Managed Accounts & Advisor Shift: ProInvest's Future Capital

[0:00] Chad: Sam, [0:42] JD: You know what we're gonna do? Spin it. Brandon, [0:52] Chad: Please, no. Please, please, please, please, no. Oh, thank you. I've never not wanted it more in my life. [1:01] Justin: This week. Nice. [1:03] JD: Is it ice? It's ice. [1:04] Justin: All right. Yeah, regular ice. [1:06] JD: Okay, wait, I'm supposed to do the intro. Hang on, I'll get to this. All right, let's. First, before we get intro here, let's do a little check, people. Let's make sure everyone's in the right place and that you're supposed to be here. Whether you're here live or watching on YouTube in the future or LinkedIn. I just want to ask you a few questions. Yes or no questions, answer them yourselves and. And we'll figure out if you're in the right place. Number one, yes or no? For fun in your free time, you check out the message board@benefitslink.com. you know, it's fun to watch people argue about affiliated service groups. So answer to yourself, yes or no. Number two, you have the erisa. Yes, I'll drink for that outline book. Or the journal of pension benefits at your bedside table for nighttime reading. I know you do, chad. Don't say no. 3, I just dumped Smirnoff on my keyboard. Number three is a really handsome picture of Fred Reich on both your lock screen and your home screen, as if it is probably in the right place. And number four, on a typical Friday night, do you pass out on the couch at 2am with an empty bottle of Grey Goose in your lap while watching binging episodes of the Fiduciary you podcast with Josh Itzo. And yes, I'll drink for that too. Because if you answer yes to any one of those four welcome people. You're at the right place. It's the retireholics. Justin, it's your time. Everybody out there. If you love Justin and you want him to keep his job, I suggest you give him a good score as he intros our guests. Take it away, Justin. [3:13] Justin: Today's guest used to be, or used to drink bottomless amounts of scotch. He can shower, shave and suit up at the drop of a hat. And he can read a teleprompter like nobody else. He may be a bitingly satire, satirical, sorry iteration of a seventies era manly man newscaster, but he's also multi dimensional personality with a suite of talents. His BFF is a border terrier named Baxter. He doesn't know Spanish yet, he hates milk. Ladies and gentlemen, the executive Vice president Proinvest, Steve Johnson. [3:44] Chad: Thanks for everybody. [3:48] Justin: Thanks for having me. [3:49] Chad: Well done. [3:51] JD: 10 points. [3:53] Chad: The guy who's above me right now, [3:55] Justin: I don't know who he is. [3:56] JD: Now, let's add to that introduction then. Stephen has a designated drinker today and his name is Pim. Howdy, Pim. [4:05] Justin: Hi there, jd. [4:07] JD: He's got a bottle of rum and a couple beers and he stands ready to support his buddy. [4:11] Chad: So, yeah, we appreciate you. The. [4:17] JD: The beer of the episode today is Bud Light. But not just your typical Bud Light. This is a 25 ounce Bud Light. Let me give it a taste. Five robes, five rows. Because what a genius idea to put 25 ounces in a can instead of 12. [4:41] Justin: Very good. [4:42] Chad: I thought more. Most tall cans were 20. I know one extra. [4:47] JD: Not unique. We're gonna play a game today, and Pim, I guess you should pay attention. The big game that Pim's worried about is called Acro. Sin. If you say any initialism or acronym, then Pim has to drink from his penalty drink, AKA the. Oh, I'll drink for that. I owed. I owe three. One, two. [5:15] Chad: Oh, you're going tequila, huh, amigos? [5:19] JD: Yeah. [5:19] Chad: Oh, yummy. [5:21] JD: That's how that works. Pam, any initialism or acronym, my name excluded. And you must drink from your penalty drink. We've already done the Wheel of Ice. We know how that goes. We will be naming a chat bar champion today. So, Stephen, keep your eyes on that chat bar. You'll be nominating someone into the finals. Then you out there in the audience, you'll be picking the winner. You know how that works. Last week's chap, our champion, was Tony Davis. And you all know we're doing our little December charity dealio. And Tony has chosen you. Put these words together and it spells something. Domestic abuse. Women's network. You know, in the morning when the sun comes up. And if you go to my LinkedIn profile and look to my recent post, you can see links there to donate to the cause. Retireholics are putting in 150. Tony has put in 100 bucks. So we got 250 and we're moving along. You out there, don't be cheapskates. Hop in there and help us out. Last week for Daniela's charity, Planned Parenthood, I think we tapped out at 750 bucks, so. [6:29] Chad: Nice. Thank you, guys. [6:30] JD: Not bad, not bad. Can do better, but pretty good. And those are the games for today. Let's get right into this. Let's go to headlines. [6:43] Chad: Yeah, let's get right into it. [6:53] JD: All right, Chad. I shouldn't say Chad. This is a bet between all four of us is setting Every community retirement enhancement, whatever the fuck it stands for, is it going to go through by the end of the year? Well, Brian Graff of the American Retirement association says things are looking pretty damn good. He posted this yesterday on LinkedIn, so. Ooh. Justin and I are so scared, Chad. [7:26] Chad: You should be. [7:27] Justin: What were the states? [7:28] JD: What's that? [7:29] Justin: What were the stakes again? [7:31] JD: So that's what I wanted to clarify. I mentioned that I was willing to take back like 6 ounces of Malort. Someone online said that if I'm going to do the Malort, I should chase it with an old style beer because that's how they do it in Chicago. So I agree to that and then hence Justin agrees. [7:48] Chad: I concur. [7:50] JD: What the fuck are you guys going to do if Brian Graff is wrong, and he's been wrong before, mind you, what will you guys be doing for your penalty? [8:02] Chad: Chad's gonna pull and plunge into his pool in his backyard. [8:07] JD: All right, you think about it, chat bar. You let us know. We must determine by the end of the show because we're dealing with a little tiny bandwidth of time. [8:16] Chad: I forget what. Wait, what. What time? [8:20] JD: By the end of the year. [8:20] Chad: What is R. Which time am I on the comment? You're with me. But it's going to go through. [8:26] JD: Okay. [8:26] Chad: Yeah. [8:28] JD: And so for all you listening out [8:30] Chad: there, [8:32] JD: for all you listening out there, according to graph, sounds like things are looking pretty good with the. The old act. The forementioned act headline. This one ties into you. Nice. Steven, you ready for this? [8:47] Chad: I am. [8:49] JD: 401K. Robo Advisor Bloom Shut Services sells tech to Morgan Stanley. I know Stephen's aware of this. We had Bloom on this show like freaking six, seven years. [9:07] Chad: Six years ago. Yeah. [9:09] Justin: That was the first like tech thing we ever had on the show. [9:13] JD: Fair enough. And so it has gone kaputs is the way I read this. I do not read this as they sold off to Morgan Stanley at some planned kind of, you know, wow, we did great and succeeded. To me, it sounds like they had to shut the doors and Morgan Stanley decided to come along and clean up the trash. Stephen, am I getting that right or do you have a different take on it? [9:36] Justin: No, you're exactly right. So what's interesting, I was, I was actually sitting in a meeting and years ago I signed up for Bloom. You know, just get out. [9:44] Chad: And. [9:45] Justin: And all of a sudden I get an email that says, we're now basically firing you as a customer. And. And as you know, they basically fired all their customers. I do think that I do think that Morgan Stanley is, you know, they, they, they want the technology. Some of the leadership obviously have gone over and now are working with Morgan Stanley. But the, the conflict was the low cost managed accounts that they provided. Right. So it's really difficult for, for Morgan Stanley, you know, when they're charging anywhere from 100 basis points to support something at 6 or 7 basis points. [10:20] JD: I was so pessimistic. I, I thought they wanted less to do with the tech and maybe they just wanted the Rolodex, you know, like they got all these people that they could go talk to. Not that they're high net worth individuals of any kind, but I don't know. It's a really weird kind of press release type of deal. It's funny you talk about the people. I got two things that came from this I think you all should be interested in, in prepping for the show. I googled it, the Bloom deal. And guess what popped up at the top of my Google search? An ad from Pro Invest. You little smart suckers are you need to switch from Bloom. Try Pro Invest. And I was like those sons of bitches. Was that your idea Stephen? Or who's the genius over there with that one? [11:12] Justin: It was. So you know why Pro Invest shows up and not other managed account solutions, don't you? So, so Bloom you got to think about. Bloom provided managed account services for 401 held away 401k accounts. [11:27] Chad: Right? [11:27] Justin: Like so the, they didn't have integrations with record keepers. They were doing this through it log in. So we're one of very few companies out there that have a competing solution where we can take on those clients that have a 401k. It doesn't matter what record keeper they're with or who they're employed by. We actually can manage that asset. [11:47] JD: Well, I would suggest even that you then do. The second thing I was going to mention, what also popped up was a Reddit, what would you call it, like a chat, a message board on Reddit and there's about 336 people, participants bitching about, complaining about, asking for help about what happened with Bloom. I grabbed a few of them just for fun because I think it's, it's cool for the advisors listening in to, to go and look at that Reddit list or message board and see like the participants perspective because it's really interesting how confused they are on what Bloom is, what their other options are, whether it fits with a 401k. And it's really great to see the blind leading the blind. When other people chime in and try to answer other people's questions. And it just makes me feel like, oh, my God. These participants have no idea, like, what they were in and what else is out there and how it all works. I cherry picked three of them. I thought, Mark, you'd love this one. One person said it was your type of humor. He said, I guess they couldn't afford the third. Oh, in Bloom. That was very funny. But then on a serious note, someone asked if there was another Bloom out there. They were kind of like, oh, my God, what am I going to do? I use the service. What else is out there that I can use? And the answer was only similar services are those from actual management companies, like personal capital. But their fees are much higher than Bloom and Probably most people's 401k target date fund fees, meaning higher, higher fees. And goes, unfortunate state of affairs. I guess I'll probably just move mine back into the target date funds. Oh, no, that was what someone wrote. And I was like, wow, it's really interesting. Then. Then another person said, I know what we should all do. Let's contact their chief executive officer, Chris Costello. He's on Twitter. Here's his Twitter sign. Let's go. Let's go get him. Yeah. I was just like, anyways, go check it out. It's a good education. If it doesn't teach you anything, it'll teach that they don't really know what they're doing, which we all understand that. And so we gotta find better ways to help them. And yeah, rest in peace. To Bloom. They sent us beer from Kansas City, like seven years. Yeah. So I'll pour a little out for them on my keyboard right here. Little Bud Light. So since I already dumped the other stuff. All right, next headline. Fintech plan providers saw growth in 2022 on low fees and state mandates, meaning that was the fuel to their business. This was interesting. They. If you read this article, they asked Aaron Shum. Aaron Shum's part of it. Past guests on the show. Chad Parks is part of it. Past guest on this show. They asked Aaron how much business he did get through this. And the article says he declined to mention how many plans they brought in last year. Which I hate that. Like, give me a headline, tell me how many plans you want. But he didn't tell us. This actually was turned to be a rabbit. I went down a rabbit hole with this one on a company I never heard of. Stephen, Chad, anyone? Have you guys heard of Icon Savings Plan? Icln? I think I'm Drinking? [15:16] Chad: No, I have not. [15:18] JD: Neither had I. But they were the third disruptor in this article here. So I went down the rabbit hole and looked at it. And here I go being Mr. Pessimistic. Everybody involved in it, the three co founders, everyone on their staff, not 401k people never been in this industry before. They come from other walks of life, coding, programming, what have you. I went to see their fees, which were $4 per month. I don't know if you guys got a chance to kind of look at this. $48 a year. And I'm like, holy. Well, my surprise met love when I found out they're not actually a 401k plan. It's like a. Yes, but they're calling even. Have you ever heard of the term portable retirement plan? [16:14] Chad: Yeah, with the state. State mandates? Yeah. I mean essentially that's what the state mandates are calling themselves. They're calling you portable because regardless of the employer you're working with, you can still access it as an individual. [16:26] JD: So they're calling it this like it's a. It's a 401k style plan without the risk and responsibility. As I dug deeper and deeper is just what Justin. Just not a 401k. [16:41] Justin: And. [16:41] JD: But I thought there was one funny chart comparison. We can move on. They were comparing 401ks to their 401k, like portable retirement plan. And they, they referenced the 401k average deferral as 4200, meaning that's what the average person defers. And that wherever they pulled that stat, I'm sure it's accurate. And they compared it to the fact that in their plan you could do 6,000. And I was like, oh my God, you can really. [17:10] Justin: Hey, there's no testing requirement. [17:12] JD: There's no 5500 filing. Hey, check it out, man. They're really trying a different angle. It's something. They're really trying to put a spin on a. I'll drink for it workplace. Iraq. Oh, sorry. They also compared the 401k to the individual retirement account and said in the 401k you can have an employer match. Okay, great. But in our plan, you can have an employer wellness bonus. We got that too. We got that too. Steven, you must play friendly with all record keepers. Human interests, guidelines, betterments, best wells. Are they as much on your radar as the empowers and the principals and the voyage and that type of stuff? [18:01] Justin: I mean, we primarily work with. With a record keeper. We try to be record. Record keeper friendly. Right. Because that's that's typically who's bringing business our way and the advisors that do business on those platforms. [18:17] JD: Stampo, I love you. He's repeating every time guideline comes up he just says guidelines. [18:23] Chad: It's something I get so excited when I see him do it. [18:26] JD: Yeah, he's been doing it for weeks. It's phenomenal. It's not, it doesn't go unnoticed. Sampa, well done. Okay, well we won't, we won't throw them under the bus today, Stephen, because they could be future partners of yours. Maybe you could tell the audience a little bit about proinvest before we get started. Appropriate for me to call it a managed account service, but like you said, also has a bit of a, a Bloom type technology where participants can come directly to you as opposed to through their advisor, through the Record Keeper. So you do both? [19:01] Justin: We do, yeah. That's somewhat new. So historically we have been over the last 20 years been a managed account solution participant level 338 managed account solution. So we integrated with the Sunguard, Omni and Reliance platforms. We have relationship with DST and Schwab and so on. So his work. [19:25] JD: Oh, I don't know what it stands for, but it stands for something. [19:29] Chad: Oh, straight from the bottle, this guy. Yeah, I don't have a point. [19:34] Justin: I'll try to be more careful, Pam. Okay. [19:38] JD: Hey Steven, the one benefit of having a designated drinker is you can just keep talking. [19:43] Chad: So. Right. [19:46] Justin: Yeah. So, so as you, as you mentioned, we, we work through record keeping relationships. We are inte these recordkeeping platforms. So that gives us the ability through, through back end integrations to get data on participants, data on plans, give single sign on into a, into our managed account solution directly from the Record keepers website similar to the other managed account solutions that you, that you're aware of. But this year we rolled out what we call Future Capital and Future Capital is the competitor to a Bloom type solution. The difference is Bloom primarily went direct to consumer. Right. So they spent a lot of money advertising their services and did not work with advisors and other entities and partners. So with Future Capital we were actually partnering with broker dealers, we're partnering with voluntary benefit companies, we're partnering with pe. [20:43] JD: Meaning what you would am you would go to like a wealth, a wealth manager that doesn't have the 401k but they've got their wealth management clients that have 401ks elsewhere and they could offer them that service. [21:01] Chad: Right. [21:02] Justin: So many times we had advisors coming to us and we work with advisors from, from a lot of different broker dealers. So advisors were coming to us and saying I have a wealth client that happens to have a 401k today. My broker dealer won't allow me to advise on that held away 401k account. Can you do anything for me? So we created future capital to allow and where, where regardless of where that money is custody, we actually work similar to Bloom and there's a couple of others out there but it's really not a competitive. [21:32] JD: How does, how does that work? You get their username and password and you put it on a post it on your computer and then you sign in on their behalf and then call them. [21:41] Chad: Right. [21:41] Justin: With Invisible Inc. So yeah, so no it's a very secure environment that we do that. So if you think about some of the aggregators that are out there right that, that are doing account aggregation, you know MX and and, and plaid and and, and so on. Those guys are, are taking these. [22:01] Chad: Maybe one of those acronyms. [22:03] JD: Yeah, I think, I think you owe [22:04] Justin: us one and you got two five pounds. [22:09] JD: Just tell me I don't have to drink. Every time you say 401k you see that big graphic up on the street on the screen, then you drink. [22:20] Justin: Okay. [22:23] JD: Sorry Stephen, we have to take care of. Go ahead. [22:26] Justin: Yeah, so, so those, those account aggregators, we do that, we do something very similar. So we use the participants credentials. So there's two ways to get into an account. Through a back end integration with the record keeper or through the participants access point. [22:42] Chad: Right. [22:43] Justin: So in the exact same way we work with participants with record keepers, we do that with participants directly and that's by logging in through the client's credentials. Our systems lock that information down and it's secure and then we go in and actually pull down the menu that's available to the participant within their plan, create the portfolio immediately and then trade the participant account. That's what's a little bit different from the yodlees of the world that's taking data and reporting on it. By logging in we're actually going back and executing on that trade on behalf of the individual. [23:20] JD: I want to jump to where you're sharing information with the advisors on when you're integrating with a record keeper because that's interesting. But before we get there, mark any issue. What if you're the retirement plan Advisor, you got 50 clients all across some region and you, you build your business on helping the people and educating them and you find out that participants within your plans are using this system unbeknownst to you. Do you think that's an issue from an advisor's perspective. [23:55] Chad: Well yeah, of course it is Stephen. [23:58] JD: You get anyone bitching about that type of stuff. [24:01] Justin: Yeah, because the, so if you think about it, the advisor, many times the advisor is, is allowing for managed accounts to be put on the plan. That kind of the off the shelf managed account that's integrated with the record keeper. That advisor doesn't benefit from that. [24:18] JD: But not all, not all advisors are thumbs up on that strategy. [24:22] Chad: No, but even if they are, they're spending time analyzing it and they're reviewing it part of the interview process and they continue to keep a pulse on it. If it's not something they're aware of, then they have an obligation to that plan and they need to be privy to that information and how it's working. [24:38] Justin: Yeah. So I mean it's no different than advisors do today. Right. So you may have a Jones advisor that's advising someone on their 401k. Right. And it happens to be a plan that a Raymond James advisor is the advisor on the plan. So this happens, it happens every day. Yeah but we're, we're very advisor centric. So if the advisor wants to come in and work with us on the plan, we'll, we'll invite the advisor into the relationship. Ultimately what we try to do for advisors and this is a lot of times what, what's being done is this is actually being sold by advisors. [25:11] Chad: Right. [25:11] Justin: The advisors bringing us in, we're, we're the instrument that's allowing them to. [25:16] JD: Yeah, I want to be clear, I don't want to make sure we don't throw you under the bus because you Proinvest is a very pro advisor firm and both your strategies have been built around the advisor. So let me clear about that because that kind of led us down that little negative path there a little bit. But so on the, the ones where you integrate with the record keepers because you're doing manage account and tell me if I get this wrong somewhere you're gonna have a questionnaire to the participant or gather data from them and one way, shape or form to figure out their risk tolerance. And when you do that you're going to want to know do they have an outside account, you know, with someone else or do they have an individual retirement account or they will kind of savings and they have, you're going to learn about their kind of financial well being and then you can share that data back to the plans advisor so he or she can look for extra business within their own book of business. Is that right? [26:16] Justin: You're exactly right. [26:17] Chad: And we do that every day. [26:18] Justin: So what we find is there's many times, three times assets outside the plan that are in the 401k plan. So what we do is as we're working with the participants and walking them through the retirement planning process, we identify all the outside assets and then with consent of the participant, this is important, the act, the participant consents that we share that information with the plan advisor. So we become a lead generation tool for the plan advisor. [26:47] Chad: Right. [26:48] JD: That's so very pro. You know what else this is kind of a Chad Nuggets moment is we have to learn as advisors these days that the world's changing. There is new technology, there's going to continue to be an evolution of new technology and your plan sponsors are going to be sold wellness tools and all kinds of different things unbeknownst to you as well as the participants in those plans. So a good advisor is aware of that. [27:22] Chad: Sala asked in the in the chat bar and I started to type it out and then stopped. But JD that's where I think there's an issue. If you are the 401k advisor and let's use a specialist for example, and this is a client of yours, you should be aware of that technology that the client may be using within the privy of what you are supposed to be doing which is guiding the direction of that 401k. And so yeah, there's going to be wellness tools and there'll be tools like this that are there that the client sponsor may directly engage. But in my personal point of view that needs to be a discussion and part of the fiduciary process that the advisor walks the client through. [27:58] JD: I totally agree with you. But I can also defend Bloom's old business model. And what Stephen's talking about is as a participant in the plan, I also different I get that consumer to buy whatever the I want that's out there. [28:11] Chad: I get that. But I understand why Stephen, do you think that there's any risk cyber security wise for a plan sponsor that's allowing the front door access like you're describing for employees to give and obviously you have it all buttoned up. So let's say it's a different company but for employees to be giving out credentials that give access inside the 401k plan assets? [28:40] Justin: Well, I mean most record keepers are aware that this is happening, right? Every day Yodlee and others are tapping into these to these record keepers and pulling data. Right. So it's the same thing. That we're doing. The difference here again is that we're able to push back transactions. We do that through this, through an agreement directly with the individual participant within the plan. So that relationship that we have is with the participant, not with the plan, not with the record keeper. [29:11] JD: But we do know, I mean, I'm sure you guys are looking at this very, very closely, but we know now, we know into the future that the weakest link from a cybersecurity standpoint in 401k plans is going to be through the participant themselves. And that means through their access. And so, but I'm sure, well, even [29:30] Chad: things like modeling loans directly through the record keeper site, who's going to be held responsible if front door access like that leads to the company accidentally requesting a loan when they're trying to process a transaction and that employee not being the one that is requesting the loan. Okay, there's just a lot in my mind, if you're coming in the front side, there's just a lot of risk there. Yeah, yeah. [29:57] Justin: I mean, I really don't know how record keepers keep this from happening. I think that, you know, for instance, we work for one of the largest record keepers that see us hitting their site. [30:07] Chad: Right. [30:08] Justin: So they see that we're hitting their site and doing, and pulling this data. And so they've actually talked to us about inviting us to come in and through a, through a portal to be able to do that. [30:19] JD: That's actually, that's a great point. They, they do monitor what's coming in and where from and what it is. And so they could recognize you as a strategic partner and green light that. So that's actually a really, really good point. [30:34] Chad: Yeah. [30:35] Justin: Our system also locks down the types of transactions that can take place. Right. So we've defined exactly what the system is doing. So for instance, alone, I mean, our system is not going to go in and do a loan and then there's checks and balances. So we're going in and checking the system. And if an allocation is any different than what we set, then we obviously can see that someone else or the participant has made a change in the account outside of what they've asked us to do. [31:00] JD: I was, Chad, I was recently on a client call and we were getting deep in the weeds on newly eligible participants and how they would set up their accounts at this record keeper that I'm not going to name. And I was working with the human resources person and the vendor and it turns out that what they needed from the client was the first name, the Last name, the Social Security number, and then the date of birth. And those were going to be the four data points that would allow someone to establish an account at this record keeper. And I was like, are you fucking kidding me? Those are the four things you need. I'm pretty sure I could buy that information on several million people on the dark web, like, tomorrow if I needed to. And so you really need a better firewall, if, for lack of a better term, than those four data points. [31:54] Chad: But interesting. Yeah, you can get three of those data points from your Instagram account. [32:00] JD: Like, I could Google search. [32:01] Justin: Like, two factor authentication can work pretty [32:03] JD: well there, though, too. No, but remember, Justin, that's a great point, because, remember, I'm setting it up for the first time, so. Yeah, but you can. [32:12] Chad: They can. [32:13] Justin: Hey, to verify it's you, I'm gonna send you a text message. [32:15] JD: Yeah, right, but. [32:16] Chad: But [32:18] JD: so I'm just giving you the wrong number. It's the very first time I'm setting up the account, so I'm going, oh, yeah, it's me, James Carlson. This is my social, and this is my date of birth, and here's my phone number, and here's my email. And then they. They can. They can MFA me all they want. [32:36] Justin: Yep. [32:38] JD: I've already hacked the system, you know, [32:43] Chad: Keep going, keep going. Yeah, buddy. No matter who steps. [32:48] JD: Okay, let's. Let's learn something, Brandon, if you will. I got this from one of you guys. I got a little Instagram video showing me how to properly pour a beer. And, yeah, I was blown away at age 51. I was like, this is how you do it. Were you guys feel the same way when you saw this? [33:11] Justin: Yeah, Well, I was with Chad's brother a week before that, and he's. We're at a karaoke bar, and he's like, hey, this is how you pour a beer. [33:19] Chad: The hell. [33:20] JD: I think that. [33:21] Chad: Show us, J.D. [33:22] JD: yeah. Pouring a beer two different ways. Okay. If you pour a beer like this and slow, I'm gonna show you guys something. What happens in your stomach if you pour a beer this way compared to pouring a beer this way? I'm gonna show you right now what happens. This is what happens inside of your stomach when you pour a beer that way. Check this out. Look at the difference. And this is why people get bloated and feel uncomfortable. Pouring it that way is. Is actually a better way for your stomach. I want to hear. I want to hear from the chat bar. I want to hear from Stephen. And then I even want Brandon to chime in Because Brandon disagrees. So he's talking about, like, the gassy feeling. I gotta tell you, at age 51, when I drink beer, I feel bloated and burping, and I think I'm just [34:15] Chad: pouring that the wrong way, like, every single Thursday. Yeah, okay. [34:19] JD: Stephen, do you buy into that strategy? [34:21] Chad: The question that I have now is, then, so what about drinking it straight from the bottle? Is it the same thing? Because that, again, there was no foam built in the nightlight. [34:29] JD: No. Maybe even worse, because you're Tiffany. Stephen, how would you have poured your beer if we asked you to demonstrate? [34:36] Justin: Well, probably not the best one to ask because I don't drink, but [34:41] Chad: I'll [34:41] Justin: defer to my designated drinker. [34:43] JD: Pimp. [34:44] Chad: How do you. [34:45] JD: Do you pour your beer on a tilt or just dump it right in? I tilt it. Yeah, buddy. So have I been tilting it? But apparently we're doing it wrong. [34:53] Justin: I've seen a funnel around the office. I'm not sure what he uses that for. [34:56] JD: Brandon's colored. [34:59] Justin: Well, I expected to learn stuff tonight, [35:01] Chad: but that wasn't one of them. [35:02] JD: You don't like that one? Brandon, tell him why. Maybe he's right. Well, my whole thought is, as you're pouring it down your throat like that, it's going to open up and foam out. [35:13] Justin: As it's doing that, like, it. [35:15] JD: It's not going to stay all contained. By the time it gets to your stomach, like, you're basically pouring it by drinking it. [35:21] Chad: So, like, I don't know. I just don't buy it. But you're basically pouring it the way he was tilting the glass and pouring it in. Right? Like it's sliding down smooth in your belly. [35:29] JD: It's going. Yeah, but it's hitting the side of your. [35:31] Chad: Your throat. [35:32] JD: It's like there's just too much going on. Have you guys seen, like, pouring it [35:36] Chad: and getting all that extra foam? Aren't you wasting. Isn't there, like, lost liquid there? Because it's now turning into extra foam and you're not actually getting a full beer. That's kind of what James sun does when he challenges Chad. Yeah, that's what I was just gonna ask. [35:50] JD: What does he do? What does he do with his pint glass? [35:53] Chad: He pour. He pours it hard, and there's a bunch of foam. And then he uses oils, and he. He gets all the foam down. So he says he's got a full beer, but he's, like, this far from the top by the time he wants to race me. [36:05] JD: But he also. I will tell you, by the way, my son, 18 years old, goes to University of Miami and drinks way too many beers every day of his life, so he's an expert on the matter. And he also does talk about that it's less gassy when he's pounding. [36:25] Chad: He. [36:26] JD: He will say, I'm getting the gas out of it, so I can. So I can chug it quick and be chat. Although, Chad, I will. I do want to stay. For everyone listening in. You have crushed him, I think, every time you've gone against him, so hats off. [36:38] Chad: Yeah, yeah. I've got years under my belt. I'm a veteran. [36:42] JD: I was hoping people could learn something here today about pouring your beer, but apparently Pim thinks we're feeding you information. No, he's okay with it. He's okay with it. All right, what if I told you guys that wirehouses are in a massive downhill slide? Their world is breaking apart underneath their feet. And Chad, Mark or Justin, let's go to you. When I say wirehouse, define that for me, who do you think I'm referring to? [37:17] Chad: Oral or Merle? [37:18] Justin: Meryl Morgan. [37:21] JD: Yeah, those are the two biggies. [37:23] Chad: There's one more. Say it. [37:25] Justin: Ubs. [37:29] JD: Steven. We can add a bunch of other names. We can add a bunch of other names to that list, too. Right, but, I mean, those are the top ones. But you can call Wells Fargo a wirehouse. Do you call Edward Jones a warehouse, Steven? [37:42] Chad: No. No. [37:43] JD: Okay, but. So think Meryl Morgan. [37:47] Chad: I don't even like the word wirehouse. [37:50] JD: So what is it, by the way? What's a wirehouse? [37:53] Chad: There's no wires there, by the way. They're all. They're all. Yeah, There used to be phone lines, bro. [38:02] JD: That's where it comes from. Their phone lines. Didn't we all have phone lines? [38:06] Chad: Remember those old ways you would plug someone in to get the call down here? [38:10] JD: Oh, the wirehouse. I gotta. We gotta figure that out. Chat bar. Help us figure out where. Where the actual term comes from. Is it just phone lines? Here's some headlines. Advisor loyalty at wirehouses challenged in 2022. Wirehouses risk losing 15% of advisors in the coming year. What if I told you that for years wirehouses have been losing advisors and 56% of them are going to smaller, more regional broker dealers, and then 13% of them are going the registered investment advisor route. Is that surprising to you, Stephen, at all? [38:56] Justin: It's not. I think they're looking for more control. They want to own their book of business. Right. So I do see the trend. And of course, you see some of the wired warehouses that are really trying to focus on those that are really producing high net worth clients, right? [39:15] JD: So they're cater, they cater to the corners, corner office people that don't care about the rest of them. [39:20] Justin: And there's a lot of, there's a lot of pressure for cross selling, right? Production, production requirements, cross selling within, you know, with, with the bank products and so on. So I think those pressures are causing a lot of these advisors to go independent. [39:35] Chad: I'll also say too, jd, at least in my experience, many of the wirehouses are a breeding ground for getting your licensing, getting your feet wet, learning the business from, from other professionals. Because if you go straight independent, as you're getting your licensing initially and you don't have someone to help teach you the business, I think it's much more difficult to get running and to get running successfully. Those folks, when they do run and they figure out what niche they want to be in, that's when I think they're confident enough to say, all right, I'm starting my own shop or I'm, I'm going into a more boutique place where I can specialize. [40:09] JD: You're 100% right. It's actually in some of the articles I read, which was that there's value for advisors when you're young and starting out because you don't have experience and you don't have like a personal brand of any kind, right? And so you can kind of hide behind the Merrill lynch logo to your customers. But then when you, when you've got a few decades under your belt and you're experienced and you know what the shit you're talking about, you don't need that, that logo or that brand behind you anymore. What if I asked you, Chad, Mark, Justin, you have any idea what a payout looks? Merrill lynch and Morgan Stanley? Like, what percentage of the revenue that you're generating do you think you keep in your pocket? [40:48] Justin: I'd guess 30. [40:49] JD: 30? [40:51] Chad: I would, I would say 60. [40:53] JD: I was gonna go above Justin's closer to the mark. And this is all this is all relevant on, obviously, your assets under management, book size. But I got news for you. If you go to a regional broker dealer, that number that Justin represented as 30, let's call it 40 or 50. It could look more like 80, even 90, as Stephen shakes his head in acknowledgment. That's. [41:18] Chad: Which is why they all try to fall under larger groups, right? Those smaller team or the smaller individuals are trying to get under a larger team because they know the payout will be better. [41:28] JD: Like, here's Jeff in the chat bar. He knows his business. He says under 50, how could you possibly. What value are you getting from Morgan Stanley or Merrill lynch to give up that much money every year? When. Let's take this to a more holistic conversation. When you guys are selling to clients with your advisor partners, do you think plan sponsors or participants see value in a Morgan Stanley or a Merrill lynch logo versus aren't they just buying from anymore Joe Smith or Sally Wilson? Like, aren't they buying from the person and not the company? [42:08] Chad: Yes. I shook my head no, and I'm gonna finish on that. Yes, they're buying from an individual. But if they don't know that individual well or they're get. They're new to the relationship. There is some basis set. When you're with a large broker dealer like that, there's some comfort knowing that you've got oversight, you've got a name behind you. Because we are, we say it all the time. Folks don't know what we do that half time. They don't know what these advisors do. They think advisors holding on to the money themselves and trading Steven in their own bank account like they want that backing. [42:39] JD: Stephen, you're a, you're a 5, 10 million dollar 401k plan. I come in my name, Sally Wilson. If I'm going to show you the Merrill lynch brand that you recognize and I'm going to tout the, the breadth and the size of my firm, can I do the same thing with a regional broker dealer? Like, what are you going to know if I say, oh, I'm with, I'm with American securities, Inc. I made up that name. And we have, you know, fucking 3 billion under management and people all throughout this county in this region. Isn't that just as impressive to you as a business owner than with Merrill lynch or something? [43:17] Justin: I think of that plan size, yes. You get up into the larger plans. Obviously name recognition will carry a lot of weight. [43:26] JD: And why is that? [43:28] Justin: Is that older, deeper pockets too. Right. [43:31] Chad: If they're fiduciary, right. [43:33] Justin: If you're, if you're coming on as a fiduciary, maybe it's deeper pockets. [43:37] JD: Something goes wrong, you can sue Merrell or Morgan. And if you sue the independent local bd, damn it, you may not. The money might not be there. [43:47] Chad: I do too. [43:51] JD: That's me. Pim. [43:55] Justin: I don't know. [43:57] JD: Sorry, Chad. [43:58] Chad: Go ahead, bud. Well, I was gonna transition the point a little bit, but it's, it's Not a big deal. I, I think that for the broker dealer folks, they often leverage the size of their broker dealer and they'll say, you know, we're, we're the largest independent broker dealer. We're. We've got trillions of dollars in asset under. That individual does not. That office does not. His practice or her practice does not. But they'll leverage that to make a client feel comfortable. And I do think there's. When used correctly, it does well when they step into those meetings and they have conversations like, you know how many times I've stepped into those meetings? And I'll hear an advisor say, well, we, we advise on 2200 plans. No, that advisor does not. But his broker dealer might. People part of that chassis might think back to the RPAG days. That's exactly what they were teaching their folks. [44:56] JD: Jeff's point in the chat bar. [44:58] Chad: No pimp. No, [45:01] JD: we weren't necessarily. Jeff Atchison. We weren't necessarily talking about moving to a registered investment advisor and being your own entrepreneur. We're talking about going to like a regional broker dealer where I feel like you're getting similar services than you'd be getting out of Merrill lynch or Morgan Stanley. They're still there to support you with all the. You're not, you're not an entrepreneur running your own business any more than you are sitting at a desk at Merrill. But I've just got more experience in those spaces than I do. Are you, do you guys, as third party administrators that, that sell to advisors, do you see and adjust your strategy to a wirehouse advisor differently than you would to an independent, you know, more regional broker dealer person? [45:48] Chad: Yeah, we have to. Often they only have certain selling agreements too. There's only a certain number of writers that they can pitch. [45:56] JD: And then of course, they have different selling rooms. I met Mark. Do they. They feel like different types of people there. I imagine them to be in their black suits and not maybe in khakis and a vest or something. [46:11] Chad: Well, you're talking to me. I thought I got frozen for a second or something happening. Yes. When I took Devin yesterday and the day before and all these trips, I said, we're going into the Merrill office. You got to be in slacks because some of the other meetings we weren't. There was no need to. So yeah, we do. We do adjust. They have dress codes, they have certain expectations. [46:35] JD: Can you wear a beanie in the Merrill offices? I don't know. You know, who, who I heard recently has some opinions about what they think their financial advisor should look like is Joe Rogan. So I found this on a TikTok Joe Rogan was explaining to the audience and maybe he'd smoked a few of those marijuana cigarettes before, I don't know. But I really liked his approach here. This is Joe Rogan. If Brandon can pull it up describing what he would want his financial advisor to look and feel like. If you got it Brandon, you want some dude who gets up at 5:30 in the morning, reads the Wall Street Journal and then gets on a treadmill. [47:20] Chad: Yeah. And I don't care what his religion [47:21] JD: is, I'll just give a what his religion is. I want that dude drinking carrot juice. [47:24] Chad: Yeah. [47:24] JD: I want him taking vitamins. I want him doing push ups and sit ups and being disciplined. And that guy gets his tie on, right. And he makes his cuffs perfect. And that guy goes to work. [47:34] Chad: Yeah. [47:34] JD: And he does it by the book. And he makes a shitload of money. He's got a Patek Philippe watch on and he's got a private jet. He knows the he's doing. He's been doing it the right way for years. Yeah. He's can't dress like that. You can't have those man tits. No hanging out. And I give you a billion dollars of Bitcoin from 26 year old kid [47:49] Justin: lives in the Bahamas. Nine other people living in a sex cult. [48:00] JD: I'll drink for it. Ftx, sang stands for something. But absolutely. I'm kind of what Rogan's putting down there. He's saying no. [48:10] Chad: Come on dude, you don't think he actually means any? Don't forget he's a comedian. Okay, no, but if he's in, if [48:17] JD: someone's gonna manage his money, he wants them to be like an animal when it comes to the markets. And like that's what that person does, you know, all day long. [48:28] Justin: I think he means it. [48:29] JD: He's an asshole. I think he means it's Sony. [48:32] Justin: Sony. [48:33] JD: So sensitive with people out there. Bill Rogan's beast mode, bro. Okay, let's play the totally original, sweetest game on the planet that I came up with with my own creativity on my own. The no for dope game with Novia. Where's the audio? [48:52] Justin: It's the best part. [48:53] Chad: Love the audio. Yeah, the audio is the best part. [48:57] JD: Well, it's acapella today. All right, Steven, Just imagine that really cool punk rock music going along with that. It's all good. The way this game works is I'm going to ask you all a question. You're going to let me know if you're dope with it or nope with it, and then tell me why. The first one, though, everybody, I apologize is just for Robey, just for you, Mark, turning in your car allowance mileage to your employer for the last three years at once. [49:40] Chad: Well, if you're, if you're going to target me on this strategy, I'm not going to state name, but In August of 2021, I submitted that report and I never got paid for it. [49:53] JD: So don't ruin my. [49:59] Chad: You play with fire, you're going to get burned. [50:02] JD: Let's go to you, Stephen. Watching this happens to me all the time. You know, you binge watch a show with your wife or significant other watching an episode that's a binge type show without your significant other. You know the drill. She's. She's out of town or she's upstairs. You know, that's very sexist, JD as about, say, doing the laundry. She's upstairs doing your personal taxes for you, and a cool new show comes on that catches your fancy and you're like, should I just start episode one and check this out. Can you start binging the show without your significant other? Nope. Or dope, Stephen, to you. [50:42] Justin: And why dope? Yes, I can do that, but it's not because she's doing my taxes or laundry. [50:49] Chad: I'll go. [50:50] Justin: I'll go on the record. What would you do? Yeah, so we binge watch together on a lot of shows, but we separate from, from time to time. So I would definitely be able to do that. [51:04] JD: You get what I'm saying, right, Chad? [51:06] Chad: Yeah, and I want it. I want it even in reverse order. I want Brook to quality check a show and be like, yeah, this is a good one. Because I don't, I don't have time if it's not a good one to stick around. Like, you guys watch the Love is Blind that you like to binge, and I don't watch that. But then on Brooke will say, oh, this one's really good. You got to come in and check it out. I don't want to binge the whole thing, but if it's good, I'll watch that episode. [51:30] JD: Mark, let's say Maria went to bed. You know, it's. It's 9 o' clock at night and you see something new on Netflix has been catching your eye. Do you feel guilty as you kind of get into episode three without your wife even knowing what you're enjoying? [51:45] Chad: No, because what I do is if I think she'll like it, I watch first episode, just be like, all right, maybe I'll see if he wants to watch and. And get into it together. But if she doesn't, then I won't. But that's, like, really few and far between, because at night, I usually put on, you know, something done that's already on TV and falls couch. So I'm not really watching much these days. [52:04] JD: Fair enough. I always feel very guilty, and so I feel like I never get to watch things I want to watch because my wife's gone to bed or got other things to do and doesn't want to sit on the couch with me all day long. You know, Justin, I would ask you, [52:18] Justin: but I do it all the time. [52:20] JD: What's the point? I watch it, and then I watch it on a different account, and then I just pretend I haven't seen it. [52:32] Chad: Wow. [52:34] JD: If I know she's gonna. If she's like, I really. If I. If she's like, I really want to watch this, and I'm like, oh, geez, I watched that two weeks ago. I'll just shut up and just watch it with her. This is throughout, like, hey, what do [52:47] Justin: you think is going to happen here? [52:48] JD: Or like, oh, this is so great if this happened. No, it's really easy to, like, just zone out. You should. You should go. You should go. Way worse than that. You should be like, I'll bet you that blonde guy committed the murder. I know he did. And then your wife's like, you're a genius. Okay, last one. And then we're going to move on to some stock tips for everybody out there to get their investing game on. This one's weird, but it hits home for me. I'm gonna go to you first, Stephen. I don't know if this resonates with you, but the spray dishwashing soap. Have you seen this? It's got a trigger. It shoots out all the foam to wash your dishes. Are you down with this or not? [53:34] Justin: Oh, I'm down with it because why? [53:37] JD: It feels good. You want. [53:39] Justin: You know, it just. It just works well. It allows you to. To, you know, get immediate foam action. [53:46] JD: Mark, aren't you concerned that we went from putting a little dab on your sponge to. Now, apparently you have to shoot this at every dish you're about to watch. I feel very. [53:59] Chad: The really messed up thing is now. Is it taken? It's gotten rid of the. I'm just going to soak that overnight effect of, like, you know, when you get something that's really on there. I'm just gonna soak those pans. I'LL do it tomorrow. Now it's like, oh, no. You can shoot this really highly concentrated chemical that will probably melt your skin, but go for it. Why not? Hey, everybody, make sure you wear gloves when you do that because I guarantee that stuff's not good for you. Okay? It's dial like it's normal soap. [54:28] JD: I could refer to Justin as Mr. Clean and it would not be for the reasons you think. He actually is like an obsessed cleanliness guy. So, Justin, have you used this stuff? No, I haven't yet. [54:39] Justin: But I mean, my initial thought is, [54:42] JD: I mean, are you getting the same [54:43] Justin: use out of it or do you go through it quicker than you would with the normal. [54:47] Chad: It's. It's not for washing all of your dishes. You're still supposed to use their normal dish soap. It's a. It's a heavy degreaser. It's made for tougher things. Like, I'll give you an example, Jess. When we do spaghetti and. And it gets stuck on the bottom of the pan afterwards, I hate watching the spaghetti pan. And you spray one time with that in there and you leave it for a minute and a half, all that stickiness is gone. If you left it overnight, it would come off. [55:16] JD: So, Stephen, do you see how the boys kind of described why they liked or didn't like something? If you're ever on this show again, that's kind of what I'm fucking looking for from you. Not your life. Talk about the speaker. Spaghetti and. Okay, another episode of the. Another episode. Another no for dope. That's the way the cookie crumbles. That's right. I've got a tagline. I always forget. [55:41] Chad: Got a tagline, JD if there was a good tagline, you wouldn't forget it. [55:48] JD: I wouldn't forget it. You know what they say, Today was a rough day on the stock markets. The old Wall Street. What the. Does it stand for something? The Fed. It. I mean, it's just a brief version. [56:03] Justin: I think you're fine. [56:04] Chad: Yeah, Abbreviation. [56:05] Justin: Abbreviation. [56:06] JD: Did a half a. Half a base, half a basis point there and didn't, you know, it wasn't that big of a deal, but the markets didn't like it crashed today pretty bad. I mean, we almost got to a thousand points on the Dow Jones, but I think we finished 700 and something or something like that. Not the biggest down in a day, [56:25] Chad: but a couple other days that were up significantly. [56:29] JD: We have those kind of days all the time and. Well, very confident words from you, Robi. I like the way you said that. Because given the markets and as chaotic as it's been, interest rates, the involvement of the Fed, the future potential of a recession, you have continued to lead us all to glory in investing. Your picks have without a doubt been a plus. And even after today's down market, [57:03] Justin: most [57:03] JD: of your stocks from the day you told us to buy them are still well up. And the stocks you told us to sell have been down. And you know, Tesla has been going through a lot of. With Elon today, it wasn't doing so bad. I watched a lot of smart people in suits today on cnbc and a lot of people are saying, I know Elon's up over Twitter and getting weird, but Tesla's sound fundamentals. Watch out. Watch this company. You know, it could be good. So that's the only. I say this for full disclosure. That's the only company that you kind of told us to buy and it hasn't really popped off since then. But all the others, you've been 100, so I mean, you're. You're freaking like 12 for 13. So with that, I got a new stock for you today to let us know. [57:53] Chad: That's good. I can mess up a couple times and then. Yeah, you're so far ahead, you can mess up a few times. [57:58] JD: Yeah, of course, That's what happens when you start drinking again. You forget that there's interest and. Okay, I wasn't gonna do a lot of research on this, but I know you don't like that because you don't even use it when I do it, so I'm just gonna throw it right at you. The. The name of the company is Disney, and I think they, like run amusement parks or something and maybe stream movies. [58:38] Chad: I mean, I'll be honest, dude, that. It's a. That's a layup. I mean, you got it. Really, you gotta come with something a little bit more. That's easy, man. [58:48] JD: Well, tell us why it's so easy. This is the one, bro. I saw a lot of people today. Question. [58:54] Chad: I'm not gonna go down all the avenues of the things you see in the actual news about who runs the company and the changes there and all that. It's very simple. New Chief Executive Officer, when you do anything Disney related, if you turn on Disney plus, if you go to a park, if your kid holds a Mickey stuffed animal, does that make you feel good? Are you happy? Does it transform you happiest place on earth into a little kid? [59:28] JD: You want my honest answer? [59:30] Chad: I'm not. This is my monologue at the end of the show. Does your wife constantly say we should go to Disney all the time. And I know that also me that all. All that stands for is dollar signs. It's a waste of money, but hundreds of thousands of people do it on a daily basis. That place is like crack cocaine to kids. Okay, that should be their tagline. They probably put drugs in to the. The massive turkey legs and the popcorn and all the smells that go. And the parade. Jesus, buy Disney and just buy a lot of it. Yeah. [1:00:17] JD: Can you start coming up with some slogans, like Jim Cramer, like, bye, bye, bye. I need, like, some new, like, things for you, you know? [1:00:24] Chad: All right, all right. I mean, he just said it's like crack cocaine for kids. This is. Do you know what cow kids act on? Crack. We're like crack for kids. [1:00:36] JD: Well, I just want you to know there are some of us who dread standing in line for an hour to get on a ride. I will also let you know that I have. Let me finish. I have Home Box Office Max. I have Amazon. I have Netflix. I've got freaking Hulu. Is that something? [1:01:03] Justin: Disney, right? [1:01:03] JD: And I have Disney, I guess. Well, Mark, to Mark's point, I guess I pay for it, But I never click on that. Son of a. I never want to watch it. You're still paying for it, jd. [1:01:12] Chad: If you do, you will get a lot. You remember, like, I. To me when I go on there from until, like, hey, maybe my kids want to watch me on here. I can. I'm like, I would watch everything. These movies make me feel these. These are amazing. And they're just non stop, dude. Yeah, they just had a flop of that. Whatever that new movie was, they had come out. But they got Star wars in their portfolio. They've got National Geographic, which has sharks and which are awesome. They've got Pixar. I mean, the list goes on. They're just dominating. [1:01:45] JD: Robbie says bye. [1:01:48] Chad: They charge you thousands of dollars to stay in a hotel, hundreds of dollars to go in. And it's not like their concessions are reasonably priced. We all just take it. [1:02:00] JD: Mark, I know better than to question you, Stephen. Mark, some people were put on this earth for a reason that's undeniable. And Rogue Guy's gift, his magic, his talents, if you will, is picking stocks. And so if y' all over there at Pro and Vast need some help on the old managed account service side, the guy is money he just knocks out. It's just magic. There's no rhyme or reason to it. It's like David Copperfield making a Fucking truck disappear. It just happens. You accept it. I will be investing another 10k tonight into this stock, and we'll see where it goes from here. Thanks, Roby. You're this close. You're this close to me getting my third Lambo, all because of your stock tips. So thank you. I appreciate it. Pay attention, people. You know how they say out there, like, this is not stock advice on the show. And you should. You should, like, invest. You should educate yourself or investors or whatever disclosures are. That's not true. You should follow what Rogue guy says. Okay? [1:03:16] Chad: And if you want. If you want to patch on the rope, I mean, it's. It's here. It's open for business, and you got a new one today. I get paid for this now. People send me money with the patch. So if you're gonna. There better be money. [1:03:30] JD: We can talk about advertisement options in the after show. Okay? Thank you, Stephen, for being our guest tonight. Pim, you, my band have made up for a lot of past guests recently who have not followed through on their responsibilities, and we thank you for your service as designated drinker. Buddy, like, you crushed it tonight, so well done. [1:03:58] Justin: My pleasure. [1:04:00] JD: Thank you to the audience out there, whether here live tonight or in the future. You know, the only person I'm not gonna thank. And then we'll play some music and we'll go to the after show. And, Stephen, in the after show, if you want to stick around, that's fine. If you want to take off, that's okay, too. We might talk about you, but don't worry about it. It's okay. The only person I'm not gonna thank tonight is T. Rowe Price, but whatever. Peace out.