Vince Morris: RIA Aggregators & the Future of 401k Advisory

[0:00] JD: Or I've got to read them a bedtime story or I have to make dinner for my family, or I have to serve soup to homeless people at the homeless shelter. And I'm like, I write them back and I'm like, get your priorities straight. Are you a 401k pro or are you not a 401k pro? And so for you guys, you've left those people aside. You don't care about your families. You don't care about dinner. You don't care about the homeless shelter. You're here with us on Retireholics. [0:27] Chad: And. [0:28] JD: And I thank you for that. You got your priorities straight. [0:33] Vince Morris: I thought this was a sushi cooking class. [0:36] Chad: I can acknowledge it now [0:40] JD: before I introduce our guest. Yes. Laid on the law, J.D. thanks, Greg. Before I introduce this guest, I want to. I'm really proud we have an official sponsor of this episode. And so to have a sponsor, the episode means a lot to me. Today's episode has been brought to you by PepsSuck.org Excuse me, I'm trying to do. They're good people there. They paid me for this slot. Let me get it out. Okay. They haven't paid for a rope spot [1:11] Chad: yet, so I don't care. [1:13] JD: PepsSuck.org, the newly established nonprofit 501C Pepsuck.org is following a mission of protecting plan advisors and. And their plan sponsored clients from falling victim to the ever so dangerous PEP hoax. You can learn more by going to PepsiSuck.org by following them on TikTok at suckypeppy or by simply calling 1-888-pepsuck if you have questions. Once again, thanks to PepsiSuck.org for sponsoring this episode. And. And I'll leave you with their tagline because there's good people over there doing good work, working hard for the. For the world. This is their tagline. There is nothing a Pep can do that a motherfucking regular 401k cannot. And that has been our intro. With that, I'd like to introduce our guest. Our guest, but let me find my notes for our guests. We're pretty lucky to have this guy because this guy's legit. This dude is super legit. Resources Investment Advisors, I think you're going to update us here on the show. Maybe you're switching that name up a little bit, but we'll leave that for a little bit later. 3100 plans, 195 advisors, 62 offices, $54 billion in assets, 600,000 participants. The president of Resources Investment Advisors, a one digital company. Vince Morris, welcome to the show. [2:57] Vince Morris: Thanks. Thanks. That was a very good intro. Thank you. JD and I actually. So we're not talking about peps, I guess on this segment. This is what I signed up for. [3:11] Chad: You can if you want. [3:11] JD: No, no, we're not, we're not, we're not. I don't wanna. I'm just thankful to our sponsor. Buddy. Show us what you're drinking. You're drinking out of a little yeti you got there. Cause I'm having a little large 32 ouncer here. [3:26] Vince Morris: I got my little. Yeah, I gotta keep my beer cold. [3:29] JD: Very nice. [3:30] Vince Morris: Corona. Corona. [3:31] JD: Okay. [3:32] Chad: By the way, Jimmy, your intro for Vince was like introducing Tiger woods at a golf tournament. It just keeps going with awesomeness until it finally ends with a shot in the fairway. [3:43] JD: I think we're going to continue on that theme because I do believe that what they have created is pretty awesome. Before we get there, did you. You sent an email to me saying you're looking forward to the show and I think you told me that maybe your mom was going to tune in. This would not be the first mom to tune in. We've had that happen before. But is this true? Has your mom tuned in? [4:06] Vince Morris: I don't know. Mom, are you out there? Could you chat? I don't. I don't know if she knows how to chat. [4:12] JD: We'll have to see. Because I'm always a little worried when moms come on. I have a tendency to cuss a lot. And I just want your mother to know if she's on there right now, that please don't judge your son for my actions. He's a respectable person. I am not. Please take that into account. Carrie Ohm. I don't see my comments on Ohm. Stop giving me shit in the chat bar. Okay? You also said, quote in this email that you sent to me, totally looking forward to tomorrow's event. This is going to be lit. Brandon, cue the graphics. Somebody. Mark, there's a new graphic you can cue. It's a lit graphic. Anyways. [5:06] Vince Morris: Was that wrong? Was that too old? I just, you know, I've got 15 year old twins. I'm just trying to keep up. [5:14] JD: Nevermind. It's lit. There it is. It's lit. Brandon's helping you out. Maybe you gotta upload a new one. Can I ask you. Can I ask you, Vince, are you just trying to speak in terms that I might understand? Like you're talking to your audience? [5:29] Vince Morris: Yes. [5:30] JD: Are you. Are your teenage sons? Have you hired them to answer Your emails for you. Which is it? [5:36] Vince Morris: It's a little of both. So I figured you'd relate to the. To the 15 year old teenage boys and then they are in fact my speechwriters. [5:46] JD: Very good, very good, very good. Okay, let's do a little housekeeping. Housekeeping. [5:55] Chad: Hold on, it's got. [5:56] JD: Where are my graphics? [5:59] Chad: Sorry, I'm a little behind today. Got your back, Mark. [6:02] JD: All right, make sure you are in gallery view. That's the best way to do this stuff so you can see everyone at the same time. I would also encourage everyone to expand their chat bar. Like I say, put it over Mark's face. You'll probably have to be half of Chad's screen. But cover Mark up with that chat bar. Oh, maybe you could cover up Justin and Mark at the same time. I don't know. I can on mine and chat because the chat bar is better than the show itself. And yes, we will be naming a CBC champion today. What does that stand for, Mark? CBC Chat Bar Champion. Chat Bar Champion. So if you are funny, if you are intelligent, if like Carrie, you rip apart the guest really well, you could win cash and prizes as the chat bar champion for tonight's episode. The prohibitive word will be lit. No, I'm just kidding. It's not going to be lit. I didn't even tell Brandon what it is, but I'm going to go with the good old fashioned advisor. Okay? So if you say that word going forward, you must drink from your penalty drink. And I've got some vodka here. And he's. Oh, what do we got there? Screwball. [7:20] Chad: Hey, hey, hey, hey. [7:24] Vince Morris: Look at that. [7:25] JD: Look at that. I love you guys. [7:28] Chad: Is that the peanut butter stuff we had? Yeah, that was good. [7:33] JD: That's awesome. And I think that's housekeeping. Okay, so let's dive right into topic number one. Can I call resources, investment advisors and aggregator. Is that a proper term? Do you take offense to that? [7:48] Vince Morris: Yeah, I said the word already. I really wish we could come up with something other than aggregators. That sounds so, like, lame. [8:00] JD: Okay. [8:00] Vince Morris: I mean, really, we're aggregating. [8:02] JD: I mean, but we're gonna stick with that, I guess. Yeah, I want to, I want to let you know that two, three years ago, I didn't have a clue what that meant or what it even really was. And firms like the one you created and some of your competitors were really not on my radar. And then all of a sudden, overnight, which in reality is probably like, you know, a year or two, I started seeing all these big advisors with Big. Oh, yep. Okay. All right. I'll put that one on my. [8:33] Vince Morris: It's going to be a long hour with. [8:37] JD: With big personal brands joining these firms and firms like yours. And I had never seen it before, and it caught me off guard. And it seems to have been trending and trending and trending in this upward direction. When did it start, how did it start? And why did you get into this game of, for lack of a better [8:55] Vince Morris: term, aggregator, two or three years ago? We didn't know we were in the space really. We're really new to it, and it really just happened naturally. So there was a lot of consolidation that started in the IAR space. And we started to have advisors approach us really about 2015. This is going to be a really long segment, and I have my little, like, little shot glass here to drink it. [9:28] JD: You can always save them up, too. You can always continue your thought, Vince, and you don't have to. We don't have to derail. [9:34] Vince Morris: All right. All right. So, you know, really we had some teams started to. What they were looking for was scale through association. I mean, it was. It was just really a simple concept, right? I have an ERISA attorney on staff. If you have 10 teams that, retirement teams that are looking to hire an ERIS attorney or have that capability on staff, if each one of us go and do that versus spreading one person over 10, it just made so much more sense. And then you take that one aspect and then think of CRM development, portfolio management, investment, due diligence, and the client experience, you just cascade that throughout the whole organization. It just made a lot of sense for us to have resources into one centralized area. And not everybody wanted to sell right out of the gate, right? So it was early in the consolidation phase. And so a lot of folks just wanted that association, you know, scale through association. And there were other outlets that were starting to come up through the ranks, as you noted, J.D. there was, you know, there's quite a bit of competition in this space. So it was like, you know, who could come to market with the latest and greatest, who had a great culture, who had other advisors that they really wanted to be a part of that group. And that led to a lot of. Led to, you know, just more consolidation. And even with that, we're probably in early innings, right? We're probably still in inning one or two of this whole consolidation among the IAR space. [11:05] JD: Was it. Was it naive of me to think two, three years ago that that was kind of the role of the broker dealer or like the, The Parent company to provide those types of tools. I mean, like, doesn't you have people that are LPL members that are part of your group? Right. I don't know. [11:23] Vince Morris: Yeah, not really. I mean, the central hub is really the registered entity. Right. Which is Resource Investment Advisors. Now one Digital Investment Advisor. So that's the sec. That's the company name. [11:39] JD: We play bro. Fair enough, Fair enough. I don't want to derail us on that. I think you're. [11:46] Chad: Let me. [11:47] JD: I think. Go ahead. Yes. [11:48] Chad: The question would be, you mentioned, which caught me off guard a little bit, that people were joining groups, were coming in for scale. And my initial thought was it would be more for access to resources, for the tools, for the depth of the back office and not for necessarily scaling the business. It caught me off guard a little bit. [12:10] Vince Morris: Yeah. I think scale comes in multiple ways. Right. So like some people just wanted to have a bigger number on a marketing thing that went out and said on the $50 billion shop, not a $2 billion shop. Right. So. So that's one aspect of it. But if you kind of got to think through what a scale really gets you, you know, it gets you better practice management, it gets you lower cost access to lower cost investment alternatives that you can pass through to your clients, get you special pricing. So I mean, it does a lot of things better practice management. And on top of that, when we think in terms of scale, we think in terms of what we can bring from a revenue standpoint, a growth standpoint to that retirement team. So like through something like advisor managed accounts. So that ama, you know, is a big thing for us. Right. It's getting outside the box. Everything else we do in the world is personalized and customized. I customize my notifications on my phone. I go to my Schwab account, I customize what I see. Why shouldn't my advice managed account inside the retirement plan be customized? Yeah, so, so, but that took, that took scale. It took leverage to be able to articulate that value proposition. It took leverage to be able to get the record keepers to want to buy into it. And so that's, I think what scale gets you so much more than just a marketing number on a brochure somewhere. [13:38] JD: Can I, can I ask you, me being someone who probably was more pessimistic about it back then, and I clearly had it wrong. I was looking at it going like, why would all of these financial professionals pay for and join this bigger group when they do so well on their own and they're so successful on their own? Clearly you know why, and you've explained why. And I thought the ERISA attorney example was a great example, but were you running into some hurdles? Was there some obstacles where people are like, why the hell would I join up with your thing? Like, I'm already a successful investment professional. Did you run into some of that or back in the day or no? [14:17] Vince Morris: Yeah, I think that was one of the things we really had to analyze. Even my practice, right? So I had two entities I was running. One was my own practice, which was 35 employees, you know, 12, 13 advisors, $10 million revenue that [14:37] JD: could. He set the record. He's probably on pace. [14:40] Chad: And Shannon's calling him out, too. Shannon knows what's on the line. [14:44] Vince Morris: Could you have picked a harder word to avoid? [14:48] JD: To be honest with you, events, we pick this word all the time. [14:52] Chad: Yes. [14:52] Vince Morris: Oh, my gosh. So really, even that into that, my own practice, I had to look around and go, gosh, can I really continue to compete with major wirehouses that are deploying interesting, innovative things in the marketplace? Consulting firms that are coming in, and then other RIAs that we're growing in size and scale? Right. And so how much longer could I continue to just operate independent without really putting some scale into it? In 2015, once we really started to that, JD, it made a huge difference. Now we had a dedicated team of people that, like, when us as producers came in and said, hey, my clients really need this, we immediately could turn those ideas over to a dedicated team that would execute on them, go to the whiteboard, collaborate, innovate, and come back with really, a superior product in the market. [15:49] Chad: In many ways, it's the thought of the broker dealer, right? I think There are many FAs out there that think this is what the broker dealer is going to deliver. I think many find out as they get deeper into this world and become successful. That's not quite what most broker dealers bring to the table. And you guys are stepping up, saying, no, that's exactly what we're gonna bring to the table. Resources in this scale and access. [16:12] JD: What you're also explaining to me, Vince, that touches home with me is as an entrepreneur who runs a company with 25 employees or wherever we're at these days, of course, that's how it works. Right? You have different people that are allocated doing different jobs, and. And you can't do it all yourself. And so you need to have those different people in different divisions handling different things. And what does that do? That promotes growth because it allows the people to focus on growth, to focus on Growth and the other people to do the job. So it makes perfect sense to me. Like, that's how you run a business. But I think you discovered an inherent flaw in the current advisor Oops model, which is a. [16:55] Vince Morris: Which is. [16:57] JD: I don't think they all run their shops that way. And so you're giving them a chance to get that kind of scalability. Which goes to Chad's question earlier. And Mark, you had a question. Go ahead, Rogue guy. [17:06] Chad: I don't have a question. I was just going to say I have a little bit of a statement to say. And I think jd, you said this before and we witnessed it firsthand and I don't have the coffee mug to prove that we were there, but when we went to the conference where in fact this robe wearing was born true, was such a different environment with everybody coming together to collaborate and work as a team and be each other's resource. Right. It's in your name. It's. It's almost built into your culture. It feels like where you go into the broker dealer world, it feels like people are trying to cut each other out of the mix and it's, it's. I don't know, it's just a whole different feel. So when I think about the folks looking to, like you said, expand and scale, they're going to come into an environment where you're going to be able to leverage one another to do that without fearing that somebody's going to try to stab you in the back. [18:00] Vince Morris: Yeah, yeah. It's. The model in the RIA space is completely different than the broker dealer model. Right. And we have access to a broker dealer. So I think there's a time and place and need for that. But the RIA model is cleaner. We sit on the same side of the table as the advisor. We're. We're bringing offerings, services, things to the table that they need. I know. [18:25] JD: I love how he's in a little tuxedo for his image there. Let's keep this moving along. Let's one. Vince, you know what the wheel of ice is? [18:36] Vince Morris: No. [18:36] JD: Okay. Can you tell Brandon spin that wheel of ice. Tell him to spin the wheel of ice. [18:41] Vince Morris: Spin the wheel of ice, Raymond. [18:47] JD: Are you scared, Vince? [18:48] Vince Morris: Yeah, it's a little. [18:50] JD: You shouldn't be because it's Mark. [18:54] Chad: Oh, it's Mark. [18:56] JD: You guys have. Come on. Okay. Yes. That's so funny. What that means is as they traveled to the desert, they either packed those or they went out and bought them today. I don't know. [19:08] Chad: Packed them. [19:09] JD: Oh, my God. [19:10] Vince Morris: Are you taking a knee? Do you have to take a knee for that? Is that it? [19:14] JD: If you get. They're not being iced, they just wheel of ice. But very good knowledge on Smirnoff there vent so cold, very solid. While they're finishing that, can I ask you, is there. Are there certain advisor firms or shops or companies that are a good fit? Yes, I got it. And others that maybe don't fit well for what you guys are doing. Like help us understand that. [19:41] Vince Morris: Yeah, absolutely. So traditionally we have looked for producers that are not just lifestyle producers. Right. There's those can be tuck ins to an existing shop. But we were really looking for a dedicated advisor, both either retirement and wealth. So we're looking for that. We're looking for that niche producer that has retirement may also be in wealth or may not and is really a business owner. They have staff, they have team, they have strategy, they vision. What they're looking for is access to innovative products or we're offering services, new deliverables for their plan sponsors for their clients and ultimately the investor. I mean our mission was a group of advisors sharing tools, talent and ideas. I can't even say our mission statement. [20:33] JD: Damn, damn, we can't see us. [20:35] Chad: It's hard when it's in your name. [20:38] Vince Morris: So you know, I think that just saying yeah, we wouldn't take everybody, right? And even today in the M and A culture, culture is killer for us. It's paramount that it's about, you know, buy into the vision of where the organization as a whole is going, the culture of the firm and all those type of things. [21:02] JD: I don't want to sound like you're on this show and so I'm just trying to promote what you guys are doing. But we're. When we came out and got to mixed up with you guys at your national conference and you and I actually sat down one on one for a little recording that's out there. And I told you that I thought that was kind of cliche this comment of culture. It's like oh yeah, we're all collaborating and working together and blah blah blah. I was like, yeah right. But as I got to speak to all of these different financial professionals in your group, I realized really quickly that it was true. And I'm not just saying that. And I want everyone out there listening to know I would never bullshit you like that. You do have a group that want to work with each other and help each other. And I got this vibe that everyone was working to see. Can. Can we become the next best version of of what a. I'm going to say it and drink of what a retirement plan advisor should be. And now I know you're going to get into wealth management and all these things, but so anyways, you really are accomplishing that. And I felt it when I was there. [22:09] Chad: I fought a little bit. Everything that you said was true and it caught me by surprise as well. But I fought a little bit back saying that's in my opinion that's because of the size of the organization. Right now you're truly bringing on the best of the best that are all open and successful. But at some point, if you continue to thrive and grow and you start bringing on folks that aren't as successful as these practices you're acquiring right now are bringing in, the collaboration is going to go away because it will start to get cutthroat. You'll have too many advisors in one general location and they'll start to battle each other. [22:47] Vince Morris: Yeah. So, you know, one of the things that, one of the reasons why we went in the direction we did with a strategic acquisition or partnership with OneDigital was because we felt like they had culture. Right. So we looked at was I on the leaderboard? Was that, was that me on the top? That was awesome. [23:07] JD: Yeah. [23:09] Chad: Count as five for one because that was my first one. [23:11] JD: I'm at five go Chiefs. [23:14] Vince Morris: Yeah. So I mean it, you know, one day. So we have 2,000 employees and it still feels like a small organization. I mean everybody is excited about the future, everybody's rowing in the same direction and so I think you can preserve that culture. I mean, we have 105 different locations across the nation. So there's a footprint, the geographical locations is there, you know, overlap and things like that. Yeah, but there's, it's friendly competition. You know, if you can do splits, you can figure, you can figure out, you know, where that next lead is going and who gets what kind of part of the piece of the piece. And we're all know that we're stronger together and building something special in the, in the marketplace. We truly believe in a convergence of health, wealth and retirement. And everybody's pulling and super excited about us as a retirement group coming in under that fold. So yeah, I can see where it always gets challenging. But they grew that company from, you know, two people to 2,000 and have maintained a really great culture that we fit right into. [24:21] JD: I believe what you said too. I don't think that FAS are really competing with each other on a day to day and I've also Said this about the TPA space. I feel like if we all supported each other instead of competed with each other that we could build our brand and our success as a group. And so I think you can accomplish that. Are there going to be little things where people cross paths and butt heads over a deal? Sure. But the greater good will happen over a course of time if you work together, I think. Tpa. Are you guys hugging on the bed now? Is that what you said? Comments about it? Sorry. Yeah. Shannon. Shady. You're right. Yes. TPA love Shannon. I'll ask. [25:05] Chad: Alcoholic. I love the name. I love the name. Ask a question. How do you keep the talent you were attracting compared to other groups that did the same thing but split up, many of whom are with you now? [25:18] JD: How do you keep that? [25:19] Vince Morris: How do I. How do we keep the talent we have now? [25:21] JD: Yeah, yeah. [25:23] Chad: Well, compared to other groups that did the same thing but ended up splitting up. [25:27] JD: Called blackmail, Justin. [25:28] Chad: Just blackmail. [25:31] Vince Morris: We have really solid non compete. No, we know. I mean it's again, every one of the shops, if you look at all the shops that have come in either as affiliates or under the M and a, under the 1:1 digital banner, all of them have. Are great people. I mean they're great leaders. They get the industry, they have a vision for. There's something better out there in the marketplace than what the. What the traditional advisors brought to the table. And our clients are demanding more. And these are people that generally want to do more for not only the company as a benefit, but ultimately the end employees who are in desperate need of advice and financial well being. And they don't have it today. And so these are people that are. I commend them because they're really trying to solve problems. And the right people will stay within the organization. The wrong people will weed themselves out. [26:27] JD: See, that's why you guys are still with me. [26:29] Vince Morris: I was gonna say. [26:29] JD: I'm not there yet. Fuck. I can't get rid of these fuckers. All right, hey, before, before we go on because I want to dive a little deeper into what you all are actually doing. But before we do that, we like to play a game around here. And Nevin Adams calls it the lame game. Which I think should have stuck, but some people call it other things. But Mark. [26:54] Chad: Yeah. [26:54] JD: Explain the game to Vince because he's clearly never watched this fucking show before. [26:58] Chad: Yeah, yeah. So the game, it's pretty simple. Yeah, Nevin, it's the lame game. It's. I'm gonna ask you questions. Either you're gonna say it's lame or that your game. All right, is that simple enough? I mean, it's pretty simple. [27:15] Vince Morris: As long as I don't have to say the A word. [27:17] Chad: Other than the fact that you're a Chiefs fan, I think we're good. [27:22] JD: All right, my first question for all [27:25] Chad: of us right now. If we were out at a bar and you have that one friend who buys drinks, is it lame or are you game to that person coming back to the table with a tray of shots? Lame shots. Are you game? [27:46] Vince Morris: I think it's lame. [27:48] JD: Great question. [27:50] Vince Morris: Yeah, except I don't like people that make me take shots. Except you guys. [27:59] JD: Okay, let me toss it over to Chad. [28:02] Chad: Hey, I'm gonna say lame. I mean, maybe at a time in my life it was okay. Not now. Nope. J.D. [28:10] JD: i'm also on the lame bandwagon. And you would think like, oh, look, this person just bought all of. Like, how nice of them to buy all these. But I don't want to do tequila. [28:21] Chad: So why are you knock the tray over as they come back? [28:25] JD: I'm not a fan and I have a buddy who always does that. And I won't name them. They're not here, Justin. [28:31] Chad: Well, especially. Sorry. [28:34] JD: This is my game. I can't, I can't, I can't. I can't pass a baton to you. I have to let Mark do that. This is a controlled environment, Justin. Go. [28:44] Chad: I'm especially game for it when I'm the one buying them. Filling my shot up with water to mess with all my friends. [28:50] Vince Morris: Wow. [28:50] Chad: And you do that often? [28:52] Vince Morris: Yeah. [28:52] Chad: Last time I did was Chad. Yeah, he did. He kept feeding me vodka one night while he was drinking water, acting like we were having a blast together. [29:03] JD: That's what I call a prohibitive transaction. All right, next question. And this is gonna. [29:12] Chad: This is two parts, Vince. [29:14] JD: All right, so let's follow me. Self checkout at the grocery store. [29:20] Chad: Is it lame or are you game? [29:21] JD: But I'm going to have a follow [29:22] Chad: up, so be prepared [29:26] Vince Morris: if it. If I have just a few items. I love going through self checkout. [29:31] Chad: Okay, pause for a second. And I need your full blown honesty. [29:35] JD: Have you ever fibbed while self checking outing? [29:40] Chad: Like for instance, right? [29:41] JD: You get an avocado, they're like $800 a piece. Oh, wow. Instead of saying, you got two of them. [29:50] Chad: My brother watches this show. He could take you to jail. I'm not saying I've done it. [29:56] JD: Mark, you're on fire. You're on fire tonight. You did your homework. Go ahead, Vince. [30:01] Vince Morris: I'm a fiduciary. I would pay for both avocados. [30:06] JD: That's just my example. It could be bullshit. [30:12] Chad: All right, dad, no, I've never fit. I am all game. [30:17] Vince Morris: Okay? [30:17] Chad: I'm all game for self checkout. It should include booze, dude, because you can scan your own ID question. Everybody too, is, should there be a [30:26] JD: cut off to how many items you [30:27] Chad: go through for self checkout? [30:29] JD: Because I have that. If I have a hundred, I still [30:31] Chad: do it because I don't want to talk to somebody. There's six stations. [30:34] Vince Morris: Well, I just wait for the other station to come up. [30:37] Chad: All right, J.D. i need your answer to. [30:40] JD: So I'm going to be honest. Unlike Vince, I'm going to be totally honest. You know how you put like the 12 pack underneath on your cart because it's heavy? You put it under on the bottom. And so I have gone up, pulled everything off, scanned it, scanned it, got finished, paid, and left and gone. And before I walked out of the place, but I'd already finished my transaction. I'm like, I didn't pay for this 12 pack of beer. And I was like, fuck it, I'm out of here. Peace. And I am also a fiduciary. No, I'm not. [31:17] Vince Morris: Well, that's. [31:18] JD: That's just plain stealing. [31:20] Vince Morris: So. [31:20] JD: Okay, jeez. J.D. says Craig, [31:25] Chad: absolutely game, dude. Never stolen. I don't know where that came from for you. I think experience, but. [31:32] JD: Okay, here, how about this? Here's the other example. [31:33] Chad: Yeah, you buy, like you just said, I heard someone say organic. [31:36] JD: You buy an organic tomato, but you type in the regular code. [31:40] Chad: You purposefully do this. [31:41] JD: I'm not saying I've done it. I'm asking the question. [31:44] Chad: You're not saying you're not either, though. [31:46] Vince Morris: Yeah, we don't. We don't. We don't buy vegetables here in Kansas. So, like, it's not. We don't have to worry about that. At the checkout line, throw it in [31:55] Chad: the deep freezer and you're good to go. [31:57] Vince Morris: Right? Right. [31:58] Chad: Lots of butter. Butter and beef. [32:00] Vince Morris: Butter. Yeah, beef. [32:02] JD: Vince, are you not. Josh, are you not vegan? [32:05] Chad: Always 4, 011. [32:07] JD: So you know, Vince and Shannon are not vegan. [32:12] Chad: So next question. Using the term or the phrase, Excuse me. Using the phrase, I was born ready when somebody asks you a question or [32:23] JD: like, hey, you ready to go play golf? Are you ready to fight? [32:28] Chad: Like, I was born ready. Is that lame or are you game? [32:32] Vince Morris: Vince, that is lame. That's lame. [32:35] Chad: Yes, I'm game all the way on that certain Things I'm born ready to do. [32:45] JD: Doug Dalzell, the Tanis man in financial services, says Mark is lame or shady. Mark is shady Marcus. [32:52] Chad: Shady Doug. Words with him when Mark was the cfo. Yeah, sure, yeah. [32:59] JD: Shit, I forgot what the question was. And I know that means he won't let me answer, so. Justin, go ahead, Justin. [33:06] Chad: Game. I support you guys saying that shit. [33:10] JD: Good. [33:10] Chad: Good for you. [33:12] JD: All right, do we have time for one more? [33:14] Chad: Sure we do. [33:14] JD: Sure we do. [33:15] Chad: Why not one more? [33:16] JD: Using the carpool lane when you don't have enough people in the car because you're trying to get somewhere fast. Even though nowadays there's no traffic because of COVID Whatever. [33:24] Chad: But when there was traffic. [33:26] JD: Is that lame or are you game, Vince? [33:29] Vince Morris: First of all, Kansas doesn't have carpool lanes. But if I had a carpool lane, right, and no mannequin with me, I would still go down a blow up doll next to me, I would still go down the carpool lane. [33:47] Chad: All right, I'm out. I'm not going anywhere. You're saying you've never done it? Not once ever. And it's a pet peeve of mine. And I always look over when people are speeding, cutting through traffic and I'm like, just get in the carpool lane. If you're gonna break the law, just break the law. Get over there. [34:04] Vince Morris: J.D. [34:05] JD: there was a time I was younger, I shaved, my hair was cut, trim, I wore a suit and tie. And I worked in the San Francisco B. And many times I would have a meeting that was an hour away and traffic was horrendous and I was not going to make it there on time. And because I'm a fiduciary and because I love my prospect and that advisor that I partnered with, I got in that fucking carpool lane and I fucking went. Because I'm going to get there on time. [34:38] Chad: Justin. For me there was a time too. I used to be an expert at it. And then I lived with Chad and Brook while I trained for this job. And they may guilty about it, threatened to fire me and I haven't done it since. [34:53] Vince Morris: If you're willing to risk that $490 [34:55] Chad: fine, power to you, absolutely. [35:00] JD: I think it's okay with. If you're going to a prospect meeting, you can take that fine out of plan assets. I'm pretty sure that's under ERISA. That sounds about right. [35:09] Chad: Sounds about right. J.D. by the way, now, thinking about it, as you mentioned you wearing suits, why have we never released any of those photos of you in like your mid-30s, early-30s. No one would recognize them. Oh, they are. They are fantastic. [35:25] Vince Morris: They're good. [35:26] Chad: They're fantastic. [35:27] JD: So, you know, I trimmed the beard today, and I also cut about 3 inches off of my hair. So I'm going corporate right now. I'm good. [35:36] Chad: Right, Right. You know what they say. You know what they say. [35:42] JD: You know what they say. [35:43] Chad: Doug has seen you. Doug has seen you for years. [35:47] JD: I was really hoping that Mark was going to add a lamer game. Having a fireplace in your background on a zoom. That was Michael Webb, who's climbing the [35:59] Chad: charts as usual for the cbc. [36:01] JD: Yes, yes. He can win again. He can win again. [36:05] Vince Morris: Can we take a vote and see? We should take a vote. [36:09] Chad: All right. [36:10] Vince Morris: Fireside Chat. I got the. I got the yeti right here. Like it's. I'm just tailgating all the way through to the Super Bowl. [36:18] JD: Brandon. Yeah. Do you have time to throw up a 5050 poll? Cool to have fire. Not cool to have fire. And go ahead, you can throw out the next few minutes. [36:32] Vince Morris: Or when I didn't, I should have wore the robe and had a pipe. That would have been good. [36:38] Chad: Yeah. [36:39] JD: Let's jump into. I'm gonna shift subjects a little bit. And Vince, I didn't prep you for this, so I apologize. Nevin Adams put out an article on Schlichter and Brandon. He's working on that. Brandon, don't worry about that. I want to pull up the article to read it. [37:00] Vince Morris: Nevin, I apologize for not. Not reading this one. [37:02] JD: I'm stuck in zoom here. Here I go. Okay. The title of the article was Schlichter sanctioned for reckless. [37:11] Vince Morris: I did see this, actually. Yes. And happened to a nicer guy. [37:15] JD: The 401k. Boogeyman is getting a little. Little punishment here. I'll read the first sentence from Nevin. Determining that the decision to pursue litigation was objectively reckless. A federal judge has sanctioned the law firm. That's the Boogeyman's law firm with a fine of up to $1.5 million. Now, this. This. This little thing that's happening is against empower. Or I guess I should say Great west is kind of the. The financial name named and everything. But we all know that to be empowered. And I thought this is really interesting. Another thing that was brought up was the judge said that the decision to continue through trial was inherently lawyer driven, meaning that it wasn't the plan sponsor. It wasn't the participants that were out for blood. This is my own interpretation. It was the lawyer looking to make some cash and Pushing everyone into doing this. So I put this to you guys. It sounds like this is a win for the record keeper and to the point that this sanction actually allows the Schlichter and his law firm, not him personally, the law firm that he works for, to be personally liable for defendants, excess costs, expenses, and attorney fees not to exceed 1.5 million mark. What are you laughing about? [38:56] Vince Morris: Did you see the chat? [38:59] JD: I'm reading off my fucking notes. How can I read the chat bar at the same time? Oh, Kush, that was a good one. [39:08] Vince Morris: That was a good one. [39:09] JD: As I go back to look for Kush's response. What do you guys think about this? This is kind of interesting. [39:16] Chad: My initial thought is it's not a win for the plants or for the record keeper. My initial thought is it's more so a slap on the wrist for the litigators that are pushing these when it may not really be valid and, or justified by the plan of the participants. And so I don't think it was a win for empower as much as it was. Hey, watch yourself. [39:41] Vince Morris: You. [39:42] Chad: You can't be opening lawsuits every time you get a phone call. And you need to make sure that there's good reason for what you're doing. [39:50] JD: I'm curious on Nevin's comments, because obviously he wrote the article, which, by the way, Nevin, you use so many damn fancy words and lawyer speak in that thing. I had to put on my reading glasses. I had to read paragraphs over and over again like it was way above my surfer intellect. But a lawsuit, J.D. yeah, yeah, but no, I agree with you. [40:11] Vince Morris: Chad quoted the judge. [40:14] JD: Excuse me, but I agree with you, Chad. But I also think this is a big deal in that I think a lot of these cases that are brought forth, the accusations are loose and gray and not really definable, like, oh, you could have got a lower expense. Oh, you could have done this. But this judge clearly was like, look, I need details, I need definitions, I need real analytics here. [40:40] Vince Morris: Yeah. And they're not. They're not focused on outcomes that, you know, we have billion dollar plans that, you know, attorneys have kicked around on like this. And the way they go about to try to get and entice employees to what is to try to get employees to go through the process who ultimately will get very little of the money. Right. Even if there's a win. So it's just, you do have to question the ethics, I think, of the other side or the attorneys on this, because we've had plans that have, like, 94, 95% participation rates. Great matches. Great. I mean, like, you know, low cost funds, billion dollar plans. There's litigators constantly kicking around on them. And it's just like, really, what else could this company be doing, you know, to encourage a retirement outcome for their employees? [41:41] JD: Sorry, I wasn't listening to you, Vince. I'm looking at the chat bar. [41:45] Chad: Well, I was, Vince, because you're. [41:48] JD: Thank you. [41:49] Chad: Thank you attentively to you, but you're absolutely right. And I think that that's a impart. A mistake in our industry that it's difficult to understand both from a plan sponsor participant as well as a litigator's perspective. And you mentioned that the plan sponsors aren't pushing these. The participants aren't necessarily pushing these. They're class action. So these lawyers are seeing an opportunity and they're taking advantage of it. [42:19] Vince Morris: Right. [42:19] Chad: And we're going to continue to see that until we see more judges like this step up and say, look, people are trying to do what isn't the best interest of these participants and, and we need to continue to strive for that. But very few of the cases that I've seen settle really had an issue in the way they were structured. Yeah, they found a small little gap. They exploited that gap, but I think very few of them actually had an issue. [42:44] JD: Yeah, I'm not an attorney, obviously. You're not. Well, my name is J.D. right, but, but I, I'm with you, Chad. What I like is that this is a big slap on the wrist and it's a warning to all attorneys to say, hey, look, don't bring these cases unless you got all your shit lined up and you know what's going on. Because there are a lot of vague areas. And as Vince so intelligently commented, you don't. You're not talking about outcomes, you're not talking about the value that's being provided most. Let's be honest with ourselves. A lot of these attorneys are using 5000-500-500 in the audits to use metrics to say this is a company we should go after. Which is bullshit, because you don't know the value that's being provided. You don't know the service being fried. So anyways, we'll move on. We will move on from that. More importantly, it is not lame to have a fire in your background on Zoom. [43:42] Vince Morris: Awesome. [43:45] JD: Yes. [43:46] Chad: 77% was not. [43:48] JD: Yeah. And Vince, I voted for you, not against you. [43:51] Vince Morris: Thank you. Thank you very much. [43:52] JD: Yeah, fire haters. [43:54] Vince Morris: I was a Fireside chat. I was like, where else could I do it. I could go back to my little house office and do it like a boring other people that might do it from their office. But I was like, no, I want [44:05] Chad: to do something different right next to [44:07] Vince Morris: the friend that actually looks pretty exciting, guys. [44:12] JD: Did he just rip on me being in our office? [44:14] Chad: Yeah, he did. It was, it was a small, small poke, but yeah, he got. [44:19] JD: All right, let me ask you. I think you're presenting at Excel, Vince, for this very topic. And I found that out afterwards, not before I asked you. I want to talk about it, but I think one Digital, which is the label you guys are going under going forward, is pretty focused on this convergence of health, wealth and retirement altogether. And no, Mark, this isn't your classic financial wellness kind of thing. I know that this is a little bit different. Is this coming to fruition? Is this a big part of your push and all those advisors shit that are underneath you, I'll drink for that. Health, wealth, retirement together. Is that the wave of the future? [45:11] Vince Morris: I think it is. I think the American family is facing two major decisions, right? How do I provide health care, how do I get health care, how do I fund it, and how do I save for retirement? And if you can solve. I think people are always successful in the marketplace if they can solve for a need, right? So if those are the two major decisions that the American family is struggling for, if you can approach those different in the marketplace and provide a solution, you'll be very successful in the marketplace. And that's what we're trying to do. And we're trying to do it differently than just being, oh, the health guy refers out a lead because he's got a 401k person over here that's just operating in silos and not breaking down the walls to provide something different in the marketplace, something that, that's futuristic, something that really comes together and goes, your wellness, your cost of healthcare is directly tied to your financial situation. And let's talk in a holistic term across all that. [46:15] JD: Go ahead, John. [46:16] Chad: There was a group, and honestly, I can't remember who it was. The only group that pops to my mind right now is massmutual. And I could be wrong. Perhaps it wasn't that, but there was a push for. For talking about how to spend your next earned dollar, how to best spend your next earned dollar. And it honestly took me a few years to grasp that. And I think the blending of financial, wellness and health and the 401k and finances is trying to get that point across. Of that we only have so much money to work with as individuals. And that amount of discretionary money could be $50, it could be a hundred, it could be 50,000. The point is, you have to learn how to use that next best dollar. Oh, shit, Brandon. How dare you? You don't, you don't. You don't sit in a parking lot in front of a random vehicle. [47:16] JD: The weird part was when the owner of that Jag came up to Chad is like, get the fuck away from my car. Sorry, [47:25] Chad: but no. And I think that's what you guys are trying to accomplish, Vince, is to say, how do we spend our money? Do we spend it on health? Do we spend it on making sure that our kids have a future? Do we spend it on saving for retirement? Do we spend it on a college savings plan? Do we spend it on an emergency fund? And that's where I feel like we in the retirement space. Space have an opportunity to really affect the average American. Because if we're a 401k advisor, we're touching the average American. [47:58] Vince Morris: Whoa, whoa. [47:59] JD: Oh. [48:00] Vince Morris: We have an opportunity. [48:03] JD: And Chad, don't touch the average American. That's inappropriate. Socially distancing. [48:08] Chad: Now you get my point. [48:12] Vince Morris: Yeah, I mean, I think there's a component of that and we used to call those like full flex plans back in like the late 90s where we would try to do compensation packages that included like a fixed dollar amount and then four benefits. And then the participant would. Or employee would end up dividing those up. I think this is more of really kind of helping people understanding that one, retirement plans still are not successful for the median person. They're. They're somewhat successful for the average person. Right. If you're 60 years and up, you've got a nice account balance. If you've been able to participate longer term in a retirement plan, but the median account is still way down. It's like $20,000 or something like that. So we've got a long ways to go to help people clear certain hurdles like an emergency fund, debt counseling, all of those type of things. And so when we talk in terms of like delivering a financial wellness platform platform, it's really how do we engage those, that segment of the marketplace and do it in a really efficient tech stack solution with advice with a human interaction behind the scenes. [49:20] JD: You hear that fancy term, Chad? When you get acquired by other companies, you use terms like tech stack. That was cool, because I agree with that. Chad, I have a thought, but I'm gonna let you go first because I don't want to muddy this up. [49:33] Chad: What I hear from you, Vince, is what I feel like we've all been saying, but not, not creating enough of an impact in this space, which is we know that it works for the average person that you described. Maybe even not, we'll say above average person, the 401k space work, the above average employee in our current work situation. [49:54] Vince Morris: I'm going to need another drink for this. [49:58] Chad: I like to rant. So I'm the Amanda of the retirement. [50:07] JD: Oh, Amanda. [50:08] Chad: Wow. We, we need to find a way to help the person that is not the above average, but it's the average. And most of that has to do with connecting with them in a real life scenario with what they're experiencing. And I feel like we failed at doing that as an industry. And I'm not saying the K industry, I'm saying the FA industry. And what we need to do since as 401k professionals, we have a connection to each employee at this business, we have an opportunity now to make an impact and we need to create tools, resources, tech stacks that highlight what those people need. Not the folks who need a trust, not the folks who need financial wealth planning from a private wealth perspective. Because you have 250 grand saved up and you're ready for that next step. Those aren't the people that really need our help. [51:04] Vince Morris: Yeah, right. The problem, Chad, is how do you monetize that, right? How? You can't. We're not running a charity, obviously. And so you've got to be able to help figure out tech stack, a technology solution, right, where you can still have a way of helping everyone and then, and then segment, you know, possible opportunities. So the traditional model is, the traditional model is collapsing. I mean the wirehouse, you have, you have reps, IRS exiting the wirehouse, right? You've got robo advisory things going on in the, in the background. You have crazy stuff like Empower buying personal capital at 20x multiple. I mean there's, there Goldman bought United Ako, then they bought United Capital. There is a ton of movement going on behind the scenes to deliver this ultimately this participant or employee solution. Because that's where long term, that's, that's where, that's where the money is. I mean that's, that is where you're going to see a transition of wealth from the down to the millennials, from the baby boomers. And everyone wants to be in the middle of this transition that's happening. And us as advisors, we actually are in the cast. Meow. We're in the sweet spot because we're everybody wants it from their employers. Like the studies we're seeing like 80, 85% of employees want more financial resources and financial services delivered through their employer [52:38] Chad: because they're not getting it anywhere else. [52:41] Vince Morris: Right. In a traditional FA as you alluded to. Won't. They don't want to, they want to deal with a million dollar in UP account. And by the way, the average American doesn't think they're wealthy enough to deal with a wealth advisor. So that's why we call our people financial mentors. [53:04] JD: You're so right. Continue on. [53:06] Vince Morris: Yeah, so. So we want to deliver a solution that's non threatening to people that are just starting out. Just they have some money but they don't, you know, they don't have a full on million dollars and worried about all the things that estate planning and all the things you alluded to. But they still need help and we still want to help everybody. Look, all the studies show that if you set up an emergency fund for an employee and they have $1,000 in emergency fund that they don't have to go into debt if something happens, they are eight times more likely to have a better retirement outcome or to meet their retirement outcome needs than if they didn't have that fund started. So it's basic blocking and tackling here and then going through the life cycle with them and understanding, you know, small ball stuff. Set up a rock, set up a 529 for your kids so you're not having to draw down your savings account when they go to school. Things like that. That really small HSA. Should you do an HSA and do trouble tax versus a 401k plan, all of these type of financial decisions and we can educate the heck out of people. It didn't work for us in the 401k plan until we started to automate stuff. People weren't engaged and people want to be a part of the process. They just don't want to have to be the expert in the process of their financial well being. [54:28] JD: This is fucking huge. So everything you said was a plus [54:32] Chad: and that's where the industry needs to go. [54:34] JD: Thank you for that. It's not where the industry needs to go, it's, it's like where it's going. And I think I'm, I apologize because as a 401k specialist I spent the last 5 years thinking against this kind of path that you guys are on or I felt like the best way was for a financial professional to focus on 401k, do only that and be the best 401k. I want to use the A word, but professional. That they could. That they could. And I was really proud of that. You know, that this is all that that person did. They went in and did fiduciary reviews and fund analysis, and they understood legislation and new regulations and testing and their TPA partners and the record keepers and all those things. I was a huge fan of that stuff. And so when wealth management and or financial wellness started to kind of Venn diagram in, I was pushing back, like, no, no, no, no, no. Let us be pros at what we do. But the reality is I was wrong and that this is the best way to service their participants. And additionally, I'm such a fan of advisors that I want their shops to make more money, to do more good for their clients, to get in there and support the participants. And I think if you had asked Chad and I five years ago, pre tech, I would have said it's impossible for them to sit down with every one of them and help them with an emergency fund and help them with insurance or whatever it is. You can't do it. But tech's gonna solve that problem, and you guys are on the forefront of it. The industry is on the forefront of it. [56:31] Chad: Not gonna solve the problem. It's going to help the problem. [56:35] JD: Someone saying, watch those three syllable words, jd. Okay, so I'm done with my rant. Alcoholic. Whoever that is. Yeah, No, I just think we're on the right path. I think tech's gonna help us. And I think this is how we take retirement plan FAS to a whole new level. [56:54] Vince Morris: Yeah. Amen, bro. [56:58] Chad: Amen, bro. [56:59] JD: And I owe one. [57:02] Chad: But you're right, jd. We have an opportunity because we are so well connected to each and every company and the vast majority of their employees. Whether it's personal or through tech, we have an opportunity to make an impact. Whereas an individual, private wealth advisor. Yes. You don't get that opportunity because you're dealing with one person, one family or one household. However you want to say. It's a 401k space. We can really make a difference. [57:29] Vince Morris: Yes. [57:30] JD: Whoa, Mark, you think I got water in here? Are you fucking kidding me? It ain't water, bro. [57:37] Chad: Hey, when his wife picks him up tonight because he can't drive home in the office. Well, no, it's not water. [57:43] JD: This ain't the Shamanda show. The Saint. The Shamanda show. So we can't go two hours in length. So we need to vote for the CBC champion that is the chat bar champion, who is Going to win for tonight because it's been big time. There's been a lot going down and I'm gonna. For all the cash and prizes. I'm gonna push it to Mark to start. Mark. Robe guy. [58:10] Chad: I mean I. [58:13] JD: The joke was great. Cush. [58:15] Vince Morris: Yeah. [58:15] JD: I mean it was. It was fantastic. As Kush won before. [58:19] Vince Morris: But. [58:20] JD: But Doug Dalzell ripping on me a little bit. I'll give it to the tan man. Doug the tan man. Vince, I'll leave you off for a little bit. Justin, next vote. [58:37] Vince Morris: Let me go. [58:38] JD: Greg Craig again. [58:41] Chad: He's Justin. That was a throw in. You weren't paying enough attention and you just toss that in. [58:46] JD: Justin's not true. [58:47] Chad: Greg had an average night tonight. Justin's wow. [58:50] JD: Ouch. [58:51] Chad: Why can't you just accept my vote? I can't. [58:55] JD: I feel like Greg's kind of the Babe Ruth of the chat bar. Like he. He kind of dominates that. But fair enough. [59:02] Chad: Shannon's calling you out. You always vote for Greg [59:07] JD: in an. [59:07] Chad: In an effort to find out who he can. In an effort to find out who he or she is. And because of the. That's what I wanted for alcohol out of both our show and the chat bar. I'm going with alcoholic. I think it's Brandon. Alcoholic. I do too. [59:23] JD: It's Brandon. That's Brandon. I don't think. [59:25] Chad: Is it really? [59:26] JD: Yeah. Yeah, but it's gotta be. [59:28] Vince Morris: I don't have time to do that. [59:29] Chad: No, I can't type in the chat. [59:30] Vince Morris: I don't. [59:32] JD: It. Alcoholic. My God. [59:35] Vince Morris: Okay, so we don't know who alcoholic is. [59:39] JD: No. So Vince, you're up. You're up. Your vote. [59:42] Vince Morris: I get a vote? [59:44] JD: Of course you do, buddy. You're a special guest. We love you. [59:47] Vince Morris: Nice. I like. I like Kush. I'm like Michael. He dropped a couple bombs in there. I really liked it. Liked him. He added some levity to the whole conversation. [59:59] JD: Gray vote. You get yours. You should check out Kush on Instagram. PCH has been quiet today. [1:00:07] Chad: Pch. [1:00:08] JD: You all right, man? You? No, he hasn't. [1:00:10] Chad: He had a soggy taco tonight. [1:00:12] JD: He was talking about hot dogs and Taco Bell and all kinds of shit. Alcoholic should TPAs disclose all revenue share. Hahaha. Oh, I was about to vote for alcoholic, but now I'm changing my vote. I was gonna vote for Carrie. Kerry. Umm. For ripping on me. For having that my makeup looked good. Fuck you, Carrie. So Amanda. [1:00:46] Chad: Yes. We will post pictures of our romantic getaway. [1:00:49] JD: Mark, you have to break the tie. Robe guy always breaks the Tie? [1:00:55] Chad: What's the tie? [1:00:56] JD: Well, no one's got two votes. Why would I vote against? Unless I've had too much of my water? Nobody's had two votes. [1:01:05] Chad: Yeah, I picked somebody. I picked the same person again. [1:01:08] JD: I. Robe guy has to pick the winner. [1:01:12] Chad: I pick. Oh, you. You're the deciding. Okay, well, there's a lot of pressure now, Vince. [1:01:18] JD: Who'd you say? [1:01:21] Vince Morris: Kush. [1:01:22] JD: Okay. J.D. you said Carrie. Justin. [1:01:26] Vince Morris: Yeah. [1:01:26] Chad: Greg's for Justin. All right. [1:01:29] JD: I love the tan, man. [1:01:30] Chad: I do. But I'm going with Kush. [1:01:32] JD: Oh, Kush. Kush. [1:01:35] Chad: Wrapping it up tonight. [1:01:36] JD: Kush for the win. [1:01:39] Chad: Congratulations. Kush. [1:01:40] JD: I like that. All right, Kush. You know, like everyone else knows, you will receive all your prizes and cash gifts in about three months or whenever I get the fuck around to it, which won't be anytime soon. And, everyone, thank you for tuning in. Vince, you did it. You're through it. You got through an episode of Retireholics. Thank you to everyone who tuned in. And, Vince, I think you brought on more attendees than we've ever had before, so. [1:02:08] Chad: That's not true, actually. [1:02:10] JD: Oh, no. [1:02:12] Vince Morris: Why do you burst my bubble like that? Yeah, dude. I mean, he was just trying to be nice to the guest. I mean, God, he did it. [1:02:21] Chad: We had 57. [1:02:23] JD: Do me a favor. How many? Justin, it was like a thousand. [1:02:26] Vince Morris: Okay. [1:02:27] JD: Do me a favor, Vince, Before. Before we. [1:02:32] Vince Morris: Five people. [1:02:34] JD: Before. Before we play us out with a song. [1:02:37] Vince Morris: Yes. [1:02:38] JD: Can you say this episode was lit, and then Brandon will play the song. [1:02:44] Vince Morris: This episode was lit. Go, Chiefs. [1:02:48] Chad: And brought to you by PepsSuck.org I can close my chat bar now. Some more. Screwball. [1:03:04] Vince Morris: Screwball. I can't believe you guys had that. [1:03:07] Chad: That's pretty phenomenal. [1:03:09] Vince Morris: So it's peanut butter, right? You got the peanut butter? [1:03:11] Chad: Yeah, yeah. Peanut butter one. [1:03:14] JD: Yeah. [1:03:15] Chad: Delightful. But you're still sick. [1:03:18] JD: Sun is down. Freezing cold. That's how we already know when it's here. My dog will probably do it for Louis Bell. That's just all he know. He don't.