Participant Data & Privacy: Building Advisor-Ready Platforms

[0:00] JD: See, Put a lot of effort into that fucking one. He's like, what am I going to do for an intro? Let me just go grab one from, like two years ago. I don't know, Whatever. Thanks, Brandon. Great effort. No response. [0:13] Chad: Welcome, everybody, to another episode of Retireholics. My name is Frederiche and I am joined by Justin McNeil, sometimes referred to as Silent J. Chad. Nerdy Chad Johansen. [0:30] Speaker C: I'd be Jason Roberts. If you're Fred Reich tonight, sure. Let me be J. Rob. I'm J Rob. [0:35] Chad: Tonight you have nowhere near the experience [0:40] JD: and fame that I have. But fine, whatever, J. Rob. [0:44] Chad: And everybody's favorito Retire Holico. [0:59] Mark: Sooner or later, you just got to stop with these intros, dude. Just. Hey, J.D. by the way, if I'm being honest, maybe intro the other two guys, but I don't need one. Everybody knows who I am. [1:11] Chad: I like it. [1:12] JD: I like it. Let's see. I think the next part of the show is where we intro the guest, and that's going to be done by Silent Jeff. And if he does a shitty job, you're going to give him a zero. If he does a great job, you're going to give him a 10. It's probably going to be somewhere in between, but you out there, you're going to rank. Justin, take it away. Shaved head, beard guy. [1:36] Justin: Very few things get this guy going more than visual basic code, classic cars, and helping people with their financial future. He loves himself a good microbrew, met his wife at a Bryan Adams concert and used to party with Smashing Pumpkins back in his prime, but has since given up that life of booze and cocaine for daily meditations, yoga, and helping people save all the monies. Hey, Mark, you know what they namas say? Ladies and gentlemen, the founder of the wealth pool, Ed Lamarck. [2:03] JD: Oh, my God. Did Justin just reuse an old intro from an old guest? [2:10] Speaker C: Justin phoning it in too. [2:13] JD: Sorry. [2:13] Ed Lamarck: Looking than Carrie. Thanks, guys. [2:16] JD: These. [2:18] Mark: These intros keep getting shorter. Dude, put. [2:22] Justin: Brandon wants to talk to him. [2:24] Chad: Dude. [2:24] Ed Lamarck: Well, thanks. [2:25] Speaker C: I. [2:25] JD: Honestly, I think you just. I wouldn't thank him. And I'm pretty sure he works quit on everybody. He had no clue. [2:36] Ed Lamarck: Who's the lead singer? Billy Corrigan. What's his name? He lived down the street from the Smashing Pumpkins guy. Yeah, yeah. [2:44] JD: Rest in peace, right? [2:45] Mark: He's in rip. Let's see. [2:51] JD: We're gonna play some games today, Ed. We're gonna play chat bar champion. So keep your eye on the chat bar. You're gonna vote for your favorite out [3:01] Chad: of There into the finals. And then you out there in the audience, you know you're gonna vote for the winner. [3:05] JD: We're gonna play Acro sen. This is the serious game. You need to be sharp. If you say an initialism or an acronym, you must drink from your penalty drink. I'm switching from the goose to the kettle one today. Straight off the bottle. And that is the Acrosyn game. Last week's chat bar champion was three piece Tom Condren. And Tom, about 20 minutes ago, 30 minutes ago, your order was picked up and your dasher is on their way to your house. [3:42] Chad: We have mixed it up from the pizza. [3:44] JD: Oh, Tom, you, you lucky little three piece wearing guy, you. You are getting 16 pieces of KFC's freshly chicken. [4:00] Chad: I got you, I got you the original recipe. [4:03] JD: Cause I figured you're that kind of guy. You're also getting eight biscuits, four sides. I got you mashed potatoes, gravy, Mac and cheese, coleslaw and french fries, buddy. And for a limited time, you lucky little dog, you're getting the free beverage bucket. And I got you Mountain Dew to [4:26] Chad: wash it all down. [4:27] Ed Lamarck: Tom. [4:28] Chad: Mountain Dew. You ready for this, Tom? [4:31] Speaker C: That's a gut bomb. [4:33] Chad: 6,690 calories of good. [4:40] Mark: I would have actually expected more than that. I think that was a low estimate. [4:45] JD: No, I did the math on that shit. I like Sam. [4:48] Mark: I'm excited about that. [4:49] Justin: He wants it, he's going to go for it. [4:51] Chad: Yeah, yeah, yeah. Let's see if he can take it all down. Sampo's fired up now. All right, let's make it a good chat bar, people. [4:59] Mark: I think, I think our accounting department told JD stop spending 200 on chat bar champion winners. Your budgets were like 38 bucks. [5:09] Justin: Is that why you went from goose to kettle one? [5:11] Chad: Oh, you come way down. It's easier. Let's, let's go straight into headlines. Headlines. [5:20] Mark: He's trying to tell you something, JD. [5:22] Chad: Oh, beer the episode today. [5:27] JD: Maybe I want to do the beer the episode after Headlines. I mean, it's my show, right? Can I determine the. [5:33] Chad: The beer of the episode today is Dos Equis. [5:35] JD: And why? Because it's Fredrice's favorite beer. [5:39] Chad: So I pre gamed with some natty lights. [5:46] JD: I pre gamed with some natty lights. And when I opened the Dos Equis and tasted it for the first time, my initial thought was yuck. [5:58] Chad: And yeah, I'm just not a fan. It's got a weird, weird vibe to it. I'm going, I'm going to two out of five robes. [6:07] Mark: Hold on. I hit Brandon. I hit the buttons. And they're from last time, apparently, but I remembered that you said Kentucky Fried Chickens acronym. Good. [6:17] Chad: Well, I'm glad I just drank that vodka. Now may we please go to Headlines? Our first headline of the day is Edelman Financial Services has come out with [6:37] JD: a new product called Momentum. Bro. Bro Bro and Bro. Bro. Girls out there. [6:47] Mark: Uh oh. Uh oh. [6:49] Chad: This is some serious shit, y'. [6:51] JD: All. [6:52] Chad: Why is it serious? Edelman Financial Engines is a massive company. [6:59] JD: 145 offices across the country. 1.3 million clients. 120 of like the Fortune 500 are clients of theirs. $275 billion in assets. [7:13] Chad: They heard the trends. They listened to the people with their [7:18] JD: tinfoil hats that said this conversion thing was coming. [7:22] Chad: They started to do their own research. And in the article you can see some of their research, which included [7:31] JD: 73% of employees expect their employer to be their source of financial products and solutions. Okay? 89% of these people said they had some type of big life event in the last five years. [7:48] Chad: And of those, 79% confirmed that they [7:51] JD: had not worked with a financial professional. But the ones that did were 96% satisfied with that. They did that. So Edelman looks at this. We've all seen this, right? The writing's been on the wall. But they look at this and they say, let's make our move into workplace financial wellness. And that's why the old tinfoil hat's coming back off. Because I keep trying to tell you people this. [8:17] Chad: This is a big deal. [8:19] JD: The world is changing. Last week, I let you know that my wife and our human resources team were thinking along these lines. I let you know that I had had a client meeting with a large client of ours that was thinking this way. Since then, I've been on probably half a dozen client meetings and it's come up several times. So let's do a little Chad Nuggets moment. Why do I want y' all to pay attention to this? I believe that if you could. If you could iron out your pitch, your story to a prospect, and it included your approach using technology to tackle for the participants and by the way, the non participants, just the employees of the company with emergency savings, with budgeting, with college shavings, with. You fucking name your category of wellness that you want to help people with, and you can present that in a way that shows that you can move the needle and make a difference. You can win new business. Here's the scary part. I think if you Don't. You're going to start losing a lot of business over the next five to 10 years and that's no bueno either. So I continue to say, look at the signs. Put your ear to the ground. This financial wellness thing is no joke. [9:43] Chad: When Shaft says I'm hot tonight, is he referring to my physical appearance? [9:48] Mark: For sure. [9:50] Chad: I am kind of sweaty right now, so it could be that too. Or you mean I'm just fucking bringing it. I don't know. Ed, we're going to talk about the wealth pool, we're going to talk about participant data. [10:03] JD: But as it relates to convergence, you have a vote on this. Is this going to change the world? Is it not going to change the world? Or do you even fucking care? [10:11] Ed Lamarck: That was absolutely going to change the world. You guys have a great opportunity. [10:16] JD: Okay, so you agree that this is a big deal. I, I cannot state it enough. [10:22] Chad: Let's go to the next headline. Hancock comes out with a new prospecting tool for advisors. [10:30] JD: Chad, Justin, Mark. Remember their old coaches corner and whatnot that they used to do. [10:37] Chad: Now they've now they got this new dealio [10:42] JD: creatively named prospect finder. Oh no. Is that what it's called? I don't know. [10:46] Chad: I don't know. I'm sure it's got a fancy name. [10:48] JD: Hang on. [10:49] Chad: And what it is, that's not the [10:51] JD: actual name of it. [10:52] Mark: Thank goodness. [10:54] Chad: I don't know, buddy. [10:54] JD: It might be. [10:55] Chad: It is. [10:56] JD: Doesn't have a name. [10:58] Chad: Let's see. This tool is the latest innovation from [11:01] JD: John Hancock and they've got a whole suite of online resources they talk about here. But it'll allow you to. I guess it's kind of the 2.0 version of 5500 data mining. So obviously that's what they're looking at and they're going to go in there and cross reference your locations, the size [11:19] Chad: of plans, you know, what you're looking [11:20] JD: for and they're going to go deeper and, and look at where maybe there's some errors they see or some shortcomings based on the 5500. [11:30] Chad: Chad, I'll go to you as I always do. 5500 pulling those lists. Put it, getting your prospect list together. John Hancock's person here said more than [11:42] JD: a third of financial professionals feel that prospecting is the toughest part of business development. Is the 5500 data mining still a big thing and are people interested in it? [11:53] Speaker C: Yeah, they are. But what people are interested in is what coaches corners output used to bring, which is not. Oh, we Noticed that you were short on your bond, but it was, hey, we noticed that your number of employees eligible versus those with an account balance is different than others in your specific company size category. And so here's some things we think we could help with. And that's what Coach's Corner did. Well, it identified the holes inside the 5500 and gave them a couple talking points to send on to a prospect. So mining the data. No, that's come and gone in terms of I want a Larkspur list that shows me 150 companies in my zip code. But using the data that you find to intelligently market towards those opportunities, that's what's getting better, Continuously getting better. But we all know the 5500 data is still super limited. Most of what you're getting is probably not even accurate, but at least you're getting something in front of these prospects that get you a meeting. [12:53] JD: Well, let me ask you though, like, if this convergence thing is happening and I am a newbie, you know, I'm a financial planner that's just starting out and you're trying to convince me to get into the 401k space, I'm going to be honest with everyone listening in. I remember a time like sitting with an advisor and looking at a list of prospects in the San Francisco Bay area that were, you know, we determined we wanted between 1 and 5 million with this many participants. And we were actually strategically going after certain record keepers that we thought maybe were dropping the ball or had higher fees or whatever. This is a long time ago, but I was excited, I was inspired. I felt like it was a great moment to have this target list that someone could look at and wake up on a Monday and want to go after it. You're telling me that can't be a thing anymore? [13:41] Speaker C: No, I'm telling you it is a thing. But looking at that long laundry list and then saying, okay, I'm going to pick up the phone and dial for dollars, that's not a thing anymore. On the 401k side, at least maybe calling households still is, depending on the type of business that you're in. But calling on 401k plans now has become more of a warm lead situation. You look at that list, you run some of these tools that come back and say, of the 750 companies between 1 and 3 million with an average count balance of 75k, here's the ones that actually have issues we can identify. And here's Mark. I see that doesn't count. It's Thousands of dollars. And here, here are some areas, some talking points that you can simply send an email over and say, look, I ran an independent technology and it shows me that you're below in participation rate. And highlight a couple of other things that people are excited for. JD not picking up the phone and dialing 150 companies in a week. [14:41] JD: I would back up what you said earlier too. Like, be very careful, Shannon, saying, send the plan sponsor a scary email. I think walking the tightrope of like, what sounds very salesy to me. You know, like the concept of saying, hey, something's wrong with your plan. You know, you need to come see me. And so you definitely got it. It's an art and a skill to kind of do it without looking like a. [15:05] Speaker C: You know, we talked about it last week and I think we will with the wealth pool tonight. Jd, my, My thought and the way I've. I've trained advisors over the years is you're not calling and saying your participation is. Is. Is low. Shame on you. Something's wrong. You're essentially saying, this is what we've identified and this is what we've done successfully with our clients. Prove to them that this is what participation rates are. [15:29] JD: With your plans to back up Hancock not ripping on them, I think it's cool that they try to work on stuff like that. And from the article, you'll find it. You can even private label it so it doesn't have to be a Hancock thing. I'm assuming advisor can put their own logo and stuff on it. So anyways, I would check again. I always. [15:47] Mark: I always admit to this. I didn't read the article. [15:53] Speaker C: What's so. [15:55] Mark: What's so different about. I still haven't heard anything different than, like, what. What magical little, I don't know, salt and pepper did they sprinkle on this? Like, I don't hear. I had. J.D. you're the one talking about the article. Can you please tell me what the actual content was supposed to be? [16:09] JD: Here's the bullet points. Tell me if any of this is new. [16:11] Mark: Right. [16:13] JD: The ability to smart filter by playing characteristics, location, assets, participants. No, you do that before scouting reports that can be downloaded as a PDF. [16:23] Chad: Same. [16:24] Mark: Same thing. [16:25] JD: I think that term Scouting reports. [16:29] Speaker C: Yeah, Scouting report is a term directly from. [16:32] Chad: From the. [16:33] JD: Coach's Corner. [16:34] Speaker C: From Coach's Corner. [16:35] Chad: I don't even know what that acronym. [16:36] JD: What the words are. [16:38] Mark: Yeah, we've gone through that one before. Just. Just make it up. [16:41] JD: Plan score comparisons at the industry, state and national level. That might be a little that might be a new tweak and that's kind of cool. Hey, other banks do this. [16:52] Chad: Other, you know, a more robust overview of the plan. [16:57] JD: So there you go, Mark. It's more robust. Giving a snapshot of plan characteristics and potential gaps in plan design. [17:03] Chad: There you go, more robust. [17:05] JD: And the last one, co branding. [17:07] Chad: So I don't know, it's the same shit. Let's go to the next headline. [17:10] Mark: That's what I say to my robe is after I dry clean it, it's robust. [17:14] JD: Ooh, look at this, people. Netflix outperforms competitors. Wow. Interesting. We'll have more on this later. Brandon, is there one more headline I sent you in a separate email. Attaboy. You don't miss a beat. Ooh, Apple also performing well. [17:39] Chad: Very, very interesting. [17:41] JD: We will spend some time with drunk stock tips later. So tune in people that we're going to do that tonight. [17:49] Mark: Can we get an update on layered superfoods? [17:54] Chad: I got updates on all of them, buddy. Update some of them. You fucking genius. You rob guy. [18:00] JD: You little stock picking genius. [18:04] Chad: All right, Ed, the wealth pool. What's going on here? Give everyone a little overview about what you're doing there and what you're trying [18:14] JD: to accomplish and then I'll hit you with a bunch of questions. [18:18] Ed Lamarck: Great, thanks guys. Well, everyone, I'm new to the industry, but my co founder, Troy Tarr, I see he's in the chat room. I'm sure a number of you know Troy. [18:28] JD: Yeah. [18:28] Ed Lamarck: Troy. The wealth pool is a self directed financial planning tool that simultaneously helps advisors grow their business. And it's really related, jd to what you talked about and particularly last week, right. With Elizabeth, this whole convergence of retirement and wealth, not just mining the data of your 5,500 records of finding new business, but also if an advisor is interested in generating wealth management business, you have to have a privacy friendly way to really understand your participant base and how to approach them at scale. And that's what our platform can do. [19:07] JD: Okay, so this and Chad, Mark, you can dive in anytime. If you got a question here. I purposely held back a bit of my research so I could ask you here tonight, kind of understand it. Okay, so you're motivating people and businesses, but in general, people, individuals to be part of the wealth pool and kind of connect their data into this system there. What you do that through, they, they put in their bank account information, some of their expenses in and out. Like how do you. How are you getting their data? They're entering it or are you sucking it from somewhere else? [19:44] Ed Lamarck: Great question. User provided. So we do for your financial profile what LinkedIn and Facebook does for your professional and social profiles. Right. We organize it and share it. Now we don't share your financial households data. We aggregate it and anonymize it. And that's the power of the pool. So the pool, you're part of an aggregated, anonymized pool of data. And from that data we can segment it and compare ourselves to others to see how we're living our financial lives. [20:15] JD: Will, will, Will. Let's look at this from the advisor's perspective. Well the, if the Advisor had say 25 clients and then let's say in a, this is in the real world, but all 25 of those clients they got to into the wealth pool. All the participants are in there. Will the advisor be able to mine that data to go, oh, here are 10 individuals that I should go talk to about, you know, college savings or something. You know, what is that? Is that how this plays out? [20:44] Ed Lamarck: Exactly. But you know the other big trend out there is privacy. Data privacy and portability. Right. So in addition to the convergence of health and. Well, you have to keep in mind that where the puck is headed, you really can't reveal too much data. The cookies and the data tracking as you know, is just getting killed. And so going forward the customer, the client acquisition costs for a wealth advisor is going to be even higher. Right. You may have seen like Michael kitces estimate over $3,000 to, to get a new wealth client, but what a retirement plan advisor has, they're sitting on a gold mine. Because what we can do with our technology is in a, in a very privacy friendly way, score the households in a series of scores much like the Verizon Corporation does on our, on our lending and credit. Right. [21:32] JD: We're broke. [21:34] Ed Lamarck: Right? Right. Right. So we can, we can share with the advisors basically derived works of your data and that gives them an indication as to who their best prospects are so that they can focus their time and attention to those households that meet their criteria. [21:50] Speaker C: I just want to make sure I understand the answer to JD's question about how the data is getting there. You said participant driven or user driven. Are you creating links like dual logins to their bank accounts and their credit card accounts or are they manually entering that data to get some of this feedback? [22:11] Ed Lamarck: Both, Chad. We offer basically electronic connections just like the personal financial management apps there you may know and love but those are just too simple and spreadsheets are too complicated. Right. And the advisor grade software is a little expensive. But that, that software that advisors use have electronic connections and they also give the ability to manually input data and we do both. [22:36] JD: I did see some screenshots and stuff of like you being able to connect to the person's bank account and actually seeing like that they have a Netflix account and they're spending this much on this and there's like budgeting tools in there and stuff. [22:49] Chad: Let me, I'll stop you on the peer thing because I kind of had [22:53] JD: mixed emotions about looking at my peers. On the one hand, me personally, what I love to peer into other multimillionaire Lambo owning business owners like myself, you [23:08] Chad: know, the 1% of the 1% and [23:10] JD: see how I match up against my peers. Totally. [23:14] Chad: That would be fun. But do we really want your average [23:18] JD: Joe's and Mary's out there comparing themselves financially to other people who have just as fucked up financial situations as they do? [23:28] Ed Lamarck: Yeah. So you know what? One of the things that inspired me to build the Whirlpool, it was about nine years ago, a TEDx talk. So a co founder of OPower, if you guys look up, just Google OPower, TEDx was a great talk and was all about behavior change. And what's really pervasive right now, right. Is the whole climate. And so opower's goal was to conserve energy. And the whole concept was, hey, if you see any electric bills or your gas bills, you know, you see the kilowatt hours or the BTUs used by your neighbors and no one wants to be an energy. [24:05] Mark: Oh, wrong person, wrong person on there. Ooh, I don't, I'm not smart enough to know what that is either. Something about heating. [24:14] Ed Lamarck: Oh, British thermal unit. Yeah, sorry about that. That's right. [24:17] Chad: Sorry about that. [24:18] JD: Ed, where is your pound? [24:20] Mark: Sorry about that. That's the nicest thing anyone's ever said to me. [24:24] JD: Sorry. [24:25] Mark: Good call, [24:28] Ed Lamarck: good call. Thanks. But no, that's the, that's the concept we want to bring to the pool in that we want to encourage good behavior change. They have positive outcomes. So when you see others saving more in their retirement accounts that are like you, not the 1 percenters, but about your age roughly, and you know, same education, same location, etcetera, you can make those comparisons. And also, you know, when you take on more debt than others, you know, it should, it should put pressure on you to pay down that debt. And when you have six different subscriptions like Netflix and everything, right, maybe you can reduce a couple there to improve your expense profile. [25:05] JD: Crazy though, to think that the, that most people Like I said, I was almost not kidding. Like, most people don't do well with those decisions. And so if you pull them all together, aren't you just looking at a lot of bad decisions? Like, I don't. [25:20] Justin: Wouldn't. Wouldn't you think that would hopefully, you know, spark them to make changes, though? Comparing Motivator, they're actually at so many people are in the position. Position they're in because they're ignoring all the important shit. [25:31] Mark: Right? [25:31] Justin: They're not paying attention. Or maybe they are, but they. [25:34] Mark: How did I spend that much money? [25:37] Justin: They have. No, they don't compare to their friends or anything like that. [25:40] JD: Right. I agree with you. It's good that they're. That anything that makes them pay attention to it is good. I'm just. And I'm probably missing the mark here, but I'm just thinking that to use your Netflix example, your streaming example, I was thinking someone look at, go, oh, [25:53] Chad: look, I'm not the only one that streams five things. [25:55] JD: So. Okay, fine, I guess I'm, I'm all right. [25:59] Speaker C: J.D. personal story for me and the aggregate software that I use. I didn't know that we were still signed up for some of our streaming services when all that data got pulled together. And lucky for me, it puts it in one and I'm like, oh, shit. [26:12] Mark: Okay, sister in law, that does text [26:14] Justin: me 45 minutes ago. [26:15] Mark: Comments baffle me, by the way. You of all people, Chad, you of all people. There's no way you didn't know. [26:22] Speaker C: Yeah, Mark, didn't your kids charge something to your itunes account when they download games? And next thing you know, it's 13 months later and you've just paid for 13 months of some kids. Game on. [26:34] Mark: You're right. You're. [26:35] Justin: Your sister in law just texted me about 45 minutes ago, hey, do you have a Paramount plus account? I was like, I don't know. And so I just. [26:43] Mark: Yeah, I do. [26:44] Justin: Apparently I'm paying for it. [26:45] Speaker C: There you go. [26:46] JD: No, that's for sure. [26:49] Speaker C: Mine is, is Wealth Vision, Shannon. And it's just tied to the advisor that helps our family. [26:56] JD: Yeah, there's great apps out there that elects to tell you everywhere you're spending stuff, and you find those little things that you signed up for five years ago that you don't use, that you're paying a small monthly fee for. That's pretty common these days. Ed, your distribution, getting the word out, is this something that you hope to take to or are taking to like record keepers to partner? Are you just trying to spread the Word out to the general public like who's your intended target and distribution and how will you go about it? [27:28] Ed Lamarck: Right. No, we're not going directly to the general public, even though our website may indicate that, you know, we're not going to outbid J.P. morgan for the keyword financial planning. Right. And that's if you have a lot of money in the bank, you can do that. [27:40] JD: But [27:43] Chad: another one, don't apologize, just drink and you can always finish your thought and do it after. [27:50] Ed Lamarck: But no, but you know, we, we see an opportunity really to help out those players in the, in the retirement value stack. Right. The advisors, the record keepers, even the personal financial wellness providers. Right. Because they don't have the technology at scale to really give out to the participants. Unless you are the big ones like Fidelity and Empower. But everybody else, they could leverage our platform to really help people at scale. [28:21] JD: Okay, so this is interesting. So of course you're not selling anything, any services, but you could sit right alongside a wellness tech or anyone that's trying to sell things and kind of work symbiotically. Is that a word with them? [28:39] Mark: Whoa, whoa, J.D. don't throw around words you don't know. [28:44] Chad: Yeah, right Ed. [28:48] Ed Lamarck: Yes. So you know, you need data really to make decisions. Right. Whether you're a coach, a financial advisor, the record keeper is looking to provide more value added services to their, to their plan sponsor clients. Right. And the advisor with the fee compression, [29:04] Chad: obviously you say more value added services, you just mean they want to monetize the participant. [29:09] Speaker C: Right? [29:10] Ed Lamarck: Well it's back to your convergence of retirement and wealth. Right. But also, yes, it is the service. So you know, a lot of advisors just don't have the tech stack and the time right. And the bandwidth to serve the 95% of participants out there. So our technology is really advisor grade self directed planning that they can use. It's you know, much more powerful than the apps that you guys are know and use. Um, so yeah, it helps multiple players in the stack. [29:36] JD: I like that when I, when I earlier when I try to motivate everyone out there listening that they should have some type of solution that they could sell to a prospect or their current clients. It's, I get the pushback. I get a lot of times is like how am I going to build that? You know what, how am I going to do that? And I'm always saying you don't have to build it, you can go out and find it. You know, there's plenty of third parties that are working on this type of stuff. And so sounds like the wealth pool is another option for them to look at. [30:06] Speaker C: So the question was asked in the chat bar and then your next statement made me think otherwise. But if I'm an advisor and I'm wanting to leverage this tech, who's paying for it? Is it me? Is it the client question? Is it the record keeper that you're trying to get through the doors with? Like explain that side of it to us? [30:26] Ed Lamarck: Yeah, great question. Our platform is not white labeled. Okay, so it's a brand, the wealth pool. And just like Spotify or Pandora, we have a free and a paid option. And so it could be participant paid and the participant can choose to take the free or the paid option. The paid option basically has the power of the data. Any account aggregation and or automated expense management. But it's priced less than half than a Netflix subscription. And we don't price it based on eligible participants. It's only who uses it. Right. [30:56] JD: Yeah, but do you have Peaky Blinders? [31:01] Chad: No, that's. [31:02] JD: I'm just giving shit. [31:05] Ed Lamarck: I watched one episode of that. [31:06] Speaker C: It was. [31:08] JD: Yeah, it's the best. I. We're going to talk a little later about cookies and data and. Because what we haven't dove into yet is the ability for them to own their own data and kind of keep it and how I'm going to, I'm going to go deeper into your brain on like, is that world changing? Are we going to move away from this place where Google and Facebook and Amazon and, and all of them are, are using our data to like sell us things and follow us with ads and this stuff? And are we moving more towards this world where we kind of can own our own data and decide who we want to share that data with to get a service? So we'll get, we'll get there, but let's, let's mix it up. [31:54] Speaker C: Quick statement, because it's been said in the chat bar a few times now, so we're asking the participant to pay money so that they can put their data in and be sold things by advisors. No, there is, there's value that the participant is getting. Not only is there a free version, which I just said, but there is a paid version. And if you are on either of them, you're getting something in return for putting your data in there. You're getting an expense technology. You're tracking all of your financial data itself so you can mine it, you can leverage, you can see your full wealth vision. So you're not just putting data in to let people mine it. [32:32] Ed Lamarck: Yeah. Is this something that actually. [32:35] Mark: Go ahead. [32:36] Ed Lamarck: We can also subsidize it too, as an offer. So in other words, it's fully paid for. And that could either be plan sponsor paid, the advisor, record keeper, asset manager. [32:49] JD: You'll end up doing enterprise deals if this takes off or different. So we're going to Chad. So that's kind of a segue to the next deep conversation. And I've got some ideas and some things I want to talk to everybody about in that area. [33:01] Chad: But before we do that, let's play the originally totally awesome no per dope game. Mark, do you know what that trick [33:24] JD: is I did on that skateboard? What? [33:26] Mark: It's called Kickflip. [33:28] JD: Yes, sir. Pretty good on that. [33:31] Justin: More like a heelflip to me. [33:32] JD: Okay. [33:33] Ed Lamarck: I don't know. [33:34] JD: I'm not a skateboarder. All right. Nope. Or dope. Ed, this is a game where I'm going to go to you first. I always go to you first and I'm going to ask you about something and you're going to tell me if it's dope or if. Nope. And then explain to me why you feel that way. I thought today I would go on the theme of swimming pools. I don't know why, just figured I would do that. Okay. Ed, have you ever. And is it okay? It's a two part question. [34:03] Chad: To pee in a swimming pool. [34:06] JD: Don't lie to the audience. [34:10] Ed Lamarck: Wow, that's a no. [34:12] Justin: Just say no way. [34:13] Ed Lamarck: Yeah. No matter how much level is, right? Yeah. [34:17] Speaker C: Wait, hold on. [34:18] Chad: Justin, you've never peed in the pool [34:20] Speaker C: or it's just a question. [34:23] JD: I thought he heard. [34:23] Justin: Have you ever? [34:24] Chad: Okay, well, I would like to know from you, Justin, have you peed in a pool and do you think it's okay or not? [34:33] Justin: If anyone ever says no, they haven't peed in pool, they're lying. Son of a bitch. But no, it's not cool to do when you're older. [34:38] Ed Lamarck: When you're a kid. Yeah, sure. [34:40] Speaker C: Chad, do you feel the same way I do? It is not okay as you age. [34:46] Chad: Then why have you done it? [34:47] Speaker C: I have done it when I was younger. But I do remember also when we were kids, people saying if you pee, there's going to be like, oh, the chemicals in the pool. The purple clouds are going to wrap around you and follow you around and everybody will know you peed in the pool. Oh, I was terrified back then, Mark, [35:03] JD: when I had a 401 kegger at my house several years ago. I remember the three of you. Chad, Justin, And Mark, sitting in my hot tub late at night after the party had ended. Did you pee in my hot tub and is it nope or dope to do. [35:20] Speaker C: So did I. [35:23] Mark: A good question, but yeah, probably. But that goes against my answer to your question. Is it okay? Yes, only if you don't know the person whose pool you're in. Okay, let me explain. If you're at a water park, a public pool, Chad's country club, everybody else is doing it. It's so many people, you might as well getting to the. Okay, let me add to this. Getting out of the pool on scorching hot lava cement with no flip flops on his shoes, and getting in the bathroom, that could be life threatening. You could slip and fall and injure yourself. Just let it go. But now if it's like in Chad's backyard. No, I'm not going to do it there. But yeah. In a public pool. In a water park. Oh, yeah. [36:11] JD: I was going to say the science behind it would be that if you're peeing in a large public pool, that's probably just a drop in a bucket. Right. It's not a lot. [36:21] Speaker C: When we were. [36:22] Mark: But recently with Justin and I were at a walk in the water park and we were at the kids section watching Malcolm go in the little kitty section. Justin goes. What percentage do you think is pee in there? [36:31] Justin: I said that water was a lot warmer there than any other pool. [36:35] Mark: It's an Arnold Palmer for sure. Like, it just is. [36:40] JD: That's my point. [36:41] Chad: That was my point. [36:42] JD: Arnold Palmer, well put. [36:44] Chad: Greg Greenfield is about to use his initials. [36:47] JD: Is just gone up on my vote for chat bar champion with the Eds, [36:51] Chad: like dubbears, like, why are we talking [36:54] JD: about peeing in pools? Okay, you mentioned it, Mark. Public swimming pools, do people really go to those still? But Ed, let me ask you. You're at a public swimming pool, you're at a hotel resort public pool, playing [37:10] Chad: catch with a football or you know, a little squeaky toy that bounces along the water, you know, from far ends of the pool. Are you. [37:19] JD: Nope. Or dope on this activity. [37:23] Ed Lamarck: Wrong with that? [37:24] Chad: You're okay with that rogue guy. Is there, is there any violations here [37:29] Mark: that I'm, I'm, I'm dope. I'm sorry. I'm nope on that. [37:33] Speaker C: Yeah, don't. [37:34] JD: You just did it. [37:36] Mark: I was. I don't. I don't enjoy doing it. You could injure somebody. You could hurt somebody. It sets a bad precedent. You can't be throwing over people if no one else is There. Fine. But if there are people around, no. Got to risk. No one's there to get a ball thrown on their face. [37:50] JD: Stop. [37:50] Chad: Or what about when you're. [37:51] Mark: Stop being all like, you're not athletes, you're not athletic, you're not a sports person. Stop. Stop throwing a ball. But it. [37:59] Speaker C: But it's cool in the sponsor room of a conference. Oh, yeah, right. [38:04] Justin: Nobody was there. [38:06] Mark: No, nobody was there. [38:08] JD: Is there anything worse than you're. You're laying out, trying to work on your bronze and, you know, football hits your. [38:16] Ed Lamarck: Your. Your. [38:17] JD: What do you call that? You lay on your lounge chair and you got to pick up, get up, grab it, and throw it back into the people that are doing it. Or it can splash and hit people on the side. I'm with Mark. There's some serious liabilities there. This is not your. Your private pool. I don't think you should be playing these long distance games of catch, Chad, [38:38] Chad: because I know you do that shit. [38:40] Speaker C: I think kids should not be allowed to do it, but adults should be. I've never hit anybody as an adult. My arm is accurate. [38:49] Chad: Justin. No BER Dope on above ground pools. [38:56] Justin: Hey, if that's all you got, I'm totally for it. Anything to cool you down. [39:00] Chad: Anything. [39:00] JD: You're okay with that? [39:01] Chad: I know you're okay with it, Missouri boy. [39:03] Speaker C: What the hell's wrong with an above ground pool? You're submerged in water, dude. The same thing. [39:11] Chad: Because you should be like every other top 1% of the 1% and build a phenomenal one in your backyard. [39:17] JD: What the fuck? [39:18] Justin: Working on it. [39:19] Chad: You don't. You don't go down to Walmart or Target to get your pool people. That's not how it works. [39:25] Justin: Your house. And it had one in it. [39:28] Chad: Above ground. [39:29] Justin: What if already was there? [39:31] JD: You tear that shit down, you build a real one. [39:36] Chad: Last one, Ed. And I don't know why I added [39:39] JD: this one, but I just. It's been a while since I thought about this. Nope. [39:43] Chad: Or dope on diving boards. [39:45] JD: How do you feel about diving boards? [39:47] Ed Lamarck: I'd love them. Absolutely. [39:51] JD: I agree with you. I can't remember the last time I walked out. [39:56] Justin: Diving boards or those with above ground pools. [39:59] Chad: Say that again. [40:00] Justin: The only people against that are against diving boards are those with above ground pools. [40:05] Speaker C: I'm putting in a diving board for next time you get here. [40:08] Chad: Whoa, whoa, whoa, whoa, whoa. [40:10] JD: Does Chad actually have an above ground pool? Oh, my God. Okay. [40:15] Mark: I thought you knew that. [40:16] JD: I thought that's what you were talking about. [40:20] Mark: And so does this neighbor his next [40:22] Speaker C: neighbor, his next neighbor, and his next [40:23] Mark: neighbor, by the way, I get to answer that question. But if you'd asked me a few years ago, I would have said, those are kind of weird. But during the pandemic, even I had a friend put one in, and I'd be. I think they're great. If you. Again, it's. They serve a great purpose. You get to go in a pool. [40:40] Speaker C: It's fun. [40:40] Mark: It's great. I have no problem with it. [40:42] JD: Fair enough. Fair enough. [40:44] Mark: I don't have a pool, so I think it's cool. [40:46] Chad: All right, Ed. I am. I am working with Brandon right now [40:52] JD: on researching a customer relationship management software company. I had to look that one up. [40:59] Chad: I had to look that one up pre. [41:01] JD: Pre show. [41:01] Chad: But, um, and I. I went on [41:05] JD: YouTube and I put in the search for this company's name because I wanted to learn about the CRM and how it works. And, you know, the different. [41:15] Mark: You did so well. You did so well. [41:21] JD: And. [41:22] Chad: And they had some great tutorials and some videos there that I learned a lot from. [41:26] JD: Later that same day, I was scrolling through Instagram, checking out all the surfers I follow and, you know, waves around the world, and bam, there's a sponsored ad from that company. What the fuck is going on? Like, they don't. YouTube is owned by Google. Instagram is owned by Zucks. How the is that transition happening? [42:00] Chad: And this. [42:01] JD: Does this have to do with cookies and my d. Like, what's going on here? [42:05] Ed Lamarck: Absolutely. I mean, J.D. you surf the web more than you surf the waves, right? And either way, you don't want to get tracked. [42:11] Chad: That's debatable. That's probably true. [42:16] JD: Probably true. [42:18] Ed Lamarck: Cookies like Facebook, literally, they didn't even call it Cooksie. They call it Pixels. So all the big tech companies had ways of tracking your SERP history, and Google was just in the headlines. You know, they were supposed to remove cookie tracking from Chrome by the end of next year, but now they pushed it back to 2024 because it is just absolutely destroying the advertising agency market, you know, And Apple, let's face it, you know, these things, they aren't phones, they're toll booths, right? And they're charging Google, like, you saw their quarterly report, like, $12 billion for traffic acquisition costs. That's. That's them paying Apple. Okay, so it's all about privacy. And when that goes away. When. You cannot. [43:06] JD: You say when that goes away, though. You say when that goes away. How are the lobbyists of Facebook and Google? And no offense. Well, actually, no, Offense meant those senators and congressmen that people in the. They don't fucking know up from down on technology. So how is this going to go away? Is this really a thing? [43:26] Ed Lamarck: Well, I think Europe is leading the way. California with their CCPA is kind of second. [43:32] Chad: There's got to be one. Ring them up. [43:34] Ed Lamarck: Oh, that is another one. [43:38] Chad: So you really do think you would [43:39] JD: know more about this industry than me. I saw a great speech you did on YouTube about a little bit about this. And so you think that there's legislation, other countries and that down the road this will not be okay. [43:57] Ed Lamarck: Right. So I think businesses really have to find different ways to know who their target audience is and by the same token, the consumer, their data. You need to unlock the value of that data. And that's what our platform really aims to do, to help not only the consumer, but the brands that are courting that consumer and do it in a privacy friendly way. [44:17] JD: So I agree with that concept. I think today I saw Tony, I think in the chat saying that you were locked into all this stuff. I forget what he said, but on your data, and I thought to myself, no, I'm pretty sure you can go to Facebook and go into your settings and say, no, you can't have this. I know these days too, every damn website you pop up on asks you if it's okay. And you can say no. And you can go into Instagram and say no. But the problem is, is that nobody does that. Like, you know, like I think one out of a thousand people take the time to go in and change those defaults. [44:57] Chad: But do you really think Google and [45:00] JD: Facebook and YouTube and Instagram are going to not want these revenues? This is their whole business models are built on this and they're titans of technology and huge players in the S&P5. Fuck, why would I use that word [45:16] Ed Lamarck: in The S&P 500? [45:17] JD: I'll drink twice. Like, how are they, how are they going to loosen their grip on this type of revenue? There's no. But I don't know. [45:27] Ed Lamarck: Yeah, no, it will happen. It remains to be seen what the, what the roadmap or the rules framework will be. But just look at Facebook's numbers. They had their first negative revenue decline and that's all because of the privacy tools that are preventing the targeted ads. Right. And advertisers want to be able to know what the performance of their ads are. So search is much, much more powerful than just brand awareness ads. So that's why Twitter, snap. Facebook are really struggling. [45:58] Speaker C: Snapchat is that an abbreviation. But JD I feel like the opting out of sharing your data is like re enrollment in our world, that you may say no once, but then they're going to ask you next week and the week after and they're going to slip it into a product update and an app update and the next thing you know, you're back in sharing the data. It's a damn nightmare if you're utilizing these major applications, not sharing your information. [46:28] JD: Well, I agree with Ed that I like the utopian concept of a world where we all understood the value of our data and then could decide like, oh, okay, I want to release my data over here because I've said this on the show before. I'll use the same exact analogy. I believe I used to. I would love to be driving my truck down the road and have my Apple CarPlay on and have my phone tell me through my car that, hey, there's a surfboard that really fits your what you like and it is two miles away and it just dropped in price from $1,000 to $500. Like you should think about going and buying that surfboard. [47:09] Chad: And they would do that by mining [47:11] JD: my data and who I am, I'm game for that. That's valuable to me. I realize that there's some people that don't like that, but I also kind of see this as that's a good thing too, you know, and so, and I'm shocked, Ed, that you're telling me that that world is not going to come to fruition that. Because I just didn't think that that was the case. I thought there's no way they're making so much money off of this stuff that in the future it's going to be 10 times that. I'm going to walk into a store, [47:43] Chad: it's going to know where I am and tell me what aisle to go down to buy the, you know, chips I like. [47:49] JD: And I'm kind of okay with that world. And let's take it to retirement plans. So that's what this show's about. [47:59] Chad: Thomas Clark was out at that whole national association of Plan Advisors in Washington, District Columbia. [48:09] JD: Is that what it stands for? And he said this quote on stage on a panelist interview or discussion quote, using data to benefit plan participants is the future of retirement. I would love to see a world in the in the future where, you know, even as a third party administrator working with a record keeper, we gather first name, last name, social address, compensation. [48:44] Mark: Right. [48:44] JD: How much you're paid, how much you [48:46] Chad: got a Bonus where your investments are. [48:48] JD: This is at the record keeper, how much you're putting into your foreign account, when you moved money from stocks to cash or from cash to stocks. Like, there's so much really interesting information [49:01] Chad: when you got a raise, when you [49:03] JD: moved or bought a new house. Like, we have so much information that we could deliver wellness on an efficient way that would just kick ass and make 401k plans in our industry, like, huge and so impactful. And so why would I not want that to happen? I know Tony Davis doesn't want it to happen, but I kind of do. [49:29] Ed Lamarck: Yeah, it will happen. And it has to go more than just the participant. Right. Because that raise that you saw, that, that matching percentage, that's just a participant. What about the spouse? What about the two kids? So you have to household the data. And then that is much more robust and rich. So you need a means to share the household data so that you can help an advisor give more holistic financial advice. Right. And it's not just a participant, I guess in your. [49:57] Speaker C: We have 400 $1,000 checkpoint. You missed it. [50:02] JD: That says you have a 401k account. I guess your world can still be my world. It's just. You're saying, yeah, all those things can happen. Jd, let's just put the participant in control of their own data. And I'm sitting here going, like, I don't think that's going to happen. Like, I, I think if Fidelity is going to own the fucking data and Empower is going to have the data and all these vendors are going to have the data. And because we. [50:33] Chad: Go ahead, John, we've said it a [50:35] Speaker C: million times in the show. If the data is being leveraged in the right way for the right reasons and not selling something to people that don't need it, then that data is incredibly valuable for the participant to give up. [50:50] JD: Yeah, but I guarantee valuable for the, [50:53] Justin: the, you know, the record keeper. [50:55] Speaker C: It's not what I'm. No, what I'm trying to say is there's not a need to block the data. There's a need to make sure that the data is being used in the right ways. [51:06] JD: Yeah, [51:08] Speaker C: I'm sharing my information. Ed, you had said something in the YouTube that JD and I had watched that he was talking about earlier, and I think it was an address to your alumni. [51:18] Mark: You don't think I watched that? [51:20] Speaker C: No. [51:20] Justin: Margaret admitted you didn't. [51:23] Mark: I didn't read the article. I watched the video. [51:25] Speaker C: Oh, okay. Well, that Mark watched as well. Apparently just Justin didn't You said the most valuable. No, you didn't, Justin. [51:33] Justin: I swear. It was a TED Talk. [51:35] Chad: Okay, guys, you all watch the video. Well done. Go ahead. [51:39] Speaker C: Most valuable data is knowing when someone is ready to buy something. And with that simple premise, if someone is ready to buy something and it is a need, that's why they're ready to buy it. And we can help put the right products in front of them. That isn't. That's valuable to me as a consumer. And so I think if the data is being leveraged correctly, that's a damn good thing. [52:02] Justin: But how do you sell when you're ready to buy something? [52:05] Speaker C: What if you're actually leveraging the data that's watching their search? [52:09] Chad: You can. [52:09] JD: Yes, you can guess, Justin. [52:11] Chad: Based on life events, you can guess. [52:14] JD: Of course, you can make some logical assumptions. [52:17] Speaker C: You're not going to get everyone right. [52:19] JD: Yeah, you're not going to be right all the time, but you can, you can predict some pretty gnarly stuff by. [52:24] Justin: I'm sure you can. I just, I think about it from the other side of the coin. Whereas if I'm searching for a golf bag, right? And you know, I want it, I want it, I want it, but I can't afford it. But it keeps coming up, it's going to keep reminding me, oh, okay, I'm ready. I'm just going to get this because. [52:37] JD: So that is my history. [52:38] Mark: I must have that. But what happened a couple weeks ago, it did. [52:41] JD: You're right. You're right. That is what the naysayers would say about our current world. [52:48] Justin: And, And I don't disagree with what you and Chad are saying and are in favor of. I'm in favor of that to give. Give the consumer the control of it, Right. Say, hey, this is how I want to be targeted. [52:55] JD: So I, I like Ed's mission. I think. [52:58] Mark: I think people know how they want to be targeted. [53:01] JD: I think it's the appropriate. [53:03] Mark: Think it's that big of a deal. [53:04] JD: Yeah, I'm with Mark. Like, I think Ed has the right mission. Like, if Jesus Christ comes down, he's going to bless that one. [53:12] Chad: I just don't know if we're not [53:15] Mark: bringing religion into this. Dude, come on. [53:17] JD: I just don't know as a society if, if we can get there. And I don't know if the greed of corporate America and it will let us get there. And I, I see the other side of things. I feel like it'll be the not using your own data, other people using your data. [53:35] Chad: But I'd love for me to be wrong and Ed to be right. But, Justin, to your, to your point [53:43] JD: and to Chad's point of. Well, they can do it if they do it right. If they, if they don't do it evilly. That's not a word. [53:49] Chad: I don't think their lawyers are gonna. They're all gonna look like they're doing. Playing within the lines. Like they're everything they say to me, oh, no, this is what we. It's not like selling out there. [54:00] JD: No. We sell this to people for no reason. It's all gonna be these triggers on data that are gonna be very logical and say, when these life events happen, we push these products out to these people. But I agree with you, Chad. Potentially a future fiduciary review meeting could look like this. You could have an advisor guiding a client, a plan sponsor, and saying, hey, look, you've got 2,000 employees and you're with record keeper X, and they gather data and sell these other services to your participants. That is worth $50,000. [54:39] Speaker C: Yep. [54:39] JD: We're going to, as fiduciaries, understand that and go back to this record keeper and get the benefit of that $50,000 in lowering other costs or bringing it back to the plan. Like, you know, and you don't even have to call it a plan asset for that to be true. Like, it could just happen naturally, even though it's not legally a plan asset, but you're still monitoring what's right and wrong for your participants and getting the best bang for your buck. Right. That could be a future. [55:08] Speaker C: Yeah. [55:09] Chad: I don't know. [55:09] Speaker C: I think Ed's been biting his tongue and I think you got something you wanted to say. I think. [55:14] Ed Lamarck: You know, what we didn't really delineate here is there's first party data and third party data, those cookies. And like, if you're surfing for a surfboard JD on one website, and then all of a sudden that ad for surfboard showing up, that's. That's third party data. Because they. That's. That wasn't your permission. But first party data is when you actually bought that surfboard. So you went to Dick's. That transaction is first party data. [55:38] Chad: I don't buy my surfboards. [55:41] Justin: Right. [55:42] Ed Lamarck: Comped. Right. But see, there needs to be an, I think, going to be an intermediary compromise between first and third parties. So in other words, you're buying, say, $3,000 a year on sports equipment. Your surfboard purchase went into sports equipment. And that's what. Second party data. That's what we call it in the well, pool, okay? We have 600 categories that we get your household organized with. We don't let people know that you bought a surfboard, but we put it under sports equipment. [56:13] JD: I get it. I get it. And I'm sure that's the better way to do it. But like I said, I'm beating a drum here. I don't mind you knowing I bought a surfboard because that's more information that could be used to help me navigate my life better down the road. But I also understand the privacy issues and people taking advantage of me. But we've talked about this before. I just feel like that's on me to not be a stupid consumer. And when I get an ad in front of me that says, go buy this, I don't go, okay, it's on my phone. [56:47] Chad: I'll go buy it. [56:48] JD: Sure. [56:48] Chad: But if it makes sense and it [56:50] JD: fits what I want, then God bless them. Like, they. They're able to point me in that direction because they have my data. [56:57] Chad: But again, I just think I just [56:59] JD: imagine, like, the 401k plan, 3.0, 4.0, leveraging data and what we could do from a wellness perspective. [57:10] Chad: And I know, Ed, you share that same vision, just in a different path. [57:15] JD: It could be freaking amazing. It could be amazing. And so we need to push that way, I believe, because we'll become more valuable as an industry to our participants. And what I've said over the last few weeks, what I'm learning is this is exactly what the plan sponsors want. They want help for their people. They don't want fiduciary review meetings. They don't want to know that they've got a good group of mutual funds and that passes their investment policy statement and that they've done a benchmarking of record. They don't want that shit. I mean, they want it, but not really what they want. I want to be able to afford stuff. [57:54] Chad: What they want is for their people [57:57] JD: to be in a better financial position, and they see wellness as the solution for that. [58:02] Speaker C: And we have focused so heavily on monetizing the data and leveraging the data. And I made the point to Shannon in the chat bar. For me, the tech that you all are offering was hugely valuable as a consumer to see where our family expenses were and aggregate. I think you mentioned 600 points in terms of how you're pulling the data into different categories. Seeing that we were spending more in one area that we had no idea we were to see that we still had things that our kids had purchased on itunes, that Was really valuable for me. And now being able to look on it, at it on a monthly basis and see how water went up dramatically because Mark and his family have stayed with us for a month and they've showered here the whole time. [58:48] Chad: Thanks. [58:49] Mark: Thanks, buddy. [58:49] Speaker C: These are all things I need to see. And this software pulls it all. [58:53] Mark: You told me it cost you $12 to fill your over. [58:57] Speaker C: The above ground pool was $12 to fill. In California, that would have been at least four grand. Right? [59:04] JD: Well, I have to keep my pool at a constant 90 degrees, so it's very expensive. But I like it that way. [59:10] Chad: Okay, before we go to Chatbot Champion, [59:15] Mark: I thought we were gonna miss it. [59:17] JD: I would have been upstairs about it. I can't remember everything, you know. Well, that was poorly timed. Or maybe not poorly timed. [59:35] Chad: It's rigged, Chad. You cannot flip a quarter and land on heads seven times in a row. [59:40] Ed Lamarck: It's. [59:41] Chad: It's impossible. Physics will not allow it. Science will not allow it. It cannot happen. Rogue Guy, I'm glad that you're drinking that Smirnoff because it's going to loosen you up for a little drunk stock tips. Brandon, let's play that glorious. [1:00:06] Justin: I really like that music. [1:00:08] Chad: Right, and remember, people, the show does [1:00:11] JD: not end at 5:30 Pacific on a dime. Every time we've given up on that, we just roll with it. We go. [1:00:18] Chad: We go where we go. Okay, Robe. Guy, let's look at your history a little bit. [1:00:23] Speaker C: Yeah. [1:00:24] Chad: When you recommended Apple as a buy, [1:00:28] JD: right, it was at $142 per share today. $157.35. [1:00:39] Chad: You knocked that one out of the park. [1:00:42] Speaker C: Not following the market. Even better. [1:00:44] JD: No, the market's been a little weird. That was not too long ago. That's an 11% gain. [1:00:51] Chad: Well done, you stock picking genius. [1:00:54] JD: You also caught a lot of shit on the Internet and in the show for saying no, buy Netflix. Fucking buy it. You were all in on Netflix for a variety of really intelligent and smart reasons. At the time, Netflix was at $199. You know where it's at today? Of course you do, Mark. $226.02. That is a 26% gain. Okay. [1:01:25] Chad: I mean, what. This is magic. [1:01:28] JD: Then we jumped into Laird Superfoods. You and Chad had a little battle. I realized the time, it was only a couple weeks ago or two weeks, maybe one week ago it was at $2.02. You said, hey, everybody. Road guy doesn't always say bye. No, not this time. He said, get away from it. Sell it. Don't like it. Screw that surfer guy and his little coffee mixers. Wasn't the right time. $2.02. [1:01:57] Chad: It's $1.95. [1:01:59] JD: That's a 4% decline since you said it, Mark. [1:02:03] Chad: All right, genius. Genius in the robe. I got a new stock for you I'd like you to review because you're making me millions of dollars. The ticker is zm. The company goes by the name Zoom. The current stock price is $106.22. [1:02:23] JD: It's got a market cap of 30 billion, over 7,000 employees, and 2.7 billion [1:02:29] Chad: in revenue last year in 2021. [1:02:32] Mark: None of this makes sense to me. [1:02:34] Chad: Eric. Eric Yon. [1:02:36] Mark: By the way, are we done with Ackerson? Because you're just racking them up. [1:02:40] JD: No, we're not. [1:02:42] Chad: It's still there. Now, mind you, Mark, it is down [1:02:46] JD: 82% from its all time highs of $559. [1:02:52] Justin: Was that in April of 2020? [1:02:55] JD: That was in October of 2020 when it reached its highs. [1:02:59] Mark: Yeah, when everybody went crazy about it. [1:03:01] JD: Yeah, yeah. [1:03:05] Chad: Mind you, before COVID it was trading around $66. [1:03:10] JD: And so the stock, even in its fall, is still up 71% since the beginning of 2020. But don't forget, it's fallen over 70% from its highs in June. [1:03:24] Chad: Last month, Zoom announced a new product. [1:03:26] JD: They're trying to monetize their participants, sort of kind of with Zoom 1, which I believe is a phone service tied into the this, this and that. [1:03:36] Chad: But anyways, it brings together chat, phone [1:03:38] JD: meetings, whiteboard, other tools. [1:03:40] Chad: So, Mark, do we zoom it or do we not zoom it? Where do you stand on this stock? [1:03:47] Mark: Again, most of the things that you were saying just don't apply to my methodology here. So. [1:03:51] Chad: Fair enough. Whatever works, works. [1:03:53] Mark: You know, you said basically, I wasn't listening to. It's very simple. Just tell me the company name and I can give you my answer very quickly. And my answer is, is a buy again. I'm. I'm a buy with Zoom. I, I believe, and we talked about it today, just real vaguely, but you know, some people haven't adapted to these environments of you. You have to do this like there's no more. They. Conference calls should be banned. So I think that the government's going to come down and say conference calls are illegal. Okay. If you don't, if you have a meeting virtually, if your camera's not on, you're going to be fined. You're going trouble. It's the, it's the next wave Surf analogy here. [1:04:37] Chad: Why Zoom? Why Zoom instead of Cisco or team whatever. [1:04:42] Mark: Because they all suck, that's why. At Zoom, zoom is kind of cool. I mean, again, it was way cooler when we first started using it. Everyone's into it again. Every time I have a meeting that's non zoom, I get really mad because I don't. I'm uncomfortable about it. Some things just look weird, sound weird. [1:05:02] Chad: See what Samson said, it's a verb. Like, people say, hey, zoom. [1:05:06] JD: Zoom's a thing. No one says, hey, less teams. But they say zoom, let's zoom. [1:05:10] Mark: It's like. It's like Kleenex, right? It's now become the terminology behind that. [1:05:15] Speaker C: So, Samson, I said the same thing [1:05:17] Mark: at the same time, right? So Samsonite, you and I. So anyways, it's a buy. [1:05:22] JD: It's gonna explode again. [1:05:23] Mark: It's going way up. I mean, it's. There's no doubt. I'm heavily invested in Zoom myself. [1:05:29] JD: Let me just. [1:05:30] Chad: Let me just head to my E Trade account. [1:05:31] JD: Hang on a second. [1:05:33] Chad: Got it. [1:05:34] JD: Okay. Thanks, Mark. [1:05:35] Chad: Solid. Well done. [1:05:36] Justin: You went the opposite way. I thought you were gonna go everybody. [1:05:39] Speaker C: You thought I was gonna say buy, Sell. [1:05:42] Chad: Should be paying attention. [1:05:44] Mark: Hey, never let them know your next move, Justin. [1:05:49] Chad: Thank you, Rob Guy. We appreciate your financial insights on the stock market. It's. [1:05:54] JD: It's. [1:05:54] Chad: It's been a. [1:05:55] JD: It's been an absolute honor to watch you do what you do over the past few months. I'm. I'm speechless. [1:06:04] Chad: Well done. Well done, Chap. Our champion. My vote is for Greg Greenfield, for a variety of reasons, really brought it today, and I suggest that you vote for him to win the whole damn [1:06:19] JD: fucking thing so I can send him some food next week. [1:06:22] Chad: Justin, who's your pick? Because you can't have Greg. [1:06:25] Justin: Well, that was my pick, but you know what, Samson? [1:06:28] JD: I had a great night. [1:06:29] Justin: He's my second pick. [1:06:30] JD: He's in craft tonight. [1:06:32] Speaker C: Yep. Samsonite. [1:06:33] Chad: Okay, Ed, we're gonna go to you now. [1:06:38] Ed Lamarck: I've got to go with the co founder, Troy Tar, so. [1:06:42] JD: Oh, kissing ass. His home is in kissing ass. [1:06:47] Chad: One of those guys. He votes for his friends instead of the people who actually earn it because Troy Tar. I don't know. He wasn't really bringing it in the chat bar tonight. [1:06:57] JD: He was okay, but I don't think his firefighter buddies would appreciate the effort he brought in. Mark, who's your vote? [1:07:05] Chad: He's a new. He's new into the. [1:07:06] Mark: The chat world. You may not. [1:07:09] Ed Lamarck: Yeah, you know, I don't know if [1:07:10] Chad: you know his name. [1:07:11] Ed Lamarck: He's a. [1:07:11] Mark: He's a Gregory Veterde Field. [1:07:15] JD: Is that actual person? [1:07:17] Speaker C: No. Oh, my gosh. It's Greg Greenfield. Verde is green in Spanish. [1:07:22] Chad: Okay. [1:07:23] Ed Lamarck: Sorry. [1:07:24] Speaker C: Make sure you got that. [1:07:25] Chad: Lo siento. Lo siento. Chad, your vote. [1:07:29] Speaker C: It was an early quote from Hackler when he told Samson that winners keep score. Samson. And it's true. Winners keep score. And I'm going hack. [1:07:40] JD: You and Hack are such winners. [1:07:44] Chad: You above ground. If your pool is above ground, you're not winning. Bless you, Mark. All right, let's do it. Let's throw it out there to you. [1:07:52] JD: You're gonna choose the winner, and I'm [1:07:55] Chad: gonna try to come up with some kind of creative food for next week. [1:07:58] JD: I don't know what, but I'm gonna figure something out. [1:08:00] Chad: Like, maybe I'm gonna send you 100 [1:08:04] JD: chicken McNuggets or, I don't know, something [1:08:08] Speaker C: like sushi that goes bad before it gets there. That would really be a challenge to someone that decides to eat it. [1:08:16] JD: You know, we should start doing. Is put them up in the acrosyn box and force them to eat whatever we sent them in its completion during the show. [1:08:27] Mark: Yeah, [1:08:30] JD: I'm pretty sure Greg is running away with it. [1:08:34] Chad: Yeah, Gigi, I'll drink for that. You are chat bar champion. Make sure let me know if you've [1:08:44] Speaker C: moved, because can we acknowledge that Troy tar had a 0% voting? [1:08:50] Chad: Ed couldn't vote for him. Vote for himself. What the hell? He bailed. Okay, Ed, thank you so much. [1:09:01] Ed Lamarck: Thank you. [1:09:01] Chad: Spending time with us today for spreading the word on the wealth pool, for [1:09:07] JD: being an entrepreneur that wants to make something. Oh, no. [1:09:11] Mark: I know why you picked swimming pools as a theme. [1:09:16] Chad: Yes. [1:09:16] Mark: Wow. [1:09:17] Chad: He just got way to connect it. [1:09:23] Ed Lamarck: Okay. [1:09:24] Mark: Honestly, it had been going through my mind, but JD Said, I picked swimming pools. I don't know why. And I really thought, like, why doesn't he? I don't. [1:09:32] Chad: Can I thank the guy for being on the show? [1:09:34] Mark: Yeah, go for it. [1:09:36] Chad: We appreciate you being here. [1:09:37] JD: We appreciate everything that you're working on. And, yeah, you're doing it the right way. People should own their own data. So good luck to you. I hope it works out. If there's ever anything we can do for you, don't hesitate to call us, guys. [1:09:55] Speaker C: Yeah. [1:09:56] JD: I love you, man. I really do love you. I love spending these Thursdays with you and you're. And you out there in the audience. [1:10:10] Chad: I mean, from the bottom of my heart. [1:10:13] Mark: Oh, God. [1:10:14] JD: Are a bunch of. [1:10:18] Chad: Why are you here on a Thursday night. [1:10:20] JD: Get a life. I told you last week. Get a life. All right. It's been another episode of Retireholics. [1:10:27] Chad: Ed, you can stick around for the [1:10:28] JD: after show if you would like. [1:10:29] Ed Lamarck: Stick around a while. Thanks. [1:10:30] JD: Okay. [1:10:31] Chad: Or you can head out either way. [1:10:32] Mark: All right. [1:10:33] Chad: Right. Brandon, let's play some music. I'm gonna hit.