Small-Plan Disruption: Ubiquity's 20-Year Evolution

[0:01] Mark: Hey. [0:02] JD: Hey, everybody. You're here. Which is a clear indication that you have made a horrible choice. Your decision to be here today proves that your time management sucks. But we're happy that you're here. It's another episode of Retireholics. My name is JD. I'm joined by Silent J. Justin McNeil. I was going to introduce Ryan Johansson's little brother, but he's not here. He's struggling at an airport. We might see him shortly. He's lost a bag at baggage claim. We'll see. But I'm going to introduce someone else that I never introduced and I need to start doing it. Brandon Carlson is here with us today, aka BC, aka the best producer in 401K, which that's not really saying a whole lot, but still he is. And then a drum roll please. The the newly dry cleaned, robe wearing and backward hatted destroyer of Nashville bars. [1:05] Justin: Everybody's favorite holic robe guy, Justin. [1:11] JD: This is the time where you intro the guest to our show. And you out there in the audience, you know what to do. Rate Justin on a 0 to 10 in the chat bar. Justin, this dude's a big time dude. I mean he started a big time company over the last 20 years. I'm just saying, no pressure. Don't fuck it up. [1:28] Mark: He's standing there, right there. [1:31] Chad: Jesus. Anyways, just like our very own Chad. Third, Chad is a nationally recognized go to expert on retirement. He's worked with D.C. lawmakers to ensure the passage of small business friendly retirement legislation. He's produced a documentary, broken Eggs, the looming retirement crisis. So JD your prior statement might not be totally true, but we'll see anyways. He's also been quoted in publications including the New York Times, Wall Street Journal, Bloomberg wealth manager and entrepreneur. But the one accolade that still eludes him, however, is that prestigious cover of the 401 Specialist magazine. He's a founder and CEO of Ubiquity Retirement Savings. Ladies and gentlemen, Chad Parks. [2:11] Chad Parks: Hello everybody. I thought I was on the COVID twice. I. I guess that was a different magazine. [2:16] Justin: Yeah, he has. [2:17] Mark: I searched, I searched. [2:18] JD: He's been on the COVID of magazines, bro. So I think he might have you outdone. We got. [2:23] Justin: We get one. I don't on the COVID of one magazine, Chad. And we start talking to people we think haven't been on the COVID I [2:29] Mark: think that that's okay to do, you know. [2:32] Chad Parks: Got to get my egot right? [2:34] Chad: So man, I searched specifically you cover four one. [2:38] Chad Parks: Damn it. Oh, wow. And what. Where in the hell did you get that picture. Oh, my God. I'm in my. [2:46] JD: We tend to make some. [2:49] Chad Parks: No, no, perfect. Okay. I mentioned Palm Beach. I grew up in Jupiter. Burt Reynolds, Jupiter, Florida. It's a perfect tie in. I love it. [3:00] JD: We tend to make some modes. [3:03] Mark: You know, Tiger woods then [3:06] Chad Parks: that was. He came after me. [3:08] Chad: Yeah, okay. [3:09] Speaker F: Okay. [3:09] Chad Parks: Yeah. [3:10] Justin: All right, we're gonna play some games [3:11] JD: today, and I want you to get comfortable with these games, Chad. The first one is chat bar champion. So do your best. Keep your eye on that chat bar. You're gonna vote for one individual out of the chat bar that's your favorite. At the end of the show, they'll go in the finals and then you know, you know the deal. You out there in the audience, you will vote for the winner. We are also going to play Acro Sin. I know you got a penalty drink there. You showed it to me, so thanks for bringing that to the show. Very good, very good, very nice. If you say an initialism, it's not [3:44] Chad Parks: a penalty, it's a pleasure. [3:47] JD: If you say an initialism or an acronym, you must drink from your penalty drink. My name excluded. You know those fancy acronyms we use in this industry all the time, so. And then we got a little another fun game for you that we're going to play, but we'll wait for that one to. To happen here. That's it. [4:07] Justin: That's it. [4:07] JD: Hey, everyone, thanks for tuning in. Let's get it rocking and rolling. Brandon, Headlines. That's kind of a little cocky, like he's my slave or something. Brandon, can you please. Can you please play headlines for me? I'd really appreciate it. [4:21] Mark: I honestly. He needs to just do it without even you saying anything. It should just be boom. [4:33] JD: That would be solid. [4:34] Mark: You did call him the best producer. He's got to act like it. [4:38] JD: Mark, get ready because I'm going to. I'm going to have you kind of head this. This headline, if you will. [4:44] Mark: Chad, this is going to be bad [4:46] JD: Plan Design Consultants, the family owned third party administrator out of the San Francisco Bay area, is hiring a new internal sales consultant to back up their glorious team of salespeople, Chad Johansen, Justin McNeil and Mark Palmini. There's the ad we put out. No, seriously, folks, we are hiring an internal sales support for these guys here today. Mark, what kind of people are you looking for? What do you think this job's gonna be like? Are you excited to have an internal, like, give me a little context. [5:24] Mark: There's a lot of questions there. So let me just start with the simple stuff of who are we looking [5:31] JD: for [5:33] Mark: somebody who can keep. Keep. Keep Chad calm. You know, maybe more kind of like a therapist in a way. Like, you really understand reading between the lines because, you know, Chad doesn't have a lot of Chad. The other Chad doesn't have a lot [5:50] Justin: of time to speak in this one. [5:53] Speaker F: Doesn't matter. [5:54] Chad Parks: It's gonna be. [5:55] Mark: It's gonna be tough. Yeah. Speaking details. [5:57] Justin: You gotta refer to him as Ryan's little brother. [5:59] Mark: Sorry, sorry, I forgot. I would love to create an acronym for that. But anyways, so you got to read between the lines. You got to know what he's thinking at all times. You got to be available 247 at his Becky call. [6:12] Justin: No one's gonna apply. [6:14] Mark: Exactly. [6:14] Chad Parks: Exactly. [6:15] Mark: But if you want to work with two other really cool people like Justin and I, what do you. [6:18] Chad: We'll never make you do anything. [6:19] JD: Right. [6:20] Mark: We will basically just call to talk and say, hi, how is it going? And we'll probably Sessions send you a gift card to say thanks for filling in in a meeting maybe. I don't know. But, you know, we're really cool people down to earth. So if you want to come work with a couple of really mellow, easygoing, but stellar individuals who like to wear robes and say very little, then we're a perfect fit. [6:47] JD: And don't forget everyone out there that you will get a percentage of Mark and Justin's sales, so. [6:53] Mark: Oh, right. So then you have to be accepting of low. Low income. [6:58] Justin: I was gonna say what's. What's zero. [7:00] Chad Parks: Zero. [7:01] Justin: Chad. Chad, let me. [7:03] JD: Let me tie you into this a little bit. Even though you got nothing to do with this ubiquity, and we're going to cover more about what it is sales. Are you involved in any of the hiring of. Of new sales people? And how many sales people do you have across the country? [7:18] Chad Parks: Am I involved directly? I would say no. We have Baller. What a ballerina we have. Well, I was number one sales guy. Right. So back in the day. In fact, actually, before I answer that question, we have a client who's been with us for 20 years. And. And I sold them. And so that's pretty cool, right? But I've had a client. [7:39] JD: I've had a client for 43 years, so whatever, bro. [7:43] Chad Parks: Nice. Very good. Wait, how long has 401k has been around? [7:47] Speaker F: No. [7:47] Chad Parks: All right. [7:47] JD: 1975, we were founded, buddy. [7:49] Justin: No, do you. [7:50] JD: Do you have internals that. That support your external sales? [7:54] Chad Parks: So our whole. Our. I'll call it our business development Stack, Right. Because it's all revenue generation. So we have biz dev guys. We've got partnership management, partnership relationship management people. Because we have a lot of distribution partners. We have retirement plan consultants, which are the front line of the sales side of the organization. We have sales associates who back those folks up. Sort of like an internal. Like a qualifier. And then, of course, marketing and everything that goes with that. So, you know, that's. It's. There's quite a myriad of people on that side of the business. I think if I added them all up, maybe like 12 to 14 or so right now. [8:29] JD: So we're just like that, except for it's just Chad, Mark and Justin and [8:35] Chad Parks: hey, that's how you. [8:37] Justin: And now they're looking for some support. [8:39] JD: So if anyone out there. [8:41] Mark: Can we. Can we just. Can I just say, in defense of myself, I'm not looking for support here. Okay? [8:48] JD: This. [8:49] Mark: I'm a benefactor of whatever ad went out for you getting somebody. And I'm excited to have that. That internal piece, but, you know, I'm a lone wolf. I do things on my own. I like to control everything. [9:01] JD: Well, there you go, everyone. The job's a lot easier. Apparently, Mark doesn't want you to help him out. [9:06] Justin: That was. That was the worst job offer posting verbally in the history of the world. All right, how about. [9:13] Mark: How about this? You have to be able to pound a Smirnoff ice in under £6.3. [9:18] JD: Love it. [9:18] Speaker F: He's fired. [9:19] JD: Love it. [9:20] Justin: Chad, you were gonna tell everyone about [9:22] JD: our new hire that we're looking to do, but I gave it to Mark and he completely botched it. But we're gonna move on. All right, next headline, Trans Am is buying tag. Sorry, I don't know, but I'm gonna drink for that. [9:40] Speaker F: The Answer Group. Isn't it? The answer group. [9:43] JD: Oh, is it? [9:43] Chad Parks: Okay, that's how I knew it back in the day. Yeah. [9:47] Justin: So anyways, you know, normally my NSYNC would be to move right past this since it involves pooled employer plans and I don't need to give them any more spotlight, but I figured it's necessary. You guys need to know and see it. So Transamerica has always been involved in this multiple employer plan, pooled employer plan space. [10:05] JD: We all know the Answers Group has also been a player here. They've partnered in the past on lots of different things, but now Transamerica is bringing them in house. [10:16] Justin: Who's the dude there? [10:17] JD: Troy Tissue. I don't know how to say his last name. [10:22] Justin: That's Running that up. [10:23] JD: But who knows, maybe based on their press release, which is a little vague, this might be good news for pooled employer plans. And maybe Transamerica is looking at a little more flexibility allowing different third party administrators to tap into different pooled employer plan options. I don't know. Check it out. There's not a lot in the press release, but I wanted to bring it to your attention. [10:44] Justin: Let's keep moving it along. [10:47] JD: In other headlines, there's a new edition of 401K Specialist magazine that's out there, peeps. [10:55] Justin: And I've loved the COVID It's very, very cool. [10:59] JD: It's chock full of a bunch of stuff. Remember, go to 401k SpecialistMag.com and you can download and or look at the digital edition of it as well as obviously these things will be shipped to your homes. If you're on their their list there, [11:14] Mark: just skip past the page where Hackler said something. [11:18] Justin: Just move right past that. [11:20] JD: Hackler is in there. That's right. Robe guy on the COVID is Ann Lester of J.P. morgan fame and kind of target date fame. She's moving into a different stage in her career. Oh, I don't know that guy's name. [11:36] Chad: Hey, real quick, Chad, when you talked in the chat bar, make sure you're talking to everybody. Yeah, you're Ryan's little brother. [11:47] Mark: This is gonna be hard. [11:48] JD: Although she there's, she's a great cover story and although she is retiring, she's still got her finger in quite a few things in the business. So anyways, read that one. There's some talk about guaranteed income. Seems to be sneaking through the whole edition, the whole magazine in different places. So that's still a trend that everyone needs to keep their eye on. Our recent guest, David Blanchett is quoted an article on the whole 4% rule and whether that's going away. Blah blah, blah, blah, blah blah blah. But you know, go, go check it out. All right, Chad Parks, let's move right on to topic number one. We plan as I consultants were a third party administrator founded in 1975. So 1999, the online 401k is something you start early 2000s throughout us being in the Bay area we're very aware of the online 401k. [12:47] Justin: I mean shit, they're right at a [12:48] JD: time back in the day. Chad, I apologize here. Now I probably talked mad shit about your company and the kind of competitive, [12:57] Justin: you know, we were right there in the same town competing with you and [13:01] JD: I was like oh screw these guys. But I Will tell you, as I've matured, yes, I have. I've come now to actually like, really respect. Here we are 20 years later, the business that you built. And to be honest with you, I feel like you're kind of like the. I was gonna say you're like the original gangster. I wanted to use the acronym of the Disruptors. Of the Disruptors. [13:26] Justin: You know, we've got. [13:27] JD: And we're talk a bit about them today. But let. Let's get some context on how much success you've had in terms of size of plan. So if you don't mind, I'm gonna [13:34] Justin: pry into your personal business. Ubiquiti, formerly the online 401K. Now Ubiquiti, like print. [13:42] Chad Parks: Yep. Formally known as. [13:44] JD: How many total plans ballpark are you guys doing? [13:49] Chad Parks: Well, we got a lot of different products suite so round numbers these days. What's called about 7500. [13:55] Justin: I'd say 7500 because you're doing 401k. [13:58] JD: You do HSA? Oh, God dang it, you do. [14:03] Chad Parks: We don't do health savings accounts. We had a partner, which we referred. But yeah, I mean, you know, we're the full stack, right? We're fully bundled open architecture, delivering via the Internet and, you know, chose to work with startup market and the small plan market and that, you know, that's it in a nutshell. On a flat fee for service basis. And we did not have. And we still don't have any affiliation with the actual investments. You know, we go on to say, like, I don't care if you have a dollar or a million dollars, and I don't care what you invested. You know, we help facilitate all that, but we are strictly, you know, tpa, [14:36] JD: administrator record keeper, independent open architecture with no rev share. [14:42] Chad Parks: Oh, my gosh. [14:42] Mark: What was it? [14:43] Chad Parks: What was it? Ah, crap. All right. [14:46] Justin: Yeah, and you guys were doing. [14:48] JD: You guys were attacking it from that same philosophy 20 years ago. [14:53] Justin: You say you're in the small micro market. What do you figure the average client? You say 7,500. [14:59] JD: What are we talking, 10, 15 employees? [15:01] Justin: More or less. [15:03] Chad Parks: Yeah. I mean, throughout our entire life cycle here, we have had it move up and down a little bit, but, you know, it goes as high as 22, down as low as 11, but whatever in that range, that's our average client size. [15:15] JD: How many total employees at Ubiquiti? [15:20] Chad Parks: Ballpark, right now we're about 85. [15:23] JD: 85 employees. Okay, so what are you dragging in each year in revenue? [15:30] Chad Parks: Well, I guess this is relatively public information round numbers, about 15 million. [15:39] Speaker F: Cash rules everything around me. [15:44] Justin: Okay, last, last question in this area. What color is your Lambo? [15:51] Speaker F: Which one? Which one? [15:54] Justin: Yeah, no, it's good. I appreciate transparency. It's just fun to get a vibe on the size of the company, you know, for sure. [16:01] Chad Parks: And again, sorry you didn't ask, but we record keep about 3 billion. [16:07] Justin: Sorry. Good, good one. [16:09] JD: That sounds good. When you do that, put your pinky to your mouth next time. [16:12] Justin: Okay? [16:13] JD: Billion. [16:13] Chad Parks: Billion with a B. That's right. This is 2022. [16:16] JD: It's good for me too to just compare myself and realize how much you've absolutely kicked my ass in the game of business over the last 20 years. [16:25] Justin: Kudos to you. [16:27] JD: You know, one thing I notice about Ubiquiti is a million dollars. You guys have branched out in a couple different ways. I wanted to, you said you're not doing health savings accounts, you're partnering with someone else. But are you doing, are you doing IRAs? Are you look, [16:49] Justin: are you looking at pooled employer plans? [16:52] JD: You do solo ks. I know that. [16:56] Chad Parks: I'll talk you guys through. Yeah, I mean, this is an. I know we're a bit of an enigma. Some people have perceptions about what we are and who we are and what we do. You had a perception about that when you were, you know, talking smack in the early, late 90s, early 2000s, you know, but to be fair, I would talk smack about tpa. Oh crap. TPA shops. [17:19] Mark: That's [17:22] Chad Parks: third party administrative shops. When I'd go in there and try to find a partner and where it would be, wall to wall file cabinets. And I'm just like, this can't be. This can't be where we need to be. So that was really one of the impetus. But so our product suite today, our bread and butter, our standalone 401k plans. And we offer three types of that in our suite. From its simplest to its most complex turnkey to you can customize what you want. And then as we expand that. So yes, let's talk about the individual. So we do have two Single K products. One is Single K, do it yourself. Which means we come, you come to us, we help you with the documentation and you can go and open a retirement trust account wherever you want, right? Open a brokerage account, do whatever you need to. We'll just help you on the administrative side. Recently we launched Single K plus, which is a fully record kept Single K that comes with predetermined set of investments from an outsourced 338. That's not one. Okay. With custom target date portfolios, you know, ready to go. Turnkey. [18:29] Speaker F: Right. [18:29] Chad Parks: So you don't have to make any decisions. So we've got that for the self employed. And then hopefully this year, I'm going to be launching a individual IRA for those folks who are looking for that. Good Lord. Really? [18:45] Mark: Hey, you did say you enjoyed your penalty drink, so we're just happy to [18:51] Justin: you guys. And we won't go into it today because I just simply don't have the energy. But you guys also are coming out [18:57] JD: with a pooled employer plan as well, right? [19:00] Chad: Okay. [19:00] Chad Parks: I'm watching the bar here, so, Tony. Yeah, thanks. So on our group side, if you will, I will have this year a payroll deduct individual retirement account, product turnkey ready to go. I will have eventually, later this year, a simple product. And I don't know if that one counts as an acronym. I mean. [19:21] Mark: Oh, come on, 100%. [19:24] Chad Parks: Okay, so I say simple is an acronym, not an adjective. So, yes, I caught myself on that one. Right. We all know that it's not easy, right? All right, fine. Hang on. And then moving on up the layer of complexity. Yes, we are now officially part of a pep Shit. Pooled employer plan. [19:49] Chad: I don't know if JD ever told [19:50] Chad Parks: you that this is harder than it looks, especially when you're the one doing the talking, right? [19:54] JD: Can you say Tahoe, Chad? [19:56] Mark: Yeah, for sure. [19:58] Speaker F: It's coming. [20:00] Mark: Start moving on that treadmill, Chad. Come on. Yeah. [20:04] Chad Parks: If I disappear like this. [20:08] JD: Well, let me take it a step further. Okay, got it. [20:11] Justin: I love that you're hitting all these areas. [20:14] Chad Parks: Someone did mention, and I will appreciate that plug here. One of the things that we also do now is. Yes, as a business process outsourcer. Okay. Not those three letters. [20:25] Justin: Chad. Chad. Chad. Yeah, this is. [20:29] JD: This is my show. [20:30] Justin: And I'm about to. I'm about to go. I'm about to go to the questions on principal and simply retirement and. [20:38] Chad Parks: Oh, you are? Okay. Gotcha. Yeah, Cool. [20:41] Justin: Love it that we're on the same page. Love it that we're on the same page. But don't try to take over my host role. We're gonna go there right now. [20:47] Speaker F: Right? [20:50] Justin: Did you guys. [20:52] Mark: Some egotistical stuff going on there, buddy. [20:54] JD: Am I getting this wrong? I know you did. [20:58] Speaker F: You were. [20:58] JD: You were part of the Costco 401k. [21:01] Chad Parks: Oh, my gosh. So here we go. [21:02] Justin: 2.0 version of you all branching out, [21:05] JD: which I think is really cool and very entrepreneurial of you. [21:08] Justin: So you guys were behind the Costco 401k just for our audience real quick. Like, so what was the idea that [21:15] JD: I could literally walk through Costco and like get a 401k while I also grabbed a box of 15 pairs of jeans? [21:24] Chad Parks: Yeah. So that came as a result of our relationship we had with Intuit. So we. So I appreciate you saying we were one of the pioneers in this space. Right. So 2008, we started working with Intuit. [21:35] Justin: I don't think he said Pioneer pre show before you. [21:37] JD: I did, yeah. [21:39] Speaker F: Okay. [21:40] Chad Parks: And so intuit online 401k was us. We powered that. We were behind that and that relation. They had a relationship with Costco and Costco said, sure, we'd be interested because they sold the QuickBooks and other stuff on the shelf, so to speak. This is early. This is still shrink wrap software days. So part of that relationship was that. Yeah, when you walk out of Costco on the left hand side or the right hand side, there's that big wall of business services and they have brochures and we were one full page of that brochure that says, get your 401k from Costco. And I mean, that's cool, right? [22:13] Justin: Yeah, you also. [22:16] JD: So I think you just brought up the intern. [22:18] Speaker F: Did you get a 401k from Costco, though? I think that needs to be known. Yeah. [22:24] JD: Yeah. [22:26] Justin: Were you also. [22:28] JD: Were you guys also the ones. Did you get a gig with QuickBooks? Were you the QuickBooks people too? [22:36] Chad Parks: Yeah. So not QuickBooks itself, but Intuit payroll division. And they had just purchased an online company, I forget the name of it, and their QuickBooks payroll. And so, yeah, it was all sort of a mashup, but we were behind it and it was doing quite well. It broke into the top 10 in terms of volume with, you know, plan sponsors rankings way back then in 0809. But then we know what happened, right. 0809 happened. 10, 11. And then also sort of senior management over there decided it wasn't moving the needle enough. You know, $3.6 billion revenue company selling, you know, 12, 1500, 401k plans a year then to get their attention. However, they're back full circle now and one of my competitors is apparently in there and seeing what they can do. [23:16] JD: Guideline, Right. Guidelines in there. [23:18] Justin: We'll talk about. [23:18] JD: We'll talk a bit about them. Chad, let's bring us up to the current day. We saw principal come out with simply retirement as a product type somewhat recently. And I think the press release was with ubiquity as the backer. Did you have a question for him around that chad at all? [23:39] Speaker F: Not necessarily a question. Well, a little bit of a question which is the outcome of where we're at now because it originally launched being ubiquiti only from a compliance standpoint and they broadened it to use other third party administrators. And we've been, we've been pretty well versed on it. We've onboarded a couple plans. Now we're seeing your team jump in and do all the communications and onboarding and the technology. And the question I posed to JD was how did that conversation go when Principal came back and said, I know we built this product around you and it was only going to be with you from a compliance side, but now we're going to push it out to other third party administrators. [24:16] Chad Parks: Yeah, that's, you know, and thanks for asking that and noticing that that model has always been Principal's model. Right. And I think that they had always known that after we got off the ground with the fully bundled solution that the TPA community is shit. How come you didn't catch me on [24:35] Speaker F: third party administrator community? [24:38] Justin: It was always part of the plan. [24:40] Chad Parks: Yeah, it's very important to them and they didn't want them to have to feel like they had to choose, you know, or be left out. And so we had all, we'd always had a record keeping only solution. And so what we did with Principal was we built out a more robust experience. And you know, if you're seeing that it's. And it's, it's in version one and we'll continue to get better. [25:00] Speaker F: Right? [25:00] Chad Parks: I mean we're not hancock. I don't have $200 million to build this awesome, this awesome portal yet. But you know, we have been in those shoes. We know what you guys want, we know what you need, we know the value add you bring to your clients. And so we're being very supportive of that. [25:14] JD: This is interesting to me. Go ahead, John. [25:16] Speaker F: I was just going to say I can't imagine a situation. When Principal launched this, they thought we would roll out bundled only and then move into this unbundled approach because they get a lot of pissed off third party administrators when that came down the pike and in from the sales community too. The folks who are supposed to be repping this for you were out there saying I'm never going to do it. We love our third party administrators. I'm not going to sell this bundled solution. And then the last point I'll make is this a pet peeve of mine. It's not Bundled. Right. Like you're an outside compliance administrator. That's what we would be. It's not bundled with principal. It's a principal product that's powered by ubiquity. It's the Ubiquiti chassis that principal is trying to push. And. And kudos to you for creating that relationship. I again, so smart, so smart from a business development side. I hope it works out for you but. And it's good. I'll say the people here so far, I mean from a technology standpoint the continued drips the way it's running out for these small plans that are looking for simplicity. It's solid. [26:20] JD: Did I understand you though Chad did. I thought I Chad Parks that [26:27] Justin: if [26:27] JD: it's sold today with principal, with a TPA that your firm is still playing a role somehow. [26:33] Chad Parks: Yeah. [26:33] Speaker F: That's still the backbone of it all. [26:35] Chad Parks: Yeah. You got called there. I'm not continuing to tell you. [26:40] Speaker F: Yeah. [26:40] Chad Parks: Okay. Get out to Greg. [26:41] Speaker F: All right. [26:42] Chad Parks: So yes, the record keeping component and the user experience and the client interface and your interface and your experience and the advisor interface. Advisor experience on simply retirement where we are, where you are the administrator, all that is us and we lift out the component of the compliance and third party administrator work. [27:02] JD: Why do you. Why, why do you think you'd be no better than anyone. Why would principal work with a company like Ubiquiti as opposed to just do it themselves with a small market? [27:18] Chad Parks: Put me in the hot seat, why don't you? [27:20] JD: Those are just questions. [27:21] Justin: That's just my honest question from my heart. [27:23] Chad Parks: Okay. And I'll give you an honest answer that hopefully won't get me in trouble. It is economics, right? First and foremost it's infrastructure, legacy systems. It's the ability to do high volume at low price point that the market is needing. It is also a combination of, you know, at what point do you have to draw the line? You know, and so meaning, you know, they just can't economically make things work below a certain threshold but yet they don't want to say no to these important relationships. And so they went out and said let's what's. And I give them a lot of credit for this. They were one of the first ones and early ones to say let's look at a digital solution, let's put our might behind it and let's close that small end of the market gap which we can't do very well but we know that we need to because that's where the biggest opportunity is. [28:13] JD: I was. That was well described and it actually Parlays us into the next subject. Because we're going to play a little quick. Well, what we're going to do is spin the wheel of ice. Let's spin the. And then we'll discuss a little more this technology stuff. [28:32] Chad Parks: I'm gonna be confident that I'm not gonna have any more acronyms. Me. [28:38] Speaker F: Everyone. [28:39] Chad Parks: Okay. What do you mean, everyone? [28:42] Speaker F: Carry over as well. [28:44] Chad: Yep. [28:45] Speaker F: Oh, man. [28:46] Justin: Oh, I'm. I'm actually nervous. [28:48] JD: Okay. [28:49] Speaker F: I didn't think about that. [28:51] JD: All right, all right. Okay, Chad, you can. [28:55] Justin: You can pitch anything you want to for the next 10 to 15 seconds. Whatever you want to do. [29:03] Speaker G: Hey, Chad, you like my shirt? [29:06] Justin: That's you, Jack Parks. I mean, you can pitch whatever you want, buddy. [29:09] Chad Parks: Oh, me? [29:09] Speaker F: Yeah. [29:10] Chad Parks: Okay. I kind of figured that's much. I don't need to pitch anything, you know. Geez, what do I want to say? Hot seat. You know, here we go. For everybody out there in the world, especially United States, your retirement savings is up to you. It's not up to your employer. It's not up to the government. You have to figure this out yourself. There's plenty of tools, plenty of opportunity, plenty of companies like ours and yours who want to help you get there, but you got to step up to the plate and do it yourself. [29:39] Justin: If I was part of Congress or [29:42] JD: Washington, D.C. and you're standing at the [29:44] Justin: front, you just said that I would stand up and clap for you. [29:49] Chad Parks: Now, it's not to say we don't love government intervention with Secure Act 1.0 and maybe 2.0 and state mandates. Right? Hey, bring it on. You know, that's. That's part of solving this looming retirement crisis, which we talked about in the film. And, you know, coverage is the biggest thing, getting these small businesses to get up and over this perception that they can't have a retirement plan or they don't want one or don't need one. That's been our battle. That's my battle for 20 something years. It's like, just get in the system, Right? [30:18] JD: Is Greg saying that those are penalties? That in his book Speak there. [30:23] Chad Parks: How many did we just have Greg, [30:24] Justin: confirm if you think. No, he's not. [30:27] Speaker F: I'm saying. I'm saying setting every community up for 2.0 and 1.0. [30:33] Chad Parks: Yeah, yeah, yeah, [30:37] Justin: yeah, yeah. [30:38] JD: Chad. Chad. [30:41] Justin: Not the younger brother of Ryan. Let's talk about disruptors a little bit. I. I feel like I said earlier, use the word pioneer. I use the word original gangster, you know, of [30:55] JD: being a disruptor, because this is very, very True. [31:00] Justin: Don't say my acronyms for me. [31:05] JD: In 1999 and 2000, when you were the online 401k and TPAs had binders and binders on their bookshelves. Dang it. You, you definitely came to the market as you were almost waving the same flag, I feel like, and had the same kind of bullet points on your brochure that I hear from the guidelines and the human interests and the forasols today. [31:31] Justin: I mean, you were literally 20 years ahead of them. And, and, well, I'll ask you this [31:36] JD: in the after show if you're jealous of their hundreds of millions of dollars of venture capital funding and private equity, [31:42] Justin: but because you were doing this stuff [31:44] JD: long before they were. But here's my question for you, straight up. What's your take on guideline human interest for us all? [31:56] Chad Parks: So thank you for that acknowledgement. You know, I, we were, it is fair to say we were a little bit ahead of the curve, you know, both in terms of market awareness, market demand, technology. You know, I saw this need and I just jumped on it using the Internet. And so the old saying is that imitation is the sincerest form of flattery. Well, we're very flattered these days. Right. But what I really love about having other competitors come into the space is that it absolutely validates it 100% says this is a market that needs help. And by various data sources, whatever you want to believe. There's been about a billion dollars invested into this space in the last five years. Human interest guideline. Smart for us all. You mentioned those guys vest. Well, don't forget them. [32:43] JD: Right. [32:44] Chad Parks: So, and I noticed somebody's comment there earlier says there isn't a true disruptor. There's Tony Davis and I agree, you know, what are we disrupting? That's a, that's a very, that's a very subjective word, you know, to be disruptive. Right. And so I think what we're trying to all do is to use technology in a way and think about the market and the business a little differently than the incumbent players because they built their forts, they've got a moat, they have no invested interest in changing that because if they change, it'd be like Kodak. Did you know that Kodak actually invented the digital camera? And then they're like, oh crap, what'd we do? We just put ourselves out of business. Right. So if anything, the disruption is more so, I believe in the, in the business model in which way they are generating their revenue more so than technology. So when I talk, when I think about each of my sub, you know, my, my competitors, so to speak. Hang on one sec. It's not ready. It's take the label. We got UPS coming for a return like not, not going to happen right now. [33:53] JD: And when you, when you, when you say, I think what you're referring to is all of them as far as I can tell are like a flat fee type of thing for record keeping which would be very different from the [34:05] Justin: legacy providers that have always been asset based. [34:07] JD: Right. [34:08] Chad Parks: Well and that's the thing. Like each one of them, those, each ones that we both just named has a little bit different subtle business model, you know. So yeah, guidelines says that their flat fee for service and I believe they are the most pure Vestwell probably has an asset play for us all. Was going to go into record keeping but they stopped and now they're laying on top and they want to be 338 if I'm not mistaken. Human interest wants to be your338 but they also want the betterment wants to be your 338. But hey, if you're an advisor, come to us. So there's all these different complexities. You have to really peel the onion back and say what is your real business model? Who are you or are you not competing with and how are you making money? Each of us is different, you know, so it's not, it's not fair to lump us all together, so to speak. [34:52] JD: No, I, yeah, I agree. I do think they're all tackling it from some different ways. You mentioned Veswell. I put Aaron Chum in an entirely different category in terms of his business model. But I do feel like the guidelines and the human interest, which was once Captain 401. [35:12] Chad Parks: Yes. [35:13] JD: Came to the market saying hey look, the market's broken because it's too expensive. And we're here as these new disruptors, these kind of, you know, Silicon Valley tech based new disruptors and we're going to offer plans that are cheaper. Do you think both of those companies came to the market? I would say kind of ignorant of the role of the advisor. The financial advisor. [35:36] Chad Parks: Oh yeah. [35:36] Justin: They somehow felt like they could just sell direct to the plan sponsor. [35:43] JD: What, what does, what is ubiquity or I should probably say the online 401k stance on that back in the day. I know you're an advisor partner these days. Do you think that was a massive mistake for guideline and human interest? [35:59] Chad Parks: Well, so I'm going to say no and here's why. Because the addressable market is some 5 million small businesses in our country that represent over 60 million employees who don't have the ability to save at work. You know, that's the stats we have today. If these advisors could figure out a way to profitably service that market, they would be all over it. But they can't. And it's pure economics. If you have an AUM business model, you're not going to be able to make money until those plans have. What happened to million dollars? Oh, Jesus, I'm turning frigging red. So the show's all about an asset under management business model then? That's why this market is so underserved, because you have to flip the model. Sit down. That was my actual eureka moment when I started this company was I too was attracted as an aum And I did some quick math and I said, okay, each plan will be worth about $10,000. What did I say now? [37:05] Justin: Assets under management again. [37:07] Chad Parks: Good lord. [37:08] JD: Yeah, I've heard you say this. You did the math, you know, you needed to make ten grand over a five year period. You make $1,000 a year. You charge your clients $165 a month. [37:19] Chad Parks: You have heard me say this. [37:20] Justin: I think later in your career you decided maybe you'd supplement that with a [37:23] JD: $5 per participant or $60 a year. [37:25] Justin: But regardless of how you're doing it, Chad, you, I understand you're doing it as a flat fee to the employer and I think that's phenomenal and I [37:34] JD: think we're learning a lot about that in this day and age. However, actually I could come to your side a little bit, but only if the advisors win out in the end. You've, you've been in this for 20 plus years. You know what it's like to service 401k plans both from a record keeping perspective and from an administrative perspective. [37:55] Chad Parks: Right. [37:55] JD: And I feel like if you don't have an advisor in the mix, it all is hell in a handbasket, right? Like shit's not going to work out. [38:04] Justin: Now I understand you guys look at [38:06] JD: the micro market and you think, well, a lot of people aren't doing their job in the micro market in the first place. So if we could cut them out, [38:13] Justin: go direct, get billions of dollars in venture capital funding and close the coverage gap at the same time. What a win. Win. [38:23] JD: That scares me a little bit. It scares me as a defender for the financial advisor community. Someone pulled me aside the other day and convinced me a little bit and I wonder what your thoughts are on this. And then we'll move to A game. They said J.D. look, if even the guidelines and the human interests and the, and the, even the small plan, pooled employer plans, if they can get all these clients to sign up new plans, you know, startup plans that weren't there before, this whole kind of coverage gap. You're talking about 70 plus percent of companies with less than 100 employees, you know, know, don't have a 401k to offer their, their people. Then they said JD but look, in, in three years, in five years, in seven years, those plans will grow. They'll look for more sophisticated solutions from advisors and this will be a win, win, win. [39:12] Justin: And it kind of stumped me because [39:14] JD: I've been very anti at the whole time and I was like, okay, shit, like maybe there's a concept there. Is that something that you believe in? [39:22] Chad Parks: I think you're right. Yes. Because think of us as like an incubator. You know, we grow them up until they become more complex. And you know, I would like to see an environment where the advisor community doesn't have to go out and prospect this group. That's what we're doing. And we should offer advisors as an option, as an add on. Would you like to have an advisor associated to this plan? And here's the benefits and make that a referral system. Back to advisors. So I'm a feeder to the advisors and you know, for those who want it. And I mean it's just that, you know, but again the advisors have to be able to say how can I efficiently and effectively service this plan? What is my role? And you've seen this change, right? With three 38s versus the actual plan advisor and again this market, and define it however you want, under 100 employees, under a million dollars of assets. The role of the advisor, it's difficult because you have. If what we see is the institutional 338s taking over that role, then if you're the individual at the plan level, what value do you bring? And how can you afford to do that for a 15 person company? [40:37] Speaker F: Right? [40:37] Chad Parks: You really can't add your magic touch unless you have some ways of delivering that through an electronic medium. And I mean I've been watching some of the chat here just to set the record straight, you know, I was the advisor I wanted. Maybe you guys don't know my background. I got out of school as a retail stockbroker at Piper Jaffrey, which I hated, right? Calling people selling muni bonds. I earned my certified financial planner designation and I started working with small businesses in San Francisco. From there, I quit Piper and I hung my shingle at Lynsco Private Ledger. Lynsco Private Ledger [41:13] Justin: caught it. [41:14] Chad Parks: Thank you. [41:15] Speaker F: I like that. [41:15] Chad Parks: Good. Good, Justin. So for about a year, and then I wanted to do fee based work, not, you know, not commission based work. And they said, go get yourself an ria. Shit. Registered investment advisor. [41:29] JD: Oh, you're doing so well. [41:30] Speaker F: Oh, good. [41:30] Chad Parks: Yeah, you're doing so good because we don't have that capability right now. So I formed my own with the state of California. And there I was, an independent certified financial planner, independent registered investment advisor. And I chose to work in the retirement savings space because my clients had complex needs. What led me into this 401k space was the fact that I was out there looking for plans for my clients that wouldn't pay me fat commissions that weren't group variable annuity contracts with 300 basis points inside. And I was bumping up against some archaic third party administrators who were drowning in paper. And the Internet was coming along and I was like, okay, this is where it's got to go. So this company was started by an advisor. Has always been advisor friendly, has always left that door open for advisors to say, you come in, you be the asset manager. You do that role. I don't want to do that. You know, I got burned so many times with Enron and WorldCom and other stuff. I'm like, I'm done with that. So let me just be the intel inside. Let me create the machine that will work for everybody. [42:28] JD: Yeah, I get it, I get it. We can go a little deeper on that in the after show because I [42:36] Chad Parks: have something like Daniela I like. Daniela's on the lead so far for the chat. He's getting pink, but he's still spinning. [42:41] JD: Don't worry. [42:41] Chad Parks: You don't know me very well. [42:43] JD: You've been calling me pink for years. [42:45] Justin: Let's play a game and then we'll come back to a little bit. [42:48] JD: Brandon. We call this game Winners and Losers. Chad Parks. And we're going to put up two images and we're going to ask you to tell us which one of these images is the winner and which one is the loser and why [43:03] Justin: if. [43:09] JD: Jeez, we went right to it. [43:10] Chad Parks: Oh, my goodness. [43:11] Mark: Jeez, people. [43:13] JD: Right, we'll keep this one short and quick. Which one's. Which one's the winner, which one's the loser, and why. [43:21] Chad Parks: There's a. I've never had three options before. [43:23] JD: Oh, you get. It's more choices, Mark. That's good. [43:26] Chad Parks: All right. Oh, my gosh all right, well, that. It's actually pretty easy for me. [43:30] Justin: Okay, because you hate guideline because they [43:33] JD: took over the account. [43:35] Chad Parks: Look, no, out of the three of them, I have the most respect for them. I think they're the winner. And do you want to know why or is that the end of the game? [43:41] Justin: Yeah, guidelines. [43:42] JD: The winner and we want to know why. Sure. [43:45] Chad Parks: All right. For us all, like I said, had gone in there to be the whole stack and then they gave up on being the record keeper and administrator. [43:55] Justin: Haven't they also done like massive crypto now too? [43:58] JD: Like, they're like, yeah. [43:59] Chad Parks: Then they said, well, we can buy, you know, these are all. This is buzzwords, right? Oh, you can buy crypto. And you're playing like, okay, well, what good does that do me, right? So as far as I know, on their current business model, they're more of an enrollment engine. You know, they have David the coach guy. They want to be a 338. They're charging up to 50 or 60 basis points to do that. And it's just like, okay, well, it's a nice add on. You're going to find a niche. But, you know, and again, this is dated information. So these guys are going to watch this. I'm going to get all kind of hate mail, human interest, captain 401k as their roots, you know, came out of Y Combinator, lots of money. You know, I just believe there's so much hubris there that that's not going to be a good formula for success. They go out and raise another $200 million. They're going hiring 800 people, and they're immediately saying to the, to the marketplace that they want to go public. Like, wow, okay, you know, you went from 0 to 100, but what have you done? And all I can say otherwise is that we have hired some folks from all these firms and that's got some inside, inside information. [45:02] JD: Chad, I'm interested. [45:03] Speaker F: I like, I like CP drinking this much. He's giving us the good right now. [45:09] Justin: His PR person off. [45:10] JD: Damn it. His public relations person's texting right now. Watch it, watch this. [45:16] Chad Parks: You get me at a conference, you get me going. Give me a soapbox. Just watch out. [45:20] Justin: No, I figured you would know some [45:23] JD: inside stuff about these companies. So it's kind of why I planted this in there and why I wanted to have some of those conversations today. I'm going to ask you at the [45:32] Justin: end, in the after show whether you've had any, like, big funding over the years. My, my instinct is that you, you haven't really. Maybe you've done this a lot on your own. No, he says no, we'll get to that later. Let's go to the. Oh, I'm going to let. [45:45] Chad Parks: We've raised enough. I mean, we've got outside investor, but not venture capital, not private equity, private individuals. [45:51] JD: Yeah, yeah. [45:52] Chad Parks: Long term patient money. And you know, it's a significant amount of money over the years that we've actually invested in the company. But it's never been a lump sum windfall. It's always been, you know, here, here's some capital. What would you do with it? Go five years, show us that you can do it. Get to profitability. Okay, are we going to reinvest again? What are we going to invest in? You know, and that's been our journey and that's what led us to our own proprietary platform and now we're about to break out. So that's about, you know, that's. I'll bring you the current date, you know. [46:17] Justin: Okay. [46:18] JD: Yeah, I. Sometimes I feel like we'll move on from this slide, but sometimes I feel like these companies are very, very good at convincing venture capital and investors that, that they're about to change the world. And then when I look at it as an, it's an industry insider, I'm just like, what are they doing that's of all this value? Like, I don't see anything. [46:38] Speaker F: We've said it for a while, we're not seeing, and I think Chad said it earlier, what their actual revenue generation product is going to be in the future. I think they're going to get into the asset game. They're going to build out portfolios, whatever it may be. They've got something else leveraging the data. There is another avenue to them showing selling low cost, flat fee services. [46:58] JD: Daniela Moises F. If I could say that three word combo that you describe me as, I would describe myself as that all the time. It sounds very chic. [47:08] Justin: Chad Parks, are you down with Zuckerberg's Metaverse? I mean, do you want to slap [47:15] JD: on the Oculus and go hiking through the mountains or surf Pipeline, or are [47:20] Justin: you more of a purist that wants to actually go out and experience nature [47:24] JD: when the Metaverse is available to you? [47:28] Chad Parks: This is my personal preference. Or who's going to win? [47:30] JD: Ooh, I'd much rather go to who's going to win. [47:36] Chad Parks: Oh, okay. [47:38] JD: That sounds more fun. [47:40] Chad Parks: I think, unfortunately, the Metaverse will. And that's because if I look at, you know, look at the TikTok generation and you look at all that, and you know these things are only so old, right? You can't see it. My phone. But look at how much that's changed everybody in such a short period of time. And, you know, there's going to be a real cool factor to the metaverse, but unfortunately, it's going to be at the cost of human interaction in nature. [48:05] JD: Fair enough. I totally thought you were going to go the other way. I'm going to take it to Justin for some feedback on Zuck's metaverse or nature and not which one's going to win. Justin, which one do you want to partake in? [48:20] Chad: Why do you even go to me on this? It's like you talking about PEPs. Nature all the way. [48:24] JD: Your nature all the way. [48:26] Chad: Yeah, Chad, your nature. [48:28] Speaker F: Justin said an acronym. [48:30] JD: Your nature too. [48:32] Speaker F: I'm Nature too. But I kind of disagree with Chad on the metaverse side. After living in Colorado and being in California for so many years, I think that there is a massive portion of our population who is cognizant of the impact technology is making. [48:50] Mark: The government. [48:52] Speaker F: I don't think they're willing to go there. I agree with you. There is a younger generation is emerging through. But those are their parents. And I. I don't see it happening in. In my lifetime. [49:03] Chad: I could make it, like, Ready Player one. [49:05] Chad Parks: That might change. [49:06] Justin: Maybe that's my flow there. Justin, you would think the nature hippie [49:12] JD: surfer guy and me would go nature all day long, but if. If I could go surf pipeline when I'm 65 years old and not get hurt and. [49:22] Justin: And it feels like I'm surfing Pipeline ready to run me up all day, bro. [49:27] Chad: Like, you're surfing Pipeline, though. You're not going to get that. The wind, the cold, you're not gonna have. [49:32] Justin: Yeah, you're not gonna get [49:35] Mark: wet. That's what happens when you surf. [49:37] Justin: You're in water. Brandon's got thoughts. [49:40] Chad Parks: Have you never been to a 4D ride at an amusement park? Come on. [49:44] Speaker G: Part of the fun of backpacking is thinking that I'm gonna die. Like, I love going out 100 miles, being so far from civilization that I can't get back. If something happens without that risk, it's. It's. No, I mean, I would do the Metaverse. Like, I'm sure I would do Metaverse stuff, but, like, no, I love. I love the danger. [50:05] JD: Okay, talk to your psychologist about that. Let's do the next one. Let's do the next. [50:10] Chad Parks: Roll you. [50:10] Mark: By the way, you're all missing the point. The Metaverse. The metaverse is gonna win because that generation is killing nature. Just so you know. We're just tearing it apart. [50:19] Chad Parks: Everything's true. [50:22] Mark: Yeah, we're just mining for fake. [50:24] Justin: All right, Chad, this one's just for you. Who's the winner and who's the loser? That's really Fred. Poor Fred, huh? There's only one right answer here, Chad. [50:38] Chad Parks: Fred Rush. [50:39] Justin: Yes. [50:39] Chad Parks: Good. [50:40] JD: Next one. [50:41] Chad Parks: Let me tell you about my best friend. [50:44] Justin: Well done. [50:45] JD: Well done. I think we got one more, then we'll wrap it. This is. You know, it's funny. [50:52] Justin: I created this one. And then Justin, in the group text, sent an image today of his choice at the liquor store, and it was all these Seltzers and these beers. Mark came to the show proclaiming this new weird hippie seltzer thing he's got. Chad talked about it, so this should be fun. All right, Chad. [51:14] Chad Parks: It's true. I did Brandon drinking a. Getting ready for this. I went to the store, and I spotted this. They're not calling it a hard seltzer. It's a hard tea. So it's like hibiscus tea with 5% malt alcohol, no carbs, no sugar. And I was like, all right. An elderberry and blueberry flavor. So I. God knows what that's going to taste like. But I bought it out of curiosity. I had to buy a six pack because they didn't have singles. I would have bought a single just to try, but based on everything I've ever tried, like, that beer is always going to win. [51:44] JD: Oh, nice. [51:45] Justin: And let me. [51:46] JD: Let's tap your intellectual brain. [51:48] Justin: If you had to invest. [51:50] Chad Parks: Oh, yeah, wait, sorry. [51:51] Justin: $100,000. [51:52] Chad Parks: Bartles and James. Yes. [51:55] Justin: If you had to invest $100,000 on [51:58] JD: the industry of seltzer versus the industry [52:00] Justin: of beer going forward from this point on, for the next 10 years, who do you invest with beer? [52:08] Chad Parks: 100%. [52:09] JD: I like it. Seltzer's a fleeting, fleeting little thing. Right? We'll leave it in the dust. [52:14] Justin: Chad. [52:16] Chad Parks: Yeah, go ahead. [52:18] JD: Ryan's little brother. [52:19] Justin: Which one of these you want to drink when you want to. You know, when you want to go. [52:25] JD: Okay. [52:26] Speaker F: There's no question. There was a moment in my life where I enjoyed the seltzers a lot. But now it's beer. 90% of the time. If those are my two options. [52:34] JD: Have you ever done a keg stand like that picture? [52:37] Speaker F: That's probably me. [52:38] Chad: That looks like Chad. [52:40] Speaker F: There's no bald spot there. But. [52:42] Justin: Justin, Seltzer. Beer, beer, beer. [52:45] Chad: For the record, the photo I Sent was of the smearing off isis. [52:50] Justin: I feel like that falls in the seltzer loose category. [52:56] Mark: Yeah. [52:56] Justin: Anyways, Mark, you're about to have the [53:00] JD: weekend of your life. You're gonna go golfing with your buddies. You're set up for like three golf courses. You're, you know, you're gonna hit up all these great restaurants, but no, sorry, no restaurants. You're golfing, staying at a pad. [53:12] Justin: And I can ship you your alcohol for the weekend. I mean, I'm talking hundreds of these things. Do you want hundreds of beers or hundreds of seltzers? [53:21] Speaker F: Beer. [53:23] Justin: Okay. [53:24] JD: All is right. [53:25] Speaker F: I don't. I don't believe Mark with that answer. If you're going to be on the golf course drinking all day long, you're totally going seltzers, Mark. [53:31] Chad Parks: No, you. [53:32] Mark: No, I'm not. [53:33] Speaker F: Yeah, you are. We'll see. [53:34] Chad Parks: We'll see on the next golf trip. [53:36] JD: I'm just glad all is right with the world. I felt like seltzers were taking over the world. [53:41] Justin: Chat bar champion going to you first, Ryan's little brother. [53:47] JD: Your vote for chat bar is whom? [53:50] Speaker F: It was overlooked. I mean, he had a good night in general, but there's one specific comment about how our industry tends to circle back on itself over and over. And I'm going Grant's. Grant's comment in there. [54:02] JD: And they're in the hunts. They're in the hunts. I shouldn't say they. Well, Hackler is in the hunt for the mug. Justin, you're pick for chapter champion. [54:11] Chad: I am torn. I'm hoping whichever one I don't pick, someone else votes. But Michael Kushner got me good with the mom meatloaf comment when Chad was talking to the UPS people behind him. [54:23] JD: Okay, Kush is into the semis. Rogue guy, [54:32] Mark: Tony Davis. [54:35] Justin: Okay, that's. [54:36] JD: I was gonna go Tony Davis as well. I felt like he was super active, frequent. He caught our guests attention quite a bit. That's always says something good. And the final vote into the finals [54:47] Justin: is for you, Mr. Ubiquity. [54:49] JD: Who's it gonna be? [54:51] Chad Parks: Well, I'm just kind of scrolling through here. I don't know. [54:54] Justin: Well, it's tough. [54:55] Chad Parks: Cause you're. [54:55] Justin: You're probably half hammered right now, too, so. [54:58] Speaker F: Oh, no, no, no. [54:59] Chad Parks: I think Daniela. [55:01] Speaker F: For me? Yeah. [55:01] Chad Parks: Okay. [55:02] Justin: Daniella. [55:04] Chad Parks: Gangster. [55:05] JD: Daniela from the. Can I say smart? Smart's not an acronym, is it? No. [55:11] Justin: By the way, Daniela, here we go. [55:13] Mark: We really got called out for that one. People were not happy and. Come on, people. We know this stuff. [55:18] Chad Parks: We know what acronyms are not. [55:20] Justin: All right, vote away people. [55:21] JD: Vote away. Chap. [55:24] Justin: Our champion of tonight's show. [55:28] Speaker F: I did know. [55:29] Chad Parks: You didn't. [55:30] Mark: I looked it up but then I knew exactly. [55:33] Speaker F: Whenever Mark rubs like this, you know he's lying. [55:35] Chad: Yeah, totally paused too. Got real quiet. [55:39] JD: He's like. [55:40] Speaker F: Someone called Daniela. [55:42] Mark: I double checked. I double checked to make sure I was right and I saw Daniela say it's not acronym. [55:46] Justin: I'm like, yes, someone's. By the way, we are getting very close to someone getting all four mugs and winning this competition and getting the fifth mug. The winner tonight is Daniel. [55:58] JD: What? [55:58] Chad: I thought Hacker had them all or he's just won five times. Okay, gotcha Hackler. [56:02] JD: You have all you have. [56:03] Chad: Yeah, he says he's got him. He's got. He's got them all. [56:07] Justin: I can cross check that. Daniela Moiseseff, you are the winner tonight, champ. Our champion. Let me know what mug you would like. [56:16] JD: A chat. [56:16] Justin: It sounded like you need a jd but confirm that in the, in the deal. Which one you want? A Chad of Mark and Justin or JD Everybody. Next week we are going to be live in Nashville at the American Trust Conference. Our show goes on at 4:15 Nashville time. [56:38] JD: Where are your notes JD? [56:40] Justin: Our special. I believe that's 2:15 Pacific time. [56:44] Speaker F: Yes. [56:45] Justin: 5:15 East coast time. Our guest will be the CEO of EdgeCo holdings slash American Trust, John Moody, the, you know the Matrix guy who built Matrix and sold it to Broadridge. Absolute industry stud. We are going to stream it. We think we're going to try. That's the plan. We have a backup plan if this in the stream might be low quality. [57:15] JD: We don't know. [57:15] Justin: Like take it easy on Brandon. He's got a lot on his plate to do that show. We also have a backup where we may stream live to tape at our regular 4:30 Pacific Time. So you can also plan on showing up. [57:30] Mark: I'm sorry what? [57:32] Justin: You can plan on showing up at 4:30. I'll describe it for you, Mark. Yeah, we will film the show. Brandon will be recording it if the stream, you know, maybe didn't work or maybe we'll do both and he will run up to his hotel room, get those files put together, produced and pump them out at 4:30 for everyone to watch. [57:53] Speaker F: Yeah, that is a lot. [57:54] Mark: So like, like Jim just said in the chat double. I thought you were saying we were going to do another one. [57:59] Justin: Mark's. Mark's worried about his, his evening time in Nashville [58:05] Mark: fly out at like 6:30 the next morning. [58:07] Chad: We're not going to bed? [58:08] Mark: No. [58:08] Justin: There's so many ways. So, yes, we are hoping to come to you next week. [58:14] JD: We've managed to pull it off from [58:15] Justin: Chicago, Arizona, other places. [58:17] JD: So, you know, I feel like it's [58:19] Justin: gonna work, but just bear with us and tune in. So I'll put some stuff out on LinkedIn as we get closer to it. [58:25] JD: And so, yeah, that's what's happening next week, everybody. I wanted to fill you in on that. And thanks for coming. Thanks for watching. We appreciate it. Chad Parks. [58:37] Justin: We are about to play some music [58:39] JD: and head into an after show if [58:42] Justin: you'd like to join us. There's no more acro sins, so you [58:45] JD: don't have to worry about. [58:46] Justin: You know, you can. And we'd love to have you there so we can dig a little deeper into some of these subjects. [58:53] Chad Parks: But. [58:53] Justin: But, Chad, thank you so much for coming here representing ubiquity, sharing a lot of kind of intimate details about the last 20 years. [59:02] Chad Parks: We have. [59:02] Justin: Appreciate that. And. And thanks for not wearing that jacket that's up there in the thing. Like that would have been attraction. [59:10] Chad Parks: Thank you, you guys. Thank you for bringing the attention you are to this space in such an irreverent way, making it real, getting rid of the acronyms we do. We struggle with that in our company every day. But really, pleasure to be here. Thanks for letting me be myself. And Moody is a fantastic guy. He's one of the reasons I am successful, because he saw early on what I was trying to do and helped us a lot in our early days of being a great custodial partner. So do thank him for me when you see him next week. [59:39] JD: Awesome. Okay, maybe we can get a little some insights from you in the after show. [59:42] Chad Parks: Okay, Wait, no. [59:43] JD: Thanks, everyone. [59:44] Chad Parks: Spend that time in Colorado. [59:46] JD: Brandon, play some music and play it for a little while because I gotta go to the bathroom. [59:51] Speaker F: I'm leaving. See y'. All. [59:53] Mark: See you guys. [59:54] Speaker F: Thank you, Jenner.