TPA Consolidation & Industry Shifts with Katie Boyer

[0:18] JD: Association officials still claim that this was just a regular buffet and not a contest. But I'm not buying that shit. For whatever reason, they're trying to cover it up and in denial. But Justin, I have your back. And I will never rest until you're publicly recognized as a 2015 champ. I love you, brother. I love you. [0:37] Chad: I like food, man. [0:39] JD: Also joined by chad Johansen, a 401k salesman with such sharp sales skills he recently sold Cal Savers our state run plan. Chad sold them on a standalone 401 plan. So congrats, Chad. That was awesome. And then there's, there's Fred Reich's best friend, everyone's favorite retireholics. Fucking rogue guy. So welcome to the show, man. Hey, wait, hold on. [1:06] Chad: How come. How come they got different intros and I've had the same one since 2015? [1:10] JD: It's not true. [1:11] Justin: You can't mess with perfection. [1:13] JD: I haven't used that bit in a while. It's one of my favorites. You've priority figured out, especially if you're Michael Webb, that we're doing some new technology here. So. So bear with us. Be patient. Hopefully it's working out. Brandon has gotten four hours of sleep the last two days, really getting this all set up. And we've got a lot of fun plans for future shows where we can surprise y' all with some, some cool stuff. So hang with us. If something goes wrong, it is what it is. And Michael Webb, just fantastic. Get it. [1:44] Mark: There you go. [1:45] JD: Get it figured out. Let's see. Vaccines. Vaccines. [1:48] Mark: I hope he pops up in different places. [1:51] JD: Brandon and I are team Moderna. Mark is Team Pfizer and you're legitimately [2:00] Mark: stealing questions from my labor. [2:02] JD: I'm sorry. Well, this will be good. And Chad and Justin are team Anti Vaxxer immune system. When the battle of the mutants happens, Brandon and I will be on the same team. We'll be battling against Mark and whatever J and J mutants that are out there. Chad and Justin will be killed immediately because they will have no special superpower skills like we'll have out there in the audience chat bar. Let me know what team you're on. Are you on Team Moderna? Team Pfizer or you on Chad and Justin's anti Vaxxer loser team? I can't wait to find out what, what superpowers I'm going to have as a mutant. I got mine just about a week ago. Justin, we've got team is Katie. [2:50] Justin: I'm sorry, who's Katie? I'm just kidding. I'm on Team Moderna. But I'm only one in, so I have no horn yet. So I haven't had my second one. [2:59] JD: Katie, you know you were. Justin, out. So bad. It was so bad. It was so good. [3:04] Katie Boyer: So bad. [3:05] Chad: I wasn't getting nervous. [3:07] JD: All right, Justin, who do we have? Who do we have at the center of the bar here? Who has joined us? [3:13] Chad: Not only is she great at making me shit my pants right before I'm about to do an intro here, but she actually made me work for it this week. I dove deep into the dark interwebs and couldn't find barely anything about her. But what I did find I was super impressed with. And it wasn't the fact that she's a rock star client relationships manager at Pension Pro and we can't find a single person that doesn't have a good thing to say about her. Everybody fucking loves her. But it was a fact that just like me and Mark, she doesn't appear to have had any idea she was going to follow in this industry. She's a trained communication specialist, has a degree in journalism, has a experience in the fast paced world of motorsports. Are we talking motocross, boat races? What do we got here? [3:59] Justin: Like sprint car dirt track racing, some NASCAR stuff, Stuff like that. [4:04] Chad: I want to connect the dots. Has an affinity for anything that goes fast. [4:09] JD: I want to go fast. [4:11] Justin: Yes. [4:12] Chad: Is a lover of karaoke and cannot burp. [4:16] Justin: I love that. [4:17] JD: That made it humanly possible. That's just weird. [4:20] Justin: Maybe that's part of. Well, I would love to say it's because of the moderna shot, but I've never been able to burp. [4:26] JD: That would be a weird after effect. [4:30] Chad: Yeah, Tony's got a good point. Do you fart more or what? [4:34] Justin: It actually, oddly enough, it kind of just gets stuck in the middle and makes you feel like death. So nothing cool comes from it. But I can't burp. So jd, you're going to have to up the the burping on the show to incorporate. Especially if you're going to ice me at some point, I'll be a miserable wreck. [4:49] JD: So I got the burping covered. I do at least three times the normal human being audience out there. You know what to do. Rate just his intro 0 to 10 in the chat bar. How did he do? He loves your feedback. So give it to him. Give it to him. And I knew Chad was going to have to let everyone know that he wasn't truly an anti vaxxer. I am truly an political office. [5:12] Katie Boyer: Someday I have to make sure that these things don't slip out. [5:15] JD: I just have not been able to schedule my appointment yet. I will find something eventually, I promise. Not part of the anti vaxxers. [5:24] Katie Boyer: Your voice for me is so good. [5:26] Chad: J.D. right here. [5:27] JD: All right, let's dive right into it. We like to do little headlines. You know, something that's happened recently and acquisition of a census. I think that's a big headline. I think it's something to talk about. Any thoughts on this? Let me. Let me go to. I don't want the Katie on the spot. I'm going to go to Chad first because this little could be a little dicey. If you're an advisor, you work with a census you got. Or I should say, you have clients that have a census as the record keeper. Are you happy when you hear this news? Are you indifferent? Are you upset? What say you, Chad Johansen? You, sales? [6:08] Katie Boyer: Hold on, Mark. You're right. JD Is missing certain parts of our show. Tap him on the shoulder. Make sure he knows. [6:14] JD: Okay. [6:14] Justin: Sorry. [6:15] Katie Boyer: Acro Sin. [6:16] Chad: Come on. [6:16] JD: Okay, all right, all right. [6:17] Justin: Sorry, sorry, sorry. I know it's your birthday, but you're really slacking, boy. [6:21] Katie Boyer: Yeah. [6:22] JD: You do not have to be in gallery view because that's not a fucking thing anymore. We're going to play Chat Bar Champion. But there is a. There's a change in this new format right now. We can't really pull off the audience polls. I'm sorry. Don't throw shit at your screen. [6:39] Mark: So it'll be up with Zoom. [6:41] JD: It'll be up to the five of us here to vote for the Chat Bar Champion. And. Yeah, so you know what? You know what? Acro Sin is right, Katie. [6:50] Mark: I can. [6:51] JD: I can do the poll, but it'll just ruin my high def quality. So if we do at the end of the show and we don't care about losing that. I can do it. We can do the goals. There you go. See? Kennan loves you guys. He's gonna do what he can do for you, Katie. Acro sin. SYN means if you use any acronym or any initialism, although you can say my name, you must drink from your penalty drink. And like usual, I'm sipping off the makers today. What are you drinking, Katie? [7:20] Justin: I have red breast Irish whiskey, courtesy of me boss getting me something nice to come in. [7:28] JD: Very nice. [7:29] Justin: Come in and drink with y'. [7:30] Mark: All. [7:30] Justin: Yeah, so don't make me use it that many times. [7:32] Mark: Is your boss currently here? I didn't check. [7:36] Justin: I'm actually not sure. She's in the. At the moment traveling and she may have actually done that on purpose so she didn't have to attend and watch me be a mess just in case. So. But I have a whole bunch of people from the company that are watching, which at this point, based off of our attendees, might be possible. [7:54] JD: We got a lot of people. A lot of people tune in. I'm glad you guys figure out your Zoom update. Chad, I threw that question at you. You remember it, right? [8:02] Katie Boyer: I do remember it. I like it that you. You pigeonholed me to how advisors should handle it, because I have some other. [8:09] JD: Well, I just want to know what you think advisors thought of it when they heard it, that's all. [8:13] Katie Boyer: I won't say that I don't think many advisors saw it coming. We've chatted for a while about access to data and that I've thought all along a census had a different play in hand. I said creating some sort of managed account service or a suite of investments where they were going to heavily start leveraging the data to sell ancillary services. I think if a private capital company is coming in, that that's likely what they're seeing as value in that business. From an advisor perspective, though, it's tough to say. You know, when. When Empower acquired Mass, you had an understanding that you were going to be moved to a certain chassis and when that might be. [8:55] JD: What. What did he. [8:57] Chad: Really Cool. [8:59] JD: Yeah, but I was. I was going with Mass, but I guess that's an. It's an abbreviation. Yeah, you're good. [9:07] Justin: The brand that you have to drink. [9:10] Katie Boyer: So here's what I'll say. Jd, too early to know right now if. If there's going to be any change of platform or any change in the actual product where it simply is an ownership change. But from a TPA or from an advisor perspective, there it is. From an advisor perspective, I think that many were blindsided, didn't see it coming, and are kind of trying to figure out what their actionable step is. My thought is you just need to make sure your clients know what has happened, that at this point, we don't know anything's changing. And be prepared to run an RFP if there is some significant change. [9:46] JD: It's another one. That's another one. [9:48] Katie Boyer: I'm drinking jalapeno juice tonight, too, because I'm going straight to softball or baseball. [9:53] JD: Webby, Webby, I don't want to hear about your cool white background. You get that shit figured out, you get it figured out promptly. Let me make up something that has zero credibility and zero facts. Behind it. Yeah. And I want to, I want to be clear. I'm just riffing here. Yeah. Clickbait. When a census slash future plan started acquiring different third party administrators across the country, my first question to them was like, oh, are you going to move it to you as the record keeper? A census, like if it's at Hancock or, or massmutual or Principal. And the answer was no. Confidently like, no, we're not going to do that. And I was like, weird. I thought that was your strategy. But. And I've learned, no, it wasn't their strategy. Does this change that at all? Will this new acquirer say that was stupid. We're going to move this all to that. And again, I'm just making this up. I have zero information about this. Chad says no. Why do you say no, Chad? That could happen. [10:54] Katie Boyer: I'm zipping my lips because I'm sure somebody else wants stocks because the margins on what they're doing on the record keeping side are zero to nothing. Like they've got no play in the fixed income slot. The dollar amount that they're charging is so small and minuscule. [11:10] JD: Why did they buy them in the first place? [11:12] Katie Boyer: Data access. I think it's data access still. So, no, I don't think they're going to start migrating those over. If they do, then my vision of them offering some sort of investment related option to create some revenue from, then that becomes super true. Because why would you want to get them off Hancock and Mass and Empower and Principal and all those other ones is because you want them on your platform so you can throw proprietary funds in there. [11:38] JD: Webby, Webby, you've got to vote for me for Chat Bar Champion, honey. I shrug the holics. That's funny. That's good. Mark, what about you? Any opinions about this, this acquisition? Any conspiracy theories? Any thoughts at all? [11:54] Mark: Well, what I will say again just to combat Chad a little bit is he said that there is a zero percent chance that that was the play to start migrating them over to the record keeping side. And I'm just going to say that you're wrong, Chad. That percentage can't be zero or nothing, as you would like to say. There's a, there's a very good chance that that is the play there. [12:15] Katie Boyer: Why wouldn't there be? [12:16] Mark: Why wouldn't there be some angle there? So I'm saying that I disagree with you and my basis and my thoughts behind that are just because I don't want to fucking agree with you, that's why. [12:27] Katie Boyer: Well, it's A point argument. [12:29] JD: Mark, Tony, we'll get to the Pension Pro acquisition. Cool your jets for now. We're talking a census. People come to me all the time as a third party administrator and say, hey jd are you worried about a census future plan? They're, they're plucking up all these third party administrators across the country. Like does this. Are you concerned that you know you're going to become irrelevant? And I'm like, my answer to them is I feel the opposite way. Like the more companies and my peers that they acquire and bring into the future plan umbrella, the more differentiated I feel. Is that a word? As a, as a third party administrator on my own and I would think most of my peers would feel that way too. If you're a third party administrator out there that's not acquired by a census, then you stand alone. You're unique, you're different. So I like it. I say keep buying a man. The more they buy, the better for us. So that's my two cents. Katie, before I spin the wheel of ice, which we're going to go straight to because it's my birthday and I can decide how we do things in this little party. And for all you out there, I do want you to know that it was Chad's birthday yesterday. But that day has come and gone. It's all about. Yeah, no. So it's. I don't even. Don't give him balloons. He doesn't get any balloons. No balloons for Ruthless. This is my birthday. [13:58] Chad: Crotchety. Crotchety. [14:00] JD: Do you want to, you want to give a quick sound bite on the acquisition of Pension Probe? Let the people know about it. [14:05] Justin: Katie? Yeah, yeah, sure. So if you're not aware, Pension Pro was acquired by Mid Atlantic as of the first of this month. Many of you know our fearless leader, Renee Connor. And Renee I think had kind of made that decision for a couple of reasons. Number one, hopefully at some point in her life she gets to enjoy the, the thought of retirement since she's worked in it for forever. Um, Pension Pro has certainly grown from the small company it was at the beginning. There are like 400 TPAs that use the product, tons and tons of plans that we manage. So being able. [14:42] JD: Son of a. [14:43] Justin: To see only already already once but you know, giving opportunities for growth, more integration, having a company that has a lot more resources than we do and just sustainability. So I think the two big things were a succession plan and opportunities for growth. So we're all still around. Just made, had a new release this week and are looking towards the Next things to continue making systems talk to each other, because that's what your technology should do for you. [15:11] JD: So sweet. I heard the back half of that. I was typing in the chat bar for the beginning, but it's all good. Just drinking whiskey straight. Whiskey hollow. Jd Eagles birthday jd. Let's hope so, Tony. Brandon, let's spin the wheel. Oh, wait, you've got Smirnoff. And you've got Makers. Katie, am I right? Or at least Smirnoff. [15:34] Justin: No, I have the Smirnoff. [15:36] JD: That's fine, that's fine, that's fine. We'll take a little bit. You choose a retireholic. [15:42] Justin: Anybody but Mark. [15:44] JD: Oh, that's not good. [15:47] Justin: Like, every time. That's why, like, Mark's not the guy. [15:51] JD: I'm not that good at math, but I don't think. [15:53] Justin: I'm just kidding. I'm not. [15:55] JD: I like that. [15:56] Justin: No, no, no. Okay, I take it back because you're [15:59] Mark: taking everyone, but fine. [16:00] Chad: No, no, no. That's a great idea. [16:02] JD: Yeah, I like it. [16:03] Mark: That's a great idea. [16:04] Chad: Yeah. [16:04] JD: All right. You will drink if it lands on anyone but Mark. Okay, let's spin the wheel. So let's spin the old and unimproved wheel of ice. [16:10] Chad: Your magic, Brandon. [16:13] Justin: The wheel of ice. [16:14] JD: The wheel of ice. [16:18] Mark: What a great voice. [16:20] Justin: Please be marked. Please be Mark. Oh, but what if I said everyone but Mark, didn't I? [16:28] JD: I feel like you went everyone, everyone. [16:34] Chad: Please don't. [16:35] JD: Please. [16:41] Chad: Oh, I feel like if a guest ever does that again and it. It actually lands on Mark, that Mark should have to drink too. Or whoever that person is. [16:50] Mark: I. [16:51] Chad: She's. She's rolling the dice. [16:53] JD: Yeah, I know. Katie. That granted. Go ahead. [16:56] Chad: What? [16:57] JD: All includes her, right? No, I'm claiming she made a bold call. Any question? [17:04] Mark: Technicality question. Real quick. [17:05] JD: Yes. Yes. [17:06] Mark: I don't have smear enough ice, so I have two options. One. [17:09] Katie Boyer: Oh, my God. [17:10] Mark: I can pound a full beer or take a shot. Which one do I do? [17:14] Katie Boyer: Two shots. [17:15] Chad: Take a shot. [17:17] JD: I wanted to see the beer shot. Okay. [17:21] Katie Boyer: How dare you? [17:21] JD: Mark Hackler says two shots. I kind of agree with him. I'm doing. I'm doing the big. It's two shots. It's two shots for the beer. Because Daniel Moises says the same thing. So it's two shots or a beer. Katie, while we pound these Smirnoffs, you. You get 30 seconds to let everyone know about pension for all. I'm kind of kidding, but I'm not. Try it if you want to. [17:42] Justin: Yeah. So a lot of you guys use the system. So holler for that. We're going to start talking about security, data management processes, being able to hire people all over the country. And the system that I sell gives you the capabilities to do all of those things. So if you're growing and tired of old systems, I'm your girl. Give me a call. [18:02] JD: Nice job. That was solid. [18:04] Justin: Like, we planned that. Print it in with your verb. Excellent. [18:08] JD: It worked out perfectly, Cynthia. I like it. Noice noise. All right. OTPA versus TPA point zero. [18:17] Justin: Hang on. Timeout. Time out. Before you get there. Yes, before you get there. So we're talking about the Essence stuff, which has been big news this week. But I also think we've also been hearing about the Serato Group. And I think an interesting kind of transition from that is we're talking big, giant national tpa. But then with the Serato Group, we're talking about. [18:39] JD: Keep it on the. You can, you can owe it later. Keep going. [18:42] Justin: But talking about like this group that's kind of maintaining the local autonomy, but also giving themselves a national presence. Kind of a different vibe. More of like an ABG thing that they've been doing for a while, but a group. [18:54] Katie Boyer: Yeah. [18:54] JD: Alliance benefit group. It's going to be a rough night for Katie, everybody. [18:59] Justin: This sucks. Who's ideal for this game? [19:02] JD: And Katie, we can go ahead and pivot to Serato Group right now, but I just want you to. [19:06] Justin: It was a perfect transition. [19:08] JD: Yeah, but it's my show and it's, it's, it's my agenda. [19:12] Justin: You've already changed your agenda live. You've already changed it up. [19:16] JD: I had the Serato Group slatted for later in the. [19:19] Justin: We'll talk about it twice. But you missed a great transition. [19:22] JD: Let me scroll down to my Serato Group notes and let's go ahead with what you want to do, Katie, since it's your fucking birthday. [19:28] Justin: In your defense, sorry, the agenda is. You don't even have to scroll. It's right there. [19:35] JD: Let me ask you. Katie. Katie, let me ask you. [19:37] Mark: Yeah, the fifth retirehog, please. [19:42] JD: Did you know about the Serrada Group? And for all you out there that don't know, it was, I believe, nine third party administrators kind of coming together under one umbrella. Not really like a real classic merger, just like from coming together as a force. I'll let Katie talk more about it. But Katie, did you know about the concept before the press releases? And if so, or not, like, what were your first thoughts when you heard about nine third party administrators coming together and Some like, what were you thinking? [20:12] Justin: So I didn't know about it ahead of time, but as soon as I opened, I mean, of course there was a time, well, hey, listen, can't be an insider on everything. Most things, yes. [20:21] Mark: We're in journalism, so that's true. [20:24] Justin: I can do the investigative stuff if I need to, but I won't say it was surprising to me. Again, the concept of Alliance Benefit Group I've been aware of, but I was impressed by the group. I think it's a solid group of third party administrators. Oh, gosh, that's awkward. It's a mouthful. So, I mean, I think it's a good concept. There's certainly nothing wrong with providing the local services that I think your clients have come to expect. But to try to band together to get the same opportunities that groups like Ascensus are getting, I think it's smart. It's not a bad play. And if you can get the attention of vendors and, you know, work as a team, I don't see why not. It's. I think it's a good play. [21:04] JD: That's what I want to ask you next. Like, my first thought was like, is this really just a pricing play? Like, is this for them to bound together, go out to vendors and say, hey, look man, we're nine firms, we're this many billion dollars in assets, this many plans, and therefore, you know, we're going to push you for lower pricing. And I didn't, I would never put you on the spot because I'm happy that you're here. But Guy Hawker in the audience said, did, did Pension Pro offer some type of discount to the Serato Group and is this a motivation of theirs, do you think? [21:38] Justin: Yeah, I mean, that's not a bad question to ask. And I mean, the answer currently is no. The thing that's hard about our software is that you all still operate as local businesses. So I service you all separately. Like, yes, maybe you have the same systems management. We don't have all of the third party administrators that are part of the Serato Group, but we do have a bulk of them. But the thing is that they're also operating as individual entities. So it's not like I'm servicing a large group. I'm still servicing each group as their own. So that makes it kind of hard. It's been the same thing with Alliance Benefit Group. They're still single entities that are just coming together for a broader voice. [22:15] Mark: Jd, why does it always have to be something else with you? You always got to look at, oh, they're doing this for these reasons, aren't they? Coming together as a nonprofit and taking some of their proceeds and donating them. [22:28] JD: Like jd. [22:29] Justin: If you want to talk about saving money, I mean, let's look at a [22:32] Mark: good option for your jd. [22:35] JD: Marvin, I was just, I was just going to ask you as I, as I strategically ignore Katie, I was just going to ask you like, what your thoughts were and you just nailed it with your comedy act. So I was going to. But let me ask you, like, as a guy who focuses on working with advisors and you work for a third party administrator, I mean, did you have any initial thoughts of like, well, this is weird, this is different. Like, why are nine firms coming together? [23:00] Mark: You are talking to me, right? [23:01] JD: Yes. [23:01] Mark: Okay. [23:02] JD: You're right here. I'm talking to you. [23:05] Mark: So I can't talk like that. No. When I, when I first saw it, I was, I was definitely taken aback, kind of thinking, I think I went down the JD path as well. Thinking, like, well, why, like, what is the. [23:18] Katie Boyer: That's my question. [23:21] Mark: What, Chad? [23:22] JD: That's his question. [23:23] Katie Boyer: That's my question. What's the benefit to either the consumer or to them, which we can get to, but [23:31] JD: spicy tonight I feel like [23:32] Mark: I know somebody just said he looked like he was in a daze. Maybe he's just bored because he's not talking. We should keep it that way. And no, as I, as I dug into it and saw what, you know, what the concept was and kind of a gathering of what I'll just refer to as intellectual capital. Hopefully for the betterment of like what we're pushing for. [23:54] Chad: Right. [23:54] Mark: Of, for the good of our industry, for keeping the independence alive, for making sure that third party administrators have a voice and that we are not just going to get gobbled up and come in and be a part of this big conglomerate. We need to. So banding together can be a good thing, I guess is what I saw instead of all. [24:12] Katie Boyer: But aren't we banding together with the American Society of Pension Professionals Administrators, or are we banding together with all these other associations that we belong to? Don't we get pricing discounts with many of the other groups that the third party administrator community belongs to? [24:30] Mark: Okay, so what do you, what are you getting at, Chad? Spit it out. [24:33] Katie Boyer: I'm trying to figure out why, other than an opportunity to be in the news and to use it as a marketing ploy. [24:38] Mark: Wow, that's not nice. [24:41] JD: For, for once, for once in my life, when I saw this come out, I honestly was, was kind of inspired and Excited. I was like, this is cool. Like this is different. Like I didn't see this coming. I had. I've never seen anything like it. And so I'm actually a fan of it. And I think it kind of slides towards what we talked about earlier. It's kind of like them creating their own little future plan moment. Right where Future plans. This company is trying to bring together all these third party administrators and have this bigger brand, this national brand, this story of like we have better tech, better resources, better whatever. And I like to see nine third party administrators trying to grab a little bit for their own. But Chad, I love, I love this negative Chad. I'm a fan of the negative chat. [25:28] Katie Boyer: That story. [25:29] Justin: Jalapeno juice. [25:30] Mark: Yeah. [25:36] Katie Boyer: No, this one is jalapeno. Today I switched Mark because it's game day. I can't drink too much booze before I go coach a bunch of five year olds. Okay. [25:43] Mark: I would argue yet you probably should. [25:46] JD: Let's move on because Katie has derailed me from my entire agenda. Now we've talked about Serrato. I grew up for a while. But that's good. That's good. Good thoughts. Let's go. [25:59] Katie Boyer: That's what Chad's doing right now. Let me make one last comment. Hold on, please. Can't leave it out. [26:04] JD: Make one last comment. [26:06] Katie Boyer: Has from the advisor community, has the future plan acquisition been beneficial for your clients or not? Because every advisor I've spoken to and folks who have been part of the acquisition process that are on the employee base are going to. [26:21] Chad: No. [26:21] Katie Boyer: Like we're subject to a larger company's rules, their procedures. It's not been beneficial. It's not been beneficial for the clients. But timing of the Serato Group coming out, if you're trying to correlate that to the purchase of future plans and what future plans did. I don't think that timing was good. I don't think of future plans. Acquisitions was a positive one. [26:43] Chad: I would say that's very different. Future plans from Serato Group. It's a small network. [26:49] Katie Boyer: I agree. JD was correlating the two. I agree. [26:53] JD: I was correlating it from like a, a branding, marketing, obviously. [26:57] Mark: Correlating. Please. [26:58] JD: With all respect to Serato Group, they're still running their own shops. Right. They're doing their own operations. The problems that future plan is running into are not going to happen at Serato Group. These are professionals that are running their own shop. So I was more just inspired by the branding and the kind of the story of us coming together. But just to be Clear. Let's talk a little bit about TPA checks. [27:24] Justin: What was that? [27:24] Chad: No, no, you got all three of them. [27:26] Mark: Yeah, you, you said two of the three. [27:28] JD: Okay, fair enough. Third party administrators. And you know, I've got some perspective on this, but I think Katie's got even better perspective. I see third party administrators as kind of, there's a lot of old school ones. You know, many of you know, my father started our company in 1975. I'd call my, my old man an old school third party administrator. And then there's this kind of new world, Katie, when you're out there because your job is basically to help third party administrators look to implement, you know, futuristic software, you know, modern day software. Do you see a distinction between these two? And can you comment on that a little bit? Is there a lot of these old school ones out there versus new school? [28:14] Justin: Yeah, I mean, I think honestly in the last probably two years it's not becoming such a, like, you know, what is a system like pension, Purdue or why do we need systems management? A lot of folks came though, and still to this day we get them that call that say, hey, we do everything on Excel spreadsheets in our office. But I think if you had to find a positive from the coronavirus pandemic and people being home, I think it's become very clear the absolute need for technology when you can't be in your brick and mortar office. So I mean, I tell people all the time if you're looking at making a systems change, it's a lot easier to do it when it's leisurely, right? Like hey, we want to improve. And jd, you and I were talking about that before the show, like you knew that in order to move the business forward, making improvements was necessary. And that's both technology based, looking at the future. And it's a lot easier to make that call when it's optional. Not, oh my gosh, our in house system just blew up or holy smokes, we just lost our administrator of 72 years who decided she's going to retire and take care of grandkids and all of her stuff's in her head. Like that's not a good business practice, but it's not uncommon. And it's not fun to sell software based off of somebody being in a predicament because they already needed it yesterday. But we still sell it that way sometimes. But I much prefer the people who are just looking to advance their business and make the call because they know they need systems. And in the last two years I'D say pension. I won't even just use Pension Pro. But systems in general have become an absolute necessity and are no longer considered a luxury item for this industry. [29:49] JD: Well, one of the reasons I want to talk about this is there's been this consistent narrative from the last few episodes where I've been trying to tell advisors that hey, not all third party administrators are the same. And I think that's also true of like bundled administrators. Like, not all bundled administrators are the same. And so with whether you're bundled or unbundled, both those entities are doing the same job. And I think it's, it's important for advisors to get into the weeds, vet out those different providers and how they're doing things because you're trying to find the right solutions for your clients. And so I just thought it'd be really interesting to hear from someone like you that hey, not all third party administrators are the same. And that's true of lots of different firms. Let's pivot it to, to marketing a little bit and I'll go to Chad. Do you think the story of a third party administrator, you know, the sales story 10 years ago is the same as it is today? And then as you answer yes or no, then the second question is, should it be like, have things changed? [30:57] Katie Boyer: So my answer will be it depends on who we're talking to. If it's to the advisor community, yes. I think the story is, is very different now than what it was 10 years ago. If we're talking to a client, I think the story now is very similar to what it was 10 years ago, which is to a client. We're talking about plan design, we're talking about efficiencies, we're talking about tax benefits, we're talking about operations to an advisor community, we're talking about creating an extension of your sales team to have an expert in the room with you to help you win business. That has changed a little bit over the last decade, I would say because we're able to embrace technology in a different way than you and I were 10 years ago. [31:43] JD: I like that answer, Chad. I think the client wants the same things, but maybe the advisor has changed a little bit. I'll give you a typical one and I'm going to go to Katie because she's got some insights from some research or some interviews that you guys have been doing with advisors. I think if you looked at a third party administrators marketing brochure five years ago, 10 years ago, 15 years ago, in the top three would be local. And I Think, I think a lot of third party. I've heard actually the industry refer to third party administrators as local TPAs. I'm going to take down purpose that drink because that's, that's like a term and that's how they describe us. Is that changing post Covid. And I'm kind of leaning towards like that you interviewed some advisors and I think you talked to a chick in Florida who we work with. It was like, whoa, why is she working with. Those guys are in Cali. [32:38] Justin: But I love that you're self servicing me to say great things about you. [32:43] JD: Love that. Thank you. [32:45] Katie Boyer: Hey, we gotta do a little bit of marketing on this show. [32:47] JD: It's my birthday. It's my, my birthday. [32:49] Justin: All right, fine, I'll throw you a bone there. Yeah, we did. So we've been doing some research because of course we advocate for the community of third party administrators and the retirement community in general. And we wanted to kind of put some, some dots together, I think and make some connections as to why the third party administrator is such a critical role to the advisor. So the Batman and Robin of relationships. And so we interviewed a few, not just advisors, but wholesalers too. Like, why do you work with third party administrators? And in the case of the person that we talked to, and I think Kate said she couldn't make it but shout out, hey, Kate, hopefully I'm giving JD enough crap to make you happy. But she made a couple of comments and one of the things I thought was so unique is we always talk about local, providing a local service offering right in your neighborhood next door. And Kate's not. I mean, her business is really based out of the Florida area. And then of course, JD and his team are in California. So having, you know, being in this virtual world where we have access to systems management, you don't have to be in someone's backyard. If you mesh for your business models. You don't need to be local to be local. Like you don't have to be local to provide an excellent service offering. And I think that's becoming more clear. So, you know, the advisor community now has an opportunity to find third party administrators all over the country that fit your mold. Like again, not all of these folks are the same. Not everyone's going to provide the level of service that you want. So you need to find the people that you're comfortable with. It doesn't matter where they are in this country. If they have systems that can handle it, you don't have to be next door. [34:31] Katie Boyer: I've asked for years Katie, as we started to move more national versus just local, what's the benefit of working local? And almost every single person I ask would say two things. They would say, well, I could have you physically in a meeting, which we all know now is not necessary. The second answer was accountability. Like, if you're working with a local business, then. Then you know that that's a business that's accountable to the community. Well, that you can get nationally if you're working with the right business, the right third party administrator. That level of accountability, I think, is what differentiates. Differentiates between bundled, unbundled, and so that whole local pitch needs to be an accountability pitch. [35:14] JD: Well, go ahead. [35:17] Justin: Oh, you almost did it too. You almost did it. Nice work. [35:20] Katie Boyer: You interrupted me right on the check swing. [35:21] Justin: No, but I just saw Guy make a comment in the. In the chat. And this is funny. This is something people don't think about a lot of times, and you guys being west coast. But, you know, having people across the nation really opens up your office hours without having to extend the hours that people work. So it's always been great for us if we hire somebody west coast, you know, I mean, our presence is all east coast. So the more folks that we have west coast, we now have, later hours into the day, your service offerings are opened up. And, you know, it's having the ability to. To open up your pool not just of potential people that you work with as referral sources, but also clients and employees. To be nationwide is huge, especially for those of you who are trying to hire at the moment. [36:02] JD: Does anyone ever, like any plan sponsor or advisor, be like, oh, I want to. I want a local record keeper. I'd really like them here locally. You never ask those questions. And so I think it's kind of funny. The job that you do as a compliance administrator or a third party administrator, it's really not necessary for you to be there local. And I love that Covid has kind of pushed us into that space. Hello, everyone out there. What's. What's your favorite game? What's your favorite retireholics game that we play with your favorite retireholic? I want to see it in the chat bar. Type it in. I want you. No, not Wheel of Ice. Hackler. That's not what I'm talking about. Not movie trivia. [36:45] Katie Boyer: I agree, Tony. It's. Oh, yes. Webby Sonnet. Movie trivia. [36:50] JD: Mark. Yes. [36:52] Chad: Fuck Mark [36:54] JD: B. [36:57] Mark: I'm not gonna lie. This. This is not a game that we play every week. And when JD texts me on at 8 o' clock the night before an episode. I don't spend too much time trying to come up with questions. So you all watching the show may think I'm not giving it my all, but just know I don't have a library full of questions, so if you have some, please send them my way. Anyways, Katie, are you familiar with this game? I know you are. [37:23] Justin: Yes. [37:24] Mark: Okay, I'm just gonna start with one. We kind of just talked about it earlier, and this may. This may offend people in this chat bar. I don't know, but is it. Is it lame, or are you game telling people which vaccination you got? Katie, I'll start. [37:41] Justin: I'm game. I'm game. [37:44] Katie Boyer: Okay. [37:46] Mark: Jd, [37:48] JD: you said Katie. I'll start with you. I thought you said jd. I'm like, whoa, he's starting with me instead of the guest. [37:52] Mark: No. [37:53] Justin: I am one of the few people, though, that did not post my photo with my little vax card. [37:58] Katie Boyer: Thank you. [37:58] Mark: That's my next question. [38:00] JD: Don't steal my question honestly. I want to answer honestly. I think it's lame. It's lame. [38:09] Justin: Chad, you started it. [38:12] JD: I know, but that was just a bit. That was just a bit. [38:15] Katie Boyer: It's lame. [38:18] Mark: I'm not even gonna ask the anti vaxxer. That guy. [38:21] JD: Jesus Christ. [38:22] Katie Boyer: I'm not an anti fox vaccine my kid got. [38:25] JD: Yeah, you are, Justin. Yeah, you are. Holy die, bro. You'll have. No, you're going down. [38:32] Mark: Honestly, my follow up to that was going to be posting your vaccination card or saying you went and got it or whatever. And I'm assuming, based on this panel, resounding lame. Just right. [38:49] JD: Yeah. And let's not let Katie take over your game again like she does the whole show. [38:55] Justin: You invited me. [38:56] JD: You knew what was coming. [38:57] Mark: So do I have to say I think it's. It's probably better that way. All right, my next question is going to be thrown to JD because JD sent me something earlier today. And by the way, jd, my game has changed. I can now include everyone else to ask questions. So now I'm putting the ball in your court. You sent me a text earlier today about something that people do on LinkedIn, so get it off your chest, buddy. [39:26] JD: This is like therapy. Go for it. Okay, fair enough. Lame or game? When it's your birthday and you wake up hungover as usual, lying in your bed, your three Chihuahuas, your wife's next to you, and you're getting a ton of LinkedIn happy birthday wishes, but you know, they didn't actually write those. Those Are automated. Fucking. Happy birthday. Hbd, lowercase J, uppercase D, like shit coming in. Lamer game. [39:57] Mark: Justin Lame. [40:02] Chad: Did you want more for not a good host. [40:05] JD: I forgot. Justin, expand on your answer now. [40:10] Chad: Well, there's no [40:13] JD: Chad Lamer game. [40:14] Katie Boyer: I am. I'm. I'm lame for the automated. [40:18] Chad: Yep. [40:19] Katie Boyer: I hate the obligation of responding back to everybody, which I've yet to do. That's. That doesn't feel great either. [40:26] JD: Lamer game on an automated LinkedIn. Happy birthday. [40:29] Justin: Completely lame. And you don't remember this, but a year ago, on your birthday, I straight up sent you an email on your birthday. I'm pretty sure I sang to you and said something obnoxious about pension probing your birthday wish. Fairly certain if you go back and look in the archive. Oh, yeah. Oh, wait, you didn't open it. [40:44] JD: Oh, my God. I don't know. [40:45] Katie Boyer: Hey, Katie, I responded to your email last week and you didn't respond to me. [40:50] Justin: Timeout. You made me wait for four days, so I thought I would wait till I got here and then responded. [40:54] Katie Boyer: There was a need for that. Hey, Gina, you said the abbreviation of Happy Birthday. [41:00] JD: Okay, all right, all right, got it. I'll get that one here in a second. Catch. Chad, I'm going to skip Mark because who cares what he thinks? It's his game. But I do want to say, you know what sucks about it? Is that in those, like, tons of them that are there that you have to scroll through, there are, like, some [41:16] Chad: that are real, actual authentic ones. [41:18] JD: Say, like, happy birthday, bro. And so now tomorrow, I got to wake up hungover and, like, go through and, like, find the ones that are automated and finds the ones that are real. And it's kind of stressful. [41:29] Katie Boyer: What are you going to say to the automated ones? Will you respond to them like, oh, Chad, thanks. [41:33] JD: No, thanks, Chad, bro. No, there's. Go on. [41:38] Mark: Can we just call out Hackler for being one of those people that did that today? Can we just call him out? [41:42] JD: All right, nice. Thank you, Amanda. [41:43] Katie Boyer: Did he really do it? [41:45] Mark: Oh, yeah. Katie, I have one question, and this is not a Lamborghini question. Like I said, it's my game. I do whatever I want. Can. Can Plan Design Consultants, AKA the Retireholics, win Pension Pro of the month, even though we don't use Pension Pro. [42:03] Justin: Absolutely not. It's a pretty elite group, so. [42:08] Mark: All right, well, you know what they say. [42:11] JD: You know what they say. [42:12] Katie Boyer: You know what they say. [42:14] JD: You know, you know the bummer. One of my favorite segments. I'd love to do More is drunk chat. Drunk Mark. And we just. I've run out. And how many more? So I can never. [42:23] Mark: There's no. [42:24] JD: No, no. [42:24] Mark: There's a couple you haven't used. I've been waiting for them. [42:27] JD: I got to dig. I got to dig further. Your question to Katie. Remind me of Amanda's chat bar. Question, Katie. Amanda wanted to know who your favorite third party administrator is out there. [42:40] Justin: That. That is unfair. And now we should talk about why you don't like that term. And let's move on to another piece. I can't play that game. [42:49] Mark: Fantastic. [42:50] Justin: She knows I have. [42:52] JD: All right, Katie, since you're in charge of the show, you want to go to the debate on the name third party administrator or you want to talk cybersecurity? You tell me. [43:01] Justin: It depends. Do you want to practice falling down and bleeding or do you want to talk about something else? [43:06] JD: I'm into falling down and bleeding. That's kind of a jam. Yes. [43:08] Justin: Let's do it. Let's. Let's talk naming conventions. [43:11] JD: Okay. All right. So you've heard a bit about this before in the past, and I'm not [43:16] Mark: going to go naming conventions, [43:20] JD: but third party administrator. We've kicked this around since TPA growth summit of pre Covid. Like we need to change the name now. It's getting a little serious here. We're trying to. Damn it. Yeah, let me continue my thought. Serious, or that's a real word. Word. World. [43:37] Chad: Word. [43:38] JD: Word. Here's my thing. Third party administrator sounds like an add on. It sounds like a premium service. It sounds like a luxury. Sounds like something that you don't really have to have. [43:57] Mark: Unnecessary. [43:58] JD: Yes, unnecessary. Thank you. [44:00] Justin: Hang on. You went. Okay. [44:02] JD: I don't know. [44:02] Mark: Well, you weren't expecting that, Katie. Huh? [44:04] JD: Yeah. [44:04] Justin: No, no, no, go ahead. [44:06] JD: Let me set up the debate. Ms. Bloody Knees or whatever you said I was gonna have Anna. And so I would like us to have a conversation about one. I don't think it matters what we call ourselves to the plan sponsor. And I get all you out there, by the way, that are like, who cares what you call yourself? And there's some logic to that. So I feel you. I feel you. But it doesn't matter what the plan sponsor thinks, and it really doesn't matter what the world in general thinks, but I feel like it matters what the advisor thinks. And a lot of advisors that are out there that don't understand the value of a third party administrator see us as all those adjectives I use to describe us. I feel as though we Need a name that doesn't back up those thoughts. We need a name that's like, hey, here's my last sign. I'll let Katie take the floor. I also don't think this name should be just relegated to renaming the local third party administrator. I think this should be the name to name the bundled administrator. I talked about this last week. You've got to get compliance work done. It's going to be someone who's going to do it, who cares whether it's bundled or unbundled. Someone's doing the work. They should have the same name. And I think that name should be something that's level equity, simple, easy. And I have issue with a name that you like that should be included, which is Consultant Katie. So give me your picture in your company name, bro. [45:33] Katie Boyer: But that's. [45:34] JD: Go ahead, Chad. Answer, Chad. [45:36] Katie Boyer: The difference is we're trying to describe the service that's being performed. Not every third party is a consultant. Not every administrator is a consultant. Some are just going through the flows, right? They're just getting data and submitting results. So you can't classify this service feature as being consultants when not everybody is. I feel like that's a disservice to those that are interesting. [46:00] JD: But Katie, like, what do you think would be a proper term and why? [46:05] Justin: All right, so first thing is that like in our SO in our systems, our clients get to choose what they call their roles, right? So everybody gets to choose. So administrator and consultant are interchangeably used by third party administrators all across the country. It's just a preference of naming convention. But I also think, jd, the point that you just made is it's a level playing field. So let me ask you this. Do you pay the person who just came out of college that decides, I can make some money in this business as an administrator, the same as you do the person who's a senior level administrator or if it's a level playing field. [46:39] JD: Yeah, that's a great question. And it ties into my bigger mission here. This isn't to me about what you're going to call me or what I'm going to put on my business card or what seems appropriate to me. This is about confronting the bigger problem, which is that advisors see us as a luxury and that's why we're getting less business. And don't get me wrong, being a third party administrator is a great gig and there's plenty of successful ones and life as good as working. I'm just talking about the future and getting, getting advisors to understand us more and so it's not about what it sounds like. Yes, Chad, go ahead. [47:16] Katie Boyer: I was just going to say to that point though, J.D. because you and I have talked about this. It's not just about what it sounds like and the luxury side of it. It is also about levelizing the playing field for the work that is being done. The work that is being done should be the same whether bundled, unbundled, national, national, third party administrator, local third party administrator. The truth is it's not. And so that's. Katie, would you ever call a bundled Fidelity plan a consultant? Would you ever say that they're, they're being a, A administrative consultant? No, but, but, but the third party group is looped into that same group. [47:54] JD: This is a great point. I want to interject because even Tony says getting less business. And a lot of third party administrators I've talked to get upset with me when I do this because I am lowering us. They want to say like, we need to be a consultant, we need to be an expert, we need to be a professional. And I'm like, no, no, no, you're missing the bigger picture. If we could just get on a lower level playing field like Chad's talking about, and then our services are compared to bundled services in the same fair way, then you'll win business because you're f. Better. So stop trying to position yourself in the market as this luxury thing and instead bring yourself down. Call yourself the lowly administrator, make sure the record keepers are called the same thing, and then go win business on why you do it better. And I think that will provide better outcomes than what we've been experiencing for the last 15 years. That's my, that's my two cents. [48:50] Justin: I don't, I don't necessarily, I don't know. I mean, I do disagree, but not completely. But I think the name needs retirement plan and it's somewhere, I think compliance consultants. Still, if you went out on the road, it's like, what the hell does that mean? I mean, whether you like the word consultant or not, like I said, I do want to point out that it's a New York company name, which is funny that you hate that word, but anyway, I do think a naming convention change makes sense. But the other thing I don't like, like a bundled provider is always going to be a lesser cost than you, but you guys are service providers. Like, you're not like Pension Pro is not cheap. I imagine you're not cheap and you probably even know a local tpa. Got it, got it, got it, got it. [49:31] JD: No check. [49:32] Justin: Yeah, but I mean, TP still means something anyway. It doesn't matter. [49:37] JD: You know, [49:39] Justin: if someone, that's my vote. [49:42] JD: That's my vote. [49:42] Justin: If someone said that you're. That's excellent. If, if someone told you like, hey, you're too expensive, are you going to be like, well, you know what, we actually have a, we have a lower option for you that we can hit. No, you're going to tell them, well, if you're, if you're shopping on price, I'm not your guy. So. One thing that I don't like is if you just keep talking about it being separate from, from a bundled provider, you're still like downplaying your service. You already know. And Chad, one of the last shows, I can't remember, but you were talking about a scenario that the plan was like completely not tested properly because dates were wrong. Like you already know. Like, bro, somebody should be looking at this. Like, we are going to do that for you. So I don't like it. I get the idea from an advisor perspective of being a luxury, but if they, like, if they know you and again, you're able to prove your value, then I don't think the naming convention really means all that much. But like tpi, I don't, I just don't want. [50:40] JD: That's why. No, that's not a check swing. That's a legit. [50:43] Justin: No, I did that one. [50:44] JD: She did it on herself. Go ahead. [50:46] Katie Boyer: My problem, Katie, still is there's this visual in the community and I know you're dealing with many third party ministers. We're dealing with tons of advisors, as are you. And there's this distinctive thought that the third party administrator community is doing the same thing as the bundled community and that's not the case. [51:09] Justin: Right. [51:10] Katie Boyer: And so what we're trying to do is get more granular and say we need a description that is not unbundled versus bundled. It is the work that is physically being done and make it boring. Administration, make it boring. Whatever it is, make it boring. We have to call ourselves that. We're trying to title the work and we're trying to let the title of the work take over the weight of the name of the role. [51:32] JD: And then you go sell your own services. If you want to be luxury and expensive and hide them, fine. But let's get to some equity here. I'm tired of advisors saying I only do bundled or I only do unbundled. Like what? That's a stupid statement to make. Vet out the people that are doing the work and I know I said this last week, but. So I love what you just said, Chad, you know I love you, but my love for you just went from a 12 to like a 16. And that's on a scale of 0 to 10. [52:01] Katie Boyer: Take that robe guy. [52:03] Mark: Yeah, I would much rather prefer to keep that beard as far away from me as possible. [52:09] JD: Can I tell you guys something I learned? [52:12] Mark: You learned something. [52:14] JD: Yeah, yeah. Today I doubt that when I was in school and back in my time because I'm an old man now. Today is my birthday. [52:23] Mark: I'm surprised only one person in the chat bar mentioned catch up contributions. And I just want to say, JD, congratulations on the additional $6,500 that you're not going to put away because you probably don't even put money into your own 401k account right now. [52:43] JD: I do, I do. I just. Right now it's all sucked up by paying off my loan so I can cover your fucking salary, Mark. All right, What I was saying is $4 an hour. So what I was saying is that my teachers in high school wanted me to learn how to type and they wanted me to go asd, jf, semicolon, whatever the fuck that is. And that you can't look down, right? But I got to be really fast looking down. Like I can type great when I'm looking down. And I was like, who cares if you don't look at the keyboard? Like, looking at the keyboard is fine. You can type fast. And now I've realized you know where it lets you down when you want to be on chat bar and you want to like, look at the show and see what's going on and I want to write someone and then I screw it up and I got to delete, delete, delete, backspace. And anyway, those are my two thoughts. Yeah. On that. [53:35] Mark: Wow. [53:36] Chad: Wait, is anyone going to acknowledge Katie's [53:38] Mark: glasses productivity going on the show? [53:40] Katie Boyer: I did in the chat bar. Katie's. Oh, you did? [53:41] Mark: I didn't see all Katie. Those real. [53:44] JD: Let's go. [53:45] Mark: It looks like a filter. [53:47] Justin: Oh, no. Yeah. I mean they're. They're real glasses right now. [53:50] JD: I thought, dang it, we should have recorded it. And given that I should mention that, I will mention that in the very brief brief after show. We got to get the cb. No. Got to get to our champion. Go ahead, Mark. [54:00] Mark: No, but before we go, before we go, I think it's only right. Katie. I hope you're ready, Justin. I know you are. We gotta sing JD and Chad. Happy birthday. It's only Right. It's only Right. So on the counter, JD Are we [54:14] Justin: allowed to include Chad or is him being a 16? I mean, we should, right? [54:20] JD: It's not. [54:22] Katie Boyer: I'm a human being, too. [54:25] JD: It's not your birthday, Chad. One, three. [54:29] Mark: Happy birthday to you Jesus. [54:33] JD: Happy birthday to you Happy birthday yesterday [54:42] Justin: Happy birthday to you God, that was terrible. [54:48] JD: God, did she burp? She's right next to you. You could hear. [54:50] Katie Boyer: She burped. [54:51] JD: Oh, wow. [54:52] Mark: Weird. I officially think if I have any pool in this organization that we call Retireholics, Katie's getting a promotion and an offer letter in the mail to join the Retireholics tomorrow. [55:06] Katie Boyer: Hey, I already wrote in the chat bar. Everybody should be trying to recruit Katie. [55:10] Mark: Yeah, no, that's gonna happen. Yeah. Yeah. [55:12] Justin: Wow. [55:13] Katie Boyer: Yeah. [55:14] JD: Well, let's go chop our champion. Yes. Sorry, Chad, another thought. Did you wind the clock down? So I just have your presence didn't [55:22] Chad: come so late to your son's game? [55:24] Katie Boyer: I wanted you to open your presence on show. It sounds like we've got two of them, right? [55:29] JD: Let's do the presents. [55:30] Mark: You said wind the clock down. Are you referring to the NFL draft? [55:33] JD: JD let's. Let's do it in the three minute after show, Chad. We'll do it in the three minute after show. [55:39] Justin: Did I only have like four Ackerson mistakes? What was my number? [55:43] JD: Brandon, that was pretty good. [55:46] Justin: Bangin. [55:47] Mark: Hey, Justin. [55:48] Chad: You were scared. [55:49] Mark: Justin. Justin. Super long distance. High five. [55:54] Chad: We got to figure out this mirror [55:55] Mark: thing because this is weird. [55:56] JD: I think Tony asked me before if I could touch Justin's head. I'm like, no, not gonna happen. Okay, Chap. Our champion. Your vote, Justin. [56:06] Chad: New Chad. [56:09] JD: Chad's not far off. 35, Alfonso. He's somewhere in that vicinity. New Chat. That's mine. Ok, so that takes away my fucking vote. I've said it in the chat bar. I said I was voting for New Chat. And you did. [56:21] Katie Boyer: You saw it to me last week. [56:24] JD: Old Chad, what's your vote? [56:27] Katie Boyer: Are we allowed to vote New Chad? Because New Chad was my vote as well. [56:30] Chad: All right, what happened last week, I had. [56:33] Katie Boyer: I had Webby and I had Tony. Tony had a good night tonight. [56:37] JD: By the way, Brandon can do the poll so you guys can throw someone else in there, but you don't have to if you love New Chad and vote New Chad. Mark Greg Greenfield. Yeah, he was good. [56:47] Mark: He was good. [56:48] Katie Boyer: He had a good night. [56:48] JD: Good, [56:51] Justin: honey, we shrunk the retired. Excellent. [56:56] JD: Okay, Webby Greenfield and a new Chad. Brannon, you're gonna go for this audience poll. Thing, right? And if it fucks up the screen, fine. So be it. Is Brandon still there? Has he just been chugging makers, Mark? And he's gone. There we go. It's working. It's working. It's working. [57:15] Katie Boyer: I don't know how he does that. [57:16] JD: I can see it. [57:17] Chad: God, now we can't vote this week. [57:19] Justin: I can't click, though. [57:21] Katie Boyer: Yeah, okay. [57:22] Justin: Sorry. Now that I read. [57:24] Mark: It's close. [57:25] JD: It's close. It's very, very close. [57:31] Chad: I might laugh if New Chon people. [57:33] JD: Vote, vote, vote. We're only at. Yeah, there you go. Keep voting. New Chad. New Chad. New Chad wins. [57:44] Mark: New Chad. You deserved it. [57:46] Katie Boyer: Congrats about 6 weeks of new Chad. Putting in heavy efforts and having great shows. You deserve that. [57:52] JD: Congratulations, New Chad. Stand by your your mailbox, because sometime in the year 2023, we'll send you some free swag from retirehogs. Congratulations, buddy. You deserve it. And we've got a song to close out the show tonight. Mark, you want to just set it up? You set up the song. [58:11] Mark: Well, first off, you asked me. JD Mark, can you send me a super poppy song? It's my daughter's favorite song. [58:20] JD: Do you want to set it up? Oh, I just did your daughter's favorite song. Okay. How old's your daughter? [58:26] Mark: Seven. [58:27] JD: What's her name? [58:29] Mark: Everybody knows It's Maya. [58:30] JD: How many Girl Scout cookies did she sell this year? [58:33] Mark: 400 and something. [58:34] JD: All right, play it. [58:35] Chad: Anyone else feel like something's gonna come crawling out of the tv? [58:38] Katie Boyer: Yes.