Record Keeper Consolidation & Participant Monetization

[0:01] JD: Just. I just had a really scary thought. Show just started and I'm like, I have to pee. Shit. All right, welcome everyone. I'm going to. I'm going to do, you know, a poem for the intro. Okay, so here we go. [0:17] Chad: And hopefully is it heartfelt. [0:20] JD: Yeah, hopefully. They always are. Is there any other poem to write? That's my go to. [0:24] Chad: Funny ones. You can do funny ones. [0:26] JD: This one is heartfelt. Maybe funny too. We'll see. Mark, Chad, Justin, and yes, my little bro too. The years are many, the hijinks fun and thousands of drunken brew. You're all brothers to me. Not just BC our lives sewn together Like Mark's robe and its patch forever connected. Deferral to a match like that's like a rap thing. Mark. [1:00] Mark: But not listening. [1:02] JD: Success, failure, not for what I care. It's your bald heads that remind me I have beautiful hair. Unlike Timberlake and NSync. Unlike Beyonce and Destiny's Child. Together we will remain like a pack in the wild. A retireholics love that is pure, that is true and never boring. Like a fiduciary review. Just on is silent like the starry night. The microphone at the center of his fright. But his heart says all I need to know. And he's single ladies, so you know robe guy. Robe guy guy. I would tub naked with you in the pools of Dubai. We could towel off together with your magnificent robe. [2:02] Chad: My goodness. [2:06] JD: And talk about Pepsi and how they anally probe chad wikian. The 401k slayer is more than just top notch sales. Give me the choice to save him or the other. And I would say fuck the whales. Even though he wears the same sport coat for years and years. If he left me for paychecks, I would surely drown in my own tears. And Brandon, well, Brandon is Brandon. You see, he's got no choice. He's my brother, so he cannot flee. Without BC retireholics would never exist. And that would make the chat bar really, really pissed. So let's rejoice everybody. The cast, the guest and the chat bar peeps too. Don't insert your graphics into my fucking poem right now. I love you, Brandon. Let's debit. So let's rejoice everybody. The cast, the guest and the chat bar peeps to. Let's debate about TDFs and two versus through. Let's challenge Tony and his economies of scale. Let's talk about how PEPs will never prevail. Let's talk best practices and how to make your advisor shop legit. Let's analyze legislation and agree that Mr. Reich is the shit. Let's do it. My dudes and my dudettes too. It's retireholics, motherfuckers. And this EP is new. That's it. That's it. Cheers. Cheers to you guys. [3:50] Mark: All right. [3:50] Sean Patton: Rate it. [3:51] JD: Rate it. [3:51] Justin: Rate it. [3:52] Sean Patton: Yes. [3:52] Justin: We got a rate. I mean that's. [3:53] Chad: That was exceptional. [3:54] JD: I was low. I'm like 15. [3:56] Justin: Maybe you don't rate me even more. [3:58] JD: Justin, you know what comes next, buddy. Let's do this. Let's intro the guest. Justin, take it over. Justin McNeil. [4:04] Mark: Here we go. [4:06] Justin: Today's guest is one of the founding partners of Westminster Consulting. I say it like that. Cause we call it Westminster. But anyways, so Westminster Consulting recently became a part of. I know, Mark, thank you. They became a part of One Digital a few months back. He and his business partner Thomas, along with the team, built up their book to 71 retirement plans that represent a whopping 6 billion in assets. And the only thing I hear from that statement is how about that EBITDA [4:36] JD: to find what the EBITDA is. [4:38] Justin: I know, right? [4:40] Mark: We gotta start accuracy right at 4:30. [4:43] JD: No, no. [4:44] Mark: Yes, we do. No, anyways. [4:47] Justin: With my shit. I know anyways. But money, success aside. To say this is man. This man is one hell of a human being. Would be putting it lightly. He was raised by his family to believe in the importance of giving back. And it appears he does so by the buttload. Not only does he help people create secure financial futures, but he plays a very active role in bettering his community of Rochester. Over the years, he's been involved in many aspects of Rochester Rotary, including president. He later became the president of the board of Camp Hakamo. [5:14] Sean Patton: How do you say that? Close enough. [5:17] Chad: Geez, Justin. [5:19] Justin: Like you know. [5:20] Sean Patton: Anyways. [5:21] Justin: Which is a camp he runs for children and adults with disabilities. Over the past 13 years, he served as a chair of the Breast Cancer Coalition of Rochester's Teed off at Breast Cancer golf tournament. And lastly, he's a former hockey player who's turned his talents and love for the game to coaching travel team for more than 20 years. Ladies and gentlemen, Mr. Sean Patton. [5:40] Sean Patton: Thanks guys. You did your homework. [5:43] Chad: Welcome. [5:44] JD: All right. Great. Justin on 0 to 10. [5:49] Justin: It is so hard to follow. [5:50] JD: Keep them sharp, Keep them sharp. [5:52] Mark: All right. [5:52] JD: A little bit of housekeeping before we get started. Sweet. I beat Mark. Give me a three point something. You got to do housekeeping. Hey, sorry. Two, three weeks ago we canceled a show literally 30 minutes before going on. Apologize for that. Then the week later we Were supposed to do a live show in Alaska and we had to cancel that one as well. Reason being is we just got too fucking hammered on both of them. Like the three weeks ago, we were all here at the office. We got wasted. Brandon passed out. We just couldn't go on. And then on our way to Alaska, we stopped off in Juneau and it kind of turned into like a hangover kind of movie. And we lost Rogue guy. We couldn't find him. And we just couldn't make it to Chetney's conference. [6:40] Mark: Guys still haven't found me, by the [6:42] JD: way, so we apologize for that. Yes, we're going to have chap, our champion, of course. So, Sean, Mr. Patton, you will have to vote someone into the semifinal. So do your best to pay attention to the chat bar and whoever kind of, you know, floats your boat in there will get your vote. But, you know, also just focus on being a guest as well. But that chat bar is a lot of fun. So keep. Keep one eye on it and one eye on us. We're going to play Acrostin and Mark, okay? Get your wish. Acro sin starts now, buddy. Starts right now. [7:17] Mark: That's 10 minutes too late, dude. [7:19] JD: Shawna, do you know the rules to acro Sin? [7:22] Sean Patton: I do not. [7:23] JD: Okay, if you say any initialism or acronym, you must drink from your penalty drink. And that starts now. And we'll keep a tally. We'll see who loses or wins. Did I do something or is that just an example? Yep, I have a very stiff vodka and OJ for my penalty. [7:45] Mark: That is one Dumb, dumb. [7:52] JD: I did that on purpose, Mark. I just wanted to show an example of. Let's go straight to headlines. Let's go straight to the headlines. Headlines. Headlines. [8:02] Chad: That is an abbreviation for his name, like J.D. [8:05] Sean Patton: we've never. [8:06] Mark: We've never distinguished Greg Greenfield getting a pass on that. [8:08] Sean Patton: Never. [8:08] Mark: Let's never once. [8:10] JD: Let's start with big news. Prudential selling to empower $3.55 billion. A couple of questions. I'm go straight to Sean. Number one, why does it always seem like it's in power? Doesn't anyone else want to buy anyone these days? Doesn't Voya want to buy some people or somebody? Like, it's always in power. But Sean, let me ask you, if you. Let's just play pretend and assume that you have a bunch of Prudential plans when you hear news like this, what's your call to action? And I'm just being serious now. Like, you know, what do you do to defend against or Help educate your clients, et cetera. [8:53] Sean Patton: Yeah, I mean, I think, you know, with a fiduciary lens on, I think the first thing that you have to do is go through a process. Right. You know, process probably is some type of go to market exercise to say, okay, what is the new Prudential Empower look like? The reasons we originally hired Prudential still in place. If you haven't gone to market in a bit, it's a chance to refresh pricing. And again, whether it's a full blown RFP or a benchmarking, that's something that we'll be doing for our clients. [9:23] JD: Request for proposal would be the appropriate word during this show. Hit them up. I love the hockey sound. That's sick. So, okay, so request for proposal is a. That's your standard reaction as your clients are like, oh, geez, Empower just bought our record keeper. So what we're looking for from our advisor now is some comparison to make sure that Empower is actually the right place for us to be. [9:49] Sean Patton: Right. Yeah, I think. Yeah, John, I think that makes a lot of sense. [9:54] Chad: I was just going to say I feel like Empower has done it well in terms of the acquisition and how they, they position their, their regional vice presidents, their wholesalers should chat with advisors and plans that are already in the bidding process and how to talk through that. If the plan is with Pru, but already in the bidding process to potentially come to Empower, Some of the other providers that have been through acquisition recently have not done it so well. Where their, their sales folks are reaching out, saying, hey, right now's the time. I know the plans coming over in six months when we migrate the systems, but move it now. That way I get paid. And there's been some, there's been a lot of that on the back and I feel like maybe that's dirty. [10:36] JD: That's dirty. [10:38] Chad: Yeah. They've and Voya did the same thing. They paid their sales folks to consult to go in and be a sounding board even though they're not going to get paid when that plan comes over. And I think that that's led, at least in our experience, to some good guidance from the Empower folks upon these transactions. But the other vendors have not been so forthright with it. [11:01] JD: This might bridge into a later topic. I want to talk about that article that you sent me, Chad, that we'll share with everyone here. But the stat in that article said that 15 to 20% of plan sponsors find a new record keeper following a merger. So that's pretty heavy. That's a pretty heavy statistic. [11:23] Mark: I would like to know that percentage of how many people heard this information and proactively went to I guess a combination of their advisor instructing them to go out and maybe run a request for proposal or benchmark the plan or if the client themselves saw that and felt uneasy about it versus the alternative of a salesperson knocking on the door and saying, hey, you know what's going on over here? You should probably start looking around and it being more of a sales tactic versus a consultative environment. [11:56] JD: I thought you were going to say. [11:58] Mark: I would say right, but I would say that that number's probably ballooned a little bit. [12:02] JD: I thought you were going to say what percentage of that 15 to 20 was already going anyways. All right. Like clients are in the process. That's interesting. Well, maybe we can, we can scoot to this other. Since it kind of venn diagrams here. [12:15] Chad: Hold on. Before you transition, did you see Alice's comment in there? [12:18] JD: Yeah. And I think that we can that with this one. So I did. So. So Chad, you sent me this article. It's titled is record keeper consolidation Good [12:29] Chad: idea that it was me. [12:31] Mark: What did you say? [12:32] Chad: Third party administrator. [12:33] JD: Good for sponsors, participants and advisors. I think it's@benefitspro.com maybe Bran can pull that up if he, if he sees it there. But Chad, you were excited by it. You've been having some talks recently around acquisitions and stuff on different fronts. What I found interesting in that article was it said a decade ago we had 400 record keepers and now we have 150 record keepers. And it made the statement that, that oh, the power is going to be in these large record keepers as it relates to pricing and almost like they'll be able to price fix in some way going forward. And I want to get Sean's thoughts and then, and then maybe the rest of yours. But I thought to myself, like, are you kidding me? Like we still have 150 people compete or companies competing and you don't think that Voya is competing with empowers? Competing with nationwide, competing with. With principals competing. I like. Come on, you really think we're at that point where they're all going to get together and price fix? I feel like we're far from that. Sean, do you think this consolidation will impact pricing and then we can jump on the question we got? [13:45] Sean Patton: Actually, I think it's going to make it more competitive. I mean we're already there, right? I mean we've had this massive fall in pricing over the last decade and to your point, there's 140 some odd different record keepers slash third party administrators. Caught myself there. And so there's plenty of record keepers to go around. I don't see where there's any pushback on pricing other than maybe somebody that's gone to market recently and has had the advantage of doing that and has already had a price concession. But outside of that, if you haven't done it in a while, I think there's a lot of room to go still. [14:24] JD: Yeah, it's still a dog eat dog world. [14:26] Chad: Absolutely. [14:27] JD: Let's go to Alice's question. So small TPAs, small record keepers, should they. Oh yeah, I'll drink for that. Should they be scared with all these acquisitions going on? What do you think? [14:41] Chad: No, I personally don't. And that's kind of what I wrote back. I don't think scared is the right word. I think if you're not utilizing this time period to embrace it, especially in the third party administrator community, the acquisitions for Future Plans gives us an opportunity to really remind the businesses why they chose a privately held, close service oriented model and not bundled. Because that's the, that's the, the feedback that I've gotten from every group that's been acquired by Future Plans is that the intent was to make it feel like we're still a local third party administrator, but we're not. We're being forced to run our business like Future Plans wants us to run the business. And we've lost that control, we've lost that service, we've lost that customization. And so we're utilizing it as a sales opportunity. And I think many of the record keeper partners are doing the same. They're looking at the consolidation, even the small ones. And they're out there saying, do you want to be a number, you want to be a big fish or a small fish in a big pond? And they're leveraging that to get opportunity. So I don't think scared is the right word. I think opportunity is probably the right word there. [15:53] JD: I agree with you in the sense that if there ends up being less TPAs, then that's a good thing. Then that's a good thing. Right, because there's less of your peers. So you stand out more, you win more of that business that wants that type of approach. So it always comforts me. It doesn't make me fearful. When I see a census acquiring another third party administrator, it warms my heart. I feel like, okay, great, there's one less Land Design Consultants competitor in a way, which just Allows me to stand out a little more. So I feel the opposite now with record keepers. Yeah, sorry Chad. [16:30] Chad: No, no, go ahead, go ahead. [16:32] JD: With record keepers. I still like, like Sean said, I still look at those 150 and feel like, okay, there's plenty of fricking record keepers like it. Just because Prudential is no longer a record keeper and bought by Empower, I don't think that changes my world in any way, nor does it change the landscape of sales. And I think we're so far from that. Like we're not going to get to like an Amazon type world in 401k. At least not for time. Right? [17:01] Justin: Well even with you saying there's 150 record keepers, I'm like, you know, there's 10 go tos that I can think [17:08] Sean Patton: of off the top of my head, you know. [17:09] Chad: Well that lists a lot of the small daily value shop. [17:13] JD: That list includes like little mom and pop. Like I understand that there's a lot of third party administrators by the way. I'm sure most of the audience knows this but just like us that, that decided to do record keeping as well. There's a ton of them, like little tiny shops that do. [17:27] Chad: How many ways can you monetize a client? I mean how many times have people told us that we're dumb for not being a record keeper, not being advisors on plans? Because I just look at monetizing every single, every single avenue they can. [17:39] JD: I agree with Alice's comments though then Chad, and that if we had chose to be a record keeping third party administrator, I would be fearful right now. I'd either be fearful or feel like, oh geez, I'm going to sell to someone and make some bank, you know. But you, I don't think you can compete when Empower gets so big and keeps buying. How am I going to compete as a little podunk third party administrator trying to record keeping services? Very difficult. [18:04] Chad: Differently. I see that differently. And look at the seed money that comes to vest well and they're in their, you know, their third round of funding and some of these tech based companies, if you're a small firm and you are leveraging a private labeling. I think it was Greg that said that earlier. You're leveraging a private label from a decent behind the scenes record keeper. Call it Vestwell's backbone. You can make your product efficient, inexpensive and leverage people like Sean that have good financial wellness tools and programs to really engage the participant. I mean you're there to do record keeping. Isn't that what we Hear from all the disruptors right now. Why are so many record keepers getting into the advisor space? So let's go ahead and take a step back and be record keepers from a data standpoint. So I don't know, J.D. i don't, I don't really agree with that. [18:56] Mark: I want to know what Sean thinks more than anything, to be honest. [19:01] Sean Patton: Look, and I feel the same way about our world. There's a lot of business to go around for everybody and you know, we focus on, I'd call it the Mid and Large Market Plan Sponsor. And I think someone said earlier there's a bunch of names to go to, maybe there's 10 or 12. So, you know, does losing Pru all of a sudden pigeonhole pricing and kind of lock it in and now record keepers have the advantage? Absolutely not. It's still very competitive out there and you know, so I'm not surprised. At the end of the day, it comes down to economics and financials. It's no different than what's going on in our world with, with M and A and the need for scale and profitability. And JB said, oh, ebitda. [19:49] JD: Oh, that's two. Give another one. [19:53] Sean Patton: That's it. [19:54] JD: Give him another one. Yeah. We're going to talk a bit about the mergers and acquisitions here from an advisor perspective a little bit later in the show because you've just been through an acquisition. [20:04] Chad: Yeah, Chad, the only point I wanted to add to that article, which I really liked, is that the article focused on, on the pricing concessions, the consolidation of pricing coming from mergers and acquisitions. And my response back, in my opinion was I don't think that the drop in price, the narrowed margins are really coming from the mergers and acquisitions market. I think it's coming from businesses realizing we can really skinny down on the required revenue in the 401k space because we're going to create profitability from all these other arms that we're putting out there right now. And we may not see it yet, but that's what's coming. It's going to be like a little octopus where all these little arms are going to start generating revenue out there from, from one body which might be the Access through the 401k or access through the health, health care plan, but it's gonna, it's gonna create profitability in many different ways where the record keeping required revenue can be so damn narrow. [21:08] JD: Yeah, we're getting a little ahead of ourselves, but why not? [21:10] Mark: Justin, did, did Chad send you that article? [21:13] Chad: No, no. [21:16] Mark: Let's talk about this Evening in the dark. [21:18] Chad: Mark. [21:18] JD: Let's get into that a little bit, Chad, because Sean has been recently through, like just a few months ago, the one digital acquisition. But let's talk about this kind of monetizing the participant, because Chad and I have been in some meetings recently where I think for the longest time it was a bit of a tinfoil hat conspiracy where we were shouting around like, oh, watch out, people are going to try to monetize the participant. There was a famous speech that I reference all the time with Brian Graf where he talked to a room of TPAs and said that it'll be a point where, all right, that one's getting me over and over again. There'll be a point where companies will just give away the 401k because they'll monetize the participants so the 401k will be free. And now Chad and I are getting on these calls where people are just open and transparent about it. Like when there's big private equity, big venture capital. I was about to use the initials money coming in. And the whole point behind it is they just want to get as many individual people under their roof as they can and prep to start giving them services and solutions. Let me ask you, Sean, now having kind of your optics on onedigital, and I want to ask in your own practice, is that something that you guys are thinking a lot about, is monetizing participants, or are you just a true and blue 401k guy going forward? [22:48] Sean Patton: Yeah, I mean, prior to the one digital deal, we kind of purposefully stayed away from the participant. I think the one digital deal and the work that we did and the help that we had, everybody said, you're missing the boat here. If the plan sponsor trusts you in the boardroom, then they have to trust you in the break room to have that same process. Look at the reality is everybody's fighting for that end user, and they have been for a while. Whether it's fidelity or now Vanguard with their solution or wirehouse advisors, everybody's trying to monetize that end user, the participant. I think the conversation is a real one. It's happening, and I think everyone's talking about the same thing. How do we get to that end user? [23:36] JD: Let me ask you, Sean, who should monetize the Participant? Westminster, A1 Digital Company, or the record keepers that you work with? [23:47] Sean Patton: You know, I think it could be both. I think, you know, as I think about the monetization of a participant, I kind of break it up into three tiers. A robo Solution for those that maybe have under 100 or $150,000. Let's find something for them that is low cost efficient where they have access to an individual. But maybe it's all digital then kind of the mass affluent and whatever you target that as, maybe it's 150 to $500,000 and it's probably very similar. You know, maybe there's a financial plan, [24:23] JD: it's a step up. A step up from that. Yeah, it's a step up. [24:26] Sean Patton: But again we're focused on just as we are on the plan, trying to keep costs reined in and efficient for that end user, the participant. And then lastly, you know, maybe something we'll call it private wealth for those that need more bells and whistles. And you know, I don't know if anybody out there maybe other than the wires is doing that really well. But, but there's certainly a market there for that as well. So that's how we're thinking about it now, coming from a world where we didn't think about it at all before. Go ahead. [24:56] JD: You were not thinking about it pre One Digital. One Digital has opened your eyes to it and now you will, you will Westminster leverage One Digital to do this. And this is a point I'm trying to get to and people have heard me say this ad nauseam, but I'm a fan of you, the advisor and even One Digital, this big national firm, and I hate the word monetizing the participant. Let's, let's call it something nicer like providing services to the participants where you can make some money as an advisor. [25:28] Mark: I mean, just the whole time you guys were saying that I literally wanted to throw up on the screen. [25:34] Sean Patton: Yeah, well, it's, it's, look at, we wear two hats, right? You wear the business hat and how you think about your business and then you wear that in the trenches hat where you look. We do what we do because I've [25:46] Mark: only got one hat, Sean. I've got one hat. That's all. [25:48] Justin: This one. [25:49] Sean Patton: Unfortunately, I gotta work. Two. One. [25:52] JD: I'm okay with business owner and you guys judge me right now. Judge on the line, tell me whether you agree with me or disagree with me right here. I'm okay with One Digital Cap Trust all those names making money off the participants because it's their fricking clients. In my mind, what I'm not okay with is fidelity and empower and principle monetizing the participant. Am I a dick? Am I narrow minded? You judge me first. Mark, yes or no? [26:26] Mark: Again, I Think I might be the outlier on this is just because I feel like I agree with you, but I disagree with you. Only because we're in our bubble of our protection to plan participants and 401k plans. But at the end of the day, that person is more than a participant in a 401k plan. They are a consumer. They are a human being with a. Well, some of us, not so much, Justin, but a brain. Right? Like they, they have knowledge and thoughts and they can do their own things [27:00] JD: and they have access. [27:01] Mark: We have the world in front of us. [27:03] JD: People. [27:04] Mark: Make your own decisions. If you're, if you're put, if somebody's put in front of you and you're not doing your own due diligence to figure out if it's good or not for you, that's your own damn fault. That's all I can say. [27:15] Sean Patton: The reality though is 95% of Americans are financially uneducated. That's, that's the truth. [27:22] JD: 95% of. [27:23] Mark: Pretty high made up statistic there, Sean. That's true. [27:27] Sean Patton: If you stay. [27:28] Mark: Okay, let's, let's look at this at a, at a frickin survey that took every single person and boiled down to that. [27:35] Chad: You're wrong. [27:35] JD: No, they are. [27:37] Sean Patton: No, if you, if you get a group of 10, 10 employees, 10 human beings in a room, nine of them, 90% will probably really, really need some help. [27:48] JD: Yeah, they struggle with. [27:49] Sean Patton: They didn't get it at home from their parents, they didn't get it at school. And so. And I'm not talking retirement now. I'm talking checkbook budgeting, credit card debt, true financial wellness. Most Americans struggle with that. That's the reality. [28:04] JD: If you lined them up, Mark, and you said, all right, what percentage of your income should your car payment be, or what percentage of your income should your mortgage be or your rent? They would fail miserably. Those questions. [28:16] Mark: I would fail at that. Dude, come on. Like that's. I'm just. Most people and. Okay, maybe your statistic looks better now. Okay, fine. But all I'm. Oh yeah. All I'm saying is as an individual, we understand what we have and we should be able to make decisions. And so to your comment, JD Just, I'm just saying that I feel as if you're positioning the advisor as the person who can go in and do this. And I'm saying I don't mind if it's somebody else doing it, as long as it's done in the right way and gives people. [28:45] JD: Let's be honest and transparent. And then I'll go to you here Chad, let's be honest and transparent first. I understand your concept of everyone being able to make their own decision. However, hundreds of millions of dollars are being invested in these companies to be because they see the 401k as the Trojan horse to the participants. So yes, Mark, they have a right to make their own decisions. But, but most of them are going to go like okay, if my employer chose this and they're putting it right in front of me or using data to send me a notification or an email when I should be signing up for something, I'm probably going to go that route versus go out and do my own vetting of some solution there. [29:25] Chad: But let's, let me, let me, let me combat that point real quick and say the employer is always saying participate in the 401k plan yet we see participation rates in the 40% range. Like I get, I get the point. But we haven't seen that come to fruition. Would I, would I? And this is going on in the chat bar right now with Brett and a few others. I've said this before and maybe I'm not saying it clearly but it makes sense in my mind which is I don't think that people are the businesses that companies are really paying for the data. I think what they're paying for is the access to the employee, the data you can leverage. And I think you can find data like our friends at Hero7. Like you could get the data from outside sources but it's the access to the employee that they really want. They want to be able to pitch things to these folks and pitching it through the Relationship of the 401k like you said, will likely create stronger take rates. Now let me position back a bit to why I'm okay with this. I believe the advisor, who is often a fiduciary, right, Sean, will have the participants best interest in mind and will not be trying to sell them something that is not fitting for them. If the record keeper or large organizations call it Google, as we saw in the chat bar is trying to sell things to a participant, I don't have confidence that it is really in their best interest because it's going to be mass. [30:59] JD: I love you too. [31:00] Justin: Do you think there should be like a universal opt in from the employee then? Because you've said in the past like use yourself. I think it varies depending on the individual. Some people are going to say yeah, it's totally fine that they market to me and gives me all that shit. But I think as an overwhelming whole, I'm of the mindset, like, you don't get to have any of my personal shit unless I actually absolutely let you. [31:19] JD: Well, we might come up with solutions where you. [31:21] Mark: Our personal information is out there, everywhere, already ready everything you do, everything market. [31:28] JD: Click. Yeah, I liked what you said there, Chad. I agree with you. And I haven't heard anyone say it like that yet. Although clearly that's where the trend is, is they want access to the participant plan data is just as a sideline of, like, how they might be more effective. And that's all going to be a spectrum. And then. Justin, valid point. We may get to this. Might have to do with, like, national laws and stuff right around, like, hey, does someone have to approve you using their data or not? Or will Schlichter win and it'll be a plan asset. But then still, even if it's a plan asset, that's not end game, people. That just means you'll have to disclose to the plan sponsor and the fiduciaries, like, look, this is what we intend to do, the data. Do you agree? Sean, you're a guest. [32:10] Sean Patton: Looks like you have a thought again. At the end of the day, we need to do what's in the best interest of the employee, participant, whatever you want to call them. And I see it less as a retirement conversation. And again, I go back to this. I know it's often used, but this financial wellness holistic convergence. Convergence, very good. Been talking to Kerry. You know, we have participants or employees that just. They need someone to talk to. They need a coach. They need someone as a sounding board and, you know, so that's the way we approach it. I'm thinking that's the way OneDigital is thinking about it through their financial elements solutions. [32:53] JD: So, hey, Brett Schoffner, you cannot plug your own product in the chat bar. Motherfucker. [33:03] Mark: Brett, that's what I was just. [33:04] Chad: That's what you're looking for. [33:06] JD: He's all, ask Sean this question which will set him up for my company's solution. [33:13] Chad: But hey, I wrote back to Brett like, well, that's a theoretical question. Like, of course that's the what. What every advisor would love. Of course it is. Repeating. [33:24] Mark: Repeating what you chat in the chat bar should be an offense on this show. We saw it. Don't repeat yourself, dude. [33:30] Chad: Not true. I bet you Sean's not reading the chat bar like you are. [33:34] Sean Patton: No, I'm paying attention. [33:35] JD: I'm not. [33:35] Sean Patton: I can't see it from here. I'm so far away. [33:37] JD: Let's, let's get more serious right now. Let's. We're 401k professionals. Let's. Let's spin the Wheel of Ice where you were going. Oh, where'd it go? [33:57] Chad: For sure gonna be me today. [34:03] JD: Come on, hit him up double. [34:05] Chad: I was hoping it was going to be Justin so he got a hot hammer. [34:08] JD: Are we going double or no? Oh, here we go. [34:11] Chad: I always get froze. Always. [34:14] JD: Oh, yes. [34:16] Chad: Reverse psychology. [34:17] JD: If he's safe. That was the. That was brought to you by Pepsuck.org that's the unimproved and old and boring. [34:27] Mark: Yeah, I think that might be too. [34:30] JD: But. Okay, but, but full of integrity. No matter what God tells you, that Wheel of Ice is random. Okay, small topic. I was digging around trying to find out more about this Sean Pat Paton gentleman and I went to his website and I was a little blown away at. I don't know how to pronounce it. Conferral. [34:58] Sean Patton: Conferral. Conferral to collaborating. Allegedly it's Latin. To confer. Collaborate. Oh, there it is. Look at that. [35:08] JD: So when you, when you run out of creative ideas, you just start googling Latin names. [35:12] Sean Patton: For sure. Okay, I get it, I get it. [35:14] JD: No, but what this is, guys, is some time ago. And we'll get more from Sean can give us a history. I see this as everyone creates like quarterly newsletters. Advisors come to me like, yeah, we have a quarterly newsletter and it educates our clients and teaches them about. And I'm like, okay, that's cool, that's great, that's great. Look at what these fuckers do. They have a quarterly magazine with beautiful graphics, a cover, stories on the inside. They highlight some of their partners. Like, like define contribution investment only people or record keepers. They highlight their own staff are in there writing articles and doing stuff. And I just have to say when I saw this, the marketing guy, the branding guy in me, I was like, wow, wow, wow, wow. Such a cool frickin idea. Where did it start? How long has it been? Tell us a bit more about this. [36:08] Sean Patton: Thanks for noticing. [36:10] JD: Sick. [36:11] Sean Patton: So thanks. So we started it nine years ago. You know, we said, hey, why don't we create some content for our clients, committee members and prospects and every issue will have a theme. And again, this idea of confer or to collaborate will go out to the marketplace. Attorneys, accountants, dcio, record keepers, other professionals and say, are you interested in contributing to this theme? Cybersecurity, defined benefit retirees. [36:41] JD: Oh boy, you owe one for defined contribution investment only. [36:45] Sean Patton: There you go. And so we built this all in house. All in house. [36:51] JD: That was my first thing I did, by the way, is I started poking around going, does he buy this from someone? Is this some template? I'm like, no, it's not. [36:58] Sean Patton: Yeah, we built it in house. We had one person that did it and we actually had some print copies that we do. 25 print copies. We send those to the collaborators that participate in the edition and then the rest goes out electronically. [37:16] JD: If you ever need someone for the COVID of the Retirehogs, we could get on the COVID there. [37:19] Sean Patton: Oh, we, we gotta get on that cover. It's fabulous. [37:22] JD: Yeah, we, we gotta go somewhere, man. We gotta go somewhere. [37:25] Sean Patton: Just this right here. Perfect. [37:26] JD: No, I mean, you could say like, oh, it's just a glorified kind of step up from a newsletter. But man, the commitment, the graphic design, [37:34] Sean Patton: a lot of work, the time that [37:35] JD: goes into it, the work I, and I just think like you give, you put that in my hands, whether tangibly or digitally, and I'm a client of yours, I get to know you better. I see that this is professionally put together. I just, I don't think there's anything wrong about this. And if anyone out there could find the time to do something similar, even if it was twice a year or something, I think this is something to pay attention to for sure. [38:01] Sean Patton: Thanks. We, we, we, we appreciate that. I mean, we've again, we put a lot of effort into it and does it win us any business? I don't know, probably not. But from a branding perspective, it's been great. It's something that we enjoy doing. Those that have collaborated on it have enjoyed doing it. So we're going to continue to do it. [38:20] JD: Test of time. I mean, you've done it for friggin nine years. Nine years. [38:24] Sean Patton: Yeah, yeah, long time. [38:26] JD: That's awesome. So I hope everyone can go check that out. It's easy to find on their website and more people should do stuff like that. [38:35] Chad: It's an old school hashtag right there. J.D. not your typical advisor. Remember when we did that first 70 episodes? [38:42] JD: For sure. I like those ideas. Hopefully. Guys are always confusing me. So very, very, very cool. It's even got its own URL. Conformag.com Yes. [38:56] Mark: If I, if I go on there, are you collecting my data and then you're going to come back to me [39:01] Sean Patton: and we know we are not Googling Coming up with Google data and information then tracking you down. Absolutely not. [39:09] JD: All right. I asked Sean what topics you want to talk about today, Mark, and he literally responded with like The. The Family Feud survey says top three. He's like, we could talk about mergers and acquisitions. We could talk about convergence of health, wealth and retirement. And we could talk about Rogue guy's favorite financial wellness. And I kind of like laughed to myself, like, oh, Jesus Christ, how typical, right? But convergence is real. And I think you have a unique perspective and I know you've put a lot of attention to it. So let's get into that a little bit. Health, wealth, retirement, HR consultant. Maybe I can set the stage for you. My. Oh, yeah, yeah, yeah. Hr. My human resources person recently did a. Not a request for proposal, but they just reached out to. We use QuickBooks for our payroll. Okay. And they reached out to find a new payroll system and they reached out to Gusto. And Gusto is the payroll company that's partnered with big time strategic partner with guideline. Right. The 401k disruptor. And my team, I didn't attend this. My team sat through this meeting and as they sold us payroll, they continued on to attempt to basically replace our insurance guy and take over our health plan. And then they went on to 401k, not knowing that we were a third party administrator and trying to get our 401k plan. And so clearly here's a. Here's an entity looking to do all things. Is this what Westminster One Digital is looking to do too? And I don't cite it. I think it's a decent plan. I just thought it was funny to see it firsthand. [40:56] Sean Patton: Look, ultimately maybe, but there's a little bit of a story to it. So three or four years ago, internally, we started talking about the turnover on our committees and specifically that HR seat on the committee and how we were losing really good, seasoned human resource professionals who were just either retiring or moving on elsewhere. And they were being replaced by younger, inexperienced, don't know where the bodies are buried. Human resource professionals. [41:26] JD: That's a problem. [41:27] Sean Patton: That's a problem for that organization. Whether it's a problem for the committee or not, it's a different story. But I said to Tom, my partner, there's probably an opportunity here to have some type of human resource consulting practice. And so out of the blue, a year later, one of our committee members retires and said, hey, I want to come start this HR consulting practice and work with just your clients and do project work and stuff that kind of fill in the gaps where there's a need. Crystal, I got you. [42:00] Chad: He is my job. [42:03] JD: Thanks, Crystal. [42:05] Sean Patton: And that was pre Covid and Covid hit and they kind of Put everything on the back burner. But clients were like, this is our number one issue, and that is we have all sorts of gaps in human resources and we could use you for a comp study, we could use you for executive coaching, we could use you for mentoring. And every single one said, this is on fire right now. [42:29] JD: So we knew, but, Sean, you cannot be the master of all things. [42:33] Sean Patton: I don't need to be the master of all things. What I said to a client today was just think of us, you know, we have these other businesses, I have other teammates. If you come across a challenge, put us instead of just thinking about us as retirement plan guy, think of us in these other areas and that's it. I'm not going to try and sell you on why, you know, you should come to One Digital's employee benefits group because we're smarter than everybody else. But if you go to market, just put us in the, put us in the mix. And that's resonating with clients, you know, as we roll it out. I think the human resource consulting thing is a really big issue and I think it's a great way for us to, lack of a better term, side door into retirement plans where maybe we [43:19] JD: have, [43:22] Sean Patton: I do think the convergence thing again, you mean in your mother's house? One Digital certainly believes in it. It's why we went to OneDigital. But there's others out there that believe the same thing that are, you know, that have that same kind of macro theme that, that's guiding them. [43:38] Chad: JD There was a point in that conversation we had with Dick Darien last week. There was a point to disclose that [43:46] JD: to the public that we're having internal conversations with Dick Darian. [43:49] Chad: Yeah, I was kind of name dropping right there. J.D. no, there was a point that was made that hit home to me and actually used it in a conversation today with an advisor, which is essentially what Dick was saying is the folks like Sean, which historically have been in the big populated areas of our country where there's a lot of business to be won, they're in New York, they're in San Francisco. They're starting to, because of these acquisitions, because of the merger and acquisition space, because of the growing convergence that's happening, the folks like Sean are no longer just in San Francisco, they're now in Oakland, they're now in Danville for our geographical location, they're now in Ohio. [44:34] JD: For everyone that doesn't know those towns, his geography is expanding is all that's happening. [44:38] Chad: And they're in smaller areas right they're no longer needing to be in these large metropolitan areas. And to me that's a big thing for advisors to be thinking about when they're looking at whether or not to start creating some financial wellness, to creating some sort of tools to letting their practice converge. They're starting to realize that or they need to realize, I should say, that the Shawns of the world are going to make their way into their small community. [45:06] JD: Well, let me, let me finish my story that I started this with my new human resources guy who I love to death, but he's young and he's new and my wife was with him on the call because my wife runs a lot of our human resources stuff and. But had he been left to his own devices, I think he would have bought gusto all in on everything they sold him. Because the way they were pitching it was like, oh, this can be so efficient. You want to have one company doing this for you. And I think there's a lot of people out there, a lot of consumers that like that concept, right? Of like, oh, I just want to go to one place where everyone does it for me. And so I do believe that the 1 digitals of the world and everyone else that is focusing so strategically on this convergence is smart. They understand that. And I think that as 401k salespeople, we sometimes are too myopic. And we've been so focused for the last 20 years just selling 401k, we don't realize that there's another way to do it. And if you can do it another way and bring in four, you know, four pipelines of business and revenue and you've got the wherewithal as a company to deliver and deliver in a good way, then why the fuck not? And so I think that's what's going to happen. So anyways, don't be naive out there, pay attention to this stuff. And I think you can niche. [46:33] Chad: My point JD is don't just look at it as needing to monetize the participant. Look at it as needing to be competitive. You're going to start losing market share. Even if you're in a small community, you're going to start losing market share because the folks who are doing this level of service are going to no longer be only in the big populated metropolitan areas. [46:58] JD: You're going to be an advisor. You're going to be advisor. You're going to have 50, 60 plans and you're going to lose one and you're going to ask them why and you're going to lose another one. You're going to ask them why and you're going to find out you just lost 1012 plans, 25% of your business because someone else is bigger and better and willing to offer more things to that client. And then it's going to be too late. So I think you need to start thinking about it now. Not that you can't survive. I'm not saying you couldn't survive those ones you have left. And by the way, I'm not saying that you can't walk in and say I don't want to rip on one digital here, but any one of these companies and say, oh they're the big shop trying to give you all the things. I'm the niche 401k pro. Like when it comes to 401k, you want me to. Problem is, as I said that out loud, is those big shops gonna be like, oh really, look at our people. We got pros on our team too, you know. So anyways, I definitely think it's something you need to pay attention. Let's have some fun. What do you make that face for, Mark? Is it something in the. [48:00] Mark: I don't know, man. Some of your comments make me feel like you're wavering on a couple of different fronts. Like you're, you're saying things that contradict your stance and your thoughts on other things. [48:11] JD: I'm. [48:11] Mark: I can't put it all in the words right now. I have like 25 bullet pointed notes over here. We'll, we'll have a zoom meeting tomorrow to discuss like we can debrief. [48:20] JD: I need more intelligent like quotes. But I do recall someone saying once that this isn't word for word that the human who has contradictions is the smart human. If you contradict yourself, it means you're fucking, you're open and you're honest and you're thinking about things from the narrow minded person that thinks one way is the only way. [48:44] Mark: Sure that that's false information. [48:46] JD: I think PEPs could be just a fine solution for some people. Let's play a game. Let's play a game. We're gonna do a little smorgasbord of games tonight. Instead of, instead of only playing the lamer game game. We're only playing one of these things does not belong. We're only playing the Mystery Audio. We're gonna play all three. We're just gonna do little quick versions of each. Brandon, if you're, if you're on the trigger, I'd like to start with one of these things. And I love that tune. If you could play that for me, Brandon. Thank you. One of these things is not like the others. One of these things doesn't belong. Can you tell like the other by the time I finish this song? All right, you do not have to do it by the time the song finished because it just finished. I got four things up there. One of them just shouldn't be there. And you know what these things are? Does everyone in the audience know? Yes, the surfer. Barely. If you put. I wouldn't know what these things are. But. So any guesses, Sean, on what does not belong up there? [50:02] Sean Patton: Good question. I mean, they're all NHL logos, correct? We got the sharks. We got the stars. [50:15] JD: Minnesota wild. [50:16] Sean Patton: The wild. [50:17] JD: Canucks. [50:18] Sean Patton: Canucks. [50:19] JD: What's a canuck? [50:20] Sean Patton: It's a canadian. [50:21] JD: Okay. [50:22] Mark: Why is it. What the hell is that? [50:24] JD: What's a canuck? Eh? [50:26] Sean Patton: Yeah. Oh. What is that? This is a good question. Which. Which does not belong. Justin? [50:37] Justin: I don't know. [50:40] Mark: Which team hasn't won a Stanley Cup? [50:42] JD: Oh, I can't believe. [50:45] Sean Patton: Did you just. [50:47] Mark: Daniela did say it's got to be the Sharks, right? The Sharks have never won the Cup. [50:52] Sean Patton: Anyone in the audience who hasn't won the. [50:55] JD: I haven't paid attention to the audience. All right, Brandon, I want to say the Wild. Go ahead and show them. The. The. The Wild. The Sharks and the Canucks have never won a Stanley Cup. The Dallas Stars won a Stanley Cup. [51:10] Sean Patton: Good call, man. That's sad. [51:11] Justin: I want to see Daniel, you know that. Wait, so it is a Stanley Cup? Sorry, I was reading the chat originally. [51:17] Mark: The fact that you two hockey fans couldn't start that process and I did. [51:23] Sean Patton: That's embarrassing. [51:25] JD: Shitty teams, Mark. The Dallas Stars have not. [51:28] Mark: I don't follow hockey at all. [51:29] JD: All right, let's go to the mystery defensive. We are going to play you. I think it's like a 10 second clip of someone speaking and wait for the clip to end and then just get. And don't look at the chat bar because they're going to cheat for you. And then guess who you think this person is. So, Brandon, if you're ready. I love you, Brandon. Play the audio clip. Yeah, I'm talking trillions of extra dollars [51:53] Sean Patton: that we would normally get over the [51:55] JD: next 10 years between the new savings [51:58] Sean Patton: and the government match. So you want to be. And I think paps perfectly are positioned to be part of this equation because one of the things that this legislation. [52:13] JD: Brandon changed the audio. This is not the audio bit I gave him. He's doing this on purpose to me. You have a guess, Sean, who that is. Because if you can't get it right, I don't even. I'm claiming you're not even a 401k pro. Like you should just pack it up. [52:28] Sean Patton: It's got to be Brian Graff, right? [52:29] JD: Atta boy. That a boy. Good for you. Yummy. Oh, Carrie calls him. I'll drink for this. Carrie calls him bg. [52:38] Chad: Wow. [52:38] JD: I'm gonna drink for that. That's solid. Okay. And then we finish our little threesome hat trick. There's a hockey reference of a game with the lamer game game. The. The mini you can play at home version one Lamer game question. [53:00] Mark: It's probably my least impressive question to date. So, Sean, I'll start with you. [53:05] JD: So humble. [53:06] Mark: Lamer game. When you get on an escalator walking up versus standing fucking still. Lamer game, Sean. [53:17] Sean Patton: Game. [53:21] Mark: Okay, next person. J.D. [53:23] JD: get out of the effing way. [53:29] Mark: Now. [53:29] JD: I get you, Mark. I get you. It's lame. You use it for what it was built for. To relax. [53:35] Mark: I've never said. [53:36] JD: I've never answered my own questions. [53:38] Mark: You don't know if I like it or not. [53:39] JD: And it also applies for the ones at the airport that are just horizontal. You know, the walking ones, like. [53:45] Mark: Oh, no, I didn't say flat. [53:47] JD: Moving. [53:47] Mark: Sidewalk. This is not your game. You don't get to adjust my question. Stairs that move. Now I will give a caveat. Stairs next to the escalator. Does it change your thought? [54:00] JD: That's a baller move, Chad. [54:05] Mark: No. [54:06] JD: Why is Chad muted? [54:08] Mark: J.D. i'm going to. I'm going to Justin next. Oh, sorry. Don't try. [54:12] JD: Not my game. I'm not the host. [54:15] Mark: I'm game, man. Relax. [54:17] Justin: That's what they're there for. There's stairs somewhere in that place. But your question about stairs. [54:22] Chad: Right next to it. [54:23] Justin: Definitely. [54:24] Sean Patton: Relax. [54:24] Justin: For sure. Okay. [54:26] Chad: You could have chosen otherwise. I muted. I muted because I was burping. And then I forgot that I muted because I was burping. I will start by saying I am game. Sit on that escalator. Enjoy yourself. That's why it's moving for you. You can do less work. Did you know more people die on an escalator every year than an elevator? That makes sense. True. Scary true. [54:50] JD: Have you noticed Chad always brings up dark? [54:57] Mark: How that's physically possible. [54:59] JD: Remember when he said the company, they didn't. This company didn't mandate vaccines. And 50 people went to work and, like, 49 of them died. [55:07] Mark: Wait, hold on. His brother works for the Elevator union. That's. Dude, you can't be telling. [55:13] Chad: Hey, they do escalators too. Has nothing to do with elevators. Okay, how do you think they all get worked on? It's escalators and elevators. [55:20] Mark: I'll tell you, Chad. I'll tell you exactly. You know what they say. [55:23] Chad: You know what they say. You know what they say. [55:25] JD: What they say. All right, we gotta vote for chat bar champion and wrap this thing and if Sean will have us, maybe do a little bit of after show. Justin. [55:37] Sean Patton: Sure. [55:38] Justin: Going bread tonight. [55:40] JD: Okay. Nice. I like that call, Brandon. Brett Schoffener is. Is in the finals for chat bar champion Chadwick, the 401k slayer. What say you? [55:54] Chad: I struggling with this one. I had. I had Lauren climbing points, but it was for one comment. Lauren was quiet otherwise, so I'm following suit with Justin and I'm going with Brett. [56:08] JD: Whoa. Jumping on the bandwagon. All right, I'm gonna go with good night. Crystal's never won, right? [56:14] Mark: Yes, she has. [56:15] JD: She has one. [56:16] Chad: Yeah, I'm pretty sure Crystal's one. [56:17] JD: I don't know why, but Crystal's my favorite. I'm going for Crystal, and I didn't even see any of her posts. [56:22] Chad: A guy was active, said she hasn't commented. [56:26] JD: I'm just giving it Mark. [56:29] Mark: I will be honest. Can I just say real quick that the chat bar tonight was kind of like the all star game in a lot of ways. Like, everybo on there seem like to be past winners and people that are. [56:40] Chad: Yeah. [56:41] Mark: Heavy hitters. And I'm going with my guy, Greg. [56:45] Justin: G.G. [56:46] JD: andrew. [56:47] Chad: There we go. I was waiting for Mark to say [56:48] Mark: it won't do it. [56:51] JD: He doesn't know how to spell. Yes, but he's into the finals and. All right, the most special valuable guest of the day. What is your vote for chat bar champion? [57:04] Sean Patton: Greg Greenfield. Sorry, Kerry. I mean, he is, like, filling up the chat box with my one good eye. I mean, I'm seeing that name popping left and right. [57:14] JD: All right, well, Kerry says the ink has not dried on the one digital contract and he's gonna renegotiate the terms. [57:23] Sean Patton: I'll hear from her tomorrow. [57:25] JD: Vince Morris has some vacations he's got to go on. I feel like on Instagram he's always somewhere tropical, but. Yeah, I would be that way too, I guess. [57:36] Chad: Here we go. [57:37] JD: The votes are coming in. Yes. [57:38] Chad: Chad, do you stop to pee? I do. [57:41] JD: Real bad. How to peel? We started when Brandon better play a long song because close this out. It's pretty. It's not Tight. I'm not gonna lie to you. Someone's walking away with it, but people vote. Come on, man, vote. Get your vote in. Get your vote in. This ain't like the vaccines. Everyone's got to do this. You can't opt out. [58:07] Chad: Oh, it's Greg. Greg. [58:11] JD: He's got to be up there now, [58:13] Chad: like a four time. He's catching up to Daniela. [58:16] JD: I wish this was like Major League Baseball and we actually had stats like, but Brandon and I are too drunk to know who's won how many times and what, so he earned it. He's funny, says Brett. All right, well, it's been great. Good job, Greg. I know that's not your first win. You are truly, as Mark put it, an all star of the chat bar champion. We love having you here. Thank you. Thank you, everyone for tuning in. We appreciate it. Sorry about the last couple of weeks. You had a little snafu and is legit. We couldn't be there. And for any people that have been sending me kind of prayers and thank yous, I appreciate it. I'm still in the midst of my medical emergency and I appreciate all your love and support and you guys, too. The three of you have been great to me, and so I appreciate that. Sean, I saw these images of you, you know, the glasses, and I don't know, it almost looked like a bowl cut. Kind of a Richie Cunningham kind of vibe. And I was like, okay, so we're going to have this nerd on the show. And then, hey, the glasses, the actual package is just this confidence, I think. [59:35] Chad: Wow. [59:35] JD: He's got his. He's got his pitch, like, nailed. Like, you're just. You're just a 401k beast mode. And I had no idea. [59:44] Sean Patton: So I worked on it for a couple of years. [59:46] JD: Shame on me. [59:47] Mark: Shame on me. [59:48] Chad: I. I'm not going to lie. I watched your video intro with, I'm guessing you and your partner on the website of what you guys do, and I went, oh, shit. It's going to be hard to break this guy out of the shell. He's nerdier than I am. That's hard. That's hard to do. [1:00:04] JD: That video could use a little work. That video could use a little work. [1:00:08] Sean Patton: It's. It's. It's the. It's the beer. I mean, come on. [1:00:11] JD: Hey. I'm Sean Patton of Westminster. We provide fiduciary services for. Why a little polished, right? [1:00:22] Mark: Why haven't we even even talked about the. The dog show that Westminster is so popular for? [1:00:29] Sean Patton: I know we've been sponsoring that forever, Mark, and it's gotten us a shitload of dog clients and whatnot. [1:00:36] JD: There it is. [1:00:37] Sean Patton: We're, you know, we're proud of. We're proud of our dog show. [1:00:41] JD: We're gonna talk the dog show and the after show. [1:00:44] Sean Patton: The Westminster dog show. [1:00:46] JD: Everyone go to Westminster. [1:00:48] Sean Patton: Oh, Christ, Tom must be, like, 30 there. That was, like, 40 years ago. [1:00:52] JD: Dot com. And check out this beautiful piece of artistic video work. Phenomenal. All right. Yeah. The magazine, by the way, that's the shit. Okay, thank you so much, man. We really appreciate you hanging out with us. [1:01:10] Sean Patton: Thanks, guys. [1:01:11] JD: Hope to see you a bit in the after show. Brandon, play us out with a little music that doesn't get us sued by someone, and then we'll see. I'm going to the bathroom. Here we come.