Plan Takeovers, SECURE 2.0 & the TPA Staffing Crisis

[0:00] Mark: You're right. [0:26] JD: So this. This is the part of the show where you. You welcome everyone that tuned in, you say hello, maybe say a little something funny to set the tone for the show. So take it away. Give us your. Your intro. [0:38] Shannon: Hi, everybody. [0:40] Chad: Yay. So here's our deal with our intro. So JD Called us and said, hey, would you guys do this? And I said, I'm a little busy. And Shannon goes, we're gonna do this. And then I said, can you. Hey, Shannon. Great. I'll think of the topics. All think of the lame or game. You do the intro. And then today she said, cool, we're not doing an intro. So that's our intro. [1:05] Shannon: No, actually, we have an intro. Hey, y'. All. We do. Okay, so actually, somebody else wrote this for us. So we're gonna. We're gonna enter, everybody. So please welcome the retireholics to the Shamanda show. First, we have Chad Johansen, a very smart man with a side gig designing women's dresses. Mark Palmini eventually hopes to be a full grown palomino. I don't know what that means. Somebody wrote this for us. Justin McNeil. Quiet, reserved. Or is he just an Apple product that's been slowed down until the new version is on the market later? [1:43] Mark: That is true. That is true. [1:47] Shannon: Brandon. Brandon really doesn't want to be. Really doesn't want to be here. Would prefer to have been an adult in the 80s and spent his life working on Xerox machines and playing the Legend of Zelda. [1:59] JD: Ooh, that's not too. I like that. [2:05] Chad: You gotta let me fly. [2:06] JD: This is all from Mr. Bowtie. This is all. Yeah, okay. [2:10] Shannon: Yeah. Mr. Bowtie. J.D. carlson. Rogue rebel Disruptor. Still can't raise as much money as human interest. [2:21] JD: Well timed. Well timed. [2:22] Chad: Good job, Bill. Nice. [2:23] JD: And we'll have to talk about it today. [2:25] Shannon: Thank you, Bowtie man. [2:27] Justin: Who's Bowtie Man? I'm left out of this. [2:30] JD: Bill Preston. [2:30] Chad: Bill Preston. [2:31] JD: Bill Preston. [2:33] Mark: I couldn't even understand what you said about me, to be honest with you. [2:37] Shannon: Well, you know, actually, I would have said something more about your robe and how you're, like, selling yourself for sponsorships. And you have the most adorable daughter ever. That's probably your best gig going, Mark. [2:51] Mark: I appreciate that. [2:52] JD: Mark, you can't always be the center of attention. [2:54] Mark: Okay? I just couldn't hear what she said. It was too. I don't know. I'm distracted. [2:58] Justin: I'm sorry. [2:59] JD: Well done, ladies out there in the audience. You can rate that 0 to 10. I'm pretty sure it's a 10 across the board. But what we do now on the Shamanda show is little housekeeping. Why don't you let everyone know about what two games we're going to play today? Do you know what those games are? [3:16] Chad: We're going to play a little lame or game. And Shannon, what's the other one? [3:20] Shannon: Acro Sin. So anytime somebody says an acronym of any kind other than JD's name, starting now, they have to take a drink from their penalty. [3:31] Mark: What's an. What's an example of an acronym just in case people aren't aware. [3:35] Shannon: Okay, we're not starting now then. [3:37] Mark: No, you already did change those rules [3:39] Shannon: and I'm not giving you an example. [3:41] Justin: You can't double stamp. [3:43] JD: Trying to catch you. [3:45] Chad: Okay, retireaholics, could you please give us an example? [3:49] Justin: Sure. Because this is the way we roll. Erisa, cbc. [3:58] JD: Yes. So thank you, Justin. Justin's letting you know what's another game we play that you can let the audience know because they're part of it. [4:05] Shannon: That bar champion. So the whole night we're all going to be watching the chat bar. And then I think we get to vote first. And then the audience votes last on who the final who wins after we pick the finalists. Correct. [4:19] JD: This chick knows her shit, man. She knows how this thing works. [4:22] Shannon: I'm on here every week almost. [4:26] JD: Now, typically we would dive into. Into some headlines. I don't know if this is your show, so if. [4:34] Chad: Yeah. So jd, I believe this part of the show we're going to have you dive into some headlines. So tell us about some fun headlines for us. [4:43] Mark: That's how you do it right there. That's what you do right there. [4:46] JD: Love it. Just. I'm supposed to be off tonight. I'm just kicking. Yeah, you are off. This is all you have, just playing along. Well, per that little intro from Bill, the news hit. I think Mark sent us a group text when he saw it. Human interest raises 200 million in funding. I think that brings them up to like 350 plus million dollars. And I think that puts them at a $1 billion valuation. Maybe we'll talk some later about this [5:17] Mark: because I've done everything around me. Queen, get the money $$bill, yo. [5:23] JD: Kind of interesting. Maybe I'll give you guys some quick stats. I did a little research and don't quote me on these numbers because I'm just kind of making them up. Through looking at backdoor data and different interviews and podcasts, they. Let's see, I'm thinking they have about 5,000 clients at this point. So it's kind of interesting if they've got 5,000 clients and they're valued at a billion dollars. [5:47] Chad: I also see Justin's just really quickly to interrupt you. Did you see Justin's chat about that? He has a question regarding 500 clients. He wants know if those 500 clients are like in the last two hours because they tend to lose them that quickly. [5:58] JD: Ooh, ouch. I like this. I like this guy. And I said five. I think they're up to about 5,000 clients and I think they make that the way their fee structure is. It's 50 basis points as a wrap and they charge anywhere from like 1400 a year to 1800 a year in terms of like hard dollar fees. So I'm kind of guessing based on their size of clients, like say a 20 person plan with maybe $250,000 in assets, trying to guess at averages, they're probably making about 5k per client. So if they're making 5k per client on 5,000 clients, they're making 25 million in revenue. Their CEO, Jeff Schneebel, I don't know if I pronounced his last name right. I don't think he knows how to spell 401k. He's from outside the industry. He's a Silicon Valley venture capitalist. But he's claiming that they're setting a goal to get $100 million in revenue over the next three years. [7:00] Shannon: 100 million? [7:02] JD: Yes. And then go public. So based on my math, they would need about 20,000 clients. They'd have to 4x what they've done so far. And I'm not suggesting they can't get there. I downplayed guidelines. Success. And they've gotten to different places. But we can talk more about them later if we want to. But that's an update on them. It's the world we're living in, these Silicon Valley types. I think he's a Harvard grad, or at least the founder is a Harvard grad. Roger Lee, by the way, look up the founders, Roger Lee and Paul Sawaya. CEO. Schneble is not the founder. He's just a hired gun CEO, but the two kids that started it. And I say kids because I think they're in their late 20s, maybe their early 30s when they started in 2015. And one of them has left. So he got paid big bucks. Insert Wu Tang clip here. And the other one. And the other one is. Is still there. A chairman of the board, Roger Lee. And he's still a young guy in his 30s. Billion dollar valuation frickin. These disruptors, they're out there. I'm really not sure what I think about them, but I'm not going to get on a soapbox and. And go off about that. What other headlines do we have? I saw Terrence Powers firm. What's it called? Platinum 401K is now the pooled plan provider. Or the. I'm going to say P3. Do I have to drink for P3? I forget those. Yeah, I probably do because it's just so cool to say I think I have to drink twice because I asked if I could say it or not. [8:39] Chad: No. [8:40] Shannon: Yeah, you do. Yeah, you definitely said it twice. [8:43] JD: He is the pooled plan provider for, get this, the One Digital pooled employer plan. So two bits of news there. Terrence gets to. [8:57] Justin: I didn't hear that. [8:58] JD: I think Empower is going to be the record keeper. And then his little offshoot is the administrator. I forget what it's called. But his third party administration firm is the administrator. And so yes, One Digital has a pooled employer plan. And Terrence Powers, who's, you know, he's a big pep fan. I'll drink to that. Is running it. So that's kind of cool. And yeah, I don't know. That's all the news I got. Maybe you guys. Maybe you little ask a little. Is that. [9:34] Shannon: What did you call us? [9:35] Chad: That was [9:38] JD: maybe. Maybe you little Association Society of Actuaries and Pentuaries. [9:45] Mark: Want to drink? [9:47] Chad: You better drink first because you might stop. And then you called us ass. [9:52] JD: So want to plug some. Some American Retirement association stuff? Are there some conferences coming up? What do you want to plug? And then we'll move on from headlines. [10:01] Shannon: So we have two conferences coming up. First, the national association of Plan Advisors. [10:09] Chad: Good job. I was worried there. You paused a lot. Napa Summit. [10:13] Shannon: The summit is coming up in Vegas and we're all going. [10:17] Mark: Who said that? Who said which? [10:18] Justin: That was Amanda. [10:19] Chad: Dang it. [10:24] Mark: And you had it. [10:26] Shannon: Then we have the American Society of Pension Professionals and Actuaries annual conference coming up in October in Washington D.C. along with the TPA growth some. Ah, damn it. Along with the growth summit that had. Yes, I know Chad. Chad is on the committee. How's that going, Chad? [10:49] Chad: Chad's on the committee. [10:50] Justin: Fantastic. [10:52] Chad: Shannon and I are going to speak at Annual. So you know that's going to be an amazing conference. So you better come right. [11:00] Shannon: That's what they have going on. [11:01] JD: If they treat. [11:03] Chad: And Kevin mentioned the National Institute of Pension. Hold on. A Pension Administrators business management conference. That's In September. [11:13] JD: Well, Kevin's not. This is not the Kevin show and he's not allowed. So I don't know what you're doing there. [11:24] Chad: As a host, I'm kind to everyone. [11:25] JD: Jd, it's actually your show. You can do whatever you want. But Chad, when you show up for that and you're kind of the new kid on the block, don't let these chicks like send you to get coffee and stuff like that. You're legit. [11:39] Justin: I will. I will happily go get them their coffee before their speaking gig at annual and I will put so much booze in it that they will be falling down on stage. It'll be fantastic. [11:50] Chad: No, more than likely, Chad, if we ask you to get coffee, It'll be around 7am and we will say, we're dying, Please deliver coffee to this place. And it'll likely be, we can't get out of bed, we need some aspirin and coffee, please. [12:02] Justin: And there will be booze in it. Happy to do it. [12:06] JD: We've had some headlines, we've had some banter, we've established the rules for the show. Shamanda or Amanda. I know you're the one that put this together. You've got kind of a subject, a vibe for the show and I see several bullet points of things you like to talk about. So take it away, man. Tell me about. [12:26] Chad: Okay, we're going to talk about all the trends. So we've got a bunch of topics. If we like one, we can stay on it. If we hate it, we can skip it. And in the chat bar, if you guys want us to talk about other trends, we're going to wing it. So the first trend. All right, a lot of us are seeing takeover plans. What are we seeing as a trend? What are we noticing when we're looking at takeover plans? Shannon, you want to start? [12:55] Shannon: So I think one of the biggest trends we're seeing in takeovers is obviously coming from, I will say, large bundled environments, people wanting more hands on service. And one of the problems we're seeing, one of the trends is coming out of those types of environments and discovering that they have control group issues that they've had for several years. I'm currently working on a project right now that the issues date back to 94. [13:28] Chad: So [13:31] JD: wasn't it better when they were. I feel like going to you as a third party administrator now. It's a pain in the ass. Cause you're going to discover all these things went wrong. Like their life was bliss with a bundle provider. They didn't even Know things were wrong. [13:44] Justin: You don't know doesn't hurt you just go on back. That's what they want to do. [13:48] JD: Get back to Shannon. [13:49] Mark: What are they doing? Are they actually in that scenario, doing the corrections like they should? Or they're like, hey, what can I do? [13:56] Shannon: We. When we discovered. When we discovered how many issues there were, and it all came about because of an acquisition of a much larger company. And so when they discovered that they had an issue, they came to us. And when we discovered how many issues there were, we said, guess what? We need to risk the council now. And so my main function at this time has been to summarize. Oh, man. [14:25] JD: The big one. Send your thought or go ahead, drink. [14:30] Shannon: My main function at this point is to summarize our findings and then ask for guidance from the attorneys and what we're going to do when we apply to the Internal Revenue Service for forgiveness. [14:46] JD: So, Shannon, see, isn't. [14:48] Mark: Isn't this why people are like, why am I going to use a third party administrator? They dive in there, they find all these problems. They cost me all this money. [14:58] Justin: Come on. [14:59] Shannon: They actually figured out. They actually figured out. They went to a. [15:04] Justin: Please, no. [15:07] Shannon: For the. What's the. What is the human resource. [15:11] Chad: That's. [15:16] Mark: That was a good one. That was a good one. [15:17] Chad: You're awful. [15:21] Shannon: So they went to a conference and they figured out on their own that they had an issue and then came to me to solve the issue. So do you. I will. I thought it was nice, too. [15:33] JD: Let me ask you guys, um, when we kind of do a tightrope walk with this, how on. On taking over plans and bringing them onto your. Your business model, How. How. How deep do you dig to find things? What's your process like? Because sometimes I'll admit to the world, right now, I'm telling my people, like, look in my retainer. It actually says, hey, your past problems are not really my responsibility because I may not be able to uncover them. And so sometimes I'm afraid of what we look to find and if we look too hard to find things. So I'd like to get your guys kind of vibe on that. Like, how deep do you look? [16:14] Shannon: We don't dig. We don't dig. The only problem. And I'll tell you, jd, the way that we find it is by asking the ownership questions that you're supposed to ask anyway. [16:24] Justin: Every year. [16:25] Chad: Yes, we ask it every year. That's bizarro to me. That is. [16:29] Shannon: The only way that we find the issues is by asking that question. If there's issues with testing and things like that in prayer. We do not dig for that at all. I am not going to go looking for dead bodies. [16:42] Justin: I love it. Sorry, go ahead. [16:45] Chad: Nope. Jump in, Chad. [16:48] Justin: No, Amanda, you have to answer that question. [16:51] Chad: Actually, I'm the host and you were talking and he interrupted you, so now [16:54] Shannon: you get to go. [16:56] Justin: I was going to say, I love it how every person bitching in the chat bar and on this show right now are the third party administrators that make their living off fixing shit and finding problems. And here we are. The first thing we announce in trends with takeovers is problems, problems, problems. Here's. I'm gonna say it's true, but here's what my. My comment back is what I have found in probably the last, I don't know, 10% of the takeovers that I've been looking at this year is that the human resources person turned over during the pandemic. As they cut people, they brought somebody else and they put that hat on their head and said, you're not. I know you don't normally do payroll, but you're going to do this for us right now. You're the cfo. You're going to take care of this. And that's where a lot of the mistakes are coming from right now, is they didn't know how to run. [17:47] Shannon: I love that. [17:48] Chad: That's a great perspective. [17:50] Shannon: That's great. [17:51] Chad: Yeah. And that may be why we're seeing an uptick too. Although we've taken over a group of plans lately and I think maybe Will or someone else in the chat said, you know, I'm taking over plans that never even had a plat plan document. Like, we're taking over ones where, you know, we have a combo plan and the DC plan is. The plan is sitting. I know, I got it. [18:15] Justin: I'm official. [18:17] Chad: No, I didn't. I was going to just finish with that, but we don't even see like there's been no trust accounting there. You can. I don't know how you start if you never had a breakout of participant accounts. I'm like, well, what did you get? Can I see your annual valuation package? Well, we got a 5,500 from the prior third party administrator, nothing else. And I'm like, this is crazy to me. We worry about so much. And so, you know, and then you're not even getting that. So we've also seen an uptick in crazy takeover situations. And honestly, the advisor. So how do you handle this? Yes, Mark, I'll get to you next. I try to Call the advisor. If they brought us in first and talk to them first about it out of respect. And I'm wondering how do you guys handle that with referral sources that brought you in and you're seeing the issue. Do you go directly to plan sponsor right away, or are you taking it a different avenue? And advisors in the chat tell us how you prefer it now, Marco. [19:17] JD: Fran. And it's not. It's fucking hard, bro. [19:19] Justin: People are getting seizures and asking us to shut off the filter. [19:22] Chad: We can't because now I have a white shit sheet behind me. [19:27] Justin: Nobody would see it. Still your crop. [19:30] Mark: I wasn't attempting to answer your question. You guys were just going down some pretty crazy rabbit holes and, you know, let's try to keep this show loose and fun and understandable. I was just going to say trends in takeovers are because of restatements. Let's just call a spade a spade and say people are trying to. People are trying to save a couple thousand bucks. And they're like, oh, I got to pay this third party over here 1200 bucks if we take it over here. We don't have to do that. And so I'm. [19:58] Chad: Where do you not have to take. What do you mean? Where are you not? [20:01] JD: Well, not that. [20:02] Mark: Not to get into our fee structure, but if we have enough in assets coming over, then we can waive our setup costs. Right, right, right. So I'm just saying that you said trend, so takeover plans are more. [20:15] Justin: Are you. [20:16] JD: Are you doing that, Mark, you little sleazy son of a bitch. Are you sleazy? And to a prospect and saying, hey, you know, have you paid for your restatement yet? Because what' going to cost? And you know, if you come to me, we're waiving your install. You'll be right on the new cycle. Three docs like, hey, hey, hey, let's do some business. Is that you? [20:35] Mark: I'm asking the question, J.D. [20:38] Justin: we learned that from you. [20:41] Shannon: Say J.D. who taught them that? [20:44] JD: And not me? Not me. [20:46] Chad: As long as you disclose, you go, hey, here is your restatement cost. Here's the revenue sharing I got. I'm fully offsetting it. That's not sleazy. That's. [20:53] Mark: I hide all the revenue sharing stuff. I just tell them it's free. Oh, no. Jesus. [21:01] JD: If we wrap takeovers, can I ask the sales guys here in the room in terms of unearthing bad stuff, like errors in the past, is that part of your strategy? Sometimes when you're trying to close a plan or get to know a prospect, to like, find out that things are fucked up and let them know they are. [21:19] Justin: It's so I'll answer first. If, if my advisor partner is not on the existing plan, then I'm going to dig a little bit deeper. Just being honest. If they are on the plan, I'm not going to dig too deep because I don't want to uncover something that they've made a mistake on in that process. But yeah, jd, if I'm trying to get the advisor in the door, I'm going to look for mistakes that their team has made that the existing 401k has made and lift open that hood and make sure that that client knows these are not things that would have happened under our watch. [21:52] JD: Right, right, right. And I liked what Hackler said he has. It's kind of a delicate balance, right? You don't want to be the classic kind of third party administrator vibe of, oh God, everything's so complicated with these people. But at the same time, if you can show them that, hey, something's maybe not being done right, it is a delicate balance, Hackler, because you don't want to be the scare tactic person, but you want to be the educational one. So. All right, Amanda, sorry. [22:16] Chad: If we can get to plans, you know, make sure they're in compliance and do what we're really good at doing without fricking being crazy. [22:25] Justin: The hard part is, or maybe not the hard part in terms of the balance is usually you don't have to dig very far. Like you guys said, I have a plan came to me to us right now that are asking us to fix an issue. And bb, this is one that I reached out to you on, that they haven't completed an audit or done a tax filing in the last three years. And I'm like, okay, we can fix that. That's not a huge deal. And then I found out they didn't do testing, like, okay, we can still. We can still fix that. Oh, that does not count. [22:56] Mark: You referred to somebody. I didn't hear what you said. [22:58] Justin: Brad Bartel. [23:00] Mark: Oh, that totally counts. Oh, that counts. [23:02] Shannon: Yeah. [23:05] Justin: I asked the question of ownership and I found out there are seven. Seven control groups, not seven businesses. Seven different control groups. Holy cow. Seven different control groups of 18 business. Like how many seven controlled groups? Didn't. [23:25] Mark: Didn't hear the first 12 times you said it. [23:27] JD: All right. [23:28] Shannon: Sucks. Okay, so on to another topic. [23:31] Chad: Yeah, yeah, Shannon, pick another one of the list. [23:35] Shannon: So I want to say, what are we. [23:37] Justin: It's game time. [23:38] Chad: Oh, dang it. [23:39] JD: I was trying to get this. I think it is. What? Don't let Justin tell you what to [23:46] Mark: do on this show. [23:48] Shannon: It's game time. It's. Name our game, Amanda. [23:52] JD: It's game time. All right, A few silly comments about takeovers, and now we're playing games. [24:00] Chad: I guess Justin wants to get everybody lit. Okay, so we're going to do it differently. [24:07] JD: You'll get your CE credit at the end by putting in the code robe guy. Sorry, go ahead. Oh, God damn it. [24:15] Shannon: You know what? [24:15] Chad: Text it to JD's number. We'll provide that at the end. Okay. All right, so lamer game. We're going to do it differently because you guys kind of cheat on layman game and you figure out what other people are going to say. No, there's no cheating. You have to say your lamer game right after I ask the question. And then we'll go to each person to say why my life's. [24:33] Justin: What? You're. You're. You're. [24:34] Mark: You're stepping on my life's work. [24:36] Chad: I love you, Mark, and it is my favorite game. You're pretty awesome at it. [24:41] Mark: I know. [24:42] Shannon: That's her kissing your butt, Mark. [24:44] Chad: No, I actually do my favorite part. All right, and in the chat, I want you to immediately say lamer game. Okay, so going on the trends, we're gonna keep the lamer game on the trends path. We're gonna talk about trends in social media. All right, so the first one I've noticed on LinkedIn, there are a few influencers who did a lot of video. Other people used to do white papers, whatever, and now there's a lot. There are a few influencers. I think we know them who did video. And now it looks like a lot of people are doing video on LinkedIn. [25:19] Shannon: So three minute videos. [25:20] Chad: Is that lame or is that game or like the old newsletter? [25:25] Shannon: Game. Game. [25:26] Mark: Game. We're not allowed to speak. We just shoot it out. [25:31] JD: Oh, lame. [25:33] Justin: Oh. [25:34] Mark: What's the question? [25:35] Chad: Game video on LinkedIn. Is it like the old newsletter or is it game? [25:41] JD: Old newsletter. [25:42] Shannon: Game. It's game. [25:44] Chad: All right, Shannon, say why I still [25:45] Mark: don't know the question mark. [25:47] Chad: You're such a bad participant. I always support you. [25:50] Mark: My questions are quick. Just questions. [25:53] JD: Go. [25:53] Chad: Okay, Shannon, why do you think it's game? [25:56] Shannon: I think it lets people get to know the authentic you much more easy. People do business with people they know, like, and trust. I think video lets people get to know you much, much easier than just typing out a post. [26:12] Chad: Okay, and did someone say lame? Jd, you said lame, right? Okay. Why do you say lame? It's old newsletter. [26:18] JD: Once you're doing something that everyone else is doing, it's crossed the. The line and it's lame. And you got to move on and [26:25] Justin: try a different way of view is too narrow. Everybody is doing it. There's still few people doing it. So few. [26:35] Mark: Shannon's son. Shannon's son does it, and his videos are awesome. [26:41] Chad: I think so many videos are terrible, and if they're more than three minutes long, it's super lame. But under three minutes, I'm game. All right, next one. What about those people that post personal holiday vacation things on LinkedIn? Lamer game. Everybody just answer. [26:59] JD: Lame. [26:59] Mark: Lame. [27:01] Shannon: Game. [27:04] JD: Game. [27:07] Justin: Game. I'm going game. [27:08] JD: Lame. [27:09] Shannon: I'm going game. [27:10] Chad: Hey, Mark. [27:11] Mark: Mark. [27:11] Chad: You didn't answer. [27:12] Mark: I did answer. I said lame. [27:14] Chad: Okay, Justin and Mark, why you guys think lame? [27:18] Mark: Save it for your personal social media. [27:21] Justin: I don't know. [27:21] Mark: That's the best I could come up with. I don't know. So. So here's my rationale behind that. [27:26] JD: I don't. [27:26] Mark: I honestly don't care. I don't know. If you post a picture of, like, look at me, I'm in. Oh, yay for me, Fine. But when there's some sort of relation, like you're trying to relate it back to business, like, I'm sitting out here in nature and it reminds me of, then I'm like, hey, hey, hey. You guy or girl? [27:48] Shannon: No. [27:48] Mark: That's all I said. [27:49] JD: I like that. Mark. [27:50] Chad: Oh, man. Mark. Nailed it. Chad, do you want to add or you? [27:54] Justin: I'm writing it in the chat bar. All you fools just said, be personable. Let people know who you really are. Be your authentic you. But then you're like, don't show anybody, anybody who you are. Increments. Come on. My family is a big part of who I am now. I agree completely with Mark, but, yeah, I post shit on LinkedIn. But that's my. That's my opinion. [28:14] Chad: Yeah, I don't mind it at all, but I agree with Mark. Okay, Instagram. What about people who pronounce their love for their spouse on Instagram? Lamer game. [28:27] Mark: Lame. [28:27] JD: Lame. [28:29] Justin: Lame. [28:29] Mark: Are we talking about that? [28:32] Shannon: Yeah. No. Lame. [28:34] Chad: Chad. [28:36] Justin: Lame. [28:37] Chad: Did anybody say game? Why do people always do it? [28:41] JD: Because they actually. I don't know. [28:43] Mark: Never mind. [28:43] JD: I think again, I think it's. [28:45] Justin: It's. [28:45] Mark: It's. Let me just say it's. It's pressure from the outside. You think, like, people care, and you think, like, you think it matters. [28:53] JD: It doesn't. [28:53] Mark: If you love somebody Just tell them, just enjoy them. Like way too much effort into something small. They want to express their love for [29:02] Justin: their spouse, do it, Amanda. My fight back though would be. And this is something I've thought of recently, at least on Facebook you get Facebook memories, right? [29:10] Chad: Yeah. [29:10] Justin: I enjoy so much when I see like my daughter's third birthday or it might be kind of cool and you know, 10 years to see some post about my wife and I's 10 year anniversary that we had 10 years before. Like, I don't do any of that stuff, but that might be kind of cool. But that would be the only reason I see for that. [29:28] Mark: Keep all that up here, buddy. That's a memory you make with your [29:32] Shannon: significant other in your phone, on your pictures. [29:36] Chad: Oh my gosh. I love the chat bar though. You guys gotta see because theirs is getting them reactive. Okay, I have seen. [29:41] JD: Hang on. I've seen husbands get in trouble from their wives because it's like their anniversary and they didn't post on social that, oh, I love my wife, it's our anniversary and they actually get in trouble. And I've had buddies that I hang out with go, oh shit, I've got to do a post. Yeah, got to do a post. [30:04] Mark: I ran into that recently. It made me laugh. [30:07] Chad: Like I need a disclaimer anytime I say anything romantic or you got mad. [30:11] Mark: Huh? [30:11] Chad: We're not great. So why did you get in trouble, Mark? Because you didn't do it. [30:16] Mark: No, no, no. Friends of ours. I heard it live in color. Like you haven't done anything yet. And I was kind of like, wait, this happens in real life. I just started laughing. I'm like, you guys are stupid. [30:28] JD: Hey, if it's not on Insta, then it didn't happen. [30:31] Shannon: Okay? Not true. [30:34] Chad: Okay, last lamer game. Okay, we said pronouncing love of adults or spouse. Not cool. But what about posting your kids first day of school picture Lame. Or game on Instagram or Facebook? Not on LinkedIn. Game or lame? [30:52] Shannon: Okay, I'm. I'm a little bit game that, I [30:55] JD: mean, I want to say lame, but I feel like an asshole. Lame, lame, lame, lame, lame, lame, lame, lame, lame. [31:03] Mark: Here's what I'll say. That because I don't post on social at all and if I do, like, again, it's just, it is my all that's on my social is my kids. Like, I don't. Because I don't. Yeah. So but I, I see all of those and I'm like, oh my God, nobody cares. So I think that influences me to not do it. But I definitely take a picture of her to have for my own records in my knowledge base. But I just don't tell everybody she started school today because no one else cares but me. Like, that's why it was. [31:32] Chad: I totally posted it today and I love it. Okay, very last one of the whole game. Lamer games. So we've talked about spouses, we've talked about kids. What about creating a separate Instagram account for your dog? Lame or game? [31:47] Mark: Lame as shit. [31:49] Chad: What did you just say, Justin? [31:51] Mark: Lame as shit. [31:52] JD: I'm game. I'm totally game. [31:54] Shannon: Okay. [31:55] Justin: So lame. [31:55] Shannon: Okay, here's the deal. I wouldn't do it, but I love some of my friends, dogs, Instagrams and Facebook. Like, I love Bougie Ripley. I love Bougie Ripley. I do. I love some of the pets, but I wouldn't do it because I don't have time or the interest in it. [32:15] Justin: I can't understand that. [32:16] Mark: It's crazy that people are able to monetize that too. [32:19] Chad: I made a lot of money on them. [32:21] JD: I'm with Brandon. I love everything about dogs. I love my little Chihuahuas, especially my little Bella. And if she had Instagram, I would be the best thing in the world. I need to start one. Like, I should do it. I have to do it. [32:34] Chad: It. [32:34] Justin: That's a terrible thought. Jd please do not do it. [32:38] Chad: Well, this was the most active lame or game chat bar Mark. So I'm sorry you hated the game, but it was. [32:44] Mark: I'll also say that a few of your questions. If you went back from the past six years or whatever, I've been doing this. You recycled some of my questions. [32:51] Chad: Hey, it's trend. So shushy. [32:53] Justin: Okay. [32:55] Chad: It must have been great questions. I was surprised. [32:59] JD: I was surprised when you talked about LinkedIn. Sherry Fitz was in the comments. I'm like, oh, shit, we've got the expert on social media here. What's she gonna say? And I think Sherry was agrees with me where she draws the line on. I go to LinkedIn to do business. Like, I go there to learn about my industry. I go there to see headlines about my industry, make myself a better business person and stay in tune. And so I don't want to see your fucking vacation and I don't want to see your kids put that shit on Facebook and Instagram and whatever. So that was my tease. I never got to answer that one. [33:32] Chad: Sorry. All right, Preaches, you've got some JD rules on there, so they must agree with you. Correct. Okay, so Shannon now gets to pick another all the trends subject and then you guys get to pick them. [33:47] Shannon: Here's one, here's one I want to do is what we're seeing with trends. Well, actually I want to talk about predictions on Trends for Secure 2.0 and I think that ties into trends that we've already seen. Oh, damn it. [34:03] JD: Setting every cat up for retirement existence, I think. [34:09] Shannon: Damn it, Jim. Okay, so that's what I want to talk about because I think that the original ACT gave some things. I also think that we have some trends happening with some of some of the state run retirement plans like California Savers. [34:30] Chad: Okay. Yeah. [34:31] Shannon: And then potential trends that are going to come with the new proposed regulations that may or may not ever pass. That's the topic that I want to talk about. [34:42] Chad: Okay, so you want to cover it all, the path and the 2.0. Okay. [34:46] Shannon: Isn't. [34:46] Justin: Isn't 2.0 all trends? Because nothing is solidified now. And we're trying to see what. I mean, if you look at any of the bullet points, every single one of them is a trendy topic. [34:56] Shannon: Yeah, yeah. But I mean aren't you excited about like. I'm excited about it and there's some TPAs that are not excited about it, but I'm excited about some of the potentials that can come. [35:05] JD: What third party administrators. Damn it, is this a boring one. My first thought would be on a trend with. Oh, I thought I got caught on something. Would be. It's going to be interesting if the mandatory auto enroll for startup for new plans hits like every single sucker you do going forward will be automatic enrollment. And I don't know if I'm actually in favor of that. I think that there's small plans that don't have the people and the resources and the human resources department. And having an automatic enrollment plan, especially with automatic escalation is a pain in their ass. What's Mark doing? [35:45] Mark: Yeah, what is Mark's opinion? I'm spazzing out because here we go again. Being the pessimist, pessimistic third party administrator nerds that we are. Where I think when we. If we're thinking of like Utopia and we want to use auto enrollment, can't we just loosen the goddamn restrictions a little bit and make it easier so people screw up that it makes it a little bit quicker for them to fix it. We don't come down on them. Like it's got to be try hard [36:12] Chad: and then self correct like the old college try like. [36:16] Mark: Yeah, good. [36:18] Shannon: I agree, Mark. I think that auto enrollment is Utopia and, but we need some, we need some room for self correction. [36:27] Justin: Hey Mark, why can't we just embrace technology for once? [36:31] JD: Sorry that the. [36:32] Mark: Chad, you don't get a say here because you flip flop on this all the time and I'm not ready for it. [36:37] JD: Sorry that the retirement plan rules and regulations can't be run like your fucking college dorm room. Like there have to be rules to things. [36:45] Mark: So I never lived in a college dorm room. [36:48] Justin: So what Mark's saying is. [36:52] Chad: Oh, go ahead. [36:53] Mark: Yeah, no, if they could just look past. Yeah, exactly, Chad. See how it feels. If they could look past like the initial concept and look into how can it be successful and making things a little bit simpler on how it needs to operate, then I think that would be fantastic. [37:14] JD: That's all. Oh my God. I've been chatting myself and the panelists for this whole fucking show. [37:22] Chad: So Brad, Brad has a great question. What do you guys think about auto enroll based on number of participants? [37:29] Mark: You get one for that. [37:30] Chad: Jd like over a hundred people must auto enroll and less than a certain number don't have to have auto enrollment. Do you guys like that better then or no? [37:40] Mark: Sure. [37:40] Chad: Thanks Brad for the question. [37:42] JD: I think that's a little better. And I don't, I don't know if it's got to be 100. I mean you can bring it all the way down to 20 or something. [37:49] Shannon: How about 25? [37:50] Chad: 25, that's the number. That's the magic number. They'll get it right at 25. [37:55] Mark: Yeah, I like, I like 22. [37:58] JD: You should be a politician, Amanda. That'd be awesome. That'd be a really good setting up cats for retirement act. [38:08] Chad: I do feel like I, I love this stuff more and more as I understand it because I'm sort of with. It's just like the tax code, right? We constantly talk about it getting more simple. More simple. I don't know that this is more simple, but I'd love to get there, at least for those who try. I'd like some more self correction ability. [38:27] JD: But there you guys. [38:28] Justin: My point back to Todd earlier is that in terms of self correction, it's not going to be identified, it's not going to be caught. We talked about this earlier. It's going to be sitting in a bundled solution or a data only tech. It's never going to be addressed. [38:41] JD: Right. [38:41] Justin: So if you want it to work, we need to embrace simple technology that exists. If the fucking payroll providers would play game with the record keepers, this issue wouldn't exist. [38:52] Shannon: Yeah, okay, wait Wait, wait, wait. There's only one payroll provider that doesn't play nice with any. [38:59] Justin: Not true. Well, with anybody. [39:02] Shannon: With anybody. There's other payroll providers that try to play nice with some people. [39:09] Chad: I think the jamming guys. [39:10] JD: Who are you talking. Who are you talking about, Shannon? [39:12] Shannon: Yeah, that doesn't play nice with anybody. [39:14] JD: No, that plays nice sometimes. [39:17] Shannon: I mean, like, I am not gonna lie. [39:20] JD: I'm not. I'm just trying to get you to say the initial. [39:23] Shannon: I know. And I do not know what they're. [39:26] Chad: I'm not gonna say it. Look at Jason. Look at Jason's chat. I think he answered on behalf. [39:31] Shannon: Jason answered the question. [39:33] JD: Drink. Drink. Jason, what about. What about college savings and the matching from the employer? Is that going to be a massive trend? Is that going to be a big deal? Are you guys going to be talking about that and point of sales and design calls going forward? [39:49] Mark: No, Mark's really big. [39:52] Justin: No, I know. I'll be talking about it with advisors, but not very rarely in a point of sale, honestly. [39:58] Chad: What about the increased tax credits? [40:00] Shannon: Oh, for sure. In the proposed law. Yes, the increase. The increased tax credits already are a bigger deal than they used to be. And if they go up as much as 2.0 is suggesting, then I think definitely it's going to be a game changer. [40:20] Chad: I think, you know, I think Brad's a CPA or certified public accountant and others. [40:26] JD: That was not a check swing. That was not a check swing. [40:30] Chad: I think that if third party administrators and advisors can get in front of those. I said third party administrators and advisors in front of those certified public accountants. I think that that increase in those tax credits are going to be substantial because they will pay for that plan for a much longer period of time. I think it's going to be bigger than we think as long as we can get in front of the people who understand it. [40:57] Shannon: So I want, I want to hear, I want, I really want to hear what you guys have to say because CalSavers is affecting you. Oh, yeah. Oh, God. Was that. [41:07] Mark: That count? No, we decided that. [41:08] JD: No. [41:09] Justin: Okay. [41:09] Shannon: Okay. [41:10] Chad: So that's not. How can that not be short for California? [41:15] Mark: It's not an initial abbreviation. [41:17] Shannon: Not an acronym. [41:18] Chad: Fine. Shannon. If I would have said it, it would have been. [41:23] Shannon: Isn't it affecting your startup business? Like people not wanting to go to that program versus wanting to go to 401ks and I think we're going to see that spread across the country in [41:32] Chad: all these different places. Tell us. [41:34] Justin: Absolutely. [41:35] Mark: I would. I actually think. I mean, we've seen a higher uptick in startup plans for sure, because they [41:43] Chad: don't want to be part of that. [41:45] Mark: Yeah, well, they just realize how much they involvement. They have to have to manage it themselves rather than having a 401k team do it. [41:52] Justin: And here's. Go ahead, Chad. The truth of it is, at this point, California has only been enforcing on groups with over 50 employees. There's not a ton of businesses with over 50 employees that don't already offer some form of qualified plan. It's going to have a greater impact when we get to five or more employees, which is in 2022. 2022, to your point, Amanda? [42:18] Shannon: Yeah. [42:18] Justin: Yeah. There are a lot of folks, especially advisors, who are starting to have these conversations. And the general thought is I don't want something else that the government has their hands in at that level. And so I'm looking at simples, damn it. I'm looking at foreign A's. And so they are setting up plans to not have to be subject to CalSavers rules. [42:43] JD: Right? [42:44] Shannon: Yeah. [42:44] Justin: But we have not seen the great impact. I mean, yes, we. We have. And I'll toot these guys horns. These guys have already achieved their bonus goals for this year. We have more plans this year than we did last year already. We're already crushing 2019, all of these things. But I'm not contributing that to CalSavers as much as I will be next year because when I look at that plant intake, almost none of them are subject to. To Cal Savers. [43:10] JD: Yeah, you guys have been crushing it this year and I really appreciate you for that. [43:15] Chad: So I'm getting everyone, every Community for Retirement Enhancement Act. Is that why? Because you can put a plan in later. [43:24] Mark: You bite your tongue. So, yeah, that's. I would say that I honestly thought that that was. Amanda, that was going to be a bigger conversation point. But like, I don't know. These guys can speak for themselves, but writing 2020 plans in 2021 wasn't as much of a factor as I thought it would be. A lot of folks that considered it ended up not doing it. So some did their taxes already. [43:51] Justin: Some just. [43:52] Mark: They just didn't want to, you know, have to deal with some of the things. And so they did. [43:55] Justin: They. [43:55] Mark: They did something this year, but they didn't want to deal with last year. So the. We showed the benefits, but not a lot of people leverage that. [44:04] Shannon: I agree, Mark. We've had the same. We have had tons at it, but the CPA had already filed a return or something happened. But I think it's certified public accountant. [44:19] Chad: I think it's probably bigger on plans where you wouldn't want to defer, because on an employee deferral, you can't do it. So that might be why. [44:26] JD: You know, we talked about this on a past show, but I think you guys would find this pretty interesting. In California now, when a client says they want to terminate their plan with us, it's a weird, awkward moment, right? Because they're saying. They're saying, hey, we want to terminate our plan. It's not working for us. People aren't participating, et cetera, et cetera. And now to disclose to them, we have to say, hey, just so you know, the state mandates that you have a retirement plan. Are you sure you want to shut this thing down? [44:56] Chad: Oh, that's interesting. [44:57] JD: Right? I thought you'd like that, Amanda. So that's a conversation we're having with our clients. [45:02] Mark: Clients. [45:02] JD: And I feel kind of greasy about it, but I don't see the time. [45:06] Chad: That's true. You're protecting them. [45:08] JD: Yeah. So interesting. [45:11] Shannon: You know what? [45:12] Chad: That's. That's. I find. [45:14] Shannon: What I find interesting is most tea. [45:17] JD: No. [45:18] Chad: Well, that's true. [45:19] Shannon: I only said the word t. Most third party administrators that you talk to right now are seeing an increase in sales this year over last year, over the year before, which is kind of amazing, seeing what we've gone through. You're still seeing new plans put on. And it's not just in states that have things like Calsavers. It's really all over the country. [45:44] Justin: Well, and when you think logically about what happened for so many businesses, they cut overhead, they cut cost and fear, and then many of them continued to succeed. So all of a sudden they were in this situation where their liabilities were down and their revenues were up, up, and now what do they do? They're C.P. they're certified public accountants. [46:07] Shannon: That was a very good. [46:10] Mark: You say two of the three. [46:13] Shannon: Oh, I said, sorry, Chad, and then stop. [46:17] Justin: Hey, I need to name drop. Because he asked a question in the chat bar. But. But Preston Rutledge is here right now, and he said, well, the tax credit. Move the needle. And my response in the chat bar was, no, I don't. I. I have not ran into a single. You argued with Preston because of the tax credit. Now, are they pumped when they know that it's enhanced so they get more out of the. What they're pay? Absolutely. When we encourage them to pay billable costs, they love it. But are they starting a plan with that in mind in any way? Shape or form? No. [46:47] Mark: How about not starting with in mind? But you don't think that could tip the scale if you're on the fence about the cost. [46:52] Shannon: But there. [46:53] Mark: I definitely think it does. [46:54] Shannon: I think it helps. I think it helps. I think that if the new 2.0 passes, that the increased tax credit will definitely help. [47:06] Mark: All right, J.D. [47:06] Justin: go for it. [47:07] JD: How about the fact that J.D. no, it's all good. I kind of like this. It's really relaxing for me to, like. [47:13] Chad: I love it. [47:14] JD: Overpowering everything. I like just kicking back. What was I gonna say? Oh, welcome to the shit show? How about. How about businesses that now the majority, if not all, of their employees are working remote, and maybe they're not having the same office space that they used to have before. I do feel like the overhead of running a business is lowering in Covid. And therefore, maybe that frees them up to say, hey, maybe I'll do that plan or throw that match in or do whatever to keep my remote employees happy. I'll end it with this. Like. Like, because my employees are remote, it definitely makes me more sensitive to their happiness because they're siloed. You know, you don't get to see them in the office. And so anything. [48:02] Chad: Shannon's trying to steal them from you. [48:04] JD: J.D. anything you can do, like a benefits plan, might help business owners or business decision makers feel more comfortable with their staff. I'm just reaching for. [48:13] Mark: Is this all things you're considering as a business owner, J.D. [48:17] JD: yeah. Yeah, for sure. J.D. is a sensitive soul. [48:24] Shannon: Yes, I am. [48:25] Chad: Okay, so wait a minute. [48:28] Shannon: We haven't played Wheel of Ice. [48:31] JD: Oh, wow. [48:31] Mark: Good. Oh, thanks a lot. Thanks a lot. [48:34] JD: Shannon, I had a $20 bet with Bran that you were gonna forget it. [48:40] Chad: Yeah, I didn't bring an ice, but [48:42] JD: I. Shannon, you have to instruct Brannon to spin it. [48:47] Shannon: Brandon, spin the wheel of ice. [48:50] JD: There you go. [48:54] Mark: Yeah, you're right, Justin. [48:56] Justin: I haven't had one of these in weeks because I've done them every week. [49:06] JD: Justin, come on. Give him a double amount. We haven't had a double up in a while. It's gotta be. God dang it. [49:13] Chad: Aw. [49:15] Justin: Who made the comment on Florida and pass through entities? Kevin Reynolds. Kevin, I need to chat with you about that as. [49:24] Chad: As you guys are. As. Oh, wow, that was fast. That was faster than I anticipated in that. In the chat. [49:31] JD: So sorry, Amanda. I never thought in our life that on retireholics that someone with Preston Rutledge's stature and reputation would say, I enjoyed 14 acronyms worth of larceny he's drinking along with us anyways. All right, go ahead. [49:48] Chad: Preston. Preston, who paid you to be here? [49:52] Justin: That's not a question to ask Amanda. [49:54] Shannon: It was me. [49:55] JD: It's not really Preston. It's my son. [50:01] Chad: Okay, so chat bar. Because we'd like to have you. You can also can list a trend that you want us to talk about. And we will. [50:11] Mark: We have nine minutes. [50:12] Chad: Yeah, I know. We're going to talk fast. So, retireholics. We sent you a list of six trends. Shannon and I each picked one and you guys can pick one if you want or Shannon gets to pick another one. [50:25] Justin: Well, now I gotta go back and look at your email because I figured [50:32] Shannon: I have one ready to go. I have one ready to go. [50:34] Mark: Yeah, I didn't read that email. [50:36] Justin: So. [50:37] Chad: I love you. That's usually me. [50:41] JD: What was the question? [50:42] Chad: Hey, Shannon, go. Okay. [50:45] Shannon: I want to go with staffing trends because I think that our industry as a whole, both in the financial advisor space and the third party administrator. Third party administrator space. Why are you rubbing my nose? [51:00] JD: Brandon, can you play one of those drunk things? You got the drunk memes. Because Amanda's getting there. I feel like. [51:06] Chad: No, I'm not. No. I've had one drink. I gotta go to something. [51:11] JD: Whoa, calm down. [51:14] Shannon: Employment. Because most third party administrators that you talk to are all looking to hire and there's not enough people to hire that are in our industry. So how are we going to solve this problem as we grow the number of plans Because Congress wants to increase coverage. [51:34] JD: Virtual. [51:35] Mark: You just give up. You just. You just pass them all the human interest and say, get out there and be somebody. [51:42] JD: By the way, if you're weird like me, go to LinkedIn and start looking at all the people in charge at human interest and look at their. Look at their career path. [51:52] Chad: You're awful. [51:53] JD: Look at their career path and see if, like, if you recognize any of them, if they've ever been in the industry, if they know jack shit, because they don't. They're also Harvard. Stanford grabs grads. Virtual Shannon. Because now because of COVID I can hire administrators from all 50 states. And so before I used to have to look directly in the Bay Area and now I can branch out. So I feel like hiring staffing is easier. [52:24] Shannon: But what the problem is, JD is people in the Midwest are now having staffing problems from people on the coast that were paying way more because the cost of living was higher on the coast. [52:38] Mark: So now cash rules everything around me. Green, get the money. Dollar, dollar bill yo, what I'm saying [52:45] Shannon: is it's becoming there are too many jobs. If you look at the third party administrators, there are too many jobs and too little people. [52:57] JD: So sounds like a you problem. It is, Hector, because. And Shannon, you kind of. [53:03] Chad: I will say this, that we submitted a job to the U of A Eller College, which is the largest college of business in the state of Arizona. And Shannon, I'll stick up for you. Even though you did no for this show at all. I will say that my girlfriend there did say that there are more job opportunities than there are graduates coming out of business school. So what you're experiencing is real, friend. [53:32] Shannon: It's. It's not. And it's not necessarily me. It's all of my. It's all my friends. [53:38] Chad: Me too. [53:39] Shannon: Every third party administration firm is looking to hire people. [53:43] Justin: Plus, it's because we need people to run, Shannon. We need people to be able to go immediately. That's why you're hiring, right? You're looking at, you're looking at 2020 work, you're looking at 2020 inbound. And you're saying I need people immediately. And the industry doesn't have a ton of people who are educated in what we do to do the work right, Chad. [54:02] Shannon: We're even looking for people, my friends. [54:06] JD: Okay, Shannon. [54:07] Shannon: People to train. [54:09] JD: I have the answer for everyone. [54:11] Chad: Well, I just gave you the U of A example. [54:12] JD: I have the answer. I have the solution for everybody. Okay, first of all, I was merged with human interest. No, I apologize because I, I am from California. So to me, when I look out drunk, everywhere is cheaper. Right? So, Cal, besides like maybe New York, you know, and so cost of living in California is so high. We pay people a lot more than other states. So it's an opportunity for us in California. But the answer is you just go to one of those companies, you outsource this shit to India, bro, it'll be sick. [54:47] Justin: I'm not going to say the abbreviation of the third party administrator that does all of that, but yes, that's what some of them. [54:52] Mark: I'm not sure that's an abbreviation, Chad. [54:54] Chad: There's lots of advisory forms I want to hear from the advisors. In the chat. Are you experiencing a struggle in hiring team members as well? Yes or no? [55:05] Shannon: I mean in dealing with, not in dealing with the advisor side of the American Retirement Association. They're willing, they're wanting to pull more people into our industry as well, and they're having the same struggles. [55:20] Chad: Well, I will plug the ar, the American Retirement association because they are trying to look at opportunities to educate people in colleges. Hey, no way. [55:29] Mark: I thought that was a check swing. [55:31] Chad: No, that was a. Oh yeah. Shenanigans. Brandon. [55:36] Justin: Hey, I'll be honest. I feel like JD has done a fantastic job building out plan design, but we are not in a position to bring on multiple junior folks and train them. We're just not. The third party administrative community doesn't have that built into their team. [55:57] Chad: So that's what we're going to try to do. [55:59] Justin: That's what you, you're going to have to do. [56:03] Chad: And that's exactly. I'm going to be on the sales side. [56:06] JD: I'm going to be a pessimist. I'm going to be an old guy pessimist. The problem with that is multifaceted. One is our business is so complicated that you can't train someone in a course of months. Right? It takes years for someone to actually be able to do a quality job as an administrator. And then secondly, I'm going to bitch on the younger generation. They don't want to put in that time. [56:29] Chad: They want to like Shannon, here you go. [56:32] JD: They don't want to put in that time. They don't want to learn it. They don't want to be paid that low wage to learn it. To have a career in the future. They want the instant success, the trophy for everybody. And so it's. It's a problem, man. It's a problem. [56:48] Chad: Thank you, Jordan. [56:49] JD: Old? [56:50] Chad: I don't think so. [56:52] JD: Yeah, it's. By the way, who wants to be a freaking administrator for the rest of their life? Those are those people. They're a golden breed. [57:00] Chad: Those are a great job, dude. [57:05] Justin: The answer. [57:06] Mark: The answer is quite. The answer is quite, quite simple now that I've thought about it for the past eight minutes of nonstop talking. If you can't figure it out and you can't handle it, just sell yourself to future plans and call it a day. [57:25] JD: Call it a day. [57:28] Chad: Hey, Will's point is, hey, it's not our industry. And that's. I totally agree with you. I do think the certified public accountants. I think all financial services. That's why I wanted to see if advisors have this college go to college [57:42] Justin: courses to get them there. [57:43] Chad: Go to college different. [57:44] JD: Hey kids. Hey kids. You want to be a third party administrator, do compliance testing. [57:50] Chad: Did you see jd? [57:52] Mark: Why did you. [57:52] Chad: That's more. [57:53] JD: That's the bees. [57:54] Chad: That's the bees. Needs a certified public. [57:57] Shannon: Okay, listen, Amanda, why do you think my son went to be a financial advisor instead of taking over Tristar and becoming a third party administrator because it's. [58:08] Chad: It's a hell of a lot sexier. [58:11] JD: AI will solve it all. AI will solve it all. We'll get robots to do this shit. You've got one. [58:16] Chad: You got one minute, you guys. Okay, quiet. [58:21] Shannon: J.D. [58:21] Chad: you're just. [58:22] JD: One minute to close the show. [58:23] Shannon: You're just. [58:24] Chad: Jeepers. So I want to thank our guest, Shannon. We want to thank our guests for being here. Correct. [58:30] Shannon: We do want to thank our guests, the retireholics, for being on our show. [58:34] Chad: Thanks for all the prep that went into it. And now we want to find out from the chat bar and from our guest. Who do you think is the chat bar champion? So each of you can. Oh, Shannon, you want to go start? Okay, so I just think that we. Each of us. Justin. Yeah, I am. Is this what it's like, you guys? [58:56] JD: This is the best finale ever. [58:57] Chad: Like, Shannon, shush. You're the sh. Part of Amanda. [59:02] JD: Shannon, fuck off. [59:04] Mark: You're drunk. [59:07] Chad: All right, Justin, who's chat bar champion? [59:09] Mark: Oh, I'm going Jordan tonight. [59:12] Chad: Oh, I love it. Mark. [59:14] JD: Jordan, you're an ass kisser. Oh, shit. [59:21] Mark: Hackler. [59:23] Chad: Okay, Shannon, you can ask the rest of the folks. [59:26] Shannon: Okay. J.D. [59:27] JD: has Krystal ever won before? [59:31] Mark: You asked that last time. [59:32] JD: I always vote for. Yeah, I'm going with. I'm going with Harlow just because I want. [59:37] Mark: Crystal says she hasn't, but I could have sworn she has. Yeah, didn't we. [59:40] JD: I want to. [59:40] Mark: That last week. [59:41] JD: I want to cuddle up with Harlow in that little wood paneled room he has with his cowboy hat. I just. I'm in love with the guy. So. Harlow all the way. [59:51] Shannon: Okay, chad, I'm going. [59:54] Justin: Mr. Edwards, after a stellar performance tonight, got a twofer. [1:00:00] JD: You said guys are such ass kissers, right? The son of. If you were paying attention. [1:00:06] Chad: If I was, I was gonna pick Jordan, but then he called his mom old, so he's old was good. [1:00:12] JD: That's. [1:00:14] Justin: I missed that one. Mine was for the dog comment. [1:00:16] Chad: Oh, yeah, that was good. But Bill Preston, he did do your intros, which is excellent. And then Will Hackler sort of owned it. So I'm a tie between Bill and Will. [1:00:25] JD: Yeah. Hackler gets undersc because he's the goat. So. [1:00:28] Justin: Yeah. [1:00:29] Shannon: Okay, so I'll go with half. [1:00:30] Mark: Speaking of angry people. And then we'll go with whoever. We're missing many goats tonight. [1:00:37] Chad: All right, so let's put that up. Brandon, all the people nominated. And then nice work. [1:00:42] JD: Good. Manda, like how you direct Brandon. Like that's Perfect. Like a veteran. [1:00:46] Justin: You need to take a drink. [1:00:48] JD: For what? [1:00:49] Justin: Greatest of all time. And by the way, I can't believe you would say that with Daniela here. I mean that [1:00:57] Mark: because she's. She's thanos, bro. She's higher than that. [1:01:01] Shannon: Okay, wait a minute. He's got Jordan on there twice. He's got Jordan and Mr. Edwards. [1:01:06] Chad: They're the same. Come on. [1:01:08] JD: Okay, I can do. I can do the math. [1:01:10] Justin: I can do the math. [1:01:11] JD: I'll do the math. [1:01:12] Mark: Good job, Brandon. [1:01:15] Justin: You had one job. [1:01:17] Mark: If. [1:01:17] Justin: If you give me names, I type them in. I'm not paying attention. [1:01:24] Chad: All right, you guys vote. [1:01:25] Justin: It's. [1:01:26] Mark: They're voting. [1:01:27] JD: It's coming in. [1:01:28] Chad: I said the chat bottom. [1:01:30] JD: It's close. It's close. Between Jordan and Mr. Edwards. Anybody want to vote? Because it's within one vote right now. If you want to try to flip the scale here, I'll give you five seconds. Five, four, three, two. Oh, sorry. [1:01:52] Chad: What's the score? What's the final? [1:01:54] Justin: Needs more. [1:01:55] JD: Jordan wins. Jordan wins. But Brandon's not going to be able to tell you that because he didn't really win because he was 2, but Jordan Edwards is the winner. [1:02:05] Shannon: Won. [1:02:06] JD: No, I can't tell you that, but he was split. Jordan actually beat him by one. [1:02:10] Chad: Jordan, you called your mama old and you won. [1:02:13] Mark: Nice. [1:02:13] JD: Nice work, ladies. Thank you so much for hosting the show. That's a great way to end this. Thank you so much for hosting this show. It's always awesome to have you. [1:02:27] Chad: Scary to have us. [1:02:28] JD: No, actually, of all the Shamanda shows, I usually. [1:02:32] Justin: Because Amanda was sober with some type [1:02:36] JD: of twitch, some type of ailment, and I feel really good now. I think that was good. [1:02:41] Mark: Where did Shannon go? [1:02:42] JD: Have you back? And everyone, for tuning in, actually, you should be saying you're so great with the audience. Tell everyone. Thank you for tuning in. [1:02:50] Chad: Hey, guys. Thanks for tuning in. And I don't know about you guys, if you're feeling super busy, I haven't been here for a bit. But if you haven't been here for a bit and you're back tonight, remember why we're here and come back next Thursday because it's fun, because we're. [1:03:04] Justin: What the best sign we're changing the retirement plan industry. [1:03:10] Chad: One beer at a time, friend. [1:03:11] Justin: There you go. [1:03:13] JD: Seltzer, play us out some music. [1:03:15] Chad: Thanks, y'. All. [1:03:16] JD: Brannon. [1:03:25] Shannon: Mommy, Daddy, look at me. I went to school and I got to. [1:03:30] Mark: Yeah, I'm with you, Mark.