This episode is for producers only. One of the biggest pain points in explaining annuities is describing the nature of the product guarantees. Most state laws prohibit agents or carriers from proactively discussing state guarantee associations with clients during the sales process. However, in an age of Google and best interest standards, does this rule still make sense. Today we have two guests who recently wrote a story for ThinkAdvisor on this exact topic.
Links mentioned on the show:
https://www.thinkadvisor.com/2022/05/16/let-the-guaranty-fund-genie-out-of-the-bottle/
https://www.financialverse.com/
https://content.naic.org/sites/default/files/inline-files/MDL-520.pdf
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Episode Transcript
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[paul_tyler]: hey this is paul tyler and welcome
to another
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[ramsey_d_smith]: m
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[paul_tyler]: episode of that annuity show ramsey how
are you
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[ramsey_d_smith]: all good
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[paul_tyler]: hey good this
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[harry_n_stout]: okay
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[paul_tyler]: is the first episode after we had
a really cool event in
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[harry_n_stout]: ah
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[paul_tyler]: heart for talking about the future of
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[ramsey_d_smith]: yah
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[paul_tyler]: retirements products
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[ramsey_d_smith]: yah
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[paul_tyler]: planning and advisors we called it the
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[ramsey_d_smith]: oh
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[paul_tyler]: first annual retire tech form wish you
could have been there
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[harry_n_stout]: yeah
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[paul_tyler]: ramsey
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[ramsey_d_smith]: yeah me too
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[paul_tyler]: oh
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[ramsey_d_smith]: i was i was out in
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[harry_n_stout]: yeah
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[ramsey_d_smith]: sunny california
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[paul_tyler]: yeah
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[ramsey_d_smith]: so i was it was i was
in a nice place but i i you
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[ramsey_d_smith]: were nice enough to to face time
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[paul_tyler]: yeah
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[harry_n_stout]: yeah
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[ramsey_d_smith]: brief so i can say hello to
you know all my friends
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[paul_tyler]: yeah
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[ramsey_d_smith]: there
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[harry_n_stout]: ah
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[ramsey_d_smith]: so
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[paul_tyler]: yeah
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[harry_n_stout]: yeah
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[ramsey_d_smith]: looking forward to the next one
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[paul_tyler]: yeah it it was it was a
great discussion we’re just
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[harry_n_stout]: yeah
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[paul_tyler]: literally cutting through the
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[harry_n_stout]: yeah
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[paul_tyler]: recordings we did on you know we
did stream it and we’ll cut the recordings
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[harry_n_stout]: yeah
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[paul_tyler]: up and i think ramsey probably makes
sense to
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[ramsey_d_smith]: oh
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[paul_tyler]: wrap some of these up as episodes
maybe
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[ramsey_d_smith]: yeah
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[paul_tyler]: there’ll
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[harry_n_stout]: yeah
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[paul_tyler]: be special episodes and we’ll push them
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[harry_n_stout]: oh
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[ramsey_d_smith]: m
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[paul_tyler]: out to people so they can you
know hear hear
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[ramsey_d_smith]: oh
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[paul_tyler]: parts that we’re not
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[ramsey_d_smith]: yeah
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[paul_tyler]: now the really
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[harry_n_stout]: yeah
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[paul_tyler]: cool part
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[ramsey_d_smith]: oh
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[paul_tyler]: was we had maybe eighty five people
there in person
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[bruce_h__saul]: just
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[paul_tyler]: in hartford connecticut this was not
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[ramsey_d_smith]: m
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[paul_tyler]: los vegas it was in new york
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[ramsey_d_smith]: yeah
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[paul_tyler]: city was hartford connecticut i like hartford
but it wasn’t this was this may have
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[paul_tyler]: been on some people’s bucket
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[harry_n_stout]: oh
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[paul_tyler]: list but
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[ramsey_d_smith]: m
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[paul_tyler]: laura had people
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[ramsey_d_smith]: m
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[paul_tyler]: raise
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[harry_n_stout]: oh
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[paul_tyler]: their
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[ramsey_d_smith]: oh
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[paul_tyler]: hand for everybody had
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[harry_n_stout]: oh
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[paul_tyler]: been on one of our shows
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[ramsey_d_smith]: yah
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[paul_tyler]: and i like half the room
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[ramsey_d_smith]: oh
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[paul_tyler]: had been on him i mean i
think we’ve really created an interesting community
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[harry_n_stout]: oh
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[paul_tyler]: here
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[ramsey_d_smith]: absolutely
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[paul_tyler]: so
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[ramsey_d_smith]: absolutely
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[paul_tyler]: so today
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[harry_n_stout]: ye
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[paul_tyler]: we’ve got some great two great guests
okay
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[ramsey_d_smith]: m
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[harry_n_stout]: ah
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[paul_tyler]: one of them has
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[ramsey_d_smith]: ye
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[paul_tyler]: been on the show before been a
great friend
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[ramsey_d_smith]: m
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[paul_tyler]: and you know
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[ramsey_d_smith]: oh
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[paul_tyler]: we’ve personally cross
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[ramsey_d_smith]: oh
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[paul_tyler]: paths with him
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[harry_n_stout]: oh
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[paul_tyler]: many
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[ramsey_d_smith]: yeah
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[paul_tyler]: times
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[harry_n_stout]: yeah
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[ramsey_d_smith]: ah
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[paul_tyler]: um
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[ramsey_d_smith]: oh
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[paul_tyler]: put a big warning warning label
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[ramsey_d_smith]: ah
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[paul_tyler]: on this episode
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[ramsey_d_smith]: ah
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[paul_tyler]: okay if your
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[harry_n_stout]: yeah
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[paul_tyler]: consumer stop
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[harry_n_stout]: yea
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[paul_tyler]: episode i’ll keep our compliance people happy
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[harry_n_stout]: ah
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[paul_tyler]: were really intending this discussion to be
for producers use only
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[harry_n_stout]: yeah
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[paul_tyler]: however
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[ramsey_d_smith]: ye
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[paul_tyler]: right
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[harry_n_stout]: yeah
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[paul_tyler]: we’ll cross into some some issues that
are probably important for consumers if they wanted
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[paul_tyler]: to know but i’ll just leave it
at that
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[harry_n_stout]: oh
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[paul_tyler]: and if you saw it this thing
marked
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[ramsey_d_smith]: oh
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[paul_tyler]: as explicit that’s why
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[ramsey_d_smith]: yeah
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[harry_n_stout]: oh
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[paul_tyler]: a dangerous
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[harry_n_stout]: ye
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[paul_tyler]: episode
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[ramsey_d_smith]: my
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[paul_tyler]: so
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[bruce_h__saul]: oh
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[paul_tyler]: i’d like to welcome to tuge terrific
individuals
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[harry_n_stout]: yes
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[paul_tyler]: okay and
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[harry_n_stout]: yeah
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[paul_tyler]: first of all m harry stout
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[ramsey_d_smith]: oh
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[paul_tyler]: who almost doesn’t eat an introduct
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[ramsey_d_smith]: oh
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[paul_tyler]: and if you’ve been in the the
independent insurance space harry is an industry
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[ramsey_d_smith]: ah
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[paul_tyler]: veteran with
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[ramsey_d_smith]: m
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[paul_tyler]: over twenty five years of experience in
the u s and abroad and his
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[ramsey_d_smith]: my
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[paul_tyler]: colleague and hopefully friend
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[ramsey_d_smith]: m
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[paul_tyler]: bruce sal
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[bruce_h__saul]: we’re friends
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[paul_tyler]: who your friends who is an attorney
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[bruce_h__saul]: yeah
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[paul_tyler]: with significant
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[ramsey_d_smith]: oh
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[paul_tyler]: industry
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[harry_n_stout]: as
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[paul_tyler]: and business experience in our sex or
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[ramsey_d_smith]: yeah
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[bruce_h__saul]: i
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[paul_tyler]: he’s played some leading roles both in
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[harry_n_stout]: what
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[paul_tyler]: private practice and in legal departments at
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[ramsey_d_smith]: m
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[harry_n_stout]: ah
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[paul_tyler]: insurance cares so
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[bruce_h__saul]: yeah
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[paul_tyler]: welcome harry and bruce
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[ramsey_d_smith]: m
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[bruce_h__saul]: thank
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[harry_n_stout]: glad
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[bruce_h__saul]: you
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[harry_n_stout]: to be here thank you paul
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[paul_tyler]: yeah
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[ramsey_d_smith]: oh
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[paul_tyler]: harry
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[ramsey_d_smith]: oh
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[paul_tyler]: anything you’d want to add in terms
of what else you’ve done i mean i’d
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[paul_tyler]: say that
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[bruce_h__saul]: yeah
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[paul_tyler]: introduction doesn’t do you justice
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[harry_n_stout]: yeah
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[paul_tyler]: you’re an
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[bruce_h__saul]: yeah
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[paul_tyler]: author or speaker
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[bruce_h__saul]: a
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[paul_tyler]: you’ve led companies what else have we
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[harry_n_stout]: yeah
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[paul_tyler]: missed here
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[ramsey_d_smith]: yeah
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[paul_tyler]: m
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[harry_n_stout]: i think
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[ramsey_d_smith]: oh
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[harry_n_stout]: the key for today paul is that
i have been looking at industry pain points
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[ramsey_d_smith]: ah
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[harry_n_stout]: for consumers
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[bruce_h__saul]: oh
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[harry_n_stout]: in the annuity space and we’ll talk
more about that today but
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[ramsey_d_smith]: m
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[harry_n_stout]: i think my focus has
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[ramsey_d_smith]: oh
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[harry_n_stout]: been on consumers i’ve written a book
about today’s annuity
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[ramsey_d_smith]: oh
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[harry_n_stout]: products to help educate consumers
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[bruce_h__saul]: yeah
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[harry_n_stout]: and to improve the knowledge of what
annuity products all bound and you
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[ramsey_d_smith]: oh
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[harry_n_stout]: all have been
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[paul_tyler]: m
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[harry_n_stout]: a number of episodes on your
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[bruce_h__saul]: oh
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[harry_n_stout]: podcast about the increase of the use
of annuities at what we see in the
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[harry_n_stout]: future so my focus has been on
the consumer and how can we make it
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[harry_n_stout]: a better experience than pro as for
them
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[paul_tyler]: this a great set
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[harry_n_stout]: oh
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[paul_tyler]: up for it and bruce just tell
tell
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[ramsey_d_smith]: yah
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[paul_tyler]: people a little bit more about you
know what you’ve done and your roles you’re
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[ramsey_d_smith]: h
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[paul_tyler]: playing in the business
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[bruce_h__saul]: right
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[harry_n_stout]: ah
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[bruce_h__saul]: well paul thank
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[paul_tyler]: oh
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[bruce_h__saul]: you for
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[ramsey_d_smith]: h
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[bruce_h__saul]: the
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[ramsey_d_smith]: yeah
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[bruce_h__saul]: invitation to be on the show
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[paul_tyler]: oh
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[harry_n_stout]: ah
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[bruce_h__saul]: it’s a pleasure
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[ramsey_d_smith]: oh
241
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[bruce_h__saul]: you gave a great introduction the only
point i would add
242
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[paul_tyler]: ah
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[bruce_h__saul]: is also in my
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[harry_n_stout]: oh
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[bruce_h__saul]: career
246
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[harry_n_stout]: yes
247
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[bruce_h__saul]: as i moved
248
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[paul_tyler]: oh
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[bruce_h__saul]: along
250
00:04:16,253 –> 00:04:16,274
[ramsey_d_smith]: m
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00:04:16,256 –> 00:04:17,037
[bruce_h__saul]: i had an opportunity
252
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[ramsey_d_smith]: yeah
253
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[bruce_h__saul]: to
254
00:04:17,109 –> 00:04:17,250
[paul_tyler]: yeah
255
00:04:17,157 –> 00:04:19,281
[bruce_h__saul]: be in the public sector so i
256
00:04:19,396 –> 00:04:19,477
[harry_n_stout]: so
257
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[ramsey_d_smith]: yeah
258
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[paul_tyler]: oh
259
00:04:20,203 –> 00:04:21,284
[bruce_h__saul]: served as a
260
00:04:21,447 –> 00:04:21,630
[paul_tyler]: yeah
261
00:04:21,965 –> 00:04:22,446
[bruce_h__saul]: regulatory
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00:04:22,150 –> 00:04:22,170
[ramsey_d_smith]: a
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00:04:22,546 –> 00:04:25,652
[bruce_h__saul]: policy annalist in the federal insurance office
264
00:04:26,362 –> 00:04:27,142
[harry_n_stout]: yeah
265
00:04:26,673 –> 00:04:26,834
[bruce_h__saul]: that’s
266
00:04:26,890 –> 00:04:27,011
[paul_tyler]: that
267
00:04:26,894 –> 00:04:29,839
[bruce_h__saul]: a federal office create under dodd frank
and it is
268
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[paul_tyler]: oh
269
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[ramsey_d_smith]: m
270
00:04:30,521 –> 00:04:33,697
[bruce_h__saul]: housed in the u s treasury department
so i was
271
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[ramsey_d_smith]: m
272
00:04:33,737 –> 00:04:33,837
[bruce_h__saul]: with
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00:04:33,832 –> 00:04:34,079
[harry_n_stout]: yeah
274
00:04:33,877 –> 00:04:34,618
[bruce_h__saul]: that organization
275
00:04:34,574 –> 00:04:34,895
[ramsey_d_smith]: oh
276
00:04:34,719 –> 00:04:36,542
[bruce_h__saul]: for a number of years and concentrated
277
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[paul_tyler]: oh
278
00:04:37,984 –> 00:04:38,265
[bruce_h__saul]: mainly
279
00:04:38,144 –> 00:04:38,447
[ramsey_d_smith]: oh
280
00:04:38,385 –> 00:04:39,266
[bruce_h__saul]: on life insurance
281
00:04:39,582 –> 00:04:40,874
[ramsey_d_smith]: yeah yeah
282
00:04:39,807 –> 00:04:42,932
[bruce_h__saul]: and annuities the industry
283
00:04:42,652 –> 00:04:42,898
[harry_n_stout]: ye
284
00:04:42,992 –> 00:04:43,173
[bruce_h__saul]: and its
285
00:04:43,184 –> 00:04:43,506
[ramsey_d_smith]: oh
286
00:04:43,233 –> 00:04:44,154
[bruce_h__saul]: products so
287
00:04:44,312 –> 00:04:44,493
[ramsey_d_smith]: yes
288
00:04:45,225 –> 00:04:46,126
[bruce_h__saul]: m that role
289
00:04:46,057 –> 00:04:46,139
[harry_n_stout]: ah
290
00:04:46,227 –> 00:04:47,729
[bruce_h__saul]: and others i do have a lot
291
00:04:47,742 –> 00:04:47,903
[harry_n_stout]: yeah
292
00:04:47,789 –> 00:04:47,849
[bruce_h__saul]: of
293
00:04:48,014 –> 00:04:48,034
[ramsey_d_smith]: m
294
00:04:48,310 –> 00:04:55,522
[bruce_h__saul]: direct experience with fixing variable annuities and
life insurance also disability income and a fair
295
00:04:55,542 –> 00:04:56,944
[bruce_h__saul]: amount of launcher in care insurance
296
00:04:57,494 –> 00:04:57,816
[ramsey_d_smith]: yeah
297
00:04:58,006 –> 00:04:59,148
[bruce_h__saul]: and i also wanted to
298
00:04:59,264 –> 00:04:59,585
[ramsey_d_smith]: oh
299
00:04:59,288 –> 00:05:02,674
[bruce_h__saul]: add for purposes of today’s discussion for
a number
300
00:05:02,573 –> 00:05:02,594
[ramsey_d_smith]: m
301
00:05:02,610 –> 00:05:03,330
[paul_tyler]: oh
302
00:05:02,714 –> 00:05:07,201
[bruce_h__saul]: of years i was the chair of
the life and health insurance guarantee corporation of
303
00:05:07,302 –> 00:05:07,722
[bruce_h__saul]: maryland
304
00:05:08,351 –> 00:05:08,432
[paul_tyler]: oh
305
00:05:08,692 –> 00:05:09,472
[harry_n_stout]: yeah
306
00:05:09,065 –> 00:05:09,185
[bruce_h__saul]: and
307
00:05:09,974 –> 00:05:10,138
[ramsey_d_smith]: ye
308
00:05:10,127 –> 00:05:10,568
[bruce_h__saul]: later on i
309
00:05:10,561 –> 00:05:10,682
[paul_tyler]: oh
310
00:05:10,648 –> 00:05:10,868
[bruce_h__saul]: served
311
00:05:10,822 –> 00:05:11,482
[harry_n_stout]: yeah
312
00:05:10,908 –> 00:05:13,734
[bruce_h__saul]: on the board of the minnesota guarantee
association
313
00:05:14,250 –> 00:05:17,315
[paul_tyler]: okay guaranteed association so you know you
kind of know where we’re going a head
314
00:05:17,355 –> 00:05:18,137
[paul_tyler]: at this point and
315
00:05:18,224 –> 00:05:18,244
[ramsey_d_smith]: m
316
00:05:18,367 –> 00:05:18,916
[bruce_h__saul]: little bit eh
317
00:05:19,098 –> 00:05:19,239
[paul_tyler]: yeah
318
00:05:19,453 –> 00:05:19,656
[harry_n_stout]: yeah
319
00:05:19,759 –> 00:05:19,960
[paul_tyler]: pain
320
00:05:19,806 –> 00:05:21,606
[bruce_h__saul]: yeah
321
00:05:20,040 –> 00:05:20,280
[paul_tyler]: points
322
00:05:20,534 –> 00:05:21,494
[ramsey_d_smith]: oh
323
00:05:20,761 –> 00:05:21,963
[paul_tyler]: harry you know like okay
324
00:05:21,794 –> 00:05:22,018
[ramsey_d_smith]: oh
325
00:05:22,123 –> 00:05:22,244
[paul_tyler]: i’ve
326
00:05:22,882 –> 00:05:23,224
[harry_n_stout]: oh
327
00:05:22,885 –> 00:05:24,507
[paul_tyler]: i’ve been in a bunch of different
roles you
328
00:05:24,473 –> 00:05:24,494
[ramsey_d_smith]: m
329
00:05:24,547 –> 00:05:25,709
[paul_tyler]: know i’m telling you is marketing
330
00:05:26,064 –> 00:05:26,165
[harry_n_stout]: ah
331
00:05:26,771 –> 00:05:27,012
[paul_tyler]: roll
332
00:05:27,344 –> 00:05:28,784
[ramsey_d_smith]: yeah
333
00:05:27,713 –> 00:05:31,539
[paul_tyler]: this is this is a challenging topic
you know we talk about guarantees day and
334
00:05:31,599 –> 00:05:32,982
[paul_tyler]: day out and then somebody says
335
00:05:32,992 –> 00:05:33,259
[harry_n_stout]: yes
336
00:05:33,022 –> 00:05:34,184
[paul_tyler]: we’ll explain the guarantee
337
00:05:34,416 –> 00:05:35,106
[bruce_h__saul]: oh
338
00:05:34,825 –> 00:05:35,386
[paul_tyler]: to me and all of
339
00:05:35,362 –> 00:05:36,442
[harry_n_stout]: oh
340
00:05:35,426 –> 00:05:37,529
[paul_tyler]: a sudden it feels like i
341
00:05:37,552 –> 00:05:38,056
[harry_n_stout]: oh
342
00:05:37,649 –> 00:05:38,713
[paul_tyler]: move my lips and no
343
00:05:38,714 –> 00:05:38,995
[ramsey_d_smith]: oh
344
00:05:38,854 –> 00:05:39,516
[paul_tyler]: sounds are coming
345
00:05:39,516 –> 00:05:39,619
[harry_n_stout]: ah
346
00:05:39,596 –> 00:05:39,697
[paul_tyler]: out
347
00:05:40,432 –> 00:05:40,752
[harry_n_stout]: yeah
348
00:05:41,541 –> 00:05:41,661
[paul_tyler]: um
349
00:05:41,654 –> 00:05:44,880
[harry_n_stout]: well no i can see that i
mean when you look at
350
00:05:46,050 –> 00:05:46,316
[paul_tyler]: oh
351
00:05:46,562 –> 00:05:50,749
[harry_n_stout]: what we sell in the annuity business
right the key aspect of what we’re selling
352
00:05:50,809 –> 00:05:51,590
[harry_n_stout]: is guarantees
353
00:05:51,689 –> 00:05:51,709
[ramsey_d_smith]: a
354
00:05:52,692 –> 00:05:54,956
[harry_n_stout]: and then the first question that consumers
355
00:05:54,554 –> 00:05:54,896
[ramsey_d_smith]: oh
356
00:05:55,016 –> 00:05:55,156
[harry_n_stout]: have
357
00:05:55,050 –> 00:05:55,271
[paul_tyler]: oh
358
00:05:55,216 –> 00:05:57,360
[harry_n_stout]: is well who’s guaranteeing this
359
00:05:57,433 –> 00:05:57,494
[ramsey_d_smith]: ah
360
00:05:57,480 –> 00:05:57,840
[harry_n_stout]: product
361
00:05:57,584 –> 00:05:57,807
[ramsey_d_smith]: oh
362
00:05:57,880 –> 00:05:58,522
[harry_n_stout]: that i’m buying
363
00:05:59,114 –> 00:05:59,134
[ramsey_d_smith]: m
364
00:05:59,443 –> 00:06:00,405
[harry_n_stout]: and naturally
365
00:06:00,254 –> 00:06:00,535
[ramsey_d_smith]: yeah
366
00:06:00,465 –> 00:06:02,708
[harry_n_stout]: we talk about the insurance company
367
00:06:02,523 –> 00:06:02,996
[ramsey_d_smith]: me oh
368
00:06:02,789 –> 00:06:05,373
[harry_n_stout]: based the insurance company the issuing
369
00:06:05,382 –> 00:06:05,564
[ramsey_d_smith]: yes
370
00:06:05,453 –> 00:06:07,296
[harry_n_stout]: annuity company life insurance company that you’re
371
00:06:07,200 –> 00:06:07,950
[paul_tyler]: yeah
372
00:06:07,316 –> 00:06:12,304
[harry_n_stout]: buying from that’s the primary source the
financial if you will back up for the
373
00:06:12,264 –> 00:06:12,446
[paul_tyler]: back
374
00:06:12,345 –> 00:06:12,605
[harry_n_stout]: product
375
00:06:12,567 –> 00:06:12,628
[paul_tyler]: up
376
00:06:12,645 –> 00:06:15,630
[harry_n_stout]: that you’re buying many times we talk
about
377
00:06:15,644 –> 00:06:15,945
[ramsey_d_smith]: oh
378
00:06:15,790 –> 00:06:17,433
[harry_n_stout]: state regulation as being important
379
00:06:17,430 –> 00:06:18,180
[paul_tyler]: yeah
380
00:06:17,473 –> 00:06:18,174
[harry_n_stout]: we say well you know
381
00:06:18,240 –> 00:06:18,501
[paul_tyler]: oh
382
00:06:18,575 –> 00:06:19,296
[harry_n_stout]: insurance companies
383
00:06:19,118 –> 00:06:19,239
[ramsey_d_smith]: thank
384
00:06:19,376 –> 00:06:20,999
[harry_n_stout]: are regulated very rigorously
385
00:06:20,698 –> 00:06:20,940
[paul_tyler]: very
386
00:06:21,099 –> 00:06:22,982
[harry_n_stout]: on a state basis they’re solve c
is
387
00:06:22,969 –> 00:06:22,990
[ramsey_d_smith]: a
388
00:06:23,042 –> 00:06:28,812
[harry_n_stout]: looked at and that’s that’s a second
item thirdly sometimes we talk about you know
389
00:06:28,932 –> 00:06:29,533
[harry_n_stout]: all the major
390
00:06:29,431 –> 00:06:29,694
[paul_tyler]: all the
391
00:06:29,854 –> 00:06:30,996
[harry_n_stout]: annuity companies
392
00:06:30,936 –> 00:06:31,197
[bruce_h__saul]: yeah
393
00:06:31,036 –> 00:06:31,236
[harry_n_stout]: that are
394
00:06:31,193 –> 00:06:31,214
[ramsey_d_smith]: m
395
00:06:31,276 –> 00:06:31,997
[harry_n_stout]: out there have
396
00:06:32,054 –> 00:06:32,296
[ramsey_d_smith]: yeah
397
00:06:32,158 –> 00:06:33,981
[harry_n_stout]: third party financial strength writings
398
00:06:34,004 –> 00:06:34,664
[ramsey_d_smith]: yeah
399
00:06:34,562 –> 00:06:35,223
[harry_n_stout]: we can talk about
400
00:06:35,135 –> 00:06:35,256
[bruce_h__saul]: yeah
401
00:06:35,263 –> 00:06:35,663
[harry_n_stout]: that that’s
402
00:06:35,916 –> 00:06:35,998
[ramsey_d_smith]: ah
403
00:06:36,184 –> 00:06:36,805
[harry_n_stout]: we can talk about
404
00:06:36,692 –> 00:06:36,794
[ramsey_d_smith]: yah
405
00:06:36,845 –> 00:06:39,490
[harry_n_stout]: those indeed but then there’s the subject
of
406
00:06:39,541 –> 00:06:39,621
[paul_tyler]: ah
407
00:06:39,730 –> 00:06:42,615
[harry_n_stout]: guarantee funds and the existence of guarantee
408
00:06:42,563 –> 00:06:42,746
[paul_tyler]: her
409
00:06:42,715 –> 00:06:46,041
[harry_n_stout]: funds and so bruce and i wrote
an article for think adviser
410
00:06:45,818 –> 00:06:45,962
[ramsey_d_smith]: thank
411
00:06:46,121 –> 00:06:50,030
[harry_n_stout]: on letting the guarantee fund genie out
of the bottle and
412
00:06:50,130 –> 00:06:51,180
[paul_tyler]: yeah
413
00:06:51,082 –> 00:06:53,967
[harry_n_stout]: started in the work i’ve done over
the last several years
414
00:06:53,830 –> 00:06:54,032
[ramsey_d_smith]: yes
415
00:06:54,127 –> 00:06:58,214
[harry_n_stout]: i look at ways in which we’ve
brought in annuities and i mean and you
416
00:06:58,294 –> 00:07:02,421
[harry_n_stout]: all have talked about what’s happening with
the secure act we’ve got new groups of
417
00:07:02,541 –> 00:07:02,902
[harry_n_stout]: individual
418
00:07:02,594 –> 00:07:02,814
[ramsey_d_smith]: oh
419
00:07:03,142 –> 00:07:06,247
[harry_n_stout]: selling these products we got the r
i a community beginning to take
420
00:07:06,146 –> 00:07:06,166
[ramsey_d_smith]: h
421
00:07:06,307 –> 00:07:08,611
[harry_n_stout]: a look at guarantees we have defined
422
00:07:08,273 –> 00:07:08,294
[ramsey_d_smith]: h
423
00:07:08,496 –> 00:07:08,658
[bruce_h__saul]: ye
424
00:07:08,691 –> 00:07:09,352
[harry_n_stout]: contribution
425
00:07:08,924 –> 00:07:09,227
[ramsey_d_smith]: oh
426
00:07:09,452 –> 00:07:13,880
[harry_n_stout]: plans beginning offer guarantees as part of
what they do so guarantees
427
00:07:13,912 –> 00:07:14,012
[ramsey_d_smith]: ye
428
00:07:13,960 –> 00:07:16,484
[harry_n_stout]: are more and more appropriate so
429
00:07:16,703 –> 00:07:16,724
[ramsey_d_smith]: m
430
00:07:17,065 –> 00:07:19,409
[harry_n_stout]: in the industry we have something called
guarantee funds but we
431
00:07:19,457 –> 00:07:19,621
[ramsey_d_smith]: yeah
432
00:07:19,549 –> 00:07:21,112
[harry_n_stout]: really are not able to talk
433
00:07:20,993 –> 00:07:21,014
[ramsey_d_smith]: m
434
00:07:21,192 –> 00:07:22,795
[harry_n_stout]: about them we’re unable to discuss
435
00:07:22,866 –> 00:07:22,987
[ramsey_d_smith]: as
436
00:07:22,875 –> 00:07:28,604
[harry_n_stout]: them yet they are in that pecking
order of what stands behind potentially
437
00:07:28,500 –> 00:07:28,785
[paul_tyler]: oh
438
00:07:28,644 –> 00:07:35,396
[harry_n_stout]: that product if the issuing insurance company
has a financial financial issue and is unable
439
00:07:35,476 –> 00:07:35,556
[harry_n_stout]: to
440
00:07:35,654 –> 00:07:35,897
[ramsey_d_smith]: yes
441
00:07:35,696 –> 00:07:37,499
[harry_n_stout]: pay the liabilities that
442
00:07:37,657 –> 00:07:37,678
[paul_tyler]: i
443
00:07:37,860 –> 00:07:39,242
[harry_n_stout]: for the liabilities that there selling
444
00:07:39,270 –> 00:07:39,930
[paul_tyler]: yeah
445
00:07:39,763 –> 00:07:39,864
[harry_n_stout]: so
446
00:07:39,944 –> 00:07:40,185
[ramsey_d_smith]: oh
447
00:07:40,004 –> 00:07:44,694
[harry_n_stout]: the question is why what are guarantee
funds and why can’t we talk about them
448
00:07:45,126 –> 00:07:45,450
[bruce_h__saul]: oh
449
00:07:45,236 –> 00:07:45,356
[harry_n_stout]: and
450
00:07:45,349 –> 00:07:45,511
[paul_tyler]: what
451
00:07:45,536 –> 00:07:46,579
[harry_n_stout]: what are the prescriptions
452
00:07:46,094 –> 00:07:46,934
[ramsey_d_smith]: yeah
453
00:07:46,639 –> 00:07:47,100
[harry_n_stout]: against that
454
00:07:47,640 –> 00:07:50,485
[paul_tyler]: yeah well so and i tell people
this you know i
455
00:07:50,474 –> 00:07:50,618
[ramsey_d_smith]: ye
456
00:07:50,585 –> 00:07:50,925
[paul_tyler]: want you
457
00:07:50,856 –> 00:07:51,876
[bruce_h__saul]: oh
458
00:07:50,985 –> 00:07:51,787
[paul_tyler]: walk into a bank
459
00:07:52,356 –> 00:07:52,638
[bruce_h__saul]: oh
460
00:07:52,848 –> 00:07:55,773
[paul_tyler]: but before you can open the door
there’s the f d i c sticker
461
00:07:56,015 –> 00:07:56,258
[harry_n_stout]: yes
462
00:07:56,034 –> 00:07:56,535
[paul_tyler]: on the window
463
00:07:57,022 –> 00:07:57,164
[harry_n_stout]: yeah
464
00:07:57,104 –> 00:07:57,631
[ramsey_d_smith]: yeah
465
00:07:57,196 –> 00:07:57,596
[paul_tyler]: guarantee
466
00:07:57,346 –> 00:07:57,366
[bruce_h__saul]: m
467
00:07:57,656 –> 00:07:59,199
[paul_tyler]: guarantee guarantee out insurance
468
00:07:58,925 –> 00:07:59,452
[harry_n_stout]: hm
469
00:07:59,259 –> 00:08:00,321
[paul_tyler]: company it’s almost like
470
00:08:00,305 –> 00:08:00,406
[harry_n_stout]: ah
471
00:08:00,822 –> 00:08:01,884
[paul_tyler]: the reverse of don’t
472
00:08:01,822 –> 00:08:02,103
[harry_n_stout]: oh
473
00:08:01,944 –> 00:08:03,166
[paul_tyler]: ask don’t tell okay
474
00:08:03,554 –> 00:08:03,796
[ramsey_d_smith]: oh
475
00:08:03,747 –> 00:08:03,827
[paul_tyler]: if
476
00:08:03,765 –> 00:08:03,786
[bruce_h__saul]: m
477
00:08:03,907 –> 00:08:04,949
[paul_tyler]: you ask i can tell
478
00:08:05,452 –> 00:08:06,502
[harry_n_stout]: yeah
479
00:08:05,534 –> 00:08:06,344
[ramsey_d_smith]: yeah
480
00:08:06,631 –> 00:08:06,852
[paul_tyler]: right
481
00:08:06,644 –> 00:08:06,664
[ramsey_d_smith]: m
482
00:08:07,442 –> 00:08:07,663
[harry_n_stout]: yeah
483
00:08:07,553 –> 00:08:10,057
[paul_tyler]: so so why why
484
00:08:10,176 –> 00:08:10,337
[ramsey_d_smith]: yeah
485
00:08:10,418 –> 00:08:11,460
[paul_tyler]: first of all what’s the hist
486
00:08:11,594 –> 00:08:11,855
[ramsey_d_smith]: yeah
487
00:08:11,660 –> 00:08:15,227
[paul_tyler]: like why can’t we talk about these
state guarantee funds anybody i don’t i don’t
488
00:08:15,267 –> 00:08:15,808
[paul_tyler]: know the answer
489
00:08:15,836 –> 00:08:16,596
[bruce_h__saul]: yeah
490
00:08:16,942 –> 00:08:17,244
[harry_n_stout]: yeah
491
00:08:17,277 –> 00:08:22,305
[bruce_h__saul]: i can give a little bit of
color there paul really going back there are
492
00:08:22,325 –> 00:08:24,609
[bruce_h__saul]: laws on the books in every state
and the district
493
00:08:24,390 –> 00:08:24,733
[paul_tyler]: oh
494
00:08:24,649 –> 00:08:26,752
[bruce_h__saul]: of columbia and i don’t want to
get
495
00:08:27,382 –> 00:08:27,629
[harry_n_stout]: oh
496
00:08:27,814 –> 00:08:28,415
[bruce_h__saul]: you know overly
497
00:08:28,260 –> 00:08:29,490
[paul_tyler]: oh
498
00:08:28,696 –> 00:08:34,005
[bruce_h__saul]: nichol in this forum but i do
think i’d like just to explain what the
499
00:08:34,045 –> 00:08:34,686
[bruce_h__saul]: law actually
500
00:08:34,754 –> 00:08:35,039
[ramsey_d_smith]: oh
501
00:08:34,826 –> 00:08:36,669
[bruce_h__saul]: says because i think that’s kind of
at the heart
502
00:08:36,524 –> 00:08:37,244
[ramsey_d_smith]: oh
503
00:08:36,749 –> 00:08:38,833
[bruce_h__saul]: of this entire discussion so
504
00:08:38,934 –> 00:08:39,116
[harry_n_stout]: eh
505
00:08:39,013 –> 00:08:40,315
[bruce_h__saul]: every state has
506
00:08:40,334 –> 00:08:40,580
[ramsey_d_smith]: oh
507
00:08:40,435 –> 00:08:44,479
[bruce_h__saul]: a guarantee association set up to protect
policy holders as harry
508
00:08:44,333 –> 00:08:44,354
[ramsey_d_smith]: m
509
00:08:44,600 –> 00:08:44,840
[bruce_h__saul]: said
510
00:08:44,806 –> 00:08:44,949
[paul_tyler]: yeah
511
00:08:45,194 –> 00:08:45,415
[ramsey_d_smith]: oh
512
00:08:45,420 –> 00:08:45,841
[bruce_h__saul]: in the rare
513
00:08:45,652 –> 00:08:45,915
[harry_n_stout]: yes
514
00:08:45,921 –> 00:08:47,783
[bruce_h__saul]: case when an insurance company fails
515
00:08:48,614 –> 00:08:49,604
[ramsey_d_smith]: yeah
516
00:08:48,682 –> 00:08:49,582
[harry_n_stout]: yeah
517
00:08:49,104 –> 00:08:51,988
[bruce_h__saul]: um there were multiple provisions in the
law
518
00:08:52,051 –> 00:08:52,152
[paul_tyler]: oh
519
00:08:52,209 –> 00:08:55,073
[bruce_h__saul]: to accommodate this framework and this
520
00:08:55,320 –> 00:08:56,310
[paul_tyler]: oh
521
00:08:55,554 –> 00:08:58,579
[bruce_h__saul]: goal giving that protection but
522
00:08:59,040 –> 00:08:59,266
[paul_tyler]: oh
523
00:08:59,601 –> 00:09:02,005
[bruce_h__saul]: in almost every state there is also
a
524
00:09:02,293 –> 00:09:02,455
[harry_n_stout]: yeah
525
00:09:03,047 –> 00:09:07,748
[bruce_h__saul]: a prohibition on advertising when you look
at the words
526
00:09:07,544 –> 00:09:08,444
[ramsey_d_smith]: oh
527
00:09:08,409 –> 00:09:09,090
[bruce_h__saul]: it’s interesting
528
00:09:08,984 –> 00:09:09,349
[ramsey_d_smith]: oh
529
00:09:09,651 –> 00:09:11,434
[bruce_h__saul]: that there is really
530
00:09:11,363 –> 00:09:11,384
[ramsey_d_smith]: m
531
00:09:11,534 –> 00:09:12,976
[bruce_h__saul]: no wriggle room at all
532
00:09:13,014 –> 00:09:13,158
[paul_tyler]: oh
533
00:09:13,377 –> 00:09:14,018
[bruce_h__saul]: for any kind
534
00:09:13,904 –> 00:09:14,714
[ramsey_d_smith]: oh
535
00:09:14,078 –> 00:09:18,445
[bruce_h__saul]: of discretion around this subject the law
prohibits any person
536
00:09:18,382 –> 00:09:19,102
[harry_n_stout]: yeah
537
00:09:19,877 –> 00:09:20,178
[bruce_h__saul]: person
538
00:09:19,973 –> 00:09:20,176
[harry_n_stout]: eh
539
00:09:20,258 –> 00:09:25,209
[bruce_h__saul]: includes an insurance company or a producer
for making any statement
540
00:09:25,021 –> 00:09:25,950
[paul_tyler]: okay
541
00:09:26,091 –> 00:09:27,034
[bruce_h__saul]: written or oral
542
00:09:27,862 –> 00:09:28,246
[harry_n_stout]: yes
543
00:09:27,930 –> 00:09:28,174
[paul_tyler]: oh
544
00:09:27,936 –> 00:09:31,884
[bruce_h__saul]: uses the existence of the guarantee fund
for purposes of
545
00:09:32,872 –> 00:09:33,592
[harry_n_stout]: yeah
546
00:09:32,977 –> 00:09:34,062
[bruce_h__saul]: selling or inducing
547
00:09:33,974 –> 00:09:34,257
[ramsey_d_smith]: oh
548
00:09:34,123 –> 00:09:35,067
[bruce_h__saul]: the sale of a product
549
00:09:36,030 –> 00:09:37,020
[paul_tyler]: oh
550
00:09:37,376 –> 00:09:38,118
[bruce_h__saul]: if you think about that
551
00:09:38,144 –> 00:09:38,700
[paul_tyler]: yet
552
00:09:38,438 –> 00:09:39,060
[bruce_h__saul]: for a moment
553
00:09:40,222 –> 00:09:40,465
[harry_n_stout]: yeah
554
00:09:40,422 –> 00:09:40,883
[bruce_h__saul]: the way that
555
00:09:40,784 –> 00:09:41,460
[ramsey_d_smith]: ye
556
00:09:41,043 –> 00:09:42,746
[bruce_h__saul]: drafted it doesn’t
557
00:09:42,587 –> 00:09:42,731
[harry_n_stout]: ah
558
00:09:42,644 –> 00:09:42,865
[ramsey_d_smith]: oh
559
00:09:42,806 –> 00:09:45,670
[bruce_h__saul]: for example say that that a person
is
560
00:09:45,644 –> 00:09:46,514
[ramsey_d_smith]: oh
561
00:09:45,730 –> 00:09:46,512
[bruce_h__saul]: prohibited from
562
00:09:47,483 –> 00:09:47,504
[ramsey_d_smith]: m
563
00:09:48,014 –> 00:09:49,727
[bruce_h__saul]: describing guarantee
564
00:09:49,538 –> 00:09:49,659
[paul_tyler]: yeah
565
00:09:49,808 –> 00:09:51,334
[bruce_h__saul]: funds in a deceptive manner
566
00:09:52,252 –> 00:09:52,556
[harry_n_stout]: yeah
567
00:09:52,760 –> 00:09:56,040
[bruce_h__saul]: it’s stronger to the point of saying
you can’t even
568
00:09:56,002 –> 00:09:56,692
[harry_n_stout]: yeah
569
00:09:56,100 –> 00:09:58,829
[bruce_h__saul]: mention the existence of the fund yeah
570
00:09:59,356 –> 00:09:59,479
[harry_n_stout]: ah
571
00:09:59,767 –> 00:09:59,969
[bruce_h__saul]: um
572
00:10:00,224 –> 00:10:01,274
[ramsey_d_smith]: yah
573
00:10:00,675 –> 00:10:02,476
[bruce_h__saul]: m now as i indicated
574
00:10:03,202 –> 00:10:03,383
[harry_n_stout]: oh
575
00:10:04,186 –> 00:10:05,168
[bruce_h__saul]: the prohibition is on
576
00:10:05,190 –> 00:10:05,373
[paul_tyler]: oh
577
00:10:05,309 –> 00:10:05,509
[bruce_h__saul]: using
578
00:10:05,385 –> 00:10:05,549
[harry_n_stout]: yeah
579
00:10:05,549 –> 00:10:06,772
[bruce_h__saul]: the existence for purposes
580
00:10:06,772 –> 00:10:07,039
[harry_n_stout]: yeah
581
00:10:06,872 –> 00:10:07,534
[bruce_h__saul]: of sales
582
00:10:07,290 –> 00:10:07,472
[paul_tyler]: oh
583
00:10:07,454 –> 00:10:09,944
[ramsey_d_smith]: oh
584
00:10:07,694 –> 00:10:08,355
[bruce_h__saul]: or inducement
585
00:10:08,040 –> 00:10:08,263
[paul_tyler]: oh
586
00:10:08,416 –> 00:10:09,839
[bruce_h__saul]: but the practical problem here
587
00:10:09,944 –> 00:10:10,567
[ramsey_d_smith]: oh
588
00:10:10,702 –> 00:10:11,044
[harry_n_stout]: oh
589
00:10:10,821 –> 00:10:12,284
[bruce_h__saul]: these conversations are happening
590
00:10:12,584 –> 00:10:12,850
[ramsey_d_smith]: oh
591
00:10:13,006 –> 00:10:16,495
[bruce_h__saul]: when consumers asked questions it’s not a
surprise that
592
00:10:16,560 –> 00:10:16,742
[paul_tyler]: oh
593
00:10:16,615 –> 00:10:16,795
[bruce_h__saul]: there
594
00:10:16,672 –> 00:10:16,898
[harry_n_stout]: yea
595
00:10:16,876 –> 00:10:18,199
[bruce_h__saul]: is a sales
596
00:10:17,963 –> 00:10:17,984
[ramsey_d_smith]: m
597
00:10:18,239 –> 00:10:18,640
[bruce_h__saul]: process
598
00:10:18,563 –> 00:10:18,584
[paul_tyler]: a
599
00:10:19,101 –> 00:10:19,542
[bruce_h__saul]: involved
600
00:10:19,672 –> 00:10:20,272
[harry_n_stout]: yeah
601
00:10:20,836 –> 00:10:21,636
[bruce_h__saul]: it’s very difficult
602
00:10:22,312 –> 00:10:22,595
[harry_n_stout]: yeah
603
00:10:22,357 –> 00:10:23,818
[bruce_h__saul]: for the insurance company or the
604
00:10:23,732 –> 00:10:23,875
[paul_tyler]: oh
605
00:10:23,753 –> 00:10:23,774
[ramsey_d_smith]: m
606
00:10:23,878 –> 00:10:25,159
[bruce_h__saul]: producer to have any comfort
607
00:10:24,824 –> 00:10:25,126
[ramsey_d_smith]: oh
608
00:10:25,239 –> 00:10:26,140
[bruce_h__saul]: that with hindsight
609
00:10:25,811 –> 00:10:25,952
[paul_tyler]: oh
610
00:10:26,144 –> 00:10:26,489
[ramsey_d_smith]: oh
611
00:10:27,030 –> 00:10:27,234
[paul_tyler]: oh
612
00:10:27,241 –> 00:10:28,482
[bruce_h__saul]: that can’t be characterized
613
00:10:28,034 –> 00:10:28,218
[ramsey_d_smith]: ye
614
00:10:28,822 –> 00:10:30,063
[bruce_h__saul]: as a conversation
615
00:10:29,730 –> 00:10:29,811
[paul_tyler]: oh
616
00:10:29,963 –> 00:10:29,984
[ramsey_d_smith]: m
617
00:10:30,123 –> 00:10:31,404
[bruce_h__saul]: that was related to a sale
618
00:10:32,092 –> 00:10:32,496
[harry_n_stout]: yes
619
00:10:32,866 –> 00:10:32,946
[bruce_h__saul]: so
620
00:10:32,903 –> 00:10:32,924
[ramsey_d_smith]: m
621
00:10:33,106 –> 00:10:33,126
[bruce_h__saul]: i
622
00:10:33,372 –> 00:10:33,392
[paul_tyler]: i
623
00:10:33,827 –> 00:10:36,532
[bruce_h__saul]: i’ve always thought as a as a
lawyer and a compliance advisor
624
00:10:36,173 –> 00:10:36,194
[ramsey_d_smith]: m
625
00:10:36,672 –> 00:10:38,475
[bruce_h__saul]: effectively um
626
00:10:38,324 –> 00:10:39,194
[ramsey_d_smith]: oh
627
00:10:38,996 –> 00:10:41,360
[bruce_h__saul]: this stifles any discussion between
628
00:10:41,444 –> 00:10:41,464
[ramsey_d_smith]: m
629
00:10:41,664 –> 00:10:41,746
[harry_n_stout]: ah
630
00:10:41,881 –> 00:10:42,562
[bruce_h__saul]: the consumer
631
00:10:42,772 –> 00:10:43,492
[harry_n_stout]: yeah
632
00:10:42,802 –> 00:10:45,491
[bruce_h__saul]: and the company or the producer about
633
00:10:45,323 –> 00:10:45,344
[ramsey_d_smith]: m
634
00:10:45,502 –> 00:10:46,222
[harry_n_stout]: yeah
635
00:10:45,531 –> 00:10:46,841
[bruce_h__saul]: this basic protection
636
00:10:46,604 –> 00:10:46,885
[ramsey_d_smith]: oh
637
00:10:48,176 –> 00:10:48,886
[bruce_h__saul]: has the gist of it
638
00:10:50,392 –> 00:10:51,442
[harry_n_stout]: oh
639
00:10:50,434 –> 00:10:50,514
[ramsey_d_smith]: so
640
00:10:50,503 –> 00:10:50,564
[paul_tyler]: ah
641
00:10:51,055 –> 00:10:52,297
[ramsey_d_smith]: i’ve got a question about
642
00:10:52,820 –> 00:10:52,942
[bruce_h__saul]: oh
643
00:10:53,178 –> 00:10:54,540
[ramsey_d_smith]: whether or not you
644
00:10:54,472 –> 00:10:55,222
[harry_n_stout]: yeah
645
00:10:54,721 –> 00:10:55,442
[ramsey_d_smith]: think that you
646
00:10:55,476 –> 00:10:55,676
[bruce_h__saul]: yeah
647
00:10:55,482 –> 00:10:58,207
[ramsey_d_smith]: know that broadly industry participants
648
00:10:58,132 –> 00:10:58,912
[harry_n_stout]: oh
649
00:10:58,307 –> 00:10:59,288
[ramsey_d_smith]: kind of understand
650
00:10:59,722 –> 00:11:00,049
[harry_n_stout]: oh
651
00:10:59,909 –> 00:11:04,697
[ramsey_d_smith]: you know the structure of the funds
and you know there limitations so you know
652
00:11:04,672 –> 00:11:05,362
[harry_n_stout]: yeah
653
00:11:04,838 –> 00:11:08,043
[ramsey_d_smith]: paul drew a comparison to to f
d i c
654
00:11:08,346 –> 00:11:08,650
[bruce_h__saul]: oh
655
00:11:08,504 –> 00:11:09,626
[ramsey_d_smith]: but i think maybe
656
00:11:10,642 –> 00:11:10,909
[harry_n_stout]: yeah
657
00:11:10,727 –> 00:11:13,252
[ramsey_d_smith]: a good thing to do here is
to talk about you know what’s
658
00:11:13,282 –> 00:11:13,972
[harry_n_stout]: yeah
659
00:11:13,312 –> 00:11:18,356
[ramsey_d_smith]: different about each of each of the
various so the back stops and different
660
00:11:18,322 –> 00:11:18,583
[harry_n_stout]: yeah
661
00:11:18,396 –> 00:11:19,398
[ramsey_d_smith]: parts of the financial services
662
00:11:19,476 –> 00:11:20,436
[bruce_h__saul]: oh
663
00:11:19,498 –> 00:11:23,004
[ramsey_d_smith]: industry all have not just different dollar
limitations
664
00:11:22,680 –> 00:11:22,984
[paul_tyler]: oh
665
00:11:23,164 –> 00:11:25,768
[ramsey_d_smith]: but they have different sources
666
00:11:25,702 –> 00:11:25,968
[harry_n_stout]: oh
667
00:11:25,849 –> 00:11:26,530
[ramsey_d_smith]: and backing like
668
00:11:26,940 –> 00:11:27,200
[paul_tyler]: oh
669
00:11:27,151 –> 00:11:28,653
[ramsey_d_smith]: how are they how are they different
because
670
00:11:28,552 –> 00:11:28,753
[harry_n_stout]: yeah
671
00:11:29,455 –> 00:11:33,243
[ramsey_d_smith]: one of the one of the inherent
risks with the discussion is
672
00:11:33,232 –> 00:11:33,535
[harry_n_stout]: yeah
673
00:11:33,343 –> 00:11:33,584
[ramsey_d_smith]: that
674
00:11:35,152 –> 00:11:35,459
[harry_n_stout]: yeah
675
00:11:35,207 –> 00:11:37,312
[ramsey_d_smith]: either either a producer might
676
00:11:37,052 –> 00:11:37,620
[paul_tyler]: yeah
677
00:11:38,524 –> 00:11:40,707
[ramsey_d_smith]: might not know what the differences are
678
00:11:40,702 –> 00:11:40,887
[harry_n_stout]: yeah
679
00:11:40,727 –> 00:11:43,893
[ramsey_d_smith]: and even if they do they may
not convey the differences
680
00:11:44,076 –> 00:11:44,382
[bruce_h__saul]: oh
681
00:11:44,554 –> 00:11:45,816
[ramsey_d_smith]: as as well as they might
682
00:11:45,816 –> 00:11:46,020
[bruce_h__saul]: oh
683
00:11:46,497 –> 00:11:47,739
[ramsey_d_smith]: to a to a consumer so
684
00:11:48,562 –> 00:11:49,972
[harry_n_stout]: oh
685
00:11:49,101 –> 00:11:52,227
[ramsey_d_smith]: let’s start with like how are those
how are those various entities different
686
00:11:51,960 –> 00:11:52,120
[paul_tyler]: oh
687
00:11:52,508 –> 00:11:54,592
[ramsey_d_smith]: with respect to the coverage that they
provide
688
00:11:56,197 –> 00:11:59,302
[bruce_h__saul]: yeah that’s a that’s a great question
ramsey a couple
689
00:11:59,242 –> 00:11:59,932
[harry_n_stout]: yeah
690
00:11:59,362 –> 00:12:03,188
[bruce_h__saul]: of key differences thinking about consumer experience
691
00:12:02,790 –> 00:12:03,051
[paul_tyler]: oh
692
00:12:03,248 –> 00:12:03,749
[bruce_h__saul]: or producer
693
00:12:03,735 –> 00:12:03,776
[ramsey_d_smith]: hm
694
00:12:03,809 –> 00:12:05,432
[bruce_h__saul]: experience just looking at the landscape
695
00:12:06,173 –> 00:12:06,194
[ramsey_d_smith]: m
696
00:12:06,995 –> 00:12:10,280
[bruce_h__saul]: some of them known back stops are
697
00:12:10,184 –> 00:12:11,264
[ramsey_d_smith]: oh
698
00:12:11,283 –> 00:12:12,987
[bruce_h__saul]: probably the best well known is f
d i
699
00:12:13,124 –> 00:12:13,407
[ramsey_d_smith]: oh
700
00:12:13,127 –> 00:12:15,052
[bruce_h__saul]: c the federal deposit insurance corporation
701
00:12:14,924 –> 00:12:15,186
[ramsey_d_smith]: oh
702
00:12:15,132 –> 00:12:15,693
[bruce_h__saul]: for banks
703
00:12:16,582 –> 00:12:17,302
[harry_n_stout]: yeah
704
00:12:17,033 –> 00:12:17,054
[ramsey_d_smith]: m
705
00:12:17,076 –> 00:12:21,183
[bruce_h__saul]: as paul indicated it’s clearly stated in
a bank lobby that f d
706
00:12:21,194 –> 00:12:21,615
[ramsey_d_smith]: oh
707
00:12:21,303 –> 00:12:23,206
[bruce_h__saul]: i c coverage is available
708
00:12:24,022 –> 00:12:24,430
[harry_n_stout]: oh
709
00:12:24,228 –> 00:12:24,428
[bruce_h__saul]: um
710
00:12:24,390 –> 00:12:24,590
[paul_tyler]: oh
711
00:12:24,869 –> 00:12:26,952
[bruce_h__saul]: the same for cipicthe
712
00:12:26,174 –> 00:12:26,194
[ramsey_d_smith]: m
713
00:12:26,992 –> 00:12:27,233
[bruce_h__saul]: broker
714
00:12:27,134 –> 00:12:27,396
[ramsey_d_smith]: oh
715
00:12:27,313 –> 00:12:27,593
[bruce_h__saul]: dealer
716
00:12:27,600 –> 00:12:28,770
[paul_tyler]: oh
717
00:12:27,834 –> 00:12:29,437
[bruce_h__saul]: protection regime at the federal level
718
00:12:30,172 –> 00:12:30,621
[harry_n_stout]: oh
719
00:12:30,640 –> 00:12:35,488
[bruce_h__saul]: um i think some difference is with
720
00:12:35,460 –> 00:12:35,742
[paul_tyler]: oh
721
00:12:35,548 –> 00:12:37,892
[bruce_h__saul]: the state guarantee association system
722
00:12:38,452 –> 00:12:38,759
[harry_n_stout]: yeah
723
00:12:38,533 –> 00:12:38,934
[bruce_h__saul]: i probably
724
00:12:38,804 –> 00:12:38,985
[ramsey_d_smith]: yeah
725
00:12:39,412 –> 00:12:39,713
[harry_n_stout]: oh
726
00:12:39,875 –> 00:12:45,024
[bruce_h__saul]: boil it down to two that are
most important one is that the
727
00:12:44,932 –> 00:12:45,592
[harry_n_stout]: yeah
728
00:12:45,124 –> 00:12:45,385
[bruce_h__saul]: state
729
00:12:45,434 –> 00:12:46,184
[ramsey_d_smith]: yeah
730
00:12:45,986 –> 00:12:46,787
[bruce_h__saul]: guarantee funds
731
00:12:46,732 –> 00:12:46,999
[harry_n_stout]: oh
732
00:12:46,927 –> 00:12:47,789
[bruce_h__saul]: are not backed
733
00:12:48,199 –> 00:12:48,240
[paul_tyler]: ah
734
00:12:48,229 –> 00:12:48,370
[bruce_h__saul]: by
735
00:12:48,412 –> 00:12:48,659
[harry_n_stout]: yeah
736
00:12:48,530 –> 00:12:50,052
[bruce_h__saul]: any governmental entity
737
00:12:50,324 –> 00:12:52,154
[ramsey_d_smith]: yeah
738
00:12:50,722 –> 00:12:50,864
[harry_n_stout]: ye
739
00:12:51,675 –> 00:12:54,219
[bruce_h__saul]: the states and this is a great
question ramsey raised
740
00:12:54,083 –> 00:12:54,104
[ramsey_d_smith]: m
741
00:12:54,259 –> 00:12:54,981
[bruce_h__saul]: a very good point
742
00:12:54,944 –> 00:12:56,204
[ramsey_d_smith]: yeah
743
00:12:55,161 –> 00:12:56,844
[bruce_h__saul]: about the potential
744
00:12:56,812 –> 00:12:57,472
[harry_n_stout]: yeah
745
00:12:56,904 –> 00:12:57,925
[bruce_h__saul]: for misunderstanding
746
00:12:58,343 –> 00:12:58,364
[ramsey_d_smith]: m
747
00:12:58,432 –> 00:12:58,696
[harry_n_stout]: yeah
748
00:12:58,995 –> 00:13:02,910
[bruce_h__saul]: um m a lot of people are
familiar with f d i c they
749
00:13:02,932 –> 00:13:03,592
[harry_n_stout]: yeah
750
00:13:02,950 –> 00:13:04,813
[bruce_h__saul]: know that the federal government stands
751
00:13:04,702 –> 00:13:05,123
[harry_n_stout]: oh
752
00:13:04,893 –> 00:13:10,586
[bruce_h__saul]: behind but in our state system with
state regulation it’s evolved differently and
753
00:13:10,521 –> 00:13:10,642
[paul_tyler]: ah
754
00:13:10,523 –> 00:13:10,544
[ramsey_d_smith]: m
755
00:13:10,702 –> 00:13:11,362
[harry_n_stout]: yeah
756
00:13:10,787 –> 00:13:14,597
[bruce_h__saul]: there is no uh uh implied
757
00:13:14,633 –> 00:13:14,653
[paul_tyler]: i
758
00:13:14,677 –> 00:13:16,603
[bruce_h__saul]: or explicit explicit or implied
759
00:13:16,124 –> 00:13:16,409
[ramsey_d_smith]: oh
760
00:13:16,635 –> 00:13:16,655
[paul_tyler]: i
761
00:13:17,346 –> 00:13:17,847
[bruce_h__saul]: governmental
762
00:13:17,474 –> 00:13:17,494
[ramsey_d_smith]: m
763
00:13:17,482 –> 00:13:17,729
[harry_n_stout]: yeah
764
00:13:17,887 –> 00:13:25,920
[bruce_h__saul]: backstop um the liabilities of the guarantee
association to cover the obligations of the insure
765
00:13:26,141 –> 00:13:31,321
[bruce_h__saul]: a funded by industry members all of
whom must by law belong to the state
766
00:13:31,361 –> 00:13:33,705
[bruce_h__saul]: guarantee association so that’s one
767
00:13:34,792 –> 00:13:34,975
[harry_n_stout]: ye
768
00:13:34,827 –> 00:13:36,730
[bruce_h__saul]: uh no governmental backstop
769
00:13:37,522 –> 00:13:37,829
[harry_n_stout]: yeah
770
00:13:37,572 –> 00:13:37,652
[bruce_h__saul]: and
771
00:13:37,710 –> 00:13:38,031
[paul_tyler]: oh
772
00:13:37,814 –> 00:13:38,594
[ramsey_d_smith]: yeah
773
00:13:37,892 –> 00:13:40,216
[bruce_h__saul]: to the states system
774
00:13:40,053 –> 00:13:40,215
[harry_n_stout]: yes
775
00:13:40,276 –> 00:13:41,198
[bruce_h__saul]: is not pre funded
776
00:13:41,024 –> 00:13:42,164
[ramsey_d_smith]: yeah
777
00:13:42,172 –> 00:13:44,122
[harry_n_stout]: yeah
778
00:13:42,380 –> 00:13:44,683
[bruce_h__saul]: uh what happens if if a life
insurance
779
00:13:44,397 –> 00:13:44,480
[harry_n_stout]: ah
780
00:13:44,723 –> 00:13:45,665
[bruce_h__saul]: company is in trouble
781
00:13:46,050 –> 00:13:46,292
[paul_tyler]: yeah
782
00:13:46,406 –> 00:13:47,368
[bruce_h__saul]: becomes insolvent
783
00:13:46,792 –> 00:13:47,482
[harry_n_stout]: yeah
784
00:13:47,474 –> 00:13:47,575
[ramsey_d_smith]: ye
785
00:13:47,949 –> 00:13:48,089
[bruce_h__saul]: then
786
00:13:48,142 –> 00:13:49,372
[harry_n_stout]: oh
787
00:13:48,309 –> 00:13:48,510
[bruce_h__saul]: in the
788
00:13:48,556 –> 00:13:48,700
[ramsey_d_smith]: yeah
789
00:13:48,570 –> 00:13:49,672
[bruce_h__saul]: insolvency proceeding
790
00:13:49,762 –> 00:13:50,024
[harry_n_stout]: oh
791
00:13:49,932 –> 00:13:51,595
[bruce_h__saul]: after the fact the guarantee
792
00:13:51,360 –> 00:13:51,583
[paul_tyler]: oh
793
00:13:51,635 –> 00:13:55,108
[bruce_h__saul]: associate aten collects assessments from the members
to pay the obligations
794
00:13:55,752 –> 00:13:55,934
[paul_tyler]: okay
795
00:13:56,192 –> 00:13:56,272
[bruce_h__saul]: so
796
00:13:56,556 –> 00:13:56,699
[harry_n_stout]: ah
797
00:13:57,437 –> 00:13:57,617
[bruce_h__saul]: kind of
798
00:13:57,644 –> 00:13:58,281
[ramsey_d_smith]: ye
799
00:13:57,657 –> 00:13:58,099
[bruce_h__saul]: high level
800
00:13:57,911 –> 00:13:57,931
[paul_tyler]: i
801
00:13:58,179 –> 00:13:59,242
[bruce_h__saul]: those are some of the key
802
00:13:59,264 –> 00:13:59,406
[ramsey_d_smith]: ye
803
00:13:59,302 –> 00:13:59,744
[bruce_h__saul]: differences
804
00:14:00,470 –> 00:14:01,732
[paul_tyler]: and bruce tell me if
805
00:14:01,754 –> 00:14:01,855
[harry_n_stout]: ah
806
00:14:02,013 –> 00:14:02,694
[paul_tyler]: i’m wrong in this
807
00:14:02,654 –> 00:14:04,124
[ramsey_d_smith]: oh
808
00:14:02,754 –> 00:14:03,254
[paul_tyler]: because this is
809
00:14:03,202 –> 00:14:03,605
[harry_n_stout]: oh
810
00:14:03,314 –> 00:14:05,537
[paul_tyler]: a hard subject to kind of wind
811
00:14:05,354 –> 00:14:05,495
[ramsey_d_smith]: ye
812
00:14:05,578 –> 00:14:05,678
[paul_tyler]: your
813
00:14:05,632 –> 00:14:06,119
[harry_n_stout]: ye
814
00:14:05,718 –> 00:14:09,123
[paul_tyler]: way through the structure seems to be
similar
815
00:14:08,992 –> 00:14:09,218
[harry_n_stout]: yeah
816
00:14:09,183 –> 00:14:11,447
[paul_tyler]: state by state but there are some
variations for each
817
00:14:11,444 –> 00:14:11,564
[ramsey_d_smith]: oh
818
00:14:11,847 –> 00:14:14,151
[paul_tyler]: state fund correct i mean i’m not
sure if they are
819
00:14:14,145 –> 00:14:14,185
[harry_n_stout]: m
820
00:14:14,192 –> 00:14:14,272
[paul_tyler]: the
821
00:14:14,294 –> 00:14:14,902
[ramsey_d_smith]: yeah
822
00:14:14,332 –> 00:14:14,913
[paul_tyler]: material
823
00:14:14,984 –> 00:14:15,306
[ramsey_d_smith]: yeah
824
00:14:15,073 –> 00:14:17,537
[paul_tyler]: are they not significant in your
825
00:14:17,804 –> 00:14:18,406
[ramsey_d_smith]: oh
826
00:14:17,958 –> 00:14:18,179
[paul_tyler]: mind
827
00:14:19,072 –> 00:14:19,732
[harry_n_stout]: yeah
828
00:14:20,168 –> 00:14:22,772
[bruce_h__saul]: that’s another interesting and important point
829
00:14:23,452 –> 00:14:23,719
[harry_n_stout]: yeah
830
00:14:23,894 –> 00:14:25,036
[bruce_h__saul]: there are differences
831
00:14:25,222 –> 00:14:25,912
[harry_n_stout]: yeah
832
00:14:26,539 –> 00:14:26,779
[bruce_h__saul]: again
833
00:14:26,798 –> 00:14:27,390
[paul_tyler]: yeah
834
00:14:26,859 –> 00:14:30,105
[bruce_h__saul]: there’s many in the audience
835
00:14:29,901 –> 00:14:30,510
[paul_tyler]: yeah
836
00:14:30,205 –> 00:14:36,374
[bruce_h__saul]: are of course familiar with the whole
the state guarantee well the state regulatory structure
837
00:14:36,450 –> 00:14:36,891
[paul_tyler]: oh
838
00:14:37,746 –> 00:14:38,627
[bruce_h__saul]: there’s an organization
839
00:14:38,299 –> 00:14:38,401
[harry_n_stout]: it
840
00:14:38,354 –> 00:14:38,616
[ramsey_d_smith]: oh
841
00:14:38,727 –> 00:14:39,128
[bruce_h__saul]: the national
842
00:14:39,052 –> 00:14:39,712
[harry_n_stout]: yeah
843
00:14:39,148 –> 00:14:40,671
[bruce_h__saul]: association of insurance commissioners
844
00:14:40,274 –> 00:14:41,144
[ramsey_d_smith]: yeah
845
00:14:40,711 –> 00:14:44,497
[bruce_h__saul]: that adopts model laws so the way
the guarantee fund rules work
846
00:14:44,490 –> 00:14:44,751
[paul_tyler]: oh
847
00:14:44,654 –> 00:14:45,674
[ramsey_d_smith]: oh
848
00:14:44,718 –> 00:14:47,443
[bruce_h__saul]: is the nice uh the last
849
00:14:47,362 –> 00:14:48,202
[harry_n_stout]: yeah
850
00:14:47,523 –> 00:14:49,366
[bruce_h__saul]: time it ook a
851
00:14:49,933 –> 00:14:50,135
[harry_n_stout]: yeah
852
00:14:50,187 –> 00:14:55,556
[bruce_h__saul]: full kind of look at these coverage
limits was back in two thousand nine so
853
00:14:55,547 –> 00:14:55,710
[harry_n_stout]: ah
854
00:14:55,736 –> 00:14:59,603
[bruce_h__saul]: under the model there are limits established
855
00:14:59,032 –> 00:14:59,722
[harry_n_stout]: yeah
856
00:14:59,763 –> 00:14:59,943
[bruce_h__saul]: for
857
00:15:00,622 –> 00:15:01,024
[harry_n_stout]: yeah
858
00:15:01,226 –> 00:15:06,883
[bruce_h__saul]: life insurance benefits one term care disability
and annuities
859
00:15:07,470 –> 00:15:07,934
[paul_tyler]: oh
860
00:15:08,466 –> 00:15:13,634
[bruce_h__saul]: and the limits are generally three hundred
thousand dollars for life
861
00:15:13,674 –> 00:15:13,695
[paul_tyler]: i
862
00:15:13,674 –> 00:15:14,836
[bruce_h__saul]: insurance death benefits
863
00:15:14,700 –> 00:15:14,841
[paul_tyler]: ye
864
00:15:15,578 –> 00:15:16,880
[bruce_h__saul]: lantern care and disability
865
00:15:17,752 –> 00:15:18,140
[harry_n_stout]: oh
866
00:15:17,864 –> 00:15:18,105
[ramsey_d_smith]: oh
867
00:15:18,102 –> 00:15:21,548
[bruce_h__saul]: for annuities it’s two hundred and fifty
thousand dollars in present value
868
00:15:21,750 –> 00:15:22,890
[paul_tyler]: oh
869
00:15:21,862 –> 00:15:23,422
[harry_n_stout]: yeah
870
00:15:22,970 –> 00:15:24,492
[bruce_h__saul]: the states have made good
871
00:15:24,412 –> 00:15:25,102
[harry_n_stout]: yeah
872
00:15:24,573 –> 00:15:25,634
[bruce_h__saul]: progress in the
873
00:15:25,636 –> 00:15:25,657
[harry_n_stout]: a
874
00:15:25,674 –> 00:15:30,102
[bruce_h__saul]: past ten years in gradually reacting to
the model law
875
00:15:30,247 –> 00:15:30,452
[ramsey_d_smith]: oh
876
00:15:30,302 –> 00:15:30,783
[bruce_h__saul]: and actually
877
00:15:31,124 –> 00:15:31,305
[ramsey_d_smith]: oh
878
00:15:31,484 –> 00:15:35,010
[bruce_h__saul]: bringing those levels into compliance with the
law the model
879
00:15:34,814 –> 00:15:35,503
[ramsey_d_smith]: ye
880
00:15:35,050 –> 00:15:39,257
[bruce_h__saul]: law but there are still some differences
some states are higher some
881
00:15:39,202 –> 00:15:39,489
[harry_n_stout]: oh
882
00:15:39,337 –> 00:15:41,561
[bruce_h__saul]: are lower so it’s not uniform but
it’s
883
00:15:41,753 –> 00:15:41,774
[ramsey_d_smith]: m
884
00:15:42,082 –> 00:15:42,410
[harry_n_stout]: oh
885
00:15:42,542 –> 00:15:44,185
[bruce_h__saul]: it’s a bit of a patchwork but
886
00:15:44,324 –> 00:15:44,344
[ramsey_d_smith]: m
887
00:15:44,546 –> 00:15:47,191
[bruce_h__saul]: it has improved pretty significant
888
00:15:46,942 –> 00:15:47,662
[harry_n_stout]: yeah
889
00:15:47,211 –> 00:15:48,334
[bruce_h__saul]: ly in the past ten years
890
00:15:48,203 –> 00:15:48,224
[ramsey_d_smith]: m
891
00:15:48,990 –> 00:15:50,160
[paul_tyler]: oh
892
00:15:49,773 –> 00:15:53,319
[harry_n_stout]: and paul one of the things for
me looking at it as i as i
893
00:15:53,659 –> 00:15:54,801
[harry_n_stout]: looked at this from a consumer
894
00:15:54,597 –> 00:15:55,206
[bruce_h__saul]: right
895
00:15:54,881 –> 00:16:00,431
[harry_n_stout]: standpoint and many producers obviously they’re not
allowed to mention nor do they mention the
896
00:16:00,471 –> 00:16:05,036
[harry_n_stout]: existence guarantee funds as some sort of
inducement to buy the product
897
00:16:04,814 –> 00:16:06,014
[ramsey_d_smith]: yeah
898
00:16:05,737 –> 00:16:06,879
[harry_n_stout]: yet when the consumer
899
00:16:06,958 –> 00:16:07,181
[ramsey_d_smith]: yes
900
00:16:06,979 –> 00:16:11,966
[harry_n_stout]: gets delivery of their contract depending upon
the state there’s going to be
901
00:16:11,984 –> 00:16:12,265
[ramsey_d_smith]: yeah
902
00:16:12,106 –> 00:16:14,691
[harry_n_stout]: information about the guarantee fund that l
of a sudden
903
00:16:14,700 –> 00:16:14,821
[paul_tyler]: ah
904
00:16:14,771 –> 00:16:16,874
[harry_n_stout]: shows up and that’s you know that’s
905
00:16:16,989 –> 00:16:17,109
[paul_tyler]: yea
906
00:16:17,054 –> 00:16:17,495
[harry_n_stout]: added to the
907
00:16:17,520 –> 00:16:17,781
[paul_tyler]: yeah
908
00:16:17,535 –> 00:16:19,739
[harry_n_stout]: contract at that time so
909
00:16:20,033 –> 00:16:20,054
[ramsey_d_smith]: m
910
00:16:20,300 –> 00:16:23,766
[harry_n_stout]: when you when you go thou that
you say to yourself you know what is
911
00:16:24,547 –> 00:16:25,288
[harry_n_stout]: what’s happening
912
00:16:24,900 –> 00:16:25,060
[paul_tyler]: yeah
913
00:16:25,388 –> 00:16:29,255
[harry_n_stout]: here and where did this come from
and why didn’t you talk to me about
914
00:16:29,315 –> 00:16:34,225
[harry_n_stout]: this so it seems to be a
very convoluted process that
915
00:16:34,214 –> 00:16:34,234
[ramsey_d_smith]: m
916
00:16:34,426 –> 00:16:37,579
[harry_n_stout]: is not as focused on the consumer
as it could be
917
00:16:39,691 –> 00:16:41,634
[paul_tyler]: yeah now somebody who’s
918
00:16:41,513 –> 00:16:41,534
[ramsey_d_smith]: m
919
00:16:41,774 –> 00:16:43,838
[paul_tyler]: outside the industry would say oh my
gosh you know
920
00:16:44,106 –> 00:16:44,976
[bruce_h__saul]: oh
921
00:16:44,238 –> 00:16:47,704
[paul_tyler]: harry bruce this is a mess you’ve
got fifty different states with all
922
00:16:47,872 –> 00:16:48,233
[harry_n_stout]: oh
923
00:16:48,185 –> 00:16:49,527
[paul_tyler]: the but it actually
924
00:16:49,454 –> 00:16:49,756
[ramsey_d_smith]: oh
925
00:16:49,607 –> 00:16:50,809
[paul_tyler]: worked remarkably well
926
00:16:50,826 –> 00:16:51,155
[bruce_h__saul]: oh
927
00:16:51,250 –> 00:16:51,951
[paul_tyler]: like you know
928
00:16:51,854 –> 00:16:51,996
[ramsey_d_smith]: ye
929
00:16:52,051 –> 00:16:52,732
[paul_tyler]: yes there have been
930
00:16:52,882 –> 00:16:53,204
[harry_n_stout]: yeah
931
00:16:53,554 –> 00:16:57,701
[paul_tyler]: just as in the case of you
know thrifts or savings banks you know
932
00:16:57,764 –> 00:16:58,025
[ramsey_d_smith]: oh
933
00:16:58,101 –> 00:17:00,485
[paul_tyler]: going to receivership we’ve had insurance cares
but
934
00:17:01,072 –> 00:17:01,942
[harry_n_stout]: yeah
935
00:17:01,106 –> 00:17:04,452
[paul_tyler]: i think the track record is pretty
good ou know state by state right am
936
00:17:04,532 –> 00:17:05,394
[paul_tyler]: i am i wrong
937
00:17:05,782 –> 00:17:06,532
[harry_n_stout]: yeah
938
00:17:06,055 –> 00:17:07,678
[paul_tyler]: i think its function well
939
00:17:09,143 –> 00:17:09,244
[harry_n_stout]: eh
940
00:17:10,527 –> 00:17:10,567
[bruce_h__saul]: i
941
00:17:10,544 –> 00:17:10,867
[ramsey_d_smith]: oh
942
00:17:10,647 –> 00:17:11,287
[bruce_h__saul]: agree with that
943
00:17:11,594 –> 00:17:11,895
[ramsey_d_smith]: oh
944
00:17:12,008 –> 00:17:13,169
[bruce_h__saul]: there are different schools of thought
945
00:17:13,170 –> 00:17:13,492
[paul_tyler]: oh
946
00:17:13,469 –> 00:17:14,971
[bruce_h__saul]: paul that’s a factual question but
947
00:17:15,074 –> 00:17:16,004
[ramsey_d_smith]: yeah
948
00:17:15,231 –> 00:17:15,471
[bruce_h__saul]: you know
949
00:17:16,151 –> 00:17:16,372
[paul_tyler]: yes
950
00:17:16,613 –> 00:17:16,634
[ramsey_d_smith]: m
951
00:17:16,692 –> 00:17:17,893
[bruce_h__saul]: as happens there are
952
00:17:18,060 –> 00:17:18,990
[paul_tyler]: oh
953
00:17:18,234 –> 00:17:24,342
[bruce_h__saul]: different views i will tell you that
there have been some federal government studies and
954
00:17:24,402 –> 00:17:26,045
[bruce_h__saul]: reports and some private
955
00:17:25,874 –> 00:17:26,116
[ramsey_d_smith]: yeah
956
00:17:26,105 –> 00:17:28,990
[bruce_h__saul]: industry studies that have been critical
957
00:17:29,788 –> 00:17:29,890
[harry_n_stout]: ah
958
00:17:29,880 –> 00:17:30,141
[paul_tyler]: oh
959
00:17:30,072 –> 00:17:30,973
[bruce_h__saul]: and as usually
960
00:17:31,004 –> 00:17:31,246
[ramsey_d_smith]: oh
961
00:17:31,033 –> 00:17:31,875
[bruce_h__saul]: these these types
962
00:17:31,882 –> 00:17:32,662
[harry_n_stout]: yeah
963
00:17:31,955 –> 00:17:33,998
[bruce_h__saul]: of report uh generate
964
00:17:33,960 –> 00:17:34,141
[paul_tyler]: oh
965
00:17:34,046 –> 00:17:34,128
[harry_n_stout]: ah
966
00:17:34,259 –> 00:17:37,043
[bruce_h__saul]: after a well known insolvency occurs
967
00:17:38,032 –> 00:17:38,436
[harry_n_stout]: yeah
968
00:17:38,712 –> 00:17:38,732
[paul_tyler]: h
969
00:17:39,157 –> 00:17:41,781
[bruce_h__saul]: some criticisms include concerned that the system
970
00:17:41,834 –> 00:17:42,674
[ramsey_d_smith]: oh
971
00:17:42,543 –> 00:17:43,444
[bruce_h__saul]: may not be adequately
972
00:17:43,110 –> 00:17:43,333
[paul_tyler]: yes
973
00:17:43,524 –> 00:17:46,069
[bruce_h__saul]: funded if there was a major or
series
974
00:17:45,653 –> 00:17:45,674
[ramsey_d_smith]: m
975
00:17:46,269 –> 00:17:49,474
[bruce_h__saul]: of insolvancies kind of a financial panic
type
976
00:17:49,650 –> 00:17:49,670
[paul_tyler]: m
977
00:17:49,995 –> 00:17:50,456
[bruce_h__saul]: environ and
978
00:17:50,932 –> 00:17:52,012
[harry_n_stout]: oh
979
00:17:51,150 –> 00:17:51,371
[paul_tyler]: oh
980
00:17:51,758 –> 00:17:55,765
[bruce_h__saul]: uh my personal opinion is that the
system has functioned fairly well
981
00:17:55,514 –> 00:17:55,777
[ramsey_d_smith]: oh
982
00:17:55,642 –> 00:17:56,302
[harry_n_stout]: yeah
983
00:17:56,346 –> 00:17:56,426
[bruce_h__saul]: in
984
00:17:56,467 –> 00:17:56,630
[ramsey_d_smith]: yes
985
00:17:56,486 –> 00:17:59,351
[bruce_h__saul]: terms of the number of insolvancies over
time
986
00:17:59,183 –> 00:18:01,034
[ramsey_d_smith]: m oh
987
00:18:00,292 –> 00:18:00,613
[harry_n_stout]: oh
988
00:18:00,513 –> 00:18:02,699
[bruce_h__saul]: uh going back about fifty years
989
00:18:03,562 –> 00:18:04,071
[harry_n_stout]: oh
990
00:18:05,131 –> 00:18:05,232
[bruce_h__saul]: so
991
00:18:06,682 –> 00:18:06,945
[harry_n_stout]: yeah
992
00:18:06,936 –> 00:18:07,656
[bruce_h__saul]: these insolvnces
993
00:18:07,451 –> 00:18:07,532
[paul_tyler]: oh
994
00:18:07,737 –> 00:18:10,019
[bruce_h__saul]: aren’t unheard of but they’re
995
00:18:09,974 –> 00:18:11,663
[ramsey_d_smith]: yeah
996
00:18:10,059 –> 00:18:10,560
[bruce_h__saul]: not common
997
00:18:10,312 –> 00:18:10,868
[harry_n_stout]: ye
998
00:18:11,441 –> 00:18:11,822
[bruce_h__saul]: you know that
999
00:18:11,784 –> 00:18:11,905
[harry_n_stout]: ah
1000
00:18:11,922 –> 00:18:13,664
[bruce_h__saul]: said there have been some significant
1001
00:18:14,114 –> 00:18:15,074
[ramsey_d_smith]: yeah
1002
00:18:15,106 –> 00:18:15,650
[bruce_h__saul]: failures
1003
00:18:15,562 –> 00:18:16,222
[harry_n_stout]: yeah
1004
00:18:16,193 –> 00:18:16,214
[ramsey_d_smith]: m
1005
00:18:16,706 –> 00:18:18,969
[bruce_h__saul]: with millions of dollars
1006
00:18:19,004 –> 00:18:19,024
[ramsey_d_smith]: m
1007
00:18:19,130 –> 00:18:21,033
[bruce_h__saul]: and and thousands of policy holders
1008
00:18:21,030 –> 00:18:21,271
[paul_tyler]: oh
1009
00:18:21,754 –> 00:18:22,836
[bruce_h__saul]: such as executive life
1010
00:18:22,853 –> 00:18:22,874
[ramsey_d_smith]: m
1011
00:18:23,437 –> 00:18:24,078
[bruce_h__saul]: of california
1012
00:18:24,000 –> 00:18:24,341
[paul_tyler]: oh
1013
00:18:24,439 –> 00:18:25,661
[bruce_h__saul]: executive life of new york
1014
00:18:25,604 –> 00:18:25,912
[ramsey_d_smith]: yeah
1015
00:18:25,672 –> 00:18:26,302
[harry_n_stout]: oh
1016
00:18:26,762 –> 00:18:26,782
[bruce_h__saul]: u
1017
00:18:26,992 –> 00:18:28,053
[harry_n_stout]: yeah oh
1018
00:18:27,924 –> 00:18:28,405
[bruce_h__saul]: consico
1019
00:18:29,181 –> 00:18:29,624
[harry_n_stout]: yeah yes
1020
00:18:29,587 –> 00:18:29,928
[bruce_h__saul]: so that’s
1021
00:18:29,971 –> 00:18:30,052
[paul_tyler]: ah
1022
00:18:30,469 –> 00:18:30,729
[bruce_h__saul]: you know
1023
00:18:30,862 –> 00:18:31,912
[harry_n_stout]: yeah
1024
00:18:31,871 –> 00:18:35,397
[bruce_h__saul]: like i said different views on the
track record but i don’t think that there’s
1025
00:18:35,477 –> 00:18:35,817
[bruce_h__saul]: a u
1026
00:18:36,173 –> 00:18:36,194
[ramsey_d_smith]: m
1027
00:18:36,479 –> 00:18:39,183
[bruce_h__saul]: i think it’s a fair statement that
in terms of protecting
1028
00:18:38,985 –> 00:18:39,025
[ramsey_d_smith]: m
1029
00:18:39,173 –> 00:18:39,335
[harry_n_stout]: yeah
1030
00:18:39,363 –> 00:18:40,405
[bruce_h__saul]: and providing the support
1031
00:18:40,612 –> 00:18:41,107
[harry_n_stout]: ye
1032
00:18:40,727 –> 00:18:41,292
[bruce_h__saul]: them has worked
1033
00:18:41,414 –> 00:18:41,784
[ramsey_d_smith]: oh
1034
00:18:41,434 –> 00:18:42,060
[bruce_h__saul]: reasonably well
1035
00:18:42,722 –> 00:18:44,206
[paul_tyler]: yeah and i think even those those
1036
00:18:44,302 –> 00:18:44,507
[harry_n_stout]: oh
1037
00:18:44,306 –> 00:18:45,569
[paul_tyler]: those companies you mentioned
1038
00:18:45,373 –> 00:18:45,494
[harry_n_stout]: ah
1039
00:18:45,830 –> 00:18:46,792
[paul_tyler]: you know knowing
1040
00:18:46,686 –> 00:18:46,788
[harry_n_stout]: ah
1041
00:18:46,853 –> 00:18:46,953
[paul_tyler]: what
1042
00:18:46,926 –> 00:18:47,250
[bruce_h__saul]: oh
1043
00:18:47,013 –> 00:18:48,737
[paul_tyler]: i know about them which is not
you know
1044
00:18:50,002 –> 00:18:50,722
[harry_n_stout]: yeah
1045
00:18:50,110 –> 00:18:51,312
[paul_tyler]: what i’ve read in what i’ve seen
or
1046
00:18:51,284 –> 00:18:52,394
[ramsey_d_smith]: yeah
1047
00:18:51,456 –> 00:18:51,697
[bruce_h__saul]: yeah
1048
00:18:51,593 –> 00:18:51,833
[paul_tyler]: heard
1049
00:18:51,885 –> 00:18:52,087
[harry_n_stout]: yeah
1050
00:18:51,913 –> 00:18:52,274
[paul_tyler]: i i
1051
00:18:52,394 –> 00:18:52,675
[ramsey_d_smith]: yeah
1052
00:18:53,356 –> 00:18:53,796
[paul_tyler]: i’m not sure
1053
00:18:53,834 –> 00:18:54,015
[bruce_h__saul]: yeah
1054
00:18:54,157 –> 00:18:56,321
[paul_tyler]: not talking about i’m not
1055
00:18:56,243 –> 00:18:56,264
[ramsey_d_smith]: m
1056
00:18:56,421 –> 00:18:58,765
[paul_tyler]: sure that if they talked about the
guarantees
1057
00:18:58,364 –> 00:18:58,670
[ramsey_d_smith]: oh
1058
00:18:59,205 –> 00:19:00,427
[paul_tyler]: association that would have had any
1059
00:19:00,314 –> 00:19:00,516
[ramsey_d_smith]: ye
1060
00:19:00,928 –> 00:19:01,289
[paul_tyler]: impact
1061
00:19:01,312 –> 00:19:01,920
[harry_n_stout]: ye
1062
00:19:01,409 –> 00:19:05,336
[paul_tyler]: on you know the directory of those
companies i mean
1063
00:19:05,362 –> 00:19:07,012
[harry_n_stout]: yeah
1064
00:19:05,396 –> 00:19:07,139
[paul_tyler]: there a policy is there don’t
1065
00:19:08,782 –> 00:19:09,291
[harry_n_stout]: oh
1066
00:19:08,922 –> 00:19:11,045
[paul_tyler]: i mean is there ramsey can you
think of a good policy
1067
00:19:10,672 –> 00:19:10,976
[harry_n_stout]: oh
1068
00:19:11,145 –> 00:19:14,191
[paul_tyler]: or harry or a bruce is there
good policy reason to keep
1069
00:19:14,768 –> 00:19:14,870
[ramsey_d_smith]: ah
1070
00:19:15,213 –> 00:19:15,394
[paul_tyler]: this
1071
00:19:16,762 –> 00:19:17,572
[harry_n_stout]: yeah
1072
00:19:16,898 –> 00:19:17,940
[paul_tyler]: you know this thing not
1073
00:19:18,224 –> 00:19:18,466
[ramsey_d_smith]: oh
1074
00:19:18,822 –> 00:19:18,883
[paul_tyler]: at
1075
00:19:18,922 –> 00:19:20,272
[harry_n_stout]: yeah
1076
00:19:19,264 –> 00:19:19,845
[paul_tyler]: the forefront
1077
00:19:19,624 –> 00:19:19,725
[ramsey_d_smith]: eh
1078
00:19:19,965 –> 00:19:21,048
[paul_tyler]: of a client discussion
1079
00:19:21,273 –> 00:19:21,374
[ramsey_d_smith]: eh
1080
00:19:22,584 –> 00:19:24,208
[harry_n_stout]: i think that if you look back
1081
00:19:25,320 –> 00:19:25,442
[paul_tyler]: yeah
1082
00:19:26,032 –> 00:19:30,239
[harry_n_stout]: and this goes back and bruce you
can correct me maybe even twenty years there
1083
00:19:30,319 –> 00:19:31,180
[harry_n_stout]: was concern
1084
00:19:31,051 –> 00:19:31,275
[paul_tyler]: yes
1085
00:19:31,421 –> 00:19:31,501
[harry_n_stout]: on
1086
00:19:31,484 –> 00:19:31,764
[ramsey_d_smith]: oh
1087
00:19:31,581 –> 00:19:35,808
[harry_n_stout]: some of the on the part of
some of the more financially secure companies that
1088
00:19:35,868 –> 00:19:41,397
[harry_n_stout]: there were companies out there selling products
that weren’t financially supportable and that there was
1089
00:19:41,477 –> 00:19:47,067
[harry_n_stout]: the potential for those companies to be
in precarious financial shape and the industry was
1090
00:19:47,044 –> 00:19:47,106
[paul_tyler]: the
1091
00:19:47,087 –> 00:19:52,135
[harry_n_stout]: going to have to step in and
pay you will guarantee fund assessments to cover
1092
00:19:53,397 –> 00:19:54,439
[harry_n_stout]: for the liabilities
1093
00:19:54,434 –> 00:19:54,556
[ramsey_d_smith]: ye
1094
00:19:54,479 –> 00:19:57,564
[harry_n_stout]: that they’ve written i think over the
last twenty
1095
00:19:57,494 –> 00:19:57,774
[ramsey_d_smith]: oh
1096
00:19:57,604 –> 00:20:01,691
[harry_n_stout]: years as we’ve improved state regulation as
we’ve gone through how companies can
1097
00:20:01,754 –> 00:20:01,774
[ramsey_d_smith]: m
1098
00:20:01,771 –> 00:20:02,833
[harry_n_stout]: invest reserve
1099
00:20:02,894 –> 00:20:03,015
[ramsey_d_smith]: ye
1100
00:20:03,534 –> 00:20:04,436
[harry_n_stout]: a lot of these
1101
00:20:04,514 –> 00:20:05,564
[ramsey_d_smith]: oh
1102
00:20:04,916 –> 00:20:09,925
[harry_n_stout]: potential areas where you have outliers has
been has been reduced
1103
00:20:09,851 –> 00:20:10,034
[ramsey_d_smith]: yes
1104
00:20:10,686 –> 00:20:10,806
[harry_n_stout]: so
1105
00:20:10,920 –> 00:20:12,060
[paul_tyler]: yah
1106
00:20:11,387 –> 00:20:14,593
[harry_n_stout]: when you when you look at i
think that’s that’s a concern um
1107
00:20:14,520 –> 00:20:14,743
[paul_tyler]: yeah
1108
00:20:15,394 –> 00:20:15,875
[harry_n_stout]: just another
1109
00:20:15,778 –> 00:20:15,900
[paul_tyler]: yeah
1110
00:20:15,955 –> 00:20:20,703
[harry_n_stout]: overall factor here for me if i’m
a consumer buying a product today a financial
1111
00:20:20,333 –> 00:20:20,354
[ramsey_d_smith]: m
1112
00:20:20,743 –> 00:20:21,825
[harry_n_stout]: product i mean we
1113
00:20:22,170 –> 00:20:23,070
[paul_tyler]: yeah
1114
00:20:22,506 –> 00:20:25,030
[harry_n_stout]: or any of us we’re buying consumer
product we look for a j d
1115
00:20:25,200 –> 00:20:25,282
[bruce_h__saul]: ah
1116
00:20:25,210 –> 00:20:25,471
[harry_n_stout]: power
1117
00:20:25,364 –> 00:20:25,625
[ramsey_d_smith]: yeah
1118
00:20:25,551 –> 00:20:30,259
[harry_n_stout]: associate and writing we want to know
what the financial strength rating of the organization
1119
00:20:29,863 –> 00:20:30,044
[ramsey_d_smith]: yeah
1120
00:20:30,319 –> 00:20:30,719
[harry_n_stout]: is we want
1121
00:20:30,614 –> 00:20:31,454
[ramsey_d_smith]: my
1122
00:20:30,759 –> 00:20:31,861
[harry_n_stout]: to know what their
1123
00:20:31,844 –> 00:20:32,069
[ramsey_d_smith]: oh
1124
00:20:32,863 –> 00:20:33,344
[harry_n_stout]: what their
1125
00:20:33,906 –> 00:20:34,986
[bruce_h__saul]: oh
1126
00:20:34,165 –> 00:20:39,754
[harry_n_stout]: other financial strength and other aspects of
that product i’m buying the guarantee that i’m
1127
00:20:39,795 –> 00:20:42,118
[harry_n_stout]: purchasing so it seems a little
1128
00:20:42,006 –> 00:20:44,976
[bruce_h__saul]: yeah
1129
00:20:42,860 –> 00:20:48,148
[harry_n_stout]: a little there’s an incongruity here between
what the in a modern age what
1130
00:20:48,053 –> 00:20:48,074
[ramsey_d_smith]: m
1131
00:20:48,389 –> 00:20:48,810
[harry_n_stout]: consumer
1132
00:20:48,633 –> 00:20:48,654
[paul_tyler]: i
1133
00:20:48,890 –> 00:20:54,960
[harry_n_stout]: would want versus what is available and
what is disclosed and it just
1134
00:20:54,974 –> 00:20:56,114
[ramsey_d_smith]: yeah
1135
00:20:55,000 –> 00:20:56,562
[harry_n_stout]: seems to be a really strange
1136
00:20:56,264 –> 00:20:56,609
[ramsey_d_smith]: oh
1137
00:20:57,184 –> 00:20:58,365
[harry_n_stout]: really strange anomaly
1138
00:20:58,004 –> 00:20:58,904
[ramsey_d_smith]: yes
1139
00:20:58,486 –> 00:20:59,868
[harry_n_stout]: that goes back over
1140
00:21:00,053 –> 00:21:00,074
[ramsey_d_smith]: m
1141
00:21:00,660 –> 00:21:00,862
[paul_tyler]: ye
1142
00:21:00,729 –> 00:21:01,070
[harry_n_stout]: that’s been
1143
00:21:01,004 –> 00:21:01,250
[ramsey_d_smith]: yeah
1144
00:21:01,130 –> 00:21:04,337
[harry_n_stout]: created for a number of you it’s
because for a number of different reasons and
1145
00:21:04,397 –> 00:21:05,099
[harry_n_stout]: maybe it’s time
1146
00:21:05,027 –> 00:21:05,108
[paul_tyler]: at
1147
00:21:05,500 –> 00:21:07,264
[harry_n_stout]: to take a look at it and
streamline it and
1148
00:21:07,260 –> 00:21:07,541
[paul_tyler]: oh
1149
00:21:07,304 –> 00:21:09,449
[harry_n_stout]: make it more effective for the parties
1150
00:21:09,269 –> 00:21:09,429
[paul_tyler]: yeah
1151
00:21:09,489 –> 00:21:09,850
[harry_n_stout]: involved
1152
00:21:11,461 –> 00:21:14,766
[paul_tyler]: ramsey how many times have you done
the dance around the guarantees
1153
00:21:14,466 –> 00:21:14,589
[harry_n_stout]: ah
1154
00:21:15,087 –> 00:21:15,287
[paul_tyler]: you know
1155
00:21:16,094 –> 00:21:16,196
[harry_n_stout]: ah
1156
00:21:16,890 –> 00:21:16,970
[paul_tyler]: the
1157
00:21:16,914 –> 00:21:17,134
[ramsey_d_smith]: i don’t
1158
00:21:17,050 –> 00:21:17,451
[paul_tyler]: guarantee
1159
00:21:17,174 –> 00:21:17,595
[ramsey_d_smith]: talk about
1160
00:21:17,511 –> 00:21:17,912
[paul_tyler]: question
1161
00:21:17,635 –> 00:21:17,735
[ramsey_d_smith]: them
1162
00:21:18,513 –> 00:21:18,673
[paul_tyler]: yeah
1163
00:21:19,116 –> 00:21:20,256
[bruce_h__saul]: oh
1164
00:21:19,735 –> 00:21:20,736
[paul_tyler]: but like i’m a client
1165
00:21:20,478 –> 00:21:20,642
[bruce_h__saul]: yeah
1166
00:21:20,776 –> 00:21:23,080
[paul_tyler]: with you and i’m sure you i’ll
take share with my
1167
00:21:23,033 –> 00:21:23,215
[harry_n_stout]: yeah
1168
00:21:23,160 –> 00:21:24,663
[paul_tyler]: discussions which is well are these really
1169
00:21:24,592 –> 00:21:25,342
[harry_n_stout]: yeah
1170
00:21:24,723 –> 00:21:25,624
[paul_tyler]: backed by anybody that
1171
00:21:25,784 –> 00:21:26,474
[ramsey_d_smith]: oh
1172
00:21:26,626 –> 00:21:26,987
[paul_tyler]: how do you
1173
00:21:26,984 –> 00:21:27,251
[ramsey_d_smith]: oh
1174
00:21:28,008 –> 00:21:30,172
[paul_tyler]: how do you talk about guarantees without
1175
00:21:30,172 –> 00:21:30,982
[harry_n_stout]: yeah
1176
00:21:30,212 –> 00:21:34,119
[paul_tyler]: talking about the not leading to a
guarantee association
1177
00:21:33,833 –> 00:21:33,854
[ramsey_d_smith]: m
1178
00:21:35,104 –> 00:21:36,095
[paul_tyler]: a satisfied client
1179
00:21:36,066 –> 00:21:36,309
[bruce_h__saul]: yah
1180
00:21:38,424 –> 00:21:38,925
[ramsey_d_smith]: is that for me
1181
00:21:39,291 –> 00:21:40,781
[paul_tyler]: that’s for you oh
1182
00:21:41,629 –> 00:21:41,769
[ramsey_d_smith]: um
1183
00:21:42,798 –> 00:21:42,960
[paul_tyler]: right
1184
00:21:43,893 –> 00:21:48,621
[ramsey_d_smith]: my focus has always been on on
the on the on the companies the companies
1185
00:21:48,641 –> 00:21:50,303
[ramsey_d_smith]: themselves but i actually want to do
1186
00:21:51,129 –> 00:21:51,150
[paul_tyler]: m
1187
00:21:51,666 –> 00:21:54,611
[ramsey_d_smith]: one of the hings that i want
to sort of beshiftgarsa little bit on here
1188
00:21:54,671 –> 00:21:59,278
[ramsey_d_smith]: is just going back to the question
of why
1189
00:22:00,126 –> 00:22:01,056
[bruce_h__saul]: oh
1190
00:22:00,160 –> 00:22:00,781
[ramsey_d_smith]: you know why this
1191
00:22:00,684 –> 00:22:00,704
[harry_n_stout]: a
1192
00:22:00,841 –> 00:22:04,187
[ramsey_d_smith]: is a difficult thing to talk and
why there might be a concern you know
1193
00:22:04,287 –> 00:22:08,995
[ramsey_d_smith]: on the part of rags or others
i mean one of things i’ve always wondered
1194
00:22:08,992 –> 00:22:09,113
[harry_n_stout]: ye
1195
00:22:09,075 –> 00:22:10,858
[ramsey_d_smith]: is what does the now what does
the user
1196
00:22:10,890 –> 00:22:11,172
[paul_tyler]: oh
1197
00:22:10,938 –> 00:22:14,063
[ramsey_d_smith]: experience look like like so in the
case of
1198
00:22:14,032 –> 00:22:14,274
[harry_n_stout]: yeah
1199
00:22:14,103 –> 00:22:14,183
[ramsey_d_smith]: the
1200
00:22:14,370 –> 00:22:14,631
[paul_tyler]: oh
1201
00:22:14,504 –> 00:22:16,771
[ramsey_d_smith]: i see right if a bank is
in trouble
1202
00:22:16,950 –> 00:22:17,193
[paul_tyler]: oh
1203
00:22:16,951 –> 00:22:18,995
[ramsey_d_smith]: the bank is taken over by the
f d
1204
00:22:19,140 –> 00:22:19,381
[paul_tyler]: yes
1205
00:22:19,296 –> 00:22:20,297
[ramsey_d_smith]: c overnight like
1206
00:22:20,794 –> 00:22:20,936
[harry_n_stout]: oh
1207
00:22:20,918 –> 00:22:22,822
[ramsey_d_smith]: teams of people come in and depositors
1208
00:22:22,770 –> 00:22:23,074
[paul_tyler]: oh
1209
00:22:23,076 –> 00:22:23,916
[bruce_h__saul]: oh
1210
00:22:23,443 –> 00:22:25,125
[ramsey_d_smith]: depositors don’t know the difference like
1211
00:22:25,097 –> 00:22:25,221
[harry_n_stout]: ah
1212
00:22:25,166 –> 00:22:26,408
[ramsey_d_smith]: the next day they come in they
can
1213
00:22:26,422 –> 00:22:27,202
[harry_n_stout]: yeah
1214
00:22:26,488 –> 00:22:28,912
[ramsey_d_smith]: take money out they can do like
it’s it’s a very
1215
00:22:28,828 –> 00:22:28,950
[paul_tyler]: yeah
1216
00:22:29,012 –> 00:22:32,097
[ramsey_d_smith]: sort of seamless hind the scenes process
1217
00:22:32,692 –> 00:22:32,813
[harry_n_stout]: ye
1218
00:22:33,059 –> 00:22:35,583
[ramsey_d_smith]: and you know and and that
1219
00:22:35,526 –> 00:22:36,186
[bruce_h__saul]: yeah
1220
00:22:35,643 –> 00:22:39,109
[ramsey_d_smith]: may not be the reality of s
i p c or guarantee
1221
00:22:38,974 –> 00:22:39,055
[harry_n_stout]: ah
1222
00:22:39,209 –> 00:22:41,853
[ramsey_d_smith]: as i don’t know what the reality
is per like i’m just saying like
1223
00:22:42,165 –> 00:22:42,186
[bruce_h__saul]: m
1224
00:22:42,194 –> 00:22:42,794
[ramsey_d_smith]: like it’s
1225
00:22:42,840 –> 00:22:43,201
[paul_tyler]: oh
1226
00:22:43,155 –> 00:22:43,535
[ramsey_d_smith]: there’s not
1227
00:22:43,552 –> 00:22:44,212
[harry_n_stout]: yeah
1228
00:22:43,615 –> 00:22:45,036
[ramsey_d_smith]: just the financial
1229
00:22:45,269 –> 00:22:45,369
[paul_tyler]: ah
1230
00:22:45,697 –> 00:22:46,077
[ramsey_d_smith]: backing
1231
00:22:45,742 –> 00:22:46,462
[harry_n_stout]: yeah
1232
00:22:46,237 –> 00:22:47,358
[ramsey_d_smith]: element of it there is
1233
00:22:48,060 –> 00:22:48,323
[paul_tyler]: oh
1234
00:22:48,139 –> 00:22:48,399
[ramsey_d_smith]: there is
1235
00:22:48,472 –> 00:22:48,635
[harry_n_stout]: ye
1236
00:22:48,559 –> 00:22:50,941
[ramsey_d_smith]: user experience and timing or sort of
another
1237
00:22:50,872 –> 00:22:51,054
[harry_n_stout]: ye
1238
00:22:51,441 –> 00:22:53,223
[ramsey_d_smith]: differentiatng issue potentially
1239
00:22:53,062 –> 00:22:53,402
[harry_n_stout]: oh
1240
00:22:54,034 –> 00:22:55,175
[ramsey_d_smith]: between these various these
1241
00:22:55,086 –> 00:22:55,106
[bruce_h__saul]: m
1242
00:22:55,236 –> 00:22:58,461
[ramsey_d_smith]: various these various backing entities so you
know
1243
00:22:58,492 –> 00:22:59,212
[harry_n_stout]: yeah
1244
00:22:58,541 –> 00:23:03,630
[ramsey_d_smith]: all those things are part of the
discussion and and without sort of being able
1245
00:23:03,710 –> 00:23:05,933
[ramsey_d_smith]: to sort of articulate those differences in
1246
00:23:05,992 –> 00:23:06,424
[harry_n_stout]: ye
1247
00:23:06,074 –> 00:23:09,459
[ramsey_d_smith]: very sort of meaningful way i can
i can see i can see why there’s
1248
00:23:10,521 –> 00:23:14,338
[ramsey_d_smith]: reticence right there’s reticence to sort of
to
1249
00:23:15,742 –> 00:23:16,852
[harry_n_stout]: yeah
1250
00:23:15,781 –> 00:23:19,147
[ramsey_d_smith]: put right to to to extend you
know
1251
00:23:19,356 –> 00:23:20,106
[bruce_h__saul]: oh
1252
00:23:19,508 –> 00:23:21,812
[ramsey_d_smith]: any kind of warranty over what it
might look like without
1253
00:23:21,999 –> 00:23:22,566
[bruce_h__saul]: hm
1254
00:23:23,028 –> 00:23:23,594
[ramsey_d_smith]: actually knowing
1255
00:23:24,796 –> 00:23:25,185
[harry_n_stout]: yes
1256
00:23:24,868 –> 00:23:28,474
[bruce_h__saul]: yeah ramsey i think that’s a point
very well taken in one of the public
1257
00:23:28,282 –> 00:23:29,002
[harry_n_stout]: yeah
1258
00:23:28,514 –> 00:23:29,876
[bruce_h__saul]: policy rationals harry
1259
00:23:29,894 –> 00:23:30,136
[ramsey_d_smith]: oh
1260
00:23:30,056 –> 00:23:32,681
[bruce_h__saul]: articulated very well
1261
00:23:33,480 –> 00:23:33,742
[paul_tyler]: yes
1262
00:23:33,502 –> 00:23:33,728
[harry_n_stout]: yeah
1263
00:23:33,742 –> 00:23:34,383
[bruce_h__saul]: one of the points
1264
00:23:34,105 –> 00:23:34,268
[ramsey_d_smith]: yeah
1265
00:23:34,484 –> 00:23:34,944
[bruce_h__saul]: but the other
1266
00:23:34,950 –> 00:23:35,232
[paul_tyler]: yeah
1267
00:23:35,105 –> 00:23:36,707
[bruce_h__saul]: that i’ve heard raised
1268
00:23:37,222 –> 00:23:37,942
[harry_n_stout]: yeah
1269
00:23:37,549 –> 00:23:38,090
[bruce_h__saul]: and i think it’s
1270
00:23:37,994 –> 00:23:38,214
[ramsey_d_smith]: oh
1271
00:23:38,170 –> 00:23:38,190
[bruce_h__saul]: a
1272
00:23:38,199 –> 00:23:38,220
[paul_tyler]: m
1273
00:23:38,851 –> 00:23:39,191
[bruce_h__saul]: important
1274
00:23:39,052 –> 00:23:39,315
[harry_n_stout]: yeah
1275
00:23:39,272 –> 00:23:40,914
[bruce_h__saul]: point to focus on is
1276
00:23:41,229 –> 00:23:41,250
[paul_tyler]: m
1277
00:23:42,277 –> 00:23:43,218
[bruce_h__saul]: the differences among the
1278
00:23:43,163 –> 00:23:43,304
[ramsey_d_smith]: yah
1279
00:23:43,238 –> 00:23:43,979
[bruce_h__saul]: various systems
1280
00:23:43,762 –> 00:23:44,046
[harry_n_stout]: yeah
1281
00:23:44,320 –> 00:23:44,460
[bruce_h__saul]: and
1282
00:23:45,292 –> 00:23:45,681
[harry_n_stout]: yeah
1283
00:23:45,557 –> 00:23:45,639
[ramsey_d_smith]: me
1284
00:23:45,762 –> 00:23:49,609
[bruce_h__saul]: comparing a banker get a deposit with
other products
1285
00:23:49,192 –> 00:23:50,921
[harry_n_stout]: oh oh
1286
00:23:50,771 –> 00:23:53,175
[bruce_h__saul]: it is sometimes the case that there’s
more complexity
1287
00:23:54,600 –> 00:23:55,530
[paul_tyler]: yeah
1288
00:23:54,837 –> 00:23:56,861
[bruce_h__saul]: with annuity and insurance
1289
00:23:56,534 –> 00:23:57,674
[ramsey_d_smith]: yeah
1290
00:23:56,901 –> 00:23:57,762
[bruce_h__saul]: products relatively
1291
00:23:57,480 –> 00:23:57,702
[paul_tyler]: yeah
1292
00:23:57,842 –> 00:23:58,243
[bruce_h__saul]: speaking
1293
00:23:57,914 –> 00:23:58,196
[ramsey_d_smith]: oh
1294
00:23:59,122 –> 00:23:59,992
[harry_n_stout]: yeah
1295
00:23:59,425 –> 00:24:01,931
[bruce_h__saul]: a i still however come back to
1296
00:24:01,883 –> 00:24:01,904
[ramsey_d_smith]: m
1297
00:24:03,876 –> 00:24:08,561
[bruce_h__saul]: take in case with a uh a
fixed annuity of fifty thousand dollar
1298
00:24:08,692 –> 00:24:09,352
[harry_n_stout]: yeah
1299
00:24:09,162 –> 00:24:09,883
[bruce_h__saul]: account value
1300
00:24:10,852 –> 00:24:12,052
[harry_n_stout]: oh
1301
00:24:10,883 –> 00:24:11,086
[ramsey_d_smith]: m oh
1302
00:24:11,946 –> 00:24:16,313
[bruce_h__saul]: a life insurance policy a hundred thousand
dollars whether it’s term or permanent
1303
00:24:16,080 –> 00:24:16,303
[paul_tyler]: yeah
1304
00:24:17,122 –> 00:24:18,142
[harry_n_stout]: oh
1305
00:24:17,796 –> 00:24:22,764
[bruce_h__saul]: those amounts are clearly under the state
coverage limits
1306
00:24:23,392 –> 00:24:24,472
[harry_n_stout]: oh
1307
00:24:23,906 –> 00:24:26,378
[bruce_h__saul]: and i i don’t think that those
are so complex that
1308
00:24:26,242 –> 00:24:27,022
[harry_n_stout]: yeah
1309
00:24:26,559 –> 00:24:30,717
[bruce_h__saul]: it’s difficult or straining to have a
conversation about them
1310
00:24:31,672 –> 00:24:31,979
[harry_n_stout]: yeah
1311
00:24:32,102 –> 00:24:33,136
[bruce_h__saul]: uh or
1312
00:24:33,112 –> 00:24:33,982
[harry_n_stout]: oh
1313
00:24:33,216 –> 00:24:33,557
[bruce_h__saul]: complex
1314
00:24:33,375 –> 00:24:33,455
[ramsey_d_smith]: ay
1315
00:24:33,658 –> 00:24:35,243
[bruce_h__saul]: products take a structured
1316
00:24:35,032 –> 00:24:35,501
[harry_n_stout]: oh
1317
00:24:35,303 –> 00:24:42,661
[bruce_h__saul]: settlement annuity may be a group annuity
those are more difficult to explain but those
1318
00:24:42,741 –> 00:24:44,264
[bruce_h__saul]: aren’t the sort of
1319
00:24:44,554 –> 00:24:44,635
[harry_n_stout]: ah
1320
00:24:44,825 –> 00:24:47,269
[bruce_h__saul]: bread and butter type sales and in
the business
1321
00:24:48,142 –> 00:24:48,384
[harry_n_stout]: oh
1322
00:24:48,371 –> 00:24:48,912
[bruce_h__saul]: so i acknowledge
1323
00:24:48,801 –> 00:24:48,882
[paul_tyler]: no
1324
00:24:48,992 –> 00:24:49,653
[bruce_h__saul]: the point but
1325
00:24:49,844 –> 00:24:50,064
[ramsey_d_smith]: yeah
1326
00:24:50,033 –> 00:24:51,496
[bruce_h__saul]: i don’t know i keep ming
1327
00:24:51,564 –> 00:24:51,625
[harry_n_stout]: ah
1328
00:24:51,576 –> 00:24:53,962
[bruce_h__saul]: back to the wording of the statute
1329
00:24:54,031 –> 00:24:54,052
[harry_n_stout]: m
1330
00:24:54,063 –> 00:24:54,403
[bruce_h__saul]: is so
1331
00:24:55,827 –> 00:24:55,847
[harry_n_stout]: i
1332
00:24:55,906 –> 00:24:56,447
[bruce_h__saul]: prohibitive
1333
00:24:57,022 –> 00:24:58,642
[harry_n_stout]: yeah
1334
00:24:57,448 –> 00:25:00,871
[bruce_h__saul]: that not even be able to respond
to a question is a very tough standard
1335
00:25:01,111 –> 00:25:03,013
[bruce_h__saul]: i think in today’s consumer
1336
00:25:03,804 –> 00:25:04,244
[ramsey_d_smith]: understood
1337
00:25:03,954 –> 00:25:04,634
[bruce_h__saul]: uh yeah
1338
00:25:05,170 –> 00:25:05,331
[paul_tyler]: yeah
1339
00:25:05,426 –> 00:25:10,715
[ramsey_d_smith]: so i guess my my question is
sort of if were something to happen what
1340
00:25:10,755 –> 00:25:13,219
[ramsey_d_smith]: would be the experience in the case
of f d i c like
1341
00:25:13,792 –> 00:25:14,752
[harry_n_stout]: oh
1342
00:25:13,860 –> 00:25:16,044
[ramsey_d_smith]: the next day like you just don’t
know it france
1343
00:25:16,004 –> 00:25:16,105
[harry_n_stout]: oh
1344
00:25:16,605 –> 00:25:17,627
[ramsey_d_smith]: the u s government steps
1345
00:25:17,512 –> 00:25:17,754
[harry_n_stout]: oh
1346
00:25:17,727 –> 00:25:19,790
[ramsey_d_smith]: in right what does the experience
1347
00:25:19,620 –> 00:25:20,520
[paul_tyler]: oh
1348
00:25:19,850 –> 00:25:22,875
[ramsey_d_smith]: look like i mean you ran you
said you were you had a management role
1349
00:25:22,915 –> 00:25:24,498
[ramsey_d_smith]: in two different two different funds so
1350
00:25:24,678 –> 00:25:24,698
[bruce_h__saul]: h
1351
00:25:25,239 –> 00:25:25,440
[ramsey_d_smith]: um
1352
00:25:25,365 –> 00:25:25,386
[bruce_h__saul]: m
1353
00:25:25,960 –> 00:25:26,061
[ramsey_d_smith]: like
1354
00:25:26,152 –> 00:25:26,172
[harry_n_stout]: o
1355
00:25:26,181 –> 00:25:26,682
[ramsey_d_smith]: what is the
1356
00:25:27,142 –> 00:25:27,385
[harry_n_stout]: oh
1357
00:25:27,303 –> 00:25:29,125
[ramsey_d_smith]: what is the experience of the
1358
00:25:29,064 –> 00:25:29,246
[harry_n_stout]: ah
1359
00:25:29,206 –> 00:25:31,849
[ramsey_d_smith]: person you know if somebody if
1360
00:25:31,897 –> 00:25:31,999
[harry_n_stout]: ah
1361
00:25:31,909 –> 00:25:33,732
[ramsey_d_smith]: somebody is has a policy
1362
00:25:33,502 –> 00:25:34,252
[harry_n_stout]: yeah
1363
00:25:33,792 –> 00:25:35,194
[ramsey_d_smith]: that that ultimately
1364
00:25:34,912 –> 00:25:35,076
[harry_n_stout]: ye
1365
00:25:35,274 –> 00:25:38,339
[ramsey_d_smith]: ends up being sort of backed by
the guarantee fund what is the what is
1366
00:25:38,400 –> 00:25:41,204
[ramsey_d_smith]: the experience typical experience they would have
in terms of when
1367
00:25:41,220 –> 00:25:41,441
[paul_tyler]: oh
1368
00:25:41,224 –> 00:25:42,006
[ramsey_d_smith]: they would get their money
1369
00:25:41,812 –> 00:25:43,342
[harry_n_stout]: yeah
1370
00:25:42,587 –> 00:25:47,395
[ramsey_d_smith]: to get their money back like is
it is it measured minutes hour days
1371
00:25:47,101 –> 00:25:47,736
[bruce_h__saul]: hm
1372
00:25:47,515 –> 00:25:47,775
[ramsey_d_smith]: weeks
1373
00:25:47,833 –> 00:25:47,955
[paul_tyler]: as
1374
00:25:47,896 –> 00:25:50,099
[ramsey_d_smith]: months what does that what does that
look like
1375
00:25:50,032 –> 00:25:52,312
[harry_n_stout]: oh
1376
00:25:50,119 –> 00:25:53,666
[ramsey_d_smith]: because that’s an important part of sort
of the differentiation there
1377
00:25:53,544 –> 00:25:53,564
[harry_n_stout]: m
1378
00:25:53,987 –> 00:25:54,149
[bruce_h__saul]: yeah
1379
00:25:54,082 –> 00:25:54,446
[harry_n_stout]: oh
1380
00:25:54,227 –> 00:25:56,731
[ramsey_d_smith]: and just as a matter of setting
expect now seting expectation
1381
00:25:56,452 –> 00:25:57,352
[harry_n_stout]: yeah
1382
00:25:56,791 –> 00:25:57,532
[ramsey_d_smith]: s in the right place
1383
00:25:57,806 –> 00:25:58,006
[bruce_h__saul]: right
1384
00:25:57,892 –> 00:25:58,216
[harry_n_stout]: yeah
1385
00:25:58,247 –> 00:26:00,350
[bruce_h__saul]: right yeah the experience is going to
be
1386
00:26:01,590 –> 00:26:02,340
[paul_tyler]: yeah
1387
00:26:01,642 –> 00:26:02,332
[harry_n_stout]: yeah
1388
00:26:02,534 –> 00:26:03,796
[bruce_h__saul]: along these lines and of course it
1389
00:26:03,794 –> 00:26:03,814
[ramsey_d_smith]: m
1390
00:26:03,816 –> 00:26:05,699
[bruce_h__saul]: will depend on the complexity of the
of
1391
00:26:05,723 –> 00:26:05,744
[ramsey_d_smith]: m
1392
00:26:05,779 –> 00:26:06,320
[bruce_h__saul]: the company
1393
00:26:06,224 –> 00:26:06,485
[ramsey_d_smith]: oh
1394
00:26:06,380 –> 00:26:08,403
[bruce_h__saul]: that failed in the complexity insolvency
1395
00:26:08,894 –> 00:26:09,382
[ramsey_d_smith]: oh
1396
00:26:08,932 –> 00:26:09,300
[harry_n_stout]: oh
1397
00:26:09,205 –> 00:26:10,627
[bruce_h__saul]: but there’s whole you
1398
00:26:10,634 –> 00:26:10,895
[ramsey_d_smith]: oh
1399
00:26:10,687 –> 00:26:12,190
[bruce_h__saul]: know kind of industry that’s
1400
00:26:13,004 –> 00:26:13,166
[ramsey_d_smith]: ye
1401
00:26:13,252 –> 00:26:14,093
[bruce_h__saul]: established to
1402
00:26:14,842 –> 00:26:15,532
[harry_n_stout]: yeah
1403
00:26:14,914 –> 00:26:16,737
[bruce_h__saul]: deal with these insolvancies when they happen
1404
00:26:16,560 –> 00:26:16,782
[paul_tyler]: oh
1405
00:26:17,264 –> 00:26:17,628
[ramsey_d_smith]: oh
1406
00:26:17,619 –> 00:26:23,469
[bruce_h__saul]: so the consumer will learn about the
insolvency from the company or the receiver
1407
00:26:24,232 –> 00:26:24,674
[harry_n_stout]: oh
1408
00:26:24,631 –> 00:26:25,593
[bruce_h__saul]: and there’s consternation
1409
00:26:25,540 –> 00:26:25,762
[harry_n_stout]: yeah
1410
00:26:26,154 –> 00:26:29,500
[bruce_h__saul]: uh but you know here’ll be some
communication about the plan
1411
00:26:29,483 –> 00:26:29,504
[ramsey_d_smith]: m
1412
00:26:29,600 –> 00:26:32,104
[bruce_h__saul]: and typically especially for a relatively
1413
00:26:32,384 –> 00:26:32,711
[ramsey_d_smith]: oh
1414
00:26:32,766 –> 00:26:33,707
[bruce_h__saul]: simple insolvancy
1415
00:26:33,704 –> 00:26:34,775
[ramsey_d_smith]: ye ah
1416
00:26:34,829 –> 00:26:36,692
[bruce_h__saul]: the associations arrange with
1417
00:26:36,734 –> 00:26:37,664
[ramsey_d_smith]: yeah
1418
00:26:36,752 –> 00:26:38,896
[bruce_h__saul]: no ga if it covers more than
one state
1419
00:26:38,963 –> 00:26:38,984
[ramsey_d_smith]: m
1420
00:26:38,996 –> 00:26:40,999
[bruce_h__saul]: arrange for another carrier to come in
and pick up the
1421
00:26:40,950 –> 00:26:43,800
[paul_tyler]: oh
1422
00:26:41,039 –> 00:26:41,360
[bruce_h__saul]: business
1423
00:26:41,264 –> 00:26:41,530
[ramsey_d_smith]: oh
1424
00:26:42,582 –> 00:26:42,862
[bruce_h__saul]: so there’s
1425
00:26:42,712 –> 00:26:43,257
[harry_n_stout]: oh
1426
00:26:42,882 –> 00:26:43,483
[bruce_h__saul]: going to be at least
1427
00:26:43,535 –> 00:26:43,616
[ramsey_d_smith]: ah
1428
00:26:43,564 –> 00:26:45,126
[bruce_h__saul]: the delay of plaining
1429
00:26:45,047 –> 00:26:45,210
[paul_tyler]: wait
1430
00:26:45,166 –> 00:26:50,452
[bruce_h__saul]: what’s going on and remember this is
under a state court proceeding so it’s not
1431
00:26:50,294 –> 00:26:50,314
[ramsey_d_smith]: m
1432
00:26:51,173 –> 00:26:52,114
[bruce_h__saul]: immediate turn around
1433
00:26:51,893 –> 00:26:51,914
[ramsey_d_smith]: m
1434
00:26:53,296 –> 00:26:53,536
[bruce_h__saul]: um
1435
00:26:53,513 –> 00:26:53,534
[ramsey_d_smith]: m
1436
00:26:54,157 –> 00:26:54,538
[bruce_h__saul]: so it’s going
1437
00:26:54,494 –> 00:26:54,616
[harry_n_stout]: ah
1438
00:26:54,558 –> 00:26:56,541
[bruce_h__saul]: to vary but you know i think
1439
00:26:56,482 –> 00:26:56,586
[paul_tyler]: what
1440
00:26:56,882 –> 00:26:59,827
[bruce_h__saul]: if you look at some of these
larger insolvencies that are complicated
1441
00:26:59,433 –> 00:26:59,514
[paul_tyler]: oh
1442
00:26:59,927 –> 00:27:01,229
[bruce_h__saul]: it can be months
1443
00:27:01,184 –> 00:27:01,844
[ramsey_d_smith]: yeah
1444
00:27:01,309 –> 00:27:04,194
[bruce_h__saul]: or years before there’s full resolution other
cases
1445
00:27:03,870 –> 00:27:04,319
[paul_tyler]: oh
1446
00:27:04,414 –> 00:27:04,995
[bruce_h__saul]: it’s you
1447
00:27:04,973 –> 00:27:04,994
[ramsey_d_smith]: m
1448
00:27:05,035 –> 00:27:06,158
[bruce_h__saul]: know not not that log
1449
00:27:05,974 –> 00:27:06,136
[harry_n_stout]: yeah
1450
00:27:06,259 –> 00:27:07,061
[bruce_h__saul]: but it’s not
1451
00:27:07,095 –> 00:27:07,259
[harry_n_stout]: okay
1452
00:27:07,141 –> 00:27:07,803
[bruce_h__saul]: an immediate turn
1453
00:27:07,703 –> 00:27:07,724
[ramsey_d_smith]: m
1454
00:27:07,843 –> 00:27:08,084
[bruce_h__saul]: around
1455
00:27:09,052 –> 00:27:09,133
[paul_tyler]: ah
1456
00:27:09,392 –> 00:27:11,255
[harry_n_stout]: and ramsey one other thought i’d add
to you
1457
00:27:11,262 –> 00:27:11,282
[paul_tyler]: a
1458
00:27:11,336 –> 00:27:14,020
[harry_n_stout]: is even in the case of f
d i c coverage if
1459
00:27:13,964 –> 00:27:14,210
[ramsey_d_smith]: oh
1460
00:27:14,080 –> 00:27:14,421
[harry_n_stout]: you get
1461
00:27:14,448 –> 00:27:15,486
[bruce_h__saul]: oh
1462
00:27:14,561 –> 00:27:15,342
[harry_n_stout]: people with large
1463
00:27:15,284 –> 00:27:15,445
[ramsey_d_smith]: yeah
1464
00:27:15,402 –> 00:27:17,806
[harry_n_stout]: account balances that are that
1465
00:27:17,842 –> 00:27:17,984
[ramsey_d_smith]: yeah
1466
00:27:17,866 –> 00:27:17,967
[harry_n_stout]: are
1467
00:27:18,434 –> 00:27:18,654
[ramsey_d_smith]: oh
1468
00:27:18,467 –> 00:27:18,968
[harry_n_stout]: if you will
1469
00:27:18,996 –> 00:27:19,238
[bruce_h__saul]: oh
1470
00:27:19,129 –> 00:27:22,614
[harry_n_stout]: beyond the f d i c coverage
it’s an issue and i think
1471
00:27:22,486 –> 00:27:22,608
[bruce_h__saul]: right
1472
00:27:22,675 –> 00:27:22,755
[harry_n_stout]: the
1473
00:27:22,777 –> 00:27:22,817
[ramsey_d_smith]: on
1474
00:27:22,875 –> 00:27:26,741
[harry_n_stout]: same thing applies in the case of
insurance and solvencies i mean i think
1475
00:27:27,105 –> 00:27:27,126
[bruce_h__saul]: m
1476
00:27:27,182 –> 00:27:30,688
[harry_n_stout]: and bruce correct me if i’m wrong
here but my experience
1477
00:27:30,704 –> 00:27:31,065
[ramsey_d_smith]: yeah
1478
00:27:30,748 –> 00:27:32,411
[harry_n_stout]: is the typically the
1479
00:27:32,392 –> 00:27:32,573
[ramsey_d_smith]: yeah
1480
00:27:32,431 –> 00:27:36,077
[harry_n_stout]: administrator do everything possible to make sure
that claims within
1481
00:27:36,044 –> 00:27:37,034
[ramsey_d_smith]: oh
1482
00:27:36,137 –> 00:27:40,825
[harry_n_stout]: the limits are paid and cash flows
as quickly as possible they do their best
1483
00:27:40,905 –> 00:27:43,389
[harry_n_stout]: to do that but if there are
individuals
1484
00:27:42,990 –> 00:27:43,434
[paul_tyler]: oh
1485
00:27:43,589 –> 00:27:44,491
[harry_n_stout]: with balances
1486
00:27:44,628 –> 00:27:44,769
[paul_tyler]: yeah
1487
00:27:45,012 –> 00:27:46,434
[harry_n_stout]: accounts that are in excess
1488
00:27:46,110 –> 00:27:47,640
[paul_tyler]: yeah
1489
00:27:47,015 –> 00:27:51,162
[harry_n_stout]: of the amounts involved i think that’s
problematic i mean that’s one of the issues
1490
00:27:51,302 –> 00:27:56,872
[harry_n_stout]: that i do think is problematic and
maybe that’s a consideration that the consumer soul
1491
00:27:56,972 –> 00:27:59,436
[harry_n_stout]: have one they purchase that maybe they
don’t purchase more than
1492
00:27:59,736 –> 00:28:00,122
[bruce_h__saul]: oh
1493
00:27:59,856 –> 00:28:00,257
[harry_n_stout]: a certain
1494
00:28:00,060 –> 00:28:00,324
[paul_tyler]: yeah
1495
00:28:00,297 –> 00:28:01,559
[harry_n_stout]: amount from a certain carrier
1496
00:28:01,724 –> 00:28:02,624
[ramsey_d_smith]: oh
1497
00:28:01,980 –> 00:28:03,122
[harry_n_stout]: because there are limits on
1498
00:28:03,164 –> 00:28:03,447
[ramsey_d_smith]: oh
1499
00:28:03,202 –> 00:28:05,165
[harry_n_stout]: coverage the same way that people will
1500
00:28:05,153 –> 00:28:05,174
[ramsey_d_smith]: m
1501
00:28:06,588 –> 00:28:07,048
[harry_n_stout]: take their
1502
00:28:06,986 –> 00:28:08,084
[ramsey_d_smith]: yeah
1503
00:28:07,730 –> 00:28:08,230
[harry_n_stout]: their bank
1504
00:28:08,078 –> 00:28:08,179
[bruce_h__saul]: ah
1505
00:28:08,351 –> 00:28:10,815
[harry_n_stout]: deposit and put them with you know
1506
00:28:10,943 –> 00:28:10,964
[ramsey_d_smith]: m
1507
00:28:11,336 –> 00:28:14,000
[harry_n_stout]: again i’m not an expert on f
d i c coverage but it’s i think
1508
00:28:14,100 –> 00:28:15,302
[harry_n_stout]: on a per account basis
1509
00:28:14,940 –> 00:28:16,050
[paul_tyler]: yeah
1510
00:28:15,763 –> 00:28:19,950
[harry_n_stout]: so people try to limit their accounts
and spread their potential liability to a number
1511
00:28:19,952 –> 00:28:20,113
[ramsey_d_smith]: yes
1512
00:28:20,010 –> 00:28:24,297
[harry_n_stout]: of banks so that if something does
happen if there’s a wholesale impact of the
1513
00:28:24,337 –> 00:28:25,379
[harry_n_stout]: banking community
1514
00:28:25,176 –> 00:28:25,422
[bruce_h__saul]: yeah
1515
00:28:25,740 –> 00:28:29,065
[harry_n_stout]: they’re covered by deft see insurance and
i think
1516
00:28:29,093 –> 00:28:29,195
[paul_tyler]: ah
1517
00:28:29,406 –> 00:28:30,007
[harry_n_stout]: that’s another issue
1518
00:28:30,008 –> 00:28:30,069
[paul_tyler]: ah
1519
00:28:30,027 –> 00:28:30,888
[harry_n_stout]: when it comes to guarantee
1520
00:28:30,849 –> 00:28:30,870
[paul_tyler]: m
1521
00:28:30,948 –> 00:28:33,192
[harry_n_stout]: funds is you know you ought to
know that
1522
00:28:33,164 –> 00:28:33,449
[ramsey_d_smith]: yes
1523
00:28:33,330 –> 00:28:33,350
[paul_tyler]: m
1524
00:28:33,352 –> 00:28:37,936
[harry_n_stout]: for these larger amounts involved if you
if you have amount with an annuity or
1525
00:28:38,016 –> 00:28:43,041
[harry_n_stout]: a life insurance policy that’s an access
of these limits there’s potentially a concern there
1526
00:28:43,796 –> 00:28:43,936
[bruce_h__saul]: yeah
1527
00:28:43,899 –> 00:28:44,533
[paul_tyler]: m yeah
1528
00:28:44,597 –> 00:28:44,998
[bruce_h__saul]: yeah i agree
1529
00:28:44,845 –> 00:28:44,926
[harry_n_stout]: and
1530
00:28:45,404 –> 00:28:46,274
[ramsey_d_smith]: oh
1531
00:28:45,699 –> 00:28:46,180
[bruce_h__saul]: the point is the
1532
00:28:46,132 –> 00:28:47,092
[harry_n_stout]: yeah
1533
00:28:46,240 –> 00:28:50,607
[bruce_h__saul]: same for f d i c or
in the state the guarantee association is only
1534
00:28:50,727 –> 00:28:51,649
[bruce_h__saul]: obligated to cover
1535
00:28:51,944 –> 00:28:52,164
[ramsey_d_smith]: yeah
1536
00:28:52,250 –> 00:28:54,233
[bruce_h__saul]: the amount up to that limit so
you’re right
1537
00:28:54,334 –> 00:28:54,435
[harry_n_stout]: ah
1538
00:28:54,674 –> 00:28:54,954
[bruce_h__saul]: if the
1539
00:28:55,042 –> 00:28:55,263
[harry_n_stout]: oh
1540
00:28:55,235 –> 00:28:55,996
[bruce_h__saul]: consumer as
1541
00:28:56,384 –> 00:28:56,546
[ramsey_d_smith]: ye
1542
00:28:56,602 –> 00:28:57,103
[harry_n_stout]: oh
1543
00:28:57,037 –> 00:28:58,078
[bruce_h__saul]: life insurance benefits say
1544
00:28:58,064 –> 00:28:58,934
[ramsey_d_smith]: yeah
1545
00:28:58,959 –> 00:29:02,923
[bruce_h__saul]: even with the same company either one
policy or more that exceed that limit
1546
00:29:03,622 –> 00:29:04,642
[harry_n_stout]: yeah
1547
00:29:03,924 –> 00:29:04,925
[bruce_h__saul]: they don’t have that protection
1548
00:29:06,201 –> 00:29:11,029
[paul_tyler]: yeah now i’ve seen i’ve had these
questions come up in context with you guaranteed
1549
00:29:11,449 –> 00:29:13,653
[paul_tyler]: income writers on products
1550
00:29:13,440 –> 00:29:13,481
[bruce_h__saul]: m
1551
00:29:14,755 –> 00:29:14,895
[paul_tyler]: it’s
1552
00:29:14,812 –> 00:29:15,037
[harry_n_stout]: ye
1553
00:29:14,955 –> 00:29:15,296
[paul_tyler]: interesting
1554
00:29:15,194 –> 00:29:15,455
[ramsey_d_smith]: yeah
1555
00:29:15,336 –> 00:29:17,860
[paul_tyler]: we’ve got chat on our website and
1556
00:29:18,172 –> 00:29:18,374
[ramsey_d_smith]: yeah
1557
00:29:18,982 –> 00:29:19,202
[paul_tyler]: you know
1558
00:29:19,122 –> 00:29:19,162
[harry_n_stout]: m
1559
00:29:19,423 –> 00:29:21,186
[paul_tyler]: i think the last two years i
1560
00:29:21,202 –> 00:29:21,484
[harry_n_stout]: yeah
1561
00:29:21,266 –> 00:29:24,812
[paul_tyler]: probably had more direct contact with customers
and with agents on ome of these topics
1562
00:29:24,832 –> 00:29:25,012
[paul_tyler]: than i
1563
00:29:25,012 –> 00:29:25,235
[harry_n_stout]: yes
1564
00:29:25,272 –> 00:29:28,958
[paul_tyler]: ever harry ever had all the years
before which is
1565
00:29:28,932 –> 00:29:29,073
[harry_n_stout]: yeah
1566
00:29:29,459 –> 00:29:33,606
[paul_tyler]: what which is good my gas though
seems to be really driving the conversation i
1567
00:29:33,626 –> 00:29:33,867
[paul_tyler]: think it’s
1568
00:29:34,042 –> 00:29:35,932
[harry_n_stout]: yeah
1569
00:29:34,748 –> 00:29:35,650
[paul_tyler]: given the interest
1570
00:29:35,457 –> 00:29:36,516
[bruce_h__saul]: yeah
1571
00:29:35,730 –> 00:29:36,731
[paul_tyler]: rate environment we’re
1572
00:29:36,652 –> 00:29:36,993
[harry_n_stout]: yeah
1573
00:29:36,932 –> 00:29:39,316
[paul_tyler]: in i just see this issue
1574
00:29:39,721 –> 00:29:39,922
[harry_n_stout]: yeah
1575
00:29:39,817 –> 00:29:42,847
[paul_tyler]: coming up and up and up like
i’m looking at lud rate watch right now
1576
00:29:43,631 –> 00:29:44,556
[paul_tyler]: carry i mean
1577
00:29:44,483 –> 00:29:44,504
[ramsey_d_smith]: m
1578
00:29:45,200 –> 00:29:45,640
[paul_tyler]: i can’t
1579
00:29:45,434 –> 00:29:45,716
[ramsey_d_smith]: yeah
1580
00:29:45,720 –> 00:29:47,343
[paul_tyler]: believe the numbers right it’s like
1581
00:29:47,744 –> 00:29:48,065
[ramsey_d_smith]: oh
1582
00:29:48,385 –> 00:29:52,452
[paul_tyler]: i see one carrier and i’m look
at the five year rates offering a four
1583
00:29:52,532 –> 00:29:52,772
[paul_tyler]: point
1584
00:29:53,043 –> 00:29:53,264
[ramsey_d_smith]: yeah
1585
00:29:53,714 –> 00:29:55,677
[paul_tyler]: three five percent interest right i see
two
1586
00:29:55,733 –> 00:29:55,754
[ramsey_d_smith]: m
1587
00:29:55,737 –> 00:29:56,999
[paul_tyler]: more at four point two five
1588
00:29:57,142 –> 00:29:57,404
[harry_n_stout]: yeah
1589
00:29:57,600 –> 00:29:58,582
[paul_tyler]: if you told me six months
1590
00:29:58,612 –> 00:29:59,195
[harry_n_stout]: oh
1591
00:29:58,642 –> 00:29:59,483
[paul_tyler]: ago we’d be seeing these
1592
00:29:59,496 –> 00:30:00,186
[bruce_h__saul]: my
1593
00:29:59,523 –> 00:30:02,108
[paul_tyler]: kind of rates i would have said
now um
1594
00:30:02,383 –> 00:30:02,626
[harry_n_stout]: yeah
1595
00:30:02,649 –> 00:30:03,931
[paul_tyler]: but people are gonna be looking at
bank
1596
00:30:03,846 –> 00:30:04,052
[bruce_h__saul]: oh
1597
00:30:04,011 –> 00:30:05,173
[paul_tyler]: cd and mi re gonna look
1598
00:30:05,168 –> 00:30:05,331
[bruce_h__saul]: yeah
1599
00:30:05,193 –> 00:30:05,654
[paul_tyler]: at mias
1600
00:30:05,504 –> 00:30:05,864
[ramsey_d_smith]: oh
1601
00:30:05,714 –> 00:30:06,395
[paul_tyler]: more frequently
1602
00:30:06,262 –> 00:30:06,839
[harry_n_stout]: ye
1603
00:30:06,455 –> 00:30:06,495
[paul_tyler]: so
1604
00:30:06,516 –> 00:30:06,696
[bruce_h__saul]: oh
1605
00:30:06,535 –> 00:30:07,477
[paul_tyler]: i think this is going to come
up now
1606
00:30:08,002 –> 00:30:08,226
[harry_n_stout]: oh
1607
00:30:08,218 –> 00:30:09,640
[paul_tyler]: my pro that has
1608
00:30:09,624 –> 00:30:09,829
[harry_n_stout]: yeah
1609
00:30:09,781 –> 00:30:10,101
[paul_tyler]: worked
1610
00:30:10,005 –> 00:30:11,676
[bruce_h__saul]: h yeah
1611
00:30:10,402 –> 00:30:11,704
[paul_tyler]: without going down
1612
00:30:11,577 –> 00:30:12,134
[ramsey_d_smith]: yeah
1613
00:30:11,744 –> 00:30:13,006
[paul_tyler]: that path is first
1614
00:30:13,566 –> 00:30:13,848
[bruce_h__saul]: oh
1615
00:30:13,587 –> 00:30:15,330
[paul_tyler]: head to the balance sheet hey ramsey
1616
00:30:16,214 –> 00:30:16,456
[ramsey_d_smith]: oh
1617
00:30:16,251 –> 00:30:16,892
[paul_tyler]: you know where’s
1618
00:30:16,702 –> 00:30:17,003
[harry_n_stout]: yeah
1619
00:30:16,912 –> 00:30:17,573
[paul_tyler]: the guarantee it’s
1620
00:30:18,587 –> 00:30:19,244
[ramsey_d_smith]: yes
1621
00:30:18,635 –> 00:30:19,597
[paul_tyler]: you guaranteed by our
1622
00:30:19,518 –> 00:30:19,683
[harry_n_stout]: sure
1623
00:30:19,657 –> 00:30:21,139
[paul_tyler]: twenty six billion dollars
1624
00:30:21,052 –> 00:30:22,589
[harry_n_stout]: yeah yeah
1625
00:30:22,330 –> 00:30:23,472
[paul_tyler]: you know assets
1626
00:30:23,122 –> 00:30:23,406
[harry_n_stout]: yes
1627
00:30:23,732 –> 00:30:23,892
[paul_tyler]: okay
1628
00:30:23,812 –> 00:30:24,136
[harry_n_stout]: oh
1629
00:30:23,933 –> 00:30:26,276
[paul_tyler]: that satisfies probably sixty percent of the
people
1630
00:30:26,140 –> 00:30:26,222
[bruce_h__saul]: ah
1631
00:30:27,078 –> 00:30:29,562
[paul_tyler]: yeah but like what else
1632
00:30:29,706 –> 00:30:30,426
[bruce_h__saul]: oh
1633
00:30:29,762 –> 00:30:34,971
[paul_tyler]: well here’s our ratings okay and then
here our trust pilot
1634
00:30:34,847 –> 00:30:34,908
[ramsey_d_smith]: m
1635
00:30:35,392 –> 00:30:36,213
[paul_tyler]: reviews you are going to
1636
00:30:36,203 –> 00:30:36,224
[ramsey_d_smith]: m
1637
00:30:36,233 –> 00:30:39,699
[paul_tyler]: get good service look at all the
thousands of people have had good experiences with
1638
00:30:39,779 –> 00:30:42,243
[paul_tyler]: us you know harry you’re without
1639
00:30:42,074 –> 00:30:42,260
[harry_n_stout]: yes
1640
00:30:42,343 –> 00:30:42,624
[paul_tyler]: going
1641
00:30:42,353 –> 00:30:42,374
[ramsey_d_smith]: m
1642
00:30:42,664 –> 00:30:43,104
[paul_tyler]: there i
1643
00:30:43,132 –> 00:30:43,852
[harry_n_stout]: yeah
1644
00:30:43,165 –> 00:30:44,327
[paul_tyler]: mean what are the best
1645
00:30:44,842 –> 00:30:45,622
[harry_n_stout]: yeah
1646
00:30:45,729 –> 00:30:46,371
[paul_tyler]: consume are
1647
00:30:46,312 –> 00:30:46,636
[harry_n_stout]: oh
1648
00:30:46,692 –> 00:30:47,596
[paul_tyler]: explanations
1649
00:30:47,714 –> 00:30:48,037
[ramsey_d_smith]: yeah
1650
00:30:47,857 –> 00:30:47,977
[paul_tyler]: that
1651
00:30:48,022 –> 00:30:48,742
[harry_n_stout]: yeah
1652
00:30:48,058 –> 00:30:50,287
[paul_tyler]: get people comfortable without even talking about
this
1653
00:30:50,763 –> 00:30:55,051
[harry_n_stout]: well i think you’ve you’ve hit on
them there i think typically you you
1654
00:30:54,983 –> 00:30:55,004
[ramsey_d_smith]: m
1655
00:30:55,191 –> 00:30:55,672
[harry_n_stout]: highlight
1656
00:30:55,888 –> 00:30:55,908
[paul_tyler]: i
1657
00:30:56,393 –> 00:31:00,820
[harry_n_stout]: the company itself how long it’s been
in business their track record of how they
1658
00:31:00,880 –> 00:31:01,040
[harry_n_stout]: treat
1659
00:31:01,090 –> 00:31:01,151
[paul_tyler]: oh
1660
00:31:01,101 –> 00:31:01,181
[harry_n_stout]: the
1661
00:31:01,211 –> 00:31:01,232
[ramsey_d_smith]: i
1662
00:31:01,212 –> 00:31:01,333
[paul_tyler]: yeah
1663
00:31:01,241 –> 00:31:02,583
[harry_n_stout]: consumer i mean that’s primary
1664
00:31:02,230 –> 00:31:02,352
[paul_tyler]: yeah
1665
00:31:02,564 –> 00:31:02,784
[ramsey_d_smith]: oh
1666
00:31:02,643 –> 00:31:03,364
[harry_n_stout]: right and
1667
00:31:03,332 –> 00:31:03,536
[paul_tyler]: right
1668
00:31:03,404 –> 00:31:04,506
[harry_n_stout]: then secondly i think you
1669
00:31:04,481 –> 00:31:04,582
[paul_tyler]: ah
1670
00:31:04,566 –> 00:31:05,648
[harry_n_stout]: hit on the financial strength
1671
00:31:05,469 –> 00:31:05,529
[paul_tyler]: ah
1672
00:31:05,708 –> 00:31:09,274
[harry_n_stout]: ratings of the companies that involved i
think ramsey was alluding to that earlier you
1673
00:31:09,314 –> 00:31:10,616
[harry_n_stout]: know you as a producer
1674
00:31:10,620 –> 00:31:10,841
[paul_tyler]: oh
1675
00:31:10,697 –> 00:31:15,685
[harry_n_stout]: you represent those companies that you feel
most comfortable with a financial strength standpoint and
1676
00:31:15,865 –> 00:31:21,274
[harry_n_stout]: meet whatever threshold you or your organization
has for the sale of those products and
1677
00:31:22,096 –> 00:31:25,642
[harry_n_stout]: different financial different organizations will sell different
financials
1678
00:31:25,304 –> 00:31:25,546
[ramsey_d_smith]: yeah
1679
00:31:25,682 –> 00:31:27,184
[harry_n_stout]: trengthwriting some are comfortable
1680
00:31:27,330 –> 00:31:27,551
[paul_tyler]: oh
1681
00:31:27,605 –> 00:31:29,368
[harry_n_stout]: selling lower financial
1682
00:31:29,123 –> 00:31:29,144
[ramsey_d_smith]: m
1683
00:31:29,428 –> 00:31:32,212
[harry_n_stout]: strength writings others must have a certain
threshold
1684
00:31:31,890 –> 00:31:33,180
[paul_tyler]: yeah
1685
00:31:32,693 –> 00:31:36,460
[harry_n_stout]: and above that they sell and then
i talk about state regulation
1686
00:31:36,494 –> 00:31:36,674
[ramsey_d_smith]: oh
1687
00:31:36,560 –> 00:31:38,463
[harry_n_stout]: being the third bucket
1688
00:31:38,503 –> 00:31:38,663
[ramsey_d_smith]: yes
1689
00:31:38,703 –> 00:31:38,844
[harry_n_stout]: and
1690
00:31:39,037 –> 00:31:39,263
[ramsey_d_smith]: yeah
1691
00:31:39,424 –> 00:31:43,531
[harry_n_stout]: and if i guarantee funds are part
of the conversation if they’re aware of them
1692
00:31:43,936 –> 00:31:44,099
[ramsey_d_smith]: yeah
1693
00:31:44,012 –> 00:31:46,336
[harry_n_stout]: and that they’ve been disclosed to them
i think
1694
00:31:46,364 –> 00:31:47,144
[ramsey_d_smith]: ye
1695
00:31:46,416 –> 00:31:47,298
[harry_n_stout]: a conversation has
1696
00:31:47,190 –> 00:31:47,435
[paul_tyler]: yes
1697
00:31:47,358 –> 00:31:52,987
[harry_n_stout]: to be made aware that that’s another
another element in the overall hierarchy of solvency
1698
00:31:53,248 –> 00:31:56,132
[harry_n_stout]: and i guess i’m not trying to
create maso’s hierarchy of needs here
1699
00:31:56,496 –> 00:31:58,056
[bruce_h__saul]: oh
1700
00:31:56,613 –> 00:31:59,077
[harry_n_stout]: but it’s you know it’s if you
think about it you’ve got a
1701
00:31:59,564 –> 00:32:00,494
[ramsey_d_smith]: oh
1702
00:31:59,778 –> 00:32:00,700
[harry_n_stout]: there is a hierarchy
1703
00:32:01,094 –> 00:32:01,315
[ramsey_d_smith]: oh
1704
00:32:01,361 –> 00:32:02,947
[harry_n_stout]: solving c and
1705
00:32:03,464 –> 00:32:04,304
[ramsey_d_smith]: yes
1706
00:32:04,132 –> 00:32:06,078
[harry_n_stout]: we ought to be able to describe
what that is
1707
00:32:06,980 –> 00:32:12,048
[paul_tyler]: yeah and bruce when these laws were
drafted i guarantee you google wasn’t even a
1708
00:32:12,108 –> 00:32:14,071
[paul_tyler]: company today
1709
00:32:13,906 –> 00:32:14,089
[bruce_h__saul]: right
1710
00:32:14,212 –> 00:32:14,332
[paul_tyler]: now
1711
00:32:14,502 –> 00:32:15,546
[harry_n_stout]: oh yeah
1712
00:32:16,057 –> 00:32:16,098
[bruce_h__saul]: h
1713
00:32:16,209 –> 00:32:17,052
[harry_n_stout]: no doubt about that
1714
00:32:16,853 –> 00:32:16,874
[ramsey_d_smith]: m
1715
00:32:17,025 –> 00:32:17,046
[bruce_h__saul]: m
1716
00:32:17,437 –> 00:32:21,764
[paul_tyler]: so you know you know now there’s
this great website that explains this
1717
00:32:21,742 –> 00:32:22,462
[harry_n_stout]: yeah
1718
00:32:22,085 –> 00:32:23,227
[paul_tyler]: in perfect detail out
1719
00:32:23,152 –> 00:32:23,872
[harry_n_stout]: yeah
1720
00:32:23,267 –> 00:32:27,334
[paul_tyler]: there so i mean consumer says as
cool
1721
00:32:27,352 –> 00:32:28,132
[harry_n_stout]: yeah
1722
00:32:28,095 –> 00:32:28,696
[paul_tyler]: you know ramsey
1723
00:32:29,263 –> 00:32:29,446
[harry_n_stout]: yes
1724
00:32:29,978 –> 00:32:32,402
[paul_tyler]: r n how’re insured palass guaranteed nolgassite
1725
00:32:31,912 –> 00:32:32,303
[harry_n_stout]: yes
1726
00:32:32,462 –> 00:32:32,863
[paul_tyler]: comes up
1727
00:32:33,142 –> 00:32:33,526
[harry_n_stout]: oh
1728
00:32:33,444 –> 00:32:33,504
[paul_tyler]: so
1729
00:32:33,488 –> 00:32:34,116
[bruce_h__saul]: hm
1730
00:32:33,604 –> 00:32:35,728
[paul_tyler]: bruce i mean like if i were
to put us on a website
1731
00:32:35,324 –> 00:32:36,232
[harry_n_stout]: ah
1732
00:32:35,603 –> 00:32:35,624
[ramsey_d_smith]: m
1733
00:32:35,768 –> 00:32:36,188
[paul_tyler]: i’m not going to
1734
00:32:36,562 –> 00:32:36,706
[harry_n_stout]: ye
1735
00:32:36,669 –> 00:32:37,791
[paul_tyler]: hold you know i’m
1736
00:32:37,822 –> 00:32:38,166
[harry_n_stout]: oh
1737
00:32:37,831 –> 00:32:38,392
[paul_tyler]: not asking you this
1738
00:32:38,723 –> 00:32:38,744
[ramsey_d_smith]: m
1739
00:32:38,813 –> 00:32:39,554
[paul_tyler]: for legal advice
1740
00:32:39,412 –> 00:32:40,102
[harry_n_stout]: yeah
1741
00:32:39,614 –> 00:32:40,475
[paul_tyler]: but if i put
1742
00:32:40,462 –> 00:32:41,872
[harry_n_stout]: oh
1743
00:32:40,516 –> 00:32:41,918
[paul_tyler]: on my website f
1744
00:32:41,933 –> 00:32:41,954
[ramsey_d_smith]: m
1745
00:32:41,978 –> 00:32:43,622
[paul_tyler]: a q you know
1746
00:32:43,724 –> 00:32:43,825
[harry_n_stout]: ah
1747
00:32:44,244 –> 00:32:44,886
[paul_tyler]: explain you know
1748
00:32:45,052 –> 00:32:45,832
[harry_n_stout]: yeah
1749
00:32:45,347 –> 00:32:47,735
[paul_tyler]: how how are these products guaranteed c
1750
00:32:48,592 –> 00:32:48,813
[harry_n_stout]: yeah
1751
00:32:49,870 –> 00:32:50,472
[paul_tyler]: i put a hyper
1752
00:32:50,301 –> 00:32:50,461
[harry_n_stout]: yeah
1753
00:32:50,573 –> 00:32:51,396
[paul_tyler]: link to no ga
1754
00:32:51,764 –> 00:32:52,148
[ramsey_d_smith]: yah
1755
00:32:52,972 –> 00:32:57,360
[paul_tyler]: am i starting the law am i
doing that oh
1756
00:32:56,287 –> 00:32:56,748
[bruce_h__saul]: i think that
1757
00:32:57,382 –> 00:32:58,162
[harry_n_stout]: yeah
1758
00:32:57,450 –> 00:32:57,630
[bruce_h__saul]: that
1759
00:32:57,524 –> 00:32:57,805
[ramsey_d_smith]: yah
1760
00:32:57,810 –> 00:32:57,991
[bruce_h__saul]: is
1761
00:32:58,371 –> 00:32:59,100
[paul_tyler]: yeah
1762
00:32:59,053 –> 00:32:59,634
[bruce_h__saul]: an appropriate
1763
00:32:59,242 –> 00:32:59,546
[harry_n_stout]: yes
1764
00:32:59,674 –> 00:33:00,676
[bruce_h__saul]: practice paul
1765
00:33:00,660 –> 00:33:00,883
[paul_tyler]: oh
1766
00:33:00,876 –> 00:33:03,361
[bruce_h__saul]: i mean really it’s to a point
where
1767
00:33:03,750 –> 00:33:03,992
[paul_tyler]: oh
1768
00:33:04,792 –> 00:33:05,233
[harry_n_stout]: oh
1769
00:33:06,269 –> 00:33:07,055
[bruce_h__saul]: what the law does
1770
00:33:08,226 –> 00:33:08,329
[paul_tyler]: ah
1771
00:33:08,242 –> 00:33:08,902
[harry_n_stout]: yeah
1772
00:33:08,986 –> 00:33:10,887
[bruce_h__saul]: kind of for a moment just you
know
1773
00:33:10,942 –> 00:33:11,266
[harry_n_stout]: yes
1774
00:33:11,128 –> 00:33:11,828
[bruce_h__saul]: aside from the
1775
00:33:12,052 –> 00:33:12,416
[harry_n_stout]: oh
1776
00:33:12,330 –> 00:33:12,592
[paul_tyler]: yeah
1777
00:33:12,429 –> 00:33:16,032
[bruce_h__saul]: issue of what what the law should
have shouldn’t say it clearly
1778
00:33:15,754 –> 00:33:18,260
[harry_n_stout]: ah ye
1779
00:33:17,854 –> 00:33:21,523
[bruce_h__saul]: is intended to take the conversations and
take
1780
00:33:21,412 –> 00:33:21,638
[harry_n_stout]: oh
1781
00:33:21,563 –> 00:33:22,307
[bruce_h__saul]: those questions
1782
00:33:22,184 –> 00:33:22,307
[ramsey_d_smith]: ye
1783
00:33:23,152 –> 00:33:23,419
[harry_n_stout]: yeah
1784
00:33:24,216 –> 00:33:24,916
[bruce_h__saul]: away from the
1785
00:33:24,926 –> 00:33:25,028
[ramsey_d_smith]: ah
1786
00:33:24,976 –> 00:33:26,177
[bruce_h__saul]: company and the producer
1787
00:33:27,030 –> 00:33:27,311
[paul_tyler]: oh
1788
00:33:27,202 –> 00:33:27,922
[harry_n_stout]: yeah
1789
00:33:27,238 –> 00:33:28,780
[bruce_h__saul]: to the guarantee associations
1790
00:33:28,154 –> 00:33:29,174
[ramsey_d_smith]: yeah
1791
00:33:29,660 –> 00:33:29,760
[bruce_h__saul]: so
1792
00:33:29,662 –> 00:33:30,322
[harry_n_stout]: yeah
1793
00:33:29,901 –> 00:33:29,941
[bruce_h__saul]: i
1794
00:33:30,013 –> 00:33:30,178
[paul_tyler]: like
1795
00:33:30,021 –> 00:33:36,398
[bruce_h__saul]: think in the current environment given the
prohibition on even mentioning the
1796
00:33:36,450 –> 00:33:36,712
[paul_tyler]: oh
1797
00:33:36,458 –> 00:33:41,196
[bruce_h__saul]: existence or using the existence of the
guarantee fund um
1798
00:33:40,440 –> 00:33:40,562
[paul_tyler]: oh
1799
00:33:41,212 –> 00:33:41,541
[harry_n_stout]: yes
1800
00:33:41,774 –> 00:33:41,794
[ramsey_d_smith]: m
1801
00:33:41,880 –> 00:33:42,142
[paul_tyler]: yeah
1802
00:33:41,976 –> 00:33:48,326
[bruce_h__saul]: it makes sense to be responsive you
don’t want to be completely unresponsive so olga
1803
00:33:48,547 –> 00:33:48,927
[bruce_h__saul]: does have
1804
00:33:48,854 –> 00:33:49,197
[ramsey_d_smith]: oh
1805
00:33:48,967 –> 00:33:49,729
[bruce_h__saul]: good information
1806
00:33:50,775 –> 00:33:50,917
[ramsey_d_smith]: yeah
1807
00:33:50,951 –> 00:33:52,233
[bruce_h__saul]: in fact the way the state
1808
00:33:52,058 –> 00:33:52,161
[ramsey_d_smith]: ah
1809
00:33:52,273 –> 00:33:53,074
[bruce_h__saul]: laws are drafted
1810
00:33:52,830 –> 00:33:54,120
[paul_tyler]: yeah
1811
00:33:53,154 –> 00:33:53,475
[bruce_h__saul]: in most
1812
00:33:53,384 –> 00:33:54,314
[ramsey_d_smith]: yeah
1813
00:33:53,535 –> 00:33:55,538
[bruce_h__saul]: states um here we mentioned
1814
00:33:55,943 –> 00:33:57,601
[ramsey_d_smith]: m ye
1815
00:33:57,121 –> 00:33:59,124
[bruce_h__saul]: at the at the point of delivery
there’s a there’s
1816
00:33:59,033 –> 00:33:59,054
[ramsey_d_smith]: m
1817
00:33:59,144 –> 00:34:00,427
[bruce_h__saul]: a document that
1818
00:34:00,292 –> 00:34:00,534
[harry_n_stout]: yah
1819
00:34:01,108 –> 00:34:02,650
[bruce_h__saul]: describes the guarantee fund and some
1820
00:34:02,611 –> 00:34:02,632
[harry_n_stout]: h
1821
00:34:02,690 –> 00:34:03,972
[bruce_h__saul]: of the issues we’ve been discussing
1822
00:34:03,637 –> 00:34:05,812
[harry_n_stout]: ah oh
1823
00:34:04,794 –> 00:34:04,854
[bruce_h__saul]: it
1824
00:34:04,923 –> 00:34:05,088
[paul_tyler]: yes
1825
00:34:04,934 –> 00:34:07,499
[bruce_h__saul]: says on its fate that the producer
1826
00:34:07,222 –> 00:34:07,570
[harry_n_stout]: oh
1827
00:34:07,559 –> 00:34:08,020
[bruce_h__saul]: in the company
1828
00:34:07,884 –> 00:34:08,106
[ramsey_d_smith]: yeah
1829
00:34:08,181 –> 00:34:09,463
[bruce_h__saul]: cannot talk about the guarantee
1830
00:34:09,270 –> 00:34:09,430
[paul_tyler]: yeah
1831
00:34:09,563 –> 00:34:10,806
[bruce_h__saul]: fund and it
1832
00:34:10,874 –> 00:34:11,075
[ramsey_d_smith]: oh
1833
00:34:10,926 –> 00:34:11,267
[bruce_h__saul]: instructs
1834
00:34:11,034 –> 00:34:11,135
[harry_n_stout]: ah
1835
00:34:11,307 –> 00:34:12,429
[bruce_h__saul]: the consumer to call the
1836
00:34:12,899 –> 00:34:13,039
[paul_tyler]: yeah
1837
00:34:13,412 –> 00:34:14,754
[bruce_h__saul]: the state guarantee association
1838
00:34:15,224 –> 00:34:15,564
[ramsey_d_smith]: uh
1839
00:34:15,600 –> 00:34:15,742
[paul_tyler]: yeah
1840
00:34:16,225 –> 00:34:16,326
[bruce_h__saul]: so
1841
00:34:18,660 –> 00:34:19,380
[paul_tyler]: yeah
1842
00:34:19,107 –> 00:34:19,308
[bruce_h__saul]: you know
1843
00:34:19,240 –> 00:34:19,402
[harry_n_stout]: yes
1844
00:34:19,949 –> 00:34:20,069
[bruce_h__saul]: what
1845
00:34:20,062 –> 00:34:20,609
[harry_n_stout]: ye
1846
00:34:20,169 –> 00:34:20,330
[bruce_h__saul]: to me
1847
00:34:20,357 –> 00:34:20,604
[ramsey_d_smith]: okay
1848
00:34:20,430 –> 00:34:22,734
[bruce_h__saul]: what comes up repeatedly and this is
a good example
1849
00:34:22,770 –> 00:34:23,054
[paul_tyler]: oh
1850
00:34:23,795 –> 00:34:23,916
[ramsey_d_smith]: oh
1851
00:34:24,022 –> 00:34:24,289
[harry_n_stout]: yeah
1852
00:34:24,207 –> 00:34:24,289
[bruce_h__saul]: the
1853
00:34:25,320 –> 00:34:25,503
[paul_tyler]: oh
1854
00:34:26,026 –> 00:34:26,347
[bruce_h__saul]: guarantee
1855
00:34:26,197 –> 00:34:26,340
[paul_tyler]: yeah
1856
00:34:26,388 –> 00:34:28,716
[bruce_h__saul]: funds do exist that’s that’s a
1857
00:34:28,680 –> 00:34:30,142
[paul_tyler]: oh
1858
00:34:28,756 –> 00:34:28,977
[bruce_h__saul]: fact
1859
00:34:29,393 –> 00:34:29,414
[ramsey_d_smith]: m
1860
00:34:29,558 –> 00:34:30,239
[bruce_h__saul]: that’s reality
1861
00:34:29,962 –> 00:34:30,304
[harry_n_stout]: yeah
1862
00:34:31,521 –> 00:34:32,383
[bruce_h__saul]: uh there
1863
00:34:32,392 –> 00:34:32,617
[harry_n_stout]: oh
1864
00:34:32,463 –> 00:34:33,264
[bruce_h__saul]: is a way the
1865
00:34:33,224 –> 00:34:33,486
[ramsey_d_smith]: oh
1866
00:34:33,324 –> 00:34:33,845
[bruce_h__saul]: state laws
1867
00:34:33,840 –> 00:34:34,245
[paul_tyler]: oh
1868
00:34:33,905 –> 00:34:34,526
[bruce_h__saul]: understand
1869
00:34:34,132 –> 00:34:34,419
[harry_n_stout]: yeah
1870
00:34:34,626 –> 00:34:34,787
[bruce_h__saul]: that
1871
00:34:34,664 –> 00:34:34,944
[ramsey_d_smith]: oh
1872
00:34:35,087 –> 00:34:35,708
[bruce_h__saul]: consumers are
1873
00:34:35,723 –> 00:34:36,292
[harry_n_stout]: sit
1874
00:34:35,808 –> 00:34:38,973
[bruce_h__saul]: interested and there is a way to
have that information
1875
00:34:38,640 –> 00:34:38,881
[paul_tyler]: yeah
1876
00:34:39,034 –> 00:34:39,755
[bruce_h__saul]: disseminated
1877
00:34:39,503 –> 00:34:39,524
[ramsey_d_smith]: m
1878
00:34:40,912 –> 00:34:41,445
[harry_n_stout]: yes
1879
00:34:41,038 –> 00:34:41,261
[bruce_h__saul]: um
1880
00:34:41,594 –> 00:34:41,895
[ramsey_d_smith]: oh
1881
00:34:42,135 –> 00:34:43,148
[bruce_h__saul]: m the point that
1882
00:34:43,290 –> 00:34:43,490
[paul_tyler]: yeah
1883
00:34:43,790 –> 00:34:43,890
[bruce_h__saul]: to
1884
00:34:43,903 –> 00:34:44,084
[ramsey_d_smith]: yeah
1885
00:34:43,930 –> 00:34:44,030
[bruce_h__saul]: me
1886
00:34:44,182 –> 00:34:44,465
[harry_n_stout]: yes
1887
00:34:44,191 –> 00:34:44,993
[bruce_h__saul]: causes the
1888
00:34:45,323 –> 00:34:45,344
[ramsey_d_smith]: m
1889
00:34:45,846 –> 00:34:46,370
[bruce_h__saul]: discomfort
1890
00:34:46,163 –> 00:34:46,184
[ramsey_d_smith]: m
1891
00:34:46,430 –> 00:34:48,141
[bruce_h__saul]: and seems kind of out of sink
with
1892
00:34:48,742 –> 00:34:48,969
[ramsey_d_smith]: yes
1893
00:34:49,506 –> 00:34:51,409
[bruce_h__saul]: way consumer protection regulation
1894
00:34:51,044 –> 00:34:52,484
[ramsey_d_smith]: yeah
1895
00:34:51,449 –> 00:34:53,352
[bruce_h__saul]: has been going for some time
1896
00:34:53,337 –> 00:34:53,420
[harry_n_stout]: ah
1897
00:34:53,412 –> 00:34:53,592
[bruce_h__saul]: now
1898
00:34:54,532 –> 00:34:54,996
[harry_n_stout]: oh
1899
00:34:54,694 –> 00:34:55,416
[bruce_h__saul]: is that bar
1900
00:34:55,154 –> 00:34:55,174
[ramsey_d_smith]: m
1901
00:34:55,716 –> 00:34:59,643
[bruce_h__saul]: on any discussion of the subject with
the company or the producer that the consumer
1902
00:34:59,273 –> 00:34:59,294
[ramsey_d_smith]: m
1903
00:34:59,783 –> 00:35:03,815
[bruce_h__saul]: is looking to yeah
1904
00:35:02,610 –> 00:35:02,710
[paul_tyler]: so
1905
00:35:03,153 –> 00:35:03,334
[harry_n_stout]: yes
1906
00:35:03,271 –> 00:35:05,174
[paul_tyler]: i’m curious look i saw your article
1907
00:35:05,354 –> 00:35:06,074
[ramsey_d_smith]: yeah
1908
00:35:05,415 –> 00:35:06,877
[paul_tyler]: and harry i reached out like i
think the
1909
00:35:07,582 –> 00:35:07,602
[harry_n_stout]: m
1910
00:35:07,939 –> 00:35:09,221
[paul_tyler]: about five minutes after to
1911
00:35:09,232 –> 00:35:09,694
[harry_n_stout]: oh
1912
00:35:09,281 –> 00:35:11,966
[paul_tyler]: get you on here you know bruce
and harry what
1913
00:35:11,873 –> 00:35:11,894
[ramsey_d_smith]: m
1914
00:35:12,026 –> 00:35:14,009
[paul_tyler]: kind of response have you received from
people off the
1915
00:35:14,144 –> 00:35:14,984
[ramsey_d_smith]: oh
1916
00:35:14,611 –> 00:35:15,333
[paul_tyler]: put in think
1917
00:35:15,334 –> 00:35:15,436
[harry_n_stout]: ah
1918
00:35:15,393 –> 00:35:15,795
[paul_tyler]: advisor
1919
00:35:17,974 –> 00:35:20,298
[harry_n_stout]: actually the folks at olga read it
1920
00:35:21,396 –> 00:35:21,719
[bruce_h__saul]: um
1921
00:35:21,941 –> 00:35:23,323
[harry_n_stout]: they posted on their website
1922
00:35:23,097 –> 00:35:23,180
[ramsey_d_smith]: the
1923
00:35:23,704 –> 00:35:24,606
[harry_n_stout]: and took to send it out
1924
00:35:24,546 –> 00:35:24,727
[bruce_h__saul]: oh
1925
00:35:24,646 –> 00:35:25,968
[harry_n_stout]: to state regulators all around the
1926
00:35:25,899 –> 00:35:25,980
[paul_tyler]: oh
1927
00:35:26,008 –> 00:35:26,469
[harry_n_stout]: country which
1928
00:35:26,354 –> 00:35:26,637
[ramsey_d_smith]: oh
1929
00:35:26,529 –> 00:35:27,370
[harry_n_stout]: i thought was interesting
1930
00:35:27,816 –> 00:35:28,117
[bruce_h__saul]: oh
1931
00:35:28,061 –> 00:35:28,283
[paul_tyler]: okay
1932
00:35:28,512 –> 00:35:29,674
[harry_n_stout]: i think i think that
1933
00:35:29,624 –> 00:35:29,946
[ramsey_d_smith]: yeah
1934
00:35:31,237 –> 00:35:31,437
[harry_n_stout]: i think
1935
00:35:31,304 –> 00:35:31,588
[ramsey_d_smith]: yeah
1936
00:35:31,477 –> 00:35:32,519
[harry_n_stout]: the response we’ve gotten was
1937
00:35:32,575 –> 00:35:32,656
[ramsey_d_smith]: ah
1938
00:35:32,879 –> 00:35:36,325
[harry_n_stout]: a lot of the response we got
from ramsey when we started our session today
1939
00:35:36,385 –> 00:35:37,447
[harry_n_stout]: which i don’t mention
1940
00:35:37,514 –> 00:35:37,819
[paul_tyler]: question
1941
00:35:37,527 –> 00:35:37,707
[harry_n_stout]: this
1942
00:35:37,746 –> 00:35:38,607
[ramsey_d_smith]: testing oh
1943
00:35:38,409 –> 00:35:39,230
[harry_n_stout]: do you know what i mean this
is
1944
00:35:39,442 –> 00:35:39,543
[paul_tyler]: oh
1945
00:35:39,461 –> 00:35:39,584
[ramsey_d_smith]: yeah
1946
00:35:39,550 –> 00:35:41,694
[harry_n_stout]: this is this controversy there’s confusion
1947
00:35:41,903 –> 00:35:41,924
[ramsey_d_smith]: m
1948
00:35:42,355 –> 00:35:45,080
[harry_n_stout]: i don’t really mention this as i
should but
1949
00:35:45,840 –> 00:35:46,085
[paul_tyler]: oh
1950
00:35:45,861 –> 00:35:49,547
[harry_n_stout]: if you talk to people and i’ve
talked to probably ten to twenty
1951
00:35:50,174 –> 00:35:50,435
[ramsey_d_smith]: oh
1952
00:35:50,529 –> 00:35:55,377
[harry_n_stout]: fairly large producers around the country who
responded back and what they’re saying is this
1953
00:35:55,437 –> 00:35:57,520
[harry_n_stout]: is a pain point for us this
is kind of crazy
1954
00:35:58,321 –> 00:35:58,463
[paul_tyler]: yeah
1955
00:35:58,382 –> 00:35:59,864
[harry_n_stout]: and for me as i write
1956
00:35:59,792 –> 00:35:59,893
[paul_tyler]: ah
1957
00:35:59,924 –> 00:36:04,953
[harry_n_stout]: about the industry and look at what
the what your program has done ou highlight
1958
00:36:05,093 –> 00:36:10,782
[harry_n_stout]: technology changes expansion of product all these
things we’re trying to do to make annuities
1959
00:36:10,863 –> 00:36:15,170
[harry_n_stout]: more mainstream and used by more and
more people as part of their as a
1960
00:36:15,250 –> 00:36:18,195
[harry_n_stout]: tool in their retirement planning this is
1961
00:36:18,145 –> 00:36:18,327
[ramsey_d_smith]: yes
1962
00:36:19,197 –> 00:36:21,560
[harry_n_stout]: this is part of that equation and
has to be mentioned
1963
00:36:21,374 –> 00:36:21,537
[ramsey_d_smith]: ye
1964
00:36:21,641 –> 00:36:21,961
[harry_n_stout]: at some
1965
00:36:22,020 –> 00:36:22,200
[paul_tyler]: yeah
1966
00:36:22,041 –> 00:36:24,445
[harry_n_stout]: point and they’re saying that’s kind of
it’s crazy
1967
00:36:24,344 –> 00:36:24,671
[ramsey_d_smith]: yeah
1968
00:36:24,525 –> 00:36:28,772
[harry_n_stout]: for us why can’t we say something
about it why why can’t we talk about
1969
00:36:28,833 –> 00:36:32,439
[harry_n_stout]: it and and if you look at
it from the consumer standpoint
1970
00:36:32,504 –> 00:36:32,766
[ramsey_d_smith]: yeah
1971
00:36:32,639 –> 00:36:34,963
[harry_n_stout]: you have to admit it’s kind of
convoluted you don’t talk about and of
1972
00:36:34,934 –> 00:36:35,195
[ramsey_d_smith]: yeah
1973
00:36:34,983 –> 00:36:36,626
[harry_n_stout]: a sudden you get a document pops
1974
00:36:36,582 –> 00:36:36,824
[ramsey_d_smith]: yeah
1975
00:36:36,686 –> 00:36:37,868
[harry_n_stout]: up when you get your contract
1976
00:36:37,784 –> 00:36:38,277
[ramsey_d_smith]: yes
1977
00:36:37,988 –> 00:36:42,836
[harry_n_stout]: that talks about it so i’ve been
kind of free as someone who writes about
1978
00:36:42,896 –> 00:36:45,400
[harry_n_stout]: consumer issues i tell consumers
1979
00:36:45,330 –> 00:36:45,712
[paul_tyler]: oh
1980
00:36:45,560 –> 00:36:48,726
[harry_n_stout]: in my book i’ve said look you
want to know what the guarantee fund coverage
1981
00:36:48,786 –> 00:36:51,410
[harry_n_stout]: is in the state that you’re buying
the product you should
1982
00:36:51,434 –> 00:36:51,717
[ramsey_d_smith]: yes
1983
00:36:51,470 –> 00:36:55,176
[harry_n_stout]: do that and i direct them to
the nogwebsite i’ve had a section of my
1984
00:36:55,237 –> 00:36:57,961
[harry_n_stout]: book on that and i think but
i can do that i’m not
1985
00:36:57,916 –> 00:36:57,936
[ramsey_d_smith]: i
1986
00:36:58,061 –> 00:36:59,103
[harry_n_stout]: selling the product i’m
1987
00:36:59,144 –> 00:36:59,446
[ramsey_d_smith]: oh
1988
00:36:59,163 –> 00:36:59,303
[harry_n_stout]: just
1989
00:37:00,156 –> 00:37:00,504
[bruce_h__saul]: um
1990
00:37:00,265 –> 00:37:05,394
[harry_n_stout]: an industry observer some one commenting commenting
in the industry so i do that and
1991
00:37:05,694 –> 00:37:08,318
[harry_n_stout]: i encourage folks look at as a
as a informed
1992
00:37:08,130 –> 00:37:08,451
[paul_tyler]: oh
1993
00:37:08,399 –> 00:37:13,567
[harry_n_stout]: buyer you should know that this exists
and that it’s out there and what implications
1994
00:37:13,551 –> 00:37:13,675
[ramsey_d_smith]: ye
1995
00:37:13,647 –> 00:37:14,208
[harry_n_stout]: it will have
1996
00:37:14,100 –> 00:37:14,264
[paul_tyler]: ye
1997
00:37:14,268 –> 00:37:18,395
[harry_n_stout]: potentially for you should something go wrong
and naturally
1998
00:37:18,104 –> 00:37:18,704
[ramsey_d_smith]: yeah
1999
00:37:18,475 –> 00:37:21,941
[harry_n_stout]: the nice thing that in our industry
has been we’ve had very few things go
2000
00:37:22,041 –> 00:37:22,282
[harry_n_stout]: wrong
2001
00:37:22,194 –> 00:37:22,418
[ramsey_d_smith]: yeah
2002
00:37:22,863 –> 00:37:25,647
[harry_n_stout]: and we haven’t had massive numbers of
insolvencies
2003
00:37:25,350 –> 00:37:25,632
[paul_tyler]: oh
2004
00:37:26,028 –> 00:37:26,749
[harry_n_stout]: we we haven’t
2005
00:37:26,663 –> 00:37:26,684
[ramsey_d_smith]: m
2006
00:37:26,809 –> 00:37:26,949
[harry_n_stout]: had
2007
00:37:26,940 –> 00:37:28,020
[paul_tyler]: yeah
2008
00:37:26,989 –> 00:37:28,913
[harry_n_stout]: these issues were consumed s have been
hurt
2009
00:37:29,024 –> 00:37:29,307
[ramsey_d_smith]: my
2010
00:37:29,434 –> 00:37:33,741
[harry_n_stout]: or in any way negatively impacted we’ve
had some very little amount but not a
2011
00:37:33,821 –> 00:37:38,148
[harry_n_stout]: lot but you know in a day
in age when we’re trying to lift our
2012
00:37:38,228 –> 00:37:42,574
[harry_n_stout]: game everywhere to me and and that’s
why i reached out to bruce
2013
00:37:42,383 –> 00:37:42,404
[ramsey_d_smith]: m
2014
00:37:42,774 –> 00:37:44,997
[harry_n_stout]: and he and i collaborated on the
article
2015
00:37:45,180 –> 00:37:45,384
[paul_tyler]: oh
2016
00:37:45,357 –> 00:37:46,198
[harry_n_stout]: maybe it’s time we
2017
00:37:46,184 –> 00:37:46,486
[ramsey_d_smith]: oh
2018
00:37:46,478 –> 00:37:48,620
[harry_n_stout]: we lift this one up a little
bit and let people know a little bit
2019
00:37:48,660 –> 00:37:49,161
[harry_n_stout]: more about it
2020
00:37:51,341 –> 00:37:54,165
[paul_tyler]: so okay change change is interesting
2021
00:37:54,232 –> 00:37:55,162
[harry_n_stout]: oh
2022
00:37:54,246 –> 00:37:54,706
[paul_tyler]: right it’s
2023
00:37:55,642 –> 00:37:55,904
[harry_n_stout]: oh
2024
00:37:56,054 –> 00:37:56,954
[ramsey_d_smith]: yeah
2025
00:37:56,089 –> 00:37:57,912
[paul_tyler]: there’s a pain point in the industry
2026
00:37:57,704 –> 00:37:58,934
[ramsey_d_smith]: my
2027
00:37:57,892 –> 00:37:58,073
[harry_n_stout]: yeah
2028
00:37:58,152 –> 00:37:59,875
[paul_tyler]: oh it just goes away no no
no
2029
00:38:00,083 –> 00:38:00,104
[ramsey_d_smith]: m
2030
00:38:00,196 –> 00:38:00,716
[paul_tyler]: my experience
2031
00:38:00,650 –> 00:38:00,811
[harry_n_stout]: yeah
2032
00:38:00,776 –> 00:38:01,357
[paul_tyler]: is it usually
2033
00:38:01,672 –> 00:38:01,938
[harry_n_stout]: oh
2034
00:38:02,139 –> 00:38:02,580
[paul_tyler]: takes some
2035
00:38:02,564 –> 00:38:02,865
[ramsey_d_smith]: oh
2036
00:38:02,640 –> 00:38:02,920
[paul_tyler]: buddy
2037
00:38:03,542 –> 00:38:03,663
[harry_n_stout]: ah
2038
00:38:03,581 –> 00:38:07,167
[paul_tyler]: or some group to really sort of
ride that horse
2039
00:38:06,922 –> 00:38:07,366
[harry_n_stout]: oh
2040
00:38:07,247 –> 00:38:08,369
[paul_tyler]: and make
2041
00:38:08,354 –> 00:38:08,984
[ramsey_d_smith]: my
2042
00:38:08,409 –> 00:38:08,730
[paul_tyler]: the change
2043
00:38:08,872 –> 00:38:09,135
[harry_n_stout]: yeah
2044
00:38:10,172 –> 00:38:11,595
[paul_tyler]: who who would do this and
2045
00:38:11,572 –> 00:38:11,833
[harry_n_stout]: yah
2046
00:38:11,675 –> 00:38:11,815
[paul_tyler]: how
2047
00:38:11,774 –> 00:38:11,895
[ramsey_d_smith]: ye
2048
00:38:11,855 –> 00:38:12,516
[paul_tyler]: would this happen
2049
00:38:14,928 –> 00:38:17,394
[harry_n_stout]: um i think one of the things
is going to
2050
00:38:17,384 –> 00:38:17,605
[ramsey_d_smith]: yeah
2051
00:38:17,450 –> 00:38:17,471
[paul_tyler]: a
2052
00:38:17,454 –> 00:38:18,436
[harry_n_stout]: take place in
2053
00:38:18,392 –> 00:38:18,533
[ramsey_d_smith]: yeah
2054
00:38:18,516 –> 00:38:24,506
[harry_n_stout]: bruce bruce kana here as i go
through um with respect to new standards for
2055
00:38:24,626 –> 00:38:25,467
[harry_n_stout]: best interest
2056
00:38:25,964 –> 00:38:26,227
[ramsey_d_smith]: oh
2057
00:38:26,028 –> 00:38:28,332
[harry_n_stout]: and fiduciary prac this is
2058
00:38:28,373 –> 00:38:28,394
[ramsey_d_smith]: m
2059
00:38:28,412 –> 00:38:28,553
[harry_n_stout]: with
2060
00:38:28,454 –> 00:38:30,194
[ramsey_d_smith]: yeah
2061
00:38:28,653 –> 00:38:30,255
[harry_n_stout]: respect to the
2062
00:38:30,314 –> 00:38:31,454
[ramsey_d_smith]: yeah
2063
00:38:30,496 –> 00:38:31,297
[harry_n_stout]: offering of
2064
00:38:31,574 –> 00:38:31,594
[ramsey_d_smith]: m
2065
00:38:31,758 –> 00:38:36,987
[harry_n_stout]: guaranteed pay out options in either defined
contribution plans or across the industry and all
2066
00:38:37,027 –> 00:38:37,848
[harry_n_stout]: different spectrum
2067
00:38:38,070 –> 00:38:38,354
[paul_tyler]: oh
2068
00:38:38,709 –> 00:38:40,813
[harry_n_stout]: the whole spectrum of how we’re bring
these products
2069
00:38:40,710 –> 00:38:41,017
[paul_tyler]: oh
2070
00:38:40,986 –> 00:38:41,310
[bruce_h__saul]: yeah
2071
00:38:41,795 –> 00:38:42,616
[harry_n_stout]: you would think
2072
00:38:42,764 –> 00:38:43,026
[ramsey_d_smith]: oh
2073
00:38:43,357 –> 00:38:44,920
[harry_n_stout]: as part of those
2074
00:38:45,434 –> 00:38:45,676
[ramsey_d_smith]: yeah
2075
00:38:45,861 –> 00:38:47,444
[harry_n_stout]: adhering to those standards
2076
00:38:47,114 –> 00:38:48,164
[ramsey_d_smith]: yeah
2077
00:38:47,504 –> 00:38:50,589
[harry_n_stout]: and then we’re going to have developing
fiduciary standards over the next
2078
00:38:50,550 –> 00:38:50,852
[paul_tyler]: oh
2079
00:38:50,649 –> 00:38:52,117
[harry_n_stout]: couple of years what
2080
00:38:51,996 –> 00:38:52,656
[bruce_h__saul]: yeah
2081
00:38:53,003 –> 00:38:55,492
[harry_n_stout]: should not this be part of that
conversation because
2082
00:38:55,380 –> 00:38:55,561
[paul_tyler]: yeah
2083
00:38:55,552 –> 00:38:57,378
[harry_n_stout]: it is it is part of what
2084
00:38:57,554 –> 00:38:57,818
[ramsey_d_smith]: yeah
2085
00:38:58,482 –> 00:39:03,450
[harry_n_stout]: if you will the guarantees are part
of the solvency backstop for the annuity products
2086
00:39:03,490 –> 00:39:03,610
[harry_n_stout]: that
2087
00:39:03,561 –> 00:39:03,581
[bruce_h__saul]: a
2088
00:39:03,650 –> 00:39:03,730
[harry_n_stout]: are
2089
00:39:03,773 –> 00:39:03,794
[ramsey_d_smith]: m
2090
00:39:03,811 –> 00:39:04,091
[harry_n_stout]: sold
2091
00:39:04,394 –> 00:39:04,634
[ramsey_d_smith]: yeah
2092
00:39:04,612 –> 00:39:07,336
[harry_n_stout]: so you would think maybe that as
part of that conversation
2093
00:39:07,178 –> 00:39:07,465
[bruce_h__saul]: yet
2094
00:39:07,458 –> 00:39:07,478
[paul_tyler]: a
2095
00:39:07,917 –> 00:39:13,892
[harry_n_stout]: something would nudge it along to big
and have these these funds disclosed and talked
2096
00:39:13,932 –> 00:39:16,580
[harry_n_stout]: about more that’s just the thought and
bruce you want to add to that
2097
00:39:18,107 –> 00:39:18,267
[bruce_h__saul]: yeah
2098
00:39:18,202 –> 00:39:18,862
[harry_n_stout]: yeah
2099
00:39:18,307 –> 00:39:23,256
[bruce_h__saul]: i think those are very good points
harry one thing i would add
2100
00:39:23,225 –> 00:39:23,409
[harry_n_stout]: oh
2101
00:39:23,337 –> 00:39:26,643
[bruce_h__saul]: just for interest and maybe a little
bit of direction is
2102
00:39:27,044 –> 00:39:27,324
[ramsey_d_smith]: oh
2103
00:39:28,166 –> 00:39:30,710
[bruce_h__saul]: the state of minnesota i believe it
was in two thousand
2104
00:39:30,704 –> 00:39:30,888
[ramsey_d_smith]: ye
2105
00:39:30,770 –> 00:39:34,516
[bruce_h__saul]: fifteen amended their guarantee fund law in
an interesting way
2106
00:39:34,544 –> 00:39:35,564
[ramsey_d_smith]: yeah
2107
00:39:35,898 –> 00:39:41,327
[bruce_h__saul]: the state retained the advertising prohibition so
the language i used earlier
2108
00:39:41,962 –> 00:39:42,204
[harry_n_stout]: oh
2109
00:39:42,249 –> 00:39:46,556
[bruce_h__saul]: is still unchanged in the minnesota statute
but the law also
2110
00:39:46,443 –> 00:39:46,463
[paul_tyler]: a
2111
00:39:46,736 –> 00:39:49,501
[bruce_h__saul]: goes on to say explicitly that the
2112
00:39:49,544 –> 00:39:49,745
[ramsey_d_smith]: oh
2113
00:39:49,581 –> 00:39:54,147
[bruce_h__saul]: producer may verbally explain those are the
words verbally explain
2114
00:39:53,744 –> 00:39:56,084
[ramsey_d_smith]: oh oh
2115
00:39:55,048 –> 00:39:55,489
[bruce_h__saul]: guarantee
2116
00:39:55,564 –> 00:39:55,686
[harry_n_stout]: ah
2117
00:39:55,569 –> 00:39:56,510
[bruce_h__saul]: fund coverage at
2118
00:39:56,564 –> 00:39:56,828
[ramsey_d_smith]: oh
2119
00:39:56,610 –> 00:39:57,170
[bruce_h__saul]: any time
2120
00:39:57,824 –> 00:39:58,089
[ramsey_d_smith]: yeah
2121
00:39:57,931 –> 00:39:59,713
[bruce_h__saul]: during the application process or
2122
00:39:59,864 –> 00:40:00,704
[ramsey_d_smith]: oh
2123
00:39:59,933 –> 00:40:01,715
[bruce_h__saul]: after um
2124
00:40:01,673 –> 00:40:01,694
[ramsey_d_smith]: m
2125
00:40:02,660 –> 00:40:07,523
[bruce_h__saul]: that’s yeah maybe a separate conversation that
seems to me
2126
00:40:07,523 –> 00:40:07,644
[harry_n_stout]: said
2127
00:40:07,623 –> 00:40:10,692
[bruce_h__saul]: not an ideal solution because it’s a
little bit of a head scratcher you know
2128
00:40:11,062 –> 00:40:11,932
[harry_n_stout]: yeah
2129
00:40:11,153 –> 00:40:13,538
[bruce_h__saul]: i can’t use the existence of the
fun to
2130
00:40:13,514 –> 00:40:13,835
[ramsey_d_smith]: yeah
2131
00:40:13,598 –> 00:40:16,603
[bruce_h__saul]: sell but i can verbally explain it
2132
00:40:16,898 –> 00:40:16,980
[harry_n_stout]: oh
2133
00:40:17,124 –> 00:40:20,550
[bruce_h__saul]: but i just offer that is at
least some maybe some fresh thinking about
2134
00:40:20,551 –> 00:40:20,692
[paul_tyler]: yeah
2135
00:40:20,590 –> 00:40:21,571
[bruce_h__saul]: the possibility
2136
00:40:21,143 –> 00:40:21,164
[ramsey_d_smith]: m
2137
00:40:21,792 –> 00:40:26,350
[bruce_h__saul]: of taking this very hard wired prohibition
and
2138
00:40:26,280 –> 00:40:27,090
[paul_tyler]: yeah
2139
00:40:26,390 –> 00:40:30,609
[bruce_h__saul]: having a little flexibility um you know
2140
00:40:30,927 –> 00:40:31,152
[harry_n_stout]: you know
2141
00:40:31,210 –> 00:40:33,674
[bruce_h__saul]: meaningful change given the
2142
00:40:33,990 –> 00:40:34,211
[paul_tyler]: yah
2143
00:40:34,155 –> 00:40:35,277
[bruce_h__saul]: existing state laws
2144
00:40:36,329 –> 00:40:36,450
[paul_tyler]: yah
2145
00:40:36,352 –> 00:40:36,496
[harry_n_stout]: ye
2146
00:40:36,479 –> 00:40:36,739
[bruce_h__saul]: really
2147
00:40:36,480 –> 00:40:36,807
[paul_tyler]: oh
2148
00:40:37,000 –> 00:40:37,140
[bruce_h__saul]: to
2149
00:40:37,094 –> 00:40:39,326
[ramsey_d_smith]: yah ah ye
2150
00:40:39,964 –> 00:40:41,086
[bruce_h__saul]: change the curren structure
2151
00:40:41,093 –> 00:40:41,114
[ramsey_d_smith]: m
2152
00:40:41,327 –> 00:40:42,348
[bruce_h__saul]: is a significant
2153
00:40:41,880 –> 00:40:42,185
[paul_tyler]: oh
2154
00:40:42,449 –> 00:40:44,031
[bruce_h__saul]: undertaking because it comes
2155
00:40:43,924 –> 00:40:44,025
[harry_n_stout]: oh
2156
00:40:44,131 –> 00:40:45,554
[bruce_h__saul]: back to the nice
2157
00:40:45,652 –> 00:40:46,582
[harry_n_stout]: oh
2158
00:40:45,694 –> 00:40:46,075
[bruce_h__saul]: model
2159
00:40:47,229 –> 00:40:47,331
[ramsey_d_smith]: ah
2160
00:40:47,337 –> 00:40:48,579
[bruce_h__saul]: any changes in the model
2161
00:40:48,584 –> 00:40:49,074
[ramsey_d_smith]: yes
2162
00:40:49,100 –> 00:40:49,360
[bruce_h__saul]: um
2163
00:40:49,934 –> 00:40:50,684
[ramsey_d_smith]: yeah
2164
00:40:50,362 –> 00:40:54,812
[bruce_h__saul]: you know just as a general proposition
are um take a long time to accomplish
2165
00:40:55,012 –> 00:40:58,963
[bruce_h__saul]: it’s a deliberative process with a lot
of input from various parties
2166
00:40:58,574 –> 00:40:58,857
[ramsey_d_smith]: yeah
2167
00:41:00,276 –> 00:41:00,376
[bruce_h__saul]: so
2168
00:41:00,674 –> 00:41:02,024
[ramsey_d_smith]: oh
2169
00:41:01,217 –> 00:41:02,199
[bruce_h__saul]: any kind of undertaking
2170
00:41:02,264 –> 00:41:02,726
[ramsey_d_smith]: oh
2171
00:41:02,359 –> 00:41:05,304
[bruce_h__saul]: to change the laws nation wide i
think would
2172
00:41:05,562 –> 00:41:05,723
[ramsey_d_smith]: yeah
2173
00:41:05,625 –> 00:41:06,286
[bruce_h__saul]: have to go through
2174
00:41:06,164 –> 00:41:06,425
[ramsey_d_smith]: oh
2175
00:41:06,346 –> 00:41:07,568
[bruce_h__saul]: that any ice process
2176
00:41:08,264 –> 00:41:08,549
[ramsey_d_smith]: oh
2177
00:41:08,750 –> 00:41:11,755
[bruce_h__saul]: to me in that conversation the starting
point has to be
2178
00:41:12,271 –> 00:41:12,291
[harry_n_stout]: a
2179
00:41:12,918 –> 00:41:18,787
[bruce_h__saul]: the points that we’ve discussed today uh
you know what what are the concerns
2180
00:41:18,574 –> 00:41:19,102
[harry_n_stout]: what
2181
00:41:18,807 –> 00:41:20,690
[bruce_h__saul]: how do we address concerns that
2182
00:41:20,984 –> 00:41:21,974
[ramsey_d_smith]: yah
2183
00:41:22,050 –> 00:41:23,310
[paul_tyler]: yeah
2184
00:41:22,193 –> 00:41:23,314
[bruce_h__saul]: some players might
2185
00:41:23,198 –> 00:41:23,320
[ramsey_d_smith]: for
2186
00:41:23,742 –> 00:41:23,905
[paul_tyler]: yeah
2187
00:41:23,778 –> 00:41:23,799
[harry_n_stout]: i
2188
00:41:23,795 –> 00:41:26,119
[bruce_h__saul]: inappropriately use the existence of the fund
2189
00:41:26,084 –> 00:41:26,306
[ramsey_d_smith]: yeah
2190
00:41:26,920 –> 00:41:31,909
[bruce_h__saul]: for for sales that aren’t in the
best interest what about the complexity of these
2191
00:41:31,949 –> 00:41:32,590
[bruce_h__saul]: products how do we
2192
00:41:32,616 –> 00:41:32,780
[ramsey_d_smith]: yes
2193
00:41:32,670 –> 00:41:33,271
[bruce_h__saul]: explain them
2194
00:41:34,334 –> 00:41:34,637
[ramsey_d_smith]: oh
2195
00:41:34,815 –> 00:41:35,059
[harry_n_stout]: yeah
2196
00:41:35,415 –> 00:41:42,086
[bruce_h__saul]: so the conversation would have to absolutely
seriously consider those points and others but i
2197
00:41:42,146 –> 00:41:45,012
[bruce_h__saul]: think a foreseeable outcome would be something
2198
00:41:45,011 –> 00:41:45,172
[paul_tyler]: yes
2199
00:41:45,072 –> 00:41:45,232
[bruce_h__saul]: that
2200
00:41:45,246 –> 00:41:45,369
[harry_n_stout]: yeah
2201
00:41:45,953 –> 00:41:50,823
[bruce_h__saul]: appropriately protects the consumer and the solvency
but doesn’t have
2202
00:41:50,610 –> 00:41:51,420
[paul_tyler]: oh
2203
00:41:52,696 –> 00:41:53,977
[bruce_h__saul]: what frankly is a gag
2204
00:41:53,984 –> 00:41:54,854
[ramsey_d_smith]: yeah
2205
00:41:54,077 –> 00:41:56,079
[bruce_h__saul]: rule on the ability to talk about
it
2206
00:41:56,820 –> 00:41:57,690
[paul_tyler]: yeah
2207
00:41:56,864 –> 00:41:57,614
[ramsey_d_smith]: yeah
2208
00:41:57,260 –> 00:42:00,364
[bruce_h__saul]: you know with consumers for companies and
producers that would
2209
00:42:00,290 –> 00:42:00,432
[paul_tyler]: yeah
2210
00:42:00,404 –> 00:42:01,224
[bruce_h__saul]: be my bottom line
2211
00:42:01,770 –> 00:42:04,515
[paul_tyler]: well thanks well hey rams you were
like at the top of the hour here
2212
00:42:05,926 –> 00:42:05,946
[ramsey_d_smith]: a
2213
00:42:06,058 –> 00:42:06,279
[paul_tyler]: final
2214
00:42:06,142 –> 00:42:06,484
[harry_n_stout]: yes
2215
00:42:06,359 –> 00:42:06,659
[paul_tyler]: thoughts
2216
00:42:06,674 –> 00:42:07,261
[ramsey_d_smith]: my
2217
00:42:06,780 –> 00:42:07,260
[paul_tyler]: questions
2218
00:42:08,525 –> 00:42:11,830
[ramsey_d_smith]: um it’s a it’s a it’s a
delicate issue
2219
00:42:12,170 –> 00:42:12,331
[paul_tyler]: yeah
2220
00:42:12,816 –> 00:42:13,179
[bruce_h__saul]: oh
2221
00:42:13,012 –> 00:42:14,482
[harry_n_stout]: oh yeah
2222
00:42:14,455 –> 00:42:17,961
[ramsey_d_smith]: and you know and i think at
the end of the day like
2223
00:42:17,940 –> 00:42:18,630
[paul_tyler]: oh
2224
00:42:19,083 –> 00:42:19,243
[ramsey_d_smith]: it’s
2225
00:42:19,599 –> 00:42:19,620
[paul_tyler]: m
2226
00:42:19,704 –> 00:42:21,567
[ramsey_d_smith]: it’s going to be up to the
regulators
2227
00:42:21,786 –> 00:42:22,068
[bruce_h__saul]: oh
2228
00:42:22,388 –> 00:42:25,714
[ramsey_d_smith]: to decide you know what the right
you know what the right what the right
2229
00:42:25,774 –> 00:42:31,463
[ramsey_d_smith]: balance is and you know within put
from the industry you know that again a
2230
00:42:31,543 –> 00:42:36,131
[ramsey_d_smith]: rod und a best interest framework i
think is a very good way to do
2231
00:42:36,211 –> 00:42:36,411
[ramsey_d_smith]: that
2232
00:42:36,390 –> 00:42:36,934
[paul_tyler]: i like that
2233
00:42:36,792 –> 00:42:43,664
[ramsey_d_smith]: ultimately ultimately is is not talking about
it in everybody’s best interest especially the clien
2234
00:42:44,405 –> 00:42:49,213
[ramsey_d_smith]: or is really really finding a very
specific way to communicate it uh
2235
00:42:49,627 –> 00:42:49,767
[harry_n_stout]: yep
2236
00:42:50,174 –> 00:42:50,275
[ramsey_d_smith]: the
2237
00:42:50,932 –> 00:42:51,253
[harry_n_stout]: oh
2238
00:42:51,396 –> 00:42:52,138
[ramsey_d_smith]: in the best interest
2239
00:42:52,901 –> 00:42:52,921
[bruce_h__saul]: m
2240
00:42:52,999 –> 00:42:53,961
[ramsey_d_smith]: and and if so
2241
00:42:54,129 –> 00:42:54,290
[harry_n_stout]: yeah
2242
00:42:55,343 –> 00:42:58,068
[ramsey_d_smith]: how does and how does one do
that in a way that’s that works for
2243
00:42:58,109 –> 00:43:01,030
[ramsey_d_smith]: everybody involved so i think that’s a
worthwhile goal oh
2244
00:43:01,320 –> 00:43:04,144
[paul_tyler]: yeah hey well listen bruce harry thanks
2245
00:43:04,394 –> 00:43:04,576
[ramsey_d_smith]: ye
2246
00:43:04,425 –> 00:43:05,527
[paul_tyler]: so much for joining us
2247
00:43:05,596 –> 00:43:05,780
[ramsey_d_smith]: yeah
2248
00:43:06,929 –> 00:43:07,210
[paul_tyler]: what’s the
2249
00:43:07,244 –> 00:43:08,324
[ramsey_d_smith]: oh
2250
00:43:07,250 –> 00:43:09,053
[paul_tyler]: best way people want to contact your
reach you
2251
00:43:10,432 –> 00:43:10,653
[harry_n_stout]: yeah
2252
00:43:10,535 –> 00:43:12,018
[paul_tyler]: and you know work with
2253
00:43:11,984 –> 00:43:13,034
[ramsey_d_smith]: oh
2254
00:43:12,058 –> 00:43:13,844
[paul_tyler]: you on this parti the topic what’s
2255
00:43:13,694 –> 00:43:13,914
[ramsey_d_smith]: oh
2256
00:43:13,925 –> 00:43:15,355
[paul_tyler]: what’s the best way to get in
touch with you
2257
00:43:16,462 –> 00:43:20,906
[harry_n_stout]: yeah and people can reach me at
financial verse dot com just go right to
2258
00:43:20,966 –> 00:43:25,650
[harry_n_stout]: my website and just fill out the
contact form will get right back to you
2259
00:43:25,710 –> 00:43:27,191
[harry_n_stout]: but financial verse dot com
2260
00:43:27,820 –> 00:43:29,483
[paul_tyler]: when we’ll put that link in including
the book
2261
00:43:29,467 –> 00:43:29,488
[harry_n_stout]: t
2262
00:43:30,626 –> 00:43:34,154
[paul_tyler]: you’ve got written a great series of
books that i think advisers could give to
2263
00:43:34,214 –> 00:43:35,336
[paul_tyler]: clients and bruce
2264
00:43:36,096 –> 00:43:37,638
[bruce_h__saul]: yeah i haven’t established a website but
i’m
2265
00:43:37,634 –> 00:43:37,995
[ramsey_d_smith]: oh
2266
00:43:37,718 –> 00:43:42,985
[bruce_h__saul]: always reachable at my email address which
is bruce all at codcast dot net
2267
00:43:43,650 –> 00:43:45,893
[paul_tyler]: okay excellent all right well listen thank
you
2268
00:43:45,862 –> 00:43:46,150
[harry_n_stout]: yeah
2269
00:43:45,994 –> 00:43:47,596
[paul_tyler]: all thanks for joining us and
2270
00:43:48,562 –> 00:43:48,823
[harry_n_stout]: oh
2271
00:43:48,618 –> 00:43:50,040
[paul_tyler]: as always you know give us feedback
2272
00:43:50,062 –> 00:43:50,386
[harry_n_stout]: oh
2273
00:43:50,120 –> 00:43:51,984
[paul_tyler]: and suggest topics we should
2274
00:43:52,192 –> 00:43:52,516
[harry_n_stout]: oh
2275
00:43:52,324 –> 00:43:56,335
[paul_tyler]: talk about and join us again next
week for another episode that annuity show
2276
00:43:56,752 –> 00:43:57,592
[harry_n_stout]: yeah
The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.
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