Section 199A Tax Strategy & Participant Engagement

[0:02] JD: We are live, but I'm just gonna. We're gonna put the show on in about 10 minutes, maybe a little more. And so I'm gonna just walk you [0:12] Chad: around the 401kegr parentheses K that we're doing right now. [0:18] JD: Okay. [0:19] Chad: All right, let's do it. This is the actual live scene. [0:23] JD: So coming out here, this is the actual YouTube. That's the president of Fi360 right there, Matthew Wolnowitz, former guy on the retirehog's couch. And he's going to join us on the couch tonight. Okay, round two. We got food. Cardiff Crack from San Diego, California. Let me show you around. Come out here. [0:53] Chad: We'll come outside. [0:55] JD: Check it out. [0:57] Chad: I mentioned this on Instagram. These are young fruit 401k advisors just getting in the biz here. [1:12] JD: Chad's always talking, talking business. He's talking with a marketing specialist here, Christian genius. [1:20] Chad: I do jd. [1:23] Justin: She just said there has to be a quiz of death tonight, and she's going to come up with the punishment. [1:28] JD: Well, I think the salt gun is [1:30] Justin: good, unless you're going off the roof. [1:35] JD: Oh, well, that's easy to do. Check out this. Let's check out the spread. Oh, thank you. [1:41] Chad: Talking about how amazing, like, each area, your doors, like your, you know, your artwork. Is that from Thailand, by the way? [1:50] JD: Where she get that? [1:51] Chad: That's from, like, some. [1:52] JD: My. Ask my wife, but it's like a normal, like, it's really cool vocal chain, you know, thing. [1:58] Justin: Okay. [1:59] Chad: I'm sure it's, like, imported, no? [2:01] JD: Yes, it's handmade. Here. [2:05] Chad: Thank you very. [2:06] JD: That's very nice of you to say. This is our spread of food. Pretty cool, right? Pretty cool that we can have a little get together like this. [2:21] Chad: Let's see what Mark's up to over here. You want to see my office? Let's go behind the scenes. I'll show you my office. [2:29] JD: Oh, someone's at the door. Someone's at the door. Let's see who we got. Who is it? Oh, hey. What's up, buddy? They're back there. It's my son's friend. [2:44] Chad: Thought it would be a big, important advisor, but no, just my son's friend. [2:48] JD: Here's my office. [2:51] Chad: Tidy it up with a chair. These are also my favorite professional surfers, which is kind of cool. Come with me. [3:04] JD: Let's talk to Mark. [3:06] Chad: To Mark. [3:08] JD: Although Mark's trying to see if he can hear me right now. Mark, can you hear me? [3:13] Chad: Yes, he can. [3:14] JD: All right, tell me, Ben, about your [3:18] Chad: expectations for the show tonight. [3:21] Mark: Real low. [3:21] JD: Super Low? [3:22] Justin: Yeah. [3:23] Mark: The bar set so low that if we actually go above it, it'll be the biggest feat in our history. [3:30] Chad: Is this a normal prep for you pre show? [3:35] Mark: No, usually we've had a few catch up. Get into that mouth. [3:38] JD: I think people want to know, on average, how many beers before the show starts, would you consume four? It depends on fair. That's a fair assessment. [3:49] Mark: Like at the office, we have a couple. [3:50] Justin: Keep it. [3:50] Mark: Keep it low key. But if we're like out in a conference or something, we're usually a little bit more intoxicated. [3:58] JD: Would you say that shows go better [4:02] Chad: when you're more hammered or worse when you're more hammered? [4:05] JD: Yes. [4:06] Mark: Oh, yeah, for sure. [4:07] Justin: They go better. Way better. Way better. [4:08] Chad: There you have it. [4:09] JD: Mark says more hammered, better retireholic show. Let's go ask another. [4:15] Mark: I would recommend everybody before a meeting, you know. [4:18] JD: Okay. [4:18] Chad: All right. [4:19] JD: That's good advice for advisors. Let's talk to Chad and see how he feels about it. [4:30] Chad: Whose idea is that, Chad? [4:33] JD: We just asked Mark a question and we want to ask you the same question. How many beers before a filming do you consume? Kind of pre show. On average. [4:44] Justin: On average. [4:45] JD: Be honest. Be honest. [4:46] Justin: On average, probably four. There's some big days and there's some slow days, but usually four. [4:51] JD: And the pre show beer of choice? [4:54] Justin: Typically always coarse, light. [4:55] JD: Always. [4:56] Justin: There's no other option. [4:57] JD: Okay, next question. Shows go better or worse the more hammered you are. [5:03] Justin: Well, you. Well, me, that's a different story. I'm supposed to be the nerd that brings contents. The more hammered I am, the worse it gets. [5:09] JD: Okay. [5:10] Justin: The more hammered Mark is, the better it gets. [5:12] JD: Well, that is exactly what Mark said. [5:13] Justin: So. [5:14] JD: Ding, ding, ding. You've got that curve grass. Let's go find Justin. [5:18] Chad: We'll see where he is and we'll see what he says about. Where's Justin? [5:23] JD: I think he's on the toilet. I think Justin's on the toilet. No, there he is. He's over there. He's not on the. [5:30] Justin: Earlier today they were and someone wrote, how come nobody's in the pool? [5:34] JD: Skyler and I probably shouldn't have close. [5:39] Justin: I just took my wallet out, took my shoes off. [5:41] JD: He does running this way. [5:42] Justin: And I knew what he was going to do, but Justin spears me and tackles me straight into the pool. [5:48] JD: Suggested went into. How deep is it? [5:50] Justin: That's eight feet down at the end, but they've got a shallow. [5:54] JD: How many beers do you have typically, on average, before a retireholic filming, pre [6:01] Speaker E: game, pregame or the whole Day pregame. [6:04] Justin: It's horseradish. [6:06] Chad: Yeah. [6:06] JD: You're falling right in place with the other guys. [6:08] Chad: That's what they said. [6:10] Justin: There's plenty of crap. Oh, that's a new one. [6:14] JD: What beer is that that you're drinking? [6:16] Justin: Corporate office. You lack of better terms. [6:19] Chad: Nailed it. [6:20] JD: That's the other guy. So you're being honest. [6:27] Justin: Like get down in front of you. [6:28] Chad: She'll go better if you're more or less hammered. [6:33] Justin: More. [6:34] Chad: Okay. More hammered I would say cuz me [6:36] Speaker E: and Mark play off each other more that way. [6:37] Chad: Okay, you're a little more accurate. [6:39] Mark: Take that as down that road. [6:41] Chad: Justin used to be very silent on the show. He didn't say a lot but. No, no, he's coming around. He's coming around. [6:46] JD: We're going to get some of your opinions tonight. [6:48] Chad: Right? [6:49] Justin: Of course you're going to bring it. [6:50] Speaker E: We don't even know what we're talking about. [6:52] Chad: I know, but we'll. [6:53] Justin: We'll figure it out. [6:54] Chad: We'll figure it out as we go. It's not that big of a deal. We'll come up with some good subject matter somehow. [7:01] JD: There's someone else that's going to be on the show. He's going to join the show with [7:05] Chad: us today and that's going to be Matthew Witz. [7:10] Justin: I am going to be on up [7:12] JD: by 360 and I want your opinion. Do you think you would do better on the show with more alcohol in you or less? [7:21] Speaker F: Well, tonight we'll find out, I guess. [7:24] Chad: Is there anything special you want to talk about tonight on the show? [7:28] JD: Because I haven't told you this. [7:29] Chad: Most times do this. We have an agenda. We kind of just gonna wing it tonight. [7:36] Speaker F: That sounds good to me. [7:37] JD: You're good. I'm ready to go. Okay. You're gonna join us straight from. [7:42] Justin: Great. [7:42] JD: So we're just gonna. [7:43] Chad: Instead of bringing you on like a [7:44] JD: guest and making a big hoopla about [7:46] Speaker F: it, let's just go. Hard time. [7:55] Chad: Absolutely. [7:56] Speaker F: Done. [7:56] Chad: Absolutely. It's gonna give Mark a hard time. [7:58] Justin: Can I, can I live. [8:00] JD: Live stream the live stream? [8:02] Chad: I don't think so. [8:06] JD: Yeah. Yes, yes. So it would be bad. What did I say? Behind the break. [8:13] Chad: Behind the break. I don't know what it's called. [8:16] JD: I am. They're blast me live. [8:22] Chad: You know. We'll probably start filming in 5, 10 minutes maybe for the show. Not like you really care about that. [8:29] JD: We just threw out our little props out there. [8:32] Chad: That's our new one. That's the old one we used to use. We still use it for some things. Come with me. [8:41] JD: Let's check out what Brandon's doing. Brandon is our producer. He's really the guy that does all the hard work. So all these cameras, all the lighting, the boom mics, the setup, which can [8:57] Chad: be a lot more complicated than you [8:59] JD: might think, because the audio, you got to get it right. And they're making us all up and you got to check the levels. And it's just. It probably took him, no joke, three and a half to four hours to prep. So let's step back, see what it [9:14] Chad: looks like kind of behind the scenes. Got our little mixing board. Can I call it a mixing board? Is that a fair term? Yeah, he's got his little deal here. You can almost see yourself now watching. Oh, great. It says slow Internet, so that's fun. And all this jazz going on. [9:32] JD: And I didn't mention, but this is new for us, this live stream thing. So the camera that I'm holding right now obviously shoots it straight to the Internet, which is something we're still trying to figure out. Tonight will be our first deal with it. [9:47] Justin: I have no idea what the audio sounds like because JD Wanted to roam around with. [9:51] Mark: That's right. [9:52] JD: Yeah. Oh, look at that. The man, the myth, the legend has shown up. [9:59] Speaker G: Whatever. [10:02] JD: Oh, that came up probably. Yeah, yeah, yeah, yeah, yeah. Grab some food, buddy. [10:07] Chad: Thanks for coming. [10:08] JD: Yeah. [10:09] Speaker G: The wife didn't make it. [10:10] JD: Oh, that's okay. [10:12] Chad: That's all right. [10:12] Speaker G: She tried all day. [10:13] JD: Somebody knew. We got some. We got some beer over here. Sponsored by Papa Mercedes, Der Baezeria. And there's pizza, there's some apps. And Tony from RBG is also going to join us on the couch tonight, [10:30] Chad: so we'll see how that goes. [10:32] JD: You think he's got the game? You think he's got the skills for the show? I don't know. Better prep. You need one or two drinks. Usually is what we've heard right? From everybody. [10:43] Chad: One or two drinks. [10:49] JD: All right, maybe five minutes away. So I'm going to set up the camera where you're supposed to be. That was your little walk through of the party. And what's going on? A 401 kegger. [11:03] Chad: Let's set this up now up here. [11:10] JD: Farming. No, cuz we told everyone 7:30. What if someone's sitting there to storm? [11:24] Chad: That sucks. Make sure you get one of these. [11:26] Justin: I did. Okay, we need to drink. [11:34] JD: What do you do for a little. [11:37] Justin: Do we eat little glasses? Please. [11:43] Speaker F: Drink out of a one of the RA anglers. [11:47] Chad: Whoa. [11:48] Speaker F: That sounded. [11:49] Justin: We're gonna get all of us on here. You want me in here? I'm getting next to you. [11:58] Chad: I'm really sorry. I only have four of these, so I'm gonna have to come up with a. Okay. [12:05] Justin: Oh, my goodness. Mark, go to the bathroom. We're live. My mic's back on. I'm not sure he's turned you on yet, but I'm clearly on. [12:26] JD: Got it. [12:27] Justin: Have you seen this yet? [12:28] Speaker E: No. [12:29] Justin: The Chipnik Financial. [12:31] JD: Okay. [12:32] Justin: It's pretty sweet. Yeah. [12:34] JD: All right, everybody, come on in. Grab a seat and let's bring the noise volume down a little. Brandon's trying to record. [12:49] Speaker F: I don't want one of those. [12:51] Justin: Give that to Mark. For sure. [12:53] JD: That is for you. [12:58] Justin: Hey, nice watch. Band you got going there. I like that. [13:01] Mark: It could be. [13:06] JD: Everybody be just like Bonnie, Be polite, sit down, be quiet. Bonnie knows how to do it. [13:16] Chad: It's one of my favorite times. [13:17] JD: I was doing a show in Portland, Bonnie was in the crowd, and I'd [13:21] Chad: had a few too many drinks on stage, and I said, hey, Bonnie. She's sitting out there. [13:26] JD: All right, guys, we're gonna get started. [13:30] Justin: Oh, yeah, you see your drinks right there. You need your beer? Go grab a beer. There's a keg right behind you. He got stuck with. Well, I think you did for a while too. Walking around with the live stream and [13:45] Chad: he's like, I'm so sad now. [13:50] JD: We're waiting on Mark. Can you turn on the lights? One time. Can you use the dimmer that we just realized we had? [13:58] Chad: Yeah, one time. Three years in this house and we [14:02] JD: just figured out that the light's dim. [14:04] Justin: Congratulations. [14:05] JD: We have waited for Mark for episodes before. [14:08] Justin: You are not getting pizza right now. Get over here. [14:12] JD: One time we started a show without Mark. [14:16] Chad: What's new? [14:19] JD: It's all about you, Mark. Markaholics. [14:23] Justin: Marcoholics. [14:25] JD: Go get your own streaming live. I think Aaron Potichin is out there watching the champ. [14:33] Justin: The champ was gonna wear his belt tonight. [14:36] JD: Something a little new. We used to do this back in the day. [14:39] Chad: And these guys will have side conversations all the time. [14:43] Justin: He's a veteran. [14:44] Chad: Put your hand in here. [14:44] Speaker F: We going in here. [14:45] JD: We're doing this old school. [14:46] Chad: We used to do this in the very beginning. [14:49] JD: PDC on me. [14:50] Chad: PDC on three. [14:51] JD: One, two, three. Welcome, welcome, welcome all two of you to another episode of Retireholics. [15:02] Justin: There's at least five people watching my parents house because I know my mom and dad are watching. [15:07] JD: There's no mom and dad are watching. [15:08] Justin: I told you they would. [15:10] Chad: Hey, mister, this time when Chad And [15:13] Justin: I were nine years old. [15:14] JD: Yeah. [15:15] Justin: Don't tell that story. [15:16] Speaker E: Where's the camera? [15:17] Chad: The camera. And it's kind of. Well, there's some others. Welcome to another episode of Retire Alex. Live from the 401k here at my home in Carlsbad, California. We've got a small live audience. Give yourself out here. Which isn't. It isn't hard to do when you give them free beer and pizza. People will show up. [15:44] Justin: I was gonna say more folks are gonna start showing up now. They know there's a kegger. [15:47] Chad: You might notice the fifth retireholic who is the president. That's right. The president of a large financial services firm called fi360. I don't know what the he's doing on the couch with us here tonight. [16:02] Justin: Well, this is free beer. This is more than once, too. And they didn't immediately. The board didn't immediately kick you out of being president when you came on the show the first time. Well, yeah. Let's see what happens. [16:13] JD: So we're stoked to have Matt on [16:15] Chad: here, but we're not going to treat him like Fi360 president. We're not going to ask him questions about his company. We've done that before. [16:22] JD: Tonight. [16:22] Mark: He's just going over 60. He actually does. [16:25] Chad: But thanks for coming tonight. He's just gonna be one of us. We're just gonna have some fun. [16:30] Justin: I'm joking. [16:31] Speaker F: Oh, no. [16:31] Justin: Welcome. [16:32] Speaker F: It's fallen that far. [16:33] Justin: JD but we teach him. [16:36] Chad: We just came back from. We did a show up in Palos Verides, which was really fun yesterday for Advisor Resources, and that was cool. But I want to tell you guys some of my frustrations with retireholics. Before each show, we usually get together and it's late night. It was the night before. I think we started around 10:30. And we talk about the subject matter that we're going to talk about the next day. You know, make sure we know what we're going to talk about or what points we want to make. I mean, we're not trying to script it, but we want to get into [17:08] Justin: pretty much me that requires that because I'm like people. There needs to be some content on this show. So let's spend some time figuring out what we're going to talk about. [17:15] Mark: Chad scripts most of what he says, everything. [17:17] Chad: This is what I wanted to share with you guys is this constant battle of Chad trying to make sure we know every moment what we're going to do and what subject's going to go [17:25] Mark: to the next minute 305. We need to open the door. [17:28] Justin: This is what we'll be doing at 305. [17:30] JD: A minute after. And Mark's the opposite. [17:32] Chad: Mark is like, oh, just screw it. Let's just do whatever. Well, Mark frustrates me sometimes because I'm kind of more in Chad's camp, believe it or not. And we were up at this beautiful resort. We snagged a villa somehow through your effort. [17:48] Justin: That was awesome. [17:49] Chad: And Mark was literally sleeping in his chair. As I'm trying to go through the subject matter. Sleeping. And then the rest of them as I'm talking, trying to. Hey, we're gonna go through this. This is important. We were talking about the ERISA training that was going to be on the show and participant data and all these things. [18:08] JD: And they're throwing bottle caps and. [18:12] Chad: And lions at his head while he's sleeping. [18:15] JD: And I just had this stuff. [18:16] Mark: I'm a heavy sleeper. [18:17] Justin: And he was in a row too, so it was fantastic. [18:19] Chad: And I had this moment of like, this just sucks. I didn't get any. [18:23] Speaker E: He was on two hours of sleep. [18:25] Speaker G: Thank you. [18:25] Chad: Fair enough. [18:26] Justin: Don't give. [18:26] Mark: I drove, you know, at five in the morning with my family. Up, down. Sorry. Down to the resort directionals. [18:34] Chad: Whatever. [18:35] JD: So I was tired. [18:36] Mark: I'm sorry, dude. And you guys were just talking about stuff that I already know, so. [18:41] Chad: Right. [18:41] Justin: What's a fiduciary? I don't know. Didn't think so. [18:45] Mark: Is that one of the words of the episode? [18:46] Justin: What is the word of the episode? We haven't gotten to that right now. [18:49] Mark: Screw your frustrations. To the everybody here who wants to really know how retirehaholics works. He is the reason why the show functions. [18:58] Justin: Right. [18:58] Mark: But we get the agenda from him and it could be a massive agenda. [19:03] JD: And we get it not a week [19:06] Mark: before, not three days before, maybe 24 [19:09] JD: hours before the actual show's gonna. You have homework. [19:12] Justin: Watch this. [19:13] JD: Read this article. [19:14] Mark: Listen to this podcast. Watch this video. [19:17] Justin: He's venting right now. [19:21] JD: You can't read a one page article, listen to a 40 minute podcast. [19:26] Justin: It was an hour and 40 minute podcast. [19:29] Chad: Highlights. It's all right. It's right. [19:33] Justin: What you're getting at is our preparation for today, right? [19:36] JD: Well, no, I just wanted to say [19:37] Chad: that I hate those meetings. [19:39] JD: But what was good that came out of it is that robe that Mark [19:43] Chad: wore that night, the hotel robe he decided to wear on stage yesterday in front of 300 plus advisors, which I thought was. [19:51] Mark: None of which will ever send me an email or call me or Ask me to do business, but they saw [19:55] Speaker G: me in a robe. [19:55] Justin: I love the way he. [20:07] JD: We're gonna move on. [20:08] Chad: Every episode of Retireholics has to have what I call the boe or the beer of the episode. And today we're super lucky. [20:15] JD: We literally have the keg right there of Papa Mercenz Cervezer. [20:21] Justin: Cheers. [20:24] JD: And remind me, what are. [20:27] Chad: What are we drink drinking here? [20:28] JD: This is the Mexican beer, right? [20:30] Chad: Yeah. [20:33] JD: Cheers to Papa, boys, for this. [20:38] Justin: Thank you. [20:38] JD: Good beer. Word of the episode. [20:41] Chad: Pro What? [20:43] Justin: Prohibitive. Prohibitive word of the episode. [20:46] Chad: The word of the episode, thanks to Frederich, is now called the prohibited word of the episode. And for today, it will be. [20:56] Justin: I don't know. You didn't tell us anything. [20:58] Chad: I say we go participant again. [21:01] Justin: No. Unless we're gonna go participant participation, I [21:05] JD: want me to give you the moan [21:06] Chad: and groan about it. What word do you want to use? [21:09] Justin: Well, I mean, advisor's always a really good one. [21:12] JD: I haven't done that in a while. [21:13] Chad: What about employee? [21:14] Justin: No. Let's go advisor. It'd be a good one. [21:17] JD: With our office starting right now, advisor will be the word of the episode. [21:23] Justin: I have to read. [21:24] JD: What are we drinking? [21:25] Justin: We're reading Spa Girl. We're drinking Spa Girl. And the description is going to be fantastic. [21:30] JD: Listen up. [21:30] Justin: Spa Girl Cocktails is the quintessential classic American brand that captures an irresistibly feminine yet timeless lifestyle that's chic, sexy, and always in good taste. [21:43] Speaker F: Where did that come from? [21:45] Justin: Came from JD's friends. [21:46] Chad: Awesome. That sounds absolutely. [21:48] Justin: This is a pear martini vodka cocktail. [21:51] JD: Okay, so let me remind you out there, because this ends up actually being [21:55] Chad: the most fun part of the show. If anyone says that word that I mentioned earlier, they will have to take a. Tonight, a complete shot. [22:03] JD: What? [22:04] Chad: Yeah. [22:04] Speaker E: What were we doing yesterday? [22:06] Justin: Well, we were supposed to do half shots, but we took full shots yesterday. [22:09] Mark: I think I might take a nap. [22:11] Chad: And that will be the prohibited prohibitive. [22:14] Justin: We haven't come to a conclusion on that yet. [22:17] JD: Okay, I'm gonna bring back an oldie but a goodie. [22:21] Justin: Hashtag the wheelovice. [22:22] JD: No, I wish. You know, the wheel of ice came up on the monitor earlier, and I actually had a moment of, like, sorrow, and it's gone. No, we're gonna bring back hashtag not your delightful advisor. [22:36] Justin: That's delightful. [22:37] JD: And hashtag not your typical adviser. Did you taste it? [22:40] Mark: That's yours. [22:40] Chad: That's yours. [22:42] Justin: Your single spot. No, it's not. [22:44] JD: It's not. [22:44] Mark: I'm not. [22:45] Justin: That's a It's a little less than a normal shot. [22:48] Chad: Hashtag, not your typical adviser. [22:49] JD: No, you wait. [22:50] Chad: That's one. That's two. [22:52] Speaker G: That's. [22:52] Chad: Why isn't anyone keeping track of this? [22:54] JD: Yeah. Sc. [22:55] Justin: Where's your count. [23:02] JD: Volume prohibited worm you have? [23:05] Justin: Yeah. [23:05] Speaker F: What are we doing? [23:06] Justin: Hashtag what? [23:09] JD: How is that. Oh, Justin. [23:13] Justin: He's going to be talking most of the time. Let's pass it his direction. [23:15] Chad: Hashtag, not your typical financial services professional. [23:20] JD: I met a guy that I think most of you know. [23:24] Chad: He's a very creative. [23:26] JD: That thing's almost financial professional. [23:29] Chad: And he's doing lots of cool things. And so I thought we'd use him as an example. Jason Chepnik, familiar with that guy? Know who that is? I know Jason, all right. He's most famous for a taco truck. Does anyone know what that is? There's a little picture of it in here somewhere. He worked with different food trucks, found one he liked that could be responsible in be there. And he wrapped the taco truck or the truck and called it let's talk about retirement. And so this is his way of spicing up a participant education meeting. It seems pretty simple. I don't think it's really that. [24:15] Justin: You know, I have to imagine if you're sitting in a finals presentation and you're trying to differentiate yourself from others and you talk about your educational campaign and you have something like that. [24:24] Speaker F: That's pretty good. [24:25] Justin: That's pretty good. Absolutely. And no, never heard that. At least in my experience. Nobody else is coming up with those kinds of. [24:31] Mark: I like that person across the table from you is a vegan. [24:35] Justin: Very good point, Mark. And he actually has some menus in there. I bet you there's a vegan something to eat in there. [24:41] JD: You can have vegan tacos, Mark. [24:43] Justin: Let's see this. [24:44] Mark: Yeah, but they're not as good as like lettuce. [24:46] Justin: Freshen up your future. So there's lettuce there. Get away with that. [24:50] JD: Wow. [24:51] Justin: Put away a little extra. Justin Queso. [24:54] JD: Say, these are funny little. [24:55] Justin: Be reckless with your sauce. Nacho savings. Come on. This is good. [25:01] JD: These are good. [25:02] Justin: Sign up now and you'll be living la vida Broca. I'm not sure if I like that one. If you sign up now, you have enough in your paycheck because you're deferring into your 401k that you're living la vida Broca. [25:17] JD: That is a classic example of a [25:20] Chad: financial services professional looking to do something a little different, a little creative and make and differentiate themselves from the. From the competition and. And this guy's clear out in Orlando, Florida. And I heard about it all the way over on the West Coast. Very quickly, he's even being copied. [25:37] JD: You know, other advice, you have to [25:39] Justin: imagine you were halfway there. Yeah. [25:44] Chad: Other financial people are copying this strategy and doing things similar. I won't name names, but George, you know who you are. That's how you do that. [25:54] Justin: Wow. Calling folks out again. [25:57] JD: He's also really creative because he's got [26:00] Chad: his own book of creative ideas. [26:02] Justin: Well, when you. When you go through this book, what you quickly find out is it's a layout, almost like a slide deck to show a client why he's different. It's got a whole team in the back and shows animated pictures of them. [26:13] Mark: Got a quote from the late, great, [26:15] Justin: notorious BIG what's that quote, Mark? Mo money. Mo problems. [26:20] JD: Yeah. [26:20] Justin: Yeah. This is the only. [26:23] JD: This is not the only. [26:25] Chad: Creative finance. [26:28] JD: I need another word. [26:29] Chad: Creative person. Okay. [26:34] JD: There's other ways. [26:34] Chad: I met with another group out of New York that I love, this one that is taking financial literacy education and delivering it for free at a K through 12 school in the Bronx. Like a poverished school. Kids that are struggling to get their lunch, really struggling. And this firm has gone in there and said, hey, we're going to educate these kids, help them learn the basics. 6. And when I heard that, I was like, talk about a way of differentiating yourself. If I could. If there was one thing that you would copy and you could get an advisor in San Diego or la. [27:15] Justin: Oh, you're going to be hurting. Such a great drink. [27:20] Speaker F: Skinny girl. [27:20] Justin: Is that what that's called? [27:21] Chad: Can I tell you why this game, [27:23] Justin: Sky Girl sp, if one of you [27:24] JD: guys would be like the main host and talk the most? [27:27] Chad: I'm at a distance. [27:28] JD: Well, if you would stop talking, say something. We can't. You can't let you start drinking. [27:34] Chad: This is the most intimidated I've been. [27:37] Justin: You're almost shaking taking that one. So this, I think what Jason's doing is a question I always ask financial professionals when I meet with them. What kind of pitchbook or materials do you have to show, physically show what you're going to do? Because everybody else is coming in there with a big game, verbally. Do you have anything physical to differentiate yourself? That's cool. [27:59] Chad: So when Jason comes in and someone asks him, hey, what makes you different? Why should we hire you? Of course, he can go through his process, his fiduciary process, his experience, all that kind of stuff. But this is a nice icing on the cake. Right? Something to show them. That really separates him. [28:17] Justin: See, I don't know if he's with a 536, but he should have a page in there that talks about his investment. Due diligence, and it just shows your logo. And he's gonna have some snappy quote below it. But come on, he's gotta get you in there. [28:29] Speaker F: No, but that is a challenge for the plan advisors. How are they different? Can't talk about. [28:34] JD: That's the word of the episode. [28:38] Justin: Brandon even took the phone away from you, and he still didn't get the prohibitive word up there. You ought to just give it to somebody else. Delayed. [28:46] Speaker F: I don't know. It's very fiduciary. But [28:50] Chad: can you. Can you give us any other examples, Matt, that you. You see, you guys work with tons of these financial people all across the world. [28:58] Speaker F: Financial people? [29:00] Justin: Those investors? [29:01] JD: No, the. The investment professionals. [29:06] Chad: Any good ideas out there that people are doing different things? Like the K through 12 I mentioned. We got Jason and his. His little taco truck. What else are we seeing out there that's cool and different? [29:15] Speaker F: Well, I think that that is one of the challenges, though. How are they different than anybody else who comes in? Because talking about investments or fees, that's not enough anymore. And so whether it's education or what you're doing for the participants, it really does make a difference. [29:32] Justin: Are you seeing folks leverage? And I hate that I'm taking it there, but it was good yesterday. Leverage wellness in those conversations. You've seen financial professionals use leverage in their pitchbooks or wellness in their pitchbooks. [29:46] Speaker F: I think it's important, but again, I think that's almost a commodity. Everybody says financial wellness, but what does it really mean? And I think it's more important. [29:54] Mark: That's a great question. [29:54] Speaker F: I think it's more important to educate the plan sponsor about the value in today's economy, where it's almost full employment, that. That. That gives you an edge when you are recruiting employees to come in if you can provide some wellness. And the conversation yesterday was really interesting. It wasn't so much about how you save or how you invest. It was more about looking at them overall and saying, do they have some money set aside for emergencies? Which we know most Americans don't. So, you know, financial wellness covers a really wide spectrum. But, you know, could the plan sponsor make that a potential reason for somebody to come to work for them? Boy, that's a lot more than just a benefit. [30:38] Justin: Yeah. [30:39] Chad: It doesn't have to be taco trucks. Or little books or even the K through 12. Even though that really pulls my heartstrings. It can also be like real services. We talk about financial wellness, but like an easy one we've talked about about [30:54] JD: before a little bit. [30:55] Chad: It's like the emergency fund. [30:56] Justin: Yeah. [30:57] Chad: You've seen those stats where what people don't have $600 or something for an emergency thousand dollar bill will put them into bankruptcy. Right. Which is a crazy thought. But if you could go in. [31:07] Justin: That is a sad thought. Oh, it's a terrifying. [31:10] Chad: Super scary. But if you could go in and say, hey, not only do I want to help you with your 401k plan and make sure that that's on the up and up, but I also have a strategy around, you know, polling your employees, finding out who these people are, if you have them on your team and putting in place a strategy to fix that and get them that money. However that may be, whether that's just forcing them to put it away and giving them that guidance or whether that's getting the employer involved to donate some money to that cause. But if you could go in and say, that's one of the things that I'm super passionate about is making sure that you have none of those people working for you. And I'm gonna show you that I can do that and change that and move that needle. That's another way. [31:51] Speaker F: Well, you know the other one too, and I don't know if you've heard any discussion about this, but it's about the student loan debt. So it's about those that are coming out of school that are just buried in debt and how does the employer help them? And again, in a full economy or in a fully employed economy, how do you make yourself attractive? That's one that hasn't got that much press, but there's got to be great [32:13] Justin: value that would stand out. Well, it's gotten big press within our industry, but I have not seen it get out there mainstream. [32:20] Speaker F: Correct. [32:21] Justin: And what we're, what you're referencing is employers that say, hey, we'll match your payments back to cover your student loans. So I know you may not have the bandwidth to save into the 401k, but if you're paying down your student loans and you can prove it, we'll put a contribution to the 401k for you because you're paying down your student loans. Some really creative things out there. [32:39] Speaker E: I feel like sometimes we're throwing way too much at people though too. [32:41] Speaker F: It's been such a topic, especially so Young. [32:44] Justin: Yeah. [32:44] Speaker E: It's like you look at all the technology that our case have and it's really cool. Like to us and probably a lot of people, but nobody partakes in it. So how do you make that jump? How do you get people to stop being, I think I would say, so fearful. Oh, my God. I got loan debt for student. You know, I got actual debt. [33:00] Justin: I got all my other stuff. [33:01] Speaker G: Right. [33:02] Speaker E: And then, so what do you do? I mean, do you do. [33:04] Justin: Well, that's, that's the point of this. And that's what I'll call him. The champ. Potter Chan talked a lot about is getting to the basics. He is the champ. Getting to the basics and saying, all right, let's start with loan debt. Let's get back to the basics. [33:21] JD: But I want, you know, that's exactly [33:23] Chad: why I bring up the emergency fund. The emergency savings is because I think wellness can be a lot to take on. And so I like a simple one. Right. [33:32] JD: So instead of worrying about all that [33:34] Chad: other stuff, let me find one that's really, really easy to tackle, which I think is emergency savings. Let's shift and let's go full TPA on everybody and let's. Let's do some design. You. I'm gonna call you the. You're the one that spearheaded this for us. I didn't even know it was a thing that we were talking to. To advisers or clients about until Skyler. [33:58] Justin: Yeah. Let me fill you up here, pal. I'm gonna just take mine. [34:03] Chad: I usually have fun doing this show and I'm not even having fun right now. [34:09] Justin: That's because it's back to back days. It's hard days. [34:12] JD: Talk to everyone out there about. Sorry, Tracy. [34:17] Justin: Came up one night thing that we've been chatting heavily with financial folks about and primarily many of their clients. [34:24] Chad: So 199A. [34:27] Justin: Yeah, it's the code. [34:28] Chad: What the hell is that? [34:29] Justin: Right. Tax Cuts and Jobs act came out, lowered the corporate tax rate for incorporated companies. Right. Well, kind of initially left behind were pass through entities, sole props s corps. And so many of them raised their hands. There are some alterations to the original tax law that came out that said, okay, we need to figure out something for these groups because they're not a corporate company. We're going to lower the corporate tax rate down to 21% is I think what it went down to. So they came out with 199A that said if you're a pass through entity. And I'm going to oversimplify this and I'm going to Say it stops at 315,000 versus the phase out that it actually has. But it says if you're making over 315k and you're a sole proprietor, you lose this new tax cuts and jobs acts deduction that we're willing to give you. Which is how much? It's 20%. Wow. It's significant. If you're making $314,999, it's a $68,000 deduction. That's a lot of money. So what happens for folks if you're making, and I'm going to oversimplify, you're making 316,000, you don't get this deduction. [35:35] Mark: Photoshop freehold. [35:36] Justin: So I had an advisor, I had an advisor come to me. By the way, I know who called me out back there. [35:50] JD: I'd like to pick up where you left off. But I only understood like a third of what you said. [35:54] Justin: Oh. [35:55] JD: So keep going. [35:57] Chad: Okay. [35:58] Justin: It could be worse. Could be yesterday. [36:00] Mark: He'll be, he'll be here for a while. [36:01] Justin: Hey, Justin, I need a refill too. [36:02] Mark: That's great. [36:03] Justin: Oh, yeah. Okay, so here it is. 315,000. You're a flow through tax entity. I owe one more. You lose the deduction. So a $68,000 deduction, you completely lose it if you're making $316,000. So I had an advisor come, dang financial professional, come to me and say, hey, can you create me a marketing piece on this? So I did. I went in and created a three step piece that said if you are a business owner making 316,000 and you have no, no deductions, then you're losing out on a $68,000 199A deduction. If you put away 19,000 into your 401k, now you're below 315, now you get that deduction. And then I took it a step further and said, well, what if you put in profit sharing and a cash balance and you sheltered $200,000 as a, as a business owner now you could be making 500k, bring your income down enough to get that deduction. [37:00] JD: Yeah. [37:00] Justin: And so we, I pushed this out to the wholesaling world, our wholesaling partners, and they went, oh shit, I can use this with all of our financial professionals that we're calling on. And now it's traveled around quite extensively. I fixed that. I owe two. I owe two at this point. And it's gone. [37:16] Chad: Well, when you owe a drink, you can keep talking. It's okay. We put it on ice for a little bit. [37:21] Speaker F: I'm just wondering if there's any more skinny. [37:23] Mark: So Chad's been talking about this so much, I get invited to do a presentation. [37:27] Justin: Thanks, Matt. I appreciate that. [37:28] Mark: A bunch of financial professionals and I was given a topic and I'm like, oh, what am I talking about? Like 199A. I'm like, thanks, Chad. Yeah, buddy. [37:36] JD: It is a. It's a big thing if you can't tell. I get it. [37:39] Mark: People were definitely like, oh, well, if. [37:42] Chad: If you are a financial services professional [37:45] JD: focusing in the retirement plan space, that's [37:48] Chad: the exact kind of stuff, stuff that you're looking for to make a difference. I always talk about safe harbor cross tested and cash balance combos and all this kind of stuff, which I think most people are well versed on. Still great ways to win business, but something that's new and different and like that is we. [38:05] Justin: We get asked all the time about strategic partnerships and. And meeting with CPAs for. For our clients, financial professionals meeting with CPAs and different other lines of referral sources. This is a great one to talk to a CPA about to take in this piece. And it's so oversimplified. It's easy for anybody to understand the way in which we wrote it. They're taking this in now and they're building relationships with these CPAs that are then referring them business. [38:29] Chad: Can I do a plug for us? Do you have anything, a piece or anything that goes with this? [38:35] Mark: Of course. [38:35] Justin: Yeah, of course. It's a one pager. That Rebecca Horan would be so happy. I wrote picture that. [38:41] Mark: You know, like when you're in college and you have to get everything smashed into one page. [38:44] Justin: Like, it's one page that has like 742 words. [38:47] JD: It's like six font. [38:48] Mark: Like there's so much nerdiness in there. [38:50] Speaker E: It's great. [38:50] Chad: Hey, as long as you get it to one page. I'm proud of you, Chad. [38:53] Justin: Yes. That's what I strive for. [38:57] Chad: All right, we do have another guest and that you've been so vocal and talking so much on the show. [39:03] JD: Am I thrown out? [39:04] Justin: You should. You should say another word real quick and make sure you enjoy. Enjoy that before you walk off. [39:08] Chad: We're gonna. We're gonna kick you off and we're gonna bring on our. [39:11] JD: Our next guest. [39:13] Justin: Yeah. Did you still. [39:15] Mark: Good choice of shorts, too. Pink garage. Yeah. [39:19] JD: Stole the shirt from. [39:21] Justin: Wait, I had one question. Can I ask him one question that I'm. I'm very genuinely curious. And you've made Some big relationships recently. Resources firm. How does that happen at the high corporate level? I mean how do you get in there and create a relationship with a group that's responsible for 500, 700 FAs that you create this wonderful new partnership with? I imagine it's like constant meetings back and forth for years before it finally leads anywhere. [39:50] Speaker F: But I've easy because Scott Brevard from the center for Fiduciary Management is Kansas City based firm and so he knew Vince over time and you know, just through conversations with him and the team. Ashley's great in working with them and talking about some of the capabilities the clients asked us to create that we really hadn't thought about. It's been a great collaborative two way street. [40:17] Justin: So it's all about who you know is what you just said. Right. Thanks jd. It's about who your friends know. [40:24] Speaker F: I didn't even have anything to do with it. [40:26] Chad: This is a little above my head. But I learned a little more today. That's. Well, can't any adviser in that group. [40:32] Justin: Yes. Does anybody else acknowledge that Justin's just been gone for a while now. He's pouring growlers now. [40:43] Mark: His mic was still alive. [40:46] JD: I didn't know the entire livestream just [40:50] Speaker E: how much your daughter needs to get drunk. [40:51] Justin: I'm just going to say that. Whoa. [40:53] Chad: I didn't know that I was gonna say any one of those financial professionals of that group could use Fi360. I mean in most cases if they wanted to. And so I was like, well, what's the big deal with the organization deal that you strike with them. And then I realized. Or you taught me that it's. [41:12] JD: Oh no. [41:13] Chad: The big entity itself would like to know data of all. [41:16] Speaker F: That's right. [41:17] Chad: Right. [41:18] Speaker F: All the advisors. [41:22] JD: I think you almost did that so much hate this. I stole this one from you. That I was. [41:26] Chad: I had a moment of dishonesty. [41:28] JD: I'm going to be like here, drink [41:29] Chad: out of your own poet. [41:31] Justin: You're going to be drinking out of his cup. I'm going to tell you, nobody knows where JD has been. So. Okay, you're welcome. [41:38] Chad: Finish your prohibitive, finish your prohibited drink [41:41] JD: and then hand the mic to Tony [41:42] Chad: Franchonone over there from rbg. [41:45] JD: Tony. Cuz Tony's going to come join us on the couch. [41:48] Justin: Could be worse. [41:49] JD: Tony, come on up. Give me a round of applause for Tony. [41:54] Justin: Thank you, sir. Get in on any of that [42:04] JD: here, you can slide out that way. All right. [42:07] Chad: Tony. [42:08] Justin: Tony, this is your first trip to the couch. Are you scared? [42:11] JD: No, no. [42:13] Justin: You've been around the block first. They're comfortable. [42:15] Chad: First time on retirement. [42:17] Justin: Justin. [42:18] Chad: Tony Francimone from rbg. [42:20] JD: And RBG is a. [42:22] Chad: Is a big shop and specializes in. In retirement plans. I think that's fair to say. [42:28] JD: Right. [42:28] Chad: Correct me if I say anything wrong. And we like having someone like you on the show. We've had Aaron in the past, but we don't get a lot of financial professionals here on the couch. And so it's a unique perspective that we're really interested in. [42:44] Justin: I will position it this way. We've got the best of the best though. So you're sitting here now. We've had Aaron, we've had Alex, we've had Janya. So you must be really good at what you do. [42:54] Speaker G: Know the right people. [42:56] Chad: Can you tell our audience of one a little bit about your firm and its history and what you guys are all about? [43:04] Speaker G: Yeah. Retirement benefits business. [43:06] Justin: That might be. I can sit real close. [43:12] Speaker G: Retirement Benefits is a retirement benefits group is a shop of about 11 and a half 12 billion under advisement. About 500 million in wealth management. About 700 firms or 700 clients. Retirement plan clients. DB DC non quality. [43:33] Chad: And geographically you guys are. [43:35] JD: You got a lot of presence in [43:36] Chad: California, but other states as well, right? [43:38] Speaker G: Yeah, geographically we are. [43:41] Justin: You're still on this couch. Partly. [43:43] Chad: I feel like you still should go ahead. Tony. [43:46] Speaker G: We do like appetizers, but advisors. [43:50] Justin: You slipped into it. [43:52] Speaker G: Consultants. We've got about 50 consultants nationwide now. [43:58] Justin: You. You sat over there and thought about the word consultants as a supplement to that word, didn't you? You were prepping. [44:05] JD: So definitely a big firm. And so when you're at that type [44:10] Chad: of size, you guys have to be learning some things all the time. I mean, every year. Can you help us with what things are you guys excited about or what things do you see changing? [44:21] Justin: 199A. [44:22] JD: Yeah. [44:23] Chad: Right. What's RBG looking at? Concerned with? Give us some highlights. [44:29] Speaker G: Well, I would say what we believe is the wave of the future is continuing to concentrate on the employee and concentrate on how we can better serve them, provide them with better opportunity. Better. I don't. I hate the word product, but we're really big believers in managed accounts, custom managed accounts, and believe that in the grand scheme of things, as we move forward, we're definitely going to see more of that moving forward, definitely. As people age 50, 55, 60, as they get older, where things are more customized to them as individuals. [45:08] Chad: And that might sound. [45:10] Mark: So you don't think a target date [45:11] Speaker G: will suffice I think target dates are good to apply. [45:15] Mark: Point. [45:16] Speaker G: But I think to what point? You and I, if you and I are the same age, should we be in the exact same target base or target. Right. Maybe we're exactly the same age. [45:25] JD: Right. [45:26] Mark: Well, our situations are very different. [45:27] Speaker G: Exactly. I'll give a perfect example. I have a five year. I have four. I have four kids. One's five. I turned 52 this week. [45:39] Justin: I'm not happy early birthday Sunday. [45:42] Speaker G: Sunday. [45:42] Mark: My son turns one on Sunday. [45:44] Speaker G: Congratulations. Great day. [45:48] JD: What a feel good moment. [45:50] Justin: It's a family audience. [45:51] Mark: I delivered my son. Not on purpose. [45:53] Justin: You did. [45:54] JD: True fact. We need to pause right there. That is, that is straight up truth. Mark delivered his own child. [46:00] Speaker E: I did. [46:01] Mark: I did. [46:01] JD: His wife went into labor, they didn't get there in time. Literally in his bathroom, delivered the baby with 91 1. Walking him through the steps. Walking me through. [46:12] Mark: No, the 911 operator was called a lot of bad names. I'm not proud to say cuz the paramedics weren't there. All I heard was don't drop the baby. [46:20] Justin: Did you? [46:21] Mark: And I was shirtless cuz that all I thought. My wife's like, I'm going to labor, [46:24] Chad: like I'm taking my shirt. [46:25] Mark: That's what I thought. And so then I caught the baby. They weren't there yet. So I'm yelling at this poor, poor911 operator. But everyone, everyone's happy and healthy and we're good. [46:35] Justin: I'm curious, why was the first thing [46:37] Speaker G: you thought of was taking? [46:39] Justin: It's like those videos you see where people are fighting and that's the first thing they do. [46:43] Mark: We should go to the hospital. I should change my shirt. [46:45] JD: Okay, Tony, I'm gonna be. [46:46] Justin: I thought you were trying to catch him in like a raider shirt. That's why I forget the story was mine. [46:52] JD: Boom, buddy. [46:53] Chad: Oh God. [46:54] Justin: They just became best friends. [46:55] JD: I'm gonna be a total dick, but this microphone is for you. [46:58] Chad: You gotta use it. [46:59] JD: I know. [46:59] Speaker G: I thought you said we were off. [47:01] Chad: You said that you were going back to the participant. And I think for a lot of people it's like, well, of course you're gonna go to the participant. But no. Our industry for the longest time has focused on the plan sponsor and the fiduciaries and guys in your position or of your occupation. We're big on fiduciary review and fund analysis and fee benchmarking and all these types of things. [47:26] Speaker G: But. [47:26] Chad: But it's true. Very little attention has been given to the employees and the participants themselves. And so to hear a firm like RBG is cognizant of that and is shifting their focus to the actual people and the different stages of life that they're in. I think there's all kinds of opportunities there and cool ways to make a difference that you guys can keep working on. So I think that's a great, a great thought or idea that you're giving. [47:53] Speaker G: It's actually we're not shifting. We've been big believers in that for a long time and we always believe that that's frankly, that's our differentiator. Of course it's difficult to service hundreds of thousands of participants all over the country and do it in person. Obviously it becomes almost impossible. But I personally have always believed, maybe it's the way I started in this business. But the engagement with the participant is key. Fees, fees, funds, fiduciaries. Of course that's important. It's the buzzword. But the fact that. Boring. How do we make or help the people be engaged and want to want to be engaged? You brought up earlier when you were talking about the. I don't think it was Jason's but something else. Somebody else doing the financial literacy. It's huge. I mean, it's huge. You know, those of us, Mark, your child's only one, so you've got quite [48:49] Mark: a bit of time to educate, I'll be honest. [48:52] Speaker G: But still a lot of time. How do we teach, you know, our kids, you know, I have a 21 year old, you have older kids. How do we teach them to understand the value of saving but the, the value of spending properly as well? [49:05] Chad: We got into this debate, we get into it a lot about wellness because people keep asking, asking us to talk about wellness and we were getting kind of sick of it. [49:13] Justin: Who was getting sick of it? Well, Mark for the most and me. [49:17] Chad: Every time we got, we get in this circle debate about it and Chad will pat on the desk and say, hey, the employees, they don't even want this stuff. Like if you're going to give them emails and, and, and mobile app notifications to have them go through some type of, of survey and to learn things, they don't want to do it. And you're, you're very. [49:36] Justin: I am, I'm very passionate about that. Is that we continue to build tools and the tools that we're creating are fantastic and maybe it might move the needle a little bit. But what we're missing is the accountability that a human being brings to the table. So we handled this yesterday a little Bit with Brandon where. And I gave the reference to Justin and going to the gym. When someone calls me and they're like, hey, did you go to the gym today? Damn it, I didn't go to the gym today. I got to get to the gym. I have that level of accountability because someone's calling me out on it. And I think when you introduce the human element to financial wellness, that's what will finally move the needle. And let me add one more thing. Kudos to you all. We have seen, at least in the 10 years I've been doing this, a lot of folks focus on the three Fs because that's what sold to the plan sponsor. But everybody who has been successful in this business is always focused on what we're truly hired to do, which is to help these people reach some sort of retirement readiness, help them figure out how to financially plan today so that they have a retirement when they hit 65. [50:39] Mark: You were so close. Yeah, you were. [50:41] Speaker E: So teams like yours, you guys are undoubtedly great, but so much of it, we're talking, we need that human interaction. We get it right, and that's what's going to move the needle. But you have how many participants across the entire practice? [50:54] Speaker G: Hundreds. [50:54] Mark: Right, exactly. [50:55] Speaker E: So how do you. I mean, obviously there's no way you're gonna be able to meet with. [51:00] Chad: He actually built something that's tied to the education. What I was trying to say is we get in this debate about that, no one wants to do it. And the real answer to it is that K through 12 thing is going back and educating people when they're younger. Because if we can educate them, they will want that. They will want that email because they go, this is important. So that's why I think that that's so paramount is the answer to that debate is education. So we gotta. We gotta make sure that people understand that it is important. And then we can use all this tack and the human side to make a difference if they don't want it. [51:35] Speaker G: I agree with jd. I mean, most of all of us old guys and gals may be out of the business by the time those younger kids in elementary school are trained and taught and understand to actually ask that they want help as opposed to just worrying about and go with these. But it'll be good for the industry, it'll be good for the country. How do we do it? He teed it up, actually, by mentioning, you know, financial wellness and mentioning Brandon in particular. So we are very proactive utilizing financial wellness into our sales process. And again, I would say to a degree it's teaching and educating the plan sponsors and the committees that there's other things more, more important, frankly, than getting, you know, down to 40, 50, 60 basis points on your lineup. It's very important. But delivering advice and guidance and daily doing it on a personal basis, whether it be personal interaction or via web or whatever, costs money. And getting the committees to understand that, and in our particular case, utilizing our financial elements program, and Brandon in particular, has been huge. And we use them in our process of meeting with prospects, you know, early on in the state, and we kind of have bundled that up as part of the entire program. [53:05] Chad: I thought Brandon was going to watch some Netflix or something. [53:09] Speaker G: But the other thing is, it is the accountability. The accountability is huge. [53:13] Speaker E: I talked to brandon for like 30 minutes at least after the show yesterday. [53:16] Speaker G: He's great. [53:17] Chad: Brandon. [53:17] Speaker E: I was so bummed we didn't have an on. Have him on for even longer than we did. [53:23] Chad: Can you wrap us up and. And talk to us a little bit more about advisor resources? [53:30] Justin: I just poured that because I wanted to say the word. It's the last one, so. [53:36] Chad: But that's fair. [53:36] Justin: Justin and Mark have plenty over there. [53:38] Chad: I don't mention the name, but tell [53:40] JD: us about that firm. [53:41] Justin: You can mention it if you want. [53:43] Chad: Yeah. Because your. [53:44] JD: Your. [53:44] Chad: Your firm's a met or not your firm. Yeah. Yeah. All your guys are members of that, correct? Yeah. I didn't know about them even six months ago. [53:53] Justin: Yeah. [53:53] Chad: And when they came to ASO do their conference, I went and looked at all the people there and I was blown away at the quality of financial professionals that have signed up for that. So obviously they've got something really cool going on. Talk to us about how it's helping RBG and what kind of fan you are of that. Do I call it an aggregator, A collaboration? [54:20] Justin: Yes. [54:20] Chad: Tools, a research. I mean, what is it? [54:22] Justin: That's a hashtag, by the way. That's not your typical advisor. [54:27] JD: Hey, Chad, do you want this one? [54:29] Justin: I'm gonna have to take some adjusting of marks since you guys are obviously [54:34] Speaker F: not going to talk and we have not touched. [54:39] JD: So talk to us about it. [54:40] Speaker G: I take pride in not so Ria, as you mentioned. [54:44] Justin: Fill me up. [54:45] Speaker G: We're relatively new to the family as of January. However, to. To the organization as a whole and the group. Vince Morris, who leads the organization, we've been collaborators with him for years. You mentioned, while I was standing off in the sidelines over there, you mentioned Jason. I know yesterday you. You had Dave Henderstein And Allie on the entire group. Those individuals, Corby and Brady Dahl, we've all been collaborators for years in the context of we shared ideas before you were under this umbrella, way before this, a decade or so. [55:29] JD: Interesting. [55:31] Speaker G: Obviously, when we in particular made our decision, we were looking at a lot of entities. We were being courted by a lot of entities, kicked a lot of tires. It ultimately came down frankly to Vince Morris in particular as one of the driving forces on how he. His vision and how. And what he's been able to accomplish to date. [55:55] JD: Yeah. In four years. [55:57] Speaker G: Yes. [55:57] Chad: By the way. [55:58] Speaker G: And the tools and services and the team behind him at ria, you mentioned Brandon Covell. Jamie Battler, who is our chief investment officer is phenomenal. Phil Troyer. The entire team is just top notch. And again, people that we've known for a long time and trust and again collaborated, not necessarily in partnerships with business, but sharing ideas. I mean I'm real pretty tight with Jason and Dave Henderstein we've known forever. So it's a real good organization which think forward thinking proactive is what I [56:35] Justin: would say and willing to share ideas. That's been, in my experience, it's been a downfall of many, many firms is that they want to hold everything they have so close to the vest that as an industry there are other shops that would gain great value from hearing what you failed at truthfully. And if you're not willing to share, then these other firms gonna go down that path. And truthfully, we're trying to, trying to help the participant in the long run. So if we're going to have failures, then we're hurting that folk. [57:00] Chad: But don't forget like we've talked about this on the show a lot coming out. We've talked about the show a lot that retirement plan financial people [57:13] JD: are kind [57:13] Chad: of looked at in a negative light from consumers. [57:17] Justin: Well, you said episodes ago we have a lower acceptance rating than a used car sales salesman. [57:23] Chad: So they're looking. [57:24] Justin: That's terrifying. But yes, that's all of you out [57:26] Chad: there as this slick kind of Wall street suit and tie, greedy, after the money, country club, wine drinking kind of person. And so sorry if you fit that description. [57:40] JD: But if, if people like you and [57:43] Chad: your firm and, and David and Ali and Jason and all these other financial professionals. Looks like we have bourbon now out here. Great. [57:52] Justin: Yeah, I saw Tracy. [57:55] JD: I was so I got. I felt really safe once the bottle was empty. [57:59] Chad: But no, okay, if, if you can collaborate and push each other for the next idea, for the next best thing, you're just raising the brand of all of us within our industry. And that's way more important. Important than competing against each other. I think that if plan sponsors, consumers, decision makers, heck, even participants can start to look at a retirement plan professional as a positive thing, as something that they've experienced as someone who's really a do gooder, trying to make a difference, trying to help them. That's where we need to get to. And so for all those big firms to come together and do it, that's the way to do it in my book. [58:40] Speaker G: I completely, completely agree. You asked me what worried us or worried me. Nothing in particular. But what I hate is tied to that. The negative connotation of what we do. And we all know there's bad consultants out there. [58:57] Justin: Well done and bad. [58:58] Speaker G: But there's bad people in every single industry out there. Right. So I look at in the context if you know, the bad ones will shoot themselves in the foot over time. If we can get enough of the good message out from all the different consultants and consultant firms, it'll do nothing but good for all of us. [59:21] Chad: Perfect. Well said. [59:22] JD: We're gonna wrap it with that because. [59:24] Justin: Hey, hold on. I just had a revelation. [59:26] Chad: Apparently we're talking about. [59:27] Justin: It was a big revelation for me. Revelation yesterday. Now that we're live streaming, you definitely can't have Brandon hide your burps. [59:37] JD: Oh, well, I couldn't hide my burps in front of 300 people yesterday. The mic was loud to the entire 300 people. And you're like. I was, Yeah, I was cognizant of it. [59:48] Chad: It's not a good time. No, we're gonna end it on that, [59:51] JD: that good note because I think that's a great message. [59:54] Chad: Tony, do you know the, our closing tagline that we do on record? [59:59] Mark: Can we just say happy, happy birthday to him? [1:00:01] JD: Happy birthday to Tony. [1:00:02] Justin: Happy early birthday. Cheers. [1:00:03] Speaker G: Happy birthday to your son. [1:00:05] Justin: Did you say 51? [1:00:06] Speaker G: 52. [1:00:07] Justin: 52. You look 51. So that's great. [1:00:11] JD: Very good. We're also wrapping the show because we [1:00:13] Chad: got pizza and beer to drink out there. [1:00:15] Mark: So cool to jump in. [1:00:17] JD: What it is. Say it along with us, Tony. [1:00:19] Chad: This is our tagline. [1:00:23] Justin: Yeah. Take your mic off first. [1:00:24] Chad: Just kind of mouth like, you know the words. We are the retireolics and we are changing the retirement plan industry one beer at a time. [1:00:35] JD: And some sexy Spy girls. [1:00:38] Chad: Whatever. [1:00:40] Justin: Spa girl. [1:00:40] JD: And then we're just gonna, we're gonna dig into the Woodford Reserve later. [1:00:44] Chad: Out of time. [1:00:45] Justin: Cheers. [1:00:45] JD: Cheers. [1:00:46] Chad: Thanks for tuning in. [1:00:47] Justin: Thanks, Tony. [1:00:48] Speaker E: Thank you. [1:00:50] Speaker G: All right. [1:00:55] JD: Get some pizza? [1:00:56] Justin: Yeah. [1:00:56] JD: Thanks, bud. [1:00:57] Chad: How's kids? [1:00:58] JD: We're 10. You're a lot better than Matt was. [1:01:01] Justin: Matt, you said advisor. You owe a shot. [1:01:03] Speaker G: But we're off camera. [1:01:08] JD: All right, Feel free to talk and mingle and have.