Guaranteed Income Auto-Enrollment: Fiduciary Risk vs. Participant Protection

[0:00] JD: January 5th. Oh, by the way, that's today. Alex Ortolani of Plan Advisor magazine writes this headline and controversial article. Record keepers beat out external managers for IRA rollovers. Yes, I'll drink for that. I did that one on purpose just because I wanted to dip into the kettle. You. All right? Let me read the first sentence out of this sucker for you guys. The tug of war over who will manage the assets of hundreds of billions of retirement saving rollovers has at last seen a symbolic shift towards record keepers in a way from the external individual retirement account providers, according to this research that came out today. This is a big deal, people. I'm going to go straight to you, Glenn, right on the hot seat, right out of the gates. What do you think is fueling this quote, symbolic shift of record keepers picking up on these. Oh, hell, I'll say it again. IRA rollovers. [1:23] Glenn: Well, well, I don't know if I'd call it a symbolic shift. I mean I think that's, you know, some record keepers, that's been their business model from day one, so others, but [1:32] JD: their success is a shift, I believe is what Alex is saying. [1:36] Chad: They, they've struggled, changed. [1:38] Glenn: Yeah. The industry as a whole, their, their, their percentages have shifted and I think it's, you know, I, I don't think it's, I wouldn't say we didn't see that coming. Right. I think a lot of their business plans have been, have been to do that and I think there's going to be a, personally, I think there's gonna be some, some kind of a, a solution where both advisors and record keepers are working together. I don't think, I think they're gonna figure out a way. They're not going to butt heads with each other. I think they're gonna, you know, let [2:12] JD: me get to the drama first, Glenn. I want to ask those questions here a little bit. You're straight to the defensiveness. Sorry, Chad, go ahead. [2:19] Chad: I was going to say they've been doing that for quite some time. Right. Advisors can put thresholds in the plan for what size rollover they want to be contacted on and what size they want to be eated up by the record keeping side of this. But I think in terms of what I read and Josh said, inertia bitches, by the way, does that count? Dang is they've created so much good communication with participants that is efficient. Upon people leaving now, plan sponsors are doing a better job coding in terminated employees. The record keepers are getting quicker access to it than, than they have in the Past and it's leading them to create tech and communications out. They're gathering up these small plan balances. [3:04] JD: Yeah. [3:06] Justin: Big of a shift as this article makes it sound. Or has it been kind of more gradual? It doesn't give any year over year comparisons to see, you know. [3:15] JD: Well, okay, I think, no, I think Justin tried. I'm not sure it gave year over year. And Justin, I think it's been gradual. But I, and, but I think that's part of this kind of craziness is now we sit there, we look at it. Glenn made the comment that it always been the plan and here I'll kind of stir the pot a little bit. It has always been the plan of the record keepers of course to do this. Was this in the sights of the financial advisors. And then additionally to Chad's point, Chad says look, you've always been able to kind of set parameters and if you want the rollovers north of 200k you could have those. But Chad, that those are like the outliers. Like and I don't mean the outliers as in only few vendors do that. Maybe they all do it but no one takes them up on it. You know, they kind of, they don't market it in a massive way. They only use it. One asks for it. And so what they're really hoping is that we would get to this point. Let me read the numbers. They were hoping that we would get to the point where 42% rollovers are going to the record keeper. So they are now winning the battle and only 39% are going to the outside individual retirement account provider. But let me ask you this. Let's get to the deep dirty stuff. When I first thought of that, I thought oh, so now it's going to empower or principal or whomever to the, for the rollover in house staying with a record keeper as opposed to going to this new vendor. And I forgot to think to myself, it's not, it's not the vendor. This is the advisor shops that are not getting these rollovers. So Glenn, you can go to your, your kind of Switzerland. Is Switzerland the country that sits in the middle? I don't think so. You can go to your Switzerland role. Are advisors okay with these numbers? Let me ask you that first. Don't, don't tell me how they're all going to play fair. Do you think that if we polled 100 financial advisors across the country and told them that record keeper for starting to get a bigger piece of the pie as it relates to rollovers would they see that as a good thing or a bad thing. [5:19] Glenn: Well, in the right context, it's a good thing because they said the number of accounts, not assets, if I remember the article. So I think they'd say, yeah, they can have the smaller accounts and I'll take the larger accounts. [5:32] JD: They actually clarified. [5:33] Glenn: I think they'd be okay with it. [5:35] JD: They actually clarified. They said that when it came to the 250 or more, they said about 51% of the rollovers went to those external firms. So the. They're winning the battle slightly. Now, keep in mind, big chunks like 18% go to other 401k plans, like a new employer. So just because one doesn't mean that the other one's 49, but I think that's a classic statement is, oh, you guys can have the big stuff. Don't you know, we understand you can handhold these, you can do a better job and we would never want to steal that from you. Just let us work on the hundreds of billions of dollars of these other ones and you don't worry about it. And I've always been upset. Go ahead, Chad, and then I'll tell you why I'm upset. [6:22] Chad: I just want to make two points, because we've heard this so often, is that advisors need tech stacks to get after the participants and to be relevant when that time comes. I'm not disagreeing at all. But what I'm saying is from the general population that we've spoken to, they've all kind of said we're not interested in those small balances. So why does the advisor need the tech to go after them versus the rk leveraging the tech. Yeah, sorry, Mark, I caught myself. So I'm not sure that advisors going after the small rollovers is where we want this. The second thing that I thought was most insightful about the whole article was towards the end when they started talking about really establishing early relationships with the participants whose rollovers you do want. Make sure that you are their financial advisor. Whether it's through the plan or on the outside, you are their financial advisor when it comes to the time of them needing that rollover guidance. [7:17] JD: Okay, let me take a deep breath. I understand what you're saying. I, I understand that your typical advisor. And here we go again. I'm always picking on Chad with this one. Especially the people that you deal with on a day to day basis who have 15 plans and the average plan size is $1.5 million. I understand that they don't want to build out some model, some Tech stack to deal with tons of $10,000 rollovers. But there's other firms out there that we love as an industry who are the beating heart of 401k financial advisor world who have much bigger business models and they are still smaller entreprene owners. I'm not talking about the national aggregators. And so where the concern here is, and I've always heard this from the big corpo companies, is you. You small guys and girls don't have the deep pockets, you don't have the technology, you don't have the wherewithal and the staff to deal with these things. So let us deal with them for you. And I say shame on you. Like these are entrepreneurs that in a time when fees are being crunched and it's difficult for them to put their value forward, maybe they need these rollovers as a new source. You might say historically, Chad, but times change. The brand new year, now they want to build a model and they've in the year 2023, they can have the tech to do this type of stuff. And you surely can if you're, if you're a national aggregator. And so I go back to this again, we'll move on, but we're letting it slip out of our hands. We're, we're letting the record keepers grab it slowly away and that before too long it will be too late. Now what I'd love to see, and I'll let Glenn chime in on a little bit, is I would love to see Glenn's utopia where these record keepers really start to say no, no, no, no, no, it's you, the advisor first. Therefore we're building new technology, new internal pathways to really support you with these rollovers. But I think that's contradictory to their business model. Glenn, you think I'm being too pessimistic? [9:26] Glenn: Well, it depends. You know, I've been, I've been on the record keeping side. I've been on the advisor side. There are some record keepers, as you know, that don't want anything to do with IRA rollovers. So they still exist today. So bring them up [9:40] JD: the penalty drink for you, Glenn. [9:44] Glenn: So, net, net. I think it depends. I don't, I'm not trying to cop out, but I think it depends. It depends on which record keeper which, what their model business model looks like, what the advisor business model looks like. And then, and I think the advisors need to partner with the record keepers that complement their business model. If there's a conflict, then maybe they shouldn't partner that particular. [10:09] JD: Let me Drag you onto the pessimistic side. Give some people some Chad nuggets that you've learned in your life on. Vendors can tell you that they want to do something on a high level but then it's up to the internal people to really deliver on those services. Because we've experienced this as a third party administrator. Right. Like so I think good advice advisors out there is. I'll let Chad kind of piggyback on this but you need to really check how things actually work back at home office when those inbound calls come in for rollovers. Because the guy in the suit and tie might be telling you one thing and the way reality works is a different thing. Now Chad, am I being too pessimistic? Come on. [10:54] Chad: No, not at all. And to Glenn's point, if you pick the right record keepers and you do the research within back office of, of of your team and you understand process, then you find partners that facilitate the type of business and service that you want. I do think JD that as we see this, this area of our industry change and I do think it will continue to change. I think that the vast majority of these rollovers, ongoing number of rollovers, not asset size, are going to continue to grow in the hands of the record keeper. And I think most broker dealers and I think most advisors are going to, going to be okay with it. And I think that there is going to be more due diligence around setting a threshold and I think the broker dealer channel will be the ones that really force that for all advisors that are part of their teams. [11:43] JD: I would think that advisors would be okay with it. To Glenn's point. They have every right to say like I don't even want those things. Not part of my business model. But you would think broker dealers, and I know for sure, like large registered investment advisors, large national aggregators, I'm putting [12:04] Chad: those all together by the way, in that comment. [12:06] JD: They'd want those things, man. They'd, they'd want those because when you add them up, those hundreds of billions of dollars we're talking about, those are a lot of those little accounts. [12:15] Chad: Yeah, I wonder what kind of pressure those, those businesses will put on the major six, seven record keepers. I would imagine a few of them, [12:23] JD: we've heard from a few of them who said that they have put the clamps down on that stuff. All right, let's, let's go to another headline. Broadcast specialist magazine on January 4th. So yesterday came out with an article from our buddy Brian Anderson titled Pentegra's John Pinto to retire in 2023. 2323. And Eric. Yeah. I don't know what your last name is, buddy. Eric is going to take over as successor. Good for you, Eric. This is last to me about, about John Pinto retiring. Although congrats John and I hope you have a wonderful retirement. I'm going to take this moment to. I. I dug into Pentegra today. I've always seen their name. I've always kind of been aware of them. I don't know what I've labeled them in my head. Chad, Mark, are they a record keeper, a tpa? Are you familiar with their. [13:26] Chad: If you had. If you had asked me before reading any deeper recently, I would have said that they were producing third party administrator. I would have said they're more on the third party administration side. Have. Have record keeping and advisory arm as well. [13:40] JD: Glenn, are you. I know you work for big time companies and these maybe are more like a minor league player but are you familiar with the company? [13:46] Glenn: Well yeah, I'm familiar with one of their previous employees that ran their distribution. To me they seem like they were big players in the pep and multi employer type for sure. [14:01] JD: You're going to drink for pooled in class. [14:03] Chad: Swisher was the pusher of that. Right. [14:06] JD: Well I went in and dug a little deeper and I might be wrong and I'd love for the chat bar to clarify if anyone out there knows actually threw it out on LinkedIn to see if some people could help me. But I only got one response. They look to me to be a third party administrator as in they don't do record keeping services. So they're just like plan design consultants, just way cooler. They've really. Yeah. 75. Yeah. [14:30] Justin: They got a 316 in there that a lot of people love. [14:34] JD: Tony saying they do have and so [14:36] Chad: Sampo, I absolutely thought they did. [14:40] JD: Please let me know because I couldn't find anything. I know there's a weird. I know there's a weird kind of Venn diagram there with some things that they do but I cannot. Yep. Brian says they have a record keeping platform too. Okay. All right, fair enough. Good to know. 75 years in business somewhere in the vicinity of $16 billion in assets. Now remember, they're not the manager of all those. It could just be the administrator and. Or some of them record keeping. Some of them's in there. They have a very large multiple employer plan who's been drugged through some lawsuits the last two years. Right. I think it's still in limbo and that thing. But. But Big firm. I mean, not big by Glenn's employer standards, but still pretty damn big. And more than 21,000 retirement plans. They're actually kind of smart in an entrepreneurial fashion. Looks like they've expanded into what they call institutional investment solutions, which I don't think that means, like American Century. [15:39] Glenn: They don't. [15:40] JD: They're not creating their own mutual funds and, and stuff like that, but they're. They're helping plan sponsors with the whole fiduciary practice of choosing and monitoring funds and, and how they. They might run those types of committees. So I just think it's interesting because I never run into them. I don't pay much attention to them. [16:01] Chad: And yes, I've ran into them in one part of the country, and that was sac, and I think that's because Pete was there for a long time. So I. I've not seen them in a couple of years and have not seen them anywhere else in the country, but they're all right. [16:18] Mark: Well, this show to Claire, to clarify for. For Will Hackler, Sacramento, shortened. [16:24] Chad: Shortened. [16:26] JD: So I just thought it was interesting. You're an advisor out there. You know all the big names, you see all the big players. It's. It's always. I'll make a weird kind of JD surfer analogy. It's like when I go see a rock band that my daughter drags me to and no one's ever heard of, and 5,000 people show up, you know, in San Diego to watch them, and then they. They drive up to LA the next night and another 5,000 people show up and you've never heard of them. And so that's my weird analogy to this. These vendors that you don't really work with or see that much, they. They're still successful. They've been around for decades and they do business. So hats off to you, Pentagra. I'll try to learn more about you. I'm kind of lying. I probably won't have time, but good luck to you. All right, last little fun one. Mark, do you. Are you a member of 401k wire.com? [17:20] Mark: i. I ended my membership after I saw this list they produced. [17:26] JD: Are any of you guys Chad, Justin? Do you go to 400k wire.com? [17:29] Chad: no. No. [17:30] JD: Neither do I. It's like a secret society. I bet you Glenn goes there. Do you have a membership, Glenn? [17:35] Glenn: I do. [17:35] JD: Of course. [17:36] Chad: It's all. It's all institutional level. Yeah, I'm gonna say it's. Every person you talk to on the wholesaling side has access. Yeah. But Outside of that, I don't see anybody really going there. [17:48] JD: No, it's secret society Chad. They like wear like bullhorns and robes and like spray the blood of peps on things and so I don't know what they do. They're shit. They're coming out with their top 100 most influential and I do this one to like have some fun with this and I do this two to brag because I'm on the list. So it was just an opportunity for me. [18:10] Mark: Did you see what you were what you were nominated under though? [18:14] Chad: Yeah, I did. [18:16] JD: It doesn't matter what you're nominated under. [18:18] Mark: I don't think I'm just saying it's, it's actually it's, it's, it's kind of cool. [18:22] Chad: I kind of thought it's awesome and comical at the same time because it's, [18:28] Mark: I mean third party administrators is on there but that's not where you got put in [18:36] JD: a beer drinking category. They're going to name 100 and I'm learning as we go through this. They, they kind of leak these out as they get. They don't give you all 100. They kind of leak them out. I think we're up to 33 so far. I think the rest of them will come out next week. I got this list illegally because I don't really have a membership and someone snuck it to me so oops. No. Then the 401k wire guys actually wrote me and told me I could have some access. They gave it to me. So Rick Unser comes in at 98. Our buddy Rick Unser. Ross Marino, you know of wealth at work is 96. Peter Maluk of is it creative planning. I think it's that dude investment dude who's who merged with. With Unser's firm. Someone remind me what that is. They. They kind of merged to who to use the power of convergence. Alyssa Mincer. Alyssa. Alyssa Menser at Plan sponsor Mag. I think if I get one of these wrong let me know. Chad Bar Bill Chetney past guest on the show and freaking stud from his home in Alaska. Louis Capozzi. You know the, the peer to the 401k boogeyman Schlichter. That's a plaintiff attorney. Brad Campbell past past guest on the show. What was his nickname? Roby. Brad Campbell Scooter. [20:01] Mark: That was, that was a rough one for me. [20:02] Chad: Roby doesn't remember that name. [20:05] JD: Marsha Wagner at 71. Dick Darien has Guy on this show at number. Why is he 969 dick nice and then yes, I came in at number 64. I think that's a disgrace. I should be much higher than that. Let's see. John Sullivan at 51 and Schlack at 59. Sherry Fitz, we love her. Sherry Fitz at 48. Vince Morris, past guest on this show at 43, and Todd Kading at 34, and Jason Roberts at 33, both past guests. [20:41] Chad: Jason was voted as my number one guest. Remember Tire Alex? [20:45] JD: Yes. [20:45] Chad: I got. I caught heat for that. [20:47] JD: You love yourself some Jason Roberts. Glenn, These lists, these rankings, by the way, I'm sure Glenn's gonna be somewhere in the top 33. [20:56] Chad: I'm pretty sure he is, isn't he? [20:57] JD: Do these. Do these mean anything to you? Are they helpful in any way to you personally or the industry? Like yay or nay? [21:08] Glenn: Part of me says nay because this seems like more like a quote unquote beauty contest and though, you know, so it's kind of or popularity contest type things. It's a really mini thing. [21:20] JD: No, wait, are you saying I'm beautiful or popular? [21:22] Glenn: No, you're popular. But the other parts. But the perception is reality, you know, I mean, you say, hey, I'm on the. I'm on the four. I'm on the top 100 list. You put. I put that. You know, I put that on my bio and it means even though it's kind of hokey, would you. [21:42] JD: Would you. [21:42] Chad: That'd be all over my signature in my email. [21:47] JD: Glenn just stole from my Noper dope today. So spoiler alert. [21:50] Chad: Yeah, I might even get a tattoo on me. It'd be like top 100 most influential 2022. That's what I get. [22:00] JD: That's gonna look weird in 2036. Robe guy, what do you think about these things? Is there a positive spin to it or is it just a waste of time or what's going on? [22:10] Mark: It's real easy when you're not on the list to say it's absolutely ridiculous. It means nothing, and it's a bunch of bullshit. But I mean, I think it serves some form of a purpose. And I'll say that if you're maybe getting into the industry or maybe you want to know who's who, who should you be paying attention to? Following list, Reading articles from podcast stuff. I think it's a good kind of one stop shop to wrap your brain around, like, who are the people that other people admire? Who do they appreciate and actually listen to? And I think that's good. But do I want to hear JD now tell us that he was in the top 70 or whatever. No, it's gonna bug the out of me and I think it's stupid. So. [22:51] JD: I would never do that to you. I'd never do that to you. It's like pre. [22:55] Mark: It's like not to go to the sports route, but it's like ranking teams before the season starts in college, you know, the top 25 where you're like they're all 0 and 0. You don't know who's good in badge. [23:07] JD: Stop. [23:08] Mark: Just stop. [23:09] Chad: I will. I will make sure I'm connected to every single one of those folks on LinkedIn because they got something to teach and I'm going to listen. It's, it's worthwhile start. [23:18] Mark: I'm not taking anything away from those people. We've just had them all on the show so we don't have to worry about that chat. [23:24] JD: Robin knows all these guys. I on a kind of back roby and say like in a way it kind of builds like fun and community in our industry and you know, I've said this many times. I, I think it's cool for us to establish a, a tribe and a community of people that we kind of lean on each other and, and this further kind of cements that concept of like we all kind of know who we are in, in our family of 401k people. So. So with that, I would really rather [23:55] Mark: have JD's perspective if he wasn't on the list though. I really would. [24:00] JD: Oh, it'd be interesting. That would have been interesting. Honest truth. I'm, I'm, I'm not going to say I'm honored to be. I'm pissed. I should be fucking higher than that, Robbie. All right, let's move on. [24:12] Mark: Let's, let's get J.D. a plaque that says like not top 50. [24:17] JD: I'm going to go pick it outside their, their corporate office says like 63. How dare you. Let's a little bit of. A little bit of quick housekeeping. Not housekeeping that I got some housekeeping after this. Justin, the people have waited long enough. How dare you make them wait this long. Can you give our guest a proper introduction and attempt to keep your job at the same time? I don't know. We'll see. Take it away. [24:42] Justin: I, I like to lobby real quick that we call it a Metro, not an intro anymore. [24:46] JD: Sure. [24:46] Chad: Yeah, Metro. [24:47] JD: Good. All right. [24:49] Justin: Well, in honor of our good pal Tony's recent obsession with AI, [24:56] JD: I decided [24:56] Justin: to not do any research and just turn to chat, whatever the acronym is, to write my intro for me. [25:03] JD: Today. [25:05] Justin: So here goes. Yes, I did. Glenn is a seasoned professional in the 401k industry with over 15 years of experience helping businesses and individuals plan for their fiscal or financial futures. As a dedicated financial advisor, Glenn is committed to providing top notch service and expert advice to his clients. Always going above and beyond to ensure their needs are met. [25:26] Glenn: No way. [25:27] Chad: Yep. [25:28] Justin: With his extensive knowledge of the 401k market and a passion for helping others, Glenn has become a trusted resource for those looking to secure their financial future through smart retirement planning. Whether you're a small business owner or an individual looking to grow your savings, Glenn is the go to expert to turn to. He's a godfather. [25:48] JD: Do you know what he's doing though, Glenn? You know where this is coming from? [25:52] Glenn: No. [25:52] JD: Okay, we'll tell you at the end. You're going Justin. [25:55] Chad: Okay. [25:55] Mark: All right. [25:55] Justin: I thought I was getting cut off anyways. He's the godfather. Two versus three. Methodology of Targeted Funds Strategist for American Century, Mr. Glendile Glenn. [26:07] JD: What Justin did is he put that into an artificial intelligence box. It's all the rage online. I'll drink for it. Chat GPT. And so an artificial intelligence wrote that for Justin in a matter of seconds. Like, have you heard that? [26:26] Justin: I said, have you? [26:27] Mark: Write. [26:28] Justin: Write me a pretend introduction for a man named glenn in the 401k industry. [26:33] JD: Have you heard of this Chat? [26:35] Glenn: No. I think this whole Internet thing's a fad. I don't think it's gonna happen. [26:40] JD: You gotta check out. I'm not gonna say it again, but you need to check it out. It's. It's very interesting and it's. It's all there. [26:47] Chad: So much fun. [26:48] JD: It's. [26:49] Glenn: What's it called? Chat. [26:51] JD: Yeah. And then three letters after that. A quick Google search. You'll find it. It's getting more right above your head right now. It's getting more users than. Than, you know, Instagram, Facebook, Tick tock. Like it's blowing up. And I shouldn't even put into that category because that's not what it is. Go sit on some deep podcasts right now and listen to some very smart people talk about how this is either the beginning of the end of the world or the beginning of the next phase for us as human beings, where, you know, Tesla robots will just do for us and solve our problems. And I mean, I'm. When Justin was reading that, I was thinking to myself, it's probably not there yet. I think it's the 3.0 version. But at a certain point, it could just Replace Justin and we wouldn't even have to have him on the show. Like. Right. [27:46] Justin: I've been wishing for that for years. [27:50] Chad: A couple. [27:50] JD: A couple of housekeeping things. Jason Grant is a. And I need your help. Chat bar. Jason Grant is a friend of the show. At least I thought he was. And he's usually here. [28:01] Mark: You can't say he's not on the show right now. You can't. [28:03] JD: Save it. [28:04] Chad: His boss is here, though. [28:05] JD: Oh, no. Still judge and jury, bro. [28:07] Mark: Say his mom is here. [28:08] Chad: I said his boss. [28:10] JD: His boss. [28:10] Mark: So it's basically his mom. [28:12] JD: Yeah. [28:12] Mark: Right. [28:12] JD: I need. I need everyone in the chat bar to let us know what the punishment should be for Mr. Grant's. He was interviewed by Vestwell and asked his top media influences. And he named 401K Specialist magazine. He named the association of Pension Professionals and Actuaries and. And the national association of Plan Advisors. And he didn't mention us, literally. We're his family and friends. [28:39] Mark: Jd. He's embarrassed by us. It's like, you know, like, that's what it is. We're the. We're the friends. He doesn't want to introduce to his new group of friends. [28:47] JD: Right. [28:47] Justin: Glenn Dial on the show. Why is he embarrassed of us? [28:52] JD: I'm with you, Mark. I think that's what it is. I. Harsh scolding will not be enough, Eric. It's gonna have to be something bigger. Something bigger. So let us know. I need to find a great idea in there. And then. Roby, I. I don't do this often, but, you know, this rope thing, it's looked over a lot. Share with the audience. A little update on the robe, if you will. [29:17] Mark: Yeah, some of you may have noticed, if you're paying attention at home, and you are advocates of those, you know, find the pictures that are different than what's different than the other picture. Because you might notice I'm so confused when it comes to this. I've got a. I've got an announcement to make of two new sponsors starting in 2023. [29:43] JD: Glad that Robe looks like a NASCAR vehicle. It's got all over it. All his sponsors he's selling. [29:50] Mark: Okay, so just to. Just to throw it out there real quick. [29:55] Chad: I'll be brief. [29:57] Mark: Mr. Tony Davis was kind enough to send me a patch here. Even told me where he wanted it. The reason why it's exactly where he wanted it is that envelope might have been stuffed with something else. I don't know. And I'm not talking about confetti. All right. I won't say it because obviously I'll have to drink for it. [30:17] JD: So you can read it. [30:18] Mark: I hope that. Okay. [30:19] JD: He. [30:20] Mark: Tony doesn't know this yet, but he might be the sponsor. Naming rights of a. Of a particularly popular segment on the [30:33] JD: show one day move forward. Okay. [30:35] Mark: I don't know. I don't know that that envelope might have to get doubled. [30:40] JD: Next. [30:40] Mark: But not very, very least. [30:43] Glenn: Whoa. [30:45] Mark: The senso consultant. Now this, this one's mean. It's aggressive, just like he is. Right. In a lot of ways. So it's just, it's direct. It's to the point, it's green. Like hardcore. This also came to me as I'm stumbling through Vegas and get ripped on the shoulder by someone walking by me and a patch ends up in my hand. Kind of like some mobster movie. You see someone handing off some money or things. And so obviously I was stiff armed into the straight arm. But to putting this thing on. But I proudly wear Desenso Consulting as a new sponsor of the robe for 2023. Am I saying 2023, as in like next year, I'm just ripping these things off. [31:31] Justin: No, wait, it's coming off. [31:32] JD: No, like they got. [31:33] Mark: I don't. [31:33] JD: I don't really know. [31:35] Mark: I don't know. This might be a new renewal that you'll have to send in. Don't know yet. [31:40] JD: You guys remember that powwow we had about how we were gonna try to trim a lot of the fat on the show and just. [31:45] Chad: I do. [31:46] JD: I remember some less bantering. No, I love the robe. It's great to get a little more context on it. I'm not sure we let people know that there's patches all over that sucker. They see it at the live events, which you don't see it that much on the show. So the NASCAR theme is continuing. [32:01] Glenn: Well done. [32:01] JD: If you'd like to get your patch on Roby's Rub, you know you're gonna have $1 million. [32:07] Glenn: Yeah. [32:08] JD: You have to fork out some cash. Mr. Glendile, you were on stage at wealth at Work in Las Vegas, Nevada. I was. We were all back in the corner there. And so I get up there. I'm gonna ask you about what you want to talk about. You know me, I like to stir the. Did you like the way that was set up for you there with all the sponsors boosting up on the stage? Look at that. No, no. [32:34] Glenn: Yeah, that's a little. It was a little challenging. [32:36] JD: Yeah, it was. Right? And hey, kudos to Ross and those guys for trying new things. Right? But I think yeah, that one was a, that one was a swing and a miss. Like we, we need you focused on a stage where everyone's listening and not rumbling around. So you were talking about, you presented and right afterwards this article came out. Foreign K Specialist Mag quickly documented your presentation with an article titled 3 High Level Trends Advisors need to Track and Track. Now, according to you, these trends are target date funds and the lawsuits and what we could learn from that transitional risk or what I, I call it, like is it okay for me to call it sequence of return to risk or whatever. That's the same thing, right? Like, yeah, towards the end we'll talk more about it. And then, and then the old decumulation, you know, the guaranteed income solutions, those are those three areas. Glenn, you're the guest. Which one would you like to start with first? [33:39] Glenn: You know what, let's, let's start. We'll start from the bottom up. How about in plan retirement income? Because I think that's the most complicated and the least understood and the least [33:49] JD: exciting of the three. No, I'm kidding, I'm kidding. Sounds easy to me. So yeah, we're an. Well, they've. I think a lot of people are vets that tune into the show on a Thursday night, but there's other people out there listening that don't have quite the experience of everyone here live as an industry, the 401k industry has done a. Has worked very, I was going to say has done a phenomenal job, has worked very hard at accumulating assets for participants towards retirement. That's been our sole goal. Right. Is how can we help them save money and grow that money through investments. So they got a big chunk of change when they get to age 65 or whatever it is, but we've kind of failed them in terms of what they do next. Right. And you and I pre show we're talking about how that's probably the most complicated phase of retirement is now you got $2 million or whatever, how much do you pull from it? What do you do? You know, you've got all the market risk and all these different types of things. So set the stage for these people. What is the solution to this decumulation? Is it guaranteed income? How are you involved? Where are your passions lie in all this? Like, let's just dig right into it. [34:59] Glenn: Well, let me tell you that the person that got me excited about this was probably about 20 years ago when I was on, I was running Ceridian's record keeping business and an advisor who was also, you know, A good friend of mine just came to me one day and said, hey Glenn, if. If you ever get a chance to develop a product that will do XYZ, you should do it. XYZ was I would pay 1% just for a market protection in case I retire in the wrong market sequence and give me guaranteed income for life. And I'd pay for that to have that. And oh, by the way, I don't want to lose flexibility type thing. Net net. When I look at these products out there and while look at our industry and I said this on stage, we all are willing to insure our homes for some kind of natural disaster, unforeseen circumstance. We insure a house. [36:00] JD: Great analogy, right? [36:01] Glenn: We insure our cars. But when we say, hey, do you want to insure your 401 balance, arguably your largest financial assets, Be like, no, no, I don't want to do that. I want to. Because the 4% roll works. Or what if I'm gonna do the IRA rollover? But net net, even if you leave your money in the plan and do the 4% rule. [36:22] Mark: Did I individual retirement account. [36:26] Glenn: Oh, 10%. Almost 10% of participants will still aren't going to make it right. But we pat ourselves on the back as an industry saying, look, if we do, if you do everything I tell you, 91% are going to be okay. But those other 9% of the population, I was shocked. [36:47] JD: That one's in your slide deck. And I was shocked by that one. The. The 91% of people are going to feel right. What, what, what he's referring to, everybody is it's this slide that says 9% of people will not. They'll run out of cash, right? They'll run out of money. And I was like, that's it, 9%. I thought people were way more fucked than that. But that's if you believe it's roll. [37:08] Glenn: They say if they saved enough. I'm saying if you do everything right, 9% still aren't going to make it. [37:14] Chad: There's a, There was an Instagram post I saw recently from an advisor and she is. It's a well put together little piece, but she shows, it shows a dad talking to a little girl like, hey, you need to save your money. You're going to need this later on in life. And then it's her going out in college and she's working and her friends are saying, let's go party. And she's like, no, I need to save my money. Same thing when she's working. Same thing when she has Kids. Then she reaches 65, she's gray. She's talking to her advisor like, oh, I'm ready to retire. And the advisor like, you can't retire. You have enough money. And she's like, but I saved everything my whole life. And like, yeah, it's not enough. And it's her whole pitch like, look, you need to work with someone early to know how to invest. It was a really well done little marketing piece. [37:58] Mark: No, that's like, let's try to cut [38:01] JD: right to the core of it. [38:03] Mark: Exactly. Three piece. [38:05] JD: Because we've had this conversation before. You know, I. Part of me wants you. [38:09] Mark: Old people. [38:11] Chad: Old people. Old people can go themselves. [38:14] Mark: Why did you. I'm going to live forever. [38:19] JD: I was gonna come to you and say, hey, look, other vendors have tried this and failed. And people have heard me rant on this on the show before. I, I think the biggest stumbling blocks we've had is when we try to implement something like this into a 401k plan that is guaranteed income, we treat it like another investment option. [38:39] Mark: I really do. [38:41] JD: We treat it like another investment option. And without being able to be there and educate every single participant on a one on one off basis, most of them are not going to choose it because it's foreign to them. There tends to be lots of disclosures there. You know, there's lock in rates and bottom rates and this and that and extra fees. And I just think left of their own devices, they're like, oh shit, I can't make this decision, I don't understand it. And so we can sit around and do surveys that say, and I always, I think these surveys are hilarious. By the way, Glenn, I'm not trying to rip on guaranteed income, but would you, hey, sir, ma', am, would you like to have guaranteed income in retirement? 90% of people say yes. Well, no. Like I would answer y to that question too. And so am I crazy to think that the only way this works is that if we somehow end up defaulting people at a certain age or because I think left to their own devices. Is that right? Because that, that's kind of scary in a weird way, but also. So talk to me about that. [39:45] Glenn: All right. So I still remember my first job out of school, had a. Did not have a 401k plan, only had a defined benefit plan. And to this day, I remember every word in that enrollment meeting. Every single word. You know, I remember every word. [40:00] JD: I do, I do. Because there wasn't any. [40:02] Glenn: There wasn't one. [40:05] Mark: If I did nothing, I was going [40:07] Chad: to be really impressed. [40:10] Mark: I said I was going to be really impressed. [40:11] Glenn: If you remember that if I did nothing, if I did nothing and just worked there, I was going to be okay. And that's, you know, as much as we don't like the default word and we don't like, you know, the, you know, the what, you know, big brother, whatever, however you want to think about in our industry, but you look at where it's working, look at over in Australia where they are defaulting and all that and their account balances are zooming past ours. And the same thing with these guaranteed income products. We got to think, we got to, we got to take us and our experiences out of this and say, what about really the smaller guy that's probably not going to get the consultant, the handholding, the consulting. They're not, no one's going to get, you know, try and get their IRA rollover. What if they do nothing from the time they start to the time they retire? Are they going to be okay? Even if they retire in a down market, are they going to be okay? [41:03] JD: You need a drink, Glenn. It sounds like Individual Retirement Account is a tough one for you, Chad. Imagine a world where I not only default you into the plan, but I default. Your participation rate, you know, your deferral rate, I default. Your increases, I default to. I mean, I guess we default people into investment these days anyways. I mean, we do that but. But now I'm going to default you into a product that has an insurance element and some higher. Can you stomach that and speak on behalf of the, the advisor community and the industry as a whole. [41:42] Chad: I've always been a believer that defaulting for people that need to be defaulted is good. If I've made an election and I've invested my money and I've done so with the anticipation that I'm going to reach retirement age and decumulation at some point and you change what I have done when I get there, even though I've already made elections, then I think we're doing a disservice to those folks. If people have not made an election and they've been defaulted into the plan, or if people get proper guidance at that age and they choose to be defaulted, I'm all good with that. But I don't think you should be defaulting at that point in, in someone's investing career without properly notifying them that this is really what's going to happen. We're about to kick you out of the portfolio that you've created and managed for the last 30 years. And we're about to put you in a guaranteed income solution. [42:30] JD: Why? Why you're okay with defaulting them into a target date fund based on their date of birth. [42:36] Chad: Why that is that initiation. Those people have not made an election. I'm. You're saying we're going to default them when they're 55 and approaching retirement? Well, the people, the people who have made an election. If I chose to manage my own money. Okay, 25 to 55. [42:53] JD: No, no, no, no, no. Let's get one thing straight and Glenn can correct me if I'm wrong. Look, we're just talking about defaulting or not defaulting. We understand no one in the guaranteed income space that wants a default is saying that everyone has to do it. You can always opt out of these types of things. So everyone's always going to be able to choose their own investment. Then that's true of automatic enrollment. It's true of automatic increases. It's true of QDIA as I'll drink for that. But so, so that's not the argument. The argument is it just as okay to put them into a guaranteed type of solution as it is those other things. And if it is, then I think Glenn saying that's the future of this industry, not to put words in his mouth. [43:37] Chad: And I think it's. I think in all likelihood it should be. And I think that that's an area we need to go to. I disagree with your statement though, that those are one and the same. I think we have seen, especially by the opt out rates that people aren't reading what we're putting out in terms of disclosures as an industry, they can't make sense what the we're giving them. So you think when someone reaches 55 and you're handing them a contract for a guaranteed income solution and saying they're going to be auto and auto moved from their current portfolio into that. That they're going to be able to make any sense of that and make an informed decision. [44:10] JD: No, I don't. But I think, and I'll let Glenn speak because we brought him here to talk about. But I think they're going to be stoked when they find out in five years that the market's down 30% and they're 67 years old. [44:21] Chad: I won't. If I had been working with my advisor that whole time and had a plan of what I was intending to do and I reached that age and find out that I was defaulted in at a point because I didn't read a disclosure that was given. [44:31] JD: Oh, oh, I'm sorry. You didn't read it. So you didn't opt out. I thought you meant you didn't read it but you just went along with it, so who cares? Glenn, come on, you must have spent a lot of time. [44:41] Glenn: Yeah. So I'm not going to sacrifice 90% of the population to placate the top 10% income earners. And those top 10% are going to have an advisor. They're going to be there at their side. They're going to tell. [44:53] Chad: Why is it the top 10%? Didn't we say that only 9% were left behind in your earlier stat? [44:59] JD: No, the top 10% make their own [45:01] Chad: decisions and we're saying the remaining 80% or 90% don't. [45:07] Glenn: Yeah, I'm saying, yeah, I'm saying at least, at least 89% of participants go with where the default is and they don't have an advisor helping them out. [45:16] JD: You don't think that's accurate, Chad? [45:17] Chad: I don't. I think they, I think the top 90, 89% don't have an advisor. I think that's probably a fair statement. But I don't think 89 of people are auto featured into a plan at this point. [45:28] Glenn: Well, I mean you don't have an advisor. [45:29] Chad: I mean they don't have help. They don't have any, they don't have outside help. They have 401k advisor help. [45:33] JD: Right. [45:34] Glenn: I have an advisor. [45:35] JD: I like that. [45:38] Chad: I, I think that this is the path we need to go down. I do agree with you that we can't, we can't make decisions for the few when you make decisions for the majority average worker. When you had your point earlier, Glenn, and I think that auto enroll or auto default into this is going to be the only way to really get a push for what is needed for this accumulation phase. We have to do a better job though at educating people if we're going to push them into solutions like this. So I think we're going to see a massive amount of lawsuits with the increased cost that these solutions have over a passive lineup in these larger companies where your, your oiling costs are nine basis points and, and we're adding something, we're just going to have to be a lot of disclosure not to get sued. [46:22] JD: Glenn's a master. Glenn is the master of protecting plan sponsors and situations like that. When a committee of fiduciaries chooses a guaranteed income to default participants at set age, they will do the research, do their documentation, have it all, put in a nice Three ring binder. I know with some. We live in a digital age. I'm just speaking metaphorically. And they'll be able to prove to the court why they decided to choose that that insurance vendor or that provider to do that. Just like anything else. The, the liability of lawsuit to me is no higher or lesser than defaulting participants into a target date fund. I want to ask you. Chad says no, we'll agree to disagree. [47:05] Chad: Not true. [47:06] JD: Why is it higher? Because the fee structure that's layered because [47:09] Chad: that person has already made an election. It's like auto re enrolling. There's more liability when you're auto re enrolling people that have already made an election. [47:18] JD: Chad, you keep, you keep saying that if they opt out, they can opt out. And maybe I'm wrong. Let's ask Glenn. So, Glenn, do you think the strategy is that I choose my own Investments at 25, I choose to be invested in however I choose. I'm a smart guy or girl. And then the default is that if I don't answer something at age 55, I'm. You're going to strip it all away from me and put it into some guaranteed income solution? Well, it's what you're saying, right, Chad? [47:50] Chad: Yeah, that's what I thought. I'm hearing is you're going to take me at 55 and you're going to push me into a solution. [47:56] Glenn: Let me take it from a different angle. What, what if I'm already. What if I'm one of the 70 of the people at my. I'm making this up, by the way. If I'm people at my company that's been defaulted into the targeted fund. So I'd be going with better than. [48:11] JD: Glenn, you're being, you're being a true retireholic. We make up stats here all the time. [48:15] Chad: Keep going. I'm with you on this one, Glenn. I'm 100%. Keep going. Yeah, default, man. I've not made an election at this point. I've been default. [48:22] Glenn: So I've been defaulted my whole career. Now all of a sudden I'm defaulting into the income product. I probably, I'm probably pretty cool with that. [48:31] Chad: Yeah, absolutely. No debate there. My debate is if I join your company at 50 and I make an election to invest my money in a specific portfolio layout and then at 55, I'm defaulted into something that I did not, I did not choose to elect. I was managing my own money. I had my strategy in place and now I'm being defaulted. I got a chance to opt Out. [48:53] Glenn: Let's just say, let's just go down, play that forward. I defaulted you. Even though you made your own like and that. And you weren't paying attention. You didn't see the notice came out and. Whoa, no, no, no. I'm sorry, let me take one step back. You did. I did see a notice come out. I did not default. Wait, wait, wait. [49:14] Chad: I did not opt out. [49:15] Glenn: Wait, wait. Well, how would it work in your, in your scenario where if I've already made my selection, then I wouldn't be defaulted? Is that what you're saying? I wouldn't even get. I would never even. [49:24] Chad: I'm not saying it's right. I'm saying that there's increased liability if I've made my election and now you default me different than my election. [49:33] JD: Chad's worried that the employer has made a umbrella decision that when their participants reach a certain age. We've been spitting out 55. I've loved to ask you if you think that's kind of an accurate, you know, area there or age there. But what Chad's saying is, no, I was never auto. Defaulted because I chose. I opted out and I chose my own investments. So you. I was never defaulted. But now the company has said, look, everyone, when you get to 55, we're concerned about you all. You don't understand sequence of risk and, and transitional risk, as you call it, or sequence of returns. And therefore we want to protect you. [50:09] Chad: Oh, my God. [50:11] JD: And so at 55, we're going to default you into this income solution, guaranteed income solution. But you can, you can choose not to. That's Chad's scary situation. Do you, Glenn, think that that is not something the industry would want to do and they'd only take the people that had already been defaulted into into QDIAs. Why did that one? [50:34] Glenn: Well, let's face it, I think it's going to be administrative. I, I think you can, while you can make a case for that, I think administratively, I think that you're going to want to default everybody and give them the normal opt out and even though they made a selection. I understand where you're coming from, but I think administratively, it'd be tough to. [50:54] JD: Well, I like it. Are we close at 55? Is that. [50:58] Glenn: I think so. I think so. I mean, I'm 56, and if I'm, I would, I would, I would go in this, I would go in these products every single day and twice on Sunday. I wouldn't think twice about it at all. The older I get, the more risk adverse I get and I, I will pay for the protection. I'm not having my lifetime savings blown up just because I happen to be born in the wrong year and retired in the wrong year. No question. [51:25] JD: And it's not just about, and we can move on, but it's not just about the blown up part of it because that, we all know that that can be detrimental, but it's also the human psychology side of it of like, wouldn't it be nice to, you know, it's like you talked about in the defined benefit pension world to like lock in and say I, my investments, my retirement plan is worth this much per month and I can count on that in retirement, regardless of market risk and all that type of stuff. So there's some big pauses and I've been jumping on both sides of this argument. I, I'm glad you said it, Glenn, because I don't think anyone has said that yet on this show is I was worried, like, look, we've seen Hancock fail with it. Hancock fell flat on their face. Like they got very little adoption and they had a really well thought through, well branded, well marketed, beautiful colors, put it in the enrollment book and just got nothing out of it. And so when I said to you, it has to be defaulted, it's got to be automatic, you said yes. So now I know what, what you all are thinking about, because it's the only way otherwise you're just going to fail the same way someone in the chat bar said, oh, it's going to take one on one education. Yeah, that doesn't work either. That doesn't work either. Let's play a little game. Let's have a little fun. Glenn, since Chad's been busting your balls so hard. [52:52] Chad: I was busting your balls more than anybody. [52:56] JD: It is the raddest dopest game on the planet. It's the nope or dope game. And Glenn, it's totally original. That's a good point, Hackler. I appreciate your co production. Glenn, are you no. [53:26] Mark: Hackler. Negative points for you now, dude. [53:29] Chad: Come on. [53:30] JD: Glenn, are you nope or dope on spinning wheels that will make someone drink a Smirnoff ice? Nope or dope? Yes or no? Oh, okay, let's spin it. Brandon, [53:48] Chad: Mark, be mark with malort. [53:52] JD: Yeah. Do you have it, buddy? [53:59] Chad: Oh, yeah. [54:00] JD: Attaboy. Attaboy. Nice. Is Brandon shipping out all of you on the corporate credit? [54:05] Chad: You guys left it when you visited me. [54:08] JD: Okay, well, Chad drinks his Malort. I'm gonna ask you a question. Yes. We're gonna play this Game again. Okay, you kind of already told us earlier. Nope. Or dope. Leveraging your press or your most influential ranking or your cover shot on the magazine or whatever. Leveraging that amongst your clients and strategic partners and on your email signature or whatever. Do you actually tell people about it? Nope. Or dope. No, you're dope. And how might you do this? Would you. Would you tell an actual client? Hello, my name is Glenn Dial. I am the 22nd most influential person in 401k. [54:55] Glenn: No, I would only. I would only put it in if someone asked me for a bio, and I'd have it somewhere in the bio. [55:02] JD: In the bio. Okay, fair enough. Very conservative. [55:04] Chad: You. [55:04] JD: Classic. I should have expected as much. Justin, what are you on this? Nope. Or dope. [55:10] Justin: I'm with Glenn. [55:11] JD: I don't. [55:11] Justin: I don't like to brag or embellishment. [55:13] JD: Glenn said he would use it. [55:15] Mark: Are you listening? [55:20] JD: I thought he said. Did he say nope or dope? I said dope. [55:23] Glenn: Yeah, well, I would, but on conservative, so it's in. [55:27] JD: I don't. I'd like to be more humble. Okay. All right, Chad, you are. You get some massive award. [55:34] Chad: I would definitely use it. I was laughing. [55:36] JD: Wait, wait. [55:36] Chad: Just gave me a dirty look. I'm sorry. I'm dope. [55:40] JD: You were on the. Okay, rogue guy. You were on the COVID of a magazine. Same thing. Do you. Do you use that, too? [55:50] Mark: I've never. By the way, I've never used that. I'm way too nope on this. [55:57] JD: You might close more plans if you did. [55:59] Mark: Who needs to do that? So here's what I'm more nope on, though, is sometimes you know that you've been nominated and you begin asking people to vote for you. That is what I do. I don't like. But at the same time, I know, like, how are people gonna know about it? Which is why I'm like, how did this even the nominations, the voting. Like, I need to know a little bit more about this. Like, I want to know, did J.D. carlson get seven votes or did he get 700? Like that. I really need to know. [56:29] JD: The difference between 64 and 99 was like, two votes. Wait, are they. [56:34] Chad: Are they voting on 401k wire? I don't even know the answer to that. Or is it a group of. Of committee members that just pick now, [56:41] Glenn: today, this year's a vote. In previous years, they stopped it 10 years ago. It used to be a committee member. So it has changed from committee. [56:50] JD: Oh, it was a committee. Yeah. So you take them out to fancy dinners and you end up being number three or something. Okay, I like that, Mark. I like that. Do you know I have had that. I think we've talked about it before on the show, but I've seen, like, a wholesaler sent an email saying I'm up for top defined contribution wholesaler. And I so wanted to just write him and be like, well, you're actually not my favorite. I really like the guy from Voya. So, you know, I'm not. Okay. Hey, did you guys know that Chad [57:19] Justin: was business student of the year in 2007? [57:22] JD: I think he has a tattoo of it. [57:24] Mark: Justin. [57:25] Glenn: Justin. [57:25] Chad: Right on my back. [57:26] JD: He went to William Woods. [57:27] Mark: There was only one student in business. [57:29] Chad: There was three. [57:33] JD: Glenn. Nope. Or dope. Displaying your acrylic awards in your. Your financial advisor office. You know, you've. You've been nominated as top advisor the last six years from God knows whom, and they've gave you the same little acrylic awards. You put them on your little wood bookshelf in your reception room. Are you thumbs up or thumbs down on this? [57:55] Glenn: In my position, I'm a nope. But if I was in your shoes, I'd. I'd probably be a dope. [58:01] JD: Wait, are you talking about me personally? Why. [58:08] Glenn: I would if I was an advisor. [58:09] JD: Okay, fair enough. Chad, what do you think when you walk into an advisor's office and he's got. And be honest with me, buddy, and he's got just a ton of these things? [58:19] Chad: There is definitely an overkill. But, you know, I like that it shows that you've got to focus in the space you've been successful. People are acknowledging it. 100 dope. [58:29] JD: Let me stay on the same theme and go to you, Roby. Then you walk into the advisor's office. He brings you back into his office, and you look up on the wall and sure enough, framed sports memorabilia autographed by whomever. It's Muhammad Ali. It's Joe Montana. And you know, the guy didn't go have, like, a glass of wine. The guy, he bought at some auction for 350 bucks. But what say you? Nope. Or dope on autographed memorabilia in the advisor's office. [58:59] Mark: I mean, again, it's to each their own. I don't care. Like, if that's something you're into and you collect that stuff and you want to display it and you spend the majority of your life probably working at that office and enjoy it, go for it. [59:14] JD: I have. [59:14] Chad: Nope. [59:14] Mark: I have. [59:15] Chad: No. [59:15] Mark: I'm not going to say nope. Or dope on it. I'M just going to say like, go for it. [59:20] Justin: If I'm trying to get to know somebody and I can talk about that. [59:24] Chad: Yeah. [59:24] JD: Last one goes to you, Glenn. Last one goes to you. And I'll drink for this. You walk into the advisor's office reception area. There's a TV hanging in the corner and the old cnbc, you know, is playing. And Jim Kramer's up there. Yeah, I'm gonna drink for that. On the TV and the receptionary playing on a constant loop. Is this nope or dope? [59:53] Glenn: Yeah, it used to. It used to be a dope. I mean, I think as time goes on, it's becoming more of a nope. I mean, it seems like it's outlived it's coolness. [1:00:02] JD: Very current of you. I'm, I'm proud of you. You feel like that's an old school kind of thing. I like this. Chad. You love it, don't you? [1:00:09] Chad: I don't love it actually. Like, I like something to be on. If you have a tv, have something on. I actually don't prefer it be industry related. [1:00:20] JD: Well, please don't have soap operas or Dude. [1:00:23] Chad: One of my favorite going into Pet Nellie Financial partners in the front of their office. They always had like, kind of like the, the show, the baking shows, like the binky competition shows on in there. And every time I'd sit in the lobby, I'd hang out with the gal that was at the front and we would just chat about it. So this is what you watch all day. She's like, yeah, it's awesome. Everybody enjoys this stuff. That to me is different. It was cool. [1:00:48] JD: Mark, do you have any opinions about that right there? [1:00:50] Chad: Mark loves those baking shows. [1:00:53] Mark: Well, I'm not going to touch on that right now. Is your question in somebody's office or in the lobby? [1:00:59] JD: Well, my question was more on what Chad just said because that was weird to me. I feel like he sat on the chick's lap or something. They watched the baking. [1:01:07] Mark: The first thing I thought was like, Chad's hitting on the person in the front, trying to get, you know, the, the, the knowledge he needs to know who's the who in the office there. [1:01:17] JD: But I'm with Glenn. I like Glenn's take. That's very 2010 of you. Like, so if you're doing that out there right now and I know you're listening, well, stop it, stop it. [1:01:30] Mark: Can I just say that when you walk into those offices and they got it playing the front and then you go have a meeting in someone's office first off it feels chaotic because a lot of times what's going on is there's people talking about all kinds of things. There's numbers flashing, there's stuff going on and like it's distracting. And when I first got into this industry and started going to that, I kind of got like wigged out by it. Like just enough's enough. When I go into your office, just like, why aren't we focused on this? I got 17 screens up with numbers everywhere and I'm like, what are we doing? [1:02:01] Chad: They're paying attention, Mark. They want to show that they're paying attention to the market. So your money is good with them. [1:02:06] JD: You're trying to impress the 68 year old client that's coming in so he can bring his $565,000 rollover to you instead of the record keeper. That's what you're trying to do. Okay, did you. We're gonna wrap it up here. Did you all know that you can watch. Oh, that's the way the cookie crumbles. I always forget that, you know, Brandon just waits with his finger on that trigger like it's Gonna get it. JD's gonna forget his tagline every time. Did you all know that you can watch past episodes of Retireholics? Well, you can. You can watch them@retireholics.com you can watch them on YouTube. And so just remember that next time you're wasted at home, it's 11. [1:02:51] Mark: Like and subscribe. Like and subscribe. [1:02:53] JD: I just said. I just said next time you're wasted at home and it's 11am but that works too. You can go to. No, seriously, please check it out. Also Instagram. We're on Instagram at Retireholics. Like and subscribe. I know that doesn't really work that way. [1:03:11] Chad: Kate can stop giving us heat about it. [1:03:14] JD: Here's the deal. If I put a post out for Glenn's show on Instagram, okay? So it's our most recent post on Instagram at Retire. Alex. If you go there and like that, and if you don't have an Instagram account, create one. If you already have one, you haven't connected with us. Connect with us. Go there like the post for Glenn and we will pick a winner randomly from everyone who likes that particular post and do something special for you. Maybe it's hot Wings. Maybe it's merch. Maybe it's merch in Hot Wings. I don't know. It could be something dope next week. We need your support is what I'm saying. People help us out, out there on these social medias. Next week, January 12th, we have Eric Dyson. No, he did not, did not create that dope ass vacuum cleaner. He's actually an expert witness in 401k lawsuits in the courtroom. And so I've already spoken with him in prep for this show. It's going to be a lot of fun. It's going to be a lot of fun to talk to someone who's. He's been in like a dozen cases, some big ones, the Duke one. And, and so it's a really unique. [1:04:23] Mark: Was he on the top 100 list? [1:04:26] JD: I don't know. I don't know. We should never allow someone on this show if they're not, if they're not on. [1:04:32] Mark: Hey, let's cut a top 100 chat bar list. How about. Hey, there's not even 100 people. [1:04:39] JD: Eric's here tonight. He says he's in the top 10,000. So he's in. So, Eric, that's gonna be fun, buddy. Looking forward to that. And yeah, thanks to you, Glenn. Thanks for joining us. [1:04:52] Mark: Thanks, Glenn. [1:04:53] Glenn: Thank you. This is fun, fun. I, I really enjoyed it. Thanks. [1:04:56] JD: We appreciate it. Say hello to Timothy Gay at American Century. Say hello to Matthew Jackson. You guys haven't fired him yet, have you? Or is he still there? Oh, I don't know. [1:05:08] Glenn: Wow. [1:05:08] JD: Okay. I know something I need to check. I love, I love me some Matthew Jackson. I hope he's still there. Did I just, like, make something happen? We love Matt Jackson, we love Timothy Gay, and we love the people at American Century. I mean that I'm not just being nice. Like, great. What is it? 40% of profits going to cancer research. Stowers Institute, right? I mean, are you kidding me? So, so, so cool. And beyond just the charity and generosity, a great company, Target Date, funds all kinds of cool stuff. So a big supporter of the industry and we appreciate that and stand in humble respect of American Century. And Glenn, your entire career has been phenomenal. Yeah. [1:05:50] Glenn: Thank you. Thanks. Thanks again. [1:05:52] JD: So. Thanks to all that. Thanks to you out there in the audience. I love you almost as much as I love American Century. Thanks for tuning in. We know. We love you guys. You guys are freaking awesome. And hopefully we'll see you next week. It's 2023, people. It's retireholics and I bar champion. [1:06:12] Mark: No, not today. [1:06:12] JD: No chopper champions this year. [1:06:16] Mark: No, but not this year. [1:06:17] Justin: What? [1:06:18] Mark: Whoa. [1:06:20] JD: I don't know. I just made that up. [1:06:25] Chad: Do you want to say that people got mad there for a second? [1:06:29] Justin: Did our accountant. [1:06:30] Mark: We were Literally gonna have no people show up next week. [1:06:33] JD: No. Okay, Chopper Champion. My vote is for Pontage. Who's your vote for? Justin? [1:06:40] Justin: Going to Eric Dice and seeing if we can get next week week's guest as well. [1:06:43] JD: That's interesting. [1:06:44] Mark: Dude, that's what I was gonna say. [1:06:45] Chad: Damn it. [1:06:46] JD: Go ahead. That's how it works these days. [1:06:51] Mark: Yeah. [1:06:52] Glenn: No. [1:06:52] Mark: Oh, yeah. I'm just gonna. I'm just gonna brown nose this because he's our guest next week. I'm going Eric. [1:06:56] JD: Okay, two votes for Eric. Glenn, do you have a vote for chat bar champion? Your favorite person in the chat bar based on their efforts tonight or just based on the fact that they're a co worker of yours or whatever? [1:07:07] Glenn: I don't know, is it Mike Desenso or is it Josh or Josh Edso? I don't know. [1:07:12] Chad: Somebody ring them up. [1:07:15] Mark: That's just for us. That's never been a guest one. [1:07:17] Glenn: Oh, it's for everyone. Oh, shoot. I'm sorry, I thought. [1:07:22] JD: Oh, no, no, no. [1:07:23] Mark: So his. His name is an acro sin. And I'm saving you from a drink is what I'm saying. [1:07:29] JD: If you say it. So you have to. [1:07:32] Glenn: Oh, okay. [1:07:34] JD: All right, Chad, we got one for, you know, the guy. [1:07:37] Chad: I'm going with Saba. I'm going with Salah. [1:07:42] Glenn: Okay. [1:07:42] JD: Well done. Well, the winner is next week's guest. That's amazing. So, Eric, we will. We'll be surprising you with a delivery for next week's show. [1:07:55] Chad: I think what JD's trying to do is when you're an expert witness in any of our lawsuits, please be kind. [1:08:02] Mark: Please. [1:08:02] JD: And. And we finished out December with all the charity donations for chapter champion go to LinkedIn. Today I posted our last two charity winners for last week. That was Samson and that was Atchison. And both their charities are there. Jeff atchison. We threw 150 bucks at each, not Jeff Sampo matched our 150 to throw 300 to his. And I'm hoping others of you can go out there and match all that. And for the month of December, I don't know, it's. I'm gonna make up some like Glenn does, but, you know, we probably brought in like 2700 bucks or something of stuff. [1:08:46] Justin: Those are totally made up statistics. [1:08:49] JD: So not bad. Not bad. That was a lot of hot wings and a lot of anchovy pizza, but it went to good causes. So good stuff for December. And that's it. I. We'll see you guys next week. I went to Chat GPT. [1:09:07] Mark: All right. [1:09:08] JD: And I asked it to write a new retireholics tagline. [1:09:13] Chad: Oh. [1:09:13] JD: Because for years I've been saying, we are the retireholics, and we are changing the retirement plan industry one beer at a time. So I asked it if it come up with something new, and it said, but I wrote it down here. Retireholics, where we drink, swear, and help you plan for your golden years. [1:09:34] Glenn: Okay, whatever. Not that great. [1:09:39] Chad: True, in some ways. [1:09:41] JD: It's 3.0. It's. It'll get better. It'll get better. All right, Brandon, play some music. See you later, everybody.