Brian Danos: Fee Benchmarking & AI in 401(k)s | Retireholics

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A world where retirement plans are
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broken. A team of four renegade Orisa
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nerds dared to fix it. Justin McNeel,
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the wild card who plays by no one's
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rules. Chad Johansson, the technical
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wizard who can turn anything into a
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spreadsheet. J Carlson, the man with all
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the plans hiding under his beanie. And
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Mark Palamini, aka Robe Guy, the heart
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and soul of the crew. Together they are
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retired
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changing the retirement plan industry
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one beer at a time.
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>> Got it. I just want to watch Night Rider
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now.
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>> Roby, I got to say that was a lot of
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sour cream on that chip there. Those
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nachos. Like you need to hold back on
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that just a little bit.
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>> Good thing I'm not lactose intolerant.
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>> Uh, welcome everyone to another show. We
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are the Retire Holics. We are changing
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the retirement plan industry one beer at
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a time. Although I'm drinking a little
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little bourbon tonight. A little bourbon
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tonight. Um, let's see. A little
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housekeeping like we used to do. We got
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to do it these days.
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>> Housekeeping.
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>> Don't think you're sleeping.
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>> Chap our champion goes a little
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different these days. If you've been
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here in the last few, you know how this
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works. We're not going to vote at the
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end. You people out there are going to
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vote Chapar champion throughout the
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entire show. and Brandon will be keeping
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a leaderboard that he will bring up from
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time to time. So, all you need to do is
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type
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uh CBC and the person's name. I'll
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drink.
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So, like uh Rob Smith is is here. You
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you type those three initials I said and
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then Rob's name and he gets a vote for
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chatbar champion and whoever accumulates
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the most
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>> vote for myself
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>> wins the game. I'm pretty sure you can
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vote for yourself. I mean, test it out
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and see.
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>> No, you can't.
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>> You can't.
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>> Challenge accepted.
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>> And if you vote too fast for somebody,
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like you vote once and you try again,
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it'll stop you. So,
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>> wow.
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>> So, you got sucks to be you.
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>> Oh, look. Look at that. I got two.
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>> That was an addition after uh Kevin
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Spaith voted 954 times for one person in
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an episode. Oh, him and Webbby do that
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all the time.
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>> Um, also, and Brian, you should pay
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attention to this. We will be playing
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Acroin. So, if you say any initialism or
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acronym, my name aside, you must drink
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from your penalty drink. Um, what do
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what are what is your penalty drink
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tonight, Brian?
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>> I have the finest, smokiest
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scotch you can get from Trader Joe's.
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from Trader Joe's
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>> in my obligatory plastic cup as we do
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here in New Orleans.
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>> Perfect.
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>> And all you need to do is just take a
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little sippy sip. It doesn't have to be
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anything major cuz I don't know, you're
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a rookie. You might be
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>> I'm in New Orleans. Come on.
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>> You might be in for a lot of
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>> love it. Love it.
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>> Um and with that, Silent Jay, let's keep
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it going with the best segment ad ever
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to retire Hollix. The new new guest
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intro from Silent Jay. Take it away.
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>> Joining us today from the land of gumbo,
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fried shrimp, stir fried shrimp, and
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everything else Bubba was rambling on
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about to Tom Hanks. He's here to spill
00:03:20.000 --> 00:03:21.270
the tea on all things participant
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notices and how he's leveraging Skynet
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to answer it all. Brian, have you ever
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seen our intro this year? Do you know
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what happens next?
00:03:27.920 --> 00:03:29.750
>> I have seen Yes, I do.
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>> All right, so you're ready for the rapid
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fire questions, right?
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>> Let's Let's go.
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>> All right, quick responses. Don't lo,
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you know, lolly gag unless you know
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you're you're good like Harlo was last
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week. But uh let's get started.
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>> So what's the best holiday of the year?
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>> Oh yeah. Well, tomorrow the 4th of July.
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>> All right.
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>> Tomorrow's the third. So
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>> two days, you see.
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>> Two too much drinking. Too much
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drinking.
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>> I like your style.
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>> Yeah.
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When you were a a weed little lad, uh
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did you ever go out and collect beads or
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throw beads or whatever you do out there
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in in New Orleans?
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>> Oh, yeah. I mean, come on. Of course.
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>> All right.
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>> Good. Ferris Beer had pulled off his day
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in the age of smartphones.
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>> Oh, no way.
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>> Right. No,
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>> he would have posted everything.
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Everything. Yeah.
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>> Gotten. He couldn't have gotten away
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from
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>> All right. Would you rather fight one
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horse-sized duck or a 100 duck- sized
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horses?
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>> Oh,
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let's see. Let's do one horse-sized
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duck.
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>> Yeah, that's the right answer.
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>> I like that.
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>> I don't know. Those things are
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dangerous.
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>> 100 little mini horses, man.
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>> That little that massive beak just
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coming down on you though. Come on.
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Those wet feet.
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>> Ducks are ducks are dumb.
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>> Yeah.
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>> Yeah, that's true.
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>> Is cereal technically a soup?
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No. Cereal technically a soup. I'm going
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with no. No on that one.
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>> No. Okay. I kind of disagree. I didn't.
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>> But is oatmeal.
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>> Oatmeal.
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>> Is oatmeal.
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>> That's
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>> depends how much water.
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>> You have to put this out to the to the
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chat bar. I think.
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>> Yeah.
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>> So, could be a stew like Brandon says.
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>> If you were forced to do one of the
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jackass pranks, which would you choose?
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>> Oh.
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Man, it's been a while since I've seen
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the jackass.
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>> Coming out.
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>> You could get your own face tattooed on
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your back. That would be good.
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>> Good.
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>> It's funny. I just saw a clip of like um
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uh Steo was on a Mr. Beast thing and he
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didn't realize that uh Steo's got a
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tattoo on his head that's like a a dick.
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And it's like uh we do a familyfriendly
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show here and he didn't realize the guy
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had that on his on his uh on his head
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all the time. I like No, I love the one
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the the the motorcycle off the uh the
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ski ramp. That one's cool.
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>> The ramp. Okay.
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>> And Brian, it's it's on a family show.
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We just try not to talk about dicks.
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>> Okay. Well, fair enough.
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>> We
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penis.
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>> Okay. Fair enough.
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>> You're It's a proper show here. Okay.
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>> And here in the chat bar, we're talking
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about shoving race cars up our rectum.
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So, family show. Y.
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>> All right. And last and never least, on
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a scale of 1 to 10, how great of an
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adviser is Nate Moody?
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>> 11. Got to go to 11.
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>> Oh, kick him off.
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>> And he's not he's not even here for this
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one today. I threw him a curveball.
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Anyway,
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>> he actually he actually wrote me on
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LinkedIn today and said it's so sunny
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out where he's at and they only have
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like five days of sun every year that
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he's got to take advantage of.
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>> It's not coming.
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>> I don't blame him.
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>> Ladies and gents, the COO of Plan
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Notice, Mr. Brian Danos.
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>> Uh, thanks for having me, guys.
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>> Thanks for joining.
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>> We're stor.
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>> Brandon, let's get right to it. Let's do
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some headlines, shall we?
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>> That's a great uh point that Brandon
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makes. Imagine
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>> what do you say? Imagine how good of an
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advisor Nate Moody's sister would be.
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She was
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>> I tried to give her a break on the show
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and we just can't do it.
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>> I mean, okay, let's let's get to uh
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something that caught my attention. I'm
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going to call it greedy gusto. You could
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call it greedy guideline. Um there's a
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post on LinkedIn by an old friend of
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mine, Scott Pooch. Um, he used to be the
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the nationwide who wholesaler up in Oh,
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he is. He's here tonight.
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>> Yeah, he he used to be the nationwide
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wholesaler up in the Bay Area a long
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long time ago. Um, I believe he's on the
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East Coast now. He's doing some cool
00:07:53.919 --> 00:07:55.830
shit with artificial intelligence and
00:07:55.840 --> 00:07:57.830
helping plan sponsors and companies. But
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anyways, he made this post. It was a
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letter from Gusto powered by Guideline,
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which is apparently like how they they
00:08:06.400 --> 00:08:08.469
refer to themselves now. We were we were
00:08:08.479 --> 00:08:10.070
wondering that when the news first came
00:08:10.080 --> 00:08:12.869
out or I said powered by gusto by
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guideline and said hey everyone with
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about a month's notice
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we are raising our fees from 15 basis
00:08:21.919 --> 00:08:26.869
points to 25 basis points. Um keeping in
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mind that Gusto has about 10 billion
00:08:30.560 --> 00:08:33.269
dollar in assets. So, you know, this
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should this should bring them in an
00:08:34.800 --> 00:08:37.589
extra I don't know what it 10 million in
00:08:37.599 --> 00:08:40.949
in revenue, additional 10 basis points.
00:08:40.959 --> 00:08:45.030
Um, I don't think this argument
00:08:45.040 --> 00:08:47.829
this conversation has to be entirely
00:08:47.839 --> 00:08:50.150
about the the raise in fee, although I'd
00:08:50.160 --> 00:08:51.829
like to talk about a little bit because
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the bigger point that Scott makes is,
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hey, let's get rid of these assetbased
00:08:57.200 --> 00:08:59.269
fees. Why are we not talking to clients
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about direct billable fees that are an
00:09:02.160 --> 00:09:04.070
employer expense? But let me first go to
00:09:04.080 --> 00:09:06.949
you, Brian.
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>> Responsible businesses have the right to
00:09:10.959 --> 00:09:15.590
up their fees from time to time, but how
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do you feel about a a national disruptor
00:09:19.680 --> 00:09:22.790
recordkeeper that, by the way, they wave
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the flag of low fees all the time.
00:09:24.560 --> 00:09:25.910
That's how they win a lot of this
00:09:25.920 --> 00:09:27.670
business is talking about how cheap they
00:09:27.680 --> 00:09:28.470
are.
00:09:28.480 --> 00:09:30.389
>> And then to add insult to injury, at
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least in my opinion,
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>> they recently bought this business, you
00:09:35.040 --> 00:09:36.870
know. So, so Gusto bought it from
00:09:36.880 --> 00:09:38.389
Guideline, half of the plans went over
00:09:38.399 --> 00:09:40.070
to the vest. Well, Gusto's got half of
00:09:40.080 --> 00:09:42.070
them. And so, you think when you buy
00:09:42.080 --> 00:09:44.550
something fairly recently, like throwing
00:09:44.560 --> 00:09:46.550
a price hike in there. Anyways, I'm I'm
00:09:46.560 --> 00:09:49.190
I'm uh I'm not moving the witness. What
00:09:49.200 --> 00:09:50.550
am I doing? Influencing witness.
00:09:50.560 --> 00:09:52.630
>> Leading the witness. Leading the
00:09:52.640 --> 00:09:53.430
witness. What? How do you
00:09:53.440 --> 00:09:55.509
>> I just call it talking too much.
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>> Yeah. Good call.
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>> How do you feel about a company like
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that raising their fee by 10 basis
00:10:01.120 --> 00:10:01.670
points?
00:10:01.680 --> 00:10:03.190
>> I mean, first thing is like from a
00:10:03.200 --> 00:10:06.230
communication point, it's like
00:10:06.240 --> 00:10:08.150
>> they talk about how it's calculated and
00:10:08.160 --> 00:10:09.590
they they're just saying we're about to
00:10:09.600 --> 00:10:11.269
raise it. There's no justification for
00:10:11.279 --> 00:10:13.269
raising it. I've always feel like if
00:10:13.279 --> 00:10:15.030
you're going to raise prices, you really
00:10:15.040 --> 00:10:17.269
need to justify it, you know, and say
00:10:17.279 --> 00:10:19.350
this is why and make few people
00:10:19.360 --> 00:10:21.269
understand
00:10:21.279 --> 00:10:23.750
>> the justification is guideline was doing
00:10:23.760 --> 00:10:25.030
such shitty business. They weren't
00:10:25.040 --> 00:10:26.949
profitable and they need to make profit.
00:10:26.959 --> 00:10:27.590
>> Right. Right.
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>> No, Brian, you're totally right. That's
00:10:28.959 --> 00:10:30.470
what the experts say, right? If you're
00:10:30.480 --> 00:10:32.790
going to deliver a fee hike, let the
00:10:32.800 --> 00:10:34.790
client know, hey, we've added this.
00:10:34.800 --> 00:10:36.310
We're doing this now. You're getting
00:10:36.320 --> 00:10:38.310
this. These are the all the upsides,
00:10:38.320 --> 00:10:41.030
right? as opposed to just uh Chad, how
00:10:41.040 --> 00:10:41.829
do you feel about
00:10:41.839 --> 00:10:44.230
>> and what one month is also crazy like
00:10:44.240 --> 00:10:45.509
>> that's what I was going to ask.
00:10:45.519 --> 00:10:47.910
>> That's a crazy timeline. You know, this
00:10:47.920 --> 00:10:49.190
should be, you know, it's got to be on
00:10:49.200 --> 00:10:51.190
your fee disclosures and stuff like so
00:10:51.200 --> 00:10:52.550
how are you going to roll this out? you
00:10:52.560 --> 00:10:53.350
know, a
00:10:53.360 --> 00:10:55.509
>> as a plan sponsor, do you now feel
00:10:55.519 --> 00:10:58.710
obligated to to take that 10 basis
00:10:58.720 --> 00:11:00.949
points and make it a build expense
00:11:00.959 --> 00:11:02.069
because you don't have a whole lot of
00:11:02.079 --> 00:11:04.069
time to notify these employees that
00:11:04.079 --> 00:11:05.670
they're going to have a rate increase
00:11:05.680 --> 00:11:06.790
because that's who's going to this is
00:11:06.800 --> 00:11:08.470
going to get hit by, right?
00:11:08.480 --> 00:11:10.470
>> Um, so I I think you might be seeing
00:11:10.480 --> 00:11:12.389
plan sponsors, if they were properly
00:11:12.399 --> 00:11:15.750
educated, say, "This is a fiduciary risk
00:11:15.760 --> 00:11:17.269
to me, jumping the cost with no
00:11:17.279 --> 00:11:19.350
additional service. I got to take on
00:11:19.360 --> 00:11:22.310
that 10 basis points as a as a build.
00:11:22.320 --> 00:11:24.470
Everyone knows I love to pick a debate
00:11:24.480 --> 00:11:27.829
with Chad, but I mean Chad, that's
00:11:27.839 --> 00:11:30.470
that's not going to happen. Like, no, no
00:11:30.480 --> 00:11:33.350
one's gonna do that. All these plans are
00:11:33.360 --> 00:11:35.670
just going to take their 10 bips and
00:11:35.680 --> 00:11:37.829
suck it up and not know anything about
00:11:37.839 --> 00:11:41.590
it and move forward. like it's a small a
00:11:41.600 --> 00:11:43.750
small enough number to them that they're
00:11:43.760 --> 00:11:45.509
like, "Yeah, it's not that big of a deal
00:11:45.519 --> 00:11:47.829
really." But if somebody explains the
00:11:47.839 --> 00:11:50.630
long-term impact of that or the other
00:11:50.640 --> 00:11:52.470
side of the coin, then yeah, like part
00:11:52.480 --> 00:11:54.150
Chad's saying, like the education part
00:11:54.160 --> 00:11:57.190
is is crucial there, especially if again
00:11:57.200 --> 00:11:59.269
for bigger plans maybe are are getting
00:11:59.279 --> 00:12:00.630
to the point maybe looking for
00:12:00.640 --> 00:12:03.430
alternatives. But I I was looking at
00:12:03.440 --> 00:12:04.470
that and I was just wondering because
00:12:04.480 --> 00:12:05.990
you you were saying it JD, but like the
00:12:06.000 --> 00:12:08.470
unsettled feeling of if I get a notice
00:12:08.480 --> 00:12:10.470
from somebody and they give me 30 days
00:12:10.480 --> 00:12:13.750
or whatever of that with no explanation,
00:12:13.760 --> 00:12:15.750
no, no anything, when's the next one
00:12:15.760 --> 00:12:17.509
coming? When's the next one coming? And
00:12:17.519 --> 00:12:19.670
is this going to be a revolving door?
00:12:19.680 --> 00:12:21.990
And it makes me think of like when when
00:12:22.000 --> 00:12:24.150
streaming first became a big thing, it
00:12:24.160 --> 00:12:24.790
was like
00:12:24.800 --> 00:12:27.430
>> Hulu is $12 a month and now it's like a
00:12:27.440 --> 00:12:29.110
hundred, right? So, we've fallen into
00:12:29.120 --> 00:12:31.110
this cycle of just dealing with it. But
00:12:31.120 --> 00:12:32.389
at least when Hulu tells me they're
00:12:32.399 --> 00:12:33.509
increasing my price, they're like,
00:12:33.519 --> 00:12:35.750
"Well, we added 72 channels." And you're
00:12:35.760 --> 00:12:38.470
like, "I don't want those." But okay,
00:12:38.480 --> 00:12:41.190
>> I tell you the ugly truth and Brian,
00:12:41.200 --> 00:12:44.870
tell me I'm wrong. You know, executives
00:12:44.880 --> 00:12:48.389
sat in a boardroom and they said, "Hey,
00:12:48.399 --> 00:12:51.350
if we raise this 10 basis points, how
00:12:51.360 --> 00:12:53.829
many of our clients across the country
00:12:53.839 --> 00:12:55.750
are going to leave?" someone
00:12:55.760 --> 00:12:57.110
counseledled them and said, "Hey, it's
00:12:57.120 --> 00:12:59.430
going to be a very small number. This is
00:12:59.440 --> 00:13:02.470
what it's going to be." And net net, you
00:13:02.480 --> 00:13:03.750
know, you're you're going to make 10
00:13:03.760 --> 00:13:05.350
million in new revenue. You're probably
00:13:05.360 --> 00:13:08.069
going to lose less than a million out
00:13:08.079 --> 00:13:10.710
the back door. So, in terms of running a
00:13:10.720 --> 00:13:13.190
business to make money, it's kind of a a
00:13:13.200 --> 00:13:15.110
no-brainer. So, all these things we're
00:13:15.120 --> 00:13:17.509
saying that are kind of evil or not
00:13:17.519 --> 00:13:20.389
prudent or not very fair, when you do
00:13:20.399 --> 00:13:23.350
the math about making money, it it just
00:13:23.360 --> 00:13:25.750
works for the business. But let's let's
00:13:25.760 --> 00:13:29.750
move on to I think the bigger discussion
00:13:29.760 --> 00:13:31.829
which is what Scott made and a lot of
00:13:31.839 --> 00:13:34.150
people chatting in his or commenting on
00:13:34.160 --> 00:13:36.310
his LinkedIn post. We're tackling this
00:13:36.320 --> 00:13:39.509
concept of shifting fees to the employer
00:13:39.519 --> 00:13:41.350
versus asset base. And I know we've
00:13:41.360 --> 00:13:43.829
talked about it on this show, you know,
00:13:43.839 --> 00:13:47.030
sporadically over the last 10 years, but
00:13:47.040 --> 00:13:49.990
uh Chad, the needle's not moved, right?
00:13:50.000 --> 00:13:52.550
Is that is that really happening anymore
00:13:52.560 --> 00:13:56.230
in current 2026 than it was 10 years
00:13:56.240 --> 00:13:57.030
ago?
00:13:57.040 --> 00:13:58.949
>> It is, but it's mostly in the startup
00:13:58.959 --> 00:14:00.310
space because of the credits that are
00:14:00.320 --> 00:14:02.310
available. A lot of startup plans will
00:14:02.320 --> 00:14:04.230
now take on more build expense than they
00:14:04.240 --> 00:14:07.030
ever did 10, 15 years ago because of
00:14:07.040 --> 00:14:10.069
that. But in the existing plan space,
00:14:10.079 --> 00:14:11.590
the number of clients that are willing
00:14:11.600 --> 00:14:14.069
to take an assetbased charge, let me let
00:14:14.079 --> 00:14:15.990
me make those two distinct points right
00:14:16.000 --> 00:14:18.230
there. take an asset charge and convert
00:14:18.240 --> 00:14:20.069
it to a build expense is different than
00:14:20.079 --> 00:14:22.150
having a flat build expense that the
00:14:22.160 --> 00:14:23.750
client is choosing to pay.
00:14:23.760 --> 00:14:26.949
>> But both less and less of that in in the
00:14:26.959 --> 00:14:29.430
existing plan space than than even what
00:14:29.440 --> 00:14:31.910
I did 15 years ago.
00:14:31.920 --> 00:14:34.470
>> Yeah. I I mean, Brian,
00:14:34.480 --> 00:14:36.150
where do you stand on that in that
00:14:36.160 --> 00:14:38.470
argument? Like I'm assuming you you like
00:14:38.480 --> 00:14:41.030
the idea of a build employer cost.
00:14:41.040 --> 00:14:42.389
>> Yeah. I mean, I think it's it's one of
00:14:42.399 --> 00:14:44.949
those things that if the the they decide
00:14:44.959 --> 00:14:47.590
to pay it, it's, you know, a way that
00:14:47.600 --> 00:14:49.269
you can advertise that how lucrative
00:14:49.279 --> 00:14:51.189
your your benefits are, like, hey, we
00:14:51.199 --> 00:14:52.870
take these cost off and then they can
00:14:52.880 --> 00:14:54.310
I'm sure you can write that off. Is that
00:14:54.320 --> 00:14:55.189
what you're saying, Chad? You could
00:14:55.199 --> 00:14:56.870
write those off as credits and you could
00:14:56.880 --> 00:14:59.829
write it off as a tax credit. Um, so I I
00:14:59.839 --> 00:15:01.750
think I mean as an expense, not a tax,
00:15:01.760 --> 00:15:03.910
as an expense. Um, and I think that's,
00:15:03.920 --> 00:15:05.829
you know, it's all part of how you sell
00:15:05.839 --> 00:15:07.430
I think it it could be a very big
00:15:07.440 --> 00:15:09.189
benefit of we take these costs on and
00:15:09.199 --> 00:15:11.030
we're not going to keep adding them in
00:15:11.040 --> 00:15:12.949
for the participant to to take.
00:15:12.959 --> 00:15:14.310
>> Well, there's I mean I'm sure everyone
00:15:14.320 --> 00:15:16.150
in the chat bar would agree like there's
00:15:16.160 --> 00:15:18.629
no better way to to prove you're acting
00:15:18.639 --> 00:15:21.030
in the best interest of the plan and its
00:15:21.040 --> 00:15:24.230
participants than shifting fees from the
00:15:24.240 --> 00:15:26.550
participants to the employer. I mean,
00:15:26.560 --> 00:15:27.910
that's going to make you look really
00:15:27.920 --> 00:15:30.230
good in a court of law. And if you never
00:15:30.240 --> 00:15:31.829
make it to a court of law, it's gonna
00:15:31.839 --> 00:15:33.030
make you look really good in that
00:15:33.040 --> 00:15:34.550
lunchroom standing in front of the
00:15:34.560 --> 00:15:35.750
employees letting them know that you're
00:15:35.760 --> 00:15:38.949
you're picking up that price. But again,
00:15:38.959 --> 00:15:41.829
less can we look in the mirror of our
00:15:41.839 --> 00:15:44.230
own industry right now and realize that
00:15:44.240 --> 00:15:46.790
even with Chad's example, and I love to
00:15:46.800 --> 00:15:49.829
hear that that startup plans, see that
00:15:49.839 --> 00:15:52.150
they're getting these credits. Although
00:15:52.160 --> 00:15:54.150
we heard from William Hackler that uh
00:15:54.160 --> 00:15:56.069
did I just refer to him as William?
00:15:56.079 --> 00:15:58.629
>> You did. You did. That's cuz you respect
00:15:58.639 --> 00:16:00.230
him.
00:16:00.240 --> 00:16:04.470
>> That uh that what is it? You know uh 96%
00:16:04.480 --> 00:16:07.189
of these plan sponsors there's 80% or I
00:16:07.199 --> 00:16:08.710
should know better. Sorry, Tony.
00:16:08.720 --> 00:16:12.629
>> It's 6% leverage it. 94% do not.
00:16:12.639 --> 00:16:15.509
>> Yeah, 94 are not doing this. So that
00:16:15.519 --> 00:16:19.110
plays that factors into this as well. Um
00:16:19.120 --> 00:16:20.870
yeah, I just think here we go. Two
00:16:20.880 --> 00:16:22.870
things. We'll move on. Both greed and
00:16:22.880 --> 00:16:26.150
greed. Um, uh, the the guideline and
00:16:26.160 --> 00:16:28.470
gusto want to be greedy by, you know,
00:16:28.480 --> 00:16:29.990
upping their fees and they've done the
00:16:30.000 --> 00:16:31.189
math and they know they won't lose
00:16:31.199 --> 00:16:34.470
clients. And sorry, plan sponsors. Plan
00:16:34.480 --> 00:16:36.069
sponsors want to be greedy because they
00:16:36.079 --> 00:16:38.230
don't want to fork out a check for
00:16:38.240 --> 00:16:40.710
benefits when some slick salesman tells
00:16:40.720 --> 00:16:42.310
them they don't have to and it's just
00:16:42.320 --> 00:16:43.590
built into the program.
00:16:43.600 --> 00:16:45.670
>> That's that's the biggest problem right
00:16:45.680 --> 00:16:47.030
there. And that was my comment on
00:16:47.040 --> 00:16:50.790
Scott's post was if if we get better as
00:16:50.800 --> 00:16:53.590
an industry of having this conversation
00:16:53.600 --> 00:16:55.670
of not being the slick sales guy that
00:16:55.680 --> 00:16:57.030
says, "Oh, you don't have to pay
00:16:57.040 --> 00:16:58.389
anything for this plan. Let me just
00:16:58.399 --> 00:17:00.470
shove you in an ashare or put a big
00:17:00.480 --> 00:17:02.550
wrapper around it." If we could get
00:17:02.560 --> 00:17:04.949
better at advising clients on the
00:17:04.959 --> 00:17:07.189
benefits of taking on a build expense,
00:17:07.199 --> 00:17:09.270
the reduced f fiduciary exposure that
00:17:09.280 --> 00:17:11.350
you you just put out there, JD, the
00:17:11.360 --> 00:17:12.710
independence it creates from the
00:17:12.720 --> 00:17:14.390
recordkeeping chassis and the
00:17:14.400 --> 00:17:15.829
investments when you go down a build
00:17:15.839 --> 00:17:18.069
expense route, the deductible aspect of
00:17:18.079 --> 00:17:20.230
it. If we could get better at simply
00:17:20.240 --> 00:17:22.949
communicating that, I believe far more
00:17:22.959 --> 00:17:24.470
plans would go down that path. The
00:17:24.480 --> 00:17:27.110
problem is too many advisers go path of
00:17:27.120 --> 00:17:29.350
least resistance. They're not willing to
00:17:29.360 --> 00:17:32.070
butt heads with a client and try to sell
00:17:32.080 --> 00:17:33.510
them what's right. They're just willing
00:17:33.520 --> 00:17:35.110
to go pack lease resistance and sell it
00:17:35.120 --> 00:17:36.150
and get out of there.
00:17:36.160 --> 00:17:38.870
>> I've been even getting uh some record
00:17:38.880 --> 00:17:40.710
keeper wholesalers saying, "Hey, you can
00:17:40.720 --> 00:17:42.710
even convert the the third party
00:17:42.720 --> 00:17:44.630
administrator fee, you know, and have it
00:17:44.640 --> 00:17:46.630
just build to the participants.
00:17:46.640 --> 00:17:47.990
>> It's happened
00:17:48.000 --> 00:17:49.590
>> a lot lately actually that I was like,
00:17:49.600 --> 00:17:51.270
what are you doing?" Like that does not
00:17:51.280 --> 00:17:53.110
that's not normal.
00:17:53.120 --> 00:17:55.669
Well, I love Tony's comment of, you
00:17:55.679 --> 00:17:57.990
know, 40 years we're saying, "Hey, if we
00:17:58.000 --> 00:18:00.150
can just get better at this, Chad, I
00:18:00.160 --> 00:18:02.470
mean, I feel like that's a Chad Nuggets
00:18:02.480 --> 00:18:05.669
moment of I mean, would you go so far as
00:18:05.679 --> 00:18:09.190
to say that advisors could be more
00:18:09.200 --> 00:18:12.150
successful with prospects if they would
00:18:12.160 --> 00:18:14.549
hone their skills on this concept and
00:18:14.559 --> 00:18:15.990
get in there and say, "Hey, you're being
00:18:16.000 --> 00:18:18.150
wronged. Like, why the fuck do you have
00:18:18.160 --> 00:18:19.830
these assetbased fees? Let's turn these
00:18:19.840 --> 00:18:22.390
into employer costs. It'll protect you
00:18:22.400 --> 00:18:24.230
as the employer and your fiduciary
00:18:24.240 --> 00:18:26.549
thing. It'll create a, you know, an
00:18:26.559 --> 00:18:28.630
expense that you can write off for your
00:18:28.640 --> 00:18:31.190
company. And um, and by the way, and we
00:18:31.200 --> 00:18:32.950
didn't say this, but all all you experts
00:18:32.960 --> 00:18:34.870
know this, in small plan world or
00:18:34.880 --> 00:18:36.710
medium-sized plan world, who's got the
00:18:36.720 --> 00:18:39.190
biggest account balances? The fucking
00:18:39.200 --> 00:18:40.870
owners do. And so the owners are the
00:18:40.880 --> 00:18:43.190
ones getting sucked. You know, they
00:18:43.200 --> 00:18:44.470
they're the ones with the millions of
00:18:44.480 --> 00:18:45.990
dollars that have these larger asset
00:18:46.000 --> 00:18:46.390
fees on.
00:18:46.400 --> 00:18:49.110
>> Yes. Jenny, how does that feel?
00:18:49.120 --> 00:18:51.430
We have we have what's our what's our
00:18:51.440 --> 00:18:53.270
rat feed chat? It's just our advisor
00:18:53.280 --> 00:18:54.870
comp basically. I think
00:18:54.880 --> 00:18:56.070
>> 10 dips. Yeah.
00:18:56.080 --> 00:18:58.070
>> Well, and and in that world too that we
00:18:58.080 --> 00:18:59.990
operate in a lot of the times, record
00:19:00.000 --> 00:19:01.830
keepers have realized this and most of
00:19:01.840 --> 00:19:04.549
them do have a build expense. So, they
00:19:04.559 --> 00:19:07.270
they've recognized that as well.
00:19:07.280 --> 00:19:08.630
>> Um, I want to be really clear for
00:19:08.640 --> 00:19:11.190
everyone. I was actually looking at our
00:19:11.200 --> 00:19:13.909
401k plan the other day because I had to
00:19:13.919 --> 00:19:15.750
I had to do this little distribution
00:19:15.760 --> 00:19:19.029
thing since Hurry left and um you know
00:19:19.039 --> 00:19:20.710
who's got the biggest 41k account
00:19:20.720 --> 00:19:22.630
balance on retire
00:19:22.640 --> 00:19:23.830
>> Chad
00:19:23.840 --> 00:19:25.430
>> Brandon.
00:19:25.440 --> 00:19:30.390
I believe it immediately.
00:19:30.400 --> 00:19:32.950
>> I started when I was like 22 and I just
00:19:32.960 --> 00:19:35.270
>> What a great example.
00:19:35.280 --> 00:19:36.789
>> Seem to be Tristan.
00:19:36.799 --> 00:19:39.510
>> What a great example. Uh, let's spin the
00:19:39.520 --> 00:19:40.150
wheel of ice.
00:19:40.160 --> 00:19:42.230
>> Oh, let me let me make a comment. You
00:19:42.240 --> 00:19:44.310
asked me a question in Google, which
00:19:44.320 --> 00:19:46.070
>> he didn't ask you a question, Chad.
00:19:46.080 --> 00:19:48.549
>> You did. You asked would would advisers
00:19:48.559 --> 00:19:50.230
position themselves better and win more
00:19:50.240 --> 00:19:52.549
business. What I would say, I don't
00:19:52.559 --> 00:19:54.230
think that that having that conversation
00:19:54.240 --> 00:19:56.230
is going to win you a takeover plan, per
00:19:56.240 --> 00:19:59.029
se, unless you intelligently go in and
00:19:59.039 --> 00:20:01.430
say, "Right now, you're at 20 basis
00:20:01.440 --> 00:20:03.990
points. I would rather go build expense
00:20:04.000 --> 00:20:06.310
and flat bill, and here's why you're
00:20:06.320 --> 00:20:08.789
growing at $1.2 $.2 million a year.
00:20:08.799 --> 00:20:11.669
Let's go ahead and lock in that cost
00:20:11.679 --> 00:20:13.909
horizon for you instead of letting that
00:20:13.919 --> 00:20:16.070
bill grow every single year as having
00:20:16.080 --> 00:20:18.230
this be a percentage of assets. And
00:20:18.240 --> 00:20:20.470
there are a number of record keepers now
00:20:20.480 --> 00:20:22.549
that are comfortable going to a flat
00:20:22.559 --> 00:20:24.710
build expense. It's not like it was 10,
00:20:24.720 --> 00:20:26.710
15 years ago where it was really hard to
00:20:26.720 --> 00:20:27.350
find.
00:20:27.360 --> 00:20:28.870
>> So an advisor does that, they will
00:20:28.880 --> 00:20:30.710
differentiate. kind of in the spirit
00:20:30.720 --> 00:20:32.070
what we were talking about earlier when
00:20:32.080 --> 00:20:34.470
you're capping it like that. How often
00:20:34.480 --> 00:20:36.230
do you see record keepers raise their
00:20:36.240 --> 00:20:39.029
their flat billable, you know, as a plan
00:20:39.039 --> 00:20:40.470
grows, participants, stuff like that?
00:20:40.480 --> 00:20:42.390
I've never looked into it myself.
00:20:42.400 --> 00:20:43.990
>> It depends on who you're looking at. You
00:20:44.000 --> 00:20:45.110
know, if you're going with one of the
00:20:45.120 --> 00:20:47.510
modern chassis that are just a base and
00:20:47.520 --> 00:20:49.350
per participant, they they haven't
00:20:49.360 --> 00:20:50.470
raised,
00:20:50.480 --> 00:20:51.830
>> but if you're going with something
00:20:51.840 --> 00:20:54.310
that's looking, for example, you see it
00:20:54.320 --> 00:20:56.870
in the insurance space. Hey, we're a
00:20:56.880 --> 00:21:00.070
we're a $7,200 flat base a year, but you
00:21:00.080 --> 00:21:02.549
got to use our fixed account or stable
00:21:02.559 --> 00:21:04.310
value and these target. Now, if you make
00:21:04.320 --> 00:21:05.990
a change in the investments, it affects
00:21:06.000 --> 00:21:08.149
that bill. But I haven't seen them come
00:21:08.159 --> 00:21:10.149
back and adjust that flat bill structure
00:21:10.159 --> 00:21:11.270
in any of the groups we've been working
00:21:11.280 --> 00:21:13.830
with. I just think Chad to to piggyback
00:21:13.840 --> 00:21:15.110
on what you said and I'm going to even
00:21:15.120 --> 00:21:17.990
go in the like mid to large market when
00:21:18.000 --> 00:21:20.870
you're in a competitive situation and
00:21:20.880 --> 00:21:22.630
let's say like three others are
00:21:22.640 --> 00:21:25.110
presenting and you know damn well that
00:21:25.120 --> 00:21:27.110
the odds are that those three others are
00:21:27.120 --> 00:21:29.110
probably just going to go assetbased
00:21:29.120 --> 00:21:31.350
because that's what the industry does.
00:21:31.360 --> 00:21:34.870
>> Why not take a chance at at being the
00:21:34.880 --> 00:21:37.029
one that's different that says, "Hey, I
00:21:37.039 --> 00:21:38.549
have a different concept." And if you
00:21:38.559 --> 00:21:40.710
want to protect yourself, even do it as
00:21:40.720 --> 00:21:42.870
a, hey, it's your choice as a plan
00:21:42.880 --> 00:21:44.950
sponsor. I just like to advocate for
00:21:44.960 --> 00:21:46.630
this because I think it's a great way to
00:21:46.640 --> 00:21:48.789
go. That would make you look really good
00:21:48.799 --> 00:21:50.950
in front of people that you're trying to
00:21:50.960 --> 00:21:53.029
win their trust, you know, and that they
00:21:53.039 --> 00:21:54.149
want to make a decision that they're
00:21:54.159 --> 00:21:55.990
comfortable with. That says would say a
00:21:56.000 --> 00:21:58.149
lot about your personality
00:21:58.159 --> 00:22:00.230
>> if you learn how to present that
00:22:00.240 --> 00:22:02.549
properly. So, I think that's a not to be
00:22:02.559 --> 00:22:04.390
all serious, but I think that's a great
00:22:04.400 --> 00:22:08.870
way to go.
00:22:08.880 --> 00:22:10.710
The wheel of ice.
00:22:10.720 --> 00:22:12.470
>> Don't worry, Brian. You're totally safe.
00:22:12.480 --> 00:22:14.549
>> It's going to be all tonight. It's going
00:22:14.559 --> 00:22:16.230
to be all.
00:22:16.240 --> 00:22:17.110
>> Yep.
00:22:17.120 --> 00:22:18.789
>> Told you.
00:22:18.799 --> 00:22:20.549
>> It's Brian's got to sit and talk by
00:22:20.559 --> 00:22:21.190
himself.
00:22:21.200 --> 00:22:23.029
>> You guys ever have a problem opening
00:22:23.039 --> 00:22:23.990
these things?
00:22:24.000 --> 00:22:24.470
>> No.
00:22:24.480 --> 00:22:25.750
>> We're not pussies.
00:22:25.760 --> 00:22:27.590
>> Call it arthritis.
00:22:27.600 --> 00:22:30.549
>> Um, Joseph, why don't you ever wait? He
00:22:30.559 --> 00:22:32.470
>> He never Because he knows how slow he
00:22:32.480 --> 00:22:33.909
is. He tries to do it so he can look
00:22:33.919 --> 00:22:35.669
quick. supposed to be fun that we all do
00:22:35.679 --> 00:22:37.350
at the same time. All right.
00:22:37.360 --> 00:22:39.110
>> Oh, now JD is going too.
00:22:39.120 --> 00:22:41.350
>> Yeah.
00:22:41.360 --> 00:22:45.990
>> Smear it off.
00:22:46.000 --> 00:22:46.470
>> Uhoh.
00:22:46.480 --> 00:22:48.390
>> Remember when uh Justin drank two at
00:22:48.400 --> 00:22:50.230
once?
00:22:50.240 --> 00:22:51.190
>> Yeah.
00:22:51.200 --> 00:22:54.710
>> Oh, wait. I got it. Hold on.
00:22:54.720 --> 00:22:56.870
>> Do you really?
00:22:56.880 --> 00:23:00.390
>> You've had this waiting for a while.
00:23:00.400 --> 00:23:01.590
>> Unfortunate time.
00:23:01.600 --> 00:23:03.430
>> Justin, you're wearing the same shirt.
00:23:03.440 --> 00:23:06.310
Yes. You have something prepared?
00:23:06.320 --> 00:23:09.190
>> I do, but figure it out yourself, man.
00:23:09.200 --> 00:23:10.789
>> I don't remember. I must have been
00:23:10.799 --> 00:23:11.590
drunk.
00:23:11.600 --> 00:23:17.830
>> Oh my god.
00:23:17.840 --> 00:23:19.110
>> No. That's impressive.
00:23:19.120 --> 00:23:20.789
>> We had
00:23:20.799 --> 00:23:21.750
Jesus.
00:23:21.760 --> 00:23:23.270
>> You know how I know you have a drinking
00:23:23.280 --> 00:23:23.750
problem?
00:23:23.760 --> 00:23:24.950
>> Who needed to see that?
00:23:24.960 --> 00:23:28.390
>> I'm on this show.
00:23:28.400 --> 00:23:29.430
>> Don't we have a drinking problem?
00:23:29.440 --> 00:23:31.909
>> Jesus, it's taking forever.
00:23:31.919 --> 00:23:32.789
Uh,
00:23:32.799 --> 00:23:33.590
>> that's impressive.
00:23:33.600 --> 00:23:34.789
>> Good. Yeah.
00:23:34.799 --> 00:23:38.070
>> Diabetes in a bottle.
00:23:38.080 --> 00:23:40.950
Um, okay. Let's talk about plan notices
00:23:40.960 --> 00:23:43.270
since we got a plan notice guy here. Um,
00:23:43.280 --> 00:23:45.590
I'm going to give you a true story about
00:23:45.600 --> 00:23:48.710
myself and my father. Uh, Brian, my my
00:23:48.720 --> 00:23:50.870
father, Brandon and I's father, uh,
00:23:50.880 --> 00:23:52.870
founded our third party administration
00:23:52.880 --> 00:23:55.350
company in 1975.
00:23:55.360 --> 00:23:58.789
And I was in an argument with him like
00:23:58.799 --> 00:24:01.110
20 plus years ago.
00:24:01.120 --> 00:24:03.510
And uh we were using a technology at the
00:24:03.520 --> 00:24:08.710
time to send out safe harbor notices
00:24:08.720 --> 00:24:10.630
um via email.
00:24:10.640 --> 00:24:13.190
>> And what my dad had done in the 70s,
00:24:13.200 --> 00:24:17.430
80s, 90s was send it via US Postal
00:24:17.440 --> 00:24:20.230
Service, right? And basically think for
00:24:20.240 --> 00:24:22.070
everyone out there, think like if I'm
00:24:22.080 --> 00:24:24.470
emailing you one, what did I do?
00:24:24.480 --> 00:24:29.110
>> United States Postal Service. Okay. Uh,
00:24:29.120 --> 00:24:30.390
>> I thought you actually said it.
00:24:30.400 --> 00:24:31.430
>> I thought I did, too.
00:24:31.440 --> 00:24:32.549
>> He said it.
00:24:32.559 --> 00:24:34.950
>> He said, "No, don't try to suck me into
00:24:34.960 --> 00:24:35.430
this."
00:24:35.440 --> 00:24:36.470
>> You're right, Mark.
00:24:36.480 --> 00:24:37.029
>> Okay.
00:24:37.039 --> 00:24:37.909
>> Yeah.
00:24:37.919 --> 00:24:40.710
>> Um, and um Okay, back to the story.
00:24:40.720 --> 00:24:43.590
>> Oh, he said the United States. Okay.
00:24:43.600 --> 00:24:47.350
>> Okay. And we um we could track the
00:24:47.360 --> 00:24:49.510
emails and this gonna when we talk about
00:24:49.520 --> 00:24:51.830
plan notice tonight the company this
00:24:51.840 --> 00:24:52.950
will make a lot of sense for everyone
00:24:52.960 --> 00:24:54.630
but we could track these emails to see
00:24:54.640 --> 00:24:57.190
whether they were clicked on opened and
00:24:57.200 --> 00:24:58.549
looked at.
00:24:58.559 --> 00:25:01.029
>> And hold on timeout ruling from the the
00:25:01.039 --> 00:25:03.909
rest electronic mail is is he allowed to
00:25:03.919 --> 00:25:05.029
say the letter?
00:25:05.039 --> 00:25:05.510
>> Oh no.
00:25:05.520 --> 00:25:06.310
>> Yeah, it's fine.
00:25:06.320 --> 00:25:07.669
>> Yeah, it's a word.
00:25:07.679 --> 00:25:08.070
>> Yeah,
00:25:08.080 --> 00:25:08.870
>> it's a word.
00:25:08.880 --> 00:25:14.230
>> Okay. Um, and we had a horrendous open
00:25:14.240 --> 00:25:17.269
rate, Brian. I mean, I can't remember
00:25:17.279 --> 00:25:19.510
exactly, but I want to say it was south
00:25:19.520 --> 00:25:21.430
of 30%.
00:25:21.440 --> 00:25:23.430
And my father,
00:25:23.440 --> 00:25:25.110
>> who was a lifelong third party
00:25:25.120 --> 00:25:29.110
administrator, micromanager, type A,
00:25:29.120 --> 00:25:31.269
that's fine.
00:25:31.279 --> 00:25:35.269
>> Person, um, was shocked by this. I mean,
00:25:35.279 --> 00:25:36.549
he literally pulled me in the conference
00:25:36.559 --> 00:25:38.789
room and was like, "Hey, young Turk, we
00:25:38.799 --> 00:25:41.029
can't fucking do this. Like, this is
00:25:41.039 --> 00:25:43.909
this is out of hand." And I said to my
00:25:43.919 --> 00:25:47.190
old man, I said, "Okay, let me ask you,
00:25:47.200 --> 00:25:49.990
how many of the letters that you've been
00:25:50.000 --> 00:25:51.990
sending out for the past 20 years, you
00:25:52.000 --> 00:25:54.310
gay-haired old motherfucker, do you
00:25:54.320 --> 00:25:57.110
think were opened and then placed on
00:25:57.120 --> 00:25:58.950
those? You remember those little little
00:25:58.960 --> 00:26:01.190
containers you'd put your your hard copy
00:26:01.200 --> 00:26:02.950
mail in and you'd sit them there on the
00:26:02.960 --> 00:26:05.029
corner of your desk?" And how many you
00:26:05.039 --> 00:26:07.190
think just sat there and never got
00:26:07.200 --> 00:26:09.350
distributed to participants? Cuz I would
00:26:09.360 --> 00:26:11.110
venture to guess it's pretty similar to
00:26:11.120 --> 00:26:13.510
my fucking emails that weren't opened.
00:26:13.520 --> 00:26:16.470
Why do I bring this story up, Brian?
00:26:16.480 --> 00:26:19.750
This probably happens with 404 A5. This
00:26:19.760 --> 00:26:21.669
happens with safe harbor notices. I'm
00:26:21.679 --> 00:26:24.710
sure it happens with auto enrollment and
00:26:24.720 --> 00:26:26.390
qualified default investment alternative
00:26:26.400 --> 00:26:29.190
notices. Like there's a problem with
00:26:29.200 --> 00:26:31.430
notices being delivered all across the
00:26:31.440 --> 00:26:32.789
country, right?
00:26:32.799 --> 00:26:35.269
>> Yep. Definitely. Um yeah, so you have
00:26:35.279 --> 00:26:37.190
the you have the do uh Department of
00:26:37.200 --> 00:26:40.390
Labor's uh delivery
00:26:40.400 --> 00:26:43.029
>> the electronic delivery standard um
00:26:43.039 --> 00:26:45.110
which which is a is a valid method. But
00:26:45.120 --> 00:26:46.710
we you know we started off working with
00:26:46.720 --> 00:26:49.269
a lot of 316s who really really wanted
00:26:49.279 --> 00:26:51.029
to make sure those notices were
00:26:51.039 --> 00:26:53.190
delivered. And so we developed a method
00:26:53.200 --> 00:26:56.230
where we send out the email um and like
00:26:56.240 --> 00:26:57.510
you said you could track to see if it
00:26:57.520 --> 00:26:59.110
was open if they actually got it or not.
00:26:59.120 --> 00:27:01.110
If they don't, you send a reminder. And
00:27:01.120 --> 00:27:02.870
then if not, then we move to multiple
00:27:02.880 --> 00:27:04.950
other channels. We we send by text
00:27:04.960 --> 00:27:07.190
message, track that if they open that.
00:27:07.200 --> 00:27:08.549
And if they still don't open the text
00:27:08.559 --> 00:27:10.230
message, then you go and you get the
00:27:10.240 --> 00:27:12.230
first class mail. And that's what you're
00:27:12.240 --> 00:27:13.830
doing method.
00:27:13.840 --> 00:27:15.430
>> I mean, I'm going to save the plan
00:27:15.440 --> 00:27:17.590
notice pitch for a little bit later. I
00:27:17.600 --> 00:27:18.789
just want to talk about the general
00:27:18.799 --> 00:27:19.909
concept here. Yeah.
00:27:19.919 --> 00:27:21.269
>> But I would imagine what you're doing,
00:27:21.279 --> 00:27:22.549
too, is you're sending to each
00:27:22.559 --> 00:27:24.630
individual participant. We're talking
00:27:24.640 --> 00:27:26.710
emails right now, and we can get into
00:27:26.720 --> 00:27:29.190
this. Um, but let me before we get
00:27:29.200 --> 00:27:30.950
there, let me pivot a little bit and go
00:27:30.960 --> 00:27:34.710
to you, Chad. Is it still true that many
00:27:34.720 --> 00:27:37.750
of these record keepers create the 404
00:27:37.760 --> 00:27:41.430
A5 fee disclosures for participants and
00:27:41.440 --> 00:27:44.390
that it's the plan sponsor's job to go
00:27:44.400 --> 00:27:47.269
find that on this on the site and then
00:27:47.279 --> 00:27:49.350
deliver it to the participants? And how
00:27:49.360 --> 00:27:50.950
often you think that's happening the way
00:27:50.960 --> 00:27:52.070
that
00:27:52.080 --> 00:27:54.549
>> to to to tell you how bad it is, there's
00:27:54.559 --> 00:27:56.149
a number of them that don't actually
00:27:56.159 --> 00:27:58.549
create the 404 A5. They give a template
00:27:58.559 --> 00:28:00.950
that then the client has to complete,
00:28:00.960 --> 00:28:03.590
has to put in their own data points,
00:28:03.600 --> 00:28:06.389
>> then save it as a PDF, then provide it
00:28:06.399 --> 00:28:08.470
to participants
00:28:08.480 --> 00:28:10.389
>> becoming fewer and fewer. But
00:28:10.399 --> 00:28:12.710
>> am I being a chicken little here or is
00:28:12.720 --> 00:28:15.269
this are we all in agreeance that this
00:28:15.279 --> 00:28:17.750
is a shit show all across the country?
00:28:17.760 --> 00:28:20.310
like participants are not getting the
00:28:20.320 --> 00:28:21.830
notices that they're supposed to be
00:28:21.840 --> 00:28:22.950
getting. I would say
00:28:22.960 --> 00:28:25.269
>> type of document, Chad, the threeletter
00:28:25.279 --> 00:28:26.470
type of document,
00:28:26.480 --> 00:28:29.029
>> Adobe Acrobat.
00:28:29.039 --> 00:28:31.510
>> So, so the other the other the other
00:28:31.520 --> 00:28:34.310
real problem is that even if the record
00:28:34.320 --> 00:28:36.470
keeper or whoever's making the notice
00:28:36.480 --> 00:28:38.470
sent it to the plan sponsor, often the
00:28:38.480 --> 00:28:40.549
plan sponsor we're seeing is just
00:28:40.559 --> 00:28:42.389
hitting four at all and they're sending
00:28:42.399 --> 00:28:43.909
it to their employees. And I'm like,
00:28:43.919 --> 00:28:45.430
what if it's terminated? And they're
00:28:45.440 --> 00:28:47.190
like, oh yeah. And so like they don't
00:28:47.200 --> 00:28:49.110
even they're they're you know even if
00:28:49.120 --> 00:28:52.070
you get the act of get it you're missing
00:28:52.080 --> 00:28:54.149
a whole group of people. So it's there's
00:28:54.159 --> 00:28:56.149
a lot of layers of not getting noticed.
00:28:56.159 --> 00:28:57.830
>> Well uh let's well let's get to the
00:28:57.840 --> 00:28:59.750
terminated ones but let's also talk
00:28:59.760 --> 00:29:03.909
about like electronic versus hard copy.
00:29:03.919 --> 00:29:07.669
I I think a lot of people forget that
00:29:07.679 --> 00:29:09.430
because we're in such a modern world
00:29:09.440 --> 00:29:12.389
where we're so comfortable with email
00:29:12.399 --> 00:29:15.830
that that we forget that you can't just
00:29:15.840 --> 00:29:19.909
by default send email to everyone for
00:29:19.919 --> 00:29:22.549
these types of notices. It it's still
00:29:22.559 --> 00:29:24.310
true, right? that they need to have like
00:29:24.320 --> 00:29:26.230
a working email that's part of their
00:29:26.240 --> 00:29:28.630
daytoday unless they've filled out some
00:29:28.640 --> 00:29:31.350
consent that says hey I don't so now go
00:29:31.360 --> 00:29:34.710
ahead and send it to you know sexy69
00:29:34.720 --> 00:29:37.750
atgmail I'll take them there
00:29:37.760 --> 00:29:39.909
but otherwise you know and I don't want
00:29:39.919 --> 00:29:40.470
to pick on
00:29:40.480 --> 00:29:43.669
>> how do you know my email address
00:29:43.679 --> 00:29:46.950
that's where we send your paychecks
00:29:46.960 --> 00:29:48.630
>> what paycheck
00:29:48.640 --> 00:29:48.870
>> um
00:29:48.880 --> 00:29:49.830
>> I don't open them
00:29:49.840 --> 00:29:51.669
>> no but Brian this this probably is
00:29:51.679 --> 00:29:54.149
misunderstood Not just by plan sponsors,
00:29:54.159 --> 00:29:55.990
but even by financial advisors, I'd
00:29:56.000 --> 00:29:57.190
imagine.
00:29:57.200 --> 00:30:00.070
>> Yeah. And it's definitely we're seeing
00:30:00.080 --> 00:30:02.549
across age groups, right? So the younger
00:30:02.559 --> 00:30:05.669
generation does not use email at all.
00:30:05.679 --> 00:30:06.710
>> They want a text message.
00:30:06.720 --> 00:30:07.510
>> Fucking point.
00:30:07.520 --> 00:30:09.430
>> And you have the middle group that uses
00:30:09.440 --> 00:30:11.190
will look at email and then the old
00:30:11.200 --> 00:30:13.110
older crowd just wants paper. So it's
00:30:13.120 --> 00:30:14.789
also broken up by age group, which is
00:30:14.799 --> 00:30:15.350
another
00:30:15.360 --> 00:30:16.389
>> What is the preference?
00:30:16.399 --> 00:30:18.710
>> What is the Department of Labor's stance
00:30:18.720 --> 00:30:21.029
on sending a safe harbor notice via
00:30:21.039 --> 00:30:23.029
Snapchat? Is that a proof?
00:30:23.039 --> 00:30:24.870
>> Right. Right. It's not. Well, you know
00:30:24.880 --> 00:30:26.389
what's interesting? In the missing in
00:30:26.399 --> 00:30:30.230
the uh the 2021 guidelines, they did say
00:30:30.240 --> 00:30:31.830
for the missing participants best
00:30:31.840 --> 00:30:33.909
practices if you could find social
00:30:33.919 --> 00:30:36.710
media. It just says social media, which
00:30:36.720 --> 00:30:39.830
is very nebulous and very hard to find.
00:30:39.840 --> 00:30:42.389
Um but it is in there. They do talk
00:30:42.399 --> 00:30:43.110
about that.
00:30:43.120 --> 00:30:44.870
>> Well, I mean, I would think, yeah, for
00:30:44.880 --> 00:30:46.470
older people, you could you could send
00:30:46.480 --> 00:30:48.230
them a message on Facebook or something.
00:30:48.240 --> 00:30:49.430
I'm saying
00:30:49.440 --> 00:30:51.269
>> Okay, so let's go there. Let's go to the
00:30:51.279 --> 00:30:52.950
missing participant one because I
00:30:52.960 --> 00:30:56.149
definitely think this is like I I always
00:30:56.159 --> 00:30:57.830
apologize for this analogy, but I
00:30:57.840 --> 00:30:59.830
continue to use it. U this is like the
00:30:59.840 --> 00:31:02.789
red-headed stepchild of this type of
00:31:02.799 --> 00:31:05.669
stuff where like no one wants to pay
00:31:05.679 --> 00:31:07.909
attention to this. Like you get these
00:31:07.919 --> 00:31:10.149
terminated participants, they've got a
00:31:10.159 --> 00:31:12.549
balance. It's it's small or it's not
00:31:12.559 --> 00:31:14.149
small. Let's say it's north of seven
00:31:14.159 --> 00:31:17.510
grand. They run off and you just aren't
00:31:17.520 --> 00:31:19.909
keeping up on what address they're at.
00:31:19.919 --> 00:31:21.909
People are moving everywhere these days.
00:31:21.919 --> 00:31:23.510
They're so mobile.
00:31:23.520 --> 00:31:25.990
>> Um, potentially this participants forgot
00:31:26.000 --> 00:31:28.230
about it. Maybe they haven't, but what
00:31:28.240 --> 00:31:30.389
plan sponsors don't realize, and I'm
00:31:30.399 --> 00:31:32.230
pretty sure that, no offense, financial
00:31:32.240 --> 00:31:34.470
advisors, I'm not sure you all remind
00:31:34.480 --> 00:31:36.230
them of this at your fiduciary review
00:31:36.240 --> 00:31:37.830
meetings as much as you want to, and I
00:31:37.840 --> 00:31:39.909
get it because it's messy. You don't
00:31:39.919 --> 00:31:41.509
want to you don't want to step in this
00:31:41.519 --> 00:31:43.750
this area. But if you were to ask plan
00:31:43.760 --> 00:31:46.070
sponsors, you you kind of hinted at this
00:31:46.080 --> 00:31:48.230
earlier, Brian,
00:31:48.240 --> 00:31:49.909
>> are these terminated participants with
00:31:49.919 --> 00:31:52.230
account bounce participants, they would
00:31:52.240 --> 00:31:54.230
be like, well, no, they left us eight
00:31:54.240 --> 00:31:56.710
years ago, but and then let alone the
00:31:56.720 --> 00:31:58.389
ones that are missing that you don't
00:31:58.399 --> 00:32:00.149
this is a huge problem that I don't
00:32:00.159 --> 00:32:03.269
think people even pay attention to,
00:32:03.279 --> 00:32:05.590
>> right? And the funny thing is um well,
00:32:05.600 --> 00:32:07.110
one I always say, nobody calls their ex-
00:32:07.120 --> 00:32:08.389
employer and tells them they moved,
00:32:08.399 --> 00:32:10.230
right? So, nobody updates their that
00:32:10.240 --> 00:32:10.630
information.
00:32:10.640 --> 00:32:12.549
>> Why would you do that? But like you know
00:32:12.559 --> 00:32:15.830
this is this is a focus for uh the
00:32:15.840 --> 00:32:17.909
audits you know the do audits they they
00:32:17.919 --> 00:32:19.909
really uh I said do department of labor
00:32:19.919 --> 00:32:23.430
audits they do uh they do focus on
00:32:23.440 --> 00:32:24.230
>> just one
00:32:24.240 --> 00:32:25.990
>> terminated you know that is a big thing
00:32:26.000 --> 00:32:28.070
that they're you know they want to make
00:32:28.080 --> 00:32:30.789
sure that um they're being treat treated
00:32:30.799 --> 00:32:32.230
equally and treated the same way and
00:32:32.240 --> 00:32:34.549
like yeah it's a huge huge problem and
00:32:34.559 --> 00:32:36.070
it's you know there there's a lot of
00:32:36.080 --> 00:32:39.509
faults to you know across the board is
00:32:39.519 --> 00:32:41.190
you know record keepers make it hard to
00:32:41.200 --> 00:32:43.590
get your money out and and so if you if
00:32:43.600 --> 00:32:46.389
it doesn't roll out um uh and there's
00:32:46.399 --> 00:32:48.070
just not good information for people of
00:32:48.080 --> 00:32:50.149
how to what to do after you've left a
00:32:50.159 --> 00:32:52.549
company um and how to take ownership of
00:32:52.559 --> 00:32:54.389
that and so yeah it's really important
00:32:54.399 --> 00:32:56.389
to find those people and and get them
00:32:56.399 --> 00:32:58.549
the information they need you know
00:32:58.559 --> 00:33:00.789
>> um so you need to take a sip of your
00:33:00.799 --> 00:33:03.029
scotch for your penalty
00:33:03.039 --> 00:33:07.029
>> so hold on Chad's questioning my uh
00:33:07.039 --> 00:33:09.430
>> does Brian have two penalties or one
00:33:09.440 --> 00:33:11.430
>> he said the acronym, but then he said,
00:33:11.440 --> 00:33:13.029
"Oh, I said Department of Labor." I
00:33:13.039 --> 00:33:13.350
thought
00:33:13.360 --> 00:33:14.950
>> he didn't say Department of Labor the
00:33:14.960 --> 00:33:17.029
second time, though. He said it again.
00:33:17.039 --> 00:33:19.269
>> Yeah, that's a classic double.
00:33:19.279 --> 00:33:21.190
>> Classic double. So, let the record Let
00:33:21.200 --> 00:33:23.110
the record show that he's got two.
00:33:23.120 --> 00:33:26.950
>> Um, we we used to do notthetical. Well,
00:33:26.960 --> 00:33:28.710
we started that again tonight. I feel
00:33:28.720 --> 00:33:31.029
like I'll say it. If an adviser steps
00:33:31.039 --> 00:33:34.230
into a finals and talks about the
00:33:34.240 --> 00:33:36.470
separation process for participants and
00:33:36.480 --> 00:33:37.909
the need to continue to send them
00:33:37.919 --> 00:33:40.310
notices and how we can build a process
00:33:40.320 --> 00:33:41.750
around helping them get their balance
00:33:41.760 --> 00:33:43.590
out of the plan to stop this liability
00:33:43.600 --> 00:33:46.230
to the the plan sponsor,
00:33:46.240 --> 00:33:48.389
>> again a differentiator that advisers
00:33:48.399 --> 00:33:50.549
could look at and say this will set me
00:33:50.559 --> 00:33:52.789
aside from somebody else in that room. I
00:33:52.799 --> 00:33:55.909
feel like there's a theme here of the
00:33:55.919 --> 00:33:59.909
nonsexy topics could be your way to win
00:33:59.919 --> 00:34:01.750
new business because everyone else
00:34:01.760 --> 00:34:04.789
avoids them. And if you tackle them head
00:34:04.799 --> 00:34:06.789
on, you're going to look like a real pro
00:34:06.799 --> 00:34:08.310
in front of these people. And I'd
00:34:08.320 --> 00:34:10.710
imagine this conversation, as ugly as it
00:34:10.720 --> 00:34:12.790
sounds, of termed participants with a
00:34:12.800 --> 00:34:15.909
balance, even missing participants, it's
00:34:15.919 --> 00:34:18.470
kind of music to a human resources ears.
00:34:18.480 --> 00:34:19.990
like they want to know that they're
00:34:20.000 --> 00:34:21.909
hiring someone who's on top of this shit
00:34:21.919 --> 00:34:23.829
and understands it and can guide them in
00:34:23.839 --> 00:34:26.389
the right direction. So, I I think uh
00:34:26.399 --> 00:34:30.470
#notyoutypical advisor is is a great uh
00:34:30.480 --> 00:34:32.149
theme, Chad, that that we're going with
00:34:32.159 --> 00:34:34.869
right now. Um what fuck there was Oh,
00:34:34.879 --> 00:34:36.069
this is where I want to go, Brian, to
00:34:36.079 --> 00:34:38.950
wrap this up. Um,
00:34:38.960 --> 00:34:41.589
does it does the Employee Benefit and
00:34:41.599 --> 00:34:43.829
Security Administration, you know, the
00:34:43.839 --> 00:34:46.710
the arm of the Department of Labor,
00:34:46.720 --> 00:34:49.030
>> do they actually come down on these
00:34:49.040 --> 00:34:51.430
people? Are they disqualifying their
00:34:51.440 --> 00:34:55.190
plans? Are they billing them $2,000 a
00:34:55.200 --> 00:34:56.869
day because they didn't send out their
00:34:56.879 --> 00:34:59.750
safe harbor notice? Like, is this really
00:34:59.760 --> 00:35:02.630
or is this all fear-mongering?
00:35:02.640 --> 00:35:05.990
I mean, we've heard we've heard of um
00:35:06.000 --> 00:35:08.950
larger companies going under larger
00:35:08.960 --> 00:35:11.990
audits and this was ter not properly
00:35:12.000 --> 00:35:14.230
notifying terminated participants. What
00:35:14.240 --> 00:35:17.910
did cause that the one I saw uh to be to
00:35:17.920 --> 00:35:20.390
be build and it's it was like uh it was
00:35:20.400 --> 00:35:21.990
a daily rate. I I'm trying to remember
00:35:22.000 --> 00:35:23.430
what it was like 25 bucks a day or
00:35:23.440 --> 00:35:24.390
something. It was something kind of
00:35:24.400 --> 00:35:26.870
daily $100 a day or whatever uh until
00:35:26.880 --> 00:35:28.950
they got the notice. So, they had a that
00:35:28.960 --> 00:35:31.589
was just one of the points. Um, it's not
00:35:31.599 --> 00:35:33.829
I guess it's not super widespread, but I
00:35:33.839 --> 00:35:36.470
have I have seen an example of it.
00:35:36.480 --> 00:35:39.430
>> Um,
00:35:39.440 --> 00:35:40.950
it should be though, right? It should be
00:35:40.960 --> 00:35:42.470
something people focus on.
00:35:42.480 --> 00:35:43.670
>> Well, it's part of their fiduciary
00:35:43.680 --> 00:35:44.950
responsibility, but what we're hearing
00:35:44.960 --> 00:35:47.750
is it's not it's not being looked at
00:35:47.760 --> 00:35:50.470
proactively. If it does come up, it
00:35:50.480 --> 00:35:52.310
comes up during an audit process
00:35:52.320 --> 00:35:54.630
>> or a whistleblower.
00:35:54.640 --> 00:35:55.270
>> Right.
00:35:55.280 --> 00:35:57.270
>> People are blowing whistles, but not on
00:35:57.280 --> 00:35:59.589
not on not receiving notices. Oh,
00:35:59.599 --> 00:36:02.150
whistleblower. Is this a Is this a pun
00:36:02.160 --> 00:36:03.910
for the World Cup? Are we segueing into
00:36:03.920 --> 00:36:05.670
that? Is that what we're doing?
00:36:05.680 --> 00:36:07.510
>> No. Here, I was going to I was going to
00:36:07.520 --> 00:36:11.190
segue to this. You might not get fined
00:36:11.200 --> 00:36:13.910
by the Department of Labor, but it's
00:36:13.920 --> 00:36:16.069
possible like as an example, if you're
00:36:16.079 --> 00:36:18.790
not giving a safe harbor notice
00:36:18.800 --> 00:36:22.230
and a part so in effect, you're not
00:36:22.240 --> 00:36:23.750
letting a participant know that there's
00:36:23.760 --> 00:36:26.630
a match and that participant therefore
00:36:26.640 --> 00:36:29.990
then does not defer. In theory, if those
00:36:30.000 --> 00:36:31.990
participants got together,
00:36:32.000 --> 00:36:33.910
>> they could come back to you and if you
00:36:33.920 --> 00:36:36.069
had to fix it, so this is not like a
00:36:36.079 --> 00:36:37.510
penalty, but you got to actually fix
00:36:37.520 --> 00:36:38.390
this. Yeah,
00:36:38.400 --> 00:36:40.550
>> you're on the hook, plan sponsor, and
00:36:40.560 --> 00:36:42.630
that does happen. That that happens
00:36:42.640 --> 00:36:44.710
where they have to pay for it. But I I
00:36:44.720 --> 00:36:47.190
don't want to like fearmonger myself.
00:36:47.200 --> 00:36:50.550
>> I think the reality is in general
00:36:50.560 --> 00:36:53.750
>> in the small plan space,
00:36:53.760 --> 00:36:55.589
I don't think these people are actually
00:36:55.599 --> 00:36:58.069
getting dinged for this stuff. Now, it
00:36:58.079 --> 00:37:00.230
doesn't mean as a plan sponsor, I don't
00:37:00.240 --> 00:37:01.910
want protection. And Brian, I'll let you
00:37:01.920 --> 00:37:04.069
have the final word. Like if you said to
00:37:04.079 --> 00:37:05.750
your clients, "Hey, you're never going
00:37:05.760 --> 00:37:06.950
to get dinged for this, so would you
00:37:06.960 --> 00:37:08.550
like to do it the illegal way or would
00:37:08.560 --> 00:37:09.910
you want to do it the legal way?" I
00:37:09.920 --> 00:37:11.349
think they'd say, "I I'd really prefer
00:37:11.359 --> 00:37:12.870
to do it the legal way just in case
00:37:12.880 --> 00:37:14.550
something goes wrong." But but Brian,
00:37:14.560 --> 00:37:15.670
finish this out.
00:37:15.680 --> 00:37:17.109
>> Yeah. And I don't think the audit is
00:37:17.119 --> 00:37:19.670
this scary thing as much of uh what we
00:37:19.680 --> 00:37:22.630
have seen is when there is a termination
00:37:22.640 --> 00:37:24.630
for cause or a termination that didn't
00:37:24.640 --> 00:37:26.390
go well,
00:37:26.400 --> 00:37:27.589
they're the ones that are going to
00:37:27.599 --> 00:37:29.349
complain the most. So, I remember there
00:37:29.359 --> 00:37:31.750
was one where uh a company didn't send
00:37:31.760 --> 00:37:33.829
the blackout notice and the terminated
00:37:33.839 --> 00:37:35.829
employee said, "Oh, I couldn't get my
00:37:35.839 --> 00:37:37.190
money because he was you and he just
00:37:37.200 --> 00:37:38.630
raised the stink and made, you know,
00:37:38.640 --> 00:37:40.230
made it really difficult for them." So,
00:37:40.240 --> 00:37:41.670
it wasn't an audit, but it definitely
00:37:41.680 --> 00:37:42.870
made,
00:37:42.880 --> 00:37:44.390
>> you know, their time difficult and
00:37:44.400 --> 00:37:45.589
something they had to deal with that
00:37:45.599 --> 00:37:48.710
they preferred not to. So, everybody
00:37:48.720 --> 00:37:49.589
gets those.
00:37:49.599 --> 00:37:50.710
>> That's a great one that we didn't even
00:37:50.720 --> 00:37:51.829
touch on.
00:37:51.839 --> 00:37:54.950
>> Yeah. When a plan converts, Chad 15
00:37:54.960 --> 00:37:56.710
million's going from principal to
00:37:56.720 --> 00:37:59.190
empower. You think the termed
00:37:59.200 --> 00:38:01.349
participants are getting blackout
00:38:01.359 --> 00:38:02.870
notices?
00:38:02.880 --> 00:38:05.109
>> No, that's not happening
00:38:05.119 --> 00:38:08.710
>> in a lot of cases. Okay. Uh Brian, let's
00:38:08.720 --> 00:38:11.510
play. It's not a game. It's kind of a
00:38:11.520 --> 00:38:13.910
game. Let's look at things on social
00:38:13.920 --> 00:38:16.950
media and talk about them. It's called
00:38:16.960 --> 00:38:19.589
>> do something different.
00:38:19.599 --> 00:38:21.190
>> Oh, I'm so sick of this one. This is
00:38:21.200 --> 00:38:21.589
great.
00:38:21.599 --> 00:38:22.870
>> I love this
00:38:22.880 --> 00:38:24.550
>> lamer game.
00:38:24.560 --> 00:38:27.190
>> This is great. All right, Brian, just
00:38:27.200 --> 00:38:30.310
play one. Just rock it.
00:38:30.320 --> 00:38:32.630
>> You're going to work. You're not going
00:38:32.640 --> 00:38:34.470
to bitch. You're not
00:38:34.480 --> 00:38:35.910
>> This is good.
00:38:35.920 --> 00:38:37.910
>> You're going to listen
00:38:37.920 --> 00:38:40.230
to every motherfucking word that comes
00:38:40.240 --> 00:38:42.069
out of my mouth. You're not going to
00:38:42.079 --> 00:38:45.829
blink without permission. Your world is
00:38:45.839 --> 00:38:48.870
mine, and I'm not your manager. I'm your
00:38:48.880 --> 00:38:51.670
fucking boss, bitch.
00:38:51.680 --> 00:38:53.190
>> This is every sales call on Monday
00:38:53.200 --> 00:38:54.630
morning with Chad.
00:38:54.640 --> 00:38:58.069
>> Dang it. I I actually I put this one
00:38:58.079 --> 00:39:00.470
last and because I wanted this to spur a
00:39:00.480 --> 00:39:02.390
conversation. So, we'll come back to
00:39:02.400 --> 00:39:04.790
this for our next Well,
00:39:04.800 --> 00:39:08.230
>> we can't come back to it.
00:39:08.240 --> 00:39:11.109
>> So polite to Claude. I like I'm afraid
00:39:11.119 --> 00:39:12.310
of it.
00:39:12.320 --> 00:39:13.589
>> Right.
00:39:13.599 --> 00:39:15.670
>> I am too. I say please.
00:39:15.680 --> 00:39:18.470
>> I'm like, can we may That would be
00:39:18.480 --> 00:39:20.950
great. And then I congratulate it. I'm
00:39:20.960 --> 00:39:22.310
like, "That's perfect. Thank you."
00:39:22.320 --> 00:39:24.870
>> Yeah. If you ever say thank you. Yeah.
00:39:24.880 --> 00:39:27.270
>> Um Brian, I do want to I want to pivot
00:39:27.280 --> 00:39:30.150
to a deeper tech conversation, which
00:39:30.160 --> 00:39:32.310
we'll tackle at the end of this, but so
00:39:32.320 --> 00:39:33.750
let's just go to the next. Uh
00:39:33.760 --> 00:39:35.589
>> we did I will say an anecdote. We did
00:39:35.599 --> 00:39:38.390
have a developer that was that swore the
00:39:38.400 --> 00:39:40.630
the meaner you were the better result.
00:39:40.640 --> 00:39:42.230
Well, I gave out and I was like, I don't
00:39:42.240 --> 00:39:44.069
know. But he swore that.
00:39:44.079 --> 00:39:46.390
>> I can see that. I think they're wrong.
00:39:46.400 --> 00:39:48.310
This is why I've changed my behavior.
00:39:48.320 --> 00:39:50.310
When I was a dick, it seemed like it did
00:39:50.320 --> 00:39:52.390
things just to screw with me and wasted
00:39:52.400 --> 00:39:53.829
my time.
00:39:53.839 --> 00:39:56.950
>> Nice. It started working out.
00:39:56.960 --> 00:39:58.790
>> Fuck you. Fuck you. You're cool. Fuck
00:39:58.800 --> 00:40:00.150
you.
00:40:00.160 --> 00:40:00.710
>> Right.
00:40:00.720 --> 00:40:02.310
>> Hello, Claude. Good morning. How are
00:40:02.320 --> 00:40:04.230
you? It's so nice to see you. Let's get
00:40:04.240 --> 00:40:07.670
started. All right. Next one. Bean.
00:40:07.680 --> 00:40:11.190
>> I got a hard stop at 12:30.
00:40:11.200 --> 00:40:14.710
>> Okay. You've got another meeting.
00:40:14.720 --> 00:40:19.670
No, I just don't want to be here.
00:40:19.680 --> 00:40:21.349
>> This is Mark every Monday morning in a
00:40:21.359 --> 00:40:23.190
sales call. I love that.
00:40:23.200 --> 00:40:26.150
>> By the way, what a And first of all, I
00:40:26.160 --> 00:40:27.190
think maybe we've talked about this
00:40:27.200 --> 00:40:29.510
before. The the hard stop is a
00:40:29.520 --> 00:40:32.230
professional thing to to say, but it is
00:40:32.240 --> 00:40:33.670
kind of a baller move to get in those
00:40:33.680 --> 00:40:35.589
Zooms be like, "Hey, I got a hard stop."
00:40:35.599 --> 00:40:37.990
And you know, whatever. But I'm just
00:40:38.000 --> 00:40:39.510
Yeah, you guys saw this. I don't have to
00:40:39.520 --> 00:40:40.790
reset it. The guy's like, "You got a
00:40:40.800 --> 00:40:42.230
meeting?" No, just want to get the fuck
00:40:42.240 --> 00:40:44.230
out of here. Brian, do you do you give
00:40:44.240 --> 00:40:46.710
hard stops on your Zoom meetings?
00:40:46.720 --> 00:40:50.710
>> I I I really should because I'm late too
00:40:50.720 --> 00:40:53.430
many times to my next meeting. So,
00:40:53.440 --> 00:40:55.349
>> you know what I'd like to do, Chad?
00:40:55.359 --> 00:40:57.510
>> I want to give a hard stop when someone
00:40:57.520 --> 00:40:59.430
calls me on the fucking phone. That's
00:40:59.440 --> 00:41:00.550
what I want to do.
00:41:00.560 --> 00:41:01.990
>> When they tell you when they tell you
00:41:02.000 --> 00:41:03.750
they need two minutes and then it's like
00:41:03.760 --> 00:41:05.670
16 minutes later and you're like,
00:41:05.680 --> 00:41:06.230
>> "Right,
00:41:06.240 --> 00:41:07.910
>> hey, I just need five minutes of your
00:41:07.920 --> 00:41:08.309
time."
00:41:08.319 --> 00:41:10.150
>> Oh, sorry.
00:41:10.160 --> 00:41:11.750
>> No, it's not. You guys are all very good
00:41:11.760 --> 00:41:13.190
about it. It's other people that work
00:41:13.200 --> 00:41:15.190
for me that drive me fucking bananas
00:41:15.200 --> 00:41:16.710
sometimes. Thank you so much for your
00:41:16.720 --> 00:41:17.670
hard work, though. I appreciate it.
00:41:17.680 --> 00:41:18.870
Okay, next one. Brand,
00:41:18.880 --> 00:41:20.230
>> I'm looking for an email with the term
00:41:20.240 --> 00:41:21.910
budget proposal in the subject line.
00:41:21.920 --> 00:41:22.309
>> Sure.
00:41:22.319 --> 00:41:23.829
>> Here's every email with the letter B
00:41:23.839 --> 00:41:25.030
sent in 2019.
00:41:25.040 --> 00:41:26.870
>> Oh, well, if it helps narrow it down. My
00:41:26.880 --> 00:41:28.150
boss Megan actually sent IT THIS
00:41:28.160 --> 00:41:28.710
MORNING.
00:41:28.720 --> 00:41:30.390
>> OH, NO, SHE DIDN'T.
00:41:30.400 --> 00:41:32.470
>> NO, I saw it. I I saw it.
00:41:32.480 --> 00:41:34.390
>> That's impossible. My calculations have
00:41:34.400 --> 00:41:35.270
never been erroneous.
00:41:35.280 --> 00:41:36.630
>> Oh, yeah. Well, I just scrolled down on
00:41:36.640 --> 00:41:37.670
my phone and FOUND IT.
00:41:37.680 --> 00:41:38.710
>> OH MY GOD. Good news.
00:41:38.720 --> 00:41:39.589
>> I found it.
00:41:40.400 --> 00:41:42.069
>> So glad I could help. I found IT. YOU
00:41:42.079 --> 00:41:42.870
DIDN'T DO ANYTHING.
00:41:42.880 --> 00:41:43.589
>> OH YEAH.
00:41:43.599 --> 00:41:44.950
>> Here's a reminder for a meeting that
00:41:44.960 --> 00:41:46.790
took place 50 hours ago. Let me know if
00:41:46.800 --> 00:41:47.670
you need any more help.
00:41:47.680 --> 00:41:51.589
>> What? What the
00:41:51.599 --> 00:41:54.790
>> he turn? By the way, have you have you
00:41:54.800 --> 00:41:58.230
used uh co-pilot at all to I mean do you
00:41:58.240 --> 00:41:59.510
>> Yeah, that's what I was saying. You just
00:41:59.520 --> 00:42:01.109
need to turn co-pilot on and it does
00:42:01.119 --> 00:42:01.349
that.
00:42:01.359 --> 00:42:05.109
>> Copilot for your email sucks.
00:42:05.119 --> 00:42:07.190
>> Well, it saved me today. I I didn't have
00:42:07.200 --> 00:42:09.430
the company. I needed the company EIN
00:42:09.440 --> 00:42:10.950
and I know I've sent it a million places
00:42:10.960 --> 00:42:12.950
and I didn't want to go for something.
00:42:12.960 --> 00:42:13.510
>> Yeah.
00:42:13.520 --> 00:42:15.109
>> Oh, there you go. Right. And then
00:42:15.119 --> 00:42:17.270
>> I mean that's an underhand softball for
00:42:17.280 --> 00:42:19.990
co-pilot. Of course you find that. But I
00:42:20.000 --> 00:42:21.670
it was my
00:42:21.680 --> 00:42:23.990
>> son that told me, "Hey bro, co-pilot's
00:42:24.000 --> 00:42:26.390
popping off in Microsoft email right
00:42:26.400 --> 00:42:28.150
now." And you know me, I love artificial
00:42:28.160 --> 00:42:30.710
intelligence. I was like, "Oh shit, let
00:42:30.720 --> 00:42:33.589
me do this. Like let's try this." I
00:42:33.599 --> 00:42:35.589
failed and failed and failed. The thing
00:42:35.599 --> 00:42:38.470
could not like that Tik Tok is not far
00:42:38.480 --> 00:42:39.190
off.
00:42:39.200 --> 00:42:41.670
>> No, the search capabilities of co-pilot
00:42:41.680 --> 00:42:43.510
within the inbox is terrible.
00:42:43.520 --> 00:42:44.230
>> Terrible.
00:42:44.240 --> 00:42:47.349
>> But Copilot's ability to to like read
00:42:47.359 --> 00:42:49.670
through an entire entire email chain and
00:42:49.680 --> 00:42:51.910
help give you a basis for starting the
00:42:51.920 --> 00:42:56.230
next conver. It's really good.
00:42:56.240 --> 00:42:59.030
>> Okay. I Yeah, I don't We're going to
00:42:59.040 --> 00:43:01.349
talk more about artificial intelligence
00:43:01.359 --> 00:43:02.790
in a moment. All right, Brandon, we've
00:43:02.800 --> 00:43:06.550
got another one.
00:43:06.560 --> 00:43:09.910
Yeah.
00:43:09.920 --> 00:43:13.270
Twinkies fever.
00:43:13.280 --> 00:43:15.829
Here you go.
00:43:15.839 --> 00:43:17.990
You're drinking.
00:43:18.000 --> 00:43:21.030
>> You reading it.
00:43:21.040 --> 00:43:23.750
Oh no.
00:43:23.760 --> 00:43:26.630
>> Okay. We've played that guy before and I
00:43:26.640 --> 00:43:27.510
mentioned
00:43:27.520 --> 00:43:28.550
>> we've seen this.
00:43:28.560 --> 00:43:31.349
>> He's my favorite little guy. But uh
00:43:31.359 --> 00:43:33.270
yeah, golf. Come on, Harlo. You gotta
00:43:33.280 --> 00:43:35.670
love that one when your scrambled
00:43:35.680 --> 00:43:37.190
partner only plays good with a couple
00:43:37.200 --> 00:43:39.990
transfusions in them. Um Devin loves
00:43:40.000 --> 00:43:42.069
himself transfusions on the golf course.
00:43:42.079 --> 00:43:43.750
Uh
00:43:43.760 --> 00:43:45.430
you should know that at the start of the
00:43:45.440 --> 00:43:49.270
member guest, I brought Mark and five or
00:43:49.280 --> 00:43:52.470
six other playing people into the locker
00:43:52.480 --> 00:43:54.550
room and made them take shots prior
00:43:54.560 --> 00:43:56.309
because I know when Mark's skill set
00:43:56.319 --> 00:43:57.109
comes out.
00:43:57.119 --> 00:43:59.190
>> Okay. Uh, and I we also made a couple of
00:43:59.200 --> 00:44:01.750
guys who have yet to have
00:44:01.760 --> 00:44:03.670
uh
00:44:03.680 --> 00:44:05.510
Oh, what's our penalty drink? What's our
00:44:05.520 --> 00:44:06.870
original game?
00:44:06.880 --> 00:44:09.910
>> Don't tell don't y
00:44:09.920 --> 00:44:11.990
>> take the lort
00:44:12.000 --> 00:44:16.790
>> had to get Let me ask you this, Chad. If
00:44:16.800 --> 00:44:20.710
a human, say Mark for example, gets
00:44:20.720 --> 00:44:22.390
better with his golf game with a couple
00:44:22.400 --> 00:44:24.550
of drinks in them
00:44:24.560 --> 00:44:28.150
and we have sales goals for a year in
00:44:28.160 --> 00:44:31.510
401k plan sales, why wouldn't we take
00:44:31.520 --> 00:44:34.390
that same approach? Why wouldn't we
00:44:34.400 --> 00:44:37.270
counsel him to take a little nippy nip
00:44:37.280 --> 00:44:39.349
in the car in the parking lot before he
00:44:39.359 --> 00:44:41.670
walked in to to present? little drink
00:44:41.680 --> 00:44:44.710
how excited he is right now.
00:44:44.720 --> 00:44:47.030
>> Brian Brian, am I off base?
00:44:47.040 --> 00:44:48.550
>> Let's test this. Mark
00:44:48.560 --> 00:44:51.190
>> for the month of August.
00:44:51.200 --> 00:44:51.670
>> Oh,
00:44:51.680 --> 00:44:53.829
>> this is all this is all being recorded,
00:44:53.839 --> 00:44:55.109
right?
00:44:55.119 --> 00:44:57.190
>> I don't know. I'm just saying like if it
00:44:57.200 --> 00:45:00.470
works, it works, you know. Okay, we are
00:45:00.480 --> 00:45:02.870
Let's go to the the conversation. Let's
00:45:02.880 --> 00:45:04.630
pretend we just watched one of those
00:45:04.640 --> 00:45:08.550
artificial intelligence fin talks. Uh,
00:45:08.560 --> 00:45:10.069
Brian,
00:45:10.079 --> 00:45:12.950
I know you're a tech fan. You've clearly
00:45:12.960 --> 00:45:15.030
just talked tonight about dabbling in in
00:45:15.040 --> 00:45:16.630
artificial intelligence and the
00:45:16.640 --> 00:45:18.710
different models and stuff. Um, for
00:45:18.720 --> 00:45:22.790
context, I actually also partner with uh
00:45:22.800 --> 00:45:25.109
another person on another company that I
00:45:25.119 --> 00:45:26.710
own that does artificial intelligence
00:45:26.720 --> 00:45:28.470
for the financial services space. So,
00:45:28.480 --> 00:45:31.910
I'm I'm all in on this shit. Um, I'm
00:45:31.920 --> 00:45:34.950
seeing people on LinkedIn,
00:45:34.960 --> 00:45:38.069
professional business people. Um, I'm
00:45:38.079 --> 00:45:41.510
even getting some private messages from
00:45:41.520 --> 00:45:45.349
some people telling me that I'm calling
00:45:45.359 --> 00:45:48.550
them in justest that they're anti- AI
00:45:48.560 --> 00:45:50.950
and they're pro-human.
00:45:50.960 --> 00:45:52.150
Oh, yep. I'll drink.
00:45:52.160 --> 00:45:52.550
>> Yep.
00:45:52.560 --> 00:45:55.030
>> And so they're saying things like, "Oh,
00:45:55.040 --> 00:45:57.190
AI is not going to be able to do this."
00:45:57.200 --> 00:45:59.030
>> There it goes again. and artificial
00:45:59.040 --> 00:46:01.190
intelligence can't can't do this. And
00:46:01.200 --> 00:46:03.670
you you know, don't forget humans are
00:46:03.680 --> 00:46:05.589
going to be so important. You're really
00:46:05.599 --> 00:46:07.750
going to need a human. And I I want to I
00:46:07.760 --> 00:46:10.230
don't want to be super negative here. I
00:46:10.240 --> 00:46:12.870
get it. I understand that there's still
00:46:12.880 --> 00:46:16.069
a purpose for human beings, but I think
00:46:16.079 --> 00:46:17.510
where these people are missing the mark,
00:46:17.520 --> 00:46:20.950
and I want your opinion on this is
00:46:20.960 --> 00:46:23.990
this technology is really powerful. like
00:46:24.000 --> 00:46:26.710
it's going to do a lot of fucking gnarly
00:46:26.720 --> 00:46:30.069
shit that will make a company stronger
00:46:30.079 --> 00:46:33.589
and the clients happier and no you're
00:46:33.599 --> 00:46:35.910
not going to be needed in that role if
00:46:35.920 --> 00:46:37.910
you want to supplement humans around it
00:46:37.920 --> 00:46:40.150
to to do better customer service and we
00:46:40.160 --> 00:46:41.430
could even get in the customer service
00:46:41.440 --> 00:46:43.430
side of it. I'm just saying I think
00:46:43.440 --> 00:46:45.670
these people are scared and they're
00:46:45.680 --> 00:46:47.829
trying to like put this human first
00:46:47.839 --> 00:46:49.829
thing forward and I don't want to get
00:46:49.839 --> 00:46:52.630
this out of context, but I just I'm
00:46:52.640 --> 00:46:54.390
saying, you know, they're missing the
00:46:54.400 --> 00:46:56.870
bigger picture. Am I an asshole? Am I
00:46:56.880 --> 00:46:58.390
way off base? Where you at on this,
00:46:58.400 --> 00:46:58.950
Brian?
00:46:58.960 --> 00:47:01.990
>> No, I I'm I'm with you. I feel I feel
00:47:02.000 --> 00:47:04.470
like that people really have always felt
00:47:04.480 --> 00:47:06.470
this way when new technology comes,
00:47:06.480 --> 00:47:08.550
right? You go back even even in the 60s
00:47:08.560 --> 00:47:10.150
when mainframes came, they said, "Oh,
00:47:10.160 --> 00:47:11.829
work's done. we're going to automate
00:47:11.839 --> 00:47:14.230
everything. Um, yes, I think a lot of
00:47:14.240 --> 00:47:17.589
the jobs today will not will be done by
00:47:17.599 --> 00:47:20.470
you know these artificial intelligences.
00:47:20.480 --> 00:47:22.950
Um, but there's going to be many many
00:47:22.960 --> 00:47:24.470
more jobs I think created in the future.
00:47:24.480 --> 00:47:27.190
I'm side note I'm a super optimistic
00:47:27.200 --> 00:47:27.510
guy.
00:47:27.520 --> 00:47:29.910
>> Back to this customer service.
00:47:29.920 --> 00:47:30.710
>> Yeah.
00:47:30.720 --> 00:47:32.309
>> Artificial intelligence. Has anyone
00:47:32.319 --> 00:47:34.390
spent any time trying to call their
00:47:34.400 --> 00:47:36.870
internet provider or whatever utility
00:47:36.880 --> 00:47:39.030
company lately like I have and gotten
00:47:39.040 --> 00:47:42.150
that that artificial intelligent voice
00:47:42.160 --> 00:47:44.150
that can't understand fuck about shit
00:47:44.160 --> 00:47:45.589
that I'm calling about and I just have
00:47:45.599 --> 00:47:47.349
to say a representative representative
00:47:47.359 --> 00:47:49.829
give me and I say give me a fucking
00:47:49.839 --> 00:47:52.230
representative all the time and it seems
00:47:52.240 --> 00:47:54.790
to work. Let me tell you, Justin,
00:47:54.800 --> 00:47:57.589
>> I think I'm guessing what you're
00:47:57.599 --> 00:48:01.750
interacting with right there is a voice
00:48:01.760 --> 00:48:05.270
that's built on a flow of like a tree
00:48:05.280 --> 00:48:08.069
chart, a flow of it fucking sucks.
00:48:08.079 --> 00:48:11.990
>> It's not actual artificial intelligence
00:48:12.000 --> 00:48:14.069
like making a decision.
00:48:14.079 --> 00:48:15.990
>> And so, let me tell you this, and maybe
00:48:16.000 --> 00:48:18.550
I've said this on the show before, this
00:48:18.560 --> 00:48:21.349
is my bet for the future. I firmly
00:48:21.359 --> 00:48:25.190
believe that Silent Jay will in I don't
00:48:25.200 --> 00:48:26.870
know if it's two years, three years or
00:48:26.880 --> 00:48:30.630
five years, but I think most humans will
00:48:30.640 --> 00:48:33.190
be comforted by the fact that when they
00:48:33.200 --> 00:48:34.870
have a question about their Amazon
00:48:34.880 --> 00:48:37.589
delivery or whatever it is that they're
00:48:37.599 --> 00:48:41.990
talking to an AI that's t ah I'll drink
00:48:42.000 --> 00:48:44.549
that's tapped into the tapped into the
00:48:44.559 --> 00:48:47.670
database tapped into the distribution
00:48:47.680 --> 00:48:50.549
tapped into the employer's policies.
00:48:50.559 --> 00:48:53.030
tapped into what payment you made and is
00:48:53.040 --> 00:48:55.589
giving you accurate
00:48:55.599 --> 00:48:58.630
immediate answers instead of some fucker
00:48:58.640 --> 00:49:00.790
in in some other country.
00:49:00.800 --> 00:49:02.790
>> I'm not sure artificial intelligence is
00:49:02.800 --> 00:49:04.390
going to be able to tell me that the
00:49:04.400 --> 00:49:05.829
last technician that was out servicing
00:49:05.839 --> 00:49:07.829
the fiber optic box that they were just
00:49:07.839 --> 00:49:09.990
at unplugged my fiber and put it into
00:49:10.000 --> 00:49:11.109
someone else's and that's why my
00:49:11.119 --> 00:49:11.829
internet went down.
00:49:11.839 --> 00:49:13.670
>> But Justin, how is the person that
00:49:13.680 --> 00:49:15.030
you're talking to going to be able to
00:49:15.040 --> 00:49:16.549
tell you that item?
00:49:16.559 --> 00:49:18.150
>> We ran tests. We're like, "Hey, let's
00:49:18.160 --> 00:49:19.670
test this." Oh, no. It's got to be the
00:49:19.680 --> 00:49:20.470
fibers.
00:49:20.480 --> 00:49:21.990
>> Artificial intelligence can run that
00:49:22.000 --> 00:49:22.710
same test.
00:49:22.720 --> 00:49:24.549
>> No, don't you dare. I hear you through
00:49:24.559 --> 00:49:25.910
this wall right now. You shut your
00:49:25.920 --> 00:49:27.589
fucking mouth.
00:49:27.599 --> 00:49:29.510
>> JD, I agree with you though. When when I
00:49:29.520 --> 00:49:32.069
have something I can throw in right now,
00:49:32.079 --> 00:49:36.630
a question a question about the the weed
00:49:36.640 --> 00:49:38.549
eater I'm using to knock down weeds
00:49:38.559 --> 00:49:41.990
outside. Uh if I can load a picture up
00:49:42.000 --> 00:49:44.950
into chat and then ask the question, I'm
00:49:44.960 --> 00:49:46.549
rather than Google searching, well, how
00:49:46.559 --> 00:49:48.870
do I do this or how do I do that? this
00:49:48.880 --> 00:49:50.630
way better. It feels way better to be
00:49:50.640 --> 00:49:52.230
able to do that and it will go that way
00:49:52.240 --> 00:49:52.950
on phone calls.
00:49:52.960 --> 00:49:54.390
>> Well, I mean, you just compared
00:49:54.400 --> 00:49:56.069
artificial intelligence to a Google
00:49:56.079 --> 00:49:58.230
search. I would agree with you. Um, by
00:49:58.240 --> 00:50:03.109
the way, I I I was drunk and in Texas
00:50:03.119 --> 00:50:04.790
and the guy who was working on the front
00:50:04.800 --> 00:50:07.270
of my land left his skid steer, his like
00:50:07.280 --> 00:50:08.790
$275,000
00:50:08.800 --> 00:50:10.710
skid steer in the front of my property
00:50:10.720 --> 00:50:12.790
and he told me that the keys were in it
00:50:12.800 --> 00:50:16.150
and I could go drive it. And I walked
00:50:16.160 --> 00:50:17.510
got into that thing and there was all
00:50:17.520 --> 00:50:19.510
these buttons and gears and thing. I
00:50:19.520 --> 00:50:20.870
didn't I didn't even know how to start
00:50:20.880 --> 00:50:23.030
the fucking thing and I did what Chad
00:50:23.040 --> 00:50:24.710
did. I just started taking pictures with
00:50:24.720 --> 00:50:27.109
Google Gemini and the thing coached me
00:50:27.119 --> 00:50:28.790
through it and before you knew it I was
00:50:28.800 --> 00:50:30.470
mowing trees down in the back of the
00:50:30.480 --> 00:50:32.549
fucking property with a with a bucket in
00:50:32.559 --> 00:50:35.510
the front. But um Brian,
00:50:35.520 --> 00:50:37.430
we were talking more about customer
00:50:37.440 --> 00:50:39.190
service and you can already see in this
00:50:39.200 --> 00:50:41.910
chat bar people are getting upset like
00:50:41.920 --> 00:50:43.670
they're saying no no no the humans are
00:50:43.680 --> 00:50:45.829
better this or that. I so I I just want
00:50:45.839 --> 00:50:48.549
you kind of have the final thought here.
00:50:48.559 --> 00:50:50.950
I yeah I mean I'm not going to lead the
00:50:50.960 --> 00:50:52.549
witness but
00:50:52.559 --> 00:50:54.790
>> I think right now also people are
00:50:54.800 --> 00:50:57.829
comparing to if you look back how how
00:50:57.839 --> 00:50:59.750
good it is today like how how good Fable
00:50:59.760 --> 00:51:02.069
is today compared to two years ago you'd
00:51:02.079 --> 00:51:03.270
be astounded. I think people are
00:51:03.280 --> 00:51:04.549
forgetting like how good it's getting
00:51:04.559 --> 00:51:06.710
and how good it's going to get, right?
00:51:06.720 --> 00:51:09.430
>> Um, and the idea is that, you know, you
00:51:09.440 --> 00:51:11.349
go to a call center right now and they
00:51:11.359 --> 00:51:12.950
they can say, "Oh, yeah, that's great."
00:51:12.960 --> 00:51:14.309
And they could try to help you, but it's
00:51:14.319 --> 00:51:15.750
hard for them to take a secondary
00:51:15.760 --> 00:51:18.470
action. Whereas I think you know we'll
00:51:18.480 --> 00:51:19.990
be able to say Amazon will be able to
00:51:20.000 --> 00:51:22.630
say okay for any return that's less than
00:51:22.640 --> 00:51:24.870
$200 just automatically do it or
00:51:24.880 --> 00:51:26.790
whatever set the parameters you know or
00:51:26.800 --> 00:51:29.670
like you know in our world most people
00:51:29.680 --> 00:51:31.510
want to think about their contributions
00:51:31.520 --> 00:51:34.470
at home with their spouse after hours I
00:51:34.480 --> 00:51:35.670
think they would love to be able to call
00:51:35.680 --> 00:51:37.829
somebody say hey what's my contribution
00:51:37.839 --> 00:51:39.990
oh can I raise that and actually have it
00:51:40.000 --> 00:51:41.670
be able to take you know raise your
00:51:41.680 --> 00:51:43.349
contribution amount right there take an
00:51:43.359 --> 00:51:44.790
action I think that's where we're going
00:51:44.800 --> 00:51:47.510
to go where it can actually take actions
00:51:47.520 --> 00:51:50.870
for you and get a result faster, you
00:51:50.880 --> 00:51:51.109
know.
00:51:51.119 --> 00:51:54.309
>> Agreed. Agreed. And so I my my Chad's
00:51:54.319 --> 00:51:56.549
nuggets for those people out there that
00:51:56.559 --> 00:52:00.309
are h that are just hanging on so tight
00:52:00.319 --> 00:52:03.750
to the value of a human. This is my my
00:52:03.760 --> 00:52:05.109
take.
00:52:05.119 --> 00:52:07.990
I would like you to refocus and realize
00:52:08.000 --> 00:52:11.270
the power of the technology and then
00:52:11.280 --> 00:52:13.510
figure out where you want to place the
00:52:13.520 --> 00:52:17.430
human to do some but but stop stop like
00:52:17.440 --> 00:52:19.349
like pointing your finger at it saying
00:52:19.359 --> 00:52:21.589
it's not going to work because it's
00:52:21.599 --> 00:52:23.589
going to fucking work and it's going to
00:52:23.599 --> 00:52:25.829
change the entire
00:52:25.839 --> 00:52:28.790
>> fucking earth everything that we do. And
00:52:28.800 --> 00:52:30.870
so there's going to be a place for you
00:52:30.880 --> 00:52:33.750
as a human. So stop being scared of it
00:52:33.760 --> 00:52:35.990
and start adopting it and figuring out
00:52:36.000 --> 00:52:38.230
where you fit alongside it because I'm
00:52:38.240 --> 00:52:41.109
just seeing such naive stupid fucking
00:52:41.119 --> 00:52:43.670
posts out there about like oh the human
00:52:43.680 --> 00:52:45.510
the human's going to do it. These things
00:52:45.520 --> 00:52:48.390
suck and Shannon swwords I'm talking to
00:52:48.400 --> 00:52:49.910
you right now. No, I'm kidding. I saw
00:52:49.920 --> 00:52:51.030
your comments there.
00:52:51.040 --> 00:52:53.270
>> I mean talk to people that work in
00:52:53.280 --> 00:52:54.950
>> No, people that work in call centers
00:52:54.960 --> 00:52:56.870
like it's not the greatest job. Like
00:52:56.880 --> 00:52:58.710
they can get another they probably
00:52:58.720 --> 00:53:00.390
>> and they're not good at it. A lot of
00:53:00.400 --> 00:53:02.069
them are not good at that. It's it's a
00:53:02.079 --> 00:53:03.829
terri It's like a job everybody calls
00:53:03.839 --> 00:53:06.150
that's upset. It's horrible. So why
00:53:06.160 --> 00:53:07.829
force those people to do that? I think
00:53:07.839 --> 00:53:10.150
let the AI do that. Uh I got to drink.
00:53:10.160 --> 00:53:11.030
Um
00:53:11.040 --> 00:53:12.790
>> but uh yeah, I think there's more
00:53:12.800 --> 00:53:14.390
opportunities for new jobs we're not
00:53:14.400 --> 00:53:17.829
even thinking of to come.
00:53:17.839 --> 00:53:19.670
>> Chad, you had a final
00:53:19.680 --> 00:53:20.870
>> I just wasn't sure if you were going to
00:53:20.880 --> 00:53:22.630
get into one of the other topics you had
00:53:22.640 --> 00:53:24.950
sent out for the show around artificial
00:53:24.960 --> 00:53:26.870
intelligence creating summary plan
00:53:26.880 --> 00:53:28.309
descriptions that
00:53:28.319 --> 00:53:28.790
>> ah
00:53:28.800 --> 00:53:31.030
>> linked in was this was part of the
00:53:31.040 --> 00:53:33.670
haters. This was part of the haters that
00:53:33.680 --> 00:53:36.870
that was an example. It was so ignorant
00:53:36.880 --> 00:53:39.349
the the thought that it can't create a
00:53:39.359 --> 00:53:41.190
summary plan description from an
00:53:41.200 --> 00:53:43.109
existing document that you couldn't
00:53:43.119 --> 00:53:45.109
prompt that in there
00:53:45.119 --> 00:53:47.030
>> and then all of the comments following
00:53:47.040 --> 00:53:49.190
the post in that article, not the
00:53:49.200 --> 00:53:50.870
comments, sorry, but the article itself
00:53:50.880 --> 00:53:52.069
that was like,
00:53:52.079 --> 00:53:54.069
>> well, you should remember that if it if
00:53:54.079 --> 00:53:55.990
if artificial intelligence creates a
00:53:56.000 --> 00:53:58.069
summary plan description for you, you
00:53:58.079 --> 00:54:00.309
still have to deliver it. Well, no
00:54:00.319 --> 00:54:02.230
fucking doubt. You have to deliver it.
00:54:02.240 --> 00:54:04.470
That's that's part of it. like that that
00:54:04.480 --> 00:54:05.750
whole I don't know why that whole
00:54:05.760 --> 00:54:08.069
article rubbed me so wrong but it was so
00:54:08.079 --> 00:54:08.710
naive
00:54:08.720 --> 00:54:09.670
>> it's fear
00:54:09.680 --> 00:54:11.750
>> into what artificial intelligence is
00:54:11.760 --> 00:54:12.470
here to help with
00:54:12.480 --> 00:54:14.630
>> it's fear and by the way if you're an
00:54:14.640 --> 00:54:17.190
attorney who writes these documents
00:54:17.200 --> 00:54:19.349
you're ultra scared you're like this is
00:54:19.359 --> 00:54:21.030
your value that you've brought and I
00:54:21.040 --> 00:54:22.470
would say that attorney you need to
00:54:22.480 --> 00:54:24.870
pivot you need to enhance yourself and
00:54:24.880 --> 00:54:26.470
figure out where are you going to fit
00:54:26.480 --> 00:54:28.950
alongside this I I think also Chad
00:54:28.960 --> 00:54:30.790
people forget
00:54:30.800 --> 00:54:33.030
>> there I didn't even do that on purpose
00:54:33.040 --> 00:54:36.390
there's so used to using like the free
00:54:36.400 --> 00:54:39.670
version of chat whatever whatever they
00:54:39.680 --> 00:54:43.109
have no idea what or Gemini and so yeah
00:54:43.119 --> 00:54:45.510
if you jump into free Gemini on your
00:54:45.520 --> 00:54:47.349
fucking phone and you think it's going
00:54:47.359 --> 00:54:50.069
to write a summary plan description
00:54:50.079 --> 00:54:51.990
properly for you you're probably
00:54:52.000 --> 00:54:53.990
extending yourself a little bit but if
00:54:54.000 --> 00:54:56.549
you're using enterprise level solutions
00:54:56.559 --> 00:54:59.030
and you're building a custom artificial
00:54:59.040 --> 00:55:01.349
intelligence thing that's coding
00:55:01.359 --> 00:55:03.430
something and building Oh Tony prompt
00:55:03.440 --> 00:55:07.190
monkeys. You can do some crazy shit that
00:55:07.200 --> 00:55:07.990
is
00:55:08.000 --> 00:55:11.270
>> that is codified, it's prudent, it's
00:55:11.280 --> 00:55:14.150
professional, it's repeatable, etc.,
00:55:14.160 --> 00:55:16.309
etc. So, wake up everyone. Open your
00:55:16.319 --> 00:55:18.790
eyes and check it out. Um, Brian, we got
00:55:18.800 --> 00:55:20.470
to move. Do you want to make some money?
00:55:20.480 --> 00:55:22.390
Do you Do you Do you invest? Do you
00:55:22.400 --> 00:55:22.950
invest?
00:55:22.960 --> 00:55:24.710
>> I do. I do invest. Yeah.
00:55:24.720 --> 00:55:28.390
>> Well, I have got a special thing for you
00:55:28.400 --> 00:55:29.589
right now.
00:55:29.599 --> 00:55:32.390
I am sitting right next to basically the
00:55:32.400 --> 00:55:36.309
Warren Buffett of his generation. No one
00:55:36.319 --> 00:55:41.030
picks investments better than Rogue Guy.
00:55:41.040 --> 00:55:52.309
>> Ah,
00:55:52.319 --> 00:55:54.789
I feel like there can only be one.
00:55:54.799 --> 00:55:57.990
>> Yeah. Yeah. Dustin, fuck you. Shh. Be
00:55:58.000 --> 00:56:01.109
quiet. be quiet. Um, this company, uh,
00:56:01.119 --> 00:56:04.789
Rogue Guy has over 15,000 employees. I
00:56:04.799 --> 00:56:06.710
actually use one of their products on my
00:56:06.720 --> 00:56:09.510
Texas ranch. They have annual sales of
00:56:09.520 --> 00:56:13.349
19 million, up 33% from a for 19
00:56:13.359 --> 00:56:15.589
million, sorry, 19 billion,
00:56:15.599 --> 00:56:19.990
>> up 33% from a 14 billion 2024.
00:56:20.000 --> 00:56:23.270
Their price toearnings ratio, it's um,
00:56:23.280 --> 00:56:26.230
it's negative. They have a negative
00:56:26.240 --> 00:56:28.069
price to earnings ratio because uh
00:56:28.079 --> 00:56:29.270
they're unprofitable.
00:56:29.280 --> 00:56:31.030
>> Well, let me tell you what that means.
00:56:31.040 --> 00:56:33.190
>> They have a market cap of approximately
00:56:33.200 --> 00:56:37.190
2.25 trillion. The ticker
00:56:37.200 --> 00:56:41.589
>> S P CX.
00:56:41.599 --> 00:56:43.510
You know what I'm talking about.
00:56:43.520 --> 00:56:47.270
>> It's Elon. It's SpaceX. Do we buy it or
00:56:47.280 --> 00:56:53.589
do we sell it? Robe guy,
00:56:53.599 --> 00:56:54.870
>> I'll tell you.
00:56:54.880 --> 00:56:57.510
Yeah, drink your magic potion.
00:56:57.520 --> 00:56:59.349
>> So, it gives him all the answers right
00:56:59.359 --> 00:57:02.470
there.
00:57:02.480 --> 00:57:05.829
Oh, there it is.
00:57:05.839 --> 00:57:10.390
Okay, let me take you back in time
00:57:10.400 --> 00:57:13.030
when uh
00:57:13.040 --> 00:57:14.789
Caveman
00:57:14.799 --> 00:57:17.589
used to look up at the moon
00:57:17.599 --> 00:57:20.390
for uh
00:57:20.400 --> 00:57:22.950
to figure out like if tomorrow was going
00:57:22.960 --> 00:57:26.630
to rain or if they were going to kill a
00:57:26.640 --> 00:57:30.470
buffalo to to eat, you know, like. And
00:57:30.480 --> 00:57:34.069
now we have a
00:57:34.079 --> 00:57:37.750
crazy person who has a company with
00:57:37.760 --> 00:57:40.549
cars with batteries and things that
00:57:40.559 --> 00:57:44.069
shoot up in space. And we just trust him
00:57:44.079 --> 00:57:47.589
like he's a god to some degree. And I
00:57:47.599 --> 00:57:49.829
think in some ways I kind of think he
00:57:49.839 --> 00:57:51.510
came from the moon. I think the first
00:57:51.520 --> 00:57:55.270
ever moon landing I'm rather confident
00:57:55.280 --> 00:57:58.150
we brought home an egg and Elon Musk was
00:57:58.160 --> 00:58:01.030
born out of that. kind of like Game of
00:58:01.040 --> 00:58:02.390
Thrones in a way, right? They just
00:58:02.400 --> 00:58:03.750
carried him around for a bit and then he
00:58:03.760 --> 00:58:06.950
came out and there's probably 45 clones
00:58:06.960 --> 00:58:09.270
of him in his dungeon somewhere under
00:58:09.280 --> 00:58:11.910
his offices, but we have repetitive
00:58:11.920 --> 00:58:13.430
Elons just happening. But
00:58:13.440 --> 00:58:15.750
>> it is odd how he gets so much done.
00:58:15.760 --> 00:58:18.309
>> It really is. Yeah. So, anyways, that's
00:58:18.319 --> 00:58:21.510
all to be said that I think everybody on
00:58:21.520 --> 00:58:23.910
this show can agree that
00:58:23.920 --> 00:58:26.470
a wise person would just buy it, right?
00:58:26.480 --> 00:58:29.349
because I I think we're just at a point
00:58:29.359 --> 00:58:32.230
where like what else is there really?
00:58:32.240 --> 00:58:35.030
>> It's kind of got us by the balls
00:58:35.040 --> 00:58:36.789
>> and it really makes me want to say don't
00:58:36.799 --> 00:58:38.630
buy because I want to be a naysayer.
00:58:38.640 --> 00:58:40.630
Usually I am. Usually I'm the guy who's
00:58:40.640 --> 00:58:43.510
like don't do it. Don't fall for it.
00:58:43.520 --> 00:58:45.589
It's going to be the next MySpace. Never
00:58:45.599 --> 00:58:47.990
not gonna exist in a few years. But
00:58:48.000 --> 00:58:50.150
>> worked out pretty good for Tom.
00:58:50.160 --> 00:58:52.470
>> I He's just crazy enough to keep this
00:58:52.480 --> 00:58:55.990
thing going. So,
00:58:56.000 --> 00:58:58.230
I'm in. I'll We'll buy it. We'll buy a
00:58:58.240 --> 00:58:59.910
little bit. We'll sprinkle a little in
00:58:59.920 --> 00:59:00.150
there.
00:59:00.160 --> 00:59:02.630
>> There's a lot of people that will ping
00:59:02.640 --> 00:59:03.990
pong here. I didn't I didn't know what
00:59:04.000 --> 00:59:05.349
to pinball.
00:59:05.359 --> 00:59:07.829
>> Hey, Justin, like they say, don't let
00:59:07.839 --> 00:59:10.470
them know your next move, buddy. Never.
00:59:10.480 --> 00:59:12.870
>> So, can you give Brian like specific
00:59:12.880 --> 00:59:14.950
advice? What percent of his portfolio?
00:59:14.960 --> 00:59:18.069
>> So, Brian, so Brian, I'm I'm accurate
00:59:18.079 --> 00:59:18.950
here. You're
00:59:18.960 --> 00:59:21.670
>> Yeah. Your portfolio is probably worth
00:59:21.680 --> 00:59:24.870
about $1.5 million. And I'm going to say
00:59:24.880 --> 00:59:28.230
that you should probably take out a
00:59:28.240 --> 00:59:30.470
second mortgage on your house and bump
00:59:30.480 --> 00:59:32.309
that up a little bit.
00:59:32.319 --> 00:59:35.990
>> Um, by the way, uh, fine print. This is
00:59:36.000 --> 00:59:39.990
not financial.
00:59:40.000 --> 00:59:42.230
>> Don't Don't come back and sue me, but
00:59:42.240 --> 00:59:44.549
>> I always count I always count. I love
00:59:44.559 --> 00:59:46.710
it. It is. This is real shit. You should
00:59:46.720 --> 00:59:47.750
be paying attention. I think you should
00:59:47.760 --> 00:59:49.829
put about six Bitcoin on this thing. All
00:59:49.839 --> 00:59:50.150
right.
00:59:50.160 --> 00:59:51.030
>> Six bitcoin.
00:59:51.040 --> 00:59:51.750
>> All right.
00:59:51.760 --> 00:59:52.230
>> Got it.
00:59:52.240 --> 00:59:54.950
>> 360,000 bucks. Okay. All right.
00:59:54.960 --> 00:59:55.589
>> All right. Yeah,
00:59:55.599 --> 00:59:56.390
>> I'm in.
00:59:56.400 --> 00:59:59.190
>> All right. Nice. Thank you, Mark and
00:59:59.200 --> 01:00:02.309
Brandon. I feel like the uh the drunk
01:00:02.319 --> 01:00:04.630
stock tips on the website needs a
01:00:04.640 --> 01:00:07.190
refresh. So, can you politely ask Claude
01:00:07.200 --> 01:00:08.710
to uh
01:00:08.720 --> 01:00:10.549
>> No, no, sorry. Chap our champion. Chap
01:00:10.559 --> 01:00:12.150
our champion needs a refresh. Sorry.
01:00:12.160 --> 01:00:14.309
>> I was gonna say we haven't done drunk
01:00:14.319 --> 01:00:15.190
stock tips for a while.
01:00:15.200 --> 01:00:17.750
>> Chap our champion. My bad. My bad. Um,
01:00:17.760 --> 01:00:22.069
okay. Final final final here. Brian,
01:00:22.079 --> 01:00:25.190
let's let's give the pitch. Let's let's
01:00:25.200 --> 01:00:27.829
talk plan notice the company. Tell us
01:00:27.839 --> 01:00:30.789
about the company. When did it start?
01:00:30.799 --> 01:00:33.670
How many employees? How it how has it
01:00:33.680 --> 01:00:35.510
grown? How's it been going? Yeah.
01:00:35.520 --> 01:00:37.190
>> And then give us the problem, which we
01:00:37.200 --> 01:00:38.630
kind of talked about earlier. I think we
01:00:38.640 --> 01:00:41.270
all know the problem that it's difficult
01:00:41.280 --> 01:00:44.470
to properly follow the the rules with
01:00:44.480 --> 01:00:46.789
regards to the participant notices. So
01:00:46.799 --> 01:00:48.309
then let us know about the product how
01:00:48.319 --> 01:00:49.270
you guys solve that.
01:00:49.280 --> 01:00:52.470
>> Sure. Yeah. Just quick overview. Um my
01:00:52.480 --> 01:00:53.910
background is in tech. My business
01:00:53.920 --> 01:00:56.230
partner Michael he had an RA had 80
01:00:56.240 --> 01:00:59.109
plans. Uh 2021
01:00:59.119 --> 01:01:00.950
>> Oh yeah, there you go. Best practices
01:01:00.960 --> 01:01:03.990
came out on missing participants.
01:01:04.000 --> 01:01:05.430
He came to me. We were partners in
01:01:05.440 --> 01:01:06.710
another company. We're examining at the
01:01:06.720 --> 01:01:07.829
time. and he came to me and said, "Brian
01:01:07.839 --> 01:01:09.430
need technology in order to follow
01:01:09.440 --> 01:01:11.349
this." So, we built that to make sure
01:01:11.359 --> 01:01:13.829
his plan stayed compliant. Uh, then we
01:01:13.839 --> 01:01:15.349
had a couple other friends talked about
01:01:15.359 --> 01:01:17.670
how hard it is to send noticing all the
01:01:17.680 --> 01:01:19.589
notices. And so, we built software from
01:01:19.599 --> 01:01:22.069
there. We grew and um, you know, we're
01:01:22.079 --> 01:01:23.510
uh, 20 employees now.
01:01:23.520 --> 01:01:26.230
>> Did you honestly did you honestly assess
01:01:26.240 --> 01:01:29.349
the problem from just a small circle of
01:01:29.359 --> 01:01:31.670
friends or did you also look out and
01:01:31.680 --> 01:01:33.030
everything we just talked about earlier
01:01:33.040 --> 01:01:35.270
and realize that it was a shit show?
01:01:35.280 --> 01:01:37.109
>> Yeah, both. Both. Yeah. So, we've got a
01:01:37.119 --> 01:01:39.190
lot of um we had some some really good
01:01:39.200 --> 01:01:41.510
people like uh in the be Jeff Atwell at
01:01:41.520 --> 01:01:42.710
Fiduciary Exchange. I don't know if you
01:01:42.720 --> 01:01:44.390
know Jeff, but he helped us out. A bunch
01:01:44.400 --> 01:01:45.510
of different people helped us out in the
01:01:45.520 --> 01:01:47.510
beginning and we really sat down and and
01:01:47.520 --> 01:01:49.750
learned how difficult this was to stay
01:01:49.760 --> 01:01:51.829
compliant and to do it right. Like you
01:01:51.839 --> 01:01:53.750
said, is it's it's not an easy thing to
01:01:53.760 --> 01:01:57.270
do. Um and that that's how we built it.
01:01:57.280 --> 01:01:59.990
And um we've had some great clients,
01:02:00.000 --> 01:02:01.510
partners along the way that have kind of
01:02:01.520 --> 01:02:03.670
helped us grow and fill, you know, build
01:02:03.680 --> 01:02:05.829
these gaps. And so, you know, it's we
01:02:05.839 --> 01:02:07.109
take the drudgery out of sending
01:02:07.119 --> 01:02:09.349
notices, keep them compliant, report on
01:02:09.359 --> 01:02:11.829
it all. So, if your plans are audited,
01:02:11.839 --> 01:02:15.510
uh that we will take on any of the uh
01:02:15.520 --> 01:02:17.829
the the liability for that. Um and we
01:02:17.839 --> 01:02:18.950
just make it easy and we handle the
01:02:18.960 --> 01:02:21.349
missing part missing participants and uh
01:02:21.359 --> 01:02:23.109
I see Kevin in the chat. We've we've
01:02:23.119 --> 01:02:25.670
we've started working with uh Pincheks
01:02:25.680 --> 01:02:28.309
and some other custodians to uh actually
01:02:28.319 --> 01:02:31.510
identify uh missing particip I mean uh
01:02:31.520 --> 01:02:33.349
participants that qualify for rollouts
01:02:33.359 --> 01:02:35.430
and cash outs and we've have a new
01:02:35.440 --> 01:02:37.349
product that helps uh automate that
01:02:37.359 --> 01:02:40.870
process the whole rollout process. Um
01:02:40.880 --> 01:02:43.750
>> did you roll out price increase with
01:02:43.760 --> 01:02:45.190
that as well?
01:02:45.200 --> 01:02:47.910
>> Wait, the Rolex? No, no, you're talking
01:02:47.920 --> 01:02:49.910
about the south of of 700.
01:02:49.920 --> 01:02:52.549
>> South 7,000. Yeah, exactly.
01:02:52.559 --> 01:02:53.349
basically
01:02:53.359 --> 01:02:55.829
>> well here's the thing is like what the
01:02:55.839 --> 01:02:57.829
typical thing that we do in order to
01:02:57.839 --> 01:03:00.230
send notices it's easy to send notices
01:03:00.240 --> 01:03:01.750
the hardest part is figuring out who
01:03:01.760 --> 01:03:03.510
needs to get what notice because all the
01:03:03.520 --> 01:03:05.030
data at different record keepers is is
01:03:05.040 --> 01:03:07.589
is comes in in different ways and so
01:03:07.599 --> 01:03:10.069
normalizing that data is very hard to
01:03:10.079 --> 01:03:11.829
normalize that data to get it into
01:03:11.839 --> 01:03:13.829
standardized format so we spent a lot of
01:03:13.839 --> 01:03:15.589
time doing that just to know who needs
01:03:15.599 --> 01:03:17.190
to get noticed right
01:03:17.200 --> 01:03:19.510
>> can I ask you can I ask you on that like
01:03:19.520 --> 01:03:21.750
how hard were the headwinds
01:03:21.760 --> 01:03:23.349
I didn't think about the fact that you
01:03:23.359 --> 01:03:26.069
needed data. Shame on me. From from
01:03:26.079 --> 01:03:28.549
record keepers, they're they're not the
01:03:28.559 --> 01:03:30.789
best group of companies to just offer
01:03:30.799 --> 01:03:32.710
that up to some new startup that's
01:03:32.720 --> 01:03:34.870
trying to do something. So, was that
01:03:34.880 --> 01:03:37.109
difficult? Is it still difficult?
01:03:37.119 --> 01:03:39.430
>> Still difficult. Yes. Yes. Um,
01:03:39.440 --> 01:03:41.029
basically, we have to get direct access
01:03:41.039 --> 01:03:43.430
from the TPA to get authorized to be
01:03:43.440 --> 01:03:45.270
able to log in to get that data. Oh,
01:03:45.280 --> 01:03:46.549
sorry. Yeah. TPA.
01:03:46.559 --> 01:03:47.270
>> You don't have to.
01:03:47.280 --> 01:03:49.910
>> No, don't say it again. Thanks.
01:03:49.920 --> 01:03:52.390
>> Do you understand the rules?
01:03:52.400 --> 01:03:54.150
>> He's not the first one to do that.
01:03:54.160 --> 01:03:57.349
That's like
01:03:57.359 --> 01:03:58.950
this isn't really a penalty for somebody
01:03:58.960 --> 01:04:02.150
from New Orleans. So that's fine.
01:04:02.160 --> 01:04:08.150
>> That's how I feel every Thursday. Brian
01:04:08.160 --> 01:04:09.670
question about your your business,
01:04:09.680 --> 01:04:10.230
though.
01:04:10.240 --> 01:04:11.349
>> Go ahead. Sure.
01:04:11.359 --> 01:04:13.270
>> How much money and how long did it take
01:04:13.280 --> 01:04:15.510
to come up with the name?
01:04:15.520 --> 01:04:18.069
>> Oh, well, yeah. Did you outsource that
01:04:18.079 --> 01:04:18.870
to Madison?
01:04:18.880 --> 01:04:20.950
>> That was like I mean did you have a
01:04:20.960 --> 01:04:22.470
whiteboard session or did you
01:04:22.480 --> 01:04:24.150
>> I feel like they probably made it during
01:04:24.160 --> 01:04:25.910
breast cancer awareness month too.
01:04:25.920 --> 01:04:27.910
>> Yeah. There's there is a there is a
01:04:27.920 --> 01:04:30.150
reason. Um and here here's the reason.
01:04:30.160 --> 01:04:31.430
>> Well yeah you're like let's just get to
01:04:31.440 --> 01:04:32.950
the point maybe.
01:04:32.960 --> 01:04:35.430
>> Yeah. Yeah. So most of the time when
01:04:35.440 --> 01:04:38.390
we're sending emails um and we are
01:04:38.400 --> 01:04:41.430
sending it from uh some you know we we
01:04:41.440 --> 01:04:43.029
white label it so we'll send it from the
01:04:43.039 --> 01:04:46.950
TPA's uh the TPA's email address
01:04:46.960 --> 01:04:48.390
>> weak link weak link
01:04:48.400 --> 01:04:49.589
>> I think you're just doing those on
01:04:49.599 --> 01:04:50.950
purpose now
01:04:50.960 --> 01:04:53.270
>> so we send we send it from there um and
01:04:53.280 --> 01:04:54.950
so
01:04:54.960 --> 01:04:57.349
it's branded with their logo and and it
01:04:57.359 --> 01:04:59.109
feels like it's coming from them
01:04:59.119 --> 01:05:00.950
>> but the only thing is when they when
01:05:00.960 --> 01:05:03.190
they click on the link we it does go to
01:05:03.200 --> 01:05:05.349
our site So we can monitor and see who
01:05:05.359 --> 01:05:06.950
did it. And at the top it says plan
01:05:06.960 --> 01:05:09.270
notice on the URL. So it is generic
01:05:09.280 --> 01:05:11.589
enough that name that nobody actually
01:05:11.599 --> 01:05:12.230
questions.
01:05:12.240 --> 01:05:13.589
>> Okay, fair enough. Right.
01:05:13.599 --> 01:05:15.750
>> Um, still pause for a moment. Just pause
01:05:15.760 --> 01:05:17.589
for a moment. Um,
01:05:17.599 --> 01:05:20.390
>> Kev. Kev baby. It's Lindso Private
01:05:20.400 --> 01:05:22.630
Ledger, you motherfucker. So shut up
01:05:22.640 --> 01:05:23.109
about
01:05:23.119 --> 01:05:24.630
>> party administrator.
01:05:24.640 --> 01:05:28.390
>> Jesus. Um, I was about to ask you,
01:05:28.400 --> 01:05:31.349
Brian, if you were focusing your
01:05:31.359 --> 01:05:34.309
distribution more on like um plan
01:05:34.319 --> 01:05:37.430
sponsors directly, financial advisors.
01:05:37.440 --> 01:05:39.190
It sounds to me like you're you're
01:05:39.200 --> 01:05:40.390
obsessed with third party
01:05:40.400 --> 01:05:43.029
administrators, you little creepy dude.
01:05:43.039 --> 01:05:44.789
>> Third party administrator. Like we work
01:05:44.799 --> 01:05:46.710
we work with record keepers and third
01:05:46.720 --> 01:05:48.069
party administrators are our main
01:05:48.079 --> 01:05:51.029
clients. We have some direct to plan
01:05:51.039 --> 01:05:53.910
sponsors um that we do work with, but I
01:05:53.920 --> 01:05:54.870
would say the bulk of our business
01:05:54.880 --> 01:05:55.829
either comes from third party
01:05:55.839 --> 01:05:58.150
administrators or record keepers.
01:05:58.160 --> 01:05:58.470
>> That's
01:05:58.480 --> 01:05:59.990
>> I think that's where you would want to
01:06:00.000 --> 01:06:01.750
position yourself, right? It's it's
01:06:01.760 --> 01:06:03.829
harder to go after the one-on-one fight
01:06:03.839 --> 01:06:05.750
with advisors.
01:06:05.760 --> 01:06:09.109
>> There's more scale in those two.
01:06:09.119 --> 01:06:09.829
>> I don't know.
01:06:09.839 --> 01:06:11.589
>> I threw up the leaderboard for for
01:06:11.599 --> 01:06:14.390
penalty. You are you are fucking
01:06:14.400 --> 01:06:16.230
>> Nobody ever beats JD.
01:06:16.240 --> 01:06:18.069
>> No. No. This has been off.
01:06:18.079 --> 01:06:18.470
>> Yeah.
01:06:18.480 --> 01:06:20.150
>> Oh, the record. You're nowhere you're
01:06:20.160 --> 01:06:21.910
nowhere near when it comes to these
01:06:21.920 --> 01:06:22.870
leaderboards.
01:06:22.880 --> 01:06:24.630
>> You're nowhere near the record. I don't
01:06:24.640 --> 01:06:26.150
I don't you
01:06:26.160 --> 01:06:29.029
>> slack in here knows. Yeah.
01:06:29.039 --> 01:06:33.029
>> Um Okay. I'm learning new things uh that
01:06:33.039 --> 01:06:35.670
I did not know. And but we'll just use
01:06:35.680 --> 01:06:38.789
this as the plug slash pitch part of the
01:06:38.799 --> 01:06:41.270
show. So, everyone out there listening,
01:06:41.280 --> 01:06:43.829
>> um, advisors, um, there's no plan
01:06:43.839 --> 01:06:46.150
sponsors that listen to this shit, but
01:06:46.160 --> 01:06:48.069
other thirdparty administrators, it's
01:06:48.079 --> 01:06:50.069
plannot.com
01:06:50.079 --> 01:06:54.230
and, um, go check it out and inquire and
01:06:54.240 --> 01:06:56.630
we'll watch you guys grow. How How has
01:06:56.640 --> 01:06:58.150
success been? Like,
01:06:58.160 --> 01:06:59.270
>> it's been great. Yeah,
01:06:59.280 --> 01:06:59.829
>> it has.
01:06:59.839 --> 01:07:01.990
>> Like, it's it's it's definitely been um,
01:07:02.000 --> 01:07:04.470
it's definitely one of those things we
01:07:04.480 --> 01:07:06.390
found nobody likes sending notices, man.
01:07:06.400 --> 01:07:08.950
It's like one of those things that it's
01:07:08.960 --> 01:07:11.349
it's so especially in November when you
01:07:11.359 --> 01:07:12.630
you know most of the plans have to get
01:07:12.640 --> 01:07:14.950
their annual notices out. It's a hard
01:07:14.960 --> 01:07:17.190
time and so we were able to make that so
01:07:17.200 --> 01:07:19.349
much easier. Do you do you have you
01:07:19.359 --> 01:07:21.349
tried to are you integrating with or
01:07:21.359 --> 01:07:22.789
having strategic partnership
01:07:22.799 --> 01:07:25.910
conversations with companies like
01:07:25.920 --> 01:07:28.710
Actuarial Services Corporation and
01:07:28.720 --> 01:07:33.829
Dayare and Fuck uh
01:07:33.839 --> 01:07:37.750
>> I don't know what the other one Yeah.
01:07:37.760 --> 01:07:39.510
>> Yes. Yes. Yes. You are.
01:07:39.520 --> 01:07:42.069
>> Yes. Right. Right. And so yeah, we we're
01:07:42.079 --> 01:07:44.710
working with them and we're working with
01:07:44.720 --> 01:07:46.390
the pension pros of the world that also
01:07:46.400 --> 01:07:48.789
have integrations with them. Um so that
01:07:48.799 --> 01:07:50.789
the notices can flow directly to us and
01:07:50.799 --> 01:07:52.069
it's much easier.
01:07:52.079 --> 01:07:52.950
>> Yes. All that
01:07:52.960 --> 01:07:55.029
>> interesting. Okay. All right. Plan
01:07:55.039 --> 01:07:55.910
notice everybody.
01:07:55.920 --> 01:07:58.150
>> I'll tell I'll tell you one funny funny
01:07:58.160 --> 01:07:59.910
because of the AI discussion. Ah
01:07:59.920 --> 01:08:03.029
drinking. Um
01:08:03.039 --> 01:08:04.789
>> Michael brought me to conferences and
01:08:04.799 --> 01:08:06.309
was and they were like a lot of people
01:08:06.319 --> 01:08:08.150
were like this is great. need this and
01:08:08.160 --> 01:08:11.589
um and um I said, "Okay, we check the
01:08:11.599 --> 01:08:13.029
check box, so it's a compliance thing.
01:08:13.039 --> 01:08:15.109
Great." Uh and I always ask people, "Do
01:08:15.119 --> 01:08:16.309
you actually read the notices?" And
01:08:16.319 --> 01:08:18.070
nobody in the industry actually read the
01:08:18.080 --> 01:08:19.829
notices. And like it broke my heart a
01:08:19.839 --> 01:08:21.749
little bit. I'm like, "This is kind of,
01:08:21.759 --> 01:08:23.349
>> you know, what are we doing here?" And
01:08:23.359 --> 01:08:25.990
so I we we do this thing where we
01:08:26.000 --> 01:08:29.669
developed uh uh video summaries,
01:08:29.679 --> 01:08:31.829
basically an ability to take the notice
01:08:31.839 --> 01:08:33.349
and we still deliver the full PDF
01:08:33.359 --> 01:08:35.269
notice, but also give you a twominute
01:08:35.279 --> 01:08:38.149
video summary that makes it in plain
01:08:38.159 --> 01:08:40.789
English of what in the world this is,
01:08:40.799 --> 01:08:42.950
what is a fetus.
01:08:42.960 --> 01:08:45.910
So check the compliance box by doing
01:08:45.920 --> 01:08:47.990
what we have to do because we we've
01:08:48.000 --> 01:08:49.910
laughed about that for decades in this
01:08:49.920 --> 01:08:51.189
industry. Like
01:08:51.199 --> 01:08:53.990
>> a summary plan description is written
01:08:54.000 --> 01:08:55.669
for the participant
01:08:55.679 --> 01:08:57.430
>> and you might as well be reading a
01:08:57.440 --> 01:08:59.349
fucking adoption agreement. Like it's
01:08:59.359 --> 01:09:01.910
it's it's lawyer speak. So you're doing
01:09:01.920 --> 01:09:04.390
a little short video. Yes. Silent J.
01:09:04.400 --> 01:09:06.229
>> Raise your hand if you've read any of
01:09:06.239 --> 01:09:07.990
the plan notices that you receive on an
01:09:08.000 --> 01:09:10.309
annual basis.
01:09:10.319 --> 01:09:14.149
I mean, I've read I've read a like
01:09:14.159 --> 01:09:15.910
singularish. That's why Brandon has the
01:09:15.920 --> 01:09:17.110
highest balance.
01:09:17.120 --> 01:09:22.149
>> Yeah. I haven't read a single one.
01:09:22.159 --> 01:09:24.550
>> Um, so then you have no understanding
01:09:24.560 --> 01:09:26.149
why you're not getting your safe harbor
01:09:26.159 --> 01:09:28.390
match, huh, Justin?
01:09:28.400 --> 01:09:30.709
>> We
01:09:30.719 --> 01:09:34.070
elective. No, no, we we carved out a
01:09:34.080 --> 01:09:37.349
group. Um, it's an exclusion. It's an
01:09:37.359 --> 01:09:39.189
exclusion.
01:09:39.199 --> 01:09:42.630
>> It's just it's shaved head bearded eyes
01:09:42.640 --> 01:09:43.669
that uh
01:09:43.679 --> 01:09:45.749
>> I don't know. I forget what it was. But
01:09:45.759 --> 01:09:48.950
um okay. Uh Brandon, can we get a can we
01:09:48.960 --> 01:09:51.590
do uh Whoa. Kev baby is getting a couple
01:09:51.600 --> 01:09:53.269
late minute votes.
01:09:53.279 --> 01:09:55.669
>> But but but the those three letters Oh,
01:09:55.679 --> 01:09:57.430
it counted. How did it got
01:09:57.440 --> 01:09:58.229
>> Oh,
01:09:58.239 --> 01:10:00.790
>> CDC, huh? No, no, he he corrected it.
01:10:00.800 --> 01:10:01.830
Tony corrected it.
01:10:01.840 --> 01:10:03.430
>> Drink
01:10:03.440 --> 01:10:05.110
it. I see. I see. That's
01:10:05.120 --> 01:10:06.709
>> Well played. He did that on purpose.
01:10:06.719 --> 01:10:08.390
>> Not a double vote. That's a correction.
01:10:08.400 --> 01:10:10.390
Um, can we get a leaderboard because I
01:10:10.400 --> 01:10:14.390
believe the time has expired. Who is the
01:10:14.400 --> 01:10:16.470
chat? Kevin's the chat bar chairman
01:10:16.480 --> 01:10:19.430
again by a
01:10:19.440 --> 01:10:20.630
>> by a narrow margin.
01:10:20.640 --> 01:10:22.550
>> Todd. Todd. Okay. Um,
01:10:22.560 --> 01:10:24.630
>> hot, but Todd Todd brought it.
01:10:24.640 --> 01:10:28.470
>> This parlays nicely because
01:10:28.480 --> 01:10:31.350
god damn it. I was gonna say our next
01:10:31.360 --> 01:10:35.750
guest on Retire Holix in two weeks is
01:10:35.760 --> 01:10:40.149
the hardest working man in 401k. Drum
01:10:40.159 --> 01:10:40.790
roll.
01:10:40.800 --> 01:10:42.709
>> Brandon Carlson.
01:10:42.719 --> 01:10:45.990
>> Kev, baby. Kevin Smith from
01:10:46.000 --> 01:10:46.709
>> Yeah.
01:10:46.719 --> 01:10:49.590
>> will be here with us. Um, have you seen
01:10:49.600 --> 01:10:51.189
this guy on fucking LinkedIn?
01:10:51.199 --> 01:10:52.550
>> I think I think
01:10:52.560 --> 01:10:55.590
>> Kevin's gonna win chatbar champion while
01:10:55.600 --> 01:10:57.030
a guest. I think he'd be the first
01:10:57.040 --> 01:10:58.149
person ever to do it. Yeah,
01:10:58.159 --> 01:10:59.750
>> that could happen. But honestly, have
01:10:59.760 --> 01:11:01.590
you seen him? The guy is at
01:11:01.600 --> 01:11:02.550
>> Yeah, he's everywhere.
01:11:02.560 --> 01:11:05.110
>> Horse races, your local pizza,
01:11:05.120 --> 01:11:08.229
>> banana ball, minor leaguer. Yeah,
01:11:08.239 --> 01:11:10.149
>> and he's taking selfies and he's
01:11:10.159 --> 01:11:12.470
>> dressed up. He's steaming shit. He's
01:11:12.480 --> 01:11:14.470
just a fucking beast.
01:11:14.480 --> 01:11:17.350
>> My god, the guy is networking. Like, I
01:11:17.360 --> 01:11:19.910
don't think I've ever seen anyone
01:11:19.920 --> 01:11:23.189
network period, bar none, in this
01:11:23.199 --> 01:11:23.990
industry.
01:11:24.000 --> 01:11:26.310
>> Get people shaving his beard and stuff.
01:11:26.320 --> 01:11:27.910
I mean, it's it's impressive. It's
01:11:27.920 --> 01:11:30.390
impressive. We respect that.
01:11:30.400 --> 01:11:32.709
>> Maybe we can learn something from him.
01:11:32.719 --> 01:11:35.350
Uh Chad, hashtag not your typical
01:11:35.360 --> 01:11:38.470
>> advisor on what it's like to be the the
01:11:38.480 --> 01:11:41.189
fucking just uh
01:11:41.199 --> 01:11:43.350
the Yeah. the hardest working guy in
01:11:43.360 --> 01:11:48.390
401k. Um uh thank you to you, Brian, and
01:11:48.400 --> 01:11:51.030
um Plan Notice for giving you the thumbs
01:11:51.040 --> 01:11:53.270
up to come and and be with us tonight.
01:11:53.280 --> 01:11:54.550
We appreciate it. You've been a
01:11:54.560 --> 01:11:56.229
phenomenal guest.
01:11:56.239 --> 01:11:59.910
Um, not as great as Ton Harlo last time,
01:11:59.920 --> 01:12:02.070
but you know th those are that's a high
01:12:02.080 --> 01:12:02.550
bar.
01:12:02.560 --> 01:12:04.310
>> Brian, that's because Mark and I were
01:12:04.320 --> 01:12:06.390
here this time and and we kind of took
01:12:06.400 --> 01:12:08.070
it away from you. Sorry.
01:12:08.080 --> 01:12:09.750
>> But you're definitely you're up.
01:12:09.760 --> 01:12:13.189
>> I would like to say that Brian, your
01:12:13.199 --> 01:12:17.270
your taking of the penalty drinks was
01:12:17.280 --> 01:12:19.590
the best the guest has ever done
01:12:19.600 --> 01:12:22.790
>> on time, taking the doubles, laughing
01:12:22.800 --> 01:12:25.270
about it, doing it for fun. Like I I
01:12:25.280 --> 01:12:27.030
don't know. You know what? I like Todd,
01:12:27.040 --> 01:12:29.430
but he made me feel like shit. So, you
01:12:29.440 --> 01:12:32.790
know what, Brian? I disagree with JD.
01:12:32.800 --> 01:12:35.189
>> You weren't even here with Todd.
01:12:35.199 --> 01:12:35.669
>> Yeah.
01:12:35.679 --> 01:12:37.350
>> Well, you know what? You know what? I
01:12:37.360 --> 01:12:40.550
don't care. I like Brian more. Okay,
01:12:40.560 --> 01:12:42.550
>> Brian. Brian, I would say if you looked
01:12:42.560 --> 01:12:43.189
at
01:12:43.199 --> 01:12:44.790
>> if you compared yourself to all the
01:12:44.800 --> 01:12:46.390
hundreds of guests that we've had over
01:12:46.400 --> 01:12:49.270
the last decade, you're definitely in a
01:12:49.280 --> 01:12:52.310
a top percentile. like you would not be
01:12:52.320 --> 01:12:54.709
a mutual fund removed from the core
01:12:54.719 --> 01:12:58.630
menu. You would stay in place.
01:12:58.640 --> 01:13:00.550
>> What a nerd.
01:13:00.560 --> 01:13:02.149
>> And lastly,
01:13:02.159 --> 01:13:03.990
>> you would not be a disclosure. I didn't
01:13:04.000 --> 01:13:05.270
read.
01:13:05.280 --> 01:13:06.630
>> There you go.
01:13:06.640 --> 01:13:08.870
>> And lastly, I would like to thank you
01:13:08.880 --> 01:13:11.189
all out there, the audience for tuning
01:13:11.199 --> 01:13:14.630
in. I know it's Fourth of July week or
01:13:14.640 --> 01:13:16.709
whatever the fuck you lazy fuckers call
01:13:16.719 --> 01:13:19.510
it. I'll be I'll be grinding in the
01:13:19.520 --> 01:13:21.910
morning working hard. You you go and do
01:13:21.920 --> 01:13:25.030
what you do. And um thanks to anyone
01:13:25.040 --> 01:13:27.750
else who's tuned in. Like I said at this
01:13:27.760 --> 01:13:29.189
top of the show and I'll say it at the
01:13:29.199 --> 01:13:31.030
end. We are the Retire Holics. We are
01:13:31.040 --> 01:13:32.470
changing the retirement plan industry
01:13:32.480 --> 01:13:34.630
one beer at a time. We'll see you next
01:13:34.640 --> 01:13:39.270
time. Brandon, play some music.
01:13:39.280 --> 01:13:42.719
When I start making love,