Gender Gaps in Retirement Savings & Fintech Risks

[0:00] JD: I. I have the distinct pleasure of coming to you from Portugal and it is 12:30 in the morning and I'm drinking a Portugal 40, so life is good. [0:18] Mark: What does your family think of you doing this while, like, in a whole different country? Like, he couldn't have just taken the week off, like. [0:26] JD: Well, Mark, as you say that my wife is sitting in bed about eight feet behind me to the left, and [0:34] Justin: she's not having five rooms in your hotel. You can sleep somewhere else. [0:38] Chad: Mark, you have to be honest with that statement, though. We do this 52 weeks a year and JD's probably traveling somewhere for about 27 of them. So it would be a lot of weeks off if he only did it when he was at the office. [0:51] Mark: It's impressive. It's impressive. [0:53] JD: We've got a. We got a lot of fun stuff to talk about today, so let's get right to it. This is the part of the show that everybody likes because the sky is hot as fire these days with these intros. I mean, just off the chain, Justin McNeil, you intro our guest and we out there in the chat bar in the world will rate you on a 0 to 10 on how good you do. So take it away, Justin. [1:20] Mark: Hold on, wait. [1:22] Holly Knight: I just want to point out the first time that Justin did an intro was. [1:27] Justin: Jesus Christ, shut up. It's part of my intro. [1:30] Mark: Yes, yes, yes. You can't say anymore. [1:34] JD: You can't say it anymore. Please, please don't speak until you've been introduced on the show. Just shut the fuck up. Justin. Intro. [1:43] Justin: Well, kids, it's a special day. Done so many of these that I can't remember half of them, [1:51] Mark: that's for sure. [1:51] Justin: And just like the rest of you, you certainly never forget your first time. That's right. The days where I started saying more than just 10 words an entire episode. And you all started grading just how shitty these intros were. It all began, and I'm sure, Brandon, wish it all ended with this lovely lady before us. She's a renowned cook, adrenaline junkie, fellow shredder of the gnar, and former hockey player with the life motto of my best is yet to come. Gotta love the sultan a swoon. She's fresh off joining the team at NFP. Ladies and gentlemen, Ms. Holly Knight. I am not happy about what you just did to me. [2:32] Holly Knight: I love you, Justin. I am so sorry. [2:34] Chad: Yeah, the energy was a 3 there. [2:38] Holly Knight: I feel so bad. [2:40] Justin: I was so stoked for this. I didn't think anyone else is going to remember that. [2:45] JD: I'll give you a 2.5. 2.5, Justin. Holly, you're a fan. Fantastic. I mean that. People love to hear from you. And no pressure, but I think one of the reasons why is you always speak from your heart. You're not afraid to go deep on this stuff. [3:01] Justin: So. [3:02] JD: So hopefully we can get into some of that today to remind you we're gonna play some games. [3:06] Mark: Hold on, hold on. I did see Justin. It looked like Brandon rung you up for something. [3:11] Justin: So you got. [3:12] Mark: Yeah. [3:13] Chad: Oh, shit. [3:14] JD: Yeah. So Afro SIN is live and in play. If you say any acronym or initialism, my name not included. You must drink from your penalty drink. I've got a nice bottle of vodka that I bought at a weird little store in Lisbon, Portugal. I don't. Never even heard of it before, but. [3:31] Mark: Jd, I'm just curious. Do you understand how money works over there or is it still, like, over here? Where. Yeah, you're just. You just don't care. Like you don't even know how it works really. You just spend it and forget about it. [3:42] JD: I walked into the store and I said to the guy, what's the most expensive bottle of vodka you have? And he got me this one. So we'll see how it goes. And we are also going to play Chat Bar Champion. Holly. So remember, pay attention on Chat Bar. At the end of the show, you'll have to nominate someone into the finals for Chat Bar champion. Last week's Chat Bar champion declined on the pizza. And Kate Clark, so we sent her a bunch of retireholic swag. And she has a one and only Retire Hulks throw pillow. So maybe she can share with people once that arrives. Sylvia. I see. Wait. Sylvia, you broke your ankle. You're on a train. I don't know. I'll get you some fucking pizza. You threw off the whole calendar. We got to figure it out. So Kate got her throw pillow and I don't think I can order pizzas from Portugal. I don't know. I, like, feel like my credit card might be concerned about that. So chapter champion by the end of the show. Sylvia, we love you. Let's go to headlines. No, I didn't show the whole show. The first headline that I would like to talk about is who fucking knows? I gotta find it. It's a plan. It's a plan. Advisor article on Schwab's robo settlement that went down. So Charles Schwab has a robo advisor dealio and they. They got in trouble with the sec. They got investigated and. Sec. Damn it. [5:29] Chad: That's two that's two. [5:33] Justin: Yeah, it's like. [5:35] JD: Okay, let me set it up. [5:36] Mark: What? [5:38] JD: Okay. [5:39] Justin: Exchange commission. [5:41] Mark: I know. Twice. [5:42] Chad: Yeah. [5:43] Mark: Oh, I only heard it once. [5:45] JD: Oh, tastes like vodka. Okay, here's the deal. Have you seen Schwab's intelligent portfolios? They advertise it the back of the San Francisco Giants baseball games. It's everywhere. And they talk about it being a no fee, no advisor, robo type of solution. And so the consumer is meant to feel like, oh, there's no fees in this thing. Well, turns out that there's a cash component in this model. And per the securities exchange commissions little investigation, these. These. This robo advisor was not running these portfolios in the best way for the participants. The cash that they were using was creating money for them. Almost like float, but I think that's the wrong word. They call it cash drag. In the article, Schwab was taking the cash, investing it somewhere else and making quite a bit of. There you go. Hackler. Thank you. Lending it out and making some good returns on it. And so just thought I'd bring that up. Pretty interesting. Free doesn't always mean free. And you really have to dig into things to understand a little more about them. And Tony says Schwab equals bad. I love this. I just want to bring this to everyone's opinion. Chad, any quick thoughts before I move on to the next one? [7:10] Chad: I mean, I have to imagine that if we dove deeper into many other model portfolios that are built out, that are holding cash, that probably is a component of what they're doing as well. Is the issue here that this statement, at least what I read in the article, was we're going to model the portfolio for the greatest rate of return for the investor. And they were saying, well, you didn't give them the greatest rate of return because you guys got more money by taking this out and lending it. Was that the real issue for sure? [7:40] JD: I think it's. [7:40] Justin: That also held us the same level of risk, too, as other investments in there. [7:48] JD: Yeah, they did. They said that. And that was. Their point, was like, look, this could be done in a different way where the participant could make more money, but you guys were trying to float your own boat and fill your own pocket. I think also, John, I think that's totally 100% correct. I think it's also the fact that it's advertised as, like, this no fee kind of thing as part of their problem as well. Right. When I'm signing up for Schwab's intelligent. Sorry, whatever it's called. I forget But I'm signing up for it because I don't want to pay a human being financial advisor to manage my money. And Charles Schwab has put their hook in my mouth, saying, look, we got. We got an AI Robo thing doing this at no fee. So that's why I'm buying into this thing. Gosh damn it. Artificial intelligence. [8:37] Chad: I'm surprised that robo doesn't count what I like. [8:42] Mark: I thought about that for a second, but I was like, I don't know. It's a slip slope. [8:47] JD: What I love about it is how it reminds us, not just as industry pros, but as consumers, that you always got to dig a little deeper to understand. And I think we should always ask ourselves this question. They're trying to make revenue, Right? I don't care if you're Schwab principal, Nationwide, Voya, whatever. When you see things are free, there's. There's a concept behind that that has to do with making revenue. Yes. [9:14] Chad: Curious. For the smarter people here in Holly and yourself, do you think that this was the same way 10 years ago? I feel like Schwab had trading and transactional costs that they made money on in the past. And I know the artificial intelligence side wasn't there, perhaps, but I feel like everybody's looking for more ways to make money. New ways, we'll say as margins have gotten thinner, trading, transactional costs have gone away. The free trading at Schwab. I wonder if we're going to see more try to go this route. More brokerage houses. I think it was grants that just said they make most of their money from banking anyways. And. And because the asset management costs or. Or revenue there from is getting lower, I have to imagine more businesses are going to look this way. Float spreads. I mean, that's where they've always gotten most of their money. Hasn't it been. [10:06] JD: Well, I'm not. Go ahead, Mark. [10:08] Mark: No, I was just gonna say. Chad, I'm not gonna answer that. But the. The silence is getting stale. So I was just gonna say. I just was curious to know, like, are they slapping this on Schwab because it's Schwab, and they're gonna sort of use this, and other entities are gonna have to react and adjust to, you know, maybe adjusting what they're doing. I like, to Chad's point, it's not like they're the only ones doing it. So were they made the sort of whipping boy to all of this for a reason, or was there, like, a whistleblower? I'm just curious like where this even came. [10:44] JD: I. I guarantee you your rogue guy thoughts are right on point. I for sure think the securities Exchange Commission sits down and says, okay, look, we need to send a message. And so where do we go first? We're going to go hit someone big. Of course they are. I but I just want to reiterate. I don't think this means that you can't have creative ways to have profit. We are still a capitalist society and country. And there's nothing wrong with making money. I think this has to do with disclosures and selling, you know, in some malpractice type of way. You know what I mean? So you can still make money on floats and make money on revenue share. You just got to tell people that you're doing it. [11:30] Holly Knight: I totally agree with that. I feel like, yeah, as long as we're communicating that, you know, and being transparent about it, then why shouldn't they make money if that's what's the best fit for the consumer? [11:41] Mark: Just don't say it's free. Just like even TurboTax realized this. [11:46] JD: Don't say. [11:46] Mark: Don't utter those words. Don't make that your marketing campaign. Especially if you know that somehow. Yeah, we're getting paid somewhere, you dummies. [11:55] JD: But I also do hear you, Chad to that it is interesting to see an organization like this dig into the actual methodology and feel like it's not aligned with their prospectus and their message and kind of look a little deeper. Like it's definitely a to mark's point. Like a warning shot that's fired, buddy. I got to dig a little deeper. Your shit should really be lined up. Let's go to. Let's go. Let's check in on cool crypto again because it's such a fun back and forth. There's a National association of Plan Advisors article titled Rep. Neil asked for probe. Probing again. [12:35] Mark: Oh boy. [12:36] JD: Chad likes you when we probe. [12:38] Chad: I do. [12:39] JD: Crypto, Probe deep Labor, most guidance. We don't have to spend a lot of time on this. But I thought it was a good update. The whole battle between Fidelity and the Department of Labor and and for us all suing the Department of Labor. Fun, fun, fun stuff. I love sitting on the sidelines and watching it. But now we've got some fancy pants government people interviewing each other. Neil asked the government. Oh, Jesus Christ. What is the. I'll just say it. Gao. Somebody help me out. What does that mean? [13:20] Chad: Government Accountability. Affairs. Affairs. [13:23] JD: Office Chat bar. Come on. Someone chime in to. To examine the following issues. They wanted them to determine the extent for which investment options for cryptocurrency are being offered by firms. They want to know how many firms are offering them and to what level are they being picked up and utilized. They wanted to understand how they're being valued in these programs and if there were safeguards in place and stuff like that. So they're basically taking that bulletin that went out, that communication, and now saying, hey, let's dig deeper more on some investigative stuff to find out what's underneath all this so we can learn a little bit more in the questioning. This was the interesting part. Let's see. When he was questioned, Walsh indicated as much under questioning by Rep. Burgess Owen, that when asked by Owen about the Department of Labor's recent guidance on cryptocurrency and why they were kind of stepping outside of their bounds, you know, like they were doing things they weren't allowed to do, he responded and said, oh, no, no, I'm. They didn't say this, but he said, we are going to start taking those types of proper actions that we did before that we're supposed to do. So I'm not communicating this properly, but basically tipping his hat to the sense that, no, that was just the first little dealio. We're coming at you the real way with some real laws on this stuff. So there you go. It's. It's still moving along, and the government is not backing down in any way. Fidelity has not got them to back down. So there you go. The crypto fight continues. I usually have notes in front of me, and now I'm just hitting my iPhone to the left here to find these different articles. Chad, do you know what Rise and Shine act is? [15:20] Mark: Oh, that is a massive acronym. [15:25] Chad: Is it? [15:26] Justin: This account is 2i. [15:28] Mark: Dude, I'm not gonna lie. The government might suck at a lot of things. I. But I think we could all agree the way they can manipulate words to create an acronym is pretty fantastic. [15:39] Justin: I think they come up with the word first and say, what do we. You know, what are the individual words that go into it? [15:44] Mark: Or there's no way you can. You have to back into that. [15:47] JD: Yeah, no. So basically, I'm sure everyone that tunes into this show is pretty aware of this, but we had our setting every cat up For Retirement Acts 2.0 coming down the line made its way to the second part of government here to get pushed through. And now, I wasn't aware of how this works in Washington and the little initials that come after it, but apparently now that it's in the Senate, they can start to come up with some of their own kind of concepts to kind of add to it and tweak their own. And so we're getting this merger now of this, this law that I talked about earlier and had to drink for and the one that we already had that was going in there, and they're going to come together and create some little, little kind of baby between those two that'll come out and we'll see what it looks like. Does that make sense, what I just said? That was weird. [16:42] Mark: That is the absolute weirdest way you could have described that. But I love it. I absolutely love it. We need to make a meme for that little baby. [16:50] JD: I wish I could say those words more. It's little baby. And someone says, just pass the damn thing. No, I think, I think the update here is, hey, this shit's moving along. And progress, like. Yeah, progress. [17:04] Chad: What I've seen and curious. I mean, it seems like they stripped some of the most exciting things. I'll say that I was looking forward to increase in the tax, the tax credits, some of the automatic enrollment side that they were originally pushing in the initial bill. So some of what they added, I like some of what they stripped. [17:25] Justin: I don't think they stripped it. I think they just showed what was in that one morning stuff and then, you know, the other one. [17:33] JD: Yeah, I think. [17:34] Justin: And they're hoping to blend them. [17:36] Chad: I don't think it's gonna blend. Sorry. [17:39] JD: Go ahead. Go ahead, Justin. Because in the new act, you don't see some of the things that are in the old act. Doesn't mean that some of those things in the old act aren't going to become part of the new baby. I talked about before. [17:51] Justin: Ok. [17:53] Mark: Oh, didn't say it. [17:56] JD: Of those two. Yeah, of those two. All right. We should probably move on to some things. [18:02] Chad: We should probably get Holly's opinion on some of these wonderful topics. [18:06] JD: I got a really tough topic for. Let's get awkward, shall we? Let's talk about some, some really sketchy stuff to talk about. Topic number one. Let's go deep right now. Gender gaps in retirement. You know, men versus women. Are women behind when it comes to saving for retirement, Holly? And if they are, what are some of the things that are causing this [18:34] Holly Knight: feels like a softball. Yes. [18:37] JD: Oh, it's soft to start with. This is going to get pretty crazy. [18:41] Holly Knight: Yeah. I mean, definitely there are. Women are trailing. I mean, we are gaining some ground and which is great to see, but we're still behind. And there's, I think Several reasons around that. [18:52] JD: Right. [18:52] Holly Knight: I mean, we've got Covid. So people dealing with, you know, that whole work life balance thing, but especially [18:59] JD: women, were more heavily impacted by Covid than men. [19:02] Holly Knight: Absolutely. [19:03] JD: Can't argue that. [19:04] Holly Knight: No. And they're also dealing with, you know, dealing with elderly care. So maybe they're taking care of the parents or dealing with taking care of their own kids. So it's becoming. [19:13] JD: You're telling me women take care of grandma and Grandpa more than the men do? [19:18] Holly Knight: Yes, jd, I am telling you that. [19:21] JD: Fair enough. [19:21] Holly Knight: So it's. Yeah, it's a struggle. And in that particular topic, it's a lot of times. What did I say? [19:33] Mark: You both said it, and it took me a second to recognize it. The thing that people get sick from that thing that's going around. [19:40] JD: That's an acronym. Yeah. [19:42] Justin: Out. [19:43] Holly Knight: What does it stand for? [19:46] Mark: See, I'll tell you. I had to Google it again. Certificate of vaccination Identification. [19:55] Holly Knight: Oh, never know that. [19:57] JD: I didn't know. [19:59] Mark: That's a false claim. [20:00] JD: Whoops. [20:05] Chad: That doesn't. [20:05] Justin: That was before we even had our vaccination. [20:09] JD: So I continue. [20:11] Mark: I just got bamboozled. [20:12] Holly Knight: I lost my train of thought. [20:14] JD: Okay, so we talked about the wage gap for women making less than that. I love someone in the comments, I wasn't able to see who had said it, but that, hey, you make less, you're going to save less. You make less, you save less, you're going to get a lesser match. So that's going to hit you in three different ways. You talked about COVID I know. That's a big one. And that's been with us for two years now, Covid. Hitting them hard. [20:37] Justin: Does it count? [20:38] Mark: Does it count? [20:38] Chad: No, it doesn't. [20:39] Justin: It stands for coronavirus disease of 1940. [20:41] JD: Okay, there you go. [20:42] Mark: There you go. [20:43] Chad: All right. Ouch. [20:46] JD: Additionally, I saw something that women are more conservatively invested than men. That less stocks, less ETFs, less. [20:56] Holly Knight: Actually, you know, I used to run this workshop, ask women, or I'd ask the audience. Raise your hand if you consider yourself an investor. Right. And so you, you, you look at the audience, the men always raise your hand. Why? It's all. [21:12] Mark: It's all done. [21:13] Justin: He's catching up. [21:15] Holly Knight: So the men always raise their hand. And then, like, you know, most of the women keep their hands down. And so when you, you know, dig. Dig a little deeper. I've had too much of this. I went to a reception before this, just letting you know, oh, shit, buddy, [21:28] JD: I gotta dig a little deep. [21:33] Holly Knight: But when you dig A little deeper you find out that, that women, you know, they're just the way that they invest, they're looking for. Oh my God, I am so lost right now. What were we talking about? Men. We want to know why women raise their hand. Women don't raise their hand. So when you ask them, they don't consider themselves investors even though they contribute to the 401k or to their IRAs, they, they don't consider that as being an investor. Right. [22:05] Chad: I got you, Holly, taking this one. [22:08] JD: No, I love this. I actually love this. Where guys probably a lot of times think they know about investing when they fucking don't. [22:16] Chad: Yeah, guys are far, far more confident when perhaps they shouldn't be. [22:21] JD: Right. [22:22] Holly Knight: They're more like risk, you know, they'll take on more risk. They like the excitement of it. And where women are a little bit. This is a broad stroke. It's not everyone fault. [22:30] JD: Sure, sure, we all. [22:32] Holly Knight: But women tend to be more conservative. But when women do invest, when you look at the longer term, long term returns. Long term returns, yeah, yeah. Women do better than men. And that's because men are following the markets and when they're kind of time [22:49] JD: and a little bit, women stick to the plan. Where a man. And again, I know we're generalizing here, but where a man might say, oh let me try to get this new hot asset class this, this quarter and then that hits them. Or long term. There was one other thing I thought was interesting is, and I've always known this my whole life but you know, women live longer than men, so it's like five years longer or even seven years longer worldwide. So you know, hey, that's a thing, you know when you're trying to get that number for retirement and you're actually going to live longer, that puts you further behind the eight ball as well. So all these things together don't add up well for the female race, do they? Female race, [23:32] Chad: it's not a race gender. Hey, here's. I'm going to play on the other side just for a moment. And I know this is probably daring and shouldn't be done but, but as I've seen different posts and different comments about specifically the amount of money that females have in comparison to males for, for retirement. It never looks at what half of mine is my spouse's and what half of my spouses is mine. Like I look at my wife and she has been caring for our kids since they were born 10 years now. But everything I have said into my 401k plan, thank goodness, I look at that and say, that's hers as well. Like, we're in this together. And I have not seen any studies that bring that aspect into this group. And even the ones we have seen where they say, well, their Social Security is lower because they're working less and making last. Well, most people, I would think Social Security is going to pay out to the spouse as well. Women live longer. You just said it, J.D. so they're going to get a significant portion of that Social Security benefit, too. I haven't seen that brought in any of these studies. [24:38] JD: I think that's interesting, Chad, but this particular one wasn't necessarily saying that we're looking at their account balance and the account balance is less. It mentioned all those factors that would impact it, all those headwinds. So all those headwinds, based on everything you just said, all those headwinds still exist regardless of whether their significant other has a large account balance in a 401k or whether those rules. [25:04] Chad: For sure, I'm not doubting that nor debating that. [25:08] Holly Knight: And like if they're divorced or if there's a death. Right. So like when you, when I'm talking, especially for women who have taken time off from work because they've raised children. I did that myself. [25:19] JD: Oh, that, that was one, Holly. That one was one in the study that women will take off that period of time, you know, with a small child and men don't. It was like, I forget what the number was, but it was a couple of years for a woman and like a couple months for a man, you know. [25:35] Holly Knight: Right. But that impacts their retirement. They're not putting into the retirement plan which, you know, contributed. So they're not having as much money in retirement and they're living five to seven years longer. And then, you know, top that with if there's a divorce and they're dealing with that kind of thing. I mean, there's definitely some significant challenges that women face that we just, you know, we just don't really talk about as much as we should. But I mean, I've been talking to those women and it's been really eye opening to see just like how what a significant difference there is between the two when it comes to retirement. [26:08] Chad: And that specifically the article you mentioned. J.D. i was surprised to hear that the gap still on income is, is 20%. Like I think they said 80 cents on the $81 Gap. 81. So. Well, it's getting better then. [26:22] Justin: I'm not too, I mean, it only recently started being, what, in the last decade Being a hot topic and something that needed to be addressed. Right. [26:28] Chad: Yeah. But that's time to catch up. 10 years should be enough time to bring equality to genders when it comes to. Yeah, think I do. [26:38] Holly Knight: But, yeah, but you know, there's, there's, we could probably talk about this for hours and hours, but there's a lot of variables that are contributing to that. And you know, the fact that women are the primary caregivers when it comes to their children and they're taking time off. So that lost time of saving really, like, you know, we learned crucial years compounding interest and compounding. So it's huge, huge thing. [27:06] JD: Well, I think the, the value of today and just discussing it is like whether you're a female advisor or a male advisor or industry pro. Like, I think it's important to be cognizant of that and especially if you play a role where Ollie does, where you're sitting with people and trying to help them, which I think a lot of advisors do. These are things you need to be, you need to understand. [27:28] Mark: And there seems to be unique ideas in terms of how we're using the retirement plan to make up for, for other areas of finance. Right. Like student loans and Student loans. [27:39] Chad: Yeah. [27:40] Mark: This idea right here, it's just. Guy just blows my mind to think about it too, because of the impact of when you take time off and how there's no, potentially no paycheck depending upon the company you work for. But there's something a company could think about doing. Hey, you're going to take this time off to be with your kid. You'd usually contribute 10% of your pay. We're going to continue that for you on your behalf or something like that. Like, that could be a unique way to kind of help with that sort of stuff. And I, I, there's way more to that. Yeah, just, I'm saying, like, we need to start looking further than the other areas that we focus in on. [28:15] Holly Knight: I like that idea. [28:16] JD: Mark. Mark, I like that. I honestly think having a baby, one and then trying to be with that baby in the beginning, you know, screw [28:28] Mark: you in the future. [28:29] JD: Yeah, it shouldn't, It's a very important thing that for all of us as humanity. And it shouldn't put someone deeper in the hole because they have to do that. And that's the big flaw in our, in our society. So I love that, Mark. That's solid. I personally haven't given that enough thought in my life, you know, like, and I, you know, it's a big deal. So it's good that we're talking about it, but I also just want financial advisors out there to. Hey, hey, how might you fit that in your practice a little bit and just be more aware of that and come up with your own solutions, kind of help people combat it as best they can? And yeah, that. That wage gap thing is probably a great start, Justin. And I'm with you, Chad. Like, yes, we're making progress, but it should happen quicker. So I promise as an employer to pay all of the women that work for me more than I pay Mark at some point in the near future when you. [29:27] Mark: When you pay me zero. It really is hard to not go under that. [29:32] Holly Knight: It pays you a bitcoin. I thought [29:37] JD: dogecoin, because they don't have Smirnoff Ice in Portugal, but. So I'm hoping that doesn't land on me, but let's. Let's spin that. Beautiful. [29:48] Chad: I hope it does. And you have to Chuck vodka. [29:51] JD: Wheel of Ice. The wheel of ice. [30:07] Holly Knight: Wait, I got a question. Is this Brandon? Like, [30:12] Mark: no. No. I'm gonna vote for spinning again. [30:18] Holly Knight: Will said he'd take it for you, jd. There you go. [30:24] Chad: Thank you, Will. I'm pulling that card sometime too, Mark. [30:30] Mark: It's gonna go on me. [30:31] Justin: It's perfect. [30:34] JD: I can't remember a time on this. Thank you. Thank you, Mark. And thank you, Will. I appreciate it. Sorry for being a loser. Next time I lose, I swear to you, next time I lose Wheel of Ice, I will have two shearing off ISIS back to back. [30:56] Justin: We're not gonna remember that. [30:57] Mark: Yeah, for sure. [30:59] Justin: Let's be honest. [31:00] JD: Okay, I want to go into a little bit of conspiracy theory. I've been getting a fair amount of private messages from y' all out there and some really great emails on this subject. We heard from Sully last week. He discussed, I believe in his old job, he had seen some companies that had big venture capital funding, big private equity money behind them and no real profits to speak of, and them kind of falling to the wayside and him watching that happen. My father, by the way, used to talk to me about the dot com bus because we were a third party administrator in the Silicon Valley. And he would walk into a lot of prospect meetings, these fancy reception areas with a waterfall behind the front desk, and a beautiful concert conference room with fancy chairs. And he would tell me all about these meetings he had and go. I would set plans up for these companies thinking like, they weren't really profitable. They were telling me they were hiring hundreds of people. There's people going in and out of these companies and sure enough, two years later, a year later, they were all gone, Kaput, you know, and we're done. And so we've been through this type of stuff before. So what am I talking about? I know we talked about it before, Mark, from time to time, but I've just been getting so many of these messages. Stock market's going to shit, inflation's going up, interest rates are going up. And let me ask you this, when guideline for us all and human interest and the others come out with these public notices of like, we just got 50 million in funding and we are hiring 300 people over the next six months, are they going to come out with these same messages to the world when they're laying people off and VCs [33:05] Chad: will hurl bricks of cash, then by [33:07] JD: the time they find out that it's [33:08] Chad: vape or where, it's too late. [33:11] JD: Because I've been getting some private messages from some people I will not name on this show that are telling me not only are some of these companies struggling internally, organizationally, but that in the last year because of that they've, because they didn't have enough retirement expertise type people that when they hired those hundreds of people, they hired a lot of those types of people that cost them some extra money. And this was never part of their original strategy. Right. Their original kind of run for the finish line never included doing it the old school way of bringing in all these expensive people that actually knew what they were doing. They were going to code this shit, right? Disrupt the industry, be the Uber to 401k. And so they, then they found out, oh, we've got to start paying more people and bringing more people on. Beast Venture Capital said, that's okay, we'll give you the money. And now what's it called, Mark, when you aim for the left side of the fairway because you've been hitting slices all day and then you hit a big hook draw. [34:15] Mark: You double cross over, compensate. [34:18] JD: Yeah, you double cross. That's the word I was looking for. You double cross yourself. These companies have double crossed themselves and so now the shit is going to hit the fan. Here's an email. [34:29] Justin: I got [34:32] JD: that. Well, actually, you know, I don't know if I should read this email. [34:37] Mark: Is this why you're important? Is this why you're in Portugal? Are you telling us these things that's gonna happen but like you're scared of what's gonna come? [34:46] JD: Yeah, you've got your finger on this business enough. I, and I Don't. I don't think you're in any type of compromise situation here. I mean anything I just said there makes sense to you and you don't have to agree with me. Or does that sound like a whole lot of conspiracy mumbo jumbo? [35:09] Holly Knight: No, I mean, I agree with that. I think, yeah, I think I'm gonna not say anything right now. [35:21] JD: You've seen a couple of emails from. I won't name him unless he says I can name him. You know who's been telling us about guideline and he's done some math their like 15 million in wages that they've got right now. And you have said on the show before that you don't see the profits when you do the numbers. Tony says speak. Okay. So Tony, I love you for those emails, buddy. They've really been inspiring to me. I love that you've done some of that research. And Tony is the one that reached out to us and said, look at, I think his guideline, he was looking at who had this massive valuation. Some. Was it a billion dollars or something? Tony comment in the chat bar. And we're looking at their output as being so much more than their revenue. I don't know, Chad. Well, I understand. [36:14] Holly Knight: I think it's about to get fun [36:16] Chad: different in valuation versus revenue. And that's kind of what Tony was getting at, I think, is that a lot of these venture capitalists are looking for not just growth anym, they're looking for return. And when you look at the number of small market clients that they list in that, in those articles and we all know what they're charging, we all know where the revenue they are generating is coming from because they're staying out of the asset management game. And they're not, they're not creating float apparently. And, and so when you look at where they're generating revenue, you're going, they're barely making enough to cover wages because they don't have enough, they don't have enough revenue per plan to generate these, these return on investment for these venture capitalist companies. So yeah, I'm surprised to see evaluation that large when we all know the metrics of this business and know what they have in terms of clientele and go, where do you come to that valuation? It'd be like me looking at plan design and saying we're a $60 million company, we're not. [37:15] JD: Why would I, why do, why do I bring this up on retirement? Why do I even care? And this is why financial advisors, you know, people in our industry that are working their butts off every day to make this a better industry than it was yesterday and do better for our clients, I think need to wake up and understand that this could be a problem. Okay, we've, and that's why I gave those examples earlier. Like we've seen this type of stuff happen. [37:44] Chad: It is a problem. [37:45] JD: And I may not have said this a year ago, it, when everything was running okay, I might said, hey, maybe they're going to make this three pointer, you know, like if they keep going at it and they can kind of get there, they can. But here's what's happened. The world is a lot different now from a financial perspective. And so, and I've talked about this before, I think the venture capital people are not going to be ponying up any more money. And I think what you're going to have is a handful of businesses here, like Chad just said, that aren't putting enough gas into the tank to keep it running. So they're going to run out of gas and they're going to fall on the side of the road and be done. There you go, Brandon. And so why do I say this? I think advisors need to be careful when they're partnering with some of those companies. I think that we as an industry need to be careful when we're helping some of those companies and working and partnering with them. And you may not know all the ones I'm talking about because there are some that I think people put in this category that I don't think necessarily belong there. But we'll see. I have it on good authority that, and I don't, I probably get sued, so I won't, I won't say it, but I know one of these is about to lay off a shit ton of people, so. And you're not going to see it in the news, you're only going to see it in little LinkedIn. You know, if you scan enough LinkedIn people to see work. [39:08] Chad: We know the news, JD, we know the news. Let's let Nevin bring it out. Let's let John bring it out. The world needs to know. [39:18] JD: Well, keep, keep your, keep your eyes on this because I'm with Tony. You're gonna see some stuff over the next, you know, three, four, six months. And when you see it, you'll look back here at retirehogs and say, hey, maybe those guys were onto something. And so I just want you as an industry to be, you know, choose your steps carefully and make sure that you're putting the right types of things in front of your clients, the right types of people, the right types of products. And maybe it's not the ones that are. That are venture capital based and private equity based, that are actually trying to make millions of dollars. And we've talked about that before, and maybe instead you should be partnering with the companies that have been doing this for a long time, care about the outcomes and work their butts off. And don't attempt to sell things for free when we know that free doesn't count. Okay, I'll move on. [40:11] Mark: Brandon's been. Yeah, Brandon's been waiting for that one. [40:15] JD: I want to bring. I want to bring something back. But I tell you what, when you text Mark Palmeni and you ask him if while you're in Portugal, you could bring back everybody's favorite game, you know, just for favorite guests, it's tough. He makes you get on your hands and knees via text and beg and plead. So you. [40:35] Mark: You asked me and all I sent you back was a picture. That's all I sent you back, dude. [40:40] Justin: Nothing. [40:41] Mark: No, it was. That was it. [40:45] JD: So let's play the video. Brandon, if you can dust that thing off. If it still exists anywhere in there. Wow. [40:57] Mark: Yeah, I'll just say it's funny though, because like now the way. The way JD has done his intro and it's kind of an ox. It's odd and ironic that mine was a. He just left original Mario from Nintendo. The original and his looks like a modern day, like PlayStation 15 or whatever. They're on now. Anyways. All right, Holly, you're a seasoned pro at retireholics. You know how this game works. I don't have to explain it. JD already teed it up a little bit. Yeah, he asked me to do it. Did I spend a lot of time preparing? [41:34] JD: No. [41:35] Mark: So these questions aren't. Aren't fantastic. I'll just be the first one to say it. First question. First question. Freddie pudding ice cubes in milk when you drink it. [41:51] Holly Knight: Lame. [41:53] Mark: Okay, does it time out? Plain milk, chocolate milk, strawberry milk. Are you across the board, Lane? [42:01] Holly Knight: Yeah, well, I'm not a big milk drinker, so anything. [42:05] Mark: What are you, one of those oat milk drinkers or some weird like that? [42:09] Holly Knight: No, I just don't like milk. I used to drink milk a lot when I was a kid. I just don't drink milk now. [42:14] Chad: I don't know. [42:15] Holly Knight: Okay, so the thought of putting ice in it. No. [42:21] Mark: Okay, Chad. [42:24] Chad: Disgusting. And that is lame. [42:26] Mark: Mark, J.D. [42:29] JD: not sure why it's disgusting. [42:31] Chad: It's gonna water down something that's not Meant to be watered down. That's gross. [42:35] JD: I don't personally keep your milk in the fridge. Yeah, I put rice in my milk, but I don't think it's disgusting. So I'm gonna. I'm game for that. It's fine. [42:46] Mark: Okay. Justin. [42:48] Holly Knight: Oh, sorry. Go ahead, Justin. [42:50] Justin: Nope. [42:52] Mark: Well, you're just not gonna answer my question. [42:56] JD: No. He said no. I love you. I love you, Justin. [43:00] Mark: Oh, fuck you, Brandon. Please remove Justin from the screen for the next question. All right, Holly, did you have something to add there? [43:14] Holly Knight: So I used to live in Vermont for, like, almost 20 years, and my. One of my really good friends had a farm up the road, so I used to go and help her, like, deliver calves. And so, like, the only milk I've really had is, like, right out of the teat. [43:27] Mark: Ah, the. Right from the source. Yeah, the good stuff, like drinking out. Like drinking water out of a hose. Yeah, it's the best stuff, right? [43:34] JD: Ask me if I'm lame or game on that. [43:38] Mark: I don't think I want to know. All right, moving on to the next question. Lamer game. Holly, anybody, including yourself, if you watched any of the Johnny Depp trial that was on tv. [43:53] Holly Knight: Oh, lame, lame, lame. I'm not a big. Like, social media. Like, I don't really give a crap what other people are doing in their lives. [44:03] JD: So. [44:03] Holly Knight: No. Lame. [44:04] Mark: You know, it's funny. I ask these questions, and I always go to the guests first, but my second look is always at the chat bar. I'm the first person to respond every time is Shannon, and she's always like, it's great. [44:14] Justin: It's. [44:14] Mark: Perhaps she's always in line with what we're going. Justin. [44:19] Justin: The whole thing was lame. I did get some chuckles out of social media, you know, memes and gifts that came out, that's for sure. [44:27] Mark: What did you say there, buddy? [44:29] JD: What'd you say there, buddy? [44:32] Mark: Got him, J.D. [44:35] JD: i'm kind of backing Justin, so I. I knew it was televised. I never watched it on tv. But I have to admit, as I scrolled through some social. [44:45] Chad: That hurts. [44:46] Mark: Your last episode, too. [44:48] JD: Yeah, that's been a Achilles heel for me. I was definitely caught up in some of the. The acronyms that Justin used on social was. Was. So I'm gonna say game because it entertained me. I was into it. I thought it was pretty funny, though. [45:04] Chad: But the question was, watch it on tv. [45:07] JD: Yeah. [45:07] Chad: Dang it. [45:08] JD: Yeah, right? [45:10] Justin: I think it's ridiculous that was even a thing. [45:13] Holly Knight: My daughter just asked me the other day if I was watching it and I was like, no. And then we started talking about Johnny Depp. I'm like, I liked him when I was your age, when he was on 21 Jump street, because he wasn't in 21 Jump Street. [45:24] JD: Like, oh, Channing Tatum. [45:28] Justin: Actually, he was in 21 Jump Street. [45:30] JD: Channing Tatum. [45:30] Holly Knight: There he was. [45:32] Mark: Hello, my name is Jeff. All right, [45:37] JD: all right. [45:38] Mark: This last question is not really a lamer game question. I'm going to be honest with you. I. I'm bringing. I'm bringing one back that I think when I first did it, I don't think JD Was necessarily happy about. And it realized that I can't really throw curveballs, even in my own games. So I'm just going to say it. You guys will remember it, but I'm going to see if your answer changed. Holly, if you were shoulder deep in a pile of shit and I was standing in front of you with a baseball and I threw it at your face, would you duck? [46:12] Holly Knight: If I'm. [46:12] Justin: I don't remember this. [46:14] Chad: Really? [46:15] Holly Knight: Standing in a pile of shit and you throw a baseball at my face, you do duck. What does that have to do with standing in a pile of shit? [46:24] JD: I don't know. [46:25] Justin: As in, your face goes in. [46:27] Mark: Think of what's going to happen. [46:29] JD: Shit, no. [46:30] Justin: Your face is gonna go. [46:32] JD: Or do you take the. Do you take the baseball to your head? [46:34] Holly Knight: I would duck. I would take the baseball. Shit. Probably. Yeah. [46:37] Justin: Okay. J.D. [46:40] Holly Knight: shiner. [46:40] JD: Yeah, I'm with Holly. Put my face in the shit. I can recover from that. [46:46] Holly Knight: Yep. [46:48] Chad: There's no doubt that that ball is gonna be nowhere near my face when you throw it. So I'm not moving. [46:55] Mark: It's more of a reaction, dude. More of a reaction. Okay, how about this? If I hit a three iron at your face, I'm ducking for sure. [47:05] Chad: That's death. [47:06] Mark: Yeah, I'm definitely just. [47:08] Chad: Are you on the left or the right side? [47:10] Justin: I got a pretty head. I think. I think I'm going with the. The ball. I don't want that shit all over my face. [47:18] JD: Just poop, man. [47:19] Chad: It's already on every inch of your body. [47:22] Justin: Yeah, but it's a face. It's the lips. It's going in the crevice, but you [47:25] JD: can wash that off. [47:26] Holly Knight: Justin, you'd have, like, a shiner on your face. [47:28] Chad: I don't like. [47:29] Mark: I don't want to get [47:32] JD: crumbles. [47:34] Mark: You know what they say. [47:37] Chad: You know what they say? [47:38] Holly Knight: Like you said, having the shiner. [47:40] Mark: All right, everybody, this is exactly why JD Will never let me do this. Game again. That's why I did that. [47:47] JD: Oh, Shannon. S words just wrecked you, bro. I love Shannon. [47:53] Mark: That was strategic. Just so you know. Just a great question. [47:56] Chad: It makes us feel it's going to come back. [47:58] Justin: Mark, there's no. [47:59] Holly Knight: Are you trying to get rid of the game? [48:00] Mark: No. [48:00] Holly Knight: What's happening here? [48:01] JD: Can we. [48:02] Justin: He's just still, he's, he's very, you [48:06] Mark: know, you don't know that. JD Took that game and basically recycled it and just made it like his own. [48:14] Holly Knight: How do you feel about that? [48:16] Mark: Was this, is this a therapy session? [48:18] Holly Knight: I don't know. I feel like there's some underlying stuff going on. [48:21] Chad: Oh, there is, There is. [48:23] JD: Hey, can we talk about how baller that is that Shannon sticks with the S words when she comes to retirement? I love that. Hey guys, I don't know if you're aware of this, but even I tuned in from Portugal. The stock market took a today again. The, the Dow was down, I think 727, 40 points, something like that. Something north of 700 points. So it's, it's been rough. I've talked earlier about the, the headwinds that face these disruptor companies. Hollywood. But guess what? This is all relevant to the participant. The participants in these plans, the hard working employees for these companies, they know that the stock market is going down. They know that the gas at the pump in Cali costs close to seven bucks a gallon. They know that the loaf of bread costs more and a gallon of milk that they're going to put some ice in and drink it with costs more. So how does, how does your approach or how does our approach as an industry in terms of educating them change in these times? [49:35] Holly Knight: I mean, my messaging doesn't change. It's the same message. Right? I mean, I think if you come up with your strategy and you're like, foundationally, you're looking at your budget, you've got your emergency fund set up, you've got the short term goals set. That's not going to really impact too much, I would say. [49:56] JD: Can I ask you, but do you feel like, do you feel like they're more suspicious of the stock market and you know what I mean? [50:07] Holly Knight: Of course, Yeah. I mean, listen, people are only exposed to what they're exposed to and so, and they only know what they know. So they're looking at the media and we are inundated with like the sky is falling. I always tell people, like, listen, as long as you're not going to lose your job and you're not like five years from Retirement, when the market goes down. I mean, that's the time. If you've got the fund and you're secure, that's the time to buy more because it's kind of you're buying it on sale, like it shouldn't impact it. If you have the right strategy in place. We have to have the right strategy in place, and that's. [50:40] Mark: We can put that check in a money market mutual fund and we'll reinvest the earnings into foreign currency accounts with compounding interest, and it's gone. [50:50] Holly Knight: I mean, I will say, you know, it is a hard conversation to have right now with participants, you know, talking about. [50:57] JD: They don't see it the way. They don't see it the way we see it. I totally understand the classic industry response of, hey, look, you know, you just, you stick to the plan. You know, you don't pull your money out, you keep invest. Nothing's changed. Sometimes I struggle with that. Yeah. [51:13] Chad: Chad, what's the percentage of folks who, who have the discretionary income and have the ability to continue to invest when everything is costing more? They're fearful of the market. They're fearful of their job security. I think that, that the general premise is people don't feel like they have the money to invest right now. If we're saying that a lot of investors are living paycheck to paycheck and saving for the match, then that's something we really need to consider. [51:46] JD: I want to be clear, though. I mean, and maybe, Chad, you're just going more forward than me, but as far as I know, I don't think job security is an issue right now. I think quite the contrary. [51:56] Chad: I don't think right now it is, J.D. but I think in a path that we are pursuing right now, it. [52:01] JD: Very well, you're the guest. You got a thumb. Go. [52:04] Holly Knight: I think they're forecasting unemployment at like 5 to 5.7 or 5.8% at the end of the year. But regardless of that, it's like, yes, this is about education and it's about behavioral change. [52:13] JD: Right? [52:13] Holly Knight: So it's like, if you are living paycheck to paycheck today, what can I do as an individual? What can I do to create a better outcome for myself? So that is one. And so we break that down. When I sit down with someone, I am looking at all the different gaps in their financial life, and we are trying to figure out how can we change those gaps to get you better outcomes. [52:36] JD: Did someone who just tuned into our show make a comment? And you just tell Him, Ed, not the point. [52:42] Chad: I'm not done typing yet. [52:44] JD: But yes, I love it when you're an asshole, bro. Well, there you go. [52:49] Mark: There it is. [52:50] Chad: Yes, but the com. The comment was more so around the market and. And people focused on the market. As much as I'm saying I love [52:58] JD: it when Chad's being a dick. [53:00] Holly Knight: No, I just saw Shannon. Shannon just wrote education at an early age. So I'm an educator, right. And I'm actually speaking at a summit tomorrow. And this is a summit for. These are all higher? Not higher. Well, some higher education, but it's like private school. So it's like 150 different school representation here. So these are educators who are also living paycheck to paycheck. So how do you have that conversation? So it's, you know, breaking that down on the individual side, but on the plan sponsor side or the client side, there's different things that we can do that, you know, we can kind of change how we design that so that we can give more money to those participants and help them. And I think when people feel like they are seeing momentum, they get a little bit of momentum. That little bit of momentum can carry them very far. It's amazing what you can find when you need to. [53:48] JD: This is going to sound. This is going to sound weird, but I had to help an advisor many years ago when we were in the midst of a recession and the stock market was crashing and we had a large client, about 2,000 employees, and this advisor and myself and two other people on his team sat at tables in a large cafeteria and participants just lined up. We were literally. They were lined up with their statements. And we just. This back in the day and we'd sit and help them and. And I saw a lot of people that did not trust the stock market come up to my little table. And one thing I talked to them about, which I think maybe people could use today or be curious how you guys might critique this was I saw that they felt like if they got into the 401k that they were inevitably in the stock market. They didn't trust the stock market because they thought they'd lose their money and therefore they were not going to be in the 401k. And once I tried to explain to them that putting money in the 401k does not mean that you have to be in the stock market. And I know I'm going to piss off a lot of people when I say this, but when I explain to them that they could put it in cash and that it didn't have to be invested in the. In the stock market. Their eyes kind of opened up, like, wait, wait, wait. Because they just didn't understand the basics of it. Did I want them to be in cash forever? No, but I wanted them to take that first step to actually saving money and understanding that just because they saved the 401k wasn't going to evaporate. And I don't know, is that a crazy thought? I mean, you're nodding your head in acknowledgement. [55:31] Holly Knight: No, I think that's. I think that's awesome. I mean, again, this is about behavioral finance. So people get scared about things. Any little bit that you can do to help kind of change that mindset and get them on the right trajectory, it's going to be helpful. And so if that means you start them off in cash and then you have continue to have that conversation, educate them on, like, why you don't want to leave it in cash or why you don't want to have your whole position in cash. You know, I mean, these are educational [55:57] Mark: moments, but cash is king. [55:59] Chad: It's right. It's J.D. i'll tell you a similar experience for me today. And I mean, it was a rough one, to be quite honest. And someone that's in here right now knows because I shared what happened with them. But I was chatting with a gentleman, and when I told him that there was an option for a fixed account that had a net rate of return of 1%, he was pumped, like over the moon. Excited. That he could save, get the tax savings? No, that he was getting 1%. He was so excited about it. [56:33] JD: Did you explain to him that inflation was at like 7%? [56:36] Chad: Hey, I'm not a financial advisor. No, I'm not. Although he was. [56:41] JD: So I'm not an economist here, but yeah, we know. The Fed just jumped it up 75 basis points as interest rates go up. Oh, does that count? [56:55] Chad: Yeah. [56:57] JD: I've given you a free pass on [56:58] Mark: two other things, by the way. [57:01] JD: As interest rates go, aren't we going to see higher returns in money markets and cash equivalents and things? I mean, that area should improve, right? [57:10] Chad: Yeah, I would think so. [57:11] JD: That's what I understand it to be. At least that's what people told me. Hey, I've only got a few minutes to left. I want to crank this out. Yeah, the fun. When you're having fun, it goes by quick. I wasn't gonna do a drunk Stock tips, but there's such a glorious new graphic that Brandon created, I decided to fit it in. We're gonna fit it in last minute. Yes. Everybody, you're about to learn from the wisest man in the stock market. Rogue Guy. He's gonna give you some drunk stock tips. Brandon, play the new graphic for Mark. [58:02] Mark: Oh, God. Holy shit. That is incredible. [58:09] JD: But you're not jealous of my. Nope. Or dope graphic. Now look at you. Okay, Mark, we don't have a lot of time and so. Chad, we have no time. [58:18] Mark: The show's over. [58:20] JD: Chad, that means you must zip it on this topic because I know you get excited. Bitcoin was last at 20,000 back in December of 2020. Today it fell again and it's right around that 20,000 mark. What do you say, Rogue Guy? Is this the low for bitcoin? Should we jumping in on it? [58:45] Mark: Oh, wow. Wow. [58:47] Justin: We have. [58:48] Chad: I want everyone to know out there. [58:49] JD: Mark gets zero preparation. I don't tell about any of the stocks. Tony, that Netflix, remember he said a short period of time. You know, it's. You know, I don't know if that means you should have dumped it last week or. [59:05] Mark: Yeah, it was up. It was up temporarily. That's all I can say. I was right for a few days. All right. [59:11] JD: Tough times to be a stock picker. Tough. [59:13] Mark: Yeah. I would say that right now this is basically like choosing between. [59:17] JD: Yeah, should I buy the bitcoin? Do I buy the bitcoin or not? [59:21] Mark: Nope, you're over it. That's it. That's all. [59:26] Chad: Chad. [59:26] Justin: No, no, no. [59:30] JD: You're living in a van down by the river. Okay, Chad, go ahead. [59:37] Chad: I was just gonna point out that in December, same time frame, right? Wait, did you say 2020 or. Or 2021? [59:44] JD: I think it was last at 20k in December 2020. [59:48] Chad: What? What is the Dow done? The Dow is flat as well since December till now. So like you're saying it's back at the same Mark. The Dow flat. December 16 through June 16 is flat, down a 75 basis points. [1:00:03] JD: But that's another. We'll have to have to have that conversation. A future show where all of a sudden crypto is tracking the Internet in some way, shape or form, which would be good. Yeah, but that's been happening. Okay, well done, Mark. I. I'm actually, I've just so you [1:00:24] Mark: know, everyone, I said a word. [1:00:25] Justin: Just. [1:00:26] JD: Let's also remember that since we started these drunk stock tips, I've been shorting everything Rogue Guy has said. And I just bought another Lambo. Justin, here's your vote for chat bar champion Tony tonight. [1:00:42] Justin: Man. [1:00:43] JD: Solid Tony. Alcoholic. Way to Go Chadwick. [1:00:47] Chad: I need more time actually. I need to go back and look at my voting. [1:00:51] JD: You have. You will not get to vote now. Fuck you, bro. Come on, Shannon. Shannon S words. Okay, Chad, coming back to you. [1:01:04] Chad: I'm stuck, I'm stuck right now between Kyle because he intrigued me and from Sherry because Sherry was. Although Sherry was private chatting, so not everybody saw all of that. [1:01:16] Holly Knight: What the hell? [1:01:17] Chad: I'm gonna go Medley. I'm gonna go Kyle Medley came in strong at the end. [1:01:23] JD: I'm gonna go Will Hackler. Just because I swear when he types in Screw you, Chad, he's hoping for, you know, like if I, you know, he's using voice. [1:01:36] Mark: That's a pit. That's a pity vote, Hack. [1:01:38] JD: Just saying, I've had a lot of pity votes for Hackler and tells me to off all the time. All right, Holly, you get the last vote. [1:01:49] Holly Knight: I think I voted for Shannon last time, so I feel like you can [1:01:53] JD: vote for her again. [1:01:54] Holly Knight: This time I'm gonna vote. I love Shannon. Go Shannon. [1:02:00] JD: She had some great again. Okay. All right, so we, we got Shannon. Oh, there we go. Bam. What's up? Brandon's on top of his game. [1:02:07] Chad: He's so quick. [1:02:09] Holly Knight: Hackler, I love you. [1:02:11] JD: I guarantee you Brandon has not had. Not has, has not had as much vodka as I well. [1:02:19] Chad: And it's two o' clock in the morning there. [1:02:21] Mark: Brandon, that's your cue to throw up JD's vodka fucking thing. Damn it. [1:02:28] JD: We've been drinking a lot of vodka in my free time. Okay, Tony. Tony Davis is the winner. Wow. Well, guess what, Tony, Send me your. How do I get out of this damn thing? [1:02:50] Chad: Oh, back up. [1:02:51] Mark: Oh, yeah, I thought something happened. [1:02:53] JD: Yeah, send me your address, Tony and I will doordash you a shit ton of pizza. [1:03:01] Mark: You gotta get cat. Cat friendly pizza too, dude. [1:03:05] JD: Yeah, maybe I'll even send some cat food as well. Friendly pizza pizzas common to alcoholic. First of all, audience fucking thank you, man. You're awesome, bro. So psyched you could tune in this week with us. I love you. I love you. I love you. Anchovies. Oh yeah, anchovies on the pizza. Do you know they love anchovies in Portugal? Google it. It's for real, bro. It's for real. They like just eat that shit like on a sandwich and stuff. It's normal Justin chat, Mark. Thanks, guys. You keep selling those plans and I'll keep traveling internationally. Paulie, thank you so much for coming back on the show. We love you. We are so psyched to have someone like you in our industry that's so passionate and awesome and doing your gig. I hope you're loving your new job over at nft and what's the wellness program called? Give it a plug, Quick Plug. [1:04:10] Holly Knight: Wellsense. Wellsense. I'm the senior advisor for Wellsense and I now work for nfp. It's amazing. It's a lot. NFP is actually. There is no. There is nothing. It doesn't. [1:04:24] Chad: It has always been national financial planners, has it not, Holly? [1:04:27] JD: Nope. Holly, thank you so much for being with us. You will drink two or three penalty drinks as we close out this final song violated them. It's been another episode of Retire. Alex. Love you all. Peace out. BRANDON PLAYS MUSIC by the way, it's fucking getting close to 2am I'm not gonna be on the after show. I'm fucking out of here, dude. [1:04:47] Chad: Holly, it says right on the website that it stands for National Financial Planners. [1:04:52] Justin: Chad put her on blast. [1:04:54] Holly Knight: Of course we've done some changes. [1:04:58] Justin: Hey, if they haven't rebranded yet, it still counts. So take those shots. [1:05:01] JD: Drink. [1:05:01] Holly Knight: All right. [1:05:03] JD: Play us some music. Brandon. [1:05:04] Justin: Play us some music for a thousand, right? [1:05:07] Holly Knight: Wait, say that again. Start over. [1:05:08] Justin: Or not 401k, that's a bad example. But he said. He said like 10k or something like that. Does the K count as an accuracy? [1:05:16] Chad: No, no, it's just a section of the Internal Revenue. [1:05:19] Justin: No, no, no, no. [1:05:20] JD: I'm sorry. [1:05:20] Justin: No, no, no, no, no. I used a bad example and I said 401k. Then I said that, and I said. He said 10k, like, 10,000. Should that count as an accuracy? Like if you're saying, hey, I put 10k away. [1:05:34] Holly Knight: I mean, K is a. I don't know, version of thousand. [1:05:39] Chad: So is it an abbreviation, though? [1:05:42] Justin: See, that's. [1:05:42] Holly Knight: That's. [1:05:42] Justin: Yeah, we're trying to go. [1:05:44] Holly Knight: I think so. [1:05:45] Chad: Sure. It has to be an acronym or initialism. Is it an initialism? No, it's not. [1:05:57] Justin: No, it's not. But where the hell is it? [1:05:59] Chad: Some sort of weird. It's like a symbol. It's like. It's like if we said pound, you know, like the pound sign. That's not a lb. Hey, Holly, you should know that in Mark's writer, he. We're not allowed to talk about financial wellness while we're here, but now that Mark's gone, we can. So is well since available to everybody or is it only NFP folks? [1:06:22] Holly Knight: Oh, no, it's available to anyone. So I got involved with wellsense when I was working at Sapers and Wallach and we were. And we were getting that product to rpag, which is a product of nfp, so we were getting it that way. But, yeah, anybody can have Wellsense. It doesn't have to go through just NFP advisors. I actually, I met. I spoke at a conference. I was at Napa. I spoke at Napa, and I had an advisor who reached out to me, and then I met with him and his team, and, like, they're on the. I think they're central. I have zero sense of geography, but they're in Ohio.