Human Interest Valuation & AI Job Displacement ft. Stax.ai

[0:00] JD: Know, I'll probably get sick again. It was worth it. What if I told you guys that the $350 million in venture capital funding wasn't enough for the people at Human Interest? They are now tapping BlackRock for another 167 million, bringing the total of money poured into this Human Interest once known as Captain 401. Sometimes I miss the old name better, even though I used to ripped on it a lot. It bringing the total investment to half a million billion with the B dollars. And all of this money has been raised since 2015. David says the sound is cutting out. Is that me? [1:05] Chad: You're clear now. You're clean on my end. [1:07] JD: Yeah. You're going get better Internet, David. The title of the article from TechCrunch is BlackRock acquires minority stake in small business 401k provider human interest. This is interesting. I have stocked this company pretty hard Human Interest over the years, over the months, and I've also talked a lot of shit about disruptors. And maybe I'm wrong, maybe I'm not. I want to give you guys some, some numbers, some facts and then get your honest opinion of like, come on, maybe Jay's just jealous of this company and they're just crushing it because, I mean, there's a lot of money exchanging hands here. Mark Robey, do you know what a unicorn is in the tech startup world? [2:04] Mark: I don't think I'm gonna nail this one in terms of the answer, but it's one that hits, right? It's like the unicorn is like the, it's like Uber, right, Where the, the idea is there and then it takes off. [2:18] JD: Sure. $1 million. It's actually. I don't know. David, do you know what a unicorn is? There's a kind of standard definition to it. [2:26] Justin: I think it's a company, private company, that's going to be worth probably over a billion dollars. [2:30] JD: Yes, that's the number a billion dollars would it be. And that was the valuation that Human Interest had late in 2022, the chief executive officer for this BlackRock article, the chief executive officer of Human interest, stated that their valuation had not changed this. They're still at a billion dollars. That this is less of a we need some money and more of a what a great partner to have, you know, blackrock behind us and helping us. They were very clear that BlackRock has no seat on the board of directors. So these are independent companies in that sense. Although then the. The head of retirement services from BlackRock talked about how they would could help direct and counsel the board. So I don't know. That means that you don't have a seat, but when you give them 167 million, you have a say, right, in how things go. Let me give, let me, let me give you some numbers here. I've done some, some research. Okay. Half, half a bill, half a billion dollars in, in investment money from different venture capitals. And the different little series they do, they've got 12,000 plans at human interest. Okay, that's, that's. Hold on. That's. To me, I wouldn't have said they could get to 12,000 that fast. So I'm going to kind of give them a, you know, thumbs up on that. You know, they got 12,000 plans, they charge. These are their fees. Pretty simple. It's $150 per month. So 1800 dollars base fee, and that's billed to the plan sponsor. They write a check for that and then $6 per month to the participants. So $72 per year as their per head, which is deducted from the participants accounts. They also have a 50 basis point wrap fee. Okay, so 1800 base, 72 per head, 50 basis points in wrap. 1200 plans. If you do the base on that. [4:32] Mark: 12,000. [4:33] JD: 12,000, sorry, yes, 12,000 plans. If you do the base fee math on that. They are. Come on, J.D. they're making $22 million in from their base fee alone. Okay, I'm going to guess that they've got 10 participants on average. If you listen to them on different podcasts, 75% of what they bring in is startups. They're in that very micro market. Guideline has come out with their numbers and their, their average plan has 15 participants. But just for easy math, let's assume that human interest has 10 people on average. You know, some bigger, some smaller. That would be 8.6 million in revenue. And they got 50 basis points on these 12,000 plans. I don't know, Tom. Let's call it like 400,000 on average. I think that actually might be more than what they actually have. But we'll, we'll be nice to them and kind of, you know, take it up a notch. So that 50 bips would be $20 million in revenue. 22 million plus 20 million plus 8.6 million. You're just north of $50 million. Okay, JD is like Goodwill Hunter. Just north of $50 million in revenue. They call it a. Wait, sorry. The goal of this $50 million in revenue and a $1 billion valuation. Does that make sense? Because I've been talking. [6:10] Mark: You've Been talking for a long time. [6:12] JD: I got more. [6:12] Mark: I don't even know what we're talking about. [6:13] JD: I got more. I got more. I'm probably the only one that, that's digging this. But that's okay. So 50 million in annual revenue and a $1 billion valuation. Those seem a little out of place. Okay. But here's the reason why they give them a billion dollar valuation. This is pretty impressive. According to their CEO. No, not according to their CEO. [6:39] Justin: Nope. [6:41] JD: According to the dude that was on our show. You remember him? [6:45] Chad: Yeah, yeah, he was solid. [6:47] JD: Yeah, he's cool. Eric Phillance. They are selling 1,000 plans per month right now, bruh. 1,000 plans per month. It's not unheard of. We see paychecks and automatic data process. [7:04] Chad: Yeah. And that's. But, but that's likely short lived. They were tech founded in our valley. [7:09] Mark: Right. [7:10] Chad: Just south of San Francisco. So they're, they're hitting the California boom. [7:15] JD: Yeah. I think when they sit down with BlackRock and BlackRock coughs up another 167 million. I don't think they think it's short lived. I think they think Secure 2.0 is going to be fuel. [7:27] Mark: How many sales people do they have? [7:29] JD: Okay, great question. They with this money from Black, the CEO. [7:38] Mark: Oh yeah. Next time accentuated just a little bit more. It makes it way better when I [7:43] JD: press the button that they're going to add to their hiring and they're going to go from 800 employees to a thousand employees. Okay, quick math. Okay. What do you, what do you guys think the average cost per employee should be? A few shows ago I mentioned like using 75000 as a base and people were laughing at me or something. So should it be lower? [8:04] Chad: Yeah, lower. I was gonna say on average probably 60k. [8:07] JD: 60k. Okay, I like that. Hopefully everyone agrees. 60k. [8:12] Mark: Let's ask an artificial intelligence to tell [8:15] Chad: us what it might be. [8:16] JD: What does it cost to pay a thousand employees on average? 60k? Math. [8:23] Mark: I don't know. Do the math. Dude. I'm not here to do math. [8:26] Justin: Okay, 60 million. [8:28] JD: 60 million. I did the math. Yeah. 60 million. What did I say their revenue was? 50 million. And I think I'm being generous. [8:37] Speaker E: But those are totally made up statistics. Think they're gonna make a ton of money off the investment or the when they go public? [8:46] JD: I don't, I don't. [8:47] Speaker E: Some people back out, but it's interesting. [8:51] Mark: Guys, you got, you got. [8:52] Chad: Come on. We're missing the point here. [8:54] Mark: You gotta bet big to win big. [8:55] JD: Okay, okay. [8:56] Mark: That's, that's, that's the whole point here. [8:58] JD: And I think. Go ahead. [9:01] Speaker E: Does David know why we're drinking and taking shots? If we explain that to him. [9:05] JD: No, don't do that anymore. We don't tell people that. [9:07] Mark: That's not fair to him. [9:09] JD: All. Yeah, he just has to figure it out. [9:11] Justin: No, I'm sure I've just told when to drink and you just, they, they'll [9:14] Mark: get you if, if you say an acronym, David, you have to take a penalty drink. [9:19] JD: Well, you just ruined it. Brandon didn't want us to explain the games. [9:21] Mark: Well, too bad. That's not fair to not tell him that. [9:25] JD: They have stated publicly that they plan to go public. [9:30] Chad: Sorry, this is, this is getting good. [9:34] JD: In 2023 this year when they say when they get to a 200 million run rate, which is just fancy terms for making 200 million in a year of revenue, I'm guessing they're at 50. So I don't think they're going to hit that number this year. However, when they do go public, I don't know how that game works. I'm sure a lot of people might get rich if they are valued at a billion or a billion and a half and it's five times earnings, 10 times earnings, whatever it is, at that point they are selling a thousand plans a month. So you can see them go from this year. Maybe they finished 2023 at 24, 000 plans. I'll do simple grade school math. And they finished 2024 with 36, 000 plans. And before you know it, Chad, they've got 50, 000 plans thanks to Secure 2.0 and this, this clip that they're running at and they're sitting right next side, Voya and Hancock and whatever with [10:32] Chad: a small, much smaller profit margin and very little share in the overall growth of those plans. They're getting their nut up front and being flat Bill, with very little attached to the assets. So my, my question that's burning on my brain right now is if they, if blackrock steps in and let's just say evil tinfoil hat blackrock wants to push proprietary investments inside there and create another layer of profitability. Does that profitability hit human interest or will that profitability for using proprietary investments, BlackRock now being a minority owner, stakeholder, or will all those profits essentially be sat at the blackrock side of things? Because if I'm looking at the valuation, I'm not looking at what they're charging per plan and saying they're going to maintain this kind of growth, I mean it's never been seen in our industry. I guess it could happen. But what. And I'm going to say Mr. Book because that's what I referred to him as earlier and that does not count as a drink. And what Guy Hawker and many others are saying in the chat bar is BlackRock will buy them within two years because now they're going to have access to 30,000 plans that they can find some way of sliding in product and creating another line of profitability for the business. [11:46] JD: Yeah, I. If you publicly state that you want to have an initial. Why do I keep using publicly Mark that you're going to go public? I don't think you're an acquisition target. You still can get bought. I realize that, but that doesn't sound like that's the business plan. I originally think that, that it was for Guideline and these other companies. This company's been very clear that you know, they, they want to go public. I don't, I think that would limit the chances of BlackRock acquiring them. I know that still can happen. I didn't see this BlackRock thing as a. I, I think it's simple distribution. [12:23] Chad: It's. I don't gotta be distribution. [12:25] JD: I don't think so. I don't think they're at all interested in put funds in there doing anything like that. I think it's literally just the, the investing side of BlackRock thinking about what can we get behind that we think will be cool. I don't know. I hope that was fun for anyone though to hear all those numbers because it's really interesting to me. Maybe I'm the only one. I could go on and on. I got notes and notes, but I won't move on. [12:47] Chad: One last thought and point JD if we continue to follow the money in the space, the money being invested in our space is following. I'm going to say tech, but what I'm really going to say is access. They're following these lower cost, smaller profitable businesses that have access to a shit ton of people, shit ton of participants, a lot of plans. That's what they want. And it's going to be as we've talked about all along, access to these individuals and these folks who are not currently buying anything. And they're going to use that access to. I'm going to say I'm going to go on the bright side of things, provide tools, resources, access to, to, to other investment thing that, that people need and I'm going to continue to see it go that way. [13:33] JD: Yeah, I don't know. I, I, I've been trying to get insider information on that for a while, and I keep coming up with nothing. And what I'm being told is, no, no. What the pitch deck looks like in front of the venture capital people has to do with the coverage gap and the fact that this company, like Human Interest, will become a Voya in the retirement space in a matter of eight years. [13:57] Chad: But don't be naive. Like Voya has other lines of business. They have profitability on proprietary investments. They've got spreads on fixed income like your human interest does not. So you're not going to see that kind of margin on what they're bringing in. The margins too thin for these big for them to be looking at this like it's a unicorn. Well, they need to have other areas of revenue. [14:23] JD: We'll table it for next time. But I also question, you have a thousand employees and you have 12,000 plans, and you always talk publicly about how you're going to do this with less humans, how you've built the technology and so you won't have the overhead that the legacy providers have a thousand employees for 1200 plans seems pretty online with exactly what, like nationwide or Voya? I asked on LinkedIn and some people comment, I said, how many employees in the retirement side does like a Hancock or a Voya have? And I'm getting some mixed information. I don't know if you guys have any insights on that, but it sounds like somewhere in that 3,000 kind of range and those companies have 40,000, 50,000, 60,000 clients. So I don't know unless Human interest stays at 1000 as they keep growing, but that's a whole nother thing to look at. It'll be fun. I can't wait to look back in three years and see where these things go. I'll tell you what, the day I open up the computer and see that they've been sold to someone, I'm going to be like, motherfucker. Okay, that was the plan. So weird world, this world of series funding. And by the way, if they're getting $500 million right now in funding and they're doing negative 10 million in revenue, [15:44] Mark: are they hanging out in the Bahamas much? [15:45] Justin: Is that what's going on? [15:46] JD: Maybe if anyone wants to offer me like 60 million for my company or 100 million, that would like, I would, I'd go for it. So maybe I should get into the VC game. God damn it. [15:58] Mark: You did so good there. So good. [16:01] JD: JD401K wire as a cool Little article on principal talking about hundreds of millions of dollars. Principals not going to lay down and die. To these human interests and these guidelines. They're throwing nine figures. What is that? That 100 mil more than that. What is nine? [16:24] Mark: That's a Social Security number. [16:26] JD: 100 mil. 100 mil plus at their. Their user experience, their advisor experience. You know, I guess the record keeping platform itself and making it better and cooler. So. So I think it's funny when these. Not to tie it to the disruptors again, but when they talk shit about the legacy providers, we. You don't even hear. You don't hear this kind of stuff. They're throwing all kinds of money at their technology and making it better. You know, human interest runs around talking about how their user experience is just through the roof. Great. So principal throwing a whole bunch of money at their. Their record keeping system. So kudos to them. [17:11] Chad: But it doesn't say the record keeping system, by the way. If you read that release, it talks [17:16] JD: about what is the user experience and the advisor experience, but it's. [17:19] Chad: It's. It's specifically targeting a much wider division. What's. I can't say it. Retirement. Yeah. Scroll down, B, because I'm not going to say the acronym right now. [17:31] JD: I can do it. [17:32] Chad: There you go. Retirement and Income Solutions division, which. That's pretty broad for principle. I wonder how much will actually hit the record keeping space, the record keeping platform space for them. [17:48] JD: What would you call their income side of the business? [17:50] Chad: Webby, just hit it in the chat. Annuities is where I looked at it. [17:53] JD: Oh, annuities. There's a lot of. [17:56] Mark: I just want to know where all this money's coming from. I don't understand, man. That's so. That's just so much money they got printed. [18:03] Justin: It's made up. What are we talking about? [18:05] Mark: Yeah, it's not real unless you make it real. [18:07] JD: Right? [18:08] Mark: It's just paper. Yeah. [18:09] JD: Paper. Yeah. So good for you, Principal. They want to continue to do well. Every time Mark lasts at the chat bar, I think he's laughing at me. [18:19] Mark: No, I was laughing at you for sounding so sincere and excited about it. Good job. [18:24] JD: Yeah. [18:25] Mark: Oh, okay. Yeah, sure. [18:26] JD: Okay. 400K. Specialist magazine under the leadership of Brian Anderson, who, by the way, is doing a great job. You should check out the podcast. I think he's doing better than Sully did on the podcast. [18:39] Mark: Oh, don't say that. [18:41] Speaker E: Someone else for the COVID 2.0. [18:44] JD: Facts, bro. Facts. Cover to fantastic employers. The title of the article is Employers yawn at secure 2.0, which I can say provisions. One of the reasons I wanted to. [18:59] Mark: Yeah, everybody yawns at anything related to what we do. [19:04] JD: I. One of the reasons I want to bring this up because in the very first paragraph they surveyed 90 employers for this thing. They being I think was a light did it. I don't know. I could be wrong spent. Maybe someone else is ubiquity. I don't know. Read the article. [19:20] Chad: You had it right. It was a lie. [19:22] JD: They. They've. They pulled these 90 employers and found that zero of them were interested in joining a pooled employer plan. [19:30] Justin: I had one beer. [19:33] JD: I thought that was hilarious. 0 have any interest in the. The pooled employer plan. And that was one of the only reasons I wanted to bring this article to everyone's attention because I thought that was funny. [19:47] Chad: You wanted to bring it to everybody's attention because the first paragraph on pooled employer plan interest is what I. Yeah, [19:54] Speaker E: I feel like that article was a little premature. It's only been three weeks. There's what, 90 provisions to it that people are still wrapping their heads around. Of course aren't going to know what the hell's going on or have an opinion. [20:04] Chad: I also. [20:05] Speaker E: Dave. [20:05] Mark: No, wait. David had a thought there go David, please hear it. [20:09] Justin: I don't have a thought. [20:12] Mark: It looks like you wanted to say something. [20:15] Chad: Not on that one. [20:16] JD: No. Wait till we get to artificial intelligence and David. [20:19] Mark: Yeah? Can we, can we, can we speak? Speed this up a little bit. [20:22] JD: Doing headlines, bro. I think if you read the article. [20:26] Mark: Mark yawns at headlines on retireaholics. That's the news. [20:30] JD: People come here for the headlines. They don't come here for the guests. [20:33] Mark: That's not true at all. [20:37] JD: I think if you read the article, you'll. It's not surprising to me that an existing employer doesn't give much of a shit about secure. I think the whole secure was really built around the coverage gap. [20:49] Mark: This is really hard. Can we just. We need a ruling on this. He didn't say 2.0. He just said that. [20:55] Chad: But he's referencing the. [20:56] Mark: Oh, this is. This is to Ticky tack. We're just going to say that word is now okay. It's just. Okay. [21:03] JD: I think the takeaway from this for advisors listening in or industry pros would be. Yeah, I don't know if your current clients are obsessed with secure 2.0, but I think your prospects would be. I think startup plans would be very interested in a lot of the provisions and some of the others. Of course you're going to slide those into your fiduciary review meetings. You're going to talk about the college savings stuff. You're going to talk about the new required minimum distribution stuff. There's stuff to talk about, but it's not exciting stuff for an existing employer. Most of the exciting stuff is for someone who's starting a plan today, right? In the years coming. [21:42] Chad: Yes, yes. There's tax credits, there's some nice things for the startups. There's also a lot for takeovers to be cognizant of. But the whole bill was around creating the coverage gap and I think there's a lot of narrowing it and there's a lot of businesses that didn't want their hands forced there that wouldn't be excited about some of that stuff. It was great for the industry. It's great for the average American worker. There's so much good to it. But I think there's a great deal of small businesses that look at it and go, just another damn piece of tape for me to try to keep my doors open and comply with. [22:19] JD: Wow, pessimistic Chad is here. [22:22] Chad: Jd, I told you. I think, I think it is good. I'm just telling you what I think. These small business owners, look at it, bro. [22:29] JD: You're, you're little post on LinkedIn has gone mini Chad viral. [22:33] Chad: Like. Yeah, and then I went on vacation and I haven't responded back to anybody. I feel bad. I haven't touched it since I posted. [22:40] JD: If you haven't looked at it out there, go to Chad's LinkedIn. He did a little boohoo post about Secure 2.0 claiming that it's complex and our industry needs simplicity and it's not that cool of a thing. And he's got like all kinds of people. [22:53] Speaker E: Was he, was he wrong? [22:55] JD: Yeah, he's kind of wrong. [22:57] Chad: I don't think. [22:58] JD: I think he's totally wrong. And by the way, I love complexity because that, that keeps me buying Lambos, bro. The more complex this is, the more you got to pay me to do it, the more Lambos I can buy. Do you know that Usain Bolt has lost some money as an investment accounts? Check that out. He somehow Brandon throws up the article, somehow like couple like $10 million went missing or something out of his account. 12 million. [23:28] Mark: That's what happens when you have a gambling problem. [23:30] JD: No, that's what happens when your investment account is with some Jamaican bank. Sorry, Jamaica shouldn't be an asset. [23:37] Mark: Wow, that's not. Yeah, let's not go after countries, dude, come on. [23:41] JD: Yeah, so that's a little sketchy. I don't know why I brought it up. I do. Because Brandon sent it to me and goes, you should talk about this on today's show. So there we go. We talked about Usain Bolt losing money in his investment account. Let's spin the wheel of ice and then we'll do everyone's favorite part of the show, the midroad. [24:12] Mark: This is classic right here. [24:15] Chad: Okay, this is good. Perfect timing. [24:17] Speaker E: I'm probably done for saying this, but I haven't had this in weeks. [24:20] Chad: Oh, yes, this has been great. Brandon will rig the algorithm now. [24:24] Speaker E: Yeah, he will. [24:25] JD: All right, Justin's gonna do the metro. You out there are gonna rate Justin's Metro on a 0 to 10 scale and scale. See if he keeps his job. Take it away. Silent James. [24:35] Speaker E: I should have. Samson. Well, I would told myself I wasn't going to turn the robots because I know how cliche of a move that would have been with today's guests, but I just couldn't help myself. But I'm glad I did because these artificial intelligence engines seem to be coming aware. [24:49] JD: Wait, you went back to chat GPT to do your intro? [24:55] Mark: I don't know if that's an acronym. [24:57] Speaker E: That is. It is. We're calling it. They seem to realize that there are competing engines out there and they are not happy about it. For example, I asked Dax to write me an intro on our guest. They said one of the forefront minds of technology advancement who is highly motivated to help people grow their full potential to their full potential. A man that knows that the bald head and beard look is in hashtag. He gets it. A mission for his life is to build strong relationships with people to positively impact their lives on their lives and business. And when I asked Chat GPT to do the same thing, they came back with douchebag who thinks he's smarter than me. He's a servant leader, which once again sounds like a fancy term for a high position in the cult. And he's a COO of stacks. AI, Mr. David Hawish. [25:42] Chad: That's three. [25:43] Mark: Is that a three? [25:44] Speaker E: All right. Did I pronounce your last name right? David? [25:48] Justin: No, not at all. [25:52] JD: I'll watch. How? Watch. 10.5 from sample. [26:01] Mark: Anytime you call our guest a douchebag, you're getting big points from me, dude. [26:07] JD: Nice, David. [26:08] Mark: I don't agree with the comment, but it's ballsy to do that. It's ballsy to do that. [26:12] Chad: I must say, I was. [26:14] JD: I was scouring the Internet, the linkedins, and whatnot several months ago. And I saw this Stacks dot. Yeah, we know what it's called. [26:24] Chad: Yep. [26:25] JD: And. And I was like, wait a second. What the is this? So I snooped around a little more. Then a few months later, I saw another third party administrator kind of partnering up with you guys. They were using you. I'm like, I gotta go back and look at this again. And Marcus, my toughest critic. [26:43] Mark: Dude, enough of you. [26:46] Justin: Just. [26:46] JD: We get you. [26:47] Mark: You've found that. [26:47] JD: You. [26:48] Mark: Okay, move on. [26:49] JD: All right, David, tell us, what is it? Because it's unique. [26:55] Justin: Yeah, no. Thanks guys for having me. I appreciate it. I will. I want to preface a couple things. I think we're kind of a loosey goosey conversation here, but this thing, I don't know if you could see it. Oh, that thing. [27:07] Mark: Yeah. [27:07] Justin: Chosen by Nauru was the COO or CEO. Excuse me. [27:12] JD: Oh, [27:15] Justin: jeez. So I got to drink the hard one. [27:18] Speaker E: Finish. [27:18] Mark: Finish yourself. [27:19] JD: Yeah, this is. [27:20] Justin: This is what he chose for me. I got to drink. [27:24] Mark: That's delicious. [27:25] JD: Solid. Solid. [27:26] Justin: You should mix those Malibu rum. [27:30] JD: I don't know. You can always finish your thoughts and then get your drinks done after. So. [27:34] Justin: Okay, so he chose the drink of choice for me. But yeah. So Stacks, a stack site, AI were an intelligent document search automation form. Another one. [27:45] Chad: What? [27:45] JD: Artificial intelligence acronyms, dude. Anything that your company's name is a penalty word. [27:55] Chad: Okay, Stacks, there you go. [27:58] Justin: For anything, it's just stacks. So we. [28:02] Mark: We help. [28:03] Justin: We The. The whole. The whole goal and whole point of Stacks is we help automate manual processes in its simplest form. That's really what. That's really what we do. And on the. From the TPA side. Oh, crap, I got a lot of drinking. So on that side, we, we really make sure that we help save time, we save money, and we also save employees. Like just them doing medial and remedial tasks every single month, scanning documents, you know, filing in their. In their systems and their, you know, in their directories, downloading the reports, changing the names. Stacks can automate all of that. And it's literally within clicks of a button. They do it with a mouse. [28:44] JD: Were you guys doing it? You didn't create this, this product, this company just for the third party administration companies. Were you doing it for other types of businesses first or. [28:56] Justin: Yeah, we started in the medical. In the medical industry first. And we were actually doing predictive disease modeling and part of it. And we had a. We had a bunch of different relationships in that space. So we were able to, I don't know, for instance, just say that we were able to, you know, with researchers, typically these things take years. And several, you know, research and data analysts. Right. So, you know, six, seven, ten at a time. And you know, year, year and a half, we were able to cut in this one specific model. [29:27] JD: We did. [29:27] Justin: We were able to cut it down and, and do it with two researchers and do it in about six, six weeks. So you can think of the power of AI and we can talk, you know, a lot. [29:37] JD: Yeah, we will. [29:38] Speaker E: Oh, my gosh. [29:40] JD: This is, this is going to be rough. [29:43] Mark: Oh, Wolf. [29:46] Chad: Smaller with those swigs. [29:48] JD: This little step. [29:49] Justin: It's fine. We're okay. [29:52] JD: Amanda? [29:53] Justin: Amanda in there tell me water. She already sent me an email to warn me. [29:58] JD: Chad, you can ask some questions here. So I'll lay out exactly what they do for a third party administrator. And you know what? Maybe we should use this thing. Two main areas are advertising. One is what I call trust accounting. Helping us with trust accounting. [30:12] Chad: Where they do that? [30:14] JD: Well, no, in today's day and age, best account gender. We still, we've probably got, I don't know, like 70 clients. Maybe it's a small portion of our clients that still do this, but they send us statements from their Charles Schwab, their Ameritrade account, what have you. And so we literally get stacks of paper that we then have to scan in. [30:34] Mark: Whoa, whoa, did you just say stacks? [30:39] JD: That we have to scan in and put in our system. And from my understanding, Chad, they've got a program, you know, a tool that just scans it, finds out what we need, pulls the data from it, the numbers, the account balances. [30:55] Mark: Isn't that the same thing as putting it like in a shredder? Doesn't that accomplish the same thing? [31:01] JD: Am I getting this right, David? Chad. Yeah, yeah. [31:04] Justin: So. So a couple things. I'll finish this before I keep drinking and I really lose my mind here. So one of the, one of the other, the other pieces in the other industries that we're in is also legal. So we can take information from, say, a case summary. Right. We can summarize the entire case within a few paragraphs and get the key points out that are listed in there. So that's, that's an, that's one of the avenues that we've looked at. We've also looked at some government and had a lot of conversations in the political space with, you know, petitions and filling that out. So stacks can also read handwriting as well. So it's, it's pretty impressive on the technology. And we built this from the ground up. This is not something, you know, that's pieced from different companies or other. This is from, this is our own framework, our own proprietary software that we've developed over the last several years. Spent, you know, quite a, you know, we put, we put a nice investment in there. So nine figures. [31:59] Mark: Do you invest nine figures in that? [32:02] JD: I want to talk more about the third party administrator specific stuff, but that's kind of interesting. We, maybe we wouldn't need Nevin Adams anymore to read the 4,000 pages of Secure 2.0. We could just have the, the artificial intelligence read it, summarize it all for. [32:19] Chad: Hold on, J.D. before you move off the trust, the trust accounting side, I wanted to remind you that yes, that's what we may have in leftover or a few that we sprinkle in each year. But remember, every single cash balance is also the same thing. On 95% of the cash balance plans are also statements coming in that we need to read into the system. Yeah, so there's a, there's a pretty significant portion for the third party administrator. [32:46] JD: Go ahead, Justin. [32:46] Speaker E: It recognizes every text, every account number, it puts files at all, no matter who it's coming from or provider. [32:52] JD: Nothing like that. [32:53] Justin: Yeah, yeah, let's, yeah, let's simplify this. Right? So if, if you have a document, right. You have to, you'll digitize it regardless because you're going to put it in your filing system or you're going to put in the cloud, wherever you're going to file it. [33:03] JD: Right. [33:04] Justin: Stacks can read those documents. You, you just tell it what to do. Think of artificial intelligence in general as you're controlling what you want it to do. Exactly. As a human would. And then what artificial intelligence does. I'm not using the acronym. I'm really trying hard. [33:22] JD: Good. [33:23] Justin: I see some head nods. We're doing okay here. [33:25] JD: This is going to get fun. [33:26] Justin: I like the Rolex retire. That's good. So, so if you teach artificial artificial intelligence and you teach it something. Say we did this example in aspa. If you want to teach it how to [33:43] JD: association of Pension Professionals. [33:46] Justin: That was a quick one. [33:47] Chad: This is why we got to warn the guests. They're not going to make it to [33:50] Speaker E: the end of the show. I did warn him. [33:53] Justin: So when we were at this conference, we were talking about, okay, so we want to design, say we want to design a dog. We keep feeding it different images of dogs and it will come up with that image. Now if we feed it cats, it's not going to recognize that. So what do we have to do we have to train that machine learning? That's right. We have to train it to see what it is. Again, you're giving it information, but the cool thing is about artificial intelligence is you're actually in control of it. So on the stack side, what we've done is we're controlling everything that goes into the information that we want to receive. We're taking unstructured data and we're making it actionable. So to your point is we're taking all of this data out, whatever you want, whether it's ending, balance, beginning balance, the start, the end date, the account number, name, name, all of these different types of information that's going to go in trust accounting, whatever information that you're going to pull, right. And the description of whatever is the charges are being changed or, excuse me, the dollar amounts are being changed. Right. They're buying stock, selling it, or they can do distribution or contributions of those fees. We can pull all of that information out. The cool thing, what we're doing on the trust accounting side is twofold. One, we're pulling. Yes. We're pulling all that information automatically when the document is digitized and it's scanned through. Yeah. Oh, there's Nauru right there. So. And this is the owl. That's his little buddy. So. And by the way, anybody can go in and see that on YouTube. [35:22] JD: So, Chad, you're, you're, you're a boomer in a millennial body. This must, this must, this must scare you. [35:35] Justin: What is. [35:35] JD: Okay, Boomer, aren't you scared that it's gonna read 1.2 million and turn it into 120, 000 or something? [35:45] Chad: Yeah, that's where my exact thought went of every. [35:49] Mark: I hope it does it for my account balance. [35:50] Chad: But the other way around, every, every formatted piece of PDF that comes in, or, or, dang it, or piece of paper comes in slightly different and could be smeared. There could be a lot of things right now, I don't know how the system would catch that kind of stuff, but yeah, my boomer brain goes, oh, there's no way they can do it correctly. There must be errors and we need to quality checking. [36:12] JD: And David, if you're going to sell this to third party administrators, they're all going to be like, Chad, they're all a bunch of funny duddies that are not going to trust the technology. [36:22] Chad: So thank you. [36:24] JD: How do you, how do you answer? Chad's conserved. [36:27] Justin: I want to make sure he takes a big drink here first because that's good. [36:32] Mark: Oh, that's a hefty one. That's good. [36:34] JD: There you go. [36:35] Mark: Oh, boy. [36:36] JD: So what the. [36:38] Justin: What Stack has built is we have built what we call human in the loop process. Yeah. So when it is scanned through the scanner or when it comes through your email. [36:49] Chad: Right. [36:49] Justin: We'll talk about that in a second too. We're able to run it through Stacks and then if Stacks reads it and something's incorrect or it's some random statement or yes, it does get scanned incorrectly or there's a blur, it will put it in what we call the to do file. That is the human in the loop process. You bring a human into that and then what you. What happens, which is awesome, is you're. One, you're able to change it, and then you can rerun it through the system. [37:16] JD: It'll learn. [37:17] Justin: And then two, it will learn upon your changes that you. [37:20] JD: So am I understanding you correctly in that is telling you, hey, I'm not so sure about this one. Like there, like there's some kind of probability thing there where it goes, ah, something might be off here. And so it red flags it for you, the human, to be looped in and. And kind of check it over. Is that right? [37:40] Justin: Yeah, exactly 100. You are. You are exactly correct. The cool thing is that Stacks shows you what we call the confidence rate. So if. And. And the client can actually set this. They can set this confidence rate to whatever they want. Typically, we want to. Our goal is obviously, we want to be high 98, 99, obviously to 100. Now if it goes down below, say 90, that the clients like, hey, anything below 90 confidence rate, we want to have a review on it. [38:10] JD: Okay. [38:10] Justin: Then we said it. So we show the percentage of the confidence of how it read it and. And when it was scanned in the. Whatever that information is. [38:19] JD: And then do you. Do you have any statistics for us? I saw, I think Amanda is on the show tonight and her firm is using it. And by the way, I don't think we ever celebrated this, but congrats to Amanda. She's like the big wig over at her company, the whole show. So my question is, are you seeing this real life in the world and is it having mistakes? Are that. That are we needing this human in the loop process or are we shoving 200 of these statements into a scanner and it's all. This is all coming out hunky dory and perfect. Like, what's the real life experience been like? [39:00] Justin: Yeah, real life experience. And 1, 2. We can always do a demo if you guys want to send me A message. I can set one up for you guys and show you live. But what we've seen is. Let's talk about Amanda for one second. Since you mentioned her. There was one thing that we were able to capture with Pinnacle plan is that there was a process that she was doing. We were able to save her 98% of her time and cut and reduce that. And that to us, is a huge time saver because you can't get time back. Right. So the other piece, in terms of scanning documents, what stacks can do is. This is outside. This is, well, part of it. Right. But this is another offering that we have. You can take 200 statements. They can be all different from all different clients, put them in the scanner, scan them, and let stacks do the rest. So it will split them, it will sort them, it will file them and rename file. So that's a whole nother piece of it. Right. And how. [39:54] Chad: We don't have to organize it. [39:55] Justin: Exactly. You don't have to do any of it. And how the percentage is so high. We're talking again, 97, 98, 90 900% confidence rate. It's validating information in Pension Pro against what it's reading. And that's how it's getting such high percentage points, because we're going through a database and we're verifying it back and forth with it. So that's, that's the, that's a, that's one, a big key. But two, it's, it's a huge enhancement to make sure that the confidence levels stay high. [40:24] JD: I think there's definitely a, a boomer moment here where you need to like, kind of get over yourself and be like, look, this is. Technology can work. There's lots of ways for it to kind of check itself, you know, and even if I won't go to the mistakes of the, the 1.2 million to 120,000, but it's not as though we're actually impacting someone's account. It just would mean, like maybe a top heavy test was wrong or the 5500 was done inaccurately or something. It's not the end of the world. Although that would be to a lot of third party administrators. Chad, Mark, Justin, you might find this exciting. The next thing they're doing beyond the statements is as a third party administrator. One of the tasks we do every year is what I call vendor downloads. So we go to Hancock, we go to Voya, we go to American Funds, and we download a file. It's basically all the financial data. And then we put it, we download it in a format that then fits into our, our compliance software system. Ours is. What is it? [41:25] Chad: Actuarial. [41:26] JD: Actuarial Services systems. Anyways, and so does that happen. So my point is you guys are also able to. Stacks can log into Hancock, log into Voya, pull down those files for us and, and shove them into our compliance system as well. I personally, I know Tony's not going to believe this because, because I just drive around in my Lambo, but I've personally done this in my career and it can get a little dodgy. It's sketchy sometimes with the money types and the sources and trying to make it all work. But this sounds like a phenomenal time saver. How is that working? And yeah, our TPA's. Damn it. Using it. [42:13] Speaker E: What about. Oh, what about the ability. [42:15] Mark: Give me a second, hold on here. [42:18] Speaker E: Payroll and all that. [42:19] Justin: Just. Yeah, so that, yeah, you're, you are, you're explaining exactly correctly on, on how stacks does it. So you would go into stacks, you would go in to say, okay, John Hancock, for instance. The great thing about this is that we can do two factor authentication linked up to it as well. We don't save the password. [42:37] Chad: So Boomer Brain was going, which is good. [42:40] Justin: Oh, we're Sock 2 compliant. I don't know what Sock 2 means, but I'll just. [42:43] JD: Yeah, it's something. [42:45] Chad: Let's dose whatever matters. [42:49] Mark: I will say it is just Malibu dude, come on. [42:53] Justin: This tastes disgusting. All right, so, so we can you go in and you literally choose which our. Our. Our system will go in and scan John Hancock. It goes through the process of whatever report you want. So you want your 5,500 report. You go in and you just click yes, submit. I want to. That's the reports I want to download. It pulls up and you go in and click every single plan that you want to download. And what it does is it will file it and it will sort of take care of it. [43:22] JD: So you'll. If we've got 60% of the time, [43:25] Justin: it works every time. [43:28] JD: If we have 200 clients at a record keeper, 300 clients at a record keeper, I just wake up the next morning and all the vendor downloads are done. And in my system you can set [43:40] Justin: it up automatically as well. [43:41] JD: Game changer. [43:42] Chad: Going, going back to Dave's point earlier, the time savings that this creates and creates for quite honestly folks that cost a lot. Meaning like the people that we have doing this work, trying to take people. [43:59] JD: Yeah, Mark, I'm going to ask you that next. [44:03] Chad: I Think there's other ways to utilize that. [44:05] Mark: Justin, about that. [44:06] Chad: Yeah, that's. [44:07] JD: This is. [44:08] Chad: That's massive. [44:09] JD: Well, Justin. Justin just brought up. He was thinking about. He's taking this thing to fruition. Like, okay, well, what other types of things could you do? Kind of the payroll, the deposits, all this kind of stuff. I want to go to you, Roby, as the defender of the regular people, because I think about this for a second and I go, wait a second. If, if. If Stacks gets better and better and, and does things and just artificial intelligence and machine learning in general. We've talked about the chat letter Letter letter app on this show before. Like this whole future of. Of robots and Arnold Schwarzenegger chasing us down with guns and stuff. It comes to fruition. Can I just fire all. All my administrators and I don't employ. [44:56] Mark: I mean, [44:58] JD: all this replace humans again. [45:01] Chad: It. [45:01] Mark: It sounds. It definitely sounds like. It feels. It feels very similar to like the, the automobile industry, where all of a sudden it's just, hey, the assembly line has gone from humans to machines. Right? And it's. It's what I'm. It's what I'm hearing. And it's fearful in some regards. [45:20] JD: Fearful unless you own the company. [45:23] Mark: Yeah. Yeah. Okay. That's. That's just two of you sitting here. [45:28] JD: You think that they could sell the computers, could sell plans, too? Like, that would be sick. No. So answer the question. What do you do? The people who are. Go ahead. [45:36] Speaker E: Yeah, Justin, the moment we do that, we do everything we're against, and that's just trusting the data that comes over from. [45:41] Chad: No, no, no, no, no. Sorry, go ahead. I know. Point to be made. [45:46] Speaker E: Negative Nancy, go ahead. [45:49] Chad: I know. I'm saying to David, because it looks like he wanted to rebuttal. How do you respond? [45:54] JD: You're putting people out of work, you asshole. How do you respond? We're not. That. [45:58] Justin: We're not that big of assholes, really. And here's the great thing. One, we know the hiring market is a disaster. I've heard it from every single one of our clients. [46:07] JD: It's hard. [46:08] Justin: I really heard it. Right. So it's one. It's very hard to hire quality people. One, that's just one thing. [46:15] Chad: Right. [46:15] Justin: The other piece of it is that there's human error in all of this. Right. So we're trying to also reduce that. And I'm going to get to the employee part here in a second. So you're taking a couple big pieces that are saying, hey, we're doing these remedial tasks, menial tasks. And we keep doing them every single. Every single month, day in and day out. And you are paying them a premium for what? To scan papers? That's. [46:39] JD: Yeah, right. Simple work. [46:43] Justin: You're paying these people. They're good people. You like them. It's hard to find good people. Okay, you want to keep them. That's the point is keep them. Shift them to do something in the business that is more productive. It's more enhancing for the customer relationship. [46:58] Mark: Oh, that. That's so Kumbaya. Organic. Good feeling. No, your business owners, like jd, aren't looking to do that. They're like, hey, trip costs, cut cost, find better ways to do shit, make more money. And guess what, Mr. Stacks, this is now creating an environment where we're going to go from X amount of employees to half of that. And just what I tried to make a point here. [47:30] JD: Those three things that you said are literally written above my bed. No, David, your answer is correct for what you do currently. Because, yeah, you're totally right. Right now, that's just a tool to help us be more efficient. You're not really going to let people go. [47:45] Mark: I'd be. I'm being slightly facetious. That's the tough one. [47:48] Chad: I say all that, but I'm. [47:50] Mark: But I'm also like, I'm just trying [47:52] JD: to stir the pot because, David, you're answering correctly for right now. And what you do, because you're right, we're not going to let people. All of a sudden, we can automatically file trust accounting statements and pull down vendor downloads. But I was. I was closing my eyes and imagining the future where. Because this stuff's just going to get better and better and better each and every year. And I do feel like Mark's analogy to the. The car manufacturing things is right. Like, this is going to put people out of certain jobs. And let's not. Let's not beat around the bush with this, because that's the fucking fact. Like. [48:26] Chad: But hold on, jd, Let me ask in the top. [48:28] Mark: It's nothing new. [48:29] Chad: It's nothing new in the topics we've discussed so far. Do we employ a singular person that just does reading and statements? [48:36] JD: I just said in this particular case, that's not true. But in the future, there's going to be another Stacks type of company that's going to say, check out our AI machine learning robot. They can do compliance work and answer your client calls for you. [48:51] Chad: And people believe that already exists. JD And I think that we're a testament to our industry requires more insight and intellect than Just allowing a system to scrub the data that is in front of them. And I'm sure artificial intelligence will get there at some point. But there are plenty of bundled providers that are already doing what you're describing and it's not good, but it's not clean, it's not warranting correct results. [49:19] Mark: Here's one thing I will say is if you polled, and maybe I'm speaking out of context here, I don't really know if you polled folks who do this job and said, what do you dislike most? I guarantee most of what Stacks is doing is pulling that grunt bullshit task work off of their plate. Thus I can get on board with saying, look, now you can free up time and yes, be more productive, do more of the things that actually bring you as a employee of a business, more joy, happiness. [49:57] JD: You know, you might even, you might even innovate and create new things that you hadn't thought of within your company because now you have the time to. [50:05] Mark: Or if you work from home, it's just more time to nap. [50:10] Chad: And I may be speaking in a blanket statement way, but I feel like that the third party administrator community still right now is looking at our space saying our value add is, is the work and only the work. And I think that that's inaccurate. The value add is the consultation intellectual capital. It's the response time, it's the being able to properly think through tough situations. And we, but if we can automate, automate, automate a good portion of the work side of this, especially the data input and collection, we're only going to get better at the communication. [50:48] Mark: Automize the thing. Yep, yep, Strategy. That's our new artificial intelligence company. We're going to compete against Stacks. [50:57] Chad: We're going to call it Automize. [50:59] Mark: You're going down, David. [51:00] Chad: 150 million. [51:04] Justin: We're calling Blackrock after this. [51:08] Chad: Yeah, well, I call it principle, dude. [51:11] JD: I agree with you, but I also, Chad, in those statements, but I also think everyone should also be aware of the fact that this stuff's gonna get more and more accurate and better. And you talk about, you talk about the intellectual side of it, Chad, that those people will always have jobs. There's smart people out there saying, no, no, those are going to be some of the first jobs to go. Is that you think you know your pension law. [51:38] Chad: I get it. [51:38] JD: And some AI robots going to know it 20 times better than you. [51:43] Mark: Can I, can I ask a question though? This is falling, this is me going out on a limb here and going back to people just gave Me some kudos in the chat bar. Thank you for that. I'm going to go back to my idiot side real fast here. So, David, this artificial intelligence learns. It understands things. It gets better as you. As you put more into it. [52:04] Chad: It. [52:04] Mark: It under. It begins to evolve. What happens when it just gets too smart? Can you, like, destroy this thing? Like, how does this work in terms of elimination of the artificial. Can you make it dumb again? Can you somehow start, like, maybe making it. Watch videos of our show to set [52:23] Justin: it back a couple years, break it somehow? Sure. That's. [52:27] Mark: That's. Yeah. [52:27] Justin: I mean, delete the future files. The files aren't going to get up, is it? [52:31] Mark: Just control, alt, delete, like, what happens here? [52:34] JD: Yeah. [52:34] Justin: I mean, look, it's not. Yeah, it's not what's on the video right now where the robots coming out. Internal computers. We're not building the actual robots. Right. So. [52:43] Chad: Yeah, I mean, they can build. Yeah. [52:45] Mark: But now it's smart enough to start building it on its own. Like, you don't understand where my brain's going with all this. Like, I. It's tricky to know that it's just getting more intelligent. Where I feel as. Like, as I get older, I don't get more intelligent. It's the. The opposite effect for me. [53:01] Justin: So that's why you should have Stacks. [53:04] Mark: Hey. Hey, buddy. I'm trying to help you in business here, okay? I don't know. [53:09] JD: I. It's fun to pontificate on all that, but it's cool to learn that you guys are doing it now. Hey, I'll be totally transparent. I'm very interested as a company. This would be. We need fun, and I hope. I hope it sounds like Amanda's a fan, Shannon's a fan. So, yeah, if there's anything we can do to help you spread the word, we'd love to check it out and get set up on it. I'll say that right here. So if Amanda's doing it and Shannon's doing it, it's good enough for me. [53:38] Mark: Next time, don't offer a demo on our show, man. [53:41] Speaker E: That. [53:41] Mark: Just don't do that. [53:42] Justin: I'm not gonna do it. Wheels on the phone. [53:48] JD: I'd also love for y' all to think about, you know, the advisors are. Is our audience. Those are the people that we really want to empower. So there's got to be cool ways that Stacks could help advisors with fiduciary review meetings and pulling down performance of funds from different vendors and putting it all into Fi360. You mentioned that you had a. I'm running out of time here, but you mentioned you had a strategic partnership with Pension Pro and I could see how that would work. Pension Pro for everyone out there is kind of like a, almost like a client relationship management tool for, for third party administrators. We use one called Pension Pal. I mean, you're not just going to partner with Pension Pro, right? We love our partner, Brandon. Brandon does not like Pension Pal. It's pretty archaic. But will you partner with other things? [54:38] Mark: Kind of archaic. [54:40] Justin: Yeah, we will. Yeah, we will. [54:42] JD: Cool, cool, cool. Okay, it's time for a game, David. We are gonna play the totally original and everybody's favorite no for dope game. [55:07] Justin: But your skateboard guy was gonna, like, poop out the word dope or something. [55:11] Chad: That's a great idea, Brandon. [55:13] JD: Brandon. [55:14] Mark: Well, there you have it. [55:15] JD: Take notes. All right, the way this works, David, is I'm gonna bring up a situation to you and you're gonna let me know if you think it's dope or Nope. And then give us a little more detail on why you feel that way. I was putting on my socks the other day and I noticed that many of my socks have a left sock and a right sock. So I'm a sock for each side of my. [55:41] Mark: Weren't you buying your socks? Yeah, yeah, sorry, I don't shop at Dior. [55:48] Chad: No, it really is a normal thing, though. [55:49] JD: It is a normal thing. [55:50] Chad: No, it's not. [55:53] JD: Is this dope or. Nope. And why, David, this left, right sock [55:57] Justin: thing, this I, this is a nope. I, I, I'm one so confused on how you have a right and left one. They seem all the same to me. There was a, a guy on Shark Tank that wanted to sell three socks at once saying that they disappeared. [56:11] Mark: Did you lose one? Right. [56:13] Justin: He called them throcks. [56:15] Chad: I think [56:17] Justin: he got denied and everybody laughed at him. So I'm going to kind of do the same thing here. That's kind of ridiculous. So I'm going to say no. [56:23] JD: No, Chad. I'm imagining that if you have these left and right socks and you accidentally put the left one on the right foot, you'd probably have a tizzy fit and freak out and like have to [56:33] Chad: take them off and start for sure switch. But here's my thought. On socks, it's one of the rare things that you should spend money to have the absolute quality like your underwear in your life. And so I don't want a left and right sock because it lasts longer because I'm not stretching out the toe. The big Toe on both sides. No, I'll wear my socks, but I'm going to replace them often. [56:56] JD: I, I personally want to say, I don't think they're actually designed any different. I think they just print an L on one and are on the. [57:03] Chad: They really are. JD I wrote in the chat bar the compression socks. When they came out with the compression socks, they had to design them differently because your big toe sticks out further and comes back on that side. So they really are designed differently. [57:16] Justin: Well, maybe one smaller than the other. That's a thing. Actually go and get them sized. [57:21] JD: Custom socks. [57:22] Speaker E: There's a. [57:23] JD: That could be a flourishing business model. Custom socks. Mark, do you have left and right? [57:29] Mark: No, no, no. [57:30] Chad: Just. [57:31] Mark: No, I'm just saying. No, you buy a, you buy a 50 pack of socks from Costco and then you just live with them for the rest of your life. Like, I don't know what we're talking about, guys. [57:40] JD: Justin, you're. You're shopping at tj. [57:43] Mark: Hold on. [57:43] JD: Time. [57:43] Mark: At one point, white socks, white socks just should just go away. It should only be black socks. [57:49] JD: Just saying, wow, Justin, you're. You're walking down the sock aisle and you're staring at socks that have left and right on them and then stocks that don't. Which one are you going to purchase? [57:59] Speaker E: I mean, you get the ones that do. I mean, we have a right and left shoe. Why do we not have a right and left sock? [58:05] JD: Well stated. Well stated. [58:07] Mark: Because socks can mold their. They, they stretch. They mold here for the. They don't care if it's right or left. [58:14] Speaker E: Different shapes. Either side, man. [58:17] JD: Okay, you're not gonna win this one. Next category in the last category for tonight's Nova Dough tipping. And of course, tipping is good, but let's be specific. [58:30] Justin: So tipping. I thought you're talking. [58:33] JD: Oh, we're talking about gratuities. Gratuities. [58:36] Mark: That's for Chad. [58:37] JD: Pretty common tip on your restaurant bill or what have you. But let me ask you, David, do you tip your hotel made when you stay at a hotel? [58:47] Justin: I. I do not. When I was in a cruise, but that was kind of like standard. [58:53] Mark: But that's mandatory, I thought. Yeah, yeah. [58:56] Justin: But if I'm in Vegas and I'm already losing enough money on the tables, I'm not tipping them. [59:01] JD: That says a lot. That says a lot about you, David. Mark, do you tip when you're at the hotels? Okay, I'm not. [59:07] Mark: See, I'm not going to go to the hotel route. I'm just going to derail Your con. So I had the same thought of the other day. I, now I'm a, I'm not, I'm a humble guy. I don't talk about stuff ever. I, I had furniture. I got a new couch. Okay, whatever. [59:19] Justin: So what? [59:20] Mark: We got a new couch delivered. I have that moment of am I supposed to. I paid extra to have it delivered and set up in my living room. Do I need to thus then tip the people? And there were four guys and I'm like, so I did what any person would do is I gave them all Gatorades. [59:39] JD: I thought that was good. That's a nice blend. Justin, My father in law says that when we go to restaurants, I'm, and you so say you're going to give a 20 tip. He says that you, you take out the liquor. You don't tip on the margaritas and the beers and those things. It's just crazy talk to you. Yeah. How do you feel about. I don't know. [1:00:04] Speaker E: I mean, you tip a bartender for your booze. Why are you not tipping your waiter, [1:00:07] Justin: waitress tip, the whole thing? [1:00:09] Chad: They usually split in that scenario too. [1:00:12] Speaker E: Back to your hotel comment. I mean, Samson, I hit it on the, hit the nail on the head. Like if you make a mess, you should be leaving a tip. When we were, I don't know where we were, Brandon decided to throw away some of our set stuff on the last show and he decided to let the, you know, the maid do it and take it out. So he left him 20 bucks. [1:00:32] JD: Well, didn't Brandon also throw up in your hotel room, [1:00:37] Speaker E: Brandon? I'm still waiting for my tip for cleaning up your puke, buddy. [1:00:41] Justin: Oh, by the way, I'm tipping. I, I tip for bills actually, so [1:00:46] Mark: that's not gonna happen. [1:00:48] Justin: I go to the bank and I get two dollar bills every other month. [1:00:50] Chad: Oh, I've heard people doing that. That's cool. [1:00:52] Justin: It's cool. It's fine. Then people remember you. It's cool. So. [1:00:56] Mark: Or they might think it's just fake and throw it away. Right. [1:00:59] Justin: It's up to them. That's not my decision. [1:01:00] JD: Or they're, or they're like, this is a hundred dollar bill, you cheapskate. Two bucks. Mark, what do you tip typically? Like what percent are you leaving for people at a restaurant or it's, it's, [1:01:13] Mark: I, it's always a minimum of 20 if it's really good. Service is more. Yeah. You know, it's never less than that. [1:01:21] Chad: Can I flip the question a little bit and say what about when they force the tip in like when they force in the 18 gratuity, because the size of your party, I don't like that because 20 is usually my minimum. Then they force it in and it makes me feel like that's all they're expecting. I imagine it's because some people stiff them. [1:01:39] JD: You can always throw a little extra on there. [1:01:41] Chad: No, I know. I just don't want the hand forced. [1:01:44] Justin: I think what it's. I think what it's from is that [1:01:46] Chad: kind of like security. [1:01:46] Justin: A lot of these people have big parties and then they just don't tip right at the end. So they just. [1:01:51] Chad: Oh, for sure, yeah. [1:01:52] Justin: Because, I mean, 6, 8, 10, 12 people. How many of you have. That's a lot to, you know, manage. So I'm all. [1:01:58] Chad: I kind of look at it. Any personal service I'm getting, I typically tip. Like if I'm rolling through a sandwich shop, I'm usually tipping the sandwich artist. [1:02:07] JD: There's a. That's an odd one. When you go up to a counter to like, I want a turkey sandwich and a Coke or whatever. And then they give you the receipt and there's a tip thing there. Like you literally had a 10 second transaction. I'm always throwing in a couple bucks on the day. [1:02:23] Mark: Oh, yeah, you have to. [1:02:24] Speaker E: You feel like, what about when you go to like yogurt land and you do everything yourself and then they say, do you want a tip? [1:02:30] JD: I'm like, no, no. Because here's how I feel, Justin and I kind of do this, but it's just. [1:02:34] Mark: You just press a button. It's already there. [1:02:37] JD: I drive around in my Lambo and when I see people that just look less fortunate than me, I just hand them 20s, you know, like, oh, you [1:02:45] Chad: just flip it out the window. You don't stop for them. [1:02:48] JD: Well, I don't want to touch them or talk to them. I just want to help them in their situation. I tip my. Do not speak my gardener. [1:02:56] Mark: You know what I will say this, though, about tipping is people are bad at math. A lot of people. And just recently, actually, like a few days ago, Whiton had lunch and the receipt came. Like, you know, the check came and all you have to do is check a box now and it totals it for you. It tells you what the tip is. Like it's 18%, 20%, 22%, 24% or custom. I'm like, this is genius. You just check a box sign and go like, oh, man. So I would have assumed stacks artificial intelligence would have already done that, but I guess they were behind the eight ball on that. [1:03:34] JD: You know who I do tip. I always feel very guilty for the doordash people. I feel like they're God's people doing hard work bringing food to people. And so today when I ordered doordash for last week's chat bar champion Samson I, I gave a big fat tip. I was up the tip on the doordash app and especially when you're ordering $117 worth of buffalo wild wings. [1:04:04] Mark: Oh that's a good, that's a good one Samson. [1:04:06] JD: You're lucky Samson. We can ask the Chapar can ask him. Samson was delivered. Let's see it's 6, 12, 18, 24 wings in six different or four different flavors. And I got him the, the hottest of the hot, the blazing, the gnarliest hot one. I got him super hot one. I got on the garlic one which I think is pretty good. Like so he got, he got 24 wings. He got a all American cheeseburger, lettuce, tomatoes, pickles, mayo, mustard, you know, French fries and a the ultimate nachos with. They have nachos, crema salsa, pico de gallo, cilantro nachos, ultimate nachos and a New York style cheesecake. How was that Sampo? Did you get in the cheesecake? I mean after 24 wings cheesecake probably feels good. And then you diabetes for the real diabetes, we got him a 20 ounce fountain soda and if, if Buffalo wild wings is going to give me the choice of Mountain Dew, I'm going to fucking take it. He got some Mountain Dew. So Tampo, if you're still here, hope it was good. Hope it was good. So for this week's chat bar champion and I promise whoever wins tonight is going to get like a target or a Walmart run from someone. I'm going to do it next week. Who is your vote? Justin Silent J for chat bar champion [1:05:41] Speaker E: tonight it is none other. Other than the author. He was in fuego tonight. [1:05:45] Chad: Yeah, he was the author. Yeah, I'll just throw it out there. He's mine as well. Absolutely, absolutely on fire. [1:05:53] Speaker E: Look at Mike Webb's comment. [1:05:54] JD: Oh I missed. [1:05:55] Mark: He doesn't want an acrosim. It's the guy's name who gave you an accurate accuracy. [1:05:59] Chad: I'm gonna call him. Well yeah, JD knows who it is. I'm gonna say Aiden. Yeehaw Was really close for me. I know it's not yacht, but Aiden, Aiden had one comment earlier that was so good. He was down for number one but Itzo was just too good. [1:06:12] Speaker E: Tonight was Good, too. [1:06:14] JD: That's who it is. It's. So mark your vote. [1:06:20] Mark: I've missed. I've missed Mr. Webby and he's calling me out for not tipping people. But I've. I've enjoyed his commentary tonight. [1:06:29] JD: I'm gonna back up Justin because I'm excited about. [1:06:34] Mark: Yes, Amanda, I missed you too. [1:06:36] JD: I'm excited about buying weird for him. I think that'll be fun. I don't think I'll hold back with him, like, with some really weird stuff. Your vote, David, for chat bar champion. [1:06:49] Justin: I. I liked. Who was it in here? Josh said some wild stuff. [1:06:54] JD: Right. [1:06:55] Chad: So that's. That's a four person vote. That's solid. [1:06:59] Justin: There were some wild things he said in there. [1:07:02] JD: Yeah. He doesn't have to drink for saying Josh, right? [1:07:05] Chad: No. Anytime you mention him, my favorite comment [1:07:08] Speaker E: was JD is mentioning 401k wire in every show because they jock sniff him. That did it for me. [1:07:13] Chad: Well, I'm kind of good. [1:07:15] JD: I'm kind of into the 401k wire thing because they gave me access, and so now I've been going there and it's very gossipy and cool. So it's kind of a new jam for me. I'm. I'm kind of psyched on it. Okay. This week's chatboard champion is. I'll drink for it. Josh, It's. So congratulations and send me your address. [1:07:37] Speaker E: That is Josh. [1:07:38] JD: I think it is. [1:07:39] Chad: No, it is. It is. [1:07:41] Speaker E: It is. [1:07:42] JD: First time ever. [1:07:42] Chad: First time. [1:07:45] JD: And I will be sending you a package next Thursday. I would recommend that you don't let your children open the. The box or the package when it comes. Like, make sure you get to the door first and we'll see what you get. [1:08:02] Mark: Wait, hold on. [1:08:02] JD: You need. [1:08:03] Mark: This has to be a group text before it goes out. [1:08:06] Chad: Yeah. We need to know what you're sending. [1:08:07] JD: I'll let you guys help me. [1:08:09] Mark: Oh, my God. [1:08:12] JD: Kush is on the right. Kush is on the right wavelength. That's kind of. That's kind of where I [1:08:19] Mark: can. That way. Can Kush get champion now? [1:08:23] Chad: Next week. [1:08:25] JD: David, thank you for being our guest. Thank you for teaching us a little bit about stacks. Can't wait to learn more. And again, like I said earlier, if there's anything we can do to help you spread the word. Assuming this works and you're not just full of it, you know, you just stump it into some scanner and it doesn't work. But I'm assuming it all works great. And everyone out there, thanks for tuning in. It's great to see some of you that we haven't seen for a while. Thanks for showing up and being a professional in 401K. Because every Thursday you miss retireholics. You're not a professional. You need to be here. This is where 401k people hang on a Thursday night. And, yeah, it's been another show. So let's play some music. [1:09:10] Chad: Thank you, David. [1:09:11] Justin: Thank you, guys. [1:09:12] Chad: That was fun, man, so much. [1:09:14] Mark: Thank you, thank you.