Michael DiCenso: Why Advisors Fail at Operations | Retireholics

[0:00] JD: Oh, J.D. there's different seasons when you're not living in California where it's 90 degrees and sunny every damn day. And so winter put away. [0:42] Chad: Happy and bright. Chad looks. I agree. Hey, do you guys remember that show when I surfed, the surf was so good. I like, surf for like four hours. [0:51] Justin: Remember that one every day? [0:53] Chad: No. God no. Well, today the surf was pretty good, so I'll try to ramp up the energy. But it was pumping and I was surfing. I got my stitches out. My wife took them out for me. [1:03] JD: Nice. [1:04] Chad: Hey, we are just back from wealth at work at the National Harbor, Maryland, Gaylord Conference Center. We did two shows, and both of those shows are up on YouTube and@retireholics.com or even, I believe, Twitter and LinkedIn. So if you haven't checked those out, they're out there for you people. Brandon produced them and got them out really quick. Quick. And I thought they were both pretty fun. We. We talked to Petros Kuma Natural of Spectrum Pension Consulting up in the Pacific Northwest. And once we got him off his little CEO jargon, God damn it. Quick deal he was. He kind of opened up and was good. And then we. Then we Talked to the 401 go guys and kind of press them on their profitability, or should I say lack of profitability. So it got a little heated, but should all go and check that out. You guys want to let everyone know, [2:07] JD: JD, you felt a little guilty after pressing on 401 go. Shush. Ryrie. [2:15] Chad: Chad. Sometimes I feel bad when I tell people that their business is going to fail and they're going to be, you know, homeless or something. You guys want to tell everyone real quick what time you made it back to the hotel on Monday night when we were out at the conference? [2:29] JD: 3:15. [2:30] Chad: Monday, 3:15. Like, what time I made it back [2:33] JD: to the hotel or what time I made it back to my room? [2:37] Chad: Yeah, your room. [2:38] JD: I guess we entered the hotel lobby at some point. Yeah, I think I got back to the room right around 4 o'. Clock. [2:45] Mark: Just before 4 o', clock, we attempted to order food through doordash, but it [2:50] JD: was to no avail. [2:52] Chad: Well, I just want everyone out there in the world to know that the rumors that the retireholics are falling off and getting more mature or they're not true. They're not. They're not validated. These boys were out till 4 in the morning. [3:04] Mark: Got to give a little context. Yeah, the. The bar at the hotel, they. They shut things down like midnight. And we were all just kind of like, I Don't feel like the night's over just yet. And someone said casino, which was like less than two miles away. And the next thing you know, an Uber was there. And we ended up at a casino. And if I recall correctly, we all actually won money, so that helps. [3:30] Chad: That helps. [3:31] Mark: Yeah. [3:31] Chad: Another little news alert at the top of the hour. Because it's so important. Or I guess it's the. It's not the top of the hour, but you know what I mean. Thursday, November 2nd. This will be our next show in two weeks. Drum roll, please. Thanks. It'll be Shlomo Benazi. [3:55] Justin: There we go. [4:00] Chad: Oh, we will. We'll try to promote that one. Get that out there, make sure everyone's aware of that. But we finally nailed down the dude with the weird glasses, and we're excited about it. Okay, I. I wrote a song and I think I got my mic in the right spot. Gotta help Mike stay out. [4:19] Justin: He's about to sing. [4:20] Chad: God, I hope so. [4:23] JD: I'm not sure that will have any effect. J.D. [4:25] Chad: here comes dissent. No. Yeah. [4:27] Mark: Did you. Did you write this song on. On your flight home? Did it take you all like 6 hours to write it? [4:33] Chad: No. But let me ask you, can you guys hear this? This music? Hang on. [4:43] Mark: Yeah. [4:44] Chad: Yeah, you can hear it. [4:46] Speaker E: Y. Y. Okay. [4:47] JD: Yep. [4:47] Chad: Okay. Here we go. Imagine there's no PEPs. It's easy if you try. No pooled plant providers and no silly lies. Imagine all the advisors selling just 401k. Ooh. Imagine there's no disruptors. It isn't hard to do. No more five minute installs. And no venture capital too. Imagine all the industry not having to deal with this shit. You may say I'm a dreamer, but I'm not the only one. I hope someday you'll join us [6:37] Mark: and [6:37] Chad: the industry will be as one. Thank you. [6:45] JD: That might have been your best rendition yet. [6:48] Mark: That was. [6:49] Speaker E: That was good. [6:50] Chad: Wow. That is so good. I. I thank you, Chad. I leave the screen so I can't see anyone. I can't see the comments. I can't see anything. And then I jump in and see, like, are they gonna boo me or they. Thank you so much. I appreciate that. [7:04] Justin: Faces or anything. [7:06] JD: I'd buy a $1 ticket to your concert. [7:08] Chad: Oh, no. I owe a drink. I do. Okay, let's go to headlines. [7:11] Justin: Headlines 182. [7:15] Mark: I'm surprised you didn't owe half the award on that. [7:28] Chad: At the national association of Plan Advisors website, there's a new article titled Voya's New Advisor Dashboard to provide seamless retirement plan onboarding. Looks like Voya's got a specialized dashboard just for you advisors when you're bringing on plans and or converting plans. Looks like it'll keep you up to date 247 with real time as they call line of sight for all the onboarding stuff. The key milestones, different steps along the way, outstanding items, signatures that are still needed etc etc etc. As usual we'll go straight to the guy in the bright quarter zip. This is a great idea, isn't it? I. I'm usually in such a bad mood but this is, I think this is cool. [8:21] JD: We've talked about this year over year over year over year of why more record keepers aren't doing this when they have the budget to build it out. And technology is easy if you're just cueing what step you're in on and can give them live updates and track across and yes it's good. Now an advisor's got to be doing quite a few plans to have it make a meaningful impact on their practice. But if a client calls and says where are we? What am I missing? Most of the implementation processes are fucking good. That stuff doesn't come up all that often. I would see this in my point of view being even better for annual compliance process, for notices, things like that where reoccurring not just one point in [9:05] Chad: time but you'd like to see this evolve to the entire year and not just the onboarding process. That's great. That's a. Those are great hopes and dreams. [9:15] JD: Just how easy would this be to do? J.D. [9:18] Chad: oh, all you need is. All you do is is tapping into the database and the different things that are in there and then why have we waited so long in some type of user experience? I, I think that's funny that you said it's that the conversions and installs are pretty easy these days. I always thought this was kind of a show that this is where things go wrong. So has that been your experience Silent Jay, that that record keepers nail down conversions in a. In a really good. [9:45] Justin: Exactly. No, I'd say, well that's not fair. I'd say maybe 70% of the time they got it good but it has been a little rough as of late. [9:53] Chad: Yeah, I feel like this size and [9:56] JD: truthfully that's not, I don't think that's what I said. JD as far as them being easy, I've. What I'm trying to say is they do weekly calls or weekly emails like you're not, you're not missing information as to where we're at in the process. They're very good at that. [10:11] Chad: But Tavoya's defense, it's all consolidated here in one dashboard, which I think is a great idea. What's, what's. What's your experience essence with conversions and installations in your career? I'm sure you've been exposed to them quite a bit. [10:26] Speaker E: A lot of them. I'll tell you, everyone is unique and the whole key is data. And the integration of that data up front makes the process run. So it's all the time spent up front, which not everybody does that. [10:43] Chad: What also helps for installations is a good Internet access. I feel like can help. [10:48] Justin: I was waiting to have a. [10:50] JD: Hey Kitty. I just wrote it in the chat bar. [10:55] Mark: Let's. [10:56] JD: Let's ask the guys who do these every day. Mark, Justin, Top three worst providers. To convert plans from. [11:03] Chad: Chad is gonna [11:07] JD: listen to it. To convert plans from. Not to. From who is a damn nightmare. [11:13] Mark: To convert paychecks is one paycheck [11:19] Chad: drink. Justin. [11:24] Mark: Hold on. Give me a second. [11:26] Chad: Jim Sampson's got a great one in the, in the chat, but kind of those smaller independent record keepers can be a pain in the ass. [11:33] JD: I'm sure they just drag their feet, but you're getting everything you need. Yeah, I, I mean, I, I have had some horrendous experiences lately. So everybody knows what my. Our group knows. When I say this, it's not a surprise. Equitable. I mean, I, I've had literally the most ridiculous conversations of deconverting plans from equitable research. [11:58] Mark: Justin, is your penalty drink a smirnoffice? [12:01] Justin: My. I just emptied. The flask is empty. So I was, I was thinking on the fly. [12:06] Chad: Silent. Silent. Justin like goes through one flask a season of penalty drinks. He finally got to the bottom of it. Yeah, Yeah. I. We should do a whole episode. Not a whole episode, but we should do a pretty big topic on conversions because when you've been through hundreds of them, there's lots to learn from that process that I think advisors could, could, could learn from. So we should probably put that on the version. But let's move on. Ron Sers is stirring up again in the Target Date fund space. He's got a. A new article on 401k specialist magazine that is titled Game Changer. The title that jumps out to me is he's claiming that these target Date funds are oligopolies. You know, so just a few like a monopoly, but a few companies, which is true. I don't think you can argue that point from the article. He claims that it all began with the Pension protection act in 2006. And he's basically saying, hey, when we told target date funds and their record keepers that they could now be the qualified default investment alternative, that's when they fired up their engines and were like, oh shit, it's on. And so it didn't take long for them to jump on that and figure out how they could profit from that. And then as you evolve it, we end up with a few service providers that are dominating that space, call it 3 to 5. His problem with that is that they're all starting to look alike. Like they're all have the same similar glide path, similar kind of equity to bonds and cash ratios. And he believes he always has, that those are kind of based and driven on greed and profits. You know, so the underlying investments and even the, the ratio themselves of equities to bonds and cash is kind of driven by greed and profits and therefore not doing a proper job from a fiduciary perspective. And then they're big companies, right? So there's some safety in them all doing the same rate. No one sticks their neck out and tries anything innovative or new. I by the way, totally believe in that. When I've done some mediocre research on the target day funds, that was one of my takeaways was like, oh my God, these things are almost identical. Like, especially if you're looking at all the twos or all the throughs, like they're very the same, you know, in terms of, of what they're doing. And he thinks that there's going to be a now full disclosure, he's promoting his own kind of thing here, but that's okay. But he thinks that smaller, more maneuverable and more innovative target date funds will come into this market and make some headway. We'll go to describe what he's talking about as these kind of personalized target date funds. But let me ask the senso, you have a finger on the pulse of our industry? Two questions. One, do you personally think that target date funds have kind of become this, you know, same same of everything. And then two, do you think that the advisor community cares? Like are they happy with the way target right now? [15:29] Speaker E: You know, I think they're happy right now, but as soon as we see a downturn in the market, I think they're going to be unhappy fairly quickly. And so in this, the market has helped. And long term, if you take a look at what Sturge has done, I mean, you know, he's been doing this for A long time. This isn't like something new that he just started. But as you just look at what's out there and what these, what's trending, you know, it's target dates versus managed accounts. And there's, I've been to a couple of conferences where there's been a lot of interaction and it gets pretty healthy as far as the discussion in the interaction between the target Date fan club and the, the managed count fan club. [16:10] Chad: That's actually a pretty good segue to the second half of Ron's article because. And, and there's Eric here in the chat bar saying, talking about targeted funds and manage accounts. And so when we talk about Ron's personalized target date accounts and I apologize if I botched this, but go to Target Date solutions, go reach out to Ron himself if you want to learn like real information here. But what he's basically saying is let's get the participants involved. Let's ask them certain questions about risk tolerance and where they're at in terms of their outside assets and all these things. And the same kind of questions you would ask on a managed account service deal contract or surveyor question. And let's start to create target date funds that are less in this kind of five year increments and suites and more personalized each person. So it follow the same kind of glide path as a target date fund. But then they'd have this kind of manage account element to it, which seems pretty logical. But then I'll go to you Chad, like isn't a, doesn't, don't all manage accounts kind of follow a glide path too? I mean at least these days? Like isn't that really, isn't that a thing right now? [17:26] JD: I wouldn't say, I wouldn't say so. No, not a glide path per se. [17:31] Chad: I think they stick with a certain we're aggressive or we're moderate or we're conservative and then we just leave. [17:35] JD: Yes, and, and I think some of them are maybe a little more tactical where they can move around within their percentages. Like they might say that depending on what market segments or what the market's warranting, we might have a 60% exposure in this conservative fund, but we might have the flexibility to move it up to a 65% exposure if metrics are really good. So I think there is some flexibility in the managed account space. But I don't, I don't think glide path looks the same. I do think many of them, as you have said that I've reviewed here recently are telling almost the Exact same story on the managed account side. And the data that they're getting is very minimal and the customization is quite minimal. And I think to the point that was made in the chat bar that kind of goes along with this. JD when, when target dates really started to emerge, the thought was, well, this is way better than the average investor. Right? And that was true. Yes. They've accumulated a ton of wealth because it was a better decision. [18:33] Chad: I think they still prove that in terms of results. Right? [18:36] JD: Agreed, 100%. But then to Sirs and others points, aren't we ready for the next step of evolution in this we're seeing what, 70 plus percent of assets hit these types of investments. So shouldn't we be looking for what the next step is and if. And then last point, sorry. Remember shot, we had Schaff on the show, Brett Schoffner a couple years ago and I started beating him up on our managed accounts. Really managed accounts. Like what customization is there? You're depending on what the participant might fill out. Most of the time they're filling out shit. It's a seven questions and then we're managing their account. [19:14] Chad: You're going to talk about pulling outside [19:16] JD: data that's a member Shaft told us like guys give it a few years. But with blockchain and everything else that's coming, like the data that, that we'll have access to to truly create customization for these participants will blow your damn. [19:30] Chad: I want to ask you about that Desenso and I think Ron is here. Ron also wrote an article about how like, you know, he doesn't like this whole defaulted thing, you know, or he'd rather get participants involved with survey questions. I think he understands that it's difficult to get and you can't get all of them. But I wonder what Ron thinks about that. And I'll ask you to sense that we don't necessarily need to give you a survey of 10 questions these days. We can go find all your private information on the web and find out that you live at 123 Main street and you make 200k a year and you have this much credit card debt and you buy this much at Amazon and you have two kids and three dogs and a cat and we could build a risk tolerance profile and a managed account just around that data. Where do you stand in that world? [20:26] Speaker E: Well, yeah, you can absolutely grab that data, but you got to make sure you're grabbing it on the right person. [20:30] Chad: Right. [20:32] Speaker E: Is the cost that. That's what I hear from most advisor camps where it's either target date or it's managed accounts. It is the managed account worth the additional expense. That's what I hear from people out there. [20:44] Chad: That's old as dust. [20:46] Speaker E: And that's where, that's where the real, I would say heated parts of the discussion come is, is the value for the expense. [20:53] Chad: Yeah, that's. We were having that same argument 15 years ago. Chad and I have had some arguments in the after show around that concept of the value that a managed account person can provide by moving those assets around like Chad just said, like oh, they see something happening in the market so they shift from large cap growth to small value or whatever. And I'm, I'm not so certain that the Wall street and the industry has proven that they can do that with any kind of consistency. And a lot of managed accounts that I worked with in the past, not a lot. I saw three that we had worked with or I worked heavily with one and then kind of kept my eye on two others. And they both ate shit and died at several moments where clients were really upset and they had what I would thought would be pretty prudent, you know, strategies around moving those. Go ahead Chad. [21:44] JD: I was just going to say another sir statement that it was an article a couple of weeks ago about using managed accounts as qualified default investment alternatives and how, how we can charge a premium, how we can actually do that when really the customization of the managed account is just looking at the participants date of birth and what they make because that's all the information we have. And how is that a prudent decision as a plan sponsor to use that as, as the default? That to me is not a conversation I'd ever really thought about or gotten into. And as I read that article I'm like shit, he's right. [22:20] Chad: Yeah, he's right. Well, hopefully technology can solve it. Let's go to a more important headline that I was really excited about. It comes from the Mistone Mithonian. I was just there. One of those mag scientists released record breaking number of baby seahorses into the Sydney Harbor. This is really cool. [22:46] Mark: Well done. [22:47] Chad: It looks like they released roughly 380 baby whites. Well that's kind of racist. Why they have to be baby white seahorse. [22:55] JD: That's the name of the seahorse. [22:57] Mark: Look. [22:57] Chad: Okay, okay, okay. Just hoping for a more diversified seahorses. They put them into the ocean and they gave them these little seahorse hotels that were made of biodegradable metal by the way, fun facts. They actually put little trackers on these little seashell seahorses. And mind you, when the seahorses are little babies, they're like the size of a grain of rice. So we've got some serious, like, scientists working on this stuff to protect seahorses. Rogue guy, I know you're a fan of seahorses, so how do you feel about this? We've got to keep them alive. [23:33] Mark: Right now it all makes perfect sense that these seahorses are not real. Dude, they're government plants out in the ocean. They're there to like discover new life or something. But I gotta. I gotta ask the question. Can you eat a seahorse this past week? [23:51] Chad: Hey, guys, I have your answer. I googled this JD. [23:54] JD: So did I. At 4:00 in the morning, while sitting in the hotel room. [23:58] Chad: There you go. [23:59] Mark: Go to a sushi restaurant and go, can I get seahorse sashimi? [24:05] JD: So in some parts of this world. Yeah, in. In Asia, in China, Japan, they make [24:11] Mark: seahorse soup and seahorse. [24:13] JD: Dude, I saw pictures of a bunch of seahorses stabbed in on kebabs that are roasting. [24:18] Chad: Which by the way, is to get full. Which is really sad because I also read that they make like the buffalo [24:25] Mark: wings of the sea. [24:26] Chad: They make great pets. [24:28] Mark: Oh, no. [24:29] Chad: So leave that up there while I tell this story. They make great pets. And if you put them in aquarium, some of them will come over to you in the morning. They know that you're their owner, and they'll do a little dance for you and they'll like come and like sit on your finger in the water. Like they're really nice. [24:48] Mark: Okay, let's look what happens when they're dead. Their tails go limp. [24:53] Chad: All right, let's move on. I think we might every show. Justin, it's necessary. Everybody knows who Desenso is, but just take a crack at introing. Doing a mid trail for our guest. [25:10] Justin: Oh, we're still doing this, huh? Okay, well, although he's over 2 in his conference, crashing career and still brainwashed by them pep aliens, we just can't help but love this guy. Long time friend of the show. Back for round three. [25:22] Mark: Grab your popcorn, people. [25:23] Justin: Mr. Mike Desenso, welcome to the show. [25:30] Speaker E: Thank you. Give a toast here to JD and his beautiful bride on their anniversary [25:38] Chad: that [25:39] Speaker E: is smoked with cherry woods. [25:41] Chad: Toast of old fashions. Appreciate it. Sensor bought me a really good old fashioned. And in the District of Columbia. Check swing. All right, I'm gonna go right to you. Desenso. Yeah, Financial advisors. We know most of them are great at setting quotas. For themselves kind of goal setting. They, they go out there and win new business. We, I think we have a, a general feeling that, you know, they're good in a point of sale and you know, they understand the markets and investing and can educate people. But how are they at running their own business? Like so on a scale of 1 to 10 on an entrepreneurial running a business, how do you think advisors do? [26:25] Speaker E: I'd say a lot of them are a four to a six from what I've seen around the country, phenomenal. Great at customer service and keeping those clients happy and servicing those clients in the way they want to be serviced. But from the state of running the business efficiently, having procedural and substance practices in place, that's where they lack in their, in their firms and in their establishments. [26:48] Chad: You think that's a fair assessment, Justin? Like they're good at what they do, but maybe, and obviously we're not not painting a wide brush of everybody. I'm sure there's people who run a phenomenal business. There's all people on the spectrum here. But in general, is it fair to say that advisors are kind of good at being advisors, but maybe not so good at running the best business? [27:09] Justin: I have no clue. [27:12] Chad: You don't ask them those questions? No take. Justin only cares about if they have plan opportunities. He could give a if like they can pay their rent or not. He's like, I don't care what you got. What do you got in the hopper? That's what Justin asked. What do you think, Chad? [27:29] JD: So I, I, I frowned and then looked up the definition of entrepreneur and I was wrong. Like my mind of an entrepreneur is someone who's really taking on addition building innovative. [27:39] Mark: Yeah. [27:40] JD: But no, you're right. It's organizes, manages and assumes risk of a business or enterprise. So my answer would be this. Most of them, to Mike's point, are creative when it comes to finding opportunity to finding need. They're organized when it comes to servicing clients. They're not good at the operational side of the business. They tend to operate inside the business and not on the business very much. And so things like guys, how often do we get calls from advisors that have been in business for 15 years and are running successful practices and don't even have a retirement plan set up. There's no 401k or simplified employer pension plan or any of the others in place and you're like, shit, what have you been doing? You got seven employees for the last eight years and you've done nothing. So yeah, I would say no they're, they're, most of them lack in that area. They're type A and they're not the greatest at running a business. [28:33] Chad: Hackler kind of nailed it with the cobblers. Kids having no shoes. I, I think we kind of understand this. Like I don't think it surprises us. I think also the owner of the business per se tends to be the top salesperson whether right or wrong. So especially pre covet. I don't know if they're selling on Zoom the way you guys are these days, but the same thing applies is they're so busy out there servicing clients or selling new ones that it's kind of hard to pay attention all the data or surfing all the day to day things. So let me, let me run some details here. So I'll go to you Descendo, because again, and I mean this when I say this like you have your finger on the pulse. You, you, you cruise around the country, you see all different types of business models. Fintech, you've worked with advisors, you've been in this industry for decades. How about like office technology? We all hear about fintech, they use to offer their clients, but how do they do in terms of their own internal office of using like databases or billing systems or any of that type of stuff. [29:45] Speaker E: You know, look at data warehousing, data mining, data integration, it's not good. And I don't, and it doesn't matter whether that's a 401k advisor or that's a wealth management advisor or both. From the standpoint of the technology inside of most of these offices, from the same amount of data mining and that integration and being able to actually for example do client segmentation, it is very difficult for a lot of these offices to do it other than by hand and taking hours and hours and hours to do it. And so this is why they don't for the most part as well. Even though they may know they need to do what they may know they need to do client segmentation, they need, they know they need to have an employee handbook. You know, they don't pull these things together just because they're so busy running on either selling or that person owns a business is keeping and managing those top clients that are bringing in the most revenue. So there's a number of factors that take away from them running the business and like Chad said, working on the business rather than just in the business, [30:45] Chad: which you brought up a great point, which can be a lot more disruptive than just like ah, we're not running things great back at the home office. But, but we're shelling and we're running and gunning, so things are good. Well, that's not necessarily true based on like that segmentation you brought up. So that was a pretty cool thing. I asked about tech and you said, okay, well they don't have the tech, so then they can't even really segment their business. And so my next question goes to you, Chad, in that same vein, don't you think a lot of These advisors have 50, 75, 100 clients and maybe they're aware of it and they tell you over a beer that, geez, I don't know, I might have like 20 clients that I'm not even profitable on. You know, like, I don't know, I sold a lot of startups two years ago. I put it in for 50 basis points. And then on the worst end of the spectrum, I say worse. I mean, maybe it's not worse, but there's more liability there. On the other end of the spectrum, you might be like, oh, and then I've got a couple clients that are really big and I built in 25 basis points seven years ago, and now they're, you know, in the tens of millions of dollars and higher. And maybe I'm making too much money, like to have technology to look at that is very helpful. But let me just ask you, in general, that's a problem, right? A lot of them don't really understand their client base and the revenue they get from each of them. And have any plans in place? [32:05] JD: Well, and there's. You see those in three different. Sorry. Go Mike. Go Mike. [32:10] Speaker E: I was gonna say. Or how many hours their service reps are spending servicing those clients and how much it's costing based on how many employees are servicing that client. And getting down to the profitability by employees. Employee as well. So a number of factors going into play here. [32:26] Chad: Good, good. Additional point. You have a very needy client that takes up a lot of time. Go ahead, Chad. [32:31] JD: That was almost exactly what I was going to say is that most of them don't know what the value of their own time either. And so they look at and they say, I'm going to charge 50 basis points here. What's competitive? I get that question all the time. It's a $4 million what's competitive? And I always have to respond back the normal answer, which is, well, what are you going to do? Like, you need to look at your time, the value of your time, how many meetings you're going to have? Most advisors don't scale that and so my question back to both of you, especially you might, because you've probably seen it more than us. At what point in advisors evolution of their practice do they start doing these things? Because when you don't employ, when you don't have employees and you don't have the bandwidth, someone said you got to make money to spend money, you got to spend money to make money. It becomes difficult early on. And then what I tend to see happen is they grow pretty quickly if they're good and then all of a sudden they've got such a big clientele and they're so deep in it that it feels daunting to go back and make these business level changes. [33:29] Speaker E: Well, it isn't, but it's got to be done. And it should be done, you know, every three years at the latest. Because what happens is you start accumulating these clients and maybe that client that you accumulated first, that's been with you for 20 years, isn't the most profitable clients anymore based on the way your business practices evolved and the service that you, that you deliver to those clients. So when you look at this, it's not just the pricing, but you've got to look at the services that are rendered by client for that pricing. And you could even have like clients by size, by, by assets, but you're charged them completely different even though you're delivering the same services just because your practice evolved over time. [34:10] JD: Let's, let's say we're trying to quantify this guys. Just entertain me. You're new to the space, you're going to focus on 401ks and your average client size is 1.5 million. Like you've got startups because you're new, you're getting a couple others. At what point do you start to look at heavy into your tech about client segmenting, about the them bringing on new employees? Like I feel like the practice needs to have some pretty significant revenue before you get out of the building mode. [34:41] Chad: That's a funny thing to say because I think significant revenue is kind of a, a perspective. I mean, I mean if a business is doing 300k in revenue, if you're not paying attention to all these things that we're talking about, and I got a few other bullet points to talk about here. You're being a bad business person and you're hurting your own success at like future profits, you're even putting yourself in jeopardy of like not staying in business. So you might say 300k in revenue is a small, small business. But if you if you were to compare that to a, sorry mark a local auto body shop or a flower shop on the corner, you'd be like, okay, well that's a successful business or doing 300k at the flower shop, you would expect that person to run that business professionally and responsibly and, and, and hire properly and retain their employers properly and make sure that when they're buying flowers, they're selling, not getting screwed on the wholesale costs in terms of what they're selling them for on their flower shop. So, so if you expect a simple flower shop to look at the cost of overhead, the cost of inventory, the cost of their employees, the time they spend, how they service their clients, and you don't expect someone in financial services to do that, that seems ludicrous to me. [36:01] JD: So that's the answer I wanted. So why aren't we. Because I think why are advisors not when it's an individual that is the producer and the business owner and the runner and there's no employees. [36:11] Mark: Why? [36:11] JD: What is it about that model that makes them wait so long to start doing these things? [36:16] Chad: Type A control freak, bad business person habits. You're out there selling, you gotta let me fly. You're out there selling and you're thinking too small minded when you're great, you're gregarious, you're, you're confident, you're huge when you're out there selling and talking about your business, but you're not running your business like a proper business person. Meaning you need to potentially look at hiring someone, get out there and sell alongside you. You need to look at hiring people to service clients when there's an issue. So you're not the one running out and talking to your client about a problem. Someone on your staff is doing that. It's all these basic kind of like build your business models. And that's why we're having this conversation today. Like go ahead Decento. [37:03] Speaker E: Well, there's another factor that comes into play too. And I, and please nobody take this the wrong way, but we've built a business and so we think we're the best and nobody else can do it but us. And so we don't hand it off to other people, we don't step back and let somebody else do what we can do because we think that nobody else can do it as well as we can. And so I'm not going to say it's arrogance, but it's maybe a little overconfidence. But people have built the business, it's their baby and they don't want to let go. [37:32] JD: I think they're scared, too. They're scared to reinvest in the business because they. They're. They're. They're starting. Unless they came out of a wirehouse and they're coming in with some clients, many of them are starting from the ground up. They're making some money for the first time, and they're scared to reinvest in the business. They want to hold on to it all. They don't know how long it's going to last. [37:51] Chad: Well, guess what? When you're scared to reinvest in the business, then you'll just stay right where you are. Or you'll make slow gains and you'll, like Chad, like you mentioned earlier, you'll make those gains, you'll get more revenue, and then you'll just be fucking miserable because you'll be chasing your tail trying to service it all. So you need to break yourself out of that. That bad habit and start little steps towards running an actual professional business where you bring in other people, have internal operations, have reports and analysis so you can look and see where you're not doing well. And you are doing well. And so, anyways, that's the message. Yeah, we're going to talk about. We're going to talk about something Desenso is involved in a little later after the game here that I. I think will. You know, I'm not trying to totally promote what you're doing here, but I kind of. And because we talked about it offline, this might help a lot of these types of conversations and give people the tools to do that. But before we do that, let's all put a little money in our pockets. Let's. Let's grow those E Trade accounts. I'll drink for that. I'm assuming that's it. I don't care. Like I think it is. [39:05] Mark: Before you do that, can we clarify, what are you drinking in your cup? [39:09] Chad: I went from Old Fashioned, which is done, to vodka, orange juice and water. [39:18] Justin: Milky Way. [39:19] Mark: Yeah, it looks a little, you know. [39:21] Chad: Yeah, yeah. And. And then I'm swigging off the kettle because, you know, I drink a little vodka in my spare time. We're going to do everybody's favorite segment. You know, the one that makes us rich drunk stock. [39:37] Mark: T. [39:55] Chad: I'm not gonna go through it all, but I do want to let you all know that. [39:59] Mark: Hold on, hold on. Tpa, tpa, tpa. [40:04] Chad: Nice. [40:06] JD: Gotta get drunk. [40:08] Chad: All right. [40:08] Mark: He's got a sec. [40:10] Chad: He's gotta wet the investment brain a [40:12] Speaker E: little bit [40:14] Mark: early in the show. [40:17] Chad: I won't go through it all, but I will tell you, I mean, markets have been a little hectic, and a lot of stocks have been taking some hits. It's been very volatile and rough in recent days. I went through and reviewed Robey's portfolio, if you will. That sounded good. Robey's portfolio, and, bro, it's hanging in there really well. Some of the stocks that he called to buy went way up, and they've come down, but they're still up from when he told you to buy them. Others that he told you not to buy and stay away from have gone disastrously bad, which. So he steered you in the right direction. And there's others that he. That have held their kind of their. Their level, you know, and. And then there's others that have blown through the roof. Like, Netflix continues to just take off. So I didn't do the actual math, but I'll do that maybe next time. But you're definitely killing it, and you're well above market averages if you're investing with Robe Guy. The ticker today is PFE. It closed today at 31.19. 31.19. It hit somewhere close to 60 at the end of 2021 due to Covid and has been in steady decline ever since. 2022. Revenues of over 100 billion, and they netted 31 billion of that. Analysts estimate for 2023, that that will drop to about 60 billion or slightly less than that. Ed DeMarino gets the prize. Of course, it's Pfizer. So what do you say to Pfizer, Robe Guy? [41:58] Mark: Okay, first off, everybody, get your mind out of the gutter, okay? That's number one. I'm sure they do other things other than what we're all thinking about. I wouldn't know because I don't study this stuff, nor do I ever pay much attention to anything. [42:17] Chad: Well, they made so much their money in Covid. I mean, it was the vaccines that, like, fueled these, you know? [42:23] Mark: Wait, hold on. But they're also Viagra, right? [42:26] Chad: Does Pfizer make Viagra? What? [42:29] JD: Right. [42:29] Chad: Google it for me, Justin. Sure. I don't know. [42:32] Mark: Maybe I was gonna say. Here's what I will say about that, though. [42:36] Justin: You know why Robin Cool Gold 20 years ago? [42:39] Chad: You know why Robi knows? Because he gets the packages delivered to us. [42:43] Mark: Dude, they come in discreet packaging. [42:45] JD: It's fine. [42:46] Mark: It's like. Well, by the way, all you hear about if you listen to any, like, podcast that's like, you know, gearing towards anyone between the age of 30 and 45 years old. There's like all these different companies now. There's, there's commercials. I forget this guy's slanging like fake viagra for like 89 cents a pill on TV. I. I don't know, maybe I'm just watching some weird. Well, to Brian. [43:12] Chad: But to Brian Brashaw's very intelligent point. It's off patent now. So like, yeah, other companies can make their own version. But you, if you looked at the stock, I don't know what, what timeline Brandon's got up there is that alt max all time. [43:28] Mark: It. [43:28] Chad: If you, if you zoomed in closer to like the last, you know, one year or five years, it's been on a kind of serious hair downwards. I know. [43:41] Mark: Again, just like that. [43:43] JD: No, I could care less. [43:45] Chad: You don't care. [43:45] Mark: Just like their miracle drug did. It's gonna come up. Okay, we're going up. We're going up. Also, when you spell your name wrong, I'm in. You know, you didn't have to have the side. You didn't have to have that. You could have gone ph, same thing. You went P, then F just to mess with people. I like that. I like how you spelled your company name. It's very. Not creative, but sort of clever all at the same time. But yeah. So pun intended. We're going up. [44:19] Chad: Okay. I like this. And what. You never know. Like, they Covid. Could fall off for them, but they could come out with the next, you know, penis drug or something. And really. [44:29] Mark: Right. All I can say is if they're making things that they're gonna give to people to do something for their quality of life and use for our bodies, there's always going to be something else. So don't just. Yeah, just don't slang pain meds like that one company did that they made a show about. [44:47] Chad: Look at, look at B. Shaw. He's like the P is silent. Like in Pterodactyl. He's giving us. He's on a roll tonight. Like I like. Yeah, I mean, you're right. Okay, cool. I'm. I'm not gonna jump on my phone right now because it's plugged in over there. But I will hop on my, my. I'll drink my TD Ameritrade account, which was. [45:11] JD: Now that's what I'm struggling with on the side is I left money in cash so I could go in and next time Robey does a pick, I'm buying on the spot. So I've got money sitting in a Cash account. Just took me a while to get into the new Schwab login. [45:23] Mark: Hey, hold on. [45:24] Chad: Wait. [45:24] Speaker E: What? [45:24] Mark: Really? I. Can I. Can I give you all my disclosure real fast? [45:30] Chad: What do what you. What you tell us to do? [45:34] Mark: My lawyer told me to do this, so I have to do it. Like, you know, in the radio. They do it really fast. [45:38] Chad: Yeah. [45:39] Mark: So here it is. This is not. All right. [45:45] JD: There you go. [45:46] Chad: I would like to tell everyone. I've said it before. This is investment advice, and you need to do this. [45:53] Mark: I really don't want to get in trouble. J.D. [45:55] Chad: you won't get in trouble. You don't have a securities license. I will wait till my broker dealer watches one of these videos. All right, topic number two. All right, everybody, let's try it again. Let's try the drum roll one more time. Can I get a drum roll, please? [46:20] Mark: Thank you. [46:21] Chad: Thank you. There is a new secret society for plan advisors. It's actually not secret. It's. It's out there in the open. I think anyone can get involved. I don't know. We'll have to ask the senso here. We were gonna have Eric Dyson on the show tonight, but he's drinking tequila in Cabo, so he didn't join us. But I'm gonna ask you to sense. So laying this out for everyone, we got a new little venture here. It's called Retirement Ace. And you're looking to kind of build a community of financial advisors that can kind of work. Work too. I don't know. I won't put words in your mouth. Tell us about it. [47:00] Speaker E: So Retirement Ace. Retirement Advisor Circle of excellence. And what this is. [47:05] Mark: Oh, so hold on, hold on. [47:09] Chad: I got a drink, too. I got a drink. [47:11] JD: I was gonna say Desenso said it twice there. [47:15] Mark: Yeah. [47:20] Speaker E: So what this Building advisor community through curriculum and through collaboration. So this is building a new community for advisors to share, learn, and to help each other grow as we take a look this business as a scale, scope and efficiency business. And with Retirement A's. [47:43] Chad: Oh, oh, it's just doing on purpose. [47:48] Speaker E: What will happen is we'll have two meetings a month. First meeting will be fully curriculum to where it's on fiduciary practice for the advisors and for the advisors to use with the clients. Eric, Dice and I both have been expert witnesses in the courts on a number of lawsuits all over a billion dollars. So we can share some of what the insights that we've seen in those cases are. [48:09] Chad: We had Eric on this show, and he was a great guest. [48:12] Speaker E: Yeah, Eric's awesome. Eric and I have worked together for about 12 years. Actually a little longer than that. I don't want to say ages, but then the other side of this is it gets into the practice management side and so things like segmentation. So we're going to do a free session for everybody October 24th. And if you haven't, if you haven't, take a look at my LinkedIn. Go take a look. You can sign up there for free. But we're going to do a fiduciary session and we're going to do segmentation. A client. [48:44] Mark: What's the catch? What's the catch? [48:47] Speaker E: There's no catch. This is all about building a community for advisors, by advisors. Here's the big difference. This isn't artificial intelligence. This is real intelligence. Because it's the community that is the intelligence. [49:02] Chad: They're going to sell you their own target date fund collective investment trust at [49:06] Mark: the end of the webinar. [49:07] Justin: Chad, a timeshare while they're at it [49:10] Chad: or no, he says community advisor, community. The best thing I could think about that we've had in our industry like that is Jake Rushton did a keg club or whatever he did there. I attended a few from time to time. It's funny I said this to you and Eric Desenso. This chat bar that you're experiencing right now is a community. But. And God bless you guys. We like to keep it kind of fun. So there's a lot of jokes and stuff. And we don't just stick to serious, like business practice and stuff. But I love the retireholics community. And then I look at what Jake did and I go, okay, it kind of went off, but I'm not sure it really reached any kind of scale. So this is to Chad, am I missing something? Is there another community out there where advisors are really like sharing with each other best practices how they do things, or is this only at conferences over a beer? [50:10] JD: It's conferences and there's national association of Plan Advisors and there's some other things like that where, where, when it happens, it happens, but it's not reoccurring from my understanding. And, and I don't think it's coupled in two ways to the way Mike, you laid it out, one being curriculum, one being best practices. I think that a lot of it is let's share with one another. And, and if it's curriculum, then it's provided by a larger organization that's structuring in it and it's not necessarily super valuable or relevant because They've got to stay within big guidelines and it's not specific. And what I've seen and heard from Mike is that the curriculum is going to be very targeted, very specific and be able to apply to practice. And then you got practice management on the backside that shows you how to implement and operate. [50:56] Chad: Tony Davis. No, I'm not such a pessimist and stuff. Sometimes, Tony, old school is good. I mean, you can't really have a community. I mean, no, you can, you can have a community with tech. And I'm imagining that retirement advisor centric excellence. I can't say, well, we'll, we'll have like a chat board or a message board and people can talk to each other. I'm talking about technology. But you don't have to be new school. Sometimes old school works really well with this. Like we earlier in the show were talking about how advisors don't run their business that well. It'd be great to have them all get together and be like, how do you do this with conversions and installations? How do you do this? And I think it's been limited to like conferences and broker, dealer or aggregator, like webinars and zooms and stuff, and not something like really independent where everyone can kind of just get together and share ideas. I mean, I'm. I'm not trying to be like kiss ass to the guys on the show because, you know, I've. I've toured senso a new ass before and you know, when guests come on the show, I love to poke holes in their. But as a fan of our industry and as a fan of like these little Thursday nights we do, I think it's kind of cool and ambitious to try to try to make something really pop off where everyone gets together and shares ideas and stuff. [52:29] Speaker E: Like, yeah, so there's two, there'll be two sessions a month. We've got 24 months of curriculum already built out and so there's two sessions a month. One is the curriculum side of the education on fiduciary and practice management. The other one is true open brainstorming where the group, the community will tell us what they want to talk about as well as we will throw in timely topics that we see out there in the industry as well. And these be open discussion. Anybody can throw out whatever they want, but we will have an agenda. We'll have certain topics that the community has brought up that they want to address to make sure those get addressed. [53:02] Chad: I have a hard journalistic. I got a journalistic question, Chad. Sorry, a hard journalistic question. Is this a play off of state run plans, secure 2.0 newbies coming into the industry? Are you thinking a lot of people are going to sign up? [53:19] JD: Exactly what I was going to ask. [53:21] Chad: Okay, great. Mind sink alive. Chad. [53:24] Speaker E: So sorry. So what's your question for the newbies or is this for the advanced advisors? [53:33] Chad: Is this, are you thinking like, oh, well, because obviously this is a business model you guys are building, like that's okay. And so you're thinking like, oh, we'll get a whole like tidal wave of like new guys that need new guys and girls that need training. [53:48] Speaker E: This is going to be a mix. It'll be wealth advisors as well as 401k advisors. It'll be those that are seasoned and those that are newer in the business. So it will be a mix all the way across. And so part of what that does is some of the younger people are more creative and bring in new technologies, new ideas that they're using and how they're, you know, driving, you know, leads through say Facebook or Instagram or YouTube where season advisors may not be doing that. So there will be a lot of open sharing to, for people to learn off each other. You know, I've been in this business for 34 years and I don't know it all and never will. This business changes every day and this is a scale, scope and efficiency business and we have got to evolve every day in this business. We have to learn new things in this business and new ways to approach the business. [54:35] JD: My, my fear for you, Mike, is and, and I sat in on a number of those K clubs when, when Jake was running and they were great. And I know it's a similar. My fear is that if you're relying on the others to create the interaction and the conversation and the content that it will fail on those types of open dialogue settings. It needs to be very pointed and brought forth. And we saw it in, in those other events. I just mentioned the first one, lots of people at second one, quite a few people at the third one last because people are busy and even me when I'm in there, like I'm chatting away and hammering away emails and then chiming in on conversation. Like you need to be really good at what you're delivering and how you're coordinating this in order to make it successful. [55:25] Chad: Fair points, buddy. [55:27] Speaker E: Well, you're absolutely correct. And that's why this has been laid out in a program for 24 months already. And that will evolve based off of topics that come up that will knock something else out that's timely. That is more important. Or Trump's one of the. [55:40] Chad: Yeah, I think Chad's got a great point there, though. Desenso is like, don't fall in the same trap of a lot of these people out there. Like, it's gonna need a little magic, you know, it's gonna need a little spark. And that means you're gonna need to really facilitate people having opinions and conversations and getting deep on things. I think if these things have failed in the past, it's because they get too corpo. Right. They get too kind of like PowerPointy and like, we're going to tell you what. And the real value. I mean, it's funny, we just came back from a conference, and I think everyone feels this way about conferences. The real value is the interaction with your peers. And it's because when you have a beer at a bar with a peer, they tell you shit they wouldn't talk about on a panelist interview on the stage. I mean, it's really part of the. The. The DNA. I'll drink for that. Of this show that we've tried to do. I mean, we haven't mastered it and, okay, sometimes we don't. But I think to Chad's point, you're gonna need to really tap into that, you know, that magic of debate and conversation. [56:54] Speaker E: Agreed. [56:55] Chad: Okay. [56:55] Speaker E: Agreed. You know, Chad. Chad's one of the brightest guys on the show here, And by the way, best at the conference, too, especially playing shuffleboard. But anyway, when I. When we look at this, yes, it is going to have to be nurtured. It can't just be left over. [57:15] Mark: Yeah, he did say Brian is because of your jacket, too. Okay. [57:18] JD: Oh, I was talking about the lights. [57:22] Chad: Well, I would like to see this succeed. I was like, I tuned into Jake's because I wanted to see that succeed. Like I said, we get drunk here on Thursday night. You know, we like to speak for yourself. We like to throw some jokes around and. And do some stuff, but at the same time, talk seriously about stuff. But, you know, the inside professional in me wants to have more in depth, more kind of technical conversations about business and our industry. And. And so I know no one would like that in a retireholics brand of. But. So I'd love to see something take off. Yes, Chad, go ahead. [58:04] JD: I'll just kind of wrap that part of the conversation saying the advisors that. That I connected or that got connected that were working with me. So I saw it up front and personal with Jake and what he was doing. Phenomenal outcomes. Like, I think Mike, if you can personally connect and help these people build a practice, it will take them a long ways. What it can't be, like JD said, is the corporate side that it seems like everybody else kind of went to where the value fell to the side and it just became about making sure it happened twice a month. Hey, we just got to do this twice a month rather than making it super valuable like a Rotary Club. [58:48] Speaker E: Yeah. [58:51] Chad: So the sensor. [58:53] Speaker E: Yeah. [58:54] Chad: I think what really made me feel like something like this could work is you gave me that example of like a national firm that does the. I'm going to say this because I want more of this beautiful, juicy vodka. It's like CEOs that come together and it's a huge, very successful thing. Right. Am I getting that right? [59:12] Speaker E: Yes. It's a mind share group and it's with the curriculum. [59:16] Chad: What's it called? [59:17] Speaker E: A mind share group. [59:21] Chad: Did you mind? [59:21] JD: Share mind. [59:23] Chad: Yeah, but what's it called? It's huge. [59:25] Mark: Like, it's the name of your group. [59:27] Chad: No, what's the. There's a successful version of this for sort of chief executive officers or whatever. Like, that's national. That like does millions in sales of memberships and whatever. And. Am I stunting it? [59:44] Speaker E: Yeah, it's Vistas for what is. It's not for the industry. It's just a conglomerate of different people from different industries. And so in this on a national basis where. [59:54] Chad: Thanks, Hackler. [59:56] Speaker E: Yep, vistas. [59:58] Chad: Thanks, Hackler. [1:00:00] Mark: And so, by the way, are you worried and you already thought about this, I'm sure, but isn't there an industry. Aren't there industry awards that are. That go to people that are called. And this doesn't count as an acronym that are called the Aces, like that don't. Is it like a. Isn't there a award that's called the. Like a retirement Ace or something? [1:00:23] JD: Yeah, outcomes thing. [1:00:27] Chad: Robbie's Debbie Downer with that one. Like what? [1:00:30] Mark: I don't understand, like the, The. I'm just. I'm just saying you gotta differentiate yourself from like something that already exists with that same name, same, same brand. And if I ever see that in the chat bar, we're kicking you out. You can't promote your stuff in our chat bar. [1:00:43] Chad: Who promoted something? [1:00:46] Mark: I'm telling him before he does it. [1:00:48] Chad: Oh, no, no. Okay, so one more joking, one more plug before we wrap. October 24th, right? [1:00:59] Speaker E: Yes. [1:01:00] Mark: Next week. [1:01:00] Chad: First one. And you want to send them to your LinkedIn to do this? [1:01:04] Speaker E: Yes. So if, if, if anybody's having problems connecting and registering, just hit me on LinkedIn. You can register right there on LinkedIn, but let me know if you have any issues in registering. [1:01:16] Chad: Okay. And the annual membership is. It's 20 grand a year or 50 grand a year. What is it? Never mind. [1:01:25] Speaker E: It's not been permanent yet, but. No, it is not that amount. We're also. We are. Are also working at some sort of a certification with this. [1:01:34] Chad: Yeah. Yeah, of course you are. [1:01:36] Speaker E: Yeah. We gotta be like the Fart. [1:01:38] Chad: Yeah, we have a certificate. [1:01:41] Mark: That's one. [1:01:42] Chad: If you're a new listener out there tonight or on YouTube or Twitter or whatever, don't forget to go to retireholix.com fart to get your fiduciary accredited technician certificate. [1:01:58] Mark: All right. [1:01:58] JD: Wait, Mark, you wrote me about your. Yeah, yeah, you wrote me about your designation, and I haven't approved that yet. Sorry, dude. [1:02:09] Mark: Cool. Yeah. Thanks, buddy. [1:02:11] JD: Hey, good job. [1:02:13] Justin: Signature. Have you. [1:02:15] Mark: No, I would never. I would never disobey the rules. [1:02:18] Justin: Violation of ethics. [1:02:19] Mark: The f. The ethics rules. [1:02:24] Chad: What? Are we good? [1:02:26] JD: Yeah, I think we're good. [1:02:27] Chad: See you guys. Are you all right, Greg? Greg? [1:02:30] Mark: Because I love you. I'm just gonna say it. Qka. [1:02:35] Chad: Oh, is that your newest. How much did I pay for that? Okay, let's. Let's do chapter champion. I mean, the national association of Planet Advisors and the association of Pension Professionals and Actuaries. [1:02:54] Mark: Oh, Webby, I don't want you to apologize again. Can you look above you and see what web you wrote? [1:03:01] Chad: Those guys pull so much money out of my wallet, it's out of control for all the goddamn designations and certifications and. Love you, Nevin. Love you, Brian Graff. But can you give me. Give a buddy a discount or some. Okay, let's do Chatbird Champion. [1:03:18] JD: Did you not see comments? [1:03:20] Justin: We don't want another apology. [1:03:21] Mark: Yeah, I don't need to hear another apology. [1:03:24] Chad: What? [1:03:24] Justin: Weby say you forgot the wheel. [1:03:27] Chad: Oh, yeah. All right. Yeah. Before we do that, [1:03:34] JD: I hope it lands on Webby now. Rightfully. [1:03:43] Chad: Oh, okay. [1:03:45] JD: Rightfully. So just. [1:03:47] Mark: Just save it till after. Let's finish this show, and then you do it after. [1:03:51] Chad: No, that's all right. I'm just gonna do chapter champion. Okay, so we'll start with Justin. We'll go to Chad, we'll go to Desenso, we'll go to Roby, and then we'll go to me Chop. Our champion nomination. Go. [1:04:03] Justin: I'm Go, Webs. [1:04:07] JD: Oh, me next. [1:04:09] Chad: Justin, usually you tell people why you voted for someone. You. [1:04:13] Justin: I think the vote counts for the fact that I liked him. That's all you need to know. [1:04:20] JD: I'm gonna say that Samsoe had a good night. The fact that I had to comment back to him three or four times, he gets my vote. [1:04:33] Mark: Wait, who has voted for who? [1:04:34] JD: What? I've got Samso. [1:04:37] Chad: I think the Senseo's next. [1:04:41] Justin: Freeze up. Did dial up freeze up? [1:04:44] Speaker E: I don't think so. Do you guys see me? I apologize. Here's what's happened. Guys had some work done at my place and they hit a wire and they cut the Internet. [1:04:57] Chad: The sense of. Pay your Internet bill, bro. Pay it. Jesus Christ. [1:05:03] Speaker E: I buy you. I buy you bourbons. It hurts me, man. I can't. I can't afford by the Internet. [1:05:08] Chad: So I think he was another Samson vote, right? Was that what he said? [1:05:12] Speaker E: Yes. Sam's about. [1:05:13] Chad: All right, Roby. [1:05:23] JD: Come on, Mark. [1:05:24] Chad: Christ. [1:05:26] JD: Late. [1:05:27] Mark: I'm going with. Is he here? Yeah. Bishop. [1:05:32] Chad: Oh, good vote. He had a lot of intelligent, kind of. This is going to be interesting because I'm voting for someone who referred to Chad's sweater and shoes as he was. As chad was like Mr. Rogers. Do you know who said that in the champ bar? [1:05:50] JD: I think it was twice. One person said, would you be my neighbor? And then someone said, yeah, chad looks like Mr. Rogers. [1:05:55] Chad: Kush. Kush. Kush is my voc. He said, oh, Chad put his sweater on, his shoes on in front of him before he made these comments like Mr. Roger Smith. So I got Kush. So A, we got Samson. We got. Who is your. Hey, it's Kush on the big TV again. [1:06:14] Mark: Oh, I'm sick of me already. [1:06:25] Chad: Who is yours, Justin? [1:06:27] Mark: Webby. [1:06:28] Chad: Webby. Samson, Kush and Roby Bishop. Okay, here we go. We should drink for B shot. [1:06:39] JD: I'm pretty sure Mike voted for Samson, too, didn't he? [1:06:43] Speaker E: Yes. [1:06:44] JD: You got two Samsons then. [1:06:46] Chad: No, no, Chad, you're forgetting how the rules work. Yeah, that's not how the rules work. You all nominate someone for the final. It doesn't matter if two of you vote for the same person. Okay, We've changed these rules. Pay attention there. Come on, you're a smart guy. [1:07:00] JD: I'm in. [1:07:01] Mark: Apparently, you're the brightest on the show. [1:07:03] JD: Yeah, apparently Mark seems a little bitter about that. [1:07:10] Chad: What is our new Jake? Russian meme? [1:07:13] Mark: I like that a lot. Yeah, I like it. [1:07:16] Chad: Okay, you know the drill. Roby's gonna give you a sentence, and then each of you finalists have to finish. [1:07:22] Mark: It may not be a sentence. It might just be a question. This sentence thing. [1:07:25] Chad: Yeah, yeah, that's fine. And then Decento, you pick the winner. Unless I don't like who you picked and I overrule you and I pick the winner. That's how it works. [1:07:36] Mark: This is going to be an interactive one. This will be kind of. Because it's going to have application to our next show. JD is going to write a poem, a song, a jingle, something. But to the four or five or how many people made the finals? Please provide us with the title of this song. Poem or jingle. And JD has to write a song that goes along with the title. [1:08:02] JD: Slomo is the next guest, right? [1:08:05] Chad: Yeah, sure. Chad. Trying to give hints to people. Let me write this down then the people are. Someone watch the chatbox. I'm not watching it. [1:08:15] JD: Watching Isha. [1:08:17] Chad: Kush. Who the is in this final? [1:08:21] JD: I think B shot Kush. Samson. Samson and Webby. [1:08:27] Chad: Webby. Oh, that's a great. I can make a great song. Yeah. [1:08:31] JD: Samson. [1:08:32] Mark: Yeah. Just. Just the title. [1:08:33] Chad: Webby says. Webby said. Oh, Webby. The title. Yeah. Jocko Shlomo. That's the title for Webby. That's nice. I kind of like that. [1:08:43] Justin: Isha says S3 for you and me. [1:08:46] Chad: Jocko. Shlomo Bishaw says what S3 for you and me. What is that? What is S3 is great. [1:09:01] Mark: Is Greg Greenfield. Is that. Is that his count? [1:09:03] Chad: Is that Webby's answer is take on a divas? No. Webby, you're in the finals, bro. [1:09:09] JD: Bishop's got. [1:09:10] Chad: Oh, he already did. Jocko. [1:09:11] Mark: Slow Mo. [1:09:12] Chad: Sorry. Webby, [1:09:15] JD: did you hear me? J.D. [1:09:16] Chad: secure 3.0. Yeah, I get it. Are we waiting on anyone? Samson. [1:09:24] JD: Samso. [1:09:24] Speaker E: Hey. [1:09:25] Mark: What? [1:09:25] Chad: I like how Samson's taking his time. [1:09:33] Mark: Kush is in here, right? [1:09:37] JD: Slow Mo time. [1:09:41] Mark: Wait, it's raining advisors. Nice, Brandon. [1:09:44] Chad: Hey, I'm drunk. What is B5? [1:09:49] Mark: What? [1:09:50] Chad: B5 with Shlomo. [1:09:53] Speaker E: There's got to be an easier way to do this. [1:09:55] Chad: No, we love this. This is awesome. Behavioral finance. Okay. B5. Yeah. Thanks surfer. Jesus speeches. Yeah, B5 behavioral. Sorry. [1:10:10] Mark: I think you got very techie. [1:10:12] Chad: We're waiting on Kush. Do we get Kush? [1:10:15] Mark: No, Kush did it. He did Shlomo time in the. In the. The theme of MC Hammer. Like Hammer time. [1:10:24] JD: Slow Mo time. [1:10:26] Chad: Okay, you got those the sensor. I'm not sure you do. [1:10:31] Speaker E: I got my winner. [1:10:32] Chad: Okay, fair enough. Then go. Who's your winner? [1:10:37] Speaker E: Who shocked her? Who? [1:10:41] JD: Huh? [1:10:44] Mark: B. Shaw. [1:10:46] JD: B. Shaw. [1:10:49] Mark: Dude, this is off the rails. [1:10:53] Chad: How many old fashioned did you have you Internet meeting. Okay, that's. That's Brian Brashaw, I believe from oic. Who has won chat bar champion tonight. Well done, Brian. I don't know. Has Brian won before? Brian? [1:11:16] Justin: Yeah, I thought he has. [1:11:17] JD: I think he has. I think he has. One other time. [1:11:21] Chad: Okay. Okay. Well played, says Webby. No, he says he hasn't. I think that's the first time. Winner. [1:11:27] JD: Welcome to the stage, Mr. Bershad. [1:11:31] Chad: All right, I will send you next week a package of OSAIC schwag. [1:11:37] Mark: Two weeks in. Two weeks. [1:11:38] Chad: Two weeks. Okay, cool. Congratulations, Brian. That's a. That's actually a industry like pinnacle moment to win chat bar champion for the first time, so well done. You're up against some formidable competitors. [1:11:54] Mark: So what's the title of your song next? [1:11:55] Chad: I have no idea. You didn't tell me. I had to mention it tonight, but I took notes. Mark, thanks for putting pressure on me. I'm going to open in fl. In front of Schlomo in Flana, Flana Stromo. And I'm gonna sing. Let me make sure I get this right. I'm gonna sing a song that includes Bisha, Kush, Samson, and Webby. And the title of the song is going to be 63 for you and me as well. [1:12:25] JD: I think it's S3. [1:12:27] Mark: Also, there's no requirement to include everybody. It was the winner. Just got to pick the name of your song, and you have to use that as inspiration to create your song. [1:12:40] Chad: Chad. Why is that a private message? That's a beautiful. [1:12:44] JD: Because I didn't want him to know what we were doing. [1:12:48] Chad: I think Brian's prize for chatter chains. We're all going to send him back those little stupid K beanies he gave us at his conference. [1:12:56] JD: Okay, I did not say stupid K beanies. I did not say that. I said beanies from before the name changed. That's all I said. [1:13:04] Chad: Hey, Brian. I wear mine. I wear mine sometimes when I walk the dogs. Okay, hey, one more time. We just kind of promoted it. Thanks, Mark. That was smart of you. Next show, Thursday, November 2nd. [1:13:23] JD: Pushing that out now. That's exciting. [1:13:26] Chad: Which we're excited about. We'll do a lot of prep for it. We'll promo it and. [1:13:32] Mark: Did you say prep? Yeah, I'm out. [1:13:36] Chad: Some prep. We'll promote and. And stay tuned, everyone. We got a few more shows to finish out the year. Some big guests, and then the boys and I had some serious meetings with Brandon. We got some new plans for 2020, 2024 to keep going and doing, but in a different way, in a cool way. So we'll bring some innovation, unlike those oligopoly I said that wrong. Target date funds. We're actually going to innovate and Ron Serge will be very proud of us. We're going to bring you guys a new show format in 2024 because, you know, this one's getting old. It's getting boring. But we'll give you a few more to finish out the year. Desenso, thank you for being our guest. We love you, buddy. We love you. Just two things, like get a better Internet connection and can you get a shirt with some longer sleeves on it? Like, hey, I. Yeah, do that for us. [1:14:36] Speaker E: Love you guys. Thank you very much, [1:14:39] Chad: Mark. Thank you, Justin. It's been a long time. I miss your sweet faces. But no, it's good to hang out with you in Washington, D.C. [1:14:51] Mark: you can say now we're in the after show. [1:14:52] Chad: We're not in the after show. After show doesn't start until Brandon plays a song. That's the rules. And thank you to you. You out there. I'm looking at you. You on Twitter. You want LinkedIn, you on YouTube, you on retirehugs.com and you here in the chat bar. You know we love you. Thanks for tuning in to this 401k stuff. Shut up. Good night. [1:15:25] JD: I like that. [1:15:27] Chad: Good night, everyone. Have a great night and a great weekend. You. [1:15:36] Mark: That.