Random Topics & Plan Design: Cash Balance, Bitcoin & More

[0:00] JD: I asked the chat bar pre show because I'm thinking about doing a prize for the winner of the this this year for the chat bar leaderboard which we're going to look at today. And I was thinking about doing what we did for the Advisor brawl between Aaron Ron and Alex Asley. And I asked Chad, does anybody know what we gave as a prize? Crickets. No one here knew. [0:27] Chad: Wow. [0:27] JD: Any of you new people in the chat bar, do you know what we [0:31] Chad: gave as a prize that was pre kush? [0:36] JD: Pretty good. [0:38] Justin: I'm not sure it was. Was it really precush? I don't think it was. [0:42] Chad: Well, yeah, that was pre Kush. That was early. What would that have been? Like 20? Hey, it's Kush on the big TV again. [0:48] Mark: Sick of me already. I got kush lash. [0:51] Justin: No, no, no, no, no. [0:52] Chad: That was. [0:56] Justin: That wasn't right after CO 2021. [0:59] Chad: No, no, we were not in CO. Remember that? That was part of like Vegas Head to Head when we saw him there. And yeah, [1:15] JD: That's when [1:18] Chad: Covid brought us Hackler. [1:35] JD: Hey, everybody. Welcome to the show. It's the retireholics. But it's not the regular format. Let me remind you all, this is the second Thursday of the month. So this is the fun creative. We'll do something new format. There is no acro sin. There's no lamer game. There's no no or dope. There's no drunk stock tips. There's. You don't even have to drink if you don't want to drink. Like, you can have green tea if that's what the you want to do. Like, there's no rules to this show. Are you okay with that, Roby? No, but I do have some structure here. Like, you know, we got to have something going on. We got last time we did the conspiracy theory. This time we're going to do this kind of randomizer thing where it's going to give us a topic randomly. Just Brandon's going to spin it and then when it gives you the topic, it's also going to spin between the four of us. So the way this will work is it'll go topic and then if it lands on Chad, Chad gets to kick off the conversation with like a question where you literally get to set up how we want to talk about it. I think the best way for you to do it would be to simply ask a question of Rogue Guy or Justin or myself about that topic. But no rules here. You do it however you want. You know, if you want to go on a spiel on that thing. Fine. But that's how that's going to work. Let me first. [3:05] Chad: Sounds fun. [3:06] JD: Yeah, I think it will. See. Who knows. Let me first let everyone know that we had a special contest today. So if you paid attention to LinkedIn, I made 500 points available in the ongoing chat bar Champion leaderboard for the first person to come into the pre show and type into the chat bar. Guess who won, guys? Any guesses? [3:32] Chad: Tony Kush. [3:34] JD: Nope. Nope. The Hackinator. [3:37] Chad: The Hackinator. That's not surprising. [3:39] JD: The shorts wearing Hackinator. So Hack gets an extra. [3:44] Mark: He's. He's got nothing better to do. So that makes sense. [3:49] JD: Brandon, maybe you can pop up the leaderboard real quick before we get started. I know it's small for people to see, but. So in first place we have Will Hackler with 1500 points. In second place, Brian Williams. Or tied in second is Brian Williams with Nate Moody. And next show when we'll be having the pen checks guy will be here. There'll be another thousand points up. And if you watch LinkedIn or maybe Instagram, maybe I'll put the little. [4:22] Chad: The little. [4:24] JD: What do you call the breadcrumb on Twitter. But there'll be some other way to win 500 or 250 points or something. So keep looking. Yes, it'll be Spiro next show. Okay, less. Unless anyone wants to say anything or kick anything off. I'm just go right into the little generator of topic. [4:45] Mark: Yeah. No. Buy Girl Scout cookies for my daughter. That's all. [4:48] JD: Okay, what's her timeline for this? And you're gonna. [4:52] Mark: You're asking the wrong. You're asking the wrong guy those questions. I'll just put the link in the. In the chat and then people can do it. You don't feel like you have to. [5:02] Justin: Mine are still at your house from last year. Do I have to order new ones or can I just pick those up? [5:08] Mark: So I'm selling those as limited editions. Justin, those are the like. Like wine. What do they call the vintage versions? [5:15] Justin: Yeah. [5:16] Chad: Speaking of which. True story. JD my daughter bagged air from 2023 and is selling it to her classmates now in 2020 air from last year in Ziploc bags. She's now selling the classmates. [5:29] Justin: She getting some money? [5:31] Chad: Yeah, she got. She got a few bucks. [5:33] JD: We need to put her on the sales team. [5:35] Justin: Only air dog. [5:36] JD: That sounds. [5:37] Mark: That sounds illegal. [5:39] Chad: It should be. [5:40] JD: Mark, I think the retirehogs community would love to see updated videos from Maya. I think she should do another video for the cookies for the next show. [5:49] Mark: Yeah, I know, I'm just ill prepared, but she, she's, she'll. I'll have her do one next show. [5:55] JD: Wouldn't be too late, right? She's still out there grinding. [5:57] Mark: No, she'll. They'll probably be at the. It goes quick, man. They just, they, they did the first cookie booth out in front of Lardis on Super Bowl Sunday and they crushed it. But that was like opening day for him, so. [6:09] JD: Oh, wow. Yeah. Super Bowl Sunday. All right. Don't touch your face. Ding dong. Good call, Brad. That's a classic. That's a classic. Solid. You know what I say? Ch it. Let's, let's definitely do a chat bar champion for a thousand points tonight. [6:29] Chad: Oh, wow. [6:30] JD: All right, let's do that. [6:32] Mark: JD's feeling generous. Feeling generous. [6:36] JD: Let's do that. I like that. And I, I like. I think Brad's in the lead for me with the Bringing back the old. Don't touch your face. Ding dong. That's good. Okay, Brandon, let's try this generator thing for everyone. It's going to scramble around. Give us a topic and then give us a retireholic who's going to kick it off. Let's go. Spin the. Okay, so there's, there's something we know. [7:01] Justin: I'm not good on my feet. [7:03] JD: There's some industry stuff, but some non industry. Take it away, Justin. Perfect. [7:08] Justin: Wait, am I asking the question? [7:10] Chad: Anything you want. [7:11] JD: Whatever you want to do. Start this subject. [7:13] Justin: I've been out of the game for too long, boys. I really have no clue what's going on. Yeah, see, here's the quick on my feet thing. That's, that's not working at all. [7:22] JD: We've. None of us have done this before. You just gotta ask Mark a question about the topic or tell us how you feel about the topic. [7:31] Chad: Tell us which Real Housewife you would like to take out on a date. [7:35] JD: There you go. [7:36] Justin: I don't watch that. Man, I'm so confused. Am I talking supposed to talk about industry or Real Housewife? [7:43] JD: Real Housewives. [7:44] Justin: Oh, I don't know anything about real. Okay, who are the main character? Real Housewives. How many shows are there, Mark? [7:53] Mark: I've never watched the show personally, but you know, I watch other shows that are on Bravo, like Top Chef and then maybe that's about it. So I see some of the. I don't know, I don't even. I wouldn't call them commercials for it, but there's like a, there's like an LA one, there's like a New York one and I mean, I couldn't tell you what. Let's just talk about the fact that people who are just rich just have their lives filmed, and all it is is a bunch of crazy people fighting at dinner tables, and memes come from it. And it's. I don't know. [8:29] JD: I mean, for someone who has. Yeah, you shouldn't know a lot about [8:34] Mark: it because it's obviously in front of us. I just don't partake in the. The enjoyment of it. But where do we draw the line with reality tv? What's next? I mean, should we just follow you around? I mean, you're kind of like real. Real House husbands of Carlsbad. Maybe that's the next show coming. [8:55] JD: Yeah, I. And I definitely, like, love the. The Gucci and the Prada and the Versace and the stuff they're wearing. So I get. I get into that. But let me go the other side of this. I. I want to be totally honest, then we can move on to the next subject. But I do watch these shows. I've kind of gravitated towards O.C. and Beverly Hills. Those are the two kind of California ones that I've watched. And I watched them because my wife likes to watch them. But honestly, I've kind of got into, like, I know all the characters and all the dramas that are happening, and I actually saw one of them. Do you know the one that's married to the plastic surgeon? They, like, sold their house for, like, 50 million bucks. And he's. He's the guy who does botched on. [9:45] Mark: Oh, wow. [9:46] JD: And someone in the chat bar. Help me out. So she's married to him. She's like an old act, not an old actor. She used to be an actress. Now she's on this kind of show. And I saw her at Javier's in Newport Beach. She walked in and I felt like I would. I saw, like, you know, I don't know, Beyonce or someone. I was like, holy, here's the chick from the show. So anyways, I'm a fan of the Housewives. I think I would recommend everyone check it out now. [10:14] Mark: Well, let me ask. [10:14] Justin: This is gonna happen. [10:16] Mark: I've. I've heard of other ones. Is like Basketball Wives. Is that, like, the same thing? But it's just like, athlete, surfs. [10:22] JD: Oh, yeah. [10:23] Mark: I don't know. [10:23] JD: Wouldn't know. Haven't watched any of those. Haven't watched those. Let's spin the. The scramble around another time. Hopefully it doesn't. [10:35] Chad: I like that sound. [10:38] JD: Oh. Group of plans, [10:42] Chad: J.D. [10:43] JD: yes. [10:44] Chad: There have been these types of features that have not been solidified in the law for years. Do you think that the group of plans set up within a recordkeeping chassis is any different now than the PEP craze? [10:57] JD: Based on what I know I would think it's immensely different in that if I understand it. And you, you actually send. I kind of owe you some back and forth on an email. Although I wrote you back. You were, you sent me something where Voya is marketing this to you and you wanted to get my thoughts on this. Right. Like this is a real live thing that we're dealing with. [11:20] Chad: Yeah. Record keeper. Trying to create a product for a TPA or an individual Advis. That is a group of plan solution. And they want us to go out and push it for micro market plans. [11:34] JD: And in. Let's. Let's use that one as an example. So in that situation, Voya wants. Well, not wants. Voya's offering up this opportunity for plan design consultants to what, drive a bunch of plans to Voya. And they'll be under one umbrella in terms of like pricing an investment menu. And is that, is that the idea? And that we would hopefully like reach some kind of scale of 50 million or what? Like tell me, do you. How much do you know? Yeah. [12:05] Chad: What they're trying to do I think is create efficiencies in all walks. Right. So their thought is we can grid this, which means you don't need to continue to reach out for pricing. That'll free up sales to go out there and be more effective. So they'll grid price everything you gotta fit into sub A million is what they're looking at with, with what they're trying to push out. [12:25] JD: Sorry. And they're saying you said sub. 1,000,000. [12:29] Chad: 1,000,000. [12:30] JD: Okay. [12:30] Chad: They know that the TPA community does a lot in that space. And their thought is you're doing some with many different record keepers. So why not create one solution for you guys where you'll no longer be sending some to American funds and to Hancock and to T Row. And we can just try to gather all of that from the TPA space. So they're out there pushing this not just to us, but to a number of TPAs. Single lineup across the board. [12:55] JD: Single lineup of investments. Okay. [12:57] Chad: With a 338 packaged in it. [13:00] JD: Can we talk about the advisor role then? [13:02] Mark: Right? That's right. [13:03] Chad: Yeah. [13:03] JD: This would be sold with multiple advisors, I'm assuming. But we're just kind of limiting their say and their power. Like they're not going to choose the menu. [13:14] Chad: I mean to Be honest, in that space, there's not a ton of our advisor partners that want that role. They're going to be client advocates. They'll handle the fiduciary process and the employee engagement. But they're very comfortable using a Mesereau or some sort of 321 or 338 in there to do the investment selection for them. [13:33] Justin: Am I hearing you right on the pricing grid? Would that be based off the number of plans we have with them as a tpa? [13:38] Chad: No, they're just straight gridding it, playing counter asset, asset projected flow. And you can just go into it, plot your spot, and this is where they fit and send it out. [13:50] JD: Does the pricing change if you hit certain benchmarks or are they just committing to the fact that it's one pricing? Like, what else I get to a 50 million or 100 million or 200 million? [14:02] Chad: You're talking about in the whole GOP? [14:05] JD: Yeah. [14:06] Chad: No, they're pricing this out in the benefit for the individual plans. They're not looking at it like one massive PEP solution. They're trying to look at it as an aggregator for the small market space to give them and the tpa, who is a, you know, a sales resource for them, they're trying to give them an easier way of constructing this. We can get pricing right, then it's a set lineup, you know, your implementation process. They're trying to get the TPA community that doesn't have a good sales staff like this to be able to go out and represent something almost as if it were theirs. [14:39] Mark: It's like a blend between what disruptors are doing and bringing the value together with our site. So I like that concept. I do. Why? Why do they have to call it group of plans? Why can't they just do that anyways? Why aren't we pushing for that anyways on an individual plan basis? [14:59] Chad: Why does this have to be years, right? Something special with advisors? It's just a name, Mark. It's a buzzword, that's all. [15:07] Mark: Hey, Chad. Chad. Don't get upset when you get asked questions. [15:12] Chad: I'm not, I'm just telling you. [15:14] Mark: Yeah, you are. You seem like you're so annoyed that anybody has a question. [15:19] JD: That brings up a great point. Because that was my original when Pepsi first started getting talked about. Feels so good to say acronyms. That was my original look at. They're like twins, bro. That was my original kind of pushback to an advisor was, hey, go talk to Chad. Like, if you want to create a small market solution that has One core menu, kind of a fixed pricing structure. Like you could build your own like small plan solution that's very efficient, takes very little use of your time. Maybe it's a lower service model. I used to talk about that all the time. So I liked Robey's kind of comparison there. It's if guideline and human interests and all these people are having such success because it's simple and easy. I don't, I don't know what I'm saying. I'm kind of lying. [16:13] Chad: Nothing you just described is not what they're doing. The difference in what you described there is that instead of going to what we used to do in the past to an advisor that was doing a lot of this and saying, let's build this out, they're coming to what they believe is a wider referral source in the TPA community and saying, let's build this out. [16:33] Mark: Do they need, do they need a commitment before they let anyone do this? [16:39] Chad: I don't know. I mean, they came to us because we have a pretty big book of business and are doing a lot of business to begin with. But I don't, I don't know. I don't think so. I look at it from their perspective saying it doesn't really change much of what we're doing on a record keeping end. And if we can get the TPA community to not be so diverse in terms of who they're bringing to the table, then it's a win for them. And that's where I stop it and say like, yeah, I'm not a representative of a record keeper. My job is to be independent and position them with the right solutions. [17:11] JD: Can I state the obvious? It's pretty valuable and smart to walk into a point of sale with a prospect still to this day and show them your independence and show them different options. Like that's just human nature to feel as though the person that's guiding you to a decision is allowing you to choose between different things instead of shoving something down your throat. But I guess what am I saying? This could be one of those things. You could go, oh well, this is an option. You can do this, whatever. Anyways, let's move on. I, I don't, they don't seem very sexy to me. And If I think PEPs are not going to do well, I surely don't think group of plans is gonna go off. [17:52] Mark: And also group of plans just sounds, oh God, that's not good at all. [17:58] Justin: I mean, just look at the acronym gop. That could go wrong. [18:02] Mark: Yeah, yeah. [18:04] JD: Give me an example. Where does that go wrong? Okay. Yeah. I don't even want to talk about Fredericious comments on Paps. That is not in the scramble round. But he definitely lost a few points with me. I think he's. Oh, dare I say he's. He's heading towards Boomer Land right now. He's lost his mind when it comes to talking. Did you hear the. It was coming out. [18:26] Chad: I did not. No, not actually. [18:29] JD: Fred, Fred, Fred, Fred, Fred. All right, let's spin the thing. Spin the thing. Spin the thing. [18:35] Chad: JD doesn't want to scream tonight. [18:39] JD: Okay. [18:40] Justin: Leave the JD to get sports. [18:42] JD: That's cool. I'll take this one. I love this. I absolutely love this. I watched the Super Bowl. I was the only person in my entire house that was not rooting for the Niners. And I'm from the Bay Area. Although, mind you, Obi Wan. My dad, my mom, my. My grandparents, my uncles, my cousins are all from Kansas City. My dad's a Jayhawk. But cheese. For that reason, I was voting for them because of this romance. Like, I love when the camera pans up to Taylor Swift and all her celebrity friends. She was hanging out with Ice Spice. I know. Rogue Guy knows who that is. And it was glorious. Here's my one concern, and I want to ask. I'm going to go to Justin. Did you see Travis Kelsey's. His kind of speech? Did you see that after the Super Bowl? [19:37] Justin: No, no, dude. I was. I was nursing some slight jet lag, so I was. [19:43] JD: Okay. [19:43] Justin: Nodding in and off. [19:44] JD: Mark, did you see his kind of acceptance speech up on the stage? Where. [19:49] Mark: Which one? [19:50] Chad: The. [19:50] Mark: Right. The. The day of or the one at the parade? [19:54] JD: The day. [19:55] Mark: Okay, one of the parade. Seemed like he was in Tahoe that day. [20:00] JD: Okay. Yeah. I mean, is he not. [20:03] Mark: No, I watched that. Yeah. [20:05] JD: His brother take shirt, which I'm fine with. But when I was watching him speak, I was like, this guy's kind of off the rails. Like, I'm not so certain he's the right guy for Taylor Swift. [20:17] Mark: Oh, interesting. [20:21] Chad: Someone in. Someone. I forget. Someone had text me, run, Taylor, run. He's got emotional issues. After he was caught on the sideline, just. [20:30] JD: Did you see him go after the coach? Yeah, yeah, he went after the coach, and then he was. [20:34] Justin: I don't think he, like, went after the coach as a stretch. I think he was just as. Dude, are you talking about. When he, like, bumped into him and I. I don't. I don't know if that was. [20:44] Chad: I'm not worried about the bump. You don't call out your coach on the sideline like that. Start screaming at him after. How many? [20:51] Mark: How many? [20:51] Justin: Okay. How many high level players have done that? Think of Brady. Think of God. And you know, Brady. [20:57] Chad: I don't think Brady's ever done that. Definitely not to the head coach. [21:01] JD: It's one thing to yell. He was kind of like. Travis was kind of like pushing his way in there, like shoving him. Almost like that was. I. I'm just. I'm claiming it right now the same way I'm going to tell you, a lot of these disruptors are going to be some bad headlines in the news. I think we couldn't see some bad headlines in terms of what Travis Kelsey may or may not do to Taylor Swift. And that'll be a set. [21:23] Mark: Yeah, let's. Let's put this way. If they didn't win the super bowl, this would be a whole nother conversation. The narrative be so different right now [21:33] Chad: for she was distracting and he wasn't able. You're right. [21:37] Mark: All that stuff. But they want winning cures. All right, so the coach after the game's like, oh, he was just telling me you love me. And they. They're playing it down. But I guarantee you that minute that the things calm down, he's gonna. Travis Kell is going to get a little call to the principal's office. He's gonna be like, hey, buddy, I get it. You're dating, you know, the queen of the world. But guess what? I'm still your coach, dude. Like, remember in Little League and Pop Warner where you were taught respect? You and your parents remember that. You don't. You don't act like that or you're off the team. [22:14] Justin: The thing we got to keep in mind is we don't know what happened before that, what caused that reaction. Like, I'm not. I'm not justifying it by any means, but it's just like, it's the look, [22:25] Mark: he got taken out for a play. That's what they were down. [22:31] Chad: Caused an issue. [22:33] JD: So don't worry. Don't worry. [22:36] Justin: I'm not as worried about that. [22:37] JD: Don't worry, everyone. The. The randomizer, the scramble around just managed to get the two pop culture ones quick. There's a lot of 401k stuff coming. All right, go ahead, spin it, Spin it. [22:52] Chad: I want to know, is it going to be Mark or Roby? [22:54] JD: Oh, okay. So you get wild. You know, wild is right. [22:59] Mark: This one get wild right now. [23:01] JD: The right guy, you basically get to talk about whatever the. [23:03] Mark: You Want. No, this did not go to the right guy. Jesus, man. [23:07] JD: This is. Okay, Imagine if it went. Imagine if it went to Justin. We'd be sitting here in silence for hours, dude. [23:18] Mark: Yeah, well, geez, that's. That's might be okay. So if your wife's turning 40, what should you get her for her birthday? Asking for a friend? [23:29] Justin: I'm the last person to ask here. [23:30] JD: Is she Hispanic? [23:33] Mark: Her name's Maria Palmini. [23:34] JD: Yeah, she's turning 40. [23:40] Chad: Yeah. [23:41] Mark: Next. [23:41] Justin: Next. [23:41] Mark: Next week. [23:42] Justin: Yeah. [23:43] Chad: Yeah, Maybe like a trip to Cabo. [23:46] Mark: You old people, [23:50] JD: do you. Do you ever buy her, like, jewelry? That's an honest question. Do you do that? No. [23:57] Mark: No. [23:57] JD: So, okay. The fact that you said no tells me that you should. So my wife. My wife, for the longest time, said, I don't like jewelry. I'm not a girl's girl. Don't. Don't, like, buy me that then. I don't know. I think it's like, 15 years ago, 10 years ago. I'm like, I'm just going to gamble and buy her some jewelry. And I quickly found out she was totally lying to me. Like, she felt like that was so romantic that I got her this. This piece of jewelry. Like, so I think that could be a good call because she won't see it coming. [24:29] Justin: That's a good. Good thought. Okay, what about a spa day for her and the girls in Cabo? [24:36] Chad: Do you want to go to a spa in Cabo? [24:39] Mark: I won't be there. Yeah, I won't be there. [24:41] Justin: She's. [24:42] Mark: She's celebrating her birthday without me, so that should tell you all you need to know. [24:47] Chad: Yeah. Cameo ayahuasca retreat. She would love that. David. [24:55] Mark: All right, scramble. Scramble this again. That was just meant to be. [24:58] JD: Okay, scramble it. Scramble it. Like some eggs. Brandon. [25:10] Justin: Anyone else feel that? They're a thing of the past. Although I did use them this week. [25:15] JD: That's the thing. [25:16] Chad: Loser. [25:18] JD: I thought they were the thing of the past. And then Devin came to me. He did a couple meetings down here in San Diego, and he goes, this dude handed me his business card and asked for mine. And I. He. Devin's like, I didn't have one. And I felt like a very shitty boss at that point. [25:35] Mark: I'm like, dude, he needs to get a QR code that, you know. Chad wanted us to have QR codes in our business card tattooed right on his arms. Be like, boom, buddy, that's commitment. [25:45] Chad: I got you QR codes on your business. [25:47] Mark: No, you didn't know. [25:49] Justin: You. [25:49] Mark: You got it for yours, and we were like, no, we're good. [25:52] Chad: Not true. [25:54] Justin: Because the best part was right after that happened, didn't we watch Rebecca Houhan in At wealth at Work and she's like QR codes, don't put them on your cards anymore. [26:03] Mark: Yeah. Remember that. [26:05] JD: Can I ask John Stupid question. What happens if you scan the QR code? Where do you go? [26:11] Chad: I don't know. Let's figure it out. I haven't used a business card like these are. [26:16] JD: Buckle up. I guarantee you in our website overhaul that that's going to be a dead link wherever the it's going. Unless it's like to your LinkedIn or something. [26:25] Chad: It looks like it's just straight to plan Design dot com. Yeah, it's our landing page. [26:30] JD: That's not very functional. [26:32] Justin: No. [26:33] JD: By the way, anyone, a little quick promo plan design.com. we have a brand new website. Go check it out. [26:40] Chad: So how did Devin handle it? Did he tell you? [26:44] JD: He said, boss, can you order me [26:46] Justin: some business cards with the guy? [26:48] Chad: What did he say then? [26:50] JD: Oh, I think he was honest. Is Devin here? I think he was honest. I think he said, yeah, I don't, I don't have those, but what, yeah. What's the chat bar say? They think they're relevant. I saw Sherry Fitz saying they're relevant. They matter. I mean business cards, do you have them? [27:11] Mark: There's my daughter's business card. [27:14] Chad: My honest opinion is like Devin is, is young, right? And new to the space. So he, he probably feels like that. That's shows that he's established and here to stay. [27:26] Justin: For real. [27:27] Chad: I, I remember feeling that way. [27:29] JD: You don't have a business part. You don't really have a job. Are you just impersonating someone [27:36] Chad: when you're younger? It makes it seem like, all right, maybe you just landed there and you're figuring your out you might be gone here shortly. Whereas if you're not, like for me, I don't, I don't recall the last time I gave one. I have been asked on a number of occasions. I'm like, no, to share with me your email. I'll send you a message. I'm like, that's all they want is your contact info. Most of the time they're not putting it in their system anyways. So yeah, let's just get them an email where they can quickly save it. [28:01] JD: A B card. I was like, what's a B card? Is that some cool new thing? That's a. Business cards are like, sherry, don't call it a B card. Who do you Think you are. Can't create slang. That's not a real slang. [28:12] Justin: Hearing her say it makes me a little, you know, question my thought process on that though, because I don't, I [28:17] JD: don't have any business cards unless they're like in my sock drawer or something. I don't know where they are. But I think. [28:23] Chad: Hold on, let's. Let's classify real quick. TPA record keeper advisor of those. Like, yeah, the advisor probably needs a business card because their, their clients are essentially anybody they can meet. Somebody on the elevator need to hand them a business card. Like we're not meeting random people we might stumble across. [28:43] Mark: I meet random people here or there all the time. [28:46] JD: Okay, let me ask you a serious question then. This is straight up. I want to be straight up serious. And maybe the chat bar can ask themselves this question. Of all the business cards that you've been given in your life, what percentage of them did you actually like, take back to your desk and put that person's contact information in or what use it usefully? And what percentage of it did it just sit in your suit jacket pocket until you threw it in the trash can like two weeks later? Or some version of that? [29:18] Justin: I think Pre covered. I love how we use that as a marker now these days. Pre covered. It was a lot more consistent with that post Covet. It's because everything's, you know, we're so virtual now these days. It's. [29:30] JD: Samson's got a stack of them on his desk. Yeah, Samson gonna go like, oh, who's that guy from. From Fidelity? Like, oh, I think I got his business card stacked in my desk and he's gonna go sift through it like, like he's got old school Rolodex or something. What does he say? Every so often I go through them and toss them. So he keeps them. He's using them as actual content. I mean, obviously email, if you're already listen. [29:56] Chad: Yeah, you just gotta throw them in your phone. There was a stretch time, JD If I gave you a truthful answer with a percentage, I would say 40% maybe, maybe less. There was a stretch of time where we had, where like Ryan was the internal and we were in the field all the time and I would take a picture and I'd send it to him and I'd say, throw it in Salesforce. There was a stretch of time where we were good at that. I again, I say I haven't handed out a card. I haven't received a card in years. [30:20] JD: Yeah, I'm not suggesting you don't keep track of your advisor partners. [30:27] Chad: I'm saying I don't keep track of the cards. [30:29] JD: Today's day and age. You don't need a, you don't need. It's not logical to use a business card to do that. Everyone's like on it, has a digital presence anywhere and figure out like where they are. All you need to do is know their name and you can go figure out their contact information. There's a good, there's a good thing that I think would offer to the audience if, if through LinkedIn or whatever. I can't go find your contact information like your email or your phone number unless you want it that way. I would say that's a bad move on social media and I see a lot of that where you click on someone and then you're trying to get their email and it's not there. Like if you're, if you're hustling and running and gunning and trying and you want people to get a hold of you, you should make sure that on social media they can find out what your email and your phone number is. Okay, let's scramble it again, please, Please, Brandon and Brandon, feel free to chime in. Brandon, are you sure this is random? I feel like [31:35] Mark: it's just a loop. Yep. [31:37] JD: No, but I feel like they're falling on like the appropriate candidate. Like go ahead. [31:41] Justin: Maybe. [31:41] Mark: Well, maybe this is his test to be like, does this even work in the first place? [31:46] JD: Go ahead, John. [31:49] Chad: Cash balance have become everyday conversations now where there's a stretch of time that they weren't. But I mean, what to talk about in this? I guess we'll talk about this. Empower rolled out a new cash balance product to us this week. [32:03] JD: That's interesting. [32:04] Chad: I'll call Justin out. Justin immediately sent a group text that said hashtag, not worth it. [32:10] Justin: How many people watch this show? Come on, put me on blast. [32:15] JD: Justin's gonna get attacked from Empower tomorrow. Well, I. [32:18] Chad: So he wasn't talking about their product itself. He was talking about getting the statement balance on the participants statement. So the cash balance statement, their value, it's once a year. It's valued once a year. Right. So it's a stagnant number and it was like three grand and change to have it represented on the statement. And you're right, I don't. That's a lot of money to have a stagnant number represented on a statement for 12 months before it's updated again. [32:48] Justin: I feel like I need a case. Anyone watches from a power say this. [32:54] JD: So don't cover your tracks. Be honest over my tricks. [32:58] Justin: No, it was. And I had that same. So I was actually with the empower guy yesterday and we talked about this exact thing and I said, hey, so [33:07] JD: help me, I'm gonna send him a link to this episode. [33:09] Justin: What do the clients get for the 3000 in the first year and the 1500? And it was like, okay, well they get participants when they log in, they get to see what their balance is, you know, and it's like, okay, well you guys don't post that until we actually provide those statements. Right. It's the same thing we're already giving to the participants. So is the convenience there? And not really. And where we kind of landed on is yes, for those newer advisors who aren't really adept at, you know, going out, investing in a BD or anything like that and keeping it on the side like more advanced advisors do, that could be attractive for them. [33:43] JD: The investment structure, the investment structure itself is pre packaged. [33:46] Justin: Everything has there. Yeah, it's invested at Empower or whoever the record keeper is. And that, that could make sense. [33:52] Chad: Yeah, the, the product that they're offering I think is there's a fit for certain advisors, those that aren't, especially those that aren't licensed, that want everything in one site. From a investment chassis standpoint, I get all that. I don't know if that cost is worth to have the balance represented on a statement, but the product itself, I need to make it clear that 3k and 1500 ongoing was to have the balances represented on the statement. That was not the cost to have the cash balance invested there. That's, that's something different. And I think their product in the cash balance space, it's marketable, it's better than others that you guys have heard me bitch about on this show for a while on the cash balance side of things. So if, if there is an advisor going to use a record keeper for the cash balance assets, I think it's, it's a reasonable offering and I would [34:42] JD: say that that's not a bad idea. I think even though it's pooled, a lot of advisors kind of struggle with that responsibility of knowing exactly how to do that. We've by the way, been in an environment where interest rates have been very volatile, like it hasn't been normal times. So that had to create some difficulties in terms of managing that type of money. And so if you could kind of off put that to a record keeper that created. Although you know what else is out there and I'm sure there's mutual funds that are built for this too, right? [35:21] Chad: Like there are, but they're costly and let's clarify JD the, the platform that the record keeping community is offering, it's just the underlying mutual funds, ETFs, CITs that are available on their chassis that is available for the advisor to pick a, a pool or a portfolio from. It's not like they're getting access Direct equities. They're not getting any customized built portfolio that's made for cash balance plans. No, it's a record keeper. Housing the pool and. Excuse me, housing the pool and providing investment options. [35:57] JD: Can I ask an out loud question to you, Chad? Maybe like pretend I'm an advisor asking you and chat bar chime in if you got the answer to this. We're at a point with interest rates where you can go out there and basically guarantee yourself like a 5% rate of return with your money. Is that impacting cash balance? Can you do that now in a cash balance where. Because that would line up pretty well, wouldn't it? With a cash. [36:23] Chad: You're saying because interest rates are so high, you can find some sort of fix or structured product that gives you exactly what's going to get you the rate of return that you want. [36:31] JD: That makes sense. [36:32] Chad: Yeah. It creates the stability that most of these cash balance plans are looking for. Because I have to remind most people, and they're going to be people that are bitch at me when I say this, but for the majority of the cash balance clients that we set up, it is not an investment plan. It's a tax efficiency plan. It is not about hitting the ball out of the park and getting massive rates of return. It is about creating tax efficiency with the dollars that you have that you don't need to live off of. And so I'm not, I'm not looking to advise advisors that they need to go out and find something that has a big rate of return with aggressive risk. No, if you can get a fixed 5%, do it. [37:10] JD: Well, I, hopefully everyone, everyone in the chat bar is kind of experienced. They understand that. But for newbies out there that are listening, please understand that you'd be surprised [37:20] Chad: how many TPAs say differently though. JD oh really? There are, there are a lot of TPAs that say, well, we'll deal with the extra benefit when we have it. We may, we may as well get it. If the market's good and it's running [37:31] JD: until you go, until you go back to the guy that's making a million bucks a year and tell him he can't sock away 150k anymore because his, his account's too big. That's not a good meeting to have. [37:42] Chad: Nope. [37:43] JD: Okay, let's scramble it up again. Oh, it's hoping this would go to Chad there. Okay. I'm going to send this even though you know, I'm so biased. I'm sure Justin and Mark feel this and I want to apologize to you guys right now. I always go to Chad with my questions. Why do I do that? [38:10] Justin: Never noticed. [38:11] Mark: Let's see. [38:12] Chad: Yeah. Yeah. [38:13] Mark: Really. [38:15] JD: I'm going to go to Robbie on this one and someone, someone in the chat or look at bitcoin right now because I think it's at like 52000 or something. Bitcoin is quickly approaching its all time highs. It is been on a tear from its low. I mean there's not many asset classes. 51. Okay. Yeah. Just below. [38:42] Mark: So is. So is the stock market. [38:44] JD: Just not comparatively speaking though. No way. No way. Shape or form. Yeah, it's way more. So my question to you is, and by the way I think we talked about this past shows, the spot ETF that's been approved which is going to really Main street this stuff for everyone. They're going to be able to buy bitcoin. And we talked about this at Fidelity or at actual ticker as opposed to through Coinbase or some weirdo kind of application. Is this not time to kind of laugh at the boomers, the Nevin Adams, the people out there claiming that this is a bunch of like this thing's revving back up. Is it not Rogue guy. [39:31] Mark: Again, it for, for me just per. I want to say personal, just generally speaking. No, dude, no, it's. [39:40] JD: It. [39:41] Mark: It could easily go the other way as soon as it goes this way. Just like it's already done before. Right? What do we say? Right. Things are cyclical. History can repeat itself. We talk about the relationship of what happened in the past with the stock market and how it can impact today and how it will do the same thing again. And all the, the markers and metrics we look at to trigger those things and try to determine when they're going to happen. So my thought is this guys, can we all just stop bickering over is it good, Is it bad? Am I right? Am I wrong? And just say if you don't want to deal with it then just shut up about it and let the people who are interested in it fly to the moon like they think they're going to and let everybody else do what they're going to do. I don't really care. [40:31] Justin: It's going up, it's going down. [40:33] Mark: Great. [40:34] JD: So. [40:36] Mark: So I'm not answering that question. [40:38] Chad: The. [40:39] Mark: The answer I'm giving is just this, dude, it's an investment option that can go up, it can go down. Right now, it's trending upwards. [40:49] JD: Great. That's true. Okay, fine, what he said is valid, but that's true of every single investment. But here's what you're gonna do. [41:00] Mark: No, no, no, no, no, no, no, no, no, no, no, no. This is what you do. This is what happens, though, is you just try to tell every. You're part of the problem. [41:08] JD: All you try to do is tell [41:09] Mark: everybody else why they're wrong. Why can't you just accept the fact that this is your personal opinion, okay, and that you're a part of that camp and there are other people who disagree with you. [41:24] JD: Who gives a. This is fine. That's not what I was going to say. What I was going to say is everything you said is valid. But what I'm saying is that as people, as investors, and by the way, we work in an investing type of field, we're always curious about what sectors might do well versus what sectors might not do well. And I'm totally okay with the fact that everything's going to go up and everything's going to go down. That's fine. But let's not kid ourselves. We live in an industry where we would hope to find opportunities to invest in things that would improve our rate of return. And I'm going to kick it to you now, Chad. Like bitcoin, there are a lot of smart people out there. And I know a lot of smart people can say stupid things about all kinds of things, but there's a lot of smart people out there that think that 50, 60K for Bitcoin is nowhere near where their projections are in the next year. Two years, Five years, Chad. Elaborate on that. [42:24] Chad: Yeah, they. They look, number one at the. The interest in people purchasing these limited coins and their significant interest with minimal market penetration. And it continues to climb and climb and climb. Someone tell me, what's the. The capacity of the retirement plan space? Eight trillion. Nine trillion, ten trillion. I don't even know where it's at now, but that is a space that is untapped in cryptocurrencies. And so if they start to make their way in there, you're going to continue to see the interest and the lack that it's a limited resource. Continue to make that that value rise and that value is at this point almost untapped. And then you put, which you guys always hear me talk about the actual technology behind it and what exists and why bitcoin is there. And that's where I think they have made zero penetration into what it was actually created for in the blockchain and what it will do for, for us all moving forward. Mark, everything you said is not inaccurate though. But in terms of what we do, our goal is to stay in tune with these kind of things. Especially if it's going to make its way into the retirement plan space. We've got to continue to touch on it. [43:38] Mark: Were you listening at all? Yeah, to one word that I said. Chad. Did I say anything that has. [43:44] Chad: Do what you want to do. If you don't like it, don't. Don't talk about it. If you do like it, then don't talk about it. Just let it be your own opinion. [43:51] JD: Yeah. [43:52] Mark: How does that have anything to do with your comment right now? [43:55] Chad: My comment is that we need to continue to talk about it. It can't just be our opinion. We need to continue to try to. [44:01] Mark: But when we talk about it, can we talk about it in a way that's not so defensive? And JD calling everybody else morons if they don't jump on his bandwagon. I'm fine talking about it. I can talk about bitcoin. That doesn't mean I'm going to slam people for not appreciating it or getting on board with it or their, their viewpoints. Dude, I. [44:21] JD: Hey, we're going to just say we're going to the next subject. But heads up everyone. Bitcoin's nearing all time highs. [44:29] Chad: Someone sent me a message the other day poking fun at me because bitcoin fell below 40,000 and by the time I went to my phone and looked at it, it was at 43,000. [44:36] JD: Yeah, in the sense the sensor said the spot ETF killed at which, you know, for a short period of time it did go down after that. But here we go. It's. It's heading up. Mark just said how JD like tries to convince everyone of his truth. Stay tuned for our next show. I can't talk about it tonight, but you know how I've been talking about certain disruptors and how I didn't feel like their business model really made a lot of sense. We'll talk to you guys in two weeks. There's some big news that's secret right now. You may not even know it. I only know it because Certain people have been laid off. Certain people have moved jobs, and they've contacted me directly, and many of them have. And I'm going to tune you guys all into some of these companies that are in a show right now that I've been talking about for years. Okay? So sometimes, Mark, I'm right. All right, Scramble it. Perfect. [45:43] Justin: This stuff is so pointed. There's nothing random about it. [45:46] Chad: Brandon's kind of on the back end. [45:48] JD: Does seem manipulated. [45:50] Mark: All right, I'm. I'm going to keep this real, real simple. Worst logo in the history of logos. [46:04] JD: Oh, wow. [46:05] Mark: That's all I got right there. [46:07] JD: Ouch. [46:08] Mark: I mean, yeah, it looks like a preschooler accidentally drew some lines and said, hey, looks like a tiger. Put that on the fridge, honey. [46:22] JD: Oh, no. [46:23] Mark: None of that matters. It looks stupid. It looks like a mistake. It looks like it's unfinished. [46:30] JD: It. [46:30] Mark: It's just Tiger woods, dude. He can do anything, and it's gold. And there are going to be people lining up out the door. I'm gonna try to get on that list to buy Chad a sweatshirt because I love my best friend, one of my best friends, and I want to get him one of those because I know how much he will appreciate and love it and cherish it, but that is not. It's not good. It's not good at all. But, hey, Tiger's playing golf today. He's back. He's wearing it. Good for him. No more Nike check. End of an era. Whatever. Move on. [47:03] Chad: Let me. Mark, you would know the answer to this. Number one is, why is Sunday two different words as he said. Has he answered that? [47:10] JD: He said, there's some power in threes. It's what all us marketing people do [47:15] Mark: when we give you a new logo. [47:19] Chad: Sdr. [47:20] Mark: Yeah, I. I have no idea. [47:22] JD: Gather some power in three. [47:23] Chad: His TW logo, like, his T connected in the W. That would have been way better than the tiger, bro. [47:29] JD: Someone asked him that at a press conference, and he was super bitter. He was like, did you and Nike talk about the tw? Why couldn't you take that? And he's just shut it down. You can. It's on YouTube. Check it out. [47:42] Chad: Damn. [47:42] JD: But I'm with Mark, so 75io75 Studios. I spend a lot of time these days on design stuff, and I was excited to see that what Tiger was coming out with. And you know me, I like some creative, different, kind of challenging, like, courageous things. But I hate to say it. Like, I agreed with Mark. I was kind of like, wait, look at this. From a different Angle. Why do I hate this? Why does this look so bad? [48:12] Justin: I mean, the, the thing, the, you know, the meanings behind it I thought were really good. Chad and I were talking about it. You just need to make it a cooler logo. I don't have a problem with the tiger. [48:23] JD: Yeah, the stripes. [48:25] Mark: Get that tattooed on your bicep, buddy, and have a special meaning tattoo. [48:31] JD: I wonder if people already have. Tiger. [48:34] Mark: Oh, 100 tiger. Chad got himself a tramp stamp with that on it. [48:41] JD: Tiger had a bogey on. On 18 at Riviera today to finish one over par, but it was a decent round. [48:48] Mark: All right, hold on. [48:49] Chad: Did you see the shot? It was a straight hosel shot. Shank. Just a straight hosel. [48:57] JD: Yeah. Anyways, they were saying he almost had a char. [49:03] Chad: Oh, a shank par. [49:06] Justin: Anyone notice that? These. I mean, we're. We're staying strong kinda for the most part, but I feel like they are, You know, I feel like. Well, you know, we haven't heard from Fred and Nev lately. We haven't heard. [49:24] JD: That's not true. Nevin and Fred have been putting out. [49:26] Justin: They're still consistent. I feel like they just. [49:28] JD: Yeah, they're not. [49:29] Justin: They're kind of taking the back seat a little bit. [49:31] JD: They've been good. They've been good. They've come out with some good stuff. But I get where you're going, and I think you're correct. Continue on. [49:40] Justin: I think the whole podcast universe in general is starting to get a little saturated. But not just 401k, but overall. [49:48] Mark: What's going on with my boy? Yeah, what's going on with my boy? [49:51] Justin: Not doing anymore. [49:52] JD: He clearly kicked out, like, love him. [49:54] Justin: Yeah. [49:55] JD: And I've had some conversations with him. I played golf with him recently and yeah, he just, you know, too much. Can't keep doing it a well and from. [50:05] Mark: Again, I. I can't sit here to say I have any experience again. JD thank you to you and to Brandon, who have always done all the planning and schedul of even our show, which people do sometimes refer to as a podcast. And it obviously is a. Is a really big commitment and it's a. It's a lot of time and effort just going into getting people to come on the show and do, like, I'll say this, like, I think I. My hat's off to people who do a podcast regularly, whether it be in our industry or outside of it, because it's not. Not easy. And you like, when you're in the podcast game, how competitive it is right now and saturated frequency Is king. If you are not frequent it just like content, right? Like if it is not repetitive, like you're going to fail and fail very fast. I mean there are a lot of people out there, celebrities and others who have tried started multiple podcasts and it just. They can't keep it going. [51:06] JD: So Chad, this is your subject. Justin. [51:10] Justin: Sorry, go ahead and ask. What do you want me to ask [51:12] JD: about the play host. I was like, do you guys listen to this? Do you, do you listen to podcasts? Because it's a pretty big part of my life. Both 401k and non 401k. I have my favorites. I put in my earbuds and I listen to this stuff when I'm working out before bed. I mean I driving my car like do you guys do that when I can't. [51:37] Justin: It's got to be very like quiet time focus. I concentrating on doing work and then trying to listen to a podcast in the back doesn't work by any means. Like I. It takes me, you know, nine hours to get through a three hour podcast type of thing. So it's not something that's big on. [51:54] Chad: I played at 1.5% speed and I fast forward through a lot of shit. I'm not there to get the funny laugh like candor type thing. I. I need content by the time I get around to having that time. Once I'm done with that dude, it's kids practices. It's running from location to location. Like I don't have a window to do that and still get the rest of my life accomplished. [52:16] JD: Well, I'm an empty nester. So I just wake up and don't know what to do with myself. So I listen to podcasts. [52:25] Mark: I listen to a podcast when I walk my dog and I listen to a podcast when I go to sleep at night. [52:30] JD: So yeah, I feel a little bad. Like we probably shouldn't be listening to it to before going to sleep. Like you're supposed to like detect like get rid of your attack. I feel like. But I do the same thing Mark. It's. [52:41] Mark: It's like the new white noise and it. What ends up happening is the, the earbud or you know, put falls out and then I listen to what like 15 minutes and I wake up and it's just sitting there on pause. So yeah, I don't. It's like I actually was in the whole thing. [52:56] Justin: There is different is listening to before you go to bed versus reading a book. You're still. I know you're digesting the content different [53:02] Chad: because the screen in a. [53:04] Mark: In a podcast. I can keep the room screen, though. [53:07] JD: That's a great question. [53:08] Mark: I can. [53:08] Chad: Yeah. [53:10] Mark: Yeah. Reading a book requires light and focus. In a podcast, I can close my eyes and put my head on my pillow. [53:17] Justin: Yeah. [53:17] JD: I think Justin was trying to say, like, reading a book is acceptable. That's a totally acceptable pre going to sleep routine. But I was just saying I feel guilty listening to podcasts, and Justin just made me feel better. Thank you, Justin. Let's. Let's scramble it up another time. And we got these. This is a two hours. [53:39] Chad: I don't know Ari Rosenbaum's podcast. I was trying to find it. [53:43] JD: It's called. It's the same as his conferences. What did he call his conferences? That really cool conference. No, it's like that 401k podcast. [53:56] Justin: Nice. [53:58] JD: There you go, Chad. This is all you, bro. [54:03] Chad: I'm starting. I feel like I've always been impartial to this topic, and I think that I'm starting to lean a little bit more on the against side. Only because record keepers continue to slide these in more in a secretive way than they once did. It was, hey, if you use our fixed. If you do this, there will be a discount. Now it's become, if you're under this asset size, you have to use this. And then it was just a fixed or stable value. [54:29] JD: Name names. Chad, who are these record keepers you're talking? [54:32] Chad: I mean, you know, most of them in that micro space. Your voyage, your Hancocks, your T Rose, your JP Morgan's one I've been looking at, which, by the way, I didn't know JP Morgan was Vestwell Micro Product and Empower north of a Million product. That was something new that I learned this week. It's there. It has nothing to do with J.P. morgan. It's even. You know what else I learned? It's even vessel employees and Empower employees. But they're dedicated to J.P. morgan plans. Yeah, I always kind of assumed they were still JP Morgan employees and JP Morgan's payroll, but no, JP Morgan just pays in power and it's Empower employees. They're just only dedicated to JP Morgan plans. Adam Power. Which is interesting. I don't think I really realized that. [55:16] Justin: Does that work? [55:18] JD: What about the good old argument of that proprietary funds drive revenue to the record keeper and therefore would be impactful and lower costs? Whether whether you see it clearly or it's just kind of baked into the cake, like somehow it's lowering costs. Is that not a good thing? [55:40] Chad: I think that as a fiduciary if you're not taking that into consideration, then you're not taking your, your participants and beneficiaries best interests into mind. I think you have to look at the proprietary offering and see what kind of hedge against cost it's going to have and then make a decision on it. I've always felt that way and I think any advisor or fiduciary needs to be looking at the proprietary options and, and weighting those. My issue more so is proprietary as an option versus proprietary being forced are two slightly different things, right? Hey, if you use this, we'll lower your costs versus you don't have a choice. You have to use this because you're a startup planner, because you're below 5 million. That's where I start to have an issue. [56:27] Justin: American Funds is forcing it because Hancock has the option. Voya has the option. [56:33] Chad: Well, yeah, they don't all have the options. Not all the ones you just named have options. That's what I mean. They'll give you the option of the target Date Fund. But are you looking underneath even further? The stable value in the fixed. [56:46] Justin: The stable value, you're getting one basis point? No, it's a five. I think it might be five actually. You know. [56:52] Chad: No, I'm saying whether or not it's an option, not all the ones you just named. Is it an option? [56:56] JD: You know what I think happens that doesn't get talked about a lot. I mean, you guys are talking about real life specifics in these proposals and what your options are. But let's be honest with ourselves. A lot of times clients and or advisors are slow to make decisions on their own and the record keepers are left to kind of like nudge them in a direction or kind of make a choice for them. And I feel like that happens a lot where it's not like officially the default, but when you really get in the installation process, if you're not screaming for something else, you might end up in their own shit. And that's a kind of a weird way where assets flow, where they're making the decision, the clients and the advisors, but in, in a way they're kind of influencing it. Now I said earlier that I think it's cool that if you can get lower fees and you and Chad said very intelligently you should consider that. But I think if you lined up a hundred plan sponsors, or I guess I should more appropriately say a hundred like fiduciaries, and you said you explained to them the concept of proprietary funds versus non proprietary funds, I think like 90 of them, regardless of the lower fee structure, would say, oh, no, no, no, no. I don't want the same funds that my record keeper has. I want to have choice. And I should be making that choice on the. In the best interest of my participants. So I still think that's the right way to do it. And I. And it's weird to me that we still do this, that we still play this game. I kind of, I'm putting my neck out there. I kind of feel like it would just go away. And even if that means prices go up a little bit, I feel like, okay, then we just have a fair level playing field. But I'm sure people disagree. [58:55] Chad: And that's where we got for a stretch of time. Right. We got to this point where it was like, look, there's no, here's our. You put a hundred percent of the assets in the S P500 fund and here's our cost. And if you want these couple of things, then we can lower it. And I would tell advisors, run your metrics, make sure if you're going to use their Target date suite that it meets all your IPS metrics. That was, that was fine. But now we're back to this point where it's not always an option anymore. It's forced in there. And therefore someone had put an option equals take it or leave it. If it's not a leave it option, then you gotta potentially leave that record keeper unless it's meeting your metrics. [59:38] JD: We're about to wrap, but. Oh. I was trying to figure out what Brasha was, what question he was answering. Are there true open architectures for startups? Kuna PCs. Okay, cool, cool. Fine. Thanks. Chat. I love when the chat bars teaching each other. Let's do one more and then we'll vote for chopper champion. [1:00:05] Chad: Whoa. [1:00:09] JD: Okay. [1:00:09] Chad: Someone just deleted a post. [1:00:12] JD: What? That can happen. [1:00:14] Chad: Where? [1:00:15] JD: In the chat bar? [1:00:16] Chad: Yeah. [1:00:18] JD: Who? [1:00:18] Mark: I'm gonna try. [1:00:19] Chad: Oh, you can. You can delete your own. I saw it. I don't know who said it, but it essentially says advisors who leverage proprietary funds get a lot more referrals. And it could make sense if record keep. If those record keepers, especially the ones that get compensated on the DCIO side as well. [1:00:38] JD: Hold on, let's pause. There are record keepers that have their wholesaler. Of course there is. DCIO is kind of shrinking a little bit, isn't it? And they get paid on that. The wholesalers that are now dual jobbing as dcio. [1:00:58] Chad: Yeah, it's becoming more and more popular now. [1:01:01] JD: Interesting. So that's that's an interesting concept. In the old days, DCIOs would run around, buy you a steak dinner, buy an expensive glass or a bottle of wine, take you to a nice golf course, try to get you to kind of put their funds on your core menu. That's, that's how it works. Now. If I'm repping a record keeper, but I'm also dcio, I'm playing that same game. I need you to get my funds invested in. That's. That's weird. Pro V's. Pro V's, baby. [1:01:35] Chad: Yeah. [1:01:36] JD: Yeah, that's weird. Okay, non qualified deferred comp. I'm seeing this come up. Jeannie Fisher's talking about it on the 401k podcast from 4k Specialist Mag. I think it seems to be there's a big push on this srp. It's Jeff Atchison, who talks about this a lot in the community. I've been just seeing it on social media kind of popping up, which is why I added it as a topic. I didn't know this is going to land on me. So I'm going to ask you guys as a sales team and then we'll wrap. When I was selling, that's a cue for you, Chad, to say, when's the last time you sold a plan? J.D. yeah, this would come up. I mean, honestly, maybe 5% of the time. Maybe less so to Mark. Chad, just how often are your advisors asking you about non qualified deferred comp? [1:02:34] Justin: I mean, it's still minimal, but it is getting a little bit more popular. I'd say call it 10% of the time. [1:02:43] JD: Why? Do you think it's getting more popular? [1:02:45] Mark: Yeah, I was going to say, I don't. I wouldn't use the word popular. I don't hear it at all. [1:02:49] Justin: Maybe popular is not the right word then. But yeah, I'm getting a little bit more frequently. [1:02:54] JD: Yeah, more frequently. Mark, you never get asked about it? [1:02:58] Mark: No, I'm sorry, I just. When I, when I say I'm generalizing, I mean, it could be. It's so that I'm saying like it's barely a conversation point. Maybe I'll just say over the last 12 months, right? Maybe it came up three times. [1:03:13] JD: That's odd because you're kind of in Silicon Valley, which I would feel like that's where you'd hear about non qualified deferred comp more than almost anywhere else in the world. Chad, you think this is gaining traction? Not gaining traction is a thing. Not a thing. [1:03:31] Chad: It's gaining traction and it's gaining traction. I think finally I'm at least getting asked the right questions when it fits. For years, the times I would get asked the non qual question would be like, well, we just don't want to give anything to our employees. And so my, my partner and I want to do everything in a non qual and then you start to help them understand what that actually means and, and whether or not it would make sense. And it usually does not make sense. Now I'm starting to see it more with larger companies. I'm starting to see it more in restaurant and construction businesses where they're trying to target key folks and it fits well. Now the issue I have in true transparency, JD and I know there's some non qual people here. I do not have an independent solution for it. Voya bought Pencal and now people come and they ask like, hey, I don't want to keep it on a recordkeeping chassis. What are my options? I'm like, I don't know. I, I ask around. I have nobody that tells me they've got a good solution. What I hear every time is principal and boya and those are good solutions. But sometimes advisors don't want it at a recordkeeping chassis and so they want an independent outside offering. [1:04:39] JD: My biggest problem, it's funny, sorry about, I shouldn't have said that about the mega back. But my, my biggest problem with the non qualified deferred comp being and maybe this is why Mark answered the way he did. No offense Mark, but as a tpa, you tend to spend a lot of your time in the micro small market space. So obviously it doesn't come up and that's what would frustrate me is when advisors would come and talk about it to clients that were mom and pop, you know, even, you know, 20 employees, 30 employees like that, this is, this is, does not fit for those types of companies from a mathematics standpoint. Right? Like this is for a company where you have real executives or real national sales and you need to keep those people and they are not owners in the company and you want to give them some really fruitful benefit to kind of keep them around. Like this is big, big boy, big girl. Is that still true, Chad, when I say that or. [1:05:46] Chad: Yeah. And it doesn't have to be big boy, big girl. [1:05:48] JD: Right? Atchison told us that. He said that was a, that was [1:05:51] Chad: a, I disagreed with what he had said and we sat down afterwards and he tried to explain to me his thought of the tax efficiency side, which I just, I, I didn't agree, but side point. [1:06:03] JD: God Johansson does not agree with Jeff Atchison. I feel a. What was the debate show we had going? I feel like we could, we could set that up. [1:06:14] Chad: I see it in the small space too, again, where that where they've got one or two key folks that they can't get enough to or they're highly comped. And so it's blowing up. They're younger. It's blowing up. Testing on the DC side but they still want to reward these two or three non owner key people. It doesn't just have to be big organizations. The problem is, is that what we got for years was people that would get sold oh non quals. Just that it's non qual. It's going to work everywhere. And then an advisor would sit next to me in a finals presentation and they would say, oh, you don't like the idea of continuing your safe harbor? No problem. We'll create a non qual. And the only two highly comped are a husband and wife owner. [1:06:54] JD: That's not going to work. [1:06:54] Chad: Yeah, it's like that's not what that's for. That's not how that plan. [1:06:58] JD: Well, this doesn't. It just doesn't work mathematically. It's like a left pocket, right pocket. Like it doesn't work. The math doesn't work. [1:07:05] Chad: Right. The way the product is created does not work in that scenario. [1:07:08] JD: But I think if you, if you kind of hunt around and service around in the medium to larger plan space where you have kind of, I don't want to say absentee owners, just bigger companies where there's executives that work there and they're not the owners of the company and they're valuable. I think this can be an interesting design. I love that Sherry's going back to her design days of. And she did Mary Kay's non qual information booklet. Good for you. Okay, let's throw another thousand points out there for this. What I think will be a. A very cool kind of championship belt. For the prize of chat bar champion this year you're gonna get a beautiful. I wish Brandon could find that picture man of the one we did several years ago. But we'll customize cool belt that you can display proudly for being chat bar champion and some phenomenal prize. We'll figure that out. And then I also think like second, third, we'll get some really sick and so. Hey everybody, I just want to be clear. I was dropping like 125 bucks a week on chat bar champions. So imagine when they're Chat. When you're the chat bar champion of the year, like that's. That's going to be some good. [1:08:38] Justin: That's like two night hotel stay or something, man. [1:08:41] JD: Yeah, the Motel 6. You get free. You get to come to the Retire Hawks conference. [1:08:47] Chad: Justin, by the way, that was your raise budget for this year. [1:08:51] Justin: Oh, and by the way, my budget, not my raise, right? I didn't see a raise. So I just figured, you know, if [1:08:57] JD: you come to the Retireaholics National Conference, you have to fly on Frontier Airlines. Like there's no other one you can fly on. [1:09:06] Chad: Spirit. [1:09:06] Mark: No, Spirit. Yeah, [1:09:09] JD: like that's the only plane you can fly on to actually be accepted into the conference. And then we pick you up in some. Like some guy who's been booted off of Uber has to pick you up and is up Toyota Camry. And he probably did drugs before he got there to pick you up the airport. Okay. I'm loving this idea of a conference. This sounds really fun. Chopper champion. Justin, I know you like being put on the spot, so let's not. [1:09:40] Justin: No, I'm going. They have to be present because I had one, but I realized he's not here anymore. What's our rules? [1:09:49] JD: There's no rules on the show. It's going to be hard for them to win the final final when Mark tells them what to say. [1:09:55] Justin: But it's a good point. [1:09:57] JD: This isn't a show. Not. [1:09:58] Chad: Do we just vote them in? [1:10:00] JD: Okay, all right, so it's fine. We wing it. [1:10:03] Justin: Brad had one in the beginning that just gave me a good giggle when we were talking about the chat bar points. And he said something along the lines of, is there a frequent buyer's program for you guys to where we can, you know, pay money to get points? Oh, I like that. [1:10:18] Mark: Yeah, buy Girl Scout cookies. [1:10:20] Justin: Like, you know, give to charity stuff. [1:10:27] JD: Okay, Chad, your vote. Wait, so who's your vote? [1:10:30] Justin: He's not here anymore. Yeah, I got Brad. [1:10:32] JD: Oh, for Shaw. He took off. [1:10:34] Chad: No, Bartels. Brian's still here. He's saying Brad Bartels. I was kind of torn. There was actually. It was a pretty good night between a few people. But I'm gonna. I'm gonna go with. With Kyle Clift for putting that comment back up after I thought he deleted it. I didn't realize who it was. And he stepped up and put it back in about the referrals going to advisers who are more willing to use proprietary funds as. Interesting thought. [1:11:05] JD: Yeah, that's. I like that. Started a whole another conversation. [1:11:10] Justin: Robey, your Vote wasn't watching Samson. [1:11:17] JD: Wow. All these people. [1:11:18] Justin: Good. [1:11:19] JD: So I'm going to pick the winner from those. Yeah. [1:11:22] Chad: Okay. [1:11:23] Mark: I like that. [1:11:26] JD: Because there's no rules here. We just make this up as we go. I'd love these. [1:11:29] Justin: Brandon picked a winner second Thursday shows [1:11:32] JD: because Brandon's been quiet all night. He should have. He should have jumped in more, but he didn't. Maybe he's not feeling it. I only had one Coors light and one old Fashioned. It was a pretty deep old Fashioned, but I'm feeling hammered. Remind me, remind me one more time on who we are. [1:11:54] Chad: We had Brad Bartels, Kyle Clifton and Mark said Kush Sam. [1:12:02] JD: Wow. [1:12:03] Mark: Jeez, man. [1:12:05] Chad: I couldn't remember what you said. [1:12:06] Justin: Kush had that good one with the. The business card, though. [1:12:09] Chad: That wasn't though. Kush did not say that first. [1:12:13] JD: Jess, who is this? Who is this Kyle? Who's this Kyle Clift you speak of? [1:12:19] Chad: Brian Williams said it first. Just. And he said he keeps my business cards in his car so he can put them on the windshield of cars he hits. [1:12:25] JD: Oh, [1:12:28] Justin: I did not catch. [1:12:29] Mark: I didn't see that. [1:12:32] Chad: That was. Brian Williams said that he's. [1:12:35] JD: He's in the. [1:12:36] Justin: I'm changing my vote. [1:12:39] Chad: All right. It's 7:43. [1:12:42] JD: There's no go, bro. There's no timing on. There's no rules. [1:12:46] Mark: Yeah. [1:12:46] Chad: Chad, [1:12:49] JD: I feel like this is really important because this is actually like there's a leaderboard now. Like this is this. Make this decision. Make, make. People's lives will change because of this. Okay. This is. No, I can't do that. I was gonna say Kyle Clift because of what you said. He like spurred on a conversation for us and he deleted and then brought it back. But it should be about your overall performance for the whole show and having a good zinger. That's not true. It doesn't have to be about zingers. Doesn't have to be about. [1:13:26] Chad: He's having a deep conversation in his own head right now. [1:13:30] Mark: I love to know how did he's brain works. Now that I realize today is chat [1:13:35] JD: bar champion receiving 1000 points. In joining the leaderboard will be Kyle Clift for his odd little scene he did there and influencing a conversation. Kyle, Cliff, congratulations. You have a thousand points. You're on the leaderboard. You're on your way. It's, you know, a lot of hard work in front of you. There's a lot of people. Yes. [1:14:04] Chad: You know, that I'm not cool with though, is that you can delete comments. Yeah, I feel like that's going to be abused here at some point. [1:14:12] Mark: Turn that feature off, Brandon. Also, here's an idea. I think anybody who has points, okay. Can risk some. This may not work, but they should be able to risk some points, right? Say, like, hey, this week, I'm winning Chat Bar Champion. I'm gonna risk my points. If I win, they can quadruple their point balance. [1:14:34] Chad: They, like, double up texting those people [1:14:37] Justin: on the side, like, pay me, I'll. [1:14:39] JD: Yeah. All right, I'll vote. Samson also has a great point. [1:14:42] Chad: Yeah. Samso does. [1:14:43] JD: And you know what? This is the fun of the second Thursday shows. [1:14:47] Justin: I like it. [1:14:47] JD: We can make up as we go. [1:14:49] Justin: Yeah. [1:14:51] JD: All in favor, let's give. Yes, I, I. Let's get. [1:14:56] Mark: What was the point? What do you say? [1:14:58] JD: We're gonna give 250 points to everyone that was nominated. [1:15:02] Chad: Thousand to the winner. [1:15:04] Mark: I agree. I agree with that. Yeah. [1:15:08] Chad: Thank you. [1:15:09] JD: Yeah, we'll continue to do that. All right, everyone, we will be back in two weeks with Spiro from Pen Checks, who, by the way, this is a. To give you a little taser. This is a tpa. His dad started a TPA firm back in the day right around the time my dad did. And sometime way back in the day, he got together with a bunch of other TPAs his dad did, and they decided. Sampo says he's a good dude. They decided that they would work on distributions for TPAs because back in the old days, it was tough to do. You had to do 1099, so record keepers weren't doing it. And that grew into Pen Checks, which is now has over a hundred employees and is, by the way, is moving into a new office down here in the Southern California area that will have a golf simulator. Chad in his office. Ah, I'm gonna, like, I'm gonna hang out there and just drink beer and get drunk until they tell me to go away. And exciting announcement, hopefully. Yeah. We're announcing it when Spiro comes. And when Penchax is here, we're gonna announce to you all about something we told you about last year. We have a big retireholics thing coming out that we have co done with Pen Checks. And it's going to be the biggest thing we've ever done in the history of the world, and it's going to blow your all's mind. So I'll just leave it with that. [1:16:46] Justin: So I missed that part later this year or next year. [1:16:49] JD: Yeah, this year we're coming out with the thing that. And so the reason why Penchex is coming is to kind of co release this concept, that concept, this thing we're gonna introduce. [1:17:02] Mark: All right? [1:17:03] JD: It's gonna be very cool. Don't miss it. And pay attention to your Instagram, your Twitter, and your LinkedIn. Because I will give hints on how you can win extra points before the next show. Hell, I might even give you a hint to win extra points, like during the next two weeks, just on LinkedIn. Like, do this and Easter eggs. Yeah, it could happen. Could happen. All right, everyone, it's been another episode of Retire Alex, we love you. We are the Retire Alex. We are changing the retirement plan industry one beer at a time. From Robey, from Silent J, and from Nerdy Chad and myself, Jay, to the Dizzle. We love you. Thanks for tuning in. We'll see you next time. Peace out. [1:17:51] Chad: Peace to Ichio Brothers. [1:17:57] Justin: Later. Is there an after show or no? [1:18:06] Chad: I got something to tell JD Why [1:18:08] JD: your feet are stumping. Pump it up a little more. [1:18:15] Chad: Get the party going on the dance floor. See? [1:18:18] JD: Cause that's where the party's at. And you find out if you do that. I want a place to stay. Get your booty on the porch tonight. [1:18:28] Chad: Make my day. This is the first time I finished a show with full view unopened. Yes, it is a second show. [1:18:44] Justin: Hey, JD Is that this guy, right? [1:18:47] Chad: Yeah. [1:18:49] JD: What? [1:18:50] Chad: I got something to tell you that I learned today. [1:18:55] JD: Listen, I gotta go play tennis with my daughter. Feel like we drank enough. Well, up, John. [1:19:19] Chad: Hey, so I sat with Payroll Integrations today. [1:19:23] JD: Oh, interesting. So who is this? [1:19:27] Chad: Well, what do you mean who the individual is? [1:19:29] JD: I forget. [1:19:30] Chad: Payroll, Andrew. So Payroll Integrations has a contractual relationships with, like. I'll just name some of them. ADP paychecks, QuickBooks Online, a number of other regional national providers. [1:19:47] JD: You think they're, like, the leader in this shit? [1:19:49] Chad: Yeah. Oh, yeah. Without question. [1:19:51] JD: Okay. [1:19:51] Chad: No. No doubt. And now they've created relationships with, call it 25 or 30 record keepers, and they.