Student Debt, Compliance Penalties & Outsourcing Core Services

[0:00] JD: Right. Don't you? And he said no, much to my disbelief. I was like, dang it. But he goes, but my cousin down the street does. [0:11] Chad: How about the response from them? Do you want the big hand? Do you want the little hand? You want the crazy one? Are we taking some chickens with us? [0:34] JD: Hey, welcome to another show. Hello, everybody. Welcome to the Zoominar. All right, I'm going to. I'm gonna go with Mark's flow. The introductions. You know who we are. Otherwise, why would you be here? Let's do a. Let's do the first ever haiku on the show. We've never done a haiku before. I call this one man of my Dreams. [1:03] Chad: Oh, thanks, jd. [1:06] JD: Beautiful God man In my dreams he holds my hand Best friend, the rish man. Okay, Justin, intro our guest. [1:22] Chad: Just trying to count the syllables. [1:25] Mark: Talking about. Talking about not caring anymore. And there you go. [1:31] Chad: Doesn't even let me go. [1:32] JD: The surf was pumping today, people. Justin, please, intro our guest. And you out there in the audience, you know what you're going to do? You're going to tell Justin whether he's any good at what he does or whether he sucks by giving him a score of 0 to 10. Take it away, Justin. [1:48] Justin: Hide your swag, folks, because Lester is in the house. This man needs no real introduction. Introduction? But if you haven't heard his name, then I'm not sure you've ever truly 401k'd. He's the king of event promoters, an OG toter fanboy. And no one can check off a rider request list better than this man. [2:05] JD: Look at that. [2:06] Justin: He's the mastermind behind every prank we've ever pulled on John Sullivan's booth. And we sure as hell can't wait to throw back a few brewskis with him in Vegas this October. Ladies and gentlemen, the Senior Manager of Advisor 2X and the Sheriff of Wealth at Work, Mr. Bryant Lester. [2:21] Chad: The sheriff. [2:26] Justin: That's why he gets away with stealing so much shit. [2:28] Chad: Yeah, Bryant. [2:29] JD: Welcome to the show, buddy. Welcome to the show. I got one quick question for you. The name of your son. [2:36] Bryant Lester: His name's Miller. [2:38] JD: The beer of the episode today is going to be Miller High Life. Oh, yes, he's got the Miller Life. [2:46] Justin: That's his middle name. [2:47] JD: Here, Brett. Let's try. Bryant, let's try to cheers. Let's try to cheers. Virtually always Miller time. Okay, you're not doing it very good. You got to come to the side. Oh, well, we'll move on. Miller. Love it. Love it. We're gonna play some games today, Mr. Lester, we're gonna play acro sin, that's for sure. So watch your initialisms, watch your acronyms. You must drink from your penalty drink. I've got some disgusting fireball cinnamon whiskey here by my side. Hopefully you've got something just house. Oh, perfect. I don't know if you should drink. Those are old. There's real booze in those. [3:28] Chad: Sat in the sunlight for a while. [3:30] Bryant Lester: It's the Retireaholics 401k YouTube show. That's how old these are. [3:34] Mark: Wow. [3:35] Justin: 360, like 2018. [3:38] JD: That's a collector sign. And be careful. I wouldn't drink out of that. That's probably worth like 39 cents. We are also gonna play chat bar champion. So you can't see the chat bar. I don't know. Just have to pick someone you think there or something. But we'll go our votes for you and then you are the audience. You're going to pick the winner. We did not have a chat bar champion last week because we did our little rogue guy game where everyone posted online and I've got that slotted later in the show where we will announce the winner of that. However, Hackler won the week before and sent me some very aggressive private messages. And so Hackler will be getting the completion of the retireholics mug set and then stay tuned to social media, LinkedIn, whatever, because he will be getting the fifth mystery mug as well. And we can all find out at the same time what that will be. [4:36] Justin: What do you contesting you man. [4:38] JD: What do you say we. We go to headlines? Let's go to headlines. [4:43] Justin: Oh, man. [4:52] JD: When I first saw this headline, the entrepreneur in me got very scared. There is a term out there in the world and on TikTok Tall called Quiet quitting. [5:06] Mark: Oh my God. I just heard about this. Did you watch that video on Instagram about that? Do you ever listen to the guy KFC on barstool Sports? He's got the perfect rant on this. [5:18] JD: It's beautiful. Beautiful. I'd love to get some of your insights when I first heard it. [5:23] Chad: I don't like my job and I [5:25] Bryant Lester: don't think I'm going to go anymore. [5:27] Mark: Yeah, it's. It's not a. It's not a new thing, by the way. [5:31] JD: Right, right. But what I thought it was Mark was Covid came. All of my team is now spread across the country working from home. And I thought the scared entrepreneur in me thought that Quiet quitting. I wonder how long I can pretend to do my job and not do it and how long these will pay me for, you know, can I, or [5:54] Chad: maybe I could go get another going on seven years. JD [6:00] JD: apparently that's not what it is. Did you learn some things, Mark? Do you want to help? [6:06] Mark: No, I didn't learn anything. I just, it just was, at least to the person that I got my news from. My sources told me that quite quitting was just effectively doing a half assed job, just doing the bare minimum and not really giving a shit. [6:24] JD: Well that's, that's a great conversation to have you say bare minimum. Some of the pro quiet quitters say they've been going extra work for years, working their butts off doing extra things at work and now given this new kind of less monitored environment, working from home, they're going to do, I guess bare minimum is a decent way to describe it, but they're going to do what they think their job description is and not a fucking ounce more. Brian, I don't want to rise and grind anymore. [6:56] Mark: I want to rise and then like lay right back down. [7:02] JD: I don't imagine you're a quiet quitter, but would you support this? I mean, should you be working too hard for your pay? [7:10] Bryant Lester: Well, I think, I mean our organization's always been a part of that healthy culture. Ross is all about balanced lifestyle. So as far as others, I live in a bubble world. I've only worked for Ross my entire career, so that's all I know for when I hear big corporations and then I can definitely imagine and see others taking advantage of. And I've definitely heard about it. But from my perspective, Ross is the last thing from a micromanager. So [7:45] JD: I'm always shocked that when Ross gives these descriptions because he seems like such a, like type a.m. grinder till, you know, 11 at night. And I know that he's not and he shared that with me. Chad Covid and working from home really isn't just about not being supervised. Isn't there a lot of people out there that actually probably work too much now that they work from home? I know I've been victim of that. I know I don't work for some, but where I get to my desk I realize, Jesus Christ, it's, it's 2:30, I haven't had lunch yet and all I've been doing is banging on my keyboard. [8:21] Chad: I would say that's, that's somewhat normal for a lot of people. Jd I don't think Covid's had that effect. If anything, I would say people working longer hours or Busting away. Like, I think they've become less efficient in the working from home. The distractions that exist. Yeah, you have been sitting at your desk the whole time, but now you got a TV in the background. Now the kids are walking through. There are things that distract you throughout the day. That, that time period that you just worked for, for six hours, you didn't get as much done as you normally do. [8:52] Justin: Do you think that's any different than the office? I mean, right, the office over the years, like distractions you have, you know, the average person works maybe four to six hours in the office because they're bullshit and doing other shit too. Are they just able to be more efficient but still manage those distractions at times? [9:07] Chad: And to JD's point, maybe they're staying at work longer. I know some of my friends, not in our line of work, but they are working longer hours now and they're, they're in their inbox at 9 o' clock at night where they never were in the past. Like we all have our whole career. So I definitely see that happening where people are in touch more. But specific to this topic, jd, I don't see anybody who's been working their ass off for a period of time have the patience or the comfort. Insane. I'm gonna slack off now. I just don't, I don't see what you said. People who have been working overtime for so long are now pulling it back to even I see this as the people who are just doing just enough in the past doing even less because they can get away with it. [9:53] JD: I won't. And again, this wasn't really the definition of quiet quitters the way I read it. But I will tell you that I have a close relative who works for a fairly medium sized large company. I think they've got like 1500, 2000 employees. And he has personally, over a beer, told me how fucking easy his life is since COVID because he basically logs in 20 hours a week and gets paid the same that he always got paid. Because I think in our industry a lot of things are more, the metrics are more easily monitored. If, if you, if you start slacking, like if the three of you start slacking, it's become apparent really easily from sales. Well, the same is true in a TPA space. Right? If, if you're snoozing at home and not doing, and not doing the job, it's going to become apparent pretty quickly. [10:42] Justin: All right, let's ask a question that's actually, is, say in that article is quiet quitting across generations or a specific generation? [10:50] Mark: Well, generation, I would imagine specific generation. Generation Z claims to have created this, which again, that I'm not this. These aren't my words. The guy, the video I watched, he's so good with his words and he's like, it's not. It's nothing new. And by the way, thanks for pointing it out. You're ruining it for the rest of us. Like, yeah, you're always going to have people who are just phoning it in, right? You're just doing it. You're getting your check, nothing changed. But you're not putting in any extra effort, work, care, whatever. And now you're out here saying, we're doing this. So guess what? There's probably going to be more shit that comes. And more companies are like, well, now we need to have, you know, again, I. Clocking. Clocking out that that terminology existed for me for so long when you, like when I was in, you know, high school, working at a golf place or whatever. But now, I mean, I hear those words and I cringe and I swear I never want to do that again. So I'll do everything in my power to stay in a job like this where I don't have to monitor my hours, although I do work too much. [11:52] JD: All right, pace yourself because you'll have to do this all day for very little money. [11:57] Chad: It's funny in our line of work, too, where we're trying to find a way to reinvest in employees and get more out of our folks and benefits and greater health insurance and a stronger 401k is going to make happier, more productive employees. And then you read something like this and you're like, well, shit. I mean, are we. Are we trying so hard but falling quiet, falling silent on a specific generation that doesn't give a shit anyways? [12:21] JD: Wow, that got more depressing than I wanted it to get. I love. I love this new world. And I do believe there's a lot of companies that have been. That are more effective than they ever were. And I think employees, to Mark's point, are happier to gain some of the balance that they can gain by. By working from home instead of going to the office. And whether that's a. A quick walk with your dog, you know, while you have your lunch break or not. Those are things you couldn't have done before. So anyways, I think there's so many. So many. [12:54] Mark: And I. I've been having conversations with people who are having, like, in tech companies out here that are. They're getting forced Back in the office and they are pissed. [13:03] JD: They're pissed. [13:03] Mark: And. But it's funny because. And I'm not gonna say who this person is, but he was like, dude, yesterday I had a pretty light day, but man, I got so much yard work done. It was so good. [13:15] JD: I will go back to your point, Mark. Number one rule of Fight Club, right? Don't talk about it. They should, they should kept their mouth shut on tick tock. [13:24] Mark: My, my lawn looks great. [13:26] JD: So let's go, let's go to the next headline. This is about our boy Schlichter, the 401k boogeyman. Pretty, pretty bold of John Sullivan here. Wasn't Schlichter on the COVID of Foreign K Specialists at one point? [13:44] Mark: Yeah. [13:44] JD: And now, and now, now Sullivan slapping him with the moniker Reckless before his name. Like this is pretty gnarly stuff, but great for everyone to know. If you haven't seen this in one of Schlichter's cases against in power, he has lost. And he has now been officially. We heard about this about a week and a half ago, I think. But now he officially has been slapped with a $1.5 million. I don't know what the proper term for it is, penalty or whatever. But what that means to us as an industry and to these litigators is you take on these cases, you put money into it, you go after it to find someone guilty of something and win a case if you don't have the right evidence, if you don't have a proper case. I forget the terminology they use here, but in this case, they thought that Schlichters was definitely. Actually, that's right. John didn't use reckless. See the quote? The judge called him reckless for. For the case that he brought. Sorry, John, I thought you were more baller than you were. Yeah, that came from the judge. So, so this is big, big news, right? What is $1.5 million to Jerry Schlichter, Rogue guy? Do you have any idea. Does that mean anything? I don't know. [14:58] Mark: It's. I don't think it's much of a hit for his. I'm not saying for him, but as far as that, it's bad press, I'll tell you that much. I mean, I know all, all press is good press, but no, I don't think it's that big of a deal. It might be eye opening, but guess what? You know, in baseball you can bat.300 and be a all star. So what is he batting like 9.95 now? So he's Going to take, take a look at what he's won versus this. [15:26] JD: I don't know. Lester, what, how much does your net worth have to be for 1.5 million to, to be, to sting? [15:36] Bryant Lester: I think it's, I think it's going to sting at any stage. [15:39] JD: Right. [15:40] Bryant Lester: That amount of money, it's something. [15:42] Chad: JD. [15:43] Mark: JD would it sting you? [15:45] JD: Yeah. 1.5. [15:47] Justin: Yeah. [15:47] JD: Yeah, that's it. Sting me a bit. [15:49] Mark: Just, just making sure. [15:51] JD: I'd have to take a Lambo or two back to this. [15:55] Mark: Get it, get a, get a return policy. [15:57] JD: Well, I think this is a big deal and I know there's two sides of the coin here. The one side is these litigations kind of evolve our industry and make us more transparent and make us focus on fees and kind of change the whole ethos of what we do. But on the flip side, I don't like the finger pointing of the Schlichters and going after companies that I think are doing a great job. I definitely don't like the new target date fund lawsuits that are going after performance. And so I can't lie to everyone and say I don't get a little giddy inside when I see that there's some, some penalties for this type of behavior. So we'll see where it takes us. [16:39] Chad: I'm not even, I'm not even pumped about the penalty as much as I am that there are some oversight happening. There's some look, there's some eyeballs on it. I think that that's most important. Hopefully they'll button up the vest a little bit and be more diligent. [16:53] JD: Well, Mark talks about at bats and Schlichter is one of the more ingrained attorneys in this. Right. He's done a lot more of this stuff. But there's a lot of smaller companies that look to him and go, oh, I should jump into this action too. And now that they see something like this happen, they might be a little more hesitant to follow suit. [17:15] Chad: Remember run. [17:16] JD: That's a pun intended. [17:19] Chad: Hey, remember the other litigator we had on that made us all feel kind of gross and slimy? If he is taking at bats, he's a professional ball player. Taking at bats against my seven year old throwing pitches because all the hard pitches they're leaving to the side. Remember he said, I'm not taking anything. I don't think I can, I can win within a week. [17:38] JD: That's a good point. So he stepped in on, on underhand balls and struck out Mark because he could choose the pitcher to him. Let's move on to bigger News. Biden cancels $10,000 in student debt, extends the repayment pause. You might say to yourself, JD, what does this have to do with 401K? [17:58] Mark: Hey, JD what. What does this have to do with 401k? [18:02] JD: Well, I saw a friend of the show, Brian Basha Brasha, his last name, [18:09] Mark: I want to say, really know how to say the guest name [18:14] JD: post about this. And he said, hey, this is really cool. If people can get this, this debt lowered. 10,000, 20,000. I think if you're a family under 250 or whatever, that might put them quicker on the, the life cycle of getting to saving. Like if they had so much debt they couldn't save in their 401k plan, now they can get rid of some of that debt and they can start saving more or however you want to look at it. You know, you give some people some free money, it's going to free them up to put more into their Savings in their 401k. And a little debate started, a friendly debate, mind you, but Nevin Adams was trolling around that LinkedIn like he does, and he said, no, no, no, I'm not a fan of this for a variety of reasons. And they got in that classic debate. Sorry, Brian, I'm put you on the spot chucking out 10 grand of wiped student debt, potentially 20 grand of wiped student debt. When you, when you see this come out, are you, does this fill you with warm fuzzies or are you kind of thinking, what is going on here? [19:16] Bryant Lester: I definitely had mixed feelings on this one. My wife graduated recently and had some student loans and I went out. [19:24] JD: You're cashing in? No, no, no. [19:27] Bryant Lester: I paid them off. [19:28] Mark: Oh. [19:29] Bryant Lester: It actually happened. So here I am sitting here like kicking myself. Like, I could have delayed the payments, played, had 0% federal loan, right? And then I paid them off. So who's, I don't know the flip side of that. I think, Brandon, you're Mike. [19:47] Mark: Sorry, [19:52] JD: Go ahead, Brian. [19:55] Bryant Lester: The part of me is kicking myself, but then the other half is saying, yeah, there's a positive negative on both. And I'm stuck on the negative because of my personal situation. But from a positive situation, I think it's, I think it's good to help people that need it. I think the income level, granted, I'm in a smaller city, so I think the 250 cap is a little high. I think it should be designed for, I think the Pell Grant, I think that's a good idea. 20 grand for people that are lower income. I'm all for that. I'm kind of in between. [20:28] JD: So yeah, when I was. And I was a kind of negative person when I saw it, I kind of stand on that side of like, look, you, you took a loan. You knew what you were taking a loan for. Like be an adult and. And pay off your loan. I'm also not an economist, but I worry that we just went through all these like higher unemployment checks that were hitting everyone, all this, this funding that was going out, stimulus checks that were going out to everyone. And then we end up with these high gas prices and inflation and all this stuff. And everyone's complaining. Where I think classic economists are saying, well, inevitably that's what is going to happen. You know, is. Is inflation's going to go up and we're gonna have to tweak up interest rates and whatnot. So I kind of feel like didn't we literally just go through this at this year, this summer and now the idea is to pump some more money out. And then I get conspiracy theorists and wonder if it's be. Because it's before the, you know, midterm elections. [21:31] Justin: Elections. [21:32] JD: Elections and stuff. Chad, you had some. Three. [21:33] Justin: Let's not. [21:34] Chad: Yeah, I was. I actually When Bryant said 250, I was curious because I didn't know it was 250. What I had heard was 125, but I guess it's two single household. 125 single. At what point. And do we not do these things because it's too complicated. But at what point do we say that the debt to your household income based upon where you live, that ratio plays into whether or not things like this are forgiven or the childcare credit or all these other things. Because to Bryant's point, someone living in Northern California, in the bay area making 125,000 is doing all right. But that's not an easy life living up there. Make 125 living in the Midwest a big difference. [22:17] JD: You're a different person for sure. [22:19] Bryant Lester: Yeah, exactly what I was thinking. I had the exact conversation about someone living in New York. Right. 250 in New York is a lot different than 250 in Wilmington, North Carolina. Beach town here. 50 in Wilmington is good money. And the rent is not anywhere near what New York prices are. So taxes. [22:39] Chad: Could you imagine if we implemented that across many walks of life of the government, 1k deferrals were dependent upon where you lived? You could defer more if you lived in Northern California. By the way, a high replacement ratio [22:52] JD: to live There, those are both very logical scenarios. But unfortunately then the message out to the public becomes so confusing that. [23:02] Chad: Oh, that's what I meant. [23:03] JD: Yeah. [23:03] Chad: It's just too hard. [23:04] JD: No one knows how to interpret it. You know, at least this way they're like, I know I can get 10,000 bucks. Okay, I can get 20,000. Yeah. [23:13] Mark: I was going to say there's always been ways for things to be forgiven. I mean, Bryant used a personal experience. I'll use a personal experience. Right. My, my wife has worked for, not for profit agencies or within a school system where, you know, it's a kind of a type of job where they say if you spend X amount of years doing this, you can actually qualify for this specific kind of forgiveness because of the type of job that you have, knowing that they're lower paid, you're a public servant, all that kind of stuff. And so, you know, people like you're saying, jd, I'm on the side of the fence of just going in every walk of life and everything that I do that like you reap what you sow. Honestly, if that, if you went out and got a law degree and you spent 150 grand to do it, like you knew that going into it also knew that you would have a higher level of income. But no, you're right. And I think if people spent more time researching ways to make up for it, if there's ways for lower income, you know, for programs to already exist, then you got to put the time in to figure it out, see if you qualify. [24:24] Justin: What are the chances we actually think people are going to take this. Go ahead, Brian. [24:29] Bryant Lester: Well, I was thinking, so if you didn't do it regionally, you could also do it like a percentage basis. Whereas if you made 100 grand, simple 20 grand, I mean that's, that's a big debt that you're going to have to somehow figure out how to pay and they need help. A higher pay would equal obviously the ability to pay off debt. But if you make 60 grand a larger amount, then I think it should be a ratio somehow. [24:57] JD: That's interesting. [24:58] Justin: Justin, I was just wondering, you know, with, with where savings is at nationally anyways, are people going to actually take this 10 grand that they get and do the smart thing and actually say, [25:11] JD: are they just gonna buy, they're gonna buy a new flat screen TV and a, you know, some weed is what they're gonna buy? No, I don't know. But I do wanna, I do wanna close this with this. Danielle. Daniela made some comments in the chat bar. That are super accurate. And there's a lot of people that are, that are Pro this 10k, 20k, but are also understand like that this is just a band aid, right? Like what needs to change me back in five years? Well, what I'm backing on, Daniela, is college is too fucking expensive. We shouldn't be having these loans with these interest rates that keep people in the hole and keep them down for, you know, 20 years, 30 years of their life. And it's not great for the poverty stricken areas of our country. They can't afford to get in any college. So we don't have this needed diversity and access to higher learning that we need to have. And I don't think anyone can really argue that. And that college has gotten out of whack. So I totally agree with all that. And I think that's the anti this legislation. People are like, come on, do something real that will actually make a difference to this whole college problem that we have. Throwing 10k at it is not going to solve. [26:28] Chad: We created a band aid. [26:29] Justin: Do you want to know what a crazy stat I read yesterday? I think it was the 300 billion that this is costing. Million, right? [26:36] Mark: Yeah. [26:37] Justin: Is like 15% of the overall college debt. [26:42] Mark: I say, I say just, just wipe it all out. All right? Let's just start fresh, man. Come on. If you're gonna throw out money, just make it rain. [26:51] JD: Hey, Mark, Mark, before you get, let's not get into that mode too soon of recklessness. Let's wait for drunk stock tips, which [26:59] Chad: we're gonna do later. [27:01] Mark: Don't forget, I have to bounce right at 5:30. [27:04] JD: Oh, that's fine. We'll get in there. But for now. For now, this episode is brought to [27:09] Chad: you by the Wheel of Ice. [27:16] JD: No brand. Pick up, pick up, pick up. [27:20] Justin: Hurry. [27:20] Mark: Name one. [27:21] JD: Name one. [27:21] Justin: Hurry up. [27:26] Bryant Lester: Everyone. [27:29] JD: Everyone. I thought we gave up on this. [27:36] Chad: No, no, Mark, go coach your soccer team. [27:42] JD: All right, Chat. Bart, you're gonna need to entertain yourselves for the next however long. [27:46] Justin: Get a glass. [27:47] Chad: Do we? I don't have a glass. I'm throwing it in my mouth and then chugging it. [27:52] Mark: I'm going, I'm going. A whole thing. The whole thing this time. [27:56] JD: I properly always prepare with a pint glass and a shot glass. [28:00] Chad: Yeah, I usually do too. [28:03] JD: That's the guy who two who two weeks ago the wheel landed on me. I didn't have a smear knoff and he let me slide. [28:09] Mark: Yeah. By the way, I think I've done it twice. [28:11] Justin: You owe you an extra one. [28:13] JD: Don't you now? [28:13] Chad: No. He's no. [28:15] JD: What's the rules behind that, bro? This is gonna take me till the end of the show. [28:19] Mark: Damn, Brandon, what do you got there? Bullet. What is. [28:22] Chad: That'll make your eyes water. [28:28] JD: All right, I get to. [28:30] Bryant Lester: I get to ice my entire office tomorrow. [28:32] JD: Nice. [28:32] Bryant Lester: I like that. [28:33] Justin: Oh, nice. [28:36] JD: Except for Ross. He's not doing that. [28:39] Bryant Lester: Lisa Allen. I know. [28:40] JD: I love it. Icer. Icer. Chad, I'm gonna let you kick this one off while I work on this here. [28:49] Chad: You gonna give me a topic? [28:50] JD: Yeah. I've been getting a lot of emails. I don't know if it's the tremendous growth that you all have had as a stellar sales team and people think we're getting to some size, that this is necessary, but I seem to be getting bombarded with outsourcing emails. Hey, you're a tpa. Yeah, okay. [29:13] Justin: You said it. [29:16] JD: And wouldn't. Wouldn't. You must struggle with staffing and hiring people. And what if we told you that we can do your compliance work and we can do your 5500 prep? And a lot of these companies, by the way, are not like they were 10, 12 years ago, where they're in India or whether that's positive or negative, I don't know. But they're here in the states and they. And they keep hounding me. Like, I don't respond. I keep getting hit with it. I'd like to start a conversation on outsourcing. It can start with third party administrator. It doesn't have to stay there because advisors outsource like 338 Solutions. You know, we currently outsource our actuary solutions. So anyways, outsourcing good or bad, Chad, set the stage. [30:01] Chad: Yeah. So let's talk about it. Specifically for the compliance community, a third party administrator community. I don't have any issue with it. What I do have an issue with is if the people who are doing the work don't know what they're doing. If we become data robots like some of the bundled providers, then I have an issue. You need a human brain to understand the client and understand what their objectives are and what the document shows they're trying to accomplish. So I think there are facets. Just like an advisor never outsourced everything, there are facets of the compliance process that can and in all likelihood should be outsourced. Some of the data collection, payroll integration, that process. I think absolutely our community can outsource that. Now let me flip it and kind of ask the guys. Well, I'll start with Bryant because You're so connected to the advisor community. I see advisors using outsourced resources that are provided through the record keeping community, but very few are using individual independent groups. Are you seeing that change? You seeing more advisors use independent outsourcing for a specific service? [31:10] Bryant Lester: Well, so we are an RIA here. I'm actually on that side now. So I've kind of gotten to learn how the operations and the tech works and from our. I don't, I don't know what I said, but advisor. Oh, okay. Got it. Yeah, We're a registered investment advisory firm and we do outsource to a service that handles some of our like database input forms. And so from that standpoint, you know, it's, it's very helpful for us to do that. [31:45] Chad: Do you televise that? Will you talk to clients about the fact that you've leveraged those services? Okay, see, I think that means you're hiding behind it then. And I feel like we're still at a space where we hide behind the fact that we're not doing anything. [32:00] Bryant Lester: I take that back. No, she's actually on our website. I mean, we just, we're, we're getting to the point where we're leaving the individual. Like Ross Marino, the advisor, and he is actually trying to create the team atmosphere because Ross has been doing this for 30 plus years. He's actually, I mean, I'm becoming a CFP. I'll be working with some of his clients and so ring them out. [32:22] Chad: Yeah, ring them up. But Brian, is the team atmosphere, employees of the same team or outsourcing truly saying that we believe we've leveraged a good partner? I'll give you the example. JD mentioned it. We have an actuary on retainer and I tell every client this, it's like, look, there's a reason why we do this. We can get the best of the best at an appropriate cost, which allows us to, to be priced where we need to be. And the business has changed. We don't need an in house actuary anymore. Although that is a great, that's a great example. But I use it to my advantage. [32:58] JD: Yeah, I've had some advisors say, oh my God, I'm so shocked that you, you guys don't do these cash balance plans in house. And I'm like, well, no, we've been working with this guy for 15 years. You know, he does them. We love the relationships. He does the calcs for the sales team. Our, our team still interacts with the clients, explains what's happening, gives them the results of Everything, which is we happen to outsource this one area. I think to Brian's point, I think if you look at most businesses, they outsource all kinds of stuff. You know, I mean there's little things that people outsource, but I think today's conversation is more about the bigger ones. If you watch that chat bar, there's some very in the know people that were making statements that there's a lot of mid sized large TPAs. [33:47] Chad: No. [33:48] JD: And record keepers. Oh, that actually I owe to. I think that outsource this stuff right now and I've been blind to it for a long time, but it's, it's very, very true. So it's happening a lot. I will tell you this, me personally right now, I'm not a fan of the concept because I want to know who my team is. Like when Chad, when you go out there, when Justin goes out there and Marco's out there, I want you to be representing like our firm and I want you to represent all the people that, that work on these plans and do the testing and do the 5,500. And if it was going out to someone said Chennai, which is a place in India. Right. Something feels weird about it. [34:38] Justin: Agree. [34:39] JD: And I also, as an option, I want to grow my team. I want to hire more people. I want to go from 30 to 40 to 50 to 60 employees. And I can't do that if I outsource. [34:51] Chad: I see outsourcing not about giving. Getting rid of your core competencies, which is what you just described would be getting rid of the core competencies of what we do. But if you were to get rid of the tech side of it and say, hey, we're gonna, we're going to have an out. Well, we do, we do it with payroll providers and creating integration. Right. We pull census from some of these intermediaries that snap onto the payroll and the record keeper. And so that, that in some ways is outsourcing our process of how we data collect. And I think that that is okay. If you outsource procedures and not your core competencies, I'm perfectly comfortable with that. Now if you're just a shell, if you're outsourcing your compliance services as a compliance, if you're outsourcing the work, then you're not, you're not doing, you're a shell. Well, you know, it's a sales team. [35:39] JD: I want to ask Brian about like a, a financial advisor perspective. But you know how they pitch it to me? They go, no, Chad, jd, you're Not a shell, because that's what I say to them. They go, look, you can focus on service, JD like you can hire more people, get better service people, focus on service, focus on sales, make a great company and then let us do all the crappy behind the scenes work. And so they're very slick and it's. And I wanted to bring it to everyone's attention. So Chad Nuggets moment. Why are we talking about this? You need to be aware of this if you're an advisor out there. You need to be aware of this if you're in the business because it's relevant. It's relevant. Bryant, you're working on your certified financial planner dealio. Ten years ago, 15 years ago, when a financial advisor was hired by a client to manage their money, I feel like it was expected that that person was going to make those decisions or their firm was. In today's day and age, I think a lot of that is outsourced. And do you think clients care that if you come to them as an advisor, as a certified financial planner, helping them with the bigger picture, that you might actually outsource the actual investment choices to a, to a bigger, more specialized firm? Or would you? I don't even know how you guys work at your shop. I mean you don't have to share, [37:02] Bryant Lester: but yeah, I mean I think it happens already. I mean there's definitely outsource that. And at the end of the day you have to ask yourself, ask yourself, what does the client want? The client wants the best outcome and if they trust you, they don't really care about anything else other than they trust you as the advisor to help them reach their goals or walk them through making the decisions. And so I mean you can look at technology the same way as outsourcing a person, right? So if back in the day I had to go through the broker dealer to make trades and now I can do it in Orion and do it in less time, technically I'm outsourcing that part of, I mean it's the same concept to me. It's being more efficient with your time in an area in which it's not the highest and best use of your individual time as the advisor. [37:51] JD: So you know what I think, Brian? I think it's funny the old way and the new way makes more sense. So here, let's go back the old way. You sell me as Joe or Mary Smith, financial advisor and you're going to manage my $5 million. That's who I want. Picking my investments as someone from my own zip code. Who, who lives down the street? Like, why wouldn't, why wouldn't I feel more comfortable if you came to me and said, no, no, no, we're going to go to the big shots on Wall street that have been doing this for decades and they've spent hundreds of millions of dollars on their technology. That's where I want you to take it to. So if you're my intermediary, that's going to then use that platform. I feel like that's a lot smarter. [38:34] Chad: I'm not going to say it's not smarter, but I'll fight you a little bit on that. JD you said in a conference years ago that the financial services space is seen on a lower trustworthy category than a used car salesman. And this was a study that had been done. We're in this space. We know we can trust these people. But I think to the average person who lives five doors down, they don't know that. They think I need to work with someone who goes to the same church as me or has kids in the same school as I do because then I can trust them. [39:04] JD: I want that. [39:05] Chad: I don't think that's changed yet. [39:07] JD: No, I want that to happen. But that person that goes to church with you shouldn't be making the decision on whether or not to buy or sell within the thing. They should be using some like most broker dealers do they have relationships like most advisors do they find the ones that they vetted out that work. Well, I think the proper, like a 338, you know, type of investment manager. Anyways, Tony, Tony in the chat bar said JD don't. Doesn't your firm outsource compliance testing to a. To Actuarial X Wing Services Corporation or I think that's the name of them. [39:42] Chad: That's it. [39:43] JD: And I, and I know Tony knows what he's talking about. That's interesting, obviously. [39:49] Chad: No, we do. We don't outsource it. We leverage the technology, but we're the one pulling. He knows the levers. [39:55] JD: He knows that that's just software. I wouldn't consider software outsourcing. You can't build everything anyways. [40:02] Bryant Lester: Yeah. [40:03] JD: Brian says I don't know it's right. It's kind of fluid, isn't it? [40:06] Bryant Lester: Like when I made earlier, I was kind of in insinuating that. But yeah, I don't know. I haven't really thought too much into it. I also don't drink very much and you guys have gotten me on my second beer [40:21] Chad: and Aaron's way for Vegas, buddy. [40:23] JD: Aaron hall is trying to. Trying to poke the bear. Trying to hook the bear. We don't want to get involved in those pooled employer plans right now. 338. Yeah. That came around with pooled employer plans, right, Aaron? That never existed before that. Go Buffalo Bills. Let's. Let's play no for dope. [40:44] Bryant Lester: Couldn't read the rest of the chat. [40:46] Mark: Daniela wins. It's done. [41:03] JD: Danielle is. Is tough to be. I told you. It's like a great white shark. A Megalodon waters and chummed water. [41:11] Bryant Lester: Searching around what she said. Can you. [41:13] Chad: I saw. Yeah, she said go ahead, Justin. I don't drink very much. [41:20] Justin: The sorority girls meeting call. [41:23] Bryant Lester: Okay. Hey. She's gonna be at wealth of work in Vegas too, so we'll catch up. [41:27] JD: Oh, she's a student. She's stud is the bomb. There's the bomb. All right. No for dope, Brian. This is a game. The totally original and never copied someone else's game game where I'm going to ask you a question about something in the world and you're going to tell me if it's dope, like thumbs up or. Nope. If you're not into it, I really [41:52] Bryant Lester: hope pickleball is one of them. [41:54] JD: I don't think we want to waste a lot of time on that today, so let's just go to pick pickleball, shall we? Let's go to pickleball. I'm at my. At my country club, the pickleball courts are right behind the driving range. And I like to go the driving range and work on my craft, you know, And. And I like. You know what I like about the driving range? The people alongside me are very serious. We don't talk much to each other. You hear a lot of. And shits and like, God damn it. You know, like whack. Yeah. And then. And then right behind us. Right behind us as we're so seriously focused, there's this crazy sound of plastic on wood or whatever it is. And then everyone's like, Tommy, great shot, Julie. We're having so much fun playing pickleball. So to you, Bryant, this sport that is not really a sport, are you. Nope. Or dope on it. [43:01] Bryant Lester: I am all for it. I play anytime I get a chance. [43:06] Mark: I. [43:07] JD: Why. Why there. [43:08] Mark: Are there. Are there pickup. Pickup games? Like you go down to the courts and like, hey, hey, hey, people. I'm here to kick some ass. [43:18] Bryant Lester: My. My partner for this tournament on Saturday. 4. [43:21] Chad: Oh, gosh. [43:22] Bryant Lester: I could actually win money playing a sport which is first time ever in my Life, but it makes you professional, right? Yeah, yeah. I get. I mean it's a small town but it hasn't gotten to the point where real athletes that are really talented have gotten really serious about it. So I still stand a chance. So it's really cool from that standpoint. But yeah, that's why you like it. [43:44] JD: You just said that what your reasons for pickleball is that people suck at [43:48] Chad: it and he doesn't did the is [43:51] Mark: the reason why pickleball is created was someone one day was like man, I suck at tennis and I suck at ping pong. There's got to be something in the middle somewhere. Is that how it got made? [44:03] Bryant Lester: I have no idea. I know the story of it but from a standpoint of why I like it, it's a quick, easier sport than tennis on your body. You don't have to run as as much. I played soccer last night so comparison I actually get more exercise from pickleball because it's a longer activity. Right. So my soccer games were shorter than pickleball but. And it's more social for me so I like it from a standpoint. I've never really gotten to know anybody that played soccer against but everyone that I play pickleball with, it's a, it's a variety of age groups. So I can start with a 16 year old or 85 year old and I can get to know them. [44:42] JD: Although let's be honest, it skews 85, right? I mean it is 85, Brian, let [44:49] Bryant Lester: me ask you one office makes fun of me and so I took a picture of an 85 year old playing at the indoor facility I was at and I said look, I whooped up on her last night in there. [44:59] JD: Let me ask you a question Brian, in regards to pickleball. Like do your local high school. They have a team, right? Oh no, they don't because it's not really a sport. Okay, let's move on. I I jumped on faith T O P T O B T O bear [45:18] Chad: no idea how to say her last [45:19] JD: I jumped on her pull to refresh on on a Monday podcast is good at 7am which is getting up early for me. And she was talking about some cool things. But my question for you, Brian is no for dope on clubhouse, which is the social media that she uses to to distribute her show. And the concept of clubhouse is there. [45:43] Chad: It's her and Jake, right? [45:44] JD: Like sorry, Jake, Lenny, Jake, Lenny, sorry, sorry Jake. It's audio only. You kind of just chime in and people can hear you. They can't see you type of thing. So Clubhouse sounds like you've never even heard of it before. No. For dope, you got to give me a vote. I think. [46:00] Mark: I think he actually thought you were talking about Mickey Mouse Clubhouse for a second there. [46:04] Bryant Lester: I'm going to defer my vote. [46:08] JD: Fair enough. Fair enough. You're uneducated. Clubhouse, you're down. [46:11] Chad: What'd you call it? [46:12] Mark: What do you. [46:13] JD: What'd you say? [46:13] Justin: What'd you say? Not you. [46:16] Mark: Oh, that's Stacey. [46:17] JD: That's. [46:17] Mark: That's three. [46:19] Chad: Oh, Lester's getting hammered tonight. [46:24] JD: He's drinking out his beer, man. [46:29] Bryant Lester: Beer is, like, hot to the average person. [46:32] JD: Yeah, go ahead. [46:33] Chad: I. I don't. I. I think I'm. I think I'm. Nope on Clubhouse. It's like they're trying to make it. I mean, it is invite only, but they're trying to make it feel like you're special because you get to join the Clubhouse. When you get into these different chats or these different casts, I. I don't see a need for that. I don't know what the positive is to it. And so I guess that that would be my. Nope. Claim is I don't see any positive to it. [47:01] JD: I'm feeling Loop on Daniel's joke, but go ahead, Mark. I. I just, like. [47:06] Mark: You know how, like, when Zoom got all big and people started, like, jumping into meetings they weren't invited to and just doing dumb things? I just really enjoyed the videos of people jumping on Clubhouse. And they let them talk, and they're [47:17] JD: like, ah, fuck you. [47:19] Mark: Yeah, I'm like, I'm down for that. [47:21] JD: You could totally do that. You could totally do that. Well, I'm going to counter you old people. [47:28] Chad: Exactly. [47:29] JD: She was talking about Pickleball, but [47:34] Chad: I. [47:35] JD: I was kind of felt the same way. Like, what? We're just getting on here, and I'm putting on my headphones, and you're just gonna, like, let me talk when I want to talk and someone's in control. But to be honest with you, when you. When you strip away the video and you strip away the kind of Instagram Facebook feed, and it's. It's just people talking. [47:56] Chad: There's a conference call. [47:57] JD: There's something kind of exciting to me about it, like, where people are getting deeper about things, I don't know what that is. I love podcasts. I love the sound of people's voice. There's. Maybe it's because I'm on video every week, so there's something kind of freeing about, like, not having to be on video and just talk. But anyways, I think there's something there, but I would totally understand why people are against it. [48:20] Mark: I just have, I haven't used it, so I literally have no context for a, For a. I don't have no answer there. I don't know. [48:26] Chad: Could an advisor use it for like A Q A JD 100? Could they advise? Could they do, like, an employee education where they're saying, regardless of what plan you belong to, come into the clubhouse session? [48:41] JD: The only problem that'd be cool. Only with problem with clubhouse, though, is, like, you have to elevate people to speak. Like, not everyone's allowed to. So I don't know how you'd manage that as an advisor, but yeah, you could use it that way. Bryant, something you know a little more about. No, for dope. No for dope. I mean, this doesn't seem very responsible to me, naming your child after a beer company. [49:11] Bryant Lester: Yeah, I'm all for it. I didn't really have much, but yeah, Miller. Miller was what my wife wanted to name him. And I'm all for having two last names. Right? So Bryant is a last name. Miller's a last name. So that's cool. [49:29] JD: Yeah, let's go to, let's not go to Chad. He's too conservative. Justin, would you name your kid after beer? [49:34] Justin: I can't wait to have good old PBR rested in my arms. [49:37] Mark: Oh, look at that. Any, any, any. Accuracy. [49:42] JD: Oh, nice mark. I like that mark. You have your third child and you must name it after a beer. What is that? What are you going to name him? Or her? [49:53] Mark: Could I, could I, I feel, I don't know at this point, I would want to name it Malort, but [50:00] JD: that would be horrible. [50:02] Mark: Yeah. [50:02] Chad: Ultra. I like that, Greg. [50:05] Mark: Yeah. You know, again, I don't. I, I think the name's cool. I think it's awesome. Yeah, it's different. And I, I, I'm, I mean, I, I'm not responsible when it comes to that. I just always think, like, down, down the line, you have a just Miller in your family, and they're gonna have some fun with that name. And when they get to college, it's over. [50:22] JD: He'll probably be in jail. He'll probably. [50:24] Chad: Not only does it sound good, but imagine someone announcing this child walking into the pickleball court, getting ready to play. On the southeast corner is Miller Bryant. Like, it fits. [50:37] Justin: People are gonna go crazy over that. [50:39] JD: I just can't. I just can't imagine pickleball being at that level that Would be hilarious. [50:45] Mark: Okay, guys, name. Who's the coldest? That's the coolest name ever. Do you remember when our grandma, she [50:53] JD: owned a bar and she would, like, [50:55] Justin: people would order JD and then she'd, [50:57] Chad: like, bring you over. [50:59] JD: No, I don't. [51:02] Mark: Oh, shit. [51:03] Chad: I just did. I'll get myself great Grandma. [51:06] JD: Grandma had dad jokes. You can say my name. My name is free. You can say that. [51:10] Chad: Yeah, but he wasn't using it as your name. [51:12] JD: Oh, fair enough. [51:13] Chad: Jack Daniels. [51:14] JD: Okay, I have a few more vote. We'll leave them for next time. We got to cover some here. Bryant was nice enough to be here, so let's give him some time to talk about what he actually does beyond getting his certified financial planner and. And all that kind of jazz. Wealth at work in Las Vegas. [51:34] Chad: Work is good. [51:36] JD: It's in October. What is it, like the 16th through the something. [51:42] Chad: I just booked my flights today, [51:46] JD: Brian. The dates. [51:48] Bryant Lester: Yeah. So October 16th to the 18th, we'll be at Paris, Las Vegas. We have 50 different sessions. One of the unique things that we're doing, Lisa Allen's on this. [52:01] JD: The Hive. The Hive? [52:03] Bryant Lester: Yeah, the Hive. It's really neat, the Hive. Instead of two hours of additional sessions from three to five, we're actually adding in musicians, people that are going to teach you how to play blackjack craps. We'll have an area for dogs. Puppies. So we're going to have out in [52:20] JD: our area, guys out in that. We're going to have puppies. [52:22] Justin: Puppies. [52:26] JD: Brian, you talked about the Hive, and you talked about all these cool things, singing, puppies stuff, but you didn't talk about the four drunk guys in the back corner. [52:34] Bryant Lester: Yeah, you're actually in the front corner this year. [52:36] JD: Front corner, not the back. [52:38] Bryant Lester: We got the front. You and John Sullivan are the only two. [52:44] JD: That's like putting a cat and a dog in the same kennel right there. [52:47] Mark: Like, hey, did we send you a rider? [52:49] JD: No. [52:50] Chad: No. [52:50] Bryant Lester: I've been begging for a rider. [52:54] Mark: Jd don't you dare do it without our approval. [52:58] JD: The Hive also. I mean, does the Hive also what? Here's what I liked, what I heard from Lisa. I sit through a speaker, I'm like, damn, this person. It's got some great things to say. I'm really interested in it. I'm writing down notes and stuff. Chad's doing the same thing. I don't have the time or the energy to walk up to the stage after they're done and talk to them about what they've discussed, and I might be bothering them. They don't. They don't know me. But it looks to me like you guys are trying to add this where you're going to make it easier for me to go up and ask that presenter some questions. [53:33] Bryant Lester: Right. I mean, the entire objective of what we do is to help advisors learn and scale their business. Right. So if an advisor was just speaking or a sponsor was just speaking, we want to make it as natural as possible for them to continue to build their relationship with those speakers. So the hive is designed to bring everybody back in the exhibit hall and everyone can loosen up a little bit and learn a little bit. So, yeah, if they have additional questions, they can ask all those questions directly to the speakers. And so it's going to be one of the first years we've ever done it. So we're taking two extra hours. It's not going to take away from our. Our parties from five to seven, which we've always done big. So we'll be at the chateau from 5 to 7 on Monday night. We'll be at the Beer Garden the first night on Sunday. And then the Hex, this is right underneath the beer garden. So open shelf, top shelf liquor, heavier d', oeuvres, and then you go out and do your Vegas from seven till whatever, you know, that's the whole idea behind it. [54:31] JD: Well done. I'm glad we had you here to explain it instead of Ross Marino, because last time we asked him, he gave us the old, I don't know anything about what anyone's doing mark. Give people a taste if they've never been to wealth at Work, formerly known as the what? Foreign K Advisors Conference Excel, Foreign K [54:53] Chad: Advisors Recon or something like that. Yeah, right. [54:57] Justin: How many names have you guys had? [54:59] JD: Just two. [54:59] Justin: We're talking about that this week. [55:01] Bryant Lester: I think this is name number 43. Ross is kind of 83. He finds a name, he decides to change it, and then he builds a new company. I've been with him since the very start of this. It used to be called, if you can remember, 401k. Recon and intelligence was the parent name of our. All of our thousands of regional events. And then we launched Excel 401k as the national conference when CFDD went down, and then that morphed into what we call wealth at work. [55:31] Chad: So say, doesn't Recon stand for something too Reconnaissance? No, I thought it actually was Okay. [55:39] JD: I got two things I need to cram in here, but we don't have to finish at. [55:43] Chad: No, but let me make one point because I made the post on LinkedIn. JD like, and I felt guilty making it because we go to so many different conferences. But honestly, the sessions I go to at wealth at Work are, are the best. Like, they're put on by the people you want to learn from. They're put on by the advisors, not necessarily the people paid to be there. The, the content is good, the insight is solid. I'm learning every time I step in. [56:09] JD: I was gonna ask Mark that very question, but I can still give you my. I'm gonna give you. Set you up here. Chad, Justin, Mark, you guys travel the country because of this show, and you go to many conferences doing or your show on stage. You get a feel for all of them. Chad just has some really great things to say about wealth at Work and, and I'd back those up. But let's go to the wine connoisseur. I mean, if anyone soaks in conferences, it's going to be Rogue Guy. [56:38] Chad: Oh, yeah. [56:39] JD: Robe Guy. Give us your review of, of wealth at Work at Vegas and how it stacks up against. [56:43] Mark: Well, the, the first thing I'll say. Oh, God. The first thing I'll say, I thought that was going to be me. The first thing I say is this. We, and I will never forget it, is obviously Bryant and the team there, they gave us our first opportunity to be a part of a conference. We didn't know what we were doing. They treated us so well. They had us do all the fun stuff. So from the get go, without even realizing, again, at that point in time, there's kind of like glossing over so much going on and trying to be a part of a conference where they were just like, please come shake things up a little bit. You could tell it was different, right? The feeling was different. The people were more engaged. There was a lot more like collaboration going on versus just people sitting down and banging away on their laptops. People were really focused and having a good time. Not only in session, but then in my mind, wealth at Work does the after parties. And that is just like full bore. It's. There's no. Nothing's held back. You're getting. [57:44] JD: You don't get to. You don't get two drink ticket coupons. [57:47] Mark: No, no. They're like, they're basically challenging you. [57:51] Chad: Like this year you only get one guy. [57:53] Mark: Try to make it to the morning session. We dare you. And that's as good as money. I'll raise my hand. I've never made it to a morning session. Just gonna be honest. But no question for you, Bryant, because again, the Review could be glowing no matter where we go. But I'm curious about this because it's something I think we think about for a lot of different conferences is what is the dress code going to be like this year? [58:17] JD: Great question, Mark. Last year you guys had the old wear a T shirt. [58:22] Mark: Right. [58:22] JD: That kind of failed miserably, but not, [58:26] Mark: not because of that. Again, the. The conference is pushing people failed. Yeah. You should have like said, if you wear a suit, we're gonna cut your tie off. And we threaten to do Silly String and stuff. But anyways, Brian, go for it. [58:40] JD: Yeah. [58:40] Bryant Lester: So that actually got led by Brad Ahrens last year. He was the head of our agenda committee, asked us to do it. And JD as you can imagine, Ross Marino was like, no. And then we had convince him to say, look, here's what the advisors want. Lisa Allen worked with this entire agenda committee. They said this is what we want and we did it. So the idea was to wear. We were in Nashville, wear your favorite rock band shirt. This year it's not going to be T shirt, but it is going to be casual. We've always been casual. It's whatever the advisors want. We want to provide that. [59:13] Mark: So you said it's not going to be T shirt, but you can wear it because Jake Rushton is not going to wear. He's wearing a V neck. Let's be honest. Like he said, that's all he's going to wear. [59:23] Bryant Lester: Jake, on our agenda committee. [59:26] Mark: Yeah. Why is he pushing for this, man? He's here right now. [59:33] JD: Jake. [59:33] Bryant Lester: Speak. [59:35] JD: Mark. At least Jake's gonna have a shirt on. Have you seen a lot? [59:38] Mark: Jake? Take it off, buddy. Take it off. [59:42] JD: He's gonna have a shirt on. Tank tops. He's in. He's got some new K tank tops. Okay, so Mark, sounds like this what's gonna happen in Vegas. [59:51] Mark: Yeah. [59:52] JD: Many people will be in suits without their tie because they're so, you know, forward thinking. Several others will be wearing that classic country club golf attire with khakis and whatever. And you and I are going to be hungover in T shirts. [1:00:08] Chad: Yeah. Yeah, but J.D. your T shirt will be like fantastic line in New York and will be 10 times more than what marks. [1:00:15] JD: This is a. I don't care what we wear as long as I bust [1:00:17] Mark: out the cowboy boots. [1:00:18] JD: Again, I am not lying to you. This is a $125t shirt because you can't drive a Lambo if you're not wearing a nice T shirt. Yes, Brian, I was going to say [1:00:29] Bryant Lester: I actually have The John Sullivan T shirt. And I went to my house, searching the black shirt with John Sullivan's face on it. I couldn't find it. [1:00:40] JD: Couldn't find it. Couldn't find it. You definitely have more retireholics merch collectibles than anyone else in the history of the world. The fact that you have the little whiskey bottle is insane. Is insane. [1:00:57] Chad: I freaking love you. [1:00:59] JD: Okay? I'm. I'm breaking all rules. Mark, when do you have to leave? [1:01:04] Chad: He's got a lady. [1:01:05] JD: Okay, sorry. [1:01:06] Chad: Sorry, everybody. [1:01:07] JD: I failed. Next week, chat bar. [1:01:09] Justin: Let's go. [1:01:11] JD: Okay. [1:01:13] Mark: My chat bar champion vote. This is totally just kissing up because I love the conference and I'm. You guys are amazing and Danielle is going to win, but I'm going Lisa Allen, goodbye. [1:01:26] JD: I mean, I'm gonna take everyone's vote and say, I mean, you can have your own, but I'm pretty sure I'm going Daniela. [1:01:36] Chad: Yeah, it should have been a clean sweep. [1:01:38] JD: Daniela. Moises is my vote for chat bar champion. Do you agree? Justin, you got another one you want to throw in there? [1:01:53] Mark: I can. [1:01:53] JD: Concurrent. [1:01:57] Bryant Lester: I'm going Aaron Hall. [1:01:58] JD: Good. Good. [1:01:59] Chad: Aaron was super active and it was good stuff, Aaron. But Daniella's early lead was. She was like starting off 10 strokes ahead in the FedEx cup championship is. Whatever. [1:02:11] Mark: She hit the sorority girls comment and it was gone. [1:02:15] JD: I. I'm gonna drink for this, but GG Is a. Is a good guy too. He's got some witty stuff going, but I just. Daniela is like that. She's just got that X factor, bro. [1:02:26] Chad: All of them. Every night, every Thursday. They're all solid. Daniella put on the. The big gloves tonight. [1:02:33] JD: Too bad she's. Too bad she's slinging those peps, otherwise she'd be a top notcher for me. [1:02:40] Chad: If Mark was here, you'd be drinking jd. [1:02:42] Mark: Yep. [1:02:43] JD: I just drank. [1:02:44] Chad: Oh, okay. Thank you. [1:02:45] JD: I did it on purpose. Okay, let's see. The votes are coming in, people. The votes are coming in. [1:02:52] Chad: Hey, didn't. Didn't. Didn't your Buffalo Bills get in a knockdown drag out tonight? [1:02:57] JD: Let's not go sports yet. Let's not go sports yet. The winner is. Daniela. Daniela, you're the winner. Unless you've moved. You need to let me know or you need to private message me where you will be next Thursday night and will send something special to your house. We'll send you. [1:03:26] Chad: Who do we have next Thursday? [1:03:28] JD: Severed head. Okay. It's been a while, Chad. Next Thursday is the no guest show, which is my favorite. [1:03:35] Bryant Lester: Yeah. [1:03:35] JD: Yeah, [1:03:39] Chad: I thought you were getting Michael the Senso is no other Michael Vignola. [1:03:44] JD: No, not. I haven't connected with him yet. I can't get through the dark. [1:03:48] Mark: I can't get through the dark. [1:03:49] Chad: Web to get in the web. [1:03:52] JD: Wait, he lost my train of thought here. Sorry. Last week's winner. I don't know if they're here. I don't pay attention to this stuff. But thanks, everyone for posting a post on social media of you watching an old retireholic show last week. Because we were off. I was what? Flying on a plane back from Miami, I think. Yeah, thanks to all of you. I think there was like. [1:04:20] Bryant Lester: Excuse me, are y' all with the cult? [1:04:23] Mark: We're not a cult. [1:04:24] JD: We're an organization that promotes love. [1:04:27] Mark: Yeah, this is it. [1:04:31] JD: Thanks to all of you that went out there and shared the love for retireaholics that you have. All like, seven of you. Jesus Christ, people. Come on. You're part of this show. We asked you to go out and post on Social and barely any of you did it. Barely. I did it. But Katie Boyer did, and she put up a phenomenal little scene of socks. Brian did. There was a handful of you that went out there and did it. Sherry Fitz did it. Holly Knight did it. Then the names go on and on. But come on, I need to see like, you know, 80 posts or something. The winner. Justin, who do you want to vote for? I don't care. Chad, who? You know, I don't care. I'm picking Katie Boyer. She had. She had perfectly set it up. So Katie Boyer is the winner. [1:05:22] Chad: He deserves the W Chat bar champion. [1:05:24] JD: We are six minutes past the end of what? We don't really have an end of the show because we don't do that. We just end when we want to end. And I'm drunk again. Every Thursday night, this happens. [1:05:38] Chad: My kids are staying at the in laws house tonight because my house is currently 87 degrees. So I'm. I'm flying solo. J.D. i'll stay here with you. [1:05:48] JD: Right here, buddy. Nice, nice, nice. Well, Brian, I gotta let you know, thank you so much for spending time with us here on the show, sharing a little bit about wealth at work. We're also all just as eager to know more about you, the financial advisor, and Ross shop for. So maybe we'll talk a bit about that in the after show. Did I just blend Ross Shop together in one word? I think I did. And to you all out there, you people, I'm not going to rip on you for wasting your Thursday night on a silly Zoominar because you're fucking awesome. You are truly committed 401k pros. You go back and forth on that chat bar, talking to each other, sharing your feelings, expressing things, giving points, bringing value to everyone. You are our community. And for you to show up here on Thursday night and do do it with us means the world to me. So as most drunk guys would say, and whether you're a man or woman, I love you, man. I love you, man. Let's play some music. Brandon, I'm going to pee.