That Annuity Show
The SECURE Act reinvigorated interest in expanding the market for in-plan annuities. However, we need to make many more changes to really drive adoption. In part one of a two part series, Michelle Richter and Mark Chamberlain of the newly renamed firm, Annuity Research & Consulting, share their roadmap for future success.
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Episode Transcript
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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[ramsey_d_smith]: yeah
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[paul_tyler]: this is paul tyler and welcome to
another episode of that annuity show and we’ve
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[paul_tyler]: got our great set up hosts here
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[michelle_richter]: oh
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[paul_tyler]: bruno welcome
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[bruno_caron]: thank
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[paul_tyler]: m
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[bruno_caron]: you
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[paul_tyler]: from canada ramsey
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[bruno_caron]: ah
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[paul_tyler]: from atlanta
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[ramsey_d_smith]: always great to be here
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[paul_tyler]: tis and where are you from where
are you
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[tisa_rabun_marshall]: i am in hartford connecticut today good
morning
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[paul_tyler]: thanks broadcasting from the basement i know
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[bruno_caron]: uh
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[tisa_rabun_marshall]: basement
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[paul_tyler]: which i’ve
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[tisa_rabun_marshall]: of the
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[michelle_richter]: oh
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[tisa_rabun_marshall]: boat building
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[bruno_caron]: h
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[paul_tyler]: spacemen of the boat bill and i’m
obviously in just outside new york
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[ramsey_d_smith]: yeah
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[paul_tyler]: we have great
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[mark_chamberlain]: yeh
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[paul_tyler]: guests okay in fact record set appearances
by none other and michelle
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[michelle_richter]: yeah
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[paul_tyler]: rector co founder founder co founder
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[michelle_richter]: oh
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[paul_tyler]: of nuity research and consultant with her
co founder mark chamberlain michelle and mark welcome
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[paul_tyler]: oh
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[michelle_richter]: thank
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[mark_chamberlain]: thank
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[michelle_richter]: you
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[mark_chamberlain]: you
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[michelle_richter]: so much
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[ramsey_d_smith]: m
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[michelle_richter]: for having us
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[paul_tyler]: okay so before we dive
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[michelle_richter]: very exciting
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[paul_tyler]: in
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[michelle_richter]: to be here
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[paul_tyler]: i know you you have a message
i know which will want to get to
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[paul_tyler]: before we do that
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[michelle_richter]: yeah
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[paul_tyler]: okay you change your name a
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[mark_chamberlain]: m
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[paul_tyler]: little bit with your firm tell us
what are you doing what’s just maybe a
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[paul_tyler]: thumbnail sketch
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[michelle_richter]: yeah
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[paul_tyler]: of your company you’re in your what
you re
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[michelle_richter]: sure
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[paul_tyler]: doing for a lot of good companies
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[michelle_richter]: yeah
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[ramsey_d_smith]: oh
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[michelle_richter]: we’re doing
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[ramsey_d_smith]: oh
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[michelle_richter]: annuity research and consulting
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[ramsey_d_smith]: yeah
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[michelle_richter]: m so we got really clever with
the name and we
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[mark_chamberlain]: yah
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[michelle_richter]: called it annuity research
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[paul_tyler]: yeah
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[michelle_richter]: and consulting
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[ramsey_d_smith]: h m
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[michelle_richter]: but like like lame insurance people would
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[ramsey_d_smith]: ah
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[michelle_richter]: but but in all
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[ramsey_d_smith]: m
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[michelle_richter]: seriousness you know what what we’re up
to is an intention to bridge the communities
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[michelle_richter]: between plan advisors and between those who
are expert in the insurance space so we
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[michelle_richter]: very much have an intention of education
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[ramsey_d_smith]: oh
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[michelle_richter]: of advocacy and of providing information for
plan
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[ramsey_d_smith]: oh
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[michelle_richter]: advisors to then be able to safely
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[ramsey_d_smith]: oh
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[michelle_richter]: recommend solutions that include ensure and
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[ramsey_d_smith]: yeah
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[bruno_caron]: oh
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[michelle_richter]: solutions in plan
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[mark_chamberlain]: oh
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[ramsey_d_smith]: oh
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[michelle_richter]: um and i’d love to let mark
kind of tag
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[mark_chamberlain]: yeah
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[michelle_richter]: along there to add to that thought
about our corporate vision
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[mark_chamberlain]: sure well good morning pleasure to be
with you and i’ve watched many episodes of
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[mark_chamberlain]: this
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[ramsey_d_smith]: m
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[mark_chamberlain]: show by the way so i’ve enjoyed
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[paul_tyler]: oh thank
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[mark_chamberlain]: it
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[ramsey_d_smith]: m
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[paul_tyler]: you
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[ramsey_d_smith]: welcome
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[mark_chamberlain]: thank you i got started down this
path in two thousand
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[ramsey_d_smith]: m
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[mark_chamberlain]: alking with paul just a bit before
the show at the time i had just
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[mark_chamberlain]: joined the ice sirs business before the
launch and
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[michelle_richter]: oh
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[mark_chamberlain]: went down to san
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[bruno_caron]: m
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[mark_chamberlain]: diego to meet with
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[paul_tyler]: oh
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[mark_chamberlain]: a company called frontier analytics which is
a software
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[ramsey_d_smith]: ye
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[mark_chamberlain]: company
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[paul_tyler]: yeah
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[mark_chamberlain]: back then it was providing the asset
class optimization technology for a lot of the
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[mark_chamberlain]: broker dealer you know investment advisory platform
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[michelle_richter]: m
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[mark_chamberlain]: and at the time
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[bruno_caron]: m
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[mark_chamberlain]: index funds in general weren’t well integrated
into those systems they were primarily selling active
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[mark_chamberlain]: mutual funds and separate account managers and
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[ramsey_d_smith]: m
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[mark_chamberlain]: e
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[ramsey_d_smith]: m
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[mark_chamberlain]: ts weren’t integrated at all so that
was the challenge back then in two thousand
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[mark_chamberlain]: and on the board of that company
was harry marko wits and so i got
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[mark_chamberlain]: to meet him that day and was
invited back for a second meeting and the
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[mark_chamberlain]: topic that day was how do we
integrate annuities and mortality pooling into an acid
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[mark_chamberlain]: application optimization that was two thousand
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[bruno_caron]: yah
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[mark_chamberlain]: so
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[ramsey_d_smith]: m
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[mark_chamberlain]: we are in twenty twenty
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[ramsey_d_smith]: yeah
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[mark_chamberlain]: two in the industry still has not
figured that out and so when black rod
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[mark_chamberlain]: bought the ice sears business in in
well bought all of b in two thus
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[mark_chamberlain]: and nine and a lot of us
who had started the company or started the
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[mark_chamberlain]: business rather
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[michelle_richter]: oh
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[mark_chamberlain]: parishooted out at that point i was
looking for a similar challenge for
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[ramsey_d_smith]: m
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[mark_chamberlain]: you know how do we
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[ramsey_d_smith]: m
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[mark_chamberlain]: help the industry move forward and what’s
the next place to do that and so
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[mark_chamberlain]: i got started on trying to solve
the innuitization puzzle back in two thousand and
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[mark_chamberlain]: ten
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[paul_tyler]: ah
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[mark_chamberlain]: and
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[paul_tyler]: yea
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[mark_chamberlain]: michelle recruited me
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[paul_tyler]: yeah
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[mark_chamberlain]: this past summer we were both presenting
at
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[michelle_richter]: yeah
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[mark_chamberlain]: a at a conference for the new
board it’s the new center for
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[ramsey_d_smith]: m
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[mark_chamberlain]: board certified feduciaries which is as something
that was begun by a don trone who
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[mark_chamberlain]: originally founded f i three sixty and
the class was on integrating annuities into de
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[mark_chamberlain]: plants and shell and i both taught
classes at that at that at that particular
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[paul_tyler]: yeah
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[mark_chamberlain]: three day conference and she recruited me
to come help her try to try to
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[mark_chamberlain]: start a company to solve the problem
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[bruno_caron]: oh
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[mark_chamberlain]: so that’s that’s the longer history of
how we got together
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[bruno_caron]: oh
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[michelle_richter]: oh
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[paul_tyler]: you know it’s fascinating this business how
many amazing people touch and and drive so
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[paul_tyler]: many different career paths so yeah mark
wits wow
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[michelle_richter]: ye
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[paul_tyler]: how cool is that so michelle tell
don’t be bashful i know you are
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[ramsey_d_smith]: m
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[bruno_caron]: just
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[michelle_richter]: wall flower
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[paul_tyler]: well
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[michelle_richter]: complete
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[ramsey_d_smith]: m
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[paul_tyler]: yeah
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[michelle_richter]: wall flower
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[paul_tyler]: you are
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[michelle_richter]: yeah
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[ramsey_d_smith]: okay
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[paul_tyler]: not never
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[bruno_caron]: oh
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[ramsey_d_smith]: yeah
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[paul_tyler]: said no one especially
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[michelle_richter]: right
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[paul_tyler]: no one on linked in ever
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[bruno_caron]: m
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[paul_tyler]: said that
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[ramsey_d_smith]: yeah
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[michelle_richter]: right
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[bruno_caron]: i
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[paul_tyler]: so all right
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[bruno_caron]: m
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[michelle_richter]: yeah
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[paul_tyler]: how should we be looking at the
future of annuities okay future anuities in plan
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[paul_tyler]: futures of annuity you tell
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[michelle_richter]: a
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[paul_tyler]: us
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[ramsey_d_smith]: m
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[michelle_richter]: yeah so so from from my point
of view what what i’m seeing you know
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[michelle_richter]: uh
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[bruno_caron]: m
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[michelle_richter]: with part of my time represent the
institutional
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[mark_chamberlain]: oh
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[michelle_richter]: retirement income council which is think a
non profit think tank operating in the defined
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[michelle_richter]: contribution space
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[ramsey_d_smith]: yeah
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[michelle_richter]: and
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[bruno_caron]: oh
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[michelle_richter]: and my opinions
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[ramsey_d_smith]: i
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[michelle_richter]: that i express here today are necessarily
my own and not for say comforting with
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[michelle_richter]: those of either the iris or any
of its member companies okay but so in
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[michelle_richter]: this position i hear a lot about
what going on in space and and i
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[michelle_richter]: also facilitate consortion of retirement
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[ramsey_d_smith]: yeah
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[michelle_richter]: income providers that has been established through
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[ramsey_d_smith]: ye
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[michelle_richter]: broad ridge f three sixty um so
so i have the opportunity to hear a
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[michelle_richter]: lot of what’s going on behind the
scenes as the industry really prepares for what
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[michelle_richter]: is expected to be massive movement towards
annuities and plan some of the attributes that
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[michelle_richter]: i see as necessary right now for
this field to take off include um annuities
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[michelle_richter]: need to be included within what in
the qualify or in the d c d
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[michelle_richter]: c being defined contribution by the way
space
220
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[paul_tyler]: ah
221
00:07:02,995 –> 00:07:10,427
[michelle_richter]: you know we we need for annuities
to be incorporated into qualified default investment alternatives
222
00:07:10,908 –> 00:07:14,354
[michelle_richter]: for them with offdout provisions of course
for them to
223
00:07:14,405 –> 00:07:14,426
[ramsey_d_smith]: m
224
00:07:14,434 –> 00:07:16,542
[michelle_richter]: have real main stream success
225
00:07:17,735 –> 00:07:17,756
[ramsey_d_smith]: m
226
00:07:17,946 –> 00:07:21,792
[michelle_richter]: we need data for mat standardization
227
00:07:20,666 –> 00:07:20,686
[ramsey_d_smith]: m
228
00:07:22,113 –> 00:07:23,475
[michelle_richter]: to be undertaken
229
00:07:23,165 –> 00:07:24,206
[ramsey_d_smith]: m oh
230
00:07:24,116 –> 00:07:25,198
[michelle_richter]: by an industry
231
00:07:25,218 –> 00:07:25,519
[bruno_caron]: oh
232
00:07:25,398 –> 00:07:27,021
[michelle_richter]: organization like
233
00:07:26,947 –> 00:07:27,108
[bruno_caron]: yeah
234
00:07:27,201 –> 00:07:34,794
[michelle_richter]: spark for example it is the industry
organization for record keepers and it is in
235
00:07:34,914 –> 00:07:36,757
[michelle_richter]: conversation with libra
236
00:07:37,810 –> 00:07:37,954
[bruno_caron]: yeah
237
00:07:38,039 –> 00:07:38,420
[michelle_richter]: about
238
00:07:38,186 –> 00:07:38,307
[ramsey_d_smith]: ye
239
00:07:38,700 –> 00:07:45,852
[michelle_richter]: how to accomplish some of those jectives
where because historically you know record keepers didn’t
240
00:07:45,972 –> 00:07:50,740
[michelle_richter]: talk to annuity companies and annuity companies
didn’t talk to record keepers so
241
00:07:50,696 –> 00:07:52,346
[ramsey_d_smith]: yeah
242
00:07:50,861 –> 00:07:59,735
[michelle_richter]: that to the data connactivitythat is necessary
for reporting annuity elements it benefit elements to
243
00:07:59,876 –> 00:08:03,061
[michelle_richter]: the end participant like that infrastructure
244
00:08:02,816 –> 00:08:03,565
[ramsey_d_smith]: yes
245
00:08:03,261 –> 00:08:10,273
[michelle_richter]: isn’t there yet so some of that
is needs to be addressed for there to
246
00:08:10,333 –> 00:08:14,139
[michelle_richter]: be a wide scale and then lastly
fiduciary
247
00:08:13,496 –> 00:08:13,844
[ramsey_d_smith]: oh
248
00:08:14,240 –> 00:08:20,811
[michelle_richter]: concerns need to be satisfied because plan
sponsors and those who advise them serve in
249
00:08:20,851 –> 00:08:29,004
[michelle_richter]: a fiduciary capacity and the concerns that
i’m hearing about how advisors can introduce annuities
250
00:08:29,325 –> 00:08:30,607
[michelle_richter]: plan are
251
00:08:30,695 –> 00:08:30,716
[ramsey_d_smith]: m
252
00:08:31,328 –> 00:08:39,782
[michelle_richter]: more materially about ongoing monitoring than they
are about initial introduction where there’s there is
253
00:08:39,882 –> 00:08:49,498
[michelle_richter]: certainly a need within the plan advisory
community to get access to basic information about
254
00:08:49,819 –> 00:08:56,227
[michelle_richter]: about products but our product our industries
products but but i am hearing as i
255
00:08:56,287 –> 00:09:00,611
[michelle_richter]: said less concerned about how to get
enough information to be able to make an
256
00:09:00,671 –> 00:09:00,991
[michelle_richter]: initial
257
00:09:00,678 –> 00:09:01,668
[bruno_caron]: yeah
258
00:09:00,866 –> 00:09:01,070
[ramsey_d_smith]: oh
259
00:09:01,051 –> 00:09:02,653
[michelle_richter]: recommendation than i
260
00:09:02,756 –> 00:09:03,716
[ramsey_d_smith]: oh
261
00:09:02,873 –> 00:09:06,778
[michelle_richter]: am about things like how will i
know what renewal
262
00:09:06,746 –> 00:09:06,987
[ramsey_d_smith]: oh
263
00:09:06,898 –> 00:09:08,661
[michelle_richter]: rates on indexinuities
264
00:09:08,546 –> 00:09:08,849
[ramsey_d_smith]: oh
265
00:09:08,861 –> 00:09:14,611
[michelle_richter]: actually turn out to be since i’m
making this recommendation that needs to be monitored
266
00:09:14,671 –> 00:09:19,931
[michelle_richter]: on an ongoing basis so this the
kind of information that’s going to be necessary
267
00:09:20,665 –> 00:09:27,516
[michelle_richter]: within the plan advisory community for our
product lines to take off and it’s looking
268
00:09:27,616 –> 00:09:29,539
[michelle_richter]: to me like that’s going to be
the case
269
00:09:29,868 –> 00:09:29,888
[bruno_caron]: m
270
00:09:30,181 –> 00:09:37,460
[michelle_richter]: so we should all prepare accordingly um
i’d like to let mark pitch you on
271
00:09:37,540 –> 00:09:38,101
[michelle_richter]: why we should
272
00:09:38,126 –> 00:09:38,146
[ramsey_d_smith]: m
273
00:09:38,161 –> 00:09:39,363
[michelle_richter]: all prepare accordingly
274
00:09:39,146 –> 00:09:40,406
[ramsey_d_smith]: yeah
275
00:09:39,543 –> 00:09:44,772
[michelle_richter]: because you know my view is that
you know as it stands right now and
276
00:09:45,192 –> 00:09:46,955
[michelle_richter]: i’ll go deeper on this a couple
of
277
00:09:46,946 –> 00:09:46,966
[ramsey_d_smith]: m
278
00:09:46,995 –> 00:09:52,384
[michelle_richter]: minutes but you know as the community
stands right now amongst
279
00:09:52,608 –> 00:09:52,871
[bruno_caron]: oh
280
00:09:52,625 –> 00:09:58,935
[michelle_richter]: plan advisors as i mentioned plan advisors
they advise plans d c plans
281
00:09:59,036 –> 00:09:59,197
[ramsey_d_smith]: ye
282
00:09:59,095 –> 00:10:02,838
[michelle_richter]: are inherently accumulation focused it’s never been
the
283
00:10:02,795 –> 00:10:02,816
[ramsey_d_smith]: m
284
00:10:02,919 –> 00:10:11,668
[michelle_richter]: responsibility of a plan advisor to understand
decumulation because historically plant sponsors did not want
285
00:10:11,768 –> 00:10:12,409
[michelle_richter]: to retain
286
00:10:12,296 –> 00:10:13,466
[ramsey_d_smith]: oh
287
00:10:12,650 –> 00:10:19,862
[michelle_richter]: assets through participants retirement but that dynamic
has changed dramatically in the last five to
288
00:10:19,922 –> 00:10:25,251
[michelle_richter]: ten years and it’s it in large
part of function of record keeping fee structures
289
00:10:26,413 –> 00:10:31,962
[michelle_richter]: and there being economies of scale to
keeping participants in plan but it also has
290
00:10:32,042 –> 00:10:37,511
[michelle_richter]: to do with some regulatority since um
and it just is the case now that
291
00:10:37,631 –> 00:10:41,939
[michelle_richter]: plan advisors need to become more expert
and how to address the
292
00:10:41,908 –> 00:10:42,031
[ramsey_d_smith]: yeah
293
00:10:41,979 –> 00:10:46,049
[michelle_richter]: decumulation phase so this whole um
294
00:10:46,246 –> 00:10:46,706
[ramsey_d_smith]: michele i’ve
295
00:10:46,734 –> 00:10:46,754
[michelle_richter]: m
296
00:10:46,746 –> 00:10:47,207
[ramsey_d_smith]: got a i’ve
297
00:10:47,237 –> 00:10:47,742
[michelle_richter]: community
298
00:10:47,247 –> 00:10:48,369
[ramsey_d_smith]: got i’ve got a quick
299
00:10:48,288 –> 00:10:48,449
[michelle_richter]: yeah
300
00:10:48,429 –> 00:10:48,730
[ramsey_d_smith]: question
301
00:10:48,480 –> 00:10:48,520
[bruno_caron]: a
302
00:10:48,790 –> 00:10:49,170
[ramsey_d_smith]: if if
303
00:10:49,216 –> 00:10:49,318
[michelle_richter]: oh
304
00:10:49,271 –> 00:10:50,192
[ramsey_d_smith]: i may because i think
305
00:10:50,178 –> 00:10:50,441
[bruno_caron]: oh
306
00:10:50,785 –> 00:10:51,027
[michelle_richter]: yes
307
00:10:50,873 –> 00:10:51,274
[ramsey_d_smith]: there’s there’s
308
00:10:51,329 –> 00:10:51,651
[michelle_richter]: please
309
00:10:51,474 –> 00:10:57,124
[ramsey_d_smith]: two interesting elements of what you’ve just
said so one is let’s talk a little
310
00:10:57,144 –> 00:11:00,750
[ramsey_d_smith]: bit about what is it plan advisor
look like right so right
311
00:11:00,759 –> 00:11:00,841
[michelle_richter]: ah
312
00:11:00,770 –> 00:11:00,890
[ramsey_d_smith]: there
313
00:11:00,773 –> 00:11:01,463
[mark_chamberlain]: yeah
314
00:11:01,050 –> 00:11:01,491
[ramsey_d_smith]: there there’s
315
00:11:01,476 –> 00:11:01,557
[michelle_richter]: ah
316
00:11:01,531 –> 00:11:06,439
[ramsey_d_smith]: a broad spectrum of four one k
plans the small ones they’re big ones so
317
00:11:07,381 –> 00:11:12,210
[ramsey_d_smith]: we talk about plan advisors we’re talking
about r a are we talking about sort
318
00:11:12,270 –> 00:11:13,713
[ramsey_d_smith]: of large consultancies
319
00:11:13,605 –> 00:11:13,846
[michelle_richter]: yeah
320
00:11:13,813 –> 00:11:15,456
[ramsey_d_smith]: like like like a milliment or
321
00:11:15,814 –> 00:11:15,975
[michelle_richter]: yeah
322
00:11:15,857 –> 00:11:17,661
[ramsey_d_smith]: what is the what is the what
is the scope
323
00:11:18,145 –> 00:11:18,347
[michelle_richter]: yes
324
00:11:18,442 –> 00:11:19,204
[ramsey_d_smith]: people that we’re talking
325
00:11:19,125 –> 00:11:19,289
[michelle_richter]: oh
326
00:11:19,264 –> 00:11:19,444
[ramsey_d_smith]: about
327
00:11:20,666 –> 00:11:21,968
[michelle_richter]: the answer is yes and yes
328
00:11:22,116 –> 00:11:22,136
[ramsey_d_smith]: a
329
00:11:22,409 –> 00:11:23,290
[michelle_richter]: right so the
330
00:11:24,326 –> 00:11:24,528
[ramsey_d_smith]: oh
331
00:11:24,672 –> 00:11:28,158
[michelle_richter]: the people who serve plans can can
be
332
00:11:28,985 –> 00:11:29,006
[ramsey_d_smith]: m
333
00:11:29,260 –> 00:11:29,701
[michelle_richter]: typically
334
00:11:29,726 –> 00:11:29,746
[ramsey_d_smith]: m
335
00:11:29,821 –> 00:11:31,764
[michelle_richter]: larger plans work with a
336
00:11:32,006 –> 00:11:32,308
[ramsey_d_smith]: yeah
337
00:11:32,025 –> 00:11:33,046
[michelle_richter]: sultan that has
338
00:11:33,154 –> 00:11:33,296
[ramsey_d_smith]: yeah
339
00:11:33,487 –> 00:11:33,687
[michelle_richter]: home
340
00:11:33,626 –> 00:11:33,909
[ramsey_d_smith]: oh
341
00:11:33,808 –> 00:11:37,975
[michelle_richter]: office support working for an organization
342
00:11:37,899 –> 00:11:37,919
[ramsey_d_smith]: m
343
00:11:38,135 –> 00:11:41,320
[michelle_richter]: that is principally focused on plan advisement
344
00:11:42,005 –> 00:11:42,026
[ramsey_d_smith]: m
345
00:11:42,482 –> 00:11:47,010
[michelle_richter]: whereas retirement and advisors so so you’d
call those people consultants
346
00:11:47,360 –> 00:11:47,381
[ramsey_d_smith]: m
347
00:11:47,651 –> 00:11:48,292
[michelle_richter]: whereas you’d
348
00:11:48,215 –> 00:11:48,236
[ramsey_d_smith]: m
349
00:11:48,372 –> 00:11:48,572
[michelle_richter]: call
350
00:11:48,498 –> 00:11:48,740
[bruno_caron]: oh
351
00:11:48,692 –> 00:11:55,404
[michelle_richter]: an advisor a person who probably works
with a smaller shop and may be on
352
00:11:55,464 –> 00:11:59,877
[michelle_richter]: their own um and that always is
performed
353
00:11:59,450 –> 00:11:59,906
[ramsey_d_smith]: right
354
00:11:59,977 –> 00:12:01,683
[michelle_richter]: through a registered investment advisor
355
00:12:02,327 –> 00:12:03,090
[ramsey_d_smith]: and what would be the
356
00:12:03,026 –> 00:12:05,253
[michelle_richter]: but but they’re not per se wealth
managers
357
00:12:05,236 –> 00:12:09,741
[ramsey_d_smith]: sure and what and what sort of
size of what size of plans would they
358
00:12:09,801 –> 00:12:10,302
[ramsey_d_smith]: be typically
359
00:12:11,475 –> 00:12:11,717
[michelle_richter]: yeah
360
00:12:12,044 –> 00:12:12,545
[ramsey_d_smith]: advising
361
00:12:12,323 –> 00:12:12,444
[michelle_richter]: yeah
362
00:12:13,596 –> 00:12:13,963
[ramsey_d_smith]: a park
363
00:12:14,207 –> 00:12:18,414
[michelle_richter]: so the consultants might be looking in
the billion dollar range
364
00:12:18,299 –> 00:12:18,319
[ramsey_d_smith]: m
365
00:12:18,447 –> 00:12:18,468
[bruno_caron]: m
366
00:12:18,534 –> 00:12:19,916
[michelle_richter]: right and advisors
367
00:12:19,715 –> 00:12:19,736
[ramsey_d_smith]: m
368
00:12:20,036 –> 00:12:24,884
[michelle_richter]: are you know likely addressing the market
below that i mean that certainly
369
00:12:25,208 –> 00:12:25,432
[ramsey_d_smith]: sure
370
00:12:25,405 –> 00:12:27,009
[michelle_richter]: a hard and fast rule but
371
00:12:27,896 –> 00:12:28,676
[ramsey_d_smith]: yeah
372
00:12:28,031 –> 00:12:29,233
[michelle_richter]: you know ball park
373
00:12:29,486 –> 00:12:33,453
[ramsey_d_smith]: so so the next next piece is
that i think it’s very interesting following that
374
00:12:33,533 –> 00:12:38,581
[ramsey_d_smith]: is the the it’s it’s it’s an
important business for a lot of r s
375
00:12:39,443 –> 00:12:43,661
[ramsey_d_smith]: and what you’re saying is that where
before it might have been a business that
376
00:12:43,721 –> 00:12:50,676
[ramsey_d_smith]: was that was limited to sort of
the accumulation phase now there’s this retention opportunity
377
00:12:51,237 –> 00:12:55,524
[ramsey_d_smith]: all the way into retirement it’s an
important business opportunity as well for that for
378
00:12:55,544 –> 00:12:57,111
[ramsey_d_smith]: that aeneisthatis that fair statement
379
00:12:58,806 –> 00:13:03,434
[michelle_richter]: it is a fair statement and it
is half of the reason why i’m here
380
00:13:03,514 –> 00:13:04,796
[michelle_richter]: today it’s because
381
00:13:04,458 –> 00:13:04,659
[ramsey_d_smith]: okay
382
00:13:04,876 –> 00:13:06,599
[michelle_richter]: i believe that my people
383
00:13:06,326 –> 00:13:06,748
[ramsey_d_smith]: oh
384
00:13:06,759 –> 00:13:08,642
[michelle_richter]: have a place within this community
385
00:13:08,817 –> 00:13:08,919
[ramsey_d_smith]: eh
386
00:13:09,664 –> 00:13:10,906
[michelle_richter]: it the case that
387
00:13:10,840 –> 00:13:10,860
[bruno_caron]: i
388
00:13:11,627 –> 00:13:15,013
[michelle_richter]: retirement plan advisors don’t know annuities right
389
00:13:15,116 –> 00:13:15,357
[ramsey_d_smith]: oh
390
00:13:15,193 –> 00:13:21,864
[michelle_richter]: with everybody certainly knows that that’s the
case and arica does require for experts
391
00:13:21,858 –> 00:13:22,616
[bruno_caron]: ye
392
00:13:22,045 –> 00:13:27,834
[michelle_richter]: who are advising a plan if they
do not have experts in a certain arena
393
00:13:27,914 –> 00:13:33,644
[michelle_richter]: that they think is important for the
plan then an every side adviser is required
394
00:13:33,744 –> 00:13:34,726
[michelle_richter]: to contract with
395
00:13:34,766 –> 00:13:35,199
[ramsey_d_smith]: my
396
00:13:34,786 –> 00:13:42,158
[michelle_richter]: an outside expert to to give them
guidance on how to review those you know
397
00:13:42,198 –> 00:13:50,212
[michelle_richter]: those solutions so you know from my
view i think that there is a need
398
00:13:50,612 –> 00:13:59,748
[michelle_richter]: for insurance experts to get ready to
help plan advisors to evaluate insurance contract that’s
399
00:13:59,828 –> 00:14:04,015
[michelle_richter]: at the heart of what mark and
i will be doing as early as february
400
00:14:03,995 –> 00:14:04,467
[ramsey_d_smith]: m oh
401
00:14:04,776 –> 00:14:06,038
[michelle_richter]: and and i
402
00:14:06,149 –> 00:14:06,169
[ramsey_d_smith]: m
403
00:14:06,178 –> 00:14:08,202
[michelle_richter]: feel that we will not
404
00:14:08,036 –> 00:14:08,278
[ramsey_d_smith]: oh
405
00:14:08,302 –> 00:14:11,347
[michelle_richter]: be able to dress all of the
demand
406
00:14:11,246 –> 00:14:11,527
[ramsey_d_smith]: oh
407
00:14:11,527 –> 00:14:16,375
[michelle_richter]: ourselves for such services because plan advisors
do not
408
00:14:16,304 –> 00:14:16,645
[paul_tyler]: oh
409
00:14:16,455 –> 00:14:24,611
[michelle_richter]: have that expertise my imagination is that
building models or that kind of expertise will
410
00:14:24,772 –> 00:14:32,178
[michelle_richter]: be hourly or project based or subscription
based and so if that is the case
411
00:14:32,559 –> 00:14:38,248
[michelle_richter]: here cannot be commissions paid in an
aria context so it seems to me
412
00:14:38,156 –> 00:14:38,906
[ramsey_d_smith]: oh
413
00:14:38,449 –> 00:14:41,113
[michelle_richter]: that the guidance that is going to
be necessary
414
00:14:40,766 –> 00:14:41,010
[ramsey_d_smith]: oh
415
00:14:41,213 –> 00:14:42,375
[michelle_richter]: is going to be livered
416
00:14:42,725 –> 00:14:42,746
[ramsey_d_smith]: m
417
00:14:42,816 –> 00:14:45,220
[michelle_richter]: v one of the mechanisms i just
described
418
00:14:45,515 –> 00:14:45,536
[ramsey_d_smith]: m
419
00:14:45,618 –> 00:14:45,699
[paul_tyler]: ay
420
00:14:45,821 –> 00:14:47,764
[michelle_richter]: and to me it appears that the
421
00:14:47,898 –> 00:14:47,918
[bruno_caron]: m
422
00:14:47,964 –> 00:14:50,388
[michelle_richter]: form of entity qualified to do such
423
00:14:50,273 –> 00:14:50,495
[mark_chamberlain]: oh
424
00:14:50,689 –> 00:14:56,539
[michelle_richter]: is an r a m and that’s
the reason why i have used my for
425
00:14:56,579 –> 00:14:59,604
[michelle_richter]: that purpose and and i
426
00:14:59,876 –> 00:15:00,596
[ramsey_d_smith]: yeah
427
00:14:59,924 –> 00:15:01,467
[michelle_richter]: think that plan advisers
428
00:15:01,001 –> 00:15:01,084
[ramsey_d_smith]: ah
429
00:15:01,607 –> 00:15:06,896
[michelle_richter]: will desire for the counter party that
they interact with to also b fiduciary
430
00:15:07,195 –> 00:15:07,357
[paul_tyler]: yeah
431
00:15:07,838 –> 00:15:14,449
[michelle_richter]: an annuity fediciary for which i applied
for a trade mark because insurance fiduciary is
432
00:15:14,649 –> 00:15:21,082
[michelle_richter]: already trade marked by one man who
will prevent others from using that mark who
433
00:15:21,262 –> 00:15:25,412
[michelle_richter]: did in fact do so with me
which is the reason why my entity is
434
00:15:25,512 –> 00:15:25,933
[michelle_richter]: renamed
435
00:15:26,399 –> 00:15:26,560
[ramsey_d_smith]: other
436
00:15:26,588 –> 00:15:26,772
[paul_tyler]: work
437
00:15:26,620 –> 00:15:28,871
[ramsey_d_smith]: than owning the name does he actually
perform that function
438
00:15:31,406 –> 00:15:32,490
[michelle_richter]: i decline to comment
439
00:15:32,286 –> 00:15:32,506
[ramsey_d_smith]: okay
440
00:15:32,590 –> 00:15:33,293
[michelle_richter]: on the individual
441
00:15:33,749 –> 00:15:33,949
[ramsey_d_smith]: i just
442
00:15:34,067 –> 00:15:34,288
[paul_tyler]: okay
443
00:15:34,350 –> 00:15:34,451
[ramsey_d_smith]: just
444
00:15:34,749 –> 00:15:35,732
[paul_tyler]: well and let me
445
00:15:35,693 –> 00:15:35,753
[ramsey_d_smith]: go
446
00:15:35,773 –> 00:15:35,913
[paul_tyler]: just
447
00:15:35,814 –> 00:15:35,974
[ramsey_d_smith]: ahead
448
00:15:36,475 –> 00:15:38,381
[paul_tyler]: be even a little more specific for
a listener so
449
00:15:38,605 –> 00:15:42,652
[michelle_richter]: i hold a patent my former employer
holds a patent
450
00:15:42,473 –> 00:15:42,715
[mark_chamberlain]: oh
451
00:15:42,792 –> 00:15:44,135
[michelle_richter]: on intellectual property
452
00:15:44,186 –> 00:15:44,206
[ramsey_d_smith]: m
453
00:15:44,275 –> 00:15:51,908
[michelle_richter]: that i invented imbedding life insurance and
annuities into holistic acid application to challenge mark
454
00:15:52,629 –> 00:15:54,592
[michelle_richter]: who said that it can be done
455
00:15:54,657 –> 00:15:54,678
[bruno_caron]: m
456
00:15:54,732 –> 00:15:55,614
[michelle_richter]: it can be done
457
00:15:55,526 –> 00:15:55,546
[ramsey_d_smith]: m
458
00:15:56,075 –> 00:16:01,704
[michelle_richter]: it was done and yet i cannot
call myself an insurance fiduciary i can call
459
00:16:01,804 –> 00:16:02,568
[michelle_richter]: myself an annuity
460
00:16:02,594 –> 00:16:03,002
[paul_tyler]: uh
461
00:16:02,628 –> 00:16:03,131
[michelle_richter]: fiduciary
462
00:16:04,174 –> 00:16:10,845
[paul_tyler]: well and i’ll say for my experience
providing financial planning
463
00:16:10,826 –> 00:16:11,007
[ramsey_d_smith]: oh
464
00:16:10,986 –> 00:16:14,932
[paul_tyler]: support inside of corporate structure is immensely
complicated only from
465
00:16:14,876 –> 00:16:14,896
[ramsey_d_smith]: m
466
00:16:14,972 –> 00:16:17,657
[paul_tyler]: a legal perspect but a practical perspective
467
00:16:17,195 –> 00:16:17,216
[ramsey_d_smith]: m
468
00:16:17,737 –> 00:16:18,558
[paul_tyler]: of working with a
469
00:16:18,623 –> 00:16:18,643
[mark_chamberlain]: m
470
00:16:18,638 –> 00:16:23,406
[paul_tyler]: wide variety of employes so when you
talk about a plan advisor or an annuity
471
00:16:23,526 –> 00:16:30,658
[paul_tyler]: specialist is the client the and sponsor
or is the client the individuals and the
472
00:16:30,698 –> 00:16:33,242
[paul_tyler]: corporation or individuals inside the plan
473
00:16:35,228 –> 00:16:41,754
[michelle_richter]: i it’s a great question i would
argue there’s three clients there is the plan
474
00:16:41,814 –> 00:16:44,619
[michelle_richter]: advisor who makes the determination
475
00:16:44,036 –> 00:16:44,379
[ramsey_d_smith]: oh
476
00:16:44,719 –> 00:16:46,843
[michelle_richter]: of how to select other service providers
477
00:16:46,406 –> 00:16:46,710
[ramsey_d_smith]: my
478
00:16:47,764 –> 00:16:53,996
[michelle_richter]: there the plan itself and there are
the participants in the plan and the person
479
00:16:54,076 –> 00:16:58,404
[michelle_richter]: who’s giving the guidance has to be
thinking about all of those constituencies
480
00:17:00,266 –> 00:17:01,376
[ramsey_d_smith]: yeah
481
00:17:00,914 –> 00:17:05,402
[paul_tyler]: i guess is that is that like
is that possible right i think of the
482
00:17:06,023 –> 00:17:11,111
[paul_tyler]: thou think of the challenge s just
to get the enrollment you mentioned i think
483
00:17:11,351 –> 00:17:13,617
[paul_tyler]: michelle you favor an din into this
484
00:17:13,770 –> 00:17:13,991
[tisa_rabun_marshall]: oh
485
00:17:14,158 –> 00:17:15,221
[paul_tyler]: into the process
486
00:17:15,317 –> 00:17:17,069
[michelle_richter]: yeah i favor
487
00:17:16,828 –> 00:17:17,010
[tisa_rabun_marshall]: yeah
488
00:17:17,170 –> 00:17:17,532
[michelle_richter]: up doubt
489
00:17:17,794 –> 00:17:21,735
[paul_tyler]: ped out lopped out perfect world
490
00:17:21,836 –> 00:17:21,856
[ramsey_d_smith]: m
491
00:17:21,875 –> 00:17:22,336
[paul_tyler]: what’s the
492
00:17:22,648 –> 00:17:24,746
[ramsey_d_smith]: hm oh
493
00:17:23,818 –> 00:17:24,539
[paul_tyler]: ramsey gives us
494
00:17:24,678 –> 00:17:25,338
[bruno_caron]: yeah
495
00:17:24,720 –> 00:17:25,421
[paul_tyler]: the tuns up on
496
00:17:25,376 –> 00:17:25,416
[ramsey_d_smith]: m
497
00:17:25,461 –> 00:17:25,782
[paul_tyler]: that one
498
00:17:26,298 –> 00:17:26,765
[bruno_caron]: uh
499
00:17:26,885 –> 00:17:26,906
[ramsey_d_smith]: m
500
00:17:27,384 –> 00:17:27,685
[paul_tyler]: perfect
501
00:17:27,537 –> 00:17:27,558
[bruno_caron]: h
502
00:17:27,785 –> 00:17:28,065
[paul_tyler]: world
503
00:17:28,076 –> 00:17:29,246
[ramsey_d_smith]: yeah
504
00:17:28,787 –> 00:17:30,249
[paul_tyler]: what is that number like
505
00:17:30,678 –> 00:17:31,398
[bruno_caron]: yeah
506
00:17:30,730 –> 00:17:31,531
[paul_tyler]: does everybody have
507
00:17:31,673 –> 00:17:31,693
[mark_chamberlain]: m
508
00:17:32,235 –> 00:17:32,457
[michelle_richter]: oh
509
00:17:32,513 –> 00:17:34,276
[paul_tyler]: five percent their assets between thirty
510
00:17:34,233 –> 00:17:34,395
[michelle_richter]: yeah
511
00:17:34,316 –> 00:17:37,661
[paul_tyler]: and forty in this annuity is that
then you get to fifty and sixty you’ve
512
00:17:37,681 –> 00:17:38,022
[paul_tyler]: got ten
513
00:17:38,696 –> 00:17:39,566
[ramsey_d_smith]: yeah
514
00:17:39,174 –> 00:17:39,595
[paul_tyler]: what’s your
515
00:17:40,095 –> 00:17:40,438
[michelle_richter]: oh
516
00:17:40,377 –> 00:17:40,538
[paul_tyler]: if you
517
00:17:40,466 –> 00:17:40,667
[ramsey_d_smith]: oh
518
00:17:40,558 –> 00:17:41,280
[paul_tyler]: were righting a lot what
519
00:17:41,185 –> 00:17:41,287
[michelle_richter]: the
520
00:17:41,320 –> 00:17:41,460
[paul_tyler]: would
521
00:17:41,449 –> 00:17:41,753
[michelle_richter]: answer
522
00:17:41,500 –> 00:17:41,701
[paul_tyler]: it be
523
00:17:43,726 –> 00:17:44,787
[michelle_richter]: well i’m actually going to
524
00:17:44,808 –> 00:17:45,072
[bruno_caron]: yeah
525
00:17:44,847 –> 00:17:48,373
[michelle_richter]: have mark answer this because our organization
takes
526
00:17:48,533 –> 00:17:48,901
[mark_chamberlain]: my
527
00:17:48,554 –> 00:17:53,261
[michelle_richter]: a view point around how the stages
that we think you’re supposed to look at
528
00:17:53,742 –> 00:17:55,525
[michelle_richter]: as a plan advisor then
529
00:17:55,886 –> 00:17:56,208
[ramsey_d_smith]: oh
530
00:17:56,327 –> 00:18:02,270
[michelle_richter]: it’s through that lens that you’re supposed
to then think about products all you mark
531
00:18:04,343 –> 00:18:07,807
[mark_chamberlain]: we didn’t see that one coming but
i’ll give
532
00:18:07,695 –> 00:18:07,957
[michelle_richter]: uh
533
00:18:07,867 –> 00:18:08,227
[mark_chamberlain]: it a shot
534
00:18:08,298 –> 00:18:08,579
[bruno_caron]: my
535
00:18:08,644 –> 00:18:08,685
[michelle_richter]: uh
536
00:18:08,945 –> 00:18:08,966
[ramsey_d_smith]: m
537
00:18:09,589 –> 00:18:12,945
[mark_chamberlain]: my perspective on all of this is
that
538
00:18:13,835 –> 00:18:13,856
[ramsey_d_smith]: m
539
00:18:14,913 –> 00:18:22,454
[mark_chamberlain]: open architecture approach to providing institutional quality
diligence and consulting means that
540
00:18:23,366 –> 00:18:23,547
[ramsey_d_smith]: oh
541
00:18:23,395 –> 00:18:29,735
[mark_chamberlain]: there is no best solution there are
only trade offs and one of the possible
542
00:18:30,375 –> 00:18:31,497
[mark_chamberlain]: conclusions that a board
543
00:18:31,526 –> 00:18:31,726
[ramsey_d_smith]: oh
544
00:18:31,597 –> 00:18:34,620
[mark_chamberlain]: can reach is that bringing an annuity
inside the
545
00:18:34,555 –> 00:18:34,655
[ramsey_d_smith]: yeah
546
00:18:34,660 –> 00:18:35,361
[mark_chamberlain]: plan isn’t the
547
00:18:35,366 –> 00:18:35,647
[ramsey_d_smith]: yeah
548
00:18:35,421 –> 00:18:38,919
[mark_chamberlain]: best decision for them it has to
be one of the options on the table
549
00:18:38,996 –> 00:18:39,241
[ramsey_d_smith]: yeah
550
00:18:39,401 –> 00:18:44,218
[mark_chamberlain]: and the consultant has to be ready
to support that and educated in such a
551
00:18:44,278 –> 00:18:45,645
[mark_chamberlain]: way that that’s that’s actually
552
00:18:45,447 –> 00:18:45,528
[michelle_richter]: ah
553
00:18:45,786 –> 00:18:51,448
[mark_chamberlain]: considered oh in an unbiased way so
that’s a little bit
554
00:18:51,408 –> 00:18:51,428
[bruno_caron]: m
555
00:18:51,488 –> 00:18:57,246
[mark_chamberlain]: of a constraint on who’s going to
be considered the outside expert and that gets
556
00:18:57,326 –> 00:18:59,551
[mark_chamberlain]: to the heart of michel’s point of
557
00:19:00,686 –> 00:19:01,110
[ramsey_d_smith]: oh
558
00:19:00,693 –> 00:19:04,201
[mark_chamberlain]: the right way to compensate this kind
of an expert isn’t based on a product
559
00:19:04,301 –> 00:19:08,650
[mark_chamberlain]: sale the only way you’re going to
get truly objectivity is if they’re they’re paid
560
00:19:08,730 –> 00:19:10,514
[mark_chamberlain]: a consulting a hard dollar consulting fee
561
00:19:10,695 –> 00:19:10,916
[michelle_richter]: oh
562
00:19:11,476 –> 00:19:19,699
[mark_chamberlain]: so with that said no is it
optimal to try and say to a plant
563
00:19:19,655 –> 00:19:19,676
[ramsey_d_smith]: m
564
00:19:19,739 –> 00:19:26,971
[mark_chamberlain]: participant you should have ex percent defaulted
into this solution well that gets into the
565
00:19:27,051 –> 00:19:29,785
[mark_chamberlain]: triage what stage is the participant
566
00:19:29,345 –> 00:19:29,366
[ramsey_d_smith]: m
567
00:19:30,007 –> 00:19:34,636
[mark_chamberlain]: in and their financial planning are they
the accumulation
568
00:19:34,556 –> 00:19:34,818
[ramsey_d_smith]: oh
569
00:19:34,716 –> 00:19:35,017
[mark_chamberlain]: phase
570
00:19:35,088 –> 00:19:36,198
[bruno_caron]: yeah
571
00:19:35,118 –> 00:19:38,491
[mark_chamberlain]: are they in the near retirement phase
or are they going to retire next year
572
00:19:39,623 –> 00:19:44,651
[mark_chamberlain]: and so that’s probably the first the
first conversation for
573
00:19:44,486 –> 00:19:45,796
[ramsey_d_smith]: yeah m
574
00:19:45,893 –> 00:19:49,599
[mark_chamberlain]: the expert to have with the board
is what stage do you want to solve
575
00:19:49,679 –> 00:19:54,633
[mark_chamberlain]: for in your plan you want to
try and put something in place that will
576
00:19:54,733 –> 00:19:59,181
[mark_chamberlain]: fit those who are in the most
urgent need which are those people that are
577
00:19:59,221 –> 00:20:01,965
[mark_chamberlain]: retiring this year next year the year
after
578
00:20:02,636 –> 00:20:03,299
[ramsey_d_smith]: oh
579
00:20:02,847 –> 00:20:09,201
[mark_chamberlain]: and so there are they’ve got some
educational needs about how to think about putting
580
00:20:09,261 –> 00:20:14,124
[mark_chamberlain]: together a retirement income plan that can
not only be secure for them in an
581
00:20:14,224 –> 00:20:19,293
[mark_chamberlain]: inflationary environment but in possibly a deflationary
environment also and you have to be able
582
00:20:19,373 –> 00:20:27,210
[mark_chamberlain]: to do some serious education about where
annuities fit relative systematic withdrawal and then you
583
00:20:27,250 –> 00:20:29,559
[mark_chamberlain]: have to be able to do a
deep dive from there on what kind of
584
00:20:29,639 –> 00:20:35,330
[mark_chamberlain]: ininuuity and if we focus on the
only decumulation then we need to do a
585
00:20:35,390 –> 00:20:40,619
[mark_chamberlain]: deep dive on spes versus riders versus
you know the various ways of generating lifetime
586
00:20:40,699 –> 00:20:45,549
[mark_chamberlain]: income so there is no answer to
the question of you know how do we
587
00:20:45,609 –> 00:20:50,921
[mark_chamberlain]: come up with a one size fits
all solution because it’s much too complicated for
588
00:20:50,961 –> 00:20:51,101
[mark_chamberlain]: that
589
00:20:52,189 –> 00:20:56,115
[bruno_caron]: and that makes perfect sense in terms
of trade off i love the way you
590
00:20:56,195 –> 00:21:00,743
[bruno_caron]: put it in terms of you know
there is no right solution there’s no one
591
00:21:01,825 –> 00:21:06,392
[bruno_caron]: one right answer because quite frankly if
there was we wouldn’t be talking about it
592
00:21:06,432 –> 00:21:06,773
[bruno_caron]: right now
593
00:21:07,553 –> 00:21:07,573
[mark_chamberlain]: m
594
00:21:07,554 –> 00:21:14,546
[bruno_caron]: and my question is have you looked
at or found a way to obviously there’s
595
00:21:14,606 –> 00:21:19,073
[bruno_caron]: a classical measure of you know assets
on their management x per cent of your
596
00:21:19,133 –> 00:21:24,462
[bruno_caron]: your portfolio should be you know allocated
one way one way or the other but
597
00:21:24,743 –> 00:21:30,753
[bruno_caron]: is there a way to to do
that exact same reasoning that exactly framework with
598
00:21:30,913 –> 00:21:32,776
[bruno_caron]: income and how much income
599
00:21:33,905 –> 00:21:33,926
[ramsey_d_smith]: m
600
00:21:34,219 –> 00:21:36,582
[bruno_caron]: on you know the set of all
of your
601
00:21:36,935 –> 00:21:36,956
[ramsey_d_smith]: m
602
00:21:36,963 –> 00:21:42,233
[bruno_caron]: your your assets would act or your
portfolio would would generate
603
00:21:44,132 –> 00:21:44,274
[mark_chamberlain]: what
604
00:21:44,295 –> 00:21:47,180
[michelle_richter]: i think there are lots of ways
to do that and it’s always going to
605
00:21:47,220 –> 00:21:49,564
[michelle_richter]: be a question and mark you should
disagree
606
00:21:49,166 –> 00:21:49,467
[ramsey_d_smith]: oh
607
00:21:49,624 –> 00:21:54,633
[michelle_richter]: with me if this is not your
opinion but you know mark always tells me
608
00:21:54,833 –> 00:21:57,558
[michelle_richter]: fiduciary is t process right so
609
00:21:57,783 –> 00:21:57,884
[ramsey_d_smith]: ye
610
00:21:57,958 –> 00:22:00,002
[michelle_richter]: there’s a million ways that you can
611
00:22:00,128 –> 00:22:00,169
[ramsey_d_smith]: m
612
00:22:00,522 –> 00:22:01,164
[michelle_richter]: do exactly
613
00:22:01,145 –> 00:22:01,166
[ramsey_d_smith]: m
614
00:22:01,204 –> 00:22:01,985
[michelle_richter]: what you’re describing
615
00:22:01,707 –> 00:22:01,728
[bruno_caron]: m
616
00:22:01,917 –> 00:22:01,999
[mark_chamberlain]: oh
617
00:22:02,025 –> 00:22:04,068
[michelle_richter]: brune and as long as when you’re
618
00:22:03,923 –> 00:22:04,105
[mark_chamberlain]: oh
619
00:22:04,128 –> 00:22:05,651
[michelle_richter]: acting in a futiary capacity
620
00:22:05,606 –> 00:22:05,950
[ramsey_d_smith]: oh
621
00:22:05,771 –> 00:22:10,242
[michelle_richter]: as long as you document how you
did it and you did it you’re in
622
00:22:10,302 –> 00:22:10,763
[michelle_richter]: good hands
623
00:22:13,285 –> 00:22:17,898
[mark_chamberlain]: i spent the last ten years working
on a think tank project that i started
624
00:22:17,955 –> 00:22:18,178
[michelle_richter]: yeah
625
00:22:17,978 –> 00:22:22,485
[mark_chamberlain]: in two thousand ten and the objective
was to try and get l d to
626
00:22:22,545 –> 00:22:26,585
[mark_chamberlain]: translate to individuals and l d i
not in the way that the u k
627
00:22:26,865 –> 00:22:30,790
[mark_chamberlain]: used leverage to try and come up
with you now meeting a funding obligation
628
00:22:30,920 –> 00:22:31,021
[bruno_caron]: oh
629
00:22:31,226 –> 00:22:31,407
[ramsey_d_smith]: mark
630
00:22:31,891 –> 00:22:31,931
[mark_chamberlain]: l
631
00:22:31,930 –> 00:22:32,010
[ramsey_d_smith]: can
632
00:22:31,971 –> 00:22:31,991
[mark_chamberlain]: d
633
00:22:32,071 –> 00:22:34,242
[ramsey_d_smith]: you define l d i for the
broader audience
634
00:22:33,948 –> 00:22:34,608
[bruno_caron]: okay
635
00:22:35,433 –> 00:22:36,896
[mark_chamberlain]: liability driven investing
636
00:22:36,425 –> 00:22:36,446
[ramsey_d_smith]: m
637
00:22:36,888 –> 00:22:37,172
[bruno_caron]: oh
638
00:22:38,158 –> 00:22:39,841
[mark_chamberlain]: is what the acronym stands for and
639
00:22:40,376 –> 00:22:40,396
[ramsey_d_smith]: m
640
00:22:40,542 –> 00:22:41,083
[mark_chamberlain]: it’s something
641
00:22:40,878 –> 00:22:41,101
[bruno_caron]: may
642
00:22:41,163 –> 00:22:42,545
[mark_chamberlain]: that the corporate
643
00:22:42,206 –> 00:22:42,408
[ramsey_d_smith]: oh
644
00:22:42,585 –> 00:22:44,048
[mark_chamberlain]: defined benefit plans moved
645
00:22:44,045 –> 00:22:44,066
[ramsey_d_smith]: m
646
00:22:44,128 –> 00:22:47,293
[mark_chamberlain]: to following basically the moment and really
647
00:22:47,075 –> 00:22:47,096
[ramsey_d_smith]: m
648
00:22:47,353 –> 00:22:52,362
[mark_chamberlain]: increased after the pension protection act in
two thousand six where there was a c
649
00:22:52,582 –> 00:22:52,983
[mark_chamberlain]: change
650
00:22:53,105 –> 00:22:53,126
[ramsey_d_smith]: m
651
00:22:53,243 –> 00:22:58,231
[mark_chamberlain]: in the funding ratio calculations for d
b plants they could no longer use
652
00:22:58,565 –> 00:22:58,586
[ramsey_d_smith]: m
653
00:22:58,592 –> 00:23:06,005
[mark_chamberlain]: one discount rate to figure out what
whether they were funded or not and the
654
00:23:06,065 –> 00:23:07,287
[mark_chamberlain]: new rules said that for
655
00:23:07,488 –> 00:23:09,228
[bruno_caron]: yeah
656
00:23:07,928 –> 00:23:08,990
[mark_chamberlain]: those assets that
657
00:23:08,945 –> 00:23:08,966
[ramsey_d_smith]: m
658
00:23:09,170 –> 00:23:13,077
[mark_chamberlain]: were the essential assets of the plan
to be fully
659
00:23:13,095 –> 00:23:13,338
[michelle_richter]: yes
660
00:23:13,177 –> 00:23:19,124
[mark_chamberlain]: funded meaning for those retires that are
already in retire that part of the plan
661
00:23:19,204 –> 00:23:21,427
[mark_chamberlain]: had to be fully funded to be
secure
662
00:23:21,348 –> 00:23:22,158
[bruno_caron]: yeah
663
00:23:22,027 –> 00:23:23,429
[mark_chamberlain]: so they said those assets
664
00:23:23,465 –> 00:23:23,486
[ramsey_d_smith]: m
665
00:23:23,669 –> 00:23:24,530
[mark_chamberlain]: have to use a discount
666
00:23:24,386 –> 00:23:24,630
[ramsey_d_smith]: oh
667
00:23:24,610 –> 00:23:29,267
[mark_chamberlain]: rate that’s basically a risk free rate
a short term you know investment grade bond
668
00:23:29,347 –> 00:23:33,774
[mark_chamberlain]: rate where as he for the employes
that are retiring down the road twenty thirty
669
00:23:33,794 –> 00:23:39,004
[mark_chamberlain]: years out they could use a longer
duration interest rate calculation so they can okay
670
00:23:39,647 –> 00:23:44,786
[mark_chamberlain]: we call a three bucket approach they
segmented the assets of the plan based on
671
00:23:45,026 –> 00:23:51,276
[mark_chamberlain]: how risky the retirement funding need was
and so it’s really an asset liability matching
672
00:23:51,637 –> 00:23:52,358
[mark_chamberlain]: kind of a formula
673
00:23:52,618 –> 00:23:52,638
[ramsey_d_smith]: m
674
00:23:53,179 –> 00:23:55,583
[mark_chamberlain]: so we said why couldn’t that apply
to individuals
675
00:23:56,096 –> 00:23:56,116
[ramsey_d_smith]: m
676
00:23:56,124 –> 00:24:01,758
[mark_chamberlain]: because if you try and make the
translation in terms of utility what onamous call
677
00:24:02,483 –> 00:24:03,388
[mark_chamberlain]: what’s the utility
678
00:24:03,035 –> 00:24:03,056
[ramsey_d_smith]: m
679
00:24:03,489 –> 00:24:03,549
[mark_chamberlain]: of
680
00:24:03,618 –> 00:24:03,881
[bruno_caron]: oh
681
00:24:03,871 –> 00:24:03,971
[mark_chamberlain]: the
682
00:24:03,905 –> 00:24:03,926
[ramsey_d_smith]: m
683
00:24:04,012 –> 00:24:10,317
[mark_chamberlain]: position for that individual the utility of
the essential expenses their food shelter
684
00:24:10,080 –> 00:24:10,101
[michelle_richter]: a
685
00:24:10,397 –> 00:24:16,823
[mark_chamberlain]: and health insurance is different than their
utility for travel and vacation expenses much less
686
00:24:16,903 –> 00:24:20,750
[mark_chamberlain]: essential and so lot of lot of
thinkers in the industry have come up with
687
00:24:20,850 –> 00:24:21,972
[mark_chamberlain]: you know a way of saying let’s
688
00:24:21,894 –> 00:24:21,915
[michelle_richter]: m
689
00:24:22,853 –> 00:24:26,059
[mark_chamberlain]: let’s they’ve use different terms for it
but
690
00:24:26,096 –> 00:24:26,756
[ramsey_d_smith]: yeah
691
00:24:27,401 –> 00:24:28,784
[mark_chamberlain]: they basically said let’s about
692
00:24:28,766 –> 00:24:30,386
[ramsey_d_smith]: yah
693
00:24:28,945 –> 00:24:30,169
[mark_chamberlain]: using annuities for
694
00:24:30,896 –> 00:24:31,161
[ramsey_d_smith]: yeah
695
00:24:31,614 –> 00:24:35,764
[mark_chamberlain]: most necessary part of a person’s balance
sheet in retirement
696
00:24:35,295 –> 00:24:35,315
[michelle_richter]: m
697
00:24:35,705 –> 00:24:35,726
[ramsey_d_smith]: m
698
00:24:36,385 –> 00:24:41,155
[mark_chamberlain]: and get those things funded in a
secure way and we could think about using
699
00:24:41,576 –> 00:24:46,464
[mark_chamberlain]: something that can have more variability for
the expenses that more discretionary
700
00:24:46,290 –> 00:24:46,310
[tisa_rabun_marshall]: m
701
00:24:47,145 –> 00:24:48,127
[mark_chamberlain]: and we think that applies
702
00:24:47,937 –> 00:24:47,958
[bruno_caron]: m
703
00:24:48,568 –> 00:24:49,449
[mark_chamberlain]: almost on a one to
704
00:24:49,440 –> 00:24:49,460
[tisa_rabun_marshall]: m
705
00:24:49,549 –> 00:24:56,437
[mark_chamberlain]: one basis just based on economics one
ant and so the idea that corporate pension
706
00:24:56,538 –> 00:25:02,596
[mark_chamberlain]: plans we’re forced to move down this
road in two thousand six but in the
707
00:25:02,956 –> 00:25:03,418
[mark_chamberlain]: personal
708
00:25:03,215 –> 00:25:03,236
[ramsey_d_smith]: m
709
00:25:03,538 –> 00:25:05,985
[mark_chamberlain]: financial planning world we’re still
710
00:25:06,116 –> 00:25:06,320
[ramsey_d_smith]: yeah
711
00:25:06,126 –> 00:25:13,029
[mark_chamberlain]: treating individuals in most software like old
defined benefit plants and we use one discount
712
00:25:13,089 –> 00:25:17,496
[mark_chamberlain]: rate which is usually based on i
didn’t expect to return from risk assets to
713
00:25:17,536 –> 00:25:22,927
[mark_chamberlain]: figure out whether somebody’s fully funded so
i record mentation is that the planning shift
714
00:25:23,288 –> 00:25:26,255
[mark_chamberlain]: to a discussion with participants about let’s
let’s
715
00:25:26,130 –> 00:25:26,150
[tisa_rabun_marshall]: m
716
00:25:26,515 –> 00:25:28,641
[mark_chamberlain]: have you sit down and figure out
with your spouse
717
00:25:28,826 –> 00:25:30,776
[ramsey_d_smith]: yeah
718
00:25:29,523 –> 00:25:30,889
[mark_chamberlain]: what your essential expenses
719
00:25:30,836 –> 00:25:31,946
[ramsey_d_smith]: oh
720
00:25:31,010 –> 00:25:36,425
[mark_chamberlain]: are put those in the bucket number
one bucket number two could be the ones
721
00:25:36,465 –> 00:25:39,508
[mark_chamberlain]: that follow after that in terms of
need and then bucket number three could be
722
00:25:40,049 –> 00:25:43,072
[mark_chamberlain]: you know your your less essential or
your optional expenses
723
00:25:42,618 –> 00:25:42,879
[bruno_caron]: yeah
724
00:25:43,613 –> 00:25:46,341
[mark_chamberlain]: you could think about finding them differently
but for the first bucket
725
00:25:47,028 –> 00:25:47,231
[bruno_caron]: oh
726
00:25:47,134 –> 00:25:48,508
[mark_chamberlain]: should really consider an annuity
727
00:25:49,791 –> 00:25:52,736
[tisa_rabun_marshall]: m michel a mark i want to
jump in here so really interesting topic i
728
00:25:53,377 –> 00:25:57,123
[tisa_rabun_marshall]: just to pick it back i want
you just said mark so m the average
729
00:25:57,343 –> 00:26:02,933
[tisa_rabun_marshall]: plan you know participant in particular that
employ that’s maybe approaching retirement this might be
730
00:26:03,053 –> 00:26:07,160
[tisa_rabun_marshall]: like mind blowing concept re thinking how
they’re going to contribute
731
00:26:07,145 –> 00:26:07,166
[ramsey_d_smith]: m
732
00:26:07,240 –> 00:26:11,747
[tisa_rabun_marshall]: into their plan so from an education
perspective in particular bringing up the word annuity
733
00:26:13,398 –> 00:26:13,660
[bruno_caron]: oh
734
00:26:13,890 –> 00:26:16,334
[tisa_rabun_marshall]: now no verb michelle um but bringing
up
735
00:26:16,316 –> 00:26:16,583
[ramsey_d_smith]: yeah
736
00:26:16,374 –> 00:26:17,015
[tisa_rabun_marshall]: the word annuity
737
00:26:17,325 –> 00:26:17,668
[michelle_richter]: oh
738
00:26:17,576 –> 00:26:18,638
[tisa_rabun_marshall]: um you know
739
00:26:18,606 –> 00:26:18,808
[michelle_richter]: yeah
740
00:26:19,139 –> 00:26:23,967
[tisa_rabun_marshall]: who’s responsible for that education getting that
plan participant at the sponsor is at the
741
00:26:24,007 –> 00:26:26,815
[tisa_rabun_marshall]: provider combination of both and then i
have follow up question to that
742
00:26:29,517 –> 00:26:33,724
[michelle_richter]: i think it’s going to be everybody
you know so it’s all
743
00:26:33,686 –> 00:26:33,706
[ramsey_d_smith]: m
744
00:26:33,784 –> 00:26:36,629
[michelle_richter]: of the above and more it’s going
to take
745
00:26:36,506 –> 00:26:37,376
[ramsey_d_smith]: oh
746
00:26:36,769 –> 00:26:42,258
[michelle_richter]: industry organizations like the irikis has begun
working on consumer
747
00:26:42,198 –> 00:26:42,459
[bruno_caron]: oh
748
00:26:42,318 –> 00:26:42,639
[michelle_richter]: facing
749
00:26:42,515 –> 00:26:42,536
[ramsey_d_smith]: m
750
00:26:42,719 –> 00:26:44,582
[michelle_richter]: materials there is a chance
751
00:26:44,456 –> 00:26:45,746
[ramsey_d_smith]: yeah
752
00:26:44,722 –> 00:26:45,924
[michelle_richter]: we may do so together
753
00:26:45,918 –> 00:26:45,938
[bruno_caron]: o
754
00:26:46,064 –> 00:26:46,725
[michelle_richter]: with the alliance
755
00:26:46,646 –> 00:26:47,636
[ramsey_d_smith]: yeah
756
00:26:46,805 –> 00:26:50,652
[michelle_richter]: for lifetime income so i think not
only
757
00:26:50,615 –> 00:26:51,243
[ramsey_d_smith]: m yeah
758
00:26:51,133 –> 00:26:56,542
[michelle_richter]: the categories in cluded are those responsible
for education but more broadly
759
00:26:56,598 –> 00:26:57,288
[bruno_caron]: yeah
760
00:26:56,742 –> 00:26:57,423
[michelle_richter]: the industry
761
00:26:57,162 –> 00:26:57,491
[tisa_rabun_marshall]: did you
762
00:26:58,184 –> 00:27:02,612
[michelle_richter]: needs through dispassionate third party kind of
organizations
763
00:27:01,796 –> 00:27:01,897
[ramsey_d_smith]: ye
764
00:27:03,153 –> 00:27:09,168
[michelle_richter]: as well as through the individual product
providers as well as through record keepers through
765
00:27:09,208 –> 00:27:16,112
[michelle_richter]: the employer themselves the employer is the
person that the plan participant or the entity
766
00:27:16,172 –> 00:27:19,137
[michelle_richter]: that the person the participant feels they
can trust
767
00:27:19,438 –> 00:27:19,950
[tisa_rabun_marshall]: hm
768
00:27:20,079 –> 00:27:23,645
[michelle_richter]: and rightly so so the materials have
to get you
769
00:27:24,236 –> 00:27:24,561
[ramsey_d_smith]: oh
770
00:27:24,546 –> 00:27:26,610
[michelle_richter]: playin sponsors but they also have to
get
771
00:27:26,696 –> 00:27:26,917
[ramsey_d_smith]: oh
772
00:27:27,251 –> 00:27:30,336
[michelle_richter]: from there to to the end participants
and that’s never
773
00:27:30,086 –> 00:27:30,308
[ramsey_d_smith]: oh
774
00:27:30,436 –> 00:27:30,917
[michelle_richter]: an easy
775
00:27:32,216 –> 00:27:32,441
[ramsey_d_smith]: yeah
776
00:27:32,960 –> 00:27:33,461
[michelle_richter]: task to
777
00:27:33,446 –> 00:27:34,196
[ramsey_d_smith]: oh
778
00:27:33,561 –> 00:27:38,069
[michelle_richter]: accomplish because most men gins choose not
to engage with their plans
779
00:27:38,556 –> 00:27:39,030
[tisa_rabun_marshall]: hm
780
00:27:38,830 –> 00:27:39,051
[michelle_richter]: um
781
00:27:39,305 –> 00:27:39,326
[ramsey_d_smith]: m
782
00:27:39,692 –> 00:27:41,134
[michelle_richter]: and that’s pretty unfortunate
783
00:27:41,298 –> 00:27:41,521
[bruno_caron]: oh
784
00:27:41,334 –> 00:27:44,800
[michelle_richter]: but they choose not to write up
until the point of retirement and then they
785
00:27:44,900 –> 00:27:51,553
[michelle_richter]: experience overwhelm or the perience shame for
not having saved enough and at that point
786
00:27:52,275 –> 00:27:53,918
[michelle_richter]: there’s you know a real challenge
787
00:27:53,816 –> 00:27:54,716
[ramsey_d_smith]: oh
788
00:27:54,118 –> 00:27:54,299
[michelle_richter]: to
789
00:27:54,716 –> 00:27:54,777
[ramsey_d_smith]: ye
790
00:27:55,121 –> 00:27:56,383
[michelle_richter]: help them you know when it’s
791
00:27:56,880 –> 00:27:57,660
[tisa_rabun_marshall]: yeah
792
00:27:57,185 –> 00:27:57,807
[michelle_richter]: on that last
793
00:27:57,746 –> 00:27:58,087
[ramsey_d_smith]: oh
794
00:27:57,887 –> 00:27:58,930
[michelle_richter]: day before they retire
795
00:27:58,910 –> 00:27:59,072
[tisa_rabun_marshall]: yeah
796
00:27:59,030 –> 00:28:00,413
[michelle_richter]: you know it’s much better if
797
00:28:00,671 –> 00:28:00,753
[ramsey_d_smith]: ah
798
00:28:00,895 –> 00:28:01,356
[michelle_richter]: a financial
799
00:28:01,038 –> 00:28:01,340
[bruno_caron]: oh
800
00:28:01,286 –> 00:28:01,572
[ramsey_d_smith]: oh
801
00:28:01,436 –> 00:28:04,263
[michelle_richter]: professional is in front of that person
sooner than that
802
00:28:04,470 –> 00:28:06,463
[tisa_rabun_marshall]: they kind of set it on auto
pilot so
803
00:28:07,575 –> 00:28:07,818
[michelle_richter]: yeah
804
00:28:07,641 –> 00:28:13,386
[tisa_rabun_marshall]: next question is am i hearing maybe
a new career path or even a talent
805
00:28:13,446 –> 00:28:19,015
[tisa_rabun_marshall]: opportunity for agents um so the plan
provider i’m just the practicality of how an
806
00:28:19,075 –> 00:28:22,841
[tisa_rabun_marshall]: annuity is sold you know who has
to sign the apple how does this happen
807
00:28:23,002 –> 00:28:23,222
[tisa_rabun_marshall]: so i’m
808
00:28:23,225 –> 00:28:23,246
[ramsey_d_smith]: m
809
00:28:23,262 –> 00:28:28,230
[tisa_rabun_marshall]: thinking through where does the role of
the agent plan is the provider hiring agents
810
00:28:28,270 –> 00:28:28,931
[tisa_rabun_marshall]: as consultants
811
00:28:29,165 –> 00:28:29,186
[ramsey_d_smith]: m
812
00:28:29,172 –> 00:28:32,397
[tisa_rabun_marshall]: or or agents going to have employee
opportunities in within plan
813
00:28:32,285 –> 00:28:32,306
[ramsey_d_smith]: m
814
00:28:32,457 –> 00:28:35,563
[tisa_rabun_marshall]: providers going forward can you speak a
little bit about how you in vision
815
00:28:35,655 –> 00:28:36,804
[michelle_richter]: yeah
816
00:28:35,883 –> 00:28:37,647
[tisa_rabun_marshall]: i know we don’t know exactly but
how this
817
00:28:37,599 –> 00:28:37,782
[michelle_richter]: yeah
818
00:28:37,707 –> 00:28:38,148
[tisa_rabun_marshall]: all works
819
00:28:40,106 –> 00:28:40,266
[michelle_richter]: well
820
00:28:40,320 –> 00:28:41,130
[tisa_rabun_marshall]: oh
821
00:28:40,627 –> 00:28:41,248
[michelle_richter]: i’m not sure
822
00:28:41,160 –> 00:28:41,760
[tisa_rabun_marshall]: yeah
823
00:28:41,368 –> 00:28:43,652
[michelle_richter]: exactly i just know it’s going a
happen
824
00:28:43,663 –> 00:28:43,864
[tisa_rabun_marshall]: right
825
00:28:44,093 –> 00:28:47,318
[michelle_richter]: so i think people should prepare for
the fact that it’s going to
826
00:28:47,298 –> 00:28:47,539
[bruno_caron]: oh
827
00:28:47,378 –> 00:28:47,659
[michelle_richter]: happen
828
00:28:47,636 –> 00:28:47,877
[ramsey_d_smith]: yeah
829
00:28:48,821 –> 00:28:49,722
[michelle_richter]: and my hope is
830
00:28:49,696 –> 00:28:49,837
[bruno_caron]: yeah
831
00:28:49,822 –> 00:28:52,868
[michelle_richter]: that my hope is that other
832
00:28:52,710 –> 00:28:52,957
[tisa_rabun_marshall]: yeah
833
00:28:52,948 –> 00:28:55,312
[michelle_richter]: members of the insurance community
834
00:28:55,424 –> 00:28:56,144
[paul_tyler]: oh
835
00:28:55,452 –> 00:28:55,612
[michelle_richter]: make
836
00:28:55,518 –> 00:28:55,662
[bruno_caron]: oh
837
00:28:55,713 –> 00:28:56,554
[michelle_richter]: the decision to
838
00:28:56,628 –> 00:28:56,890
[bruno_caron]: oh
839
00:28:56,634 –> 00:29:01,242
[michelle_richter]: become insurance advisors where advisors are
840
00:29:01,196 –> 00:29:01,437
[ramsey_d_smith]: oh
841
00:29:01,302 –> 00:29:04,335
[michelle_richter]: verb sellers yeah
842
00:29:04,078 –> 00:29:04,279
[paul_tyler]: verb
843
00:29:04,367 –> 00:29:04,468
[ramsey_d_smith]: but
844
00:29:04,379 –> 00:29:04,741
[paul_tyler]: sellers
845
00:29:04,508 –> 00:29:05,489
[ramsey_d_smith]: can you hang that shingle
846
00:29:05,284 –> 00:29:05,304
[tisa_rabun_marshall]: m
847
00:29:05,328 –> 00:29:05,836
[bruno_caron]: uh
848
00:29:05,569 –> 00:29:06,511
[ramsey_d_smith]: now i mean it’s it’s
849
00:29:06,427 –> 00:29:06,468
[bruno_caron]: uh
850
00:29:06,551 –> 00:29:08,494
[ramsey_d_smith]: a very so the use case
851
00:29:08,294 –> 00:29:08,559
[paul_tyler]: oh
852
00:29:08,554 –> 00:29:14,144
[ramsey_d_smith]: is very clear in a world where
by the way tis a great questions like
853
00:29:14,358 –> 00:29:14,581
[bruno_caron]: yeah
854
00:29:14,564 –> 00:29:15,626
[ramsey_d_smith]: really getting right the heart
855
00:29:15,566 –> 00:29:15,730
[michelle_richter]: yeah
856
00:29:15,646 –> 00:29:16,227
[ramsey_d_smith]: of the matter there
857
00:29:16,683 –> 00:29:17,185
[tisa_rabun_marshall]: thanks ramsey
858
00:29:17,489 –> 00:29:22,518
[ramsey_d_smith]: but so it’s a it’s a business
opportunity is a business opportunity for r as
859
00:29:22,698 –> 00:29:24,581
[ramsey_d_smith]: in this in the d c space
check
860
00:29:24,888 –> 00:29:25,089
[bruno_caron]: oh
861
00:29:25,342 –> 00:29:31,394
[ramsey_d_smith]: right there is this open knee for
open need for insurance experts in that space
862
00:29:31,795 –> 00:29:39,167
[ramsey_d_smith]: check right but it’s not clear to
me that there’s a there’s there’s a designation
863
00:29:39,728 –> 00:29:43,653
[ramsey_d_smith]: right there’s a what is the you
put up your shingle now what does that
864
00:29:43,713 –> 00:29:44,253
[ramsey_d_smith]: shingle say
865
00:29:44,488 –> 00:29:44,670
[michelle_richter]: yeah
866
00:29:44,994 –> 00:29:45,896
[ramsey_d_smith]: right
867
00:29:46,115 –> 00:29:47,277
[michelle_richter]: great question it’s
868
00:29:47,186 –> 00:29:48,155
[ramsey_d_smith]: yeah
869
00:29:47,337 –> 00:29:51,464
[michelle_richter]: not clear to me either i just
went and got my a if from f
870
00:29:51,565 –> 00:29:54,549
[michelle_richter]: i three sixty so that i could
be an accredited investment
871
00:29:54,326 –> 00:29:54,346
[ramsey_d_smith]: m
872
00:29:54,590 –> 00:29:55,150
[michelle_richter]: fiduciary
873
00:29:55,595 –> 00:29:55,616
[ramsey_d_smith]: m
874
00:29:56,052 –> 00:30:01,942
[michelle_richter]: even though what i focus on not
so much investments right it’s it’s de cumulation
875
00:30:01,385 –> 00:30:01,406
[ramsey_d_smith]: m
876
00:30:02,563 –> 00:30:08,773
[michelle_richter]: but but you know so so my
thinking is i went and got my insurance
877
00:30:08,873 –> 00:30:09,314
[michelle_richter]: license
878
00:30:09,386 –> 00:30:09,589
[ramsey_d_smith]: oh
879
00:30:09,394 –> 00:30:14,245
[michelle_richter]: fret and i got my have my
r i a set up i have a
880
00:30:14,305 –> 00:30:21,195
[michelle_richter]: sixty five and i am now i
have the a i f so so my
881
00:30:21,275 –> 00:30:25,297
[michelle_richter]: thinking is i’m covered under the umbrella
of those
882
00:30:25,142 –> 00:30:25,163
[mark_chamberlain]: m
883
00:30:25,357 –> 00:30:25,678
[michelle_richter]: things
884
00:30:25,736 –> 00:30:25,756
[ramsey_d_smith]: m
885
00:30:25,878 –> 00:30:32,449
[michelle_richter]: but i have no clarity whatsoever as
to legally how this domain develops i know
886
00:30:32,670 –> 00:30:33,271
[michelle_richter]: only that
887
00:30:33,464 –> 00:30:33,624
[paul_tyler]: yeah
888
00:30:33,812 –> 00:30:34,593
[michelle_richter]: experts is
889
00:30:34,649 –> 00:30:34,750
[ramsey_d_smith]: oh
890
00:30:34,673 –> 00:30:39,287
[michelle_richter]: needed around inuits delivered to plan advisors
891
00:30:39,566 –> 00:30:39,586
[ramsey_d_smith]: m
892
00:30:39,567 –> 00:30:42,531
[michelle_richter]: so one of those is going to
be what qualifies
893
00:30:43,066 –> 00:30:43,556
[ramsey_d_smith]: hm
894
00:30:43,132 –> 00:30:44,854
[michelle_richter]: mark and me to be able to
do that
895
00:30:44,966 –> 00:30:44,986
[ramsey_d_smith]: m
896
00:30:45,114 –> 00:30:52,306
[paul_tyler]: well interesting discussion now i think if
i come from the institutional side to say
897
00:30:52,807 –> 00:30:58,061
[paul_tyler]: know ramsey i expect this advisor to
be an r a seems like a very
898
00:30:58,182 –> 00:31:04,999
[paul_tyler]: logical response however you know michelle my
experience has been you know
899
00:31:05,156 –> 00:31:05,518
[ramsey_d_smith]: yah
900
00:31:05,800 –> 00:31:07,641
[paul_tyler]: there’s not such there’s no such thing
as
901
00:31:07,595 –> 00:31:07,616
[ramsey_d_smith]: h
902
00:31:07,701 –> 00:31:09,203
[paul_tyler]: a good compensation
903
00:31:10,235 –> 00:31:10,256
[ramsey_d_smith]: m
904
00:31:10,354 –> 00:31:13,559
[paul_tyler]: perfect compensation planet really what i do
see is that
905
00:31:13,475 –> 00:31:13,496
[ramsey_d_smith]: m
906
00:31:13,599 –> 00:31:16,083
[paul_tyler]: the compensation has got to match up
with the results
907
00:31:16,016 –> 00:31:16,036
[ramsey_d_smith]: m
908
00:31:17,205 –> 00:31:18,608
[paul_tyler]: you want um
909
00:31:19,387 –> 00:31:19,689
[michelle_richter]: yes
910
00:31:20,150 –> 00:31:20,711
[paul_tyler]: you know if you think
911
00:31:20,726 –> 00:31:20,746
[ramsey_d_smith]: m
912
00:31:20,771 –> 00:31:25,197
[paul_tyler]: of these companies as as a pyramid
you got some very high
913
00:31:25,256 –> 00:31:25,679
[ramsey_d_smith]: oh
914
00:31:25,357 –> 00:31:31,423
[paul_tyler]: earners with probably very large for once
balances at the very top economically a
915
00:31:32,645 –> 00:31:32,666
[ramsey_d_smith]: m
916
00:31:32,724 –> 00:31:33,625
[paul_tyler]: a fiduciary
917
00:31:33,056 –> 00:31:33,076
[ramsey_d_smith]: m
918
00:31:33,845 –> 00:31:38,369
[paul_tyler]: like uh annual contract probably makes sense
you know it’s it’s you know i’ve got
919
00:31:38,449 –> 00:31:43,493
[paul_tyler]: high end services ramsey remember co i
think you know
920
00:31:45,436 –> 00:31:45,960
[ramsey_d_smith]: they were great
921
00:31:45,734 –> 00:31:50,318
[paul_tyler]: i’ve lost lost track of this service
great service if you happen to be have
922
00:31:50,619 –> 00:31:52,921
[paul_tyler]: an v p title now challenge s
you go
923
00:31:52,973 –> 00:31:53,196
[mark_chamberlain]: uh
924
00:31:52,981 –> 00:32:01,368
[paul_tyler]: down down the pyramid ah they mean
these people be service michelle if if
925
00:32:01,835 –> 00:32:01,856
[ramsey_d_smith]: m
926
00:32:02,449 –> 00:32:06,915
[paul_tyler]: you know they’re only earning two percent
off of a twenty five thousand dollars throwing
927
00:32:07,176 –> 00:32:07,517
[paul_tyler]: balance
928
00:32:07,406 –> 00:32:07,627
[ramsey_d_smith]: yeah
929
00:32:07,597 –> 00:32:08,681
[paul_tyler]: you know what’s the answer there
930
00:32:08,756 –> 00:32:08,997
[ramsey_d_smith]: yeah
931
00:32:09,216 –> 00:32:11,340
[michelle_richter]: well the answer is
932
00:32:11,495 –> 00:32:11,516
[ramsey_d_smith]: m
933
00:32:11,501 –> 00:32:14,850
[michelle_richter]: not a um it’s not
934
00:32:15,146 –> 00:32:15,388
[ramsey_d_smith]: oh
935
00:32:15,695 –> 00:32:15,876
[michelle_richter]: um
936
00:32:16,166 –> 00:32:16,471
[ramsey_d_smith]: oh
937
00:32:16,257 –> 00:32:22,135
[michelle_richter]: in my view so you know i
or at least a um is to me
938
00:32:22,436 –> 00:32:28,446
[michelle_richter]: not my preferred building methodology for the
wealth management domain i do think it’s appropriate
939
00:32:28,486 –> 00:32:32,152
[michelle_richter]: for the asset management domain but that’s
going to get us off on a whole
940
00:32:32,212 –> 00:32:32,372
[michelle_richter]: other
941
00:32:32,256 –> 00:32:32,457
[ramsey_d_smith]: yeah
942
00:32:32,492 –> 00:32:35,678
[michelle_richter]: track and i still have it i
a tribe to deliver so
943
00:32:35,906 –> 00:32:35,926
[ramsey_d_smith]: m
944
00:32:36,419 –> 00:32:37,160
[michelle_richter]: um you know
945
00:32:37,343 –> 00:32:38,003
[mark_chamberlain]: oh
946
00:32:37,441 –> 00:32:37,541
[michelle_richter]: but
947
00:32:37,835 –> 00:32:37,856
[ramsey_d_smith]: m
948
00:32:37,941 –> 00:32:38,282
[michelle_richter]: it does
949
00:32:38,389 –> 00:32:38,409
[ramsey_d_smith]: i
950
00:32:38,402 –> 00:32:43,170
[michelle_richter]: tie into what i want to talk
about which is the predominance of a um
951
00:32:43,330 –> 00:32:51,170
[michelle_richter]: as a building method it does cause
distortion in thinking that i’m going to elucidate
952
00:32:51,691 –> 00:32:54,741
[michelle_richter]: pretty deeply should i go for it
953
00:32:55,319 –> 00:32:55,861
[ramsey_d_smith]: rock and roll
954
00:32:57,155 –> 00:33:03,385
[michelle_richter]: okay um this you all are get
very excited right now because i’m about to
955
00:33:03,906 –> 00:33:12,404
[michelle_richter]: go bananas and i am going to
issue called arms i’m looking for members of
956
00:33:12,785 –> 00:33:13,607
[michelle_richter]: the society
957
00:33:13,145 –> 00:33:13,166
[ramsey_d_smith]: m
958
00:33:13,647 –> 00:33:21,652
[michelle_richter]: of actuaries nata i r i and
any other industry group that you can think
959
00:33:21,772 –> 00:33:28,443
[michelle_richter]: of that might find this topic of
concern i am about to make a big
960
00:33:28,543 –> 00:33:34,839
[michelle_richter]: bold assert and which i will back
up with three less big assertions so big
961
00:33:34,940 –> 00:33:43,415
[michelle_richter]: bold assertion number one is that non
codification of verb sales and insurance means that
962
00:33:43,595 –> 00:33:46,740
[michelle_richter]: intellectual property cannot have value
963
00:33:46,526 –> 00:33:47,576
[ramsey_d_smith]: oh
964
00:33:46,840 –> 00:33:52,992
[michelle_richter]: and insurance i g i will defend
why this is true with the following three
965
00:33:53,092 –> 00:33:53,653
[michelle_richter]: assertions
966
00:33:53,585 –> 00:33:53,606
[ramsey_d_smith]: m
967
00:33:54,955 –> 00:34:00,785
[michelle_richter]: mark this moment in the podcast so
that you can tag the people that you
968
00:34:00,865 –> 00:34:04,271
[michelle_richter]: know from the industry organizations i just
mentioned
969
00:34:04,406 –> 00:34:04,648
[ramsey_d_smith]: oh
970
00:34:04,772 –> 00:34:07,609
[michelle_richter]: and tell them when to start listening
it’s right here
971
00:34:07,463 –> 00:34:07,725
[mark_chamberlain]: oh
972
00:34:08,275 –> 00:34:14,826
[michelle_richter]: a non codification of verb sales and
insurance means i p can’t have value why
973
00:34:15,807 –> 00:34:22,221
[michelle_richter]: well the above mentioned fact is true
because of the intersection between how products
974
00:34:22,136 –> 00:34:22,378
[ramsey_d_smith]: yeah
975
00:34:22,642 –> 00:34:29,909
[michelle_richter]: sell and how trademark law works i
will explain further in a moment sertion number
976
00:34:29,989 –> 00:34:37,563
[michelle_richter]: three is that intellectual property having value
is fundamental to the functioning of a capitalistic
977
00:34:37,703 –> 00:34:48,360
[michelle_richter]: system assertion number four in a deutalized
world where insurance manufacturing is now entirely vertically
978
00:34:48,481 –> 00:34:57,335
[michelle_richter]: disintegrated from distribution i p can only
come to have value by codifying insurance advisement
979
00:34:57,896 –> 00:35:06,339
[michelle_richter]: as a scalable overseeable nationally regulated discipline
so now i move to proving assertion number
980
00:35:06,539 –> 00:35:08,702
[michelle_richter]: one i p has no value in
my
981
00:35:08,756 –> 00:35:09,059
[ramsey_d_smith]: oh
982
00:35:08,803 –> 00:35:15,634
[michelle_richter]: domain by proving assertions to through four
starting with assertion two part one how to
983
00:35:15,674 –> 00:35:20,671
[michelle_richter]: product sell to understand this we need
first to define the word product and then
984
00:35:20,711 –> 00:35:28,095
[michelle_richter]: the word sell products are nounce in
the context of insurance and financial services products
985
00:35:28,296 –> 00:35:38,092
[michelle_richter]: are issuable containers and their distribution is
highly regulated products are issuable legale contracts within
986
00:35:38,272 –> 00:35:40,936
[michelle_richter]: which intellectual property can be imbedded
987
00:35:41,156 –> 00:35:42,146
[ramsey_d_smith]: yeah
988
00:35:41,678 –> 00:35:42,619
[michelle_richter]: and in exchange
989
00:35:42,146 –> 00:35:42,367
[ramsey_d_smith]: oh
990
00:35:42,719 –> 00:35:50,633
[michelle_richter]: for the distribution of which compensation can
be paid to a financial professional in respect
991
00:35:50,853 –> 00:35:58,727
[michelle_richter]: of either but never concurrently a or
b a is from inside the noun in
992
00:35:58,847 –> 00:36:03,958
[michelle_richter]: direct respect to sale thereof this refers
to agency and brokerage
993
00:36:04,590 –> 00:36:04,753
[ramsey_d_smith]: her
994
00:36:04,780 –> 00:36:10,870
[michelle_richter]: where as b is charged upon the
a u a or a um there formed
995
00:36:11,411 –> 00:36:12,072
[michelle_richter]: following a
996
00:36:12,056 –> 00:36:12,276
[ramsey_d_smith]: yes
997
00:36:12,192 –> 00:36:18,313
[michelle_richter]: products introduction to an advised portfolio thus
b refers to the r i a channel
998
00:36:19,465 –> 00:36:21,789
[michelle_richter]: now that we know what product means
we move on to sell
999
00:36:21,956 –> 00:36:22,297
[ramsey_d_smith]: oh
1000
00:36:22,791 –> 00:36:24,494
[michelle_richter]: sell means the exchange
1001
00:36:24,065 –> 00:36:24,206
[ramsey_d_smith]: yeah
1002
00:36:24,654 –> 00:36:30,323
[michelle_richter]: of remuneration in direct respect to x
x is a verb in the r a
1003
00:36:30,444 –> 00:36:33,070
[michelle_richter]: channel and it’s a noun in the
agent
1004
00:36:33,019 –> 00:36:33,121
[ramsey_d_smith]: ah
1005
00:36:33,431 –> 00:36:42,196
[michelle_richter]: broker channels wholesalers are people who so
routinely sell holes that we can describe
1006
00:36:41,857 –> 00:36:41,878
[ramsey_d_smith]: i
1007
00:36:42,256 –> 00:36:47,265
[michelle_richter]: their identity by adding an r to
the end of the verb that they retain
1008
00:36:47,405 –> 00:36:53,947
[michelle_richter]: we perform analogy runners routine ly run
we don’t call someone a runner who once
1009
00:36:54,027 –> 00:36:57,872
[michelle_richter]: ran across across the street so whole
sailors
1010
00:36:58,257 –> 00:36:58,418
[ramsey_d_smith]: now
1011
00:36:58,413 –> 00:37:04,720
[michelle_richter]: sell nouns holes are nouns the human
mind can’t conceive of the premise of a
1012
00:37:04,760 –> 00:37:12,125
[michelle_richter]: whole verb therefore whole sailors are people
who sell holes holes must be nouns and
1013
00:37:12,286 –> 00:37:17,717
[michelle_richter]: non sell only when they have a
whole sailor selling them whole sailors
1014
00:37:17,606 –> 00:37:17,787
[ramsey_d_smith]: yeah
1015
00:37:17,837 –> 00:37:23,466
[michelle_richter]: work for either a non manufacturer or
a noun seller and organization that sells nouns
1016
00:37:23,907 –> 00:37:29,276
[michelle_richter]: will not switch witch now and it
has its whole sailers focused on selling unless
1017
00:37:29,376 –> 00:37:36,488
[michelle_richter]: the new non is more profitable than
is the incumbent now portfolio that’s the reason
1018
00:37:36,608 –> 00:37:43,700
[michelle_richter]: why a product concept cannot have value
because is valuable about the product the non
1019
00:37:44,381 –> 00:37:52,114
[michelle_richter]: is the sellers prior investment in manufacturing
and or wholesaling infrastructure not the clever intellectual
1020
00:37:52,194 –> 00:37:55,165
[michelle_richter]: prof property that does not deliver a
higher
1021
00:37:55,136 –> 00:37:55,460
[ramsey_d_smith]: oh
1022
00:37:55,225 –> 00:38:02,041
[michelle_richter]: profit margin than the incumbent so that’s
the first half of assertion to it goes
1023
00:38:02,181 –> 00:38:04,525
[michelle_richter]: way quicker from here so stick with
me okay
1024
00:38:04,805 –> 00:38:04,826
[ramsey_d_smith]: m
1025
00:38:05,046 –> 00:38:06,648
[michelle_richter]: it’s like lightning from here okay
1026
00:38:07,188 –> 00:38:07,289
[ramsey_d_smith]: oh
1027
00:38:07,971 –> 00:38:14,582
[michelle_richter]: the second half of assertion to is
about tree marking trademark trade marking and the
1028
00:38:14,642 –> 00:38:19,991
[michelle_richter]: application of trade marking is different for
a brand name than it is for intellectual
1029
00:38:20,051 –> 00:38:25,059
[michelle_richter]: property the how you defend a brand
name in court with a trademark it’s really
1030
00:38:25,139 –> 00:38:27,483
[michelle_richter]: easy but defending intellectual property
1031
00:38:27,581 –> 00:38:27,725
[ramsey_d_smith]: yeah
1032
00:38:27,683 –> 00:38:33,092
[michelle_richter]: the trade mark has more challenge to
it in this case i’m talking about intellectual
1033
00:38:33,173 –> 00:38:41,244
[michelle_richter]: property protection uh it requires the defense
of a trademark requires the intellectual property to
1034
00:38:41,304 –> 00:38:50,117
[michelle_richter]: be now embedable whereas intellectual property that
is service marked requires the i p to
1035
00:38:50,197 –> 00:38:55,924
[michelle_richter]: be verb impedible if you google trademark
definition
1036
00:38:55,916 –> 00:38:57,678
[ramsey_d_smith]: yeah oh
1037
00:38:57,875 –> 00:39:00,419
[michelle_richter]: you see that when applied to intellectual
1038
00:39:00,326 –> 00:39:02,486
[ramsey_d_smith]: oh
1039
00:39:00,499 –> 00:39:03,404
[michelle_richter]: property defense as differs from brand defense
1040
00:39:03,596 –> 00:39:03,899
[ramsey_d_smith]: oh
1041
00:39:04,025 –> 00:39:09,013
[michelle_richter]: that the definition of this word requires
the ip owner to be
1042
00:39:08,975 –> 00:39:08,996
[ramsey_d_smith]: m
1043
00:39:09,193 –> 00:39:17,085
[michelle_richter]: able to either manufacture or to sell
remember what sell means from the above the
1044
00:39:17,165 –> 00:39:18,126
[michelle_richter]: non right
1045
00:39:18,591 –> 00:39:18,692
[ramsey_d_smith]: so
1046
00:39:18,746 –> 00:39:25,412
[michelle_richter]: so product concepts can’t have value because
of the intersection between how product sells and
1047
00:39:25,753 –> 00:39:33,632
[michelle_richter]: how trade mark law is applied okay
insurance is the liability or contra asset minimization
1048
00:39:33,732 –> 00:39:34,013
[michelle_richter]: field
1049
00:39:34,523 –> 00:39:34,788
[mark_chamberlain]: oh
1050
00:39:34,745 –> 00:39:38,290
[michelle_richter]: what just stick with me on insurance
1051
00:39:38,396 –> 00:39:38,659
[ramsey_d_smith]: oh
1052
00:39:38,411 –> 00:39:40,434
[michelle_richter]: is about minimizing consumers
1053
00:39:40,226 –> 00:39:40,508
[ramsey_d_smith]: yeah
1054
00:39:40,494 –> 00:39:42,758
[michelle_richter]: liabilities okay and i’m not going
1055
00:39:42,685 –> 00:39:42,806
[ramsey_d_smith]: right
1056
00:39:42,778 –> 00:39:47,326
[michelle_richter]: to bring up the contraascit thing again
super complicated so i mean shorten it by
1057
00:39:47,426 –> 00:39:56,887
[michelle_richter]: saying liability minimization insurance advisor is not
a defined term financial advisor is a defined
1058
00:39:57,027 –> 00:39:58,909
[michelle_richter]: term and it means
1059
00:39:58,954 –> 00:39:59,096
[ramsey_d_smith]: yeah
1060
00:39:59,330 –> 00:40:06,647
[michelle_richter]: person who holds the authority to sell
verbs this means person has an r a
1061
00:40:06,768 –> 00:40:14,685
[michelle_richter]: affiliation r i s sell verbs only
agents and brokers sell nouns only financial advisers
1062
00:40:14,826 –> 00:40:17,971
[michelle_richter]: provide ongoing asset maximization advising
1063
00:40:18,176 –> 00:40:18,196
[ramsey_d_smith]: m
1064
00:40:18,532 –> 00:40:19,914
[michelle_richter]: and they frequently receive
1065
00:40:19,856 –> 00:40:20,158
[ramsey_d_smith]: oh
1066
00:40:19,994 –> 00:40:22,671
[michelle_richter]: thee compensation v a u m
1067
00:40:24,296 –> 00:40:24,678
[ramsey_d_smith]: yeah
1068
00:40:24,379 –> 00:40:32,051
[michelle_richter]: this asset maximization advising is a service
p imbedded in services for example managed account
1069
00:40:32,212 –> 00:40:33,594
[michelle_richter]: services provided by
1070
00:40:33,626 –> 00:40:35,126
[ramsey_d_smith]: yeah
1071
00:40:33,754 –> 00:40:38,442
[michelle_richter]: morning star ink are service markable thus
they have been
1072
00:40:38,413 –> 00:40:38,554
[ramsey_d_smith]: sir
1073
00:40:38,602 –> 00:40:46,092
[michelle_richter]: service marked not trade markable and not
trade marked because their verbs which are services
1074
00:40:46,613 –> 00:40:57,288
[michelle_richter]: not none absent codifying insurance advisement so
that insurance professionals can also sell herbs by
1075
00:40:57,368 –> 00:40:57,849
[michelle_richter]: which i am
1076
00:40:57,987 –> 00:40:58,150
[ramsey_d_smith]: yes
1077
00:40:57,989 –> 00:41:04,100
[michelle_richter]: saying absent popularizing ability approach like benefits
under advisement
1078
00:41:04,166 –> 00:41:04,186
[ramsey_d_smith]: m
1079
00:41:04,701 –> 00:41:07,926
[michelle_richter]: or income under advisement there cannot
1080
00:41:07,856 –> 00:41:08,138
[ramsey_d_smith]: oh
1081
00:41:08,046 –> 00:41:12,514
[michelle_richter]: be valued to intellectual property in our
field because you cannot
1082
00:41:12,536 –> 00:41:13,138
[ramsey_d_smith]: oh
1083
00:41:12,594 –> 00:41:17,842
[michelle_richter]: defend it v s service mark because
there is no framework for scalablyselling services
1084
00:41:17,786 –> 00:41:17,947
[ramsey_d_smith]: yeah
1085
00:41:17,963 –> 00:41:22,871
[michelle_richter]: in our domain and you can’t sell
it as a noun because an organization can
1086
00:41:23,011 –> 00:41:29,462
[michelle_richter]: only monetize a trade mark and insure
from previous investment in manufacturing and distribution and
1087
00:41:29,542 –> 00:41:35,412
[michelle_richter]: encompant only does this if the product
is more profitable than it’s existing portfolio that’s
1088
00:41:35,512 –> 00:41:36,033
[michelle_richter]: not likely
1089
00:41:35,831 –> 00:41:36,266
[ramsey_d_smith]: yeah
1090
00:41:36,153 –> 00:41:39,398
[michelle_richter]: in today’s feconte its environment so again
because
1091
00:41:39,386 –> 00:41:40,586
[ramsey_d_smith]: yeah
1092
00:41:39,458 –> 00:41:40,580
[michelle_richter]: my prior words are true
1093
00:41:41,006 –> 00:41:41,288
[ramsey_d_smith]: oh
1094
00:41:41,201 –> 00:41:42,884
[michelle_richter]: not having a scale able advisement
1095
00:41:42,902 –> 00:41:42,922
[ramsey_d_smith]: i
1096
00:41:42,964 –> 00:41:44,647
[michelle_richter]: frame for liability reduction
1097
00:41:44,952 –> 00:41:44,972
[ramsey_d_smith]: m
1098
00:41:45,088 –> 00:41:50,437
[michelle_richter]: means intellectual property that is service marked
in our field also cannot value because it
1099
00:41:50,477 –> 00:41:56,266
[michelle_richter]: cannot be sold so concludes my proof
of assertion to and i’ll move on to
1100
00:41:56,307 –> 00:42:01,316
[michelle_richter]: assertion three and less there are questions
of which i’m sure there are ready oh
1101
00:42:02,944 –> 00:42:04,346
[ramsey_d_smith]: this is a this is a complex
1102
00:42:04,127 –> 00:42:04,250
[michelle_richter]: ah
1103
00:42:04,446 –> 00:42:06,330
[ramsey_d_smith]: geometric proof you’re taking us through here
1104
00:42:07,475 –> 00:42:08,742
[michelle_richter]: it is i understand that
1105
00:42:08,714 –> 00:42:08,974
[ramsey_d_smith]: europe
1106
00:42:08,842 –> 00:42:10,129
[michelle_richter]: but i’m doing it for a reason
1107
00:42:10,430 –> 00:42:11,197
[ramsey_d_smith]: you’re a mute paul
1108
00:42:11,487 –> 00:42:11,790
[michelle_richter]: i want
1109
00:42:13,257 –> 00:42:13,946
[ramsey_d_smith]: oh
1110
00:42:13,325 –> 00:42:18,053
[michelle_richter]: i want the industry organizations that are
or flagged to hear this
1111
00:42:18,446 –> 00:42:18,814
[ramsey_d_smith]: oh
1112
00:42:18,594 –> 00:42:20,898
[michelle_richter]: re play it they’re gonna have to
play it a lot of times
1113
00:42:20,834 –> 00:42:21,914
[paul_tyler]: yeah
1114
00:42:20,986 –> 00:42:21,006
[ramsey_d_smith]: m
1115
00:42:21,018 –> 00:42:21,719
[michelle_richter]: to get the logic
1116
00:42:22,595 –> 00:42:22,616
[ramsey_d_smith]: m
1117
00:42:22,861 –> 00:42:23,221
[michelle_richter]: and so
1118
00:42:23,156 –> 00:42:23,458
[ramsey_d_smith]: oh
1119
00:42:23,522 –> 00:42:24,504
[michelle_richter]: i’m going really
1120
00:42:24,505 –> 00:42:24,626
[ramsey_d_smith]: yeah
1121
00:42:24,604 –> 00:42:25,786
[michelle_richter]: in depth in what the logic
1122
00:42:25,870 –> 00:42:25,890
[ramsey_d_smith]: m
1123
00:42:25,906 –> 00:42:29,634
[michelle_richter]: is so that it can’t be said
she just at a high level
1124
00:42:29,585 –> 00:42:29,606
[ramsey_d_smith]: m
1125
00:42:29,794 –> 00:42:32,079
[michelle_richter]: said you know something crazy and she’s
always saying
1126
00:42:32,000 –> 00:42:32,546
[ramsey_d_smith]: hm
1127
00:42:32,139 –> 00:42:33,602
[michelle_richter]: something crazy so i can just
1128
00:42:33,524 –> 00:42:33,727
[paul_tyler]: yeah
1129
00:42:33,722 –> 00:42:35,807
[michelle_richter]: kind of like whip it off you
1130
00:42:35,745 –> 00:42:35,926
[paul_tyler]: yeah
1131
00:42:35,847 –> 00:42:39,055
[michelle_richter]: know like i’m going deep into it
because my words are true
1132
00:42:39,014 –> 00:42:39,277
[paul_tyler]: yeah
1133
00:42:39,296 –> 00:42:42,243
[michelle_richter]: and they have implications to society more
broadly
1134
00:42:42,334 –> 00:42:44,898
[paul_tyler]: well yeah and i just a couple
1135
00:42:45,596 –> 00:42:45,897
[ramsey_d_smith]: oh
1136
00:42:45,779 –> 00:42:46,260
[paul_tyler]: one question
1137
00:42:46,043 –> 00:42:46,284
[mark_chamberlain]: oh
1138
00:42:46,360 –> 00:42:46,681
[paul_tyler]: a couple of
1139
00:42:46,685 –> 00:42:46,827
[michelle_richter]: yeah
1140
00:42:46,721 –> 00:42:47,702
[paul_tyler]: observations one is
1141
00:42:47,655 –> 00:42:47,778
[michelle_richter]: yeah
1142
00:42:48,945 –> 00:42:50,728
[paul_tyler]: can we put this in our show
notes or do you have this on a
1143
00:42:50,768 –> 00:42:52,450
[paul_tyler]: website where we can put a link
to it because
1144
00:42:52,355 –> 00:42:52,376
[ramsey_d_smith]: m
1145
00:42:52,490 –> 00:42:53,312
[paul_tyler]: people need to read this
1146
00:42:53,325 –> 00:42:53,468
[michelle_richter]: yeah
1147
00:42:53,773 –> 00:42:54,681
[paul_tyler]: they will have to e is
1148
00:42:54,837 –> 00:42:55,321
[michelle_richter]: i’ll give it to you
1149
00:42:55,374 –> 00:42:56,195
[paul_tyler]: okay good
1150
00:42:56,537 –> 00:42:56,658
[michelle_richter]: yeah
1151
00:42:56,675 –> 00:42:56,696
[ramsey_d_smith]: m
1152
00:42:56,896 –> 00:42:59,060
[paul_tyler]: other observation is you know these words
are
1153
00:42:59,366 –> 00:42:59,528
[ramsey_d_smith]: yeah
1154
00:43:00,021 –> 00:43:05,591
[paul_tyler]: complicated couple o things i heard in
their agents versus advisors because even more complicated
1155
00:43:05,631 –> 00:43:06,813
[paul_tyler]: michele than that like for instance
1156
00:43:07,717 –> 00:43:07,779
[michelle_richter]: ah
1157
00:43:07,894 –> 00:43:12,562
[paul_tyler]: state of connecticut does not allow us
to talk about agents is that interesting as
1158
00:43:12,662 –> 00:43:17,931
[paul_tyler]: a independent product manufacture we have to
call them independent producers does anybody
1159
00:43:17,912 –> 00:43:17,953
[ramsey_d_smith]: m
1160
00:43:17,991 –> 00:43:18,131
[paul_tyler]: know
1161
00:43:18,175 –> 00:43:18,360
[michelle_richter]: huh
1162
00:43:18,192 –> 00:43:19,654
[paul_tyler]: that does anybody under and they
1163
00:43:19,685 –> 00:43:19,706
[ramsey_d_smith]: m
1164
00:43:19,694 –> 00:43:20,616
[paul_tyler]: do consume now
1165
00:43:21,015 –> 00:43:21,137
[michelle_richter]: no
1166
00:43:21,677 –> 00:43:22,960
[paul_tyler]: but that you are an independent
1167
00:43:22,816 –> 00:43:22,918
[michelle_richter]: no
1168
00:43:23,220 –> 00:43:27,988
[paul_tyler]: you know ramsey is an independent producer
so just footnote that there are some very
1169
00:43:28,148 –> 00:43:28,489
[paul_tyler]: strange
1170
00:43:28,195 –> 00:43:28,663
[michelle_richter]: damn
1171
00:43:28,569 –> 00:43:30,732
[paul_tyler]: vagaries in existing
1172
00:43:30,545 –> 00:43:30,786
[michelle_richter]: yeah
1173
00:43:31,193 –> 00:43:31,982
[paul_tyler]: league structures
1174
00:43:32,378 –> 00:43:32,680
[michelle_richter]: and not
1175
00:43:33,164 –> 00:43:33,389
[paul_tyler]: yeah
1176
00:43:33,455 –> 00:43:33,795
[michelle_richter]: that’s the
1177
00:43:33,806 –> 00:43:34,026
[ramsey_d_smith]: yah
1178
00:43:33,855 –> 00:43:37,020
[michelle_richter]: whole point i mean it’s you know
our field is state regulated
1179
00:43:37,004 –> 00:43:37,347
[paul_tyler]: yeah
1180
00:43:37,101 –> 00:43:39,184
[michelle_richter]: and every state has a different impression
1181
00:43:38,904 –> 00:43:38,924
[ramsey_d_smith]: h
1182
00:43:39,324 –> 00:43:40,486
[michelle_richter]: of what our behavior
1183
00:43:40,454 –> 00:43:41,234
[paul_tyler]: yeah
1184
00:43:40,546 –> 00:43:43,972
[michelle_richter]: is supposed to look like and so
because it’s not a nationally
1185
00:43:43,685 –> 00:43:43,706
[ramsey_d_smith]: m
1186
00:43:44,072 –> 00:43:44,633
[michelle_richter]: regulated
1187
00:43:44,497 –> 00:43:44,538
[ramsey_d_smith]: m
1188
00:43:44,733 –> 00:43:46,307
[michelle_richter]: field you can’t get scale able
1189
00:43:46,955 –> 00:43:47,197
[paul_tyler]: right
1190
00:43:48,215 –> 00:43:48,236
[ramsey_d_smith]: m
1191
00:43:48,425 –> 00:43:52,789
[michelle_richter]: but since but because of demutualization now
1192
00:43:52,856 –> 00:43:52,957
[paul_tyler]: ah
1193
00:43:53,771 –> 00:43:57,898
[michelle_richter]: it’s no longer the case that distribution
and manufacturing are in the same
1194
00:43:57,867 –> 00:43:57,968
[ramsey_d_smith]: ah
1195
00:43:57,998 –> 00:43:58,799
[michelle_richter]: organization
1196
00:43:58,946 –> 00:43:59,188
[ramsey_d_smith]: oh
1197
00:43:59,480 –> 00:44:02,726
[michelle_richter]: so i’m not sure that the i’m
sure
1198
00:44:02,735 –> 00:44:03,001
[ramsey_d_smith]: m oh
1199
00:44:02,866 –> 00:44:05,110
[michelle_richter]: that state regulation of products
1200
00:44:04,676 –> 00:44:05,636
[ramsey_d_smith]: oh
1201
00:44:05,390 –> 00:44:06,712
[michelle_richter]: is has merit
1202
00:44:06,944 –> 00:44:08,294
[paul_tyler]: yeah
1203
00:44:07,313 –> 00:44:09,337
[michelle_richter]: i’m less certain that state regulation of
1204
00:44:09,335 –> 00:44:09,356
[ramsey_d_smith]: m
1205
00:44:09,374 –> 00:44:09,741
[paul_tyler]: okay
1206
00:44:09,397 –> 00:44:13,964
[michelle_richter]: distribution remains the most meritorious method of
oversight
1207
00:44:14,004 –> 00:44:14,186
[paul_tyler]: yeah
1208
00:44:14,276 –> 00:44:14,517
[ramsey_d_smith]: oh
1209
00:44:14,727 –> 00:44:19,767
[michelle_richter]: given that those entities no longer live
with each other no
1210
00:44:20,446 –> 00:44:22,109
[paul_tyler]: interesting ay that’s a whole nother podcast
1211
00:44:21,926 –> 00:44:21,946
[ramsey_d_smith]: m
1212
00:44:23,527 –> 00:44:23,729
[michelle_richter]: yes
1213
00:44:24,112 –> 00:44:24,412
[paul_tyler]: the other
1214
00:44:24,301 –> 00:44:24,896
[ramsey_d_smith]: ah
1215
00:44:24,553 –> 00:44:25,735
[paul_tyler]: observation i love
1216
00:44:25,685 –> 00:44:25,706
[ramsey_d_smith]: m
1217
00:44:25,815 –> 00:44:29,281
[paul_tyler]: your concept of income under management however
1218
00:44:29,516 –> 00:44:29,819
[ramsey_d_smith]: oh
1219
00:44:29,521 –> 00:44:33,307
[paul_tyler]: man my head starts to spend because
think of any one of our products g
1220
00:44:33,488 –> 00:44:33,688
[paul_tyler]: is that
1221
00:44:33,656 –> 00:44:34,796
[ramsey_d_smith]: yeah
1222
00:44:33,708 –> 00:44:38,196
[paul_tyler]: the you know i’m not expecting is
that the guaranteed income off of the product
1223
00:44:38,376 –> 00:44:39,818
[paul_tyler]: is this the potential
1224
00:44:39,875 –> 00:44:40,019
[michelle_richter]: yeah
1225
00:44:39,899 –> 00:44:41,942
[paul_tyler]: income based on you mark you know
1226
00:44:41,985 –> 00:44:43,427
[michelle_richter]: it’s the max of
1227
00:44:43,484 –> 00:44:43,747
[paul_tyler]: yea
1228
00:44:44,008 –> 00:44:52,682
[michelle_richter]: the guaranteed benefit made available through the
product structure or dolls translation metric that was
1229
00:44:53,003 –> 00:44:53,784
[michelle_richter]: interim final
1230
00:44:53,756 –> 00:44:54,536
[ramsey_d_smith]: yeah
1231
00:44:54,065 –> 00:44:54,185
[michelle_richter]: dan
1232
00:44:54,224 –> 00:44:54,508
[paul_tyler]: yeah
1233
00:44:54,425 –> 00:44:57,891
[michelle_richter]: i think became final guidance on second
quarter twenty twenty
1234
00:44:57,725 –> 00:44:57,746
[ramsey_d_smith]: m
1235
00:44:57,951 –> 00:44:58,692
[michelle_richter]: two statements
1236
00:44:58,346 –> 00:44:58,879
[ramsey_d_smith]: ye
1237
00:44:59,253 –> 00:44:59,414
[michelle_richter]: that
1238
00:44:59,426 –> 00:44:59,749
[ramsey_d_smith]: yeah
1239
00:44:59,554 –> 00:45:01,337
[michelle_richter]: translated assets to income
1240
00:45:01,706 –> 00:45:02,813
[ramsey_d_smith]: oh
1241
00:45:01,838 –> 00:45:04,402
[michelle_richter]: that would be the appropriate method by
which to
1242
00:45:04,405 –> 00:45:04,526
[ramsey_d_smith]: yeah
1243
00:45:04,502 –> 00:45:05,023
[michelle_richter]: accomplish
1244
00:45:04,826 –> 00:45:05,212
[ramsey_d_smith]: oh
1245
00:45:05,564 –> 00:45:06,206
[michelle_richter]: a building base
1246
00:45:06,146 –> 00:45:06,711
[ramsey_d_smith]: oh
1247
00:45:06,306 –> 00:45:07,492
[michelle_richter]: where income under management
1248
00:45:09,566 –> 00:45:09,892
[paul_tyler]: thank you
1249
00:45:12,490 –> 00:45:12,591
[michelle_richter]: so
1250
00:45:12,566 –> 00:45:12,707
[ramsey_d_smith]: ye
1251
00:45:13,415 –> 00:45:17,582
[michelle_richter]: it should be considered in my view
and in particular it should be considered because
1252
00:45:17,822 –> 00:45:21,909
[michelle_richter]: aria has retirement income in the name
is
1253
00:45:21,837 –> 00:45:21,857
[ramsey_d_smith]: m
1254
00:45:22,009 –> 00:45:23,431
[michelle_richter]: not about maximization
1255
00:45:23,045 –> 00:45:23,066
[ramsey_d_smith]: m
1256
00:45:23,491 –> 00:45:24,092
[michelle_richter]: of assets
1257
00:45:23,734 –> 00:45:24,326
[ramsey_d_smith]: hm
1258
00:45:24,373 –> 00:45:25,535
[michelle_richter]: everybody complain is
1259
00:45:25,616 –> 00:45:25,778
[ramsey_d_smith]: ye
1260
00:45:25,635 –> 00:45:29,842
[michelle_richter]: that d c is focused exclusively on
acid accumulation
1261
00:45:29,987 –> 00:45:30,027
[ramsey_d_smith]: m
1262
00:45:30,343 –> 00:45:35,351
[michelle_richter]: and you want to know why it’s
because of the method by which compensation occurs
1263
00:45:35,852 –> 00:45:36,092
[michelle_richter]: right
1264
00:45:35,936 –> 00:45:36,716
[ramsey_d_smith]: yeah
1265
00:45:36,934 –> 00:45:41,274
[michelle_richter]: like it always is right everywhere in
humanity
1266
00:45:41,285 –> 00:45:41,306
[ramsey_d_smith]: m
1267
00:45:41,536 –> 00:45:42,261
[michelle_richter]: that’s the truth
1268
00:45:43,085 –> 00:45:43,106
[ramsey_d_smith]: m
1269
00:45:43,425 –> 00:45:47,270
[michelle_richter]: so you know if we want something
different and we continue to do the same
1270
00:45:47,350 –> 00:45:52,367
[michelle_richter]: thing we experience the definition of crazy
so
1271
00:45:52,376 –> 00:45:52,597
[ramsey_d_smith]: yeah
1272
00:45:52,567 –> 00:45:55,519
[michelle_richter]: in order to do to accomplish something
different we must do
1273
00:45:55,526 –> 00:45:56,216
[ramsey_d_smith]: yeah
1274
00:45:55,639 –> 00:45:56,322
[michelle_richter]: something different
1275
00:45:57,575 –> 00:45:57,596
[ramsey_d_smith]: m
1276
00:45:59,065 –> 00:46:03,672
[michelle_richter]: my third assertion is that the impossibility
of intellectual property
1277
00:46:03,716 –> 00:46:03,978
[ramsey_d_smith]: oh
1278
00:46:03,772 –> 00:46:10,504
[michelle_richter]: having value in my field is an
offense about which utter outrage is merited it
1279
00:46:10,564 –> 00:46:10,624
[michelle_richter]: is
1280
00:46:10,646 –> 00:46:10,907
[ramsey_d_smith]: yeah
1281
00:46:10,844 –> 00:46:18,457
[michelle_richter]: i direct affront to the very principles
of capitalism capitalism as a governing frame relies
1282
00:46:18,637 –> 00:46:25,589
[michelle_richter]: heavily upon intellectual property being protectable and
mont is able so as to encourage invention
1283
00:46:26,186 –> 00:46:26,206
[ramsey_d_smith]: m
1284
00:46:26,390 –> 00:46:30,898
[michelle_richter]: thus i question why is mine the
soul field in this
1285
00:46:30,785 –> 00:46:30,806
[ramsey_d_smith]: m
1286
00:46:30,998 –> 00:46:36,487
[michelle_richter]: country to which capitalism is not permitted
to apply on why are other members of
1287
00:46:36,587 –> 00:46:41,856
[michelle_richter]: my community not apoplectic about my true
words consider the
1288
00:46:41,825 –> 00:46:42,060
[ramsey_d_smith]: m ye
1289
00:46:41,936 –> 00:46:49,088
[michelle_richter]: implications that not codifying verb sales in
our domain has now that post secure annuities
1290
00:46:49,268 –> 00:46:56,480
[michelle_richter]: are permissible in plans plan advisors like
all other faduciaries in america are inherently taught
1291
00:46:56,580 –> 00:47:04,213
[michelle_richter]: that asset maximization is the only valid
lens through which financial advisement can occur yet
1292
00:47:04,494 –> 00:47:09,843
[michelle_richter]: i believe that financials occur not only
on the left side of the consumer balance
1293
00:47:09,923 –> 00:47:16,173
[michelle_richter]: sheet but all so on their income
statement their statement of net worth their cash
1294
00:47:16,253 –> 00:47:16,434
[michelle_richter]: flow
1295
00:47:16,376 –> 00:47:16,617
[ramsey_d_smith]: oh
1296
00:47:16,574 –> 00:47:18,918
[michelle_richter]: statement and the right side
1297
00:47:18,686 –> 00:47:18,948
[ramsey_d_smith]: yeah
1298
00:47:19,018 –> 00:47:20,681
[michelle_richter]: of their balance sheet which
1299
00:47:20,524 –> 00:47:20,685
[ramsey_d_smith]: yeah
1300
00:47:20,741 –> 00:47:23,225
[michelle_richter]: is where insurance plays plan
1301
00:47:23,156 –> 00:47:24,176
[ramsey_d_smith]: my
1302
00:47:23,366 –> 00:47:25,818
[michelle_richter]: advisors don’t know annuities and vice
1303
00:47:25,676 –> 00:47:26,020
[ramsey_d_smith]: oh
1304
00:47:25,919 –> 00:47:31,211
[michelle_richter]: versa advisors can’t even begin to imagine
why we insurance
1305
00:47:30,795 –> 00:47:30,956
[ramsey_d_smith]: right
1306
00:47:31,271 –> 00:47:36,400
[michelle_richter]: people believe our solutions have value because
they are taught to see the world through
1307
00:47:36,440 –> 00:47:38,343
[michelle_richter]: the lens of asset maximization
1308
00:47:37,916 –> 00:47:38,696
[ramsey_d_smith]: yeah
1309
00:47:38,844 –> 00:47:44,373
[michelle_richter]: in there not taught about liability minimization
as a valid entry point to a consumer
1310
00:47:44,473 –> 00:47:45,395
[michelle_richter]: finance world view
1311
00:47:45,695 –> 00:47:45,716
[ramsey_d_smith]: m
1312
00:47:46,517 –> 00:47:47,959
[michelle_richter]: annuities in d c will
1313
00:47:47,906 –> 00:47:48,152
[ramsey_d_smith]: yeah
1314
00:47:48,140 –> 00:47:51,385
[michelle_richter]: only take off if we band together
to fight for their ace
1315
00:47:51,905 –> 00:47:51,926
[ramsey_d_smith]: m
1316
00:47:52,407 –> 00:47:53,088
[michelle_richter]: actuaries
1317
00:47:52,611 –> 00:47:52,632
[ramsey_d_smith]: i
1318
00:47:53,208 –> 00:47:56,053
[michelle_richter]: for example used to have a role
in asset
1319
00:47:56,126 –> 00:47:57,236
[ramsey_d_smith]: yeah
1320
00:47:56,133 –> 00:47:57,956
[michelle_richter]: liability matching when we
1321
00:47:57,905 –> 00:47:57,926
[ramsey_d_smith]: m
1322
00:47:58,196 –> 00:48:00,941
[michelle_richter]: as a society had defined benefit pension
plans
1323
00:48:00,845 –> 00:48:00,866
[ramsey_d_smith]: m
1324
00:48:01,902 –> 00:48:06,408
[michelle_richter]: but now in d c there isn’t
a natural spot for an actuary in d
1325
00:48:06,628 –> 00:48:06,648
[michelle_richter]: c
1326
00:48:06,905 –> 00:48:06,926
[ramsey_d_smith]: m
1327
00:48:06,968 –> 00:48:07,348
[michelle_richter]: because
1328
00:48:07,556 –> 00:48:07,798
[ramsey_d_smith]: oh
1329
00:48:07,809 –> 00:48:14,235
[michelle_richter]: liability consideration is not yet required so
as to advise in d c s d
1330
00:48:14,455 –> 00:48:23,951
[michelle_richter]: c again naturally emphasizes asset maximization so
the society of actuaries nata and iri must
1331
00:48:24,192 –> 00:48:28,879
[michelle_richter]: all strongly consider the possibly ity that
my words might be true and if they
1332
00:48:28,979 –> 00:48:31,723
[michelle_richter]: feel they might be they need to
begin acting
1333
00:48:31,525 –> 00:48:31,646
[ramsey_d_smith]: yeah
1334
00:48:31,983 –> 00:48:34,056
[michelle_richter]: yesterday representatives
1335
00:48:33,866 –> 00:48:34,049
[ramsey_d_smith]: yeah
1336
00:48:34,196 –> 00:48:36,320
[michelle_richter]: of any of these industry organizations
1337
00:48:36,446 –> 00:48:38,385
[ramsey_d_smith]: yeah
1338
00:48:36,560 –> 00:48:40,507
[michelle_richter]: or other organizations that can help change
the circumstances
1339
00:48:40,316 –> 00:48:40,336
[ramsey_d_smith]: m
1340
00:48:40,627 –> 00:48:43,912
[michelle_richter]: i have just described are invited to
email me at
1341
00:48:44,195 –> 00:48:44,216
[ramsey_d_smith]: m
1342
00:48:44,213 –> 00:48:48,300
[michelle_richter]: m rector f s at g mail
dot com and request a
1343
00:48:48,296 –> 00:48:48,660
[ramsey_d_smith]: oh
1344
00:48:48,380 –> 00:48:50,844
[michelle_richter]: death that further explains this perspective
1345
00:48:50,906 –> 00:48:51,213
[ramsey_d_smith]: oh
1346
00:48:51,245 –> 00:48:53,689
[michelle_richter]: and the dangers that follow logically therefrom
1347
00:48:54,418 –> 00:48:54,479
[ramsey_d_smith]: no
1348
00:48:54,590 –> 00:48:59,799
[michelle_richter]: lastly for this diatribe i hold and
and advisement should be a national field again
1349
00:48:59,979 –> 00:49:05,268
[michelle_richter]: it is not about the non placement
it is about contextual advisement it is not
1350
00:49:05,348 –> 00:49:11,478
[michelle_richter]: persacorrelated to an individual contract the way
some state insurance law allows annuity consulting to
1351
00:49:11,558 –> 00:49:13,862
[michelle_richter]: a car that does not make sense
to be
1352
00:49:13,886 –> 00:49:14,606
[ramsey_d_smith]: yeah
1353
00:49:13,942 –> 00:49:20,133
[michelle_richter]: state regulated should be policed similarly to
how r s are overseen achieving this framework
1354
00:49:20,273 –> 00:49:25,822
[michelle_richter]: is my career goal twenty seven years
remain until i begin taking social security at
1355
00:49:25,902 –> 00:49:31,932
[michelle_richter]: age seventy it thus follows logically that
i will not stop truthfully communicating my concerns
1356
00:49:32,013 –> 00:49:34,429
[michelle_richter]: on these matters for at least twenty
seven more years
1357
00:49:34,586 –> 00:49:34,606
[ramsey_d_smith]: m
1358
00:49:35,616 –> 00:49:37,915
[michelle_richter]: or until it’s solved so
1359
00:49:38,036 –> 00:49:38,359
[ramsey_d_smith]: oh
1360
00:49:38,436 –> 00:49:41,000
[michelle_richter]: i thank you so much for your
patients and listening to me
1361
00:49:40,955 –> 00:49:40,976
[ramsey_d_smith]: m
1362
00:49:41,080 –> 00:49:41,761
[michelle_richter]: through all of that
1363
00:49:41,748 –> 00:49:43,090
[bruno_caron]: oh
1364
00:49:41,841 –> 00:49:44,586
[michelle_richter]: i know it was a lot and
i know
1365
00:49:44,576 –> 00:49:44,897
[ramsey_d_smith]: oh
1366
00:49:44,866 –> 00:49:47,751
[michelle_richter]: you suffered but but i think
1367
00:49:47,726 –> 00:49:48,007
[ramsey_d_smith]: yeah
1368
00:49:48,092 –> 00:49:49,274
[michelle_richter]: i think my words are true
1369
00:49:49,458 –> 00:49:50,268
[bruno_caron]: oh
1370
00:49:49,534 –> 00:49:50,908
[michelle_richter]: right time scared they might be
1371
00:49:51,318 –> 00:49:51,543
[bruno_caron]: oh
1372
00:49:51,716 –> 00:49:52,020
[ramsey_d_smith]: yeah
1373
00:49:51,965 –> 00:49:52,911
[michelle_richter]: so i feel that
1374
00:49:53,088 –> 00:49:54,018
[bruno_caron]: yeah
1375
00:49:53,234 –> 00:49:54,261
[michelle_richter]: they should be considered
1376
00:49:54,686 –> 00:49:55,946
[ramsey_d_smith]: yeah
1377
00:49:55,475 –> 00:49:56,398
[michelle_richter]: thank you for giving me
1378
00:49:56,456 –> 00:49:56,798
[ramsey_d_smith]: oh
1379
00:49:56,779 –> 00:49:57,501
[michelle_richter]: the audience to
1380
00:49:57,498 –> 00:49:57,699
[bruno_caron]: oh
1381
00:49:57,541 –> 00:49:58,103
[michelle_richter]: share that with
1382
00:49:59,818 –> 00:50:01,500
[ramsey_d_smith]: well thank you for sharing your thoughts
1383
00:50:01,236 –> 00:50:01,617
[michelle_richter]: esto
1384
00:50:01,538 –> 00:50:01,698
[bruno_caron]: thank
1385
00:50:01,560 –> 00:50:01,940
[ramsey_d_smith]: michelle
1386
00:50:01,778 –> 00:50:01,938
[bruno_caron]: you
1387
00:50:04,966 –> 00:50:05,127
[michelle_richter]: yes
1388
00:50:05,961 –> 00:50:06,082
[bruno_caron]: it’s
1389
00:50:06,086 –> 00:50:07,406
[ramsey_d_smith]: yeah
1390
00:50:08,624 –> 00:50:08,684
[bruno_caron]: we
1391
00:50:08,685 –> 00:50:08,926
[michelle_richter]: oh
1392
00:50:09,044 –> 00:50:11,326
[bruno_caron]: already knew that there was never a
dull moment with
1393
00:50:11,266 –> 00:50:11,406
[ramsey_d_smith]: uh
1394
00:50:11,295 –> 00:50:14,565
[michelle_richter]: oh
1395
00:50:11,386 –> 00:50:11,486
[bruno_caron]: you
1396
00:50:14,600 –> 00:50:16,683
[bruno_caron]: but you prove that once more one
more time
1397
00:50:17,115 –> 00:50:18,348
[michelle_richter]: uh
1398
00:50:17,344 –> 00:50:17,605
[bruno_caron]: uh
1399
00:50:18,035 –> 00:50:18,986
[ramsey_d_smith]: h right
1400
00:50:18,874 –> 00:50:18,915
[michelle_richter]: uh
1401
00:50:19,127 –> 00:50:20,450
[bruno_caron]: i have a feeling we just went
1402
00:50:20,456 –> 00:50:20,738
[ramsey_d_smith]: oh
1403
00:50:20,510 –> 00:50:22,894
[bruno_caron]: back to basically college to logic
1404
00:50:22,706 –> 00:50:22,726
[ramsey_d_smith]: m
1405
00:50:22,954 –> 00:50:23,354
[bruno_caron]: classes
1406
00:50:23,415 –> 00:50:25,605
[michelle_richter]: oh
1407
00:50:23,455 –> 00:50:25,618
[bruno_caron]: philosophy cal classes low
1408
00:50:25,445 –> 00:50:25,466
[ramsey_d_smith]: m
1409
00:50:25,738 –> 00:50:26,620
[bruno_caron]: classes math
1410
00:50:26,715 –> 00:50:26,977
[michelle_richter]: oh
1411
00:50:26,720 –> 00:50:29,685
[bruno_caron]: classes accounting classes um
1412
00:50:30,126 –> 00:50:30,247
[michelle_richter]: es
1413
00:50:31,076 –> 00:50:31,583
[mark_chamberlain]: hm
1414
00:50:31,308 –> 00:50:31,388
[bruno_caron]: and
1415
00:50:31,435 –> 00:50:31,803
[michelle_richter]: that’s right
1416
00:50:33,146 –> 00:50:34,256
[ramsey_d_smith]: oh
1417
00:50:33,612 –> 00:50:34,012
[bruno_caron]: i always
1418
00:50:34,496 –> 00:50:35,276
[ramsey_d_smith]: yeah
1419
00:50:34,834 –> 00:50:35,915
[bruno_caron]: i always like the analogy
1420
00:50:35,576 –> 00:50:35,777
[ramsey_d_smith]: yeah
1421
00:50:35,935 –> 00:50:37,137
[bruno_caron]: between the balance sheet in the end
1422
00:50:37,076 –> 00:50:37,096
[ramsey_d_smith]: m
1423
00:50:37,378 –> 00:50:40,323
[bruno_caron]: statement but you bring it a step
forward
1424
00:50:40,106 –> 00:50:40,409
[ramsey_d_smith]: oh
1425
00:50:40,423 –> 00:50:44,550
[bruno_caron]: you know a step further with with
the right hand side of the balance sheet
1426
00:50:44,630 –> 00:50:45,251
[bruno_caron]: the net worth
1427
00:50:45,266 –> 00:50:45,286
[ramsey_d_smith]: m
1428
00:50:45,612 –> 00:50:46,233
[bruno_caron]: the cash little
1429
00:50:46,256 –> 00:50:46,419
[ramsey_d_smith]: ye
1430
00:50:46,273 –> 00:50:46,673
[bruno_caron]: statement
1431
00:50:47,246 –> 00:50:47,488
[ramsey_d_smith]: oh
1432
00:50:47,915 –> 00:50:53,905
[bruno_caron]: and you know and in such an
eloquent way so i hope the the stake
1433
00:50:53,946 –> 00:50:54,326
[bruno_caron]: holders
1434
00:50:54,729 –> 00:50:54,893
[ramsey_d_smith]: kay
1435
00:50:54,767 –> 00:50:56,690
[bruno_caron]: will make it to the right stake
holders
1436
00:50:56,486 –> 00:50:56,711
[ramsey_d_smith]: ye
1437
00:50:57,091 –> 00:50:57,251
[bruno_caron]: and
1438
00:50:57,356 –> 00:50:58,196
[ramsey_d_smith]: yeah
1439
00:50:58,413 –> 00:50:59,335
[bruno_caron]: we’ll definitely push for that
1440
00:51:00,815 –> 00:51:02,216
[michelle_richter]: thank you thank you
1441
00:51:02,195 –> 00:51:02,216
[ramsey_d_smith]: m
1442
00:51:02,396 –> 00:51:08,683
[michelle_richter]: so much you guys really elevate the
dialogue in our industry i appreciate the work
1443
00:51:08,763 –> 00:51:09,824
[michelle_richter]: that you do so much
1444
00:51:11,336 –> 00:51:13,602
[ramsey_d_smith]: yeah all you’re on mute
1445
00:51:13,455 –> 00:51:13,864
[michelle_richter]: oh
1446
00:51:15,509 –> 00:51:15,529
[bruno_caron]: m
1447
00:51:15,836 –> 00:51:16,016
[ramsey_d_smith]: yeah
1448
00:51:16,676 –> 00:51:16,837
[michelle_richter]: yeah
1449
00:51:17,614 –> 00:51:19,938
[paul_tyler]: you know i’m telling it’s two thousand
twenty two is
1450
00:51:19,946 –> 00:51:20,906
[ramsey_d_smith]: yeah
1451
00:51:20,018 –> 00:51:21,541
[paul_tyler]: almost okay two thousand twenty three
1452
00:51:21,545 –> 00:51:21,566
[ramsey_d_smith]: m
1453
00:51:21,621 –> 00:51:22,262
[paul_tyler]: that will not be
1454
00:51:22,196 –> 00:51:22,946
[ramsey_d_smith]: yeah
1455
00:51:22,322 –> 00:51:24,666
[paul_tyler]: a word but yeah michell
1456
00:51:24,555 –> 00:51:24,797
[michelle_richter]: uh
1457
00:51:24,846 –> 00:51:24,926
[paul_tyler]: no
1458
00:51:25,343 –> 00:51:25,363
[mark_chamberlain]: m
1459
00:51:25,467 –> 00:51:25,888
[paul_tyler]: no no
1460
00:51:25,865 –> 00:51:25,886
[ramsey_d_smith]: m
1461
00:51:26,008 –> 00:51:26,309
[paul_tyler]: thank you
1462
00:51:26,276 –> 00:51:27,000
[ramsey_d_smith]: uh
1463
00:51:26,349 –> 00:51:26,389
[paul_tyler]: i
1464
00:51:26,434 –> 00:51:26,475
[michelle_richter]: uh
1465
00:51:26,449 –> 00:51:27,290
[paul_tyler]: think look
1466
00:51:27,785 –> 00:51:27,806
[ramsey_d_smith]: h
1467
00:51:28,292 –> 00:51:28,632
[paul_tyler]: it takes
1468
00:51:28,433 –> 00:51:28,715
[mark_chamberlain]: oh
1469
00:51:28,693 –> 00:51:29,474
[paul_tyler]: a lot to to
1470
00:51:29,541 –> 00:51:29,723
[mark_chamberlain]: yeah
1471
00:51:29,634 –> 00:51:30,194
[paul_tyler]: change this
1472
00:51:30,095 –> 00:51:30,116
[ramsey_d_smith]: m
1473
00:51:30,295 –> 00:51:31,716
[paul_tyler]: world and you know your your
1474
00:51:32,546 –> 00:51:32,831
[ramsey_d_smith]: yeah
1475
00:51:32,997 –> 00:51:33,758
[paul_tyler]: wow to
1476
00:51:34,046 –> 00:51:34,066
[ramsey_d_smith]: m
1477
00:51:34,639 –> 00:51:37,662
[paul_tyler]: provide more retirement security for people especially
the war
1478
00:51:37,646 –> 00:51:37,666
[ramsey_d_smith]: m
1479
00:51:37,762 –> 00:51:38,482
[paul_tyler]: place is
1480
00:51:40,579 –> 00:51:41,539
[ramsey_d_smith]: ah yeah
1481
00:51:42,709 –> 00:51:42,789
[paul_tyler]: it
1482
00:51:43,526 –> 00:51:43,831
[ramsey_d_smith]: oh
1483
00:51:44,471 –> 00:51:47,496
[paul_tyler]: requires a lot of different organizations
1484
00:51:47,186 –> 00:51:47,550
[ramsey_d_smith]: my
1485
00:51:47,577 –> 00:51:48,638
[paul_tyler]: and legal structures
1486
00:51:48,206 –> 00:51:48,470
[ramsey_d_smith]: yeah
1487
00:51:48,739 –> 00:51:50,341
[paul_tyler]: to change to make sense
1488
00:51:51,755 –> 00:51:51,899
[michelle_richter]: yeah
1489
00:51:51,924 –> 00:51:56,912
[paul_tyler]: especially when you think of a typical
company may have employes in all fifty states
1490
00:51:58,014 –> 00:51:59,977
[paul_tyler]: fifty different state laws may apply
1491
00:52:01,565 –> 00:52:01,586
[ramsey_d_smith]: m
1492
00:52:01,969 –> 00:52:02,535
[michelle_richter]: hm
1493
00:52:02,161 –> 00:52:03,563
[paul_tyler]: securities and exchange
1494
00:52:03,239 –> 00:52:04,890
[michelle_richter]: there is no commissions in arica
1495
00:52:04,994 –> 00:52:05,760
[paul_tyler]: uh
1496
00:52:05,216 –> 00:52:05,236
[ramsey_d_smith]: m
1497
00:52:05,815 –> 00:52:07,743
[michelle_richter]: so how are you going to pay
the insurance expert
1498
00:52:07,955 –> 00:52:07,976
[ramsey_d_smith]: m
1499
00:52:08,496 –> 00:52:09,780
[paul_tyler]: yeah it’s this is a challenge
1500
00:52:09,515 –> 00:52:09,536
[ramsey_d_smith]: m
1501
00:52:09,800 –> 00:52:09,860
[paul_tyler]: so
1502
00:52:10,256 –> 00:52:10,461
[ramsey_d_smith]: ye
1503
00:52:11,216 –> 00:52:11,898
[paul_tyler]: question for you is
1504
00:52:12,185 –> 00:52:12,206
[ramsey_d_smith]: m
1505
00:52:13,284 –> 00:52:17,110
[paul_tyler]: yes we untangle you know the gordian
not here
1506
00:52:17,254 –> 00:52:17,295
[michelle_richter]: uh
1507
00:52:18,392 –> 00:52:23,661
[paul_tyler]: if i’m a typical employe five years
ten years from now how is the experience
1508
00:52:23,741 –> 00:52:26,711
[paul_tyler]: different then it is today
1509
00:52:29,276 –> 00:52:32,441
[michelle_richter]: i think it’s much more likely that
more plans
1510
00:52:32,213 –> 00:52:32,233
[mark_chamberlain]: m
1511
00:52:32,622 –> 00:52:40,615
[michelle_richter]: provide access to a financial professional like
through the employer preveded and financial professional think
1512
00:52:40,695 –> 00:52:40,815
[michelle_richter]: it’s
1513
00:52:41,105 –> 00:52:41,126
[ramsey_d_smith]: m
1514
00:52:41,497 –> 00:52:46,285
[michelle_richter]: that’s already becoming a thing and i
think there’ll be more of that
1515
00:52:46,934 –> 00:52:47,318
[paul_tyler]: oh
1516
00:52:47,707 –> 00:52:52,595
[michelle_richter]: and frankly there a lot of plan
advisors who are interested in entering into wealth
1517
00:52:52,695 –> 00:52:53,937
[michelle_richter]: management domain
1518
00:52:53,876 –> 00:52:53,978
[ramsey_d_smith]: ye
1519
00:52:54,098 –> 00:52:55,119
[michelle_richter]: so they’re going to gladly
1520
00:52:54,986 –> 00:52:55,006
[ramsey_d_smith]: m
1521
00:52:55,219 –> 00:52:59,647
[michelle_richter]: provide it and that’s going to be
a threat to my people unless my people
1522
00:53:00,027 –> 00:53:00,268
[michelle_richter]: start
1523
00:53:00,146 –> 00:53:00,449
[ramsey_d_smith]: oh
1524
00:53:00,648 –> 00:53:01,891
[michelle_richter]: moving towards the d c
1525
00:53:02,015 –> 00:53:02,036
[ramsey_d_smith]: m
1526
00:53:02,111 –> 00:53:06,728
[michelle_richter]: space right and how do they how
to you know have our place set the
1527
00:53:06,768 –> 00:53:07,030
[michelle_richter]: table
1528
00:53:07,354 –> 00:53:07,554
[paul_tyler]: yeah
1529
00:53:07,371 –> 00:53:07,552
[michelle_richter]: right
1530
00:53:08,015 –> 00:53:11,100
[paul_tyler]: well bruno we literally are at the
top of the hour
1531
00:53:12,285 –> 00:53:12,506
[michelle_richter]: uh
1532
00:53:12,703 –> 00:53:12,823
[paul_tyler]: what
1533
00:53:13,414 –> 00:53:13,455
[michelle_richter]: uh
1534
00:53:13,445 –> 00:53:13,466
[ramsey_d_smith]: m
1535
00:53:14,065 –> 00:53:17,290
[paul_tyler]: last final words observations
1536
00:53:19,259 –> 00:53:19,360
[bruno_caron]: oh
1537
00:53:19,274 –> 00:53:20,264
[paul_tyler]: yeah
1538
00:53:19,860 –> 00:53:20,001
[bruno_caron]: boy
1539
00:53:20,546 –> 00:53:21,416
[ramsey_d_smith]: yeah
1540
00:53:20,822 –> 00:53:23,627
[bruno_caron]: i have a list of questions i
don’t even go through my notes and some
1541
00:53:23,667 –> 00:53:23,967
[bruno_caron]: of the things
1542
00:53:24,015 –> 00:53:27,034
[michelle_richter]: yea
1543
00:53:24,248 –> 00:53:26,832
[bruno_caron]: i wanted to talk about and i
wrote more
1544
00:53:27,005 –> 00:53:27,026
[ramsey_d_smith]: m
1545
00:53:27,173 –> 00:53:30,097
[bruno_caron]: it’s usually the other way around so
i don’t even know where to start
1546
00:53:29,986 –> 00:53:30,474
[michelle_richter]: yeah
1547
00:53:30,238 –> 00:53:32,321
[bruno_caron]: to even to
1548
00:53:32,295 –> 00:53:32,477
[michelle_richter]: yeah
1549
00:53:32,421 –> 00:53:33,223
[bruno_caron]: even to even
1550
00:53:33,304 –> 00:53:33,446
[ramsey_d_smith]: yeah
1551
00:53:33,423 –> 00:53:34,966
[bruno_caron]: end this but
1552
00:53:34,995 –> 00:53:35,217
[michelle_richter]: yeah
1553
00:53:35,346 –> 00:53:36,047
[bruno_caron]: i’ll simply say
1554
00:53:36,005 –> 00:53:36,026
[ramsey_d_smith]: m
1555
00:53:36,148 –> 00:53:37,971
[bruno_caron]: thank you and we also
1556
00:53:37,895 –> 00:53:37,916
[ramsey_d_smith]: m
1557
00:53:38,071 –> 00:53:38,712
[bruno_caron]: very very
1558
00:53:38,615 –> 00:53:38,636
[ramsey_d_smith]: m
1559
00:53:38,752 –> 00:53:39,373
[bruno_caron]: much appreciate
1560
00:53:39,476 –> 00:53:39,824
[ramsey_d_smith]: oh
1561
00:53:39,513 –> 00:53:44,682
[bruno_caron]: all all you do for the industry
and such uh passionate and eloquent
1562
00:53:44,595 –> 00:53:44,796
[michelle_richter]: oh
1563
00:53:45,063 –> 00:53:46,906
[bruno_caron]: and rigorous would the
1564
00:53:46,871 –> 00:53:47,015
[ramsey_d_smith]: yeah
1565
00:53:47,247 –> 00:53:47,347
[bruno_caron]: you
1566
00:53:47,276 –> 00:53:47,498
[ramsey_d_smith]: oh
1567
00:53:47,367 –> 00:53:50,874
[bruno_caron]: know kind of a word to you
so thank you
1568
00:53:51,998 –> 00:53:53,019
[ramsey_d_smith]: so i’ll just i’ll just
1569
00:53:53,145 –> 00:53:53,955
[michelle_richter]: yeah
1570
00:53:53,160 –> 00:53:58,428
[ramsey_d_smith]: echo that you know thank you michelle
look you you’re you’re willing to break some
1571
00:53:58,488 –> 00:54:00,672
[ramsey_d_smith]: glass which i think is always important
1572
00:54:01,005 –> 00:54:01,085
[paul_tyler]: ah
1573
00:54:01,512 –> 00:54:02,058
[bruno_caron]: hm
1574
00:54:01,553 –> 00:54:03,437
[ramsey_d_smith]: right and
1575
00:54:03,285 –> 00:54:04,245
[michelle_richter]: yeah
1576
00:54:04,198 –> 00:54:06,682
[ramsey_d_smith]: right and i’ll tell the audience like
1577
00:54:06,978 –> 00:54:07,222
[bruno_caron]: oh
1578
00:54:07,503 –> 00:54:12,311
[ramsey_d_smith]: well two things one is a huge
believer i’m a huge believer in the potential
1579
00:54:12,372 –> 00:54:16,759
[ramsey_d_smith]: for implantanuities and in the d the
importance of annuities in the d c space
1580
00:54:16,799 –> 00:54:19,864
[ramsey_d_smith]: to solve the retirement problem and you
know
1581
00:54:20,088 –> 00:54:20,375
[bruno_caron]: yeah
1582
00:54:20,205 –> 00:54:21,046
[ramsey_d_smith]: basically putting my money
1583
00:54:20,958 –> 00:54:21,220
[bruno_caron]: oh
1584
00:54:21,066 –> 00:54:25,393
[ramsey_d_smith]: where my mouth is and you know
as i as i take this journey a
1585
00:54:25,493 –> 00:54:29,440
[ramsey_d_smith]: lot of times when when want to
find out what’s going on one of my
1586
00:54:29,540 –> 00:54:31,884
[ramsey_d_smith]: very first calls is to michelle rector
so
1587
00:54:32,358 –> 00:54:32,559
[bruno_caron]: oh
1588
00:54:32,425 –> 00:54:35,170
[ramsey_d_smith]: i would say that to anybody in
the audience you would you would do well
1589
00:54:35,931 –> 00:54:39,758
[ramsey_d_smith]: to to reach out to michelle if
you if you want to become
1590
00:54:39,854 –> 00:54:41,084
[paul_tyler]: oh
1591
00:54:40,019 –> 00:54:43,609
[ramsey_d_smith]: more up to speed on on really
what is a very sort of complex space
1592
00:54:43,689 –> 00:54:45,314
[ramsey_d_smith]: so thank you for playing that role
michele
1593
00:54:47,125 –> 00:54:47,246
[michelle_richter]: oh
1594
00:54:47,416 –> 00:54:47,556
[paul_tyler]: yeah
1595
00:54:47,969 –> 00:54:48,712
[michelle_richter]: thank you so much
1596
00:54:49,119 –> 00:54:50,180
[paul_tyler]: michelle thank you mark
1597
00:54:50,006 –> 00:54:50,936
[ramsey_d_smith]: oh
1598
00:54:50,281 –> 00:54:50,741
[paul_tyler]: thank you
1599
00:54:51,236 –> 00:54:51,866
[ramsey_d_smith]: yeah
1600
00:54:51,563 –> 00:54:52,745
[paul_tyler]: hey bruno what i would suggest
1601
00:54:52,766 –> 00:54:52,927
[ramsey_d_smith]: oh
1602
00:54:52,825 –> 00:54:56,571
[paul_tyler]: doing is let’s put your questions in
the linkedon post once this thing goes alive
1603
00:54:56,730 –> 00:54:56,915
[ramsey_d_smith]: yeah
1604
00:54:56,932 –> 00:54:57,252
[paul_tyler]: michelle
1605
00:54:57,198 –> 00:54:57,622
[bruno_caron]: oh
1606
00:54:57,412 –> 00:54:57,993
[paul_tyler]: let’s let’s conti
1607
00:54:58,106 –> 00:54:58,347
[ramsey_d_smith]: oh
1608
00:54:58,414 –> 00:55:00,057
[paul_tyler]: mark let’s continue the discussion there
1609
00:55:00,106 –> 00:55:00,675
[michelle_richter]: absolutely
1610
00:55:00,568 –> 00:55:01,739
[ramsey_d_smith]: m ye
1611
00:55:01,700 –> 00:55:05,646
[paul_tyler]: lot of threads to pull here a
lot of dimensions i think
1612
00:55:05,576 –> 00:55:05,720
[michelle_richter]: yeah
1613
00:55:05,706 –> 00:55:06,207
[paul_tyler]: that we could
1614
00:55:06,605 –> 00:55:06,626
[ramsey_d_smith]: m
1615
00:55:07,021 –> 00:55:07,142
[michelle_richter]: yep
1616
00:55:07,850 –> 00:55:09,993
[paul_tyler]: explore please
1617
00:55:10,446 –> 00:55:14,192
[michelle_richter]: i am an interesting follow on link
down so
1618
00:55:14,155 –> 00:55:17,564
[paul_tyler]: yeah
1619
00:55:14,433 –> 00:55:14,914
[michelle_richter]: consider
1620
00:55:14,716 –> 00:55:15,228
[bruno_caron]: hm
1621
00:55:14,974 –> 00:55:15,054
[michelle_richter]: it
1622
00:55:15,348 –> 00:55:15,671
[bruno_caron]: yeah
1623
00:55:15,716 –> 00:55:15,737
[ramsey_d_smith]: m
1624
00:55:16,985 –> 00:55:17,167
[bruno_caron]: yeah
1625
00:55:17,462 –> 00:55:17,482
[ramsey_d_smith]: m
1626
00:55:17,478 –> 00:55:18,500
[michelle_richter]: if any part of this
1627
00:55:18,438 –> 00:55:18,639
[bruno_caron]: oh
1628
00:55:18,605 –> 00:55:18,626
[ramsey_d_smith]: m
1629
00:55:18,620 –> 00:55:19,261
[michelle_richter]: was appealing
1630
00:55:19,286 –> 00:55:19,306
[ramsey_d_smith]: m
1631
00:55:19,321 –> 00:55:19,641
[michelle_richter]: to you
1632
00:55:19,754 –> 00:55:21,014
[paul_tyler]: yeah
1633
00:55:20,403 –> 00:55:20,783
[michelle_richter]: you should
1634
00:55:20,817 –> 00:55:20,838
[bruno_caron]: m
1635
00:55:20,863 –> 00:55:21,324
[michelle_richter]: consider
1636
00:55:20,966 –> 00:55:21,187
[ramsey_d_smith]: oh
1637
00:55:21,464 –> 00:55:21,864
[paul_tyler]: i agree
1638
00:55:21,726 –> 00:55:22,087
[michelle_richter]: allowing
1639
00:55:21,778 –> 00:55:21,980
[bruno_caron]: yeah
1640
00:55:22,127 –> 00:55:22,489
[michelle_richter]: in linked
1641
00:55:22,405 –> 00:55:22,485
[paul_tyler]: no
1642
00:55:22,529 –> 00:55:22,589
[michelle_richter]: in
1643
00:55:22,626 –> 00:55:23,587
[paul_tyler]: i agree so okay
1644
00:55:23,486 –> 00:55:24,446
[ramsey_d_smith]: oh
1645
00:55:23,727 –> 00:55:25,010
[paul_tyler]: continue it there we’ll move this
1646
00:55:24,926 –> 00:55:24,946
[ramsey_d_smith]: m
1647
00:55:25,070 –> 00:55:26,712
[paul_tyler]: from audio to text
1648
00:55:26,516 –> 00:55:26,838
[ramsey_d_smith]: yeah
1649
00:55:26,833 –> 00:55:27,393
[paul_tyler]: on linked in
1650
00:55:28,128 –> 00:55:28,496
[bruno_caron]: oh
1651
00:55:28,395 –> 00:55:31,420
[paul_tyler]: mark michelle thank you ramsey bruno thank
you michelle
1652
00:55:31,796 –> 00:55:31,816
[ramsey_d_smith]: m
1653
00:55:31,821 –> 00:55:34,265
[paul_tyler]: either sent us a link to what
you just read or send us the text
1654
00:55:34,305 –> 00:55:35,166
[paul_tyler]: and we’ll pop it in the
1655
00:55:35,105 –> 00:55:35,266
[michelle_richter]: yes
1656
00:55:35,227 –> 00:55:35,487
[paul_tyler]: notes
1657
00:55:35,428 –> 00:55:35,650
[michelle_richter]: i will
1658
00:55:36,268 –> 00:55:41,537
[paul_tyler]: uh give us feedback you’re listening thank
you for sticking with us give us feedback
1659
00:55:41,818 –> 00:55:46,486
[paul_tyler]: give us questions give us guess suggestions
we definitely listen and
1660
00:55:47,156 –> 00:55:47,478
[ramsey_d_smith]: oh
1661
00:55:47,208 –> 00:55:52,302
[paul_tyler]: gettin next week for another great episode
of that annuity show thanks thanks everybody
1662
00:55:53,738 –> 00:55:54,024
[bruno_caron]: thank you
1663
00:55:53,936 –> 00:55:53,956
[ramsey_d_smith]: m
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