Stock Picks, Recordkeeper M&A & 2025 Plans | Retireholics

[0:00] JD: What is that? Do you know? [0:03] Chad: Felt like. Felt like seven or eight today. [0:06] JD: Damn. That's unlike you. [0:10] Chad: Whoa, look at Justin's little mug. [0:13] JD: Oh yeah, a little copper. [0:15] Chad: It's like a Kris Kringle mug. [0:18] Justin: That's your. What did you used to drink all [0:20] JD: the time out of those Moscow mules? Man. [0:31] Chad: Up. You're going to have a really, really bad time, sir. [0:40] Mark: At this. [0:42] Chad: Let me up, let me up. [0:43] Mark: You're going to have a real bad time. Justin. I don't know what you said. [0:48] JD: Oh, I said I was. I was hoping we might get a surprise and see a Santa robe on you today. [0:55] Mark: Well, have you? That'd be cool. [0:57] Chad: So we've been doing this for 10 years when one can hope. The intro video. What happens right after the intro video is this time for my very care introduction. [1:11] Mark: You're over here eating pizza, dude. [1:13] Chad: It's not time for you to just nonchalantly make a comment over to Justin. I don't. I want to let everybody know right now that something just dawned on you. In the old days and retire hollow when we all sat on a couch together, Justin and Mark used to sit next to each other. But I had to fucking split them up because they were always fudgeing, chatting with each other while we were trying to do the show. Like this bullshit stuff. So here they are, toter days, man, 10 years later, fucking up my dramatic intro. [1:44] Mark: Hey, you know how awesome I'm going to keep you. You know how we used to always. You wanted to like start the show and act like as if we were already in mid conversation. Act natural. But we're all like burp because we don't know how to act natural at all. I feel like the way we just entered the show with me just talking or anybody for that matter, I think it's better. I think your standard, you know, what [2:06] Chad: do you call it? [2:08] Mark: What? [2:08] Chad: The charismatic introduction does it. [2:11] Mark: Okay, whatever. Wait, monologue. Yeah, I think, you know, we could do away with that once in a while. [2:18] Justin: We do do away with it once in a while. But it's a great way to open the show. [2:22] Chad: I had this whole thing about how 401k plans were like pizza. Well, there's different kind. [2:29] Justin: Fantastic. [2:30] Chad: There's different kinds of them. You know, you got 4k DB cross tested different matches and stuff. Just like you have pepperoni and oh yeah, sausage and stuff. And pizza is good. Like it makes you fat. And 401k plans make your wallet fat, right? Pretty much. [2:52] Justin: And seeing it, J.D. i'm seeing it. [2:55] Chad: Pizza is circular in shape. You know, when it's all, you know, all this, all the triangles, it's a big circle. And 401ks are kind of like a circle, maybe. [3:11] JD: Not gonna talk about, like, portfolio. [3:14] Chad: All right, guess what? We're gonna have the coolest show ever. We're about to do something we've never done before. We're going to start with a segment while why everybody is here, and we're going to get an update on how it's been going for the last three years. That's right, everyone, open up your E Trade accounts. Get your keyboards warmed up. It's time to figure out what stocks to buy and what stocks not to buy. Everybody, it's Robe Guy. This is Drunk Stock tips. And like I said last week, this guy eats and. Makes Jim Cramer look like the third character. And dumb and dumber. We've been doing this for three years. Nice. Yeah, you guys rehearse this show because [4:18] JD: he's way too quick at this stuff. [4:21] Chad: Let's see. How do I put this? He's had a. You know, he's had a couple of losses recently. Today's the day, everyone. We're going to go back and look at some actual returns. Before we ask Rogue Guy to get some of his insights on a new stock, let's update how he's been doing. I sent an email to myself, and he. And I, I. I'm not gonna go grab it. It's gonna take too much time. He's missed some because I know off the top of my head. So recently he's gone. We all know he's gone wrong with Cheesecake Factory. That one kind of stings for me personally. He actually up Victoria's Secrets pretty bad. Go figure. That Robey doesn't know about sexy lingerie. Kind of makes sense to me now that I look back on it. But he's. He screwed that one up. He screwed up Nike as well, and a couple other little ones. But let me give you a synopsis. There's been 34 total stocks per my reckoning. And I've. I've categorized them now into four categories. A deep green for he's been crushing it. This kind of regular green for. Ah, that's a solid call. Yellow for it's a flat pick. Kind of neither up or down in any really significant matter. And then red for he got it. He got it wrong out of those 34 total. And this is where. This is why I want everyone to know there's a theme that evolved. When Rome guy gets it wrong, he tends to get it wrong kind of subtly. Like, it's not. It's not a big loss Amongst maybe like 1 or 2. But when he gets it right, he tends to kind of hit dingers a lot of the time. Like he hits big shot dingers. Okay. So of those 34 total, 13, or what I would call crush shits are fucking killing it. These are. These are Nvidia's Netflix things that have like fucking quadrupled six toppled. Is that a word? Six tupled. [6:23] Justin: Yeah, it is now. [6:25] Chad: So there are 13 crushes. Out of these. 34. 18 are what you would call, like, I was solid investment advice. Like, that's. That has been a good call. Like my. I made some good money on my money. Six are kind of what I call yellow or flat. Not really up, not really down in any significant way or the jury's still out, you know, over time. We'll see. And seven are. Are wrong. So 80% of the time, isn't it fun to use numbers to like sway your. Your position? 80% of the time, you ain't. [6:58] Mark: It works every time. [7:00] Chad: Steered wrong by rogue guy. Like he's gonna. He's gonna get it figured out. And the 20% of the time when he's wrong, with the exception of like, Victoria's Secrets cheesecake, I don't even know if I would call cheesecake, like a total implosion. But in Nike, he kind of fucks it up. But the other. The other four times he gets it wrong. It's not even really like he's that wrong yet. Like, it's not a huge loss. Okay. Over the last three years. We started this being in 2001, the Dow Jones is at a 36% annual rate of return. [7:33] Mark: Wait, 2001. [7:36] Chad: Oh, 21. [7:37] Mark: Okay. Yeah, like I wasn't even here. [7:40] Chad: 2021 knows what I mean. The Dow Jones is at an annual return of 36% and Robey is at. Drum roll, please. Where's my drum roll? 51% annualized return. Chad, I need you to do some research for me now. Or maybe Devin, you can do it in the chat bar. Yeah, because it was Devin who brought it up. Devin brought up the stock on the golf course. And I'd like to put it in front of Robey today to see if we can. What we should do here. The stock is actually Callaway, and Devin was telling me that because we're going to talk a little bit of golf later. Devin was telling me that topgolf, which is part of the Callaway suite, I guess you're all nodding your head in acknowledgment has been a fucking shit sucker for them and that apparently the stock's been struggling pretty good since. Can someone throw a ticker at us? Mog, Is that the ticker? Mother of golf. And what's the ticker? Anybody and Rob, you can take it away. Modg? [8:56] JD: Yeah. [8:58] Mark: Why? [8:59] Chad: Oh, yeah. It's. It's. It's been. It's been on a fall. It's been on a fall, Robbie. Not that you care. Current stock price is at $729. Everybody loves a little Top Golf. I think it's shocking to me that that's Top Golf has not been succeeding. Apparently the insurance is very high. But anyways, I'll shut up. Rogue guy. What do we do here with Ticker modg? I'll drink. [9:23] Mark: Okay, well, I. I feel like I have a little bit of an advantage here because I've got sources on the inside of this corporation. I know people who know people who know things. [9:38] Chad: Hopefully the Exchange commission isn't listening in, but go on. [9:42] Mark: Right. So I think I'm a little biased, unfortunately. I don't feel like this is one that I'm really excited about. Even though I'm a nerdy golfer like you guys, I do feel like topgolf is sucking the life out of Callaway, and I think they're going to realize that they don't want that anymore. And I think topgolf is gonna be its own entity, hopefully, once again. So I think the stock is primed for a sell. It's down. I think it will go up naturally because Callaway's very well positioned in a industry again. I think golf has gone through, you know, peaks and valleys and whatever you call those things. And I think it's on the upswing with all these YouTubers and whatever people getting into it, the younger generation. So I digress. It's golf. I'm a golfer. Buy the stock. Don't ask me why. [10:48] JD: Just do it. [10:49] Mark: Easy peasy. Make some money. Lemon squeezy. There you have it. [10:54] Chad: And hey, it's not. It's not sexy lingerie. So I think I know what he's talking about. [11:00] Justin: Yeah, I was. And I was looking at my phone because the guys know we had an internal text exchange back in September on this when I may have had one or two too many drinks at the time. And so I went on and bought some. Some modg. At that point in time, you didn't [11:20] JD: just buy modg, you bought a lot of modg. [11:23] Mark: I might have does this count as an acin? [11:26] Justin: No, it's a ticker. [11:28] Mark: Okay. [11:28] JD: All right. [11:30] Justin: Anyways, so at that point, what I did is I compared it to the pre topgolf acquisition. [11:37] Chad: Were you buying it because. Were you buying it because you thought Top Golf was a cool thing? [11:42] Justin: No, I bought it because I heard they were splitting out Topgolf. They were going to have a stock split. Topgolf was going to separate. And so it pre Topgolf, they were at about $37 a share. And I saw an opportunity at $10 a share to try to get in and see where that split ends up and see where topgolf or see where Callaway Brands as a. As an individual comes out. Obviously, I've lost money so far, so we'll see. [12:09] Chad: Yeah, it doesn't. [12:09] Mark: Look, I think, Chad, what you do right now is you. You triple down, buddy. You get in there. But it's. What is it at, like 8, 9, 7, whatever it's at, get in there and buy way more. [12:20] Chad: I wanna. A little bit later, I wanna talk about tgl, the new golf league that's coming out in January. The team. [12:27] JD: That. [12:27] Mark: That counts. [12:29] Justin: Yeah, that definitely counts. [12:30] Chad: Maybe that'll be a boost for Topgolf. But before we do that, let's talk a little 401k, shall we? I got a question for you guys. A topic, if you will. Record keeper acquisitions. One record keeper buying, another record keeper. Do they work first of all, like, do they tend to be successful? I've got a post from a Jason Crane out of Census that I'll read to everyone that says that a census is acquisition of Newport. And gosh, who else. Who else was in that acquisition? Ah, God dang it can never go back to LinkedIn. It just kicks you out where you were. It was a census. And who did they purchase? Pa? Oh, I'll drink. [13:22] Justin: Plan Administration, Inc. And then the second [13:24] Chad: question I want to ask you guys and get your brains going is, is it a great prospecting opportunity? Because I think there's a lot of people in our industry that think, oh, acquisition. What a great time to start knocking on the door of the plan sponsors that are going to be impacted by this acquisition. Jason Crane, head of Core Retirement at empower, posts on LinkedIn about a week ago, the Ascensus, Newport and that three Alpha I mentioned earlier. Integration. We're almost there. Mergers and integrations and financial services can be challenging. But with the right people in place, aligned around a noble purpose, you can successfully leverage the increased scale, capabilities and expertise organizations have historically provided you know, they purchased a census, purchased Newport and that other company in 2022. And they're claiming that 98% of the plans and participants fully transitioned to date. A 98.1 retention rate and 37, 000 plans transition. So bottom line is this post is saying, hey, we did worked, all these clients stayed with us. So then I kind of ask you, so if it works and it's so successful, why do we all see the industry as some type of of prospecting opportunity? Because clearly these plans seem to stay [14:54] Justin: well, I'll make one comment in terms of that acquisition versus potential others. Some of the others we have seen in the industry are happening because that entity is struggling. They're failing, they're not getting market share, the product has not been enhanced. There's significant overhead to keep up with the changes in the marketplace. I think the Newport Group and even the Plan Administration Inc. Acquisition, both of those businesses were doing just fine. They weren't in the headlights, they weren't losing market share. And so it's going to be easier to retain and make that a successful one. When you look at some others like that of call it MassMutual, perhaps that MassMutual was struggling at the time of acquisition. And so I think that that's when actually wholesalers are jumping on saying now's the time to go after it. Change is going to happen for them. They're going to migrate that mass book over to the Empower chassis. There's a blackout, there's a liquidation, there's work that has to happen. Now is a better time than it was a year ago to go in and try to win that business. And that is a true statement no matter how you look at it. [16:03] Chad: That's why I looked at this 98.1% and kind of felt like, wait, are we kidding ourselves? Do we actually think that this is a great opportunity? And everyone starts getting all salivating when there's an acquisition because we're going to do some 5,500 searches, try to find these clients that are going to be impacted and this is going to be like, like fish in a barrel is the vibe that I get from everyone. And then I, I see this, I'm like, wait, maybe we're all fooling ourselves that this is not really fish in a barrel, that people don't mind a transition like this so long as it's laid out and it's done properly. And anyways, it just, [16:42] JD: I feel like that's kind of an anomaly though, at least in my experience since being in the industry, it, you know, there's been a few that have not gone well at all. And so we naturally have, you know, as salespeople that, that tendency to let's leverage that for sure. You know, look at empowers recent acquisition and that did not go over well at all for them and, and whatnot. So a lot of people were really apprehensive to stick around with them. And then you know, the other thing too is, you know, you know, maybe it's plans are being acquired by a company now that they were already a part of and didn't like. So they're being forced back to a company they were previously with, satisfied with. [17:19] Justin: Right, That's a good point. [17:21] Chad: Although we don't, we didn't see that portion but according to this One post on LinkedIn, we didn't really see that playing out here. But yeah, you would have thought like wait a census is pretty big. There's probably a lot of those clients that had been with a census before move to one of these other two vendors and now are being forced back. That's probably the, the 1.9% that bailed. I think that's a fair point. [17:49] Justin: I'll say to jd, it it's an opportunity, like I said, is it better at that point of transition than it was a year before to call on the client and the answer is going to be yes. And the questions that you're asking, things like has your advisor already carried this conversation with you now that the acquisition has been noted? Have you been reached out by your, your internal point of contact at your record keeping partner? And truth is, especially from an advisor perspective, many of them that's extra work with no real benefit other than hopefully retention. And so they're not, they're not putting themselves in the middle of that communication. So it gives this advisor an opportunity to get in there and create dialogue when their current setup is not doing it. [18:34] Chad: Fair enough. Paul Crawford's got an interesting. It's not totally related, but I'm something I think we could talk about. It's been some time since this happened. Nationwide had their, he calls it internal transition. The way I looked at it was they basically changed their systems, right. Their websites and all the functionality underneath their websites. And I agree with Paul. I think it was most people that were involved or had some finger on it. It was a bit of a shit show for quite a period of time where things weren't working. There was some mistakes with data. The service people were overwhelmed with complaints and trying to solve problems. So they weren't being able to get back to certain people. It was rough times and it wasn't too long ago. I wonder if we've even seen the fallout of that yet or if it's just kind of slow to come. And I don't. I wonder who's tracking it. When we look at plan sponsor Magaz in you and see a big dip in Nationwide's numbers, probably I very much think so. [19:42] Justin: And, and I will tell you more than any other point in my career, I've fielded way more calls about frustrated groups wanting to leave that entity. [19:52] Chad: Right. [19:53] Justin: Hey, a point was made in the chat bar and I think it's worth mentioning we've brought it up on prior shows and this is a. A2 to the horn of both the changes from a 5500 standpoint, but also to what you and Tony are doing with waves. I think most know now that the 5500 has a component where you're putting in a code that classifies who's filing the, who's doing the administration, who's completing the 5500. And that code can track back to a third party administrator or track back to a record keeper. Now you guys have built some technology that allows you to go in and put that code for bundled One America and have it produce a list of plans in different areas, different asset sizes that have filed that were filed by One America. So for the first time ever at scale, we as an industry have the ability to go out and say, oh, an acquisition is happening. Let's pull all the plans that were filed by that individual group. And now we have an ability to at scale market to them to send out communications that's never been possible before. If it's an audited plan, you can get it in the audit but nothing below audit status because you get that information from and now there's a. There's a way to do it. And waves, you guys have conquered that with waves. [21:07] Chad: I appreciate the advertisement. [21:10] Justin: We're using it 100% use it. [21:13] Chad: Brashad is coming to the defensive Nationwide and I'll agree, Brian, like they did own it. But in my personal experience, they owned it eventually. Like it took a little bit of time for them to actually eat crow and say, look, we up. There was a lot of juggling going on for a period of time that I don't feel like they were owning it right out of the gates. But I think they got to a point where was so bad they had no choice but to say all right, we fucked up. But for me to Jump on your bandwagon. What I would say is I do applaud a record keeper for trying to evolve in trying to make an improvement to their overall system and their website. Like, I think that that's something that should be, you know, applauded and supported. And I, and I think good for them to go for it as opposed to sticking with the status quo. Unfortunately, somewhere along the way, people just didn't dot the eyes and cross the T's properly to figure out what went wrong. So that was disappointing. So you can own it. Fine. I can own all the seven putt, all the three putts I had today, you know, seven or eight of them. But it doesn't, doesn't mean I'm going to be any better the next time I get out there. [22:27] JD: I find here if they're, they're covering, you know, losses at all from delayed [22:33] Chad: deposits and all that stuff, I have not heard. [22:38] JD: That would be owning it to me. [22:40] Chad: Yeah, I don't, I, I think they're gonna cover if they up on their data side. I don't know if they're gonna cover from people not being able to access their accounts and stuff. Let's see. I got another one for you guys because this came up recently. [22:57] Mark: My, my Internet is driving me bonkers. So I'm, so I keep, I'm missing every. That's why I'm just getting shelled right now. [23:06] Justin: Okay. [23:09] Chad: I recently had this conversation with, with nfisor. I was talking about how it's great to bring people like you guys into a sales meeting, which is a classic conversation, right? A TPA say that all over the country, like bring us to a point of sale, like, we're going to help you out. And they're, they'll answer questions that you may not be able to answer. Yada, yada, yada, yada. And this guy said something which I kind of stopped and was like, I don't disagree with him. So I'm, I'll challenge you guys. He goes, I work in like the smaller plan market. I'm meeting with like mom and pop type of businesses. I'm not comfortable going in with more than myself. Like, if I walk in with another person, or worse yet, a TPA and a record keeper. I feel like I'm overwhelming my prospects with too many business people in one meeting. And I feel like the, the vibe is much friendlier if it's just me going in. Not crazy to say that, is it? I mean, what. Just. I'll put you on the spot. What would you say? I'M sure this happened to you. I'm sure people say to you, I just want to go out it alone, [24:20] JD: you know, oh, hey, if you can sell us, I'm fine with it, you [24:24] Justin: know, [24:27] Chad: better stay home in your pjs. [24:29] JD: Like, two things come to my mind. Either, hey, they don't have. We don't have that relationship and rapport yet. To know that he can trust me or. [24:39] Mark: Or she. She. [24:40] JD: I'm sorry, you're right. [24:41] Chad: But let's imagine that you would be great. And it's not. It's not them not liking you or not not trusting. It's them just feeling like, I want to go in with two people. Jesus. I just want to go by myself. [24:52] Justin: That's. [24:52] JD: I mean, that's fine. Everyone has their own approach, right? Without a doubt. They have to be in control at all. And that's fine. If they're going to sell us and work with us. And I'm stoked. Where I wouldn't be stoked on is if I'm competing against somebody else and I don't have the opportunity to sell pdc, that's where it would suck. [25:07] Chad: Okay, Justin, this wasn't about you, you selfish son of a. This was about that advisor. Mark. Mark, you're a very sensitive person. Hopefully your Internet is working. [25:17] Mark: Justin, you said plan design. Sorry, my buttons aren't working. Go on. Everything's just right. [25:22] Chad: Now imagine there's six new advisors that came to have milk and cookies at your house with you for Christmas, and they were sitting around the Christmas tree and they asked you, rogue guy. Hey, do you think we should go in by ourselves? Will that be less intimidating or should we walk in with a TPA and a record keeper at our side and be honest? [25:44] Mark: Third party administrator. Take a drink. Yeah. What? Well, again, I hate to say it, but there's six people sitting there. First off, why are you in my house eating milk and cookies? Like, that's. That's weird, but we should have scheduled a coffee meeting or something. But I'm looking at each individual differently, and I'm having an individual conversation with everybody to see what they're comfortable with. Right. Like, first off, is the subject that they're Speaking on, are 401k plans part of their business model? And are they used to talking about it? Are they comfortable talking about it? Does it make sense for how everything works together and how we do everything? If they're comfortable with that, then great. We're gonna obviously do all the legwork to prepare the materials they can go in with so that way they have something specific and concise and customized. But I would just want someone to be honest with me to say if you're going to go in and flub this conversation, then why not have somebody neutrally come in as your partner to just discuss everything with no intent of selling, to go in and truly just educate somebody and hopefully we win their business. [27:03] Chad: I think that that was a valuable insight that we hadn't talked about yet, that if someone was uncomfortable then them going by themselves is, there's a potential for them to, as you put it, flub it. But Chad, I'm going to go to you now. No one's answering my question. My question was what? And Samson so eloquently put it in the chat bar. What does the client want? What will make the client more comfortable? [27:28] Justin: I, I think more often than not the client sees the financial advisor as the investment person. And if it's micro space and discussions need to happen around tax savings or testing or plan design or there's to Mark's point, a consultation about what's right for them versus just pitching a product, then I think bringing in another person that you can position as the expert in that arena is valuable to the client and you should do it. Now there are some advisors that can handle those discussions that understand a controlled group and attribution rules if it comes up in that micro space. But those conversations honestly are more predominant in small plans than they are in a, in a $15 million, 200 person plan. [28:15] Mark: Right. [28:15] Justin: So you need a level of expertise there. So what the client wants is the client wants to know that you've given them the attention that they deserve and that you're going to be able to deliver on the promises you're making. And I think that there are many advisors that can step in the room and sell that business. But the end result usually is, hey, the client said yes. And I'll point at Samso in this in the micro space, the client said yes. Now someone's got to design it because I can't imagine Samson sitting down with them and saying, well let's talk through your eligibility restrictions and do you want to auto enroll and do you not? And what about auto escalation and what kind of match are we going to have testing issues? So someone's still got to do that work on the back end whether they're sitting with the client then or not. [28:57] Chad: Samson has renamed two plantones to Joker Broker. [29:03] Justin: Joker Broker. [29:07] Chad: Fair enough. But I do want to, I got one other kind of 2.0. [29:11] Justin: Hold on. I Got a comment to Sampson. I don't underestimate you necessarily, Jimmy. I'm saying you should not be spending your time doing that in a micro market plan. You, Samson, Samso, you can't make money in there on a small market plan where you're spending the time designing it and then have a bundled or a tpa then come in and draft the docs and do all the. [29:31] Chad: I don't think same work. I don't think Samson's doing startups. Let's, let's. Well, one last. [29:38] Mark: I totally, I totally underestimate Samson. Just, just saying it. [29:42] Chad: Just one last, one last thing on this. If I re. If I bring myself back to when I pretended I was a business owner and I worked in an office and I had a conference room and people would come sell me stuff, I do believe that if I walked into the conference room and there was two or three people, my guard might be up a little more because there's just more adversarials I gotta deal with, you know, that are trying to sell me something. But that can be squashed pretty quickly if they take the right approach. And so I do think to chats one, like if you were to come in and be like, hey, I know there's two of us. Let me just quickly be like, you know, this is what I do and this is what this guy does. And so it's kind of nice that we can be here together to really kind of tackle our expertise. I think you can, you can soften it a little bit. But I also do agree with the guy when he said that because if I walked in, there's three people. I'm a little more on edge than if there's just someone I'm going to have. [30:43] Justin: I'll make a comment too from the advisor perspective. I, I think if the advisor does what we often do and brings us in and just says Chad, Justin, Mark, Devin's here, they're going to take it from then the advisor is not the one that's built the rapport with the client and they're the ones that want to help with the private wealth or with the insurance and all these other lines of business. They need to establish rapport. And so I think bringing in a second person can make that a little more difficult from an advisor perspective. So they've got to find a way to position themselves early and not just turn it over. [31:14] Chad: But Mark, go ahead. [31:18] Mark: Well, I'll add one other thing to that is I've had a lot of advisors tell me they've brought third party administrators into meetings with them and it's gotten really, really bad because the person just has no personality or presentation skills or just anything like that. So they just assume like, oh, you're, you're just like them. And you're like, you have to sort of break that barrier down a little bit to say, no, no, no, no, no, Mike, I get it. Someone came in and just talked internal revenue code. But we don't do that. [31:47] Chad: You're literally setting me up for my next question. That was a perfect parlay because you're right, some TPAs can go in and just. They're so bad at sales and so good at being a nerd that they up the whole sale point of everything, right? They have good intentions. It just gets too complicated. Everyone's confused. Well, this is, this is the next question I want to ask. Let's go up market now. Let's go into a big plan and let's talk about sales guys going in to put on these slick presentations and put up PowerPoints to the committee and woo them into moving to them. Could it not be valuable to bring in either one of these people that Mark's talking about? Well, I was going to say like a real administrator. Someone at the firm that's going to be doing compliance work that may even be the day to day contact or the service version. This is a technique that's used. I'm not making this up where you come in and say, hey, we're the sales guys, we're giving you all the fancy stuff. But we actually brought Tommy or Sally from the office. This is the actual person who you're going to be working with on a day to day basis and you allow them to kind of chime in on some of the boring day to day stuff. I was talking with an advisor just today who Devin and I golfed with and he said I love that idea because I think sometimes there's too much sales going on and it's really nice to bring someone from the front lines that actually does the work. Have you ever heard of this type of thing? Silent J, this strategy, upmarket mind you [33:26] JD: ought to be honest with you, man. [33:28] Chad: No, you okay, Chad, I know you've heard of this. I know you've heard of this. [33:33] Mark: I thought you were going to say I wasn't paying attention. [33:40] Justin: Happens in the, in the upper market. JD I will tell you, I've seen it work well and I've seen it bomb a couple of times. [33:46] Chad: They're just not because. [33:48] Justin: Well, here's the issue that I've ran into in the ones that bomb the plan has not been sold yet. And those. Those individuals usually are not great with the positive communication, the energy matching the energy of the room and. And keeping the conversation where it should be. They tend to allow rabbit holes and they jump around and they don't keep the conversation flowing the way it should. And then the client is confused. And then the next group brings in just a service person who tackles the same conversation but in a much cleaner way, or a salesperson that tackles the same conversation much cleaner way. And now the plan is sold. So I think if you have sales guys that are selling that are truly in there trying to. Trying to pitch and sell, then yes, having a service person to balance it out could be great. But most of the sales folks that I step into meetings with nowadays are pretty good at balancing the conversation. They're not pitching so much anymore. [34:47] Chad: It's funny, I've only seen this once live because when's the last time I sold a plan? But I remember, I think it was in power or someone tried to pull this off. And it was with a large client of ours back in the day. And to your point, Chad, the person just was out of their element, you know that it just was clearly awkward how they were trying to answer questions and deal with things. And it was. It was. It was not a good scene. So I guess that is something to be wary of. Like point of sale on big plans. And we were talking up market is nowhere for the faint of heart. Right. It's a scary room to be in. And you need to be confident. Know what you're doing. Okay. That was fun. That was it. I'm. Let's. Let's move on to. Let's spin the wheel. [35:40] Justin: Brandon was already on it. I don't have one, so don't land on me. [35:46] Mark: I don't have one either. Oh, no. That's like four in a row. [35:52] Justin: It's not easy to find Smirnoff Ice out here. I'm gonna pick from my lucky pot over here. [35:57] Mark: Justin, I still have one of these from when you were here. I'm just gonna have to chug this. [36:03] Justin: Justin, you were supposed to go Coors Light and Smirnoff Ice. [36:07] Chad: Here's. [36:07] Justin: I had a hell of a day. [36:08] Chad: Here's to everyone tuning in for the final show of 2024. Cheers. [36:19] Mark: So shut up and sign a form that is too cold. [36:24] Justin: Do you have a pen? Mark, remember all of these? [36:29] Mark: Do you still have all of them? [36:30] Chad: Oh, yeah, your locker. I think the time that Mark Told me. I used to tell Mark when back in the day when I had to pound a smear off ice, I was like, oh, it's so cold going down my throat. It gives me, like, brain. He goes, you idiot. He goes, drink them lukewarm. Just keep them lukewarm. [36:51] Mark: Just never put them in the fridge. Yep, Never forever. [36:55] Chad: So good. The totally original, never copied, never cloned. No per dope, no per dub game. We all know how this works. I'm gonna give you kind of a pop culture type of thing. You can let me know whether it's nope or dope. Are you thumbs up or thumbs down? And specifically, why now? You would never do this. With the types of cars that I drive, I wouldn't think that would be a real. Nope. But sometimes I'm driving the roads and I see cars, and people drive these cars, and they have a fascination with decorating their cars with stickers and the back windows on the bumper on the back of the car. And these things, I guess, are telling me about the bands. They like the things or some joke they want to tell or whatever. But I'm gonna go to Justin first. Silent J, just stickers on cars. No per dot. [38:10] JD: I'm gonna say nope, just because of my own personal experience with it. The only car that I've ever had not get stolen or in an accident has been the vehicle I have now that doesn't have a sticker on it. [38:23] Chad: So. [38:24] Mark: Okay, [38:26] JD: that's what I'm saying. [38:27] Chad: Man, I did not see that one coming. I did not see that one. [38:31] JD: I'm seeing a trend. Every time I put a sticker on something bad, what happens? [38:34] Chad: Whoa, Roby. Silent J's going deep tonight. You. Stickers on car. Stickers on. Have you ever put a sticker on your own car? Yeah. [38:44] Mark: Let's go back in time when you're, like, in high school and you get your first car and you want to put a decal on it of like, a. Yeah, okay. I'll be stereotypical. A big raider thing. Yeah, we've all been through those phases, and I think it was cool then. Of course, I did that. I have stickers way back when. And. Yeah. Did I have a sticker probably over some rust on my car when I was young? Yeah, of course. You cover stuff up now that I've matured and I slightly. And I care about my things. Like, no, Stickers are the worst. That is funny enough, yesterday somebody was talking about, if you have a bumper on your sticker on your car, I don't trust you. So I'm just like, I, I agree. Like it's weird. I don't. When you're driving behind somebody, you got those little family stick figure things too. I know a lot of people like make fun of them, whatever. Like I don't care about that. But I'm like why just why do you do that? [39:34] Chad: Yeah. What, what, what possessed you that day? You walked in your driveway and was like, let's put these on. Let's level them out. Let's let everyone know that we've got three kids, two dogs and a cat and we like Star wars. So we'll make them funny. Star Wars. I know, I know. You and your family have stickers on your cars, do you not? [39:57] Justin: No, none. None whatsoever. Hey, here's the thing. I'd be ok. Would be game. I would be. I would be dope with stickers on a window like one, two. Like what college or kid might. I'd be. I'd be okay with that. Otherwise bumpers, paint. No, no where else. Now here's the thing that has me fearful as you said this JD you guys have seen kids water bottles. Nowadays all kids have their canteens and they're taking them to school every day and they're taking them with them everywhere. Those things are covered with hundreds of stickers. [40:30] Chad: Yeah. [40:30] Justin: What do you think is going to happen to those kids cars when they 16? It's going to be a full sticker. That's all it's going to be. [40:37] Chad: It's going to be wrapped again. I feel like Justin and Chad are taking this way too far with their conspiracy theories. You think the Yetis are going to be involved in a stickered cars? That's a stretch. [40:47] Justin: 100%. J.D. [40:48] Mark: i will not think. I think Chad's onto something there. The, the, the sticker community. The sticker industry realized they had lost [40:57] Chad: the oh no adults. [41:00] Mark: We now think stickers are dumb. So they're getting these kids early. [41:04] Chad: I just want to ask Chad, why is it that you think the stickers would go from the canteens, as you put it, to their cars? You would think it would just evolve to like their plates or their coffee mugs or their silverware like genres here. [41:19] Justin: I'm going by the things that are theirs. Right. The canteen feels like theirs. [41:23] Chad: Stickers on cars. [41:24] Justin: Yeah. [41:26] Chad: J.D. [41:26] JD: we have a buddy right now that's texting us on the side. Mean. Chad says I'm watching on X but wish I was in this chat. JD Cross the line when he mentioned Star Wars. [41:38] Chad: Hello to our viewers on X. Okay, next one this one's a little boring, but it just came up last night because my wife. I was on the couch watching a little YouTube Golf, by the way, God bless YouTube Golf. I hope they have YouTube Golf in heaven. It'll make me so happy. And my wife goes, hey, do you. Do you want sweet potatoes with your steak? And my first thought was, I would love it. I would love a regular potato. But if you're offering up sweet potatoes, those little orange mushy things with the weird inside, I pass on those. Chad. Sweet potatoes. No Bordeaux. [42:21] Justin: I'm dope. For sure. Sweet potatoes are awesome. But you do have to find a way to crisp crunch them. I don't want the mushy. I want you to crunch them up, throw a bunch of salt on them, and roll. [42:31] Chad: Gross Robe guy. Sweet potato. [42:33] Mark: I think we've all. I think we've all been just scammed by a big potato for a while now that, like, there's just a plethora of sweet potatoes we're trying to get rid of. And they tricked us into liking them somehow. No, Sweet potatoes are for one time of year, Thanksgiving. And then. Leave me alone. Yeah, give me a real potato. [42:54] Chad: It's a. Yeah. [42:55] Mark: Russet potato, a golden potato, a red potato. It's. [42:58] Chad: It's. [42:59] Mark: Yeah. [42:59] Chad: I don't want. [43:00] Mark: If I want something sweet, I'll eat a piece of chocolate. [43:03] Chad: Yeah, good point. Silent J. Do you have anything to add to that? [43:07] Mark: I get. [43:08] JD: I've. This whole time when you said sweet potato, I was thinking sweet potato fries. And I love sweet potatoes fries. [43:13] Mark: Right. [43:14] JD: With steak. Because I have to. Because I have to dip the sweet potatoes in ranch. That just doesn't go. I'd be a nope on that for that. [43:22] Chad: Great, great ad, though, Justin. You go to a restaurant and it's. Do you want french fries or sweet potato fries? What the. Oh, that's not a choice. [43:33] Mark: And by the way, the sweet potato fries cost more. [43:36] JD: Yeah. [43:36] Chad: Why? I'm with Kushner. That's dumb puke emoji times two. Okay, I don't know if we've done this one yet. The part of me feels like we have, but I have to ask again. And this is slightly golf related, but it doesn't have to be. You can just apply it to general life. But I am being told that no show socks. Like, you know, the loes that are down by your shoes. These kids, man, are apparently an old man. Boom. [44:09] Mark: Good. [44:10] Chad: And then you should be wearing higher shocks, little mid calf or whatever. Straight to you robe guy. Like mid calf socks. To be cooler and hipper. [44:25] Mark: So. Oh, no, no. So, so, so. Nope, on that high socks are stupid. I don't like them ever. They look dumb. Kids look dumb when they're out there with their socks all bunched up. And how you the basketball players wear it just looks so stupid. It. No low socks. That's because I don't care. [44:50] Justin: That is in the 1990s. [44:52] JD: God, I say that and it feels so goddamn long ago. [44:54] Chad: I hate that. [44:55] Mark: I don't care how many times my. My kids make fun of me. I will wear short socks. [45:01] Justin: I said, Mark, I said the same thing about massively baggy pants in the 90s, and now I can't imagine wearing massively baggy pants. [45:10] Mark: I get it. But, like, you know me, I wear shorts every day. I cannot wear high socks. [45:16] Chad: I will look like I wash those up either. [45:19] JD: Mark. You know, with calves like yours, I wouldn't want to cover them up either. [45:24] Mark: That's all I got, dude. That's all I got. There's nothing here. I got my calves and that's it. [45:29] Chad: Chad, you. I hate to ask you about fashion advice, but. [45:32] Justin: Yeah, you shouldn't you. [45:34] Chad: That's what I mean. You do know, though, that apparently the mid calf sock is like, that's what's in vogue right now. [45:44] Justin: Like, that's my point. That's my point. Like, it's it to other people, Mark, it looks cool. That's that. We now get it. [45:50] JD: Yeah. [45:51] Justin: Not cool. But I don't feel cool when I wear a mid cap sock. Stupid person. [45:57] Chad: Did you guys used to, like, when [45:59] JD: you had the mid calf socks, would you like, scrunch them down a little bit too? [46:02] Chad: A little kids. A little. [46:04] Justin: Yeah. [46:05] Mark: You're all about the mid calf, aren't you? You're going there, aren't you? [46:08] Chad: I want to be, but I won't if I'm totally honest with you. I feel just like Chad. I feel like, okay, I know this is supposed to look cool, but I feel super lame doing this right now. And I'm struggling with it in a big way. [46:24] JD: It is funny that we're saying this because I've been at Chad's for the last last week or whatever, and I was wearing jeans in vans with no show socks. And he goes, ew, I can see your ankles under your jeans. You don't do that here. Something along those lines. [46:38] Justin: No. All I said was, it's cold. Don't expose your ankles to Devin's point in the chat bar when it's cold. I absolutely wear regular socks. Tube Socks not tube anymore, but you know, mid calf socks underneath my jeans for sure. It's 12 degrees outside. I don't want my ankles getting cold. [46:56] JD: Oh, great. [46:57] Mark: Oh no. [46:59] JD: It was 80 degrees here yesterday when I. Not when I landed, but I was like, what the hell? [47:03] Mark: Yeah, that's exactly Samson. I think of the long socks of the stripes that you would, you know, see kids wearing back in the day that, yeah, they just look like dummies. But I, I wouldn't want to be one of those people, the, the dad who like looks at the younger generation or my kids and like poo poos all over their, their trends and their things and their music and their attire. And I won't, I'll let them do [47:27] Justin: whatever I won't do. [47:28] Chad: You know that [47:31] Mark: it doesn't mean I have to partake. Okay. You know that my socks will stay low. [47:36] Chad: Fair enough. You've actually empowered me to continue to wear my low no show socks. Do you know that Paul Carlson, the founder of Plan Design Consultants and the father of Brandon and jd, he used to pull me into his office early in my career and be like, hey, this is the, this tie maybe you should wear instead of the tie you're wearing or this shirt, this shirt, really? And I remember saying to him, much like what Mark said, I said, hey, there's one rule I go by in my life. I'm not taking fashion advice from a 60 something year old, okay? So I will stick with the ties I want to wear, old man, and you stick with your sport coats. So yeah, don't take fashion advice from old people. [48:23] Justin: I had meetings in Branson and I had to leave early this morning and I put on, I put on like the tight khaki pants with white shoes and my sport coat and a white shirt. And Dylan, my 9 year old, looks at me as he's laying in bed as I'm saying goodbye and he goes, dad, you really need an adult tie. And I went, no, I don't. I got out of ties. I'm done with ties. I'm not doing it. He's like, you would look so good with a tie. Maybe ties are going to come back. [48:53] Chad: I will. There's one skinny tie. One thing is true about fashion is trends always circle back. You know, like right now the baggy pants are starting to come back into play and I'm, I'm strapped. That should be an over dope. We'll talk about it a future time. Like, I can't go back to the baggy pants, bro. Like, that's Crazy, remember, okay. [49:15] JD: It's uncool to wear baggy pants and not sag like below your ass. [49:19] Chad: Yes. [49:19] Justin: I hope that is nice. [49:22] Chad: I don't know what. I don't know what that is. I can't say it because I'm afraid that it's a drink penalty. But I don't know what that. [49:28] Justin: I already looked it up. It's like the most huge baggy pants imaginable. [49:32] Chad: Okay. [49:33] Mark: Yeah. [49:34] JD: What do they call it? [49:35] Chad: Pants, by the way? There is also a moment. There is also definitely a moment. You guys are not there yet. I don't feel like. But where you start to get of a certain age that you no longer really have the right to change fashion or follow. Like, you're too. It just looks weird. You're trying too hard now. You kind of have to go into this neutral zone where you're like, okay, I'm 50 years older. You gotta just stay neutral. You shouldn't be showing up and trying to flash your fashion. You know, you're an old person at that point, in my opinion. [50:15] Mark: Okay. But I think next year we should all try to change something fashion wise about ourselves and see if anyone notices. Like try something a little risky and see if someone points it out. [50:29] Justin: Dion says. Dion says. You gotta. You gotta. You gotta dress well to get paid. [50:35] Mark: Well, no, you it up already. [50:37] Justin: Yeah, I did. Yeah. To play good, you gotta play good to get paid good. That's what we want. [50:44] Mark: Same on you twice. Yeah. Watch me hit this drive. [50:51] Chad: I will be telling. I'll be telling you guys this at our Cordova sales team excursion in January. Yes, everyone, we're all going to get together for a little sales team meeting and play some. Some golf. But I will tell you that the 2025 attire for retireholics is. Yeah, we're going back. Suit and tie to all the. [51:14] Justin: Yeah, Wait. [51:17] Chad: Okay, I wanna. I wanna give kudos because I. I don't often do that. I'm always talking about companies and talking about people and. What I was. What? I told you 2025 this. Oh, you can't go now. You. You're just tempting me with these. No per dopes hoodie outside the sport jacket. I'm putting that on my list. Okay. @planadvisor.com, which, by the way, as I'm about to say something nice, I tried to type in planetadvisor.com three times on my computer and it took me somewhere else right now because I was spelling it with a O and they spell it with A E. Who spells it with An E. And so if you were to go there right now there is a. What do you call it at the top of the thing? An ad, but like a, a landscaped ad from Nu. And I'm gonna give them a hats off, a banner. Thank you Hackler. A banner, a hat's off and an applause. I am so glad. What looks like to me is nuveen is leveraging real advisors in their ad campaign. The title says Next Advisor Strategies from leading retirement plan advisors and you can click Explore more to go there. But what I am taking my hat off to is something that I would like to see more financial services companies do, which is humanize your brand with top advisors that we all recognize. Almost like athletes getting endorsements, you know what I mean? And I don't get me started on, on a finra rules, I'll drink and all that kind of stuff. I, I know that gets a little dicey there, but I just love it from a marketing and branding standpoint that I'm seeing people's faces that I know on this advertisement. So rogue guy, you gotta think this is kind of cool, right? You're okay with it. There it is. You recognize a past guest of Retireholics? [53:23] Mark: Yeah, Yeah, I see Mr. Ashley there. What's your question? [53:29] Chad: You think that's cool that nuvines, is that a smart idea to put people [53:34] Mark: on here that are actually leaders and look to as respected in our industry? Yeah, yeah, no, I think, I think anything that you can do that brings notoriety to actual people who are doing actually good work and people recognize them. I think it's fantastic. I do wonder a little bit though, why are they getting paid for this? Are there like college? Right. The name, image and likelihood or whatever the hell that all means. Is there a little, little kickback going on here? [54:07] Chad: So what's the deal? We've got, we've got rules around that. I tried to mention that earlier. I don't know them, to be honest with you, but there's rules. But Chad, what I wanted to ask you is Mark says it's cool that they're like paying homage to these advisors. I say that's not why I like it. Like that's great. I say they're nuveen smart. This is a much better. [54:29] Justin: Exactly. Instead of paying an actor or using an employee, they're getting banged for their buck. They're like, hey, we like you so much. Would you be in our ads for our own products? Of course. The advisors love that. They're, they're front and center on plan advisor mag or planadvisor.com. so yeah, smart on Nuveen's end for sure. I think for one buck. [54:54] Chad: I think that's very, very cool. And I think if I was an advisor I would be like, okay, sick. I like this, you know, like. And I think we should do more of that in our community where we see advisors that we recogn. Oh my God. I just typed in 401k specialist mag to talk to you guys about something else. And that same ad popped up on my. Maybe my computer heard me talking about it and it's there now. But yeah, Nina does those ads all over the place. Okay. The. The profit Sharing Council of America's newest survey of 401k plans. They've got top 10 highlights. [55:40] Justin: That's not an actual group, right? [55:42] Chad: Yeah, it is. [55:43] Justin: You're talking the Plan Sponsor Council. [55:46] Chad: Did I say profit sharing? [55:47] Justin: You did. I'm like, there's no way that's an actual group, right? I was confused. I did start searching. [55:53] Chad: I'll drink for that. I'll drink for that. [55:56] Justin: I thought there was a group I never knew of. [55:59] Chad: By the way, the Plan Sponsor Council of America I would say is a pretty button up group. Like we did our show there on stage watch. But I don't know, they seem to kind of just obviously they're a American Retirement association entity. All those entities are pretty button up. But anyways, here's their latest survey and here are the, the 10, the 10 highlights of their newest survey. And they've got a lot of great companies. Plan sponsors I should say that are part of it. So I think it's a good, it's a good sample size to look at. Number one, participation rates have increased slightly over 2022 rates with 88% of eligible employees have an account balance and 86.9 making deferrals. 86.9 making deferrals. That's kind of shocking to me actually. Like that's, that's a very big number. [57:03] Justin: These are big boy companies though that the, that they enter that they. [57:08] Chad: I would think big boy companies would almost would reflect like because it's more [57:14] Justin: people like you all auto enrollment. Oh, auto enroll in that space has a massive, massive operate. [57:22] Chad: Well let me jump to that. That's. [57:23] Mark: Look at number seven, Chad. Number seven is auto enroll. [57:27] Chad: Because that's a good point. So number 7. 64 of plans use automatic enrollment feature. 13 of plans automatically enroll non participants annually. Like do a re enroll. So 64 of these plans have auto enroll. So if you were to Line up these stats and maybe that wouldn't be an accurate thing to do. Okay, well there's still 36% of these plans that don't. And they've got an 86.9% rate of making deferrals like, and you said big plans. Auto enroll great. But big plans, I think you'd get a lot of zeros and big plans because you don't get to talk to people. There's. You've got 3,000 employees. People are going to decline. You know, you'd think you would almost have higher rates of non participation in larger plans than small plans. Potentially I might be making that up, but, but that's shocking to me in a good way. Number two, deferral rates. Participants contributed an average of 7.8% of pay up point four percent. Okay, I think that's kind of same same, but it's trending in the right way. But that's good. Seven, almost 8% of pay. That's solid. In terms of an average employer contributions, they're averaging almost 5% of pay up slightly from 4.7 in 2022. So again, big companies. I know. Sorry, Rob Guy, I only give you 4%. Suck a dick. That's all I got for you. Okay, okay, good, good answer. Roth is now available at 93% of organizations. Great. Investments increase. Average number of investment options offered increased. Again, that's not a positive thing, is it? After holding steady at 21 funds for the last three years. Hold on to your seats everybody. It's now at 22 funds. God, these things sometimes. Who decides to write that in the top 10? If I was writing this article, I would be like, okay, let's leave that one out. We, we went up one fund and needed a tenth. It's. That makes no sense. We already did automatic enrollments, loans and hardships. The percent of participants with a plan loan outstanding dropped slightly in 2023. Here we go again. From 18.6 to 17.5. Okay, okay, here's the last one. I'll talk about cyber security policy. The use of a written cyber security policy continues to increase. 31% of plans have such a policy. Up 22%. There we go. [1:00:13] Justin: Wow. [1:00:13] Chad: They had to reach back three years ago. But that's what I want to talk about real quickly. Is, is this coming up in you guys day to day? Obviously you're in the small plan market. Chad's saying no. Justin's saying no. That great, okay, you heard it here. [1:00:29] Justin: I mean not even, not even when I'm. And I'll Call them bigger plans for us. But when I'm sitting in meetings with 20 or 50 million, it's still not coming up. [1:00:37] JD: That [1:00:41] Chad: Hackler's still here. Okay, Brandon, I'm on a whim. I know you and I have been disconnected, but I would like to announce the Chat Our champion of 2024. Do we have an image? No, that's. [1:01:02] Justin: Our team's supposed to be doing that. All right, the year's not over, jd. [1:01:07] Chad: I guess I'll just do it. No, we're just gonna. We're just gonna describe it then. We're at the end of the year. We're gonna describe it. Okay. The winner of Chat Bar Champion 2024, the first time we did this whole year long thing is none other than. Brian Brasha. No, we know it's the Hackinator. It's heckler. It's a short wearing guy. And you just got to close your eyes. And I've seen the vendor that we're using to produce this thing. So imagine if you will, it's a beer type show, right? Remember when you go into the bars, especially back in the days, and you'd have those neon signs that we're hanging like for Bud Light or whatever, you're getting a Retireholics neon wall hanger that says Chad Bar 24 on the wall Hackler, right by that little shelf thing you got going on. And it's yours forever. And I wish we had the. [1:02:27] Mark: You'll get it in eight to 12 years probably. [1:02:32] Chad: So that's that. But congratulations. Very, very, very cool. We will see you in January. We will be revamping like we do all the time, everything that we do here. And coming at you with a new schedule and Chad, even potentially a new time slot. Right. [1:02:59] Justin: I'm pushing. [1:03:00] Chad: Yeah. So we'll be coming midday drunk. [1:03:03] Justin: Midday drunk. [1:03:04] Chad: Let's call it hashtag day drinking. We'll be coming at you with a new time slot, new schedule, a little bit of variety we're gonna be throwing at you and just doing, you know, doing something new, trying to keep it fresh. 2024 was a fun year, was a good year, and we appreciate all of you for spending it with us and tuning in on these first and third Thursday nights. If you haven't seen Retire Holics the movie yet, you can go to retireholics.com to check that out andor search it up on YouTube. It's 20 minutes of your life that you'll never get back, but go check it out. And also I just going to say, God Damn it, oh, 2025 will be our 10 year anniversary. So you'll be seeing a lot of branding around that. This is the 10th year of Retireholics. We'll be celebrating it and hopefully we can bring you some fun and cool and, you know, slightly evolving content. We'll kind of move past this little, you know, Taylor Swift has got eras robe guy. We need a new era. Yeah, we need a new era. [1:04:18] Mark: Got it. [1:04:19] Chad: Okay. [1:04:20] Mark: I. I agree. I agree 100 with that. [1:04:25] Chad: Thank you to you out there for tuning in. I hope you have a, a Merry Christmas or a Happy Hanukkah or whatever holiday you celebrate this year. God bless you. Have fun. Celebrate it. Enjoy yourself, enjoy your family. We appreciate you. Happy holidays to you, Justin. Silent J, Chad Johansson, Mark, Rogue Guy, Palmini. I will see you guys in Cordova. And apparently Mark doesn't know this, but what I'm announcing right now is we will be having a skins game, a five person skins game with Devin and the four of you. By the way, Cordoval has approved our fivesome. $200 a hole. Carryover hole. So 3, 800 bucks on the line and 3,600, but. 3,600. And what I need to know between now and then is how we're going to give Justin some type of. Like, he needs some freebies. I feel like, oh, boy, you can't [1:05:34] Mark: get freebies with that kind of money. [1:05:37] Chad: Yeah, he needs. [1:05:38] Mark: Okay, Justin. Justin taps in for parb net birdie and wins a hole. [1:05:42] Chad: No, he needs some kind of banger. Some kind of rare. [1:05:46] JD: That is. [1:05:47] Chad: He needs some kind of like some mulligans or some kind of something. [1:05:51] Mark: How about this? [1:05:52] Chad: We'll let him tee off two T's [1:05:55] Mark: in front of us and give him no extra. [1:05:57] Justin: Hey, I like that. [1:05:58] Chad: It could be something like that. It could be something like that. [1:06:01] JD: Yeah, I'm gonna love you just. [1:06:04] Chad: And everyone out there, if you're tuning in, we will have. We've hired four camera people to film the entire thing and we'll be editing it and streaming. [1:06:18] JD: Is this the second movie? [1:06:19] Mark: There's no chance we're getting into the [1:06:21] Chad: YouTube golf game, people. Just kidding. [1:06:27] Justin: Just. [1:06:27] Mark: Yes, hack. Yes you can. [1:06:29] Chad: Can I caddy for Romy? [1:06:31] Justin: We need to play golf with hack. I'm sorry, I haven't coordinated that yet. [1:06:34] JD: Why have we not done that yet? [1:06:35] Chad: Let's. Let's make that a 2025 goal. Okay. Sorry for the long windedness. This is the last show of 2024. It's hard for me to let it go, everyone I'm hanging on to it, but I'm gonna let it go. And we love you, and we are the retireaholics, and we are changing the retirement plan industry one beer at a time. See you next year. Peace out. [1:06:59] Mark: Love you guys. [1:07:00] Justin: Good night, guys. [1:07:03] Mark: Love you. Bye. [1:07:04] Chad: Love you. [1:07:05] Mark: Goodbye.