State Plans, TPA Evolution & Succession Planning

[0:00] Speaker A: That you just said an acronym and it's already past 4:30. [0:02] Chad: So Mark, can you tell me like what's your approved time duration for headlines? Like when they go past a certain thing? When do you get upset? [0:12] Justin: Excuse me, I really don't care. I don't care what you think. [0:47] Chad: Hey, welcome everybody. Welcome to the show. It's a beautiful sunny Thursday in Southern California, minus the fires in Laguna Niguel. I just forgot about those. And I'm excited to drink some fucking vodka, drink some beer, talk some 401k chipper, chipper, chipper on up, chat into a really positive mood. We're all going to do that for him tonight. And yeah, let's have a good one. Let's make it a good one before we head off to Austin, boys. [1:20] Justin: Justin, we got a guest. [1:23] Chad: I honestly this is a big time person. I'm not so sure if you're aware of this, but a literal living legend slash icon of our industry. [1:37] Justin: So don't fuck it up. [1:41] JD: Jinx, you owe me a coke. Well as JD just said, we've got another legend in our midst tonight folks. She's been in this jam since before three out of the four of us retire hawks were ever born and and as I just learned in the pre show she used to hang with the very founder of PDC, Mr. Obi Wan Kenobi. Normally we make fun of people who can't shut up about how many books they've written. Pardon me, but not today. Not that it takes much to impress a simple mind like mine, but she's written a freaking textbook. And not just any textbook. The plan Financial Consulting Part one Course of the American Society and Pension Professionals and Actuaries Qualified Plan Financial Consultant Credentialing Program. So yeah, she's kind of a big deal. [2:21] Speaker A: Wow, can you say that again? [2:23] Sarah Simoneau: Yep. [2:24] JD: The American Society of Pension Professionals. [2:26] Mark: Many leather bound books and my apartment smells of rich mahogany. [2:34] JD: She's the former president of the American Society of Pension Professionals and Actuaries. Former partner in shit JWT Associates which she ended up selling for lots and lots of ebitda. And now she's a fearless leader of Seminole Consulting Services. Ladies and gentlemen, Ms. Sarah Simoneau. [2:56] Speaker A: Brandon, send me the buttons that they're not working. [3:00] Justin: And Justin, you owe four for your [3:04] Chad: intro for Acro sins. [3:07] Justin: I guess I'm going to explain the game first so Sarah doesn't get any trouble. And then Sarah, I'd like you to [3:16] Chad: enter into the show. Bless us with a brief personal story that you'd like to share. I know I like to do that. [3:22] Justin: But before you do, we are playing acrosyn. [3:25] Chad: So if there are any acronyms in [3:27] Justin: your brief personal story, be careful. Please proceed. Tell us this story. [3:35] Sarah Simoneau: When I was just coming out of college, I went to ucla. Actually grew up in San Diego, far from JD and oh yeah, it was, man, you look at the. Somebody was mentioning the Post. I love the Post. I read the New York Post because I want to just know what the zeitgeist is. Today. They're talking crypto craziness. And I was thinking, man, back when I was 21, 22 coming out of school, it was terrible. The economy was 18% interest, 10% unemployment. Nobody's getting jobs. And I go home and I graduate. And my parents, like good parents of that generation, basically said, you're done. You're off the payroll. Go figure your shit out. And I went, okay, fine. How old? [4:16] Chad: How old when you're off the payroll? [4:18] Sarah Simoneau: 22. So I was talking to my dad [4:22] Justin: living in a van down by the river, [4:28] Sarah Simoneau: and I go, dad, you know what I mean to do? Like, the sky is falling. This is horrible. There's no jobs. And he's like, let me tell you two things. Number one, there are always jobs for people who are willing to put their butt in the chair and do the work. Number two, there are always jobs for people who are people person. You know, you go out, you talk to people, work on your relationship skills, put your butt in the chair and everything else. [4:55] Speaker A: Those people are the worst. [4:58] Sarah Simoneau: He's my dad, you know, what are you gonna do? So he goes out and he says, go to the career center. Find a job. So I get this like 3 by 5 index card back in the day where there was. Indeed. And all the rest of it. [5:09] Justin: You did say this was a brief personal story, right? [5:13] Sarah Simoneau: Okay, According to B, he's not freaking out for 10 minutes. It's 6:37 my time, so I can continue on. [5:21] Justin: Continue on, please. [5:23] Sarah Simoneau: So anyway, I get the card. It's like this thing about employee benefits or ERISA or some shit. I'm like, okay, fine, I'll do this. And the first day of the job, I go in there and she says, my boss. All right, so what I want you to do, I want you to file all this stuff because it's on paper. She has me a big thick stack of essentially what were plan documents. And back in those days, they were all DB plan documents. So I get the plan documents. I go, what do I do with this to learn the business. She goes, read everything you file. So I'M reading freaking plan documents. And that's how I learned the business. Because in those days, she didn't. Somebody training you? Right, Right. That was. That was my introduction to the business. Loved it. And oh, man, I don't even know what the acro sense is. [6:06] Justin: Yeah, you. You owe three. [6:07] Chad: You owe three. [6:09] Sarah Simoneau: Totally wasted by the end. So, you know, this is how I started. And the great thing was my dad, when he was. Fortunately, we lost him. Unfortunately, we lost him during COVID and he basically told me that same story. He said, I told you you were going to be fine. You're fine. I'm good. I've had a great life. I'm ready to kind of exit stage left. But it's been a great ride. And I love that he was the one that got me in the business, stayed in it. Love working with all you guys. And my big pet peeve, and I won't say this because I hate this, everybody says they work for that three letter acronym. [6:49] Speaker A: What? [6:50] Sarah Simoneau: It means nothing. It's stupid. Nobody's third in anything. Every firm should change their name to be employee benefit consultants. I went on your website, nowhere does it say that three letter acronym that I could see, which is great. [7:02] Justin: We'll debate this in a little bit. [7:04] Chad: I'm going to dig deeper into that one with you. I like that. We'll use that as one of our topics today. [7:11] Justin: Well, we are all very fortunate that [7:15] Chad: you decided to stay in the retirement plan business, Sarah. I can't tell you how many people reached out to me, excited that you [7:24] Justin: were going to be on this show [7:26] Chad: and also shared with me, mind you, [7:29] Justin: personal stories about how you were a champion of theirs and had inspired them. So again, you are a true living legend, freaking 400k icon. And we're psyched to get into it. We're going to play some games. You've already figured out one game that you apparently suck at. It's called acro Sin. If you say any acronyms or initialisms [7:52] Chad: during this show, you have to drink from your penalty drink, which I believe [7:56] Justin: is some gin and tonic or. [7:59] Sarah Simoneau: Yeah, so this is my gin and tonic and I'm doing a little commercial for gin Mare. This is my Mediterranean gin that my friend gives me and I love it. So I've got three drinks from my beautiful gin and tonic, which is a double, by the way. [8:13] Chad: Perfect. [8:13] Justin: Perfect. [8:14] Mark: Like it. [8:16] Chad: We will also be playing chat bar champion. So if you keep your eye on that chat bar, you are going to vote for someone at the end of the show to put them into the finals. And then everyone out there in the audience is going to vote for the winner. [8:28] Justin: And then I've got a new and exciting game today, everybody. I'm so excited for. [8:37] Chad: Oh, my. [8:38] Justin: Oh, my God. Hold on to your horses. We got something special for you today. [8:44] Speaker A: Yeah, I doubt that, [8:48] Chad: but I'd also like to start with a little beer of the episode. I'm drinking Guinness out of a can, and I actually really, really do like this beer. In the past, people have said, no, jd, he likes the lagers. He likes the light stuff, the Coors lights. This is true. I may not like a stout or a porter, but somehow I love Guinness. And in these little cool cans, when you open them, there's an explosion of air and stuff. And did you know in every can there's a little treat, a little surprise in the bottom of the can. [9:21] Justin: Oh, gumball. [9:22] Mark: Do you eat it? [9:23] Justin: Do you know what these are? Do you know what these are and what they're for? [9:26] Speaker A: Yeah, truffle. [9:26] JD: Yeah. [9:27] Sarah Simoneau: They're the foam. The Guinness foam. Right. Isn't that what the deal is? [9:31] Justin: No, no, no. [9:35] Mark: Is it a golf ball and the bubbles actually lower in it? It's part of the way they infuse the beer. It's got nitro in it. [9:43] Justin: Not true. [9:44] Mark: Nitro. [9:44] Speaker A: It's where. It's where they hide the drugs. [9:46] Justin: I reached out to Guinness, and it's actually Irish people, when they finish their beer, they put this ball in their pocket, and then they know throughout the middle of the day how many beers they've had. And so if they've had 5, 7, 10 beer, you know, by the amount of little balls that you have. [10:04] JD: I'm sorry, that sounds. I'm checking that out. I'm sorry. [10:08] Speaker A: You reached out to Guinness. [10:10] JD: Okay. [10:11] Speaker A: Yeah. That's where the lie started. [10:13] Justin: Let's go to headlines. Let's go to headlines. [10:15] Mark: Sherry did ask how many dollars in your pocket right now. [10:22] Chad: Total. [10:23] Justin: What did Sherry ask? [10:27] Mark: Wow. [10:27] Speaker A: No, no, no. [10:29] Justin: Everyone talking over each other so much [10:31] JD: during the candy, proxy brewers add pressurized nitrogen to the brew, which trickles into the hole. A little bit of beer. [10:38] Speaker A: Stop being so serious. [10:40] Justin: Not true. Not true. [10:41] JD: It's to keep count of the amount [10:43] Justin: of beers that you've had. [10:44] JD: Quality show that our viewers expect truth and I don't know what else. [10:49] Justin: For how many balls are in your pocket. [10:53] Chad: Sherry, [10:55] Justin: state run plans again. Well, there's. There's new headlines. We got a couple new states that [11:02] Chad: are getting into the action. They're joining the gang. [11:06] Justin: Let's see the first one I believe goes by the moniker the Flyover State. I mean the show Me State. The Show Me State. Chad, Missouri is dipping their toe into [11:21] Chad: the state run planning thing. Are you excited, buddy? [11:25] Mark: I am, I am. I've been talking about it to everybody. Jd, have you ready? [11:31] Justin: Very cool, very cool. I'd like to actually focus on another one and then I want to get Sarah's opinion here. Hawaii, the Aloha State, one of my favorites is looking at getting into this state run plan. [11:46] Chad: But what's unique about them that we haven't seen from anyone else? And I want to ask you, Sarah, [11:51] Justin: if you think this is good or bad. They are not going to auto enroll. [11:56] Chad: They're going to make everyone opt in. So the participants must opt in. Now there's one also caveat. All the surfers in all the islands, Maui, Kauai and Oahu, if you're a surfer you have and you choose to [12:10] Justin: opt in, they will put you into a target date fund because they know you're too stupid to run your own investment. But Sarah, what do you think about Hawaii going with the no auto enroll in the opt in strategy. [12:22] Sarah Simoneau: Talk about going against everything we know. That's absurd, right? [12:26] Justin: Weird, huh? [12:27] Sarah Simoneau: You got people who don't have a plan or you've got low wage employees who don't see how they can get in a plan and you're making them do something that, that is like a recipe for disaster. It almost sounds like they're, they're kind of, they want to be part of the cool kids group, but they don't want to quite commit. Right? That's the. [12:44] Justin: Tell us how you really feel, Sarah. [12:46] Sarah Simoneau: Well, that's, you know, you're going to get that. But here's the thing. Let me ask you guys a question because my thing with state run plan, I'm selling plans, I'm selling against those. I'm going to say, look, why would you go with a plan with the state of California when I can have a plan with JD with my own thing, you know, better, faster, cheaper, way more interesting than something that the state provides. I think it's a fantastic opportunity. Anytime it shows up, I'd be out there as an advisor, as an employee benefits firm. [13:17] Mark: It doesn't, at this point, Sarah, it doesn't even, it doesn't even need to show up. It is a conversation, which is why I say I'm talking about it with advisors in Missouri. It's, hey, there's 10 states, there's four more looking at it. There has to be some government Oversight before we have completely different state run plans everywhere. You need to be thinking about this. It's going to happen here. So even in the states that aren't implementing anything, you need to be selling with slash against it right now 100% [13:45] Sarah Simoneau: and eventually they're going to have to step in because ERISA is a great law. It's a great law. It protects participants, it protects beneficiaries. It's what it does. Oh, damn. Okay, Glad made this a double. [13:59] Justin: Remember, you can always finish your thoughts. [14:01] Sarah Simoneau: Okay, so the deal is that we can't have a patchwork system and it eventually will get up to Congress. What I would like to see, if I take it one step further and maybe you guys know this in California, how are they covering the marijuana businesses? Do they get to be in the state plan and not have an ERISA plan? I mean, what's, what's going on with those people? [14:21] Justin: That's fun. [14:21] Chad: I don't know. That's a great question. We need to dig into. [14:25] Sarah Simoneau: We do. And I think you know, so I would love to see. [14:27] Chad: I tell you, I gotta plead ignorance on this thing. [14:31] Sarah Simoneau: I would love to see Congress get in and say, okay, we're not only gonna make sure that all the state plans are covered by that national law, but we're also going to at the same time allow cannabis businesses, if it's allowed in the state to have a retirement plan. How can we have all these people working in a business and they can't have health care, they can't have retirement? [14:52] Mark: Many of them do have plans, no problem at all. [14:55] Sarah Simoneau: How do they do the plans? [14:56] Justin: Can't talk about weed without bringing Spicoli into it. Sorry, Chad, go ahead. [15:01] Mark: Justin, did you want to add. [15:03] JD: No, I said there are ways to do it. There are a few record keepers that actually will take those on, but I was some. Someone said something that cannabis is not allowed in state plans. But I started thinking it's governed by the state, it's not federal. So why can't. [15:16] Sarah Simoneau: If you can have a plan right at the state level with your cannabis, [15:22] JD: that's why the state level. But I'm saying for a state run plan, can cannabis be in the state run plans? [15:28] Sarah Simoneau: I. Great question. Don't know. [15:30] Chad: Oh, well, that's. We're going a little too far with that right now, like. [15:33] Justin: But I think that, I think that there are big businesses in California I know for sure that have many, many, many employees. And I'm interested in Sarah's question of [15:46] Chad: what does Cal Savers. How does Calsavers look at those companies in terms of the, the deadlines that have been in front of them. I'll follow up on that. That's, that's an interesting one. [15:56] Sarah Simoneau: The ones that I've seen that are actually, they have Erisa. [16:02] JD: That was not a check swing out. [16:05] Speaker A: There's actually. You owe one from earlier too. I wasn't, you know, but I just [16:09] Mark: saying [16:11] Sarah Simoneau: they have these plans because. And I this, I, I talked to actually a Colorado attorney about this and he said it's really risky. They, they classify them as agricultural and they don't basically talk about what they're really doing. And I think that's hugely risky. [16:27] Mark: I'm not willing to just in full transparency. Most cannabis businesses at this stage have plans. Almost everyone we've talked with and are talking to, they're siloing the distribution from the growth and they're putting all the employees on the distribution side and they're saying now dealing with matching and deductibility, that is difficult. Offering a plan and allowing employees to save and deciding to put money into the plan for them even though they may not be able to deduct. It is happening and it's happening all the way around. And there are a vast majority of record keepers doing it now. [17:04] Justin: I love the sensor. The sense of. [17:06] Chad: I get it, I get it. Federal law trump state law and everything you're saying is accurate. And I could definitely see how a California cannabis company could go to Cal Savers and say fuck you, I can't have a plan because, you know, I'm not allowed to because of the federal rules. However, to Chad's point and to lots [17:26] Justin: of other like really smart attorneys that are working in that space, there are [17:31] Chad: a shit ton of cannabis Companies that have 401k plans in current day. And so, and whether or not you think that's right or not right is still up for debate. [17:41] Justin: And until, until racist. [17:44] Mark: Not every plan is associated with the growth. That's the issue with, with, with, with having a program set up. [17:51] Justin: No, they get kicked out. The sense of they could get kicked [17:54] Chad: out when found by record keepers that didn't want them there in the first place and their sales consultants tried to slide them in the back door. [18:00] Justin: There are other vendors that will allow [18:02] Chad: them and are cognizant of them coming on board into the company. [18:06] Justin: But anyways, I didn't want to talk about weed today. [18:10] Sarah Simoneau: All right, how many. What am I up to? Who's keeping track of the drinks? [18:13] Justin: Oh, you're. We're keeping track. You're in the lead. Don't worry, you got a nice solid lead. [18:16] Speaker A: We're not, well, we're not counting Justin's [18:18] Mark: from earlier, [18:20] Speaker A: you guys know. But you're not on the board because I don't, I don't have button control. [18:24] Justin: So you guys were. We're really at risk of pissing off robe guy right now and taking these headlines way too long. I'd like to go to an advisor reached out to me today and shared an email from Fidelity to them and gave me this, this quote in the email they said, I got an email, excuse me, where is the cry laughing emoji? [18:47] Chad: They said when I need it. [18:49] Justin: Good luck to my third party administrator [18:51] Chad: friends that choose to test this out with Fidelity. [18:55] Justin: The advisor side has already been burned bad enough by these guys. Chad to you. [19:02] Chad: Oh man, it's getting dangerous over here. [19:06] Justin: Fidelity, big brand, wants to work with third party administrators. Are you jumping into this pool or are you sitting on the side and [19:14] Chad: watching like what's going to go down 100%? [19:17] Mark: I'd be in. But we need to make sure that they're going to play friendly. We've, we have plans with Fidelity. [19:22] Speaker A: Chad just wants that crypto [19:26] Justin: in the player Mark. [19:28] Mark: No [19:30] Justin: idea. [19:31] Mark: Evaluated this in the past. The biggest issue in trying to work with Fidelity was they were forcing us to use their documents. And obviously the document not only dictates the provisions but it dictates how the testing is done. And we weren't comfortable doing so. And they would not give you a workaround. They wouldn't allow you to use your own document. If that's still the way, then we're still not working with them. And they've tried a number of times over the years to say come on, let's start doing business. We haven't gotten there. So let's see if they switched their ways here. [20:00] Justin: It clearly is not going to be the way. If you look at the piece and you go to their website, they have [20:06] Chad: laid out a plan to basically join [20:10] Justin: the commonplace world of record keepers. Working with TPAs. They're going to have a, the second one's a check swing. They're going to have a third party administrator council. They're working on the whole technology of the interface. They're working on, you know, giving t third party administrator revenue share if you earn it in whatever way. So anyways, they're looking to build an actual product. And you know, I've talked a lot [20:40] Chad: of shit about Fidelity over the years. I still feel like they have the biggest brand recognition amongst employers. [20:51] Justin: Also Known as decision makers and call me a salesperson, but if I can leverage that Fidelity brand and my advisor [21:00] Chad: partner can leverage it and we can sell some business, I'm kind of thinking, I'm with Chad on this one. You okay with it? [21:07] Sarah Simoneau: Mark, you're the 800 pound gorilla. Look at their assets. Look at how much. There's nobody close, you know, Van Gogh, you know, sort of behind them, but they, they have trillions in assets. So they, yeah, they can dictate the terms. That's the challenge we've always had. Right. And look, they, they, you know, think about, go back to Fidelity Magellan, you know, that fund, I mean that was like the fund. And they, they basically rode that and did a great job. And you know, Vanguard was kind of, we're going to be in the background, not advertising, not doing our thing, which is fine. But they, they earned that reputation in a way. They came out fighting and said, this is what we're going to do. We're going to be mutual funds and we're going to be the guys that take care of business for people. [21:51] Justin: So now, you know, what this advisor [21:53] Chad: is warning us against though is that Fidelity always tries to play on both sides of the street. You know, they cut out the advisor in the past. They've got no shame in selling directly to the client. And so their concern is that if third party administrators get the game because fuck them. [22:13] Speaker A: That's why [22:16] Justin: they feel like the same thing's gonna happen to us. And I'm, and we've run into those [22:21] Chad: problems with other vendors. So I'm sure that's part of Chad's concern. [22:23] JD: Yeah, [22:25] Sarah Simoneau: I mean, you guys know this, right? From coaching your business. When it gets big, you know, it gets 10, 20, 30 million in assets and they want that for themselves. Right? It's really hard. [22:38] Mark: The nice thing is if we're, if we're trying to play it, if I'm trying to compare the two. Advisors tend to be compensated on asset level. Third party administrators do not. We might have a little rev share, we might not, but it's minimal. So in terms of poaching the tpa. [22:55] Sarah Simoneau: Damn. [22:56] Mark: Nobody wants it. Nobody wants the compliance side. They just do it to get the assets. If they already got the assets, I'm not worried about them. [23:03] Chad: Great point, John. [23:04] Sarah Simoneau: Yeah, they. So wait, wait, wait. Can we, like, when are we going to have the tpa? Tpa? [23:09] Justin: We're coming. We're coming. We're getting to it. That's, we're claiming. That was a. You swung. Sorry. Across the Plate went across the plate. Let's get to our last headline of the day. And I asked Brandon whether I should share this. He gave me the thumbs up. There is a new conference going down. Nay, nay, nay, J.D. [23:30] Chad: don't call it a conference. It's a festival, people. It's a festival. [23:37] Justin: It's going down in Huntington Beach. And instead of me describing it, I'm going to let Brandon play a video from downtown. [23:45] Chad: Josh Brown of the Compound fame, and [23:49] Justin: he's going to tell you about it. [23:49] Chad: Go ahead, Brannon. [23:50] Speaker G: I'm announcing the Future Proof festival taking place September 11th through 14th in Huntington Beach, California. It's going to be bananas. Listen to this. Launching with 25 major sponsors, probably going to attract something like 3,000 plus attendees. Already booked out the four hotels in Huntington Beach. We're working with the city. We're going to put the stages on the beach itself. Outside there's going to be a half mile boardwalk filled with attractions, stages, people explaining things to each other. You know, conference stuff. But outside, it's going to be a festival, not a conference. I hope to see you there. I hope you're registered. This is about finding our place in the future of finance. You work for an asset management Firm, FinTech company, ETF company, RIA broker, dealer. How could you not be there? It's inexcusable. All right, that's it. Click the link below, make sure you sign up, and we'd love to see you at Future Proof one year from now. [24:49] JD: Is Billy McFarlane behind? [24:51] Speaker G: Is that less than a minute? All right, what are we going to call? [24:55] Sarah Simoneau: Let's. I mean, this is going to be grilled cheese sandwiches with freaking tents collapsing on the beach. [24:58] Justin: Oh, you're such a pessimist. [25:03] JD: It's total Fire Festival, man. [25:04] Speaker A: Come on. [25:05] Justin: Festival. [25:06] JD: It totally is. [25:08] Mark: I hope everyone. [25:11] Justin: Oh, you guys are so negative. I've really worn off on you in a bad way. I did hear him say probably 3,000 attendees, but that was a while ago. And hey, I mean, you got to be serious if you're going to book [25:26] Chad: stages on the beach. [25:29] Justin: I mean, Huntington beach ain't just going to. Ain't going to just let you do that, so. And we've looked at the list of sponsors. [25:35] Chad: They got Fidelity and Franklin Templeton and all these kind of things, so. [25:39] Justin: Here, let me go. This is going to be really odd for everyone tuning in. I'm going to take the positive side [25:44] Chad: of this, not the negative side. I was excited about this. Finally, someone's trying to reinvent what a financial services conference. Looks like. I've heard a lot of conferences out there, no offense, say that they're different [25:59] Justin: and try to do things differently, but [26:02] Chad: they kind of just do little bits of things and not really big things and. No, getting Flow Writer to come to [26:08] Justin: your conference and perform on stage is not making it different. You're not doing that. I think this one's actually attempting to do something like that and it'll be fun to watch it play out for everyone's. [26:21] Chad: For the specific. [26:26] Justin: For the specifics here. This is more of a financial plan or wealth management attendee group right now and not. [26:33] Chad: Not really 401k specific, but. [26:35] Justin: But I still thought something interesting for [26:37] Chad: us to look at. [26:38] Sarah Simoneau: Okay. [26:38] JD: Are you trying to get the retireholics on stage? [26:41] Sarah Simoneau: Yeah, we're going to be reaching out. You would fit into this vibe amazingly, and good for you. I would encourage you to do it. Here's the deal. And maybe because I'm old and maybe this is, like, marketed to Gen X and millennials and they think it's cool. Do I really want to put my money with a company or a wealth manager who's partying on Huntington beach with, you know. [27:02] Chad: Yeah, let it ride. [27:04] Sarah Simoneau: All right, y'. All. [27:05] Mark: I don't understand what the difference is in terms of the partying on Huntington beach versus flow rider in Florida. And people see those down, hammered, you know, stand up, watching. [27:16] Sarah Simoneau: I mean, what was the deal, guys? This is social media age. [27:19] Chad: No, to me, I feel like the. The possibility here is, you know, a different kind of conference that, yeah, starts to change the brand. [27:28] Justin: And by the way, these guys, the guy that was talking to you downtown, Josh Brown, the podcast, they do, a lot of financial planners out there are really pushing the brand of what used to be a financial services person and [27:41] Chad: kind of taking it into this new. [27:43] Justin: This new world. [27:44] Chad: And I respect them for it. [27:45] Justin: I mean, says the guy who does [27:47] Chad: a beer drinking show on 401. But I do. [27:50] Justin: And you say, do you want to. Sarah, you say, do you want to put your money with someone like that? [27:55] Chad: I think there's a lot of people out there that do want to put their money with someone who's more modern, more on the cutting edge, less Wall street, less country club, less Mercedes Benz and fine bottle of wine and more kind of down to earth. And I think this type of new branding and this change helps that, but that's my hope and dream. [28:17] Justin: It could be grilled cheese sandwiches for [28:18] Chad: all I fucking know. I don't know. [28:20] Justin: We'll see. We'll see. Okay, let's we'll get into some other subject. Mark, are we cool to leave headlines? Are you okay with that for now? Yeah. [28:33] Speaker A: No, I'm not Cool. [28:34] Justin: Cool beans. Let's spin the wheel of ice, everyone, and hope it lands on robe guy. [28:46] Speaker A: It hasn't for a while, guys. [28:47] Mark: Just saying. [28:48] Speaker A: It has. [28:48] Mark: Not for a while. [28:53] Justin: Oh, cheer you up, buddy. Oh, cheer you up. [28:56] Mark: That might have been rigged. [29:00] Speaker A: Rigged wheel. Rigged wheel. [29:02] Justin: Lame. [29:02] Mark: Lame. [29:03] JD: You've been going on a run lately, haven't you, Sarah? [29:06] Justin: The topic we're getting into now is the evolution of third party administrators. [29:12] Speaker A: Great job, Chad. [29:13] Justin: Sarah, my dad, Paul Carlson, Obi Wan Kenobi. Founded our firm and 1975 [29:25] JD: or something. [29:26] Justin: Brandon's not so sure that counts. We'll wait for the judges. Chat bar shouldn't. Found it in 1975. I asked you. You've got your finger on the pulse of third party administrators. [29:39] Speaker A: Sorry, I'm not that much of a nerd. [29:42] Chad: Do you have any concerns, Sarah, that third party administrators are getting a little long in the tooth? [29:50] Sarah Simoneau: So there's so many things. First of all, can we just stop y'. All. If there's one thing I want to do here, everywhere, administrators stop doing it. I'm getting rid of that term. It's stupid. So employee benefit consultants. Right. Which is what you all are. And you're incredibly valuable. Yeah, there's a. There's, there's like a barbell thing going on. Right. There's a bunch of old guys and gals, you know, who've done this for a million years. They want to die at their desk. Good for them. Right. They love what they do. Those are those lot of roll ups we saw in the last like three years. Right. Of those firms where that has slowed considerably. I don't know if we'll see as much of those as we used to. [30:30] Chad: Has it slowed because they already nabbed up the good ones and there's only little scraps left or. [30:35] Sarah Simoneau: Good question. Two reasons. One is they've nabbed up the really profitable ones. But also they've nabbed the ones that are left are kind of small and mom and pop, but they're still really good businesses. It's because of the bigger financial stuff at play. The interest rates rising, people needing their money. PE will, man. [30:54] Chad: It's not such a friendly acquisition environment anymore, is it? [30:58] Sarah Simoneau: No. And the multiples are going down. And so people are pissed because I want these. I want two times revenue and watch out, disruptors. [31:06] Chad: Sorry, Go on happening. [31:07] Sarah Simoneau: Right. So I think that, you know, now you've got what I love to see. And I consider you young. But you know, I, I remember your dad. So the, the kids taking over. Barbell effect, right. So you get the young people coming in, taking over, doing new stuff, which I think is amazing. I was told in 1986 when I had a firm that I should sell it and get out because it was a dying business in 1986 because of TR80 and all the changes. [31:35] Speaker A: Because of what it was a time. [31:40] Justin: Your haircuts [31:43] Sarah Simoneau: are. Y'. All. You don't even tell me. I kind of like guess Anyway, so here's. Here we are 30 years later, it's still thriving. Again. Go back to my dad. If you're working hard, you're a good people person and you're providing a great service, you'll be around forever. So there's a lot of doom and gloom. The business is going to die. [32:04] Chad: People tell that to the taxi worker or whatever, you know, but not necessarily true. [32:09] Sarah Simoneau: But it's, you know, I think we're going to have. The business is going to survive. A lot of the stuff that's going on. The risk of course is technology. If Warren Buffett, Google, Amazon, if they. Jeff Bezos decides to go, wow, this, this employee benefit thing is pretty cool. Let me go in there and try it. We could be in real trouble. However, they tried it with health. They tried it with health and they failed miserably. Go Google something called Haven, which was a Google, Amazon, Warren Buffett thing, trying to do health stuff, you know, make it disrupt the health industry. Totally failed. So I. [32:47] Chad: Do you see. [32:48] Justin: Sure. [32:48] Chad: You got someone like me taking over my father's company because I'm a broke surfer and I have no other options [32:55] Justin: in life and maybe there's a few other people like me, but are you [33:00] Chad: really seeing a new generation of third party administrator entrepreneurs or are we going to see a lot of those scrappy firms that. Not scrappy, those smaller scrap firms that didn't get picked up in acquisitions kind of die on the vine with the lack of succession plans and this and that. [33:21] Sarah Simoneau: Yeah, I mean the lack of succession plans is their biggest thing and they really either have to. There's three ways to change your business. Sell it or have your employees. Right. So I don't know. You know, I think they, they basically will. Their advisors like them and they can. You can have a really great business with 120 plans. It's fine. [33:43] Justin: Good point. [33:44] Sarah Simoneau: You can survive that for a long time. So I don't going anywhere. I think the firms, the ones in the middle are the ones that are really struggling, right? The ones that are really big, they're adjusting, investing in technology, investing in structure and people. The ones that are really small are going to be fine. It's the middle ones that are at risk, right? You either have to. It's grow or die. And that, hate to quote re crashed because that was one of my favorite things by the way. Watch it. It's amazing. But the whole grower thing is not untrue. Your business is pretty unstable when it's in that kind of middle section. So either. And I have a guy that I work with who's an employee benefit consultant here in New Orleans and he said, you know what? I'm never going to be a thousand plans. Thousand plans is my sweet spot. The minute I hit a thousand plans, I mean they're going to raise my fees or I'm going to get rid of some ones. I like this, this, this level, right? Because this is what I can sustain. And I don't want to be 8,000 plans, but I don't want to be 500. I want to be. [34:42] Chad: Fair enough, fair enough. [34:44] Sarah Simoneau: I think that's. And if you're. If. [34:45] Justin: And by the way, I was waiting for the punchline. Is there a negative thing there? [34:48] Chad: I kind of like that strategy. [34:50] Sarah Simoneau: Tell you is he's a kid who took over the business. [34:52] Justin: So Mark, Chad, Justin, you guys can stop selling now. We'll just stay right at this like thousand level. Wait a second. There's no need for me to pay you guys anymore. [35:04] Mark: Like you could just say just fire Mark and Justin. We don't, we don't need production. [35:10] Justin: No, Greg, [35:13] Speaker A: I'm in. I'm in. [35:15] Sarah Simoneau: What are you going to do when you're 5,000 plants? [35:17] Justin: Just buy more Lambos. All right, let's move on to the next one. [35:26] Mark: Let me just say real quick that I disagree. I disagree. I don't think technology is going to be what hurts the third party administrator community. I don't think it is going to be disruptors getting into the space. I think what will happen or could happen to this industry, specifically the third party administrator side is if the record keeper stops seeing us as a distribution channel. We are essentially their salespeople in many ways and they're willing to spend money and revenue share and they're willing to spend time and they're willing to pay us and they like us being in the industry. The moment they start thinking of the admin as being a profit line and not a distribution channel, that's what's going to hurt the third party administrative community. [36:14] Sarah Simoneau: Do you realistically think they can think of it as a profit line and sustain the service? [36:19] Mark: No. Unless they start selling, which I'm sure we'll get into other ancillary levels of business where it's not just the 401k and the employee benefits give it away, [36:28] Justin: but that doesn't tackle the distribution side which you know, I agree with you, Chad. [36:33] Chad: And so we're actually going to get [36:35] Justin: into this after, in the second half of the show a little bit more about like what a better third party administrator might look like and what advisors [36:44] Chad: are looking for in a third party administrator. So we'll just put a pin on that for a second. [36:49] Justin: I think what everyone wants us to do is get back to a new segment we started a few weeks ago. It's called Drunk stock tips. And we're going to get insights that you can't get anywhere else. You know where to put your money, Tom. You know what to buy, what to sell. Well, everybody put on your black turtlenecks people, because the stock we're reviewing today is Steve Jobs. [37:16] Chad: Little baby Apple ticker AAPL current market cap at 2.4 trillion. [37:25] Justin: For a moment they were like north of 3 trillion. And we're the largest company in the world. But they've been since taken over again by the Saudi oil company in 2021. [37:36] Chad: Get this. Mark, I want you to factor these [37:38] Justin: things in as you start to give us some advice and wisdom on this. [37:41] Speaker A: This is not supposed to be advice just for me. This is everybody, okay? [37:45] Justin: Mostly you, mostly you. In 2021, their revenue was approximately $380 billion. [37:55] Chad: Of that, 152 billion was profitable. So they're cranking it like a 40% profit margin. [38:03] Justin: They had a pretty damn good Q1 for this year ending at the end of March. I would argue that that was. Yeah, okay, I'll drink for that. I would mind you that is their second quarter because their fiscal year end [38:17] Chad: September or something like that. [38:19] Speaker A: Don't act like you know what any [38:20] Justin: of that means, but they did have [38:24] Chad: a great traditional calendar year first quarter. [38:29] Justin: So before I get into the stock price, let me ask you guys this. Let me kick it your way. I'll go to you, Sarah. First global and US Market share. Samsung versus Apple. [38:42] Chad: Apple. [38:42] Justin: Let's start in the United States. [38:44] Sarah Simoneau: Apple in the, in the US it's Apple, but worldwide it's Samsung. [38:48] Justin: You fucking genius, you God damn you, United States. [38:53] Speaker A: United States. [38:54] Justin: Let's move on. You're 100% right. [38:57] Sarah Simoneau: This is why? We have a family debate. So I got two Androids and two Apples in my family and my kids of course are both Apple and they're like, mom, it's so uncool to have an Android because when I send an [39:10] Speaker A: imessage Android, Green bubbles, green bubble weirdos. Yeah. [39:16] Sarah Simoneau: Good video and good pictures and I'm like, you know, the rest of the world uses this. But because the United States got so sucked into the whole Apple world and I don't like the Apple cloud universe, I'm a Google person, so I'm not a fan. I know everybody else is here, but worldwide, the Android operating system and the Google operating systems are way bigger. I don't know how Apple's gonna ultimately survive. And by the way, catch me outside. How about that would die on the Hill because somebody saw this in the chat. [39:45] Speaker A: Dude, that chick is rich. Just so we know. [39:49] Sarah Simoneau: There she is. So ipod and flip phone. He goes, really all you need, right? What is this crap where you have like your phone and all the stuff in it? I could have way more music on my ipod. My flip phone battery would last for a week. That's the hill I'm dying on. And he's 30, so. [40:05] Justin: Well, I like that. But like you said in the U.S. [40:11] Chad: apple's got a their 56% market share over Samsung's 22%. [40:18] Justin: But you're totally right, globally they're more tied with Samsung kind of beating them out. And there's lots of other players that my brother talked me all about today that do well in other countries. But we're talking about Apple here today. And I am on an Apple Mac computer, Big guy here to my left is my Apple iPad. To my right is my Apple iPhone. Over here are my Apple earbud fuckers, whatever they're called. And I don't wear a watch, so I don't have that sucker on. [40:53] Chad: But you cannot ignore the cult of Apple and how people are obsessed with this company and will continue to purchase whatever comes out of their fucking mouth. [41:06] Justin: Justin, if a new iPhone comes out [41:08] Chad: this year, you're buying it, right? [41:10] Justin: You're a little Apple bitch. [41:12] Sarah Simoneau: Here's the deal. In five years, in five years, Apple will have lost considerable market share in the US and the NFL. This is my other prediction. NFL is National Football League. [41:26] Justin: Brandon, start hitting the button. [41:29] Speaker A: Fuck. Four times. [41:32] Sarah Simoneau: I'll drink all day to this. You look at them, they have viewership over time and now they're flat. [41:42] Justin: You've heard it here first. Sarah says, sell, sell, sell. Just real quickly for Any of the actual nerds out there? Let's see. In May of 2021, the stock got to a low at the time of $124 per share. It got to highs in December of [42:00] Chad: just shy of $180 per share. [42:03] Justin: As recent as March. And this is where the scary part. As recent as the end of March, it was almost 180. Like, almost 179. And it closed today at 142. That's a drop of 37 points, 20% in a very short period of time. Mark, people want to know. Netflix was up today. Mark, you're a God when it comes to, like, forecasting these things. Should I be buying Apple at 142 or not? [42:32] Speaker A: I think this is pretty simple, and I can answer it in. In just two words. Ted Lasso. [42:42] Sarah Simoneau: Okay, fair. [42:43] Justin: Yeah, that's a buy, people. That's a buy. That's a buy. [42:47] Mark: I mean. [42:47] Speaker A: I mean, do you want to be on his side? Do you want to be on his team? Do you all want to be friends with that guy? Then buy the stock price by the stock. Okay? It's simple. Just buy. [42:56] JD: Very, very different conversation. In October, Ted Lasso comes out, new phone comes out, shit's gonna go. [43:03] Sarah Simoneau: Ted Lasso, by the way, love recycled. [43:06] JD: Shit's gonna come out. [43:07] Sarah Simoneau: I should say rockstar show, but it was originally set up for only three seasons, so. [43:12] JD: Still is, I thought, right? [43:14] Sarah Simoneau: What? [43:15] JD: It still is, I thought. [43:16] Sarah Simoneau: I think so. And, well, they're gonna throw a shit ton of money at them, and then they're gonna want to do more. But think about all those seasons for the whole series, right? Like the Sopranos, like Breaking Bad. You can't just do three seasons and go, oh, yeah, I'm gonna do three more. I think those things have a shelf life, unless they can repeat. Name me one other show on Apple tv. That is. [43:37] JD: Apple TV is so. Oh, God, they have so many great shows. [43:40] Justin: They do. They have good shit. [43:41] Sarah Simoneau: Okay, like, okay, name me one. [43:44] Justin: Well, the new surfing world tours on there, make it or break it. It's phenomenal. [43:48] Sarah Simoneau: Why did I not know that? [43:50] JD: The morning show. [43:51] Sarah Simoneau: The morning show. [43:52] Justin: Morning show. [43:55] Sarah Simoneau: You know, look at the ratings on that. It's done. Okay. It's a great show. Love it. He crashed, I think, is a phenomenal show. That was the most I watched. [44:03] Chad: I watched Tef Ron Tefron on there. It's like a little spy Israel versus [44:09] Justin: Iran kind of thing. [44:10] Chad: It's pretty cool. [44:11] Sarah Simoneau: Yeah. I mean, those are. [44:13] Chad: Look, here's the Ted Lasso but the [44:16] Sarah Simoneau: streaming business, you all know this from Netflix. You're now in the content business, not just the delivery business. And that is a whole nother level of trying to sustain things. And I think Netflix went up because they announced that. [44:28] Speaker A: Hey, hey, Sarah. This is supposed to be drunk stock tips, not logical, well thought out answers. [44:41] Sarah Simoneau: Cultural shit. Because I'll talk that all day long. [44:43] Justin: I love this. Probably doesn't matter, but I do want to say that I am in love with the Apple tv. And I probably have to drink for that, huh? And because just the interface to me is so much superior. So we have Spectrum as our local cable. I watch YouTube, I watch major League Baseball, and I do it all now through the Apple tv because I just. I like the way it interfaces with me. But anyways, let's move. [45:12] JD: The interface is great, but I think. I think that's going to actually start taking a fall too, because all these smart TVs give you access to all the same shit. [45:23] Sarah Simoneau: And recently did the YouTube, the other stuff, and we have Android TVs and they're just as intuitive as the Apple TV. [45:31] Justin: Yeah, but it's not as cool. [45:33] Speaker A: It's not about being intuitive. [45:35] JD: It's always been so much cleaner, though. User Interface, the whole 9 yards. So much cleaner. [45:38] Justin: Why doesn't Apple come out with an electric car? Car like Elon can make that shit. Slap the Apple logo on it and all the idiots like Justin will buy that shit. [45:47] Speaker A: Like. [45:47] JD: Like it's crap that you don't. But no, they are coming out with a car. [45:52] Sarah Simoneau: Okay? You know, y' all realize if you're. Look at what's in those cars. I get that Tesla's cool. Copper. Where are you going to get the copper when China shuts that down? Where are you. What are you going to do with [46:03] Speaker A: recycling those under people's homes? You steal it from their plumbing. [46:08] Chad: Sarah, Elon will figure all that out. [46:11] Justin: Don't worry. I'll put my life in Elon. [46:14] JD: Elon's going to go to Mars and leave us all behind. You guys, Twitter. [46:18] Sarah Simoneau: Probably one of my most entertaining things of the day. I love. [46:21] Justin: My God, he's phenomenal. Okay, let's see. Let's play a game. Run out of time. I promised you all a new and phenomenal game that you've never seen before. It is called the Totally original. Nope. Or dope game. [46:43] Speaker A: Oh, wow. [46:48] Chad: Wow. [46:51] Justin: Okay. [46:52] Speaker A: All right. Wow. [46:56] Justin: Okay. The way this game works. [47:00] Speaker A: Yeah. [47:00] Justin: Where'd you get this idea, Mark? One of the first, first rules of this game is I'm in charge of this game, you will speak when spoken to. Okay? You wait for your turn. The way this is going to work, Sarah, is I'm going to come up some things from life, from work, from whatever, and if you like them, you're going to tell me that they're dope and explain why. If you don't, you're going to say nope, that you're not into them. I will always start with you, and I will most likely finish it with some fancy little saying that I do. [47:30] Sarah Simoneau: Okay. [47:30] Speaker A: Geez. Wow. [47:32] JD: Can we see that intro again? [47:34] Chad: So, sure. [47:35] JD: One more. [47:36] Speaker A: I had Mario from 1986, and you have this. [47:41] Sarah Simoneau: Wow. [47:41] Speaker A: Thanks, Brandon. Hey, Brandon. Brandon. Go fuck yourself. [47:54] Justin: Sarah, the first nope or dope question to you is, have you seen this stuff? Grown men are wearing tight leggings underneath their shorts as some type of fashion statement. Are you Nope or dope on the leggings. And why? [48:17] Sarah Simoneau: Totally nope. Unless it's Chris Hemsworth wearing a leggings. [48:21] Justin: Whoa, whoa, whoa, whoa, whoa, whoa. [48:22] Speaker A: This is a family show, Chad. [48:26] Justin: I will next go to you. I'm assuming your answer is my reaction. [48:29] Mark: I mean, those. Are they compression socks to help them while they work? No, this is nope. All the way. Nope. [48:36] Justin: Kind of styling, though. That is beaver doing it. [48:38] JD: And no, I was going to say the body kind of looks like Chad [48:42] Mark: back in the day. [48:44] Justin: I even saw a picture of. Who was the soccer player from the uk Beckham. He was looking dope in it. Sorry, Justin to you. Are you in on this? [48:53] JD: God, no. Dumb as hell. Jesus. [48:56] Speaker A: United Kingdom. He drinks. [48:58] JD: It's lame. [48:59] Justin: Oh, look at you using the old terminology. Oh, excuse me. [49:03] Chad: What did you say? Lame? [49:04] Justin: What are you talking about? It's. It's nope or dope. [49:08] Speaker A: Wow. [49:09] Justin: Yeah. Mark, your turn. Are you nope or dope on this? [49:15] Speaker A: All right, so I got a couple. Couple things here. One, I'm sure your son does this. This is probably where this sticks out, because I just have a feeling like he does. I. I do notice, like, I obviously a big Basketball warriors fan, and I see like, a lot of the. The warriors do it, so. And I like to be a little different. So you know what? Screw it. Yeah. [49:32] Mark: Sports is different, though. Those are compression socks. [49:35] Justin: You know why? [49:36] Speaker A: You know what? [49:36] Mark: You know what? [49:37] Speaker A: My. My. My legs, my calves, they're. They're real nice, and I don't want people staring at them all the time. I need to cover them up. You know what I mean? You know, my eyes are up here. [49:48] Justin: Well, on this game, I don't answer my own question. So we'll move on to the next one. Sarah, have you seen these people? You order a beautiful pizza and they eat it, eat it, eat it up. But they don't eat the crust. Nothing but the cheesy and the meat and the whatever and they leave the crust. [50:09] Chad: Are you Nope. [50:09] Justin: Or dope on this with a capital [50:11] Sarah Simoneau: N. That is some bullshit. The best part of the pizza is the crust. [50:16] Justin: Less debatable. [50:17] Speaker A: But that's, that's not right. [50:20] Sarah Simoneau: Yeah, that is. [50:21] Justin: It's just if anyone followed her stock advice, you might want to reconsider that. [50:25] Chad: Now. [50:25] Justin: The best part of the pizza is the crust. Sarah, can I ask you, have you ever seen someone who does the opposite of the image you're just seeing there? [50:34] Sarah Simoneau: Because that would be weird from the crust forward. I have seen that. [50:37] Mark: No, only crust. [50:39] Justin: No, only crust. And just leave the cheese. All right, Justin, I'm gonna go to you next. Are you a crust guy or not? [50:47] JD: Not really. I will eat the whole slice of the pizza until I get to the last slice and I will not eat the crust on that. [50:54] Chad: I don't know why. [50:55] JD: That's how I know I'm done. I don't finish the crust on that piece. [50:57] Sarah Simoneau: Wait, wait, wait. So is it like, like a bad luck deal? What's the deal? [51:00] JD: No, I have no clue. It's just, it's a weird, weird guess we're just weird. [51:04] Justin: Mark, we'll go to you next. Rope guy. How do you feel about that image you're looking at right there? [51:11] Speaker A: I don't really understand the point to this game. It's, I'm gonna be, I'm gonna be a nope on that because it's wasteful and there are people out there that are hungry and you're basically saying like, oh, look at me. I, I, I'm too cool to eat this really good, well cooked food. So no. [51:32] Justin: Nice answer, David K. From Future Plan. [51:35] Chad: You motherfucker. [51:36] Justin: The game is called nope or dope, not what you're putting in the chat bar. [51:41] Chad: Chad. [51:41] JD: David Chatter. [51:42] Justin: You know, for dope on these. [51:45] Mark: I agree with Sarah. The crust is the best part of the pizza. [51:48] Speaker A: Oh, you're totally wrong. [51:50] Mark: You're wrong. [51:51] Speaker A: But it's, it's, it's, it's edible. But it's not the best part, dude. [51:55] Mark: The other part, that's part best part. [51:57] Chad: Okay, fair enough. Fair enough. We will move on to the last [52:01] Justin: one of this game. This is going to hit home for some of you golfers out there. But I always go with the guests first because that's how the Noper dope game works, people. [52:12] Chad: Sarah, you're out playing golf on the golf course. You got your little golf cart, and you want to hook up that little [52:19] Justin: Bluetooth speaker and bump some serious tunes while playing golf. I mean, the people over in the other holes can hear it, but, you know, it's your jam. You like to play music? Nope. Or dope? [52:31] Sarah Simoneau: No. But I did threaten when I drove a minivan to school with my kids in it to put speakers on the outside and blast Sound of Music because I was so sick of the rap music that I had to listen to on the way to school. [52:42] Speaker A: Whoa, whoa, whoa, whoa, whoa. [52:45] Sarah Simoneau: Dope situation where I'm like, if I can play my musical comedy stuff, I'm gonna do it. That might freak people out, you know? [52:53] Justin: Chad, you must have some passionate feelings on this. [52:56] Mark: Hey, I'm all about music on the golf course, but keep it in your own group. [53:00] Sarah Simoneau: Right? [53:01] Justin: In your own group. But what if I'm set up over the ball? You know, I'm having a good round, I'm on hole number eight, and I. You know, the song's going to change from one song to another song. I don't like the music you're playing. I mean, I want to get in [53:14] Mark: my play with somebody else, then we're all out together. [53:19] Justin: Justin, where you stand on this argument? [53:21] JD: I'm totally game for. For sure. Happy Gilmore that. Oh, sorry. I'm totally dope. [53:28] Justin: Totally dope. You're gonna. You're gonna send this one off, are you? [53:33] Speaker A: No, no, I'm. I'm a big. I'm a big dope on this one. It's all about making golf fun. I think golf is a sport that I love, but I think it's got a bad connotation of being stuffy and nerdy and stuff, and I think that's lame. So, yeah, crank up the music. Have some fun. You're all playing paying to be out there. You don't get paid to do it, so why aren't you enjoying it? Plus, as JD Would say, it's all about the vibes. [54:04] Sarah Simoneau: Why do we have two sports, golf and tennis, where you don't get to say anything or you don't play music? I mean, you got to play football, you got to play basketball, you got to play other sports, and there's noise. How come golf and tennis, you get to play in silence? [54:19] Chad: Because I'll tell you, Sarah, because golf is a sophisticated game for rich people [54:27] Justin: that have our names on little gold [54:29] Chad: plates on our wood lockers at Our country clubs. And we would like to keep the tradition because we don't need people like [54:36] Justin: Mark coming in and fucking up our thing with their rap music. [54:39] Chad: Okay. [54:41] Sarah Simoneau: I'm kind of switching to dope because I'm loving this dune buggy, golf cart thing. Whatever. [54:46] Mark: I want that. [54:47] Sarah Simoneau: I want that in my garage. Would be amazing. Golf, if you look at the statistics, is actually declining. I mean, I know you all play it. You're in Southern California, but it's not a thing. Look at the statistics. [54:58] Mark: Oh, that's the statistics. Maybe growth over, over. Oh, I'm looking that one up. I disagree. [55:04] Justin: Yeah, I think. I think Covid was a record with Chad. I feel like Covid was a big boost for golf. [55:10] Mark: Huge for golf. [55:12] Speaker A: Right. [55:13] Justin: The tee time struggle is real, but it. [55:16] Speaker A: But it's still overpriced, expensive. And there's other factors that play into all of that too. Golf courses are hurting. They're not doing that great. [55:24] JD: Bring back Tiger. [55:26] Justin: The drought. [55:27] Speaker A: The drought's not doing well for watering courses around here either. [55:30] Sarah Simoneau: I mean, really, when you fly into Phoenix, I just was there. How in the world are they watering? I know they're using gray water, but still, how are you going to water all those golf courses anywhere west with [55:43] Speaker A: the tears of the children? [55:45] Justin: Well, you got to have priorities, Sarah. Okay, that's been the nope or dope game. And [55:53] Chad: that's how the cookie crumbles. That's the way the cookie crumbles. [56:05] Mark: Terrible. JD this is so great. [56:09] Justin: I want that one more time. I want that one more time, please, Brandon. [56:13] Speaker A: Wow. [56:14] Chad: That's the way the cookie crumbles. [56:16] JD: You gotta say it like Jim Carrey, though, man. [56:20] Justin: You know what they say. Okay, we're gonna save. The next topic is going to be a TPA and the rebranding. [56:29] Chad: Oh, shit. [56:30] Justin: Drink for that. And kind of your comments earlier about wanting to call them a benefits consultant. We'll get into that, but we'll do it for the after show because we've gotten to the end. I know Mark really likes to end these things on time. So a little bit of housekeeping. Brandon worked hard on and produced the produced version of the scooter episode from Arizona. So it's out there. @retireholics.com I heard from some people that maybe the live stream wasn't the best in terms of volume and hearing. So now you can go check it out there. There's another person on a scooter in Arizona. Not the one I was referring to. And so go check that out with our guest, Brad Campbell. AKA damn it Scooter, we are all the retirehletics here. And Brandon and Samara are jumping on airplanes on Saturday morning two days from now to fly to Austin, Texas for the Broadridge FI 360. Yes, I can say that one conference. We will be doing a live streaming show at 6:15pm in the evening. Texas time up. PM up. [57:46] Chad: Said it again. [57:49] Mark: JD's trying to catch up. [57:52] Justin: So 6:15 with special guests John Faustino of Fi360. So you can stream that sucker I think right here on the same zoom address or go to retireholics.com live and watch it then. We are also doing three shows on Monday the 16th at 10:30 again Austin Time, Texas 10:30 with Sherry Fitzgerald, 215 with Matt Wolney Wolnowitz of Income America, and a 3:30 show with Jason Roberts and Cindy Dash. And yes, three shows in one day. We'll be a fucking wreck by the end of it, so it should be good. [58:38] Mark: I didn't even think about that. [58:39] JD: I'm straight. I can. [58:45] Justin: We're actually going to try to test Faustino on Sunday night with some 80s alternative music trivia songs, videos. So we'll see how that goes. Let's see. [58:57] Chad: Hey, everyone. [58:58] Justin: Marcus has been down lately. [59:00] Chad: It's okay, man. Time to sell some surfboards and buy that shit, bros. Get on it, man. [59:04] Speaker A: Oh yeah. [59:05] Mark: Buy it. [59:08] Justin: Sarah icon, living legend. Thanks for hanging out with us. Thanks for all your opinions and being a really fun guest tonight. We really appreciate it. I'm sure everyone out there in the chat bar appreciates it and we'd love to have you back sometime in the [59:22] Chad: future if you'll have us. [59:23] JD: Yes. Justin, everyone's asking, are we gonna do it live or do what live streaming shows? The streaming. [59:29] Justin: Oh, yeah, yeah, yeah. [59:30] JD: Okay. [59:30] Justin: That's why I was. Sorry. I'm probably a bad communicator. Three on Monday. [59:34] JD: Yeah. [59:35] Justin: Yep. They'll be streamed. Yep, yep, yep. [59:37] Mark: I mean, [59:39] Justin: if someone can attend all four shows via the stream. We'll send you a retireholics collectible plate that you can, I don't know, just a paper plate. Okay. [59:53] Chad: You got to. [59:55] Justin: Champion, Sarah. [59:56] Mark: Champion. [59:58] Justin: Who is your vote for chat bar champion? [1:00:01] Sarah Simoneau: Oh God, I got a vote. [1:00:03] Mark: Yeah, sure do. [1:00:05] Sarah Simoneau: I love everybody in the chat bar. [1:00:08] Speaker A: All right, your votes for everybody, everybody. [1:00:10] Justin: Okay, great. Chad, your vote for chat bar champion. [1:00:14] Mark: Damn. There was one comment and it was exceptional and it was Shaft. [1:00:21] Speaker A: Well, I missed. I missed that. [1:00:23] Mark: Yeah, I don't remember what it was I just wrote. I just. [1:00:25] Speaker A: It was not that good. [1:00:26] Mark: I wrote Kevin Reynolds too. He had a good one. But those are the two that I wrote down. [1:00:31] Sarah Simoneau: I vote for Kevin. Here's why. He said the pizza crusts to the dogs. I loved that. And he loves his dogs. So I'm voting for Kevin. [1:00:39] Justin: Who is that? [1:00:41] Mark: Devin Reynolds. [1:00:42] Justin: Kevin Reynolds. [1:00:43] Chad: Nice work, Kevin. [1:00:44] Justin: Rogue Guy. Your vote. [1:00:46] Mark: Samson. [1:00:48] Justin: Samson. [1:00:49] Speaker A: Sorry, Justin. [1:00:51] Justin: Samson's gonna get my vote today as well for his intro of what's Up, Justin? [1:01:00] Chad: Your vote for champion. [1:01:02] JD: I. I wanted to veer away from Katie because she hasn't gotten any of her shit. But I'm going with Katie. [1:01:07] Justin: It's all ordered, although she didn't get [1:01:08] Sarah Simoneau: her pizzas on it tonight. [1:01:11] Justin: She was Katie Boyer into the mix ice. I did everyone's chat bar champion orders. I did like fucking 12 of them the other day. It took me like four hours. So they're all head out and. But I did not get her her 10 pizzas today. [1:01:26] Chad: That was a misstep. [1:01:27] Justin: Okay, Brian, I think you got to. [1:01:29] JD: She going to be at Katie. You're going to be at FY360. [1:01:31] Speaker A: Who? [1:01:31] Justin: Brandon wants to know who the first nominee was. [1:01:35] Speaker A: Evan Reynolds. [1:01:36] Mark: Kevin Reynolds. And Brett Schoffner. [1:01:38] Justin: Schoffner. Schoffner. My. My 17 year old boy who will turn 18 next month has decided to go to University of Miami. Oh, no. Did he flip a coin? Nope. [1:01:58] Mark: What? [1:01:59] JD: He just decided like our goals just went up. [1:02:01] Mark: Oh, yeah. We have to bring more revenue into PDC now. [1:02:05] Sarah Simoneau: Yeah, it's going to be expensive. [1:02:07] Justin: They're laughing because. Yeah, that one cost me a little more than the other school that he [1:02:10] Chad: had a little scholarship at. [1:02:11] Justin: Well, he had a scholarship for the other school, but he chose the one without doing that. [1:02:16] Speaker A: Yeah. [1:02:16] Mark: No. [1:02:16] Justin: Yeah. When you got four Lambos in the driveway, you just let the kids do what they want. Okay, Brannon, let's put the people into the semis. Mark's really stressing out. It's four minutes over the time, but [1:02:29] JD: we were four minutes late to start, so we're good. [1:02:32] Justin: Brandon just whispered in my ear and told me he's adding another nominee. I don't know what that's. [1:02:38] Mark: Oh, he must have had someone that he liked. It's hard just for Daniela, even though she wasn't in here. [1:02:46] Speaker A: This is a beta test. [1:02:48] Mark: Yeah. [1:02:48] Justin: Let's see if you vote for Gigi. I'll drink for that. [1:02:51] Sarah Simoneau: Katie should be in there. [1:02:54] Justin: Yeah. [1:02:54] Mark: You missed Katie. [1:02:55] Speaker A: Yeah. [1:02:56] Justin: Brandon's tired of the discrimination against, you know, big time pass. Greatest of all timers. And through Greg into the mix man. [1:03:08] Speaker A: Now you gotta send Katie 20 pizzas [1:03:12] Sarah Simoneau: and you owe her [1:03:15] Justin: Julie Brown. Very good. This is a tight one. Everybody get your vote in. It's looking tight anyways, I was hoping. I'm just gonna call it. We only got about 51. [1:03:28] Chad: Yeah, call it, call it. [1:03:31] Justin: So the winner is the chauffinator. [1:03:35] Mark: Nice. [1:03:36] Justin: The chauvinator who may be taking care of my son. Again, thanks for everyone that tuned in. Sarah, thank you for being our guest. We're going to do a little after show. Hopefully you can stick with us. And Shaf, I may be calling you sometime in the next year asking to bail my son out of a Miami jail. Brandon, let's play some music theme to the music tonight. [1:04:03] Chad: Okay. [1:04:05] Justin: Yo, Taylor, I'm really happy for you. I'm let you finish. But Beyonce had one of the best videos of all time. [1:04:13] Chad: Facts. [1:04:14] Speaker A: Facts. [1:04:16] Chad: Kanye was right.