick though. Rank him on 0 to 10. [3:48] Justin: Can I get a timeout on the acro sin given the topic tonight? Just for the intro? [3:53] Mark: No, no. [3:54] JD: It's called he's got hockey. [3:56] Speaker B: Let's watch him puke on the ice. [3:57] Chad: Damn it. [3:58] JD: Alrighty. [3:59] Justin: Well, today's guest is one of the foremost expert on pooled employer plans as well as their negative impact on our beloved 401k industry. Because he's intelligent human being. [4:08] JD: He is. [4:08] Justin: Shortly after PEPs were written into the law, he founded the Anti Pep League of America. Around that same time, he became the first and largest, might I add, angel investor in the ever so popular website Pepsuck.org. he's authored dozens of articles for some of the most prominent publications in the world to get his message out. And I quote, after a thorough investigation, we now know the regs were a secret alien message about mind control. The FBI, the CIA, the NSA, the KGB, UFOs, they're all involved. It's not about the retirement gaps. They want your millions of dollars. Brandon, where are you right now? He must be a glutton for punishment because he's back for round two after taking it on the chin. The first go around. President of the ever so original Decento Consulting, Michael decenso. [4:55] JD: Look at these articles, right? Look at that for climate change. [5:01] Mark: Justin. Obviously I'm not going to hit the buttons during, but that was at least 10. [5:08] JD: Yeah. Hey, can you guys. Can you guys give Desenso some help? He's a boomer. He can't read this without his glasses. [5:17] Chad: I need these articles. [5:20] JD: Well done. I had tens. Best intro ever. Best intro ever, Justin. [5:29] Mark: Him. I wasn't scoring him a 10. I was giving him 10 acro sin shots. [5:34] Justin: I got eight in there. [5:35] Speaker B: JD got one in there too. [5:36] JD: All right, let's. [5:38] Speaker B: There will be Mercy. [5:42] JD: Oh, I didn't know you were going to do that. We're going to play some games today. Acro sin has already started. [5:49] Mark: Justin. Justin's not following the rules. [5:51] Justin: Dude, I gotta drive in 40 minutes. [5:54] JD: Whoa, Uber, dude. [5:56] Mark: Uber to your game. [5:57] JD: I am your employer and I am telling you here on live tv to drink and drive. No, I'm kidding. [6:04] Mark: Yeah, in Missouri, the rules don't exist. So Chad's got no problem with that. [6:09] JD: Okay, we're playing some games. Acro sense started. Chat bar champion is going to be a thing, so don't forget to send. So you gotta nominate your finalist for chapter champion tonight. So keep your eye on the chat bar. And you out there in the chat bar, get fired up, get motivated. I'm feeling good vibes tonight. So let's have some solid chatting it up. Not last week's champion, but the champion from three weeks ago. Does anyone remember who it was? No. It was the cushionator. So I have ordered for Kush Fat Jack's Barbecue. [6:48] Justin: Wow. [6:48] Speaker B: Sounds delicious. [6:49] JD: Sounds. Which apparently he loves and his kids love. A full slab of pork ribs, half mild barbecue sauce and half spicy. And side order of cornbread. Actually, three orders of cornbread, a half pound of grilled smoked sausage, and on the side is a vinegar mop sauce, which I'm actually not familiar with what the that means, which is why I chose it. Kansas City burnt ends. [7:19] Chad: Now we're talking. [7:21] JD: And he's gonna wash it all down with some homemade fried pickles. That's. [7:27] Chad: Mark. [7:27] JD: I know you're always curious in this. I did the math. It's just south of 5,000 calories, actually. [7:33] Mark: Now I want to know how much that cost. [7:35] JD: Just north of a hundred bucks. [7:38] Mark: That's. [7:39] Chad: And how much is the medical bill for the heart attack? [7:42] Speaker B: We don't take that into account. [7:44] JD: We don't cover that. So that is Chepar Champion. And we'll be naming another one tonight. Beer. The episode here. The episode is this beer that I found that my dog sitter left in my refrigerator while I was gone. And it is Ballast Point Sculpin. India Pale, but it's got a little. Little. What's the flavor on there? Grapefruit. [8:10] Speaker B: Grapefruit. I'm curious about that grapefruit in there. [8:16] Mark: You're not a fan of those? [8:18] JD: Can I lie? Can I. I don't lie to the audience. Right? [8:20] Mark: No. [8:21] JD: Never lie. Yeah, the grapefruit's in my refrigerator. I grabbed the regular one. [8:25] Speaker B: So I was gonna say we could tell the color was different. [8:29] JD: I don't want to mislead anyone. Full transparency here. So regular India Pale Ale. I mean, that's a famous brewery ballast point, right? It's. It's solid. You know, they know what they're doing. That's a great. That's a great. I'm gonna say ipa. That's a great ipa. I can't keep saying it a long way. [8:52] Speaker B: What's your Roby? [8:53] JD: I'm going four out of five. [8:55] Speaker B: Oh, that's high for jd. He never goes high with his robe rating. [8:59] JD: I want to show for proof. Tonight I will be drinking my penalty drinks from this horn. Why? For. [9:06] Mark: Why for proof? [9:07] JD: Well, I wanted to show the vodka going into it. So you knew that it was legit. [9:13] Justin: I don't think we've ever questioned. [9:14] Mark: We've never questioned you. [9:15] Speaker B: Yeah, nobody's worried about that. [9:18] JD: I just pulled a. Who's the guy? Who's the fiduciary guy we have on the show? Always. It had to show us his liquor was real. Come on with the patches. Center for Fiduciary Excellence or help me out. Okay, let's go to headlines. Yes, we go. Don Trone. Yeah, I always thought it was funny that Don Trone stood for transparency. He stood for fiduciaries. He does stand for fiduciary responsibility, but yet he really had to show us that he was actually drinking real alcohol from the bottle. Seems weird to me. I love you, Don. [10:01] Speaker B: You put a lot of thought into that, Judy. [10:03] Chad: Wow. [10:04] JD: Just trying to be. Trying to share, you know, my feelings, Chad, with people out there. Number one headline. I woke up this morning, My prayers were answered. I don't know if it came out on the weekend or whatever it did, but Fred and Devin, those gorgeous little have come out with a new podcast, the Five Dangerous Fiduciary Assumptions. And I listened to it this morning with my coffee, and I enjoyed the hell out of it. In Nevin's words, these are not the top five. These are. These are not maybe the most dangerous, but these are very common ones. I want you guys to take a stab at them. The five most Dangerous Fiduciary Assumptions. Anyone got a guess here on the. At the bar here? Wonderful. I'll give you number one Number assumptions. Number one was late and not number one by. [10:57] Speaker B: Remember, timely. [10:59] Chad: Timely contribution. [11:00] JD: Timely contributions. [11:01] Speaker B: That's. That was what my first thought was, [11:04] JD: because most people think it's the 15th of the month following. We all know that that's not true. It's when you can feasibly get it done. What kind of watermark you've Sent to actually get it in. I liked. I heard Fred. First time I've heard Fred say he gave me the three to four days as just kind of a loose interpretation of. Of getting it in. He also mentioned that his law firm once they used to put it in the day before they did payroll just to be safe. Those little. [11:30] Speaker B: Oh, wow. [11:31] JD: I hadn't heard that anyone got a guess on what another one was. [11:35] Justin: 316. And that they're not a fiduciary. [11:37] Chad: That you are a fiduciary. [11:39] JD: I'll give you a ding ding on that. I'll give you one there, Justin. They talked about that how hiring a fiduciary does not relieve you of being a fiduciary, which is something we all know here. So don't forget you're the one that hired the fiduciary. You have to monitor, vet out that fiduciary and keep track of them. And yes, Michael, I think it was Nevin himself that mentioned pooled employer plans and the pooled plan provider and even said even in that case, you have not outsourced your fiduciary responsibility. You must vet out and monitor that pooled plan provider. But we'll get to that a little bit later. I can't wait. The other one was apparently plan sponsors. There's. We know that there's no rule to have an investment policy statement. And because that's the case, they think like, well, I don't have to have one. And obviously Nevin and Fred are like, ah, you probably should, you know. Is Nevin still here? I'm probably botching the whole podcast. They, they talked about the misconception that your fidelity bond is fiduciary liability insurance, which we all know it's not. But when you ask a client, hey, man, do you have a insurance? They're like, yeah, yeah, yeah, I got insurance. I got that good old ERISA fidelity bond. And then lastly, I think I've been through four. They talked about this whole acting with skill, care, prudence, you know, someone who is familiar with such matters or what I was always taught, like, like an expert, you know, someone that knows what they're doing and they're what I love to hear them say. And this is towards the end of their podcast, they were very pro plan advisor. Pro and advisor that actually knows what they're doing and they're saying, hey, yes, you do have to act at this really high level for these very serious rul. But bring on a partner, man. Bring that financial advisor and that knows what they're doing. So It's a quick 30 minutes. It's a good listen and I'm just glad that they came out with another one because. [13:36] Speaker B: Keep putting them out. [13:37] JD: Yeah, yeah, I got a little. [13:38] Speaker B: I heard that one yet I got [13:40] JD: worried nev when I hadn't seen them coming out. I'm like no, no, no, I need another one. [13:45] Speaker B: I speak internally because I know we mentioned this a few weeks ago. Nevin's like the hardest working guy in the 401k space. I think it is ridiculous how much he gets done. [13:55] JD: Yeah, yeah, totally agreed. Totally agreed. Chad, you little brown noser on 401k specialist mag. There was an article titled turnkey 401k for small biz debuts. Although the way I would read that word would be debuts, right Mark? I mean from not debuts. Let's see. [14:20] Mark: Why would you ask me that? [14:21] Justin: It's kind of fun to say. [14:23] JD: I like to pretend that you're the stupid guy jocking. Is that okay? Equitable is really. [14:30] Mark: At least you said pretend. [14:32] JD: Okay. It's rolling out a program tailored to the 401k micro market. Just reading from the article here. It's designed for startups and plans up to half a million dollars. Why are they doing this? Setting up every cat for unified retirement enhancement. They're excited about that. They think all the credits that these plan sponsors are going to get are going to boost this, this startup micro market. I agree with them. They talked about the state run plans and, and that's happening all across the country now. That's also going to boost this, this micro market. So they, they see good things on the horizon for the coverage gap. Yes. [15:10] Speaker B: I will also say they are deep and with a couple of Smaller non 401k focused broker dealers as one of the few approved providers for these broker dealers and they know these, these groups are writing these small plans and they're trying to be competitive in that space. [15:30] JD: So they've got a distribution plan as well that kind of adds gasoline to that fire. Hey, I say good for you. That's great. I love to hear that someone's coming out with a product that's designed for the micro market. I'm trying not to be an asshole here. What is different about it? What's new? I'll read the bullet points. They got a 316 fiduciary. Okay cool. They got a 338 fiduciary. Okay cool. Automatic enrollment which by the way lines up with the new regs for these startup plans. [16:02] Speaker B: Right? [16:03] JD: Well assuming that goes through stadium is going to be the manage accounts as a qualified default investment alternative. And then their last bullet point is they're going to be leveraging 360 payroll integration. The pessimist in me is saying, okay, these are all things that exist right now. So good thing equitable or that you're getting into this market and you want to focus on it. That's great. Chad's claim you got some distribution. I'm just read this stuff going like, okay, so it's just someone else creating a product. I mean everyone has this. [16:36] Speaker B: Very few people are committing to the small market startup space. I think that that's what I like most about everybody's chasing assets. And there's a couple of groups that are coming out saying, look, we don't need to chase the assets. We will go ahead and help these micro plans. [16:51] JD: I like Nevin's question for me, why am I talking about this? The reason why is when I see these headlines and I'm probably overanalyzing nev. [16:59] Mark: AD didn't prepare very much. [17:01] JD: He just, unfortunately I prepared all day. But I look at these headlines and I feel like, like you've heard me bitch about this before. I feel like they're, they're, they're insinuating that somehow there's not solutions for the micro market and that somehow they're creating something that's new, that's well designed. And I kind of sit there as a third party administrator and go, been selling this for 25, you know, 30, 40, 50 years, like it already exists. And all these bullet points that you're putting there in my mind already are available in these programs. So that's why I, I bring it up now to their defense. Jay Zuckerman from Equitable says, quote, predefined packages help advisors with the administrative burden and time spent selecting a plan, pointing their clients to the right amount of fiduciary coverage based on their specific needs and to streamline the overall onboarding process. So my takeaway from that is, okay, simplified designs that are kind of square hole, square peg are the best solution for the small market. And so there are now record keepers that are committed to like not having so many options and just having a really simple kind of plug and play option. Okay, that's fine. I just think a good advisor can do that on their own. [18:20] Chad: Well, I think this is probably built though for that, that blind squirrel. [18:25] JD: You're right. [18:26] Speaker B: You're absolutely right. [18:29] JD: Shame on those blind squirrels. [18:31] Chad: You're right. You know, they're out there. [18:32] Speaker B: They are, they're still selling a vast majority of that microspace business. [18:36] JD: I think the Brian. I think the Brian Grass points at a conference some months ago. There's going to be so many plans. I guess we're going to kind of need the blind squirrels in some way, shape or form. Right? Like, we need more boots on the ground to. To sell and service these things. So we'll move on. But hopefully we can train these blind squirrels to have a little bit of eyesight. Some eyesight. [19:00] Chad: I am curious though, why they wouldn't have done, at a minimum, a group of plans here. Why are they just doing this as individual plans? [19:07] JD: I'm just curious, you know what? Because they're probably a lot smarter than we give them credit for. Okay, let's go to the next one. [19:14] Chad: I would do a group of plans, but I'm just asking, you know, at a minimum, why didn't they do that? [19:18] JD: But yeah, because they're smart. They don't want to. Okay, the next one is. Are pooled employer plans popping? [19:26] Justin: You got so excited when you saw [19:27] JD: this champagne bottle Nevins. Look, that's a great headline, by the way. I want to rip on it, but that's a phenomenal headline. [19:35] Mark: He should have got. He should have dropped the G though, and made it like really hip hop. [19:39] JD: Thanks, Mark. I totally agree with you. And you got to throw the little, [19:44] Mark: little whatever that is. Yeah, I don't know. [19:46] JD: I call it a Nevin. What's that called? That little thing, the cold, the. [19:52] Mark: The comma that's airborne. It's the jumping. [19:56] JD: I know what it is, Mark. It's an upfront, upside down, reversed comma. Sorry. Boom. [20:00] Mark: Yeah. [20:08] JD: Where did that article go? So this is less of an article and more of a. A survey. Right? So he's talking about, hey, are these things really popping off? Are they not? And then you click on the link and you can answer the survey questions. Obviously, everyone knows where I stand on this. Let's go to our guest. So I regret asking you this question. Are old employer plans popping? And if they are, why? [20:42] Chad: Well, I don't quite understand popping. So I don't know. We go there because I don't go to the club. [20:46] JD: Are they crushing it? Are they doing well? Are they. Are they killing it? [20:50] Chad: What I believe is they are having a slow start. I think they're definitely having an impact. I think they're for a different market than what the DOL had them designed for. [21:01] JD: Ooh, drink, buddy. And that's a penalty on you. That's a penalty on you for saying Department of Labor. And that's also a penalty on the people that are not using it. Why Washington, District of Columbia decided to use it, which is to help the coverage gap. But go on. [21:18] Chad: So what I see is actually it's more employers that are adopting from the standpoint of offloading the work and freeing up their HR departments more than anything. So it's people who already have a plan in place. [21:30] JD: So takeovers, drinks. [21:34] Chad: I just went, I'm going to be drinking a lot tonight. I should do this. I got a whole bottle, you know, ready for this. So [21:43] JD: I feel like when I read this headline, it brings me back to even when we had you on the show previously where it was like, look, pooled employer plans are going to reshape the industry. Like, and, and I, maybe I'm putting words in people's mouths, but like this was supposed to change life as we knew it in 401k. And here we are years later. [22:08] Chad: Oh no, we're not. No, no, no, not years. Come on. [22:11] JD: Years ago you were on back that [22:13] Chad: up January 1st of 2020 and it hasn't done. [22:17] JD: And I saw someone online say, oh well, it's been, it's been, it's been the pandemic. Like, the pandemic has slowed us down. I'm like, bro, are you kidding me? Like record helped. Third party ministers have been crushing it in the pandemic. Like, it's been the best two years of new sales everywhere. So where are all these new pooled employer plan sales? Because they don't exist. [22:39] Chad: Well, here's what I'd say is first of all there for the pooled employer plans. We've seen about, I don't know, almost 300 of them set up so far. And we see when you pull plan providers, there's about 100 plus of those throughout their registered today. So we're seeing that there is still momentum. I think what we have is very different building of each of these plans and the way in which they're administered and how they're actually delivered to the market. And where this has been slow to adopt is on the advisory side. There are certain advisory firms that got in front of this and actually develop their own for their market. But what we see is the vast amount of advisors still wanting it because they think it's competition for them, they think it's margin compression for them where it's not. But that's the fear. [23:30] JD: Yeah, go ahead. [23:32] Speaker B: Is that the fear? Because other pooled employer plans are cutting out the advisor and a lot of those Services because they're trying to streamline, as you mentioned, outsourcing what human resources has to do and cutting into the investment side of things. [23:47] JD: They've definitely belittled the role, the seriousness of the role of the advisor. In my mind, it depends. [23:55] Chad: And why I say that it depends is there's plenty of differentiation that advisors can play inside of a pooled employer plan or an individual plan. Of course, somebody has to be the quarterback of this for the employer, the adopting employer. [24:08] JD: They can make the best of it if they wanted to. And I do want to back you up as much as people out there probably think that Michael and I, you know, hate each other and want to debate. We're actually good friends now over the years. But one thing you say that I agree with and I want the world to hear is that you're right, not every pooled employer plan is the same. There's a lot of different ones out there. And so dare I say, are there some good ones? Of course there are. And Chad, I think I said from the beginning I was always a fan of a, of a large national advisor shop setting up their own. If they were kind of at the controls and they can build it the way they wanted to build it, I saw some advantages to that for them. But my bigger concern now is, you write Vicenza, they're not all the same. But, but you know that I've got a lot of interest in this. And so every time I see a new one out there where I get to get my hands on the proposal and I can dig through it and I've digged through a lot of them thanks to Mark and Justin and chat. People have sent me some stuff. I don't like what I see. I see a lot of conflict of interest. I see a lot of proprietary requirements and I know this isn't all of them. I know there's some goody two shoes out there doing it. Right. But there's a lot of them that are doing it. Wr. [25:21] Chad: Yes. I think there's a couple of issues. One is where an advisor is trying to be the pool plan provider because they don't have access to the data, they don't have a hard landing of the systems. And so I don't know how they fulfill that role. And so you've got some, some of the pool plan providers who it is an advisor trying to fill that role. And I don't get it. Now you get into some of the record keepers where they're acting as that pool plan provider and they're wrought with Conflicts of interest from the standpoint of their stable value fund, their, their own, you know, target date funds, they're doing the processing of trades, they're getting trade fees and transaction fees. So there's a number of areas where this needs to be cleaned up and I think will be cleaned up in time. And I think these are challenges for those, those companies to try to overcome that. But I think they have to outsource those pieces so that they're not conflicted. [26:09] JD: Tony, Tony Davis asked in the chat bar. You know, there's a lot wrong with the status quo right now. So is the argument that that's not so good. Here's my, here's my rebuttal to that. The status quo has been evolving to a more transparent, institutional, shared class of funds. You know, very transparent in all the roles. Like, we've really been doing that over the last 20 years and making headway to be a better industry. My concern is that people are taking what the government tried to create as a simpler solution for small plants and instead using as a way to almost circle back to find evil ways of revenue share and evil ways to sell several different types of services to, by the way, small plans that maybe don't need a lot of those services or can't, can't handle the extra cost that goes along with these services. And so, Tony, my point to you is the status quo has been improving, so don't drag us back into shit that's riddled with conflicts of interest, lack of transparency, you know, going down that [27:17] Speaker B: path as an industry. For four or five years now, though, we cleaned a lot up. And then I feel like we've gone back to paying for shelf space from the mutual fund families. We've gone back to accepting revenue share as a whole from, from different relationships, buying data. So I don't think it's just the pooled employer plan space that's causing some of that. J.D. i think we as an industry have made some poor decisions in that realm as well. [27:43] Chad: You look at this too, from a plan design perspective, as you look at these different pooled employer plans out there, some are very rigid from the standpoint of you can only have a safe harbor and that's it. Others, from the standpoint, after great flexibility, from the standpoint of the waiting period, the vesting schedules, the contributions, whether it's automatic enrollment or not, whether it's automatic escalation or not, whether it's a safe harbor or not, whether it's what type of profit sharing formula can be allowed, and all different by Each adopting employer. So there's different ranges of flexibility in the design of these plans as well. [28:17] Speaker B: Well let's be honest though, because I have as JD was mentioning, seen a great deal of these and not one fricking time Mike, have I seen anybody do a proper job consulting with the client on what is right for them. It's oh come be a part of our pooled employer plan. Like we're going to drive down costs and pull responsibility off. 30, 60, 96 months. 12. You want 12 months? Okay, let's check that box. There's no consultation as to what's right for the client. [28:45] JD: Well, I don't want to put them on. [28:48] Chad: There are some advisors out there that are doing that consultation. The vast majority. I don't think advisors should be doing slam dunking product. So there's not actually doing that consultation but there are some out there suggest one of the largest plans, One of the PEPs that I created is $267 million. They went through a litigious, litigious process if going to decide to go into [29:13] JD: and that's great and that's great in decent so you have to drink and that's great. But I think the summary here. [29:19] Mark: Wait, Dissenso has a cool coffee mug too. [29:22] JD: Yeah, why don't I have one? [29:25] Chad: I work for the show. [29:26] Mark: I don't even have one. [29:28] JD: I think the summary assessment here is of course man, of course there's going to be some good ones and, and God bless them and, and, and I, I more success to them. My point was and the point of this article is we're pooled employer plans going to change the landscape of the retirement plan industry and were they going to change it for the better? And I think it's pretty clear that that's not happening. And I, and I want to know, I want to know from the chat bar, not from you to Sensor. I want to know from the chat bar when is it too early for me to say I told you so? So keep me posted on that because this isn't popping off. Let me give you Nevin stats, shall we? Let's take a look at the stats from Nevin's survey of the very article that we're talking about. [30:11] Chad: Do you know what the universe has been Evan Survey. How many people is that? [30:15] JD: Who knows? These are the most. [30:16] Chad: I'm just curious. [30:18] JD: These are the most smartest people in the entire industry and we asked them what's your sense of the current interest in pooled employer plans? Generally speaking, you know, from the employers and the Number one answer was curious, but no more. The number two answer, not even aware of the option. What? What are you talking about, bro? You know what? The least. The least. The last place little deal on the graph here that you can't see was I'm chomping at the bit for this pep stuff that was like. I think that was negative four people out of that. It looks like 113 people answered the question. Yeah, yeah. [31:05] Chad: It's a pretty tiny universe, but that's nothing. It's never the survey. Because survey is great. [31:10] JD: Hey, Mike. [31:10] Mark: Survey myself, Mike, just to back you up a little bit because obviously I work with a couple of major pessimists here and they don't see every argument two sided. [31:20] JD: They're very narrow. I see all the fucking arguments. [31:23] Mark: So I just want to remind everyone that let's take a step back in time. Let's remember the days where you guys know that company, I think you might know it called Amazon. Right? You know who they are? [31:35] JD: Yeah, yeah. [31:35] Mark: Do you remember back in the day they sold books? [31:38] Chad: Yes. [31:38] Mark: And probably everybody thought they were just a big piece of crap library. Stupid bookstore. Now look where you get all your shit from. Let's not forget that things can evolve, things can change, things can get better. Okay. Not be narrow minded, J.D. [31:53] JD: i'm just trying to figure out how that applies. Trying to figure out how that applies to this. [31:58] Chad: My next mug that I win is going to be a road guy mug. [32:01] JD: Mark, this is more. What happened is, is someone comes out and says, hey, I'm going to sell you the newest book. Check it out. It's got a spine, it's got pages, and it's got a cover and a back. You want to buy our books? They're the bomb. They're the new books. [32:17] Mark: That's. That's J.D. that. Fair enough. That's one way to look at it. But the other way to look at it is that this is just something that's starting. And yeah, we're. We're considering all angles. Yes. [32:29] JD: I can't even go too deep. We don't have the time. And someday I would like. [32:33] Mark: And I don't want to because we've done this 48, 000 times. [32:36] JD: Not really. I don't need. I don't even feel like I've been able to get to the bottom of it. [32:41] Mark: Come on, Justin, say it. You know you want to say it. [32:43] Justin: No, I'm just. I'm loving what I'm seeing right now. [32:45] Mark: This. [32:47] JD: We haven't really got into the dirt of it all. And so we'll have to push it to another deal. [32:53] Chad: We get in the dirt. [32:54] JD: No, no, no. It's complicated. It's very complicated. [32:58] Chad: But here's something I think is going to, is going to help change this market in my opinion is we're coming into a challenging financial market not only from the sample of the stock market but economic, economically, overall. [33:12] JD: And I think, I can't wait to hear, I can't wait to hear how, how pooled employer plans are going to help you from volatile markets and inflation and interest rates. [33:19] Chad: Here's, here's what, here's what I think is going to happen when I think, okay, First I think Pepsi will at some point here, in five to 10 years be the majority of retirement. [33:28] JD: Oh my God, don't make me. [33:30] Chad: Which will be like 51%. That could be 51% but it will be the majority. [33:36] JD: Oh my God. Of money you'd like to place on that because two lambos, I'll bet you two lambos that never even comes close. Go on. Okay, so here's, so here's the other [33:49] Chad: side is with what's going to happen economically and the challenges that companies have with back to work. Their, their HR departments have zero time to work on a 401k plan. And so I think that this is going to allow and bring on more adoption of the pooled employer plans. [34:07] JD: Okay, let me, we'll move forward but let me try to reposition that. You know how I feel that you can already hire a 316 or 338. Okay, so, so let me go with you on this. So you think that the micro startup small market is a good consumer of fiduciary services. They want things done for them. Which I get why people say that. Here's the flaw in that concept. 316 is an add on service. Chad. Justin. Mark, you sell a lot of startups this year, right? A lot of them. Hundreds. How many of them do you think would like to pay for a 316 service? Thank you, Chad. Mark. Justin, like you need to give them basic low cost things and that's not what this is. Most of the pooled employer plans I've looked at are a higher cost as they should be than a standalone 401k plan that's not going to match up [35:05] Chad: actually shouldn't be more than a standalone for 1k. [35:08] JD: But second of all, are they all. [35:09] Chad: It's not, it's not the startup market. That's where, that's where, that's where the that's where this was defined incorrectly in my opinion, but now is a benefit. The plans that are currently in place is, this is a, this is a boon for somebody who already has a plan in place rather than startup. [35:26] JD: Yeah. So I mean it works. The startup, it can work, it spread out the audit costs. Like that's phenomenal. [35:32] Chad: There's a number of things that they can do. They can offload. They can offload. So if it's designed correctly and the contracts are done correctly, because that's a big part of it, it's going to [35:40] JD: take off about as much as 316 has taken off. Which 316 is, you know, it's made a blip on the radar and that's the same little blippy blip that your little peppy peps are going to make. And I'll drink. [35:53] Chad: Whoa, you gotta drink twice. [35:55] Mark: I'm giving you two for that. [35:57] JD: Let's go to. I saw a post on LinkedIn. I saw a post on LinkedIn from a advisor named Stephen Wilkinson and Brandon encourages me not to do this a lot, but I'm going to play the video for y', all, at least a snippet of it. And what I want to start this conversation is I like this guy because he's very metrics focused, he's got these numbers figured out in his head. And to kind of set the story for you, he has said out loud on LinkedIn that he is looking to build a million dollar retirement plan practice. A million dollar in revenue over the next, oh shit, it's three or five years, let's say five years just to be safe. But play this video if you can, Brandon and then we'll start the conversation around some of these metrics. $1 million. He's a good looking guy too. Or maybe not. [36:50] Michael Decenso: One of my last updates I talked about us setting nine meetings right? And that represents about $14,000 in income, recurring income for our practice. If I'm able to get that to three meetings a week, that's going to jump to about $19,000 in reoccurring revenue added to our firm. And if you're like Steve as, how do you know that? Well, it's a simple formula that I strongly encourage you try to calculate in your practice. And that is, you know, meeting set times, closing percentage times average revenue. And so if we set nine meetings, our closing percentage is 15% and the average revenue for our new clients is 10,500. That's how we get our numbers. Now hopefully the closing percentage will be higher than that, but right now that nine meetings represents about 14,000. [37:39] JD: I like it. Chad, I'm going to go to you what he's basically done the reverse map. [37:43] Mark: That's how our Monday meetings gonna ask. [37:49] JD: Chad, Chad, do you believe in that funnel of set the number of meetings, do X amount of proposals, close ratio? How do you feel about that? [37:59] Speaker B: I believe when you are building a territory, it's good to have some metrics so people can see what was successful. And that's what I shared with the guys when we brought them in. I said this is what I did to build out this territory. It doesn't always translate that way. Like our close ratio. When I look in Salesforce and track like we're north of 85% in our close ratio. And so we don't, we don't, we don't find those same metrics. Like we don't have to reach out to advisors consistently because we have advisors coming back. Clients don't typically come back and continue to bring them more money. So I think there's some truth to understanding the type of book that you have, what it takes for you to close a client, how many meetings you need to continue to build. But I don't think coming from nerdy Chad, it can be made a science like he's trying to make it. [38:48] JD: Oh, it's good to have a scoreboard. You've worked for larger corporations. Is this something that is part of the culture? [38:57] Chad: Oh, yeah, it absolutely is. I mean, you've got to have a. Sales is nothing more than a process and a formula. You've got to make so many calls to fill the funnel, to get to so many presentations, to get to so many closes, to get to so much in revenue. It's. This is basics. [39:13] JD: Yeah, it's not bad to map it out that way, but we do need to understand that there's nuances, right? Like there's quality of calls and quality of meetings and quality of process and [39:22] Speaker B: building out your referral. I can confidently say in front of JD here, I have not made a single outbound cold call in, in at least five years. [39:32] Mark: I don't even have a phone. [39:35] Chad: And there's other ways to do this too. [39:37] JD: Let's take it right. [39:38] Speaker B: That is right. That's my point. [39:40] JD: Let's take it away from you, fancy pants. [39:42] Speaker B: And I gotta, I gotta run. I'm going to softball. [39:45] JD: What? [39:46] Speaker B: You guys, what? I'm in my softball here. [39:50] Mark: Who's your, who's your corporate farm sponsor? [39:53] JD: What does that say? [39:54] Speaker B: Patchett Land survey. [39:57] JD: Hey, to get a Little update to everyone I was fortunate enough to visit. [40:02] Mark: Bye, Chad. [40:03] JD: Chad's Good luck. [40:05] Speaker B: Thank you guys. [40:06] JD: Chad's new town and, and where he lives. And I, he was getting mad at me in the past for giving him for wearing cowboy boots and wranglers and all that kind of stuff. But I got news for you. It's true, bro. Chad, Chad. Cow tipping central of the United States. [40:25] Mark: It's not that, it's not that bad. [40:27] JD: It's pretty gnarly. No, no, I, I, I applaud this kid. I can say kid because I'm 51 years old now. For you got to have a plan. And it's great to have these metrics. And by the way, kudos to him. I don't know if you look him up. He's a cold caller and a cold emailer. Like, that's how he finds his lead. My question to him in his post was, I love your numbers. And it was, you know, nine, three meetings a week. Which, you know, 12 meeting. Maybe he said nine meetings a month or something. But let me ask you, I love [41:01] Mark: how much you pay attention to it. [41:04] JD: I don't have a lot of retention. But let me ask you, this isn't the harder part getting those meetings. It's. You're not Mark, Chad, or Justin. You're an advisor sitting alone in your office and you got to go set up these meetings. Is that really realistic that this kid's gonna. [41:23] Mark: Tony, Tony, that's mean. [41:26] JD: Like I can, I mean, isn't that hard? Mark? [41:31] Mark: Yeah. I think I speak for everybody when I say that. Of course it is. Yeah. Nobody, by the way, nobody wants to do that. [41:39] Chad: But if you please to fill the funnel. [41:41] Mark: Yeah. [41:42] JD: Sorry, what did you say? [41:44] Chad: There's different ways to fill the funnel. You know, he's using cold calling emails. Some people are using, you know, YouTube and Internet in, in Facebook. In different ways. [41:53] JD: Well. Or strategic partners. [41:55] Chad: Yeah. So there's a number of different ways. [41:57] Mark: What is he, what is he even selling? What, like, what does he do 401k? He does 401k. [42:02] JD: Yeah. He wants to build a 1 million dollar 401k practice and he's sharing it with us on the Internet. That's what the kids do these days. They transparently share $1 million, which I think is cool. So I'm gonna follow his process. I just think to Desenso's point, yeah, there are different ways to schedule those meetings. But to sit down and think that you're going to schedule 12 prospect meetings in a month, like that's pretty gnarly if, if you even hired a firm to. I was gonna say make those calls. What do you pay for those leads these days? Like 1500 bucks. A thousand bucks. So you're going to pay 12 grand a month? 144,000. [42:42] Mark: They're not always good, man. There's. There's some bad ones out there. [42:46] JD: And this guy's probably saying, no, no, jd, I'm not going to hire people. I'm going to do these things myself. Or I even did see him make a post where he's hiring interns, and I was like, oh, these poor interns are going to make these costs. [42:55] Mark: They're just dialing for dollars right there for him, for sure. That's actually a genius idea. Don't call and pay for leads through an outsourced company. Just hire some kids that you can pay minimum to and say, make 150 dials a day, and then you're done. You can go home. [43:17] JD: Sure. [43:17] Mark: I'll pay you 15 bucks. [43:20] JD: Well, meetings. A meeting's a meeting. People used to rip on the pay for meetings. And I used to tell if buyers were like, hey, man, if you're going to give me a meeting next week with a $3 million plan, we're in that smaller market, Desenso. But yeah, take it. It's up to me now to crush it, get in there and do it. You know, like, as long as you get me that meeting, that's a good sign. So I, I. If I was an advisor, I'd pay for that. But you got all the chops to get in there and, and get it, get it done. Sure. You know, let's move on. Remember, Mark, you're saying I didn't do enough research? [43:57] Mark: Yeah. [43:59] JD: You're about to see it in spades. Right now I'm drink just a drink. If we're going there, Brandon, we're gonna play everyone's favorite financial advice bit. Drunk stock tips from rogue guys. [44:28] Mark: It's not looking good out there, people. Everybody should run. [44:31] JD: But, Mark, what is looking good for you? It is. [44:35] Mark: Well, no. Well, no, dude. [44:37] JD: I mean, it's crazy as that sounds. The Fed, 75 bips up. Everyone's losing their CEOs of, you know, international companies are saying, are saying recession is inevitable. You know, vodka tastes worse out of the horn. Maybe there's something in the bottom of it I'm not aware of. [45:04] Justin: Just soaking in that animal. [45:07] JD: It was my son. He left for college. Who knows what he was. [45:10] Mark: Oh, God. [45:11] Justin: I'm surprised you haven't told everyone about your son and our experience last week. [45:15] JD: Yeah, we probably will do that in the after show. So, yeah, it's chaos, Mark. It's like the, the markets are crazy. It's been really bad. The Dow is flirting with going south of 30K and so, yeah, people are struggling. They don't know what to do. And I look at your and I get nervous. I go, all right, let me look at Mark's recommendations. It's a thing now in my work day. Like let me go check out that's terrifying and see where they're at. And I. This is my not prepping. I was going to prep. [45:46] Speaker B: Okay. [45:47] JD: But I do know, like since you recommended Netflix, it's up. It's up. It's not up to where it was last time we talked about, but it, but it's up. And since you recommended Apple, Apple is up since you recommend it through all this stuff. And we're talking recent months, people like, we haven't been doing this for a long time. You recommended Twitter and it was Aaron's brother, you know, the not so fancy dressed one. What was his first name? I forgot? Brad. Nobody knows. [46:21] Justin: No press. [46:22] JD: Brad's the other one. That's a fancy one. Help us out, chat bar. What's great, Grant. Thanks, Hagler. He was like, you're a idiot. You need to sell Twitter. Mind you, Twitter is not up from when you said. But it's getting there. It's getting there and it's been gnarly and it's just a few points away. So my point is, Mark, in this crazy ass market, you still managed to nail down the ones. Oh, Peloton. You said sell peloton. And it had been beat the up. It was already down to $10 a share. Let me just do an impromptu since I didn't do the research. Let's take a look at it, people. Where did it close today? Peloton. $8 and 59 cents. That's big when you're only at 11 bucks or 10 bucks, whatever it was down. So you are 100% on your claim. [47:22] Justin: So has he missed yet? [47:24] JD: No, he has not missed yet. [47:25] Justin: Sorry, I probably should have said that. That was bad. [47:27] Chad: Is. [47:27] Mark: Is layered superfoods down still? [47:30] JD: Hopefully. But remember you said layered superfoods would be down in a month, period. I know, I know. It's gone up a little tad since. Since that time. Okay. I got a new one for you. [47:41] Mark: Yeah. [47:41] JD: And I was supposed to give you the price. Earnings ratio, the stock price. [47:46] Mark: I don't even know what that is. [47:47] JD: You know yeah, it's a, it's a, you know, it's a, it's a recognizable name that everybody knows. And if I could give the. This is what it's looked like over the last two years. Okay. Get in front of it. And recently, you know, last year. Oh, not so good. Whoa. This is Home Depot ticker hd. It has been beaten down to, I don't want to say all time lows because the company's been around a long time, but. [48:21] Justin: But that spike was only over the pandemic, right? [48:24] JD: Sure. Good. Justin. Yes. Home improvement spikes. And the. [48:28] Chad: But he's at home with nothing to do, Right? [48:29] JD: For sure, for sure. But I want to know now. Stock sitting at $269. Mark. [48:37] Mark: Yeah. [48:37] JD: Home Depot, is it a buy or a sell? That's a. [48:41] Mark: It's a tough one. I wanna, I wanna say a couple of things about Home Depot. First, I always hate going there because I never know where to find anything. And I think we can all attest to that. You try to get some help and it just seems like everybody in an orange robe or whatever they wear goes away. Then they can't find anybody. And when you do find someone, they're like. But the nice part is their app is awesome. It literally has the aisle number. And like I. Now I can use that. I go find everything. I feel like a genius. Right. [49:08] Justin: So many stores have followed that. [49:10] Mark: Yeah. Now I'm not scared to go there because trust me, I'm not like a fix it person at all. Like, I'll go, like, I have to get at your house maybe. [49:19] JD: Mark, as you're going through this, I do want to reference the chat bar because when I did my research on Home Depot, Lowe's does come up, obviously as a competitor and there's a lot of people in chat bar that are preaching some love for Lowe's. But go on lows. [49:34] Mark: Oh, who cares? The low, whatever. [49:37] JD: Who cares about their most? Their biggest competitor. [49:39] Mark: There's like, there's like 17 Home Depots in a five mile radius and no Lowe's for where I live. So like just Lowe's. Okay. And also the, the, the nearby Home Depot that I was a fan of burnt down in a big fire that scared the whole community. So I mean, I'm going to pour one out for those people who had to deal with that. But you know what? Home Depot, in that moment, this is what I'm using. I'm not going to go off of what I think construction is going to be and what all these tool price. Well, I Don't know any of that. I'm going to go off of what they did for their people, the Home Depot. When that store burnt down and their hundreds of employees were now out of a job, they said, oh, no, no, to the contraire, you can hand pick another store and you're hired there tomorrow to work. To me, that represents a company who cares about their people. To me, that represents a company who is stable. To me, that represents a buy. Buy Home Depot. [50:38] JD: I like it. It's low, it's cheap. Comparatively speaking, Lowe's is a factor, but, you know, I don't. You should. Everyone listen in. Don't listen to logic. Don't listen to [50:53] Chad: why do that. [50:54] JD: Listen to rope guy. Thanks, Mark. Home Depot's a buy. I will be logging into my E Trade account as soon as we get off the show and following your order. [51:08] Justin: I hope you've been doing that. Have you been doing that? [51:10] JD: Oh, yeah, I've totally. [51:11] Justin: You've actually been buying it. Oh, God, we got to look at [51:13] Speaker B: that after a year. [51:14] JD: Oh, yeah, I have a robe guy investing. [51:18] Mark: At some point, I'm gonna have enough companies to have a Target date fund, and then we can really make it fun. [51:24] JD: Target dates, Mark. We're going hedge fund, bro. We're gonna charge 2%. [51:27] Mark: All right, all right. I mean, I'm not that smart, so. [51:31] JD: Okay. By the way, everything you've just heard is not financial. No, it is financial advice you should follow. [51:39] Mark: We need to have one of those lawyers speak like. Like fine print dealies come up. [51:45] JD: I'm just the best goddamn bird lawyer in the world. People write me all the time. They go, I don't think you should be doing that with Mark. Like, people are like, oh, off we [51:55] Mark: drink beer on this show. [51:57] JD: Who cares? [51:57] Mark: If you literally are taking that as legitimate financial advice, like, you should probably not come back to the show. [52:05] Justin: Yeah, it's called drunk stopping tips logic right there. [52:10] Chad: That's the disclaimer right there. [52:13] JD: But you've been very profitable. [52:14] Mark: Hey, by the way, should I start every time be saying I'm not licensed to sell securities? [52:19] JD: No, it. All right. We're not gonna end at 5:30 specifically, and we are going to pump into an after show. But I do know that robe, guys, got to go. Which is why I got this. Oh, Justin's got to go robe. Are you sticking around or you got softball? I got. [52:36] Mark: I got. I got practice. Practice. [52:38] JD: Maybe it's. Whoa. [52:39] Chad: What is this? [52:40] JD: I mean, everybody's. [52:42] Mark: Sorry, man. [52:44] Justin: Sorry, buddy. We knew we were talking about the employer plans we're like, get the out. [52:49] JD: Maybe we'll, we'll save some of that for the after show. But before we get to chapter champion Desenso, you had mentioned advisor automation and spreadsheets. For the after show, I'd like to tackle alternative investments, which I think will be fun. But for now, what the are you talking about? We're going to talk about advisor Automation and is spreadsheets part of that or is that a whole nother thing you're talking about? [53:14] Chad: It's a whole different. It's a firm that I consult in where they actually take spreadsheets. Whether it's from record keepers, payroll companies, investment firms, TPAs, anybody using spreadsheets in today's world. What it does, it automates a spreadsheet. Finish your using multiple, multiple pages or tabs from multiple spreadsheets, pulls it all together, reprograms it in C, puts it on the cloud and turns it into APIs for pennies on the dollar. So this creates automation and accuracy. [53:50] JD: That's actually really fucking interesting. [53:53] Chad: Yes. [53:54] JD: And you drink for the. Whatever the other word stands for too. I don't know what that is. That's actually really, really fucking interesting. I'm going to take a stretch here. One of our family members here in the chat bar, Tony Davis, has been chirping in my ear a little bit about, you know, third party administrators, struggle with trust accounting, and we got to put things in the spreadsheets, all the, all the data. So this is kind of interesting, this kind of cloud based thing. Okay. [54:25] Chad: And there's many different ways you can use it for pricing, you can use it from the standpoint of exchange of information back and forth. You can use it from the standpoint of the payroll providers. There's all kinds of ways in which this automates every aspect of any spreadsheet you're using today. [54:39] JD: Huh? Part of me wants to say if you're using spreadsheets, well, you would be surprised. I'm a little worried for you. But on the flip side, no, there's. Yeah, I wouldn't be surprised. There's a lot of, you know me, [54:51] Chad: 338s are using spreadsheets. [54:53] JD: Oh, geez. Really? That scares me. Kind of. [54:57] Chad: You know how many large 338s are using spreadsheets? [54:59] JD: That really scares me. [55:02] Chad: Large, nationwide, international, [55:06] JD: let's name them right now. [55:08] Chad: No, no, it's just, it's amazing. [55:10] JD: Okay. [55:11] Chad: It is amazing. What's out there. [55:12] JD: Okay, so we got the. I'll drink for the eight. [55:14] Chad: Let's not forget this Omni plus is programmed in cobol. [55:17] JD: Yeah. Yeah. Yeah. Right. Isn't that funny? It all really is just rows and columns. Right? It's just. It's just cells and rows and columns. A database is nothing more than an evolution of a spreadsheet. And I'll drink twice now. And an API is just kind of an evolution of that. [55:33] Mark: Right? [55:35] Chad: Yes. Yes. So this. This brings a solution that automates again and brings the accuracy. And the firm owns the code so it can be reprogrammed anytime. [55:45] JD: Mark. It smells like. Like socks in here or something. [55:50] Mark: You want to know what was in there? [55:52] JD: I don't know. [55:54] Speaker B: Did you bring that on the rv? [55:57] JD: Something's wrong. Something's wrong about that. [55:59] Chad: There's a lot that's wrong with that. [56:00] JD: I gotta ask my son. Okay. [56:02] Mark: We're gonna go to probably just all rows and columns. [56:05] JD: But it's another chapter champion. And then I'm excited to talk Alt investments. Maybe some advisor automation. Maybe. I miss a lot of. [56:17] Chad: I guess you did. Thanks a lot. [56:18] JD: I like it when I get drunk. Oh no, I didn't. I missed that on purpose. Everyone. The sensor wanted to start the show by telling everyone. Like what. What he's doing now. Like his new role. I give himself a plug. And I talked. How do I lay it out? I talked to Brandon. I'm like that guy. [56:36] Michael Decenso: We're not. [56:39] Mark: Man. [56:40] JD: Don't use my show for your marketing and public relations. You bastard. Okay. Chopper champion. Justin. You gotta go play hockey. Drunk hockey, mind you. [56:52] Chad: Actually. [56:53] Justin: Let's do it. [56:54] JD: You don't say anything. What's your vote? What's your vote for chapter champion? You've been very talkative when we were on the road, by the way. [57:01] Justin: I was. [57:02] JD: What happened? [57:04] Justin: I'm back to regular programming. [57:06] Mark: What happened that one night at the brewery? Justin. [57:09] Justin: I drink a lot more when I'm with you guys. [57:11] JD: Bradley just. Bradley just scared me. I don't like marijuana. [57:17] Mark: I don't. We're going. [57:19] Justin: We're gonna go. [57:20] JD: Brad. [57:21] Chad: Oh. [57:21] JD: You tried them three weeks ago. Okay. The nerdy. The nerdy certified public accountant and audit specialist Bradley Bartels into the finals. Congratulations. Bradley. You little nerdy son of a gun. Sensor. Your vote for Trap Bar champion. [57:39] Chad: I gotta go. [57:40] Speaker B: Girl. [57:40] Chad: Gang. I'm going. Sherry. [57:42] JD: Sherry. Okay. [57:44] Chad: Is better known on this now. [57:46] JD: No one could ever slight you. [57:48] Mark: She's not here. Just saying. [57:50] Chad: Oh. [57:50] Justin: That's why I didn't pick her. [57:52] JD: Well. [57:53] Chad: Oh. I'm still gonna pick her. [57:54] JD: Okay. That's fine. She can still win. Roby. [57:59] Mark: You know Tony made Me, laugh out loud. But I, I do. I am giving the edge to David Daly. [58:06] JD: Who the is David Daly? [58:08] Mark: I see. Hey, David, I apologize for JD's comments there. I, I, David. Well, I appreciate you showing up. It's not a name I recognize. I'll just be honest, I'll say that. But I appreciate your comments. [58:20] Justin: Boys, boys, boys. Yeah, I had a great chat with him this morning for about an hour. [58:24] Speaker B: David. [58:24] JD: Son of a bitch. Hey, don't take my comp. [58:27] Mark: Wait, Justin, he's one, he's an advisor you work with. [58:29] JD: Yeah, I'll change my mind. [58:31] Mark: Never mind. [58:35] JD: David, don't take my negative comments as offensive. Like, this is like you showing up to the big leagues and all of a sudden you're hitting bombs, you know, like this is legit. You just made the final, so, you know, sue me. I'm, I'm a little shocked. Good for you. I can't believe I'm gonna do this because he's a bit of a pessimist, but, you know, so am I. I'm gonna throw Tony Davis in the mix. He's been active. [59:01] Mark: He deserved to be there. He deserved to be there. [59:03] Justin: He does. [59:03] Chad: Oh, he did a great job. [59:04] JD: I appreciate that. I appreciate that. All right, there you go, Brandon. Spin it up and throw out the survey and let's see who's getting burnt and sent to their house next week. I don't know, man. [59:17] Mark: Dude, while the votes are going on, I'm telling you on Instagram, you guys gotta follow Malort. Do you see this thing they do? They go to like concerts, like big rock concerts and they have this camera that people take a shot of Malort and they do that, they call it the Malort face. And some of the faces they get are so freaking good. [59:35] Justin: They got to put Chad's father in law on that shit. [59:37] JD: He didn't, he didn't like. [59:38] Mark: I want another one. [59:39] JD: He was fine. Look at you body, by the way. Yeah, Brad. Way to go the nerdy cpa. I'll drink out of my marijuana filled vodka for that. [59:52] Mark: You're hoping that that's marijuana because it could be something I don't. [59:57] Justin: There's some duck butter in there. [59:59] JD: Well done, Brad. I will. You're going to need to de. Direct message me. Check. Swing your mailing address. Unless I already have it. I'm just too drunk to remember. And we will send you. [1:00:14] Mark: Brandon likes it now. He's baking it. [1:00:16] JD: Shiznet next week. All right, little housekeeping, Little update on our schedule before we go to the after show. Show. We will. [1:00:26] Speaker B: Housekeeping. [1:00:28] Chad: I think you're sleeping. [1:00:32] JD: We will. Do you still do that to your friends at hotels? Because I do. Every time I knock on a door. [1:00:37] Justin: Of course. [1:00:37] JD: Okay, thank you. Yes, we will be in Las Vegas, Nevada for the wealth at work conference October 16th through the 18th. And if all things work, for distribution and logistics and shipping and all that kind of stuff, we will have a brand new kind of fun little set that will be. Be unveiling there. Come hang out with us in the corner. We will have the sense. [1:01:01] Mark: So are you gonna be there? [1:01:02] Chad: Well, let me talk about that. [1:01:04] JD: We're not talking about that, Mark. Bad question. [1:01:11] Mark: Oh, I didn't know. [1:01:12] JD: How did you know? People tell me I'm connected. [1:01:15] Chad: It's crazy. [1:01:17] JD: No, we will not talk about that. [1:01:19] Mark: Oh, did Brian Lester throw down the hammer? [1:01:23] Chad: And they would not. They actually. They actually called me two weeks later and say, you can't attend because you have to pay for a sponsorship. [1:01:31] JD: I made it 60 minutes, Mark. And you fucking dropped the bomb at the end. [1:01:36] Chad: I don't understand. [1:01:37] JD: Stop. [1:01:38] Mark: We will. [1:01:38] Chad: I'm gonna have a cigar booth outside of their opening area. [1:01:43] JD: We will also be at. We are. [1:01:46] Chad: I love the guys. They're awesome. [1:01:47] JD: A live on stage show in Washington. It is District of Columbia. Right? Is that my. For the. [1:01:56] Mark: No, it's District of Cats. [1:01:58] JD: I'm. I'm for the. I have no idea. The AIG conference. [1:02:06] Chad: They let me in that one. [1:02:07] Justin: You there? [1:02:08] Chad: All right, I'm in that one. Yep. I'll see you guys in the comments inside. [1:02:12] JD: We will be doing that show in the afternoon on the 27th of October. [1:02:17] Chad: Hey, hey. [1:02:18] Mark: Grants. I said the same thing. [1:02:20] JD: And our guest will be the Chief Executive Officer of AIG Retirement Services. I don't know what his name is. [1:02:30] Chad: I'll figure it out. [1:02:32] JD: And I'm excited to get back on the stage with you guys and do a live show like that. I'm excited to be hanging out in Vegas with you guys. [1:02:40] Justin: Likewise. [1:02:40] JD: That'll be fun. So, interview. [1:02:42] Mark: Wait, are you. Are you saying that we don't have any other shows until then? Is that what you're saying? [1:02:46] JD: That's like in three weeks. [1:02:48] Mark: I know, right? [1:02:49] Chad: Talk about this on the after show at least. [1:02:51] JD: Of course. No, no, no. Maybe. I don't think so. Not maybe. No, probably not maybe. I don't really. I think so. All right, everyone. Thank you for tuning in. Justin. Have a great hockey game. Mark. [1:03:08] Mark: So thank you, Mr. DeSenso. [1:03:09] Chad: It was great. [1:03:11] JD: Appreciate you, everybody. [1:03:13] Chad: You guys are awesome. Love it. And look forward to talking about this on the after show. [1:03:16] JD: Appreciate you tuning in, all of you out there. The. You know, there's tons of you, so I won't try to. Yeah, I appreciate you. Thanks, man. We'll see you next week. Peace out. Play some music, Brandon.