Service Agreements: The 401(k) Advisor Differentiator

[0:00] Justin: 1, 2, 3. [0:02] Chad: ADC. [0:05] Justin: Welcome, welcome, welcome, everybody, to Retireholics. Episode number 10. [0:12] Mark: Double double digits. [0:13] Chad: 10. [0:17] Justin: This is the Retireholics show. What is the Retireholics? It's my buddies here and myself, Justin McNeil, Mark Palmer, Chad Johansen, J to the Dizzy. And we're going to drop some 401k knowledge on you guys. [0:37] Chad: Thanks for caring. [0:38] Justin: Some nuggets, some things that you can take with you in your advisory practices. And also, hopefully some industry professionals out there are tuning in to sharpen their skills as well. Like every show, we start not with beer 30. [0:57] Mark: It's called beer of the episode. [1:00] Chad: Beer of the episode. Come forward, fellas. Come forward. Today we have something picked out by the one and only Justin Daniel McNeil. [1:09] Mark: Wow. Oh, throwing out the middle name. [1:11] Chad: I always call him Danielle. Pray for beer. [1:13] Mark: Wait, hold on. Does that mean his initials are J.D. [1:16] JD: it is. [1:16] Chad: It is. Oh, I've called him J.D. [1:18] Justin: for years. [1:20] Chad: So we have Pray for Snow out of Bend, Oregon, in honor of this [1:25] JD: epic snow season we just had. [1:27] Chad: Yeah, you don't have to pray for it anymore. [1:29] Mark: It's actually happening. [1:30] Chad: This is a 2015 seasonal brew, fellas. We have no idea what kind of beer it is. Last year, well, actually, the winter that we were just in, meaning, like currently, was 15. Cause the 16 winner will start towards the end of this year. So it's actually this year. I don't actually. But it is a winter ale. It is 7% alcohol by content, as Mark loves. I will give my impression of this beer after. [1:56] Mark: I want to know exactly how it tastes, how it smells, how it makes you feel crisp. [2:04] JD: Crisp like the Rockies. [2:06] Mark: Like a morning. A winter morning. [2:10] Justin: Anything floating in yours, really? [2:14] JD: Oh, shit. [2:15] Mark: Why is there stuff floating? What just happened? [2:18] Justin: I forgot to twist the boot. Rookie. [2:22] Chad: I don't see any floating in bottom. [2:23] JD: Oh, I got some stuff floating. [2:24] Chad: Oh, there's definitely stuff floating in there. [2:26] Justin: Okay, good. [2:26] Chad: Cheers. All this stuff, floaters. [2:28] Mark: I bet I'm not the only one. Cheers to floaters. [2:30] Justin: Yeah, it's good. [2:32] Chad: It's crisp, it's hearty. It's got some bite to it on the back end. I would say it's a pretty hoppy winter ale. [2:42] Justin: All right. [2:43] Chad: What is it going in this? I'm pretty excited about this. We're jumping straight into content for 10. [2:49] Mark: Of course you're excited about that. [2:50] Justin: I do want to throw a shout out there. [2:53] Mark: Shout out to Coasters limited edition. Contact us on Twitter and you might [2:59] Justin: get some if you have not already. If you comment on our LinkedIn page. Retireholics.com or if you're not on LinkedIn, which. What? You're not on LinkedIn. [3:12] Chad: Shame on you. We need to sit down and have a conversation. [3:14] Justin: You go to our Facebook page and comment on what beer you think should be on a future episode of Retire Hogs. And if once we get to 50 comments that come in, we will pick a winner, the one we think is best, and you will win a beer of the month club from craftbeer.com we're gonna sponsor it. Fine. [3:35] Mark: Print contest rules. [3:38] Justin: What is it again? So sign up for that. But you're right, let's dive straight into some content. [3:42] Chad: Content. [3:44] Justin: We have started something here. A little bit of self promotion, but still tons of value for our viewers called 401k.com Spell it out. F O U R 01 numeric k.com okay, that's a different segment. Okay. I like K and it's a blog written by yours truly. [4:12] Mark: Don't know yours truly at all. [4:13] Justin: Subject matter, super hipster and cool because there's like a shot of me in the ocean looking all, you've got some good pr. But the content, which I don't know if you guys know how often I update it, but I try to make it a plan to do it at this point every week. So every week we throw something new out there and the concept there is for you guys to be able to make it available to the advisors and partners that we work with. [4:43] Mark: Right. [4:43] Justin: So they have things not only to educate themselves or get up to speed on, but also to share with prospects and sponsors, etc, etc, which is what [4:53] Mark: we're doing at the end of the day. It's. It's valuable content that's actually displayed in a way that's fun to read, it's easy to understand. It's. I'll be honest. Like, I mean I read it, I send it out to all the advisor I work with and it's. It's neat. I like it. [5:10] Justin: Well, caveat that I'm your boss. [5:11] Mark: When you say that, I mean, yeah, I'm absolutely. Yeah. [5:14] Justin: I am not a professional writer. No, I. [5:17] Mark: Nor do I pretend, which is good because there are unique twists. You make fun of yourself. [5:23] Chad: It's the representation of the content itself. And I agree. I use this often to send out to advisors to say, hey, they're typically topics we're discussing when we're sitting down with these folks. So to blast something out, following it has been impactful and it's something unique [5:38] JD: and different than what we read. Especially right now with producer Stuff going on every day, trying to put a [5:43] Justin: smile on their face, bit of our edutainment, but at the same time deliver some. [5:47] Chad: And bringing it full circle to what we're actually getting ready to talk a little bit about, which is 401k.com. This goes hand in hand with a bit of our segments that we've talked about making impact for advisors and allowing them to differentiate themselves. So how can we deliver content? This is one of the ways that we can deliver content to these folks. [6:09] Justin: Well, yeah, so our pitch has been hashtag, not your typical advisor. And we want them to build their brand. Right, build their skill sets. And so as an example, one of my most recent posts is called six ways to be a stronger Plan Advisor. And what it's really based on is the fact that for almost a decade our advisor partners has come to us and said, hey, can you guys are tied into this stuff? Can you provide me with some articles, some white papers, some current events, some things that I could drip on my prospects? [6:45] Chad: You and I sat in an advisor meeting three or four years ago and they pulled out a physical newspaper article that was cut out by another tpa and they said, I've had this TPA send me stuff like this ongoing for years. Can you guys do something like that? And we both looked at each other and said, they're cutting out newspaper articles and sending them to you. Yeah, we've got some stuff like that. And it's not delivered through us, it's delivered through these people who do this for a living. [7:11] Justin: So it dawned on me recently because I'm fairly active on social media from a retirement plan standpoint, and you just see an unending flow of articles, white papers, things on LinkedIn, on Twitter, et cetera. And so it dawned on me that advisors, this stuff is out there, you know, for you in such large quantities. And so the kind of pinpoint of the article was, well, let me do the legwork for you and let me isolate. I think it's six accounts that I follow that I think bring you real good stuff. Right. And they may not surprise the people out there that are heavy into this industry, but if you're kind of new to it or you're dabbling in it, hopefully this provides you some. [8:01] Chad: Yeah, most this is going to be impactful. [8:03] Justin: And what I said in the article was that I've done some of the legwork for you. Follow these six Twitter accounts and you will get a steady supply of a 401k drippable. I made that word up. Nuggets Drippable. [8:17] Chad: Is it stuff that's typically drippable to plan sponsors, participants? [8:23] Justin: Absolutely. [8:23] Chad: Okay. [8:24] Justin: And it varies. Most of these accounts have a lot of variety. It's what they do. But they're all kind of uniquely different. So the first one is ispa. A S, P, P, A. And this is our trade organization. Right. This is our biggest trade organization, the American Society of Pension Professionals and Actuaries. [8:43] Chad: I was about to call one of these guys out to see if they knew what I was running for. [8:47] Justin: I could have tased them had they not answered, which, by the way, there's no Taser here. [8:52] Chad: We're getting about ready. [8:54] Justin: So obviously this is freaking aspa, Right? So you're going to see some good stuff. I would argue that this account, you're going to see a lot of technical stuff which has its right place and time. Right. It can be a good thing. The next account that I mentioned on there was at Jason Roberts, Esq, Esquire, and this is an ERISA attorney. I think of him as kind of the junior Fred Reich. Like, he's the next Fred Reich. He wins surfs, which I thought was totally cool. I've met him before. [9:24] Chad: He's a smart, easy, awesome version of a typical ERISA attorney. [9:29] Justin: He's a good dude. He's very knowledgeable. He's nationally known in terms of speaking, and so he's definitely a credible source. I think I call him here an ERISA stud. And he does deliver a ton of great tweets. Yes, advisors, I said tweets. Get on Twitter. Check it out. There's valuable information for you there. The next one is Fredrice. The man, the myth, the legend. Hopefully Fred doesn't get mad at me. Not that he watches Retireholics. Maybe he will one day. [10:05] Chad: We should all note that was my very first industry picture. Do you remember that your dad and I. Your dad and I went to an event and I have a picture of myself and Fred on day number two of me being in this business with my. His arm around. [10:20] Justin: He's taller dude. [10:21] Chad: Yeah, he's probably like 7. [10:22] Mark: Your arm was around him. [10:24] Chad: His arm was around me. Oh. [10:26] Justin: So he's definitely the biggest name when it comes to. [10:29] Chad: I was on the left. [10:30] JD: Sorry, you get the point. Pulling a total jd. [10:34] Justin: We digress. We do. He's definitely the biggest name in retirement plan 401k. ERISA type stuff. [10:41] Chad: Let me add, before you move on from that, one of the best things about what Fred Reich releases is he gives opinion. Most ERISA attorneys give fact, and they stick with fact. He actually interprets what he's writing about, which is extremely helpful. And it makes it gives it to you in a way that you can apply it to business, which is fantastic. [11:01] Justin: I forget if I said already, but he's not super frequent with his tweets. But he's still, as I say, the man. And he's a legend. He's a must follow. And I say, come on, dude, it's Fred Reich. You got to follow Fred Reich. The next one is APA401K. I love this one. This one is. Is this is a National association of Plan Advisors. I can't believe I'm forgetting the guy's name that. That pumps these things out. But super good. And these are some of them more creative. Funny. Ties it to. To recent pop culture. Good, good stuff. [11:41] Chad: Funny. [11:42] Justin: I want to say Nevin, I don't [11:43] Chad: think this is a group I belong to. So that's one I've got to say. [11:46] Justin: Oh, I've never done this. Put his name right here. [11:50] Chad: Remember Mark clarified in the last episode. No, you just start in the middle and go out. Cause then you're good either direction. [11:56] Justin: He's very, very good. Next is Iduciary News. And this is Chris Caroza. And what I like about this dude is very steady. He's very active on Twitter. So you see a lot of stuff. And he's kind of the no BS dude. So he'll kind of shove some stuff in your face. Opinions, thoughts about stuff. And one of my favorites actually to follow Planetvisor is the sixth. That's Plan Advisor magazine. Kind of the child of Plan sponsor magazine. So obviously Plain Advisor magazine is a great magazine if you're not checking that out. And their Twitter feed is just as good and just as valuable and they [12:41] Chad: clearly know what they're doing because they interview the best people in the industry for content. [12:48] Mark: Shameless plug. [12:49] Chad: Best Shameless content. [12:50] Justin: Can I please explain to you how Chad I did. Can I explain you how Chad got on the show? [12:55] Chad: No, you can't. Yeah. How did he get on the show? [12:57] Justin: They called me and I was busy. He just on the show. He was a cool. Put it in their magazine several times. [13:05] Mark: So he was the backup plan. [13:07] Justin: And then I actually I said top 6, but I added 2 more. I added 1k PlanDesign and Retireholics. And I'll just quote myself. I say, okay, these are self promotion and not really in my top six. And then I said is it bad that my own Twitter accounts don't make my own top six? Don't answer that in time. [13:28] Mark: Not really. [13:30] Justin: So that's. [13:30] Mark: You're not egotistical like Chad, but in [13:34] Justin: all realism, if you're an advisor, if you're an industry professional, trying to stay up on stuff. Twitter, which I mentioned here, but also LinkedIn, it's a great resource to stay up on this stuff. [13:48] Chad: I mean, are most of the things that folks are posting on LinkedIn hitting Twitter? Like if you're posting an article on LinkedIn, is it typically hitting your Twitter account? [13:59] Justin: I honestly think in my social media expertise that Twitter's kind of fallen off a little bit and LinkedIn's got a lot of momentum. [14:08] JD: What is it really used for that. [14:10] Chad: That's what I was trying to get at is I see Twitter as like short snippets of opinion versus content. And what it sounds like you're saying is that they're. They're off together. You're getting it from both. [14:21] Justin: I would call both of you very naive. [14:24] Chad: For sure I am. [14:25] Justin: No, Twitter is. Yeah, you click on it, you get links to great articles. There's a lot of business going on there. It's not just Britney Spears and, you know, Kim Kardashian. There's a ton of. And I'm talking about business accounts here, you know, so it follows a different vein. Right. But yeah, there's a ton of great articles there, but LinkedIn is an insane source of valuable information now too. So use it, keep it, store it, and learn from it because it's. It's good stuff and self promotion. Checkout 401k com f o u r numeric 01k.com and use it, okay? Like every episode. The fun part of the show Wheel is the wheel of ice. [15:13] Chad: It's the wheel. [15:15] Justin: Where's the hand? [15:16] Chad: Wheel of ice. [15:18] Justin: The hand is sleeping over on the couch. Geez, we gotta get neighbors. [15:23] Mark: Are we boring you? [15:24] Chad: Let's be honest. He had what, two, three itsits? A beer or two. Like 18 pieces of pizza. I'd be sleeping on the couch as [15:34] Justin: well at this point. It's it as a client. [15:36] Chad: What do we have? [15:37] Justin: Ice cream. [15:38] JD: Nothing but question marks. [15:39] Chad: Who's in there? Question marks. [15:41] Justin: Question marks. [15:41] JD: This time random. [15:42] Justin: I hope it's not me under the question mark. [15:45] Chad: Could be me. [15:45] Justin: I could not stop smearing off ice right now. Of all the times, a pound one right now. Marcus Allen. I think that's totally smirnoffice. [15:56] Chad: Oh, for sure. I mean, you pulled off a random question mark and it just happened to be Mark. [16:01] Justin: He's had such bad luck with this Contest. [16:05] Chad: I mean, do you want to look and make sure that it's actually marked? Yeah, you should make sure that it's marked. [16:10] Justin: Where's the Smirnoff Ice? [16:11] Chad: Because it would be a little freaky if it wasn't marked. [16:15] Justin: It's you. [16:17] Chad: It's on the question mark still. [16:19] Justin: Maybe try the next one. See, Maybe that's Chad. No. Okay, it's definitely you then. Sorry, Mark. [16:28] Chad: Sorry, bud. [16:29] Justin: Here you go, buddy. [16:31] Chad: We should do a timing competition to see if he can ever beat a record. [16:34] Justin: 12 seconds was last time he did 12 something. [16:38] Chad: All right, Mark, I've got you. [16:40] Mark: You have to move your legs, buddy. [16:42] Justin: Give him some room. Give him some room. [16:45] Chad: All right, Marty. [16:46] JD: Mark, wait. [16:47] Justin: He's not ready. [16:48] JD: No pun intended. [16:49] Chad: All right, you got him. All right, you got him. [16:51] Justin: Smearing off ice, Mark Palmini. Here we go. [16:55] Chad: Get set, go. [16:58] Justin: Just want to say Mark's a true trooper. Pounding this smear off ice in the name of 401k plans everywhere. [17:05] Mark: Wow. [17:08] Justin: Oh, that's some GD. That's some JD stuff right there. Oh, man, his eyes are watering. That's a five set rep. [17:19] Chad: It is a tough afternoon. I had you at 23 seconds. [17:23] Mark: Yeah, not my best effort. [17:25] Chad: At least you can improve upon that. [17:27] Justin: Very good job. [17:27] Chad: I think in nine. [17:28] JD: You almost finished the entire thing, though. [17:30] Justin: Very good job. [17:31] Chad: I once ran a five minute mile and coach told me, don't worry, you can improve upon on that. I did, coach. [17:36] Mark: Your coach was lying to you. [17:37] Chad: If I had ran a four minute [17:38] Mark: mile, could you imagine you would be Usain Bolt. [17:43] Justin: All right, Chad, why don't you kick us off on our next subject, which is starts with a hashtag and kind of explain to our audience what it's really all about. [17:52] Chad: It attaches to not your typical advisor, which is about delivering content that will allow advisors to brand themselves and their practice in a truly different way, separate themselves, separate themselves in a truly different way than what their peers are currently doing. [18:08] JD: Wash it down with some beer. [18:10] Justin: And part of doing that is I've reached out to you guys on many occasions and you guys keep me up to speed on the advisors you're working with. And one of the conversations that we've had historically is you know, what they come to bring with themselves into a point of sale. You know, what they have, how they're set up to be successful. And it is. And I wrote a blog about it, a post in terms of are they coming with a tangible service agreement, something that they can show a plan sponsor [18:47] Chad: what Lance is really enjoying Is its seriously remove the plastic wrapper from your. It's it back there. [18:56] Justin: And what I've come to learn is that shockingly a lot of plan advisors are not coming to a point of sale with some type of defined service agreement. And I want to be clear when I say service agreement because this blog post had a lot of comments on it. I'm not talking about 408, I'm talking about a marketing piece. I'm talking about something that's tangible, that's saying hey, this is what I do on a ongoing basis to service your plan. And what separates me from some of the competition, this is my plan of attack. That's what I refer to as. [19:34] Chad: And so many folks that hopefully are watching this, we've sat with over the years and we've had the conversation of you need a deliverable because your peers are coming in and saying the same story you are in terms of this is what I'm gonna do and this is how I'm gonna do it. They list off the type of education and the frequency of enrollment meetings and education meetings. But there's not something physical that's coming across, showing physically and signing on to what you are going to actually do. [20:05] JD: What do you, especially you two because I mean you guys have been doing this for quite a while. What do you guys find are kind of those highlights of. You know. [20:13] Justin: That's a great question. [20:14] JD: This is what I do. And what can the audience take away from this? [20:18] Justin: That's a great question. And I'm actually going to reference a template that we've provided. If you go check out this blog, there's a link to the template. I'm sure we can do that spread out thing. We can give you a link here to go check out. But to answer your question, I think a common place to start is like three areas in terms of what do you do from an RFP process? You know, how do you look at vendors, look at those fees, those things and how frequently might you do that? [20:51] JD: You're talking like a benchmarking of. [20:53] Justin: Yeah, like a benchmarking. Will you do that every three years, every four years, what have you. The second area is what are you going to do from a fiduciary services standpoint? So a fiduciary review and what I wrote in this, this post too was that could vary from client to client. So I thought it might be interesting to actually make your thing adjustable that says are you gonna do it annually, semi annually, quarterly and talk to your client about what they want and then kind of click it in as you go. And then the last area centers around participant education. How's that going to be accomplished? Do you use webinars? Do you use recorded sessions? Are you committed to live meetings, you know, and what frequency are you going to do those things? So if you kind of think about that and you can take a look at the template, that's a great place to start with a service agreement. [21:44] Chad: I don't think that over the years I've seen many address how they will benchmark or keep the provider kind of cost structure and investment offering prudent inside of their service agreement. What I have seen, folks that create it, what I think most have done to go back to your question, Jasin, is they've addressed their service model over the course of a typical annual year. So we'll have two group education meetings and from those education meetings, I'll sit back after the meeting and do one on ones and we'll do once a year fiduciary review meetings with quarterly investment methodology. You know, that's what they'll cover. And they won't necessarily Talk about the 3 to 5 year type benchmarking and structure. So it's interesting that you say that. I think it's probably a very overlooked area of a service agreement because most advisors are winning business on that exact piece. Right. [22:38] Justin: Do you remember when you and I would go to these and we would accomplish that type of analysis, that benchmarking as you call it. We used to say to them, hey, we're doing this right now in an attempt to win your business right with our advisor partner. But this is something that we're gonna do on an ongoing basis to make sure that your plan is still prudent and still making good decisions as it relates to your investments and your fees. So I agree with you. I think it's important to let your prospect know I am going to keep my finger on the pulse of your plan. [23:13] Chad: And as JD mentioned, there are some samples and there are actually some samples and this may be what you're linking to, which is the 401k academy.com. but I would love to see advisors really customize this with. If you recall from last episode, we talked about what their log line is, what their differentiators are, what it is that they do differentiate their service agreement by the uniqueness of their parents. [23:39] Justin: Did you read my next paragraph while I was sitting there? [23:42] Chad: No. [23:43] Justin: It says make it unique. Find something that you believe in that sets your 401k service model apart. [23:50] Mark: It's like you guys have Genius, same [23:52] JD: brain person so much of, you know, especially when we run into new plans and advisors bringing opportunities to us from a TPA standpoint, we're always looking for that, you know, advanced plan design opportunity. And it seems, especially right now, we talk about cash balance a lot, whatnot. What about including something like that on that initial process? [24:14] Justin: I love where you're going with that. You're saying, add to the thing, hey, I'm gonna be the proactive person that works with your GPA to make sure we're taking a close look at your census and your design. [24:25] Chad: That's interesting. [24:28] Justin: That was not planned. That's a great idea. [24:31] Chad: Even beyond that, like what you're saying, what if you did the same flair with the record keeper? Because we talk about benchmarking every three to five years, but you could say something about enhancing the education program. That's a great idea. [24:42] Justin: I love that. To go back to making it unique, what I was trying to say is, hey, by the way, nobody said this piece has to be black and white and in what's a common font, Mark, mention Times New Roman. This can with your logo centered at the top. Have some fun with it. Make it cool, make it engaging, you know, make it inspiring and make it something that fits your brand. Back to this hashtag notyourtypical Advisor. [25:10] Chad: And, and Mark, you said over the last year or so, truly make it easy to understand. Right. If you could lay it out in a way, perhaps even that shows an annual service model, you know, okay, let's pretend we're in December. What will happen in me servicing your plan in January and March and June and August and December. What is the typical service model going to look like over the next year? And even have the ability to dial it up, dial it down based upon the frequency that the client wants. If you could come to a meeting with something tangible like that and not only deliver verbally what it is that you're going to do and the impact that you're going to make on the plan, but now have an agreement that represents what you're stating. That's a big difference. I will say to many advisors out there, I'll often ask if I were to come into you as a private wealth advisor, a private wealth client and I were to have a million dollars to invest, and I would ask you determine suitability. Let's walk through this process with you. Most of them have a very definitive process and even service agreement on the private wealth side of what they're going to do and how they're going to deliver it. [26:14] Justin: They're trying to get their hands on [26:16] Chad: a million bucks at 1% or more. Yeah. [26:18] Justin: Would you say frozen? You owe me a Coke. Sorry, can we say the same thing? [26:24] Chad: Is that a new. Yeah, so I think if they. If they came with something like a meeting. [26:32] Justin: Agreed. [26:33] Chad: I was going to say it's something you got from the kids. Jinx. [26:37] Justin: Coca Cola. [26:38] Chad: It's a call I got. [26:39] Justin: Hey, the name of the post. The name of the post is why are plan advisors not doing this? And if you go and check it out, there was a lot of comments where people in the industry were saying, yeah, I work with advisors all the time, and they're not bringing these to a point of sale. [26:56] Mark: So were you getting comments from advisors? Is my question. [27:00] Justin: People mostly working with the. But yeah, some reas were chiming in with. I would always do that. And I can't understand why someone wouldn't. But I want the audience to know is that your competition is still not doing this. And so you need to put this in place and get a leg up. I even made up a stat in the post that said that you'd be ten times more successful. [27:23] Chad: You measured that, right? [27:24] Justin: No, I just totally measured. But hey, 10 times. [27:27] Mark: A lot of research to get to that point. [27:28] Justin: Yeah, I just came up with it. [27:31] Mark: I guess my question to you is. I'm just curious. So we talk about compliance, right? We have a tough time getting guests on the show because compliance won't let me. Yes, certain things are very restrictive. So we talk about laying out a service agreement. Is there any hindrance to somebody actually laying out a service agreement? Because maybe compliance or a BD won't allow them to put certain things out there to flat across the table. [27:57] Justin: So how do you. [27:58] Mark: How do you go around that? [27:59] Justin: I think what you're seeing these days is that of course you're gonna have to submit it to them and they're gonna have to review it, but you can make a great service agreement. I mean, think of a company brochure for an advisor. I mean, it's. [28:12] Mark: They already have it made for them in some senses. [28:15] Justin: Yeah. But a lot of times they customize, do their own thing so they can approve it. [28:19] Chad: And compliance usually is just making sure that you're not making guarantees or commitments, you know, and usually it revolves around investments, but. [28:29] Justin: Good question. You definitely got to throw it through compliance. But that's part of being an advisor. [28:34] Mark: Part of my question goes to, if it's already accessible, why is it not being used more? [28:40] Chad: I guess is my question. [28:42] Mark: Is it just a look into things to say, like, I can come in, just be that person and get that trust, and I don't need to have that. [28:50] Chad: I think it has to do with who is typically selling this business. We say all the time that still roughly 70% of the business is sold by an advisor who will do less than three to five plans career. And so they don't take the time to create that. Mostly because they don't. They don't need to. They're not gonna. Most of them don't believe they're gonna use it again. It's a relationship base. They don't need it to sell the business. And it's not a requirement. [29:15] Justin: And so we're saying, hey, use the template, spend 5, 10 minutes, get it laid out, send it through compliance, especially [29:22] Chad: if you want to make an impact. Right? If you want to be a K advisor, do this. [29:28] Justin: Come on, dude, 10x. Why wouldn't you? [29:31] Mark: That sounds good. That's a large T shirt, by the way. [29:36] Justin: Those are two good things we talked about today that we want our advisors and the people watching to take note on and build into their practice. [29:46] Mark: What are they taking notes on again? Going back to last episode. [29:49] Justin: It's still cool. I'm just trying to do it on a piece of paper. [29:52] Mark: It's not cool if you do that. [29:53] Chad: I take notes on piece of paper and I scan them and I send them to you guys and you guys. [29:58] Mark: It's not even paper. It's graph paper. [30:00] Chad: It's true. [30:01] Mark: I used graph paper since freshman year. [30:03] Chad: I'm a nerd. Apologize. [30:05] Justin: So with that said, thank you for tuning in to episode 10. We're gonna keep pumping these out in 2016, our season two. And I keep doing this because I'm just looking for more engagement. Get on Instagram, follow retireholics, get on Facebook, get on Twitter, hit us up on LinkedIn. [30:27] Mark: You might see a picture like that [30:29] Justin: staring into your soul. And Periscope. I know. [30:35] Mark: Para what? [30:35] Justin: Parents. Periscope. Periscope. Get it done. We're gonna do a lot more live streams in the future. I know we did one for episode nine, so check that out. And we're not supposed to comment on this. I'm not supposed to comment. Yeah, Periscope, maybe. We struggled a bit with some of the tech sorted out. So with that, we are. [30:57] Chad: You weren't even there. [30:59] Justin: We are. You're invisible. I'm still invisible. We are the retireholics changing the retirement plan industry. One of these at a time. Boom, Sherlock. See ya. [31:18] Mark: I had startup plan. I didn't want to give anything to my employees so I did a salary deferral only plan and I failed my ADP test. So I called up KBC and they said you should have a safe harbor. So I put in place a safe harbor match then. [31:53] Justin: Now [31:56] Mark: I don't have to worry about no pests. It makes my life so easy that I go to sleep at night happy and. Peaceful. I love pt. [32:18] Justin: Take it to the bridge. [32:21] Mark: I don't know what I would do without a smart, easy, awesome tpa. They are my best friend. They have made my life a better place. 41 K's are awesome. [32:50] Chad: Wow. [32:52] Mark: All right, that song's rolling. Oh gosh. Wow. Fucking horrible. So good. Barb Miley just died again.