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Ask an Advisor: I’m 65 Years Old and Going to Retire Soon. How Should I Structure My Portfolio?

April 12, 2023 2023, Media, Preston Cherry No comments

Shifting from building wealth for retirement to distributing wealth during retirement involves considering preferences related to your life and money. Those factors can include your risk capacity, risk tolerance, lifestyle preferences, longevity, needs, diversification and tax location. Retirement planning happens in stages, with a pre-retirement stage occurring over three to five years during which you begin adjusting your mindset, lifestyle and investments to fit your next stage.

(If you have additional questions about investing or retirement, this tool can help match you with potential advisors.)

How to Structure Your Portfolio

Ask an Advisor: I’m 65 Years Old and Going to Retire Soon. How Should I Structure My Portfolio?

The structure of your retirement portfolio should reflect your needs, lifestyle, risk tolerance and capacity, and financial resources. Diversification across tax location, investment type, time horizon and goals will help optimize your retirement portfolio.

Start by assessing your “sleep-well-at-night meter.” Your risk tolerance may or may not match the risk you need to maintain purchasing power and growth. Maximizing for factors such as growth can help you meet your longevity and medical expense needs.

Second, select fundamental investments that meet your foundational lifestyle needs, commonly called your core portfolio. For example, three to four low-cost, diversified index or exchange-traded funds (ETFs) may suit your core portfolio across equities, bonds and domestic and international investments.

Your market equity participation will depend on how much guaranteed income coverage you have from resources such as Social Security and your risk tolerance.

If you have the capacity and resources to accept volatility and risk for potential additional growth opportunities, consider adding speculative assets to your portfolio, such as gold and cryptocurrencies, and take advantage of bear market corrections.

Let’s dive a bit more into each of these categories of lifestyle and risk considerations. (If you have additional questions about investing or retirement, this tool can help match you with potential advisors.)

Longevity

Although Americans’ average life expectancy has taken a hit in recent years, they still enjoy long retirements by historical standards. The average life expectancy is approximately 80 years for women and 74 for men, respectively, according to the Centers for Disease Control and Prevention. These are averages, meaning retirement can span 25 to 35 years. Longer time spent in retirement requires more funding, and more funding requires a balance of conservation and growth.

If your investment selections are too conservative, they may not provide the growth necessary to accommodate your potential longevity. Consequently, if selections are too aggressive, there is a risk of poor extended performance contributing to a longevity shortfall. (If you have additional questions about investing or retirement, this tool can help match you with potential advisors.)

Lifestyle Needs and Preferences

Ask an Advisor: I’m 65 Years Old and Going to Retire Soon. How Should I Structure My Portfolio?

Your needs and lifestyle preferences are essential when considering investment choices. If your lifestyle preferences require higher levels of funding, your investment selection may orient more toward growth.

You may have travel aspirations, be philanthropic, have wealth transference goals and have higher daily lifestyle standards, all of which require a tilt toward growth. Contrarily, more reserved lifestyle preferences will shift your investment selections toward a more balanced, conservative growth approach.

Fundamental care and needs must be met during retirement. Medical expenses during retirement and long-term care support and services toward the end of life are expensive. These services require a combination of public or private insurance protection with private funding supplements.

Medicare supports a vast amount of medical care beginning at age 65, yet it leaves gaps in coverage that require money. If long-term care insurance has been purchased approaching 65, premiums are expensive, meaning self-funding. Current and long-term care coverage, need and resources will influence portfolio construction. (If you have additional questions about investing or retirement, this tool can help match you with potential advisors.)

Risk Capacity and Tolerance

Risk capacity is your ability to take investment risk, and risk tolerance is your willingness to take that risk. Both forms of risk evaluation will influence your retirement planning and the structure of your retirement portfolio. When considering risk capacity, you must consider your other available financial resources, which affect your risk tolerance.

Other financial resources such as Social Security and a pension, private annuity, or income streams from real estate properties will factor in how much risk you can accept in your market portfolio. For example, Social Security, pensions and private annuities are guaranteed income streams that fund a certain percentage of essential lifestyle needs over time.

The presence of fixed resources reduces the retirement funding need with additional market resources. It increases the risk capacity you can accept to foster growth in your portfolio to combat inflation and longevity risk. Furthermore, you may not need to replicate income types in the market if abundant resources mirror income.

Risk tolerance also includes your emotional ability to sleep well at night during periods of market volatility. The economic and financial markets are cyclical and fluctuate. While additional risk could foster more growth opportunities, more risk also welcomes more volatility during hostile market times. Growth allocation is not to be feared. However, it is to be accounted for both economically and emotionally.

Bottom Line

The structure of your retirement portfolio will depend on your risk tolerance, needs, lifestyle and other factors. Consider evaluating those considerations as you approach portfolio design.

Tips for Finding a Financial Advisor

Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Consider a few advisors before settling on one. It’s important to make sure you find someone you trust to manage your money. As your consider your options, these are the questions you should ask an advisor to ensure you make the right choice.

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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.

Annuity Issuers Vie for Shelf Space as Small Distributors Are Rolled Up

April 11, 2023 2023, Media, Paul Tyler, Scott Hawkins No comments

Annuity issuers are operating in an increasingly concentrated marketplace, but also one where the ranks of the top sellers have been fluid recently.

By Warren S. Hersch|March 29, 2023

Annuity issuers are increasingly competing for product shelf space, as private equity-owned aggregators gobble up agents and brokerage firms.

That has pushed issuers to make it easier for distributors to do business with them, said Scott Hawkins, head of insurance research at the global investment management firm Conning, who spoke at a retirement technology forum on Monday.

They must be able to serve increasingly larger distributors efficiently while continuing to cater to the many smaller firms.

“This means their wholesaling operations have to be top-notch,” he said, adding the carriers must establish relationships with independent marketing organizations that can effectively manage relationships amid the ongoing consolidation.

The Monday event, hosted by Nassau Financial, was held at the Applied Innovation Exchange offices of Capgemini, an information technology services and consulting firm.

Acquisitions between 2018 and 2022, including buyouts of asset managers, insurance agencies and broker-dealers, were driven in part by a wave of retirements of older agents and advisors looking to sell their business, Hawkins said. Increased costs of doing business because of expanding regulatory requirements, and the need to invest in new technologies, also contributed to the trend, he said.

Hawkins also identified as a key trend concentration in the life insurance industry. The top 25 carriers in 2021, the last year for which data is available, generated more than 80% of premiums, he said. And the top 10 carriers nabbed about half the total.

“That’s important because these big players can command distributor shelf space,” he said.

But there also has been fluidity in rankings near the top, Hawkins added, observing that 13 of the top 25 carriers had moved up or down by at least five places over the five-year period from 2017 to 2021. So, for example, if a carrier was ranked 11th in sales for a product category in 2017 and then 3rd in 2022, it rose eight positions in the rankings.

Fluctuating consumer interest in the products underpin these changes, and this fluidity has driven new product development, he said.

Hawkins said the rise in interest rates has led to an increase in life insurers’ portfolio yields, reversing the squeeze on profitability in earlier years.

Citing Limra data, he noted the uptick in yields boosted rates paid on fixed-rate annuities: The average amount credited on five-year guaranteed annuities rose to 4.3% in December from 1.9% in January of 2022. The rise led to a spike in sales of the fixed-rate products. Meanwhile, variable annuity sales fell 20%, the result of a less bullish stock market.

Restructuring of the Annuity Market

Hawkins framed a restructuring underway in the annuity market in terms of sellers and buyers of annuity policy liabilities. Sellers, he said, want to offload blocks of fixed annuities because the rates paid the on contracts are higher than what they’re earning on their investment portfolios.

And they’re angling to divest less profitable variable annuity contracts. Hawkins said stock market volatility has forced carriers to increase reserves to support guaranteed living benefits. A rise in the cost of carriers’ variable annuity hedging programs, and their wanting to redeploy capital to other, higher-growth businesses, also underpinned moves to offload these contracts, he said.

But the buyers, mainly private equity-owned companies, have already purchased much of the low-hanging fruit: closed blocks of fixed-rate annuities that they could acquire at low cost.

As their returns on investment decline, annuity issuers have shifted their sights to other areas, including focusing more on businesses selling variable annuities and individual life policies and arranging pension risk transfer deals. They’ve also moved into funding agreement-backed securities and making loans, Hawkins said.

“Companies are acquiring a source of private credit, which they’re using to increase their investment returns,” he said.

Hawkins said that investments in insurance technologies have resulted in improved productivity, as measured by a greater rise in premiums written in recent years (up 52%) relative to employee headcount (up 13%).

“That suggests that this technology investment is paying dividends,” he said. “Insurers are able to do more business with fewer people, and the people they have are focused on doing the high, value-added activities that support growth and profitability.”

The technology investments he added, have also spurred carriers to shed through automation low-paying administrative and clerical positions, and to increase recruitment of more expensive, high-value workers in much demand, including people with computer and mathematical skills.

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How Much Should You Have in Retirement Savings at 65?

April 10, 2023 2023, Media, Paul Tyler No comments

At age 65, you may be retired or preparing to retire soon. It’s an age when you may be concerned about the size of your retirement nest egg.

If you’re already retired, will it be enough to last for the rest of your golden years? If you’re not yet retired, how much more should you aim to save to get your nest egg to a place where you can stop working and have peace of mind?

While there is no one-size-fits-all answer to this question, there are a few rules of thumb you should keep in mind.

Aim for $700K at a Minimum

Larry Hendrickson, founder and managing partner at G&H Financial Group, notes that the amount of retirement savings you should have if you retire at 65 will depend on your personal living costs. It also will depend on whether or not you want to leave an inheritance.

He broke down a few scenarios to see how far different amounts of savings would go if you are a single individual with a desired annual retirement income of $55,000 or a married couple with a desired income of $75,000.

His calculations assume an average annual Social Security benefit payment of $30,708 per year for singles or $61,416 for couples, an inflation rate of 3.5% up to age 80 and a rate of 2.5% thereafter, a Social Security inflation rate of 1.5% and an investment return rate of 4% up to age 95.

“A single individual with $800,000 in a retirement account, spending $55,000 a year with 3.5% inflation and a rate of return of 4% will run out of money at age 95,” he said. “If they passed away at 94, there would be $28,141 left in the retirement account. If the individual desired to leave a legacy, they would need a balance of $900,000 in their retirement. Then at age 95, their beneficiaries would divide $269,985.

“A married couple with $700,000 set aside for retirement would leave $23,979 if they lived until age 95,” he said. “With a retirement account [balance] of $800,000, they would leave $348,328.”

At $900,000, the remainder would be $672,658. At $1 million, it would be $996,998.

Bill Waggoner, partner at Stoney Creek Advisors, LLC in Rochester Hills, Michigan, recommends that a couple who is 65 aim for $1 million in retirement savings.

“Every case is special because everyone has different goals, expenses and needs in retirement,” he said. “As a rule of thumb today, for the average middle-American couple around age 65, I usually suggest accruing a portfolio of around $1 million to retire comfortably and avoid returning to work during retirement.”

How To Calculate Your Ideal Retirement Savings Amount at 65

Paul Tyler of Nassau Financial Group in Hartford, Connecticut, notes that calculating your ideal retirement savings amount can be quite complex.

“You first need a very clear-eyed view of your income and expenses in retirement,” he said.

Income includes Social Security, pensions, annuities and other sources of income, such as rental property. Expenses should include day-to-day expenses, healthcare costs and some financial cushion for unexpected expenses.

Once you know these numbers, use the “4% drawdown rule” to calculate the savings needed, Waggoner said.

“This is one of the oldest ‘rules’ in retirement planning,” he said. “The 4% drawdown rule states that you should be able to take 4% from your investments annually without touching your principal. This approximation is based on the historical 4% to 5% average growth rate that most financial advisors use to gauge growth in retirement investments.”

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What Gen X Women Need To Know To Get Ready for Retirement

April 10, 2023 2023, Media, Paul Tyler No comments

Gen X women are now between the ages of 43 and 58, which means retirement is on the not-too-distant horizon for some of them. However, instead of looking forward to this phase of life, many women in this generation dread it.

A 2019 study conducted by the Employee Benefit Research Institute found that members of Generation X feel less confident about retirement than millennials and baby boomers. The study found that over half of Gen Xers don’t believe their current financial circumstances will allow them to live comfortably throughout retirement, afford the same lifestyle in retirement, have enough money to last their entire life or cover basic expenses in retirement.

So why is this generation, in particular, feeling so anxious about retirement? And why could women be more at risk for feeling this way? Here’s a look at why Gen X women may feel less prepared for retirement than boomer or millennial women, and what they can do to feel more ready.

Reasons Gen X Women Don’t Feel Ready for Retirement

Several factors could lead Gen X women to feel they are not prepared for their retirement years. Here’s a look at some of the hurdles women of this generation could be facing.

Debt

Student loan debt could take more of a toll on the finances of Gen X women than women of other generations.

“Gen X is the first generation of women for whom student loans are a significant financial burden,” said Melissa Mabley Martin, wealth advisor at Bartlett Wealth Management. “The oldest baby boomers paid an average of $243 per year for tuition at a public college and $1,088 for a private college. It was possible to ‘work your way through school.’ By the time Gen X entered university, costs had skyrocketed at a rate well above general inflation, and it was no longer financially feasible for the average person without significant savings to get through school without loans.”

Although millennials are also burdened with student loan debt, Mabley Martin believes a lack of financial literacy may play a role in why Gen X could have taken on more debt than the next generation.

“The difference between Gen X and millennials is that millennials are likely better educated about the consequences of taking out excessive student loans,” she said. “Gen X was sold hard on the importance of getting a good education so that you could get a higher-paying job — in essence, that the degree would pay for itself with a higher salary. Millennials went in with their eyes wide open, and also benefitted from lower rates on fixed federal student loans.”

The Economy

While every generation has had to weather certain economic storms, the state of the economy has taken a toll on Gen X in particular.

“When the ‘tech wreck’ and September 11th happened, Gen X was in their early 20s to mid-30s — peak years to save for retirement,” Mabley Martin said. “When the financial crisis hit, most women in Gen X were mid-career. Unemployment skyrocketed and savings stalled during those prime earning years. The COVID recession a little more than 10 years later was short, but the fallout from the pandemic forced many women to leave the workforce altogether either to supervise remote learning or to care for aging parents.”

The Caregiving Conundrum

Gen X women have had to bear the brunt of caregiving — times two. This can take a major hit on their ability to save for retirement.

“Generation X is commonly referred to as the ‘Sandwich Generation,’ saddled with providing care and financial support to both their parents and their children,” Mabley Martin said. “According to the AARP, the average caregiver in America is a 49-year-old woman. These caregiving responsibilities are unpaid and, unsurprisingly, are reported to be affecting a woman’s ability to save for retirement. And it doesn’t end when those children reach adulthood. More than half of adults ages 18 to 29 reported being supported financially by their parents.”

Changing Retirement Income Options

“Defined benefit programs, [aka] pensions, were common for baby boomers — not just for government employees but at the corporate level,” Mabley Martin said. “These are virtually nonexistent today.”

In addition to not having the same access to pensions as their predecessors, the Social Security program may look different by the time Gen X reaches their retirement years.

“Social Security, which is a primary source of retirement income for the majority of Americans, is projected to have a shortfall beginning in 2035,” Mabley Martin said. “For beneficiaries 60 and younger, the Social Security statements now contain what is essentially a warning that they will be able to pay out approximately $800 of every $1,000 in current benefits given current laws. Millennials should have enough time to pivot and make plans to supplement any potential shortfall in Social Security benefits, but the oldest Gen X women are now rapidly approaching 60. It may be too late to do anything other than push out your retirement date and continue to work.”

What Gen X Women Can Do To Prepare for Retirement

Although it may seem like the deck is stacked against them, there are still levers Gen X women can pull to increase their retirement readiness. The No. 1 thing to do is create a solid financial plan, Mabley Martin said.

“Careful financial planning is essential to a successful financial future,” she said. “This isn’t just true for Gen X women, but it’s going to be particularly important [for them] because, unlike members of younger generations, their savings don’t have the benefit of a long time horizon. They may need to save more or work longer or both in order to ensure they have sufficient resources to fund their retirement.”

Paul Tyler of Nassau Financial Group in Hartford, Connecticut, notes that it’s important for women of this generation to have their own retirement savings, independent of their spouses.

“Women in particular need to recognize they will likely outlive their spouse or partner, and actively plan to build predictable income for later in retirement,” he said, “whether through an IRA, 401(k) or annuity.”

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Episode 163: The State of the Annuity Market Today with Todd Taylor

September 15, 2022 2022, Podcast, Retirement, Todd Taylor No comments

The annuity industry reported record sales in the first half of this year. Leading the pack was none other than New York Life. Today, we meet Todd Taylor, Head of Retail Annuities for the company and discuss the state of the industry and what we might expect the rest of the year.

Links mentioned:

https://www.nylannuities.com

https://www.linkedin.com/in/todd-taylor-907aab13/

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Episode Transcript

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[paul_tyler]: this is paul tyler and welcome to
another episode of that annuity

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[ramsey_d_smith]: oh

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[paul_tyler]: show ramsey good to see you

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[ramsey_d_smith]: always great to be here

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[paul_tyler]: hey we got a great guest where
we are really going

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[ramsey_d_smith]: yeah

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[paul_tyler]: to hear from a market leader in
this space do you want to do the

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[ramsey_d_smith]: yeah

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[paul_tyler]: intro

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[ramsey_d_smith]: absolutely so we are quite fortunate today
to be joined by tod taylor who newly

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[ramsey_d_smith]: took on the role of head of
retail annuities at new york life a market

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[ramsey_d_smith]: leader in our industry so we’re really
honored to have him here today and and

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[ramsey_d_smith]: very interested to hear what his perspective
is on on the market outlook and new

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[ramsey_d_smith]: york life’s role in it and and
tod you know the mark you want to

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[ramsey_d_smith]: make potentially over the course of the
next few years would love to hear you

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[ramsey_d_smith]: know your thoughts on on what where
you think there could be real progress in

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[ramsey_d_smith]: our industry m

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[todd_taylor]: well thanks for having

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[ramsey_d_smith]: oh

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[todd_taylor]: me guys it’s great to be here

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[paul_tyler]: yeah so so just give us

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[ramsey_d_smith]: h

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[paul_tyler]: a little bit of your back where
i know you’ve you’ve done a lot at

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[paul_tyler]: new york life and

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[ramsey_d_smith]: h

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[paul_tyler]: you know stepping into

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[ramsey_d_smith]: yeah

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[paul_tyler]: a role is a it’s a big
accomplishment nd now

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[ramsey_d_smith]: m

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[paul_tyler]: maybe talk to us about you know
back just give people a quick back story

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[paul_tyler]: and kind of you know what’s the
scope

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[ramsey_d_smith]: h

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[paul_tyler]: of your assignment today

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[todd_taylor]: absolutely

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[ramsey_d_smith]: oh

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[todd_taylor]: so i’ve been with new york life
for about fifteen years i’m an actuary by

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[todd_taylor]: training i kind of worked my way
up through the company and i’ve worked in

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[todd_taylor]: annuities and life insurance and corporate finance
at corporate stra and to you a bunch

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[todd_taylor]: of different roles around the company

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[ramsey_d_smith]: ah yeah yeah

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[todd_taylor]: and i have been part of our
annuity business

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[ramsey_d_smith]: oh

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[todd_taylor]: for the last five or six years
and as you guys mentioned took over leadership

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[todd_taylor]: of the business last year we are
the sort of schole of the responsibilities is

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[todd_taylor]: across our product development

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[ramsey_d_smith]: yeah

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[todd_taylor]: and marketing and strategy or

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[ramsey_d_smith]: yeah

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[todd_taylor]: sales and service

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[ramsey_d_smith]: yeah

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[todd_taylor]: operation for external distribution and then our

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[paul_tyler]: m

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[todd_taylor]: back

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[ramsey_d_smith]: ah

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[todd_taylor]: office operations team as well and you
know my my interest in annuities part of

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[todd_taylor]: my moves around

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[ramsey_d_smith]: oh

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[todd_taylor]: new york life i did i had
a role kind of studying retirement planning just

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[todd_taylor]: like the interest

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[ramsey_d_smith]: as

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[todd_taylor]: in you know how folks actually design
retirement plans and i got hooked on it

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[todd_taylor]: i think the fact about you know
the state of our retirement planning you know

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[todd_taylor]: across the industry is that there isn’t
agreed upon sort of framework

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[ramsey_d_smith]: oh

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[todd_taylor]: or

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[paul_tyler]: yeah

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[todd_taylor]: solution and that that i think

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[ramsey_d_smith]: yeah

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[todd_taylor]: is really one it’s a challenge but
also two it’s really you know it’s really

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[todd_taylor]: interesting and makes our place in the
industry really important and ever evolving so that’s

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[todd_taylor]: kind of how i got hooked on
the annuity you know landscape

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[paul_tyler]: yeah well you know

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[ramsey_d_smith]: oh

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[paul_tyler]: look new york life has defined a
lot of more markets if you go back

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[paul_tyler]: you know go back in time a
long way and also look at you know

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[paul_tyler]: some of the work you’ve been doing
in the recent years i know you had

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[paul_tyler]: a year last year i think you
know from the

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[ramsey_d_smith]: m

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[paul_tyler]: reports

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[todd_taylor]: ye

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[paul_tyler]: and stuff

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[ramsey_d_smith]: m

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[paul_tyler]: i’ve seen it looks like it’s continuation
of prior success what’s going right

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[ramsey_d_smith]: yeah

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[paul_tyler]: you know for your company for the
market in gene

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[todd_taylor]: absolutely i mean i think you know
the line numbers came out on the first

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[todd_taylor]: half of twenty twenty two and as
you guys know is it was a great

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[todd_taylor]: you know first half for the industry
the intersystops up in like ten per cent

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[todd_taylor]: off pretty high numbers lad you’re really
a result of the maco economic environment i

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[todd_taylor]: mean you’ve got like

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[paul_tyler]: oh

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[todd_taylor]: equity markets down bond funds down inflation

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[ramsey_d_smith]: yeah

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[todd_taylor]: um and so

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[ramsey_d_smith]: m

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[todd_taylor]: there’s been a lot of movement into
annuities in the first half of this year

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[ramsey_d_smith]: yeah

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[todd_taylor]: we’re a pretty diversified writer were diversified
by product lines were diversified by distribution so

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[todd_taylor]: we’ve been a consistent top

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[ramsey_d_smith]: yeah

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[todd_taylor]: five writer for the last you

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[paul_tyler]: m

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[todd_taylor]: know five or six years just done
that

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[ramsey_d_smith]: oh

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[todd_taylor]: diversification um but we in the first
half of the year became the number one

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[todd_taylor]: writer

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[ramsey_d_smith]: oh

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[todd_taylor]: in the industry for the first time
ever and i think a lot of that

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[todd_taylor]: has to do is sort of two
factors fixed to feredinuities

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[ramsey_d_smith]: yeah

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[todd_taylor]: you know my gas had a great
first half of the year based on a

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[todd_taylor]: lot of those challenges

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[ramsey_d_smith]: yeah

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[todd_taylor]: i described we’ve been a market leader
in that for years so

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[ramsey_d_smith]: yeah

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[todd_taylor]: that helped us and then also you
know in times of turmoil

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[ramsey_d_smith]: ye

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[todd_taylor]: i think in general tendency

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[paul_tyler]: m

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[ramsey_d_smith]: yeah

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[todd_taylor]: kind of a flight to safety and
higher rated insurers tend to do well so

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[todd_taylor]: i think we saw some of the
benefits there as well but that you know

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[todd_taylor]: what’s going on in the industry

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[ramsey_d_smith]: a

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[todd_taylor]: new nor life felt well and i
think

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[ramsey_d_smith]: oh

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[todd_taylor]: that’s why we had such a strong

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[ramsey_d_smith]: ye

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[todd_taylor]: first half

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[ramsey_d_smith]: so one of the things that you
had spoken about earlier was the role of

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[ramsey_d_smith]: role of planning and very interested to
hear how you think advisors and be more

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[ramsey_d_smith]: pro active on bringing planning tools into
the into this discussion around retirement income

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[todd_taylor]: well i think it’s a you know
it’s a very i would describe it as

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[todd_taylor]: unique and challenging time

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[ramsey_d_smith]: yeah

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[todd_taylor]: to be to be a pre retired
reader an early retired

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[ramsey_d_smith]: oh

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[todd_taylor]: race we mentioned

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[paul_tyler]: m

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[todd_taylor]: you know got equity market volatility we’ve
got o p ratios near all time high

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[todd_taylor]: so there’s a lot of sort of
lack of confidence in where equity markets may

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[todd_taylor]: be going in the near term we
saw the pull back and bond funds also

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[todd_taylor]: got inflation as a as a broad
statement i would say it’s never a more

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[todd_taylor]: important

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[ramsey_d_smith]: m

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[todd_taylor]: time to have a financial advisor and
to work with an advisor

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[ramsey_d_smith]: m

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[todd_taylor]: you can do a lot of things
wrong

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[ramsey_d_smith]: m

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[todd_taylor]: in this market you know selling out
of all your equities massively constraining spending are

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[todd_taylor]: natural things to do in this environment
and so just working with an advisor i

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[todd_taylor]: think is a really important step and
to your question on you know tools and

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[todd_taylor]: planning um

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[ramsey_d_smith]: oh

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[todd_taylor]: i think part of this is we’ve
always

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[ramsey_d_smith]: yah

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[todd_taylor]: been a big proponent of you want
to focus your retirement planning on outcomes you

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[todd_taylor]: know the expected return of a strategy
or a portfolio in many

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[ramsey_d_smith]: m

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[todd_taylor]: retirement planning conversations is important but not

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[ramsey_d_smith]: yeah

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[todd_taylor]: the whole story you want o focus
on what’s the income you’re going to generate

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[todd_taylor]: in retirement how long is it going
to last you know

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[ramsey_d_smith]: yeah

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[todd_taylor]: how are you gonna able to cover
your expenses et cetera

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[ramsey_d_smith]: oh

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[todd_taylor]: so i think with

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[ramsey_d_smith]: yeah

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[todd_taylor]: the best advisers are doing is working
on that kind of outcomes based

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[ramsey_d_smith]: oh

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[todd_taylor]: planning you know there are tools out
there that support that but i think that’s

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[todd_taylor]: the you know first and foremost i
also think that you know in this environment

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[todd_taylor]: and again going back kind of the
industry results we saw the growth of you

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[ramsey_d_smith]: yeah

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[todd_taylor]: protected accumulation solution so

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[ramsey_d_smith]: m

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[todd_taylor]: indextanuities

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[ramsey_d_smith]: oh

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[todd_taylor]: rilas were a big

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[paul_tyler]: m

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[todd_taylor]: proponent of g a b so guaranteed
minimum accumuniation benefit on vas all these solutions

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[todd_taylor]: are basically

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[paul_tyler]: m

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[todd_taylor]: helping consumers in that retirement red zone
you you’re trying to generate

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[ramsey_d_smith]: ah

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[todd_taylor]: trying to generate income

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[ramsey_d_smith]: yeah

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[todd_taylor]: need an inflation hedge inflation is going
up

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[ramsey_d_smith]: ah

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[todd_taylor]: so you probably need to be in
equity

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[ramsey_d_smith]: m

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[todd_taylor]: markets but you’re facing all this sequence
risk in

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[ramsey_d_smith]: yeah

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[todd_taylor]: early retirement all these solutions are forming
varying degrees of protection they’re basically giving you

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[todd_taylor]: a layer of protection

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[paul_tyler]: oh

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[todd_taylor]: an explicit guarantee

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[paul_tyler]: m

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[todd_taylor]: a buffer

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[paul_tyler]: oh

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[todd_taylor]: floor and then upside

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[ramsey_d_smith]: yah

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[todd_taylor]: in terms of of equity exposure

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[ramsey_d_smith]: h

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[todd_taylor]: and if you

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[ramsey_d_smith]: a

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[todd_taylor]: look at the industry results

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[ramsey_d_smith]: oh

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[todd_taylor]: i think those are the areas

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[ramsey_d_smith]: yeah

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[todd_taylor]: that are growing and i think that’s
because advisors are you helping consumers get the

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[todd_taylor]: confidence to stay invested in equities with
solutions like that

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[paul_tyler]: yeah an optimist would say look look
at the growth and the fixed annuities some

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[paul_tyler]: of the categories you’ve mentioned you pessimist
would say yeah but paul you know look

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[paul_tyler]: at the total pie you know

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[ramsey_d_smith]: oh

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[paul_tyler]: a lot of them

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[ramsey_d_smith]: oh

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[paul_tyler]: business was done in the va is
kind of rapidly transitioning

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[ramsey_d_smith]: my

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[paul_tyler]: over into rials or the fixed index
annuity space time do you think they’ve been

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[paul_tyler]: in the last couple of years coming
out of covido you think there’s been any

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[paul_tyler]: fundamental shift in appreciation for

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[ramsey_d_smith]: ye

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[paul_tyler]: annuities or

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[ramsey_d_smith]: yah

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[paul_tyler]: annuities being adopted by platforms are we
really just sort of seeing

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[ramsey_d_smith]: oh

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[paul_tyler]: the pies changing and basic demographicstr kind
of moving

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[ramsey_d_smith]: oh

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[paul_tyler]: the business along

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[todd_taylor]: yeah i mean as you guys know
well i mean certainly our industry over the

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[todd_taylor]: last fifteen years probably hasn’t grown you
know in line with the demographics i think

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[ramsey_d_smith]: okay

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[todd_taylor]: low interest rates have undoubtedly heard

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[ramsey_d_smith]: oh

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[todd_taylor]: many categories um you know

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[ramsey_d_smith]: yeah

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[todd_taylor]: on the i will say though that
i think we’re on pace for a record

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[todd_taylor]: year after a record year in the
industry so in terms of retail annuity sales

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[ramsey_d_smith]: yes

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[todd_taylor]: were probably on pace for two straight
records

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[ramsey_d_smith]: yes

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[todd_taylor]: and certainly there is you know there’s
some gives you know puts and takes there

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[todd_taylor]: perhaps at the

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[ramsey_d_smith]: m

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[todd_taylor]: loss of a v some of these
other categories are doing well but i do

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[todd_taylor]: think that you know we’re approaching kind
of the peak you know baby boomer retirement

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[todd_taylor]: age and that combined with for the

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[ramsey_d_smith]: oh

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[todd_taylor]: first time in a while the equity
market is not just going straight

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[ramsey_d_smith]: okay

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[todd_taylor]: up i think that’s leading to what
i would consider to be

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[ramsey_d_smith]: yah

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[todd_taylor]: more permanent increases in our in our
industry

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[ramsey_d_smith]: oh

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[todd_taylor]: so anyway i think

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[ramsey_d_smith]: ah

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[todd_taylor]: that i think that’s

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[ramsey_d_smith]: and

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[todd_taylor]: it’s a good sign for our industry
and you know i’m quite confident on the

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[ramsey_d_smith]: yeah

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[todd_taylor]: you know the long term outlook

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[ramsey_d_smith]: ah so you know one of the
one of the challenges that we we all

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[ramsey_d_smith]: face so everybody you know on this
certainly speaking on this panel if you will

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[ramsey_d_smith]: and out in the market one of
the challenges we faces you know education and

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[ramsey_d_smith]: context around around what it is we
do and you’ve done a great job laying

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[ramsey_d_smith]: out the case for why what we
do is very important um you know there

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[ramsey_d_smith]: are there are different there are different
groups of of whether it’s clients or advisors

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[ramsey_d_smith]: that i think are still taking time
to sort of warm up to this you

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[ramsey_d_smith]: know speaking particularly the r a community

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[todd_taylor]: my

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[ramsey_d_smith]: in many ways um you know what
are what are some of the things you

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[ramsey_d_smith]: think we can do on an ongoing
basis to continue to to sort of move

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[ramsey_d_smith]: that move the trend in that direction
because it’s it is i think we all

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[ramsey_d_smith]: see the logic very clearly but it’s
taken maybe longer than we would like

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[todd_taylor]: absolutely

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[ramsey_d_smith]: yeah

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[todd_taylor]: it’s a great question and i think
if i had this you know if i

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[todd_taylor]: had the solution to the one solution
for that

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[ramsey_d_smith]: right

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[todd_taylor]: i’d be you know i would have
been had of annuities earlier

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[ramsey_d_smith]: yeah

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[todd_taylor]: but you know it’s an important question
i think a couple things

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[ramsey_d_smith]: yeah

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[todd_taylor]: obviously with respect to

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[ramsey_d_smith]: yah

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[todd_taylor]: r s particular you know a lot
of what we’re doing as an industry is

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[todd_taylor]: trying to incorporate annuities into the actual

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[ramsey_d_smith]: oh

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[todd_taylor]: process that folks are used to working
in i mean we have the solutions but

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[todd_taylor]: i think we have them in a
sort of different process than most advisers are

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[todd_taylor]: used to doing business with so

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[ramsey_d_smith]: m

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[todd_taylor]: i don’t think anyone has fully solved
that i think there are a number of

296
00:09:51,242 –> 00:09:55,589
[todd_taylor]: companies making a lot of strides both
trod you know writers of annuities as well

297
00:09:55,556 –> 00:09:56,216
[ramsey_d_smith]: oh

298
00:09:55,649 –> 00:09:59,716
[todd_taylor]: as some of the companies who are
providing support to help bridge that gap i

299
00:09:59,756 –> 00:10:00,477
[todd_taylor]: think that’s you

300
00:10:00,506 –> 00:10:01,166
[ramsey_d_smith]: oh

301
00:10:00,537 –> 00:10:01,759
[todd_taylor]: now perhaps the most important

302
00:10:02,576 –> 00:10:02,878
[ramsey_d_smith]: oh

303
00:10:02,621 –> 00:10:04,183
[todd_taylor]: element to getting widespread adoption

304
00:10:04,826 –> 00:10:05,088
[ramsey_d_smith]: oh

305
00:10:04,844 –> 00:10:04,924
[todd_taylor]: the

306
00:10:04,920 –> 00:10:05,249
[paul_tyler]: yeah

307
00:10:04,985 –> 00:10:08,697
[todd_taylor]: other is you know and we’ve been
you know we’ve been part of this we

308
00:10:08,797 –> 00:10:09,258
[todd_taylor]: for years

309
00:10:09,078 –> 00:10:09,180
[ramsey_d_smith]: go

310
00:10:09,318 –> 00:10:10,420
[todd_taylor]: have tried to explain the

311
00:10:10,376 –> 00:10:11,306
[ramsey_d_smith]: my

312
00:10:10,801 –> 00:10:13,485
[todd_taylor]: kind of the rational or the quantitative
benefits of annuities

313
00:10:13,250 –> 00:10:13,826
[ramsey_d_smith]: okay

314
00:10:13,525 –> 00:10:17,372
[todd_taylor]: you know we’re the market leader and
plane spes and das and

315
00:10:17,336 –> 00:10:18,356
[ramsey_d_smith]: yeah

316
00:10:17,552 –> 00:10:18,874
[todd_taylor]: you know we love to go around
talking

317
00:10:18,707 –> 00:10:18,869
[ramsey_d_smith]: yeah

318
00:10:18,934 –> 00:10:20,237
[todd_taylor]: about how they teck against

319
00:10:20,456 –> 00:10:20,821
[ramsey_d_smith]: oh

320
00:10:20,457 –> 00:10:24,263
[todd_taylor]: running out of money and you know
the benefits in terms of sequence risk you

321
00:10:24,323 –> 00:10:25,666
[todd_taylor]: guys have had you know i’m sure

322
00:10:25,616 –> 00:10:25,737
[ramsey_d_smith]: ye

323
00:10:25,946 –> 00:10:28,510
[todd_taylor]: wait and michael finca and david land
shed on your show

324
00:10:28,556 –> 00:10:29,426
[ramsey_d_smith]: oh

325
00:10:28,570 –> 00:10:29,652
[todd_taylor]: they’re great at talking about

326
00:10:29,546 –> 00:10:29,930
[ramsey_d_smith]: oh

327
00:10:29,712 –> 00:10:34,781
[todd_taylor]: those quantitative benefits but if you go
out and look a lot of the reasons

328
00:10:34,801 –> 00:10:39,769
[todd_taylor]: that folks actually purchase annuities are for
the behavioral benefits um and really in some

329
00:10:39,809 –> 00:10:41,512
[todd_taylor]: cases those are more impactful than the

330
00:10:41,516 –> 00:10:41,886
[ramsey_d_smith]: my

331
00:10:41,552 –> 00:10:43,616
[todd_taylor]: quantitative benefits you now

332
00:10:43,565 –> 00:10:43,586
[ramsey_d_smith]: m

333
00:10:43,676 –> 00:10:47,520
[todd_taylor]: couple examples we sell this i mentioned
this g m a b on a variable

334
00:10:47,560 –> 00:10:52,426
[todd_taylor]: annuity that provides like a ten year
sort of put option on the market may

335
00:10:52,466 –> 00:10:55,574
[todd_taylor]: or may not pay off like the
you now if life may or may not

336
00:10:55,694 –> 00:10:56,255
[todd_taylor]: pay you back

337
00:10:56,276 –> 00:10:56,639
[ramsey_d_smith]: oh

338
00:10:56,296 –> 00:11:01,928
[todd_taylor]: that benefit depends what the market does
but what we’ve discovered is investors who hold

339
00:11:01,988 –> 00:11:06,657
[todd_taylor]: that product versus equivalent investors who are
in the variable annuity without the g b

340
00:11:07,478 –> 00:11:12,297
[todd_taylor]: hold something like ten or fifteen percent
more equity in their portfolio holding all else

341
00:11:12,417 –> 00:11:15,702
[todd_taylor]: equal and why is that because they’ve
got the confidence to be in the market

342
00:11:16,524 –> 00:11:18,447
[todd_taylor]: now that’s a hard thing to say
because know you like

343
00:11:18,696 –> 00:11:18,916
[ramsey_d_smith]: okay

344
00:11:18,707 –> 00:11:21,212
[todd_taylor]: it’s not exactly you know sort of
apples to apples but

345
00:11:21,210 –> 00:11:21,230
[paul_tyler]: m

346
00:11:21,252 –> 00:11:25,399
[todd_taylor]: that behavioral benefit is something we haven’t
done great ob of explaining that’s real return

347
00:11:25,479 –> 00:11:27,342
[todd_taylor]: over time it’s not zero some

348
00:11:27,358 –> 00:11:27,542
[ramsey_d_smith]: yeah

349
00:11:27,502 –> 00:11:29,986
[todd_taylor]: like they’re going to benefit whether or
not this thing is paid off

350
00:11:30,446 –> 00:11:30,671
[ramsey_d_smith]: ye

351
00:11:30,607 –> 00:11:33,492
[todd_taylor]: the same is true of income annuities
hare been a number of studies where people

352
00:11:33,612 –> 00:11:34,394
[todd_taylor]: actually spend

353
00:11:34,076 –> 00:11:34,343
[ramsey_d_smith]: yeah

354
00:11:34,534 –> 00:11:38,881
[todd_taylor]: more in retirement spend you know five
ten percent more in retirement because they’ve got

355
00:11:38,901 –> 00:11:42,968
[todd_taylor]: the confidence of having this guarantee stream
of income and i think we can do

356
00:11:43,028 –> 00:11:45,592
[todd_taylor]: better as an industry explaining those kind
of behavioral

357
00:11:45,146 –> 00:11:45,529
[ramsey_d_smith]: oh

358
00:11:45,632 –> 00:11:47,055
[todd_taylor]: benefits and explaining

359
00:11:46,980 –> 00:11:47,323
[paul_tyler]: oh

360
00:11:47,075 –> 00:11:50,521
[todd_taylor]: that it’s not a zero some bet
with the insurance company like you’re either going

361
00:11:50,561 –> 00:11:53,427
[todd_taylor]: to live or you’re not it’s the
benefit of what it does for the rest

362
00:11:53,467 –> 00:11:57,495
[todd_taylor]: of the portfolio and how it helps
you invest and think about your retirement planning

363
00:11:58,960 –> 00:12:01,344
[paul_tyler]: yeah i guess we’d be

364
00:12:01,466 –> 00:12:01,689
[ramsey_d_smith]: oh

365
00:12:01,565 –> 00:12:04,149
[paul_tyler]: remiss especially you know talk to somebody
from

366
00:12:04,131 –> 00:12:04,234
[ramsey_d_smith]: ah

367
00:12:04,189 –> 00:12:05,732
[paul_tyler]: new york life without talking

368
00:12:05,696 –> 00:12:05,981
[ramsey_d_smith]: oh

369
00:12:05,772 –> 00:12:07,615
[paul_tyler]: a little bit more about advisors and

370
00:12:07,556 –> 00:12:09,026
[ramsey_d_smith]: m oh

371
00:12:08,697 –> 00:12:11,762
[paul_tyler]: you know how they communicate this story
and

372
00:12:11,726 –> 00:12:11,968
[ramsey_d_smith]: yes

373
00:12:11,782 –> 00:12:16,209
[paul_tyler]: this explanation is going to change you
know i’m headed off into shirt connect i’ve

374
00:12:16,229 –> 00:12:17,451
[paul_tyler]: been there almost i think

375
00:12:17,816 –> 00:12:18,219
[ramsey_d_smith]: oh

376
00:12:18,112 –> 00:12:24,242
[paul_tyler]: rams have only missed one of these
and lots of promises to you know you

377
00:12:24,282 –> 00:12:27,186
[paul_tyler]: know i don’t want to say disappointments
but it’s you know i think i think

378
00:12:27,226 –> 00:12:31,331
[paul_tyler]: a lot of companies realize okay this
is a lot tougher to disrupt this business

379
00:12:31,286 –> 00:12:32,306
[ramsey_d_smith]: oh

380
00:12:31,811 –> 00:12:35,535
[paul_tyler]: than we thought it was how is
this going impact advisors you know if you

381
00:12:35,575 –> 00:12:39,578
[paul_tyler]: looked at your best advisors you know
are we going to see new york life

382
00:12:39,658 –> 00:12:41,154
[paul_tyler]: on tik tok oh

383
00:12:42,086 –> 00:12:42,367
[ramsey_d_smith]: oh

384
00:12:42,818 –> 00:12:44,581
[todd_taylor]: well look i mentioned the beginning

385
00:12:44,486 –> 00:12:44,769
[ramsey_d_smith]: yeah

386
00:12:44,621 –> 00:12:45,482
[todd_taylor]: we’ve got a pretty diverse

387
00:12:45,378 –> 00:12:45,622
[ramsey_d_smith]: okay

388
00:12:45,542 –> 00:12:46,143
[todd_taylor]: distribution

389
00:12:46,080 –> 00:12:46,241
[paul_tyler]: oh

390
00:12:46,223 –> 00:12:46,764
[todd_taylor]: in about half

391
00:12:46,736 –> 00:12:46,979
[ramsey_d_smith]: yeah

392
00:12:46,824 –> 00:12:48,728
[todd_taylor]: of our sales come from our career

393
00:12:48,596 –> 00:12:48,857
[ramsey_d_smith]: yeah

394
00:12:48,808 –> 00:12:50,811
[todd_taylor]: agencies channel which is you know very

395
00:12:50,670 –> 00:12:50,992
[paul_tyler]: oh

396
00:12:50,911 –> 00:12:55,940
[todd_taylor]: cord in your life we’ve taken the
not just for annuities but for all of

397
00:12:55,980 –> 00:12:59,586
[todd_taylor]: the products in new life distributes that
you know we firmly

398
00:12:59,495 –> 00:12:59,516
[ramsey_d_smith]: m

399
00:12:59,626 –> 00:13:03,572
[todd_taylor]: believe in the role of an adviser
in a conversation we’re not

400
00:13:03,510 –> 00:13:03,530
[paul_tyler]: m

401
00:13:03,652 –> 00:13:06,637
[todd_taylor]: interested as a company and dscener mediating
the advisor

402
00:13:06,909 –> 00:13:07,032
[ramsey_d_smith]: ah

403
00:13:07,559 –> 00:13:09,222
[todd_taylor]: especially with respect to annuities

404
00:13:08,756 –> 00:13:10,166
[ramsey_d_smith]: yeah

405
00:13:09,682 –> 00:13:13,088
[todd_taylor]: we know the value of an advisor
to help a client make a decision

406
00:13:13,316 –> 00:13:13,681
[ramsey_d_smith]: oh

407
00:13:14,170 –> 00:13:16,053
[todd_taylor]: you know helped to develop

408
00:13:16,046 –> 00:13:16,287
[ramsey_d_smith]: oh

409
00:13:16,133 –> 00:13:18,979
[todd_taylor]: a full comprehensive plan then to actually
act on it

410
00:13:19,108 –> 00:13:20,066
[ramsey_d_smith]: yeah

411
00:13:19,841 –> 00:13:20,403
[todd_taylor]: and so you

412
00:13:20,396 –> 00:13:20,536
[ramsey_d_smith]: yeah

413
00:13:20,443 –> 00:13:25,132
[todd_taylor]: know we’ve we focused as a company
our technology are training our investments

414
00:13:25,586 –> 00:13:25,907
[ramsey_d_smith]: oh

415
00:13:25,833 –> 00:13:30,380
[todd_taylor]: not on sort of disintermediating the advisor
but on supporting the advisor with the tools

416
00:13:30,481 –> 00:13:32,143
[todd_taylor]: to be able to have these conversations

417
00:13:31,916 –> 00:13:32,059
[ramsey_d_smith]: ye

418
00:13:32,604 –> 00:13:36,230
[todd_taylor]: and in some ways that completely you
know running opposed to many other industries where

419
00:13:36,250 –> 00:13:38,113
[todd_taylor]: they’re trying to cut out the human

420
00:13:38,156 –> 00:13:38,686
[ramsey_d_smith]: oh

421
00:13:38,574 –> 00:13:42,881
[todd_taylor]: i think our industry as a whole
should be doubling down with tools and technology

422
00:13:42,941 –> 00:13:45,205
[todd_taylor]: and training on the role of the
advisor

423
00:13:44,996 –> 00:13:46,646
[ramsey_d_smith]: yet

424
00:13:45,345 –> 00:13:49,473
[todd_taylor]: to help you know to help deliver
our solutions but also to provide more comprehensive

425
00:13:49,913 –> 00:13:50,615
[todd_taylor]: financial planning

426
00:13:50,546 –> 00:13:55,711
[ramsey_d_smith]: yeah so new york life is already

427
00:13:55,830 –> 00:13:56,094
[paul_tyler]: yeah

428
00:13:55,871 –> 00:14:02,222
[ramsey_d_smith]: a big player as we all know
and a leader in the industry where where

429
00:14:02,282 –> 00:14:06,950
[ramsey_d_smith]: are some of the places that that
you like to grow maybe it’s geographically maybe

430
00:14:07,030 –> 00:14:12,359
[ramsey_d_smith]: it’s you know certain product lines but
where where where the areas where you think

431
00:14:12,419 –> 00:14:16,505
[ramsey_d_smith]: you can take you know all the
things you’ve done so well in the place

432
00:14:16,666 –> 00:14:17,507
[ramsey_d_smith]: where you’re

433
00:14:17,280 –> 00:14:17,541
[paul_tyler]: oh

434
00:14:17,667 –> 00:14:20,833
[ramsey_d_smith]: leading are there are there are there
new are there green fields out there for

435
00:14:21,073 –> 00:14:21,795
[ramsey_d_smith]: for you and your team

436
00:14:21,642 –> 00:14:22,260
[paul_tyler]: yeah

437
00:14:23,717 –> 00:14:24,578
[todd_taylor]: i mentioned a couple i think

438
00:14:24,600 –> 00:14:24,864
[paul_tyler]: oh

439
00:14:24,638 –> 00:14:25,440
[todd_taylor]: you know in terms of

440
00:14:25,529 –> 00:14:26,546
[ramsey_d_smith]: say

441
00:14:25,860 –> 00:14:28,945
[todd_taylor]: distribution and geographic you know we’re pretty
much across the country

442
00:14:28,818 –> 00:14:28,898
[ramsey_d_smith]: ay

443
00:14:29,046 –> 00:14:30,989
[todd_taylor]: and virtual you know most most distribution

444
00:14:31,196 –> 00:14:31,418
[ramsey_d_smith]: oh

445
00:14:31,590 –> 00:14:31,832
[paul_tyler]: oh

446
00:14:31,610 –> 00:14:32,612
[todd_taylor]: um a couple of things

447
00:14:32,696 –> 00:14:33,956
[ramsey_d_smith]: yeah

448
00:14:32,852 –> 00:14:36,178
[todd_taylor]: we have we entered a couple new
cat or is in the last year and

449
00:14:36,218 –> 00:14:36,578
[todd_taylor]: a half

450
00:14:37,200 –> 00:14:37,484
[paul_tyler]: oh

451
00:14:37,359 –> 00:14:39,784
[todd_taylor]: the first is we created a new
hybrid

452
00:14:39,887 –> 00:14:40,070
[ramsey_d_smith]: yeah

453
00:14:40,044 –> 00:14:42,208
[todd_taylor]: index variable annuity called index flex

454
00:14:41,979 –> 00:14:42,000
[paul_tyler]: m

455
00:14:43,009 –> 00:14:46,254
[todd_taylor]: which was actually he most successful anew
annuity launch in new york life’s history

456
00:14:45,990 –> 00:14:46,252
[paul_tyler]: oh

457
00:14:47,116 –> 00:14:48,077
[todd_taylor]: basically a rill

458
00:14:48,146 –> 00:14:48,467
[ramsey_d_smith]: oh

459
00:14:48,198 –> 00:14:50,622
[todd_taylor]: alternative with product works as you can
put a certain amount

460
00:14:50,528 –> 00:14:50,752
[ramsey_d_smith]: she just

461
00:14:50,682 –> 00:14:50,882
[todd_taylor]: of your

462
00:14:50,790 –> 00:14:51,570
[paul_tyler]: yeah

463
00:14:50,942 –> 00:14:54,688
[todd_taylor]: funds in the index sleeve a certain
amount in the variable sleeve and then you

464
00:14:54,708 –> 00:14:57,653
[todd_taylor]: can kind of dial up and down
your risk it works very similar to a

465
00:14:57,733 –> 00:14:58,174
[todd_taylor]: rile where

466
00:14:58,136 –> 00:14:59,036
[ramsey_d_smith]: yeah

467
00:14:58,194 –> 00:14:58,334
[todd_taylor]: you’ve

468
00:14:58,350 –> 00:14:58,612
[paul_tyler]: yes

469
00:14:58,374 –> 00:14:59,897
[todd_taylor]: got a buffer and then sort of
a cap

470
00:15:00,116 –> 00:15:00,896
[ramsey_d_smith]: yeah

471
00:15:00,338 –> 00:15:03,683
[todd_taylor]: except ours is go kind of it’s
a different form of protection you’ve got more

472
00:15:03,743 –> 00:15:07,390
[todd_taylor]: kind of catastrophic protection and then you’ve
got no cap you’ve got just

473
00:15:07,526 –> 00:15:07,546
[ramsey_d_smith]: m

474
00:15:07,530 –> 00:15:12,338
[todd_taylor]: sort of higher upside it works out
like a rial adjust your kind of protection

475
00:15:12,677 –> 00:15:12,879
[ramsey_d_smith]: yeah

476
00:15:12,839 –> 00:15:13,981
[todd_taylor]: but it’s a different flavor on

477
00:15:14,021 –> 00:15:14,165
[ramsey_d_smith]: yeah

478
00:15:14,021 –> 00:15:16,945
[todd_taylor]: that and that’s something we’ve been very
successful with it’s also something

479
00:15:16,826 –> 00:15:17,028
[ramsey_d_smith]: yeah

480
00:15:17,006 –> 00:15:20,111
[todd_taylor]: i think is you know as we
talked about these protected accumulation

481
00:15:20,036 –> 00:15:20,279
[ramsey_d_smith]: oh

482
00:15:20,231 –> 00:15:21,713
[todd_taylor]: solutions have been a real focus

483
00:15:21,686 –> 00:15:21,846
[ramsey_d_smith]: oh

484
00:15:21,794 –> 00:15:24,398
[todd_taylor]: of the market and real growth tory
so we’re happy to be in

485
00:15:24,386 –> 00:15:24,830
[ramsey_d_smith]: oh

486
00:15:24,438 –> 00:15:25,019
[todd_taylor]: that space

487
00:15:25,496 –> 00:15:26,186
[ramsey_d_smith]: yeah

488
00:15:26,181 –> 00:15:26,702
[todd_taylor]: and the other one

489
00:15:26,700 –> 00:15:26,981
[paul_tyler]: oh

490
00:15:26,762 –> 00:15:32,351
[todd_taylor]: is we introduced a our first fee
based variable annuity earlier this year we’ve only

491
00:15:32,431 –> 00:15:34,695
[todd_taylor]: got that through our career agency system
through

492
00:15:34,679 –> 00:15:34,904
[ramsey_d_smith]: water

493
00:15:34,775 –> 00:15:35,456
[todd_taylor]: our through

494
00:15:35,340 –> 00:15:36,048
[paul_tyler]: ye

495
00:15:35,496 –> 00:15:39,743
[todd_taylor]: our r i a within our career
system but that also has been quite successful

496
00:15:39,804 –> 00:15:43,670
[todd_taylor]: and i think to the question you
you raised earlier around paul on you know

497
00:15:43,750 –> 00:15:45,313
[todd_taylor]: the future of trying to reach different

498
00:15:45,296 –> 00:15:45,578
[ramsey_d_smith]: oh

499
00:15:45,333 –> 00:15:53,146
[todd_taylor]: distribution we’re quite successful selling you know
commission products through normal traditional distribution but we

500
00:15:53,246 –> 00:15:54,508
[todd_taylor]: are you know sort of

501
00:15:54,605 –> 00:15:54,626
[ramsey_d_smith]: m

502
00:15:54,708 –> 00:15:58,374
[todd_taylor]: taking a view on creating a fee
based product as well and that’s been you

503
00:15:58,415 –> 00:16:01,122
[todd_taylor]: know quite su cessful in the few
you know in a few months it’s been

504
00:16:01,016 –> 00:16:01,238
[ramsey_d_smith]: yeah

505
00:16:01,142 –> 00:16:03,670
[todd_taylor]: out in the market so those are
two areas we’ve been focused kind of from

506
00:16:03,710 –> 00:16:04,914
[todd_taylor]: a product development standpoint

507
00:16:06,545 –> 00:16:06,566
[ramsey_d_smith]: m

508
00:16:07,011 –> 00:16:10,917
[paul_tyler]: yeah i guess anything people should know
about

509
00:16:11,111 –> 00:16:11,152
[ramsey_d_smith]: a

510
00:16:11,338 –> 00:16:16,667
[paul_tyler]: new york life or annuities that may
not get as much attention as you and

511
00:16:16,687 –> 00:16:19,620
[paul_tyler]: your team might like m

512
00:16:19,686 –> 00:16:21,449
[todd_taylor]: i mean i think you know selfishly

513
00:16:21,926 –> 00:16:22,226
[ramsey_d_smith]: oh

514
00:16:22,090 –> 00:16:27,879
[todd_taylor]: we we’ve quite focused on you know
simplicity were focused on the value of you

515
00:16:27,919 –> 00:16:32,247
[todd_taylor]: know a financial strength you know that’s
how we compete in the market so that’s

516
00:16:32,387 –> 00:16:36,293
[todd_taylor]: long been our our story we’re not
necessarily gonna have the flashiest bells and whistles

517
00:16:36,334 –> 00:16:40,741
[todd_taylor]: and we probably are not going to
have you know the riskiest product out there

518
00:16:41,462 –> 00:16:43,185
[todd_taylor]: but we do focus on on

519
00:16:43,475 –> 00:16:43,496
[ramsey_d_smith]: m

520
00:16:43,566 –> 00:16:45,349
[todd_taylor]: you know simplicity in our product development

521
00:16:45,007 –> 00:16:45,127
[ramsey_d_smith]: ah

522
00:16:45,669 –> 00:16:50,317
[todd_taylor]: value of triple writing and we’re also
quite know we’re committed to this market you

523
00:16:50,377 –> 00:16:53,322
[todd_taylor]: know as a company we’ve been as
i mentioned a market leader for a number

524
00:16:53,382 –> 00:16:53,823
[todd_taylor]: of years

525
00:16:53,996 –> 00:16:55,286
[ramsey_d_smith]: yeah

526
00:16:54,664 –> 00:16:58,370
[todd_taylor]: new york life is you believes in
the importance of annuities the importance of retirement

527
00:16:58,430 –> 00:17:02,016
[todd_taylor]: security and so that’s really important that
we plan to be here you know

528
00:17:02,186 –> 00:17:02,529
[ramsey_d_smith]: oh

529
00:17:02,460 –> 00:17:02,785
[paul_tyler]: oh

530
00:17:02,818 –> 00:17:04,681
[todd_taylor]: with permanence that’s one of the know
the missions

531
00:17:04,496 –> 00:17:04,820
[ramsey_d_smith]: my

532
00:17:04,560 –> 00:17:05,430
[paul_tyler]: yeah

533
00:17:04,721 –> 00:17:08,330
[todd_taylor]: of the company so that’s something that
won’t you know they won’t ange from from

534
00:17:08,370 –> 00:17:08,853
[todd_taylor]: new york life

535
00:17:09,810 –> 00:17:12,855
[paul_tyler]: well this was great rams any final
thoughts

536
00:17:12,678 –> 00:17:12,759
[ramsey_d_smith]: ah

537
00:17:12,955 –> 00:17:14,397
[paul_tyler]: or questions for tod

538
00:17:14,306 –> 00:17:15,316
[ramsey_d_smith]: yeah well

539
00:17:15,178 –> 00:17:15,399
[paul_tyler]: today

540
00:17:15,736 –> 00:17:19,142
[ramsey_d_smith]: first of all i want to thank
todd for for joining us and and look

541
00:17:19,262 –> 00:17:24,611
[ramsey_d_smith]: at the couple of keep points stuck
out for me really around the behavioral issues

542
00:17:24,651 –> 00:17:28,398
[ramsey_d_smith]: that you mentioned so one is this
idea that today that you have protected

543
00:17:28,440 –> 00:17:29,460
[paul_tyler]: oh

544
00:17:28,498 –> 00:17:32,304
[ramsey_d_smith]: income you can take more risk in
the rest of your portfolio and secondly

545
00:17:32,520 –> 00:17:32,783
[paul_tyler]: oh

546
00:17:33,246 –> 00:17:40,137
[ramsey_d_smith]: those that are protected income much more
comfortable sort of enjoying their lives and maybe

547
00:17:40,217 –> 00:17:43,583
[ramsey_d_smith]: being a little bit more free and
they’re spending not you know not out of

548
00:17:43,643 –> 00:17:48,912
[ramsey_d_smith]: control but like able to fully fully
enjoy their retirement knowing that they have that

549
00:17:48,972 –> 00:17:52,603
[ramsey_d_smith]: sort of foundational protection so i think
i think really too critical issues so thank

550
00:17:52,643 –> 00:17:53,870
[ramsey_d_smith]: you for for high lighting those

551
00:17:55,090 –> 00:17:55,270
[paul_tyler]: yeah

552
00:17:55,597 –> 00:17:56,361
[todd_taylor]: thank you guys for having me

553
00:17:56,372 –> 00:17:56,572
[paul_tyler]: well

554
00:17:56,401 –> 00:17:56,582
[todd_taylor]: it was

555
00:17:56,666 –> 00:17:56,848
[ramsey_d_smith]: yah

556
00:17:56,924 –> 00:17:57,688
[todd_taylor]: a great conversation

557
00:17:57,804 –> 00:17:57,926
[ramsey_d_smith]: yah

558
00:17:58,115 –> 00:17:59,096
[paul_tyler]: great what’s

559
00:17:58,987 –> 00:17:59,007
[ramsey_d_smith]: i

560
00:17:59,116 –> 00:18:01,220
[paul_tyler]: the best way to just sort of
stay in touch

561
00:18:01,102 –> 00:18:01,122
[ramsey_d_smith]: i

562
00:18:01,320 –> 00:18:01,681
[paul_tyler]: with the

563
00:18:01,916 –> 00:18:02,178
[ramsey_d_smith]: yeah

564
00:18:02,001 –> 00:18:04,185
[paul_tyler]: new york life’s annuity direction is it

565
00:18:04,826 –> 00:18:06,035
[ramsey_d_smith]: ye

566
00:18:05,247 –> 00:18:09,266
[paul_tyler]: press releases news you know uh how
do you get the word

567
00:18:09,229 –> 00:18:09,311
[todd_taylor]: we

568
00:18:09,326 –> 00:18:10,532
[paul_tyler]: out to the community

569
00:18:12,036 –> 00:18:14,180
[todd_taylor]: we work with with our marketing communications
team

570
00:18:14,108 –> 00:18:14,189
[ramsey_d_smith]: ah

571
00:18:14,260 –> 00:18:15,081
[todd_taylor]: we try to get you know

572
00:18:15,686 –> 00:18:16,374
[ramsey_d_smith]: ye

573
00:18:15,942 –> 00:18:18,947
[todd_taylor]: highlight some of what we’re working on
and our views um and you know in

574
00:18:18,968 –> 00:18:22,854
[todd_taylor]: the popular press so we’ll do our
best to stay out there but i’m also

575
00:18:22,994 –> 00:18:26,210
[todd_taylor]: more than happy to chat with folks
if they have ideas or things they want

576
00:18:26,230 –> 00:18:26,652
[todd_taylor]: to discuss

577
00:18:27,000 –> 00:18:28,422
[paul_tyler]: okay he terrific well thank you

578
00:18:28,508 –> 00:18:29,246
[ramsey_d_smith]: yeah

579
00:18:28,543 –> 00:18:30,526
[paul_tyler]: and thanks everybody for listening again

580
00:18:30,407 –> 00:18:30,571
[ramsey_d_smith]: yeah

581
00:18:30,586 –> 00:18:35,977
[paul_tyler]: give us feedback comments suggested guests and
join us again next week for another episode

582
00:18:36,037 –> 00:18:38,493
[paul_tyler]: of that annuity show thanks

Episode 162: Discovering Models and Indices with the Nasdaq Fund Network

September 9, 2022 2022, Aidan Shue, Ben Jones, Podcast, Retirement No comments

If you can’t find the price of an asset, model, or index, does it really exist? If it’s on the Nasdaq Fund Network you know it does and you know the price. Today, Aidan Shue and Ben Jones with the Nasdaq Fund Network join us to talk about discoverability and the needs and opportunities of an ever-increasingly digital world.

Links mentioned in the show:

https://www.linkedin.com/in/aidan-shue-b97a1a126/

https://www.linkedin.com/in/ben-jones-9024b213/

Thank you to our show sponsor; The Index Standard!

Fixed Index Annuities and RILAs are getting more complex and technical just when fiduciary rules are getting stricter. How do you choose the right index and allocate to them? The Index Standard is your answer. They are an independent provider ratings and forecasts on all indices and ETFs used in the US insurance space. Their process is systematic and unbiased, identifying robust and well-designed indices. We all know finance is complex and The Index Standard has a clear ratings system and uses approachable language to demystify this complexity. Visit theindexstandard.com for more information.

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Episode Transcript

1
00:00:02,133 –> 00:00:03,838
[paul_tyler]: hi this is paul tyler and welcome

2
00:00:03,632 –> 00:00:03,652
[aidan_shue]: m

3
00:00:03,918 –> 00:00:07,429
[paul_tyler]: to another episode of that annuity show
ramsey how are you

4
00:00:08,212 –> 00:00:08,975
[ramsey_d_smith]: i’m fantastic

5
00:00:09,543 –> 00:00:10,889
[paul_tyler]: was your labor day weekend

6
00:00:11,832 –> 00:00:12,353
[ramsey_d_smith]: it was great

7
00:00:12,363 –> 00:00:12,963
[paul_tyler]: yeah

8
00:00:12,413 –> 00:00:16,599
[ramsey_d_smith]: to spent some time down in florida
turned fifty five other than that no big

9
00:00:16,619 –> 00:00:18,631
[ramsey_d_smith]: deal m

10
00:00:18,624 –> 00:00:18,644
[aidan_shue]: i

11
00:00:18,776 –> 00:00:22,202
[paul_tyler]: excellent excellent yeah well i you know
my wife

12
00:00:22,001 –> 00:00:22,781
[ramsey_d_smith]: oh

13
00:00:22,242 –> 00:00:23,384
[paul_tyler]: had a lot of work cut out
for

14
00:00:23,441 –> 00:00:24,140
[ramsey_d_smith]: yeah

15
00:00:23,444 –> 00:00:28,072
[paul_tyler]: me and you wonder why i’m this
shirt were actually i’m actually volunteering

16
00:00:28,121 –> 00:00:28,445
[ramsey_d_smith]: oh

17
00:00:28,152 –> 00:00:30,816
[paul_tyler]: at our food bank with our with
our our crew so

18
00:00:30,803 –> 00:00:30,987
[aidan_shue]: wow

19
00:00:30,821 –> 00:00:31,043
[ramsey_d_smith]: nice

20
00:00:31,733 –> 00:00:31,979
[aidan_shue]: for you

21
00:00:31,918 –> 00:00:34,342
[paul_tyler]: yeah i was telling ben before i
don’t know if i’m

22
00:00:34,322 –> 00:00:34,342
[aidan_shue]: m

23
00:00:34,382 –> 00:00:38,389
[paul_tyler]: going to sort potatoes or carrots this
time but whatever it is all be good

24
00:00:38,440 –> 00:00:38,723
[Ben Jones]: it’s good

25
00:00:38,732 –> 00:00:38,752
[aidan_shue]: m

26
00:00:38,783 –> 00:00:38,944
[Ben Jones]: work

27
00:00:39,232 –> 00:00:39,353
[ramsey_d_smith]: yeah

28
00:00:40,472 –> 00:00:42,175
[paul_tyler]: yeah so hey listen we’ve got we’ve
got a

29
00:00:42,221 –> 00:00:42,241
[ramsey_d_smith]: m

30
00:00:42,275 –> 00:00:49,007
[paul_tyler]: great team back with us today from
our partners and friends at nasdack and today

31
00:00:49,087 –> 00:00:51,050
[paul_tyler]: we have aidenshoe and ben jones

32
00:00:51,242 –> 00:00:51,448
[aidan_shue]: yeah

33
00:00:52,152 –> 00:00:58,751
[paul_tyler]: with the nasdack fun network and aidan
did i i pronounced it correctly right

34
00:00:59,602 –> 00:01:00,586
[aidan_shue]: that is correct aidan

35
00:01:00,581 –> 00:01:00,863
[paul_tyler]: okay

36
00:01:00,687 –> 00:01:02,978
[aidan_shue]: shoe thanks a lot for having

37
00:01:02,883 –> 00:01:03,063
[paul_tyler]: okay

38
00:01:03,018 –> 00:01:03,199
[aidan_shue]: me on

39
00:01:03,183 –> 00:01:03,564
[paul_tyler]: good yeah

40
00:01:03,551 –> 00:01:03,914
[ramsey_d_smith]: oh

41
00:01:03,644 –> 00:01:05,569
[paul_tyler]: willen and ben good to see you

42
00:01:05,720 –> 00:01:07,541
[Ben Jones]: likewise ramsey happy birthday first of

43
00:01:07,593 –> 00:01:10,237
[paul_tyler]: oh

44
00:01:07,601 –> 00:01:09,183
[Ben Jones]: all but now it’s it’s great to

45
00:01:09,624 –> 00:01:10,788
[ramsey_d_smith]: thank you very much appreciate

46
00:01:10,685 –> 00:01:10,765
[Ben Jones]: now

47
00:01:10,828 –> 00:01:10,889
[ramsey_d_smith]: it

48
00:01:10,945 –> 00:01:12,967
[Ben Jones]: it’s good to be on we have
a lot of great things to discuss

49
00:01:12,954 –> 00:01:13,036
[aidan_shue]: ah

50
00:01:13,002 –> 00:01:13,023
[paul_tyler]: h

51
00:01:13,007 –> 00:01:13,948
[Ben Jones]: today so thanks

52
00:01:13,803 –> 00:01:14,673
[paul_tyler]: yeah

53
00:01:13,988 –> 00:01:14,068
[Ben Jones]: for

54
00:01:14,051 –> 00:01:14,292
[ramsey_d_smith]: oh

55
00:01:14,108 –> 00:01:15,049
[Ben Jones]: having f n on today

56
00:01:15,980 –> 00:01:16,121
[ramsey_d_smith]: yeah

57
00:01:16,404 –> 00:01:16,685
[paul_tyler]: yeah so

58
00:01:16,730 –> 00:01:16,751
[ramsey_d_smith]: m

59
00:01:16,925 –> 00:01:17,747
[paul_tyler]: so let me let me just

60
00:01:18,002 –> 00:01:18,266
[aidan_shue]: oh

61
00:01:18,207 –> 00:01:18,468
[paul_tyler]: state the

62
00:01:18,611 –> 00:01:19,811
[ramsey_d_smith]: oh

63
00:01:19,169 –> 00:01:24,919
[paul_tyler]: most obvious question is what is n
f n and then maybe talk about both

64
00:01:24,959 –> 00:01:28,209
[paul_tyler]: of your roles and aid and i’ll
throw the question over to you to start

65
00:01:29,812 –> 00:01:33,638
[aidan_shue]: definitely i’ll dig right in so the
nasdac fund network is actually one of nazdak’s

66
00:01:33,819 –> 00:01:34,179
[aidan_shue]: longest

67
00:01:34,211 –> 00:01:34,451
[ramsey_d_smith]: oh

68
00:01:34,239 –> 00:01:35,962
[aidan_shue]: standing data services

69
00:01:36,093 –> 00:01:36,375
[paul_tyler]: oh

70
00:01:36,443 –> 00:01:42,113
[aidan_shue]: so we provide search able symbols and
price discover ability for mutual funds twenty nine

71
00:01:41,973 –> 00:01:43,413
[paul_tyler]: oh

72
00:01:42,213 –> 00:01:46,053
[aidan_shue]: club savings plans collective investment trust models

73
00:01:45,903 –> 00:01:46,208
[paul_tyler]: oh

74
00:01:46,374 –> 00:01:49,380
[aidan_shue]: utes and more so we receive

75
00:01:49,323 –> 00:01:49,343
[paul_tyler]: m

76
00:01:49,420 –> 00:01:52,526
[aidan_shue]: that nightly pricing information from these funds
custodians

77
00:01:52,314 –> 00:01:52,517
[paul_tyler]: yeah

78
00:01:52,987 –> 00:01:56,335
[aidan_shue]: or pricing agents like your state street
then we disseminate

79
00:01:56,232 –> 00:01:56,253
[paul_tyler]: m

80
00:01:56,375 –> 00:02:02,153
[aidan_shue]: that n v data downstream to hundreds
of different platforms so that’s yeah who finance

81
00:02:02,213 –> 00:02:05,899
[aidan_shue]: definitive bloom burg both retail institutional platforms

82
00:02:06,123 –> 00:02:07,293
[paul_tyler]: oh

83
00:02:06,320 –> 00:02:10,427
[aidan_shue]: so now you can search up any
of these products you know five twenty nine

84
00:02:10,487 –> 00:02:14,655
[aidan_shue]: or a c i t in the
exact same way you would mutual fund stock

85
00:02:14,956 –> 00:02:15,276
[aidan_shue]: or any

86
00:02:15,251 –> 00:02:15,492
[ramsey_d_smith]: oh

87
00:02:15,357 –> 00:02:20,589
[aidan_shue]: tfyuknowusing that search able symbol and you
know we really find that that transparency and

88
00:02:20,629 –> 00:02:26,736
[aidan_shue]: distribution it really helps validate some of
these growing asset classes like like a model

89
00:02:26,673 –> 00:02:27,633
[paul_tyler]: oh

90
00:02:27,398 –> 00:02:31,206
[aidan_shue]: for example i know ben’s kind of
a history buff so he can dig in

91
00:02:31,246 –> 00:02:31,947
[aidan_shue]: a little bit more on

92
00:02:31,902 –> 00:02:33,093
[paul_tyler]: m yeah

93
00:02:32,007 –> 00:02:33,450
[aidan_shue]: the on the nazdacfunnetwork

94
00:02:32,940 –> 00:02:33,690
[Ben Jones]: yeah

95
00:02:33,510 –> 00:02:33,911
[aidan_shue]: history

96
00:02:33,844 –> 00:02:33,945
[ramsey_d_smith]: ah

97
00:02:34,211 –> 00:02:34,354
[Ben Jones]: yeah

98
00:02:34,903 –> 00:02:35,265
[aidan_shue]: all of them

99
00:02:35,291 –> 00:02:35,992
[ramsey_d_smith]: and tell us a little

100
00:02:35,867 –> 00:02:36,008
[aidan_shue]: take

101
00:02:36,052 –> 00:02:36,172
[ramsey_d_smith]: bit

102
00:02:36,068 –> 00:02:36,229
[aidan_shue]: a go

103
00:02:36,312 –> 00:02:38,154
[ramsey_d_smith]: on that journey tell us a little
bit about you know

104
00:02:38,342 –> 00:02:38,584
[aidan_shue]: oh

105
00:02:38,795 –> 00:02:38,895
[ramsey_d_smith]: what

106
00:02:38,892 –> 00:02:38,913
[paul_tyler]: m

107
00:02:39,155 –> 00:02:42,099
[ramsey_d_smith]: what a model is an example of
a model and why those are also important

108
00:02:42,199 –> 00:02:42,700
[ramsey_d_smith]: to be helpful

109
00:02:44,283 –> 00:02:45,911
[aidan_shue]: ben you ben’s kind of our model
expert

110
00:02:45,773 –> 00:02:45,833
[Ben Jones]: so

111
00:02:45,931 –> 00:02:46,011
[aidan_shue]: you

112
00:02:45,973 –> 00:02:46,374
[Ben Jones]: history

113
00:02:46,031 –> 00:02:46,533
[aidan_shue]: want to dig in with

114
00:02:46,434 –> 00:02:46,454
[ramsey_d_smith]: m

115
00:02:46,554 –> 00:02:46,614
[aidan_shue]: the

116
00:02:46,554 –> 00:02:46,634
[Ben Jones]: and

117
00:02:46,654 –> 00:02:46,935
[aidan_shue]: models

118
00:02:46,734 –> 00:02:47,676
[Ben Jones]: models i love it i

119
00:02:47,682 –> 00:02:47,703
[paul_tyler]: m

120
00:02:47,716 –> 00:02:49,218
[Ben Jones]: mean this is why i’m on this
call gets me

121
00:02:49,147 –> 00:02:49,871
[ramsey_d_smith]: hm

122
00:02:49,278 –> 00:02:50,180
[Ben Jones]: excited right so

123
00:02:50,283 –> 00:02:51,063
[paul_tyler]: yeah

124
00:02:51,242 –> 00:02:51,843
[Ben Jones]: okay thanks for having

125
00:02:51,759 –> 00:02:51,779
[ramsey_d_smith]: m

126
00:02:52,163 –> 00:02:53,786
[Ben Jones]: ben jones senior director

127
00:02:53,741 –> 00:02:55,271
[ramsey_d_smith]: yeah

128
00:02:54,327 –> 00:02:55,509
[Ben Jones]: kind of a project product

129
00:02:55,631 –> 00:02:55,651
[ramsey_d_smith]: m

130
00:02:55,649 –> 00:02:58,854
[Ben Jones]: manage roll at the naz fun network
and we get into that in a second

131
00:02:58,995 –> 00:02:59,135
[Ben Jones]: but

132
00:02:59,223 –> 00:02:59,547
[paul_tyler]: oh

133
00:02:59,455 –> 00:03:02,360
[Ben Jones]: let’s talk history right i mean it
in said it’s one of the oldest data

134
00:03:02,400 –> 00:03:02,641
[Ben Jones]: service

135
00:03:02,673 –> 00:03:02,935
[paul_tyler]: oh

136
00:03:02,681 –> 00:03:04,504
[Ben Jones]: products at naa so what does that

137
00:03:04,484 –> 00:03:04,626
[paul_tyler]: yeah

138
00:03:04,624 –> 00:03:07,248
[Ben Jones]: mean right so the nazacfun network used
to

139
00:03:07,262 –> 00:03:07,463
[aidan_shue]: oh

140
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[Ben Jones]: be called the mutual un quotation service
and its history goes back

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[aidan_shue]: yeah

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[Ben Jones]: to nineteen eighty four um it’s at
that time

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah

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[Ben Jones]: right you had you know large and
growing

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[paul_tyler]: m

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[Ben Jones]: mutual fun

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[ramsey_d_smith]: oh

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[Ben Jones]: opening complex right but there was

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[paul_tyler]: oh

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[Ben Jones]: some friction there were some issues you
know you had kind of a hodge podge

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[Ben Jones]: of different identifiers and

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[ramsey_d_smith]: oh

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[Ben Jones]: symbols that some of the issues would
provide or some of the data platforms would

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[Ben Jones]: provide there was no central registration service

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[paul_tyler]: oh

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[Ben Jones]: for mutual funds to provide a standardized

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[ramsey_d_smith]: m

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[Ben Jones]: identification or symbology for all those opening
funds and

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[ramsey_d_smith]: m

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[Ben Jones]: why is that important because at that
time what was the dominant mode of communication

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[ramsey_d_smith]: m

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[Ben Jones]: what

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[paul_tyler]: oh

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[Ben Jones]: was the medium

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[ramsey_d_smith]: oh

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[Ben Jones]: that was being used newspapers

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[ramsey_d_smith]: yeah

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[paul_tyler]: oh

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[aidan_shue]: yeah

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[Ben Jones]: right you had a lot of retail
investors who were lying on that daily

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[ramsey_d_smith]: m

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[Ben Jones]: newspaper or that sunday

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[ramsey_d_smith]: m

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[Ben Jones]: newspaper to see the mutual funds that
he may own in a retirement plan or

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[Ben Jones]: their investment account um you would open

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[paul_tyler]: m

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[Ben Jones]: up the financial

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[paul_tyler]: yeah

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[Ben Jones]: section you would go down and find
your fund and you

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[aidan_shue]: m

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[Ben Jones]: can look at

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[aidan_shue]: hm

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[Ben Jones]: the fun symbol the identifier to see
it right and

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[paul_tyler]: oh

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[Ben Jones]: so the service started as a way
of disseminating those mutual fund quotes and symbol

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[Ben Jones]: was identified as out to all those

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[paul_tyler]: yeah

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[Ben Jones]: newspapers and the funny thing there again
you got the history guy on so newspapers

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[Ben Jones]: are actually kind of the center

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[aidan_shue]: uh

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[ramsey_d_smith]: yeah

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[Ben Jones]: for a lot of

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[aidan_shue]: huh

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[Ben Jones]: financial innovation right so back in the
eighties i mean that was fin tech that

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[Ben Jones]: was like what

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[paul_tyler]: m

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[Ben Jones]: financial technology

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[paul_tyler]: yeah

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[Ben Jones]: was all about getting data out there

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[paul_tyler]: yeah

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[Ben Jones]: you know you had the blomberg terminal

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[paul_tyler]: yes

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[Ben Jones]: was beginning the morning star was founded
i think in the same year

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[ramsey_d_smith]: yeah

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[aidan_shue]: yeah

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[Ben Jones]: but you also

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[paul_tyler]: m

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[Ben Jones]: found indexes

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[ramsey_d_smith]: yeah

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[paul_tyler]: oh

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[Ben Jones]: were created because

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[ramsey_d_smith]: yeah

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[Ben Jones]: of newspapers

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[aidan_shue]: yeah

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[Ben Jones]: and technical analysis

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[ramsey_d_smith]: ah

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[Ben Jones]: really was revolutionized because

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[paul_tyler]: m

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[Ben Jones]: of newspaper all because of charles do
so that’s a little history nut for you

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[Ben Jones]: guys so

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[aidan_shue]: oh

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[Ben Jones]: over time

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[paul_tyler]: m

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[ramsey_d_smith]: m

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[aidan_shue]: oh

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[Ben Jones]: mutual quotational service involved right it expanded
outside of just mutual

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[aidan_shue]: yeah

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[Ben Jones]: funds right so

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[ramsey_d_smith]: oh

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[Ben Jones]: you had

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[paul_tyler]: oh

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[Ben Jones]: u ts you had some different annuities
you had some kind of alternative

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[aidan_shue]: m

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[paul_tyler]: m

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[Ben Jones]: investments collective investment in trust and that
expand

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[aidan_shue]: m

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[Ben Jones]: and

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[aidan_shue]: oh

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[Ben Jones]: so we re branded a few years

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[paul_tyler]: oh

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[Ben Jones]: ago from m f q s to
the nazdack fund network right and i think

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[Ben Jones]: that’s important guys because you know

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[ramsey_d_smith]: oh

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[Ben Jones]: the the last word

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[paul_tyler]: m

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[Ben Jones]: network crucial because what we do

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[ramsey_d_smith]: m

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[Ben Jones]: is we are a two sided network
connecting data from the asset managers so i

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[Ben Jones]: think you’re your mutfun companies ts

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[aidan_shue]: oh

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[Ben Jones]: collective investment trust manage accounts

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[ramsey_d_smith]: yeah

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[Ben Jones]: structure products

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[aidan_shue]: m

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[Ben Jones]: connecting it with the market place which

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[paul_tyler]: oh

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[Ben Jones]: is your data platforms your vendors your
broker dealers who finances you know touching institutional

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[Ben Jones]: investors as well as retail investors

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[paul_tyler]: you now just for listeners you know
where we’re usually

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[ramsey_d_smith]: yeah

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[paul_tyler]: talking about annuities

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[ramsey_d_smith]: oh

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[paul_tyler]: retirement flying

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[ramsey_d_smith]: oh

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[paul_tyler]: how does this how does his impact

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[ramsey_d_smith]: oh

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[paul_tyler]: or our space now discover ability has
been enormously important in driving f i a

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[paul_tyler]: sales and you know ramsey if you
think back to the first

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[ramsey_d_smith]: oh

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[paul_tyler]: fixed into excanuities i think everybody

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[ramsey_d_smith]: oh

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[paul_tyler]: is kind of like you know buying
one of these things was like buying a

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[paul_tyler]: model t ford right you got the
s and p five hundred you had you

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[ramsey_d_smith]: oh

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[paul_tyler]: a hundred different ways to calculate

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[ramsey_d_smith]: yeah

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[paul_tyler]: performance but it really was built around
one fun now along come some innovators in

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[paul_tyler]: this space and we start to introduce
some of these bespoke funds and the first

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[paul_tyler]: thing you know first complaint we heard
advisers in the space was their clients couldn’t

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[paul_tyler]: find the values you know it was
it was you know some of these earlier

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[paul_tyler]: newer products had you know

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[ramsey_d_smith]: yeah

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[paul_tyler]: ramsey like i don’t know is it
fair to call them undiscoverable disease to start

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[ramsey_d_smith]: well i mean they were they were
industries that were built from scratch and so

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[ramsey_d_smith]: we built them from just

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[paul_tyler]: yeah

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[ramsey_d_smith]: for the for the benefit of the
audience this is a business that i was

289
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[ramsey_d_smith]: involved in at my in a prior
career but so we had to come up

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[ramsey_d_smith]: with an index and we had to
come up with a way of sharing the

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[ramsey_d_smith]: values of that index sort of

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[paul_tyler]: a

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[ramsey_d_smith]: audley and so that was not a
trivial thing so ultimately the service that that

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[ramsey_d_smith]: that aden and ben are providing with
n f n are really quite

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[paul_tyler]: m

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[ramsey_d_smith]: crucial because it was not an easy
thing get the visibility

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00:07:07,683 –> 00:07:07,927
[paul_tyler]: yeah

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[ramsey_d_smith]: in a lot of different places for

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00:07:09,411 –> 00:07:09,691
[Ben Jones]: and that’s

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00:07:09,536 –> 00:07:09,717
[ramsey_d_smith]: sure

301
00:07:09,711 –> 00:07:12,195
[Ben Jones]: what we’re trying to solve right the
nail on the head is how

302
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[ramsey_d_smith]: yeah

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[Ben Jones]: do you discover you know these important

304
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[ramsey_d_smith]: m

305
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[Ben Jones]: investment vehicles

306
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[paul_tyler]: m

307
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[ramsey_d_smith]: yeah

308
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[Ben Jones]: that individual investors that are listening who
are managing there before when k rely on

309
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[Ben Jones]: all the

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00:07:19,811 –> 00:07:20,801
[ramsey_d_smith]: oh

311
00:07:19,888 –> 00:07:25,415
[Ben Jones]: way up to you know you know
institutional you know portfolio manager a large firm

312
00:07:25,955 –> 00:07:29,099
[Ben Jones]: in wall street right there relying on
you know these identifiers and so

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[paul_tyler]: oh

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00:07:29,990 –> 00:07:30,571
[Ben Jones]: by having a

315
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[ramsey_d_smith]: yeah

316
00:07:30,611 –> 00:07:32,133
[Ben Jones]: standardize identify so ramsey like

317
00:07:32,121 –> 00:07:32,223
[paul_tyler]: yeah

318
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[Ben Jones]: using

319
00:07:32,223 –> 00:07:32,465
[paul_tyler]: oh

320
00:07:32,374 –> 00:07:34,918
[Ben Jones]: the index example like as an index
provider you create

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00:07:34,872 –> 00:07:34,913
[ramsey_d_smith]: m

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00:07:34,938 –> 00:07:37,061
[Ben Jones]: the index you might have an internal
code

323
00:07:36,882 –> 00:07:36,903
[paul_tyler]: m

324
00:07:37,070 –> 00:07:37,091
[ramsey_d_smith]: m

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[Ben Jones]: that you use then you distribute it
out

326
00:07:38,882 –> 00:07:39,003
[paul_tyler]: yah

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00:07:38,945 –> 00:07:41,809
[Ben Jones]: to the market place bloom burg efinitive
morning star

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00:07:42,003 –> 00:07:42,492
[paul_tyler]: oh

329
00:07:42,250 –> 00:07:42,871
[Ben Jones]: you know goldman

330
00:07:42,641 –> 00:07:42,661
[ramsey_d_smith]: m

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[Ben Jones]: sacks you know dodging cox they might
use their own internal identifiers right

332
00:07:47,201 –> 00:07:47,381
[ramsey_d_smith]: yeah

333
00:07:47,278 –> 00:07:48,741
[Ben Jones]: and so and then that doesn’t

334
00:07:48,723 –> 00:07:48,988
[paul_tyler]: oh

335
00:07:48,761 –> 00:07:50,404
[Ben Jones]: even include the retail investor who’s

336
00:07:50,256 –> 00:07:50,338
[ramsey_d_smith]: ah

337
00:07:50,464 –> 00:07:52,888
[Ben Jones]: like i just want to go on
some

338
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[paul_tyler]: m

339
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[Ben Jones]: search engine and search for it to
find it whatever this investment is tracking and

340
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[Ben Jones]: they can’t

341
00:07:57,161 –> 00:07:57,761
[ramsey_d_smith]: my

342
00:07:57,315 –> 00:07:59,599
[Ben Jones]: do it and so what the naze
fun network

343
00:07:59,832 –> 00:07:59,853
[paul_tyler]: m

344
00:07:59,859 –> 00:08:05,008
[Ben Jones]: does is that we provide the infrastructure
to create a standardized identify

345
00:08:06,093 –> 00:08:07,023
[paul_tyler]: oh

346
00:08:06,110 –> 00:08:07,552
[Ben Jones]: and we start with the investment vehicles
right

347
00:08:07,573 –> 00:08:07,697
[ramsey_d_smith]: start

348
00:08:07,612 –> 00:08:08,955
[Ben Jones]: so you know you can pull up
a mutual

349
00:08:08,951 –> 00:08:09,152
[ramsey_d_smith]: oh

350
00:08:09,035 –> 00:08:10,497
[Ben Jones]: fund using the same identifyer

351
00:08:11,021 –> 00:08:11,321
[ramsey_d_smith]: yeah

352
00:08:11,178 –> 00:08:12,260
[Ben Jones]: on your charles save

353
00:08:12,124 –> 00:08:12,226
[paul_tyler]: ah

354
00:08:12,280 –> 00:08:15,105
[Ben Jones]: account or when you’re searching it on
yahoo

355
00:08:14,771 –> 00:08:15,052
[ramsey_d_smith]: oh

356
00:08:15,003 –> 00:08:15,287
[paul_tyler]: oh

357
00:08:15,546 –> 00:08:20,253
[Ben Jones]: or google right you know we that
service for other instruments as well you see

358
00:08:20,293 –> 00:08:21,696
[Ben Jones]: that in other areas

359
00:08:21,522 –> 00:08:21,543
[paul_tyler]: m

360
00:08:22,397 –> 00:08:24,420
[Ben Jones]: you know we mentioned models right so
a model

361
00:08:24,223 –> 00:08:24,388
[ramsey_d_smith]: yeah

362
00:08:24,500 –> 00:08:25,522
[Ben Jones]: portfolio is basically

363
00:08:25,443 –> 00:08:25,463
[paul_tyler]: m

364
00:08:25,562 –> 00:08:26,063
[Ben Jones]: like a paper

365
00:08:26,060 –> 00:08:26,081
[ramsey_d_smith]: m

366
00:08:26,183 –> 00:08:31,532
[Ben Jones]: portfolio that a strategist or portfolio manager
creates to kind of create a strategy that

367
00:08:31,552 –> 00:08:32,173
[Ben Jones]: they’re able to track

368
00:08:32,073 –> 00:08:32,763
[paul_tyler]: yeah

369
00:08:32,273 –> 00:08:36,561
[Ben Jones]: over time that has performance that they’re
able to update these models are then often

370
00:08:36,717 –> 00:08:37,353
[paul_tyler]: oh

371
00:08:37,081 –> 00:08:41,228
[Ben Jones]: track via manage accounts right so i
think like a unified manage account or separately

372
00:08:41,268 –> 00:08:44,876
[Ben Jones]: manage account um and so you know
a lot of

373
00:08:44,922 –> 00:08:44,943
[paul_tyler]: m

374
00:08:44,956 –> 00:08:45,898
[Ben Jones]: portfolio managers

375
00:08:45,761 –> 00:08:46,005
[ramsey_d_smith]: oh

376
00:08:46,219 –> 00:08:46,680
[Ben Jones]: and asset

377
00:08:46,563 –> 00:08:46,583
[paul_tyler]: m

378
00:08:46,700 –> 00:08:47,341
[Ben Jones]: managers have

379
00:08:47,343 –> 00:08:47,588
[paul_tyler]: oh

380
00:08:47,602 –> 00:08:48,223
[Ben Jones]: hundreds if not

381
00:08:48,131 –> 00:08:48,940
[ramsey_d_smith]: yea

382
00:08:48,323 –> 00:08:49,746
[Ben Jones]: thousands of these models model

383
00:08:49,644 –> 00:08:49,725
[ramsey_d_smith]: ah

384
00:08:49,806 –> 00:08:53,573
[Ben Jones]: portfolios and they don’t have an identity
identify

385
00:08:53,253 –> 00:08:54,273
[paul_tyler]: oh

386
00:08:53,794 –> 00:08:58,281
[Ben Jones]: right so if you have a someone
who’s talking about a model strategy and the

387
00:08:58,301 –> 00:08:59,002
[Ben Jones]: individual investor

388
00:08:59,090 –> 00:08:59,111
[ramsey_d_smith]: m

389
00:08:59,203 –> 00:08:59,964
[Ben Jones]: or the advisor

390
00:08:59,742 –> 00:08:59,763
[paul_tyler]: m

391
00:09:00,004 –> 00:09:02,809
[Ben Jones]: wants to go find it they can’t
right and so what we want to do

392
00:09:02,909 –> 00:09:03,731
[Ben Jones]: is create identify

393
00:09:03,453 –> 00:09:04,563
[paul_tyler]: yeah

394
00:09:03,761 –> 00:09:03,944
[ramsey_d_smith]: oh

395
00:09:04,452 –> 00:09:05,093
[Ben Jones]: an identifier

396
00:09:04,658 –> 00:09:04,781
[ramsey_d_smith]: yeah

397
00:09:05,153 –> 00:09:06,757
[Ben Jones]: for these strategies that

398
00:09:06,663 –> 00:09:07,623
[paul_tyler]: oh

399
00:09:06,817 –> 00:09:07,438
[Ben Jones]: can be found

400
00:09:07,331 –> 00:09:07,593
[ramsey_d_smith]: oh

401
00:09:07,498 –> 00:09:10,104
[Ben Jones]: in access across other mediums

402
00:09:10,083 –> 00:09:11,253
[paul_tyler]: yeah

403
00:09:10,184 –> 00:09:10,264
[Ben Jones]: and

404
00:09:10,241 –> 00:09:11,021
[ramsey_d_smith]: yeah

405
00:09:10,324 –> 00:09:12,428
[Ben Jones]: other platforms that is standardized

406
00:09:13,255 –> 00:09:13,275
[paul_tyler]: a

407
00:09:13,964 –> 00:09:17,189
[ramsey_d_smith]: so let me ask you a quick
question about that so if if i have

408
00:09:17,229 –> 00:09:19,333
[ramsey_d_smith]: a model i have something that’s identifiable

409
00:09:18,972 –> 00:09:19,620
[Ben Jones]: hm

410
00:09:19,473 –> 00:09:20,775
[ramsey_d_smith]: it’s a fund it’s a model would
have

411
00:09:20,793 –> 00:09:22,083
[paul_tyler]: oh

412
00:09:20,815 –> 00:09:23,480
[ramsey_d_smith]: you and i come to you and
i say you know i want it to

413
00:09:23,540 –> 00:09:26,785
[ramsey_d_smith]: be i want it to be listed
on your now on your network

414
00:09:26,964 –> 00:09:27,106
[paul_tyler]: yes

415
00:09:27,660 –> 00:09:28,000
[Ben Jones]: yeah

416
00:09:27,727 –> 00:09:31,653
[ramsey_d_smith]: where does it automatically end up being
visible like do i do i need to

417
00:09:32,174 –> 00:09:34,258
[ramsey_d_smith]: i need to ask you to put
it in certain places or

418
00:09:34,260 –> 00:09:34,501
[Ben Jones]: oh

419
00:09:34,318 –> 00:09:39,595
[ramsey_d_smith]: if once i’m on the network universally
available everywhere where you publish tell me a

420
00:09:39,615 –> 00:09:42,505
[ramsey_d_smith]: little bit about that oh

421
00:09:42,552 –> 00:09:43,773
[aidan_shue]: we have because we’ve

422
00:09:43,719 –> 00:09:43,841
[ramsey_d_smith]: yeah

423
00:09:43,793 –> 00:09:45,715
[aidan_shue]: had this you know the mutual fund
business

424
00:09:45,710 –> 00:09:45,731
[ramsey_d_smith]: m

425
00:09:45,835 –> 00:09:47,516
[aidan_shue]: for so long since the midnigheteen

426
00:09:47,192 –> 00:09:47,233
[ramsey_d_smith]: hm

427
00:09:47,576 –> 00:09:48,497
[aidan_shue]: ighthas been providing

428
00:09:48,380 –> 00:09:48,401
[ramsey_d_smith]: m

429
00:09:48,898 –> 00:09:51,280
[aidan_shue]: you know these searchable symbols for mutual
funds we have all

430
00:09:51,425 –> 00:09:51,446
[ramsey_d_smith]: i

431
00:09:51,440 –> 00:09:53,602
[aidan_shue]: kind of the pipes already already

432
00:09:53,490 –> 00:09:53,710
[Ben Jones]: oh

433
00:09:53,682 –> 00:09:55,365
[aidan_shue]: outlined so when a new asset

434
00:09:55,290 –> 00:09:55,451
[ramsey_d_smith]: yeh

435
00:09:55,425 –> 00:09:56,166
[aidan_shue]: class comes in

436
00:09:56,171 –> 00:09:56,191
[ramsey_d_smith]: m

437
00:09:56,627 –> 00:09:57,729
[aidan_shue]: like like a model

438
00:09:57,663 –> 00:09:57,945
[paul_tyler]: yeah

439
00:09:57,789 –> 00:09:57,889
[aidan_shue]: for

440
00:09:57,946 –> 00:09:58,511
[ramsey_d_smith]: hm

441
00:09:57,989 –> 00:09:59,552
[aidan_shue]: example it comes in the exact

442
00:09:59,463 –> 00:09:59,725
[paul_tyler]: oh

443
00:09:59,632 –> 00:10:00,453
[aidan_shue]: same way the mutual

444
00:10:00,359 –> 00:10:00,540
[Ben Jones]: yeah

445
00:10:00,534 –> 00:10:01,776
[aidan_shue]: funds come in it

446
00:10:01,803 –> 00:10:01,945
[ramsey_d_smith]: yeah

447
00:10:01,836 –> 00:10:03,178
[aidan_shue]: takes a little bit a little bit
of

448
00:10:03,162 –> 00:10:03,971
[ramsey_d_smith]: yeah

449
00:10:03,218 –> 00:10:04,640
[aidan_shue]: time just to work with the vendors

450
00:10:04,271 –> 00:10:04,531
[ramsey_d_smith]: oh

451
00:10:04,741 –> 00:10:04,841
[aidan_shue]: to

452
00:10:05,142 –> 00:10:05,163
[paul_tyler]: m

453
00:10:05,483 –> 00:10:06,936
[aidan_shue]: up this you know this new feed

454
00:10:07,300 –> 00:10:07,421
[ramsey_d_smith]: yeah

455
00:10:08,233 –> 00:10:10,436
[aidan_shue]: but you know it’s going to go
down to yah finance

456
00:10:10,519 –> 00:10:10,659
[Ben Jones]: yah

457
00:10:10,717 –> 00:10:11,298
[aidan_shue]: and bloomburg

458
00:10:11,163 –> 00:10:12,273
[paul_tyler]: oh

459
00:10:11,358 –> 00:10:16,647
[aidan_shue]: and refinitive so both you know over
seven hundred different platforms that you can now

460
00:10:16,747 –> 00:10:17,929
[aidan_shue]: do you know model

461
00:10:18,123 –> 00:10:18,783
[paul_tyler]: oh

462
00:10:18,350 –> 00:10:20,759
[aidan_shue]: do diligence on you’ve never been

463
00:10:20,620 –> 00:10:20,640
[paul_tyler]: a

464
00:10:20,799 –> 00:10:21,060
[aidan_shue]: able to

465
00:10:21,060 –> 00:10:21,320
[Ben Jones]: yeah

466
00:10:21,101 –> 00:10:21,262
[aidan_shue]: do in

467
00:10:21,275 –> 00:10:21,521
[paul_tyler]: okay

468
00:10:21,291 –> 00:10:21,351
[ramsey_d_smith]: so

469
00:10:21,302 –> 00:10:21,664
[aidan_shue]: the past

470
00:10:21,431 –> 00:10:21,652
[ramsey_d_smith]: so that’s

471
00:10:21,885 –> 00:10:21,986
[aidan_shue]: so

472
00:10:22,213 –> 00:10:22,393
[ramsey_d_smith]: that’s

473
00:10:22,227 –> 00:10:22,449
[aidan_shue]: you know

474
00:10:22,433 –> 00:10:24,536
[ramsey_d_smith]: meaningful because we had a situation

475
00:10:24,213 –> 00:10:24,579
[paul_tyler]: oh

476
00:10:24,617 –> 00:10:25,698
[ramsey_d_smith]: once we created an index

477
00:10:25,629 –> 00:10:25,830
[Ben Jones]: yeah

478
00:10:26,199 –> 00:10:27,682
[ramsey_d_smith]: and we were calling who financed

479
00:10:27,363 –> 00:10:28,000
[paul_tyler]: ye

480
00:10:27,722 –> 00:10:30,987
[ramsey_d_smith]: separately and we were calling market watch
separately

481
00:10:30,810 –> 00:10:31,070
[Ben Jones]: oh

482
00:10:30,963 –> 00:10:31,773
[paul_tyler]: oh

483
00:10:31,187 –> 00:10:33,551
[ramsey_d_smith]: and like you know it was

484
00:10:33,510 –> 00:10:33,818
[Ben Jones]: oh

485
00:10:33,672 –> 00:10:34,954
[ramsey_d_smith]: very difficult to get somebody

486
00:10:34,800 –> 00:10:35,022
[Ben Jones]: yeah

487
00:10:34,994 –> 00:10:35,795
[ramsey_d_smith]: that actually could make

488
00:10:35,760 –> 00:10:35,940
[Ben Jones]: oh

489
00:10:35,835 –> 00:10:40,062
[ramsey_d_smith]: a decision to push the information through
and so you

490
00:10:40,020 –> 00:10:40,541
[Ben Jones]: oh

491
00:10:40,122 –> 00:10:42,286
[ramsey_d_smith]: guys are a short cut through all
that across

492
00:10:42,342 –> 00:10:42,363
[paul_tyler]: m

493
00:10:43,187 –> 00:10:44,049
[ramsey_d_smith]: it the whole spectrum

494
00:10:43,788 –> 00:10:43,908
[Ben Jones]: that

495
00:10:44,109 –> 00:10:44,149
[ramsey_d_smith]: of

496
00:10:45,150 –> 00:10:45,310
[Ben Jones]: that’s

497
00:10:45,213 –> 00:10:45,721
[ramsey_d_smith]: of publishers

498
00:10:45,350 –> 00:10:47,053
[Ben Jones]: why we’re here right i think but
but it

499
00:10:47,042 –> 00:10:47,427
[aidan_shue]: exactly

500
00:10:47,133 –> 00:10:47,734
[Ben Jones]: does open

501
00:10:47,501 –> 00:10:48,671
[ramsey_d_smith]: yeah

502
00:10:47,814 –> 00:10:48,896
[Ben Jones]: up some some questions

503
00:10:49,031 –> 00:10:49,051
[ramsey_d_smith]: m

504
00:10:49,036 –> 00:10:50,458
[Ben Jones]: right because you know

505
00:10:50,758 –> 00:10:51,341
[ramsey_d_smith]: hm

506
00:10:50,959 –> 00:10:51,680
[Ben Jones]: a managed account

507
00:10:51,701 –> 00:10:52,751
[ramsey_d_smith]: oh

508
00:10:51,741 –> 00:10:53,063
[Ben Jones]: is very different than less say a
structured

509
00:10:52,871 –> 00:10:53,076
[ramsey_d_smith]: oh

510
00:10:53,123 –> 00:10:55,887
[Ben Jones]: product a structure product is very different
than a mutual fund a mutual

511
00:10:55,841 –> 00:10:55,861
[ramsey_d_smith]: m

512
00:10:55,948 –> 00:10:57,090
[Ben Jones]: fund is even different

513
00:10:57,053 –> 00:10:57,761
[ramsey_d_smith]: hm

514
00:10:57,230 –> 00:11:00,736
[Ben Jones]: another now let’s a investment company which
is a u i t right so you

515
00:11:00,816 –> 00:11:03,721
[Ben Jones]: do have some data points and characteristics
that

516
00:11:03,761 –> 00:11:03,922
[ramsey_d_smith]: oh

517
00:11:03,761 –> 00:11:08,468
[Ben Jones]: are specific to each investment vehicle so
it is the job of the product team

518
00:11:08,482 –> 00:11:08,543
[ramsey_d_smith]: the

519
00:11:08,549 –> 00:11:09,691
[Ben Jones]: as well as the opera tiens team

520
00:11:09,551 –> 00:11:09,733
[ramsey_d_smith]: yeah

521
00:11:09,871 –> 00:11:12,275
[Ben Jones]: as well as the technology teams to
make sure that we

522
00:11:12,663 –> 00:11:12,964
[paul_tyler]: oh

523
00:11:12,796 –> 00:11:16,322
[Ben Jones]: you know capturing the right data points
and more importantly

524
00:11:16,323 –> 00:11:17,193
[paul_tyler]: oh

525
00:11:16,482 –> 00:11:18,685
[Ben Jones]: that our sales and relatioship managers

526
00:11:18,731 –> 00:11:18,931
[ramsey_d_smith]: oh

527
00:11:18,786 –> 00:11:22,151
[Ben Jones]: who are working with these accounts make
sure that the stream clients

528
00:11:21,941 –> 00:11:22,931
[ramsey_d_smith]: yeah

529
00:11:22,512 –> 00:11:23,033
[Ben Jones]: know these data

530
00:11:23,051 –> 00:11:24,191
[ramsey_d_smith]: oh

531
00:11:23,113 –> 00:11:23,413
[Ben Jones]: vendors

532
00:11:23,163 –> 00:11:24,363
[paul_tyler]: yeah

533
00:11:23,674 –> 00:11:24,836
[Ben Jones]: are able to pick up these new

534
00:11:25,001 –> 00:11:25,901
[ramsey_d_smith]: yeah

535
00:11:25,176 –> 00:11:25,377
[Ben Jones]: data

536
00:11:25,242 –> 00:11:25,263
[paul_tyler]: m

537
00:11:25,437 –> 00:11:27,560
[Ben Jones]: points right because that’s important is that

538
00:11:27,536 –> 00:11:27,556
[ramsey_d_smith]: m

539
00:11:27,781 –> 00:11:28,081
[Ben Jones]: you know we

540
00:11:28,370 –> 00:11:28,391
[ramsey_d_smith]: m

541
00:11:28,682 –> 00:11:32,108
[Ben Jones]: to make sure that the the infrastructure
is flexible that we can ingest all these

542
00:11:32,433 –> 00:11:33,633
[paul_tyler]: yes

543
00:11:32,488 –> 00:11:32,989
[Ben Jones]: different data

544
00:11:32,885 –> 00:11:33,277
[ramsey_d_smith]: jeff

545
00:11:33,250 –> 00:11:34,752
[Ben Jones]: via structure products are mutual

546
00:11:34,751 –> 00:11:34,972
[ramsey_d_smith]: yeah

547
00:11:34,772 –> 00:11:36,716
[Ben Jones]: funds and make sure that our downstream
clients

548
00:11:36,671 –> 00:11:37,571
[ramsey_d_smith]: yeah

549
00:11:36,756 –> 00:11:37,817
[Ben Jones]: can pick them up as well so

550
00:11:37,902 –> 00:11:37,923
[paul_tyler]: m

551
00:11:38,111 –> 00:11:38,331
[ramsey_d_smith]: yeah

552
00:11:38,398 –> 00:11:38,699
[Ben Jones]: it’s you

553
00:11:38,643 –> 00:11:39,363
[paul_tyler]: yeah

554
00:11:38,739 –> 00:11:43,847
[Ben Jones]: know is constantly having those conversation it’s
constantly innovating and it’s constantly making sure that

555
00:11:43,908 –> 00:11:45,009
[Ben Jones]: we are putting the right data

556
00:11:45,063 –> 00:11:46,083
[paul_tyler]: yeah

557
00:11:45,210 –> 00:11:47,418
[Ben Jones]: there for each investment vehicle or asset
class

558
00:11:47,372 –> 00:11:47,599
[aidan_shue]: oh

559
00:11:49,140 –> 00:11:49,360
[Ben Jones]: yah

560
00:11:49,183 –> 00:11:53,270
[paul_tyler]: there’s tremendous value today i don’t care
what business you are being

561
00:11:53,089 –> 00:11:53,250
[Ben Jones]: yah

562
00:11:53,671 –> 00:11:59,460
[paul_tyler]: found some place in the web so
let me pull that thread a little farther

563
00:11:59,520 –> 00:12:00,722
[paul_tyler]: that ramsey

564
00:12:01,571 –> 00:12:01,871
[ramsey_d_smith]: oh

565
00:12:01,604 –> 00:12:05,530
[paul_tyler]: uh kind of started taking us down
we have a lot of investment

566
00:12:05,501 –> 00:12:05,805
[ramsey_d_smith]: oh

567
00:12:05,570 –> 00:12:09,197
[paul_tyler]: advisors who listen to this program they
do retirement planning maybe they sell some annuities

568
00:12:09,317 –> 00:12:10,799
[paul_tyler]: maybe they’ve got their their they’ve

569
00:12:10,661 –> 00:12:10,866
[ramsey_d_smith]: yeah

570
00:12:10,839 –> 00:12:15,888
[paul_tyler]: got an r a or their an
i some place suppose imagine i’m an an

571
00:12:16,128 –> 00:12:22,759
[paul_tyler]: r a and i’ve got my own
model that’s running some place uh can i

572
00:12:22,839 –> 00:12:25,764
[paul_tyler]: get this up on the n f
n can i get it my client could

573
00:12:26,360 –> 00:12:26,381
[ramsey_d_smith]: m

574
00:12:26,405 –> 00:12:27,628
[paul_tyler]: actually find their

575
00:12:27,551 –> 00:12:30,131
[ramsey_d_smith]: yeah

576
00:12:27,728 –> 00:12:33,819
[paul_tyler]: portfolio performance and track a track the
performance on their their eye phone on their

577
00:12:33,859 –> 00:12:35,161
[paul_tyler]: favorite stock tracker

578
00:12:36,281 –> 00:12:39,226
[Ben Jones]: the answer is yes right you were
able to take

579
00:12:39,191 –> 00:12:39,471
[ramsey_d_smith]: oh

580
00:12:39,266 –> 00:12:39,426
[Ben Jones]: that

581
00:12:39,303 –> 00:12:39,692
[paul_tyler]: uh

582
00:12:39,586 –> 00:12:44,434
[Ben Jones]: that model value you know be able
to track a value for and then

583
00:12:44,360 –> 00:12:44,480
[ramsey_d_smith]: yeah

584
00:12:44,494 –> 00:12:45,356
[Ben Jones]: be able to distribute that data

585
00:12:45,350 –> 00:12:45,371
[ramsey_d_smith]: m

586
00:12:45,456 –> 00:12:48,802
[Ben Jones]: out there right kind of it’s wrong
now we’re not distributing

587
00:12:48,941 –> 00:12:49,245
[ramsey_d_smith]: oh

588
00:12:49,082 –> 00:12:49,743
[Ben Jones]: holdings or

589
00:12:49,772 –> 00:12:49,792
[aidan_shue]: m

590
00:12:49,803 –> 00:12:51,065
[Ben Jones]: anything like that it’s just

591
00:12:51,011 –> 00:12:51,989
[ramsey_d_smith]: ye

592
00:12:51,126 –> 00:12:52,067
[Ben Jones]: really kind of tracking a

593
00:12:52,064 –> 00:12:52,266
[paul_tyler]: right

594
00:12:52,107 –> 00:12:53,309
[Ben Jones]: value for this hypothetical

595
00:12:53,313 –> 00:12:53,577
[paul_tyler]: oh

596
00:12:53,429 –> 00:12:55,793
[Ben Jones]: portfolio m and so the answer is

597
00:12:55,842 –> 00:12:55,863
[paul_tyler]: m

598
00:12:56,054 –> 00:12:56,655
[Ben Jones]: yes now

599
00:12:57,243 –> 00:12:57,669
[paul_tyler]: yeah

600
00:12:57,817 –> 00:12:58,438
[Ben Jones]: you know we don’t have to

601
00:12:58,443 –> 00:12:58,710
[paul_tyler]: yeah

602
00:12:58,478 –> 00:13:00,281
[Ben Jones]: get into today but you know the
relator

603
00:13:00,093 –> 00:13:00,375
[paul_tyler]: oh

604
00:13:00,139 –> 00:13:00,260
[ramsey_d_smith]: yeah

605
00:13:00,341 –> 00:13:00,862
[Ben Jones]: environment is

606
00:13:00,941 –> 00:13:01,811
[ramsey_d_smith]: yeah

607
00:13:00,982 –> 00:13:04,588
[Ben Jones]: changing in the way that you know
that performance can be kind

608
00:13:04,481 –> 00:13:04,802
[ramsey_d_smith]: oh

609
00:13:04,608 –> 00:13:06,090
[Ben Jones]: of distributed and marketed

610
00:13:06,042 –> 00:13:06,063
[paul_tyler]: m

611
00:13:06,131 –> 00:13:09,095
[Ben Jones]: and so there are some separate conversation
s we can have about that but to

612
00:13:09,136 –> 00:13:10,257
[Ben Jones]: answer you question yes i mean it
will

613
00:13:10,211 –> 00:13:10,458
[ramsey_d_smith]: oh

614
00:13:10,277 –> 00:13:11,820
[Ben Jones]: be no different than you know a

615
00:13:11,853 –> 00:13:12,256
[paul_tyler]: oh

616
00:13:11,861 –> 00:13:15,512
[Ben Jones]: large as manager versus n r a
now they’re regula differently but for the most

617
00:13:15,592 –> 00:13:15,793
[Ben Jones]: part

618
00:13:15,912 –> 00:13:15,933
[paul_tyler]: m

619
00:13:16,334 –> 00:13:16,595
[Ben Jones]: if we can

620
00:13:16,563 –> 00:13:16,851
[paul_tyler]: oh

621
00:13:16,635 –> 00:13:18,460
[Ben Jones]: take that model value on

622
00:13:18,461 –> 00:13:18,705
[ramsey_d_smith]: oh

623
00:13:18,520 –> 00:13:20,083
[Ben Jones]: a azacfunnetwork and then

624
00:13:20,051 –> 00:13:20,254
[ramsey_d_smith]: oh

625
00:13:20,403 –> 00:13:21,946
[Ben Jones]: get it out there that strategy

626
00:13:21,822 –> 00:13:21,843
[paul_tyler]: m

627
00:13:22,006 –> 00:13:26,233
[Ben Jones]: will be able to be identifiable or
identified and discovered and paul you you brought

628
00:13:26,253 –> 00:13:28,336
[Ben Jones]: up a good point about you know
the internet right it’s like

629
00:13:28,473 –> 00:13:29,283
[paul_tyler]: oh

630
00:13:28,717 –> 00:13:28,917
[Ben Jones]: you know

631
00:13:28,901 –> 00:13:29,125
[ramsey_d_smith]: oh

632
00:13:28,997 –> 00:13:30,901
[Ben Jones]: what has replaced newspaper

633
00:13:30,914 –> 00:13:30,996
[ramsey_d_smith]: ah

634
00:13:30,941 –> 00:13:33,184
[Ben Jones]: is why we started ff talking about
newspaper as well as the internet right and

635
00:13:33,245 –> 00:13:33,345
[Ben Jones]: so

636
00:13:33,333 –> 00:13:33,454
[paul_tyler]: ye

637
00:13:33,866 –> 00:13:37,892
[Ben Jones]: that opened up a whole new market
for this type of data and so search

638
00:13:37,952 –> 00:13:39,014
[Ben Jones]: engineoptimization is

639
00:13:38,981 –> 00:13:39,911
[ramsey_d_smith]: yeah

640
00:13:39,074 –> 00:13:43,341
[Ben Jones]: an important you know question that a
lot of ask managers strategists need to answer

641
00:13:43,462 –> 00:13:44,363
[Ben Jones]: right how would

642
00:13:44,351 –> 00:13:44,677
[ramsey_d_smith]: oh

643
00:13:44,383 –> 00:13:45,966
[Ben Jones]: their strategies to be discovered because we
know

644
00:13:45,971 –> 00:13:46,216
[ramsey_d_smith]: oh

645
00:13:45,986 –> 00:13:48,991
[Ben Jones]: that the way products are being distributed
is changing right it’s not just this

646
00:13:49,151 –> 00:13:49,833
[ramsey_d_smith]: oh

647
00:13:49,151 –> 00:13:51,675
[Ben Jones]: old wholesale or slash wholesaler model

648
00:13:51,552 –> 00:13:51,573
[paul_tyler]: m

649
00:13:51,755 –> 00:13:52,577
[Ben Jones]: right that’s evolved

650
00:13:52,601 –> 00:13:52,862
[ramsey_d_smith]: oh

651
00:13:53,098 –> 00:13:58,627
[Ben Jones]: and so we’ve done something siding in
europe where you have the use funds which

652
00:13:58,707 –> 00:14:03,255
[Ben Jones]: is kind of their kind of fun
structure in europe well they don’t have standardized

653
00:14:03,355 –> 00:14:04,857
[Ben Jones]: identifies right on a ticker

654
00:14:04,720 –> 00:14:05,591
[ramsey_d_smith]: ah yeah

655
00:14:04,917 –> 00:14:05,959
[Ben Jones]: level right so you

656
00:14:05,891 –> 00:14:06,212
[ramsey_d_smith]: yeah

657
00:14:05,999 –> 00:14:08,227
[Ben Jones]: can pul up a long digit icon

658
00:14:08,720 –> 00:14:08,840
[ramsey_d_smith]: yeah

659
00:14:09,010 –> 00:14:12,275
[Ben Jones]: you don’t have what we have in
the u s where it’s like x five

660
00:14:12,153 –> 00:14:12,434
[paul_tyler]: oh

661
00:14:12,335 –> 00:14:13,117
[Ben Jones]: characters and so

662
00:14:13,223 –> 00:14:13,323
[ramsey_d_smith]: ah

663
00:14:13,537 –> 00:14:15,741
[Ben Jones]: we’re bringing this service to europe and
one of the

664
00:14:15,723 –> 00:14:15,925
[paul_tyler]: oh

665
00:14:15,841 –> 00:14:16,001
[Ben Jones]: key

666
00:14:16,181 –> 00:14:16,407
[ramsey_d_smith]: yeah

667
00:14:16,182 –> 00:14:17,103
[Ben Jones]: value props there

668
00:14:16,961 –> 00:14:17,223
[ramsey_d_smith]: oh

669
00:14:17,523 –> 00:14:17,845
[paul_tyler]: oh

670
00:14:17,644 –> 00:14:18,345
[Ben Jones]: is searching

671
00:14:18,311 –> 00:14:18,511
[ramsey_d_smith]: yeah

672
00:14:18,385 –> 00:14:22,251
[Ben Jones]: and otimization is that by having an
identify or have a symbol it’s much easier

673
00:14:22,311 –> 00:14:25,936
[Ben Jones]: for an investor to find a strategy
on line which is

674
00:14:25,902 –> 00:14:25,923
[paul_tyler]: m

675
00:14:25,996 –> 00:14:27,438
[Ben Jones]: typically were they’re doing the research anyway

676
00:14:27,971 –> 00:14:34,397
[ramsey_d_smith]: oh yeah so in terms of your
business man like i said two questions one

677
00:14:34,349 –> 00:14:34,431
[paul_tyler]: what

678
00:14:34,497 –> 00:14:35,920
[ramsey_d_smith]: is to what extent

679
00:14:36,423 –> 00:14:36,664
[paul_tyler]: oh

680
00:14:36,781 –> 00:14:39,906
[ramsey_d_smith]: what it takes to actually be listed
is there a screening function that people have

681
00:14:39,947 –> 00:14:42,932
[ramsey_d_smith]: to you know somehow justify

682
00:14:42,873 –> 00:14:43,159
[paul_tyler]: oh

683
00:14:43,673 –> 00:14:48,401
[ramsey_d_smith]: justify having a position on your network
and the next sort of follow unto that

684
00:14:48,501 –> 00:14:49,963
[ramsey_d_smith]: is you know ultimately who

685
00:14:49,941 –> 00:14:50,103
[paul_tyler]: yeah

686
00:14:50,083 –> 00:14:53,770
[ramsey_d_smith]: pays for your service is it the
people that are listening or the people that

687
00:14:53,730 –> 00:14:53,993
[Ben Jones]: oh

688
00:14:53,830 –> 00:14:55,396
[ramsey_d_smith]: are receiving or some combination of

689
00:14:55,413 –> 00:14:55,494
[Ben Jones]: ah

690
00:14:55,476 –> 00:14:55,677
[ramsey_d_smith]: both

691
00:14:57,792 –> 00:14:58,853
[aidan_shue]: so for the models

692
00:14:58,482 –> 00:14:58,503
[paul_tyler]: m

693
00:14:59,351 –> 00:14:59,801
[ramsey_d_smith]: oh

694
00:14:59,354 –> 00:15:03,999
[aidan_shue]: the only kind of identifier that we
need is that the kips compliant firms so

695
00:15:04,039 –> 00:15:05,420
[aidan_shue]: we’re only working with kipps compliant

696
00:15:05,302 –> 00:15:05,543
[ramsey_d_smith]: what is

697
00:15:05,481 –> 00:15:05,821
[aidan_shue]: firms

698
00:15:05,604 –> 00:15:06,227
[ramsey_d_smith]: gyp i’m sorry

699
00:15:06,443 –> 00:15:07,112
[aidan_shue]: um

700
00:15:06,453 –> 00:15:07,413
[paul_tyler]: oh

701
00:15:08,153 –> 00:15:08,315
[ramsey_d_smith]: oh

702
00:15:08,384 –> 00:15:09,687
[aidan_shue]: gib stands for benemiris

703
00:15:09,288 –> 00:15:09,450
[ramsey_d_smith]: yeah

704
00:15:09,868 –> 00:15:12,740
[aidan_shue]: the global do you know the actual

705
00:15:12,791 –> 00:15:13,721
[ramsey_d_smith]: yeah

706
00:15:12,840 –> 00:15:13,424
[aidan_shue]: acronym for that

707
00:15:13,563 –> 00:15:13,784
[paul_tyler]: oh

708
00:15:13,565 –> 00:15:14,088
[aidan_shue]: g p s

709
00:15:14,061 –> 00:15:15,385
[ramsey_d_smith]: or even just what gibs does what

710
00:15:15,360 –> 00:15:15,502
[Ben Jones]: yeah

711
00:15:15,465 –> 00:15:16,027
[ramsey_d_smith]: is there what

712
00:15:15,963 –> 00:15:16,144
[paul_tyler]: oh

713
00:15:16,067 –> 00:15:17,251
[ramsey_d_smith]: do they make you do what is
there

714
00:15:17,700 –> 00:15:18,778
[Ben Jones]: uh

715
00:15:17,793 –> 00:15:19,057
[ramsey_d_smith]: what is their compliance function

716
00:15:20,784 –> 00:15:21,106
[aidan_shue]: then dig

717
00:15:20,991 –> 00:15:21,051
[Ben Jones]: so

718
00:15:21,033 –> 00:15:21,256
[paul_tyler]: oh

719
00:15:21,146 –> 00:15:21,307
[aidan_shue]: into

720
00:15:21,151 –> 00:15:21,531
[Ben Jones]: basically

721
00:15:21,368 –> 00:15:21,428
[aidan_shue]: it

722
00:15:21,692 –> 00:15:22,774
[Ben Jones]: you know it’s a performance standards

723
00:15:22,841 –> 00:15:23,531
[ramsey_d_smith]: yeah

724
00:15:22,854 –> 00:15:23,174
[Ben Jones]: right so

725
00:15:24,242 –> 00:15:24,526
[aidan_shue]: yeah

726
00:15:24,316 –> 00:15:24,496
[Ben Jones]: it is

727
00:15:24,511 –> 00:15:25,451
[ramsey_d_smith]: yeah

728
00:15:24,757 –> 00:15:28,363
[Ben Jones]: brought by the c f a supervides
performance standards and audited for

729
00:15:28,653 –> 00:15:28,957
[paul_tyler]: oh

730
00:15:28,832 –> 00:15:28,893
[ramsey_d_smith]: we

731
00:15:28,844 –> 00:15:29,986
[Ben Jones]: um as managers

732
00:15:29,861 –> 00:15:30,104
[ramsey_d_smith]: oh

733
00:15:30,046 –> 00:15:33,391
[Ben Jones]: are a separately managed account so it’s
a standardized way reporting performance

734
00:15:32,992 –> 00:15:33,012
[ramsey_d_smith]: m

735
00:15:34,032 –> 00:15:34,173
[Ben Jones]: and

736
00:15:34,100 –> 00:15:34,121
[ramsey_d_smith]: m

737
00:15:34,373 –> 00:15:34,553
[Ben Jones]: you know

738
00:15:34,542 –> 00:15:34,563
[paul_tyler]: m

739
00:15:34,593 –> 00:15:35,835
[Ben Jones]: what we’re trying to make sure is
that these

740
00:15:35,711 –> 00:15:35,732
[paul_tyler]: i

741
00:15:36,036 –> 00:15:39,501
[Ben Jones]: you know firms are kind of vetted
right and so by having this kind

742
00:15:39,434 –> 00:15:39,454
[aidan_shue]: a

743
00:15:39,561 –> 00:15:44,169
[Ben Jones]: of compliance you know box checked we
know that you know these models have gone

744
00:15:44,189 –> 00:15:44,370
[Ben Jones]: through

745
00:15:44,373 –> 00:15:44,761
[paul_tyler]: oh

746
00:15:44,490 –> 00:15:48,016
[Ben Jones]: auditing process and so that’s one standard
we have for the models with mutual

747
00:15:48,043 –> 00:15:48,187
[aidan_shue]: yeah

748
00:15:48,076 –> 00:15:49,458
[Ben Jones]: funds you have to be you know
an investment

749
00:15:49,481 –> 00:15:49,783
[ramsey_d_smith]: yeah

750
00:15:49,518 –> 00:15:52,082
[Ben Jones]: company you have to be mutuafun company
you same

751
00:15:52,001 –> 00:15:52,021
[ramsey_d_smith]: m

752
00:15:52,122 –> 00:15:56,209
[Ben Jones]: thing with t structure products etcetera so
there is like a veting process

753
00:15:55,850 –> 00:15:55,871
[ramsey_d_smith]: m

754
00:15:56,730 –> 00:16:01,037
[Ben Jones]: and so and also operationally like we
need to make sure that you know we

755
00:16:01,157 –> 00:16:04,283
[Ben Jones]: have these operational processes and checks in
place and so

756
00:16:04,370 –> 00:16:04,391
[ramsey_d_smith]: m

757
00:16:04,804 –> 00:16:08,149
[Ben Jones]: we can’t serve everyone but we are
able to serve those that were able

758
00:16:08,103 –> 00:16:08,123
[paul_tyler]: m

759
00:16:08,209 –> 00:16:10,774
[Ben Jones]: to get the data from that have
gone

760
00:16:10,631 –> 00:16:11,621
[ramsey_d_smith]: yeah

761
00:16:10,814 –> 00:16:11,715
[Ben Jones]: through some some different

762
00:16:12,161 –> 00:16:12,402
[ramsey_d_smith]: oh

763
00:16:12,256 –> 00:16:15,862
[Ben Jones]: check boxes on our side and then
we’re able to get that data out there

764
00:16:15,942 –> 00:16:19,588
[Ben Jones]: right so you know we’re not just
going to take you know anyone off the

765
00:16:19,628 –> 00:16:22,132
[Ben Jones]: street right so go through some processes
there

766
00:16:22,413 –> 00:16:22,554
[paul_tyler]: ye

767
00:16:22,934 –> 00:16:23,615
[Ben Jones]: but in terms of

768
00:16:23,673 –> 00:16:25,023
[paul_tyler]: yeah

769
00:16:23,795 –> 00:16:25,157
[Ben Jones]: you know standardizing it as long

770
00:16:25,113 –> 00:16:26,133
[paul_tyler]: oh

771
00:16:25,178 –> 00:16:25,678
[Ben Jones]: as we get a data

772
00:16:25,511 –> 00:16:25,813
[ramsey_d_smith]: yeah

773
00:16:25,999 –> 00:16:26,981
[Ben Jones]: and we’re able to capture

774
00:16:26,780 –> 00:16:26,921
[ramsey_d_smith]: yeah

775
00:16:27,021 –> 00:16:30,707
[Ben Jones]: it and then put a identifier on
it and then distribute

776
00:16:30,418 –> 00:16:30,438
[paul_tyler]: a

777
00:16:30,747 –> 00:16:34,453
[Ben Jones]: it you that’s what we provide from
a standpoint we serve both right so you

778
00:16:34,513 –> 00:16:38,039
[Ben Jones]: know there is a registration fee you
know for these investment products and then there’s

779
00:16:38,079 –> 00:16:38,900
[Ben Jones]: also you know some

780
00:16:38,766 –> 00:16:38,786
[ramsey_d_smith]: m

781
00:16:39,061 –> 00:16:39,882
[Ben Jones]: data fees you know

782
00:16:39,800 –> 00:16:39,821
[ramsey_d_smith]: m

783
00:16:40,102 –> 00:16:40,643
[Ben Jones]: downstream

784
00:16:40,692 –> 00:16:40,713
[paul_tyler]: m

785
00:16:40,763 –> 00:16:41,685
[Ben Jones]: right because there is

786
00:16:41,981 –> 00:16:42,262
[ramsey_d_smith]: yeah

787
00:16:42,206 –> 00:16:44,370
[Ben Jones]: complex process of capturing the day

788
00:16:44,410 –> 00:16:44,591
[ramsey_d_smith]: yeah

789
00:16:44,590 –> 00:16:44,992
[Ben Jones]: cleansing the

790
00:16:45,011 –> 00:16:45,293
[ramsey_d_smith]: yeah

791
00:16:45,012 –> 00:16:46,217
[Ben Jones]: data and then distributing the data

792
00:16:46,422 –> 00:16:46,443
[paul_tyler]: m

793
00:16:47,321 –> 00:16:48,311
[ramsey_d_smith]: yeah

794
00:16:48,213 –> 00:16:49,173
[paul_tyler]: yeah

795
00:16:48,391 –> 00:16:48,972
[ramsey_d_smith]: there’s no question

796
00:16:48,930 –> 00:16:49,313
[Ben Jones]: yeah

797
00:16:49,032 –> 00:16:49,312
[ramsey_d_smith]: you earn

798
00:16:49,293 –> 00:16:49,634
[paul_tyler]: oh

799
00:16:49,412 –> 00:16:49,452
[ramsey_d_smith]: it

800
00:16:50,490 –> 00:16:51,180
[Ben Jones]: yeah

801
00:16:51,092 –> 00:16:51,112
[aidan_shue]: m

802
00:16:51,363 –> 00:16:52,503
[paul_tyler]: yeah

803
00:16:51,776 –> 00:16:51,876
[ramsey_d_smith]: you

804
00:16:51,803 –> 00:16:52,292
[aidan_shue]: hm

805
00:16:51,976 –> 00:16:52,657
[ramsey_d_smith]: earn it for sure

806
00:16:53,393 –> 00:16:53,616
[paul_tyler]: yeah

807
00:16:53,398 –> 00:16:53,779
[ramsey_d_smith]: for sure

808
00:16:54,111 –> 00:16:55,573
[Ben Jones]: it’s good but look

809
00:16:55,511 –> 00:16:56,120
[ramsey_d_smith]: yea

810
00:16:55,654 –> 00:16:56,234
[Ben Jones]: we provide a

811
00:16:56,231 –> 00:16:56,454
[ramsey_d_smith]: yeah

812
00:16:56,295 –> 00:16:59,820
[Ben Jones]: service right to aske managers and strategists

813
00:16:59,853 –> 00:17:00,075
[paul_tyler]: yeah

814
00:16:59,941 –> 00:17:01,083
[Ben Jones]: and we provide a service to

815
00:17:01,203 –> 00:17:02,607
[paul_tyler]: yah oh

816
00:17:02,345 –> 00:17:03,326
[Ben Jones]: you know the downstream

817
00:17:03,993 –> 00:17:04,013
[paul_tyler]: m

818
00:17:04,027 –> 00:17:06,292
[Ben Jones]: investment platform and the vendors

819
00:17:05,835 –> 00:17:05,856
[paul_tyler]: i

820
00:17:06,412 –> 00:17:09,178
[Ben Jones]: and the investors right and i think
that’s the key is that

821
00:17:09,221 –> 00:17:09,461
[ramsey_d_smith]: oh

822
00:17:09,890 –> 00:17:14,132
[Ben Jones]: there needs to be transparency in this
industry we’re not the only ones who have

823
00:17:14,172 –> 00:17:16,295
[Ben Jones]: that mission right there’s a lot of
firms

824
00:17:16,173 –> 00:17:16,456
[paul_tyler]: oh

825
00:17:16,395 –> 00:17:21,784
[Ben Jones]: out there either data vendors or practitioners
we’re just part of that equation right where

826
00:17:22,233 –> 00:17:22,477
[paul_tyler]: oh

827
00:17:22,265 –> 00:17:24,008
[Ben Jones]: we believe that these strategies

828
00:17:23,973 –> 00:17:24,693
[paul_tyler]: oh

829
00:17:24,148 –> 00:17:25,250
[Ben Jones]: need to be found covered

830
00:17:25,442 –> 00:17:26,312
[aidan_shue]: oh

831
00:17:25,731 –> 00:17:29,677
[Ben Jones]: and discovered on a even playing field
and you know some strategies need

832
00:17:29,681 –> 00:17:30,205
[ramsey_d_smith]: oh

833
00:17:29,998 –> 00:17:33,644
[Ben Jones]: to be behind closed doors if ye’re
kind of institutional or black box potentially

834
00:17:33,327 –> 00:17:34,253
[ramsey_d_smith]: ah oh

835
00:17:34,065 –> 00:17:36,930
[Ben Jones]: but the majority of them are being
used by a retail investor i can’t stray

836
00:17:37,010 –> 00:17:40,836
[Ben Jones]: that enough right i think about this
investors in the united states are relying

837
00:17:40,841 –> 00:17:42,281
[ramsey_d_smith]: oh

838
00:17:40,876 –> 00:17:43,681
[Ben Jones]: on their four one k they need
to be able to find

839
00:17:43,992 –> 00:17:44,013
[paul_tyler]: m

840
00:17:44,101 –> 00:17:45,744
[Ben Jones]: their strategies either on their

841
00:17:45,592 –> 00:17:45,776
[paul_tyler]: yeah

842
00:17:45,701 –> 00:17:45,963
[ramsey_d_smith]: oh

843
00:17:46,606 –> 00:17:48,328
[Ben Jones]: on their account unless they whoever

844
00:17:48,273 –> 00:17:48,534
[paul_tyler]: yeah

845
00:17:48,281 –> 00:17:48,501
[ramsey_d_smith]: yeah

846
00:17:48,369 –> 00:17:52,253
[Ben Jones]: they they’re use in or the company
uses or elsewhere right whether it’s

847
00:17:52,301 –> 00:17:52,542
[ramsey_d_smith]: yeah

848
00:17:52,313 –> 00:17:53,875
[Ben Jones]: being able to find it on their
apple i watched

849
00:17:53,771 –> 00:17:53,994
[ramsey_d_smith]: oh

850
00:17:54,015 –> 00:17:55,197
[Ben Jones]: or be able to search it on
google

851
00:17:55,089 –> 00:17:55,170
[ramsey_d_smith]: ah

852
00:17:56,038 –> 00:17:56,839
[Ben Jones]: and that’s what we provide

853
00:17:58,605 –> 00:18:02,572
[ramsey_d_smith]: so like how far are we in
that journey so like sitting in your shoes

854
00:18:03,173 –> 00:18:05,036
[ramsey_d_smith]: you’ve got a very clear mission you
want

855
00:18:05,074 –> 00:18:05,235
[Ben Jones]: yes

856
00:18:05,096 –> 00:18:09,964
[ramsey_d_smith]: to provide this transparency across a wide
you have products you know here in the

857
00:18:10,064 –> 00:18:14,592
[ramsey_d_smith]: u s and internationally and it sounds
like you already have you know you’ve got

858
00:18:14,812 –> 00:18:15,954
[ramsey_d_smith]: one like you have a lot of
market chair

859
00:18:15,932 –> 00:18:16,152
[aidan_shue]: oh

860
00:18:15,974 –> 00:18:20,301
[ramsey_d_smith]: and a lot of coverage but what’s
left to do are we early days is

861
00:18:20,341 –> 00:18:20,942
[ramsey_d_smith]: this mature

862
00:18:20,670 –> 00:18:20,854
[Ben Jones]: oh

863
00:18:21,222 –> 00:18:23,945
[ramsey_d_smith]: or is this is this early in
the cycle

864
00:18:23,670 –> 00:18:23,953
[Ben Jones]: oh

865
00:18:24,005 –> 00:18:24,726
[ramsey_d_smith]: of actually having

866
00:18:24,690 –> 00:18:24,932
[Ben Jones]: yes

867
00:18:24,766 –> 00:18:28,229
[ramsey_d_smith]: the level of coverage you think you
think should exist in

868
00:18:28,263 –> 00:18:29,133
[paul_tyler]: oh

869
00:18:28,269 –> 00:18:28,750
[ramsey_d_smith]: this market

870
00:18:28,630 –> 00:18:31,216
[Ben Jones]: it’s it’s early days right so you
know

871
00:18:31,231 –> 00:18:31,373
[ramsey_d_smith]: yeah

872
00:18:31,236 –> 00:18:36,434
[Ben Jones]: i think you know in the more
mature areas of the market right so i

873
00:18:36,474 –> 00:18:37,897
[Ben Jones]: think like mutual funds right

874
00:18:38,021 –> 00:18:38,303
[ramsey_d_smith]: oh

875
00:18:38,057 –> 00:18:38,898
[Ben Jones]: u i t s i mean

876
00:18:39,813 –> 00:18:40,095
[paul_tyler]: yeah

877
00:18:39,940 –> 00:18:40,501
[Ben Jones]: we see new

878
00:18:40,661 –> 00:18:40,941
[ramsey_d_smith]: oh

879
00:18:40,782 –> 00:18:44,788
[Ben Jones]: kind of asset classes kind of emerging
that you know these

880
00:18:44,651 –> 00:18:44,811
[ramsey_d_smith]: yeah

881
00:18:45,169 –> 00:18:46,992
[Ben Jones]: investments and these are providing exposure

882
00:18:46,960 –> 00:18:47,081
[ramsey_d_smith]: yeah

883
00:18:47,052 –> 00:18:47,172
[Ben Jones]: to

884
00:18:47,111 –> 00:18:47,453
[ramsey_d_smith]: oh

885
00:18:48,254 –> 00:18:49,095
[Ben Jones]: so that’s that’s

886
00:18:48,911 –> 00:18:49,193
[ramsey_d_smith]: oh

887
00:18:49,236 –> 00:18:54,024
[Ben Jones]: new and exciting in the model space
right with

888
00:18:54,732 –> 00:18:54,753
[paul_tyler]: m

889
00:18:54,805 –> 00:18:58,191
[Ben Jones]: the global investment performance standards with the
gifts you know it’s you know that’s new

890
00:18:58,391 –> 00:18:59,012
[Ben Jones]: right if you think

891
00:18:58,943 –> 00:18:59,146
[ramsey_d_smith]: that’s

892
00:18:59,052 –> 00:19:02,858
[Ben Jones]: about these thousands of models that are
out there you know

893
00:19:03,851 –> 00:19:04,093
[ramsey_d_smith]: oh

894
00:19:03,920 –> 00:19:09,489
[Ben Jones]: it’s a really growing space for you
know financial advisors who are plugging their clients

895
00:19:09,549 –> 00:19:14,037
[Ben Jones]: into these models and we need to
make sure you know that we provide transparency

896
00:19:14,077 –> 00:19:16,802
[Ben Jones]: there so it’s you that data is
available elsewhere they

897
00:19:16,803 –> 00:19:17,463
[paul_tyler]: oh

898
00:19:16,842 –> 00:19:19,025
[Ben Jones]: can be vented and have a third
party were you able to see

899
00:19:18,975 –> 00:19:18,995
[ramsey_d_smith]: a

900
00:19:19,065 –> 00:19:20,147
[Ben Jones]: performance or at least track

901
00:19:20,117 –> 00:19:20,158
[ramsey_d_smith]: m

902
00:19:20,247 –> 00:19:20,968
[Ben Jones]: it that’s

903
00:19:20,930 –> 00:19:20,951
[ramsey_d_smith]: m

904
00:19:21,069 –> 00:19:21,710
[Ben Jones]: early days

905
00:19:21,551 –> 00:19:21,832
[ramsey_d_smith]: oh

906
00:19:21,830 –> 00:19:25,216
[Ben Jones]: the the funds in europe providing identifies
that’s

907
00:19:25,113 –> 00:19:26,433
[paul_tyler]: yeah

908
00:19:25,316 –> 00:19:25,977
[Ben Jones]: early days

909
00:19:26,763 –> 00:19:27,044
[paul_tyler]: oh

910
00:19:26,998 –> 00:19:27,219
[Ben Jones]: you know

911
00:19:27,296 –> 00:19:27,911
[ramsey_d_smith]: hm

912
00:19:27,620 –> 00:19:28,661
[Ben Jones]: two exciting

913
00:19:28,651 –> 00:19:28,893
[paul_tyler]: yeah

914
00:19:28,781 –> 00:19:29,463
[Ben Jones]: areas now

915
00:19:29,501 –> 00:19:29,684
[ramsey_d_smith]: oh

916
00:19:29,623 –> 00:19:29,723
[Ben Jones]: just

917
00:19:29,793 –> 00:19:30,723
[paul_tyler]: oh

918
00:19:29,883 –> 00:19:31,386
[Ben Jones]: partner with luma financial technologies

919
00:19:31,091 –> 00:19:31,332
[ramsey_d_smith]: yeah

920
00:19:31,466 –> 00:19:35,713
[Ben Jones]: to to bring identify our to structure
products right so you know

921
00:19:36,011 –> 00:19:36,031
[ramsey_d_smith]: m

922
00:19:36,014 –> 00:19:36,234
[Ben Jones]: for the

923
00:19:36,243 –> 00:19:36,485
[paul_tyler]: yeah

924
00:19:36,274 –> 00:19:38,858
[Ben Jones]: longest time structure products which have a
lot of utility

925
00:19:39,911 –> 00:19:40,661
[ramsey_d_smith]: yeah

926
00:19:39,960 –> 00:19:43,165
[Ben Jones]: you know in the way that here
able to you know kind of augment

927
00:19:42,971 –> 00:19:43,191
[ramsey_d_smith]: oh

928
00:19:43,366 –> 00:19:48,314
[Ben Jones]: risk a little bit kind of change
the investment outcome you know through downside protection

929
00:19:48,534 –> 00:19:48,975
[Ben Jones]: et cetera

930
00:19:48,993 –> 00:19:49,297
[paul_tyler]: oh

931
00:19:49,897 –> 00:19:55,065
[Ben Jones]: there was no central identify there was
no single symbology that was being used where

932
00:19:55,085 –> 00:19:59,192
[Ben Jones]: you could go find a structure product
vehicle across different platforms or let alone even

933
00:19:59,292 –> 00:20:04,661
[Ben Jones]: on important financial research platforms so we
have a partnership with with uma and they’re

934
00:20:04,721 –> 00:20:09,730
[Ben Jones]: getting their data available now on the
morning star advisor work station where basically you

935
00:20:09,770 –> 00:20:11,453
[Ben Jones]: know these products

936
00:20:11,223 –> 00:20:11,243
[paul_tyler]: m

937
00:20:11,613 –> 00:20:13,616
[Ben Jones]: are now emerging and

938
00:20:13,623 –> 00:20:13,908
[paul_tyler]: oh

939
00:20:13,716 –> 00:20:17,523
[Ben Jones]: creating a really unique expert and so
i think that opens up the door though

940
00:20:17,623 –> 00:20:17,863
[Ben Jones]: other

941
00:20:17,771 –> 00:20:18,014
[ramsey_d_smith]: oh

942
00:20:18,304 –> 00:20:20,668
[Ben Jones]: you know investment vehicles that don’t have
an identifyer

943
00:20:20,621 –> 00:20:20,844
[ramsey_d_smith]: oh

944
00:20:20,728 –> 00:20:23,613
[Ben Jones]: that you would think would not be
early days because why didn’t they have one

945
00:20:23,653 –> 00:20:24,334
[Ben Jones]: to begin with but

946
00:20:24,200 –> 00:20:24,221
[ramsey_d_smith]: m

947
00:20:24,675 –> 00:20:25,776
[Ben Jones]: you know you mentioned annuities

948
00:20:25,301 –> 00:20:25,622
[ramsey_d_smith]: uh

949
00:20:25,795 –> 00:20:26,039
[paul_tyler]: okay

950
00:20:25,897 –> 00:20:26,898
[Ben Jones]: right the way that annuities

951
00:20:26,729 –> 00:20:26,890
[ramsey_d_smith]: yeah

952
00:20:26,918 –> 00:20:30,885
[Ben Jones]: are being used i umyouknowadvisors you that’s
changing

953
00:20:30,851 –> 00:20:31,053
[ramsey_d_smith]: yeah

954
00:20:30,965 –> 00:20:32,147
[Ben Jones]: where you know the whole

955
00:20:32,109 –> 00:20:32,231
[ramsey_d_smith]: yeah

956
00:20:32,207 –> 00:20:32,868
[Ben Jones]: saling models

957
00:20:32,891 –> 00:20:33,132
[ramsey_d_smith]: oh

958
00:20:32,908 –> 00:20:36,875
[Ben Jones]: now become more like a consultative right
and so they are consulting

959
00:20:36,941 –> 00:20:37,558
[ramsey_d_smith]: ye

960
00:20:36,955 –> 00:20:38,037
[Ben Jones]: and providing guidance

961
00:20:37,721 –> 00:20:38,004
[ramsey_d_smith]: oh

962
00:20:38,077 –> 00:20:39,319
[Ben Jones]: but at the end of the day
the advisor

963
00:20:39,581 –> 00:20:39,601
[ramsey_d_smith]: m

964
00:20:39,880 –> 00:20:41,102
[Ben Jones]: um is ultimately making a decision

965
00:20:41,081 –> 00:20:41,101
[ramsey_d_smith]: m

966
00:20:41,282 –> 00:20:45,309
[Ben Jones]: s using different platforms to do research
and fine performance and maybe having a single

967
00:20:45,329 –> 00:20:50,057
[Ben Jones]: identifyer there would improve the user experience
and so you know ramsey it’s a long

968
00:20:50,077 –> 00:20:53,663
[Ben Jones]: winded answer but it’s early days but
i think that’s important because

969
00:20:53,374 –> 00:20:53,555
[ramsey_d_smith]: sure

970
00:20:53,763 –> 00:20:54,693
[paul_tyler]: oh

971
00:20:54,284 –> 00:20:56,187
[Ben Jones]: you know what makes this industry so
dynamic

972
00:20:55,807 –> 00:20:55,827
[paul_tyler]: h

973
00:20:56,267 –> 00:20:57,269
[Ben Jones]: that it’s constantly changing

974
00:20:56,922 –> 00:20:56,943
[paul_tyler]: h

975
00:20:57,469 –> 00:20:58,651
[Ben Jones]: right the needs of investors

976
00:20:58,323 –> 00:20:58,608
[paul_tyler]: oh

977
00:20:58,671 –> 00:20:59,072
[Ben Jones]: are constantly

978
00:20:59,021 –> 00:20:59,285
[ramsey_d_smith]: my

979
00:20:59,112 –> 00:21:01,776
[Ben Jones]: changing and what we open up the
conversation with is that

980
00:21:01,683 –> 00:21:01,888
[paul_tyler]: oh

981
00:21:02,237 –> 00:21:03,900
[Ben Jones]: you know technology is

982
00:21:03,873 –> 00:21:04,134
[paul_tyler]: oh

983
00:21:03,940 –> 00:21:07,584
[Ben Jones]: evolving right we start off with newspaper
and then we have the internet well now

984
00:21:07,644 –> 00:21:08,906
[Ben Jones]: that’s changed a little bit where

985
00:21:08,976 –> 00:21:08,997
[ramsey_d_smith]: a

986
00:21:09,246 –> 00:21:09,606
[Ben Jones]: we’re not goin

987
00:21:09,612 –> 00:21:09,633
[paul_tyler]: m

988
00:21:09,627 –> 00:21:10,808
[Ben Jones]: t get into web three point in
the

989
00:21:10,736 –> 00:21:10,796
[ramsey_d_smith]: no

990
00:21:10,828 –> 00:21:11,489
[Ben Jones]: metovers but

991
00:21:11,891 –> 00:21:12,761
[ramsey_d_smith]: yeah

992
00:21:12,730 –> 00:21:13,091
[Ben Jones]: the way

993
00:21:13,061 –> 00:21:13,282
[ramsey_d_smith]: yeah

994
00:21:13,231 –> 00:21:16,256
[Ben Jones]: that users are consuming information in the
future is gonna be very different han what

995
00:21:16,276 –> 00:21:19,041
[Ben Jones]: it is today and so n f
n will at least be able to play

996
00:21:19,081 –> 00:21:23,148
[Ben Jones]: a part in that by providing a
standard his identification service to get that data

997
00:21:23,208 –> 00:21:24,980
[Ben Jones]: out there m

998
00:21:25,134 –> 00:21:29,040
[paul_tyler]: yeah so you mentioned the word annuity
so i’ve got to got to push a

999
00:21:29,080 –> 00:21:29,741
[paul_tyler]: little harder here so

1000
00:21:29,866 –> 00:21:30,251
[ramsey_d_smith]: hm

1001
00:21:30,110 –> 00:21:30,602
[aidan_shue]: hm

1002
00:21:30,341 –> 00:21:30,361
[ramsey_d_smith]: m

1003
00:21:30,362 –> 00:21:33,307
[paul_tyler]: i think this is a harder question
for you but but you may be may

1004
00:21:33,367 –> 00:21:37,174
[paul_tyler]: not be that hard for you which
is what are the ope tunities here for

1005
00:21:37,214 –> 00:21:38,456
[paul_tyler]: the next couple of years i

1006
00:21:38,981 –> 00:21:39,263
[ramsey_d_smith]: yeah

1007
00:21:39,057 –> 00:21:40,940
[paul_tyler]: imagine you’re talking to you know one
of our

1008
00:21:41,059 –> 00:21:41,201
[ramsey_d_smith]: yeah

1009
00:21:42,442 –> 00:21:46,028
[paul_tyler]: you know the guy in our company
who develops the new products

1010
00:21:45,641 –> 00:21:46,391
[ramsey_d_smith]: my

1011
00:21:46,489 –> 00:21:47,451
[paul_tyler]: or you’re talking

1012
00:21:47,141 –> 00:21:47,487
[ramsey_d_smith]: oh

1013
00:21:47,551 –> 00:21:52,129
[paul_tyler]: to some of our tribute talk to
advisors what are the big opportunities

1014
00:21:53,710 –> 00:21:57,236
[Ben Jones]: so i think the opportunities that we
see right

1015
00:21:57,245 –> 00:21:57,366
[ramsey_d_smith]: oh

1016
00:21:57,316 –> 00:22:01,964
[Ben Jones]: now a lot of it is you
know the way that you know retail

1017
00:22:01,865 –> 00:22:01,886
[ramsey_d_smith]: a

1018
00:22:02,024 –> 00:22:06,752
[Ben Jones]: investors are kind of investing i think
that’s where the opportunity and the elephant

1019
00:22:06,551 –> 00:22:06,831
[ramsey_d_smith]: oh

1020
00:22:06,792 –> 00:22:09,697
[Ben Jones]: in the room is you know the
retirement space and so

1021
00:22:10,323 –> 00:22:10,564
[paul_tyler]: yeah

1022
00:22:10,478 –> 00:22:11,860
[Ben Jones]: i think the opportunities for us is

1023
00:22:11,791 –> 00:22:11,952
[paul_tyler]: yeah

1024
00:22:11,900 –> 00:22:15,366
[Ben Jones]: that you know you again i’m not
going to get ramsey and

1025
00:22:15,333 –> 00:22:15,354
[ramsey_d_smith]: i

1026
00:22:15,546 –> 00:22:15,686
[Ben Jones]: paul

1027
00:22:15,601 –> 00:22:15,642
[ramsey_d_smith]: do

1028
00:22:15,747 –> 00:22:18,611
[Ben Jones]: you know that’s better but i did
see a headline something that we are exploring

1029
00:22:18,651 –> 00:22:20,274
[Ben Jones]: but you know we’re beginning to see

1030
00:22:20,411 –> 00:22:20,654
[ramsey_d_smith]: oh

1031
00:22:21,123 –> 00:22:21,391
[paul_tyler]: my

1032
00:22:21,176 –> 00:22:23,720
[Ben Jones]: other types of investment vehicles being used
in retirement

1033
00:22:23,441 –> 00:22:24,131
[ramsey_d_smith]: oh

1034
00:22:23,760 –> 00:22:28,308
[Ben Jones]: accounts right i think annuities being one
of them and so if that’s the case

1035
00:22:28,388 –> 00:22:31,313
[Ben Jones]: you know we need to have standardized
identification process

1036
00:22:31,241 –> 00:22:32,171
[ramsey_d_smith]: oh

1037
00:22:31,393 –> 00:22:31,533
[Ben Jones]: for

1038
00:22:31,572 –> 00:22:31,593
[paul_tyler]: m

1039
00:22:31,593 –> 00:22:36,621
[Ben Jones]: these new investment vehicles in these new
accounts right we were able to aid

1040
00:22:36,641 –> 00:22:37,422
[ramsey_d_smith]: oh

1041
00:22:36,661 –> 00:22:39,426
[Ben Jones]: and can go into really in depth
about this but the c

1042
00:22:39,522 –> 00:22:39,707
[aidan_shue]: yeah

1043
00:22:39,566 –> 00:22:40,788
[Ben Jones]: i t is a colectivinvestment trust

1044
00:22:40,830 –> 00:22:41,111
[ramsey_d_smith]: yeah

1045
00:22:40,929 –> 00:22:46,375
[Ben Jones]: right there no really central identification for
these cits and so n f n you

1046
00:22:46,395 –> 00:22:48,637
[Ben Jones]: know brought that service to market eight
and if you want to go in

1047
00:22:48,611 –> 00:22:48,792
[ramsey_d_smith]: oh

1048
00:22:48,677 –> 00:22:50,319
[Ben Jones]: there i mean that’s that’s important too

1049
00:22:50,409 –> 00:22:53,212
[ramsey_d_smith]: yeah ah oh

1050
00:22:53,385 –> 00:22:53,612
[paul_tyler]: yea

1051
00:22:53,662 –> 00:22:56,487
[aidan_shue]: yeah i think the opportunity for for
annuities is very similar

1052
00:22:56,471 –> 00:22:56,772
[ramsey_d_smith]: yah

1053
00:22:56,567 –> 00:22:58,750
[aidan_shue]: to kind of what what happened with
cits

1054
00:22:58,320 –> 00:22:58,460
[ramsey_d_smith]: yah

1055
00:22:58,811 –> 00:23:01,735
[aidan_shue]: you know the plan participants need to
have access to those

1056
00:23:01,773 –> 00:23:02,122
[paul_tyler]: oh

1057
00:23:02,256 –> 00:23:04,800
[aidan_shue]: c i t plans regardless of whether
you know they’re trading

1058
00:23:04,577 –> 00:23:04,597
[paul_tyler]: m

1059
00:23:04,841 –> 00:23:07,017
[aidan_shue]: them on it a daily basis they’re
obviously not

1060
00:23:07,061 –> 00:23:07,322
[ramsey_d_smith]: yeah

1061
00:23:08,283 –> 00:23:11,006
[aidan_shue]: but you know that exact same way
you know cits

1062
00:23:10,920 –> 00:23:11,040
[ramsey_d_smith]: yeah

1063
00:23:11,166 –> 00:23:14,671
[aidan_shue]: they started moving down market into kind
of the small and medium sized plans

1064
00:23:15,260 –> 00:23:15,281
[ramsey_d_smith]: m

1065
00:23:15,472 –> 00:23:16,414
[aidan_shue]: company started lowering

1066
00:23:16,361 –> 00:23:17,390
[ramsey_d_smith]: yeah

1067
00:23:16,474 –> 00:23:17,796
[aidan_shue]: minimum and they just became a lot

1068
00:23:17,681 –> 00:23:17,922
[ramsey_d_smith]: yeah

1069
00:23:17,876 –> 00:23:19,158
[aidan_shue]: more prevalent in four one k

1070
00:23:19,190 –> 00:23:19,331
[ramsey_d_smith]: yeah

1071
00:23:19,359 –> 00:23:19,679
[aidan_shue]: plans

1072
00:23:20,471 –> 00:23:20,672
[ramsey_d_smith]: oh

1073
00:23:20,661 –> 00:23:22,704
[aidan_shue]: that seems to be kind of the
trajectory for

1074
00:23:22,610 –> 00:23:22,631
[ramsey_d_smith]: m

1075
00:23:23,085 –> 00:23:24,747
[aidan_shue]: annuities as well and so

1076
00:23:24,762 –> 00:23:24,905
[ramsey_d_smith]: yes

1077
00:23:24,908 –> 00:23:30,297
[aidan_shue]: to have that transparency where the record
keeps s are you know incorporating these searchable

1078
00:23:30,378 –> 00:23:30,758
[aidan_shue]: symbols

1079
00:23:30,805 –> 00:23:31,030
[paul_tyler]: okay

1080
00:23:30,858 –> 00:23:33,303
[aidan_shue]: in their in their marketing materials

1081
00:23:33,575 –> 00:23:33,657
[ramsey_d_smith]: ah

1082
00:23:33,984 –> 00:23:37,451
[aidan_shue]: fact sheets and things like that you
know that’s that’s important

1083
00:23:38,049 –> 00:23:38,070
[Ben Jones]: m

1084
00:23:38,123 –> 00:23:38,626
[aidan_shue]: so i see i

1085
00:23:38,591 –> 00:23:38,893
[ramsey_d_smith]: oh

1086
00:23:38,706 –> 00:23:42,979
[aidan_shue]: see a very similar trajectory as thousand
cits

1087
00:23:44,004 –> 00:23:44,847
[paul_tyler]: ramsey do agree

1088
00:23:45,493 –> 00:23:49,660
[ramsey_d_smith]: sure i agree completely i mean i
guess i’ll start with the notion that that

1089
00:23:50,321 –> 00:23:50,701
[ramsey_d_smith]: the entire

1090
00:23:50,643 –> 00:23:50,884
[paul_tyler]: oh

1091
00:23:50,762 –> 00:23:57,813
[ramsey_d_smith]: four n k industry has there’s very
little penetration in it from from um guaranteed

1092
00:23:57,853 –> 00:24:04,164
[ramsey_d_smith]: income solutions so i and my company
were a very strong believer that that that

1093
00:24:04,224 –> 00:24:07,289
[ramsey_d_smith]: needs to change we also think that
that it needs to be part of the

1094
00:24:07,329 –> 00:24:09,172
[ramsey_d_smith]: default so that

1095
00:24:09,201 –> 00:24:09,303
[paul_tyler]: yeah

1096
00:24:09,252 –> 00:24:11,416
[ramsey_d_smith]: you know that you will the default

1097
00:24:11,493 –> 00:24:11,754
[paul_tyler]: yeah

1098
00:24:11,496 –> 00:24:14,902
[ramsey_d_smith]: strategy is usually a target date fund
we think those target date pons should include

1099
00:24:15,093 –> 00:24:15,319
[paul_tyler]: yes

1100
00:24:15,803 –> 00:24:18,888
[ramsey_d_smith]: an innuiting component we think that the
delivery methods

1101
00:24:18,900 –> 00:24:19,126
[Ben Jones]: yeah

1102
00:24:18,949 –> 00:24:19,570
[ramsey_d_smith]: should be through c

1103
00:24:19,662 –> 00:24:19,683
[paul_tyler]: m

1104
00:24:19,730 –> 00:24:26,722
[ramsey_d_smith]: i t because they’re most cost effective
and because there’s an ongoing management need right

1105
00:24:27,683 –> 00:24:32,291
[ramsey_d_smith]: essentially there’s a glide path that you
have to manage and adjust you know on

1106
00:24:32,591 –> 00:24:33,593
[ramsey_d_smith]: a very regular basis

1107
00:24:33,393 –> 00:24:33,634
[paul_tyler]: oh

1108
00:24:33,673 –> 00:24:39,282
[ramsey_d_smith]: and you need sort of daily daily
information passing from record keepers to glide path

1109
00:24:39,343 –> 00:24:42,868
[ramsey_d_smith]: managers to all the various sort of
folks in the in the value chain there

1110
00:24:43,590 –> 00:24:48,959
[ramsey_d_smith]: and to be to do that based
on a an efficient and efficient way of

1111
00:24:49,039 –> 00:24:53,987
[ramsey_d_smith]: actually one determining value and to being
able to dissource it and find it it

1112
00:24:54,167 –> 00:24:57,593
[ramsey_d_smith]: makes all the sense in the world
so one of the things that that i

1113
00:24:57,653 –> 00:25:01,700
[ramsey_d_smith]: think is often lost in this industry
is that is that we spent a lot

1114
00:25:01,740 –> 00:25:08,111
[ramsey_d_smith]: of time creating really interesting and complex
machines if you will or products but ultimate

1115
00:25:09,693 –> 00:25:09,974
[ramsey_d_smith]: a lot

1116
00:25:09,822 –> 00:25:09,843
[paul_tyler]: m

1117
00:25:10,014 –> 00:25:12,217
[ramsey_d_smith]: of what customers want and frankly

1118
00:25:12,093 –> 00:25:13,143
[paul_tyler]: yeah

1119
00:25:12,257 –> 00:25:15,663
[ramsey_d_smith]: a lot of intermediaries want is just
to be able to see what’s going on

1120
00:25:15,723 –> 00:25:17,366
[ramsey_d_smith]: when it’s going on and so that

1121
00:25:17,463 –> 00:25:18,123
[paul_tyler]: yeah

1122
00:25:17,526 –> 00:25:19,630
[ramsey_d_smith]: that simple element of transparency

1123
00:25:18,963 –> 00:25:20,043
[paul_tyler]: oh

1124
00:25:19,690 –> 00:25:19,950
[ramsey_d_smith]: i think

1125
00:25:19,952 –> 00:25:19,972
[aidan_shue]: m

1126
00:25:21,052 –> 00:25:22,394
[ramsey_d_smith]: way more sort of primal

1127
00:25:22,203 –> 00:25:23,313
[paul_tyler]: yeah

1128
00:25:22,474 –> 00:25:24,077
[ramsey_d_smith]: to the success of everything we’re trying
to

1129
00:25:24,102 –> 00:25:24,123
[paul_tyler]: m

1130
00:25:24,137 –> 00:25:30,147
[ramsey_d_smith]: do than sometimes we as an industry
realized so you know i’ll say ut to

1131
00:25:30,207 –> 00:25:31,269
[ramsey_d_smith]: say that i’m a believer in what

1132
00:25:31,269 –> 00:25:31,290
[Ben Jones]: m

1133
00:25:31,309 –> 00:25:32,792
[ramsey_d_smith]: you’re what you’re doing because i think
it’s

1134
00:25:32,974 –> 00:25:33,074
[paul_tyler]: ah

1135
00:25:33,213 –> 00:25:35,077
[ramsey_d_smith]: super important i think lack of transparency

1136
00:25:34,563 –> 00:25:34,843
[paul_tyler]: yeah

1137
00:25:35,157 –> 00:25:36,139
[ramsey_d_smith]: kills a lot of great ideas

1138
00:25:36,485 –> 00:25:37,626
[paul_tyler]: yeah and i’ll

1139
00:25:37,571 –> 00:25:38,441
[ramsey_d_smith]: oh

1140
00:25:37,646 –> 00:25:39,768
[paul_tyler]: just add on it’s time for our
conversation

1141
00:25:39,701 –> 00:25:40,691
[ramsey_d_smith]: yeah

1142
00:25:39,828 –> 00:25:41,751
[paul_tyler]: is great you know we just did
a survey of all our

1143
00:25:41,750 –> 00:25:41,771
[ramsey_d_smith]: m

1144
00:25:41,791 –> 00:25:42,972
[paul_tyler]: top producers around

1145
00:25:42,821 –> 00:25:43,082
[ramsey_d_smith]: yeah

1146
00:25:43,963 –> 00:25:46,847
[paul_tyler]: what’s make driving them to make recommendations

1147
00:25:46,871 –> 00:25:47,113
[ramsey_d_smith]: yeah

1148
00:25:48,230 –> 00:25:51,715
[paul_tyler]: what makes them feel more comfortable with
making one strategy

1149
00:25:51,341 –> 00:25:52,121
[ramsey_d_smith]: yeah

1150
00:25:51,796 –> 00:25:54,420
[paul_tyler]: recommendation versus another and there’s

1151
00:25:54,371 –> 00:25:55,031
[ramsey_d_smith]: yeah

1152
00:25:54,460 –> 00:25:59,128
[paul_tyler]: been a lot of pressure from some
of our distributors to make it very transparent

1153
00:25:59,328 –> 00:26:01,271
[paul_tyler]: as to renewal rates on

1154
00:26:01,481 –> 00:26:02,261
[ramsey_d_smith]: yeah

1155
00:26:01,852 –> 00:26:09,726
[paul_tyler]: different crediting strategies so that’s that whole
another convert ation here but i’m curious if

1156
00:26:09,766 –> 00:26:13,091
[paul_tyler]: you if you went through i don’t
know how many how many f is you

1157
00:26:13,111 –> 00:26:15,816
[paul_tyler]: think there are today i think i’ve
seen some huge numbers there must be

1158
00:26:16,611 –> 00:26:16,791
[ramsey_d_smith]: there

1159
00:26:16,717 –> 00:26:16,837
[paul_tyler]: what

1160
00:26:16,831 –> 00:26:17,672
[ramsey_d_smith]: have to be hundreds

1161
00:26:17,999 –> 00:26:18,480
[paul_tyler]: hunters will

1162
00:26:18,514 –> 00:26:18,614
[ramsey_d_smith]: yea

1163
00:26:18,520 –> 00:26:19,021
[paul_tyler]: say there two

1164
00:26:19,075 –> 00:26:19,175
[ramsey_d_smith]: yea

1165
00:26:19,101 –> 00:26:25,532
[paul_tyler]: hunder two hon each one may have
at least five strategies at this point right

1166
00:26:25,632 –> 00:26:28,857
[paul_tyler]: so we’re talking the magnate of at
least a couple of maybe a thousand

1167
00:26:28,571 –> 00:26:28,732
[ramsey_d_smith]: oh

1168
00:26:28,897 –> 00:26:30,079
[paul_tyler]: two thousand different strategies

1169
00:26:30,491 –> 00:26:31,241
[ramsey_d_smith]: yeah

1170
00:26:30,580 –> 00:26:34,906
[paul_tyler]: you know ben what’s the penetre and
like can i what percentage do you think

1171
00:26:34,987 –> 00:26:38,932
[paul_tyler]: of these strategians inside f is are
running though your network at this point

1172
00:26:39,122 –> 00:26:39,349
[aidan_shue]: oh

1173
00:26:39,190 –> 00:26:41,193
[Ben Jones]: so so right now i

1174
00:26:41,171 –> 00:26:42,071
[ramsey_d_smith]: yeah

1175
00:26:41,233 –> 00:26:42,616
[Ben Jones]: think we’re ating like less than

1176
00:26:42,782 –> 00:26:43,412
[aidan_shue]: yeah

1177
00:26:42,856 –> 00:26:46,222
[Ben Jones]: a hundred kind of strategies and that
we’ve kind of labeled as annuities

1178
00:26:45,843 –> 00:26:45,863
[paul_tyler]: m

1179
00:26:46,262 –> 00:26:47,043
[Ben Jones]: that are

1180
00:26:46,762 –> 00:26:46,927
[aidan_shue]: yeah

1181
00:26:47,163 –> 00:26:48,065
[Ben Jones]: registered on the nasac

1182
00:26:47,832 –> 00:26:47,853
[paul_tyler]: m

1183
00:26:48,145 –> 00:26:48,285
[Ben Jones]: fund

1184
00:26:48,243 –> 00:26:48,503
[paul_tyler]: yeah

1185
00:26:48,345 –> 00:26:52,773
[Ben Jones]: network and have their data being dust
but ed or more importantly have their data

1186
00:26:53,153 –> 00:26:55,057
[Ben Jones]: kind of connected with a central

1187
00:26:55,023 –> 00:26:55,266
[paul_tyler]: oh

1188
00:26:55,177 –> 00:26:55,778
[Ben Jones]: identifyer

1189
00:26:55,923 –> 00:26:56,853
[paul_tyler]: yeah

1190
00:26:56,470 –> 00:26:57,191
[Ben Jones]: published by n

1191
00:26:57,303 –> 00:26:58,533
[paul_tyler]: yeah

1192
00:26:57,311 –> 00:26:58,954
[Ben Jones]: f n so i think the penetration
right now

1193
00:26:58,953 –> 00:26:59,135
[paul_tyler]: oh

1194
00:26:58,974 –> 00:26:59,555
[Ben Jones]: is really low

1195
00:26:59,853 –> 00:27:00,035
[ramsey_d_smith]: trace

1196
00:26:59,855 –> 00:27:01,017
[Ben Jones]: i would argue but i think

1197
00:27:01,013 –> 00:27:01,175
[paul_tyler]: yeah

1198
00:27:01,077 –> 00:27:01,658
[Ben Jones]: the good news is

1199
00:27:01,742 –> 00:27:01,904
[paul_tyler]: yeah

1200
00:27:01,758 –> 00:27:02,820
[Ben Jones]: paul is that it’s growing

1201
00:27:02,853 –> 00:27:03,095
[paul_tyler]: oh

1202
00:27:03,041 –> 00:27:04,864
[Ben Jones]: right as that number is much higher
i don’t know the

1203
00:27:04,893 –> 00:27:06,183
[paul_tyler]: yeah

1204
00:27:04,904 –> 00:27:05,324
[Ben Jones]: percentage

1205
00:27:05,636 –> 00:27:05,739
[ramsey_d_smith]: ah

1206
00:27:05,665 –> 00:27:06,426
[Ben Jones]: than it was at say

1207
00:27:06,453 –> 00:27:07,953
[paul_tyler]: oh

1208
00:27:06,767 –> 00:27:10,012
[Ben Jones]: two three four or five years ago
and so i think it’s only a matter

1209
00:27:10,072 –> 00:27:12,737
[Ben Jones]: of time and i think part of
it is that you know we talked about

1210
00:27:12,777 –> 00:27:13,939
[Ben Jones]: transparency being so important

1211
00:27:13,623 –> 00:27:13,643
[paul_tyler]: m

1212
00:27:14,159 –> 00:27:18,406
[Ben Jones]: for investments and these different investment vehicles
we’ve been talking

1213
00:27:18,131 –> 00:27:18,373
[ramsey_d_smith]: oh

1214
00:27:18,486 –> 00:27:18,807
[Ben Jones]: about

1215
00:27:19,301 –> 00:27:19,561
[ramsey_d_smith]: yeah

1216
00:27:19,969 –> 00:27:24,216
[Ben Jones]: but i think also important layer is
education right it’s like we have

1217
00:27:24,223 –> 00:27:24,387
[paul_tyler]: yeah

1218
00:27:24,376 –> 00:27:25,478
[Ben Jones]: to be able to educate

1219
00:27:25,203 –> 00:27:26,223
[paul_tyler]: yeah

1220
00:27:26,051 –> 00:27:26,293
[ramsey_d_smith]: oh

1221
00:27:26,059 –> 00:27:27,982
[Ben Jones]: we think about educating the individual vest
or

1222
00:27:28,001 –> 00:27:28,243
[ramsey_d_smith]: yah

1223
00:27:28,022 –> 00:27:29,625
[Ben Jones]: but we also need to educate the
asset

1224
00:27:29,498 –> 00:27:29,640
[ramsey_d_smith]: yah

1225
00:27:29,665 –> 00:27:30,066
[Ben Jones]: managers

1226
00:27:29,951 –> 00:27:29,971
[ramsey_d_smith]: m

1227
00:27:30,146 –> 00:27:33,351
[Ben Jones]: right in these f i as that
hate this service is available this is what’s

1228
00:27:33,431 –> 00:27:37,578
[Ben Jones]: provided this is why it’s important and
so we have we have

1229
00:27:37,653 –> 00:27:37,714
[ramsey_d_smith]: ah

1230
00:27:37,698 –> 00:27:40,463
[Ben Jones]: a big job at n f n
right so and that’s part of it

1231
00:27:40,473 –> 00:27:40,696
[paul_tyler]: oh

1232
00:27:40,523 –> 00:27:41,825
[Ben Jones]: and also just you now educating

1233
00:27:42,003 –> 00:27:42,203
[paul_tyler]: yeah

1234
00:27:42,346 –> 00:27:45,852
[Ben Jones]: um downsrim investors as well and so
the penetration is low but

1235
00:27:45,851 –> 00:27:46,133
[ramsey_d_smith]: oh

1236
00:27:45,952 –> 00:27:48,797
[Ben Jones]: we believe that there’s an opportunity for
because we’ve seen that number grow

1237
00:27:48,740 –> 00:27:49,445
[ramsey_d_smith]: m yeah

1238
00:27:49,203 –> 00:27:49,505
[paul_tyler]: oh

1239
00:27:49,418 –> 00:27:50,319
[Ben Jones]: slowly and

1240
00:27:50,381 –> 00:27:50,624
[ramsey_d_smith]: oh

1241
00:27:50,640 –> 00:27:51,982
[Ben Jones]: you know hopefully you know with

1242
00:27:51,993 –> 00:27:52,893
[paul_tyler]: oh

1243
00:27:52,022 –> 00:27:53,525
[Ben Jones]: this conversation that kind of opens

1244
00:27:53,373 –> 00:27:53,615
[paul_tyler]: oh

1245
00:27:53,605 –> 00:27:53,905
[Ben Jones]: up hey

1246
00:27:53,801 –> 00:27:54,551
[ramsey_d_smith]: oh

1247
00:27:54,286 –> 00:27:54,887
[Ben Jones]: you know there

1248
00:27:54,881 –> 00:27:55,103
[ramsey_d_smith]: oh

1249
00:27:54,927 –> 00:27:56,049
[Ben Jones]: are some more possibilities

1250
00:27:55,622 –> 00:27:56,252
[aidan_shue]: oh

1251
00:27:56,189 –> 00:27:56,309
[Ben Jones]: week

1252
00:27:56,278 –> 00:27:56,441
[ramsey_d_smith]: yeah

1253
00:27:56,298 –> 00:27:56,479
[paul_tyler]: yeah

1254
00:27:56,450 –> 00:27:56,852
[Ben Jones]: we need to

1255
00:27:56,801 –> 00:27:57,122
[ramsey_d_smith]: oh

1256
00:27:56,892 –> 00:27:58,180
[Ben Jones]: have a identifier

1257
00:27:58,143 –> 00:27:58,365
[paul_tyler]: oh

1258
00:27:58,280 –> 00:27:59,226
[Ben Jones]: for these products

1259
00:27:59,621 –> 00:27:59,863
[ramsey_d_smith]: oh

1260
00:28:00,523 –> 00:28:00,663
[paul_tyler]: yeah

1261
00:28:00,649 –> 00:28:00,791
[ramsey_d_smith]: yeah

1262
00:28:00,723 –> 00:28:04,490
[paul_tyler]: well i’ll here’s a problem ramsey agree
or disagree with me which

1263
00:28:04,451 –> 00:28:05,321
[ramsey_d_smith]: yeah

1264
00:28:04,550 –> 00:28:08,316
[paul_tyler]: is god just try to find the
performance on these funds if i’m an adviser

1265
00:28:08,356 –> 00:28:13,505
[paul_tyler]: in the field um okay im gonna
look up the indus i’m assuming through n

1266
00:28:13,645 –> 00:28:15,889
[paul_tyler]: f n are you tracking

1267
00:28:15,941 –> 00:28:16,242
[ramsey_d_smith]: yeah

1268
00:28:16,149 –> 00:28:18,613
[paul_tyler]: the underling index are you

1269
00:28:18,611 –> 00:28:19,691
[ramsey_d_smith]: oh

1270
00:28:19,154 –> 00:28:19,535
[paul_tyler]: tracking

1271
00:28:19,781 –> 00:28:20,063
[ramsey_d_smith]: oh

1272
00:28:20,416 –> 00:28:25,804
[paul_tyler]: tracking the index and what the crediting
strategy on top of that right

1273
00:28:25,840 –> 00:28:25,900
[Ben Jones]: to

1274
00:28:25,845 –> 00:28:25,986
[paul_tyler]: now

1275
00:28:25,940 –> 00:28:29,643
[Ben Jones]: my knowledge is going to be the
strategy on top of it right

1276
00:28:29,654 –> 00:28:29,716
[ramsey_d_smith]: at

1277
00:28:30,967 –> 00:28:31,128
[paul_tyler]: yeah

1278
00:28:31,164 –> 00:28:32,405
[Ben Jones]: so from our standpoint like we don’t

1279
00:28:32,951 –> 00:28:33,174
[ramsey_d_smith]: yeah

1280
00:28:33,066 –> 00:28:33,926
[Ben Jones]: naze does have kind

1281
00:28:33,907 –> 00:28:34,050
[ramsey_d_smith]: yeah

1282
00:28:33,966 –> 00:28:36,328
[Ben Jones]: of an index service but nownfnis

1283
00:28:36,233 –> 00:28:36,436
[paul_tyler]: right

1284
00:28:36,388 –> 00:28:36,789
[Ben Jones]: not that

1285
00:28:37,820 –> 00:28:37,841
[ramsey_d_smith]: m

1286
00:28:38,644 –> 00:28:39,946
[paul_tyler]: yeah no because i think

1287
00:28:40,211 –> 00:28:40,536
[ramsey_d_smith]: oh

1288
00:28:40,547 –> 00:28:42,029
[paul_tyler]: what i ave to do right now
i will have to

1289
00:28:42,401 –> 00:28:42,583
[ramsey_d_smith]: oh

1290
00:28:42,450 –> 00:28:42,871
[paul_tyler]: i would have to

1291
00:28:42,842 –> 00:28:42,862
[aidan_shue]: m

1292
00:28:42,991 –> 00:28:44,694
[paul_tyler]: go unless i use a couple of

1293
00:28:44,711 –> 00:28:45,551
[ramsey_d_smith]: oh

1294
00:28:44,794 –> 00:28:47,458
[paul_tyler]: software you know services some of whom
we’ve had on the show

1295
00:28:48,221 –> 00:28:48,501
[ramsey_d_smith]: oh

1296
00:28:48,600 –> 00:28:51,548
[paul_tyler]: it’s really tough i mean i have
to go to the website

1297
00:28:51,530 –> 00:28:51,611
[ramsey_d_smith]: yeah

1298
00:28:51,689 –> 00:28:56,898
[paul_tyler]: for that whoever is managing the index
then i go got to go back to

1299
00:28:56,918 –> 00:29:03,049
[paul_tyler]: the insurance company and figure out where
let me see your crediting strategies is a

1300
00:29:03,089 –> 00:29:03,189
[paul_tyler]: real

1301
00:29:03,270 –> 00:29:03,930
[Ben Jones]: yeah

1302
00:29:03,289 –> 00:29:04,170
[paul_tyler]: manual process

1303
00:29:03,990 –> 00:29:04,376
[Ben Jones]: yes

1304
00:29:04,511 –> 00:29:06,041
[ramsey_d_smith]: oh

1305
00:29:04,751 –> 00:29:07,858
[paul_tyler]: to do this i got to rely
on one carrier’s illustrations period

1306
00:29:08,390 –> 00:29:12,136
[Ben Jones]: it is and you know i experience
that a little bit on my days on

1307
00:29:12,236 –> 00:29:14,801
[Ben Jones]: the research side working with financial advisors

1308
00:29:14,831 –> 00:29:15,091
[ramsey_d_smith]: yeah

1309
00:29:15,442 –> 00:29:18,707
[Ben Jones]: more so in the other end of
the nuit space on the variable annuity side

1310
00:29:18,787 –> 00:29:18,867
[Ben Jones]: of

1311
00:29:19,040 –> 00:29:19,181
[ramsey_d_smith]: right

1312
00:29:19,248 –> 00:29:19,468
[Ben Jones]: you know

1313
00:29:19,713 –> 00:29:19,897
[ramsey_d_smith]: yeah

1314
00:29:19,889 –> 00:29:20,089
[Ben Jones]: okay

1315
00:29:19,893 –> 00:29:20,098
[paul_tyler]: oh

1316
00:29:20,290 –> 00:29:20,650
[Ben Jones]: these funds

1317
00:29:20,621 –> 00:29:20,986
[ramsey_d_smith]: oh

1318
00:29:20,690 –> 00:29:24,457
[Ben Jones]: are available through this carrier but you
know why can i not see these funds

1319
00:29:24,537 –> 00:29:28,063
[Ben Jones]: on your research platform right for charting
and performance you know purposes

1320
00:29:28,025 –> 00:29:28,045
[paul_tyler]: i

1321
00:29:28,183 –> 00:29:33,171
[Ben Jones]: so yeah i mean look it’s it’s
an air of opportunity you know we would

1322
00:29:33,211 –> 00:29:34,914
[Ben Jones]: love to have these conversations

1323
00:29:35,013 –> 00:29:35,295
[paul_tyler]: oh

1324
00:29:35,471 –> 00:29:35,713
[ramsey_d_smith]: oh

1325
00:29:35,555 –> 00:29:38,340
[Ben Jones]: with these f i s and have
aided and our

1326
00:29:38,411 –> 00:29:38,431
[ramsey_d_smith]: m

1327
00:29:38,480 –> 00:29:40,884
[Ben Jones]: n f n team kind of talk
about this

1328
00:29:40,721 –> 00:29:41,003
[ramsey_d_smith]: oh

1329
00:29:41,705 –> 00:29:42,867
[Ben Jones]: in a more formal setting and

1330
00:29:42,792 –> 00:29:42,813
[paul_tyler]: m

1331
00:29:43,809 –> 00:29:44,635
[Ben Jones]: because at the the day

1332
00:29:44,756 –> 00:29:44,776
[paul_tyler]: i

1333
00:29:44,939 –> 00:29:50,307
[Ben Jones]: it’s now there is clearly a problem
you know we believe that we have a

1334
00:29:50,367 –> 00:29:52,711
[Ben Jones]: solution and i think but what’s important
about though is that

1335
00:29:52,601 –> 00:29:52,883
[ramsey_d_smith]: oh

1336
00:29:52,911 –> 00:29:56,257
[Ben Jones]: as i said in the beginning you
each asset class each instrument is

1337
00:29:56,351 –> 00:29:56,654
[ramsey_d_smith]: oh

1338
00:29:56,417 –> 00:30:00,905
[Ben Jones]: different and you know from a product
standpoint right you know the most important thing

1339
00:30:00,965 –> 00:30:02,527
[Ben Jones]: about being a product manager it’s

1340
00:30:02,819 –> 00:30:02,840
[ramsey_d_smith]: a

1341
00:30:02,968 –> 00:30:05,813
[Ben Jones]: you know the voice of the customer
right make sure we are delivering the right

1342
00:30:05,861 –> 00:30:06,165
[ramsey_d_smith]: yeah

1343
00:30:05,873 –> 00:30:10,340
[Ben Jones]: product for the customer to solve a
certain solution and so we’re hapy to hae

1344
00:30:10,360 –> 00:30:12,103
[Ben Jones]: these conversations say hey do we need
to make

1345
00:30:12,061 –> 00:30:12,162
[ramsey_d_smith]: oh

1346
00:30:12,143 –> 00:30:15,629
[Ben Jones]: improvements do we need make enhancements are
we really tracking the right part of let’s

1347
00:30:15,669 –> 00:30:15,749
[Ben Jones]: say

1348
00:30:15,753 –> 00:30:16,653
[paul_tyler]: oh

1349
00:30:15,810 –> 00:30:16,350
[Ben Jones]: this product

1350
00:30:16,451 –> 00:30:16,471
[ramsey_d_smith]: m

1351
00:30:16,811 –> 00:30:20,117
[Ben Jones]: and so i think that’s important about
n f n is that we tackle it

1352
00:30:20,557 –> 00:30:21,659
[Ben Jones]: from with a really

1353
00:30:21,611 –> 00:30:22,361
[ramsey_d_smith]: oh

1354
00:30:21,840 –> 00:30:25,485
[Ben Jones]: client customer centric angle and so if
there is a problem we

1355
00:30:25,490 –> 00:30:25,511
[ramsey_d_smith]: m

1356
00:30:25,525 –> 00:30:27,268
[Ben Jones]: believe we have a solution but let’s
have that conversation

1357
00:30:29,111 –> 00:30:29,131
[ramsey_d_smith]: m

1358
00:30:30,306 –> 00:30:30,389
[paul_tyler]: ah

1359
00:30:31,571 –> 00:30:32,411
[ramsey_d_smith]: oh

1360
00:30:32,753 –> 00:30:33,033
[paul_tyler]: i guess

1361
00:30:33,341 –> 00:30:33,582
[ramsey_d_smith]: oh

1362
00:30:34,536 –> 00:30:34,876
[paul_tyler]: this will

1363
00:30:34,850 –> 00:30:34,991
[ramsey_d_smith]: yeah

1364
00:30:34,917 –> 00:30:37,441
[paul_tyler]: be this is going to sound like
it’s coming out of out of the blue

1365
00:30:37,521 –> 00:30:42,629
[paul_tyler]: but this weekend as i was sort
of thinking through our questions we have i

1366
00:30:42,730 –> 00:30:46,364
[paul_tyler]: got this survey from apple meat sick
kind of inter

1367
00:30:46,361 –> 00:30:47,141
[ramsey_d_smith]: yeah

1368
00:30:46,524 –> 00:30:48,948
[paul_tyler]: like how how do these two connect
well

1369
00:30:49,223 –> 00:30:49,384
[ramsey_d_smith]: yeah

1370
00:30:49,562 –> 00:30:49,784
[aidan_shue]: uh

1371
00:30:49,750 –> 00:30:49,970
[paul_tyler]: uh

1372
00:30:50,271 –> 00:30:50,312
[aidan_shue]: uh

1373
00:30:50,531 –> 00:30:51,813
[paul_tyler]: they’re clearly were testing you

1374
00:30:51,761 –> 00:30:52,292
[ramsey_d_smith]: yes

1375
00:30:51,873 –> 00:30:54,658
[paul_tyler]: know what do what do they do
with their apple music

1376
00:30:54,521 –> 00:30:54,829
[ramsey_d_smith]: yes

1377
00:30:54,698 –> 00:30:56,000
[paul_tyler]: because some ways they kind

1378
00:30:55,871 –> 00:30:56,741
[ramsey_d_smith]: oh

1379
00:30:56,040 –> 00:30:58,985
[paul_tyler]: of do what you’re doing is they
provide discoverability

1380
00:30:58,520 –> 00:30:58,541
[ramsey_d_smith]: m

1381
00:30:59,366 –> 00:31:04,594
[paul_tyler]: for these songs they kind of have
a way for people to monetize their music

1382
00:31:04,562 –> 00:31:04,582
[ramsey_d_smith]: h

1383
00:31:05,256 –> 00:31:05,816
[paul_tyler]: what else do they

1384
00:31:05,870 –> 00:31:05,891
[ramsey_d_smith]: h

1385
00:31:05,917 –> 00:31:09,703
[paul_tyler]: do with it and you know one
of the services they were clearly test was

1386
00:31:10,504 –> 00:31:14,411
[paul_tyler]: hey does paul want to create his
own radio station like i don’t

1387
00:31:14,400 –> 00:31:14,702
[Ben Jones]: oh

1388
00:31:14,431 –> 00:31:14,711
[paul_tyler]: know maybe

1389
00:31:14,621 –> 00:31:16,601
[ramsey_d_smith]: yeah

1390
00:31:14,811 –> 00:31:15,132
[paul_tyler]: i don’t know if

1391
00:31:15,129 –> 00:31:15,662
[aidan_shue]: hm

1392
00:31:15,192 –> 00:31:16,835
[paul_tyler]: you were ramsey listen to it let
on

1393
00:31:16,901 –> 00:31:17,124
[ramsey_d_smith]: oh

1394
00:31:16,915 –> 00:31:17,215
[paul_tyler]: anybody

1395
00:31:17,120 –> 00:31:17,261
[Ben Jones]: i’ll

1396
00:31:17,296 –> 00:31:17,456
[paul_tyler]: else

1397
00:31:17,302 –> 00:31:17,585
[Ben Jones]: sign up

1398
00:31:17,616 –> 00:31:17,696
[paul_tyler]: if

1399
00:31:17,625 –> 00:31:17,949
[Ben Jones]: paul don’t

1400
00:31:17,857 –> 00:31:17,877
[paul_tyler]: i

1401
00:31:17,969 –> 00:31:18,131
[Ben Jones]: worry

1402
00:31:17,997 –> 00:31:20,361
[paul_tyler]: were you’ll sign up okay and send
me a

1403
00:31:20,402 –> 00:31:20,826
[aidan_shue]: uh

1404
00:31:20,962 –> 00:31:21,402
[paul_tyler]: half a penny

1405
00:31:21,291 –> 00:31:21,332
[aidan_shue]: uh

1406
00:31:21,483 –> 00:31:23,025
[paul_tyler]: here the other one was

1407
00:31:23,261 –> 00:31:23,502
[ramsey_d_smith]: oh

1408
00:31:24,127 –> 00:31:29,095
[paul_tyler]: curation and recommendations and they really had
a lot of questions around like g why

1409
00:31:29,155 –> 00:31:31,820
[paul_tyler]: do you come in how do you
find the music what are you doing here

1410
00:31:32,441 –> 00:31:33,022
[paul_tyler]: if you looked

1411
00:31:32,801 –> 00:31:33,491
[ramsey_d_smith]: oh

1412
00:31:33,242 –> 00:31:34,187
[paul_tyler]: at um

1413
00:31:35,171 –> 00:31:35,433
[ramsey_d_smith]: oh

1414
00:31:35,232 –> 00:31:37,284
[paul_tyler]: m let’s say partners you wish you

1415
00:31:37,241 –> 00:31:37,502
[ramsey_d_smith]: oh

1416
00:31:37,384 –> 00:31:39,566
[paul_tyler]: had me there are

1417
00:31:39,610 –> 00:31:39,791
[ramsey_d_smith]: yeah

1418
00:31:39,666 –> 00:31:46,112
[paul_tyler]: people doing enough with your network um
to really you know make this thing like

1419
00:31:46,121 –> 00:31:46,363
[ramsey_d_smith]: oh

1420
00:31:46,823 –> 00:31:49,046
[paul_tyler]: you know you know totally on the
market place do you have

1421
00:31:49,211 –> 00:31:49,473
[ramsey_d_smith]: oh

1422
00:31:49,527 –> 00:31:50,248
[paul_tyler]: are their partners you

1423
00:31:50,201 –> 00:31:50,461
[ramsey_d_smith]: oh

1424
00:31:50,328 –> 00:31:52,812
[paul_tyler]: wish you had over the next couple
of years

1425
00:31:53,190 –> 00:31:54,933
[Ben Jones]: that’s a great question one i

1426
00:31:54,932 –> 00:31:54,993
[ramsey_d_smith]: ah

1427
00:31:54,999 –> 00:31:55,020
[paul_tyler]: a

1428
00:31:55,013 –> 00:31:59,461
[Ben Jones]: love you now bringing in kind of
you know outside concepts you know from different

1429
00:31:59,481 –> 00:32:02,766
[Ben Jones]: industries right you know especially you know
from a n f n standpoint as we

1430
00:32:02,786 –> 00:32:04,429
[Ben Jones]: think about we are a platform right
here

1431
00:32:04,481 –> 00:32:05,340
[ramsey_d_smith]: yea

1432
00:32:04,529 –> 00:32:07,235
[Ben Jones]: now different than a lot of these
different market places and platforms that exist

1433
00:32:06,993 –> 00:32:07,134
[paul_tyler]: ye

1434
00:32:07,295 –> 00:32:12,927
[Ben Jones]: you know you amazon think apple music
you name it and so wow

1435
00:32:13,083 –> 00:32:14,716
[paul_tyler]: oh oh

1436
00:32:14,751 –> 00:32:16,714
[Ben Jones]: apple is able to provide recommendations

1437
00:32:16,833 –> 00:32:17,853
[paul_tyler]: oh

1438
00:32:16,834 –> 00:32:21,242
[Ben Jones]: based off of like your your preferences
and how you’ve used the data know n

1439
00:32:21,342 –> 00:32:22,383
[Ben Jones]: f we’re not gonna be doing that

1440
00:32:22,422 –> 00:32:22,443
[paul_tyler]: m

1441
00:32:22,504 –> 00:32:24,026
[Ben Jones]: right and we leave that up to

1442
00:32:24,792 –> 00:32:24,813
[paul_tyler]: m

1443
00:32:24,848 –> 00:32:25,168
[Ben Jones]: investment

1444
00:32:25,053 –> 00:32:25,356
[paul_tyler]: oh

1445
00:32:25,208 –> 00:32:25,549
[Ben Jones]: professional

1446
00:32:25,511 –> 00:32:25,753
[ramsey_d_smith]: oh

1447
00:32:25,729 –> 00:32:27,972
[Ben Jones]: advice there the institutions who are taking
this data to

1448
00:32:27,972 –> 00:32:27,993
[paul_tyler]: m

1449
00:32:28,012 –> 00:32:30,555
[Ben Jones]: make the inform decision right we do
provide

1450
00:32:30,483 –> 00:32:30,766
[paul_tyler]: oh

1451
00:32:30,595 –> 00:32:31,676
[Ben Jones]: the data we don’t provide the

1452
00:32:31,743 –> 00:32:31,966
[paul_tyler]: oh

1453
00:32:31,757 –> 00:32:36,473
[Ben Jones]: algorithm per se but you know that
is changing a little bit in terms of

1454
00:32:36,874 –> 00:32:38,036
[Ben Jones]: you know can

1455
00:32:37,961 –> 00:32:38,221
[ramsey_d_smith]: yeah

1456
00:32:38,096 –> 00:32:41,121
[Ben Jones]: we get the data out there in
new in different ways to answer the one

1457
00:32:41,181 –> 00:32:44,527
[Ben Jones]: question is that yes i believe data
partners are using the data in the right

1458
00:32:44,587 –> 00:32:49,816
[Ben Jones]: way and very creative innovative way right
there’s any number of platforms that adan mentioned

1459
00:32:50,316 –> 00:32:53,522
[Ben Jones]: that are using this data analyzing creating

1460
00:32:53,403 –> 00:32:54,723
[paul_tyler]: yeah

1461
00:32:53,582 –> 00:32:54,263
[Ben Jones]: new analytic

1462
00:32:54,212 –> 00:32:54,492
[aidan_shue]: yeah

1463
00:32:54,383 –> 00:32:57,308
[Ben Jones]: and data points and getting it in
front of the investor in unique

1464
00:32:57,152 –> 00:32:57,275
[ramsey_d_smith]: your

1465
00:32:57,388 –> 00:32:58,537
[Ben Jones]: ways um

1466
00:32:59,030 –> 00:32:59,051
[ramsey_d_smith]: m

1467
00:32:59,169 –> 00:33:00,521
[Ben Jones]: m however you know we are

1468
00:33:00,573 –> 00:33:00,819
[paul_tyler]: oh

1469
00:33:00,581 –> 00:33:03,306
[Ben Jones]: working on some initiatives within n f
n to make sure that we are able

1470
00:33:03,366 –> 00:33:07,233
[Ben Jones]: to get our data out there in
new different ways right so you know we

1471
00:33:07,293 –> 00:33:07,733
[Ben Jones]: have some

1472
00:33:07,743 –> 00:33:08,024
[paul_tyler]: oh

1473
00:33:08,254 –> 00:33:09,617
[Ben Jones]: unique tings that were working on internally

1474
00:33:09,491 –> 00:33:09,777
[ramsey_d_smith]: oh

1475
00:33:09,663 –> 00:33:09,945
[paul_tyler]: oh

1476
00:33:10,361 –> 00:33:10,602
[ramsey_d_smith]: yeah

1477
00:33:10,618 –> 00:33:13,702
[Ben Jones]: one is with a partner in the
website you know is going to be able

1478
00:33:13,742 –> 00:33:14,022
[Ben Jones]: to take

1479
00:33:14,102 –> 00:33:14,203
[ramsey_d_smith]: oh

1480
00:33:14,242 –> 00:33:16,644
[Ben Jones]: nazacfunnetwork data and get it out there
and allow

1481
00:33:16,481 –> 00:33:16,722
[ramsey_d_smith]: yeah

1482
00:33:16,804 –> 00:33:18,466
[Ben Jones]: comparisons of different investment vehicles

1483
00:33:18,350 –> 00:33:18,510
[ramsey_d_smith]: yeah

1484
00:33:18,566 –> 00:33:19,787
[Ben Jones]: right so you know we know

1485
00:33:19,722 –> 00:33:19,803
[ramsey_d_smith]: ah

1486
00:33:19,847 –> 00:33:20,528
[Ben Jones]: that an important

1487
00:33:20,471 –> 00:33:20,491
[ramsey_d_smith]: m

1488
00:33:21,008 –> 00:33:23,321
[Ben Jones]: question is you know how do i
decide between

1489
00:33:23,292 –> 00:33:23,313
[paul_tyler]: m

1490
00:33:23,361 –> 00:33:27,929
[Ben Jones]: this to that mutual fund you know
let me compare performance and analytic ratings and

1491
00:33:27,949 –> 00:33:30,934
[Ben Jones]: differen things like that so we’re working
on initiative like that i hope to be

1492
00:33:30,994 –> 00:33:31,194
[Ben Jones]: rolling

1493
00:33:31,237 –> 00:33:31,418
[ramsey_d_smith]: yes

1494
00:33:31,254 –> 00:33:32,937
[Ben Jones]: out in the end of october

1495
00:33:33,401 –> 00:33:33,645
[ramsey_d_smith]: oh

1496
00:33:33,878 –> 00:33:34,139
[Ben Jones]: and we’re

1497
00:33:34,083 –> 00:33:34,983
[paul_tyler]: yes

1498
00:33:34,159 –> 00:33:35,141
[Ben Jones]: always for you know

1499
00:33:35,103 –> 00:33:35,506
[paul_tyler]: yeah

1500
00:33:35,111 –> 00:33:35,454
[ramsey_d_smith]: yeah

1501
00:33:35,381 –> 00:33:38,526
[Ben Jones]: new partnerships right so i don’t have
that dream paul of hey this is that

1502
00:33:38,626 –> 00:33:39,368
[Ben Jones]: right partner in the

1503
00:33:39,401 –> 00:33:40,331
[ramsey_d_smith]: oh

1504
00:33:39,408 –> 00:33:40,229
[Ben Jones]: right place at the right

1505
00:33:40,263 –> 00:33:40,283
[paul_tyler]: m

1506
00:33:40,309 –> 00:33:40,570
[Ben Jones]: time

1507
00:33:40,772 –> 00:33:41,972
[aidan_shue]: uh

1508
00:33:41,171 –> 00:33:41,555
[ramsey_d_smith]: oh

1509
00:33:41,231 –> 00:33:41,932
[Ben Jones]: but i do

1510
00:33:41,963 –> 00:33:42,165
[paul_tyler]: right

1511
00:33:42,072 –> 00:33:43,414
[Ben Jones]: know that if

1512
00:33:43,563 –> 00:33:43,824
[paul_tyler]: yeah

1513
00:33:43,895 –> 00:33:44,737
[Ben Jones]: they are reaching

1514
00:33:44,450 –> 00:33:44,471
[ramsey_d_smith]: m

1515
00:33:44,913 –> 00:33:45,762
[paul_tyler]: oh

1516
00:33:44,937 –> 00:33:48,122
[Ben Jones]: the investor and doing it in the
right way which

1517
00:33:48,048 –> 00:33:48,068
[ramsey_d_smith]: i

1518
00:33:48,262 –> 00:33:49,905
[Ben Jones]: is you know providing transparency

1519
00:33:50,351 –> 00:33:50,632
[ramsey_d_smith]: yeah

1520
00:33:50,366 –> 00:33:53,551
[Ben Jones]: they’re doing it with integrity making sure
that the data is labeled right

1521
00:33:53,861 –> 00:33:53,922
[ramsey_d_smith]: the

1522
00:33:54,613 –> 00:33:56,035
[Ben Jones]: if they’re providing some added value

1523
00:33:56,059 –> 00:33:56,140
[ramsey_d_smith]: ye

1524
00:33:56,075 –> 00:33:59,321
[Ben Jones]: with analytics or things like that the
perfect partner

1525
00:33:59,103 –> 00:34:00,243
[paul_tyler]: yeah

1526
00:33:59,762 –> 00:34:03,047
[Ben Jones]: right um you know so don’t have
a good answer for you in terms of

1527
00:34:03,308 –> 00:34:04,169
[Ben Jones]: who it is but

1528
00:34:04,203 –> 00:34:04,983
[paul_tyler]: oh

1529
00:34:04,429 –> 00:34:05,090
[Ben Jones]: i can tell you kind of what

1530
00:34:05,021 –> 00:34:05,831
[ramsey_d_smith]: oh

1531
00:34:05,111 –> 00:34:08,576
[Ben Jones]: they would look like um and so
we’re always exploring that because

1532
00:34:08,390 –> 00:34:08,411
[ramsey_d_smith]: m

1533
00:34:08,917 –> 00:34:09,858
[Ben Jones]: you know what

1534
00:34:09,813 –> 00:34:09,915
[ramsey_d_smith]: ah

1535
00:34:09,919 –> 00:34:10,720
[Ben Jones]: we want to do to

1536
00:34:10,661 –> 00:34:11,561
[ramsey_d_smith]: oh

1537
00:34:10,900 –> 00:34:12,303
[Ben Jones]: help get the data from these

1538
00:34:12,342 –> 00:34:12,363
[paul_tyler]: m

1539
00:34:12,443 –> 00:34:17,090
[Ben Jones]: as managers out there and so we
do that with the then fan

1540
00:34:16,962 –> 00:34:16,983
[paul_tyler]: m

1541
00:34:17,171 –> 00:34:18,292
[Ben Jones]: infrastructure and getting it

1542
00:34:18,350 –> 00:34:18,371
[ramsey_d_smith]: m

1543
00:34:18,353 –> 00:34:19,274
[Ben Jones]: out to the important players

1544
00:34:19,143 –> 00:34:19,384
[paul_tyler]: oh

1545
00:34:19,334 –> 00:34:23,241
[Ben Jones]: like morning star and blomberg ofinitive and
that a mentioned also some of these up

1546
00:34:23,281 –> 00:34:25,985
[Ben Jones]: and coming and research platforms i think
you now we talked about newspapers

1547
00:34:25,563 –> 00:34:25,784
[paul_tyler]: oh

1548
00:34:26,045 –> 00:34:26,346
[Ben Jones]: being that

1549
00:34:26,351 –> 00:34:26,552
[ramsey_d_smith]: yeah

1550
00:34:26,446 –> 00:34:27,808
[Ben Jones]: fin tech back in the eighties

1551
00:34:27,912 –> 00:34:27,933
[paul_tyler]: m

1552
00:34:27,949 –> 00:34:29,211
[Ben Jones]: right but you know we’ve seen

1553
00:34:29,133 –> 00:34:30,513
[paul_tyler]: yeah

1554
00:34:29,231 –> 00:34:30,252
[Ben Jones]: this explosion

1555
00:34:29,610 –> 00:34:29,711
[ramsey_d_smith]: yeah

1556
00:34:30,333 –> 00:34:30,673
[Ben Jones]: of wealth

1557
00:34:30,693 –> 00:34:31,533
[paul_tyler]: oh

1558
00:34:30,793 –> 00:34:32,977
[Ben Jones]: tech and fin tech lately right

1559
00:34:33,011 –> 00:34:33,273
[ramsey_d_smith]: yeah

1560
00:34:33,017 –> 00:34:34,419
[Ben Jones]: with all these new websites

1561
00:34:34,383 –> 00:34:35,251
[paul_tyler]: ye

1562
00:34:34,841 –> 00:34:35,101
[ramsey_d_smith]: oh

1563
00:34:34,920 –> 00:34:37,885
[Ben Jones]: ap you know i think interesting one
would be robin hood right who

1564
00:34:37,830 –> 00:34:37,970
[ramsey_d_smith]: yeah

1565
00:34:37,925 –> 00:34:38,166
[Ben Jones]: would have

1566
00:34:38,185 –> 00:34:38,205
[paul_tyler]: a

1567
00:34:38,186 –> 00:34:39,428
[Ben Jones]: thought that you know all

1568
00:34:39,341 –> 00:34:39,645
[ramsey_d_smith]: oh

1569
00:34:39,448 –> 00:34:40,109
[Ben Jones]: of a sudden commission

1570
00:34:40,023 –> 00:34:40,389
[paul_tyler]: yeah

1571
00:34:40,149 –> 00:34:43,354
[Ben Jones]: free trading and you can trade a
stock no differently than you can trade you

1572
00:34:43,414 –> 00:34:44,376
[Ben Jones]: know crypto currency

1573
00:34:44,480 –> 00:34:44,501
[ramsey_d_smith]: m

1574
00:34:44,536 –> 00:34:45,358
[Ben Jones]: well you know i

1575
00:34:45,341 –> 00:34:46,331
[ramsey_d_smith]: oh

1576
00:34:45,398 –> 00:34:45,538
[Ben Jones]: think

1577
00:34:45,483 –> 00:34:45,687
[paul_tyler]: ye

1578
00:34:45,658 –> 00:34:49,785
[Ben Jones]: that’s going to be changing and some
of these you know older more mature investment

1579
00:34:49,832 –> 00:34:49,913
[ramsey_d_smith]: ah

1580
00:34:49,945 –> 00:34:50,666
[Ben Jones]: areas right think

1581
00:34:50,679 –> 00:34:50,840
[ramsey_d_smith]: yes

1582
00:34:50,747 –> 00:34:53,331
[Ben Jones]: mutual funds you know there are even
some fin tech

1583
00:34:53,443 –> 00:34:53,524
[ramsey_d_smith]: he

1584
00:34:53,772 –> 00:34:54,673
[Ben Jones]: trading platforms

1585
00:34:54,551 –> 00:34:54,794
[ramsey_d_smith]: oh

1586
00:34:54,713 –> 00:34:58,099
[Ben Jones]: that you know they don’t even have
mutual funds available right i think

1587
00:34:58,016 –> 00:34:58,119
[ramsey_d_smith]: ah

1588
00:34:58,159 –> 00:35:01,144
[Ben Jones]: that could hanged because we know that
there’s plenty of utility and benefit in

1589
00:35:01,301 –> 00:35:01,321
[ramsey_d_smith]: m

1590
00:35:01,545 –> 00:35:04,630
[Ben Jones]: some of the investment vehicles as well
so the future is exciting

1591
00:35:04,451 –> 00:35:04,553
[ramsey_d_smith]: so

1592
00:35:04,690 –> 00:35:06,653
[Ben Jones]: paul but the cool thing is

1593
00:35:06,641 –> 00:35:06,661
[ramsey_d_smith]: m

1594
00:35:06,713 –> 00:35:11,364
[Ben Jones]: is that the same concepts and problems
that apple music is trying to solve we’re

1595
00:35:11,424 –> 00:35:12,610
[Ben Jones]: trying to solve that as well but
just

1596
00:35:12,612 –> 00:35:12,633
[paul_tyler]: m

1597
00:35:12,671 –> 00:35:12,791
[Ben Jones]: with

1598
00:35:12,821 –> 00:35:13,062
[ramsey_d_smith]: yeah

1599
00:35:13,213 –> 00:35:13,796
[Ben Jones]: investment data

1600
00:35:14,591 –> 00:35:14,791
[ramsey_d_smith]: oh

1601
00:35:16,230 –> 00:35:16,950
[Ben Jones]: yeah

1602
00:35:16,377 –> 00:35:19,038
[paul_tyler]: ramsey i don’t know final

1603
00:35:19,061 –> 00:35:19,081
[ramsey_d_smith]: i

1604
00:35:19,120 –> 00:35:19,324
[paul_tyler]: thought

1605
00:35:19,181 –> 00:35:19,622
[ramsey_d_smith]: think this as

1606
00:35:19,883 –> 00:35:20,024
[paul_tyler]: yeah

1607
00:35:19,942 –> 00:35:21,044
[ramsey_d_smith]: i think this has been great i
mean

1608
00:35:20,979 –> 00:35:21,000
[Ben Jones]: m

1609
00:35:21,465 –> 00:35:21,846
[ramsey_d_smith]: as as

1610
00:35:21,901 –> 00:35:22,023
[paul_tyler]: right

1611
00:35:21,926 –> 00:35:21,946
[ramsey_d_smith]: i

1612
00:35:22,683 –> 00:35:23,004
[paul_tyler]: oh

1613
00:35:22,747 –> 00:35:25,111
[ramsey_d_smith]: could of said before like at the
end

1614
00:35:25,080 –> 00:35:25,770
[Ben Jones]: oh

1615
00:35:25,151 –> 00:35:27,094
[ramsey_d_smith]: of the day if you can if

1616
00:35:27,060 –> 00:35:27,568
[Ben Jones]: my

1617
00:35:27,144 –> 00:35:27,508
[paul_tyler]: yea

1618
00:35:27,154 –> 00:35:35,308
[ramsey_d_smith]: you’re creating a universal identifyer that is
broadly available through multiple channels so that the

1619
00:35:35,428 –> 00:35:37,291
[ramsey_d_smith]: people that create the underlying

1620
00:35:37,173 –> 00:35:37,476
[paul_tyler]: yeah

1621
00:35:37,371 –> 00:35:38,593
[ramsey_d_smith]: products don’t have to actually go

1622
00:35:38,672 –> 00:35:39,272
[aidan_shue]: oh

1623
00:35:38,714 –> 00:35:38,994
[ramsey_d_smith]: out and

1624
00:35:38,973 –> 00:35:39,216
[paul_tyler]: oh

1625
00:35:40,016 –> 00:35:43,121
[ramsey_d_smith]: try and convince every channel to sort
of care their

1626
00:35:43,353 –> 00:35:44,253
[paul_tyler]: oh

1627
00:35:43,482 –> 00:35:44,804
[ramsey_d_smith]: information i think

1628
00:35:44,703 –> 00:35:44,945
[paul_tyler]: oh

1629
00:35:44,864 –> 00:35:51,194
[ramsey_d_smith]: that’s extremely valuable to the vendor sort
of the product creator i think it’s valuable

1630
00:35:51,255 –> 00:35:55,261
[ramsey_d_smith]: to the people that are that are
in the middle of the ecosystem all right

1631
00:35:55,782 –> 00:35:58,867
[ramsey_d_smith]: so that’s that’s all the various intermediaries
that are involved and i think it’s very

1632
00:35:58,987 –> 00:36:00,270
[ramsey_d_smith]: valuable to the consumer

1633
00:35:59,883 –> 00:36:01,023
[paul_tyler]: yah

1634
00:36:00,330 –> 00:36:01,351
[ramsey_d_smith]: because comers want

1635
00:36:01,233 –> 00:36:01,475
[paul_tyler]: yeah

1636
00:36:01,411 –> 00:36:03,856
[ramsey_d_smith]: to see they put their hard earned
money to work they

1637
00:36:03,870 –> 00:36:04,073
[Ben Jones]: yes

1638
00:36:03,896 –> 00:36:07,581
[ramsey_d_smith]: want to see how it’s doing from
one day to the next so you accomplishing

1639
00:36:07,232 –> 00:36:07,354
[aidan_shue]: yeah

1640
00:36:07,662 –> 00:36:08,262
[ramsey_d_smith]: all of that

1641
00:36:08,193 –> 00:36:09,063
[paul_tyler]: my

1642
00:36:09,083 –> 00:36:11,486
[ramsey_d_smith]: and you know europe sort of broadening
that kind of

1643
00:36:11,565 –> 00:36:11,646
[paul_tyler]: ah

1644
00:36:11,566 –> 00:36:14,290
[ramsey_d_smith]: courage that i think it’s a very
important service

1645
00:36:14,862 –> 00:36:18,669
[paul_tyler]: m yeah well it has been a
great conversation maiden ben

1646
00:36:18,620 –> 00:36:18,641
[ramsey_d_smith]: m

1647
00:36:18,969 –> 00:36:21,133
[paul_tyler]: what’s the best way for people to
reach out and get

1648
00:36:21,101 –> 00:36:21,121
[ramsey_d_smith]: m

1649
00:36:21,213 –> 00:36:26,602
[paul_tyler]: touch with you because i think a
lot of different types of listeners may be

1650
00:36:26,742 –> 00:36:28,205
[paul_tyler]: cured it’s about you know

1651
00:36:28,490 –> 00:36:28,511
[ramsey_d_smith]: m

1652
00:36:28,586 –> 00:36:29,748
[paul_tyler]: how to work with you or

1653
00:36:29,840 –> 00:36:29,861
[ramsey_d_smith]: m

1654
00:36:30,549 –> 00:36:31,170
[paul_tyler]: engage with you

1655
00:36:33,422 –> 00:36:35,347
[aidan_shue]: yeah well they can just they can
email nazdack

1656
00:36:35,171 –> 00:36:35,413
[ramsey_d_smith]: yeah

1657
00:36:35,548 –> 00:36:36,129
[aidan_shue]: fund network

1658
00:36:36,159 –> 00:36:36,320
[ramsey_d_smith]: yeah

1659
00:36:36,370 –> 00:36:36,410
[aidan_shue]: at

1660
00:36:36,431 –> 00:36:36,752
[ramsey_d_smith]: oh

1661
00:36:36,490 –> 00:36:39,017
[aidan_shue]: nazdack dot com ask any questions

1662
00:36:38,711 –> 00:36:39,731
[ramsey_d_smith]: yeah

1663
00:36:39,057 –> 00:36:42,636
[aidan_shue]: they might have i’d be happy to
set up a call and dig in with

1664
00:36:42,676 –> 00:36:42,816
[aidan_shue]: them

1665
00:36:43,181 –> 00:36:43,481
[ramsey_d_smith]: yeah

1666
00:36:43,738 –> 00:36:48,309
[aidan_shue]: or they email me directly aiding dot
sh e as dot dot com as well

1667
00:36:50,623 –> 00:36:51,064
[aidan_shue]: we’d be

1668
00:36:51,042 –> 00:36:51,063
[paul_tyler]: m

1669
00:36:51,144 –> 00:36:51,626
[aidan_shue]: happy to

1670
00:36:51,584 –> 00:36:51,665
[paul_tyler]: so

1671
00:36:52,488 –> 00:36:52,749
[aidan_shue]: to kind

1672
00:36:52,713 –> 00:36:54,393
[paul_tyler]: oh

1673
00:36:52,809 –> 00:36:56,360
[aidan_shue]: of you know showcase our service to
anyone who’s interested

1674
00:36:56,063 –> 00:37:00,089
[paul_tyler]: okay terrific we’ll we’ll put those put
those in the notes ben and thank you

1675
00:37:00,251 –> 00:37:00,577
[ramsey_d_smith]: oh

1676
00:37:00,430 –> 00:37:00,770
[paul_tyler]: ramsey

1677
00:37:00,939 –> 00:37:00,960
[Ben Jones]: m

1678
00:37:01,421 –> 00:37:01,743
[ramsey_d_smith]: oh

1679
00:37:01,592 –> 00:37:02,073
[paul_tyler]: appreciate

1680
00:37:01,714 –> 00:37:02,019
[aidan_shue]: awesome

1681
00:37:02,133 –> 00:37:02,453
[paul_tyler]: it and

1682
00:37:02,408 –> 00:37:02,549
[ramsey_d_smith]: oh

1683
00:37:03,154 –> 00:37:03,936
[paul_tyler]: i can’t believe summers

1684
00:37:04,015 –> 00:37:04,035
[Ben Jones]: m

1685
00:37:04,036 –> 00:37:04,677
[paul_tyler]: over and

1686
00:37:04,749 –> 00:37:04,770
[Ben Jones]: m

1687
00:37:05,162 –> 00:37:05,385
[aidan_shue]: yeah

1688
00:37:05,999 –> 00:37:06,159
[paul_tyler]: gets

1689
00:37:06,071 –> 00:37:06,376
[ramsey_d_smith]: yeah

1690
00:37:06,220 –> 00:37:09,247
[paul_tyler]: time to fasten the seat belt in
push on to the end of

1691
00:37:09,251 –> 00:37:09,491
[ramsey_d_smith]: yeah

1692
00:37:09,287 –> 00:37:10,371
[paul_tyler]: the year thanks so much

1693
00:37:10,322 –> 00:37:10,887
[aidan_shue]: uh

1694
00:37:10,920 –> 00:37:11,185
[Ben Jones]: thank you

1695
00:37:11,331 –> 00:37:11,934
[aidan_shue]: uh all right

1696
00:37:11,860 –> 00:37:12,040
[ramsey_d_smith]: yeah

1697
00:37:11,975 –> 00:37:12,116
[aidan_shue]: thank

1698
00:37:12,113 –> 00:37:12,274
[paul_tyler]: thank

1699
00:37:12,157 –> 00:37:12,237
[aidan_shue]: you

1700
00:37:12,231 –> 00:37:12,352
[ramsey_d_smith]: take

1701
00:37:12,278 –> 00:37:12,419
[aidan_shue]: guys

1702
00:37:12,334 –> 00:37:12,455
[paul_tyler]: you

1703
00:37:12,392 –> 00:37:12,553
[ramsey_d_smith]: care

1704
00:37:12,717 –> 00:37:12,938
[paul_tyler]: thanks

1705
00:37:12,855 –> 00:37:13,076
[ramsey_d_smith]: verbi

1706
00:37:13,039 –> 00:37:13,260
[paul_tyler]: bye

7 Money Moves Retirees Almost Never Regret

September 7, 2022 2022, Media, Wade Pfau No comments

We often hear stories about retirees sharing money mistakes they regret in retirement. Looking at the flip side of the coin, what are some financial moves retirees almost never regret?

Working With a Financial Professional
It is incredibly rare for a retiree to regret working alongside a trusted and qualified financial advisor or planner for their retirement needs. These individuals, after all, are here to look out for the retiree’s best interests.Kurt Heineman, financial planner at Vision Casting Financial Planning, uses the example of rising interest rates in the current economy. Financial planners can help retirees think about ways to make low-risk returns on cash they may be holding for short or intermediate purposes they might not be aware of if they were working on their own.“It can be very reassuring to have a retirement plan and someone who will walk alongside you as you transition into retirement,” Heineman said. “Financial planners can help retirees build, monitor and manage a financial plan which can lead to peace so you can enjoy the retirement you worked hard for.”

Planning When To Claim Social Security
According to the Social Security Administration (SSA), retirees at age 62 are eligible to start claiming Social Security. Some retirees may decide to delay retirement until age 70 to receive the full benefit amount.It is often quite difficult to determine the right timing for Social Security, and retirees rarely regret carefully considering when they will claim Social Security to receive a financial boost. Wade Pfau, professor of retirement income at The American College of Financial Services, said claiming Social Security does not have to happen at the same time you retire.“A thoughtful claiming strategy could add more than $100,000 of lifetime benefits to a retirement plan,” Pfau said.

Using Proper Annuity Solutions
Mark Kennedy, founder and president of Kennedy Wealth Management LLC, specializes in helping people who are within reach of retirement or who are already in retirement. The primary money move Kennedy’s clients never forget is building in guaranteed lifetime income and guaranteed growth using the proper fixed index annuity solutions with lifetime income riders.While the market is down everywhere, Kennedy said the lifetime income for retirees is not. Many advisors lean predominantly on the stock and bond markets to provide their clients with incomes for life, but Kennedy recommends taking the time to understand the proper and correct annuity solutions and weaving them into a client’s overall retirement income plan.“I can’t tell you how many clients I’ve spoken to on client review calls this year and they always say, ‘I’m glad you encouraged me to go with that annuity. It’s a lifesaver,’” Kennedy said.

Maxing Out Their Roth IRA
For those who qualify, Rafael Rubio, president of Stable Retirement Planners, said retirees who max out their Roth IRA as opposed to a traditional IRA benefit in retirement. This gives retirees a bucket of tax-free assets they can pull from or create tax-free supplemental income.

Maxing Out Their 401(k)
Retirees who work for companies where employer-sponsored retirement plans are offered, like a 401(k), rarely regret taking the opportunity to max out their contributions. The earlier one can start doing this, and prioritizing contributions throughout their working career, the better especially if you contribute at a level your employer is willing to match.“Doing this almost always gives retirees more options on how to live their lives in retirement,” said Eric M. Jaffe, CEO and founder of Mosaic Wealth Partners. “Typically, it provides greater peace of mind when retirees have adequate funds available in retirement to maintain their desired lifestyle.”

Diversifying Investment Vehicles
Most retirees never regret planning ahead for retirement to meet their goals and investing early to reap the benefits of compound interest. Another money move retirees seldom regret is diversifying their savings and investment vehicles. This includes accounts like IRAs, Roth IRAs, employer-sponsored retirement plans and general accounts that do not necessarily have particular tax efficiencies under the Employee Retirement Income Security Act.“Each of these accounts has different contribution limits and availability as well as varying tax ramifications while saving and also while distributing funds in retirement,” Jaffe said. “For most retirees, having different buckets from which to distribute assets in retirement with varying tax consequences when doing so proves to be beneficial.”

Eliminating Debt
Steve Sexton, CEO of Sexton Advisory Group, said eliminating debt before you retire does more than prepare you to make a smoother transition into the next chapter. It enables you to earn interest rather than paying interest.“Many people carry high-interest rate evolving debt, which means your expenses go up when interest rates go up – making your monthly budget unpredictable in retirement,” Sexton said.Whether you’re planning for retirement or in a completely different chapter of your life, nobody who has ever eliminated debt, like student loans, car payments or mortgages, can say they regret not being in debt. Focus on paying off any existing debt, or paying in full on any big expenses, prior to retirement, before you decide to retire.

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Higher Rates Fuel Q2 Multi-Year Guaranteed Annuity Sales: Wink

September 7, 2022 2022, Media, Sheryl Moore No comments

By Allison Bell

Higher interest rates and client concerns about stock market volatility pushed sales of multi-year guaranteed annuities (or MYGA contracts) up hard in the second quarter.

U.S. MYGA contract sales increased 82% between the second quarter of 2021 and the latest quarter, to $26 billion, according to new annuity issuer sales survey data from Wink.

Sheryl Moore, the CEO of Wink, said second-quarter MYGA sales “exploded.”

“Given the recent rate environment, I project that we can count on next quarter’s MYGA sales being significant as well,” she said.

Sales of all of the types of individual, deferred, U.S. annuities Wink tracks increased 13% year-over-year, to $73 billion. Non-variable annuity sales increased 47%, to $46 billion.

Variable annuity sales fell 31%, to $26 billion, but sales of index-linked variable annuities — also known as structured annuities or registered index-linked annuity (RILA) contracts — increased.

What It Means

Clients want protection against the full force of a bear market, but they’re still hungry for asset growth.

Details

Wink based the second-quarter annuity sales figures on data from 17 index-linked variable annuity issuers, 43 variable annuity issuers, 42 traditional fixed annuity issuers and 69 multi-year guaranteed-annuities (MYGA) issuers.

Here’s a look at what happened to sales of the types of annuities Wink tracks between the second quarter of 2021 and the latest quarter:

Multi-year guaranteed annuity contracts: $26 billion (up 82%)
Non-variable indexed annuities: $20 billion (up 17%)
Registered index-linked annuities: $11 billion (up 6.7%)
Traditional fixed annuities: $479 million (up 3.7%)
Traditional variable annuities: $16 billion (down 31%)

Broker-dealers accounted for 38% of the annuity sales included in the data; career and independent agents, 36%; and banks, 25%.

In spite of life insurers’ efforts to reach out to registered investment advisors, clients classified as coming in through RIAs accounted for just 0.9% of annuity sales volume. It’s possible that many RIA-advised clients who used annuities bought the contracts through other types of distributors.

Protection Level

Life insurers offer one year of interest rate guarantees through traditional fixed annuities, and more than one year of rate guarantees through MYGA contracts.

Issuers of traditional variable annuities may offer no built-in contract value protection at all, but they may offer full or partial protection through riders.

Issuers also offer two types of index-linked contracts, or annuities with crediting rates tied at least in part to the performance of investment indexes or ETFs: non-variable indexed annuities, which offer full protection of contract value against investment market-related losses, and RILA contracts, which may offer no built-in protection, or only partial built-in protection, against market losses.

Index-linked products have been growing partly because they are popular with life insurers.

Insurers can use easy-to-buy derivatives to power the investment options and limit risk, and that tends to make them cheaper and easier for insurers to manage than traditional variable and fixed annuities.

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Financial Literacy Is Not A Passing Grade On A Finance Exam Or Having A Large Bank Account

September 7, 2022 2022, Media, Paul Tyler No comments

MP chatted with Paul Tyler, Chief Marketing Officer for Nassau, leading the marketing strategy, direct-to-consumer channel, and innovation activity. Tyler drives the branding of insurance companies and affiliated asset management companies. He built a direct-to-consumer channel for Nassau Financial Group. In addition, Tyler launched Nassau Re/Imagine, an Insurtech-focused incubator based in Hartford. Before his role at Nassau Financial Group, Tyler worked at other insurance companies in various roles in strategy, marketing, operations, technology, sales, and compliance. He earned his A.B. from Princeton University and his J.D. from Cornell Law School.

Personal Finance Generally

What is financial literacy, why do so many people struggle with it, and how can we become more financially literate?

I’d first start with what financial literacy is not.

It’s not receiving a passing grade on a finance exam.

It’s not having a large bank account.

It’s not staying current with market news.

Achieving financial literacy means that you 1) are both aware of and shape your financial habits, 2) make smart decisions with your money, and 3) allocate your savings in a manner that leads to long-term financial stability.

How can we manage our money more confidently, and what would this look like in practice?

Start with innovative, small steps.

Many studies have proven that significant behavior changes start when a person makes small changes consistently over time.

For instance, people who weigh themselves daily tend to be more successful in managing their health. A similar easy financial step is simply setting the same time each week to review your account balances and weekly charges.

Once every three months, take a look at your retirement plan balance.

Simply creating awareness will start to have a very positive effect on your outlook and behavior.

How does our health affect our wealth, and what can we do to ensure we’re on track to a prosperous future?

Health, wealth, and happiness are connected at the hip.

Studies have proven that credit scores correlate with life expectancy.

Does one directly impact the other? I’ll leave that for future scientists. However, it intuitively makes sense that someone who pays their bills on time has less stress than someone who doesn’t. That person probably also gets regular checkups with the doctor. The person probably also exercises moderately every week.

Start building some order in your life today!

Budgeting and Saving

What three out-of-the-box strategies can you share to help us improve our personal budgeting, and why these three?

Turn savings into a game. Good rewards can quickly change behavior.

1. “Round Up”

The first game is to save your change simply.

Roll up each transaction to the nearest dollar and transfer the change to your savings account. You will be surprised how fast your savings grow. Many banks have automated programs that make this easy to do.

2. “Put a Prize on the Table”

The second is to create a set of personal rewards for saving a certain amount of money each month.

These could range from going to a special restaurant to getting the headphones you always wanted. You must carefully consider what savings targets make sense and what you can reasonably achieve.

3. “You Really Did Save…”

If those aren’t enough, try the “receipt game.”

Every time you get a receipt from a store or pharmacy, you usually have an amount the store claims you saved.

Make it real.

Transfer that amount from your checking into your savings account.

What strategies should we use to save more, and why might these be the most effective?

The most successful long-term savings plan is to spend less than you earn. Spending is the only lever that’s really under our full control.

If you carefully control your expenses, your savings account will grow. This means challenging a lot of your monthly expenses that may not really be essential.

What should we look for in a bank account, how might this change be based on our financial situation, and why?

Never leave your money and forget it.

Figuring out the best bank account does depend on the stage of your financial journey. If you are just starting, you should pay close attention to fees and minimum deposit requirements. Great savings habits can be crushed if high fees wipe away the results.

Also, pick a bank with one of the free, automated savings programs that will grow your account balances. Later in life, as your balance grows, you will want to pay close attention to the yields you earn and the ability to link the account to a low-cost brokerage account easily.

Handling Debt

What steps should we take to reduce our current debts, and why?

The first step is to figure out how to get your effective interest rate as low as possible. Credit card debt is the most expensive. Generally, a home equity loan is one of the cheapest. Consolidate the debt on the most favorable terms possible. You may be able to get all debt moved to a card with a low A.P.R. If you are lucky, you may be able to pay off the credit card with a home equity loan. Once you have done this, start paying it off as fast as possible. You will likely need to change your spending habits. However, if you don’t, the long-term consequences can be destructive.

What are some commonly made debt reduction mistakes, and how can these mistakes be avoided?

My biggest mistake is people paying off the wrong bills first. The financial firm with the most effective collection process may not be the first to pay if the total interest is the lowest. Prioritize paying off the bills with the biggest drag first.

Investing

What three out-of-the-box tips can you share to help us better approach personal investing, and why these three?

Even in a rapidly changing world, some basic investment principles remain constant.

1. Don’t try to time the market

Keep investing consistently in the market through your 401(k) or a brokerage account.

2. Allocate your assets to sectors, not stocks

Over time, how much of your money is in stocks v. bonds will matter much more than whether you properly timed your investment in Tesla.

3. Don’t overreact to market events

Ignore the ups and downs and keep your money hard at work where it should be kept.

What are smart places to park cash, and why?

Before retirement, keep your savings in a smart mix of high-yielding savings and bank CDs.

As you near retirement, explore the benefits of allocating some to fixed annuities that will create tax-deferred accumulation and higher interest rates over a 3- to 7-year period.

Should investments into VC funds be included in one’s portfolio?

Don’t even consider putting money in a VC fund until you max out your traditional retirement savings.

And even at that point, be cautious.

You will see portfolio recommendations ranging from 1-2% to 10-20% in alternatives.

Remember that venture capital funds tend to be less liquid than most alternatives.

While the return may be high, the time horizon to realize that result maybe 5 to 10 years.

Insurance

What types of insurance should we consider being covered by, and why?

Life and business events drive your insurance needs.

Insurance is an asset that should match a liability on our balance sheet. Life events create liabilities.

For instance, when you rent an apartment, you need insurance to protect your property and protect you from getting sued by other tenants for the damage caused by your leaky faucet.

If you have kids, you need insurance to pay for their care if something terrible happens to you.

When you buy a house, you’ll need homeowners’ insurance.

If you start a business with a partner, you’ll need insurance to cover expenses if something happens to one of you.

When you get closer to retirement, you should consider protecting some of your savings from an ill-timed market downturn with an annuity.

Other

Everyone should take their financial security into their own hands.

Educate yourself and your loved ones.

Build a plan.

And most importantly, act on it!

Responses provided by Paul Tyler, Chief Marketing Officer for Nassau.

Topic Contributors

Questions based in part on topics and comments provided by:

Jen Hemphill, Accredited Financial Counselor at Association for Financial Counseling and Planning Education (AFCPE®)
Herman Thompson, Jr., CFP®, ChFC®, Certified Financial Planner® at Innovative Financial Group
Leslie H. Tayne, Esq, Financial Attorney and Founder/Managing Director at Tayne Law Group
Linda Hamilton, Executive Vice President and Chief Operating Officer at Iroquois Federal
Ann-Marie Anderson, Financial Advisor at PHP Agency
Paul Dilda, Head of Retail Strategy, Products and Segments at BMO Harris Bank at BMO Financial Group
Matthew Benson, CFP® Owner and Certified Financial Planner™ at Sonmore Financial
Josh Richner, Outreach and Marketing Coordinator at National Legal Center
Ken Tumi, Founder at DepositAccounts.com and expert at LendingTree
Martin A. Federici, Jr., Chief Executive Officer at MF Advisers, Inc.
Ba Minuzzi, Founder and Chief Executive Officer at UMANA

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Want Reliable Retirement Income? Use This Safer Strategy

August 23, 2022 2022, Media, Steve Vernon No comments

Sequence of returns risk — defined as a risk of receiving lower or negative returns early during a time when withdrawals are made from an investment portfolio — is harming the ability for many seniors to retire when they initially planned to, throwing actual retirement dates into doubt as people everywhere continue to reckon with historic levels of inflation and economic volatility.

This is according to a column published by Forbes and written by retirement financing columnist Bob Carlson.

“About 48% of people who were planning to retire in 2022 are putting their plans on hold or reconsidering them, according to a recent survey taken by Quicken,” Carlson writes. “Another 22% of people who were planning to retire sometime after 2022 are considering delaying their retirement dates.”

An additional survey conducted by BlackRock indicated that the number of respondents reporting that retirement plans were “on track” declined by 5% to 63% compared to the same period one year earlier, with another 42% of respondents describing that retirement plans were altered by the ravages of the COVID-19 coronavirus pandemic.

“We’re living through an example of sequence of returns risk and how it can arise quickly and unexpectedly,” he writes. “Many people build their retirement plans on long-term average financial data or on the assumption that recent performance will continue indefinitely. Events often don’t unfold that way. The long-term average of stock index returns is the result of years of very different returns. It’s a rare year when the return of an index is close to its long-term average. In most years the return of an index is very different from the long-term average.”

In the past, sequence of returns risk has been a commonly-discussed retirement risk during times of market volatility by Wade Pfau, professor of retirement income at the American College of Financial Services and founder of RetirementResearcher.com. Pfau has previously described how a reverse mortgage has the potential to help someone at or near retirement avoid sequence of returns risk if a borrower taps a standby line of credit until the market — and their investments — stabilize.

“Even if the overall market recovers, a retiree spending from their portfolio might not get to enjoy that recovery,” Pfau explained in a 2020 episode of The RMD Podcast. “And that sequence of returns risk amplifies the impact of investment volatility. So, that’s where a reverse mortgage can fit into this in a number of different ways to help alleviate that risk on the investment portfolio.”

Read the Forbes column on current levels of sequence of returns risk.

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Aim for $700K at a Minimum

How To Calculate Your Ideal Retirement Savings Amount at 65

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By Gabrielle Olya

Reasons Gen X Women Don’t Feel Ready for Retirement

Debt

The Economy

The Caregiving Conundrum

Changing Retirement Income Options

What Gen X Women Can Do To Prepare for Retirement

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Personal Finance Generally

What is financial literacy, why do so many people struggle with it, and how can we become more financially literate?

How can we manage our money more confidently, and what would this look like in practice?

How does our health affect our wealth, and what can we do to ensure we’re on track to a prosperous future?

Budgeting and Saving

What three out-of-the-box strategies can you share to help us improve our personal budgeting, and why these three?

1. “Round Up”

2. “Put a Prize on the Table”

3. “You Really Did Save…”

What strategies should we use to save more, and why might these be the most effective?

What should we look for in a bank account, how might this change be based on our financial situation, and why?

Handling Debt

What steps should we take to reduce our current debts, and why?

What are some commonly made debt reduction mistakes, and how can these mistakes be avoided?

Investing

What three out-of-the-box tips can you share to help us better approach personal investing, and why these three?

1. Don’t try to time the market

2. Allocate your assets to sectors, not stocks

3. Don’t overreact to market events

What are smart places to park cash, and why?

Should investments into VC funds be included in one’s portfolio?

Insurance

What types of insurance should we consider being covered by, and why?

Other

Topic Contributors

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