SECURE 2.0, DocuSign Automation & Advisor Practice Evolution

[0:00] Justin: Foreign. [0:06] JD: Welcome to Retireholics, you 401k obsessed weirdos spending your Thursday night here with us. Today's episode has been brought to you by a valued sponsor. It's Chad's stash, still alive in December. [0:29] Chad: A few more hours. [0:30] JD: Let us know in the chat bar how much you love. [0:32] Mark: No, no, no. We. I think we need to leave this up to a chat bar vote if it stays or goes. [0:37] JD: We could do that later. [0:38] Chad: Not happen in my house. There's already been threats by my wife. So wait. [0:42] JD: Oh, it's gone. Shave it on the show. You know what the best thing about this show is, Rogue guy? [0:50] Mark: Nothing. [0:51] JD: You never know what you're gonna get. It's like a. It's like a potpourri. Could be a shitty one, could be a good one, could be an average show. You never know. But we're very. [0:59] Mark: Can we talk about how the fact that somebody spelled potpourri the way they did? Like there's a T in there. It's. Come on, man. [1:07] JD: We'll save that for no. For dope. Let's see. No drink for me today, people. I know. I'm not sure this has ever really happened. [1:16] Mark: We had the intervention. It went really well. Everybody. [1:19] JD: Yeah. Okay. My wife, my father, my children, they all cornered me. No, I. I got this cough. I couldn't shake it. I went to the urgent care, sat with a doctor, they chest X rayed me. I don't have pneumonia, but I got something going on in my lungs and they. So I'm on 10 days of antibiotics. And I asked them with doe eyes, I said, so with these antibiotics, I drink alcohol like large sums of it. She's like, no. I'm like, okay. So the beer of the episode today is Honey Lemon Throat Comfort by Yogi Tea Brands. [2:06] Steve Gresham: Oh my God. [2:07] Justin: What are you taking for shots? [2:08] JD: Ah, yoga to energize the throat. Sit cross legged. Wow. I might try that later. Can do yoga with my tea. So that's what I'll be drinking tonight. But I have a feeling that the. There's some people on the show that are going to pick up the slack where I've left off. And I also realized something. There's a benefit to being drunk when you do this show because you feel like, ah, if I up or you know, say things wrong, I have a defense. It's like this security blanket. Now that I'm completely sober, I'm a nervous wreck. I'm going to do just a horrible show today. [2:42] Mark: By the way, you're already doing awful [2:46] JD: with that. Let's go to Justin. Justin's going to intro our guests on a 0 to 10. And you know what you need to do out there? Make sure Justin keeps his job. Because if the ratings start to slip, so does his paycheck. Take it away, Justin. After spending the better part of a [3:04] Justin: decade at Fidelity, where he pioneered managed accounts and oversaw 2 trillion in assets, he walked away to start his own gig and focus on his mission of rethinking retirement. Mark, I think you're really going to like this guy because he believes financial wellness is a big thing right now that people aren't talking about nearly as much as they should be. When he's not educating, educating advisors, he can be found in his wood shop creating works of art for local and national clients. If you want to see those works of art, just go to YouTube and check out his. His channel. The big workshop guy. He's the founder of the education project, Mr. Steve Gresham. [3:39] Mark: Hold on. [3:40] JD: Yeah, is. [3:42] Mark: Wait, that was a joke, right? [3:46] JD: Is it really a big workshop guy? [3:50] Chad: You have to go search and find out. [3:51] Steve Gresham: Yeah. [3:52] JD: Steve, welcome to the show. Welcome to the show. [3:55] Justin: He does create works of art. That is true. [3:58] JD: He has a woodworker. He didn't make that up. I don't know. Justin, be careful. Be careful. You're starting to slide down. Let's see it, people. What do you get? 0 to 10. Give me a ranking. I'm going, I'm going. [4:09] Justin: Starting to slide down. Like last couple weeks were good. [4:11] Chad: I'm going six. It was an energy thing. There was very little energy in that. [4:16] JD: Just be careful. Just be careful. Steve. We're gonna play some games, and it's very important that you know these games that we shall play. The first one is called acro sin and it starts now. If you say any initialism or acronym, my name excluded. You must drink from your penalty drink, which I think is that big scary bottle of whiskey that you have there. Just a little. Just a little swig off the top. Doesn't have to be a full shot or anything like that. We are also going to play Chat Bar Champion. And Steve, you will nominate someone into the finals of the Chat Bar Champion contest. And in December, we're going to spin it and like I told you all and do like a charity thing. So the winner of chat Bar Champion tonight will name a charity. We will throw 150 bucks at that charity, which is about the amount of money that I spend on pizza and burritos. And then we'll try, try to motivate y' all to, like, join in and add some money to that. I'll send you a link where we can all do it. We'll throw it out on LinkedIn. We'll see if we can, you know, by the end of December. Let's see how much coinage we can throw out. Some charities. Daniel's already got one picked out. No, Daniela, it cannot be yourself or your children. And that's it for the games. We got a couple other fun things planned, but let's do like always do. No, let's not do that. I don't do this often. You're not a massive 401k guy. I would call you more a financial services, you know, the whole kind of market kind of guy. So not. Maybe everyone doesn't know exactly who you are. So. I know nine years at Fidelity. I know, like, 40 years in the business. We know you run your own gig, but give us a little context here on. On who is on the show today. [6:06] Steve Gresham: Yeah, I appreciate that. So, for me, it's always been the same mission. People are trying to do better when they get older. I was the oldest of four kids, and so I was the one that actually knew three of my four great grandparents in addition to all four of my grandparents. So I grew up around older people. And so I always wondered, what happens when you get older? So I always started thinking about that. My family's mostly medical people, academic people, public servants, you know, cops. And so for me, it's always been, what do you do when you get older and you can't do what you wanted to do? Well, you ought to be able to do that. And so you got to do some planning. You got to think about it. So for me, it's always been about trying to help that retirement idea, whatever that means. It's really, what do you do when you get older? And they're all very vibrant people. And my mother is. Is now homeless, and she's here with us, 88 years old, still banging away. The only thing that knocked her down was a hurricane in Florida. [7:02] JD: So that's a good retirement plan. Go live with your. Your kids. [7:06] Steve Gresham: Yeah. That's not a permanent thing. So just be clear. I like that one. [7:10] Mark: So. So you think. [7:12] JD: Yeah. And you did spend time at Fidelity. You know, that's a good chunk. Almost a decade at Fidelity. And then now you're doing your own thing, and where can they go? What's the. What's the website that people can go to check out what you're doing? [7:23] Steve Gresham: Yeah. So for what I did at Fidelity, it was really managing the retail strategy. So trying to. To connect people with what they want to be able to do with their money. I mean nobody ever asks you the important question is what's the money for? Right. So. So we were able to do that at scale. I'd always been full service thing before working with advisors, smaller and smaller books, wealth management, managed accounts. I got religion when I got to fidelity that here we are with all these people. We probably touched 70 million individual Americans. [7:51] JD: Right. [7:51] Steve Gresham: So you got to work on that. So I bugged out to be able to do. Continuing to do that. And the execution project.com is where we house our industry initiative next chapter and where we start working on all those things that companies probably ought to have been doing all along. And we're trying to help them do it Now. [8:09] JD: When you say companies, it's like advisor shops. Right? And. Or vendors like financial services companies is who you're kind of thinking about in your 247 life these days and. [8:21] Steve Gresham: Exactly. Because basically what my job is to try to figure out how to help advisors and their firms do better. And there are an awful lot of companies that you guys have worked with that want to help. And so I channel some of those resources into those companies to help drive their business growth objectives, help them do a better job for their clients. [8:40] JD: We'll talk a bit about that because I'm going to pull from a blog post that you wrote later, guys. I met Steve randomly in Miami when I went to see Tristan. Steve's son goes to the same University of Miami. We were in the center of a. Of an Airbnb surrounded by college kids doing what college kids do. And this probably not come as a shock to you, but Steve and I proceeded. Oh, I'm ST's. [9:09] Mark: I'm not. I think it should stand for something, right? [9:12] Chad: I'm sure it does. [9:14] JD: We, once I found out and he found out that we both like financial services, we didn't stop talking about it for like 90 minutes straight. I'm talking glide paths and mutual funds and the industry as a whole. So that was my introduction to you, J.D. [9:28] Chad: i thought you had a cool card at your son's college because that was just stripped from you at that party. [9:33] JD: Oh, before. [9:35] Mark: Say you just pulled a chad there. She. [9:37] Chad: Yeah, you did. [9:39] JD: But I can tell you that that's one of the reasons why he's on here. Is he. He's got that real like, core passion. Right. Like different people we have on here. I can't say his name. The Josh with the eye. Oh, that's gonna counter. [9:55] Chad: You don't even have to drink. [9:57] Mark: I know. Do you want me to take your drinks for you today, jd? [10:00] JD: I think you should. And I'll be. [10:01] Chad: We want Mark too. [10:02] JD: I'll try to play hard, play legit. So he's one of those guys. That's why I liked him. Cut from that cloth of like, really cares about the shit, thinks about it all the time and has a lot of passion about it. So I think we'll have some fun today. But like every show, let's check in with what's going on in the 401k world. We call it headlines. This one had me. I didn't know. I didn't know whether I was being spoofed or or not spoofed or what was going on. I went to Foreign K Specialist magazine and the title of the article is how your country country club membership leads to business. [10:48] Justin: I was like, just talking with Chad, [10:50] JD: I was like, oh boy. [10:52] Mark: Chad was like, well, let me tell you. [10:54] JD: So I look to see who this was written by and it was this dude, Bryce Sanders. I'm sorry. And if anybody knows him, I apologize, but he's looking very boomerish. And I'm like, okay, what's going on here? I'll give you one quote from the article and then we'll take it from there. Oh, shoot, I don't have the quote. Hang on. Let's read the article itself. He says he was, he was a. There's this founder of this insurance agency and he was talking to this big shot guy, bank president, and he gave him some advice. He said, buy a Cadillac and join the most exclusive country club in the area. Perceptions matter. If you drive up to the best country club in a new Cadillac, people assume you are a successful insurance broker. Get my coffee out on that. Now, Chad, just for a moment, defend this. There's some logic here. [11:57] Chad: Oh, I'm, I'm not defending that article in any way, shape or form. I will jump on this the side of the conversation and say, absolutely. A country club membership can lead to good, solid relationships which if handled appropriately and professionally, will lead to business. But if you go out there and you're trying to just sell the next person you talk to, you're going to get shunned from the community. People are out there to golf and enjoy themselves, not be sold by, by a salesman or saleswoman. [12:25] JD: Well, he was, he was kind of cognizant about that, which I think makes this even funnier. He went on to say, like, gave you a strategy. Yeah, don't sell the people at your club. That's a no no, right? They're gonna. You're gonna quickly become like a plague. But what you do is this is why you went to the classiest one, Mark, is because you're gonna invite people from other clubs to come play at your club. And they're going to be so excited to be playing at this big fancy club. And then you guys have to go read this. If not just for the comedy, sorry, 4K Specialist magazine, you know, I love you, but he goes. And then you buy a lunch afterwards. And he's like, look, they came, played this great fancy club. You bought them lunch. They have to give you a meeting, you know, and you're going to be. This is so old school. I was losing my shit, man. But [13:14] Chad: the whole. As I was reading that, I felt slimier and slimier going through there and I felt like it was a very true article written in the late 80s. [13:24] JD: Right, right, right. [13:25] Chad: Like that. That, that was a thing like, oh, these guys have memberships at another country club. Going to invite them to mine, my prestigious club, and I'm going to back them into a corner that now they have to take my meeting. I've not seen that in my, you know, 13 years of doing this. [13:40] JD: Well, in case you want to do this, everybody, he gives you four points too as well. So become a regular at the bar in Tipwell because I agree with that. The, the waiters and the people working [13:53] Chad: there and the bartender. [13:54] Mark: Common sense, dude. [13:56] JD: Thanks. [13:56] Chad: Well, the problem here. Let me, let me acknowledge the problem though, Mark, because you experienced it when you were here. The, the tip and the bill never comes to you, right? The waitresses and waiters know who you are. They know your numbers, they know your names. The gratuity is added in automatically. You have to make an actual effort to tip well. Like we, Brooke and I tend to do. Like the. When we do the Christmas dinners, we make sure that we tip extra extra for those and we try to find opportunities to say thank you to the. With people. The way. That's because nobody exchanges tips there. It's built into the bill. [14:27] JD: I tip the guys that clean my clubs when I pull up in the cart and they clean my clubs off, I always give them a 20, but I like to throw it on the ground and watch them reach down and pick it up. Just kidding, Just kidding. Anyways, number three at my country club. Number three, he says, is attend all the club social events. I don't go to any of those fucking things. Nobody likes me at My country club. Steve, you strike me as a country club guy. So how do you feel about this article? [15:00] Steve Gresham: Yeah, I don't know. For a guy who drives two pickup trucks, you know, I'm not the first choice, but so. But on the other hand. On the other hand, since, you know, probably my entire family around the country is watching. My wife, though, on the other hand, is. Is quite popular up there. She's a good golfer, and you met her. [15:20] JD: Yeah. [15:20] Steve Gresham: So, you know, she, she. She plays strong. [15:24] Chad: Is she bringing you business? [15:27] Steve Gresham: You know, let's just say she's bringing the right kind of business. [15:33] JD: Let me, Let me put a wrapper on this one with two concepts here. First of all is that I do think playing golf with other industry people and. Or prospects for us as advisors. Right. So it's kind of simple, right, to go play golf with advisors and partners is a great way to connect. And, and it should be done on the regular. And I fully endorse that. And I think that it's phenomenal. And I forgot what my other point was, so who cares? We'll just move on. [16:06] Justin: Sorry. [16:06] JD: I was going to say, though, it's [16:08] Mark: real quick just to take it to the other on this panel of people. I know Justin's in the same boat, but I'll just. I'll use my sofa. I'm not a member of a country club. Okay. I live in an area of the country where, if I tried to be, I would basically, you know, go bankrupt and lose my family because of bad decisions. And so what I'm saying is that article, to me, just seems like they're not understanding the general population. I know. I always defend that part because, JD, you, you are the 1%, and I defend everybody else. And I just think it's very. This is just, I don't know, unnecessary and like, oh, go be exclusive and have a. Like, I, I read that and I just kind of go. That's what's wrong with what everybody perceives and does. [16:58] Justin: And I agree with you. [16:59] Steve Gresham: I'm a golfer. [17:00] Mark: Would I like to have a membership somewhere? [17:02] Steve Gresham: Duh. [17:03] Mark: Like, I'm not saying that I wouldn't want to be that in that, but I want to do it for the golf. Like, that's just me. [17:09] JD: You reminded me. That was my second point. I was going to say Lexi's wife. If you love golf and you want to play a lot of golf, then I. That's. Yeah, I'm all for that. I love golf. Chad loves golf. Mark loves golf. We're into the sport, so I'm all for that. Which is why I don't do any of my stupid social. [17:28] Mark: Tone deaf. That's what I was looking for. The words tone deaf to me that that reaps. That's just. Yeah I hate to say and I'm not putting anyone in any categories. I'm just saying look I read that and I just shake my head like moving on like I hold nothing to that. No offense to the person who wrote that like but nah, not me. [17:47] JD: We are going to talk to Steve a bit about the evolution of advisors and their practices and I think that tone deaf kind of old school country club prospecting concepts will will kind of come into play there next docu next headline. Vestwell came out with a little kind of co branded DocuSign thing. It's on the DocuSign website and they were very proud. Aaron Schum in the group group there at best well out of New York by the way Steve, these guys are a 401k disruptor and so they have taken to the contracts that advisors and their clients and Even us as TPAs have to fill out and complete. Ooh. Wearing this. And they have worked with Docusign and some. I won't use those letters, whatever those letters stand for mark some kind of more customized contract. [18:44] Mark: Lifecycle management, I think. [18:46] JD: I have no idea. The New York born company's digital record keeping platform. I'm reading this removes the friction from workplace and individual savings programs powering 1 million savers and 25,000 small businesses across the country. Wow. We'll have to come back to that at some point. Yeah, I think that has to do with some of their state run stuff. But anyways, yeah we'll come back to that. More than in doing this with DocuSign they are more than 90% faster. Contract completion, 200 hours of manual labor saved. That's monthly. So that's a little more than like a full time person, you know. Am I doing that math right? Somebody check me in. 70% fewer drop offs. Okay. Don't be a hater JD. I've always said I'm. I'm down. [19:40] Mark: Go do it. [19:42] JD: Do it, do it. I'm down with the real genie and I'm down for evolution. And I love DocuSign. I've signed mortgages with it. I've done business contracts on DocuSign. I bought a few Lambos on No I'm kidding, I'm kidding, I'm kidding. A donkey sign sick. You just initial. Initial takes you to the pay like it's great especially for things that you don't want to read what you're signing, [20:07] Mark: but you're supposed to read it. [20:09] JD: I know, I know it's part, it's going to be part of my point here. But let me go, let's go deep into the weeds, Chad. A John Hancock contract, a principal contract, an empower contract. To me, when, when the things that take time and energy and effort are like, what sources are you going to use? How is the fee structure going to be set up? What are the investment options going to be? Sure. Even your provisions from the document. You know what, you could use tech to handle that. But there's. When a plan gets sold and your advisors have to work on a contract, there's still a lot of little minutiae that needs to get done. So what is happening here? Are they just defaulting a lot of these things? [20:58] Chad: A lot of it is. Yeah, it is. Much of it is defaulted. What they're talking about, if you read through the article in terms of the time saved, is that it is DocuSign linking through all of their systems. So it talks about them linking directly through Salesforce. So I get on a prospect the [21:14] JD: day less but I'm talking about the 90% and I see how Salesforce could prop the pre pop the names. But doesn't Hancock and Voya and those people pre pop the names of the prospect and all that and the size of the assets and all that kind of shit? [21:27] Chad: Yeah, from, from information that we give them usually. But so I'll give you an example specific to, to Hancock because they're, they're doing a pretty good job at it. They schedule the moment they get a green light on a client. They schedule a DocuSign call and live interactive on that call. They do what many of us have been doing for years. They have it up on the screen and they're walking the client through question by question. That needs to be filled and populated and then the client can live sign right there. It's one meeting, it's about 15 minutes and it's done. There's no waiting on emails to come back. The client's not asking follow up questions about this. And so it does, it creates significant efficiency. [22:07] JD: Who did you say that was? [22:08] Chad: Hancock. What they're doing probably better than most is that they are immediately in the document sign meeting following a point of sale, whereas others, it's like, okay, we're going to go back and we'll send it to underwriting, we'll get the documents written up, then we'll email those out to you. Then you email them or then you check them, then we need a wet signature, then you scan it, then you send it back. All of that ends up taking weeks. They're calling like within 24 hours. The client's getting an email from the internal sales consultant and is saying, hey, let's jump on a call. I'm available all day tomorrow. We'll do it live and in color. [22:43] JD: So what you're telling me and what I wanted to reference to or answer to Poncaj in the, in the chat bar is I know companies are using Docusign, hey, not to, not to sell our own shit. We use Docusign, right Chad? For our shit. So of course companies use DocuSign. What I'm getting told here by Feswell is something a little different, that they've really like customize this thing where some can go in, in a five minute, sign a contract. And so I want to ask those questions. And what Chad told me is other vendors are doing similar things already. So maybe this isn't such an earth shattering thing then. They're already doing it. [23:20] Chad: I think much like us though, jd, many vendors have not integrated it with the rest of their process. Like Docusign is standalone for us. All the information that gets in there gets in. [23:30] JD: Someone has to work on it. Yeah, someone has worked on it versus [23:33] Chad: it being integrated with the CRM on the DAM side and the client relationship management system on the admin side. [23:41] JD: But Chad all communicates what's, what's, and I'm sorry, super deep in the weeds here. What's going to automatically come over. So if you're in sales, Chad, Justin, Mark, any salesperson out there, they're not going to be in there and like clicking what the QDA is. Sorry, Mark. Going to be what the qualified default investment alternative is going to be. What the. [24:05] Mark: Did you just do one? [24:06] JD: Yeah. Whether this, whether the fees are going to be pro rata or per participant. Yes. [24:12] Mark: Bad show. [24:13] JD: Yeah, they're not making all those decisions on the sales side. That shit's not locked in, in salesforce. And then coming over into a contract, someone has to make those decisions to make the contract. Am I being a super boomer? [24:24] Chad: Sales. Sales is doing that. That was my point. The internal sales consult for these record keepers are jumping on those calls and doing it so that by the time it gets to the point of DocuSign, okay, all the data is whole getting through every step of the system. [24:38] JD: You can't, you can't call that. And I'm not, I'm not saying this was as well saying it will move on to the next one. But you can't call that 200 hours of savings. That's just left pocket, right pocket. Someone else set it up for you and put it into your slick little system. So that to me is. That's crazy. [24:54] Chad: My point was I would confidently say JD for our business and we've talked about this for years because it would be a massive overhaul and expense to convert the team over from the. What we use as a client management system to something like Salesforce that has an open communication with all these other technologies. So it would save with the amount of business that we do, which is minimal in comparison to that. It would save 25 hours, 30 hours a month. I would say at a minimum. [25:22] JD: I, I totally agree with that. One million percent. What I'm isolating right here is the actual contract to bring on a new plan. Because that's what Aaron Shum's talking about in the second part of the article. He does make mention to that ease that you're talking about, Chad. And I get that. A million percent. We need to get away from an industry where we have all these silos technologies that don't speak to each other because that creates those 200 hours of wasted man hours that you're talking about for sure. I just don't. [25:52] Mark: Why don't we let Steve talk? He's got. [25:53] Steve Gresham: He's got a point to make here. [25:55] JD: Steve, do you love docuSign? Yes or no? [25:59] Steve Gresham: Actually I'm just typing to everybody here. Does anybody really understand what we're missing? The point. Anything that can help that stock go back up would be to me. [26:06] JD: So maybe you can get some advice from Mark later. We'll have to talk to you. Let's move on to the last headline. Secure 2.0. Excuse me. [26:18] Chad: Hey, go ahead. Mark. [26:22] JD: Wait. Setting every cat up. Ready expense. I don't know what it's called. 2.0 might not pass. Just today we heard from Senator Ben Cardin of Maryland and he expressed concerns that this might not go down before the year end. People. [26:50] Justin: Depending on what happened. [26:51] JD: Why do you say we already knew that, Justin? [26:53] Justin: Because we talked about it on last show. [26:55] JD: We said it. [26:57] Mark: No, because the. The. The article that Nevin wrote was very optimistic. This one is very pessimistic. [27:04] Justin: But it still said if the Republicans get it, there's a slim chance it passes by this year. It will likely go through next year maybe Beginning or middle. [27:12] JD: You are both correct. We had talked about on the past and we had said that. Oh hey everyone. In our industry has been claiming this is a foregone conclusion. And then we heard like, oh, maybe it won't. This guy's saying it's probably not going to happen. And so this, it's a little bit of an evolution. It's an update here for everyone out there listening in. And his reason being is it's December 1st, people. We're running out of time. [27:37] Mark: Yeah. [27:38] JD: And you had some comments, you had some comments from Steve earlier where a lot of these people in D.C. don't even show up for their job every day. Oh, sorry. So, Steve, it's not just the fact that there's four weeks left. These people aren't working five, seven days a week in Washington, D.C. oh, are they? [27:59] Steve Gresham: I don't. I'm not sure. It's just Washington, D.C. i mean, I travel around a fair amount. You know, I don't see it. It's tough. It's tough. You got. There are an awful lot of companies that don't realize how much it's valuable to be sitting down. Like the five of us are right now just talking about stuff and. And having a beer. [28:17] JD: Well, personally, we're all quietly quitting right now, but don't tell our boss. [28:25] Chad: I would say if you read the [28:27] JD: article, you'll drink for District of Columbia. Steve. Hit that Whiskey, Steve. [28:33] Chad: Oh, J.D. i was thinking as I read through there, I don't. I think he is more optimistic than you're giving on. He's not saying it's not possible. What he's saying is we need must pass legislation to come through a bill to come through that we can snap it on to. And he alludes to it's probably going to be a budget bill. Right. Which if you look back prior years, there's constant budget bill reform in the last month of the year. And if these folks want to continue to get paid and want opportunity to spend the money, then there's going to likely be a budget bill that they can snap this onto. [29:09] JD: Do we want to do. [29:11] Mark: Oh, Brandon, I knew Grant was going to do it. [29:13] Chad: Yeah. [29:15] JD: Do we want to do a bet on this? [29:18] Chad: Oh, yeah, let's do it. [29:19] JD: Let's do like a full like 8 ounces of Malort in one shot. Me against. Who wants to take this bet because I'm claiming it's not going to go through by the end of the year. [29:31] Chad: I'll take the bet. But eight ounces of malort. [29:34] JD: All right, pick your. Pick your point. Eight ounces. Got to be six ounces of Mallord. Like four. Four ounces of Malort. [29:45] Chad: All right, well, you like Malort, so Malort for me. And I'm coming up with something else for you. [29:50] JD: Okay, fair enough. But let me know so we can agree to the terms. And we need to go quickly. [29:55] Justin: Mark, what do you think? [29:57] Mark: I'm gonna let them just go. I don't. I don't. I'm just gonna stay on the sidelines. [30:01] JD: Speaking of this, too. Yeah. Do you want to get in on it? [30:04] Mark: Yeah, I'll get in on it. Yeah, I'm on. I'm. I'm with Jay. Okay, well, screw it. I'm with Chad then. I don't care. [30:11] JD: Okay, tell you what. We'll let the audience pick in the after show what the penalty will be. It's JD and Justin against Mark and Chad. Jade and Justin said that. That it will not go through. Not passing. [30:20] Mark: Can I just say that that was [30:21] Justin: my instinct, but I'm going to Chad just so I can even. [30:24] Chad: Mark, did you see the communication from Brian Graff asking everybody to write their politicians and ask them to pass setting every community up for retirement? Yeah, I'm doing that. I'm writing them. [30:34] JD: All right. I'm jumping on too, and I'm going to tell them not to. All right. [30:43] Mark: I'm just not going to do anything [30:45] JD: in the theme of drinking things that we don't want to drink or being forced to drink things. Let's spin the integrity filled and glorious wheel of ice. [30:57] Chad: Danielle. [31:01] Mark: Now I have a 50% chance of getting this. [31:04] Chad: I told Steve he was on the wheel with me tonight. There you go, Steve. Oh, yeah, we don't have a second. Oh, it's a Malort wheel. Okay, I'm gonna go get a bottle of Malort. [31:19] JD: Oh, boy. [31:21] Mark: You have Malort. [31:23] JD: Steve, I. I was hopping around your website and jumped on your blog and I saw a title of the article, retirement on the Eve of Destruction. And I don't do this very often, but I'm just gonna read from the beginning so everyone get a feel for this, and then we can kind of discuss some of the points within this. This post. The year is 1965. Vietnam, racial tension and voting rights are all over the news. And both the Cuban missile crisis and the assassination of President Kennedy are open wounds for most Americans. This is crazy. We've had enough. That the youth of America now also facing a draft for conflict that they decried. Ooh, good word, good word. Songwriter. Sorry, Mark. Songwriter P.F. sloan put their anger to music with the Eve of Destruction. Radio stations around the world banned the tune and Some in the media said it represented everything wrong with America's youth. The youth was the baby boomers, and they are frustrated again. This time, the object of their wrath is not the challenges to their youth. It's to their age. They're worried about being able to continue their independence in retirement. Why is this so complicated? You go, you old people. Old people, you go on to. And I would say this. This article is written for financial advisor firm or a financial services type of firm. You're really kind of motivating them to understand their consumers and that their consumers are changing. Can you tell us a little bit more about this piece? Because I thought it was phenomenal. [33:12] Steve Gresham: Oh, thank you. Well, you know, look, we've been talking about these people who are dominating our industry that have basically created almost everything that. That we do. They built the most powerful economic machine in history in the United States. And now we're surprised because for 35 years, we've been talking about the day when they would want to take some of their money back off the table and spend it and live the way they want to live. They've always been independent. They want to do their thing. I'm one of them. [33:42] JD: So I heard you. I heard you in a podcast. Give us a stat that 12,000 of these boomers are retiring every day. Did I get that ring? [33:52] Steve Gresham: Yeah. And of different ages, not just 65. [33:55] JD: That's frigging gnarly. We've also seen stats out there that boomers have, like, what is it? It's like, what percentage of the stock market do they have? It's like some massive amount. Like. [34:06] Steve Gresham: Sure. Yeah. Well, I think it's. They own something like 55% of all the wealth in the country. [34:12] JD: Right. [34:13] Steve Gresham: So start with that. [34:16] JD: As you go through this article, you talk about, like, more like a financial planner or a wealth manager needing to realize that the skills and the conversations that they had with the baby boomer, they might need to refine those, because now it's potentially their millennial son or daughter or children that's sitting shotgun with them on their financial decisions. And these people couldn't come from two different, like. Like headspaces. Right? Like, I know my dad is a classic boomer, and he thinks very differently than I think. And if I'm in there trying to choose an advisor to work with our family, I might not like the guy who wrote the article about picking up clients at the country club. So they need. They need to evolve. Right? And I think sometimes you. Look, I'm going to pick on where you're from. And I want to get your kind of retort on this. I live in California, so I see advisors in like jeans and a dress shirt showing up to a meeting, you know, kind of this kind of more laid back thing. But then I travel to Boston and New York and that's. You guys are not there in any way, shape or form. You're very proper suit and tie, old school, fancy lunches with the steaks and the bottle of wine. Am I wrong? I mean, tell me I'm wrong. [35:40] Steve Gresham: Well, I think it's changing, you know, because I think everybody's loosened up a little bit. You know, I think the tie is an endangered species even in New York. [35:46] JD: So, you know, you lost the tie, but you're still wearing the damn suit and the crisp shirt. Am I wrong? [35:52] Steve Gresham: Once in a while. Once in a while. But you know, breathable fabrics are underrated. [35:57] JD: Okay, well, screw the clothing. Do you feel like in the east coast, and I think this is going to be true in the west coast too, that we still deal with a lot of advisors that are stuck in the kind of Wall street mode of selling, you know, that they need to show wealth. It's all about how they're going to create wealth. Where I feel like a lot of your articles talking about, it's not so much about choosing investments for people anymore. It's about helping them plan a better life that kind of aligns with their dreams. Am I misreading some of the stuff or was that in there? [36:28] Steve Gresham: Not at all. Not at all. And you can see it. You know, when I said I stepped away from a corporate job, best job I've ever had, in order to do my thing. And when you do that, it's just different. You start looking out. Now the future has got a finite timeline to it. That's what happens to a retiree. All of a sudden the paycheck is not coming in. That's the first blow. Second thing is some big bill comes in. Where are you going to pay that from? Now all of a sudden you start thinking about, wait a minute, I don't have all the Runway I used to have. That's a wake up call, [36:59] JD: a big one that I think people could listen to here. And they can find this on the executionproject.com. you talk about growing a practice and you made mention to acquisition, which because acquisition's been huge in our space and I know it's been big in the other financial services space as well, but inform K specifically it's been huge and you said some defective like, that's all great and good to, like, grow through acquisition, but it doesn't teach you to, like, innovate and to evolve as a company. And therefore you, you might be vulnerable to not sustaining any type of growth because you're just buying it instead of actually trying to fix the problem and create new things. Is that something that you're talking to companies about in your current role? Like, they gotta figure out what consumers want next. Right, right. [37:53] Steve Gresham: I mean, how many times have you seen an industry, forget this one, been disrupted by the same generation baby boomers? They're very demanding, independent. They want it their way. We've taught them that that's possible. And they collide with some industry that doesn't want to play ball like that. Well, what happens? So the companies that struggle say, I got to catch up, got to catch up. I got to get more of these people. And they started buying the business and they stop forgetting about and immediately start forgetting about how it is they got the business to begin with, so they've already lost their edge when they start buying the growth. [38:25] JD: Yes, I think that's their ticket to growth. You said one, you said another thing in the article. I don't know who this comes from. I'm not smart enough. Pareto's revenge. Embrace the middle. And my takeaway from this, and I'd love to get, like, Justin and Mark's thoughts here and Chad too, is Pareto's revenge. Embrace the middle to me is when you ask advisors, like, about their business, what makes them good, you know, what makes them different. They tend to tell you stories about, like, their best clients, you know, like, and I think any entrepreneur does, I think you might catch me doing that at some time. Like, tell me about your business model. What makes you so great? And you think of the clients that you actually interact with on a regular basis. You're, you're best of the best that you're giving the best services to. And instead, when someone's asking you about how good your business is, you really should be telling them about the average client's experience. Right. The one in the middle that nobody thinks about or cares about too much. What does that person's experience look like in interacting with advisors? I thought that was really eye opening. Maybe you could talk a little bit more about that, Steve. [39:37] Steve Gresham: Yeah, I think the point of it is enterprise value. So when you think about an individual practice, a book of business, or even a big company, the enterprise value is going to be driven by what you get done at the median. So right in that center spot, that being able to change the value of that median relationship is the best way to be able to drive the overall enterprise value. And CEOs of companies know that. Now, advisors in companies in advisory firms don't have the same alignment. So they can actually pull off the 8020 because the 20 works really well for them. And we've helped them do that, especially in wealth management. But when you think about a bigger company and even I think even a decent sized book of business, whether it's in the retirement side or individual side, if you're not looking at the value of the median, you're actually not representing very well. Not only the overall value, you are also not fully understanding what you actually do. [40:30] JD: Yeah, that's the point. And if you don't understand what you actually do or what your client experience actually is, then how can you possibly improve upon it or, or evolve it in some way or add something new to it? Because you're stuck in your fallacy thinking about your top 10% clients and the great experience that they have and you're [40:54] Chad: not thinking, I think so. Daniela asks in the chat bar, we talking about wealth management, individual retirement planner contributions? I think we're talking about all of it, Daniela. But, but JD in the way you just phrase that last one, it made it sound to me like you were referencing working on your own business and making your own model better versus finding new clients and selling. I think that we are taught as, as young children to, to make things better, to talk about the better clients, to talk about the better situation. Like I asked my kids every day, what was the best part of your day at school? I don't ask them about what was the average part of your day at school. I often ask what the worst part of your day at school is. So when we're out there as consultants and we're trying to help a client understand the picture of what the life's going to be like with us, we're often talking about the best of the best because we want them to experience the best of the best. And, and I'd like to say that the margin of our best service clients and our average service clients is not very far off, that those should be very close together. And I think if you're talking about understanding what your service model is, yeah, you have to understand the middle of the road. But I don't think that's the right frame of thought for growing your book of business. [42:10] JD: I'm not trying to pat myself and our team on the back, but over the last 10 years. I think we've worked very hard at this is going to sound really weird, but trying to make sure that every client gets the same experience. That sounded cliche and cheesy. I don't mean it that way. What I mean is far less sexy. What I mean is I don't like one offs. I don't want to give something special to the top client that we can't operationally give to the middle client or the low client. And therefore, and this might upset some advisors listening in, I'll say no to the top 10 client. Like I don't work in that kind of 80, 20, 90, 10 or whatever. I work in this. Like I. [42:53] Chad: Because I got a thousand, the margin doesn't change much. [42:56] JD: And so I need everyone to get the same experience. And you might look at that and say, well there's some negativity in that. But to me that's the middle ground and to me that's being real with what is my solution and what is the real experience that I can brag about that my clients get? It's uniform. It's the same experience because it has to be from an efficiency standpoint, from a liability standpoint. [43:19] Chad: But to, to the. Steve, to your comment in the chat bar about Nordstrom's and these other high type businesses, they're trying to service the majority. If an advisor's practice, and you made this point earlier, is not serving the majority because margins allow them to heavily service the minority and bring on a small amount of clients that have great margin, then they really can focus in on that high service and be. And keep all clients in that upper margin in comparison to their competitors. [43:48] Steve Gresham: Yeah, I think what you're going to find here is that you're going to see a separation of service model. Especially when you start saying that or recognizing that on the wealth management side, individual head of household is no longer the client. Now it's three generations of people where that person might be the center point. They're all related back to him or her or the couple. But basically when everybody spreads out, the way to think about it is that financial services have become democratized. All those people get some access to something. But now you got a picture that three generations of a family are on holiday, they all pile into a bus, they go to a mall and they all spread out all over the place. Each of them goes to some other different concept idea store or whatever it might be. The only thing they agree on is the food court. [44:34] JD: This would be true. And wealth management. And this would also be true if you stretch it a little bit in participant education and, or selling to plan sponsors. You're going to sell to a human resources person that's of a certain age or whatever. You sell to see chief financial officer who's of another age. And so you. And in Steve's article, it said you almost need to grow your company to make sure that you've got the team members on there that can handle each of those different types of, of nuances. Anyways, I, I hear you. It's. We can't go too far deep on this. I saw Daniela talk about trying to, you know, get services out to everybody in 401k and do it at an affordable rate. And I think that's part of this theory that we're talking about is can you create a solution that's, that's, that's for the middle that still works for everyone as. And you're going to have to cut some corners and you're going to have to create some defaults and you're going to have to do some things that maybe aren't lux, but they work for the masses. And I know that our industry is, is working pretty heavily on that from a foreign case perspective. [45:44] Steve Gresham: Well, the way you do it, J.D. is you know, you build something for the most exacting clients that'll pay the most. Right. You make sure that whatever you build for them utilizes technology and capabilities that you can then roll downhill. It's been done in the automobile industry. You know, you hire the very, very best to come to work with Porsche and Bentley. All that stuff comes rolling down to Audi, then comes rolling down to Volkswagen. The Volkswagen of today is better than the Bentley of five years ago. [46:15] JD: I think we, I think we either knowingly or unknowingly leverage something like that in the same way. Because when we're giving financial planning and wealth management services to the person that has a net worth of 20 million, the same companies learn that as it comes down to a 401k participant who has 10 grand. We're just coming at them in a more but we plug and play kind of nature. [46:38] Chad: We're talking about volumes in my point of view. We're talking about volumes that are experienced in no other line of business. What is our coverage right now in the retirement plan space? It's 10% of businesses in the US with more than two employees that have a retirement plan. If we're talking about delivering financial services, real financial services to the average working American, we're talking about a large number of people and to try to scale something down the margins aren't there for the volume that needs to exist in that product. We have to fully embrace technology if this is ever going to happen. And that means people need to play friendly with their technology if this is ever going to happen. If that is ever going to happen. [47:23] JD: Yeah, we can't keep. We've talked about this on past shows recently. We can't keep siloing out new technology because Voya Empower Fidelity doesn't have the time and energy to bring it on and work on the pathways and the tunnels to make those things work. I don't know. I don't want to go too deep because I think it's going to be a bigger problem. I start to jump on Mark's side of, like, if we build it all with tech and then it's just going to fall on deaf ears. And we. We've been around this thing over and over and over again. It'll be interesting to see because. No. Everybody. Sorry. As much of the Kool Aid. Have you been drinking? A pooled employer plan with a 338 and a fixed core menu is not the answer. Please meditate with that for a little bit and put on your reality glasses because it's not going to work that way. Okay. Let's have a little bit of fun. We haven't done. We only done this one once, so get ready. We call it. For me, I really like. [48:24] Chad: For me, I really like. [48:27] JD: For me, I really like co. That kid is smart. [48:41] Steve Gresham: Is this a new game? [48:43] JD: Played it before. Maybe you weren't here. [48:44] Justin: I don't remember that. [48:45] JD: I think you like it. [48:46] Mark: I remember this. [48:47] JD: Yeah, I did. That kid is smart. I saw him on some national TV show doing something using his brand, so. And he's. He's really intelligent and killing it. Steve, this is where you share with the audience and with us something you've really enjoyed lately in life. It could be a new Netflix show. It could be that you picked up Pickleball or bought a new puppy. I don't know, Whatever. But fill us in on something that you found out in this world that maybe we can learn from you and do the same. [49:19] Steve Gresham: But it's not corn. [49:20] JD: It could be corn. [49:21] Chad: It could be corn. If that's your new jam. [49:23] Steve Gresham: No, I've already. I found corn a long time ago and I'm a fan, but, you know, I think so. This is going to be really corny, right? Corny. Corny. Setting you up for that. [49:34] JD: Do we have the monkey with the drums? Monkey with the drums, please. [49:37] Mark: Sorry. [49:38] JD: Keep Going. [49:38] Steve Gresham: So my thing was. It's a little hokey but my thing was my 88 year old mother becoming homeless and we live 1800 miles apart for years. 20 years, you know, see her three or four times a year, you know. And then she's now 88 and now she's been with us for a couple of months. [50:00] JD: Couple months. [50:00] Steve Gresham: And it's. Which, you know, it has its moments, but it's been awesome and I'm just delighted that we had that, that moment. I mean, I'd like it to be something that's a little more, a little more fun, but you know. [50:13] JD: No, that this is great. You're, what you're excited about is your mother in law coming? Is your mom or your mother in law? [50:20] Justin: Sorry, my mother. [50:21] JD: Oh, your mother. That's better. I've had my mother in law live with me for six months, so. Great. That's awesome. [50:27] Justin: I'm looking to head back to Florida. Steve. [50:29] JD: I want to say I reach out and call my mom right now and see if she wants to come live with me, but I think I'm gonna pass on that one. Mark, have you anything on Amazon? Netflix? You playing a game? You have video? What do you think? You know what I'm talking about? [50:45] Mark: I was ill prepared for this. I'm gonna say. I, you know what, I'm just going to go. I'm going to go. I'm going to theme this a little bit because we're entering into. Some say it happened months ago, but Christmas season and this is a dividing statement I'm going to make. I really like eggnog. [51:06] JD: Oh, I'm with you. Right? I'm with you. And I've been guilty of pulling the carton. We got a little skinny cartons and I just don't have time to put in a cup. [51:16] Mark: Yeah, no, I never buy it anymore because I'm afraid of what I'll do which is just eat, drink the whole thing in one sitting. [51:23] JD: It's pretty low Cal, right? [51:24] Chad: It's super. [51:25] Mark: No, it's really good for you. Yeah. So it's so healthy that I decided not to buy it. [51:28] Justin: Yeah. [51:29] JD: Yeah. For our Christmas special on the 22nd, we should do some kind of eggnog drink. [51:37] Chad: I'm in. [51:38] JD: Chad, tell us what's going on in the world of Chad that doesn't have to do with mustaches. [51:44] Chad: Something that I don't like mustaches, if that's what you were going after. You know what I realized recently? And I always kind of knew it, but I wouldn't admit to it. I felt like I was doing it as default because there was no other options. I've realized how much I love coaching my kids. [52:03] Mark: Can you say it the right way? Like answer the question like you're supposed to, like. I really. [52:06] Chad: For me, I really like coaching my kids. [52:09] Justin: Thank you. [52:10] JD: Thanks Mark. That's how it should go. [52:12] Mark: You can't just answer it differently. [52:15] Chad: Yeah, I'm in a position right now, J.D. my daughter is aging up and my niece is staying down. But if I create a competitive softball team, then they can stay together for one more year before they separate. And my daughter ages up. My niece has to stay down. And so I've been doing a little research on what that's going to cost and time commitment for me. And you know, I'm in a rural area, so I got to drive 40 minutes to get to a game. [52:40] JD: Rural. [52:41] Chad: Rural area. [52:46] Mark: You got to use that old to. [52:49] Chad: I'm in. I'm 100 in. I've been fighting it for myself for a while. Like I can't do this. I shouldn't do this. There's too much going on. It's what. Exactly what I should be doing. I should be doing everything I can to go coach another year with those. My niece and my. [53:03] JD: My daughter as an empty nester who coached his kids sports. I really appreciate you bringing that up, Chad. Makes me feel phenomenal. [53:13] Chad: You're welcome, J.D. [53:13] JD: but you out there, if you're not coaching your kids sports, if you're not getting involved, stop being such a dick. [53:20] Mark: Oh, hey, look, I'm gonna write an article about if you. Not about joining a country club, but if you coach your kids sports, you can meet a lot of people and do a lot of business for the common folk. [53:31] Chad: All right. [53:31] JD: Yes. Yes. The problem is such low account balances, Mark. Like, come on. [53:36] Mark: Oh, wow. Hey, the two guys, the two guys I coached with this year, my daughter's soccer team, both work for Apple. They have very, very high. [53:43] JD: I forgot. Yeah. You're in the Silver Silicon Valley. Justin, come on. Can it not be emotional? Can it just be something like a video game or something? [53:51] Justin: Snow season is here. So looking forward to some snowboarding. [53:54] JD: Snowboarding? [53:56] Mark: Wait, answer the question as you're supposed to answer it for me. [54:01] Justin: Oh, for me looking forward to snowboarding. Got Whistler and Black. [54:05] Mark: I really like. Oh my God, dude. Wow. [54:09] Justin: Really like Yellowstone. All about this. [54:14] JD: Really? [54:14] Steve Gresham: Oh yeah, yeah. You gotta. [54:17] JD: I'm gonna. [54:18] Steve Gresham: Right. Especially if you don't live anywhere near it. [54:21] JD: I'm gonna be a bit of a negative person on this. I love Yellowstone. I love Kevin Costner. I was obsessed with that show. I think they're kind of phoning it in right now on this whole. He's governor. [54:38] Chad: I mean, opening episode was weak. [54:40] JD: Where are the deaths? Where are the bodies being buried? [54:43] Justin: Getting there. We're getting there. [54:45] JD: Okay. I'm just saying I'm gonna watch everyone as soon as it comes out. [54:49] Justin: Yeah, I agree. It is a little slower than normal. [54:51] JD: Okay. All right. [54:52] Justin: Beth, man. [54:53] Steve Gresham: Beth is just politics. Put politics into anything, it slows down. That's why we started the show. Right. [54:59] JD: Love John Dutton when he. Spoiler alert. Love John Dutton when he walks into his committee of people that figure out his policies and he just fires them all. How much did we save? [55:10] Chad: How much did we just save? [55:12] JD: 1.8 million, I think. Okay, good. [55:14] Mark: But hold on. I just started episode one, like, three weeks ago, and I don't even remember what that. Then you just told me a spoiler. What do you do? [55:22] JD: It's not that big of a deal. [55:24] Mark: I didn't realize the episode. You guys watched it. I have not. I literally started episode one. It's like an hour and a half. Are every. Is every episode that long? [55:32] JD: I think there's normally. [55:34] Chad: Yeah. Without commercials are like, you know, 46 minutes. [55:38] JD: Phenomenal. I'll throw one more on there. It's season two of it. It's on each home box office. Matt. [55:46] Mark: Thank you. Thank you. [55:48] JD: And it's called the White Lotus. And it's season two. Now watch season one. It takes place at a Maui resort. Season one. Season two takes place at a resort in Italy. And it's really fun. It's kind of dark comedy. There's some murder and death, but it's cool. And I. I should. [56:10] Mark: Our show just become like a TV show? [56:13] Justin: Oh, man. [56:14] Mark: Rating system. [56:19] JD: Kathleen says she's loving the White Lotus and you're crazy ride. Well put. And I think I'm digging season two better than season one so far. Which. That's always good when they. Step it up. Yellowstone. Come on, step it up. [56:33] Chad: They're on season, what, five or six? Give them a break. [56:37] JD: Gets harder. It hasn't gone full cheesy yet. Where they just start making up all kinds of crazy stuff. All right, we're gonna do some charity work. We're gonna do some Christmas charity because that's what we do in December. We should do it all 12 months of the year. Chap our champion. We'll get a name, a charity. We'll throw 150 bucks at it. I will guilt Trip. Everybody here to stay tuned for a link next week where they can send the money because that's when we'll do it next week. Same way like normally we'd send them cheeseburgers. We're going to talk about their charity and promote it and get some money in there. So let's vote for Chap, our champion. And I'm gonna steal her first because she deserves it. And I'm gonna put Daniela into the [57:22] Chad: finals and I'm gonna go feisty earlier. [57:25] JD: I'm gonna go. [57:26] Chad: She wanted to throw down. [57:27] JD: I'm gonna go to you, Steve, for your vote for chat bar champion. Put someone in the finals. [57:32] Steve Gresham: Yeah, put Tony. [57:34] JD: Tony. [57:35] Steve Gresham: Tony Davis. [57:36] JD: Tony. [57:37] Steve Gresham: The audacity to bring up wellness. [57:41] JD: Chad, your vote for chapter champion. [57:45] Chad: Hackler had some good comments. What comes. I wrote one down. I don't know where I put it. Comes. Most recently was Elizabeth Heffernan with yanking her earbuds out because we were giving her spoilers on TV shows. I thought that. [57:59] JD: Okay, just on. [58:02] Justin: Does the nominee have to be present for this? [58:09] JD: No. [58:09] Chad: It's for charity. [58:11] Justin: No. [58:11] Mark: All right. [58:12] Justin: The tan man. Doug Dazzle meatloaf comment. [58:18] Chad: Tan man had me early too. [58:20] JD: The the Tannis and most retired advisor in the business. [58:24] Mark: Roby, who's your vote three piece for his corn comment. [58:29] JD: Three piece. [58:31] Steve Gresham: All right. [58:32] JD: Brandon, I think that should give us. [58:34] Chad: You say tan man's retired jd. I wrote him on health savings account questions a couple of weeks ago and within like 30 minutes he answered back. The clear answer for what I needed to do was much appreciated. [58:48] Mark: Somebody else is monitoring his inbox. Dude. [58:50] JD: Thank you. Thank you, Stephen for applauding us. I Wasn't it your idea or someone else's idea? We have done charity before though. Do you remember when we had Bill Chetney on? We did like we gave like 50 bucks or how many 10 bucks for every cuss word and we're going to check for like 750 bucks and he matched it and we. [59:14] Chad: I forget whether that was a wild episode. Man, Chetney was a blast. [59:20] JD: So we'd done it before and then the only other charity is. Is Mark's daughter's cookies every year. [59:27] Chad: Cookies. [59:28] JD: Yeah. [59:29] Mark: Charity. That's. That's a non profit organization [59:34] JD: and Daniela very much so. Daniela runs away with it. You. You name it. I was going to ask you if that's your final final. Put it in there. We will you choose the rights and then next week at the opening of the show we'll put some details on that charity where the how much money we're throwing in which is gonna be 150 bucks and then we're gonna try to guilt everyone. Daniela to throw some money towards it and we'll pump it out on, on LinkedIn. [1:00:05] Mark: She's gonna match. [1:00:06] JD: No, see this is what I'm trying to hope will happen is Danielle's like I'll match it and someone else will and next week we'll give them the link and who knows, maybe we can get a thousand bucks or something going somewhere towards something and we'll do it through the month. So here we go. Cool. That's. I already feel better about myself. Thank you. [1:00:25] Chad: This is what sober JD does. He comes up with good ideas that are better for all. [1:00:29] JD: I hate being sober. Okay, Steve, thank you for joining us. We're going to do a brief after show. If you'll hang out with us. You don't have to. If you, if you got things to do and you want to leave, that's fine. We'll just talk a bunch of about you while you're gone behind your back. But thank you so much for being a guest on today's show. Thanks to all you people out there for tuning in in a December. We got a lot of fun things planned. I blew it. Brandon put up the graphic next week. Thursday. [1:01:01] Chad: Oh yes. I can't wait. [1:01:03] JD: We are not going to be at 4:30 Pacific. Okay, news alert. We will be at 11:00am Pacific. [1:01:15] Mark: We will do these count right now? The show is over. [1:01:18] JD: We will be doing our most thought through and organized tall can talks by the retireholics yet. It will be a debate refereed by yours truly. [1:01:30] Mark: Is that the same guy? [1:01:31] JD: Is he talking to himself? [1:01:33] Mark: They look the same. [1:01:34] JD: No, they're not the same. We've got T. Rowe Price versus Stadium slash smart. Daniela, do I call it smart us or smart USA or just call it smart? [1:01:47] Chad: I think it's smart usa. [1:01:48] JD: And so, so we're going to run this new kind of format which Mark and I trialed before. Kind of gave proof to concept and we're also going to play around with this 11am slot and see what happens because day drinking is fun and maybe you know people like that time slot and we'll see. [1:02:07] Mark: So I'm gonna take a lot of naps on Thursdays. [1:02:09] JD: You'll see promos for it Friday if we do that you'll see promos for it on LinkedIn. But next week it is Michael Target. [1:02:17] Chad: What's your, what's your time? Hope for that. [1:02:19] JD: It's 60 minutes. [1:02:20] Steve Gresham: Set it. [1:02:21] Chad: You're gonna go full 60 minutes. [1:02:22] Justin: Yeah, it's got meetings. [1:02:25] JD: Okay. [1:02:26] Chad: I'm excited. I'm really. No, it's not a meeting. We just talked about shortening up those tall make them like hammer on debates short when we don't have all the fluff that we're going to have like we do in the beginning of our normal shows. So I was curious but I'm super excited for that one. [1:02:41] JD: Do you know that there has already been several internal meetings about Tall can talks and its format? I will leave you all. [1:02:48] Chad: We're not included in those. [1:02:50] JD: One other thing you don't know about retireholics. It is the most fiscally irresponsible podcast on the face of the earth. More money and waste more time on this stupid show than is humanly possible. Okay, thank you everybody. We'll see you next time. [1:03:14] Mark: Unless the price is right. [1:03:16] JD: Play us a song. [1:03:18] Chad: Unless you're staying for the after show. [1:03:20] JD: It's weird. I don't even know.