TPA Cybersecurity & Bitcoin in 401(k)s | Retireholics

[0:00] JD: Sick bourbon sitting by his side, ready to roll. [0:09] Chad: Too many robe, guys. Off, off to a lead in the cbc. David K. David K. Too many rope, guys. [0:21] Justin: Will the real rope guy please stand up? [0:24] JD: Please stand up. Please stand up. Here we go. [0:59] Chad: Wow. Daniela. Daniela just took over the lead in CBC before I got started. Okay, I got a little. Little something. I got a little something for you guys. I was gonna use some voice, but I don't know what voice I'm gonna use. [1:17] Justin: Hopefully a porny voice for sure. [1:20] Chad: Once upon a time, many moons ago, in a land far, far away, there lived a king. And he ruled gloriously over his kingdom. His name was King Paul the Great Farawanka, and he had two sons. He ruled for many years and by all accounts was a very capable dragon slayer. The oldest of the two sons, Prince Jdeon, was the most handsome in all the land. With long, luscious hair and a manly beard, admired by all peasants and nobles alike. The young prince had eyes on the crown, for he was as ambitious as he was handsome. One night, he snuck into the king's chambers and snuffed out the great king's life with a fancy medieval pillow. This young and handsome prince was now the king of all the land. He started to slay dragons like his father had taught him and became one of the greatest dragon slayers of all time. However, more than he was handsome and more than he was ambitious, he was also very, very lazy. He preferred laying about and drinking ale over slaying dragons. So he threw his younger brother, Brandon Naryon into the dungeons below the castle and forced him to work on marketing and branding, YouTube videos and eye pleasing digital content. This would keep the peasants happy and stifle any potential rebellions. He also then brought into his castle the most courageous knight in shining armor, Chadwickian the dragon slayer. Chadwickian would go on to slay more dragons than the king and the young. Did I mention handsome prince could have ever imagined? Chadwickian would build his dragon slaying army with Justinthion, who was battle tested and could handle a sword like no other. The new handsome king also brought into the castle a jester. No, no. Mark's a knight too. Mark's a shining, courageous knight too. As the story is told, these brave medieval 401k dragon slayers, the imprisoned but hardworking younger prince, and the lazy ale drinking but very handsome new king would go on to conquer many a land and slay countless dragons, becoming a thing of legend. The peasants, the nobles and all in the medieval world referred to them as one word whispered in pubs, castles, and dwellings. They called them the Retireholics. That's my gig now. I gotta find this. [4:31] JD: Rehearsed that a time or two. [4:33] Chad: Was that a little. No, I did not rehearse it. I just wrote it. I was reading it. Did it look. Did it not look like I was reading it? I had it right here on the screen. [4:42] JD: God, the porn references are off the chart tonight. [4:44] Chad: It seemed a little long. Welcome, everybody, to another episode of Retireholics. Thanks for tuning in. We appreciate you doing that. This is a special episode. There's no guests, so it's the. No guest show formats. Make sure you're in gallery view. We're going to play Acro Sin. Of course. That starts now, so don't say any of those acronyms. CBC Champ. You bet your fucking ass you're going to be a CBC Champ. So make sure the audience is. What's up, Chad? [5:17] JD: That's two acronyms. You just said you already started the game. [5:21] Chad: Okay. Put those on ice every. [5:23] JD: Every week. Every week. You struggle with your interest. [5:26] Chad: Tough. That's toug. [5:27] JD: Any predictions for JD? He's getting to 20 tonight. Oh, 21 tonight. [5:31] Justin: JD's already at 21. [5:32] JD: Yeah. [5:33] Chad: For the. For the new format, we're going to involve the audience much more than we regularly do. So, audience, get ready. You're going to not only have the ability to do Q and A, so hit up Justin through direct message on this sucker if you have a Q and A. And we'll do the Q and A section later, but you can go ahead and hit them up now. Hit him up while we're talking about the headlines. What's that, Justin? [5:58] JD: Don't wait till the end. You guys always do. [6:00] Chad: Yeah, don't. Don't wait till the end. Hit them up now with Q&As about anything and another section. [6:06] Justin: Yeah. [6:06] JD: Oh, yeah, Greg's got you. Oh. [6:10] Chad: Oh, cute. [6:14] JD: That's Joe. [6:14] Justin: One for Justin. [6:15] Chad: All right. I think I'm at four. [6:19] JD: Wow. [6:20] Chad: We're gonna. We are also gonna do a section where we will put up a poll and you all will vote out there on what subject we should talk about. So we just try it. Let's just fucking try it. I'll stop explaining it. Headlines today. You know how much I love these podcasts, man. And the new one that I'm really into is our guest from a few weeks ago, Josh It. So the fiduciary. The Fiduciary. You podcast. He had a David Levine from the Groom Law Group on they Talk Secure act what they talk Biden administration, presidency. Oh, Jesus, what did I do there? [6:57] JD: The Secure Act. [7:01] Justin: That truly is an acronym. [7:02] Chad: Oh, that's. [7:05] JD: Damn, that's gonna be hard. [7:07] Chad: That's right. You know what? I need to catch up. Okay. And. And they also talk about pooled employer plans, which, you know, I love that. That's kind of towards the tail end. So check it out. I learned this week that you can listen to podcasts in like 1.5x or 2x boys. Do you. Do you. Justin, Chad over there in Tahoe, vacationing, snowboarding it up. Do you guys listen to podcasts? And if you do, do you listen to it in fast time? [7:32] JD: I never thought to listen to fast time, no. Oh, I do, for sure. I. I fast forward every intro. Yeah, there's no need for that. And then I put it usually at like one and a half. Same with books on tape. I do the same thing. [7:46] Chad: Get through talking, Keep talking, because I have one more to do. [7:50] Justin: I'm not gonna lie. [7:51] JD: I'll ask you, have you ever listened to a podcast that was work related? [7:55] Justin: I was. [7:56] JD: No. Fuck no. [7:59] Justin: I was today years old when I realized you could listen to it in 1.5 and 2 point. Yeah, I didn't know that. [8:05] Chad: It's cool. I'm into it. Two is a little gnarly for me to keep up with, but 1.5 is my jam. I'm digging it. And I think, let me ask you [8:15] Mark: though, why does it go up to like, 10? Who the fuck's, like, my mind goes, what? [8:19] JD: Who. [8:20] Mark: Who is doing that [8:24] JD: somehow? [8:25] Justin: You know those people that read that, that read the disclosures at the ends of, like, commercials on the radio where they tell you all the legal stuff? They can talk that fast. I bet they can listen to words that fast. [8:37] JD: Probably. [8:39] Chad: I just want to reiterate to everyone out there that podcasts are such a great way to take in industry information. And it used to be that there wasn't that many of them, but these days there's a ton of great ones out there. So check out the fiduciary. You check out 401k Fridays. Check out that 401k podcast. Check out Sullivan's 401k podcast. I mean, I feel like when I hop on that treadmill or the bike these days, I have all kinds of options to plug them in and fire them up at 1.5 speed. So check those out. Fireside chats started today with Brian Graff at the American Retirement Association. Not sure what I did wrong. I registered. I tried to hop In. I was, you know, pre game drinking, and I thought it'd be fun to listen to, and I couldn't get into it somehow, but it was good. [9:26] JD: Says Amanda wants you in there. [9:28] Chad: Jd, I might have got barred. Yeah, it's possible. Shannon says it was fun. Amanda says it was great. Shannon, Amanda. They are little ARA followers. They're into that. So, you know, if ARA is doing something, they're there. Oh, God damn it. Okay, got it, got it. So that's cool. That is a monthly Thursday thing, once a month. So if you haven't checked that out, look for that at. You can go to the American Retirement association website and search it up. Fireside Chats. Schlichter. Schlichter's in another lawsuit, guys. We're doing a little headlines here. He is. There's a lawsuit against NFP and the Flexpath CIT is. Okay. While I take Chad. How familiar are you with Flexpath? Weren't you with me in Laguna Niguel when they first unrolled that? So tell the audience about what Flexpath is in terms of a collective investment trust fund, the strategy, and then we'll talk a bit about the lawsuit. [10:30] JD: I don't remember. Jd, you can take your drink and fill us all in. [10:34] Chad: Okay. [10:37] JD: I really do remember, but it's going to be more fun listening to you talk. [10:40] Chad: Well, I don't know it. I don't know it in detail, but I think it's interesting to know that, Chad, you and I are at Retirement Plan Advisory Group conference. Vince came out and said, hey, check it out. We've created our own collective investment trust, and they kind of tie into the Retirement Plan Advisory Group methodology of how you pick and choose different funds. And so at the time, I was like, wow, these guys are kind of ingenious. Like, what a great way to generate more revenue, right, Is to get into the investment game. And so I was kind of hats off to them. I was a little pessimistic about how I thought it might turn out. Like, would they really get the tons of money into those funds? Turns out, years later, they kind of crushed it. Like, they actually got their retirement plan advisory group to go out there and push it and get into plans. And I'm not saying that it was a bad investment because I liked the kind of methodology of it all. But now Schlichter looks at it, and Schlichter says, whoa, whoa, whoa, how can you guys sell your own product? And mind you, this is happening all over the country now with other groups, right? They've created their own collective investment trusts. So you got to have some thoughts about this. This is scary territory. [11:59] JD: I don't have an issue with building out the collective investment trust and marketing as a proprietary product. The difference is what type of compensation are you receiving for it versus if you had recommended something else. Let's assume that from an advisory perspective. My understanding is that advisor is not making any more by utilizing the Flesh Flexpath investments. But their, their broker dealer essentially is right because it's their own investment now. So is there some sort of incentive behind the scenes like we used to see with Merrill and many of the others, where they get different payouts, different credits that aren't necessarily financial but earn greater rewards, allow those advisors? [12:41] Chad: I honestly don't know the answer to that question and I'm not going to speak on behalf of nfp. Oh yeah, I'll drink for that. So I don't know. But what I do know is that this is happening all over right there. There's tons of these aggregators that have created their own collective investment trust. I have personally sat in on fiduciary review meetings where these types of solutions have been presented to the client and, and they're being adopted all over. So let me, and let me be clear and we can move on. Just because someone brings a lawsuit does not mean that this is now an illegal act and that you cannot do it. Right. It's just simply a lawsuit. They may go on to crush this and defend themselves and win this thing for all I know. [13:30] JD: Judy, I don't want to move on quite yet. My question back to you, and we've talked about this with different stable value funds or fixed funds that are driving down participant costs because there's greater margins on them. I don't have an issue with proprietary options. I don't have an issue with them selling flexpath. I don't have an issue as long as everything is disclosed and these are prudent, good, strong investments. I think my question back is why as an industry are we still so against this? Why are we, why, why is there a shadow cast over any business that wants to offer something that's going to monetize their clients advice greater level? And I posed the question in the chat. It's the one I really want to get everybody's opinion on. I've been saying for years, I think this is the play of a census and future plans because I'm looking, I understand they may be monetizing data which we've talked about in past shows, but I do think that they're going to launch their own investment vehicle, call it in some way, shape or form and start to make money off. I love TPA business. [14:31] Chad: I love that our audience gets big enough that when you mention someone like a census, there are people with a census on the comments. [14:37] JD: What the fuck are you doing? We get emails after shows going, you guys really sell. [14:43] Chad: Come on, why are you doing that? No, I hear you. And I wouldn't say that the industry is anti proprietary. I would say that the attorneys that look at it see that as a vulnerability, right. If they're, that's what they're doing, right, is they're trying to figure out where's the crack in the armor, where can I make a case? And so if they're looking at something going, why the hell are you recommending these target date fund replacements in these collective investment trust Ackerson sucks. And when they don't have the record and by the way, oh, they just happen to be your own home cooking with your broker dealer. Like, hey, this is a conflict of interest. Of course an attorney is going to attack that. So we'll just have to see how it plays out though, because I don't think, Chad, to your point that the industry is anti it. The industry wants to find ways to make revenue, you know, and I don't mean that in an evil way. [15:38] JD: I think I agree with you. Maybe the term industry is not the right term to use. And this goes to Kelsey's comments and Amanda in the chat. I see it as a selling point for many advisors when they're stepping in a room where there are proprietary options in the core menu. Their first plan of attack on the investments to try to beat down proprietary. So when I say industry, I'm telling you what my experience. I'm stepping into these meetings and advisors are analyzing the core menu. They're saying you shouldn't have proprietary investments. You're a large enough plan, you should be completely independent. And they're not maybe not getting deep enough. It's driving down record keeping costs or creating some benefit for the plan as a whole. [16:18] Chad: Gotcha. I love that you were talking about legit proprietary investments and I was talking about collective investment trust that they have built to replace like targeted funds. But you're. Yeah, totally right. You walk into a Fidelity plan and it's got, you know, 10 fidelity funds. That's a, that's a point that they're [16:34] JD: going to go after. [16:35] Chad: Right? [16:35] JD: What about the American Funds Record Keeper Direct? I mean that's completely on purpose, right? Incubator Right. And it works. [16:44] Chad: Justin, that's actually a great point, because isn't that product cheap on purpose? Because they're literally with full transparency saying, look, use our funds. And in our program, like, to me, they're like the classic example of doing it straight up on purpose. [17:03] JD: You know, they're doing it, principals doing it. I mean, it's. Why are these guys not doing it? Everybody is. Remember, Hancock came out with their stable value last year because they wanted to be multiple investments. They're giving you the benefit of using their. I get that. But we're talking completely proprietary. [17:18] Chad: I do want to. I do want to keep moving forward, but I think that the lawsuit, especially with the boogeyman being involved, definitely puts a spotlight on it, and it'll be really interesting to see how it plays out, because I think our industry is already so entangled in those types of investments that it's going to be. It's going to be a quick race to untangle it if. If this gets some type of judgment against them. But we'll see how it plays out. But I just want everyone to be aware of that because I found that to be really interesting. I found out just today. Shame on me. Webby, if you're out there, last week is with the Cap Trust acquire comma group. I think that was last Tuesday from my kind of quick scan of the Internet. Yep. Webby says yep. So that's huge news. We kind of missed it last week because we had a specialty show, but wow. So Webby is buying drinks for everyone. I think he's a billionaire at this point, so. Only got a laugh from Mark. Fuck you, Chad. I tried to make a joke and you smiled. [18:19] JD: I was mid drink. Dude, I smiled for you. [18:22] Chad: So good for. Good for Mac and Cap Trust. I'd like to get fielding on this show, by the way, and I'm going to be working on that soon. Other news, other headlines. Kanye and Kim are. [18:39] JD: Don't go to Kanye and Kim before going to Tiger. [18:45] Chad: Tiger. Tiger. Everyone knows about. I'm more interested in Kanye and Kim. Tiger's going to be fine. He's going to come back, and he's going to win the Masters in 2022. We'll see. Maybe Tiger will get together with Kim. Now that could be a thing. [19:02] Justin: Wow. [19:03] Chad: No wow. [19:07] Justin: We're stretching it there. [19:08] Chad: All right, those are headlines. Let's go ahead and get it out of the way. Let's spin the wheel of ice. Brandon, if you could. [19:14] JD: Already. Already. Shows moving fast. [19:17] Chad: We're 20 minutes into the show. [19:19] JD: Snowboarder JD's just finishing his intro. [19:23] Chad: That was a good one, Chad. A non dad joke. Stinger. [19:27] Mark: Hold on. [19:29] Chad: I was just about to twist open my Smirnoff before the wheel had even been spun. Yeah. Way to go, Tom. Three piece, everyone. What do you mean everyone? Everyone. All right, Tom Condren, Michael Webb, Daniela, Shannon, can you take over the show for a second? [20:08] JD: Ah, delightful. [20:10] Chad: It's so good. [20:13] JD: I like not having a lapel mic anymore because I can actually burp without everybody hearing it. We had to run to the grocery store for the liquor store before coming up too. That's called thinking ahead. [20:26] Chad: Oh, son of a. Okay. All right, Jason. [20:31] JD: I think when we do our first live show back from the pandemic, everybody in the audience should have Smirnoff ice and should have to chug one with us. [20:39] Chad: Oh, we could bring it in. [20:40] Justin: Just ice, everybody. [20:42] Chad: We'll bring in cases of it. [20:44] JD: Everybody reach under your chair, taped underneath. There's a Smirnoffice surprise for you. [20:49] Chad: Who is John on the show tonight? [20:51] JD: Who's John Sullivan? [20:54] Chad: Oh, no. Oh, is he on? Is he on in the chapter? I don't know. I don't know. Yeah. Okay, Brannon, if you could, let's try this new little new little dealio here. What I'd like to do, audience, is we'll throw up a poll question and what it is, is topics. You all vote on the topics and we'll talk about those. And maybe we'll even talk about number two. That comes in the ratings. So Brandon, throw up any one of them. There we go. [21:20] JD: I get a vote. [21:22] Chad: Are proprietary investments. Okay, we're kind of already talked about that. Any updates on PEPs? Should IT advisors focus on Cash balance? Oh, God damn it. Cybersecurity and third party administrators. Chad's love of spreadsheets. It's a tight battle. Ooh, it's tight battle. Yeah. Maybe we'll talk about two of these. All right. Cash balance. No. Nope. Cybersecurity. Ah, Cyber security and tps. [21:58] JD: Wow. [21:59] Chad: Okay, cool. Thanks, Brandon. Let's see. I have recently as a CEO of a third party. Ah, God damn it. Someone who owns a third party administration firm. Cybersecurity has come under my spotlight. [22:19] JD: God. [22:19] Chad: Within the last 18, 24 months in a big way. And Brandon can. Will probably chime in here a little bit because Brandon, if you don't know, this is not just our producer. He's our Internet technology person. [22:33] JD: That was a tough one, wasn't it? [22:37] Chad: And so he kind of heads a lot of those concepts. Operations and ideas for us. But I can tell you that we got very, very concerned about it. And I was having a discussion today with a large 316 firm and we were talking about cybersecurity. And he said to me, if you're a criminal and you're trying to get your hands on some dough in the retirement plan space, do you think you're going to try to get your way in through the record keepers? If you were smart, you would look for little PO Dunk third party administration firms with people sitting in cubicles and try to make your calls to them to try to kind of sidestep the security of the Fortune 500 record keepers. And I thought to myself, you're right, bro, that's exactly what you would do. And this isn't a pitch for plan as I consultants, but I think that we knew that too. And we've created a lot of internal operations and steps and security steps to make sure that's not happening to us. And maybe we'll get into some of those details. But I didn't want this to be a pitch. But I do think that if you're looking at third party administrators and it's 2021, you've got to ask yourself about where they stand on cybersecurity because they could be a weak link. And then. Looks like Justin's got a thought. [24:00] JD: I would say we're probably not. We, I'm saying collectively are the weakest link here. Oh yeah. You know, we don't have all the budgets to, to create a, you know, the word I'm looking for. [24:13] Chad: Yeah, no, create a system or whatever for that. [24:16] JD: By any means. I would say we are the weakest out of them all, to be honest with you. [24:21] Justin: And the reality, us personally, Justin, or us as a, as a. [24:25] Chad: We are the. [24:27] JD: I said I'm going to test it next week, Mark. We'll see. [24:30] Chad: We are the weakest party in the nation. [24:34] Justin: Every email I get, I open. Every attachment and every link I send my Social Security number and my bank account to anybody who wants it. I'm living the dream, boys. [24:45] JD: I Let me comment to please, Shannon, because I mentioned the third party administrator community's greatest defense to cyber attacks is to remain in binders and paperwork. Obviously we're not there, Shannon, and obviously you are not. But you have to remember how many small third party administrator firms are out there. You're talking two or three people, four or five total people. They're not spending money on security. They're just not. You have a, you have a husband and Wife and one or two employees. We have a dozen of them in the Bay Area of California like that. And so I'm very curious what they're doing, those shops, what they're doing to protect client data and hacks. [25:26] Chad: Well, much Shannon as a third party administrator is going straight to the paper thing and the binders. What she's trying to say to everyone out there is like I think I'll speak on her behalf is that no, no, she's going to use the record keepers technology. Right. She's not going to process paper. She's going to force people to log into their accounts if they want to get a distribution. And I think that that is a first great step as a third party administrator to make sure that things don't go awry. Because the reality is, is that as third party administrators we have a lot of power and control when working with record keepers. Like we actually can do things and make things happen. And that means release money and get checks sent. And so to my previous point, if you're a criminal, let me try to call that nice person at that third party administrator, somehow finagle them into processing some paper or changing something to get this check sent to a new address or whatever it is. So without getting too much in the details, Shannon's right. Part of the process is know to funnel people through the more expensive tack that Justin talked about and that could be done by a smaller TPA or a bigger tpa. Well even I gotta make sure I have an Uber app on my phone. Go ahead. [26:47] JD: I think back to our process actually. I mean our. As long as we're going to the plan sponsor to validate that should actually be a little bit more, offer a little bit more protection than everything electronically. [27:00] Chad: I would. [27:02] JD: Let's open up the hood a little bit on this Judy, because we've seen it. Let's give some examples. We, we had a client get hacked and I was in communication with the client about adding a cash balance and they had reached out from the client email address to loans and distribution to process of distribution. And at that point I was in the middle of everything. So I knew that this business owner was not requesting a distribution request. Our team flagged it immediately because it was out of the ordinary for this client and we were able to address it then I think many other third party administrators in that scenario where it is an email coming from the plan swap from the trustee directly requesting a loan or distribution would have escalated that one and started processing through without validating. Like Justin saying, with a phone call or some other level, level of communication to confirm that it's accurate. [27:56] Chad: Thanks for answering. S. Powell. No, my name is not an acronym for the show for these show purposes. Chad, you bring up an interesting point. I'm going to, I'm going to defend TPAs in a little, in a way. Daniela. Okay, I got that one coming. Daniela said that we spent a lot on cybersecurity. I got news for you. We work with Charles Schwab. I'll throw them under the bus. They recently kind of checked to a fraudster and where they were in charge and we weren't involved. And I was on numerous conference calls to figure out what happened and kind of my story to them or my assessment of it was like shit, if you guys would have involved us as a third party administrator, we would have stopped it. So here's this massive Fortune 500 company that is making the mistake. So you can go ahead and spend your millions on cybersecurity and you're still going to make mistakes. These large companies because people are involved that are doing things. And look at all the other times that it's happened. It's happened with big companies where this shit happens. So I'm going to make a, I'm going to make a biased argument here. A smaller third party administration firm that has proper procedures in place is actually a gate to these types of distributions. Could actually be a stronger setup than some of these other ones. [29:17] JD: But let's quantify what a smaller third party administrator is. I don't think when you make that statement you're talking about the three or four person shop like I mentioned. [29:27] Chad: Well, it could be. I don't want to drag them under the bus. I'm not talking. What I'm trying. My point is, I'm not trying to. It's not about money spent on cybersecurity. A lot of times it's about policies and procedures. And so if, so if you're smaller, Chad and I'll defend that 3 person TPA, well then it's only 3 people in the room that I have to crack. They have to crack the whip on and say, look, this is our procedure, but when my company gets to be 4,000 people, there's more cracks in the system. That's just my little conspiracy theory. [30:00] JD: My point earlier about the size of the third party administrator went to the. The actual tech that is being built, not the individual that's getting the request, but the actual policies, the procedures, the tech not to click on that email that comes in and escalate it when that Stuff does come in. We get it all the time. We escalate it to Brandon. Brandon sends out an email, the whole team that says, hey, look, Chad got this email of someone trying to fish. Don't click on anything like this if you get it. I'm not sure other groups have that kind of procedures in place. The time and the effort there. [30:34] Chad: As a typical sales director at Plan Design Consultants, Chad is trying to work an angle to sell our company as house. [30:41] JD: I'm not. I'm trying to work is missing. I'll drink for that one. [30:46] Chad: No, which I. Which I totally appreciate. I. I was. And Chad, you're right. The clicking on, the fishing, that's up. I was talking more about, like, people trying to steal money, and they're going to try to steal money from a distribution type of standpoint. But you're totally right, Mark. Yes. [31:00] Justin: Well, I was just going to say two things. And the first thing I was going to say is, it's funny how. And somebody said in the chat earlier, I think it was Brett, he said, this is a sneaky important topic. [31:13] JD: And it's. [31:14] Justin: I thought about that for a second. As we talk about more now, I'm like, sneaky is a perfect way to assess this because guess what? It never gets talked about. It's almost as if, like clients and other folks, they just don't really care to know and they don't ask. I shouldn't say that. They assume that it's the 21st century, we have good tech where we do business, so we should be good. But no one ever brings that up in my mind. I mean, very rarely. And the second. Yeah, sorry. The second thing, just so I don't forget, because I have a bad habit of doing so, is all I kept hearing was distributions, loans. What about just. I mean, we gathered census data with thousands of socials on it, right? So our data that we collect may not have. [32:04] Chad: Thanks. Here comes Brandon. Everyone be quiet. Here comes Brandon. [32:09] JD: All that. [32:10] Mark: All that information's gone. All that information's been stolen 10 times over. Everybody already has census data, compensation. Like, you had the Social Security. [32:21] Chad: You had the. [32:22] Mark: The biggest. You know, what do you call it? [32:25] JD: Like. [32:26] Chad: Yeah, no, I don't want to pick big firms. [32:30] Mark: Equifax, lost passports and credit cards, Socials, you know, for 200 million people, like, it's just so. [32:38] Chad: Mark. [32:38] Mark: That's not what they're after, Mark. [32:40] JD: You know, you know, I've been presenting it for years now, but I present a presentation called the seven Biggest Mistakes that large plans don't make but small plans do make. This is a new addition. [32:52] Justin: I don't know what you do. [32:54] JD: Yeah, sure you do. My point being that we talk about this in the upper market. This is a question we get on large plans. As a third party administrator I send this stuff through to Brandon and JD what every three months, four months I get this kind of question. [33:09] Chad: In large stuff I would say those [33:12] JD: are kind of talking about too. [33:14] Chad: Those are kind of generic, like stupid cybersecurity stuff. It would be more about. What Mark's talking about is like actually asking real questions about hey, how am I protected here? What are you guys. Operations. And I will back up Shannon's earlier comments. I think that you can trust the record keepers quite a bit. As you should. Those are big firms. They spent a lot of money on it. They got processed. I can't log into any of my frickin third party administration access without having to go through a six point checklist of text messages and whatever. So there's definitely some validation efforts happening these days and the world's changing that way. But anyways I just wanted to. The question was TPAs and Cybersecurity and my best advice to everyone out there would be like. Like Mark just said TT Yeah. Third party administrator. God damn it. Pay attention to it and ask the questions. And when you're having a beer with your third party administrator, ask them about their process. [34:13] JD: I'm not sure how many people have beers with their third party administrator except for those of us here. [34:18] Mark: The thing that keeps me up most is when they get access to someone's email like Chad was saying. And then they can look through those emails and start learning the process. So if as a tpa my my biggest concern which is why you have to have. [34:39] Chad: That does that's like a unicorn sighting right there. When Brandon violates the acrosant go. [34:44] Mark: Sorry Brandon, but if you do not have MFA multi factor authentication on your email you are just. [34:54] Chad: Yeah. Best day ever. [35:02] Mark: You're naked in the snow. Like it's gonna get you. I'm not gonna talk anymore because I'm out of booze. [35:12] Chad: To wrap this subject I want you to know that Brandon, the boys know this. Brandon like watches everything that comes in to our system from an email standpoint and a link standpoint. Like he's looking for suspicious shit like [35:27] JD: he every website you go to. Jason. [35:30] Chad: Yes. Nice. Chad was a. That's two great jokes tonight that aren't bad jokes. Solid Brandon. Let's go ahead and throw up poll question number two. Let's find Another subject to talk about. Nevin Adams is in the house. Living Legend and 401K icon. Throw up the second poll and. Or any poll questions. [35:54] JD: What does Nevin work again? [35:56] Chad: Please don't throw up. I haven't thrown up since I was like, 18. Or that's a lie. 23, maybe passive verse active bit coin and 401k bundled versus unbundled. Best practices around requests for proposals. And Mark's fear of cotton balls. What? [36:18] JD: Dude, we need to talk about all of these. These are good ones. [36:20] Chad: We can definitely talk about Mark. Regarding. Mark's gonna win. What the fuck? Come on, people. This is a 401k show. [36:26] Justin: This is a professional show, everybody. [36:30] Chad: RFPs. Really? Oh, Bitcoin. Well, we got a tie. If only more people would answer these questions, huh? [36:40] JD: Yeah, so would I. I said it quietly to Justin. [36:43] Chad: I love how I go to my beer for my penalty. Like a cheater. Okay, Mark's fear of cotton balls. And then maybe we'll. Oh, come on. [36:53] JD: I'm not seeing the results pop up on the screen. Yeah, me neither. Katie's picking whichever way. There we go. [36:57] Chad: Thank you. You are not the king. You are merely a knight. You don't not see those results like I do. Let's talk. Mark, let us know about cotton balls and then we got a tie. We'll go with rf. Check swing. Check swing. Request for proposals. Because I don't know. Sure, I know that much about bitcoin, but maybe we'll throw that in there too. Mark, cotton balls. [37:22] Justin: About bitcoin. [37:25] Chad: There's nothing to talk about. You're afraid of cotton balls. That's weird, bro. Tell the people why you're afraid of cotton balls. [37:33] JD: They're terrifying. [37:34] Justin: They sound weird. They feel weird. They shouldn't be a thing. They're. [37:39] JD: They're just. It's a completely irrational fear. What do you do when you get a shot and they, you know, cover that? [37:44] Chad: You know, he runs out with blood pouring out of his eyes? [37:48] Justin: No, I just tell him. [37:49] JD: Just. [37:49] Justin: Just put the band aid. [37:51] JD: Nevin brings a very good point. What's the Romano? Yeah, that stuff doesn't bother me. [38:00] Chad: It's like. [38:01] Justin: It's not like I'm saying. Here's my analogy. Not liking cotton balls is a specific form of cotton. [38:11] JD: Okay? [38:11] Justin: It's like saying, I like pizza. I just may not like pineapple on my pizza. Okay, I still like pizza. Just long as you don't put pineapple on it. So the cotton ball thing is just it. Is there anything. Everyone should look themselves in the mirrors [38:25] JD: Right now, whoever sponsors his robe in the future. Is there a new logo in a box of cotton balls? [38:32] Justin: Yeah, it'll never come out. [38:34] Chad: J.D. [38:35] JD: at one point, I put his keys in a container of cotton balls in our house, and he said, I hope you don't mind me living here. Ooh, great question, though he was not going to gather his keys. [38:46] Chad: I have to ask Josh and Sherry. What about Q tip? Any. You're cool. [38:52] JD: Oh, cool. [38:54] Chad: Q tip, cotton balls. [38:55] JD: Completely irrational fear that we give them so much. [38:58] Chad: Here's. Here's my. [38:59] Mark: What if the Q tip's really big? [39:01] Justin: Oh, no way. [39:01] JD: No, no, no, no. [39:03] Justin: If it's like a lolly. [39:04] JD: Daniela. [39:05] Chad: Oh, Daniela. You're getting my vote for cbc. [39:11] JD: This can't be real. [39:11] Chad: It's nice, Daniela. Here's my. Here's where I think it started. I think. I think Mark had an odd experience with a doctor when he was a young boy. They were probably checking his testicles or something, I don't know. And all he could see was that glass tube with all the cotton balls in it. And it somehow, like, created this association. And now he struggles. Okay, so just. Just real. [39:35] Justin: Sherry. [39:36] Chad: Fitz says cough. Oh, my God. Good shit. [39:41] Justin: Go ahead, have a guest. Okay. [39:46] JD: This is a retirement. [39:47] Justin: Cotton balls give me, like, the heebie jeebies. If I, like. If someone picks one up, I can, like, hear the noise. It makes that creaky sound, like it just doesn't feel right. It's unnatural. It should be. It looks like it should be soft. [40:03] Chad: It's not soft. [40:04] Justin: It's not soft at all. [40:05] JD: It's. [40:06] Justin: It's crunchy and weird. It just doesn't feel right. So they're gross. They should be banned from everywhere. [40:13] Chad: Okay, got it. I think we've unpackaged that. That's good. Sorry, Mark, we appreciate your honesty and, you know, your transparency. Kelsey says you need to buy some fancier cotton balls, bro. All right, Chad. Fancy cotton balls. [40:31] JD: That's just. [40:31] Chad: That's. [40:32] Justin: That's bad financial advice right there, Kelsey. [40:34] Chad: Moving on. In the words of David K. Chow da bitcoin and 401k, you're into it, you're not into it. What's the deal? [40:45] JD: They said, I know a lot about it, which I feel like I do, but I'm not sure I want to answer whether I'm into it or not. I personally look at it as another investment. I look at the blockchain that is behind the technology of bitcoin and think that is something that will be in our future for a long time coming I think if people want to take the risk and put their retirement savings in bitcoin or some other kind of cryptocurrency, go for it. I'm not sure with the way our retirement system is set up that bitcoin is a prudent investment for a 401k though. [41:19] Chad: Because you're saying because it's too volatile. [41:23] JD: Because most people don't understand that the value of bitcoin should be predicated on the blockchain technology when it's actually really right now, at least being predicated on whether or not somebody will buy a bitcoin at that dollar amount. Like there is no behind the scenes value of the cryptocurrency right now. Do you have any know what blockchain is? Well, that's the hard. Go ahead, nick. Go ahead, J.D. [41:47] Chad: i'm with you. I don't know a lot about this, but I and my son's been kicking me for not throwing money into bitcoin. By the way, I'd love to do a segment where Tristan comes and talks to us about his E Trade account because he's been in ticker CCIV and he was bragging to me how it had gone from 25 to 60. Oh, God damn it. [42:08] Justin: Probably not an acronym, but I just wanted to ticker. Oh yeah, I don't know. [42:12] Chad: Anyways, it drops. It's been on a terror downwards lately. I digress. Do you think the lack of. Isn't bitcoin kind of built on. Or I should say cryptocurrency built on the fact that there's no trail? Like I don't want to say there is a trail. Is a trail. [42:35] JD: Yeah, that's what blockchain is. Essentially. It's a long trail of every single transaction that has ever happened. [42:41] Chad: But wait, don't they. [42:43] JD: So it's not controlled by anyone. [42:45] Chad: But don't the naysayers say that criminals like to use this stuff? Because it can't be. [42:50] Mark: There's a. Yeah, but the trail's anonymous. That's why it works. [42:55] Chad: Thanks, Brandon. [42:56] Mark: So you can have an anonymous. So you can prove you have the money and stay anonymous. That's why it works. [43:01] Chad: Get back. Get back in your dungeon. Thank you for that. [43:05] JD: Which is why the government is asking everybody to please report. Like I got a. From my CPA when I was doing my taxes this month. I got a very specific notice. That's my second one too. I got a very specific notice saying if you buy, bought or sold any cryptocurrency, we need to know. But you don't like the irs. There's no way they can find that out, right? Well, that's a different statement. You don't have to disclose it. Yes, you do. By law, you have to. Can they know? [43:34] Chad: So I guess my question to you, Chad, since you're the expert on the show here, is that that anonymousness. That's a word. Does that mesh well with 401k? [43:47] JD: Oh, it's an interesting question. I'm not sure. Let me think through this right now, live. I'm not sure that it really would be anonymous inside a retirement plan. [43:58] Chad: Fair enough. [43:58] JD: You have to go through a custodian, which would be tracked to a specific plan. [44:02] Chad: So then that. Either that. That record keeper or that plan sponsor would. I'm sure there's smart people who know that, Bill. Who said Internal Revenue Service? Was it Chad or was it me? Damn. [44:19] JD: I said my. [44:20] Chad: Don't. Don't. [44:22] JD: My tax planner. [44:23] Chad: I might have. I might have just certified financial planner done myself. Chad said it. Chad said it. Bill said you owe one. Chad. [44:31] JD: Hey, what is. Dang it. I did. Bill. Shame on you, Bill. No, I appreciate it, actually. [44:37] Chad: I love you, Bill. Love you, Bill. [44:42] JD: So, J.D. not that I know acronym. I need to know. Hey, what does CPA stand for? Whoa, whoa. [44:52] Chad: Do you really not. Do you really not know what that stands for? Certified Public accountant. Oh, my God. All right, we're on vacation. Let's go. We're going to bring back a little. We're going to bring back a little old school fun if you've been with us for a while. You remember when we used to play a little movie trivia game, and Webby actually posted and said, hey, come on, man. I liked that shit. Like, he didn't use that word. I'm the one that cusses. But, Brandon, let's play this. And, boys, you guys are the competitors. Mark, Justin, and Chad, you try to guess. And you at home. Go ahead, type away in that chat bar what you think the answer is. If you're quick to get it, then you win. Boys, don't look at the chat bar. Brandon, everything okay? We can do the movie. [45:42] JD: We're good. [45:43] Chad: Okay. [45:44] Justin: We're just trying to guess the movie. [45:46] JD: Yeah. [45:47] Chad: Or yeah, yeah. [45:48] Justin: I kind of forget the game already, [45:50] Mark: so just guess the movie. [45:51] Chad: Okay. [45:52] JD: How may I help you? Is this toothbrush or. Hold on, hold on. Got it. Wow. I didn't know we could see this. Oh, come on. You can't beat that. So what do I. [46:05] Chad: Do you guys have to drink? [46:06] JD: Apparently. Mark. Cheers, buddy. I Had no expectations. Whoa, whoa, whoa, whoa, whoa. [46:15] Chad: Justin, I think you should have to drink from your penalty drink, not from your beer. [46:20] JD: Yeah, Justin's getting hammered tonight. [46:22] Chad: Mark. [46:22] JD: Wait. [46:23] Justin: We drink if we didn't get it right. [46:24] Chad: Chad beat you. [46:25] JD: Chad beat you. [46:28] Chad: Hey, Mark, I never said that was a rule. But Chad said. I said it was, so I went with it. I can't. Let me drink. All right, Brandon did the. How's the audience doing that one? They quick. Not as quick as Chad. All right, next one they get a little harder, I think. Relax. [46:46] JD: All right. My old man is a television repair man. Got this ultimate set of tools. I can fix it. That sounds ridge behind you. Can't fix this car. [46:57] Chad: Spacali. [47:00] JD: There it is. Spicaly. Drink, bitches. [47:02] Chad: Hey, Craig. Beat you, Justin. But you did win. They got a drink. They got a drink. [47:06] Justin: I feel like. [47:08] JD: I feel like Justin needs to shrink the chat bar. [47:11] Justin: Yeah, he saw that for sure. I covered it. [47:14] Chad: Really? [47:15] JD: He just admitted that he cheated. [47:18] Chad: No [47:21] JD: big on screen. [47:28] Chad: Rest in peace, Michael Jackson. Okay, we got a third one, but I think it's a little different in that it's so hard or not hard. He's just going to show it all to you, I think. I don't know. Go ahead, Brandon. [47:42] JD: All right, chat bars down on our end. [47:46] Chad: When she was a child in Lithuania, her uncle used to tell a story about strange beings that came down from a disc and stolen ox which the village had put aside for roasting. I told you it would work. [47:59] JD: Everybody knows about UFOs. [48:01] Chad: Apparently the aliens from the silver disc dissected the oxen best pieces of meat for themselves. [48:08] Mark: So what? [48:08] Chad: So we owe them a cow. Where do we get one? You guys are so stupid. [48:15] JD: I have no clue. [48:17] Chad: All of you drink. All of you drink right now from your penalty. It's spies. It's spies like us. And if you don't know that, you're an absolute idiot. I had no idea. [48:28] JD: I've never heard of that. Dude, we were born in 84. [48:31] Chad: I had no idea what it was in Branish. [48:33] Justin: That sounds like a way cooler movie than whatever the fuck that was. [48:38] Chad: We're. God, we're running out of time. I want to go back to the some of the panelists questions. Justin, do you have Q and A lined up or no? [48:48] JD: Yeah, question mark. Kind of not good one. [48:51] Chad: Okay, let's go poll again and then we'll do. [48:53] JD: Justin, you got like three great topics in the poll that didn't finish first. [48:59] Chad: Let's move on to the other ones. Let's Go to the next poll, Brandon. Any poll you got topic. [49:08] JD: While this is up, I'm just going to say that your sales director would really like to talk about cash balance plans. [49:12] Chad: Okay, but let me now that we specialize in them, let me also tell the audience that if you have Q and A, like, you know, what's Justin's dating life like? Send it to Justin directly and we'll cover those before we wrap up the show. [49:27] JD: Wow. [49:28] Chad: Should Advise you after 403B non qualified deferred comp, the good and bad ugly fiduciary review meetings, independent record repairs, JD's hair care routine. And if we go hair care care routine, we'll grab second place and talk jd. [49:42] JD: I. I say we do like one minute around the horns on each of those topics. [49:48] Justin: There's no way. [49:49] Chad: We don't have time. We don't have time. [49:51] JD: Too good. Those are too good though. [49:54] Chad: Oh, like one minute as in like quick fire. [49:57] JD: Yeah, yeah. [49:59] Chad: Shit. All right. Why not? Let's throw caution to the wind. We got 10 minutes. We got 10 minutes. Let's try it. [50:06] Mark: It is a four way tie. So should we just. [50:09] Chad: Okay. [50:10] Mark: Oh, wait, no. Still four way tie. [50:13] Chad: All right, well, I'll just leave them up there for me. I think they'll stay up there for me. Right here. Hair care routine. To be totally honest with you, I have not washed my hair in four days. [50:28] JD: Wow, that's recent for you. She already hasn't either. That's recent for you. [50:33] Chad: So, you know, I go on the ocean and I feel like that works. And the beanies, a lot of times when I wear the beanie, it's because I don't have to comb the hair. You know, I just throw it on and it doesn't look as weird and whatever. So hair care routine. I need to condition more for sure. I do not condition. And oh, last one. I don't obviously don't cut my hair very often, but I have not had a professional cut my hair and I don't know how long. It's been a long time, man. I mean the last time I cut it, I took scissors to it myself. [51:07] JD: Let me tell you, David, it's an every other day shave in the shower. Webbie's got a really good one. [51:13] Chad: What's he got snacks in the hair for later. There are once in a while, Brad, you will get like a spot where you can't get the comb through it. And so what I do this is if you have this at home, there's a knot in your hair. You Take the good old fashioned like barber comb, get it in there, grab it with like both hands and just fucking rip and a little knot will come out. Next one. 403B plans. Chad should advise or sell. Go after 403B plans. Yes or no? [51:46] JD: I think the statement was more about it being low hanging fruit. At least in the chat bar it was. I would disagree completely. Most of the 403 plans that are on the market are individual annuities. And they are a nightmare to trust account, to move assets, to get participants to roll that money over, to get the record keeper to bid appropriately on how much money will come over. If I'm a 401k advisor trying to make an impact in the space, I'm not touching 403s until I feel like there's a little bit more clarity on how easy it is to transition those individual annuities. What impact do you mean by getting people to save for retirement? Or are you just saying build that? I'm saying you're talking a 403B RFP process is going to be. Ah, dang it. You're talking four, six months. You get a board approval by the time you get a chance to talk to participants, getting them to understand the difference between what they've had and what the future will be with their new contributions to roll it. You're burning so much time, so much bandwidth, so much money, and you can't possibly do more than 2 of those in a given year. [52:51] Chad: Right. [52:53] JD: What's the participation rate like? No, we don't have many, let's say. Good though. I would, I would say most 403Bs are pretty generous. So good. [53:02] Chad: And most of these, most of these nonprofits, I mean, these people are assholes, right? They're all in it for themselves. They're just trying to make so generous, dude. Yeah. [53:11] JD: Yeah, you're right. [53:11] Chad: I think that it is a tough market to crack in the sense that you got the committees and the board of director and they don't know what they're talking about in terms of 401k. And they're also very conscious in that they're very interested in fees. So it can be a tough group to sell to. And I agree with Chad. It's a long process, but they are good people and they are doing great things and so hats off to the people that service them and do their best by them, which. [53:40] JD: Jd, let me make it clear, I agree they need help and we should all spend the time helping them. But in terms of pursuing it as an advisor, I agree. No way. Like, because almost everyone that is. That is open for moving is an individual annuity old school individual annuity plan. And it is so hard. [53:59] Chad: So hard. And Brett, I don't even think we're talking about, like non erisa, like schools and colleges and stuff, because that's a whole nother area. [54:09] JD: I'm talking about Lincoln, and I don't know what this actually stands for. Does TIA stand for anything? [54:16] Chad: I'm sure it does, bro. That's straight up acronym. [54:20] Justin: All right, giving you one more. [54:22] JD: Hey. Hey. [54:24] Chad: I thought this was one minute per each interrupting. [54:27] JD: So that is a question. Hold on. We want to bring him on afterwards or we want to ask it who? Webby? [54:36] Chad: Afterwards. Oh, around this afterwards. Yeah, we got to get through. Cbc, chat bar champion check swing, non qualified deferred comp. Since Chad just took up most of the deal there, I'll kick it off and see if Mark has any opinions or Justin here. But I think non qualified deferred comp is a phenomenal add on to an advisor's business model. My only concern is that it's ultra complicated and so you either really need to know your shit or you better have a solid partner that you can bring in. There's lots of moving pieces and obviously if Tony says niche play for sure, and I think in the right where it fits, it's such a great solution. But I also think there's a lot of people out there trying to shove it into situations where it doesn't fit. And so if you're going to do it, great, but make sure you're vetting out the right types of clients to do it with and then make sure that you either know your shit or you got a partner. [55:42] Justin: Mark, I was going to say you've kind of said everything that I would typically mention, but in my experience in working with the advisors that I do, I don't run into that situation where people are shoving it in. It's literally through a process at which we're trying to determine can we do more? Can we change the. Can we. Can we add anything to this design? Would a cash balance work here? And if it's just not in the cards, then an alternative could be looking at potentially going the non qual route. And at that point, most advisors are going, I don't know what to do here. And that's where they need to talk to the people that do. [56:20] JD: And they are very specific and specialized folks. And that's where I. [56:25] Justin: Why are you pointing at me, dude? [56:27] JD: I can hear my dog barking. In your background. [56:30] Chad: That's right. Yeah, that's what I thought. Mark, after everyone out there, Mark is babysitting Chad's dog while he's in Tahoe. And I heard that Mark in the past. [56:39] Justin: It's called puppy sitting. [56:40] JD: Yeah. [56:41] Chad: All right, maybe we've got a few seconds for independent record keepers versus insurance companies. Quick thoughts. Anyone? You know, I can always. [56:53] JD: Apple, Apple, banana and orange. Right. I think they all need to be shown in an rfp. And advisors should be dangerous, understanding the pros and cons. Dang it, Mark, question. Dangerous understanding the pros and cons of each. I think that there is a benefit to both types of groups. I really do. [57:10] Chad: Yes. Daniela says independent has been wanting to [57:15] Justin: say that for a long time. [57:17] Chad: Let's see if I can do this in like 30 seconds or less. I'm with Daniela in the sense that I love the idea of an independent, non insurance, non mutual fund company offering record keeping services with true open architecture. I think that could go over really well with a lot of clients. This kind of really transparent, clean, no conflicts of interest type of look. I just feel like Chad is also a massive fan of the insurance providers and I am too, in a sense that they've built all the bells and whistles, you know, when it comes to supporting you with advisors, with enrollment education comes to supporting clients with all kinds of people there on the phones to help with different things. And if you need a piece or a mailer to put in a payroll stuffer, I mean, these companies have it and they're investing money and their websites and the tools, all that kind of shit. So I think they both have their play. But you should understand the difference between the two, Mark, in your career, don't people come to you and say, I would say naive advisors and say, why would I sell a group annuity? I don't want to sell a group annuity. Sell with insurance companies. I don't like insurance companies. And the reality is that I think that's a naive statement. No, for sure. [58:41] JD: Yeah. [58:42] Justin: I'd say it happened more when I first got going doing this like six years ago or so. It doesn't. Doesn't happen much anymore. [58:52] JD: That I think that that's an easy conversation to have. [58:57] Chad: We got to go CBC before we run out of time. Yes. What? [59:02] JD: No. [59:04] Chad: Oh, God damn it. That's what. [59:05] JD: Oh, man. I told Amanda. [59:06] Chad: That's what he means by this. That's what he means by this. All right, Justin, your vote for chat park champion. [59:12] JD: Daniela. [59:13] Chad: Oh, God damn it. That's my Vote. Okay. Chad. [59:16] JD: Yeah. Daniela as well. [59:17] Chad: Whoa, Mark. [59:19] JD: Question to that, Mark. Here we go. I'm going to. You know what? I'm going with David K. All right. [59:32] Chad: It's. It's a man on woman head to head challenge. Brannon threw up David K. And from a census. And Daniela from I don't know what PCs stands for. I'll drink for it. She's PCs, right? [59:53] JD: Hold on. Did JD just break the record? I think he did break Amanda's record. Amanda was 15. We had someone else after that, though. Well, that's. That was the comment earlier. [1:00:04] Chad: God damn it. When I look at that acro sin number dad, Danielle is crushing you. David. [1:00:09] JD: I forgot. [1:00:10] Chad: David. David. A census future plan. [1:00:13] JD: There you go. [1:00:14] Chad: You're getting crushed, bro. Daniela, congratulations. You are Chapar champion. [1:00:21] JD: You earned it. Daniela. You did. [1:00:23] Chad: We're going to send you some dope retireholic swag and we appreciate you for tuning in and being such a stud in the chat bar. When you go up against heavies like Greg Greenfield and Michael Webb, it can be intimidating. [1:00:40] JD: Greg was a close second for me giving given the acro sin. But that was a wheelchair break. No, no, he was like he was on the recommended acro sins. [1:00:52] Chad: David K should win for his comp. Good thing I voted for myself and Greg, I gotta let you know. And all you other like chat bar champion like regulars that crush it. I do think you're kind of like Kelly Slater. When he takes off on a wave and the judges are scoring, it's like we've seen you. We've given you 10s before, man. Like you better really earn it this time. So it's a tough spot to be in. Everyone we've been having. I don't know if you've noticed, but each week we've been having a retireholic pick their song to end the show with. This is something new. [1:01:27] Justin: I've yet to do this, by the way. [1:01:29] Chad: Oh, well, you were missing and Shannon had to take over for you. And Shannon played pink and Justin played the God awful country song and Chad played the dad joke. I played a cool alternative band. [1:01:43] Justin: Everyone I've ever heard in my [1:01:48] Chad: mark texted me and said that's like Nirvana when they were like didn't know how to play their instruments. And this week you are the special audience of Brandon, who is a music connoisseur with an edge. And I'm curious. I have no idea what he's gonna play, but this is Brandon's choice to close out the show. And a few words. [1:02:11] Mark: I'm just going with something that cheers me up that I loved when I was really young, like 13. [1:02:18] Chad: I love it. [1:02:19] JD: I mean.