Here’s the full text of her discussion:
Heads up to SOA, NAIFA, IRI, any other industry group- mark this moment as the point where contacts you have at these organizations should start listening.
Big bold assertion #1: Non-codification of verb sales in insurance means that intellectual property (inventions) can’t have value in insurance
Why is this true?
Assertion 2. The above-mentioned fact (Ip can’t have value in insurance) is true because of the intersection between how products sell and how trademark law works. I will explain further in a moment.
Assertion 3. IP having value is fundamental to the functioning of capitalism.
Assertion 4. In a demutualized world where insurance manufacturing is now entirely vertically disintegrated from distribution, IP can only come to have value by codifying insurance advisement as a scalable, oversee-able, nationally regulated discipline
So we are proving assertion 1- IP has no value in my domain- by proving assertions 2-4
So let’s start with assertion 2 part 1: how do products sell. To understand this, we need first to define both the word “product” and then the word “sell.” Products are nouns. In the context of insurance and financial services, products are issuable containers, and their distribution is highly regulated. Products are issuable legal contracts within which IP can be embedded, and in exchange for the distribution of which compensation can be paid to an FP in respect of either, but never concurrently, a or b. A is from inside the noun in direct respect to sale thereof (this refers to agency and brokerage) whereas b is charged upon the AUA/AUM there formed following a product’s intro into an advised portfolio (b refers to RIA channel).
Now that we know what product means, we move on to sell. Sell means the exchange of remuneration in direct respect to [x- x is a verb in the RIA channel and it’s a noun in the agent/broker channels]. Wholesalers are people who so routinely sell wholes that we can describe their identity by putting an r at the end of the verb that they routinely perform. (By analogy, runners routinely run, we don’t call someone a runner who once ran across the street) All wholes are nouns. The human mind cannot conceive of a whole verb. So wholesalers sell nouns, and nouns sell when they have wholesalers selling them. Wholesalers work for either a noun manufacturer, or a noun seller. An organization that sells nouns will not switch which noun it has its wholesalers focused on selling unless the new noun is more profitable than is the incumbent noun portfolio. A product concept thus cannot have value, because what is valuable about the product/noun is the seller’s prior investment in manufacturing and/or wholesaling infrastructure., not clever IP that does not have higher profit margins than does the incumbent product set.
Now we define the second half of assertion 2, which is about trademarking. Trademark (the application of which differs for IP protection relative to much easier to defend in court brand/name protection)- in this case I’m talking IP protection- requires that the IP be noun-embeddable, whereas servicemarked requires the IP to be verb embedable. If you google “trademark definition”, when applied to IP defense as opposed to brand defense, you too will become aware that the definition of this word requires the IP owner to be able to either manufacture or to sell (remember what sell means from above!) the noun.
Insurance provides for minimization of liabilities (or contra-assets). Insurance advisor is not a defined term. Financial advisor is defined, and it means person who holds the authority to sell verbs (person who has an RIA affiliation, which means they can sell verbs. RIAs sell verbs only. Agents and brokers sell nouns only.) Financial advisors provide ongoing asset maximization advising and they frequently receive their compensation by advising upon, and thus billing upon, AUM accordingly. This asset max advising is a service. IP embedded in Services, for example, the managed account services provided by Morningstar Inc, are servicemarkable, thus they have been servicemarked, not trademarkable, because they’re verbs (services), not nouns.
Absent codifying insurance advisement so that insurance professionals can also sell verbs, by which i am saying: Absent popularizing a billing approach like benefits under advisement or income under advisement, there can’t be value to intellectual property in our field, because you can’t defend it via servicemark (because there’s no framework for scalably selling services in our domain) and you can’t sell it as a noun because an organization can only monetize a trademark in insurance from previous investment in manufacturing and distribution. an incumbent will only do this if the new product has higher expected profit margins than does its existing portfolio. Not likely in today’s fee conscious environment)
So again, because my prior words are true, Not having a scalable advisement frame for liability reduction means intellectual property that is servicemarked in our field also cannot have value, because it can’t be sold (to sell again means to exchange remuneration in direct respect to x. Non-codification of insurance advisement means we can’t scalably sell verbs in insurance). So concludes my proof of assertion #2, that IP can’t have value in my field.
Assertion 3: The impossibility of IP having value in my field is an offense about which utter outrage is merited. It is a direct affront to the very principles of capitalism. Capitalism as a governing frame relies heavily upon IP being protectable and monetizable so as to encourage invention.
Thus I question: Why is mine the sole field in this country to which capitalism is not permitted to apply, and why are other members of my community not apoplectic about my potentially true words?
Consider the implications that not codifying verb sales in my domain has now that post-SECURE, annuities are permitted in plans. Plan advisors, like all other fiduciaries in America, are inherently taught that asset maximization is the only valid lens through which financial advisement can occur. Yet i believe that consumer financials occur not only on the left side of the consumer balance sheet, but also on their income statement, their statement of net worth, their cash flow statement, and the right side of balance sheet, which is where insurance plays. Plan advisors don’t know annuities and vice versa. Advisers can’t begin to imagine why we insurance people believe our solutions have value, because they are taught to see the world through the lens of asset maximization and are not taught about liability minimization as a valid entry point to a consumer finance worldview.
Annuities in DC will only take off if we band together to fight for their place. Actuaries used to have a role in asset liability matching when we as a society had DB plans. There isn’t a natural spot for an actuary in DC plans because liability consideration is not yet required so as to advise in DC, because DC, which relies on AUM as a billing base, even though ERISA includes the words “Retirement Income” in the acronym, naturally emphasizes asset maximization.
Why not IUA?
The Society of Actuaries, NAIFA and IRI must all strongly consider the possibility that my words might be true, and if they feel they might be, they need to begin acting yesterday.
Representatives of any of these industry organizations, or other industry organizations that can help change what I believe to be the true circumstances that i have just described to you are invited to email me at mrichterfis@gmail.com and request a deck that further explains my perspective and the dangers to both our industry and our society more broadly that follow logically therefrom.
Lastly for this diatribe, I hold that Insurance advisement should be a National field (since it is not about noun placement but about contextual advisement, it is not per se corollated to an individual contract the way some state insurance law allows annuity consulting to occur, thus the field would not make sense to be state regulated) it should be policed similarly to how RIAs are overseen.
To achieve this framework is my career goal.
27 years remain until I begin taking social security at age 70. It thus follows logically that I will not stop truthfully communicating my concerns on these matters for at least 27 more years (unless they’re resolved in less time than that).
Thank you for your patience both in allowing me to read that today, and in helping me along in my communicative journey towards hopefully making this point understandable to at least a few people!
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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
197
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[bruno_caron]: m
198
00:05:48,711 –> 00:05:52,337
[michelle_richter]: with part of my time represent the
institutional
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[mark_chamberlain]: oh
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00:05:52,417 –> 00:05:57,967
[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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00:06:01,392 –> 00:06:06,922
[michelle_richter]: that i express here today are necessarily
my own and not for say comforting with
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00:06:07,142 –> 00:06:12,912
[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
210
00:06:17,680 –> 00:06:22,287
[michelle_richter]: also facilitate consortion of retirement
211
00:06:22,157 –> 00:06:22,338
[ramsey_d_smith]: yeah
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00:06:22,347 –> 00:06:25,573
[michelle_richter]: income providers that has been established through
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[ramsey_d_smith]: ye
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00:06:26,094 –> 00:06:30,982
[michelle_richter]: broad ridge f three sixty um so
so i have the opportunity to hear a
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00:06:31,062 –> 00:06:36,551
[michelle_richter]: lot of what’s going on behind the
scenes as the industry really prepares for what
216
00:06:37,092 –> 00:06:45,706
[michelle_richter]: is expected to be massive movement towards
annuities and plan some of the attributes that
217
00:06:45,786 –> 00:06:52,478
[michelle_richter]: i see as necessary right now for
this field to take off include um annuities
218
00:06:52,618 –> 00:06:59,069
[michelle_richter]: need to be included within what in
the qualify or in the d c d
219
00:06:59,189 –> 00:07:01,813
[michelle_richter]: c being defined contribution by the way
space
220
00:07:02,216 –> 00:07:02,297
[paul_tyler]: ah
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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
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00:07:24,116 –> 00:07:25,198
[michelle_richter]: by an industry
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[bruno_caron]: oh
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00:07:25,398 –> 00:07:27,021
[michelle_richter]: organization like
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00:07:26,947 –> 00:07:27,108
[bruno_caron]: yeah
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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
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00:07:34,914 –> 00:07:36,757
[michelle_richter]: conversation with libra
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00:07:37,810 –> 00:07:37,954
[bruno_caron]: yeah
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00:07:38,039 –> 00:07:38,420
[michelle_richter]: about
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00:07:38,186 –> 00:07:38,307
[ramsey_d_smith]: ye
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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
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00:07:45,972 –> 00:07:50,740
[michelle_richter]: talk to annuity companies and annuity companies
didn’t talk to record keepers so
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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
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00:08:02,816 –> 00:08:03,565
[ramsey_d_smith]: yes
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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
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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
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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
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00:08:30,695 –> 00:08:30,716
[ramsey_d_smith]: m
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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
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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
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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
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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
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00:09:29,868 –> 00:09:29,888
[bruno_caron]: m
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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
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[michelle_richter]: why we should
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00:09:38,126 –> 00:09:38,146
[ramsey_d_smith]: m
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[michelle_richter]: all prepare accordingly
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00:09:39,146 –> 00:09:40,406
[ramsey_d_smith]: yeah
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[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
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[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
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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
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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
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00:10:41,979 –> 00:10:46,049
[michelle_richter]: decumulation phase so this whole um
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00:10:46,246 –> 00:10:46,706
[ramsey_d_smith]: michele i’ve
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00:10:46,734 –> 00:10:46,754
[michelle_richter]: m
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00:10:46,746 –> 00:10:47,207
[ramsey_d_smith]: got a i’ve
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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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