2022

Retirement Planning: One Size Doesn’t Fit All

October 5, 2022 2022, Jerry Golden, Media No comments

Virtually everything can be customized to fit us individually. And that includes a retirement income plan.

BY JERRY GOLDEN, INVESTMENT ADVISER REPRESENTATIVE

New Retirement Rules of Thumb Still Have Issues

I’m not the only one who is advocating a new way of looking at planning for retirement. The New York Times wrote much the same thing (opens in new tab).

In the article, finance reporter Tara Siegel Bernard quoted experts who basically said the 4% rule of thumb (a “one-size-fits-all” rule) is dead. The experts, however, proposed new rules of thumb that aren’t much better. Their ideas were at least somewhat customizable to specific circumstances, but they followed the same narrow path: Pick an income goal and test it to see if it fails. If it fails, cut back on your spending.

A rule of thumb isn’t the best way to determine what is probably the most important financial decision in your life.

Consider Your Major Sources Of Income

To achieve your best plan for retirement income, look at all of the major sources of income that are logical for your situation and create a plan where the lion’s share is in the form of safe income.

That means:

Understand and correctly use the different sources of income — dividends, interest, annuity payments and withdrawals (involving sales of securities) — from your savings.
Select long-term planning assumptions for the markets and inflation with the understanding that you likely won’t achieve them in the short term.
Monitor your plan, re-project the planning results in real time and update your plan if necessary. Note: The more safe income you have, the less volatility you will contend with.

Expect Variability in Results When Planning

Let’s look at how the above approach might work for a consumer who develops a plan with Go2Income guidance. We looked at the results for Go2Income plans ordered over the week ending Sept. 16. The average visitor to Go2Income had retirement savings of $1.6 million (about half was in a rollover IRA), and half of these retirees wanted to leave a legacy of their current savings. Sixty-three percent were married with an average age of 66.

Based on all these stats, the average Starting Income Percentage (SIP) was 5.01%. So, did we declare victory with our new 5% rule of thumb? Nope. It’s not about being the highest, it’s about being the right fit. Also, the SIP is only the start (no pun intended) of a Go2Income plan. It is important because it tells you the contribution of income from your savings to meet your income goal. But a plan also needs to address inflation, lifetime income, legacy and liquidity.

Even so, since it’s the first thing a visitor sees, you ought to know it needs to be personalized. The SIP for these visitors ranged from 3.98% to 7.36%. There are lots of factors impacting that result, but age, gender and marital status are keys, with a male only, female only and couple averaging 5.54%, 4.87% and 4.97%, respectively.

Using SIP to Personalize Your Plan

I apologize for all the numbers, but a plan for retirement income is defined by the kind of retirement you want and deserve. One thing that shows up immediately is how the pricing of annuity payments affects your plan. With the increase in interest rates and improvement in annuity payout rates, all SIPs are higher than they were at the beginning of the year — from 4.55% to 5.01%.

And, of course, there are additional plan options you can adjust to meet other SIP or retirement objectives. For example, if you want to rely on the inflation protection of Social Security benefits or income-producing real estate, you might build in a lower inflation rate. A reduction from 2% to 1% in the assumed annual inflation would increase the average SIP from 5.01% to 5.54%.

Even more than a T-shirt, the plan must be tailored just for you — and your SIP is an efficient way to set started.

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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.

Most Americans Plan To Rely Heavily on Social Security for Retirement — Here’s What To Know

October 5, 2022 2022, Media, Wade Pfau No comments

Gabrielle Olya

Fri, September 30, 2022

The majority of Americans don’t have much faith in the future of Social Security. A recent GOBankingRates survey found that 46% of Americans believe the program will offer a lot less than it does today by the time they retire, and 23% believe the program won’t exist at all by the time they retire. Yet despite this, most Americans plan to depend on Social Security to fund at least some of their retirement — 26% said they plan to use Social Security to fund less than half of it, but 51% said they plan to depend on it to fund more than half (31%) or all (20%) of their retirement.

Can Americans Rely on Social Security as It Stands To Fund Their Retirement?

“With the rise of inflation and the overall cost of living, unless you can truly stick to a budget — which in my experience most people don’t — Social Security is not sufficient for most retirement expenses,” said Frank Murillo, partner and managing director at Snowden Lane Partners.

“What people envision spending in retirement and what they actually spend are two different things,” he continued. “With the clients I work with, we go through an exercise I call ‘recreating the dollar’ where we piece together sources of income to mimic what they had through their working years. Then we stretch that for a reasonable time span, and the results of what they can actually spend are eye-opening.”

Social Security was never meant to be a retiree’s only source of retirement income, said Wade Pfau, co-director of the Retirement Income Center at The American College of Financial Services.

“It is meant to replace about 40% of the average indexed lifetime earnings of someone who worked and earned an average wage over their lifetime,” he said. “Many retirees will seek to replace a higher percentage than this.”

Most experts suggest aiming to plan for retirement income that is at least 70% of your pre-retirement income.

“Since Social Security is likely to make up only a portion of your retirement income, it is important to have a well-rounded strategy to meet your income needs in retirement,” said Katherine Tierney, CFA, senior retirement strategist at Edward Jones. “We recommend you act now to understand what you need to do to achieve your ideal retirement. If you’re unsure where to start, a financial advisor can help you outline your goals, develop a strategy to meet them and measure your progress along the way.”

What To Do If You Must Rely on Social Security To Fund Your Retirement

Although financial experts do not recommend living on Social Security alone, for many Americans, this is their only source of retirement income. The GOBankingRates survey found that 25% of Americans have not started saving for retirement and that 36% have less than $10,000 saved.

“Each situation is unique and some people can live on Social Security only,” said Colleen Carcone, director of wealth planning strategies at TIAA. “If your only source of income is Social Security, remember that continuing to work and delaying the start of your Social Security benefits can close the gap [between how much you need for retirement and how much you have saved] because a delay would mean a bigger check when you do start.”

What Will Social Security Look Like in the Future?

As the survey found, most Americans believe that Social Security benefits will be reduced or cease to exist in the coming decades. As it stands, the Social Security trust fund is set to run out in 2035, so are these concerns warranted?

Most experts believe Social Security will continue to exist, but to keep it going will likely require some changes in the current program.

“There are a few simple solutions that will likely occur,” said Jeremy Finger, CFP, founder of Riverbend Wealth Management. “First, we could eliminate the earnings cap on Social Security tax so that all income above $147,000 is taxed. This could extend the Social Security trust fund. Second, [the Social Security Administration could] increase the full retirement age, which is kind of a pay cut. For example, people who were born after 1970 may not able to get full benefits until age 68 or 69. Third, [they could] increase the payroll tax on Social Security.”

One or a combination of these solutions should balance the Social Security trust fund, Finger said. However, because there are a lot of unknowns, Finger does not recommend relying on Social Security to fund your retirement.

“I would not advise clients to make their Social Security decisions based on what the government may do,” he said.

No matter how the Social Security trust ends up being funded — and most experts believe this will happen before it gets depleted — there is a chance that benefits will be reduced in the coming years.

“Social Security could be reduced to match incoming revenue from individuals and their employers,” Carcone said.

The uncertainty surrounding the future of Social Security should be taken into account when retirement planning.

“While most advisors consider current funding estimates as provided by the Social Security Administration for retirement planning, one should consider possible changes to the system,” said Wendy S. Baum, a financial advisor with Equitable Advisors. “The more saved over time with pension strategies and portfolio building, the less reliant one will be on Social Security benefits.”

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Episode 165: How I Built this Practice from Facebook with Andy Panko

September 30, 2022 2022, Andy Panko, Podcast, Retirement No comments

We usually have a good idea of where our interviews will head. However, sometimes we discover a more interesting story the longer we talk. That happened today. We thought we would be discussing advisory fee structures. Instead, we learned how Andy Panko, owner and financial planner at Tenon Financial built a half million dollar a year practice starting with a private Facebook group in 2019 and a strong commitment to fair pricing. Take good notes!

Links mentioned:

https://www.linkedin.com/in/andypanko/

https://tenonfinancial.com/

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Episode Transcript

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[paul_tyler]: this is paul tyler

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[bruno_caron]: oh

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[paul_tyler]: and welcome to another episode of the
nuit show and we’re goin to have an

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[paul_tyler]: interesting discussion around one of our

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[bruno_caron]: ah

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[paul_tyler]: passion topics fees

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[bruno_caron]: hm

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[paul_tyler]: and value that consumers

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[bruno_caron]: m

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[paul_tyler]: clients received from it ramsey welcome

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[andy_panko]: oh

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[bruno_caron]: oh

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[ramsey_d_smith]: paul great to be here

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[paul_tyler]: it looks

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[bruno_caron]: yeah

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[paul_tyler]: like you’re not in your usual location

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[ramsey_d_smith]: i’m not in atlanta

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[bruno_caron]: ah

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[ramsey_d_smith]: i’m an an undisclosed location here in
manhattan

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[paul_tyler]: excellent all right well hopefully we can

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[bruno_caron]: yeah

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[paul_tyler]: connect we’ve we’ve

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[bruno_caron]: oh

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[paul_tyler]: been going back and forth and

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[ramsey_d_smith]: yeah

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[paul_tyler]: be great to see ou actually in
person

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[bruno_caron]: yeah

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[paul_tyler]: bruno welcome as as a regular host
of our

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[bruno_caron]: okay

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[paul_tyler]: show

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[bruno_caron]: thank you it’s a pleasure and an
honor

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[andy_panko]: yeah

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[paul_tyler]: and yeah congratulations on your our new
role so tell us you know what you’re

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[paul_tyler]: doing these days

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[bruno_caron]: thank you appreciate it and now i
started a

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[ramsey_d_smith]: oh

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[bruno_caron]: role as a principle at life works
it’s an employee benefit consulting firm in in

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[ramsey_d_smith]: yeah

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[bruno_caron]: canada and i’m very happy to say
that i joined a very talented team and

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[andy_panko]: oh

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[bruno_caron]: the whole story on on retirement income
continues i’ll be involved and some of pension

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[bruno_caron]: risk transfer transactions as well as some
new retirements last lifetime income solutions so so

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[bruno_caron]: very happy to to in that team

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[paul_tyler]: excellent and i was i was actually
out in las vegas for four days last

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[paul_tyler]: week at insure tech

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[bruno_caron]: m

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[paul_tyler]: connect and

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[bruno_caron]: m oh

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[ramsey_d_smith]: m

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[paul_tyler]: it’s really interesting a lot

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[ramsey_d_smith]: no

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[paul_tyler]: of the people

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[bruno_caron]: oh

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[paul_tyler]: we’ve been talking to over the last
you know couple of years were out there

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[paul_tyler]: and you know

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[bruno_caron]: yeah

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[paul_tyler]: it was tremendous to see the energy
going

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[bruno_caron]: oh

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[paul_tyler]: into the retirement plan in arena from
a technology standpoint

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[bruno_caron]: oh

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[paul_tyler]: from a

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[bruno_caron]: yeah

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[paul_tyler]: um

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[andy_panko]: yeah

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[paul_tyler]: from an advisor standpoint a lot of
advisors out there you know talking about the

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[bruno_caron]: oh

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[paul_tyler]: startups they’ve launched in stuff

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[bruno_caron]: oh

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[paul_tyler]: and

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[andy_panko]: yeah

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[paul_tyler]: hey listen today we’re lucky enough to
have another guest

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[andy_panko]: yeah

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[paul_tyler]: who is

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[bruno_caron]: m

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[paul_tyler]: it’s got a

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[andy_panko]: yeah

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[paul_tyler]: really interesting background

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[bruno_caron]: oh

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[paul_tyler]: and bring this

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[bruno_caron]: oh

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[paul_tyler]: kind of a wealth of experience to
both clients and

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[bruno_caron]: oh

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[paul_tyler]: advisors and i think well to our
listeners as well

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[andy_panko]: oh

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[paul_tyler]: and i’d like to welcome

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[andy_panko]: yeah

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[paul_tyler]: andy

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[bruno_caron]: oh

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[paul_tyler]: paco

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[bruno_caron]: oh

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[paul_tyler]: who is the

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[bruno_caron]: ah

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[paul_tyler]: owner and financial

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[andy_panko]: oh

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[paul_tyler]: planner

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[bruno_caron]: yeah

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[paul_tyler]: of tennant financial

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[andy_panko]: ye

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[paul_tyler]: in new jersey and welcome

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[bruno_caron]: oh

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[andy_panko]: hi hey guys thanks for having me

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[bruno_caron]: oh

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[paul_tyler]: and can you just tell people a
little bit about you know who you are

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[paul_tyler]: and what you do

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[andy_panko]: sure i am a solo

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[bruno_caron]: oh

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[andy_panko]: r i a operation based in new

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[bruno_caron]: yeah

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[andy_panko]: jersey firm name is ten in financial
i do financial planning

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[bruno_caron]: oh

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[andy_panko]: and investment management all togeter and one
combined offering specifically

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[bruno_caron]: oh

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[andy_panko]: working with people traditional interne retirement folks

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[bruno_caron]: oh

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[andy_panko]: um my my differentiator is really strong
tax knowledge

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[bruno_caron]: yeah

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[andy_panko]: tax focus and get very hands on
it in the weeds with

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[bruno_caron]: oh

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[paul_tyler]: oh

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[andy_panko]: tax planning around distributions medic are sure
charges affordable care at credits if people are

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[bruno_caron]: oh

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[andy_panko]: on affordable care act roth conversions et
cetera

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[bruno_caron]: oh

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[andy_panko]: and and tie it all together

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[ramsey_d_smith]: oh

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[andy_panko]: and do it all for at fee
that is not just percent of assets

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[paul_tyler]: okay flat fee that’s

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[bruno_caron]: yeah

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[paul_tyler]: not just a percentage of assets ramsey

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[andy_panko]: oh

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[paul_tyler]: what do you

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[ramsey_d_smith]: yeah

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[paul_tyler]: think of that

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[bruno_caron]: oh

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[paul_tyler]: yeah

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[ramsey_d_smith]: i think

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[bruno_caron]: yah

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[ramsey_d_smith]: that’s an important business model for the
future and in financial planning you know one

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[ramsey_d_smith]: of the

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[paul_tyler]: oh

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[ramsey_d_smith]: one of the things that that we
that we face certainly s as folks that

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[ramsey_d_smith]: are in

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[bruno_caron]: yes

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[ramsey_d_smith]: the insurance industry is that you know
a lot of the

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[bruno_caron]: yeah

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[ramsey_d_smith]: a lot of the products and solutions

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[bruno_caron]: yeah

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[ramsey_d_smith]: that we provide to people umouknowdon’t they
compensate way many financial planners or financial advisers

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[ramsey_d_smith]: are used to getting compensated

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[bruno_caron]: m

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[ramsey_d_smith]: in leaden without getting into the debate
over

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[andy_panko]: right

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[ramsey_d_smith]: commissions versus

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[bruno_caron]: oh

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[ramsey_d_smith]: versus

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[andy_panko]: yeah

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[ramsey_d_smith]: w a u m p s which

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[bruno_caron]: oh

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[ramsey_d_smith]: more with les is just different

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[bruno_caron]: oh

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[ramsey_d_smith]: and you know a a flat feet
structure brings

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[bruno_caron]: yeah

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[ramsey_d_smith]: with it the potential for like pure

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[bruno_caron]: yeah

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[ramsey_d_smith]: ure objectivity

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00:03:54,823 –> 00:03:54,965
[bruno_caron]: yeah

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[ramsey_d_smith]: and from my perspective in a world
where

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[bruno_caron]: oh

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[ramsey_d_smith]: we’re looking for

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[bruno_caron]: oh

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00:03:57,976 –> 00:03:58,136
[paul_tyler]: yeah

172
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[ramsey_d_smith]: for

173
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[bruno_caron]: yeah

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[ramsey_d_smith]: for incentive structures

175
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[andy_panko]: oh

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[ramsey_d_smith]: that that allow for the possibility

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[paul_tyler]: yeah

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[ramsey_d_smith]: of best interest

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[bruno_caron]: m

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[ramsey_d_smith]: advising

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[andy_panko]: oh

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[ramsey_d_smith]: i

183
00:04:04,334 –> 00:04:04,456
[paul_tyler]: yeah

184
00:04:04,343 –> 00:04:07,212
[ramsey_d_smith]: think flat fees are marvellous for that
big fan

185
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[bruno_caron]: yeah

186
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[andy_panko]: thank you and that was my thoughts
as well and one of the reasons why

187
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[andy_panko]: when i set out and started this
business in twenty

188
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[bruno_caron]: oh

189
00:04:13,894 –> 00:04:14,584
[ramsey_d_smith]: yeah

190
00:04:13,979 –> 00:04:18,627
[andy_panko]: nineteen and i was planning it for
about three years prior so i really thought

191
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[andy_panko]: through with intention what i wanted to
be how i wanted to charge what i

192
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[andy_panko]: wanted to offer who i wanted to
work

193
00:04:22,955 –> 00:04:23,240
[bruno_caron]: oh

194
00:04:22,972 –> 00:04:27,697
[andy_panko]: with et cetera i just i couldn’t
make sense of percent of assets i know

195
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[andy_panko]: the majority industry does that um

196
00:04:30,584 –> 00:04:30,605
[bruno_caron]: m

197
00:04:31,362 –> 00:04:31,782
[andy_panko]: and it’s just

198
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[bruno_caron]: m

199
00:04:32,103 –> 00:04:36,210
[andy_panko]: i worked in institutional investments in banking
for the better part of twenty years prior

200
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[andy_panko]: to doing this and was in and
around the percent of asset model and just

201
00:04:41,859 –> 00:04:44,824
[andy_panko]: saw i knew enough to know that
the amount of work

202
00:04:44,725 –> 00:04:44,746
[paul_tyler]: m

203
00:04:44,944 –> 00:04:49,031
[andy_panko]: or effort or resources or experts or
complexity involved in managing

204
00:04:49,504 –> 00:04:50,224
[ramsey_d_smith]: yeah

205
00:04:49,532 –> 00:04:50,954
[andy_panko]: three million dollars versus one

206
00:04:51,695 –> 00:04:52,505
[bruno_caron]: oh

207
00:04:52,657 –> 00:04:55,521
[andy_panko]: just it’s not close linear an asset
size

208
00:04:55,325 –> 00:04:55,627
[bruno_caron]: oh

209
00:04:55,621 –> 00:04:59,084
[andy_panko]: is a terribly random indicator of the

210
00:04:59,015 –> 00:04:59,035
[bruno_caron]: m

211
00:04:59,164 –> 00:05:04,148
[andy_panko]: value provided the experts needed this resources
the time et cetera et cetera so so

212
00:05:04,228 –> 00:05:04,889
[andy_panko]: my thought was

213
00:05:05,405 –> 00:05:05,646
[bruno_caron]: oh

214
00:05:05,920 –> 00:05:08,144
[andy_panko]: i have a very clear focus of
who i want to work with what my

215
00:05:08,204 –> 00:05:08,785
[andy_panko]: services are going

216
00:05:08,825 –> 00:05:09,109
[bruno_caron]: yes

217
00:05:08,825 –> 00:05:09,947
[andy_panko]: to be i’m going to intentionally

218
00:05:09,724 –> 00:05:10,006
[ramsey_d_smith]: oh

219
00:05:09,875 –> 00:05:10,118
[bruno_caron]: oh

220
00:05:10,007 –> 00:05:11,089
[andy_panko]: turn away anyone

221
00:05:10,913 –> 00:05:11,014
[ramsey_d_smith]: yeah

222
00:05:11,129 –> 00:05:12,451
[andy_panko]: that’s outside this sort of

223
00:05:12,515 –> 00:05:12,796
[bruno_caron]: oh

224
00:05:12,551 –> 00:05:14,134
[andy_panko]: custom crafted avatar if

225
00:05:14,104 –> 00:05:14,165
[bruno_caron]: ah

226
00:05:14,174 –> 00:05:18,020
[andy_panko]: you will of the scenario and client
type i want to work with they’re all

227
00:05:18,080 –> 00:05:21,286
[andy_panko]: going no more or less want and
need the same services have the same general

228
00:05:21,366 –> 00:05:21,566
[andy_panko]: paying

229
00:05:21,425 –> 00:05:21,627
[bruno_caron]: oh

230
00:05:21,606 –> 00:05:23,229
[andy_panko]: points and planning opportunities et cetera

231
00:05:23,735 –> 00:05:23,957
[bruno_caron]: oh

232
00:05:24,090 –> 00:05:24,551
[andy_panko]: asset size

233
00:05:24,604 –> 00:05:24,786
[ramsey_d_smith]: yeah

234
00:05:24,671 –> 00:05:28,758
[andy_panko]: frankly has nothing to do with it
so why charge on that let me come

235
00:05:28,778 –> 00:05:31,623
[andy_panko]: up with a fee that i think
is fair for what i do what i

236
00:05:31,683 –> 00:05:34,628
[andy_panko]: provide it’s loosely based on hours

237
00:05:34,264 –> 00:05:35,387
[ramsey_d_smith]: oh i

238
00:05:35,770 –> 00:05:40,938
[andy_panko]: also kind of roughly bench marked to
what would they be paying my typical ideal

239
00:05:40,998 –> 00:05:45,070
[andy_panko]: client would be paying under percent of
assets model so make sure i’m not straying

240
00:05:45,110 –> 00:05:47,798
[andy_panko]: too far from that and thats what
i came up with and it’s been

241
00:05:47,825 –> 00:05:48,088
[bruno_caron]: oh

242
00:05:47,858 –> 00:05:50,779
[andy_panko]: a it’s working out really well clients

243
00:05:50,585 –> 00:05:50,806
[bruno_caron]: oh

244
00:05:50,940 –> 00:05:56,415
[andy_panko]: like it i like it it does
it’s not conflict free you know i’ll be

245
00:05:56,455 –> 00:05:57,136
[andy_panko]: the first to say no

246
00:05:57,065 –> 00:05:57,267
[bruno_caron]: yeah

247
00:05:57,276 –> 00:05:58,578
[andy_panko]: fee model is conflict free

248
00:05:59,615 –> 00:05:59,836
[bruno_caron]: yeah

249
00:05:59,880 –> 00:06:03,264
[andy_panko]: but i feel it’s a lot more
logical and mutually fair

250
00:06:03,095 –> 00:06:03,402
[bruno_caron]: oh

251
00:06:03,124 –> 00:06:03,344
[ramsey_d_smith]: yeah

252
00:06:04,185 –> 00:06:07,949
[andy_panko]: and has less flaws and less conflict
than something like percent of assets

253
00:06:08,172 –> 00:06:09,995
[ramsey_d_smith]: so i actually want to touch on

254
00:06:10,055 –> 00:06:10,359
[bruno_caron]: may

255
00:06:10,055 –> 00:06:14,142
[ramsey_d_smith]: that if we could because what are
i think the first thing you said which

256
00:06:14,202 –> 00:06:16,065
[ramsey_d_smith]: is that there’s no there’s

257
00:06:16,050 –> 00:06:16,974
[andy_panko]: yeah

258
00:06:16,105 –> 00:06:18,990
[ramsey_d_smith]: no version of compensation that doesn’t have
some kind of conflict

259
00:06:19,404 –> 00:06:19,545
[andy_panko]: right

260
00:06:19,445 –> 00:06:19,627
[bruno_caron]: yeah

261
00:06:19,791 –> 00:06:22,877
[ramsey_d_smith]: right so in this model what do

262
00:06:22,816 –> 00:06:22,856
[bruno_caron]: m

263
00:06:22,937 –> 00:06:26,222
[ramsey_d_smith]: you see is the conflict and how
do you how do you address

264
00:06:26,075 –> 00:06:26,278
[bruno_caron]: oh

265
00:06:26,262 –> 00:06:26,382
[ramsey_d_smith]: them

266
00:06:27,792 –> 00:06:31,939
[andy_panko]: the conflict is you know i charge
now eighty four hundred a year for single

267
00:06:32,019 –> 00:06:33,722
[andy_panko]: folks ninety six hundred from married

268
00:06:34,565 –> 00:06:34,585
[bruno_caron]: m

269
00:06:34,644 –> 00:06:34,664
[andy_panko]: i

270
00:06:34,675 –> 00:06:34,696
[paul_tyler]: m

271
00:06:34,764 –> 00:06:36,727
[andy_panko]: can in theory just sit with my
feet up on the

272
00:06:36,674 –> 00:06:36,695
[bruno_caron]: m

273
00:06:36,767 –> 00:06:40,514
[andy_panko]: desk and the money’s come and now
the client is always free to fire me

274
00:06:40,734 –> 00:06:42,136
[andy_panko]: and go separate way so they can

275
00:06:42,077 –> 00:06:42,724
[ramsey_d_smith]: hm

276
00:06:42,256 –> 00:06:45,983
[andy_panko]: always if they feel they’re not getting
enough value out of me or they feel

277
00:06:46,083 –> 00:06:49,108
[andy_panko]: i am messing around and not doing
anything then they

278
00:06:48,995 –> 00:06:49,217
[bruno_caron]: oh

279
00:06:49,168 –> 00:06:55,822
[andy_panko]: can simply cut ties and start paying
me um but you know that’s sort of

280
00:06:55,842 –> 00:06:59,606
[andy_panko]: the conflict where the money is always
coming in unless i really herentically fail

281
00:06:59,645 –> 00:06:59,866
[bruno_caron]: yeah

282
00:06:59,646 –> 00:07:02,008
[andy_panko]: the client by some way in which
case then they’re gonna leave

283
00:07:02,430 –> 00:07:02,553
[ramsey_d_smith]: oh

284
00:07:02,645 –> 00:07:02,866
[bruno_caron]: oh

285
00:07:03,210 –> 00:07:05,695
[andy_panko]: so not to say it doesn’t incentivize
me to work i mean there’s always the

286
00:07:05,755 –> 00:07:07,158
[andy_panko]: incentive you want to work you want

287
00:07:07,175 –> 00:07:07,459
[bruno_caron]: yeah

288
00:07:07,198 –> 00:07:10,204
[andy_panko]: to provide value you want to show
the client you’re doing something for them so

289
00:07:10,264 –> 00:07:11,286
[andy_panko]: i still have that but

290
00:07:11,585 –> 00:07:11,605
[bruno_caron]: m

291
00:07:12,108 –> 00:07:14,946
[andy_panko]: um now just to be fair that
there’s the conflict

292
00:07:14,675 –> 00:07:14,978
[bruno_caron]: yah

293
00:07:14,986 –> 00:07:15,448
[andy_panko]: that the

294
00:07:15,436 –> 00:07:15,577
[paul_tyler]: ye

295
00:07:15,468 –> 00:07:16,311
[andy_panko]: fee is the fee it’s always

296
00:07:16,214 –> 00:07:16,235
[bruno_caron]: h

297
00:07:16,331 –> 00:07:17,396
[andy_panko]: going to show up until they fire
me

298
00:07:17,684 –> 00:07:17,864
[ramsey_d_smith]: sure

299
00:07:18,065 –> 00:07:18,266
[bruno_caron]: oh

300
00:07:18,104 –> 00:07:20,649
[ramsey_d_smith]: well i think you’re being you’re being
modest generous

301
00:07:20,585 –> 00:07:20,906
[bruno_caron]: oh

302
00:07:20,769 –> 00:07:20,790
[andy_panko]: m

303
00:07:21,109 –> 00:07:21,250
[ramsey_d_smith]: right

304
00:07:21,390 –> 00:07:21,954
[andy_panko]: uh

305
00:07:22,492 –> 00:07:23,473
[ramsey_d_smith]: being a bit modest in that

306
00:07:23,421 –> 00:07:23,622
[bruno_caron]: yeah

307
00:07:23,814 –> 00:07:24,054
[ramsey_d_smith]: the end of

308
00:07:24,009 –> 00:07:24,030
[andy_panko]: h

309
00:07:24,074 –> 00:07:26,238
[ramsey_d_smith]: the day you’re you’re justifying an explicit

310
00:07:25,895 –> 00:07:26,116
[bruno_caron]: oh

311
00:07:26,318 –> 00:07:27,841
[ramsey_d_smith]: fee every year and there’s a

312
00:07:27,870 –> 00:07:28,215
[andy_panko]: oh

313
00:07:27,901 –> 00:07:31,751
[ramsey_d_smith]: conversation it sounds like a m p
s just sort of slip

314
00:07:31,595 –> 00:07:31,798
[bruno_caron]: oh

315
00:07:31,851 –> 00:07:32,172
[ramsey_d_smith]: into the

316
00:07:32,160 –> 00:07:32,381
[andy_panko]: yeah

317
00:07:32,474 –> 00:07:32,935
[ramsey_d_smith]: returns

318
00:07:32,735 –> 00:07:33,037
[bruno_caron]: oh

319
00:07:33,457 –> 00:07:33,919
[ramsey_d_smith]: right and

320
00:07:33,864 –> 00:07:33,965
[bruno_caron]: yeah

321
00:07:33,979 –> 00:07:34,521
[ramsey_d_smith]: sometimes aren’t

322
00:07:34,500 –> 00:07:34,520
[andy_panko]: m

323
00:07:34,541 –> 00:07:34,802
[ramsey_d_smith]: all that

324
00:07:35,345 –> 00:07:35,365
[bruno_caron]: m

325
00:07:35,535 –> 00:07:35,999
[ramsey_d_smith]: it’s visible

326
00:07:35,751 –> 00:07:35,852
[andy_panko]: it’s

327
00:07:36,282 –> 00:07:36,363
[ramsey_d_smith]: so

328
00:07:37,150 –> 00:07:37,390
[andy_panko]: yeah

329
00:07:37,325 –> 00:07:38,015
[bruno_caron]: yeah

330
00:07:37,811 –> 00:07:39,293
[andy_panko]: and mpesargoof

331
00:07:38,314 –> 00:07:39,687
[ramsey_d_smith]: yeah oh

332
00:07:39,414 –> 00:07:40,475
[andy_panko]: in a lot of way so

333
00:07:40,925 –> 00:07:41,207
[bruno_caron]: oh

334
00:07:41,217 –> 00:07:42,298
[andy_panko]: advisors get more

335
00:07:42,694 –> 00:07:42,795
[ramsey_d_smith]: ye

336
00:07:43,300 –> 00:07:46,005
[andy_panko]: let’s call it what it is advisors
vast join advisors don’t

337
00:07:46,004 –> 00:07:46,025
[bruno_caron]: m

338
00:07:46,025 –> 00:07:49,691
[andy_panko]: have any special modo or secret sauce
when it comes to picking vestments and out

339
00:07:49,711 –> 00:07:51,514
[andy_panko]: performing the markets we all know that
there’s

340
00:07:51,425 –> 00:07:51,605
[bruno_caron]: oh

341
00:07:51,834 –> 00:07:52,095
[andy_panko]: endless

342
00:07:51,836 –> 00:07:51,857
[ramsey_d_smith]: m

343
00:07:52,315 –> 00:07:52,976
[andy_panko]: amounts of research

344
00:07:52,693 –> 00:07:52,714
[ramsey_d_smith]: m

345
00:07:53,317 –> 00:07:53,798
[andy_panko]: that show that

346
00:07:54,755 –> 00:07:55,955
[bruno_caron]: oh

347
00:07:55,661 –> 00:07:56,883
[andy_panko]: yet when markets go

348
00:07:57,005 –> 00:07:57,251
[bruno_caron]: yeah

349
00:07:57,103 –> 00:08:00,008
[andy_panko]: up advisors make more all else equal
simply

350
00:07:59,975 –> 00:08:00,279
[bruno_caron]: oh

351
00:08:00,068 –> 00:08:00,930
[andy_panko]: because the market went up

352
00:08:00,995 –> 00:08:01,217
[bruno_caron]: oh

353
00:08:01,230 –> 00:08:05,037
[andy_panko]: it’s just bata it’s not advisor magic
it’s not advisor special service it’s simply bata

354
00:08:06,540 –> 00:08:08,343
[andy_panko]: and oftentimes when markets are good

355
00:08:08,294 –> 00:08:08,315
[bruno_caron]: m

356
00:08:08,383 –> 00:08:11,369
[andy_panko]: and chugging along people don’t have problems
you know clients

357
00:08:11,255 –> 00:08:11,275
[bruno_caron]: m

358
00:08:11,389 –> 00:08:13,332
[andy_panko]: aren’t reaching out oh my god what
we’re going to do et cetera

359
00:08:13,865 –> 00:08:13,885
[bruno_caron]: m

360
00:08:14,154 –> 00:08:16,418
[andy_panko]: now is the opposite now markets down
twenty thirty

361
00:08:16,264 –> 00:08:16,546
[ramsey_d_smith]: yeah

362
00:08:16,518 –> 00:08:16,899
[andy_panko]: per cent

363
00:08:17,375 –> 00:08:17,618
[bruno_caron]: oh

364
00:08:17,800 –> 00:08:18,721
[andy_panko]: advisers getting paid

365
00:08:18,573 –> 00:08:18,695
[bruno_caron]: yeah

366
00:08:18,801 –> 00:08:20,384
[andy_panko]: all s equal you now twenty to
thirty per cent

367
00:08:20,435 –> 00:08:20,757
[bruno_caron]: oh

368
00:08:20,484 –> 00:08:23,629
[andy_panko]: less clients are more on edge reaching
out

369
00:08:23,495 –> 00:08:23,762
[bruno_caron]: oh

370
00:08:24,110 –> 00:08:27,716
[andy_panko]: now if nothing else there’s more calls
and emails you have to feel to talk

371
00:08:27,725 –> 00:08:27,826
[bruno_caron]: ah

372
00:08:27,776 –> 00:08:28,878
[andy_panko]: with clients and you know

373
00:08:29,374 –> 00:08:29,435
[bruno_caron]: ah

374
00:08:29,419 –> 00:08:34,848
[andy_panko]: welcome alleged things like that and there’s
more planning opportunities like tax lost harvesting and

375
00:08:34,868 –> 00:08:38,454
[andy_panko]: doing roth conversion with things redowa so
there’s a real strong

376
00:08:38,465 –> 00:08:38,708
[bruno_caron]: oh

377
00:08:38,514 –> 00:08:42,741
[andy_panko]: argument logical argument to be made that
advisors work more do more ovide more value

378
00:08:43,643 –> 00:08:45,506
[andy_panko]: when assets are down ad they’re getting
paid less

379
00:08:45,665 –> 00:08:46,685
[bruno_caron]: oh

380
00:08:46,287 –> 00:08:47,930
[andy_panko]: than the opposite so

381
00:08:47,975 –> 00:08:48,296
[bruno_caron]: oh

382
00:08:48,351 –> 00:08:51,015
[andy_panko]: you know for that amongst a host
of other reasons just percent

383
00:08:50,836 –> 00:08:51,946
[paul_tyler]: yeah

384
00:08:51,035 –> 00:08:51,400
[bruno_caron]: oh

385
00:08:51,055 –> 00:08:52,738
[andy_panko]: of assets is such a goofy

386
00:08:52,846 –> 00:08:52,947
[ramsey_d_smith]: ah

387
00:08:52,918 –> 00:08:53,219
[andy_panko]: silly

388
00:08:54,125 –> 00:08:54,386
[bruno_caron]: oh

389
00:08:54,221 –> 00:08:58,154
[andy_panko]: um arbitrary almost backward way to charge
in my opinion for the reasons

390
00:08:58,120 –> 00:08:58,223
[bruno_caron]: ah

391
00:08:58,194 –> 00:08:58,576
[andy_panko]: i mentioned

392
00:09:00,016 –> 00:09:03,562
[paul_tyler]: fascinatin so ah it’s the more more
phone

393
00:09:03,476 –> 00:09:03,576
[bruno_caron]: ah

394
00:09:03,602 –> 00:09:03,823
[paul_tyler]: calls

395
00:09:03,630 –> 00:09:03,913
[andy_panko]: oh

396
00:09:03,903 –> 00:09:05,405
[paul_tyler]: come in the less you less you
make

397
00:09:05,345 –> 00:09:05,666
[bruno_caron]: oh

398
00:09:05,626 –> 00:09:05,766
[paul_tyler]: um

399
00:09:06,400 –> 00:09:06,522
[andy_panko]: yep

400
00:09:07,008 –> 00:09:09,512
[paul_tyler]: commission structures are fascening you know i
ran

401
00:09:09,395 –> 00:09:09,555
[bruno_caron]: yeah

402
00:09:09,612 –> 00:09:11,195
[paul_tyler]: commissions for an insurance company for

403
00:09:11,304 –> 00:09:11,405
[bruno_caron]: yeah

404
00:09:11,576 –> 00:09:12,177
[paul_tyler]: year and a half that

405
00:09:12,125 –> 00:09:12,365
[bruno_caron]: oh

406
00:09:12,217 –> 00:09:15,483
[paul_tyler]: was two years that was an interesting
experience i mean to learn a lot

407
00:09:15,399 –> 00:09:15,420
[andy_panko]: m

408
00:09:15,545 –> 00:09:15,849
[bruno_caron]: oh

409
00:09:17,046 –> 00:09:17,966
[paul_tyler]: you have an institutional

410
00:09:17,461 –> 00:09:17,561
[andy_panko]: ah

411
00:09:18,047 –> 00:09:19,668
[paul_tyler]: background tell us a little bit about
that and

412
00:09:19,715 –> 00:09:19,916
[bruno_caron]: yeah

413
00:09:20,209 –> 00:09:22,451
[paul_tyler]: how does that how is that shaped

414
00:09:22,444 –> 00:09:23,224
[ramsey_d_smith]: oh

415
00:09:22,625 –> 00:09:22,845
[bruno_caron]: yah

416
00:09:23,672 –> 00:09:25,554
[paul_tyler]: your practice with individuals

417
00:09:25,814 –> 00:09:25,835
[bruno_caron]: h

418
00:09:26,402 –> 00:09:27,063
[andy_panko]: sure so

419
00:09:27,044 –> 00:09:27,065
[bruno_caron]: m

420
00:09:27,504 –> 00:09:28,746
[andy_panko]: all of my experience

421
00:09:29,285 –> 00:09:30,185
[bruno_caron]: oh

422
00:09:29,487 –> 00:09:31,210
[andy_panko]: and experiences that almost have it didn’t

423
00:09:31,025 –> 00:09:31,354
[bruno_caron]: oh

424
00:09:31,531 –> 00:09:35,898
[andy_panko]: shaped my views my practice what i
do now so going all the way back

425
00:09:35,958 –> 00:09:36,780
[andy_panko]: i graduate to college

426
00:09:36,725 –> 00:09:36,968
[bruno_caron]: oh

427
00:09:36,880 –> 00:09:39,825
[andy_panko]: two thousand went to school for finance
wanted to

428
00:09:39,754 –> 00:09:40,059
[ramsey_d_smith]: yeah

429
00:09:39,865 –> 00:09:40,065
[andy_panko]: be an

430
00:09:40,055 –> 00:09:40,356
[bruno_caron]: oh

431
00:09:40,125 –> 00:09:41,848
[andy_panko]: advisor not knowing what it was just
wanted

432
00:09:41,884 –> 00:09:42,005
[bruno_caron]: yeah

433
00:09:41,888 –> 00:09:44,032
[andy_panko]: to help people with money you know
is that simple

434
00:09:43,835 –> 00:09:44,143
[bruno_caron]: oh

435
00:09:44,913 –> 00:09:45,073
[andy_panko]: um

436
00:09:45,260 –> 00:09:45,342
[bruno_caron]: ah

437
00:09:46,115 –> 00:09:46,676
[andy_panko]: i interviewed

438
00:09:46,625 –> 00:09:46,886
[bruno_caron]: yeah

439
00:09:46,736 –> 00:09:48,399
[andy_panko]: at a lot of the large places
who were

440
00:09:48,494 –> 00:09:48,614
[bruno_caron]: yeah

441
00:09:48,679 –> 00:09:54,289
[andy_panko]: on campus namely large insurance companies and
the big wire houses and quickly got turned

442
00:09:54,389 –> 00:09:54,529
[andy_panko]: off

443
00:09:54,755 –> 00:09:54,775
[bruno_caron]: m

444
00:09:55,230 –> 00:09:58,235
[andy_panko]: this was again twenty something years ago
there was much more of a perverse

445
00:09:58,265 –> 00:09:58,508
[bruno_caron]: yeah

446
00:09:58,355 –> 00:09:59,017
[andy_panko]: sales culture

447
00:09:59,583 –> 00:09:59,705
[bruno_caron]: yeah

448
00:09:59,918 –> 00:10:01,421
[andy_panko]: a um gathering called or sell this

449
00:10:01,445 –> 00:10:01,649
[bruno_caron]: oh

450
00:10:01,501 –> 00:10:02,603
[andy_panko]: loaded mutual fund culture

451
00:10:02,555 –> 00:10:03,134
[bruno_caron]: yea

452
00:10:02,923 –> 00:10:05,347
[andy_panko]: then than there is now and you
know

453
00:10:05,345 –> 00:10:06,095
[bruno_caron]: yeah

454
00:10:05,387 –> 00:10:08,272
[andy_panko]: the common denominator with all those things
i was interviewed for was just sell else

455
00:10:08,345 –> 00:10:08,566
[bruno_caron]: oh

456
00:10:08,973 –> 00:10:12,018
[andy_panko]: and i never wanted to do sales
in the traditional sense so

457
00:10:12,065 –> 00:10:12,388
[bruno_caron]: oh

458
00:10:12,098 –> 00:10:14,171
[andy_panko]: i i got turned of by that
and gave up in the idea of being

459
00:10:14,211 –> 00:10:16,011
[andy_panko]: an advisor stumbled

460
00:10:15,905 –> 00:10:16,168
[bruno_caron]: yah

461
00:10:16,051 –> 00:10:17,353
[andy_panko]: into an actuarial job at

462
00:10:17,384 –> 00:10:17,405
[bruno_caron]: h

463
00:10:17,433 –> 00:10:19,657
[andy_panko]: a major insure you know on the
corporate side

464
00:10:19,535 –> 00:10:19,940
[bruno_caron]: oh

465
00:10:19,797 –> 00:10:20,438
[andy_panko]: not advising at

466
00:10:20,405 –> 00:10:20,628
[bruno_caron]: oh

467
00:10:20,498 –> 00:10:24,104
[andy_panko]: all and it was cool did that
i was

468
00:10:24,185 –> 00:10:24,409
[bruno_caron]: yeah

469
00:10:24,224 –> 00:10:27,209
[andy_panko]: at a major insurance company in the
us for for four years

470
00:10:27,695 –> 00:10:28,565
[bruno_caron]: oh

471
00:10:27,931 –> 00:10:29,533
[andy_panko]: put myself on my own rotation while

472
00:10:29,435 –> 00:10:29,719
[bruno_caron]: oh

473
00:10:29,553 –> 00:10:31,296
[andy_panko]: i was there i wanted to see
and do different things

474
00:10:31,184 –> 00:10:31,205
[bruno_caron]: m

475
00:10:31,316 –> 00:10:32,979
[andy_panko]: you know super young and eager and
wanted to learn

476
00:10:32,855 –> 00:10:33,097
[bruno_caron]: oh

477
00:10:34,021 –> 00:10:35,543
[andy_panko]: so in the four years i was
there

478
00:10:35,585 –> 00:10:35,846
[bruno_caron]: oh

479
00:10:35,704 –> 00:10:39,730
[andy_panko]: i had four different roles one was
an actuary role one

480
00:10:39,648 –> 00:10:39,668
[bruno_caron]: m

481
00:10:39,830 –> 00:10:44,779
[andy_panko]: was helping manage a general account one
was securities lending and the fourth

482
00:10:44,585 –> 00:10:44,806
[bruno_caron]: yes

483
00:10:44,919 –> 00:10:47,844
[andy_panko]: one was private placement credit research so
saw

484
00:10:47,885 –> 00:10:48,109
[bruno_caron]: yeah

485
00:10:48,024 –> 00:10:52,792
[andy_panko]: dramatically different areas of the insurance world
but learned boat load in that relatively short

486
00:10:52,852 –> 00:10:54,815
[andy_panko]: time about insurance and investments

487
00:10:54,815 –> 00:10:55,057
[bruno_caron]: yeah

488
00:10:54,876 –> 00:10:59,363
[andy_panko]: and etcetera um got my m b
a while i was there i went part

489
00:10:59,443 –> 00:11:02,648
[andy_panko]: time the company i was at paid
for they paid ninety percent so

490
00:11:02,585 –> 00:11:02,826
[bruno_caron]: yes

491
00:11:03,350 –> 00:11:05,530
[andy_panko]: is working while going to school with

492
00:11:05,555 –> 00:11:06,155
[bruno_caron]: yeah

493
00:11:05,690 –> 00:11:09,497
[andy_panko]: m b a in hand i left
there was no requirement to stay even though

494
00:11:09,517 –> 00:11:09,857
[andy_panko]: they paid for

495
00:11:09,854 –> 00:11:09,875
[bruno_caron]: m

496
00:11:09,877 –> 00:11:10,578
[andy_panko]: the majority of it

497
00:11:11,195 –> 00:11:11,420
[bruno_caron]: oh

498
00:11:11,440 –> 00:11:13,664
[andy_panko]: so i left went to a large

499
00:11:14,045 –> 00:11:14,326
[bruno_caron]: oh

500
00:11:14,084 –> 00:11:20,695
[andy_panko]: japanese global bank to do counterpart derivative
credit research so basically

501
00:11:21,245 –> 00:11:21,448
[bruno_caron]: oh

502
00:11:21,376 –> 00:11:25,964
[andy_panko]: the bank was trading for in exchange
interest rate derivatives and credit the fault swaps

503
00:11:26,305 –> 00:11:27,106
[andy_panko]: with other banks

504
00:11:27,785 –> 00:11:28,349
[bruno_caron]: oh

505
00:11:27,887 –> 00:11:32,295
[andy_panko]: hedge funds and do the analysis of
how much risk and exposure are

506
00:11:32,254 –> 00:11:33,481
[ramsey_d_smith]: yeah

507
00:11:32,315 –> 00:11:36,381
[andy_panko]: we comfortable taking to the banks and
these hedge funds with these derivative products were

508
00:11:36,402 –> 00:11:41,531
[andy_panko]: trading did that for a few years
move to market risk analyzing the risk of

509
00:11:41,855 –> 00:11:42,157
[bruno_caron]: oh

510
00:11:41,993 –> 00:11:43,239
[andy_panko]: those same products interest rate

511
00:11:43,265 –> 00:11:43,530
[bruno_caron]: oh

512
00:11:43,279 –> 00:11:48,374
[andy_panko]: derivatives for in exchange credit the fault
um and then bounced around a few other

513
00:11:49,025 –> 00:11:49,287
[bruno_caron]: oh

514
00:11:49,155 –> 00:11:52,902
[andy_panko]: large banks all more or less doing
the same sort of counter

515
00:11:52,625 –> 00:11:52,829
[bruno_caron]: yeah

516
00:11:52,982 –> 00:11:53,703
[andy_panko]: party credit

517
00:11:53,675 –> 00:11:54,335
[bruno_caron]: yeah

518
00:11:54,063 –> 00:11:58,471
[andy_panko]: analysis where majority of my career was
we would do to if trades

519
00:11:58,324 –> 00:11:58,546
[ramsey_d_smith]: oh

520
00:11:58,631 –> 00:12:02,077
[andy_panko]: end or lend money through prime brokerage
to hedge funds private equity funds

521
00:12:02,615 –> 00:12:02,919
[bruno_caron]: oh

522
00:12:03,139 –> 00:12:03,880
[andy_panko]: finance like

523
00:12:03,835 –> 00:12:04,058
[ramsey_d_smith]: yes

524
00:12:04,100 –> 00:12:06,184
[andy_panko]: activist position trades and all sorts of
funky

525
00:12:06,065 –> 00:12:06,287
[bruno_caron]: yeah

526
00:12:06,304 –> 00:12:13,175
[andy_panko]: equity trades and foreign exchange and rate
derivatives so in all that got tremendous exposure

527
00:12:13,316 –> 00:12:14,277
[andy_panko]: to you know

528
00:12:15,005 –> 00:12:15,206
[bruno_caron]: yeah

529
00:12:15,760 –> 00:12:21,690
[andy_panko]: working with investment managers doing due diligence
on their traders their portfolio managers there financing

530
00:12:21,770 –> 00:12:22,492
[andy_panko]: desks or treasury

531
00:12:22,295 –> 00:12:22,597
[bruno_caron]: yeah

532
00:12:22,552 –> 00:12:24,297
[andy_panko]: desks or operations and just

533
00:12:24,273 –> 00:12:24,455
[bruno_caron]: yeah

534
00:12:24,317 –> 00:12:27,988
[andy_panko]: really learned the inner workings of investing
in the products behind it

535
00:12:28,654 –> 00:12:28,876
[ramsey_d_smith]: yeah

536
00:12:28,900 –> 00:12:29,901
[andy_panko]: couple that with the insurance

537
00:12:29,614 –> 00:12:29,776
[ramsey_d_smith]: yeah

538
00:12:29,921 –> 00:12:34,085
[andy_panko]: experience i had where i saw how
the sausage is made in managing the general

539
00:12:33,904 –> 00:12:34,205
[ramsey_d_smith]: oh

540
00:12:34,125 –> 00:12:39,281
[andy_panko]: accounts and how actuaries price and create
things and so all that

541
00:12:39,623 –> 00:12:39,763
[ramsey_d_smith]: yeah

542
00:12:39,762 –> 00:12:39,982
[andy_panko]: helped

543
00:12:39,875 –> 00:12:40,117
[bruno_caron]: oh

544
00:12:40,123 –> 00:12:43,428
[andy_panko]: form this sort of deeper level of
knowledge and understanding about

545
00:12:43,444 –> 00:12:44,494
[ramsey_d_smith]: oh

546
00:12:43,468 –> 00:12:47,395
[andy_panko]: a lot of the products and strategies
belying retail financial advising

547
00:12:47,825 –> 00:12:48,109
[bruno_caron]: oh

548
00:12:48,196 –> 00:12:53,222
[andy_panko]: so coming back full circle it was
twenty fifteen or sixteen still doing the institutional

549
00:12:53,302 –> 00:12:59,116
[andy_panko]: thing long commute in and out of
mid town manhattan long hours stressful days i

550
00:12:59,177 –> 00:13:02,223
[andy_panko]: was like i don’t i don’t at
to do this other twenty years made good

551
00:13:02,263 –> 00:13:02,443
[andy_panko]: money

552
00:13:03,095 –> 00:13:03,115
[bruno_caron]: m

553
00:13:03,184 –> 00:13:04,847
[andy_panko]: worked with some great folks saw some

554
00:13:04,804 –> 00:13:05,404
[ramsey_d_smith]: yeah

555
00:13:04,907 –> 00:13:09,715
[andy_panko]: incredibly cool funky things but just i
don’t want to do this you know

556
00:13:09,725 –> 00:13:10,027
[bruno_caron]: oh

557
00:13:10,036 –> 00:13:12,680
[andy_panko]: that much longer i always had this
itch work

558
00:13:12,605 –> 00:13:12,828
[bruno_caron]: yeah

559
00:13:12,760 –> 00:13:15,786
[andy_panko]: with with individuals directly you know thought
that’d be more fulfilling and

560
00:13:15,755 –> 00:13:15,998
[bruno_caron]: yes

561
00:13:15,847 –> 00:13:20,124
[andy_panko]: satisfying as opposed to helping a hedge
fun make more money in the trade you

562
00:13:20,164 –> 00:13:22,668
[andy_panko]: now i want to help individuals make
meaningful decisions

563
00:13:22,625 –> 00:13:22,645
[bruno_caron]: m

564
00:13:22,689 –> 00:13:25,113
[andy_panko]: in their lives so i don’t

565
00:13:25,115 –> 00:13:25,382
[bruno_caron]: yeah

566
00:13:25,153 –> 00:13:30,221
[andy_panko]: know exactly how but i came across
the x y planning that works podcast and

567
00:13:30,261 –> 00:13:33,687
[andy_panko]: that blew the lid off for me
that’s where they started interviewing you know every

568
00:13:33,787 –> 00:13:37,854
[andy_panko]: week a different financial visor who’s focusing
on working with gnxragen

569
00:13:37,446 –> 00:13:37,547
[ramsey_d_smith]: ah

570
00:13:38,495 –> 00:13:44,084
[andy_panko]: and has alternate fee structures service models
they do early service um et cetera it’s

571
00:13:44,184 –> 00:13:48,311
[andy_panko]: not just sell product that’s not just
gather assets is where i’m going and hearing

572
00:13:48,431 –> 00:13:52,598
[andy_panko]: other people’s stories that yeah wow you
can do advising and planning the way you

573
00:13:52,618 –> 00:13:56,645
[andy_panko]: think it should be done that was
it like i was hooked that then re

574
00:13:56,705 –> 00:14:01,233
[andy_panko]: invigorated me to be like yeh let
me revisit this financial advising thing

575
00:14:01,415 –> 00:14:02,795
[bruno_caron]: oh

576
00:14:02,014 –> 00:14:04,558
[andy_panko]: but let me do it on my
terms you know i want to work for

577
00:14:04,598 –> 00:14:07,809
[andy_panko]: myself i don’t want get a big
place anymore i did that for twenty years

578
00:14:07,670 –> 00:14:07,690
[bruno_caron]: a

579
00:14:07,849 –> 00:14:08,511
[andy_panko]: i dont want to commute

580
00:14:09,095 –> 00:14:09,358
[bruno_caron]: oh

581
00:14:09,234 –> 00:14:10,257
[andy_panko]: i want to work with individuals

582
00:14:10,895 –> 00:14:11,825
[bruno_caron]: oh

583
00:14:11,040 –> 00:14:14,225
[andy_panko]: but work with people i want to
work with provide services i want to provide

584
00:14:15,106 –> 00:14:17,651
[andy_panko]: charge how i want to charge i
don’t want to be hamstrung to have to

585
00:14:17,691 –> 00:14:22,218
[andy_panko]: do percent of assets or only cell
product and it all sort of came together

586
00:14:22,338 –> 00:14:25,147
[andy_panko]: with with launching my business twenty nineteen

587
00:14:26,554 –> 00:14:27,394
[ramsey_d_smith]: oh

588
00:14:26,590 –> 00:14:28,453
[andy_panko]: how i want to do it with
who i want to do how i want

589
00:14:28,493 –> 00:14:32,140
[andy_panko]: to charge and it’s thankfully but everything
i thought it would be in the what

590
00:14:32,200 –> 00:14:35,906
[andy_panko]: are we almost three years now so
i dropped a lot on you i’ll leave

591
00:14:35,946 –> 00:14:36,427
[andy_panko]: it there for now

592
00:14:36,956 –> 00:14:37,037
[bruno_caron]: so

593
00:14:37,176 –> 00:14:38,198
[paul_tyler]: no that’s that’s that’s

594
00:14:38,160 –> 00:14:38,504
[andy_panko]: oh

595
00:14:38,499 –> 00:14:38,840
[paul_tyler]: i mean it’s

596
00:14:38,765 –> 00:14:38,992
[bruno_caron]: yeah

597
00:14:39,020 –> 00:14:40,784
[paul_tyler]: an interesting journey right and i think

598
00:14:41,229 –> 00:14:41,250
[andy_panko]: m

599
00:14:42,065 –> 00:14:42,287
[bruno_caron]: oh

600
00:14:42,767 –> 00:14:43,810
[paul_tyler]: i think your your clients

601
00:14:43,680 –> 00:14:44,790
[andy_panko]: yeah

602
00:14:43,850 –> 00:14:44,631
[paul_tyler]: are lucky to have you

603
00:14:45,305 –> 00:14:45,325
[bruno_caron]: m

604
00:14:45,710 –> 00:14:45,971
[andy_panko]: thank you

605
00:14:45,954 –> 00:14:46,054
[paul_tyler]: have

606
00:14:45,964 –> 00:14:46,144
[ramsey_d_smith]: i mean

607
00:14:46,094 –> 00:14:46,194
[paul_tyler]: that

608
00:14:46,204 –> 00:14:47,025
[ramsey_d_smith]: i got to say like

609
00:14:47,266 –> 00:14:47,286
[paul_tyler]: m

610
00:14:47,366 –> 00:14:48,488
[ramsey_d_smith]: uh that is a

611
00:14:48,496 –> 00:14:49,846
[paul_tyler]: yeah

612
00:14:48,748 –> 00:14:50,892
[ramsey_d_smith]: very there’s a very

613
00:14:50,758 –> 00:14:50,839
[paul_tyler]: ah

614
00:14:51,072 –> 00:14:51,433
[ramsey_d_smith]: broad

615
00:14:51,240 –> 00:14:51,441
[andy_panko]: yeah

616
00:14:51,533 –> 00:14:54,758
[ramsey_d_smith]: background and a lot of depth and
a lot of areas and so

617
00:14:54,815 –> 00:14:54,835
[bruno_caron]: m

618
00:14:54,859 –> 00:14:54,879
[ramsey_d_smith]: i

619
00:14:56,557 –> 00:14:56,597
[bruno_caron]: m

620
00:14:56,625 –> 00:14:56,687
[andy_panko]: ah

621
00:14:57,002 –> 00:14:58,685
[ramsey_d_smith]: ran a derivative deb for twenty

622
00:14:58,560 –> 00:14:59,160
[andy_panko]: yeah

623
00:14:58,725 –> 00:15:00,328
[ramsey_d_smith]: years so i had conversations

624
00:14:59,751 –> 00:14:59,915
[andy_panko]: okay

625
00:15:00,428 –> 00:15:02,071
[ramsey_d_smith]: with someone in that role

626
00:15:03,462 –> 00:15:03,623
[andy_panko]: yeah

627
00:15:03,505 –> 00:15:03,526
[paul_tyler]: m

628
00:15:04,034 –> 00:15:04,495
[ramsey_d_smith]: discussing

629
00:15:04,216 –> 00:15:04,461
[paul_tyler]: yeah

630
00:15:04,385 –> 00:15:05,465
[bruno_caron]: oh

631
00:15:04,555 –> 00:15:06,618
[ramsey_d_smith]: capacity like every day so

632
00:15:06,856 –> 00:15:07,756
[paul_tyler]: oh

633
00:15:07,310 –> 00:15:07,430
[andy_panko]: t was

634
00:15:07,460 –> 00:15:07,560
[ramsey_d_smith]: so

635
00:15:07,490 –> 00:15:07,571
[andy_panko]: me

636
00:15:07,640 –> 00:15:07,880
[ramsey_d_smith]: much of

637
00:15:08,075 –> 00:15:08,095
[bruno_caron]: u

638
00:15:08,461 –> 00:15:08,762
[ramsey_d_smith]: so much

639
00:15:08,780 –> 00:15:08,800
[bruno_caron]: h

640
00:15:08,802 –> 00:15:09,323
[ramsey_d_smith]: of what you did

641
00:15:09,404 –> 00:15:09,425
[bruno_caron]: h

642
00:15:09,563 –> 00:15:11,546
[ramsey_d_smith]: you know very strong understanding and understanding

643
00:15:11,490 –> 00:15:11,510
[andy_panko]: m

644
00:15:11,687 –> 00:15:12,889
[ramsey_d_smith]: like what it what it takes

645
00:15:12,785 –> 00:15:12,805
[bruno_caron]: m

646
00:15:12,929 –> 00:15:15,313
[ramsey_d_smith]: to to be good at that and
like so i think about like

647
00:15:15,425 –> 00:15:15,707
[bruno_caron]: oh

648
00:15:16,394 –> 00:15:17,717
[ramsey_d_smith]: i think about all you’ve done

649
00:15:18,256 –> 00:15:18,499
[paul_tyler]: yes

650
00:15:18,598 –> 00:15:18,778
[ramsey_d_smith]: pless

651
00:15:18,755 –> 00:15:19,078
[bruno_caron]: oh

652
00:15:18,818 –> 00:15:22,044
[ramsey_d_smith]: you said you know you’re focus on
tax like you walk to

653
00:15:21,970 –> 00:15:22,500
[andy_panko]: what

654
00:15:22,145 –> 00:15:23,490
[ramsey_d_smith]: a planning conversation

655
00:15:23,211 –> 00:15:23,271
[andy_panko]: to

656
00:15:24,574 –> 00:15:29,643
[ramsey_d_smith]: with with someone with with just way
more tools than your average

657
00:15:29,490 –> 00:15:29,752
[andy_panko]: yeah

658
00:15:30,124 –> 00:15:30,945
[ramsey_d_smith]: planner is going to have

659
00:15:30,905 –> 00:15:31,148
[bruno_caron]: yes

660
00:15:31,466 –> 00:15:31,827
[ramsey_d_smith]: and because

661
00:15:32,465 –> 00:15:33,605
[bruno_caron]: my

662
00:15:32,588 –> 00:15:34,391
[ramsey_d_smith]: they don’t teach all that stuff in
the c f p right

663
00:15:35,015 –> 00:15:35,297
[bruno_caron]: oh

664
00:15:35,280 –> 00:15:35,380
[andy_panko]: no

665
00:15:35,395 –> 00:15:35,416
[paul_tyler]: m

666
00:15:35,874 –> 00:15:36,014
[ramsey_d_smith]: yeah

667
00:15:35,883 –> 00:15:36,446
[andy_panko]: definitely not

668
00:15:36,875 –> 00:15:36,976
[ramsey_d_smith]: so

669
00:15:37,231 –> 00:15:37,372
[andy_panko]: yeah

670
00:15:37,817 –> 00:15:41,815
[ramsey_d_smith]: so guess two questions like how do
you how do you

671
00:15:42,095 –> 00:15:42,319
[bruno_caron]: yeah

672
00:15:42,416 –> 00:15:45,220
[ramsey_d_smith]: how are you leveraging that to get
you know i guess to sort of beat

673
00:15:45,260 –> 00:15:46,042
[ramsey_d_smith]: out the competition

674
00:15:45,780 –> 00:15:46,063
[andy_panko]: oh

675
00:15:46,142 –> 00:15:47,644
[ramsey_d_smith]: given that you’ve got these extra tools

676
00:15:48,215 –> 00:15:48,439
[bruno_caron]: oh

677
00:15:48,225 –> 00:15:50,109
[ramsey_d_smith]: and the other piece and this is
sort of one of the things that i

678
00:15:50,169 –> 00:15:51,731
[ramsey_d_smith]: always wonder when you got when one
goes

679
00:15:51,720 –> 00:15:51,924
[andy_panko]: yah

680
00:15:51,771 –> 00:15:59,471
[ramsey_d_smith]: from institutional too the individual do you
know is do the individuals kind of understand

681
00:16:00,121 –> 00:16:00,242
[andy_panko]: ah

682
00:16:00,876 –> 00:16:00,977
[ramsey_d_smith]: how

683
00:16:00,890 –> 00:16:01,385
[bruno_caron]: oh

684
00:16:01,017 –> 00:16:02,830
[ramsey_d_smith]: much depth you have how do you
sort of

685
00:16:02,883 –> 00:16:03,066
[andy_panko]: oh

686
00:16:03,894 –> 00:16:05,798
[ramsey_d_smith]: communicate to them that you know stuff

687
00:16:05,670 –> 00:16:06,690
[andy_panko]: oh

688
00:16:05,838 –> 00:16:06,500
[ramsey_d_smith]: that like the

689
00:16:07,565 –> 00:16:07,585
[bruno_caron]: m

690
00:16:07,645 –> 00:16:07,666
[paul_tyler]: m

691
00:16:08,160 –> 00:16:08,321
[andy_panko]: yeah

692
00:16:08,224 –> 00:16:09,649
[ramsey_d_smith]: so many other people just would never

693
00:16:09,556 –> 00:16:09,804
[paul_tyler]: oh

694
00:16:09,689 –> 00:16:11,073
[ramsey_d_smith]: have had the opportunity to touch

695
00:16:11,190 –> 00:16:11,471
[andy_panko]: oh

696
00:16:11,555 –> 00:16:12,458
[ramsey_d_smith]: that’s one of the toughest things

697
00:16:12,545 –> 00:16:13,010
[bruno_caron]: oh

698
00:16:12,759 –> 00:16:13,682
[ramsey_d_smith]: in my view that i’ve seen

699
00:16:14,720 –> 00:16:18,286
[andy_panko]: yeah and the that’s a million dollar
question for advisors

700
00:16:17,844 –> 00:16:18,634
[ramsey_d_smith]: yeah

701
00:16:18,366 –> 00:16:20,350
[andy_panko]: how do you market how do you
get in front of people you

702
00:16:20,294 –> 00:16:20,415
[ramsey_d_smith]: yeah

703
00:16:20,390 –> 00:16:23,455
[andy_panko]: can be the best most technically proficient

704
00:16:24,065 –> 00:16:24,085
[bruno_caron]: m

705
00:16:24,376 –> 00:16:25,738
[andy_panko]: most perfect adviser there is

706
00:16:26,375 –> 00:16:26,679
[bruno_caron]: oh

707
00:16:26,780 –> 00:16:28,163
[andy_panko]: if you can’t get front of people
it doesn’t matter

708
00:16:28,474 –> 00:16:28,616
[ramsey_d_smith]: yeah

709
00:16:28,643 –> 00:16:29,425
[andy_panko]: you have no business

710
00:16:30,005 –> 00:16:30,246
[bruno_caron]: oh

711
00:16:30,426 –> 00:16:33,471
[andy_panko]: um i i sort of got lucky
sort of had

712
00:16:33,515 –> 00:16:34,295
[bruno_caron]: yeah

713
00:16:33,531 –> 00:16:37,037
[andy_panko]: some intention in how i got my
exposure and myself

714
00:16:36,785 –> 00:16:37,007
[bruno_caron]: yes

715
00:16:37,117 –> 00:16:39,841
[andy_panko]: in front of people was through a
facebook group

716
00:16:39,905 –> 00:16:40,126
[bruno_caron]: oh

717
00:16:39,942 –> 00:16:40,482
[andy_panko]: i created

718
00:16:40,726 –> 00:16:40,746
[paul_tyler]: m

719
00:16:41,584 –> 00:16:46,673
[andy_panko]: called taxes in retirement and so i
started my business november twenty nineteen i was

720
00:16:46,713 –> 00:16:47,394
[andy_panko]: doing traditional

721
00:16:47,165 –> 00:16:47,328
[bruno_caron]: yeah

722
00:16:47,454 –> 00:16:51,160
[andy_panko]: marketing stuff local library seminars taken centers
influence

723
00:16:50,915 –> 00:16:51,160
[bruno_caron]: oh

724
00:16:51,201 –> 00:16:53,966
[andy_panko]: out to lunch um trying to get
published

725
00:16:53,855 –> 00:16:54,098
[bruno_caron]: yeah

726
00:16:54,026 –> 00:16:58,295
[andy_panko]: in some o us news articles and
things like that and none of those really

727
00:16:58,294 –> 00:16:58,656
[ramsey_d_smith]: oh

728
00:16:58,475 –> 00:17:02,031
[andy_panko]: seem to click or at least not
immediately and then pandemic happened a few months

729
00:17:02,051 –> 00:17:06,355
[andy_panko]: later and world stopped an there’s no
more in person lunches or seminars or whatever

730
00:17:07,436 –> 00:17:10,639
[andy_panko]: and so i’m like a right now
what so i started this facebook group just

731
00:17:11,530 –> 00:17:13,593
[andy_panko]: nothing else to do i was locked
in my house i was like let me

732
00:17:13,673 –> 00:17:17,720
[andy_panko]: just get online try to get exposure
to people by way of a group invite

733
00:17:17,760 –> 00:17:23,831
[andy_panko]: people to join answer their questions i’d
share helpful and sightful things about retire planning

734
00:17:23,851 –> 00:17:28,843
[andy_panko]: with a tax focus to it and
ramsey to your point like i try to

735
00:17:29,014 –> 00:17:29,257
[ramsey_d_smith]: yeah

736
00:17:29,163 –> 00:17:32,309
[andy_panko]: be modest but i know i know
my stuff really well from a technical perspective

737
00:17:32,349 –> 00:17:35,714
[andy_panko]: i know i have this depth from
my previous career that the vast majority

738
00:17:35,585 –> 00:17:36,066
[bruno_caron]: oh

739
00:17:35,774 –> 00:17:38,419
[andy_panko]: of retail advisors don’t and probably never
will

740
00:17:38,746 –> 00:17:39,796
[paul_tyler]: oh

741
00:17:39,341 –> 00:17:39,823
[andy_panko]: so so i know

742
00:17:39,794 –> 00:17:39,995
[bruno_caron]: yeah

743
00:17:39,863 –> 00:17:43,141
[andy_panko]: the knowledge is there and i know
i could explain and

744
00:17:43,146 –> 00:17:43,247
[bruno_caron]: ah

745
00:17:43,262 –> 00:17:47,888
[andy_panko]: educate well even these technical concepts so
i thought a facebook group could be a

746
00:17:47,968 –> 00:17:48,208
[andy_panko]: great

747
00:17:48,496 –> 00:17:48,800
[paul_tyler]: yeah

748
00:17:48,588 –> 00:17:51,883
[andy_panko]: outlet for me to do that because
it’s this sort of

749
00:17:51,874 –> 00:17:52,324
[ramsey_d_smith]: yeah

750
00:17:52,084 –> 00:17:58,014
[andy_panko]: iterative collaborative people show up i’m there
you ask questions i answer blahblablah and that’s

751
00:17:58,034 –> 00:18:01,960
[andy_panko]: what happened so people would ask questions
about whatever roth conversions or me care or

752
00:18:02,020 –> 00:18:02,381
[andy_panko]: something

753
00:18:02,159 –> 00:18:02,199
[bruno_caron]: m

754
00:18:02,782 –> 00:18:02,942
[andy_panko]: and i

755
00:18:02,954 –> 00:18:02,975
[bruno_caron]: m

756
00:18:03,002 –> 00:18:07,469
[andy_panko]: would give this really long super thorough
detailed answer not crossing the line i’ve never

757
00:18:07,529 –> 00:18:09,653
[andy_panko]: given specific advice like i’m not recommending
investments

758
00:18:10,115 –> 00:18:10,715
[bruno_caron]: oh

759
00:18:10,414 –> 00:18:14,987
[andy_panko]: but answering questions about how taxation works
on this or that ther um

760
00:18:15,485 –> 00:18:16,145
[bruno_caron]: yeah

761
00:18:15,490 –> 00:18:16,656
[andy_panko]: that’s what i did and

762
00:18:17,536 –> 00:18:17,698
[paul_tyler]: ye

763
00:18:18,010 –> 00:18:22,397
[andy_panko]: people would frequently respond like wow he
that that was a quicker response than ever

764
00:18:22,437 –> 00:18:27,145
[andy_panko]: got from my adviser and be my
adviser doesn’t even know that and i’m like

765
00:18:27,746 –> 00:18:30,915
[andy_panko]: and i’m giving it away for free
and i’m so i’m on to something here

766
00:18:31,056 –> 00:18:32,604
[andy_panko]: and so people more more people kept

767
00:18:32,554 –> 00:18:33,514
[ramsey_d_smith]: yeah

768
00:18:32,645 –> 00:18:32,946
[andy_panko]: joining

769
00:18:33,815 –> 00:18:33,835
[bruno_caron]: m

770
00:18:34,050 –> 00:18:36,193
[andy_panko]: more more questions were asked me more
questions i answered

771
00:18:36,568 –> 00:18:36,629
[paul_tyler]: ah

772
00:18:37,055 –> 00:18:40,621
[andy_panko]: and i started doing live videos every
wednesday night at eight p m eastern in

773
00:18:41,442 –> 00:18:43,666
[andy_panko]: june twenty twenty about different topics

774
00:18:44,285 –> 00:18:44,305
[bruno_caron]: m

775
00:18:44,727 –> 00:18:45,729
[andy_panko]: now retirement related with a tax

776
00:18:45,777 –> 00:18:46,324
[ramsey_d_smith]: hm

777
00:18:45,829 –> 00:18:48,021
[andy_panko]: book s and more

778
00:18:47,975 –> 00:18:48,319
[bruno_caron]: oh

779
00:18:48,101 –> 00:18:51,226
[andy_panko]: people started showing up live to watch
those that ask me live q and i’d

780
00:18:51,326 –> 00:18:51,607
[andy_panko]: answer on

781
00:18:51,635 –> 00:18:51,796
[bruno_caron]: oh

782
00:18:51,667 –> 00:18:56,495
[andy_panko]: the fly and i think that level
of engagement and just seeing people just randomly

783
00:18:56,555 –> 00:19:00,121
[andy_panko]: pepper me with questions and me knowing
most of the answers sometimes you no if

784
00:19:00,141 –> 00:19:00,802
[andy_panko]: i don’t i’ll tell them

785
00:19:01,385 –> 00:19:02,615
[bruno_caron]: yeah

786
00:19:01,724 –> 00:19:04,648
[andy_panko]: and just seeing my thought process and
how i articulate and elaborate and how i

787
00:19:04,729 –> 00:19:09,356
[andy_panko]: explain to anser your question that’s how
i got in front of people and because

788
00:19:09,416 –> 00:19:14,886
[andy_panko]: it’s facebook it’s got this national global
reach but it’s not bound by being in

789
00:19:14,926 –> 00:19:17,991
[andy_panko]: a certain geography or however many people
are you know butts and seeds at the

790
00:19:18,031 –> 00:19:22,238
[andy_panko]: library something i’m doing it’s facebook there’s
now thirty plus thousand people in this group

791
00:19:22,298 –> 00:19:24,601
[andy_panko]: and growing by the week so that’s
where

792
00:19:24,526 –> 00:19:25,756
[paul_tyler]: yeah

793
00:19:24,621 –> 00:19:25,882
[andy_panko]: i got my exposure and that was
a

794
00:19:25,906 –> 00:19:26,536
[paul_tyler]: oh

795
00:19:25,982 –> 00:19:29,165
[andy_panko]: perfect outlet for me in my strong
suits of

796
00:19:29,075 –> 00:19:29,418
[bruno_caron]: oh

797
00:19:29,605 –> 00:19:31,607
[andy_panko]: answering questions demonstrating what i know

798
00:19:32,465 –> 00:19:32,731
[bruno_caron]: yeah

799
00:19:32,487 –> 00:19:33,949
[andy_panko]: and just helping share information with

800
00:19:33,886 –> 00:19:34,329
[paul_tyler]: oh

801
00:19:34,009 –> 00:19:34,229
[andy_panko]: folks

802
00:19:34,566 –> 00:19:35,230
[ramsey_d_smith]: thirty thousand

803
00:19:35,676 –> 00:19:35,898
[paul_tyler]: okay

804
00:19:36,524 –> 00:19:36,706
[ramsey_d_smith]: well

805
00:19:36,614 –> 00:19:36,635
[bruno_caron]: m

806
00:19:36,741 –> 00:19:36,841
[andy_panko]: it’s

807
00:19:36,747 –> 00:19:36,949
[ramsey_d_smith]: done

808
00:19:36,861 –> 00:19:38,023
[andy_panko]: like thirty three but

809
00:19:38,056 –> 00:19:38,217
[paul_tyler]: yeah

810
00:19:38,063 –> 00:19:38,845
[andy_panko]: yeah who’s counting

811
00:19:38,875 –> 00:19:39,099
[ramsey_d_smith]: okay

812
00:19:39,045 –> 00:19:39,205
[andy_panko]: yes

813
00:19:41,124 –> 00:19:41,444
[ramsey_d_smith]: bravo

814
00:19:41,138 –> 00:19:41,941
[paul_tyler]: okay so so

815
00:19:42,120 –> 00:19:42,320
[andy_panko]: yeah

816
00:19:42,202 –> 00:19:44,451
[paul_tyler]: so okay this kind of reframes every
okay

817
00:19:44,612 –> 00:19:44,813
[ramsey_d_smith]: there’s

818
00:19:44,651 –> 00:19:44,772
[paul_tyler]: so

819
00:19:44,833 –> 00:19:46,297
[ramsey_d_smith]: a lot there paul it there’s like

820
00:19:46,205 –> 00:19:46,386
[bruno_caron]: oh

821
00:19:46,276 –> 00:19:46,376
[paul_tyler]: so

822
00:19:46,958 –> 00:19:47,159
[ramsey_d_smith]: there’s

823
00:19:47,158 –> 00:19:47,398
[paul_tyler]: story

824
00:19:47,219 –> 00:19:47,820
[ramsey_d_smith]: so many layers

825
00:19:47,618 –> 00:19:48,039
[paul_tyler]: about this

826
00:19:47,880 –> 00:19:51,429
[andy_panko]: uh

827
00:19:47,881 –> 00:19:48,181
[ramsey_d_smith]: to this

828
00:19:48,881 –> 00:19:51,665
[paul_tyler]: now now just to kind of level
because we talked a little bit about your

829
00:19:51,705 –> 00:19:52,607
[paul_tyler]: practice beforehand

830
00:19:52,414 –> 00:19:52,657
[ramsey_d_smith]: yes

831
00:19:52,627 –> 00:19:53,548
[paul_tyler]: and you know i’ve seen you

832
00:19:53,555 –> 00:19:53,798
[bruno_caron]: oh

833
00:19:53,608 –> 00:19:54,891
[paul_tyler]: in there you know like kind of
interesting

834
00:19:54,690 –> 00:19:55,980
[andy_panko]: yeah

835
00:19:55,051 –> 00:19:56,032
[paul_tyler]: like on

836
00:19:56,015 –> 00:19:56,522
[bruno_caron]: my

837
00:19:56,093 –> 00:19:58,961
[paul_tyler]: linked in and you know i’m acting
linked in it’s kind of you get this

838
00:19:59,190 –> 00:19:59,431
[andy_panko]: yeah

839
00:19:59,202 –> 00:20:02,029
[paul_tyler]: sort of squirrel right in se your
name

840
00:20:01,983 –> 00:20:02,144
[andy_panko]: yeah

841
00:20:02,109 –> 00:20:04,252
[paul_tyler]: pop up and okay he’s in here
you know

842
00:20:04,355 –> 00:20:05,285
[bruno_caron]: oh

843
00:20:04,553 –> 00:20:07,959
[paul_tyler]: okay talk to sarah grillo you know
she’s been a couple of

844
00:20:07,940 –> 00:20:08,080
[andy_panko]: yeah

845
00:20:07,979 –> 00:20:08,359
[paul_tyler]: times i’ve

846
00:20:08,374 –> 00:20:08,538
[ramsey_d_smith]: ye

847
00:20:08,379 –> 00:20:08,479
[paul_tyler]: seen

848
00:20:08,765 –> 00:20:08,966
[bruno_caron]: yeah

849
00:20:09,301 –> 00:20:09,481
[paul_tyler]: going

850
00:20:09,514 –> 00:20:09,736
[ramsey_d_smith]: oh

851
00:20:09,521 –> 00:20:11,985
[paul_tyler]: back and forth on here so twenty
nineteen

852
00:20:11,794 –> 00:20:12,058
[ramsey_d_smith]: oh

853
00:20:12,226 –> 00:20:14,820
[paul_tyler]: a pandemic hits you’re just starting your
practice

854
00:20:14,850 –> 00:20:15,091
[andy_panko]: yeah

855
00:20:14,900 –> 00:20:15,222
[paul_tyler]: correct

856
00:20:15,905 –> 00:20:16,146
[bruno_caron]: yeah

857
00:20:16,099 –> 00:20:16,200
[andy_panko]: yeah

858
00:20:16,328 –> 00:20:16,549
[paul_tyler]: okay

859
00:20:16,370 –> 00:20:16,532
[andy_panko]: yes

860
00:20:16,831 –> 00:20:18,338
[paul_tyler]: so now you get on

861
00:20:18,365 –> 00:20:18,995
[bruno_caron]: yeah

862
00:20:18,439 –> 00:20:18,982
[paul_tyler]: facebook

863
00:20:19,745 –> 00:20:21,665
[bruno_caron]: oh

864
00:20:19,806 –> 00:20:24,233
[paul_tyler]: build this thirty thousand thirty three thousand
member facebook

865
00:20:24,210 –> 00:20:25,320
[andy_panko]: yeah

866
00:20:24,293 –> 00:20:27,078
[paul_tyler]: page and now fast forward to twenty
twenty two

867
00:20:27,420 –> 00:20:27,704
[andy_panko]: yah

868
00:20:27,939 –> 00:20:28,961
[paul_tyler]: tell me this is correct you’re

869
00:20:29,855 –> 00:20:30,101
[bruno_caron]: oh

870
00:20:30,003 –> 00:20:31,385
[paul_tyler]: you’re charging eight thousand

871
00:20:31,050 –> 00:20:31,710
[andy_panko]: yeah

872
00:20:31,465 –> 00:20:34,857
[paul_tyler]: on bridge but eight or nine thousand
dollars per plan and you don’t you can’t

873
00:20:34,897 –> 00:20:36,221
[paul_tyler]: take any more clients is that

874
00:20:36,210 –> 00:20:37,320
[andy_panko]: oh

875
00:20:36,282 –> 00:20:36,603
[paul_tyler]: correct

876
00:20:37,572 –> 00:20:38,036
[andy_panko]: i don’t want to

877
00:20:38,104 –> 00:20:38,884
[ramsey_d_smith]: yeah

878
00:20:38,238 –> 00:20:40,695
[andy_panko]: take more clients so

879
00:20:42,076 –> 00:20:42,357
[paul_tyler]: yeah

880
00:20:44,224 –> 00:20:46,648
[andy_panko]: when when i set out had a
very clear goal of what

881
00:20:46,606 –> 00:20:47,626
[paul_tyler]: oh

882
00:20:46,688 –> 00:20:48,050
[andy_panko]: i wanted this business to look like

883
00:20:48,046 –> 00:20:48,066
[paul_tyler]: m

884
00:20:48,070 –> 00:20:51,035
[andy_panko]: what i wanted my personal life to
look like as it relates to the business

885
00:20:52,096 –> 00:20:52,756
[paul_tyler]: oh

886
00:20:52,117 –> 00:20:52,778
[andy_panko]: coming from

887
00:20:52,594 –> 00:20:52,977
[ramsey_d_smith]: yeah

888
00:20:53,239 –> 00:20:58,247
[andy_panko]: to deck it’s of the rat race
grind again big commute shackle to an office

889
00:20:58,728 –> 00:21:03,716
[andy_panko]: you know chair from eight to six
every day super stressful days i didn’t want

890
00:21:03,756 –> 00:21:08,105
[andy_panko]: that i wanted the antithesis of that
so i wanted to create a solo practice

891
00:21:08,385 –> 00:21:10,870
[andy_panko]: some would call it a lifestyle i’m
hesitant to use that word ecusetht

892
00:21:10,685 –> 00:21:10,988
[bruno_caron]: oh

893
00:21:10,910 –> 00:21:16,563
[andy_panko]: as negative connotations by people who don’t
understand what a lifestyle practice means lifestyle practice

894
00:21:16,603 –> 00:21:20,837
[andy_panko]: where i have forty to fifty clients
ongoing clients that

895
00:21:21,346 –> 00:21:22,276
[paul_tyler]: oh

896
00:21:21,750 –> 00:21:26,790
[andy_panko]: i like hopefully they like me hopefully
i serve well and that’s it

897
00:21:26,984 –> 00:21:27,005
[bruno_caron]: m

898
00:21:27,291 –> 00:21:29,895
[andy_panko]: you can do the math on the
money you know how much i’m grossing for

899
00:21:29,915 –> 00:21:30,697
[andy_panko]: that many clients

900
00:21:30,514 –> 00:21:30,899
[ramsey_d_smith]: oh

901
00:21:30,757 –> 00:21:33,041
[andy_panko]: and my expenses are about thirty grand
all in

902
00:21:33,665 –> 00:21:33,685
[bruno_caron]: m

903
00:21:33,942 –> 00:21:40,333
[andy_panko]: so i’m making plenty good enough money
i enjoy what i do i’m not overburden

904
00:21:40,393 –> 00:21:43,799
[andy_panko]: distress there’s a handful of times throughout
the year i do semi annual meeting so

905
00:21:43,879 –> 00:21:46,203
[andy_panko]: in those months that i do my
my meeting cluster

906
00:21:45,995 –> 00:21:46,835
[bruno_caron]: yeah

907
00:21:46,283 –> 00:21:48,587
[andy_panko]: together i’m busier then than otherwise

908
00:21:49,085 –> 00:21:49,105
[bruno_caron]: m

909
00:21:49,588 –> 00:21:50,370
[andy_panko]: but i have very

910
00:21:50,354 –> 00:21:50,375
[bruno_caron]: m

911
00:21:50,490 –> 00:21:55,876
[andy_panko]: flexible good life good work life balance
i enjoy my personal life my professional life

912
00:21:55,956 –> 00:21:59,242
[andy_panko]: i get paid plenty well enough you
know i’m not motivated by money be nice

913
00:21:59,302 –> 00:22:03,128
[andy_panko]: if people gave me more but that’s
not what i’m out for so i don’t

914
00:22:03,228 –> 00:22:05,741
[andy_panko]: want more clint i can accommodate another

915
00:22:06,916 –> 00:22:08,326
[paul_tyler]: oh

916
00:22:07,330 –> 00:22:10,235
[andy_panko]: and you know if i wanted to
but i’m cool where i’m at i got

917
00:22:10,295 –> 00:22:14,281
[andy_panko]: forty five clients it’s another two or
three suspect will trickle in over the next

918
00:22:14,321 –> 00:22:17,527
[andy_panko]: handful of months people that i’ve had
calls and talks with over the past year

919
00:22:18,508 –> 00:22:20,432
[andy_panko]: if they do great they don’t i’m
still

920
00:22:20,285 –> 00:22:20,548
[bruno_caron]: oh

921
00:22:20,452 –> 00:22:22,796
[andy_panko]: all right so so i’m good like
my business is

922
00:22:22,737 –> 00:22:22,960
[paul_tyler]: okay

923
00:22:22,816 –> 00:22:23,296
[andy_panko]: done growing

924
00:22:23,284 –> 00:22:23,672
[ramsey_d_smith]: oh

925
00:22:23,897 –> 00:22:27,003
[andy_panko]: i know what it takes to hire
to grow and i know one that’s a

926
00:22:27,063 –> 00:22:27,944
[andy_panko]: bell that can’t be un wrong

927
00:22:28,084 –> 00:22:28,894
[ramsey_d_smith]: oh

928
00:22:28,185 –> 00:22:32,752
[andy_panko]: once you hire people you then need
to give them focus and career development and

929
00:22:32,812 –> 00:22:38,341
[andy_panko]: motivation and at track and you know
increasing wages throughout time me i do flat

930
00:22:38,402 –> 00:22:42,228
[andy_panko]: fee if i lose a client and
i lose nine grand of revenue i’m okay

931
00:22:42,408 –> 00:22:45,994
[andy_panko]: right i don’t feel to back vill
if i have employees i can’t have

932
00:22:45,957 –> 00:22:46,038
[bruno_caron]: ah

933
00:22:46,014 –> 00:22:49,660
[andy_panko]: that attitude like then it needs to
be about money to some extent because i

934
00:22:49,720 –> 00:22:54,128
[andy_panko]: need to pay them and so make
myself something in return so i’m just at

935
00:22:54,148 –> 00:22:57,701
[andy_panko]: this point i don’t want to hire
it out grow i’m freely giving away all

936
00:22:57,721 –> 00:23:01,225
[andy_panko]: additional prospects right on my business website
i have a list of referrals to like

937
00:23:01,265 –> 00:23:04,168
[andy_panko]: twenty five other advisors who are all
flat fee retirement focused

938
00:23:04,364 –> 00:23:04,485
[ramsey_d_smith]: ah

939
00:23:04,928 –> 00:23:05,409
[andy_panko]: just freely

940
00:23:06,305 –> 00:23:06,669
[bruno_caron]: oh

941
00:23:06,520 –> 00:23:10,907
[andy_panko]: i have this big funnel of prospects
and people finding me through facebook through youtube

942
00:23:10,947 –> 00:23:15,675
[andy_panko]: now as well but i’m close to
business so here you go i’m just giving

943
00:23:15,695 –> 00:23:18,462
[andy_panko]: them away to other folks who are
on this flat fee journey yeah

944
00:23:18,446 –> 00:23:19,527
[paul_tyler]: okay i’m gonna give bruno

945
00:23:19,357 –> 00:23:19,479
[andy_panko]: yeah

946
00:23:19,607 –> 00:23:19,908
[paul_tyler]: a chance

947
00:23:19,770 –> 00:23:20,093
[andy_panko]: yeah

948
00:23:19,948 –> 00:23:21,971
[paul_tyler]: here in a second so i just
got just to so

949
00:23:22,145 –> 00:23:22,347
[bruno_caron]: yeah

950
00:23:22,680 –> 00:23:22,881
[andy_panko]: yeah

951
00:23:22,833 –> 00:23:27,809
[paul_tyler]: people think facebook hey who’s selling you
know

952
00:23:28,633 –> 00:23:28,796
[andy_panko]: yeah

953
00:23:28,911 –> 00:23:29,532
[paul_tyler]: on facebook i’m

954
00:23:29,550 –> 00:23:29,812
[andy_panko]: yeah

955
00:23:29,612 –> 00:23:31,936
[paul_tyler]: selling stretch pants what’s the company

956
00:23:31,865 –> 00:23:32,674
[bruno_caron]: uh

957
00:23:32,016 –> 00:23:33,639
[paul_tyler]: that had a netflix documentary

958
00:23:33,570 –> 00:23:33,853
[andy_panko]: spanks

959
00:23:33,699 –> 00:23:34,721
[paul_tyler]: about it now

960
00:23:34,860 –> 00:23:35,081
[andy_panko]: oh

961
00:23:34,901 –> 00:23:34,961
[paul_tyler]: it

962
00:23:34,996 –> 00:23:35,157
[bruno_caron]: hah

963
00:23:35,041 –> 00:23:35,201
[paul_tyler]: was

964
00:23:35,314 –> 00:23:35,334
[ramsey_d_smith]: m

965
00:23:36,240 –> 00:23:36,526
[andy_panko]: oh

966
00:23:36,303 –> 00:23:36,624
[paul_tyler]: lulu

967
00:23:36,541 –> 00:23:36,964
[ramsey_d_smith]: hm

968
00:23:37,385 –> 00:23:37,673
[bruno_caron]: yeah

969
00:23:37,400 –> 00:23:37,821
[andy_panko]: lu lemon

970
00:23:37,735 –> 00:23:37,996
[ramsey_d_smith]: luther

971
00:23:38,006 –> 00:23:38,106
[paul_tyler]: no

972
00:23:38,057 –> 00:23:38,358
[ramsey_d_smith]: lemon

973
00:23:38,522 –> 00:23:38,763
[andy_panko]: yes

974
00:23:39,027 –> 00:23:41,450
[paul_tyler]: was it lulu no it’s it’s it’s

975
00:23:41,405 –> 00:23:41,607
[bruno_caron]: oh

976
00:23:41,651 –> 00:23:42,672
[paul_tyler]: it’s somehnghat sounds like that

977
00:23:42,570 –> 00:23:43,470
[andy_panko]: yeah

978
00:23:42,752 –> 00:23:43,553
[paul_tyler]: but it’s it’s like a

979
00:23:44,950 –> 00:23:45,955
[andy_panko]: multi level lula ro

980
00:23:45,956 –> 00:23:46,176
[paul_tyler]: level

981
00:23:46,094 –> 00:23:46,115
[bruno_caron]: m

982
00:23:46,597 –> 00:23:47,599
[paul_tyler]: lulu row right

983
00:23:47,650 –> 00:23:48,439
[andy_panko]: yes okay yeah

984
00:23:48,681 –> 00:23:48,901
[paul_tyler]: okay

985
00:23:48,827 –> 00:23:48,968
[bruno_caron]: wow

986
00:23:49,422 –> 00:23:50,444
[paul_tyler]: people seen facebook

987
00:23:50,217 –> 00:23:50,237
[bruno_caron]: a

988
00:23:50,250 –> 00:23:50,493
[andy_panko]: oh

989
00:23:50,564 –> 00:23:52,807
[paul_tyler]: live i think lulu ro but

990
00:23:53,174 –> 00:23:53,236
[andy_panko]: ah

991
00:23:53,228 –> 00:23:53,388
[paul_tyler]: yet

992
00:23:53,405 –> 00:23:54,485
[bruno_caron]: oh

993
00:23:53,509 –> 00:23:55,272
[paul_tyler]: you like did

994
00:23:55,230 –> 00:23:56,310
[andy_panko]: yeah

995
00:23:55,237 –> 00:23:55,257
[bruno_caron]: m

996
00:23:55,332 –> 00:23:56,053
[paul_tyler]: most of your clients

997
00:23:56,134 –> 00:23:56,354
[ramsey_d_smith]: oh

998
00:23:56,153 –> 00:24:00,160
[paul_tyler]: find you through facebook or did they
find them from people on facebook who recommended

999
00:24:00,240 –> 00:24:00,340
[paul_tyler]: you

1000
00:24:00,390 –> 00:24:01,080
[andy_panko]: my

1001
00:24:00,420 –> 00:24:04,126
[paul_tyler]: and is there anything in common with
these people like geography

1002
00:24:03,737 –> 00:24:03,902
[bruno_caron]: yes

1003
00:24:04,507 –> 00:24:05,509
[paul_tyler]: or are they just tell

1004
00:24:05,375 –> 00:24:05,597
[bruno_caron]: yeah

1005
00:24:05,569 –> 00:24:05,949
[paul_tyler]: us kind of

1006
00:24:05,940 –> 00:24:07,890
[andy_panko]: yah

1007
00:24:06,070 –> 00:24:08,153
[paul_tyler]: like what does your cantal generally

1008
00:24:08,135 –> 00:24:08,402
[bruno_caron]: yeah

1009
00:24:08,193 –> 00:24:08,614
[paul_tyler]: look like

1010
00:24:09,215 –> 00:24:09,235
[bruno_caron]: m

1011
00:24:09,832 –> 00:24:13,458
[andy_panko]: um yes the vast majority of the
forty five clients i

1012
00:24:13,474 –> 00:24:13,776
[ramsey_d_smith]: oh

1013
00:24:13,559 –> 00:24:15,322
[andy_panko]: have found me through facebook

1014
00:24:15,706 –> 00:24:16,207
[paul_tyler]: yeah

1015
00:24:16,904 –> 00:24:20,811
[andy_panko]: some aren’t on facebook and they found
me through youtube because a lot of videos

1016
00:24:20,871 –> 00:24:24,799
[andy_panko]: i did weekly on facebook i dropped
the re plays on to my youtube channel

1017
00:24:24,939 –> 00:24:28,967
[andy_panko]: after the fact so some people have
two clients i found three that found me

1018
00:24:28,987 –> 00:24:34,380
[andy_panko]: through youtube i’m also a you’re familiar
it roger

1019
00:24:34,415 –> 00:24:34,656
[bruno_caron]: oh

1020
00:24:34,421 –> 00:24:36,723
[andy_panko]: whitney av you heard of him the
retirement answer man podcast

1021
00:24:36,926 –> 00:24:37,027
[paul_tyler]: no

1022
00:24:36,964 –> 00:24:37,144
[andy_panko]: okay

1023
00:24:37,865 –> 00:24:37,885
[bruno_caron]: m

1024
00:24:37,891 –> 00:24:38,404
[ramsey_d_smith]: hm

1025
00:24:37,985 –> 00:24:43,812
[andy_panko]: he’s got a really large retirement podcast
he’s got a paid membership group called the

1026
00:24:43,833 –> 00:24:46,076
[andy_panko]: rock retirement club where i’m

1027
00:24:46,055 –> 00:24:46,256
[bruno_caron]: yes

1028
00:24:46,196 –> 00:24:50,624
[andy_panko]: one of the sort of adjuncts slash
coaches in there so some of the members

1029
00:24:50,664 –> 00:24:51,065
[andy_panko]: from there

1030
00:24:51,244 –> 00:24:51,450
[ramsey_d_smith]: yeah

1031
00:24:52,186 –> 00:24:55,093
[andy_panko]: have ultimately hired me but otherwise

1032
00:24:55,114 –> 00:24:56,194
[ramsey_d_smith]: yeah

1033
00:24:55,133 –> 00:24:56,236
[andy_panko]: yeah i mean facebook really

1034
00:24:56,255 –> 00:24:56,516
[bruno_caron]: oh

1035
00:24:56,437 –> 00:24:58,344
[andy_panko]: is the nexus of

1036
00:24:58,336 –> 00:24:58,584
[paul_tyler]: yeah

1037
00:24:58,405 –> 00:24:59,955
[andy_panko]: where all my business and exposure came
from

1038
00:24:59,855 –> 00:25:00,117
[bruno_caron]: oh

1039
00:25:00,536 –> 00:25:01,380
[paul_tyler]: wow bruno

1040
00:25:03,066 –> 00:25:03,466
[bruno_caron]: wonderful

1041
00:25:03,378 –> 00:25:03,540
[andy_panko]: right

1042
00:25:03,475 –> 00:25:03,496
[paul_tyler]: m

1043
00:25:04,348 –> 00:25:04,708
[bruno_caron]: yeah i know

1044
00:25:04,816 –> 00:25:05,476
[paul_tyler]: yeah

1045
00:25:04,989 –> 00:25:06,451
[bruno_caron]: well well done and

1046
00:25:06,436 –> 00:25:06,578
[paul_tyler]: ye

1047
00:25:06,531 –> 00:25:06,712
[bruno_caron]: that’s

1048
00:25:06,750 –> 00:25:06,972
[andy_panko]: thank you

1049
00:25:07,453 –> 00:25:14,805
[bruno_caron]: that’s great i want to take the
discussion where in a place where a lot

1050
00:25:14,825 –> 00:25:18,211
[bruno_caron]: of people don’t don’t focus too much
don’t talk about too much

1051
00:25:18,630 –> 00:25:18,914
[andy_panko]: yeah

1052
00:25:19,092 –> 00:25:22,318
[bruno_caron]: you know in the context of retirement
and planning longevity

1053
00:25:22,141 –> 00:25:22,282
[andy_panko]: yeah

1054
00:25:22,919 –> 00:25:23,219
[bruno_caron]: and that’s

1055
00:25:23,203 –> 00:25:23,224
[ramsey_d_smith]: m

1056
00:25:23,380 –> 00:25:28,869
[bruno_caron]: bequest like how do you how do
you view bequest how do you advise your

1057
00:25:28,949 –> 00:25:31,012
[bruno_caron]: clients on bequest you advise them

1058
00:25:31,003 –> 00:25:31,126
[andy_panko]: yeah

1059
00:25:31,072 –> 00:25:33,597
[bruno_caron]: on having having a certain goal

1060
00:25:33,480 –> 00:25:33,723
[andy_panko]: oh

1061
00:25:33,837 –> 00:25:35,460
[bruno_caron]: or just be that

1062
00:25:35,505 –> 00:25:35,669
[andy_panko]: yeah

1063
00:25:35,660 –> 00:25:36,501
[bruno_caron]: that wild

1064
00:25:36,334 –> 00:25:36,555
[ramsey_d_smith]: oh

1065
00:25:36,580 –> 00:25:36,681
[andy_panko]: oh

1066
00:25:36,582 –> 00:25:38,966
[bruno_caron]: card that is out there um

1067
00:25:38,760 –> 00:25:39,084
[andy_panko]: oh

1068
00:25:39,226 –> 00:25:39,466
[bruno_caron]: you know

1069
00:25:40,024 –> 00:25:40,224
[ramsey_d_smith]: yeah

1070
00:25:40,288 –> 00:25:40,789
[bruno_caron]: my follow up

1071
00:25:40,764 –> 00:25:40,867
[andy_panko]: oh

1072
00:25:40,829 –> 00:25:44,635
[bruno_caron]: is definitely going to be on you
know you know on the tax consequences and

1073
00:25:44,935 –> 00:25:45,817
[bruno_caron]: how do you strategize

1074
00:25:45,812 –> 00:25:46,014
[andy_panko]: sure

1075
00:25:45,897 –> 00:25:48,782
[bruno_caron]: there just conceptually how

1076
00:25:48,840 –> 00:25:49,022
[andy_panko]: oh

1077
00:25:48,842 –> 00:25:53,408
[bruno_caron]: does that conversation go you’re your clients
and and there

1078
00:25:53,510 –> 00:25:53,690
[andy_panko]: eh

1079
00:25:53,668 –> 00:25:58,613
[bruno_caron]: there you know they’re their desires towards
towards bequest

1080
00:25:58,619 –> 00:26:01,456
[andy_panko]: what towards legacy planning and leaving people
stuff

1081
00:26:01,936 –> 00:26:02,159
[paul_tyler]: oh

1082
00:26:02,660 –> 00:26:02,840
[andy_panko]: uh

1083
00:26:02,776 –> 00:26:03,337
[bruno_caron]: or or not

1084
00:26:03,304 –> 00:26:03,525
[ramsey_d_smith]: oh

1085
00:26:03,457 –> 00:26:04,340
[bruno_caron]: i’m not saying that you

1086
00:26:04,365 –> 00:26:04,545
[andy_panko]: right

1087
00:26:04,400 –> 00:26:06,485
[bruno_caron]: know they should or not but you
know how

1088
00:26:06,454 –> 00:26:07,894
[ramsey_d_smith]: oh

1089
00:26:06,525 –> 00:26:07,528
[bruno_caron]: does that conversation go

1090
00:26:08,370 –> 00:26:10,153
[andy_panko]: i find a lot of it or
not actually

1091
00:26:10,054 –> 00:26:10,864
[ramsey_d_smith]: oh

1092
00:26:10,974 –> 00:26:15,301
[andy_panko]: maybe it’s coincidence but when i meet
with people even as part of the prospect

1093
00:26:15,361 –> 00:26:19,889
[andy_panko]: process one of th things i ask
because you have any legacy goals you now

1094
00:26:19,949 –> 00:26:26,861
[andy_panko]: design eres requirements to leave money to
family friends charities whatever and vast majority of

1095
00:26:26,881 –> 00:26:30,787
[andy_panko]: my clients the answer is no it’s
like my primary goal is to not run

1096
00:26:30,907 –> 00:26:31,809
[andy_panko]: out whatever i have left

1097
00:26:31,895 –> 00:26:32,118
[bruno_caron]: oh

1098
00:26:31,989 –> 00:26:34,614
[andy_panko]: great my kids can have it or
you know i leave it to a charity

1099
00:26:35,796 –> 00:26:37,458
[andy_panko]: i only have a few

1100
00:26:37,625 –> 00:26:37,870
[bruno_caron]: oh

1101
00:26:37,739 –> 00:26:44,049
[andy_panko]: clients of my forty five where there
is some sort of meaningful legacy or questo

1102
00:26:44,250 –> 00:26:44,430
[andy_panko]: with

1103
00:26:44,285 –> 00:26:44,975
[bruno_caron]: oh

1104
00:26:44,550 –> 00:26:46,452
[andy_panko]: whatever i know who’re talking about but
you know leaving

1105
00:26:46,325 –> 00:26:46,647
[bruno_caron]: legacy

1106
00:26:46,632 –> 00:26:47,032
[andy_panko]: leaving money

1107
00:26:46,903 –> 00:26:46,924
[ramsey_d_smith]: m

1108
00:26:47,132 –> 00:26:50,596
[andy_panko]: like i say yeah one of them
is a special needs case where they have

1109
00:26:50,636 –> 00:26:53,859
[andy_panko]: a second to die life insurance policy
that’s going to fund a special needs trust

1110
00:26:55,421 –> 00:27:00,028
[andy_panko]: another one is charitably inclined and we
worked to set up a downer advise fund

1111
00:27:00,088 –> 00:27:03,113
[andy_panko]: as part of it and that really
legacy a hat’s given away money during life

1112
00:27:03,214 –> 00:27:07,220
[andy_panko]: but i really don’t have a lot
now i guess

1113
00:27:07,426 –> 00:27:07,689
[paul_tyler]: yes

1114
00:27:07,501 –> 00:27:10,446
[andy_panko]: if someone did have a strong burning
desire you know there a few

1115
00:27:10,366 –> 00:27:10,386
[paul_tyler]: m

1116
00:27:10,526 –> 00:27:13,591
[andy_panko]: things you can do you can do
like you know cash value life our whole

1117
00:27:13,611 –> 00:27:17,537
[andy_panko]: life policy to make sure it’s there
you can simply just ear mark it put

1118
00:27:17,718 –> 00:27:20,403
[andy_panko]: an account that you don’t touch kind
of take it out of the financial planning

1119
00:27:20,443 –> 00:27:22,266
[andy_panko]: considerations um

1120
00:27:24,403 –> 00:27:24,566
[bruno_caron]: yeah

1121
00:27:24,730 –> 00:27:26,240
[andy_panko]: i mean those are the main ones
i suppose

1122
00:27:27,435 –> 00:27:33,085
[bruno_caron]: so basically you come up with a
dynamic where you know if people are you

1123
00:27:33,125 –> 00:27:33,806
[bruno_caron]: know retiring

1124
00:27:34,530 –> 00:27:34,755
[andy_panko]: yeah

1125
00:27:35,088 –> 00:27:35,930
[bruno_caron]: if they die very

1126
00:27:35,692 –> 00:27:35,773
[andy_panko]: no

1127
00:27:36,090 –> 00:27:38,554
[bruno_caron]: early they’ll leave you know significant

1128
00:27:39,076 –> 00:27:39,217
[andy_panko]: yeah

1129
00:27:39,295 –> 00:27:44,364
[bruno_caron]: um significant legacy behind them and if
they die

1130
00:27:44,380 –> 00:27:44,521
[andy_panko]: so

1131
00:27:44,684 –> 00:27:45,866
[bruno_caron]: very late they may leave

1132
00:27:46,756 –> 00:27:46,776
[paul_tyler]: m

1133
00:27:46,928 –> 00:27:47,248
[bruno_caron]: nothing

1134
00:27:47,246 –> 00:27:47,326
[andy_panko]: no

1135
00:27:47,570 –> 00:27:47,590
[ramsey_d_smith]: a

1136
00:27:48,390 –> 00:27:49,352
[bruno_caron]: and you know

1137
00:27:49,461 –> 00:27:49,523
[andy_panko]: you

1138
00:27:49,552 –> 00:27:49,733
[bruno_caron]: there’s

1139
00:27:49,564 –> 00:27:49,666
[andy_panko]: know

1140
00:27:50,113 –> 00:27:59,344
[bruno_caron]: a major gap there and that’s you
know that’s generally an accepted way of planning

1141
00:27:59,545 –> 00:27:59,905
[bruno_caron]: and that’s

1142
00:28:00,600 –> 00:28:00,801
[andy_panko]: oh

1143
00:28:01,408 –> 00:28:01,989
[bruno_caron]: to your point

1144
00:28:01,808 –> 00:28:01,929
[andy_panko]: yeah

1145
00:28:02,029 –> 00:28:06,857
[bruno_caron]: i think you mentioned you certainly never
want to leave negative bequest where

1146
00:28:07,250 –> 00:28:07,393
[andy_panko]: right

1147
00:28:07,418 –> 00:28:09,962
[bruno_caron]: you know that would essentially be running
out of money

1148
00:28:09,865 –> 00:28:09,886
[paul_tyler]: m

1149
00:28:10,303 –> 00:28:15,712
[bruno_caron]: and just you know be a burden
for for your kids but m but that’s

1150
00:28:15,772 –> 00:28:15,896
[andy_panko]: that

1151
00:28:15,892 –> 00:28:17,837
[bruno_caron]: that’s that’s typically the general

1152
00:28:18,450 –> 00:28:19,320
[andy_panko]: yah

1153
00:28:20,477 –> 00:28:20,921
[bruno_caron]: the general

1154
00:28:20,901 –> 00:28:21,062
[andy_panko]: yeah

1155
00:28:21,002 –> 00:28:21,427
[bruno_caron]: dynamic

1156
00:28:21,094 –> 00:28:22,144
[ramsey_d_smith]: oh

1157
00:28:21,487 –> 00:28:23,345
[bruno_caron]: there oh

1158
00:28:22,504 –> 00:28:27,973
[andy_panko]: and it also depends how passionate people
feel about leaving money so there’s also you

1159
00:28:28,033 –> 00:28:33,241
[andy_panko]: mentioned tax planning considerations around this some
people don’t

1160
00:28:33,185 –> 00:28:33,528
[bruno_caron]: oh

1161
00:28:33,281 –> 00:28:36,725
[andy_panko]: care about taxes or like if i
die and leave a two million dollar fully

1162
00:28:36,805 –> 00:28:40,149
[andy_panko]: taxable i a o my kid who’s
already in the thirty seven percent tax bracket

1163
00:28:41,360 –> 00:28:43,744
[andy_panko]: for him or her like so we
let them pay the tax right they’re getting

1164
00:28:43,764 –> 00:28:47,230
[andy_panko]: something he didn’t have to start with
so i don’t care i’ll be gone other

1165
00:28:47,290 –> 00:28:47,570
[andy_panko]: folks

1166
00:28:47,405 –> 00:28:47,651
[bruno_caron]: oh

1167
00:28:47,831 –> 00:28:50,635
[andy_panko]: do do have this inherent desire to
sort of stick it to the man a

1168
00:28:50,655 –> 00:28:55,324
[andy_panko]: little bit you stick it to uncle
sam and they do have more consideration for

1169
00:28:56,206 –> 00:29:00,014
[andy_panko]: tax efficiency of wealth transfer so for
example if they know they have

1170
00:28:59,884 –> 00:29:00,574
[ramsey_d_smith]: yeah

1171
00:29:00,154 –> 00:29:01,257
[andy_panko]: more money than they’re ever going

1172
00:29:01,204 –> 00:29:01,834
[ramsey_d_smith]: yeah

1173
00:29:01,297 –> 00:29:01,958
[andy_panko]: to spend down

1174
00:29:02,524 –> 00:29:02,747
[ramsey_d_smith]: oh

1175
00:29:03,160 –> 00:29:03,581
[andy_panko]: and they know

1176
00:29:03,665 –> 00:29:03,909
[bruno_caron]: oh

1177
00:29:03,821 –> 00:29:06,065
[andy_panko]: a lot of it’s going to go
to their kid and let’s say their kids

1178
00:29:06,105 –> 00:29:07,948
[andy_panko]: a starving artist um

1179
00:29:07,805 –> 00:29:08,915
[bruno_caron]: oh

1180
00:29:08,529 –> 00:29:12,876
[andy_panko]: then in that case if they have
like tax for ira money they’ll probably leave

1181
00:29:12,936 –> 00:29:13,237
[andy_panko]: it to

1182
00:29:13,274 –> 00:29:13,295
[bruno_caron]: m

1183
00:29:13,277 –> 00:29:16,462
[andy_panko]: the kid let the kid pay taxes
because the kid will pay taxes than the

1184
00:29:16,502 –> 00:29:19,127
[andy_panko]: client would during during their life or
vice

1185
00:29:19,145 –> 00:29:19,349
[bruno_caron]: oh

1186
00:29:19,167 –> 00:29:21,350
[andy_panko]: versa going back to the example of
the kids

1187
00:29:22,205 –> 00:29:22,490
[bruno_caron]: oh

1188
00:29:22,212 –> 00:29:24,335
[andy_panko]: you know high earning doctor always

1189
00:29:24,313 –> 00:29:24,334
[ramsey_d_smith]: m

1190
00:29:24,355 –> 00:29:28,422
[andy_panko]: going to be a top tax rate
the client parents are in the twenty two

1191
00:29:28,482 –> 00:29:34,412
[andy_panko]: percent federal bracket let’s say and they
are concerned about maximizing the net after tax

1192
00:29:34,532 –> 00:29:35,754
[andy_panko]: amount of what’s left to the kid

1193
00:29:35,986 –> 00:29:36,006
[paul_tyler]: m

1194
00:29:36,355 –> 00:29:36,936
[andy_panko]: then we

1195
00:29:36,987 –> 00:29:37,595
[bruno_caron]: right

1196
00:29:37,017 –> 00:29:40,421
[andy_panko]: talk more about conversions let the cl
t pay taxes on the money in life

1197
00:29:40,501 –> 00:29:42,963
[andy_panko]: even to her not going to need
it let them pay taxes

1198
00:29:42,625 –> 00:29:42,646
[paul_tyler]: m

1199
00:29:43,084 –> 00:29:46,026
[andy_panko]: on it so it’s all in a
rath so when they die that ruth then

1200
00:29:46,146 –> 00:29:49,069
[andy_panko]: goes tax free to the child and
in the high tax bracket

1201
00:29:49,285 –> 00:29:49,426
[bruno_caron]: yeah

1202
00:29:49,640 –> 00:29:49,680
[andy_panko]: so

1203
00:29:49,677 –> 00:29:49,841
[paul_tyler]: yeah

1204
00:29:49,720 –> 00:29:50,381
[andy_panko]: it really all depends

1205
00:29:50,224 –> 00:29:50,487
[ramsey_d_smith]: oh

1206
00:29:50,421 –> 00:29:52,746
[andy_panko]: on clients circumstances and their emotions and
views towards

1207
00:29:52,804 –> 00:29:53,045
[ramsey_d_smith]: yeah

1208
00:29:52,806 –> 00:29:53,207
[andy_panko]: taxes

1209
00:29:53,706 –> 00:29:55,589
[paul_tyler]: okay he just switching gears

1210
00:29:55,530 –> 00:29:56,340
[andy_panko]: yes

1211
00:29:55,629 –> 00:29:55,669
[paul_tyler]: a

1212
00:29:55,694 –> 00:29:55,715
[bruno_caron]: m

1213
00:29:55,709 –> 00:29:57,993
[paul_tyler]: little bit so on stand the noting
man’s

1214
00:29:57,879 –> 00:29:57,900
[andy_panko]: m

1215
00:29:58,293 –> 00:29:58,734
[paul_tyler]: podcast

1216
00:29:58,985 –> 00:29:59,915
[bruno_caron]: yeah

1217
00:29:59,075 –> 00:29:59,796
[paul_tyler]: stands sounds

1218
00:29:59,813 –> 00:29:59,874
[andy_panko]: ah

1219
00:29:59,856 –> 00:30:01,058
[paul_tyler]: great and full disclosure he’s

1220
00:30:01,084 –> 00:30:01,834
[ramsey_d_smith]: my

1221
00:30:01,118 –> 00:30:03,582
[paul_tyler]: actually one of our business partners he’s
great and we appreciate

1222
00:30:03,334 –> 00:30:03,354
[ramsey_d_smith]: m

1223
00:30:04,003 –> 00:30:04,604
[paul_tyler]: business we’ve done

1224
00:30:04,745 –> 00:30:04,967
[bruno_caron]: oh

1225
00:30:04,824 –> 00:30:06,307
[paul_tyler]: with our care with him try to

1226
00:30:06,293 –> 00:30:06,395
[andy_panko]: ah

1227
00:30:06,327 –> 00:30:06,928
[paul_tyler]: get him on the anuity

1228
00:30:06,844 –> 00:30:07,112
[ramsey_d_smith]: oh

1229
00:30:07,008 –> 00:30:07,469
[paul_tyler]: show he

1230
00:30:07,620 –> 00:30:07,781
[andy_panko]: ye

1231
00:30:07,749 –> 00:30:08,871
[paul_tyler]: has yet to accept the

1232
00:30:08,970 –> 00:30:09,291
[andy_panko]: yeah

1233
00:30:08,971 –> 00:30:09,211
[paul_tyler]: offer

1234
00:30:09,814 –> 00:30:10,954
[ramsey_d_smith]: oh

1235
00:30:10,534 –> 00:30:12,036
[paul_tyler]: where does annuities fit with your client

1236
00:30:11,907 –> 00:30:12,008
[ramsey_d_smith]: ah

1237
00:30:12,076 –> 00:30:13,398
[paul_tyler]: hell are they too young

1238
00:30:14,070 –> 00:30:15,360
[andy_panko]: yeah

1239
00:30:14,080 –> 00:30:18,408
[paul_tyler]: do you have any strong feelings about
annuities if you were going to sell them

1240
00:30:18,570 –> 00:30:18,817
[andy_panko]: yeah

1241
00:30:19,372 –> 00:30:19,893
[paul_tyler]: or offer

1242
00:30:19,761 –> 00:30:19,922
[andy_panko]: yeah

1243
00:30:19,934 –> 00:30:22,161
[paul_tyler]: them to clients what would they look
like you know what’s

1244
00:30:22,020 –> 00:30:22,710
[andy_panko]: yeah

1245
00:30:22,181 –> 00:30:22,784
[paul_tyler]: the criteria

1246
00:30:23,510 –> 00:30:26,454
[andy_panko]: yep it all depends like an annuity

1247
00:30:26,554 –> 00:30:26,776
[ramsey_d_smith]: oh

1248
00:30:26,555 –> 00:30:30,261
[andy_panko]: like anything is a tool sometimes it
makes sense sometimes it doesn’t i

1249
00:30:30,334 –> 00:30:30,538
[ramsey_d_smith]: ye

1250
00:30:30,822 –> 00:30:33,947
[andy_panko]: definitely i feel my view of retirement
planning

1251
00:30:33,695 –> 00:30:34,955
[bruno_caron]: oh

1252
00:30:34,147 –> 00:30:38,275
[andy_panko]: is sort of best of both worlds
using we weigh file speak there’s a probability

1253
00:30:38,315 –> 00:30:41,601
[andy_panko]: based approach there’s a safety first approach
where

1254
00:30:41,555 –> 00:30:42,215
[bruno_caron]: oh

1255
00:30:41,661 –> 00:30:43,966
[andy_panko]: safety first is lock up you know
your

1256
00:30:43,925 –> 00:30:44,208
[bruno_caron]: oh

1257
00:30:44,026 –> 00:30:49,516
[andy_panko]: income through annuities maybe to a lesser
extent cashed by a life insurance probability based

1258
00:30:49,556 –> 00:30:54,444
[andy_panko]: as puragistlike let the markets do their
thing some people lean really hard in their

1259
00:30:55,085 –> 00:30:59,235
[andy_panko]: views and preferences towards one of the
clients i mean towards towards the other some

1260
00:30:59,295 –> 00:30:59,697
[andy_panko]: people like

1261
00:30:59,605 –> 00:30:59,626
[paul_tyler]: m

1262
00:30:59,737 –> 00:31:01,825
[andy_panko]: tell me whatever i should do that
that’s best for me

1263
00:31:02,284 –> 00:31:02,545
[ramsey_d_smith]: yeah

1264
00:31:03,200 –> 00:31:06,323
[andy_panko]: i try to be pragmatic about it
i don’t sell insurance that was a conscious

1265
00:31:06,363 –> 00:31:08,846
[andy_panko]: decision i am the only it’s not

1266
00:31:08,746 –> 00:31:08,786
[bruno_caron]: m

1267
00:31:08,906 –> 00:31:10,167
[andy_panko]: because i don’t think insurance

1268
00:31:10,094 –> 00:31:10,115
[bruno_caron]: m

1269
00:31:10,207 –> 00:31:12,590
[andy_panko]: products are important it’s just me and

1270
00:31:12,605 –> 00:31:12,625
[bruno_caron]: m

1271
00:31:12,650 –> 00:31:18,676
[andy_panko]: my beliefs i want to have that
distinction between the advice giver and the one

1272
00:31:18,736 –> 00:31:21,339
[andy_panko]: who consummates the sale i’m not

1273
00:31:22,085 –> 00:31:22,367
[bruno_caron]: oh

1274
00:31:22,100 –> 00:31:25,245
[andy_panko]: literally or demonizing people who do one
versus the other but that’s my approach towards

1275
00:31:25,234 –> 00:31:25,477
[ramsey_d_smith]: oh

1276
00:31:25,285 –> 00:31:25,485
[andy_panko]: things

1277
00:31:25,685 –> 00:31:26,525
[bruno_caron]: yeah

1278
00:31:26,327 –> 00:31:30,253
[andy_panko]: but realizing insurance products are important what
i’ve done is there are some folks

1279
00:31:30,275 –> 00:31:30,295
[bruno_caron]: m

1280
00:31:30,794 –> 00:31:33,679
[andy_panko]: i work with who are agents for
annuities or life

1281
00:31:33,785 –> 00:31:34,048
[bruno_caron]: yes

1282
00:31:34,100 –> 00:31:38,966
[andy_panko]: on some fee only platform such as
lincoln has one younowdplhas

1283
00:31:37,735 –> 00:31:37,756
[paul_tyler]: m

1284
00:31:39,146 –> 00:31:44,204
[andy_panko]: one um so if and when the
time comes where i feel either

1285
00:31:44,285 –> 00:31:44,548
[bruno_caron]: yes

1286
00:31:44,384 –> 00:31:47,669
[andy_panko]: a lifepeners product or annuity is in
the best interest client i have folks i

1287
00:31:47,710 –> 00:31:51,556
[andy_panko]: can reach out to or places i
can go direct to help shop around now

1288
00:31:51,876 –> 00:31:55,543
[andy_panko]: my view is going back i try
to blend the best of both worlds

1289
00:31:55,325 –> 00:31:55,345
[bruno_caron]: m

1290
00:31:56,043 –> 00:32:00,471
[andy_panko]: i think social security is the best
annuity anyone can ever have so a core

1291
00:32:00,591 –> 00:32:05,499
[andy_panko]: tenant of my planning is to make
sure people maximize that for their scenarios to

1292
00:32:05,539 –> 00:32:06,180
[andy_panko]: the and someone

1293
00:32:06,034 –> 00:32:06,278
[ramsey_d_smith]: oh

1294
00:32:06,221 –> 00:32:07,784
[andy_panko]: has traditional defined benefit

1295
00:32:07,745 –> 00:32:07,765
[bruno_caron]: m

1296
00:32:07,964 –> 00:32:09,748
[andy_panko]: pension same story

1297
00:32:09,514 –> 00:32:09,779
[ramsey_d_smith]: oh

1298
00:32:10,148 –> 00:32:10,730
[andy_panko]: let’s get the most

1299
00:32:10,745 –> 00:32:10,972
[bruno_caron]: oh

1300
00:32:10,790 –> 00:32:16,851
[andy_panko]: out of that um i kind of
have to view that you generally want to

1301
00:32:16,932 –> 00:32:23,022
[andy_panko]: make sure your anticipated necessary expenses throughout
retirement are covered by guaranteed secure income of

1302
00:32:23,062 –> 00:32:25,646
[andy_panko]: which here’s only three sources social security
pension or annuity

1303
00:32:26,314 –> 00:32:27,124
[ramsey_d_smith]: yeah

1304
00:32:26,848 –> 00:32:28,311
[andy_panko]: if it’s not then

1305
00:32:28,655 –> 00:32:29,345
[bruno_caron]: yeah

1306
00:32:28,892 –> 00:32:30,514
[andy_panko]: that’s when we start to consider okay
maybe

1307
00:32:30,665 –> 00:32:31,415
[bruno_caron]: yeah

1308
00:32:30,895 –> 00:32:31,937
[andy_panko]: we plug that gap with

1309
00:32:31,955 –> 00:32:32,217
[bruno_caron]: oh

1310
00:32:32,077 –> 00:32:33,700
[andy_panko]: an annuity now what’s the best

1311
00:32:33,605 –> 00:32:33,745
[bruno_caron]: yeah

1312
00:32:34,140 –> 00:32:36,324
[andy_panko]: no option or product out there to
get you that and that’s where i go

1313
00:32:36,364 –> 00:32:36,845
[andy_panko]: to my network

1314
00:32:36,725 –> 00:32:37,047
[bruno_caron]: yes

1315
00:32:36,905 –> 00:32:39,469
[andy_panko]: in my platforms to start feeling around

1316
00:32:39,874 –> 00:32:40,076
[ramsey_d_smith]: yeah

1317
00:32:40,170 –> 00:32:41,092
[andy_panko]: um some clients

1318
00:32:40,977 –> 00:32:41,465
[bruno_caron]: my

1319
00:32:41,192 –> 00:32:44,958
[andy_panko]: have so many assets even if they
don’t have enough guarantee didn’t come to support

1320
00:32:45,439 –> 00:32:50,027
[andy_panko]: their anticipated necessary expenses they have so
many assets that it doesn’t matter like they’re

1321
00:32:50,067 –> 00:32:53,312
[andy_panko]: never going to burn through them in
that case we don’t bother paying for the

1322
00:32:53,332 –> 00:32:56,618
[andy_panko]: guarantee of an annuity unless they’re ultra
ultra conservative

1323
00:32:56,298 –> 00:32:56,379
[bruno_caron]: oh

1324
00:32:56,658 –> 00:32:57,700
[andy_panko]: and specifically demand it

1325
00:32:58,864 –> 00:32:59,824
[ramsey_d_smith]: oh

1326
00:32:59,222 –> 00:32:59,663
[andy_panko]: i don’t know that

1327
00:32:59,555 –> 00:32:59,797
[bruno_caron]: oh

1328
00:32:59,743 –> 00:32:59,863
[andy_panko]: it’s

1329
00:33:00,376 –> 00:33:00,682
[ramsey_d_smith]: yes

1330
00:33:00,564 –> 00:33:01,346
[andy_panko]: some some various

1331
00:33:01,133 –> 00:33:01,274
[bruno_caron]: yeah

1332
00:33:01,386 –> 00:33:02,007
[andy_panko]: thoughts there but

1333
00:33:02,334 –> 00:33:03,236
[ramsey_d_smith]: so out of forty five

1334
00:33:03,395 –> 00:33:03,556
[bruno_caron]: yah

1335
00:33:03,496 –> 00:33:05,219
[ramsey_d_smith]: clients this is very interesting because

1336
00:33:04,904 –> 00:33:04,925
[bruno_caron]: h

1337
00:33:05,860 –> 00:33:06,441
[ramsey_d_smith]: the framework

1338
00:33:06,335 –> 00:33:06,884
[bruno_caron]: oh

1339
00:33:06,501 –> 00:33:08,164
[ramsey_d_smith]: you’re talking about is like

1340
00:33:08,670 –> 00:33:08,891
[andy_panko]: yeah

1341
00:33:08,705 –> 00:33:09,726
[ramsey_d_smith]: is the exact right one

1342
00:33:10,067 –> 00:33:10,107
[bruno_caron]: m

1343
00:33:10,087 –> 00:33:10,267
[ramsey_d_smith]: right

1344
00:33:10,456 –> 00:33:10,476
[paul_tyler]: m

1345
00:33:10,588 –> 00:33:10,728
[ramsey_d_smith]: last

1346
00:33:10,814 –> 00:33:10,835
[bruno_caron]: m

1347
00:33:10,828 –> 00:33:12,591
[ramsey_d_smith]: certainly in my view

1348
00:33:12,455 –> 00:33:12,637
[bruno_caron]: yeah

1349
00:33:12,906 –> 00:33:13,026
[andy_panko]: thank

1350
00:33:13,032 –> 00:33:13,132
[ramsey_d_smith]: at

1351
00:33:13,066 –> 00:33:13,127
[andy_panko]: you

1352
00:33:14,875 –> 00:33:19,480
[ramsey_d_smith]: so then out of forty five clients
where you’re using this this

1353
00:33:19,446 –> 00:33:19,487
[bruno_caron]: m

1354
00:33:19,660 –> 00:33:23,575
[ramsey_d_smith]: this framework how many what percentage of
them

1355
00:33:23,624 –> 00:33:23,645
[bruno_caron]: m

1356
00:33:23,876 –> 00:33:25,098
[ramsey_d_smith]: you know would end up being

1357
00:33:26,045 –> 00:33:26,065
[bruno_caron]: m

1358
00:33:26,240 –> 00:33:28,784
[ramsey_d_smith]: being put in an annuity and the
reason i say

1359
00:33:28,710 –> 00:33:29,033
[andy_panko]: oh

1360
00:33:28,844 –> 00:33:32,790
[ramsey_d_smith]: that is like this is an interesting
sort of like you know sand box where

1361
00:33:33,040 –> 00:33:33,181
[andy_panko]: yeah

1362
00:33:33,291 –> 00:33:34,553
[ramsey_d_smith]: you’re outside of the persuasions

1363
00:33:34,355 –> 00:33:34,617
[bruno_caron]: oh

1364
00:33:34,654 –> 00:33:37,258
[ramsey_d_smith]: and people trying to sell and on
the other side you’re outside

1365
00:33:37,285 –> 00:33:37,306
[paul_tyler]: m

1366
00:33:37,318 –> 00:33:37,538
[ramsey_d_smith]: of the

1367
00:33:37,786 –> 00:33:38,716
[paul_tyler]: yeah

1368
00:33:37,835 –> 00:33:38,116
[bruno_caron]: yeah

1369
00:33:38,240 –> 00:33:38,320
[ramsey_d_smith]: you

1370
00:33:38,280 –> 00:33:38,702
[andy_panko]: oh

1371
00:33:38,360 –> 00:33:41,104
[ramsey_d_smith]: know the the other side of the
persuasions where people are just ring to get

1372
00:33:41,164 –> 00:33:41,505
[ramsey_d_smith]: a um

1373
00:33:41,315 –> 00:33:41,580
[bruno_caron]: yeah

1374
00:33:41,565 –> 00:33:41,846
[ramsey_d_smith]: fees

1375
00:33:41,718 –> 00:33:41,899
[andy_panko]: yeah

1376
00:33:42,326 –> 00:33:42,407
[ramsey_d_smith]: so

1377
00:33:42,410 –> 00:33:42,531
[andy_panko]: yeah

1378
00:33:42,487 –> 00:33:44,109
[ramsey_d_smith]: we got the right decision making process

1379
00:33:43,895 –> 00:33:44,036
[bruno_caron]: oh

1380
00:33:44,510 –> 00:33:46,834
[ramsey_d_smith]: you’ve got the sample size of forty
five coin it’s

1381
00:33:47,160 –> 00:33:47,502
[andy_panko]: oh

1382
00:33:47,575 –> 00:33:47,735
[ramsey_d_smith]: right

1383
00:33:47,675 –> 00:33:47,878
[bruno_caron]: oh

1384
00:33:48,316 –> 00:33:51,820
[ramsey_d_smith]: like what is is it ten per
cent twenty percent thirty percent like what percentage

1385
00:33:51,605 –> 00:33:52,265
[bruno_caron]: yeah

1386
00:33:51,860 –> 00:33:51,900
[ramsey_d_smith]: of

1387
00:33:51,900 –> 00:33:52,141
[andy_panko]: oh

1388
00:33:51,981 –> 00:33:53,723
[ramsey_d_smith]: clients end up all right

1389
00:33:54,035 –> 00:33:54,339
[bruno_caron]: oh

1390
00:33:54,394 –> 00:33:55,180
[ramsey_d_smith]: using an annuity

1391
00:33:55,110 –> 00:33:55,860
[andy_panko]: yeah

1392
00:33:56,915 –> 00:33:56,935
[bruno_caron]: m

1393
00:33:57,281 –> 00:33:58,864
[andy_panko]: honestly most of my clients

1394
00:33:58,604 –> 00:33:58,625
[bruno_caron]: m

1395
00:33:58,904 –> 00:34:02,930
[andy_panko]: and this is probably a result of
my fee structure have more

1396
00:34:02,884 –> 00:34:03,144
[ramsey_d_smith]: oh

1397
00:34:03,071 –> 00:34:07,298
[andy_panko]: assets and they’re going to need and
i don’t want to think they’re hiring me

1398
00:34:07,304 –> 00:34:07,325
[bruno_caron]: m

1399
00:34:07,318 –> 00:34:08,940
[andy_panko]: because i’m the cheap guy you know
some three

1400
00:34:08,853 –> 00:34:08,873
[ramsey_d_smith]: h

1401
00:34:08,980 –> 00:34:10,002
[andy_panko]: million bucks is going to be

1402
00:34:09,965 –> 00:34:10,188
[bruno_caron]: oh

1403
00:34:10,042 –> 00:34:14,990
[andy_panko]: paying twenty thirty grand at most other
advisors versus d be ninety six hundred and

1404
00:34:15,031 –> 00:34:15,832
[andy_panko]: i can say with confidence

1405
00:34:15,484 –> 00:34:16,130
[ramsey_d_smith]: oh

1406
00:34:15,892 –> 00:34:20,319
[andy_panko]: my service is most likely better yet
it’s cheaper again it’s not cheap i feel

1407
00:34:20,255 –> 00:34:21,065
[bruno_caron]: my

1408
00:34:20,520 –> 00:34:23,344
[andy_panko]: right fee i feel they’re overcharging in
that case so anyway

1409
00:34:23,375 –> 00:34:23,395
[bruno_caron]: m

1410
00:34:23,765 –> 00:34:24,667
[andy_panko]: a lot of my clients have

1411
00:34:24,584 –> 00:34:24,605
[bruno_caron]: m

1412
00:34:24,687 –> 00:34:26,650
[andy_panko]: a few million dollars which is more
than their

1413
00:34:26,825 –> 00:34:27,351
[bruno_caron]: oh

1414
00:34:27,992 –> 00:34:28,453
[andy_panko]: likely gonna

1415
00:34:28,504 –> 00:34:28,565
[bruno_caron]: ah

1416
00:34:28,773 –> 00:34:31,498
[andy_panko]: come close to spending down so it
hasn’t it’s not that

1417
00:34:31,454 –> 00:34:31,475
[bruno_caron]: m

1418
00:34:31,618 –> 00:34:33,861
[andy_panko]: prevalent i do have some clients that

1419
00:34:33,935 –> 00:34:33,955
[bruno_caron]: m

1420
00:34:33,962 –> 00:34:37,247
[andy_panko]: have existing annuities that that they have
from before

1421
00:34:37,229 –> 00:34:37,270
[bruno_caron]: m

1422
00:34:37,287 –> 00:34:38,169
[andy_panko]: we started working together

1423
00:34:38,024 –> 00:34:38,045
[bruno_caron]: m

1424
00:34:38,164 –> 00:34:38,365
[ramsey_d_smith]: oh

1425
00:34:38,569 –> 00:34:43,497
[andy_panko]: in some cases we have kept them
that is folded into their part of their

1426
00:34:43,538 –> 00:34:51,703
[andy_panko]: income plan another case we did have
it surrendered recently now with the markets doing

1427
00:34:51,723 –> 00:34:52,384
[andy_panko]: what they’re doing

1428
00:34:52,757 –> 00:34:52,797
[bruno_caron]: m

1429
00:34:53,326 –> 00:34:53,526
[andy_panko]: people

1430
00:34:53,564 –> 00:34:53,585
[bruno_caron]: m

1431
00:34:53,606 –> 00:34:56,210
[andy_panko]: have been more concerned have been questioning
more

1432
00:34:56,315 –> 00:34:56,682
[bruno_caron]: uh

1433
00:34:56,351 –> 00:35:01,459
[andy_panko]: do i want to need security income
which i’m sue you’re not surprised markets are

1434
00:35:01,479 –> 00:35:03,653
[andy_panko]: homme everything was great no one

1435
00:35:03,637 –> 00:35:03,657
[bruno_caron]: m

1436
00:35:03,694 –> 00:35:07,242
[andy_panko]: wants to hear anything about paying for
an annuity where even if i live till

1437
00:35:07,323 –> 00:35:11,570
[andy_panko]: ninety i’ll get maybe four something per
cent n’t it right if if i

1438
00:35:11,555 –> 00:35:11,899
[bruno_caron]: oh

1439
00:35:11,630 –> 00:35:14,975
[andy_panko]: die before that you know it’s a
terrible deal on the surface and i try

1440
00:35:15,015 –> 00:35:16,638
[andy_panko]: to explain to people don’t view it
as an investment you

1441
00:35:16,714 –> 00:35:16,956
[ramsey_d_smith]: oh

1442
00:35:16,758 –> 00:35:20,967
[andy_panko]: can’t really look at are its longevity
insurance you buy it for guarantee stability certainty

1443
00:35:21,529 –> 00:35:22,752
[andy_panko]: knowing the pay checks on a e
there et cetera

1444
00:35:22,985 –> 00:35:23,005
[bruno_caron]: m

1445
00:35:23,413 –> 00:35:28,864
[andy_panko]: but still that’s a tough sale a
year ago when markets were red hot and

1446
00:35:28,924 –> 00:35:29,245
[andy_panko]: everyone’s

1447
00:35:29,007 –> 00:35:29,047
[bruno_caron]: m

1448
00:35:29,265 –> 00:35:32,069
[andy_panko]: like i got making money hand over
fist as much as i said to

1449
00:35:32,023 –> 00:35:32,044
[ramsey_d_smith]: m

1450
00:35:32,129 –> 00:35:32,390
[andy_panko]: folks

1451
00:35:32,199 –> 00:35:32,882
[bruno_caron]: and race for a log

1452
00:35:32,750 –> 00:35:33,552
[andy_panko]: this isn’t going to last

1453
00:35:33,844 –> 00:35:33,864
[ramsey_d_smith]: m

1454
00:35:34,353 –> 00:35:36,597
[andy_panko]: and rats were low and payouts weren’t
great on annuities

1455
00:35:36,274 –> 00:35:36,516
[ramsey_d_smith]: oh

1456
00:35:36,757 –> 00:35:40,344
[andy_panko]: right um i did condition folks to

1457
00:35:40,394 –> 00:35:40,415
[bruno_caron]: m

1458
00:35:40,404 –> 00:35:41,867
[andy_panko]: say this stock market

1459
00:35:41,795 –> 00:35:41,815
[bruno_caron]: m

1460
00:35:41,907 –> 00:35:44,332
[andy_panko]: is not going to last i don’t
know when but it’s got to turn at

1461
00:35:44,352 –> 00:35:45,274
[andy_panko]: some point so here we are

1462
00:35:45,245 –> 00:35:45,845
[bruno_caron]: may

1463
00:35:45,414 –> 00:35:48,000
[andy_panko]: you know a year later um

1464
00:35:48,103 –> 00:35:48,124
[ramsey_d_smith]: m

1465
00:35:48,260 –> 00:35:54,831
[andy_panko]: now with markets down people are sort
of naturally more interested in my god what

1466
00:35:55,011 –> 00:35:55,892
[andy_panko]: do let’s do something

1467
00:35:56,054 –> 00:35:56,075
[bruno_caron]: m

1468
00:35:56,153 –> 00:35:56,453
[andy_panko]: should we

1469
00:35:56,413 –> 00:35:56,434
[ramsey_d_smith]: m

1470
00:35:56,513 –> 00:35:58,296
[andy_panko]: get into an annuity just cut my
losses

1471
00:35:58,043 –> 00:35:58,084
[ramsey_d_smith]: ah

1472
00:35:58,115 –> 00:35:58,135
[bruno_caron]: m

1473
00:35:58,417 –> 00:35:59,719
[andy_panko]: get rid of the variability going forward

1474
00:35:59,594 –> 00:35:59,615
[bruno_caron]: m

1475
00:36:00,640 –> 00:36:01,261
[andy_panko]: so we’ve had more

1476
00:36:01,325 –> 00:36:01,587
[bruno_caron]: yes

1477
00:36:01,342 –> 00:36:02,163
[andy_panko]: conversations

1478
00:36:01,354 –> 00:36:01,574
[ramsey_d_smith]: oh

1479
00:36:02,263 –> 00:36:06,631
[andy_panko]: there is there’s two clients i’ve had
that talk with i didn’t sell them i

1480
00:36:06,731 –> 00:36:08,133
[andy_panko]: said here’s one alternative

1481
00:36:08,764 –> 00:36:09,484
[ramsey_d_smith]: oh

1482
00:36:08,794 –> 00:36:08,874
[andy_panko]: to

1483
00:36:08,945 –> 00:36:08,965
[bruno_caron]: m

1484
00:36:08,955 –> 00:36:13,582
[andy_panko]: riding out investments you know i still
think investments will come back where

1485
00:36:13,414 –> 00:36:13,655
[ramsey_d_smith]: oh

1486
00:36:13,763 –> 00:36:14,103
[andy_panko]: positioned

1487
00:36:13,796 –> 00:36:13,981
[bruno_caron]: yes

1488
00:36:14,143 –> 00:36:16,948
[andy_panko]: well for sequence overturn they have cash
buffers right we

1489
00:36:16,925 –> 00:36:17,069
[bruno_caron]: ye

1490
00:36:17,008 –> 00:36:19,893
[andy_panko]: got the sort of bucket thing going
on so we’re doing all the things we

1491
00:36:19,933 –> 00:36:21,195
[andy_panko]: should do from a traditional

1492
00:36:22,175 –> 00:36:22,398
[bruno_caron]: oh

1493
00:36:22,277 –> 00:36:27,844
[andy_panko]: probability based retirement playing perspect i but
certain clients are much more sensitive

1494
00:36:28,805 –> 00:36:29,208
[bruno_caron]: oh

1495
00:36:29,145 –> 00:36:31,568
[andy_panko]: to to down markets and how that
potentially impacts tem

1496
00:36:32,345 –> 00:36:32,547
[bruno_caron]: oh

1497
00:36:32,589 –> 00:36:36,055
[andy_panko]: um anyway to to put numbers to
it ramsey i don’t know

1498
00:36:35,944 –> 00:36:36,207
[ramsey_d_smith]: oh

1499
00:36:37,177 –> 00:36:38,159
[andy_panko]: my gas definitely my

1500
00:36:38,014 –> 00:36:38,256
[ramsey_d_smith]: oh

1501
00:36:38,240 –> 00:36:43,821
[andy_panko]: gas as sort of a cash savings
tool a few have done beyond my

1502
00:36:43,685 –> 00:36:44,405
[bruno_caron]: oh

1503
00:36:43,901 –> 00:36:45,784
[andy_panko]: gas and actually buying whether it’s a
spa

1504
00:36:46,025 –> 00:36:46,187
[bruno_caron]: oh

1505
00:36:46,225 –> 00:36:49,570
[andy_panko]: or just deferred ennui tat we’re playing
on annuitizing or getting a withdraw

1506
00:36:49,483 –> 00:36:49,504
[ramsey_d_smith]: m

1507
00:36:49,650 –> 00:36:54,298
[andy_panko]: writer on haven’t yet had any one
purchase yet since working with me but the

1508
00:36:54,358 –> 00:36:56,405
[andy_panko]: conversations come up in the last six
months

1509
00:36:56,786 –> 00:36:57,006
[paul_tyler]: okay

1510
00:36:57,365 –> 00:36:57,385
[bruno_caron]: m

1511
00:36:57,564 –> 00:36:57,786
[ramsey_d_smith]: got it

1512
00:36:58,469 –> 00:36:58,769
[paul_tyler]: two kind

1513
00:36:58,800 –> 00:36:59,067
[andy_panko]: yah

1514
00:36:58,809 –> 00:37:02,095
[paul_tyler]: of twin questions here for you you
know

1515
00:37:02,315 –> 00:37:03,021
[bruno_caron]: oh

1516
00:37:03,136 –> 00:37:04,318
[paul_tyler]: general questions always really

1517
00:37:04,170 –> 00:37:04,431
[andy_panko]: yeah

1518
00:37:04,378 –> 00:37:07,103
[paul_tyler]: tough potentially probability you can

1519
00:37:07,115 –> 00:37:07,336
[bruno_caron]: oh

1520
00:37:07,143 –> 00:37:10,809
[paul_tyler]: use all the words you need to
hear for compliance purposes but okay

1521
00:37:10,740 –> 00:37:12,289
[andy_panko]: my

1522
00:37:10,869 –> 00:37:14,215
[paul_tyler]: i’m in my fifties i’ve got a
sizable decent size for ink

1523
00:37:14,310 –> 00:37:14,533
[andy_panko]: yeah

1524
00:37:15,397 –> 00:37:20,986
[paul_tyler]: open up the paper inflation gas prices
are coming down inflations still up

1525
00:37:20,930 –> 00:37:21,051
[andy_panko]: yeah

1526
00:37:21,046 –> 00:37:21,247
[paul_tyler]: there

1527
00:37:21,215 –> 00:37:21,356
[bruno_caron]: oh

1528
00:37:21,307 –> 00:37:24,454
[paul_tyler]: i just see the russians blowing up
a potentially

1529
00:37:24,480 –> 00:37:24,741
[andy_panko]: yeah

1530
00:37:25,015 –> 00:37:25,316
[paul_tyler]: blowing

1531
00:37:25,325 –> 00:37:25,629
[bruno_caron]: oh

1532
00:37:25,376 –> 00:37:27,942
[paul_tyler]: up a fuel pipe line i see
the melt down in

1533
00:37:27,995 –> 00:37:28,216
[bruno_caron]: oh

1534
00:37:28,002 –> 00:37:28,283
[paul_tyler]: the bond

1535
00:37:28,278 –> 00:37:28,459
[andy_panko]: yeah

1536
00:37:28,343 –> 00:37:32,980
[paul_tyler]: market and you know i got this
plan what what kind of

1537
00:37:32,945 –> 00:37:33,189
[bruno_caron]: oh

1538
00:37:33,041 –> 00:37:34,964
[paul_tyler]: changes so i’d be making do you
have any

1539
00:37:34,925 –> 00:37:35,088
[bruno_caron]: yeah

1540
00:37:35,024 –> 00:37:40,733
[paul_tyler]: like to id you have top top
three um ideas or concepts or recommendation ure

1541
00:37:40,753 –> 00:37:41,575
[paul_tyler]: giving to people right now

1542
00:37:41,735 –> 00:37:41,957
[bruno_caron]: yeah

1543
00:37:42,016 –> 00:37:42,766
[paul_tyler]: oh

1544
00:37:42,725 –> 00:37:42,946
[bruno_caron]: oh

1545
00:37:43,572 –> 00:37:43,672
[andy_panko]: no

1546
00:37:44,837 –> 00:37:45,895
[bruno_caron]: m m m

1547
00:37:46,196 –> 00:37:51,604
[andy_panko]: as bad as it might sound on
the surface i still feel the plans we

1548
00:37:51,684 –> 00:37:56,994
[andy_panko]: put together for people were well thought
out well constructed they knew eventually down turns

1549
00:37:57,035 –> 00:38:01,692
[andy_panko]: going to happen here it is and
it’s human nature to want to feel

1550
00:38:01,505 –> 00:38:03,005
[bruno_caron]: oh

1551
00:38:02,312 –> 00:38:04,614
[andy_panko]: i got to do something i got
to sell i got a chant i gotta

1552
00:38:04,635 –> 00:38:04,915
[andy_panko]: whatever

1553
00:38:05,144 –> 00:38:05,165
[bruno_caron]: m

1554
00:38:05,816 –> 00:38:10,461
[andy_panko]: the best response i can give people
is don’t just do something stand there no

1555
00:38:10,801 –> 00:38:12,245
[andy_panko]: i don’t know who said it but
i think it’s brilliant

1556
00:38:12,605 –> 00:38:12,887
[bruno_caron]: yes

1557
00:38:12,706 –> 00:38:15,652
[andy_panko]: when you feel the need to do
something just because there’s so many click bates

1558
00:38:15,732 –> 00:38:17,396
[andy_panko]: and noise and news bites

1559
00:38:17,435 –> 00:38:18,395
[bruno_caron]: oh

1560
00:38:17,496 –> 00:38:18,057
[andy_panko]: about whatever

1561
00:38:18,766 –> 00:38:19,426
[paul_tyler]: oh

1562
00:38:19,660 –> 00:38:19,741
[andy_panko]: the

1563
00:38:19,745 –> 00:38:20,267
[bruno_caron]: oh

1564
00:38:19,801 –> 00:38:22,145
[andy_panko]: plan is built for this now it’s
super painful to watch

1565
00:38:23,165 –> 00:38:23,428
[bruno_caron]: oh

1566
00:38:24,509 –> 00:38:25,831
[andy_panko]: them off i’m

1567
00:38:25,865 –> 00:38:27,665
[bruno_caron]: oh

1568
00:38:25,891 –> 00:38:30,098
[andy_panko]: not saying it’s not when someone looks
at their balances and stock markets are down

1569
00:38:30,338 –> 00:38:33,403
[andy_panko]: twenty twenty five and dependin what yu’re
talking about agra

1570
00:38:33,434 –> 00:38:33,455
[bruno_caron]: m

1571
00:38:33,544 –> 00:38:34,064
[andy_panko]: bonbmarkets

1572
00:38:33,635 –> 00:38:33,917
[bruno_caron]: oh

1573
00:38:34,165 –> 00:38:37,951
[andy_panko]: down twelve thirteen percent for the year
stock market doesn’t

1574
00:38:37,775 –> 00:38:38,057
[bruno_caron]: oh

1575
00:38:37,971 –> 00:38:41,997
[andy_panko]: surprise me the bomb market that took
everyone by surprise not that we didn’t know

1576
00:38:42,038 –> 00:38:44,201
[andy_panko]: the risk was there you know if
you know about the race you now this

1577
00:38:44,241 –> 00:38:48,288
[andy_panko]: can happen but the extent in the
in the quickness

1578
00:38:48,035 –> 00:38:48,905
[bruno_caron]: yeah

1579
00:38:48,348 –> 00:38:51,994
[andy_panko]: with which it have risen has has
really you’ve gin a slap in the face

1580
00:38:52,194 –> 00:38:52,535
[andy_panko]: but anyway

1581
00:38:54,125 –> 00:38:54,305
[bruno_caron]: yeah

1582
00:38:54,799 –> 00:38:59,106
[andy_panko]: my view is and for people that
are okay with the view we’re carrying on

1583
00:38:59,186 –> 00:39:01,610
[andy_panko]: for people that aren’t okay with the
view those are the ones we have the

1584
00:39:01,630 –> 00:39:05,657
[andy_panko]: annuity conversation were like i get and
i don’t care if you say i went

1585
00:39:05,737 –> 00:39:05,817
[andy_panko]: out

1586
00:39:06,155 –> 00:39:06,499
[bruno_caron]: oh

1587
00:39:06,338 –> 00:39:10,164
[andy_panko]: then okay fine you know the then
we start to consider whatever happened up to

1588
00:39:10,184 –> 00:39:12,428
[andy_panko]: this point it is what it is
now we put the guarantees

1589
00:39:12,485 –> 00:39:13,175
[bruno_caron]: yeah

1590
00:39:12,488 –> 00:39:15,433
[andy_panko]: in place you maybe shoot yourself on
the foot you know when the rebound

1591
00:39:15,425 –> 00:39:15,690
[bruno_caron]: yeah

1592
00:39:15,473 –> 00:39:18,478
[andy_panko]: happens in one year two or three
years they may come back and be like

1593
00:39:18,558 –> 00:39:18,899
[andy_panko]: oh man

1594
00:39:18,845 –> 00:39:19,046
[bruno_caron]: yes

1595
00:39:18,939 –> 00:39:22,605
[andy_panko]: what i do that but we discuss
all the pros and cons now and make

1596
00:39:22,625 –> 00:39:23,767
[andy_panko]: the best decision so

1597
00:39:23,757 –> 00:39:23,938
[paul_tyler]: okay

1598
00:39:23,827 –> 00:39:24,027
[andy_panko]: anyway

1599
00:39:24,635 –> 00:39:24,820
[bruno_caron]: yeah

1600
00:39:24,868 –> 00:39:25,009
[paul_tyler]: yeah

1601
00:39:24,989 –> 00:39:28,916
[andy_panko]: no no no dramatic changes one thing
i have started doing is people’s

1602
00:39:28,775 –> 00:39:28,977
[bruno_caron]: yeah

1603
00:39:28,956 –> 00:39:29,837
[andy_panko]: fixed income portion

1604
00:39:30,513 –> 00:39:30,635
[bruno_caron]: yeah

1605
00:39:30,759 –> 00:39:32,622
[andy_panko]: instead of just a total bond market
fund

1606
00:39:32,375 –> 00:39:32,395
[bruno_caron]: m

1607
00:39:32,862 –> 00:39:34,585
[andy_panko]: starting to layer in some

1608
00:39:34,606 –> 00:39:34,948
[paul_tyler]: oh

1609
00:39:34,645 –> 00:39:35,126
[andy_panko]: t bills

1610
00:39:35,315 –> 00:39:36,215
[bruno_caron]: yeah

1611
00:39:35,967 –> 00:39:39,313
[andy_panko]: because yields are for and giver take
as a portion

1612
00:39:39,095 –> 00:39:39,357
[bruno_caron]: oh

1613
00:39:39,513 –> 00:39:42,358
[andy_panko]: of their of their fixed income you
know a year ago t bill yields where

1614
00:39:42,398 –> 00:39:45,844
[andy_panko]: a joke there was really no reason
to lock up money at you know half

1615
00:39:45,904 –> 00:39:46,164
[andy_panko]: percent

1616
00:39:45,995 –> 00:39:46,277
[bruno_caron]: oh

1617
00:39:46,224 –> 00:39:48,268
[andy_panko]: or whatever now slightly different story

1618
00:39:48,785 –> 00:39:49,625
[bruno_caron]: yeah

1619
00:39:49,490 –> 00:39:49,770
[andy_panko]: but that’s

1620
00:39:49,655 –> 00:39:50,435
[bruno_caron]: oh

1621
00:39:49,910 –> 00:39:52,694
[andy_panko]: only the only real sort of change
i’ve kind of done

1622
00:39:52,867 –> 00:39:52,887
[bruno_caron]: m

1623
00:39:53,455 –> 00:39:53,875
[andy_panko]: with folks so

1624
00:39:53,894 –> 00:39:53,915
[bruno_caron]: m

1625
00:39:53,955 –> 00:39:54,076
[andy_panko]: far

1626
00:39:54,796 –> 00:39:55,998
[paul_tyler]: okay last one then we’ll

1627
00:39:56,075 –> 00:39:56,276
[bruno_caron]: yeah

1628
00:39:56,118 –> 00:39:59,484
[paul_tyler]: have bruno and ramsey give you their
best their best

1629
00:39:59,345 –> 00:39:59,586
[bruno_caron]: oh

1630
00:39:59,564 –> 00:40:00,405
[paul_tyler]: question there they’re gonna be

1631
00:40:00,360 –> 00:40:01,050
[andy_panko]: oh

1632
00:40:00,445 –> 00:40:01,407
[paul_tyler]: tough so you know

1633
00:40:01,445 –> 00:40:03,005
[bruno_caron]: yeah

1634
00:40:01,500 –> 00:40:01,641
[andy_panko]: sure

1635
00:40:01,547 –> 00:40:03,871
[paul_tyler]: get ready for this i’m

1636
00:40:03,794 –> 00:40:04,026
[bruno_caron]: m uh

1637
00:40:03,911 –> 00:40:04,552
[paul_tyler]: an advisor

1638
00:40:04,100 –> 00:40:04,220
[andy_panko]: oh

1639
00:40:04,812 –> 00:40:08,519
[paul_tyler]: oh my gosh you know you built
this great practice three years

1640
00:40:08,315 –> 00:40:08,335
[bruno_caron]: m

1641
00:40:08,599 –> 00:40:10,322
[paul_tyler]: off of facebook how do i

1642
00:40:10,325 –> 00:40:10,587
[bruno_caron]: oh

1643
00:40:10,402 –> 00:40:11,724
[paul_tyler]: future prove my practice

1644
00:40:12,810 –> 00:40:13,010
[andy_panko]: yeah

1645
00:40:13,955 –> 00:40:14,096
[bruno_caron]: yeah

1646
00:40:15,829 –> 00:40:16,800
[andy_panko]: um m

1647
00:40:17,615 –> 00:40:18,038
[bruno_caron]: oh

1648
00:40:17,711 –> 00:40:19,974
[andy_panko]: in what sense like specifically

1649
00:40:19,627 –> 00:40:19,947
[paul_tyler]: it could

1650
00:40:19,775 –> 00:40:21,185
[bruno_caron]: yeah

1651
00:40:20,007 –> 00:40:20,107
[paul_tyler]: be

1652
00:40:20,014 –> 00:40:21,036
[andy_panko]: to me or other advisors

1653
00:40:20,809 –> 00:40:24,254
[paul_tyler]: could be i’m just talking i’m somebody
who calls you up and says

1654
00:40:24,245 –> 00:40:24,965
[bruno_caron]: yeah

1655
00:40:24,354 –> 00:40:27,339
[paul_tyler]: i love what you’ve done you’ve clearly

1656
00:40:27,305 –> 00:40:27,529
[bruno_caron]: oh

1657
00:40:27,700 –> 00:40:30,885
[paul_tyler]: taken some very conscious decisions around fast

1658
00:40:30,845 –> 00:40:31,026
[bruno_caron]: yah

1659
00:40:31,086 –> 00:40:31,807
[paul_tyler]: there’s number

1660
00:40:31,740 –> 00:40:32,001
[andy_panko]: yeah

1661
00:40:31,847 –> 00:40:33,650
[paul_tyler]: of clients how you’re building

1662
00:40:33,675 –> 00:40:33,798
[andy_panko]: yeah

1663
00:40:33,990 –> 00:40:34,491
[paul_tyler]: prospects

1664
00:40:34,235 –> 00:40:34,479
[bruno_caron]: oh

1665
00:40:34,571 –> 00:40:37,376
[paul_tyler]: what you’re doing within the industry you
know is there

1666
00:40:37,595 –> 00:40:37,776
[bruno_caron]: yes

1667
00:40:38,238 –> 00:40:41,383
[paul_tyler]: any just sort of big piece of
advice you give

1668
00:40:41,340 –> 00:40:41,581
[andy_panko]: yeah

1669
00:40:41,405 –> 00:40:41,688
[bruno_caron]: oh

1670
00:40:41,423 –> 00:40:44,460
[paul_tyler]: advisors who may talk to you oh

1671
00:40:44,735 –> 00:40:44,936
[bruno_caron]: yeah

1672
00:40:45,502 –> 00:40:48,767
[andy_panko]: uh i mean honestly the advisors who
seek me

1673
00:40:48,785 –> 00:40:49,087
[bruno_caron]: oh

1674
00:40:49,028 –> 00:40:51,932
[andy_panko]: out is more about fee structures people
who want

1675
00:40:51,845 –> 00:40:52,955
[bruno_caron]: oh

1676
00:40:51,973 –> 00:40:55,138
[andy_panko]: to get into a flat fee set
up whether they’re starting

1677
00:40:55,055 –> 00:40:56,315
[bruno_caron]: yeah

1678
00:40:55,158 –> 00:40:57,522
[andy_panko]: their own thing or they’re at it
place that wants to try to transition

1679
00:40:58,235 –> 00:40:58,476
[bruno_caron]: oh

1680
00:40:58,744 –> 00:41:02,029
[andy_panko]: not percent of assets isn’t going away
it will be here longer

1681
00:41:01,895 –> 00:41:02,142
[bruno_caron]: yeah

1682
00:41:02,350 –> 00:41:02,650
[andy_panko]: than all

1683
00:41:02,615 –> 00:41:02,841
[bruno_caron]: yeah

1684
00:41:02,690 –> 00:41:05,675
[andy_panko]: of us but anecdotally i do see

1685
00:41:05,675 –> 00:41:05,938
[bruno_caron]: oh

1686
00:41:05,755 –> 00:41:08,821
[andy_panko]: a lot more change views

1687
00:41:08,525 –> 00:41:08,545
[bruno_caron]: m

1688
00:41:08,941 –> 00:41:11,766
[andy_panko]: changing preference from advisors and consumers alike

1689
00:41:12,695 –> 00:41:12,939
[bruno_caron]: oh

1690
00:41:12,707 –> 00:41:15,973
[andy_panko]: to start moving away from percent of
assets it’s not

1691
00:41:15,875 –> 00:41:16,116
[bruno_caron]: oh

1692
00:41:16,013 –> 00:41:19,078
[andy_panko]: going to be this dramatic overnight switch
where

1693
00:41:18,965 –> 00:41:19,249
[bruno_caron]: oh

1694
00:41:19,378 –> 00:41:21,562
[andy_panko]: all the wire houses now wake up
tomorrow and start doing flat

1695
00:41:21,515 –> 00:41:21,756
[bruno_caron]: yah

1696
00:41:21,622 –> 00:41:22,984
[andy_panko]: fees but

1697
00:41:22,964 –> 00:41:22,985
[bruno_caron]: h

1698
00:41:23,044 –> 00:41:23,485
[andy_panko]: i do see

1699
00:41:24,046 –> 00:41:24,796
[paul_tyler]: oh

1700
00:41:24,507 –> 00:41:24,707
[andy_panko]: lots

1701
00:41:24,665 –> 00:41:26,135
[bruno_caron]: oh

1702
00:41:24,727 –> 00:41:27,432
[andy_panko]: of advisors trying to change over namely
the younger

1703
00:41:27,485 –> 00:41:27,687
[bruno_caron]: yes

1704
00:41:27,512 –> 00:41:29,555
[andy_panko]: ones are the ones trying to start
their own thing because they’re doing it for

1705
00:41:29,575 –> 00:41:30,116
[andy_panko]: the right reasons

1706
00:41:30,185 –> 00:41:30,205
[bruno_caron]: m

1707
00:41:30,777 –> 00:41:32,525
[andy_panko]: so my advice is percent of asses
and going

1708
00:41:32,555 –> 00:41:32,777
[bruno_caron]: yeah

1709
00:41:32,585 –> 00:41:39,723
[andy_panko]: away but definitely be aware other fee
structures other service offerings for not doing tax

1710
00:41:39,844 –> 00:41:41,526
[andy_panko]: planning if you’re overcharging

1711
00:41:41,375 –> 00:41:41,762
[bruno_caron]: oh

1712
00:41:41,586 –> 00:41:44,852
[andy_panko]: on basic percent of asset model someone
might

1713
00:41:44,855 –> 00:41:45,177
[bruno_caron]: oh

1714
00:41:44,872 –> 00:41:47,181
[andy_panko]: start eating your lunch and don’t be
surprised if that happens over the next ten

1715
00:41:47,302 –> 00:41:47,724
[andy_panko]: twenty years

1716
00:41:48,365 –> 00:41:50,015
[bruno_caron]: yah h

1717
00:41:50,008 –> 00:41:50,089
[paul_tyler]: no

1718
00:41:51,270 –> 00:41:51,514
[andy_panko]: yeah

1719
00:41:51,566 –> 00:41:51,847
[paul_tyler]: thoughts

1720
00:41:51,866 –> 00:41:52,066
[bruno_caron]: well

1721
00:41:51,967 –> 00:41:52,329
[paul_tyler]: question

1722
00:41:52,166 –> 00:41:52,407
[bruno_caron]: i mean

1723
00:41:53,010 –> 00:41:53,231
[andy_panko]: yeah

1724
00:41:53,469 –> 00:41:56,253
[bruno_caron]: last question all right well usually start
with that

1725
00:41:56,269 –> 00:41:56,370
[andy_panko]: yeah

1726
00:41:56,293 –> 00:41:57,916
[bruno_caron]: because that gets the conversation going but

1727
00:41:58,710 –> 00:41:58,911
[andy_panko]: oh

1728
00:41:58,838 –> 00:42:00,440
[bruno_caron]: sounds like a little backwards but

1729
00:42:01,860 –> 00:42:02,121
[andy_panko]: yeah

1730
00:42:02,183 –> 00:42:03,646
[bruno_caron]: how do you um

1731
00:42:03,872 –> 00:42:03,912
[andy_panko]: h

1732
00:42:03,916 –> 00:42:04,340
[paul_tyler]: oh

1733
00:42:04,587 –> 00:42:04,848
[bruno_caron]: how do you

1734
00:42:04,839 –> 00:42:04,860
[andy_panko]: h

1735
00:42:04,908 –> 00:42:05,008
[bruno_caron]: view

1736
00:42:05,040 –> 00:42:05,302
[andy_panko]: oh

1737
00:42:05,228 –> 00:42:09,435
[bruno_caron]: income in retirement do you use the
four percent rule

1738
00:42:09,360 –> 00:42:09,540
[andy_panko]: oh

1739
00:42:10,237 –> 00:42:16,908
[bruno_caron]: do you you know you mentioned the
weight vow to basic approaches you mentioned

1740
00:42:16,714 –> 00:42:16,875
[andy_panko]: yeah

1741
00:42:17,128 –> 00:42:18,891
[bruno_caron]: the three stools um

1742
00:42:19,456 –> 00:42:19,765
[paul_tyler]: oh

1743
00:42:19,592 –> 00:42:21,295
[bruno_caron]: in aggregate and all in

1744
00:42:21,263 –> 00:42:21,384
[andy_panko]: oh

1745
00:42:21,535 –> 00:42:25,883
[bruno_caron]: all you know all marvels considered how
do

1746
00:42:25,890 –> 00:42:26,110
[andy_panko]: oh

1747
00:42:25,963 –> 00:42:30,873
[bruno_caron]: you you plan on you know total
income for each year

1748
00:42:31,020 –> 00:42:31,040
[andy_panko]: m

1749
00:42:32,036 –> 00:42:32,357
[bruno_caron]: for

1750
00:42:32,460 –> 00:42:33,210
[andy_panko]: oh

1751
00:42:32,718 –> 00:42:36,655
[bruno_caron]: you know for for a newly retired
m m

1752
00:42:37,515 –> 00:42:41,481
[andy_panko]: that’s a tough one and that there
is no single rule thumb or process or

1753
00:42:41,562 –> 00:42:41,922
[andy_panko]: formula

1754
00:42:42,095 –> 00:42:42,360
[bruno_caron]: oh

1755
00:42:42,183 –> 00:42:46,911
[andy_panko]: that works um i do use traditional
financial planning oft were that

1756
00:42:46,895 –> 00:42:47,160
[bruno_caron]: yes

1757
00:42:46,971 –> 00:42:49,014
[andy_panko]: does project out cash flows of anticipated

1758
00:42:48,875 –> 00:42:49,076
[bruno_caron]: yah

1759
00:42:49,074 –> 00:42:50,597
[andy_panko]: income and expenses and backs

1760
00:42:50,404 –> 00:42:50,465
[bruno_caron]: ah

1761
00:42:50,677 –> 00:42:52,239
[andy_panko]: in to assume portfolio withdraws and

1762
00:42:52,265 –> 00:42:52,566
[bruno_caron]: oh

1763
00:42:52,279 –> 00:42:54,884
[andy_panko]: doesn’t monte carlo based on that you
can tweak it kick

1764
00:42:54,914 –> 00:42:54,935
[bruno_caron]: h

1765
00:42:54,944 –> 00:42:55,224
[andy_panko]: it however

1766
00:42:55,115 –> 00:42:55,338
[bruno_caron]: yeah

1767
00:42:55,244 –> 00:42:58,229
[andy_panko]: you want four percent rule tremendously

1768
00:42:58,565 –> 00:42:58,866
[bruno_caron]: oh

1769
00:42:58,690 –> 00:43:02,056
[andy_panko]: you know i know it well studied
it a lot

1770
00:43:02,255 –> 00:43:02,416
[bruno_caron]: yeah

1771
00:43:02,677 –> 00:43:06,603
[andy_panko]: know what it does but in reality
no one lives a simple pretty

1772
00:43:06,808 –> 00:43:06,849
[bruno_caron]: m

1773
00:43:06,844 –> 00:43:08,266
[andy_panko]: linear consistent annual

1774
00:43:08,024 –> 00:43:08,045
[bruno_caron]: m

1775
00:43:08,466 –> 00:43:09,348
[andy_panko]: distribution life

1776
00:43:09,755 –> 00:43:10,385
[bruno_caron]: oh

1777
00:43:10,350 –> 00:43:12,906
[andy_panko]: it’s at least a good back of
the envelope starting point for example

1778
00:43:12,887 –> 00:43:13,715
[bruno_caron]: m m

1779
00:43:13,920 –> 00:43:16,264
[andy_panko]: um some one sixty five they retire
they

1780
00:43:16,244 –> 00:43:16,265
[bruno_caron]: m

1781
00:43:16,364 –> 00:43:18,367
[andy_panko]: got fifty thousand of social security

1782
00:43:18,185 –> 00:43:18,205
[bruno_caron]: m

1783
00:43:18,427 –> 00:43:23,296
[andy_panko]: between you know spouses and their total
expense needs are let’s say eighty so they

1784
00:43:23,336 –> 00:43:24,598
[andy_panko]: got a thirty thousand shortfall

1785
00:43:25,246 –> 00:43:25,266
[paul_tyler]: m

1786
00:43:25,445 –> 00:43:25,465
[bruno_caron]: m

1787
00:43:25,740 –> 00:43:29,433
[andy_panko]: multiply by twenty five and that’s the
starting point of how many

1788
00:43:29,405 –> 00:43:29,628
[bruno_caron]: oh

1789
00:43:29,453 –> 00:43:32,938
[andy_panko]: investable assets you should have if you
want to do a pure probability based

1790
00:43:32,915 –> 00:43:33,177
[bruno_caron]: oh

1791
00:43:33,700 –> 00:43:36,624
[andy_panko]: thirty year distribution on that then you’re
in the

1792
00:43:36,596 –> 00:43:36,636
[bruno_caron]: m

1793
00:43:36,645 –> 00:43:37,406
[andy_panko]: all park right

1794
00:43:37,604 –> 00:43:37,625
[bruno_caron]: m

1795
00:43:37,726 –> 00:43:40,231
[andy_panko]: if your if your assets fall far
short of

1796
00:43:40,295 –> 00:43:40,518
[bruno_caron]: oh

1797
00:43:40,311 –> 00:43:43,877
[andy_panko]: that twenty five number and twenty five
is just the reciprocal of four percent

1798
00:43:44,015 –> 00:43:44,198
[bruno_caron]: yeah

1799
00:43:44,698 –> 00:43:45,740
[andy_panko]: if your assets are far short

1800
00:43:46,488 –> 00:43:46,509
[bruno_caron]: m

1801
00:43:46,821 –> 00:43:47,803
[andy_panko]: you got to think this plan

1802
00:43:47,624 –> 00:43:47,645
[bruno_caron]: m

1803
00:43:47,903 –> 00:43:50,067
[andy_panko]: you now there’s a decent chance ou
might run out if your

1804
00:43:50,097 –> 00:43:50,178
[bruno_caron]: oh

1805
00:43:50,147 –> 00:43:55,756
[andy_panko]: assets are comfortably above that there’s really
no reason to think barring law suit or

1806
00:43:55,754 –> 00:43:55,775
[bruno_caron]: m

1807
00:43:55,816 –> 00:43:58,100
[andy_panko]: you know not having proper protections in
place about umbrella

1808
00:43:57,935 –> 00:43:58,196
[bruno_caron]: yeah

1809
00:43:58,160 –> 00:44:01,806
[andy_panko]: insurance and someone breaking their neck on
your sidewalk onsumingyou for two million bucks or

1810
00:44:01,847 –> 00:44:07,436
[andy_panko]: something just from pure distribution standpoint you
should be fine if you want to take

1811
00:44:07,476 –> 00:44:10,962
[andy_panko]: some of that should be fine away
then you can start layering in some annuities

1812
00:44:11,202 –> 00:44:15,149
[andy_panko]: and this is where i sort of
trip myself up over thinking it i think

1813
00:44:15,269 –> 00:44:17,697
[andy_panko]: is even with annuities

1814
00:44:19,054 –> 00:44:19,254
[ramsey_d_smith]: oh

1815
00:44:19,170 –> 00:44:21,334
[andy_panko]: if you take all of your assets
and pump it into

1816
00:44:21,185 –> 00:44:21,470
[bruno_caron]: oh

1817
00:44:21,374 –> 00:44:23,258
[andy_panko]: annuities with guaranteed payments you know it’s

1818
00:44:23,206 –> 00:44:23,866
[paul_tyler]: yeah

1819
00:44:23,278 –> 00:44:24,240
[andy_panko]: certainty what your payment are going to
be

1820
00:44:24,575 –> 00:44:25,565
[bruno_caron]: my

1821
00:44:24,901 –> 00:44:26,444
[andy_panko]: borrowing to follow to the insurer but
even then there’s

1822
00:44:26,405 –> 00:44:26,708
[bruno_caron]: oh

1823
00:44:26,484 –> 00:44:28,287
[andy_panko]: state backstop so let’s assume you still
get paid

1824
00:44:29,465 –> 00:44:29,645
[bruno_caron]: yeah

1825
00:44:30,100 –> 00:44:34,026
[andy_panko]: but that doesn’t mean it’s riskless what
if inflation persists at eight nine percent for

1826
00:44:34,106 –> 00:44:34,788
[andy_panko]: ten years

1827
00:44:34,791 –> 00:44:34,832
[bruno_caron]: m

1828
00:44:35,950 –> 00:44:40,517
[andy_panko]: do any annuities newly written annuities even
have traditional colas anymore on their payments like

1829
00:44:41,278 –> 00:44:41,459
[andy_panko]: i don’t

1830
00:44:41,347 –> 00:44:41,429
[paul_tyler]: no

1831
00:44:41,435 –> 00:44:41,678
[bruno_caron]: oh

1832
00:44:41,479 –> 00:44:42,361
[andy_panko]: think so to mind that’s right

1833
00:44:42,977 –> 00:44:43,079
[paul_tyler]: no

1834
00:44:43,545 –> 00:44:43,806
[bruno_caron]: social

1835
00:44:43,706 –> 00:44:43,806
[andy_panko]: so

1836
00:44:43,886 –> 00:44:44,227
[bruno_caron]: security

1837
00:44:45,501 –> 00:44:46,703
[andy_panko]: which is why it’s the best thing
there is

1838
00:44:46,745 –> 00:44:46,929
[bruno_caron]: oh

1839
00:44:46,763 –> 00:44:47,744
[andy_panko]: and make the most of it so

1840
00:44:47,675 –> 00:44:47,957
[bruno_caron]: oh

1841
00:44:48,125 –> 00:44:52,573
[andy_panko]: you know even going the pure annuity
route isn’t isn’t riskless so it’s always going

1842
00:44:52,593 –> 00:44:55,938
[andy_panko]: to be this mixed you can never
solve with finite

1843
00:44:55,685 –> 00:44:55,886
[bruno_caron]: oh

1844
00:44:56,018 –> 00:44:58,983
[andy_panko]: certainty that someone will be okay or
will

1845
00:44:58,895 –> 00:44:59,426
[bruno_caron]: oh

1846
00:44:59,043 –> 00:45:02,329
[andy_panko]: not i started triangulate i do things

1847
00:45:02,195 –> 00:45:02,438
[bruno_caron]: yeah

1848
00:45:02,369 –> 00:45:07,057
[andy_panko]: like the four percent rule is a
ham handed starting point monte carlo under various

1849
00:45:07,177 –> 00:45:10,462
[andy_panko]: twists and tweet i know that’s just
guessing the future using the past as a

1850
00:45:10,482 –> 00:45:11,003
[andy_panko]: predictor so i

1851
00:45:11,015 –> 00:45:11,283
[bruno_caron]: yes

1852
00:45:11,043 –> 00:45:14,008
[andy_panko]: know it’s flawed but it’s sort of
the closest

1853
00:45:13,986 –> 00:45:14,026
[bruno_caron]: m

1854
00:45:14,028 –> 00:45:15,431
[andy_panko]: thing we got to a crystal ball
if

1855
00:45:15,434 –> 00:45:15,455
[bruno_caron]: m

1856
00:45:15,471 –> 00:45:16,913
[andy_panko]: you will um

1857
00:45:17,226 –> 00:45:17,267
[bruno_caron]: m

1858
00:45:17,935 –> 00:45:18,295
[andy_panko]: and even

1859
00:45:18,194 –> 00:45:19,025
[bruno_caron]: m my

1860
00:45:18,396 –> 00:45:20,018
[andy_panko]: just sort of basic math

1861
00:45:19,936 –> 00:45:20,536
[paul_tyler]: yeah

1862
00:45:20,058 –> 00:45:20,760
[andy_panko]: like i had a conversate

1863
00:45:20,885 –> 00:45:20,905
[bruno_caron]: m

1864
00:45:20,900 –> 00:45:24,767
[andy_panko]: client the other day do i have
enough i looked at well you need ex

1865
00:45:24,887 –> 00:45:29,054
[andy_panko]: amount of dollars per year you have
wide amount of dollars in your investment account

1866
00:45:29,215 –> 00:45:30,818
[andy_panko]: even though it’s down twenty per cent

1867
00:45:31,955 –> 00:45:32,135
[bruno_caron]: oh

1868
00:45:32,020 –> 00:45:36,768
[andy_panko]: that’s a two per cent withdraw rate
for the next thirty five years i don’t

1869
00:45:36,755 –> 00:45:36,775
[bruno_caron]: m

1870
00:45:36,788 –> 00:45:40,554
[andy_panko]: know that anyone can can realistically argue
that a two per cent with draw rate

1871
00:45:40,614 –> 00:45:41,656
[andy_panko]: isn’t safe like dividends

1872
00:45:41,525 –> 00:45:41,748
[bruno_caron]: oh

1873
00:45:41,676 –> 00:45:45,302
[andy_panko]: and interest alone throw off two percent
for her so for her i’m like i

1874
00:45:45,342 –> 00:45:47,125
[andy_panko]: don’t need the fancy tools you’re good

1875
00:45:47,135 –> 00:45:48,215
[bruno_caron]: yeah

1876
00:45:47,946 –> 00:45:48,888
[andy_panko]: that’s a simple scenario

1877
00:45:48,944 –> 00:45:48,965
[bruno_caron]: m

1878
00:45:49,228 –> 00:45:53,776
[andy_panko]: to constrain investor in market speak that’s
more difficult and that’s where you can’t

1879
00:45:54,005 –> 00:45:54,025
[bruno_caron]: m

1880
00:45:54,257 –> 00:45:57,222
[andy_panko]: pinpoint it even if you do o
the safety first thing

1881
00:45:57,515 –> 00:45:57,761
[bruno_caron]: oh

1882
00:45:58,243 –> 00:46:00,487
[andy_panko]: there’s still some element of unknown future
risk

1883
00:46:00,875 –> 00:46:01,217
[bruno_caron]: oh

1884
00:46:00,948 –> 00:46:03,152
[andy_panko]: that you can’t quite solve for so
you just kind of have to look at

1885
00:46:03,232 –> 00:46:04,073
[andy_panko]: all the different angles

1886
00:46:04,205 –> 00:46:04,427
[bruno_caron]: yeah

1887
00:46:04,394 –> 00:46:07,258
[andy_panko]: approaching from different ways where there’s monte
carlo four percent just

1888
00:46:07,385 –> 00:46:07,626
[bruno_caron]: yeah

1889
00:46:07,399 –> 00:46:13,308
[andy_panko]: basic tick and tying of cash flows
um and revisit every year even in retirement

1890
00:46:13,349 –> 00:46:13,489
[andy_panko]: these

1891
00:46:13,505 –> 00:46:13,726
[bruno_caron]: yeah

1892
00:46:13,529 –> 00:46:18,036
[andy_panko]: plans are always moving targets always dynamic
so you really have to kind of keep

1893
00:46:18,096 –> 00:46:21,182
[andy_panko]: reaping if their expenses change life circumstances
change

1894
00:46:20,945 –> 00:46:21,166
[bruno_caron]: yeah

1895
00:46:21,222 –> 00:46:21,703
[andy_panko]: if inflation

1896
00:46:21,526 –> 00:46:22,606
[paul_tyler]: oh

1897
00:46:21,783 –> 00:46:24,768
[andy_panko]: changes their plans will change you have
to be adaptable

1898
00:46:24,695 –> 00:46:25,595
[bruno_caron]: oh

1899
00:46:24,808 –> 00:46:28,907
[andy_panko]: to it very long winded answer sorry
but it’s a great question

1900
00:46:28,629 –> 00:46:28,649
[bruno_caron]: h

1901
00:46:28,987 –> 00:46:29,769
[andy_panko]: but not one that i

1902
00:46:29,774 –> 00:46:29,795
[bruno_caron]: h

1903
00:46:29,809 –> 00:46:30,390
[andy_panko]: think has

1904
00:46:30,226 –> 00:46:30,490
[paul_tyler]: oh

1905
00:46:30,591 –> 00:46:31,012
[andy_panko]: a tint

1906
00:46:31,096 –> 00:46:31,318
[paul_tyler]: oh

1907
00:46:31,814 –> 00:46:31,994
[andy_panko]: hundred

1908
00:46:31,834 –> 00:46:32,134
[ramsey_d_smith]: yeah

1909
00:46:32,014 –> 00:46:32,696
[andy_panko]: percent right answer

1910
00:46:34,156 –> 00:46:34,597
[paul_tyler]: you’re good

1911
00:46:34,380 –> 00:46:34,721
[andy_panko]: oh

1912
00:46:34,620 –> 00:46:34,761
[bruno_caron]: that

1913
00:46:36,161 –> 00:46:36,522
[paul_tyler]: ramsey

1914
00:46:36,425 –> 00:46:36,647
[bruno_caron]: oh

1915
00:46:37,904 –> 00:46:38,104
[ramsey_d_smith]: well

1916
00:46:37,955 –> 00:46:38,257
[bruno_caron]: oh

1917
00:46:38,404 –> 00:46:41,029
[ramsey_d_smith]: yeah absolutely so i think i already
asked my tough

1918
00:46:41,045 –> 00:46:41,307
[bruno_caron]: oh

1919
00:46:41,089 –> 00:46:41,550
[ramsey_d_smith]: questions

1920
00:46:41,380 –> 00:46:41,521
[andy_panko]: what

1921
00:46:41,950 –> 00:46:42,111
[ramsey_d_smith]: and

1922
00:46:42,256 –> 00:46:42,579
[paul_tyler]: oh

1923
00:46:42,772 –> 00:46:44,758
[ramsey_d_smith]: you know i think that i mean
i

1924
00:46:44,855 –> 00:46:45,178
[bruno_caron]: oh

1925
00:46:44,859 –> 00:46:45,080
[ramsey_d_smith]: hope

1926
00:46:45,496 –> 00:46:45,516
[paul_tyler]: m

1927
00:46:45,924 –> 00:46:46,228
[ramsey_d_smith]: hope that

1928
00:46:46,140 –> 00:46:46,281
[andy_panko]: oh

1929
00:46:46,329 –> 00:46:47,137
[ramsey_d_smith]: future proofing

1930
00:46:47,555 –> 00:46:47,756
[bruno_caron]: yes

1931
00:46:48,334 –> 00:46:51,359
[ramsey_d_smith]: in this space it means like

1932
00:46:51,185 –> 00:46:51,508
[bruno_caron]: my

1933
00:46:51,719 –> 00:46:51,799
[ramsey_d_smith]: you

1934
00:46:51,766 –> 00:46:52,029
[paul_tyler]: yeah

1935
00:46:51,839 –> 00:46:56,407
[ramsey_d_smith]: know coming at it the way andy
does right with first of all

1936
00:46:56,469 –> 00:46:56,490
[andy_panko]: m

1937
00:46:56,487 –> 00:46:56,708
[ramsey_d_smith]: with

1938
00:46:57,245 –> 00:46:57,265
[bruno_caron]: m

1939
00:46:57,268 –> 00:46:58,591
[ramsey_d_smith]: sort of a know i brought her

1940
00:46:58,519 –> 00:46:58,680
[bruno_caron]: right

1941
00:46:58,671 –> 00:46:59,252
[ramsey_d_smith]: background

1942
00:47:00,515 –> 00:47:01,020
[bruno_caron]: oh

1943
00:47:01,234 –> 00:47:03,437
[ramsey_d_smith]: the right and center of structure around
flat fees

1944
00:47:03,755 –> 00:47:04,082
[bruno_caron]: oh

1945
00:47:04,399 –> 00:47:05,060
[ramsey_d_smith]: um and

1946
00:47:05,116 –> 00:47:05,380
[paul_tyler]: my

1947
00:47:05,120 –> 00:47:07,464
[ramsey_d_smith]: then sort of a clear understanding of
like

1948
00:47:07,355 –> 00:47:07,375
[bruno_caron]: m

1949
00:47:07,965 –> 00:47:10,749
[ramsey_d_smith]: where the real value ad is your
comment earlier about

1950
00:47:10,535 –> 00:47:10,737
[bruno_caron]: yeah

1951
00:47:11,090 –> 00:47:13,714
[ramsey_d_smith]: getting paid one per cent a year
for just proved ing bata

1952
00:47:13,916 –> 00:47:13,977
[bruno_caron]: m

1953
00:47:14,235 –> 00:47:14,355
[ramsey_d_smith]: right

1954
00:47:14,370 –> 00:47:14,532
[andy_panko]: yeah

1955
00:47:14,395 –> 00:47:14,855
[ramsey_d_smith]: bata comes

1956
00:47:14,804 –> 00:47:14,825
[bruno_caron]: m

1957
00:47:14,915 –> 00:47:16,337
[ramsey_d_smith]: for for free or very

1958
00:47:16,331 –> 00:47:16,475
[andy_panko]: yeah

1959
00:47:16,437 –> 00:47:18,098
[ramsey_d_smith]: close to it should it should you
can

1960
00:47:18,050 –> 00:47:18,192
[andy_panko]: yeah

1961
00:47:18,138 –> 00:47:18,979
[ramsey_d_smith]: get it for four basis

1962
00:47:18,845 –> 00:47:19,685
[bruno_caron]: my

1963
00:47:19,019 –> 00:47:21,542
[ramsey_d_smith]: points a vanguard right so the

1964
00:47:21,575 –> 00:47:21,837
[bruno_caron]: yeah

1965
00:47:22,062 –> 00:47:25,537
[ramsey_d_smith]: but all the rest of it right
the tax decisions

1966
00:47:25,145 –> 00:47:25,165
[bruno_caron]: m

1967
00:47:27,160 –> 00:47:30,806
[ramsey_d_smith]: all the other sort of all of
their planning work that you talk about that’s

1968
00:47:30,846 –> 00:47:30,966
[ramsey_d_smith]: where

1969
00:47:30,911 –> 00:47:31,093
[andy_panko]: yeah

1970
00:47:31,006 –> 00:47:32,028
[ramsey_d_smith]: the real value ad is

1971
00:47:32,796 –> 00:47:32,920
[andy_panko]: eh

1972
00:47:32,809 –> 00:47:33,631
[ramsey_d_smith]: and so clarity

1973
00:47:33,284 –> 00:47:33,305
[bruno_caron]: m

1974
00:47:33,350 –> 00:47:33,491
[andy_panko]: yeah

1975
00:47:33,771 –> 00:47:35,715
[ramsey_d_smith]: on that making sure geting paid for
that i think i think

1976
00:47:35,945 –> 00:47:36,248
[bruno_caron]: oh

1977
00:47:36,758 –> 00:47:39,385
[ramsey_d_smith]: i hope that that is the that

1978
00:47:39,425 –> 00:47:39,709
[bruno_caron]: oh

1979
00:47:39,466 –> 00:47:41,050
[ramsey_d_smith]: is the future of what of what
this

1980
00:47:41,040 –> 00:47:41,322
[andy_panko]: oh

1981
00:47:41,131 –> 00:47:42,541
[ramsey_d_smith]: industry looks like

1982
00:47:43,067 –> 00:47:43,107
[bruno_caron]: m

1983
00:47:43,320 –> 00:47:43,641
[andy_panko]: it seems

1984
00:47:43,586 –> 00:47:43,729
[paul_tyler]: yeah

1985
00:47:43,721 –> 00:47:44,382
[andy_panko]: clear the industry is

1986
00:47:44,414 –> 00:47:44,435
[bruno_caron]: m

1987
00:47:44,422 –> 00:47:46,187
[andy_panko]: going more towards planning and

1988
00:47:46,475 –> 00:47:47,045
[bruno_caron]: oh

1989
00:47:46,527 –> 00:47:47,149
[andy_panko]: away from just

1990
00:47:47,173 –> 00:47:47,194
[ramsey_d_smith]: m

1991
00:47:47,189 –> 00:47:49,795
[andy_panko]: investment management because that’s become cheap easy
and commoditized

1992
00:47:49,835 –> 00:47:50,855
[bruno_caron]: oh

1993
00:47:49,835 –> 00:47:51,398
[andy_panko]: to do and do well but

1994
00:47:51,754 –> 00:47:52,018
[ramsey_d_smith]: oh

1995
00:47:52,030 –> 00:47:55,776
[andy_panko]: just one sort of final thought from
me is i don’t i can’t stand when

1996
00:47:55,856 –> 00:47:56,277
[andy_panko]: advisors

1997
00:47:56,015 –> 00:47:56,035
[bruno_caron]: m

1998
00:47:56,357 –> 00:47:59,222
[andy_panko]: say my value is going to be
at least x dollars or my value

1999
00:47:59,255 –> 00:47:59,661
[bruno_caron]: oh

2000
00:47:59,262 –> 00:48:02,227
[andy_panko]: will be at least double my fee
and plying you quantify

2001
00:48:02,255 –> 00:48:02,497
[bruno_caron]: oh

2002
00:48:02,287 –> 00:48:03,529
[andy_panko]: your value you can’t

2003
00:48:03,556 –> 00:48:04,156
[paul_tyler]: yeah

2004
00:48:03,910 –> 00:48:04,371
[andy_panko]: for example

2005
00:48:04,955 –> 00:48:04,975
[bruno_caron]: m

2006
00:48:05,092 –> 00:48:06,174
[andy_panko]: claiming social security

2007
00:48:06,404 –> 00:48:06,425
[bruno_caron]: m

2008
00:48:07,176 –> 00:48:08,499
[andy_panko]: tremendous amount of value

2009
00:48:08,547 –> 00:48:08,567
[bruno_caron]: m

2010
00:48:08,759 –> 00:48:10,863
[andy_panko]: and helping someone get that decision right

2011
00:48:11,495 –> 00:48:11,716
[bruno_caron]: yeah

2012
00:48:11,545 –> 00:48:15,532
[andy_panko]: for them based on what you know
at the time but you don’t know until

2013
00:48:15,592 –> 00:48:16,133
[andy_panko]: years after

2014
00:48:15,935 –> 00:48:16,805
[bruno_caron]: my

2015
00:48:16,173 –> 00:48:19,258
[andy_panko]: the fact was ultimate the right decision
so for example

2016
00:48:18,935 –> 00:48:18,955
[bruno_caron]: m

2017
00:48:19,148 –> 00:48:19,168
[paul_tyler]: a

2018
00:48:19,439 –> 00:48:21,622
[andy_panko]: if i work with a single person
anticipated

2019
00:48:21,604 –> 00:48:21,885
[ramsey_d_smith]: yeah

2020
00:48:21,642 –> 00:48:22,283
[andy_panko]: to live till ninety

2021
00:48:22,055 –> 00:48:22,296
[bruno_caron]: oh

2022
00:48:23,626 –> 00:48:24,607
[andy_panko]: the answer is going to probably

2023
00:48:24,635 –> 00:48:24,655
[bruno_caron]: m

2024
00:48:24,647 –> 00:48:28,138
[andy_panko]: be delay or social security to seven
um you

2025
00:48:28,114 –> 00:48:28,315
[ramsey_d_smith]: oh

2026
00:48:28,178 –> 00:48:28,760
[andy_panko]: know what if she dies

2027
00:48:28,745 –> 00:48:29,130
[bruno_caron]: oh

2028
00:48:28,820 –> 00:48:31,930
[andy_panko]: at sixty a hit by truck out
of the blue she’s

2029
00:48:31,865 –> 00:48:32,167
[bruno_caron]: oh

2030
00:48:32,190 –> 00:48:36,077
[andy_panko]: financially worse off because she would have
spent down a lot more assets in delaying

2031
00:48:35,864 –> 00:48:35,885
[bruno_caron]: m

2032
00:48:36,117 –> 00:48:36,898
[andy_panko]: social security

2033
00:48:37,775 –> 00:48:37,795
[bruno_caron]: m

2034
00:48:37,920 –> 00:48:38,942
[andy_panko]: less goes to her kids

2035
00:48:38,894 –> 00:48:38,915
[bruno_caron]: m

2036
00:48:39,002 –> 00:48:41,346
[andy_panko]: or her charity or her whatever so
in hindsight

2037
00:48:41,315 –> 00:48:42,335
[bruno_caron]: oh

2038
00:48:41,726 –> 00:48:44,631
[andy_panko]: that decision costs that client potentially ten
thousands of dollars

2039
00:48:44,465 –> 00:48:44,485
[bruno_caron]: m

2040
00:48:44,751 –> 00:48:45,653
[andy_panko]: of social security

2041
00:48:45,604 –> 00:48:45,926
[ramsey_d_smith]: oh

2042
00:48:45,734 –> 00:48:45,755
[bruno_caron]: m

2043
00:48:46,855 –> 00:48:46,955
[andy_panko]: that

2044
00:48:46,895 –> 00:48:47,180
[bruno_caron]: oh

2045
00:48:46,995 –> 00:48:50,761
[andy_panko]: doesn’t mean i didn’t add value it
was the right decision at the time but

2046
00:48:50,862 –> 00:48:51,062
[andy_panko]: let’s

2047
00:48:51,035 –> 00:48:51,055
[bruno_caron]: m

2048
00:48:51,162 –> 00:48:53,205
[andy_panko]: not pretend we can quantify the value

2049
00:48:53,045 –> 00:48:53,350
[bruno_caron]: oh

2050
00:48:53,446 –> 00:48:56,311
[andy_panko]: in these more abstract the things

2051
00:48:56,405 –> 00:48:56,425
[bruno_caron]: m

2052
00:48:56,471 –> 00:48:57,673
[andy_panko]: like financial planning

2053
00:48:57,494 –> 00:48:57,515
[bruno_caron]: m

2054
00:48:57,773 –> 00:48:59,917
[andy_panko]: like decision making like the comfort we
provide

2055
00:48:59,555 –> 00:48:59,575
[bruno_caron]: m

2056
00:48:59,977 –> 00:49:03,362
[andy_panko]: and helping someone sleep better at night
you can’t

2057
00:49:03,155 –> 00:49:03,377
[bruno_caron]: yeah

2058
00:49:03,623 –> 00:49:06,107
[andy_panko]: so let’s get off this thing that
percent of assets is

2059
00:49:06,124 –> 00:49:06,372
[ramsey_d_smith]: oh

2060
00:49:06,147 –> 00:49:07,650
[andy_panko]: the way to determine value it’s just

2061
00:49:07,594 –> 00:49:07,815
[ramsey_d_smith]: oh

2062
00:49:07,730 –> 00:49:12,924
[andy_panko]: it’s so not flat fee is not
even knowing i can’t qualify the value and

2063
00:49:12,984 –> 00:49:16,410
[andy_panko]: people perceive value differently i can do
the same thing for client avers client b

2064
00:49:16,657 –> 00:49:16,739
[bruno_caron]: ah

2065
00:49:16,970 –> 00:49:20,136
[andy_panko]: client b may think it’s the best
thing ever client maybe like a whatever

2066
00:49:19,985 –> 00:49:20,212
[bruno_caron]: yeah

2067
00:49:20,857 –> 00:49:22,981
[andy_panko]: um so how do i tempt to
charge

2068
00:49:22,775 –> 00:49:22,795
[bruno_caron]: m

2069
00:49:23,041 –> 00:49:27,768
[andy_panko]: on value you can’t so charge on
what you do know hour spent resources provided

2070
00:49:27,929 –> 00:49:29,071
[andy_panko]: level of experts needed

2071
00:49:29,015 –> 00:49:29,035
[bruno_caron]: m

2072
00:49:29,411 –> 00:49:32,276
[andy_panko]: et cetera et cetera that’s why i
think this fee structure makes sense that’s why

2073
00:49:32,255 –> 00:49:32,499
[bruno_caron]: yes

2074
00:49:32,396 –> 00:49:34,259
[andy_panko]: i think it’s the fee structure of
the future

2075
00:49:34,024 –> 00:49:34,287
[ramsey_d_smith]: yeah

2076
00:49:34,941 –> 00:49:35,422
[andy_panko]: hence maybe

2077
00:49:35,435 –> 00:49:35,455
[bruno_caron]: m

2078
00:49:35,462 –> 00:49:37,366
[andy_panko]: i can help you future prove your
practice but that may

2079
00:49:37,417 –> 00:49:37,438
[paul_tyler]: i

2080
00:49:37,426 –> 00:49:38,488
[andy_panko]: be too bold of a statement to
say

2081
00:49:38,825 –> 00:49:39,086
[bruno_caron]: yeah

2082
00:49:39,596 –> 00:49:40,918
[paul_tyler]: this is great this is

2083
00:49:41,411 –> 00:49:41,493
[bruno_caron]: ah

2084
00:49:41,419 –> 00:49:44,705
[paul_tyler]: andy so how do people find your
facebook

2085
00:49:44,375 –> 00:49:44,636
[bruno_caron]: oh

2086
00:49:44,825 –> 00:49:46,208
[paul_tyler]: group your youtubechannel

2087
00:49:45,390 –> 00:49:45,691
[andy_panko]: oh

2088
00:49:47,089 –> 00:49:47,670
[paul_tyler]: your site

2089
00:49:47,795 –> 00:49:47,815
[bruno_caron]: m

2090
00:49:47,851 –> 00:49:47,951
[paul_tyler]: or

2091
00:49:47,944 –> 00:49:48,232
[ramsey_d_smith]: yah

2092
00:49:48,492 –> 00:49:48,752
[paul_tyler]: follow

2093
00:49:49,244 –> 00:49:49,265
[bruno_caron]: m

2094
00:49:49,333 –> 00:49:49,834
[paul_tyler]: your writings

2095
00:49:51,311 –> 00:49:51,832
[andy_panko]: best way

2096
00:49:51,695 –> 00:49:51,976
[bruno_caron]: oh

2097
00:49:51,972 –> 00:49:55,958
[andy_panko]: probably is just go to my business
website ten in financial dot com that’s t

2098
00:49:55,955 –> 00:49:56,196
[bruno_caron]: oh

2099
00:49:56,459 –> 00:49:59,504
[andy_panko]: n o n financial dot com i
have a free resources

2100
00:49:59,315 –> 00:50:00,335
[bruno_caron]: oh

2101
00:49:59,584 –> 00:50:02,449
[andy_panko]: section that has links to all my
social spots

2102
00:50:02,909 –> 00:50:02,950
[bruno_caron]: m

2103
00:50:03,050 –> 00:50:03,992
[andy_panko]: plus a bunch of other free

2104
00:50:03,884 –> 00:50:03,905
[bruno_caron]: m

2105
00:50:04,072 –> 00:50:06,656
[andy_panko]: handouts i made there’s no lead captures
clicking at downloads

2106
00:50:06,485 –> 00:50:06,707
[bruno_caron]: yeah

2107
00:50:06,676 –> 00:50:09,661
[andy_panko]: you don’t have to give your name
or email all sorts of fun stuff there

2108
00:50:09,781 –> 00:50:09,882
[andy_panko]: for

2109
00:50:09,815 –> 00:50:10,057
[bruno_caron]: yeah

2110
00:50:09,922 –> 00:50:12,766
[andy_panko]: advisors alike you know not just clients
but advisors alike can get a lot of

2111
00:50:12,867 –> 00:50:13,087
[andy_panko]: a lot of

2112
00:50:13,115 –> 00:50:13,337
[bruno_caron]: oh

2113
00:50:13,127 –> 00:50:14,850
[andy_panko]: value out of it so there you
go

2114
00:50:15,726 –> 00:50:18,110
[paul_tyler]: awesome all right hey thanks so much
ramsey

2115
00:50:17,970 –> 00:50:18,171
[andy_panko]: oh

2116
00:50:18,310 –> 00:50:19,853
[paul_tyler]: bruno andy and

2117
00:50:19,905 –> 00:50:20,086
[bruno_caron]: thank

2118
00:50:20,068 –> 00:50:20,190
[andy_panko]: yeah

2119
00:50:20,073 –> 00:50:20,233
[paul_tyler]: thanks

2120
00:50:20,146 –> 00:50:20,287
[bruno_caron]: you

2121
00:50:20,271 –> 00:50:20,433
[andy_panko]: cool

2122
00:50:20,524 –> 00:50:20,707
[ramsey_d_smith]: thank

2123
00:50:20,714 –> 00:50:20,874
[paul_tyler]: thanks

2124
00:50:20,768 –> 00:50:20,889
[ramsey_d_smith]: you

2125
00:50:21,455 –> 00:50:23,218
[paul_tyler]: hey thanks for all our listeners give
us feedback

2126
00:50:22,955 –> 00:50:23,500
[bruno_caron]: oh

2127
00:50:23,359 –> 00:50:25,182
[paul_tyler]: tell us who we should have on
and and

2128
00:50:25,170 –> 00:50:25,800
[andy_panko]: yeah

2129
00:50:26,075 –> 00:50:26,358
[bruno_caron]: oh

2130
00:50:26,303 –> 00:50:28,369
[paul_tyler]: give us question so thank and join

2131
00:50:28,350 –> 00:50:28,553
[andy_panko]: oh

2132
00:50:28,429 –> 00:50:30,177
[paul_tyler]: us again next week for another episode

2133
00:50:29,804 –> 00:50:29,825
[bruno_caron]: m

2134
00:50:30,318 –> 00:50:31,583
[paul_tyler]: of that annuity show

2135
00:50:31,955 –> 00:50:32,238
[bruno_caron]: oh

2136
00:50:32,826 –> 00:50:33,159
[andy_panko]: thank you all

Episode 164: You Can’t Solve Risk By Adding More Risk with David Macchia

September 23, 2022 2022, David Macchia, Podcast, Retirement No comments

Rising inflation and rising rates have created a challenging environment for retirees. At the same time, our industry is poised to offer significant protection. Today, we cover the waterfront with David Macchia, Founder & CEO of Wealth2k. We also talk about David’s project to deliver free financial planning services for underserved communities.

Links mentioned:

https://www.linkedin.com/in/macchia/

https://www.project6000minutes.com/

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Episode Transcript

1
00:00:01,703 –> 00:00:03,610
[paul_tyler]: this is paul tyler and welcome

2
00:00:03,510 –> 00:00:03,792
[david_macchia]: oh

3
00:00:03,831 –> 00:00:07,707
[paul_tyler]: to another episode that annuity show ramsey
harry you

4
00:00:08,797 –> 00:00:10,762
[ramsey_d_smith]: fantastic always glad to be here

5
00:00:11,470 –> 00:00:17,997
[paul_tyler]: yeah well it’s we’ve had some interesting
interesting month coming up i mean actually can

6
00:00:18,017 –> 00:00:19,698
[paul_tyler]: be out at shortt connect

7
00:00:19,805 –> 00:00:20,208
[ramsey_d_smith]: oh

8
00:00:21,470 –> 00:00:22,752
[paul_tyler]: there’s some interesting overlap

9
00:00:22,325 –> 00:00:22,587
[ramsey_d_smith]: oh

10
00:00:22,832 –> 00:00:24,235
[paul_tyler]: with some of the people we’ve

11
00:00:24,125 –> 00:00:24,145
[ramsey_d_smith]: m

12
00:00:24,395 –> 00:00:29,684
[paul_tyler]: had on this show and some of
the people who participate in retire tech

13
00:00:29,525 –> 00:00:29,807
[ramsey_d_smith]: oh

14
00:00:30,485 –> 00:00:30,826
[paul_tyler]: event

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[ramsey_d_smith]: ah

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[paul_tyler]: so i’m

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[ramsey_d_smith]: yeah

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[paul_tyler]: looking forward to seeing smal friends meeting
some new men which we have an old

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[ramsey_d_smith]: m

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[paul_tyler]: friend now an old

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[ramsey_d_smith]: yeah

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[paul_tyler]: friend back on our program today

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[ramsey_d_smith]: oh

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[paul_tyler]: rams you want to do the introductions

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[ramsey_d_smith]: absolutely

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[paul_tyler]: oh

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[ramsey_d_smith]: we’re very lucky to have

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[paul_tyler]: oh

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[ramsey_d_smith]: david mark rejoin us to talk about
some of the things that he’s been doing

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[ramsey_d_smith]: in the in the few months since
the last time we had on the show

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[ramsey_d_smith]: m david for those of you don’t
know is the founder and co of wealth

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[ramsey_d_smith]: to k he’s also a very prolific
and passionate writer about about many and all

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[ramsey_d_smith]: things retirement income you know built particularly
around the concept of a constrained investor which

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[ramsey_d_smith]: is something we talked about on his
on his

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[paul_tyler]: yeah

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[ramsey_d_smith]: last visit here in addition to that

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[paul_tyler]: yeah

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[ramsey_d_smith]: he is launched a new product

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[paul_tyler]: yeah

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[ramsey_d_smith]: you should say a new project rather
that he’s going to

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[paul_tyler]: oh

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[ramsey_d_smith]: share the outlines with us on today
which is called project six thousand minutes a

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[ramsey_d_smith]: really very interesting initiative so with that
welcome back to the show david and we

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[ramsey_d_smith]: look forward to our chat today so
tell us

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[david_macchia]: yeah

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[ramsey_d_smith]: what are some of the key things
you’re focusing on lately

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[david_macchia]: ah

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[paul_tyler]: yeah

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[david_macchia]: first of all thank you ramsey and
thank you paul

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[ramsey_d_smith]: oh

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[paul_tyler]: yeah

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[david_macchia]: for having me back i very much
enjoyed being with you

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[ramsey_d_smith]: oh

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[david_macchia]: so you mentioned project six thousand minutes
and over the last several months this is

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[david_macchia]: something

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[ramsey_d_smith]: m

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[david_macchia]: that’s been very much on top of
my agenda it’s forming just now but

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[ramsey_d_smith]: m

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[david_macchia]: give folks an outline of what it
is those of us who’ve been blessed with

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[david_macchia]: advantages and

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[paul_tyler]: yah

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[david_macchia]: have done you know well

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[paul_tyler]: yeah

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[david_macchia]: financially you think about at some point
in your life giving back and you know

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[david_macchia]: my belief about giving back is that
one of the greatest gifts one can give

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[david_macchia]: is education education is the way for
because i think to elevate themselves in my

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[david_macchia]: own

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[paul_tyler]: yeah

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[david_macchia]: life i can point to education as
being instrumental

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[paul_tyler]: yeah

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[david_macchia]: in helping me you know elevate where
i was and when i started to where

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[david_macchia]: i became over time and the idea
of project six thousand minutes is a way

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[david_macchia]: for people to help contribute to building
a more equitable society specifically project six thousand

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[paul_tyler]: oh

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[david_macchia]: minutes aims to deliver free financial education

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[paul_tyler]: oh

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[david_macchia]: to women from undeserved communities black women
hispanic women latina women and other

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[paul_tyler]: okay

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[david_macchia]: women from undeserved communities who need basic
financial education well you say well how would

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[david_macchia]: that happen how does that actually play
out

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[ramsey_d_smith]: yeah

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[david_macchia]: well think of this the financial advisor
community collectively possesses a level

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[ramsey_d_smith]: oh

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[david_macchia]: of wisdom that’s unmatched

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[paul_tyler]: yeah

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[david_macchia]: so the idea of project six thousand
minutes as advisors would donate two hours per

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[david_macchia]: week of their time

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[ramsey_d_smith]: oh

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[david_macchia]: to deliver education in their local communities
in any number of

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[ramsey_d_smith]: yes

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[david_macchia]: venus to profit organization s places of
worships community centers or

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[ramsey_d_smith]: ye

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[david_macchia]: online or online and by doing that
we can leverage the financial advisor community in

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[david_macchia]: a way that will help really build
a more the bow and stronger society the

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[david_macchia]: name project six thousand minutes

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[paul_tyler]: oh

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[david_macchia]: comes from the idea that

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[paul_tyler]: my

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[david_macchia]: if an advisor

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[ramsey_d_smith]: m

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[david_macchia]: devotes two hours per week over the
cost of fifty weeks that’s six thousand minutes

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[ramsey_d_smith]: oh

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[david_macchia]: so i think you know if

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[ramsey_d_smith]: yeah

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[david_macchia]: we are able to get this off
the ground successfully and have a large number

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[david_macchia]: of financial advisors

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[paul_tyler]: oh

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[ramsey_d_smith]: m

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[david_macchia]: deliver education we will change people’s lives

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[paul_tyler]: yeah

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[david_macchia]: to some extent and i think it
will also become

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[ramsey_d_smith]: oh

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[david_macchia]: a way to educate women who some
of whom will say you know

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[ramsey_d_smith]: yes

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[david_macchia]: i love this topic i love learning
about financial issues perhaps i’ll pursue a career

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[david_macchia]: as a financial advisor and of course

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[paul_tyler]: yeah

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[david_macchia]: you know we need to have women
um

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[ramsey_d_smith]: oh

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[david_macchia]: you know in the ranks of the
financial advisor community and we specifically

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[ramsey_d_smith]: m

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[david_macchia]: need to have more minority women in
the ranks of financial advisor community

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[ramsey_d_smith]: m

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[david_macchia]: perhaps this and become a pipeline to
you know try to address that long standing

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[david_macchia]: aspiration we need support we need support
of financial advisors we need support of sponsors

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[david_macchia]: at the corporate level

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[ramsey_d_smith]: oh

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[david_macchia]: anyone can learn about this initiative

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[ramsey_d_smith]: yea

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[david_macchia]: at the website project

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[ramsey_d_smith]: oh

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[david_macchia]: six thousand minutes dot com

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[ramsey_d_smith]: ye

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[david_macchia]: i’ll help you visit

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[ramsey_d_smith]: oh

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[david_macchia]: it and i help you learn and
i help you think about contributing to this

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah

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[david_macchia]: and thanks for giving me an opportunity
to talk about

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[ramsey_d_smith]: yeah

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[david_macchia]: it

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[paul_tyler]: yeah and just just

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[david_macchia]: oh

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[paul_tyler]: is i think it’s fabulous idea you
know now i will say i one of

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[paul_tyler]: my

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[david_macchia]: m

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[paul_tyler]: strange you know one of my

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[david_macchia]: m

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[paul_tyler]: simons had a prim

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[david_macchia]: oh

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[paul_tyler]: prior company was run reliance

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[ramsey_d_smith]: yeah

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[paul_tyler]: right so i’ve learned to put my
compliant

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[ramsey_d_smith]: oh

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[paul_tyler]: healthy

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[david_macchia]: oh

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[paul_tyler]: skeptical hat on here so dave how

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[ramsey_d_smith]: oh

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[paul_tyler]: how do you know you’re in the
design phase

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[ramsey_d_smith]: oh

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[paul_tyler]: of this how do you keep this
from being like a legion

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[ramsey_d_smith]: right

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[paul_tyler]: opportunity and it’s us

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[ramsey_d_smith]: yeah

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[paul_tyler]: and rather keep it

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[ramsey_d_smith]: yeah

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[paul_tyler]: as a give back to a community

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[ramsey_d_smith]: oh

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[paul_tyler]: you know wat are the so are
you selecting agents you know what’s the how

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[paul_tyler]: do you kind of put guard rails
up on this

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[david_macchia]: it’s a great

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[paul_tyler]: oh

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[david_macchia]: question and i’m not sure i have
a perfect

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[ramsey_d_smith]: yes

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[david_macchia]: answer yet

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[ramsey_d_smith]: oh

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[david_macchia]: i think the people who will

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[ramsey_d_smith]: ye

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[david_macchia]: respond to this those who genuinely want
to get back by don’t

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[ramsey_d_smith]: oh

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[david_macchia]: in some of their time and some
of their brain power to

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[ramsey_d_smith]: yes

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[david_macchia]: people who can benefit

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[ramsey_d_smith]: yeah

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[david_macchia]: from it

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[ramsey_d_smith]: yeah

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[david_macchia]: i never really conceived of

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[ramsey_d_smith]: m

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[david_macchia]: it as as anything other than that
paul

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[paul_tyler]: yeah

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[david_macchia]: and i don’t

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[ramsey_d_smith]: oh

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[david_macchia]: think it will be you know we
want to

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[ramsey_d_smith]: oh

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[david_macchia]: form this in a non profit structure
we wanted to be you know clean

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[ramsey_d_smith]: m

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[david_macchia]: and proper

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[ramsey_d_smith]: yeah

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[david_macchia]: and appropriate and devoted to its mission
and only its mission so i mean it

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[ramsey_d_smith]: oh

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[david_macchia]: wouldn’t be good to have it stray
into into anything

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[ramsey_d_smith]: yeah

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[david_macchia]: that becomes more commercial let’s put it
that way

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[ramsey_d_smith]: so interestingly i mean in some ways
i want to take the

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[david_macchia]: oh

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[ramsey_d_smith]: other side of your point paul

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[david_macchia]: hm

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[paul_tyler]: yeah

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[ramsey_d_smith]: right

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[david_macchia]: i

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[ramsey_d_smith]: um i think that that one of
the one of the challenges in financial advice

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[ramsey_d_smith]: is is that there there still is
a large part of the population that isn’t

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[ramsey_d_smith]: covered part of it reason it’s not
covered is a lack of understanding part of

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[ramsey_d_smith]: it’s a lack of trust

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[paul_tyler]: yeah

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[ramsey_d_smith]: and in my mind you know an
initiative like this you know allows more people

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[ramsey_d_smith]: to understand one what they need to
do in their personal finances and two quite

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[ramsey_d_smith]: importantly kind of bifricate what part of
this can i handle myself versus o things

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[ramsey_d_smith]: that i might actually seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: advice on so in my view like
you know if if this sort of lives

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[ramsey_d_smith]: out to it to its its full
potential you end up creating more potent clients

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[ramsey_d_smith]: down the road maybe not this year
but maybe maybe those people are clients ten

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[ramsey_d_smith]: years down the road for the right
for the broader community

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[david_macchia]: oh

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[ramsey_d_smith]: and you you ultimately end up potentially
cultivating

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[david_macchia]: yeah

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[ramsey_d_smith]: some some new advisors down the road

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[paul_tyler]: oh

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[ramsey_d_smith]: um one other point that i’ll put

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[paul_tyler]: yeah

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[ramsey_d_smith]: on it

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[david_macchia]: oh

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[ramsey_d_smith]: is that actually think one of things
that it is often underestimated about the value

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[ramsey_d_smith]: of non profit work is it you
know put you in a position to work

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[ramsey_d_smith]: with people on something about which they’re
very passionate so the people like so so

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[david_macchia]: hm

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[ramsey_d_smith]: david you’re going to pursue this an
you’re going to end up working with other

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[ramsey_d_smith]: people on this and

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[david_macchia]: oh

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[ramsey_d_smith]: and my sense is your on get
to know

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[david_macchia]: yeah

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[ramsey_d_smith]: those people and there will be now
work opportunities there as well that you know

246
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[ramsey_d_smith]: create other energies so

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[paul_tyler]: yeah

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[ramsey_d_smith]: i think this is a fantastic idea
who knows like what you know how all

249
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[paul_tyler]: oh

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[ramsey_d_smith]: those things will come out but i
actually think that

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[paul_tyler]: yeah

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[ramsey_d_smith]: think it it can and end up
being commercial in a good way over the

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[ramsey_d_smith]: long term in a way

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[david_macchia]: yeah

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[ramsey_d_smith]: that’s beneficial to everybody

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[paul_tyler]: yeah no

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[david_macchia]: all right

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[paul_tyler]: listen david we talked about this a
little bit i’m not

259
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[david_macchia]: m

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[paul_tyler]: sure if you could hear me

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[ramsey_d_smith]: oh

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[paul_tyler]: on

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[david_macchia]: m

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[paul_tyler]: the phone but i think it’s a
great idea if i were had

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[ramsey_d_smith]: yeah

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[paul_tyler]: an agency or a

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[ramsey_d_smith]: oh

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[paul_tyler]: firm in a community would speak right
way give back with resources give my skills

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[paul_tyler]: back to the community

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[ramsey_d_smith]: m

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[paul_tyler]: and your ram

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[ramsey_d_smith]: m

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[paul_tyler]: right done properly it probably does generate
a lot furls it probably engenders david is

274
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[paul_tyler]: probably one of the best brand building
things i could do in a community

275
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[david_macchia]: i think

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[paul_tyler]: oh

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[david_macchia]: that’s right i think i agree with
both of you i think it reflects

278
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[ramsey_d_smith]: m

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[david_macchia]: positively on the advisor who’s donating

280
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[paul_tyler]: yeah

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[david_macchia]: time and trying to make a contribution

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[ramsey_d_smith]: m

283
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[david_macchia]: to his or her community

284
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[paul_tyler]: yeah

285
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[david_macchia]: you know that’s absolutely true i can’t
i can’t disagree with that at all i

286
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[david_macchia]: think you’re absolutely right about it and
i’m excited and i

287
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[ramsey_d_smith]: yeah

288
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[david_macchia]: i hope like i said i hope
folks will

289
00:08:51,300 –> 00:08:52,050
[paul_tyler]: oh

290
00:08:51,483 –> 00:08:53,867
[david_macchia]: go to the website and i hope
we can enlist

291
00:08:53,823 –> 00:08:54,006
[paul_tyler]: yeah

292
00:08:54,227 –> 00:08:54,928
[david_macchia]: some sponsors

293
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[paul_tyler]: oh

294
00:08:55,069 –> 00:08:58,214
[david_macchia]: from the corporal level i don’t think
this can work without corporate participation

295
00:08:58,701 –> 00:08:58,966
[paul_tyler]: agree

296
00:08:59,376 –> 00:09:05,226
[david_macchia]: because the financial advisors contribution that doesn’t
need to be and shouldn’t be direct

297
00:09:05,015 –> 00:09:05,705
[ramsey_d_smith]: oh

298
00:09:06,087 –> 00:09:07,229
[david_macchia]: cash contributions it

299
00:09:07,205 –> 00:09:07,246
[ramsey_d_smith]: ye

300
00:09:07,269 –> 00:09:09,933
[david_macchia]: should be in time and and the
conveyance

301
00:09:09,616 –> 00:09:09,779
[ramsey_d_smith]: yeah

302
00:09:10,033 –> 00:09:11,054
[david_macchia]: of his or her wisdom

303
00:09:10,830 –> 00:09:11,132
[paul_tyler]: oh

304
00:09:11,795 –> 00:09:14,398
[david_macchia]: that’s that’s really the gold standard contribution
here

305
00:09:14,290 –> 00:09:17,416
[paul_tyler]: yeah ramsey i think of you know
wendy cops

306
00:09:17,924 –> 00:09:17,945
[ramsey_d_smith]: m

307
00:09:18,217 –> 00:09:19,058
[paul_tyler]: teacher for america

308
00:09:20,055 –> 00:09:20,216
[ramsey_d_smith]: yeah

309
00:09:20,100 –> 00:09:20,910
[david_macchia]: yeah

310
00:09:20,490 –> 00:09:21,953
[paul_tyler]: project right that

311
00:09:21,983 –> 00:09:22,123
[ramsey_d_smith]: yeah

312
00:09:21,993 –> 00:09:23,456
[paul_tyler]: was a senior thesis you

313
00:09:23,430 –> 00:09:23,773
[david_macchia]: oh

314
00:09:23,496 –> 00:09:24,980
[paul_tyler]: know david to at

315
00:09:24,955 –> 00:09:25,076
[ramsey_d_smith]: yeah

316
00:09:25,500 –> 00:09:25,783
[david_macchia]: oh

317
00:09:26,242 –> 00:09:29,068
[paul_tyler]: that turned into like amazing organization

318
00:09:28,537 –> 00:09:28,722
[ramsey_d_smith]: yeah

319
00:09:28,569 –> 00:09:28,590
[david_macchia]: m

320
00:09:29,428 –> 00:09:30,065
[ramsey_d_smith]: yeah

321
00:09:30,090 –> 00:09:30,110
[david_macchia]: m

322
00:09:30,565 –> 00:09:32,749
[ramsey_d_smith]: used to sit in the same computer
room at school

323
00:09:32,580 –> 00:09:32,902
[paul_tyler]: oh

324
00:09:32,730 –> 00:09:32,750
[david_macchia]: m

325
00:09:33,310 –> 00:09:35,635
[ramsey_d_smith]: at the next computer she was writing
that senior thesis

326
00:09:35,921 –> 00:09:36,162
[paul_tyler]: really

327
00:09:36,336 –> 00:09:36,516
[ramsey_d_smith]: back

328
00:09:36,550 –> 00:09:36,650
[david_macchia]: wow

329
00:09:36,576 –> 00:09:37,859
[ramsey_d_smith]: and like the lady if you can
believe it

330
00:09:38,602 –> 00:09:40,264
[david_macchia]: wow amazing

331
00:09:40,590 –> 00:09:40,770
[paul_tyler]: yeah

332
00:09:41,165 –> 00:09:41,634
[ramsey_d_smith]: yeah

333
00:09:41,331 –> 00:09:42,552
[paul_tyler]: there’s a lot of power there you
know

334
00:09:42,545 –> 00:09:43,295
[ramsey_d_smith]: yeh

335
00:09:43,413 –> 00:09:44,895
[paul_tyler]: you know again i’m just

336
00:09:44,940 –> 00:09:44,960
[david_macchia]: m

337
00:09:45,977 –> 00:09:46,778
[paul_tyler]: like i’m one

338
00:09:46,800 –> 00:09:47,082
[david_macchia]: oh

339
00:09:46,818 –> 00:09:47,238
[paul_tyler]: of these people

340
00:09:47,255 –> 00:09:47,275
[ramsey_d_smith]: m

341
00:09:47,318 –> 00:09:50,221
[paul_tyler]: want to like take that take

342
00:09:50,135 –> 00:09:50,395
[ramsey_d_smith]: oh

343
00:09:50,261 –> 00:09:52,144
[paul_tyler]: the hammer out start building

344
00:09:51,960 –> 00:09:51,980
[david_macchia]: m

345
00:09:52,184 –> 00:09:55,207
[paul_tyler]: this stuff yeah i think i think
you definitely would need

346
00:09:55,119 –> 00:09:55,140
[david_macchia]: m

347
00:09:55,488 –> 00:09:57,981
[paul_tyler]: like a a large

348
00:09:57,990 –> 00:09:58,153
[david_macchia]: yeah

349
00:09:58,121 –> 00:10:06,655
[paul_tyler]: carrier with some probably some fairly tied
distribution captive is oxymoreon this business but we

350
00:10:06,796 –> 00:10:11,544
[paul_tyler]: use a lot right you need the
coverage because

351
00:10:11,615 –> 00:10:11,797
[ramsey_d_smith]: yeah

352
00:10:12,545 –> 00:10:12,906
[paul_tyler]: boy you

353
00:10:12,935 –> 00:10:14,015
[ramsey_d_smith]: oh

354
00:10:12,966 –> 00:10:17,674
[paul_tyler]: mean well but you’ve got you attorneys

355
00:10:17,345 –> 00:10:17,365
[ramsey_d_smith]: m

356
00:10:18,155 –> 00:10:20,619
[paul_tyler]: you know that who be very happy
to take some

357
00:10:20,534 –> 00:10:20,555
[ramsey_d_smith]: m

358
00:10:20,659 –> 00:10:24,706
[paul_tyler]: cases here so i think you have
to think that you know coverage right

359
00:10:26,220 –> 00:10:26,970
[david_macchia]: yeah

360
00:10:26,368 –> 00:10:28,973
[paul_tyler]: the program that i’m assuming this would
tie

361
00:10:29,100 –> 00:10:29,342
[david_macchia]: oh

362
00:10:29,133 –> 00:10:31,837
[paul_tyler]: in your your platform

363
00:10:31,835 –> 00:10:34,412
[ramsey_d_smith]: oh

364
00:10:31,898 –> 00:10:35,647
[paul_tyler]: would actually be a good name for
for an effort like this correct

365
00:10:35,825 –> 00:10:36,149
[ramsey_d_smith]: oh

366
00:10:36,611 –> 00:10:36,731
[david_macchia]: that

367
00:10:36,635 –> 00:10:36,775
[ramsey_d_smith]: oh

368
00:10:36,892 –> 00:10:39,977
[david_macchia]: that hadn’t been in my mind at
all i wasn’t looking for any

369
00:10:39,930 –> 00:10:40,131
[paul_tyler]: oh

370
00:10:40,037 –> 00:10:41,620
[david_macchia]: kind of ties directly

371
00:10:41,670 –> 00:10:41,811
[paul_tyler]: yeah

372
00:10:41,680 –> 00:10:45,987
[david_macchia]: to anything i’m doing another facets of
my life so i think one of one

373
00:10:46,047 –> 00:10:46,087
[david_macchia]: of

374
00:10:46,080 –> 00:10:46,362
[paul_tyler]: oh

375
00:10:46,347 –> 00:10:50,433
[david_macchia]: the great things here i said a
you know one of the things i’ve written

376
00:10:50,493 –> 00:10:54,780
[david_macchia]: about and you guys know this is
this the warring factions of financial services right

377
00:10:54,860 –> 00:10:56,122
[david_macchia]: the r a community that looks

378
00:10:56,105 –> 00:10:56,407
[ramsey_d_smith]: oh

379
00:10:56,182 –> 00:10:58,566
[david_macchia]: down to the insurance community the insurance
community that says you’re

380
00:10:58,500 –> 00:10:58,783
[paul_tyler]: oh

381
00:10:58,727 –> 00:10:59,628
[david_macchia]: hypocrites because

382
00:10:59,615 –> 00:10:59,996
[ramsey_d_smith]: yeah

383
00:11:00,229 –> 00:11:00,390
[david_macchia]: you’re

384
00:11:00,270 –> 00:11:04,740
[paul_tyler]: yeah

385
00:11:00,510 –> 00:11:01,751
[david_macchia]: pay structure actually is

386
00:11:01,744 –> 00:11:01,904
[ramsey_d_smith]: yeah

387
00:11:01,831 –> 00:11:03,372
[david_macchia]: more than my commission you know the

388
00:11:03,326 –> 00:11:03,487
[ramsey_d_smith]: yeah

389
00:11:03,493 –> 00:11:04,474
[david_macchia]: thing you have

390
00:11:04,385 –> 00:11:05,645
[ramsey_d_smith]: oh

391
00:11:04,514 –> 00:11:05,955
[david_macchia]: all these warring factions and it’s

392
00:11:05,880 –> 00:11:07,260
[paul_tyler]: oh

393
00:11:06,596 –> 00:11:12,838
[david_macchia]: and i said wouldn’t it be great
if there was something that everybody could galvanize

394
00:11:12,938 –> 00:11:19,882
[david_macchia]: around and contribute their competency to because
the truth of the matter is every facet

395
00:11:19,962 –> 00:11:27,046
[david_macchia]: of the advisor community has very specific
knowledge that’s valuable right and in constructing

396
00:11:26,564 –> 00:11:26,585
[ramsey_d_smith]: m

397
00:11:27,146 –> 00:11:27,627
[david_macchia]: someone’s

398
00:11:27,605 –> 00:11:28,445
[ramsey_d_smith]: yeah

399
00:11:28,389 –> 00:11:34,201
[david_macchia]: foundational life right in terms of finance
all of it matters it’s just not one

400
00:11:34,241 –> 00:11:35,223
[david_macchia]: perspective that matters

401
00:11:35,255 –> 00:11:35,399
[ramsey_d_smith]: ye

402
00:11:35,363 –> 00:11:37,887
[david_macchia]: all the perspectives matter and so my

403
00:11:37,925 –> 00:11:38,128
[ramsey_d_smith]: oh

404
00:11:38,068 –> 00:11:38,809
[david_macchia]: my hope is that

405
00:11:39,575 –> 00:11:39,937
[ramsey_d_smith]: oh

406
00:11:39,610 –> 00:11:43,837
[david_macchia]: no matter what area of financial services
you’re you’re from and no matter how you

407
00:11:43,877 –> 00:11:44,578
[david_macchia]: are regulated

408
00:11:44,315 –> 00:11:44,679
[ramsey_d_smith]: yeah

409
00:11:44,659 –> 00:11:48,608
[david_macchia]: and what you all yourself on your
business card you have a place to contribute

410
00:11:48,254 –> 00:11:48,275
[ramsey_d_smith]: m

411
00:11:48,648 –> 00:11:54,198
[david_macchia]: here and so i didn’t define any
platform or idea of how this should you

412
00:11:54,438 –> 00:11:58,485
[david_macchia]: play out what we will do is
we’ll create a curriculum

413
00:11:58,974 –> 00:11:59,015
[paul_tyler]: s

414
00:11:59,026 –> 00:12:03,855
[david_macchia]: you know that the people can run
with that that is addresses all the areas

415
00:12:03,895 –> 00:12:04,797
[david_macchia]: of finance that we need

416
00:12:04,694 –> 00:12:04,715
[ramsey_d_smith]: m

417
00:12:04,817 –> 00:12:05,518
[david_macchia]: to educate on

418
00:12:06,060 –> 00:12:06,810
[paul_tyler]: yeah

419
00:12:06,590 –> 00:12:07,314
[david_macchia]: that for sure will

420
00:12:07,175 –> 00:12:07,519
[ramsey_d_smith]: oh

421
00:12:07,354 –> 00:12:07,435
[david_macchia]: do

422
00:12:08,921 –> 00:12:09,101
[paul_tyler]: you know

423
00:12:09,125 –> 00:12:09,470
[ramsey_d_smith]: oh

424
00:12:09,181 –> 00:12:13,128
[paul_tyler]: m thinking back you know i’m sure
you have so mature boy harry stout’s book

425
00:12:13,248 –> 00:12:14,911
[paul_tyler]: you know the financial verse we had
harry

426
00:12:14,735 –> 00:12:14,996
[ramsey_d_smith]: yeah

427
00:12:14,971 –> 00:12:15,532
[paul_tyler]: stout on there

428
00:12:15,430 –> 00:12:15,572
[david_macchia]: yep

429
00:12:15,652 –> 00:12:15,792
[paul_tyler]: he’s

430
00:12:17,114 –> 00:12:17,135
[ramsey_d_smith]: m

431
00:12:17,141 –> 00:12:17,285
[david_macchia]: yep

432
00:12:17,495 –> 00:12:18,958
[paul_tyler]: you’ve got a good set of books

433
00:12:18,840 –> 00:12:18,860
[david_macchia]: m

434
00:12:19,038 –> 00:12:20,240
[paul_tyler]: there i’m sure so

435
00:12:20,504 –> 00:12:20,525
[ramsey_d_smith]: m

436
00:12:20,623 –> 00:12:21,227
[paul_tyler]: harry love the

437
00:12:21,200 –> 00:12:21,344
[david_macchia]: yep

438
00:12:21,267 –> 00:12:22,656
[paul_tyler]: cardinal with you on something like this

439
00:12:23,600 –> 00:12:24,483
[david_macchia]: yeah i like harry

440
00:12:24,365 –> 00:12:24,385
[ramsey_d_smith]: m

441
00:12:24,703 –> 00:12:25,746
[david_macchia]: i can talk to harry about it

442
00:12:25,740 –> 00:12:25,820
[paul_tyler]: ah

443
00:12:25,787 –> 00:12:26,128
[david_macchia]: for sure

444
00:12:26,761 –> 00:12:30,826
[paul_tyler]: so this is cool i think this
is great now david any way we can

445
00:12:30,886 –> 00:12:32,167
[paul_tyler]: help you know let us know

446
00:12:32,564 –> 00:12:32,585
[ramsey_d_smith]: m

447
00:12:34,440 –> 00:12:34,982
[david_macchia]: thank you polly

448
00:12:35,021 –> 00:12:36,243
[paul_tyler]: yeah i had a question

449
00:12:35,867 –> 00:12:36,464
[ramsey_d_smith]: and then what

450
00:12:36,624 –> 00:12:37,225
[paul_tyler]: on financial

451
00:12:37,175 –> 00:12:37,482
[ramsey_d_smith]: oh

452
00:12:37,505 –> 00:12:38,467
[paul_tyler]: you now what his financial

453
00:12:38,165 –> 00:12:38,407
[ramsey_d_smith]: yeah

454
00:12:38,527 –> 00:12:41,873
[paul_tyler]: literacy came in from from you know
writer

455
00:12:41,855 –> 00:12:42,120
[ramsey_d_smith]: oh

456
00:12:42,750 –> 00:12:43,013
[david_macchia]: oh

457
00:12:42,995 –> 00:12:45,859
[paul_tyler]: s a couple of days ago and
that was that was a hard question david

458
00:12:46,181 –> 00:12:48,150
[paul_tyler]: how what is financial literacy how do

459
00:12:48,185 –> 00:12:48,205
[ramsey_d_smith]: m

460
00:12:48,210 –> 00:12:51,112
[paul_tyler]: you answer that question oh

461
00:12:51,341 –> 00:12:55,528
[david_macchia]: well i think it’s what we don’t
teach in school right we do an awful

462
00:12:55,503 –> 00:12:55,603
[paul_tyler]: it’s

463
00:12:55,608 –> 00:12:55,868
[david_macchia]: job

464
00:12:55,663 –> 00:12:56,145
[paul_tyler]: a negative

465
00:12:55,895 –> 00:12:55,915
[ramsey_d_smith]: m

466
00:12:56,626 –> 00:12:56,846
[paul_tyler]: yes

467
00:12:57,110 –> 00:12:57,791
[david_macchia]: we do an awful

468
00:12:57,819 –> 00:12:57,839
[ramsey_d_smith]: m

469
00:12:57,891 –> 00:12:58,312
[david_macchia]: job of

470
00:12:58,782 –> 00:12:58,966
[paul_tyler]: yeah

471
00:12:58,853 –> 00:12:59,294
[david_macchia]: failing

472
00:12:59,610 –> 00:12:59,793
[paul_tyler]: oh

473
00:12:59,694 –> 00:13:00,656
[david_macchia]: to educate people

474
00:13:00,344 –> 00:13:00,365
[ramsey_d_smith]: m

475
00:13:00,690 –> 00:13:01,560
[paul_tyler]: yeah

476
00:13:00,875 –> 00:13:01,159
[ramsey_d_smith]: oh

477
00:13:00,896 –> 00:13:05,464
[david_macchia]: on on understanding how to build wealth
how to avoid debt how to

478
00:13:05,550 –> 00:13:05,791
[paul_tyler]: yeah

479
00:13:05,584 –> 00:13:07,027
[david_macchia]: avoid extraneous costs

480
00:13:07,140 –> 00:13:07,340
[paul_tyler]: yeah

481
00:13:07,207 –> 00:13:11,895
[david_macchia]: that deprive people of having you know
wealth how to live within a budget what

482
00:13:11,935 –> 00:13:15,220
[david_macchia]: does a budget even mean how to
have a personal finance statement

483
00:13:15,270 –> 00:13:16,050
[paul_tyler]: oh

484
00:13:16,062 –> 00:13:22,352
[david_macchia]: this is basic stuff but it’s not
something that people are taught and you know

485
00:13:22,412 –> 00:13:25,998
[david_macchia]: and then when you get into the
more you know older people in retirement it

486
00:13:26,038 –> 00:13:27,260
[david_macchia]: gets even more omplicated

487
00:13:26,744 –> 00:13:26,765
[ramsey_d_smith]: m

488
00:13:27,360 –> 00:13:27,645
[paul_tyler]: oh

489
00:13:27,845 –> 00:13:27,865
[ramsey_d_smith]: m

490
00:13:28,042 –> 00:13:31,107
[david_macchia]: you know how do you think about
social security how s that handle how do

491
00:13:31,167 –> 00:13:34,513
[david_macchia]: you use money to create income there’s

492
00:13:34,475 –> 00:13:35,083
[ramsey_d_smith]: ye

493
00:13:34,613 –> 00:13:37,377
[david_macchia]: so many issues there’s so many issues
and such a deficit

494
00:13:37,274 –> 00:13:37,295
[ramsey_d_smith]: m

495
00:13:37,658 –> 00:13:39,623
[david_macchia]: of understanding knowledge about them

496
00:13:39,810 –> 00:13:40,560
[paul_tyler]: yeah

497
00:13:40,505 –> 00:13:41,375
[ramsey_d_smith]: yeah

498
00:13:40,566 –> 00:13:43,838
[david_macchia]: and that’s where i think we can
we can make a tangible impact

499
00:13:44,653 –> 00:13:44,733
[paul_tyler]: what

500
00:13:44,684 –> 00:13:44,705
[ramsey_d_smith]: m

501
00:13:44,773 –> 00:13:49,004
[paul_tyler]: do you think is financial literacy a
course i take and a grade that i

502
00:13:49,104 –> 00:13:49,745
[paul_tyler]: receive like

503
00:13:50,100 –> 00:13:50,362
[david_macchia]: yah

504
00:13:50,106 –> 00:13:50,828
[paul_tyler]: it pass fail

505
00:13:51,028 –> 00:13:51,150
[david_macchia]: yah

506
00:13:51,390 –> 00:13:51,793
[paul_tyler]: yeah

507
00:13:52,209 –> 00:13:54,372
[ramsey_d_smith]: you know it’s it’s interesting a view
financial

508
00:13:54,060 –> 00:13:55,170
[paul_tyler]: oh

509
00:13:54,433 –> 00:13:55,494
[ramsey_d_smith]: literacy is something

510
00:13:55,290 –> 00:13:56,610
[paul_tyler]: yeah

511
00:13:55,554 –> 00:14:02,025
[ramsey_d_smith]: that’s a that’s developed over a lifetime
right because things change both like what available

512
00:14:02,085 –> 00:14:04,269
[ramsey_d_smith]: in the market the market itself as
well as like

513
00:14:04,261 –> 00:14:04,342
[paul_tyler]: we

514
00:14:04,309 –> 00:14:05,591
[ramsey_d_smith]: your personal situation so

515
00:14:05,700 –> 00:14:05,920
[david_macchia]: oh

516
00:14:07,013 –> 00:14:10,159
[ramsey_d_smith]: as much as anything else i kind
of think of financial literacy as

517
00:14:10,500 –> 00:14:10,683
[david_macchia]: oh

518
00:14:10,740 –> 00:14:15,868
[ramsey_d_smith]: as a habit you develop the expectation
you’re never going to get it exactly right

519
00:14:16,169 –> 00:14:20,616
[ramsey_d_smith]: but it’s better to make make decisions
than to succumb

520
00:14:20,580 –> 00:14:22,050
[paul_tyler]: yeah

521
00:14:20,656 –> 00:14:22,179
[ramsey_d_smith]: to not making decisions which usually

522
00:14:22,080 –> 00:14:22,100
[paul_tyler]: m

523
00:14:22,219 –> 00:14:27,628
[ramsey_d_smith]: are where the biggest mistakes happening with
respect to once personal finances so i’ve

524
00:14:27,474 –> 00:14:27,990
[paul_tyler]: right

525
00:14:27,690 –> 00:14:27,771
[david_macchia]: ah

526
00:14:28,289 –> 00:14:31,234
[ramsey_d_smith]: i’ve become a bit cynical in that
i used to think you could truly solve

527
00:14:31,294 –> 00:14:34,479
[ramsey_d_smith]: financial literacy and if you just sort
of taught it better and i think that

528
00:14:34,539 –> 00:14:37,625
[ramsey_d_smith]: actually it’s more of an attitude than
anything else

529
00:14:37,980 –> 00:14:38,000
[david_macchia]: m

530
00:14:38,145 –> 00:14:38,265
[ramsey_d_smith]: and

531
00:14:38,191 –> 00:14:38,271
[paul_tyler]: ah

532
00:14:38,986 –> 00:14:41,649
[ramsey_d_smith]: and so that’s why that’s why tools
like this need to be available

533
00:14:41,532 –> 00:14:41,613
[paul_tyler]: ah

534
00:14:41,689 –> 00:14:42,029
[ramsey_d_smith]: to people so

535
00:14:42,000 –> 00:14:42,020
[david_macchia]: m

536
00:14:42,049 –> 00:14:42,509
[ramsey_d_smith]: they can start

537
00:14:42,480 –> 00:14:42,742
[paul_tyler]: oh

538
00:14:43,210 –> 00:14:46,714
[ramsey_d_smith]: thinking about it in corporate ncorporating into
their right in their daily lives

539
00:14:46,981 –> 00:14:47,922
[paul_tyler]: yeah i like the

540
00:14:47,872 –> 00:14:47,892
[david_macchia]: i

541
00:14:47,962 –> 00:14:49,184
[paul_tyler]: word actions david i mean

542
00:14:49,286 –> 00:14:49,487
[ramsey_d_smith]: yeah

543
00:14:49,525 –> 00:14:51,648
[paul_tyler]: what would you i mean i go

544
00:14:51,755 –> 00:14:52,895
[ramsey_d_smith]: oh

545
00:14:51,789 –> 00:14:54,994
[paul_tyler]: through i you know i received

546
00:14:54,545 –> 00:14:54,867
[ramsey_d_smith]: oh

547
00:14:56,316 –> 00:14:56,797
[paul_tyler]: counseling

548
00:14:56,739 –> 00:14:56,760
[david_macchia]: m

549
00:14:56,897 –> 00:14:58,339
[paul_tyler]: from you know somebody in a program

550
00:14:58,380 –> 00:14:58,604
[david_macchia]: oh

551
00:14:58,520 –> 00:14:59,981
[paul_tyler]: my financially literate in life

552
00:15:00,060 –> 00:15:00,080
[david_macchia]: m

553
00:15:00,181 –> 00:15:00,662
[paul_tyler]: financially

554
00:15:00,335 –> 00:15:00,576
[ramsey_d_smith]: oh

555
00:15:00,722 –> 00:15:01,322
[paul_tyler]: empowered

556
00:15:01,775 –> 00:15:01,795
[ramsey_d_smith]: m

557
00:15:02,303 –> 00:15:03,685
[paul_tyler]: in my financially

558
00:15:03,480 –> 00:15:03,662
[david_macchia]: yeah

559
00:15:05,727 –> 00:15:06,147
[paul_tyler]: aware

560
00:15:07,842 –> 00:15:08,243
[david_macchia]: well i think

561
00:15:08,276 –> 00:15:08,296
[ramsey_d_smith]: m

562
00:15:08,283 –> 00:15:08,964
[david_macchia]: of it as confident

563
00:15:09,140 –> 00:15:09,302
[paul_tyler]: yeah

564
00:15:09,805 –> 00:15:10,066
[david_macchia]: i mean if

565
00:15:10,175 –> 00:15:10,195
[ramsey_d_smith]: m

566
00:15:10,286 –> 00:15:12,009
[david_macchia]: we can make people financially confident

567
00:15:12,055 –> 00:15:12,598
[ramsey_d_smith]: it’s a good word

568
00:15:12,950 –> 00:15:13,830
[paul_tyler]: yeah

569
00:15:13,220 –> 00:15:14,544
[david_macchia]: that’s that’s that’s

570
00:15:14,517 –> 00:15:14,660
[ramsey_d_smith]: yeah

571
00:15:14,625 –> 00:15:15,468
[david_macchia]: a real accomplishment

572
00:15:15,650 –> 00:15:18,317
[paul_tyler]: natural clinfrence although sometimes you can’t use
confrentwen should be

573
00:15:20,141 –> 00:15:24,350
[david_macchia]: perhaps yeah but i think if you
were to somehow pull people and so you

574
00:15:24,470 –> 00:15:25,893
[david_macchia]: really confident about finances

575
00:15:25,582 –> 00:15:25,804
[paul_tyler]: right

576
00:15:26,154 –> 00:15:26,895
[david_macchia]: i think a lot of people

577
00:15:26,850 –> 00:15:27,320
[paul_tyler]: oh

578
00:15:26,935 –> 00:15:27,076
[david_macchia]: would

579
00:15:27,014 –> 00:15:27,035
[ramsey_d_smith]: m

580
00:15:27,116 –> 00:15:27,396
[david_macchia]: say no

581
00:15:28,214 –> 00:15:29,915
[ramsey_d_smith]: m yah

582
00:15:28,310 –> 00:15:31,494
[paul_tyler]: yeah we got we should we got
to come up with a word for this

583
00:15:32,074 –> 00:15:33,436
[paul_tyler]: ramsey we’ve got it right

584
00:15:33,908 –> 00:15:34,068
[ramsey_d_smith]: but i

585
00:15:34,080 –> 00:15:34,361
[david_macchia]: yeah

586
00:15:34,168 –> 00:15:38,375
[ramsey_d_smith]: like i like things around like attitude
and confidence i like things that are described

587
00:15:38,415 –> 00:15:39,076
[ramsey_d_smith]: behaviorly

588
00:15:40,050 –> 00:15:40,251
[paul_tyler]: oh

589
00:15:40,058 –> 00:15:40,218
[ramsey_d_smith]: right

590
00:15:40,176 –> 00:15:40,770
[david_macchia]: hm

591
00:15:40,438 –> 00:15:41,881
[ramsey_d_smith]: just because i think it’s

592
00:15:42,030 –> 00:15:42,630
[paul_tyler]: yeah

593
00:15:42,802 –> 00:15:46,829
[ramsey_d_smith]: i think it’s i think it’s an
going process and an attitude is opposed to

594
00:15:47,230 –> 00:15:49,253
[ramsey_d_smith]: you know i got i got the
diploma

595
00:15:49,290 –> 00:15:49,552
[paul_tyler]: oh

596
00:15:49,754 –> 00:15:50,656
[ramsey_d_smith]: and now it all works

597
00:15:51,050 –> 00:15:51,232
[paul_tyler]: yeah

598
00:15:51,216 –> 00:15:54,662
[ramsey_d_smith]: right it’s it’s discipline right like it’s

599
00:15:54,911 –> 00:15:56,737
[paul_tyler]: he

600
00:15:55,464 –> 00:15:59,450
[ramsey_d_smith]: t’s up quote harry stout is like
it’s it’s eating brocoli you know when you

601
00:15:59,490 –> 00:16:00,151
[ramsey_d_smith]: want to eat doughnuts

602
00:16:01,000 –> 00:16:01,161
[david_macchia]: yeah

603
00:16:01,253 –> 00:16:01,714
[ramsey_d_smith]: i’m loosely

604
00:16:01,948 –> 00:16:02,110
[david_macchia]: yeah

605
00:16:02,215 –> 00:16:06,642
[ramsey_d_smith]: i’m loosely i’m loosely i’m loosely paraphrasing
him but but that’s the idea

606
00:16:06,600 –> 00:16:06,843
[paul_tyler]: oh

607
00:16:06,722 –> 00:16:09,991
[ramsey_d_smith]: it’s like it’s behave pieces are really
very important

608
00:16:10,230 –> 00:16:10,515
[paul_tyler]: oh

609
00:16:10,551 –> 00:16:11,416
[david_macchia]: yeah huge

610
00:16:11,590 –> 00:16:12,571
[paul_tyler]: so okay david

611
00:16:12,390 –> 00:16:12,410
[david_macchia]: m

612
00:16:12,591 –> 00:16:13,552
[paul_tyler]: you’ve been out about

613
00:16:14,139 –> 00:16:14,160
[david_macchia]: m

614
00:16:14,514 –> 00:16:20,122
[paul_tyler]: maybe we talked about just the industry
as a whole so i mean what’s happening

615
00:16:20,503 –> 00:16:22,389
[paul_tyler]: wow every time i open

616
00:16:22,434 –> 00:16:22,474
[david_macchia]: m

617
00:16:22,629 –> 00:16:23,311
[paul_tyler]: the new site

618
00:16:23,525 –> 00:16:24,455
[ramsey_d_smith]: yeah

619
00:16:24,134 –> 00:16:24,756
[paul_tyler]: the environment

620
00:16:24,459 –> 00:16:24,684
[david_macchia]: m oh

621
00:16:24,796 –> 00:16:25,538
[paul_tyler]: has changed

622
00:16:27,035 –> 00:16:27,317
[ramsey_d_smith]: oh

623
00:16:27,763 –> 00:16:28,123
[david_macchia]: so much

624
00:16:28,980 –> 00:16:29,240
[paul_tyler]: yeah

625
00:16:29,193 –> 00:16:29,375
[ramsey_d_smith]: yeah

626
00:16:29,305 –> 00:16:29,465
[david_macchia]: well

627
00:16:29,585 –> 00:16:29,867
[ramsey_d_smith]: oh

628
00:16:29,726 –> 00:16:33,652
[david_macchia]: i think we were on the other
side of a fourteen year bull

629
00:16:33,494 –> 00:16:33,515
[ramsey_d_smith]: m

630
00:16:33,733 –> 00:16:34,093
[david_macchia]: market

631
00:16:34,260 –> 00:16:35,149
[paul_tyler]: yea

632
00:16:34,734 –> 00:16:34,914
[david_macchia]: that

633
00:16:34,805 –> 00:16:36,785
[ramsey_d_smith]: oh

634
00:16:35,335 –> 00:16:40,223
[david_macchia]: essentially was engineered to be a bull
market physical policy unprecedented

635
00:16:39,999 –> 00:16:40,020
[paul_tyler]: m

636
00:16:40,263 –> 00:16:42,407
[david_macchia]: levels of physical policy stimulus and

637
00:16:42,635 –> 00:16:43,775
[ramsey_d_smith]: yeah

638
00:16:43,308 –> 00:16:45,192
[david_macchia]: and the creation of nine trillion

639
00:16:45,187 –> 00:16:45,208
[ramsey_d_smith]: m

640
00:16:45,252 –> 00:16:47,836
[david_macchia]: dollars by the federal reserve which drove

641
00:16:47,675 –> 00:16:47,958
[ramsey_d_smith]: oh

642
00:16:47,956 –> 00:16:50,962
[david_macchia]: acid prices you know the stratispheric low
s and

643
00:16:51,005 –> 00:16:51,288
[ramsey_d_smith]: oh

644
00:16:51,022 –> 00:16:54,589
[david_macchia]: i think we’re seeing the other side
of you know the inevitable counter than that

645
00:16:54,769 –> 00:16:54,870
[david_macchia]: now

646
00:16:55,873 –> 00:16:55,955
[paul_tyler]: ah

647
00:16:55,932 –> 00:16:58,978
[david_macchia]: i write about an index called the
wealth to income ratio

648
00:16:59,490 –> 00:16:59,692
[paul_tyler]: yeah

649
00:17:00,330 –> 00:17:01,151
[david_macchia]: and if

650
00:17:01,128 –> 00:17:01,230
[paul_tyler]: yeah

651
00:17:01,191 –> 00:17:02,473
[david_macchia]: you look at that so this is
a

652
00:17:02,465 –> 00:17:02,689
[ramsey_d_smith]: oh

653
00:17:02,713 –> 00:17:08,792
[david_macchia]: federal reserve published index that’s been out
for sixty eight years in over sixty

654
00:17:08,550 –> 00:17:08,791
[paul_tyler]: oh

655
00:17:08,555 –> 00:17:08,737
[ramsey_d_smith]: yeah

656
00:17:08,852 –> 00:17:09,653
[david_macchia]: eight years it has a

657
00:17:09,873 –> 00:17:10,257
[ramsey_d_smith]: yeah yeah

658
00:17:10,475 –> 00:17:12,559
[david_macchia]: long term average of five hundred and
fifty per cent

659
00:17:12,635 –> 00:17:13,595
[ramsey_d_smith]: oh

660
00:17:13,660 –> 00:17:18,175
[david_macchia]: and occasionally it pops up to you
know high new heights well it did so

661
00:17:18,256 –> 00:17:21,621
[david_macchia]: in two thousand just before the tech
crash it went up to i think

662
00:17:21,524 –> 00:17:21,545
[ramsey_d_smith]: m

663
00:17:21,722 –> 00:17:25,745
[david_macchia]: six hundred and fifteen and then in
september of two

664
00:17:25,740 –> 00:17:25,961
[paul_tyler]: yeah

665
00:17:25,805 –> 00:17:26,526
[david_macchia]: thousand seven

666
00:17:27,189 –> 00:17:27,330
[paul_tyler]: yeah

667
00:17:27,247 –> 00:17:27,607
[david_macchia]: it rose

668
00:17:27,545 –> 00:17:28,385
[ramsey_d_smith]: yah

669
00:17:27,687 –> 00:17:32,253
[david_macchia]: to an all time high of six
hundred seventy only to result a few months

670
00:17:32,333 –> 00:17:36,892
[david_macchia]: later in the crash of two thousand
eight right back to its long term average

671
00:17:36,695 –> 00:17:36,955
[ramsey_d_smith]: oh

672
00:17:37,353 –> 00:17:41,460
[david_macchia]: right it did that after two thousand
do that after two thousand eight well what’s

673
00:17:41,500 –> 00:17:46,488
[david_macchia]: happened since you know this bull market
has brought the index up to eight hundred

674
00:17:46,528 –> 00:17:48,593
[david_macchia]: and eighteen that’s literally off the charts

675
00:17:48,960 –> 00:17:51,090
[paul_tyler]: yeah

676
00:17:49,194 –> 00:17:53,253
[david_macchia]: and what we’ve seen is some falling
back i wrote an article which is the

677
00:17:53,413 –> 00:17:55,657
[david_macchia]: advisor perspectives dot com

678
00:17:55,470 –> 00:17:55,692
[paul_tyler]: yeah

679
00:17:55,505 –> 00:17:55,767
[ramsey_d_smith]: oh

680
00:17:56,598 –> 00:17:57,520
[david_macchia]: saying that prepared for

681
00:17:57,585 –> 00:17:57,705
[ramsey_d_smith]: oh

682
00:17:58,021 –> 00:18:01,767
[david_macchia]: for the destruction of thirty four trillion
dollars in wealth assets

683
00:18:02,045 –> 00:18:03,035
[ramsey_d_smith]: oh

684
00:18:02,729 –> 00:18:04,391
[david_macchia]: in that simple

685
00:18:04,625 –> 00:18:04,645
[ramsey_d_smith]: m

686
00:18:04,772 –> 00:18:08,939
[david_macchia]: because when the index comes back down
again to its long term average

687
00:18:08,864 –> 00:18:08,885
[ramsey_d_smith]: m

688
00:18:08,979 –> 00:18:10,221
[david_macchia]: it’s going to be totally

689
00:18:10,120 –> 00:18:10,181
[ramsey_d_smith]: ah

690
00:18:10,441 –> 00:18:15,109
[david_macchia]: destroying fifty trillion dollars so sixteen traliumhas
already been destroyed from

691
00:18:15,030 –> 00:18:15,333
[paul_tyler]: oh

692
00:18:15,149 –> 00:18:18,074
[david_macchia]: the actions we’ve had earlier this year
if we go back to the long term

693
00:18:18,114 –> 00:18:19,156
[david_macchia]: maria be a total of fifty

694
00:18:19,230 –> 00:18:20,358
[paul_tyler]: yes

695
00:18:19,236 –> 00:18:21,560
[david_macchia]: trillion dollars that’s destroyed so what

696
00:18:21,600 –> 00:18:21,900
[paul_tyler]: oh

697
00:18:21,600 –> 00:18:23,964
[david_macchia]: does that mean well i think it’s
going

698
00:18:23,975 –> 00:18:24,256
[ramsey_d_smith]: oh

699
00:18:23,984 –> 00:18:26,648
[david_macchia]: to bring things more into balance you
know it’s going

700
00:18:26,585 –> 00:18:26,889
[ramsey_d_smith]: oh

701
00:18:26,689 –> 00:18:29,461
[david_macchia]: to be brilliantly attractive

702
00:18:29,199 –> 00:18:29,220
[paul_tyler]: m

703
00:18:29,501 –> 00:18:30,607
[david_macchia]: for the annuity business

704
00:18:31,424 –> 00:18:31,445
[ramsey_d_smith]: m

705
00:18:31,590 –> 00:18:32,692
[david_macchia]: we’re already seeing you know

706
00:18:32,652 –> 00:18:33,038
[paul_tyler]: of course

707
00:18:32,932 –> 00:18:37,720
[david_macchia]: assets move into annuities the mica business
is very very robust as you know the

708
00:18:37,780 –> 00:18:38,702
[david_macchia]: indexanuity business

709
00:18:38,765 –> 00:18:39,047
[ramsey_d_smith]: oh

710
00:18:38,782 –> 00:18:40,725
[david_macchia]: is very robust people

711
00:18:40,934 –> 00:18:40,955
[ramsey_d_smith]: m

712
00:18:41,146 –> 00:18:43,009
[david_macchia]: seeking safety i tell

713
00:18:42,905 –> 00:18:42,925
[ramsey_d_smith]: m

714
00:18:43,069 –> 00:18:46,620
[david_macchia]: it as there’s you know those of
you who believe in safety believe in protection

715
00:18:46,761 –> 00:18:47,704
[david_macchia]: believe and guaranteed

716
00:18:47,564 –> 00:18:47,916
[ramsey_d_smith]: m oh

717
00:18:47,784 –> 00:18:48,727
[david_macchia]: income your day has come

718
00:18:49,284 –> 00:18:49,424
[ramsey_d_smith]: yeah

719
00:18:49,830 –> 00:18:50,250
[david_macchia]: and i think

720
00:18:50,135 –> 00:18:51,425
[ramsey_d_smith]: oh

721
00:18:50,330 –> 00:18:54,895
[david_macchia]: it’s it’s likely to remain this way
for for some time so the outlook for

722
00:18:54,935 –> 00:18:56,796
[david_macchia]: annuity sales i think you know

723
00:18:56,818 –> 00:18:56,899
[ramsey_d_smith]: ah

724
00:18:56,996 –> 00:18:59,379
[david_macchia]: given everything that’s happening is it is
very very positive

725
00:19:00,611 –> 00:19:01,292
[paul_tyler]: yeah it’s

726
00:19:01,295 –> 00:19:01,925
[ramsey_d_smith]: oh

727
00:19:02,213 –> 00:19:02,814
[paul_tyler]: it’s interesting now

728
00:19:02,760 –> 00:19:02,780
[david_macchia]: m

729
00:19:03,035 –> 00:19:05,018
[paul_tyler]: as of the recording dat

730
00:19:04,860 –> 00:19:05,081
[david_macchia]: oh

731
00:19:05,459 –> 00:19:07,402
[paul_tyler]: okay we just know the c p
i came

732
00:19:07,325 –> 00:19:07,345
[ramsey_d_smith]: m

733
00:19:07,482 –> 00:19:08,363
[paul_tyler]: out lations higher

734
00:19:09,875 –> 00:19:10,176
[ramsey_d_smith]: yeah

735
00:19:09,946 –> 00:19:14,814
[paul_tyler]: market went down rates short term rites
i guess even in your treasury

736
00:19:15,270 –> 00:19:15,513
[david_macchia]: oh

737
00:19:15,576 –> 00:19:19,863
[paul_tyler]: went higher but it’s still an inverted
yield curve and ramsey

738
00:19:19,680 –> 00:19:19,700
[david_macchia]: m

739
00:19:19,883 –> 00:19:25,598
[paul_tyler]: whatever we saw happened with mica i
mean it if i’m not sure or you

740
00:19:25,618 –> 00:19:26,443
[paul_tyler]: think this is going

741
00:19:26,700 –> 00:19:26,720
[david_macchia]: m

742
00:19:27,663 –> 00:19:29,145
[ramsey_d_smith]: in terms of in terms of rates

743
00:19:29,391 –> 00:19:30,092
[paul_tyler]: rats yeah

744
00:19:30,367 –> 00:19:31,209
[ramsey_d_smith]: i mean rates have gone

745
00:19:31,221 –> 00:19:31,241
[david_macchia]: a

746
00:19:31,269 –> 00:19:33,933
[ramsey_d_smith]: up a lot so they’re definitely much
more attractive

747
00:19:33,690 –> 00:19:34,053
[david_macchia]: yes

748
00:19:34,013 –> 00:19:39,262
[ramsey_d_smith]: and they’re getting much deserved visibility on
the back of that you know

749
00:19:39,270 –> 00:19:39,472
[paul_tyler]: oh

750
00:19:41,145 –> 00:19:41,386
[ramsey_d_smith]: i look

751
00:19:41,290 –> 00:19:41,452
[paul_tyler]: look

752
00:19:41,426 –> 00:19:44,771
[ramsey_d_smith]: at it i still wonder if if
the investments that back

753
00:19:44,610 –> 00:19:45,154
[david_macchia]: oh

754
00:19:44,831 –> 00:19:46,655
[ramsey_d_smith]: them you know how they match up
with it

755
00:19:46,740 –> 00:19:47,245
[david_macchia]: oh

756
00:19:46,895 –> 00:19:50,301
[ramsey_d_smith]: so sing you know in the high
end sometimes but for sure

757
00:19:50,340 –> 00:19:51,810
[paul_tyler]: yeah

758
00:19:51,262 –> 00:19:55,449
[ramsey_d_smith]: for sure rates are higher they should
be higher and and more and

759
00:19:55,380 –> 00:19:55,641
[david_macchia]: oh

760
00:19:55,489 –> 00:19:55,870
[ramsey_d_smith]: more people

761
00:19:55,710 –> 00:19:56,310
[paul_tyler]: yeah

762
00:19:55,910 –> 00:19:58,094
[ramsey_d_smith]: should be looking at them as a
really attractive

763
00:19:57,810 –> 00:19:57,830
[david_macchia]: m

764
00:19:58,154 –> 00:19:58,614
[ramsey_d_smith]: alternative

765
00:19:58,770 –> 00:19:58,990
[paul_tyler]: yeah

766
00:19:58,775 –> 00:20:00,761
[ramsey_d_smith]: c d is which is really the
best way to think about

767
00:20:00,677 –> 00:20:00,918
[paul_tyler]: pop

768
00:20:00,801 –> 00:20:01,343
[ramsey_d_smith]: them in my view

769
00:20:01,811 –> 00:20:01,971
[paul_tyler]: yes

770
00:20:02,381 –> 00:20:04,348
[david_macchia]: i agree with that in bonds to
some extent

771
00:20:04,345 –> 00:20:05,167
[ramsey_d_smith]: yeah and bonton

772
00:20:05,301 –> 00:20:06,052
[david_macchia]: yep yep

773
00:20:06,584 –> 00:20:08,547
[paul_tyler]: right we’ll just say from from a
care perspective

774
00:20:08,640 –> 00:20:08,881
[david_macchia]: oh

775
00:20:08,708 –> 00:20:08,848
[paul_tyler]: like

776
00:20:08,945 –> 00:20:09,186
[ramsey_d_smith]: oh

777
00:20:09,269 –> 00:20:11,813
[paul_tyler]: we target these migrates okay we’re not
on to be the best

778
00:20:11,945 –> 00:20:12,248
[ramsey_d_smith]: oh

779
00:20:11,993 –> 00:20:13,976
[paul_tyler]: one we’re gonna try to go to
number

780
00:20:14,015 –> 00:20:14,975
[ramsey_d_smith]: yeah

781
00:20:14,097 –> 00:20:18,487
[paul_tyler]: two we’ve done that certain months and
you know by the time

782
00:20:18,224 –> 00:20:18,245
[ramsey_d_smith]: m

783
00:20:18,390 –> 00:20:18,410
[david_macchia]: m

784
00:20:19,730 –> 00:20:21,573
[paul_tyler]: you know it takes time once you
decide

785
00:20:21,558 –> 00:20:21,640
[ramsey_d_smith]: ah

786
00:20:21,894 –> 00:20:26,661
[paul_tyler]: set their rates and go and change
the systems put it out you’re talking about

787
00:20:26,722 –> 00:20:30,067
[paul_tyler]: a seven eight day lag but the
time we get there okay we’re now number

788
00:20:30,167 –> 00:20:31,269
[paul_tyler]: four number five number

789
00:20:31,320 –> 00:20:31,340
[david_macchia]: m

790
00:20:31,349 –> 00:20:31,449
[paul_tyler]: six

791
00:20:31,655 –> 00:20:31,675
[ramsey_d_smith]: m

792
00:20:32,631 –> 00:20:33,693
[paul_tyler]: it’s been a real it’s

793
00:20:33,699 –> 00:20:33,720
[david_macchia]: m

794
00:20:33,733 –> 00:20:37,459
[paul_tyler]: an arms race on the migetfront which
has been good for

795
00:20:37,634 –> 00:20:37,655
[ramsey_d_smith]: m

796
00:20:37,720 –> 00:20:40,665
[paul_tyler]: i think good for consumer as good
probably not great

797
00:20:40,550 –> 00:20:40,773
[david_macchia]: yes

798
00:20:40,964 –> 00:20:40,985
[ramsey_d_smith]: m

799
00:20:41,727 –> 00:20:42,147
[paul_tyler]: would be great

800
00:20:42,180 –> 00:20:42,423
[david_macchia]: oh

801
00:20:42,187 –> 00:20:43,470
[paul_tyler]: if we didn’t have inflation david

802
00:20:43,535 –> 00:20:43,555
[ramsey_d_smith]: m

803
00:20:43,952 –> 00:20:44,475
[paul_tyler]: all right

804
00:20:45,905 –> 00:20:46,186
[ramsey_d_smith]: oh

805
00:20:46,112 –> 00:20:47,695
[david_macchia]: well the real returns are still negative

806
00:20:47,900 –> 00:20:48,041
[paul_tyler]: yeah

807
00:20:47,945 –> 00:20:47,965
[ramsey_d_smith]: m

808
00:20:48,476 –> 00:20:51,001
[david_macchia]: you know because the inflation is so
high and you know

809
00:20:51,605 –> 00:20:51,810
[ramsey_d_smith]: ye

810
00:20:52,223 –> 00:20:53,545
[david_macchia]: the other side of inflation is

811
00:20:53,477 –> 00:20:53,498
[ramsey_d_smith]: m

812
00:20:53,605 –> 00:20:55,388
[david_macchia]: that the way we think about

813
00:20:55,325 –> 00:20:55,566
[ramsey_d_smith]: oh

814
00:20:55,468 –> 00:20:58,331
[david_macchia]: inflation today it’s not the way we
thought about it say in the eighties or

815
00:20:58,385 –> 00:20:58,985
[ramsey_d_smith]: yeah

816
00:20:58,411 –> 00:20:59,993
[david_macchia]: nineties because if you

817
00:21:00,030 –> 00:21:00,213
[paul_tyler]: yeah

818
00:21:00,073 –> 00:21:01,875
[david_macchia]: go back and you use that methodology

819
00:21:01,350 –> 00:21:02,648
[paul_tyler]: yeah

820
00:21:01,935 –> 00:21:03,476
[david_macchia]: of how inflation was calculated

821
00:21:02,880 –> 00:21:03,870
[paul_tyler]: yeah

822
00:21:03,576 –> 00:21:03,776
[david_macchia]: then

823
00:21:04,235 –> 00:21:04,476
[ramsey_d_smith]: oh

824
00:21:04,577 –> 00:21:08,382
[david_macchia]: the inflation rate today is really seventeen
per cent you can see this at the

825
00:21:08,422 –> 00:21:12,068
[david_macchia]: website called shadow government statistics dot com
what really under

826
00:21:12,150 –> 00:21:12,414
[paul_tyler]: oh

827
00:21:12,368 –> 00:21:15,894
[david_macchia]: under playing how deep inflation is becoming
and if you if you walked into a

828
00:21:15,934 –> 00:21:16,515
[david_macchia]: super market

829
00:21:16,551 –> 00:21:16,652
[paul_tyler]: oh

830
00:21:16,575 –> 00:21:19,099
[david_macchia]: you know lately you know that’s true
the price

831
00:21:18,995 –> 00:21:19,297
[ramsey_d_smith]: oh

832
00:21:19,280 –> 00:21:21,574
[david_macchia]: and certain things are just you know
sky rocketed

833
00:21:21,660 –> 00:21:21,801
[paul_tyler]: yeah

834
00:21:21,765 –> 00:21:25,653
[ramsey_d_smith]: remember what some of the key differences
are or what were were there any there

835
00:21:25,693 –> 00:21:29,482
[ramsey_d_smith]: one or two things that oft stood
out to explain that that big difference in

836
00:21:29,542 –> 00:21:29,943
[ramsey_d_smith]: measurement

837
00:21:30,984 –> 00:21:31,164
[david_macchia]: yeah

838
00:21:31,680 –> 00:21:31,921
[paul_tyler]: yah

839
00:21:31,926 –> 00:21:33,088
[david_macchia]: i don’t know specifically remember

840
00:21:32,876 –> 00:21:33,017
[ramsey_d_smith]: yeah

841
00:21:33,168 –> 00:21:33,528
[david_macchia]: except to

842
00:21:33,589 –> 00:21:33,669
[paul_tyler]: ah

843
00:21:33,609 –> 00:21:36,033
[david_macchia]: say that in the calculation of the
c p i

844
00:21:36,350 –> 00:21:37,205
[ramsey_d_smith]: hm

845
00:21:36,814 –> 00:21:37,535
[david_macchia]: the waiting of

846
00:21:37,595 –> 00:21:37,876
[ramsey_d_smith]: yah

847
00:21:37,595 –> 00:21:39,118
[david_macchia]: certain factors and the inclusion of

848
00:21:39,083 –> 00:21:39,264
[ramsey_d_smith]: yah

849
00:21:39,198 –> 00:21:39,418
[david_macchia]: certain

850
00:21:39,435 –> 00:21:39,577
[ramsey_d_smith]: yeah

851
00:21:39,478 –> 00:21:40,059
[david_macchia]: factors or

852
00:21:40,505 –> 00:21:40,625
[ramsey_d_smith]: ye

853
00:21:40,861 –> 00:21:41,862
[david_macchia]: is where the difference is

854
00:21:41,996 –> 00:21:42,318
[ramsey_d_smith]: got it

855
00:21:42,570 –> 00:21:42,731
[paul_tyler]: yeah

856
00:21:42,924 –> 00:21:44,747
[david_macchia]: and i think i think there was
a there was an

857
00:21:44,744 –> 00:21:45,785
[ramsey_d_smith]: m oh

858
00:21:44,887 –> 00:21:47,792
[david_macchia]: urgency change this because when social

859
00:21:47,534 –> 00:21:47,555
[ramsey_d_smith]: m

860
00:21:47,852 –> 00:21:49,194
[david_macchia]: security became inflation

861
00:21:49,235 –> 00:21:49,498
[ramsey_d_smith]: oh

862
00:21:49,255 –> 00:21:51,919
[david_macchia]: adjusted imagine if we were inflation

863
00:21:51,897 –> 00:21:51,958
[ramsey_d_smith]: ah

864
00:21:51,979 –> 00:21:53,021
[david_macchia]: adjust social security

865
00:21:52,925 –> 00:21:52,945
[ramsey_d_smith]: m

866
00:21:53,061 –> 00:21:53,522
[david_macchia]: at seventeen

867
00:21:53,370 –> 00:21:53,677
[paul_tyler]: oh

868
00:21:53,602 –> 00:21:56,087
[david_macchia]: per cent you know that would that
would have some

869
00:21:56,220 –> 00:21:56,381
[paul_tyler]: yeah

870
00:21:56,495 –> 00:21:56,817
[ramsey_d_smith]: oh

871
00:21:56,828 –> 00:21:58,571
[david_macchia]: significant ramifications in terms

872
00:21:58,355 –> 00:21:58,595
[ramsey_d_smith]: oh

873
00:21:58,651 –> 00:22:00,455
[david_macchia]: of nations finances

874
00:22:00,600 –> 00:22:05,529
[paul_tyler]: right it’s you know inflation like inflation
is bad period i think the good news

875
00:22:05,569 –> 00:22:06,490
[paul_tyler]: is with our products and

876
00:22:06,515 –> 00:22:06,716
[ramsey_d_smith]: oh

877
00:22:06,530 –> 00:22:08,614
[paul_tyler]: what we’re delivering for for consumers is

878
00:22:08,555 –> 00:22:08,777
[ramsey_d_smith]: oh

879
00:22:08,714 –> 00:22:10,256
[paul_tyler]: it’s a good defensive play

880
00:22:10,119 –> 00:22:10,140
[david_macchia]: m

881
00:22:10,857 –> 00:22:12,460
[paul_tyler]: probably one of the best defensive play
if you’re

882
00:22:12,395 –> 00:22:13,325
[ramsey_d_smith]: oh

883
00:22:12,500 –> 00:22:14,744
[paul_tyler]: on fixed income today so you know
my rates

884
00:22:14,537 –> 00:22:14,679
[ramsey_d_smith]: ah

885
00:22:15,285 –> 00:22:15,526
[paul_tyler]: the god

886
00:22:15,545 –> 00:22:15,565
[ramsey_d_smith]: m

887
00:22:15,987 –> 00:22:17,489
[paul_tyler]: like looks like word for another

888
00:22:17,285 –> 00:22:18,035
[ramsey_d_smith]: yeah

889
00:22:18,090 –> 00:22:20,375
[paul_tyler]: you know rise and rates here i
think

890
00:22:21,030 –> 00:22:21,050
[david_macchia]: m

891
00:22:21,136 –> 00:22:25,805
[paul_tyler]: you know david you know guaranteed income
will go up right because

892
00:22:26,615 –> 00:22:26,635
[ramsey_d_smith]: m

893
00:22:26,890 –> 00:22:28,873
[paul_tyler]: rates are going up cares can afford
to

894
00:22:29,075 –> 00:22:29,396
[ramsey_d_smith]: oh

895
00:22:29,795 –> 00:22:31,918
[paul_tyler]: you know raise caps or participation rates

896
00:22:32,975 –> 00:22:33,358
[ramsey_d_smith]: ye

897
00:22:33,160 –> 00:22:33,601
[paul_tyler]: so i think

898
00:22:33,870 –> 00:22:33,890
[david_macchia]: m

899
00:22:34,042 –> 00:22:35,424
[paul_tyler]: from advisor perspective

900
00:22:35,204 –> 00:22:35,225
[ramsey_d_smith]: m

901
00:22:35,544 –> 00:22:40,054
[paul_tyler]: they’ll be able to deliver more value
on paper you know to clients up for

902
00:22:40,074 –> 00:22:40,155
[paul_tyler]: the

903
00:22:40,160 –> 00:22:40,300
[david_macchia]: think

904
00:22:40,175 –> 00:22:40,315
[paul_tyler]: next

905
00:22:40,380 –> 00:22:40,420
[david_macchia]: i

906
00:22:40,436 –> 00:22:40,596
[paul_tyler]: three

907
00:22:40,460 –> 00:22:40,621
[david_macchia]: think

908
00:22:40,636 –> 00:22:40,837
[paul_tyler]: months

909
00:22:40,661 –> 00:22:44,768
[david_macchia]: that’s true i think that’s true and
just just before we leave inflation

910
00:22:45,224 –> 00:22:45,595
[ramsey_d_smith]: m m

911
00:22:45,849 –> 00:22:45,970
[david_macchia]: is

912
00:22:46,410 –> 00:22:46,670
[paul_tyler]: oh

913
00:22:46,911 –> 00:22:48,374
[david_macchia]: i think the point should be made
it’s

914
00:22:48,275 –> 00:22:48,516
[ramsey_d_smith]: oh

915
00:22:48,414 –> 00:22:51,659
[david_macchia]: a very cruel reality because

916
00:22:51,960 –> 00:22:52,121
[paul_tyler]: it

917
00:22:52,220 –> 00:22:53,081
[david_macchia]: it hurts people

918
00:22:52,955 –> 00:22:53,403
[ramsey_d_smith]: oh

919
00:22:53,162 –> 00:22:57,949
[david_macchia]: on fixed incomes it hurts people with
low incomes so much higher so much harder

920
00:22:58,010 –> 00:23:02,076
[david_macchia]: than than it hurts other people just
the gas tank you know and food just

921
00:23:02,156 –> 00:23:05,142
[david_macchia]: just gas and food i rocketed so
much

922
00:23:05,135 –> 00:23:05,475
[ramsey_d_smith]: my

923
00:23:07,566 –> 00:23:09,970
[david_macchia]: i don’t know if what the fat
is doing is the right policy of the

924
00:23:10,010 –> 00:23:11,553
[david_macchia]: wrong policy honestly i wish i knew

925
00:23:11,705 –> 00:23:11,987
[ramsey_d_smith]: oh

926
00:23:12,395 –> 00:23:13,937
[david_macchia]: but we have to get inflation

927
00:23:13,829 –> 00:23:14,010
[paul_tyler]: yeah

928
00:23:13,904 –> 00:23:13,925
[ramsey_d_smith]: m

929
00:23:13,998 –> 00:23:14,498
[david_macchia]: of the control

930
00:23:14,790 –> 00:23:14,890
[paul_tyler]: oh

931
00:23:15,310 –> 00:23:17,355
[david_macchia]: because it’s like it’s like a huge
extra tax

932
00:23:17,700 –> 00:23:18,630
[paul_tyler]: yeah

933
00:23:18,077 –> 00:23:22,488
[david_macchia]: on people that’s that’s just totally destructive
to their personal financial health

934
00:23:23,111 –> 00:23:23,512
[paul_tyler]: yeah now

935
00:23:23,495 –> 00:23:23,978
[ramsey_d_smith]: yeah

936
00:23:24,553 –> 00:23:25,395
[paul_tyler]: my perspective

937
00:23:25,525 –> 00:23:25,666
[ramsey_d_smith]: yeah

938
00:23:25,655 –> 00:23:25,875
[paul_tyler]: is

939
00:23:26,910 –> 00:23:27,990
[david_macchia]: yeah

940
00:23:26,917 –> 00:23:27,498
[paul_tyler]: it’s global

941
00:23:27,305 –> 00:23:28,385
[ramsey_d_smith]: oh

942
00:23:27,658 –> 00:23:28,680
[paul_tyler]: i mean a lot of people you

943
00:23:28,625 –> 00:23:28,928
[ramsey_d_smith]: yeah

944
00:23:28,860 –> 00:23:34,730
[paul_tyler]: want to blame our administration you listen
politicians have some impact you know can make

945
00:23:34,790 –> 00:23:41,622
[paul_tyler]: it worse make you now hard to
say than like better but our ports i

946
00:23:41,682 –> 00:23:41,882
[paul_tyler]: mean

947
00:23:42,305 –> 00:23:42,565
[ramsey_d_smith]: oh

948
00:23:42,744 –> 00:23:44,547
[paul_tyler]: this the supply chain problem is

949
00:23:44,854 –> 00:23:44,954
[ramsey_d_smith]: yeah

950
00:23:45,188 –> 00:23:46,189
[paul_tyler]: going to go away right

951
00:23:46,085 –> 00:23:46,326
[ramsey_d_smith]: oh

952
00:23:46,790 –> 00:23:49,695
[paul_tyler]: if you look at the us if
you look at the efficiency of the us

953
00:23:49,815 –> 00:23:50,256
[paul_tyler]: ports

954
00:23:50,615 –> 00:23:50,736
[ramsey_d_smith]: ye

955
00:23:51,258 –> 00:23:55,505
[paul_tyler]: um we’re not like you know we
were not in sort of

956
00:23:55,484 –> 00:23:55,505
[ramsey_d_smith]: m

957
00:23:55,545 –> 00:23:59,572
[paul_tyler]: the top twenty to twenty five most
efficient and

958
00:23:59,915 –> 00:23:59,935
[ramsey_d_smith]: m

959
00:24:00,012 –> 00:24:05,031
[paul_tyler]: imports of goods coming in so we
got a real bottle neck that going to

960
00:24:05,091 –> 00:24:08,521
[paul_tyler]: take a long time to change if
we can easily change it right because

961
00:24:08,495 –> 00:24:08,835
[ramsey_d_smith]: oh

962
00:24:09,043 –> 00:24:15,914
[paul_tyler]: ships come into california southern california you
can’t build rails and highways through expensive real

963
00:24:15,954 –> 00:24:17,416
[paul_tyler]: estate her california

964
00:24:17,615 –> 00:24:17,836
[ramsey_d_smith]: oh

965
00:24:17,796 –> 00:24:18,717
[paul_tyler]: to get goods out quicker

966
00:24:20,080 –> 00:24:20,561
[david_macchia]: that’s true

967
00:24:20,705 –> 00:24:20,725
[ramsey_d_smith]: m

968
00:24:20,982 –> 00:24:24,910
[david_macchia]: and i think one area though the
gummy can make a difference for good or

969
00:24:24,970 –> 00:24:28,638
[david_macchia]: bad is that i think we’ve had
a lot of increased regulation lately

970
00:24:28,835 –> 00:24:29,177
[ramsey_d_smith]: oh

971
00:24:29,470 –> 00:24:34,780
[david_macchia]: which has had a detrimental impact on
the supply chain but you’re right it’s a

972
00:24:34,840 –> 00:24:36,523
[david_macchia]: really complex set of problems

973
00:24:36,261 –> 00:24:36,642
[paul_tyler]: well you know

974
00:24:36,766 –> 00:24:36,926
[ramsey_d_smith]: well

975
00:24:36,964 –> 00:24:37,425
[david_macchia]: it’s really

976
00:24:37,464 –> 00:24:37,605
[paul_tyler]: yeah

977
00:24:37,525 –> 00:24:37,846
[david_macchia]: come

978
00:24:37,925 –> 00:24:38,186
[paul_tyler]: brands

979
00:24:38,609 –> 00:24:40,392
[ramsey_d_smith]: i was i was just going to
say that i’m gonna i’m gonna

980
00:24:40,380 –> 00:24:40,662
[paul_tyler]: yeah

981
00:24:40,452 –> 00:24:43,257
[ramsey_d_smith]: hark back to something that i

982
00:24:43,260 –> 00:24:43,543
[paul_tyler]: oh

983
00:24:43,297 –> 00:24:43,717
[ramsey_d_smith]: don’t know if you

984
00:24:43,950 –> 00:24:44,254
[david_macchia]: oh

985
00:24:44,038 –> 00:24:45,941
[ramsey_d_smith]: if you said it in the in
the pre show or

986
00:24:46,290 –> 00:24:46,512
[david_macchia]: oh

987
00:24:46,562 –> 00:24:50,168
[ramsey_d_smith]: we were talking about travel and you
talk the fragility the fragility of

988
00:24:50,550 –> 00:24:50,570
[david_macchia]: m

989
00:24:50,849 –> 00:24:52,873
[ramsey_d_smith]: the air transport system and so we’re

990
00:24:52,840 –> 00:24:53,004
[david_macchia]: yep

991
00:24:52,953 –> 00:24:53,333
[ramsey_d_smith]: seeing that

992
00:24:53,250 –> 00:24:53,410
[paul_tyler]: yeah

993
00:24:53,394 –> 00:24:57,661
[ramsey_d_smith]: same kind of fragility and a supply
chain that was sending things just in time

994
00:24:57,721 –> 00:24:59,924
[ramsey_d_smith]: from somewhere in the far east you
know

995
00:25:00,020 –> 00:25:00,221
[david_macchia]: right

996
00:25:00,085 –> 00:25:00,465
[ramsey_d_smith]: your kitchen

997
00:25:00,409 –> 00:25:00,510
[paul_tyler]: yeah

998
00:25:00,566 –> 00:25:02,729
[ramsey_d_smith]: table in a in a remarkably

999
00:25:02,730 –> 00:25:02,750
[david_macchia]: m

1000
00:25:02,769 –> 00:25:03,390
[ramsey_d_smith]: efficient way

1001
00:25:03,900 –> 00:25:05,460
[paul_tyler]: yeah

1002
00:25:04,592 –> 00:25:08,078
[ramsey_d_smith]: my sense paul to your point is
that ultimately the

1003
00:25:08,070 –> 00:25:08,330
[paul_tyler]: oh

1004
00:25:08,138 –> 00:25:08,799
[ramsey_d_smith]: solution to

1005
00:25:08,700 –> 00:25:09,480
[david_macchia]: oh

1006
00:25:09,961 –> 00:25:12,225
[ramsey_d_smith]: supply chain problems that are that are
glow bill

1007
00:25:12,185 –> 00:25:12,226
[paul_tyler]: a

1008
00:25:12,445 –> 00:25:13,407
[ramsey_d_smith]: is to deglobalize

1009
00:25:13,312 –> 00:25:13,800
[paul_tyler]: right

1010
00:25:13,447 –> 00:25:15,010
[ramsey_d_smith]: them so it seems like both

1011
00:25:15,090 –> 00:25:15,350
[paul_tyler]: oh

1012
00:25:15,090 –> 00:25:18,556
[ramsey_d_smith]: politically and economically you know we’re probably
headed towards some degree

1013
00:25:18,579 –> 00:25:18,739
[paul_tyler]: yeah

1014
00:25:18,616 –> 00:25:19,958
[ramsey_d_smith]: of deglobalization

1015
00:25:19,680 –> 00:25:19,700
[david_macchia]: m

1016
00:25:19,774 –> 00:25:19,856
[paul_tyler]: ah

1017
00:25:20,138 –> 00:25:23,263
[ramsey_d_smith]: that’s going to take time that will
actually also be inflation ary here in the

1018
00:25:23,343 –> 00:25:24,785
[ramsey_d_smith]: u s probably

1019
00:25:25,010 –> 00:25:25,491
[david_macchia]: absolutely

1020
00:25:25,466 –> 00:25:26,107
[ramsey_d_smith]: going forward

1021
00:25:26,112 –> 00:25:26,193
[paul_tyler]: ah

1022
00:25:26,507 –> 00:25:30,171
[ramsey_d_smith]: but it’s hard to see it’s hard
to see given national security and all sorts

1023
00:25:30,191 –> 00:25:33,574
[ramsey_d_smith]: of other reasons why why wouldn’t why
we wouldn’t head in that direction

1024
00:25:33,710 –> 00:25:34,312
[paul_tyler]: well you know there’s

1025
00:25:34,200 –> 00:25:35,130
[david_macchia]: oh

1026
00:25:34,673 –> 00:25:36,278
[paul_tyler]: a there’s a big time element too
so

1027
00:25:36,425 –> 00:25:36,445
[ramsey_d_smith]: m

1028
00:25:36,739 –> 00:25:37,201
[paul_tyler]: you i’ve seen a

1029
00:25:37,235 –> 00:25:37,895
[ramsey_d_smith]: yeah

1030
00:25:37,261 –> 00:25:43,635
[paul_tyler]: lot of ship manufactures announced launching saying
chip plants

1031
00:25:43,715 –> 00:25:43,956
[ramsey_d_smith]: oh

1032
00:25:43,876 –> 00:25:48,684
[paul_tyler]: outside china v i think i read
a few areas people go into different parts

1033
00:25:48,724 –> 00:25:50,647
[paul_tyler]: of south east age but david that
takes

1034
00:25:50,744 –> 00:25:50,765
[ramsey_d_smith]: m

1035
00:25:51,028 –> 00:25:51,969
[paul_tyler]: two years to get a

1036
00:25:51,965 –> 00:25:52,226
[ramsey_d_smith]: oh

1037
00:25:52,029 –> 00:25:52,653
[paul_tyler]: play up and

1038
00:25:52,681 –> 00:25:52,761
[david_macchia]: oh

1039
00:25:52,693 –> 00:25:52,955
[paul_tyler]: running

1040
00:25:52,821 –> 00:25:53,883
[david_macchia]: yeah and and

1041
00:25:54,035 –> 00:25:54,685
[ramsey_d_smith]: oh

1042
00:25:54,063 –> 00:25:58,971
[david_macchia]: and also in the u s building
more chip manufacturing here but you’re right ramsey

1043
00:25:59,072 –> 00:26:00,434
[david_macchia]: i think people underestimate

1044
00:26:00,300 –> 00:26:00,929
[paul_tyler]: ye

1045
00:26:00,514 –> 00:26:03,840
[david_macchia]: how massively deflationary globalization was

1046
00:26:04,140 –> 00:26:05,190
[paul_tyler]: oh

1047
00:26:05,482 –> 00:26:08,006
[david_macchia]: and any incremental change in that

1048
00:26:08,790 –> 00:26:09,010
[paul_tyler]: yeah

1049
00:26:09,048 –> 00:26:10,190
[david_macchia]: any bringing back the

1050
00:26:10,124 –> 00:26:10,145
[ramsey_d_smith]: m

1051
00:26:10,290 –> 00:26:11,693
[david_macchia]: manufacturing to our

1052
00:26:11,765 –> 00:26:11,785
[ramsey_d_smith]: m

1053
00:26:11,793 –> 00:26:13,435
[david_macchia]: shores is probably

1054
00:26:13,169 –> 00:26:13,350
[paul_tyler]: yeah

1055
00:26:13,516 –> 00:26:15,259
[david_macchia]: good for our national security

1056
00:26:15,014 –> 00:26:15,035
[ramsey_d_smith]: m

1057
00:26:15,319 –> 00:26:16,160
[david_macchia]: but will

1058
00:26:16,085 –> 00:26:16,226
[ramsey_d_smith]: ye

1059
00:26:16,221 –> 00:26:17,244
[david_macchia]: be you know

1060
00:26:17,225 –> 00:26:18,155
[ramsey_d_smith]: yeah

1061
00:26:17,745 –> 00:26:19,530
[david_macchia]: sort of boosting inflation

1062
00:26:19,214 –> 00:26:20,225
[ramsey_d_smith]: m yeah

1063
00:26:19,691 –> 00:26:21,195
[david_macchia]: boosting price increases generally

1064
00:26:21,110 –> 00:26:21,250
[paul_tyler]: well

1065
00:26:21,164 –> 00:26:21,185
[ramsey_d_smith]: m

1066
00:26:21,330 –> 00:26:21,490
[paul_tyler]: yeah

1067
00:26:21,416 –> 00:26:21,476
[david_macchia]: it

1068
00:26:21,446 –> 00:26:21,587
[ramsey_d_smith]: yeah

1069
00:26:21,536 –> 00:26:21,877
[david_macchia]: has to

1070
00:26:22,151 –> 00:26:22,472
[paul_tyler]: well yeah

1071
00:26:22,595 –> 00:26:22,935
[ramsey_d_smith]: oh

1072
00:26:22,833 –> 00:26:27,721
[paul_tyler]: i would say i’d be more pointed
david it’s china was as much as we

1073
00:26:27,881 –> 00:26:28,081
[paul_tyler]: were

1074
00:26:28,080 –> 00:26:28,800
[david_macchia]: yeah

1075
00:26:28,722 –> 00:26:29,023
[paul_tyler]: concerned

1076
00:26:28,860 –> 00:26:29,002
[david_macchia]: yeah

1077
00:26:29,063 –> 00:26:35,233
[paul_tyler]: about losing jobs to china you know
china at a massive flationary effect on our

1078
00:26:35,674 –> 00:26:36,535
[paul_tyler]: economy right

1079
00:26:36,590 –> 00:26:37,496
[david_macchia]: eh

1080
00:26:37,196 –> 00:26:38,138
[paul_tyler]: cut the price of tables

1081
00:26:38,165 –> 00:26:38,365
[ramsey_d_smith]: oh

1082
00:26:38,198 –> 00:26:42,125
[paul_tyler]: chairs you know everything stayed at a
reasonable price in china all of a sudden

1083
00:26:42,205 –> 00:26:42,866
[paul_tyler]: slows down

1084
00:26:43,385 –> 00:26:43,625
[ramsey_d_smith]: yeah

1085
00:26:43,607 –> 00:26:46,472
[paul_tyler]: they’ve got real estate problems they’ve had
they’ve been shut

1086
00:26:46,380 –> 00:26:46,602
[david_macchia]: oh

1087
00:26:46,512 –> 00:26:47,633
[paul_tyler]: down even more than we have

1088
00:26:47,814 –> 00:26:48,034
[ramsey_d_smith]: yeah

1089
00:26:48,054 –> 00:26:48,254
[paul_tyler]: for

1090
00:26:48,317 –> 00:26:48,540
[david_macchia]: yeah

1091
00:26:48,615 –> 00:26:49,516
[paul_tyler]: you know the pandemic

1092
00:26:50,555 –> 00:26:50,859
[ramsey_d_smith]: oh

1093
00:26:50,658 –> 00:26:55,365
[paul_tyler]: um and there’s a limit to how
you know they can’t cut prices anymore so

1094
00:26:55,274 –> 00:26:55,295
[ramsey_d_smith]: m

1095
00:26:55,425 –> 00:26:59,112
[paul_tyler]: tally where it feels like we’re in
a storm that’s going to last

1096
00:26:59,096 –> 00:26:59,218
[ramsey_d_smith]: ah

1097
00:26:59,672 –> 00:27:00,534
[paul_tyler]: unfortunately for a few

1098
00:27:00,425 –> 00:27:00,666
[ramsey_d_smith]: oh

1099
00:27:00,614 –> 00:27:00,874
[paul_tyler]: years

1100
00:27:03,441 –> 00:27:04,022
[david_macchia]: i think you’re right

1101
00:27:03,900 –> 00:27:04,161
[paul_tyler]: yeah

1102
00:27:04,445 –> 00:27:04,767
[ramsey_d_smith]: oh

1103
00:27:04,603 –> 00:27:05,825
[david_macchia]: you know i wish i had an
answer

1104
00:27:05,889 –> 00:27:06,069
[paul_tyler]: yeah

1105
00:27:05,905 –> 00:27:07,047
[david_macchia]: to it but there’s no

1106
00:27:06,973 –> 00:27:07,096
[paul_tyler]: oh

1107
00:27:07,207 –> 00:27:07,688
[david_macchia]: easy answer

1108
00:27:07,565 –> 00:27:08,248
[ramsey_d_smith]: oh

1109
00:27:07,748 –> 00:27:09,050
[david_macchia]: to it and how are

1110
00:27:09,000 –> 00:27:09,750
[paul_tyler]: oh

1111
00:27:09,070 –> 00:27:10,172
[david_macchia]: we going to generate economic

1112
00:27:09,941 –> 00:27:10,189
[paul_tyler]: okay

1113
00:27:09,995 –> 00:27:10,256
[ramsey_d_smith]: oh

1114
00:27:10,232 –> 00:27:12,676
[david_macchia]: growth is another thing i mean you
know the fed

1115
00:27:12,750 –> 00:27:12,933
[paul_tyler]: yeah

1116
00:27:12,776 –> 00:27:13,858
[david_macchia]: can’t keep printing money

1117
00:27:14,071 –> 00:27:14,273
[paul_tyler]: right

1118
00:27:14,239 –> 00:27:14,659
[david_macchia]: there there

1119
00:27:14,525 –> 00:27:15,635
[ramsey_d_smith]: yeah

1120
00:27:14,940 –> 00:27:16,723
[david_macchia]: tighten the tightening they’re going the other
way

1121
00:27:17,525 –> 00:27:17,545
[ramsey_d_smith]: m

1122
00:27:17,684 –> 00:27:23,474
[david_macchia]: and you know since o eight before
o eight from from nineteen sixty eight when

1123
00:27:23,554 –> 00:27:27,501
[david_macchia]: when we got the legislation was passed
to get us off the goal standard right

1124
00:27:28,682 –> 00:27:29,484
[david_macchia]: up to two thousand

1125
00:27:29,490 –> 00:27:29,692
[paul_tyler]: yeah

1126
00:27:29,544 –> 00:27:30,766
[david_macchia]: eight economic

1127
00:27:30,660 –> 00:27:30,981
[paul_tyler]: oh

1128
00:27:30,846 –> 00:27:35,503
[david_macchia]: growth in this country was driven by
credit so we had one trillion of total

1129
00:27:35,563 –> 00:27:38,708
[david_macchia]: credit in the economy in nineteen sixty
eight by two thousand it we had ninety

1130
00:27:38,788 –> 00:27:40,992
[david_macchia]: times that we had ninety trillion that’s

1131
00:27:40,895 –> 00:27:42,125
[ramsey_d_smith]: yeah

1132
00:27:41,032 –> 00:27:42,214
[david_macchia]: what drove the economic

1133
00:27:42,185 –> 00:27:42,205
[ramsey_d_smith]: m

1134
00:27:42,274 –> 00:27:43,376
[david_macchia]: growth since

1135
00:27:43,544 –> 00:27:43,565
[ramsey_d_smith]: h

1136
00:27:43,556 –> 00:27:43,596
[david_macchia]: o

1137
00:27:43,560 –> 00:27:43,763
[paul_tyler]: yeah

1138
00:27:43,776 –> 00:27:44,958
[david_macchia]: eight credit growth

1139
00:27:44,820 –> 00:27:45,063
[paul_tyler]: oh

1140
00:27:45,019 –> 00:27:45,419
[david_macchia]: slowed

1141
00:27:45,524 –> 00:27:45,545
[ramsey_d_smith]: m

1142
00:27:45,840 –> 00:27:46,761
[david_macchia]: so the government stepped

1143
00:27:46,724 –> 00:27:46,745
[ramsey_d_smith]: m

1144
00:27:46,842 –> 00:27:48,464
[david_macchia]: in with massive physical stimulus

1145
00:27:48,227 –> 00:27:48,288
[ramsey_d_smith]: ah

1146
00:27:48,544 –> 00:27:50,027
[david_macchia]: and federal reserve stepped in with

1147
00:27:49,964 –> 00:27:49,985
[ramsey_d_smith]: m

1148
00:27:50,167 –> 00:27:53,332
[david_macchia]: you know this huge money printing thing
that can’t

1149
00:27:53,165 –> 00:27:53,467
[ramsey_d_smith]: oh

1150
00:27:53,713 –> 00:27:56,418
[david_macchia]: keep going so i’m not sure what
happens

1151
00:27:56,405 –> 00:27:56,646
[ramsey_d_smith]: oh

1152
00:27:56,498 –> 00:27:57,579
[david_macchia]: next to generate

1153
00:27:57,330 –> 00:27:58,260
[paul_tyler]: yeah

1154
00:27:57,660 –> 00:27:59,962
[david_macchia]: economic growth especially under these conditions

1155
00:27:59,675 –> 00:27:59,896
[ramsey_d_smith]: oh

1156
00:28:00,763 –> 00:28:02,625
[david_macchia]: and i think we’re seeing that reality
reflected

1157
00:28:02,465 –> 00:28:03,485
[ramsey_d_smith]: yeah

1158
00:28:02,705 –> 00:28:04,987
[david_macchia]: an asset price is starting to you
now come back to the

1159
00:28:05,384 –> 00:28:05,405
[ramsey_d_smith]: m

1160
00:28:05,988 –> 00:28:06,729
[david_macchia]: more normal level

1161
00:28:07,396 –> 00:28:09,119
[ramsey_d_smith]: well that’s that’s the thin that’s been
interesting you know

1162
00:28:09,840 –> 00:28:10,042
[paul_tyler]: yeah

1163
00:28:10,461 –> 00:28:12,064
[ramsey_d_smith]: a lot of the push back on
on

1164
00:28:12,510 –> 00:28:12,851
[david_macchia]: oh

1165
00:28:12,885 –> 00:28:17,573
[ramsey_d_smith]: on annuities has been you know around
inflation protection and people say he put more

1166
00:28:17,613 –> 00:28:20,938
[ramsey_d_smith]: money in equities in like i spent
a whole career in equity so i understand

1167
00:28:20,999 –> 00:28:22,441
[ramsey_d_smith]: that i understand

1168
00:28:22,213 –> 00:28:22,800
[david_macchia]: hm

1169
00:28:23,220 –> 00:28:23,401
[paul_tyler]: yeah

1170
00:28:23,463 –> 00:28:27,069
[ramsey_d_smith]: the value proposition there i think i
think for many years it’s been very real

1171
00:28:28,170 –> 00:28:32,798
[ramsey_d_smith]: the challenge that we have now is
that you know pricing for companies is often

1172
00:28:32,898 –> 00:28:33,559
[ramsey_d_smith]: most prevalent

1173
00:28:33,812 –> 00:28:33,997
[paul_tyler]: yes

1174
00:28:33,980 –> 00:28:34,181
[ramsey_d_smith]: when

1175
00:28:34,479 –> 00:28:34,580
[david_macchia]: m m

1176
00:28:34,701 –> 00:28:37,847
[ramsey_d_smith]: you know when they have when when
they

1177
00:28:37,770 –> 00:28:37,790
[david_macchia]: m

1178
00:28:37,887 –> 00:28:38,768
[ramsey_d_smith]: have plenty of supply

1179
00:28:38,793 –> 00:28:38,814
[paul_tyler]: i

1180
00:28:38,908 –> 00:28:41,853
[ramsey_d_smith]: but they’ve got sort of a demand
shock that’s favorable to them

1181
00:28:41,820 –> 00:28:41,840
[david_macchia]: m

1182
00:28:42,354 –> 00:28:42,575
[ramsey_d_smith]: but now

1183
00:28:42,622 –> 00:28:42,828
[paul_tyler]: okay

1184
00:28:42,635 –> 00:28:45,860
[ramsey_d_smith]: we have this issue that things are
happening on the supply side so even if

1185
00:28:45,940 –> 00:28:48,705
[ramsey_d_smith]: prices are going up if you can’t
deliver the product

1186
00:28:48,360 –> 00:28:48,664
[paul_tyler]: oh

1187
00:28:49,105 –> 00:28:49,807
[ramsey_d_smith]: it’s not giving you

1188
00:28:49,845 –> 00:28:49,865
[david_macchia]: m

1189
00:28:49,867 –> 00:28:52,351
[ramsey_d_smith]: the excess profit you would have otherwise
given

1190
00:28:52,420 –> 00:28:53,326
[david_macchia]: right right

1191
00:28:53,312 –> 00:28:56,037
[ramsey_d_smith]: and so so it shouldn’t come as
a surprise

1192
00:28:55,893 –> 00:28:55,914
[paul_tyler]: i

1193
00:28:56,097 –> 00:29:02,327
[ramsey_d_smith]: that like equities have been you ve
been suffering in this current environment and so

1194
00:29:02,848 –> 00:29:05,192
[ramsey_d_smith]: you know what does that mean it’s
it’s one thing if you say well if

1195
00:29:05,252 –> 00:29:09,539
[ramsey_d_smith]: i get you know our per cent
four per cent on my my annuity that’s

1196
00:29:09,580 –> 00:29:11,503
[ramsey_d_smith]: not keeping up with ten per cent
inflation will being down

1197
00:29:11,550 –> 00:29:11,570
[david_macchia]: m

1198
00:29:11,683 –> 00:29:16,010
[ramsey_d_smith]: twenty per cent in your equity portfolio
isn’t helping that either you know if you’re

1199
00:29:16,050 –> 00:29:16,711
[david_macchia]: that’s right

1200
00:29:16,731 –> 00:29:19,716
[ramsey_d_smith]: if you’re if you’re in decumulations if
you’re an accumulation

1201
00:29:19,500 –> 00:29:19,740
[paul_tyler]: yah

1202
00:29:19,876 –> 00:29:21,518
[ramsey_d_smith]: you can weigh it out but if
you’re in the

1203
00:29:21,470 –> 00:29:21,632
[david_macchia]: yeah

1204
00:29:21,578 –> 00:29:22,959
[ramsey_d_smith]: accumulation phase like you don’t

1205
00:29:22,920 –> 00:29:23,141
[david_macchia]: oh

1206
00:29:23,169 –> 00:29:23,190
[paul_tyler]: h

1207
00:29:23,320 –> 00:29:25,682
[ramsey_d_smith]: you don’t have the same set of
choices so it’s

1208
00:29:25,611 –> 00:29:25,751
[david_macchia]: yeah

1209
00:29:25,742 –> 00:29:26,623
[ramsey_d_smith]: a it’s a tough problem

1210
00:29:26,335 –> 00:29:26,438
[paul_tyler]: no

1211
00:29:26,823 –> 00:29:26,984
[ramsey_d_smith]: right

1212
00:29:27,273 –> 00:29:30,078
[david_macchia]: this is really really a smart point
you bringing up because

1213
00:29:30,065 –> 00:29:30,935
[ramsey_d_smith]: yeah

1214
00:29:30,539 –> 00:29:32,642
[david_macchia]: i remember i got a call from
a writer i won’t mention his

1215
00:29:32,550 –> 00:29:33,215
[ramsey_d_smith]: hm

1216
00:29:32,682 –> 00:29:36,388
[david_macchia]: name he read one of my articles
and he said you know i really know

1217
00:29:36,489 –> 00:29:40,762
[david_macchia]: argued with a new he’s because they’re
not inflation adjusted and you know the truth

1218
00:29:40,842 –> 00:29:41,644
[david_macchia]: is there’s no there’s

1219
00:29:41,495 –> 00:29:42,545
[ramsey_d_smith]: yeah

1220
00:29:41,684 –> 00:29:42,545
[david_macchia]: no guarantee that

1221
00:29:42,635 –> 00:29:42,655
[ramsey_d_smith]: m

1222
00:29:42,645 –> 00:29:43,487
[david_macchia]: equity portfolios

1223
00:29:43,220 –> 00:29:43,321
[paul_tyler]: no

1224
00:29:43,527 –> 00:29:44,368
[david_macchia]: are going to be inflation

1225
00:29:44,186 –> 00:29:44,287
[paul_tyler]: no

1226
00:29:44,345 –> 00:29:44,648
[ramsey_d_smith]: oh

1227
00:29:44,448 –> 00:29:45,169
[david_macchia]: adjusted right

1228
00:29:45,557 –> 00:29:45,618
[ramsey_d_smith]: m

1229
00:29:45,790 –> 00:29:46,612
[david_macchia]: and i would rather

1230
00:29:46,514 –> 00:29:46,535
[ramsey_d_smith]: m

1231
00:29:46,672 –> 00:29:47,413
[david_macchia]: have some level

1232
00:29:47,315 –> 00:29:49,085
[ramsey_d_smith]: oh

1233
00:29:47,493 –> 00:29:47,894
[david_macchia]: of income

1234
00:29:47,782 –> 00:29:47,803
[paul_tyler]: i

1235
00:29:47,934 –> 00:29:49,617
[david_macchia]: that i can count on in retirement

1236
00:29:49,710 –> 00:29:49,892
[paul_tyler]: yeah

1237
00:29:49,977 –> 00:29:51,660
[david_macchia]: for life and if it’s

1238
00:29:51,554 –> 00:29:51,575
[ramsey_d_smith]: m

1239
00:29:51,720 –> 00:29:55,303
[david_macchia]: not inflation adjusted at least it’s tangible
at least it’s real

1240
00:29:56,114 –> 00:29:56,135
[ramsey_d_smith]: m

1241
00:29:56,764 –> 00:30:00,627
[david_macchia]: and i think you know the outlook
for in general

1242
00:30:01,355 –> 00:30:01,616
[ramsey_d_smith]: yeah

1243
00:30:01,948 –> 00:30:04,892
[david_macchia]: guaranteed income it’s going to be so
strong

1244
00:30:05,135 –> 00:30:06,605
[ramsey_d_smith]: yeah

1245
00:30:05,353 –> 00:30:05,955
[david_macchia]: going forward

1246
00:30:06,605 –> 00:30:07,265
[ramsey_d_smith]: yeah

1247
00:30:06,776 –> 00:30:07,598
[david_macchia]: it just has to be

1248
00:30:08,615 –> 00:30:09,545
[ramsey_d_smith]: yeah

1249
00:30:08,620 –> 00:30:12,046
[david_macchia]: because like i always say to advisors
you know no retirement

1250
00:30:11,986 –> 00:30:12,169
[ramsey_d_smith]: yeah

1251
00:30:12,086 –> 00:30:12,888
[david_macchia]: stops needing income

1252
00:30:13,440 –> 00:30:14,130
[paul_tyler]: oh

1253
00:30:13,775 –> 00:30:13,935
[ramsey_d_smith]: yeah

1254
00:30:14,920 –> 00:30:14,941
[paul_tyler]: a

1255
00:30:15,616 –> 00:30:16,977
[ramsey_d_smith]: i want to bring in another

1256
00:30:16,920 –> 00:30:16,940
[david_macchia]: m

1257
00:30:17,098 –> 00:30:20,260
[ramsey_d_smith]: way we can bring in full circle
to what you’re doing with what you’re

1258
00:30:20,130 –> 00:30:20,432
[paul_tyler]: oh

1259
00:30:20,321 –> 00:30:22,062
[ramsey_d_smith]: doing with projects six

1260
00:30:22,110 –> 00:30:22,293
[paul_tyler]: yeah

1261
00:30:22,142 –> 00:30:23,303
[ramsey_d_smith]: thousand minutes and

1262
00:30:23,670 –> 00:30:23,690
[david_macchia]: m

1263
00:30:23,700 –> 00:30:23,761
[paul_tyler]: ye

1264
00:30:23,704 –> 00:30:27,569
[ramsey_d_smith]: you know what potentially there’s a potential
for growth in the financial advisor space it’s

1265
00:30:27,609 –> 00:30:28,591
[ramsey_d_smith]: really i think

1266
00:30:28,481 –> 00:30:28,623
[paul_tyler]: thank

1267
00:30:28,771 –> 00:30:32,738
[ramsey_d_smith]: on the spending side right spending control
cost control and that we had

1268
00:30:32,782 –> 00:30:32,927
[paul_tyler]: yeah

1269
00:30:33,659 –> 00:30:34,060
[ramsey_d_smith]: we had

1270
00:30:34,230 –> 00:30:34,496
[paul_tyler]: oh

1271
00:30:34,861 –> 00:30:35,643
[ramsey_d_smith]: bill bangin on

1272
00:30:35,910 –> 00:30:36,110
[paul_tyler]: oh

1273
00:30:35,943 –> 00:30:38,748
[ramsey_d_smith]: right the there of woudrawl strategies

1274
00:30:39,360 –> 00:30:39,661
[david_macchia]: oh

1275
00:30:39,429 –> 00:30:42,574
[ramsey_d_smith]: he’s in his nineties he was amazing
to have him on but one of his

1276
00:30:42,634 –> 00:30:42,775
[ramsey_d_smith]: key

1277
00:30:42,642 –> 00:30:42,802
[david_macchia]: yeah

1278
00:30:42,875 –> 00:30:44,177
[ramsey_d_smith]: points is you got to fix spending

1279
00:30:44,550 –> 00:30:46,272
[paul_tyler]: uh

1280
00:30:46,721 –> 00:30:46,882
[david_macchia]: yeah

1281
00:30:47,523 –> 00:30:47,703
[ramsey_d_smith]: right

1282
00:30:47,583 –> 00:30:49,125
[david_macchia]: but but here’s here’s

1283
00:30:49,067 –> 00:30:49,249
[ramsey_d_smith]: yeah

1284
00:30:49,306 –> 00:30:50,227
[david_macchia]: here’s the problem here’s

1285
00:30:50,115 –> 00:30:50,276
[ramsey_d_smith]: yeah

1286
00:30:50,267 –> 00:30:52,050
[david_macchia]: the problem i say and i like
i like bill a lot

1287
00:30:52,055 –> 00:30:52,195
[ramsey_d_smith]: yeah

1288
00:30:52,170 –> 00:30:54,935
[david_macchia]: and you know i wrote an article
called there is no safe with drawl rate

1289
00:30:55,025 –> 00:30:55,186
[ramsey_d_smith]: yeah

1290
00:30:55,576 –> 00:30:57,800
[david_macchia]: which by the way which i believe
and

1291
00:30:57,825 –> 00:30:57,946
[ramsey_d_smith]: oh

1292
00:30:57,920 –> 00:30:59,603
[david_macchia]: uh you know and he came back
to

1293
00:30:59,553 –> 00:31:00,035
[ramsey_d_smith]: yeah

1294
00:30:59,663 –> 00:31:01,005
[david_macchia]: me and and he said well my

1295
00:31:01,094 –> 00:31:01,115
[ramsey_d_smith]: m

1296
00:31:01,145 –> 00:31:06,795
[david_macchia]: projections say that that’s not the case
i said i understand you’re absolutely right but

1297
00:31:07,155 –> 00:31:08,177
[david_macchia]: all of the projections

1298
00:31:07,950 –> 00:31:09,330
[paul_tyler]: yeah

1299
00:31:08,498 –> 00:31:09,299
[david_macchia]: yours and everyone

1300
00:31:09,335 –> 00:31:09,557
[ramsey_d_smith]: oh

1301
00:31:09,359 –> 00:31:11,827
[david_macchia]: else’s assumes that the client stays invested

1302
00:31:12,186 –> 00:31:12,980
[paul_tyler]: a oh

1303
00:31:12,825 –> 00:31:12,967
[ramsey_d_smith]: yeah

1304
00:31:13,020 –> 00:31:15,665
[david_macchia]: every single day in every single condition
and

1305
00:31:15,668 –> 00:31:15,709
[ramsey_d_smith]: m

1306
00:31:15,789 –> 00:31:15,810
[paul_tyler]: h

1307
00:31:15,865 –> 00:31:16,626
[david_macchia]: cast in the real world

1308
00:31:16,544 –> 00:31:16,565
[ramsey_d_smith]: m

1309
00:31:16,666 –> 00:31:17,007
[david_macchia]: they don’t

1310
00:31:16,920 –> 00:31:18,420
[paul_tyler]: okay

1311
00:31:17,868 –> 00:31:17,968
[david_macchia]: so

1312
00:31:18,067 –> 00:31:18,148
[ramsey_d_smith]: ah

1313
00:31:18,630 –> 00:31:21,194
[david_macchia]: you know the point

1314
00:31:21,213 –> 00:31:21,378
[paul_tyler]: yah

1315
00:31:21,234 –> 00:31:22,175
[david_macchia]: about withdrawals is

1316
00:31:22,085 –> 00:31:22,426
[ramsey_d_smith]: oh

1317
00:31:22,256 –> 00:31:24,519
[david_macchia]: that it’s really really hard

1318
00:31:24,780 –> 00:31:27,199
[paul_tyler]: okay

1319
00:31:24,880 –> 00:31:25,761
[david_macchia]: in the practical

1320
00:31:25,236 –> 00:31:25,357
[ramsey_d_smith]: ah

1321
00:31:26,142 –> 00:31:27,785
[david_macchia]: real world that advises live in

1322
00:31:28,170 –> 00:31:28,190
[paul_tyler]: a

1323
00:31:28,266 –> 00:31:28,726
[david_macchia]: to go to a

1324
00:31:28,754 –> 00:31:28,775
[ramsey_d_smith]: m

1325
00:31:28,807 –> 00:31:32,413
[david_macchia]: client and say well you know last
year you took out forty thousand from your

1326
00:31:32,473 –> 00:31:33,014
[david_macchia]: portfolio

1327
00:31:32,550 –> 00:31:32,795
[paul_tyler]: oh

1328
00:31:33,134 –> 00:31:33,274
[david_macchia]: but

1329
00:31:33,545 –> 00:31:33,826
[ramsey_d_smith]: yah

1330
00:31:33,695 –> 00:31:36,620
[david_macchia]: really this year you need to take
out twenty one thousand three hundred m

1331
00:31:36,674 –> 00:31:37,595
[ramsey_d_smith]: m m

1332
00:31:37,950 –> 00:31:39,312
[david_macchia]: it doesn’t work at the kitchen table

1333
00:31:39,751 –> 00:31:39,832
[paul_tyler]: no

1334
00:31:40,102 –> 00:31:40,264
[ramsey_d_smith]: yeah

1335
00:31:40,314 –> 00:31:41,857
[david_macchia]: it just doesn’t it just doesn’t work

1336
00:31:42,185 –> 00:31:42,533
[ramsey_d_smith]: yeah

1337
00:31:42,778 –> 00:31:48,207
[david_macchia]: and so you know a fixed stream
of income coming from an annuity that a

1338
00:31:48,468 –> 00:31:48,868
[david_macchia]: client can

1339
00:31:48,845 –> 00:31:49,127
[ramsey_d_smith]: oh

1340
00:31:48,930 –> 00:31:49,293
[paul_tyler]: oh

1341
00:31:48,969 –> 00:31:50,071
[david_macchia]: count on year

1342
00:31:49,950 –> 00:31:50,191
[paul_tyler]: oh

1343
00:31:50,251 –> 00:31:51,173
[david_macchia]: after year after year

1344
00:31:51,455 –> 00:31:51,775
[ramsey_d_smith]: oh

1345
00:31:52,315 –> 00:31:54,318
[david_macchia]: that that’s hard to argue against

1346
00:31:55,151 –> 00:31:55,291
[paul_tyler]: oh

1347
00:31:55,490 –> 00:31:55,895
[david_macchia]: it’s hard

1348
00:31:55,832 –> 00:31:56,012
[paul_tyler]: well

1349
00:31:55,955 –> 00:31:56,703
[david_macchia]: to argue against

1350
00:31:56,713 –> 00:31:59,178
[paul_tyler]: i think you’re right people want guarantee
income here

1351
00:31:59,255 –> 00:31:59,478
[ramsey_d_smith]: oh

1352
00:31:59,799 –> 00:32:01,542
[paul_tyler]: an anecdote on monday so

1353
00:32:02,144 –> 00:32:02,165
[ramsey_d_smith]: m

1354
00:32:02,243 –> 00:32:07,580
[paul_tyler]: so i’m back in our office and
in hartford and walking along security

1355
00:32:07,440 –> 00:32:07,683
[david_macchia]: yes

1356
00:32:07,640 –> 00:32:12,348
[paul_tyler]: guy nowell is talking to women who
reports in cafitarnoell and he’s saying sixty two

1357
00:32:13,751 –> 00:32:14,031
[paul_tyler]: sixty

1358
00:32:14,015 –> 00:32:14,035
[ramsey_d_smith]: m

1359
00:32:14,151 –> 00:32:20,081
[paul_tyler]: seven okay i know this conversation so
i stuck my head

1360
00:32:19,929 –> 00:32:19,950
[david_macchia]: m

1361
00:32:20,181 –> 00:32:21,163
[paul_tyler]: in and you know it’s

1362
00:32:21,635 –> 00:32:21,876
[ramsey_d_smith]: oh

1363
00:32:22,305 –> 00:32:25,811
[paul_tyler]: you know here are two people struggling
like how do they bridge to retirement

1364
00:32:25,235 –> 00:32:26,455
[ramsey_d_smith]: yah m

1365
00:32:26,712 –> 00:32:28,115
[paul_tyler]: and you know a woman said to
me

1366
00:32:28,475 –> 00:32:28,617
[ramsey_d_smith]: ye

1367
00:32:28,475 –> 00:32:33,341
[paul_tyler]: paul i could actually could actually retire
right now i can’t pay for my health

1368
00:32:33,421 –> 00:32:35,645
[paul_tyler]: care so well do you know the
products

1369
00:32:35,462 –> 00:32:35,483
[david_macchia]: m

1370
00:32:35,685 –> 00:32:36,326
[paul_tyler]: were selling here

1371
00:32:36,219 –> 00:32:36,240
[david_macchia]: m

1372
00:32:36,607 –> 00:32:41,735
[paul_tyler]: can actually help you do that we
could actually said talk to me

1373
00:32:41,846 –> 00:32:41,887
[ramsey_d_smith]: m

1374
00:32:41,896 –> 00:32:43,678
[paul_tyler]: you know we’ll sit down i’ll show
you the numbers i’m not

1375
00:32:43,633 –> 00:32:43,654
[ramsey_d_smith]: m

1376
00:32:43,719 –> 00:32:46,262
[paul_tyler]: selling i’m not making money on this
david i

1377
00:32:46,620 –> 00:32:46,966
[david_macchia]: oh

1378
00:32:46,883 –> 00:32:47,304
[paul_tyler]: maybe i can

1379
00:32:47,285 –> 00:32:47,606
[ramsey_d_smith]: yeah

1380
00:32:47,564 –> 00:32:50,348
[paul_tyler]: with this count towards my two hours
if i help some people

1381
00:32:50,340 –> 00:32:50,520
[david_macchia]: sure

1382
00:32:50,448 –> 00:32:50,608
[paul_tyler]: here

1383
00:32:50,705 –> 00:32:51,087
[ramsey_d_smith]: oh

1384
00:32:52,625 –> 00:32:53,106
[david_macchia]: of course

1385
00:32:52,892 –> 00:32:55,978
[paul_tyler]: but these are real problems sort of
right like i think the guarantee you got

1386
00:32:56,018 –> 00:32:56,079
[paul_tyler]: to

1387
00:32:56,054 –> 00:32:56,496
[david_macchia]: totally

1388
00:32:56,075 –> 00:32:56,301
[ramsey_d_smith]: oh

1389
00:32:56,119 –> 00:32:57,622
[paul_tyler]: hit sixty two most people

1390
00:32:57,480 –> 00:32:57,743
[david_macchia]: yeah

1391
00:32:57,682 –> 00:33:00,668
[paul_tyler]: are in they’re not trying to get
rich right they will keep

1392
00:33:01,041 –> 00:33:03,004
[david_macchia]: you can’t you can’t solve risk with

1393
00:33:03,060 –> 00:33:03,263
[paul_tyler]: oh

1394
00:33:03,084 –> 00:33:04,286
[david_macchia]: more risk you have to solve

1395
00:33:04,385 –> 00:33:04,405
[ramsey_d_smith]: m

1396
00:33:04,406 –> 00:33:05,928
[david_macchia]: risk with with safety

1397
00:33:06,460 –> 00:33:06,601
[paul_tyler]: yeah

1398
00:33:06,695 –> 00:33:06,877
[ramsey_d_smith]: oh

1399
00:33:07,090 –> 00:33:08,233
[david_macchia]: you just you just have to

1400
00:33:08,483 –> 00:33:08,809
[paul_tyler]: yeah

1401
00:33:09,308 –> 00:33:09,569
[ramsey_d_smith]: i like

1402
00:33:09,476 –> 00:33:09,737
[david_macchia]: and that’s

1403
00:33:09,629 –> 00:33:09,789
[ramsey_d_smith]: that

1404
00:33:09,777 –> 00:33:09,917
[david_macchia]: why

1405
00:33:09,850 –> 00:33:10,191
[ramsey_d_smith]: comment

1406
00:33:10,761 –> 00:33:10,986
[paul_tyler]: right

1407
00:33:11,050 –> 00:33:15,437
[david_macchia]: you’ve got this is why i like
i like advisors not to not

1408
00:33:15,335 –> 00:33:15,538
[ramsey_d_smith]: oh

1409
00:33:15,477 –> 00:33:15,818
[david_macchia]: to just

1410
00:33:15,697 –> 00:33:15,777
[paul_tyler]: oh

1411
00:33:16,339 –> 00:33:16,960
[david_macchia]: put themselves

1412
00:33:16,715 –> 00:33:16,896
[ramsey_d_smith]: yeah

1413
00:33:17,040 –> 00:33:19,143
[david_macchia]: in one pigeon hole right

1414
00:33:19,680 –> 00:33:19,902
[paul_tyler]: yeah

1415
00:33:19,925 –> 00:33:23,170
[david_macchia]: don’t do that think more broadly cause

1416
00:33:23,040 –> 00:33:23,223
[paul_tyler]: yeah

1417
00:33:23,351 –> 00:33:28,784
[david_macchia]: you have to inject safety in the
portfolio the retirement income portfolio

1418
00:33:28,590 –> 00:33:29,310
[paul_tyler]: yeah

1419
00:33:28,864 –> 00:33:30,568
[david_macchia]: of ninety percent of the people

1420
00:33:31,140 –> 00:33:31,322
[paul_tyler]: yeah

1421
00:33:31,361 –> 00:33:32,112
[david_macchia]: they must have it

1422
00:33:33,874 –> 00:33:36,782
[paul_tyler]: i could see the visual for injecting
safety that

1423
00:33:36,990 –> 00:33:37,552
[david_macchia]: uh

1424
00:33:37,163 –> 00:33:37,343
[paul_tyler]: like

1425
00:33:38,033 –> 00:33:41,258
[ramsey_d_smith]: you can’t you can’t solve risk with
more risk paul that’s the that’s the

1426
00:33:41,189 –> 00:33:41,310
[david_macchia]: yeah

1427
00:33:41,261 –> 00:33:41,482
[paul_tyler]: right

1428
00:33:41,318 –> 00:33:43,021
[ramsey_d_smith]: headline on the on the linked in
right

1429
00:33:42,984 –> 00:33:43,244
[paul_tyler]: right

1430
00:33:43,081 –> 00:33:44,564
[ramsey_d_smith]: that’s that’s the that’s the quotable

1431
00:33:45,047 –> 00:33:45,268
[paul_tyler]: yeah

1432
00:33:45,125 –> 00:33:45,346
[ramsey_d_smith]: oh

1433
00:33:45,729 –> 00:33:46,189
[paul_tyler]: you can’t

1434
00:33:46,153 –> 00:33:46,275
[ramsey_d_smith]: here

1435
00:33:46,290 –> 00:33:46,690
[paul_tyler]: solve

1436
00:33:46,295 –> 00:33:46,517
[ramsey_d_smith]: you go

1437
00:33:46,830 –> 00:33:53,463
[paul_tyler]: risk with more risk yeah i’ll see
yeah yeah yeah yeah yeah give me the

1438
00:33:53,523 –> 00:33:54,326
[paul_tyler]: notes afterwards

1439
00:33:54,875 –> 00:33:55,095
[ramsey_d_smith]: right

1440
00:33:56,060 –> 00:33:59,506
[paul_tyler]: well he listen this is this is
it’s great to catch up so

1441
00:34:00,125 –> 00:34:00,367
[ramsey_d_smith]: oh

1442
00:34:00,300 –> 00:34:00,522
[david_macchia]: oh

1443
00:34:00,488 –> 00:34:01,249
[paul_tyler]: we conofered a lot

1444
00:34:01,265 –> 00:34:01,547
[ramsey_d_smith]: oh

1445
00:34:01,409 –> 00:34:05,576
[paul_tyler]: so i think great initiative to drive
more

1446
00:34:05,460 –> 00:34:05,480
[david_macchia]: m

1447
00:34:05,656 –> 00:34:07,479
[paul_tyler]: education into parts

1448
00:34:07,355 –> 00:34:07,657
[ramsey_d_smith]: oh

1449
00:34:07,800 –> 00:34:11,025
[paul_tyler]: community that don’t necessarily get a call
from a mary

1450
00:34:10,808 –> 00:34:11,340
[david_macchia]: hm

1451
00:34:11,085 –> 00:34:13,189
[paul_tyler]: lynch advisor or your friends at fisher

1452
00:34:13,161 –> 00:34:13,325
[david_macchia]: right

1453
00:34:13,289 –> 00:34:13,790
[paul_tyler]: investments

1454
00:34:14,195 –> 00:34:14,215
[ramsey_d_smith]: m

1455
00:34:14,591 –> 00:34:14,811
[paul_tyler]: right

1456
00:34:16,385 –> 00:34:16,405
[ramsey_d_smith]: m

1457
00:34:16,614 –> 00:34:18,618
[paul_tyler]: they’re not calling them right

1458
00:34:18,595 –> 00:34:18,695
[david_macchia]: no

1459
00:34:18,700 –> 00:34:18,740
[ramsey_d_smith]: hm

1460
00:34:18,958 –> 00:34:19,419
[paul_tyler]: and they need

1461
00:34:19,356 –> 00:34:19,556
[david_macchia]: they’re

1462
00:34:19,479 –> 00:34:19,599
[paul_tyler]: help

1463
00:34:19,597 –> 00:34:20,117
[david_macchia]: not calling

1464
00:34:20,381 –> 00:34:20,962
[paul_tyler]: i think this is

1465
00:34:20,898 –> 00:34:21,059
[david_macchia]: yep

1466
00:34:21,042 –> 00:34:23,546
[paul_tyler]: great we talked about sort of the
state of the

1467
00:34:23,495 –> 00:34:23,797
[ramsey_d_smith]: yeah

1468
00:34:23,586 –> 00:34:24,888
[paul_tyler]: state of

1469
00:34:26,015 –> 00:34:26,945
[ramsey_d_smith]: yeah

1470
00:34:26,411 –> 00:34:27,292
[paul_tyler]: crazy economy

1471
00:34:27,336 –> 00:34:27,437
[ramsey_d_smith]: ah

1472
00:34:27,893 –> 00:34:32,320
[paul_tyler]: and we didn’t get to get go
here i actually found the other there’s actually

1473
00:34:32,941 –> 00:34:37,166
[paul_tyler]: stand for puts out and when we
get this right it’s let’s

1474
00:34:37,205 –> 00:34:37,528
[ramsey_d_smith]: yah

1475
00:34:37,206 –> 00:34:38,347
[paul_tyler]: see a

1476
00:34:41,460 –> 00:34:42,221
[paul_tyler]: it’s an index

1477
00:34:42,990 –> 00:34:43,010
[david_macchia]: m

1478
00:34:43,022 –> 00:34:44,064
[paul_tyler]: we’re not gonna put this in ten

1479
00:34:45,635 –> 00:34:45,916
[ramsey_d_smith]: yeah

1480
00:34:46,167 –> 00:34:48,311
[paul_tyler]: but it’s the world uncertainty index

1481
00:34:48,605 –> 00:34:49,625
[ramsey_d_smith]: yeah

1482
00:34:49,092 –> 00:34:50,455
[paul_tyler]: and boy it’s just getting higher

1483
00:34:50,002 –> 00:34:50,547
[david_macchia]: interesting

1484
00:34:50,615 –> 00:34:51,136
[paul_tyler]: and higher

1485
00:34:51,393 –> 00:34:51,554
[david_macchia]: yeah

1486
00:34:51,817 –> 00:34:53,984
[paul_tyler]: very interesting so but risk

1487
00:34:53,834 –> 00:34:53,855
[ramsey_d_smith]: m

1488
00:34:54,045 –> 00:34:56,430
[paul_tyler]: and uncertainty i don’t know ramsey

1489
00:34:56,255 –> 00:34:56,604
[ramsey_d_smith]: my

1490
00:34:56,490 –> 00:35:00,518
[paul_tyler]: what are what are your thoughts take
aways an last questions for david

1491
00:35:01,556 –> 00:35:04,000
[ramsey_d_smith]: um just i think we i think
we covered

1492
00:35:03,810 –> 00:35:04,052
[paul_tyler]: oh

1493
00:35:04,060 –> 00:35:06,143
[ramsey_d_smith]: an amazing amount of ground today

1494
00:35:06,060 –> 00:35:06,381
[david_macchia]: yeah

1495
00:35:06,524 –> 00:35:07,205
[ramsey_d_smith]: very efficiently

1496
00:35:07,668 –> 00:35:07,869
[david_macchia]: yeah

1497
00:35:08,367 –> 00:35:09,208
[ramsey_d_smith]: i’ll just say that you know

1498
00:35:09,150 –> 00:35:09,170
[david_macchia]: m

1499
00:35:09,489 –> 00:35:13,075
[ramsey_d_smith]: david between this visit and the last
visit on some

1500
00:35:13,050 –> 00:35:13,313
[paul_tyler]: yeah

1501
00:35:13,115 –> 00:35:13,815
[ramsey_d_smith]: of the things that you’ve

1502
00:35:13,710 –> 00:35:13,930
[david_macchia]: oh

1503
00:35:13,955 –> 00:35:20,261
[ramsey_d_smith]: you’ve written recently you are you’re very
you’re very thoughtful individual in this space so

1504
00:35:20,340 –> 00:35:20,360
[david_macchia]: m

1505
00:35:20,762 –> 00:35:23,004
[ramsey_d_smith]: thoughtful and and a passionate voice around

1506
00:35:22,680 –> 00:35:23,460
[paul_tyler]: oh

1507
00:35:23,164 –> 00:35:28,181
[ramsey_d_smith]: you know retirement income so thank you
for doing what you do and it’s been

1508
00:35:28,221 –> 00:35:28,582
[ramsey_d_smith]: real pleasure

1509
00:35:29,640 –> 00:35:32,923
[david_macchia]: thank you for saying that ramsey and
it’s always a pleasure to be with both

1510
00:35:32,983 –> 00:35:34,685
[david_macchia]: of you i love what you’ve done

1511
00:35:34,565 –> 00:35:34,869
[ramsey_d_smith]: oh

1512
00:35:34,725 –> 00:35:36,747
[david_macchia]: with the podcast it’s essential listening

1513
00:35:36,425 –> 00:35:36,729
[ramsey_d_smith]: yeah

1514
00:35:37,040 –> 00:35:37,220
[paul_tyler]: yeah

1515
00:35:37,388 –> 00:35:38,068
[david_macchia]: it really is

1516
00:35:38,005 –> 00:35:38,286
[ramsey_d_smith]: thank you

1517
00:35:38,642 –> 00:35:43,010
[paul_tyler]: thanks yeah hey david listen keep doing
what you’re doing you know one

1518
00:35:42,965 –> 00:35:44,135
[ramsey_d_smith]: oh

1519
00:35:43,110 –> 00:35:44,152
[paul_tyler]: part of the introduction we

1520
00:35:44,160 –> 00:35:44,940
[david_macchia]: yeah

1521
00:35:44,232 –> 00:35:47,076
[paul_tyler]: didn’t give you is you’re just you’re
doing a great job out in

1522
00:35:47,435 –> 00:35:47,455
[ramsey_d_smith]: m

1523
00:35:47,838 –> 00:35:48,699
[paul_tyler]: unlinked in and some

1524
00:35:48,725 –> 00:35:49,028
[ramsey_d_smith]: oh

1525
00:35:48,739 –> 00:35:55,130
[paul_tyler]: of these websites just keeping the message
in front of people about guarantees about income

1526
00:35:55,170 –> 00:35:55,230
[paul_tyler]: and

1527
00:35:55,205 –> 00:35:55,526
[ramsey_d_smith]: oh

1528
00:35:55,310 –> 00:35:57,654
[paul_tyler]: thank you i think what you’re doing
is terrific

1529
00:35:58,320 –> 00:35:58,683
[david_macchia]: oh

1530
00:35:58,455 –> 00:35:58,616
[paul_tyler]: um

1531
00:35:59,720 –> 00:36:00,003
[david_macchia]: thank you

1532
00:36:00,058 –> 00:36:05,568
[paul_tyler]: yeah look we want to support we
want to sport your project two thousand minutes

1533
00:36:06,008 –> 00:36:06,309
[paul_tyler]: so well

1534
00:36:06,257 –> 00:36:06,759
[ramsey_d_smith]: six thousand

1535
00:36:06,750 –> 00:36:07,952
[paul_tyler]: six thousand six thousand

1536
00:36:07,895 –> 00:36:08,135
[ramsey_d_smith]: oh

1537
00:36:08,232 –> 00:36:10,616
[paul_tyler]: i’m bad date for numbers for me

1538
00:36:11,139 –> 00:36:15,446
[david_macchia]: i very much appreciate that paul like
i said we need we need the participation

1539
00:36:15,546 –> 00:36:16,688
[david_macchia]: of institutions

1540
00:36:16,660 –> 00:36:16,763
[ramsey_d_smith]: ah

1541
00:36:16,728 –> 00:36:17,651
[david_macchia]: and individuals so

1542
00:36:18,485 –> 00:36:18,505
[ramsey_d_smith]: m

1543
00:36:18,736 –> 00:36:19,037
[david_macchia]: i really

1544
00:36:18,900 –> 00:36:19,003
[paul_tyler]: ye

1545
00:36:19,098 –> 00:36:20,524
[david_macchia]: wanted to get off the ground and
be very very

1546
00:36:20,570 –> 00:36:20,770
[paul_tyler]: okay

1547
00:36:20,585 –> 00:36:21,067
[david_macchia]: successful

1548
00:36:21,031 –> 00:36:22,673
[paul_tyler]: great we’ll put the link and link
to

1549
00:36:22,607 –> 00:36:22,708
[ramsey_d_smith]: ye

1550
00:36:22,753 –> 00:36:24,236
[paul_tyler]: your side and we’ll put the link
to

1551
00:36:24,240 –> 00:36:24,681
[david_macchia]: oh

1552
00:36:24,296 –> 00:36:27,962
[paul_tyler]: your linked in account whatever however else
so people can get in touch with you

1553
00:36:28,102 –> 00:36:32,089
[paul_tyler]: this is great thanks david ramsey thank
you and thanks for listening

1554
00:36:32,165 –> 00:36:32,428
[ramsey_d_smith]: yeah

1555
00:36:32,670 –> 00:36:33,392
[paul_tyler]: so it’s again next week

1556
00:36:33,448 –> 00:36:33,592
[ramsey_d_smith]: yeah

1557
00:36:33,452 –> 00:36:36,438
[paul_tyler]: for another episode of that annuity show
thanks

1558
00:36:36,695 –> 00:36:36,917
[ramsey_d_smith]: yah

1559
00:36:37,950 –> 00:36:38,235
[david_macchia]: thank you

1560
00:36:39,060 –> 00:36:39,267
[paul_tyler]: oh

00:00:01,703 –> 00:00:03,610

[paul_tyler]: this is paul tyler and welcome

00:00:03,510 –> 00:00:03,792

[david_macchia]: oh

00:00:03,831 –> 00:00:07,707

[paul_tyler]: to another episode that annuity show ramsey

harry you

00:00:08,797 –> 00:00:10,762

[ramsey_d_smith]: fantastic always glad to be here

00:00:11,470 –> 00:00:17,997

[paul_tyler]: yeah well it’s we’ve had some interesting

interesting month coming up i mean actually can

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[paul_tyler]: be out at shortt connect

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[ramsey_d_smith]: oh

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[paul_tyler]: there’s some interesting overlap

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[ramsey_d_smith]: oh

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[paul_tyler]: with some of the people we’ve

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[ramsey_d_smith]: m

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[paul_tyler]: had on this show and some of

the people who participate in retire tech

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[ramsey_d_smith]: oh

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[paul_tyler]: event

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[ramsey_d_smith]: ah

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[paul_tyler]: so i’m

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[ramsey_d_smith]: yeah

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[paul_tyler]: looking forward to seeing smal friends meeting

some new men which we have an old

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[ramsey_d_smith]: m

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[paul_tyler]: friend now an old

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[ramsey_d_smith]: yeah

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[paul_tyler]: friend back on our program today

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[ramsey_d_smith]: oh

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[paul_tyler]: rams you want to do the introductions

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[ramsey_d_smith]: absolutely

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[paul_tyler]: oh

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[ramsey_d_smith]: we’re very lucky to have

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[paul_tyler]: oh

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[ramsey_d_smith]: david mark rejoin us to talk about

some of the things that he’s been doing

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[ramsey_d_smith]: in the in the few months since

the last time we had on the show

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[ramsey_d_smith]: m david for those of you don’t

know is the founder and co of wealth

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[ramsey_d_smith]: to k he’s also a very prolific

and passionate writer about about many and all

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[ramsey_d_smith]: things retirement income you know built particularly

around the concept of a constrained investor which

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[ramsey_d_smith]: is something we talked about on his

on his

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[paul_tyler]: yeah

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[ramsey_d_smith]: last visit here in addition to that

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[paul_tyler]: yeah

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[ramsey_d_smith]: he is launched a new product

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[paul_tyler]: yeah

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[ramsey_d_smith]: you should say a new project rather

that he’s going to

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[paul_tyler]: oh

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[ramsey_d_smith]: share the outlines with us on today

which is called project six thousand minutes a

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[ramsey_d_smith]: really very interesting initiative so with that

welcome back to the show david and we

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[ramsey_d_smith]: look forward to our chat today so

tell us

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[david_macchia]: yeah

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[ramsey_d_smith]: what are some of the key things

you’re focusing on lately

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[david_macchia]: ah

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[paul_tyler]: yeah

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[david_macchia]: first of all thank you ramsey and

thank you paul

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[ramsey_d_smith]: oh

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[paul_tyler]: yeah

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[david_macchia]: for having me back i very much

enjoyed being with you

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[ramsey_d_smith]: oh

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[david_macchia]: so you mentioned project six thousand minutes

and over the last several months this is

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[david_macchia]: something

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[ramsey_d_smith]: m

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[david_macchia]: that’s been very much on top of

my agenda it’s forming just now but

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[ramsey_d_smith]: m

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[david_macchia]: give folks an outline of what it

is those of us who’ve been blessed with

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[david_macchia]: advantages and

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[paul_tyler]: yah

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[david_macchia]: have done you know well

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[paul_tyler]: yeah

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[david_macchia]: financially you think about at some point

in your life giving back and you know

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[david_macchia]: my belief about giving back is that

one of the greatest gifts one can give

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[david_macchia]: is education education is the way for

because i think to elevate themselves in my

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[david_macchia]: own

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[paul_tyler]: yeah

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[david_macchia]: life i can point to education as

being instrumental

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[paul_tyler]: yeah

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[david_macchia]: in helping me you know elevate where

i was and when i started to where

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[david_macchia]: i became over time and the idea

of project six thousand minutes is a way

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[david_macchia]: for people to help contribute to building

a more equitable society specifically project six thousand

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[paul_tyler]: oh

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[david_macchia]: minutes aims to deliver free financial education

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[paul_tyler]: oh

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[david_macchia]: to women from undeserved communities black women

hispanic women latina women and other

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[paul_tyler]: okay

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[david_macchia]: women from undeserved communities who need basic

financial education well you say well how would

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[david_macchia]: that happen how does that actually play

out

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[ramsey_d_smith]: yeah

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[david_macchia]: well think of this the financial advisor

community collectively possesses a level

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[ramsey_d_smith]: oh

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[david_macchia]: of wisdom that’s unmatched

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[paul_tyler]: yeah

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[david_macchia]: so the idea of project six thousand

minutes as advisors would donate two hours per

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[david_macchia]: week of their time

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[ramsey_d_smith]: oh

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[david_macchia]: to deliver education in their local communities

in any number of

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[ramsey_d_smith]: yes

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[david_macchia]: venus to profit organization s places of

worships community centers or

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[ramsey_d_smith]: ye

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[david_macchia]: online or online and by doing that

we can leverage the financial advisor community in

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[david_macchia]: a way that will help really build

a more the bow and stronger society the

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[david_macchia]: name project six thousand minutes

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[paul_tyler]: oh

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[david_macchia]: comes from the idea that

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[paul_tyler]: my

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[david_macchia]: if an advisor

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[ramsey_d_smith]: m

101

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[david_macchia]: devotes two hours per week over the

cost of fifty weeks that’s six thousand minutes

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[ramsey_d_smith]: oh

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[david_macchia]: so i think you know if

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[ramsey_d_smith]: yeah

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[david_macchia]: we are able to get this off

the ground successfully and have a large number

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[david_macchia]: of financial advisors

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[paul_tyler]: oh

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[ramsey_d_smith]: m

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[david_macchia]: deliver education we will change people’s lives

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[paul_tyler]: yeah

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[david_macchia]: to some extent and i think it

will also become

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[ramsey_d_smith]: oh

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[david_macchia]: a way to educate women who some

of whom will say you know

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[ramsey_d_smith]: yes

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[david_macchia]: i love this topic i love learning

about financial issues perhaps i’ll pursue a career

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[david_macchia]: as a financial advisor and of course

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[paul_tyler]: yeah

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[david_macchia]: you know we need to have women

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[ramsey_d_smith]: oh

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[david_macchia]: you know in the ranks of the

financial advisor community and we specifically

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[ramsey_d_smith]: m

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[david_macchia]: need to have more minority women in

the ranks of financial advisor community

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[ramsey_d_smith]: m

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[david_macchia]: perhaps this and become a pipeline to

you know try to address that long standing

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[david_macchia]: aspiration we need support we need support

of financial advisors we need support of sponsors

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[david_macchia]: at the corporate level

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[ramsey_d_smith]: oh

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[david_macchia]: anyone can learn about this initiative

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[ramsey_d_smith]: yea

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[david_macchia]: at the website project

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[ramsey_d_smith]: oh

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[david_macchia]: six thousand minutes dot com

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[ramsey_d_smith]: ye

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[david_macchia]: i’ll help you visit

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[ramsey_d_smith]: oh

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[david_macchia]: it and i help you learn and

i help you think about contributing to this

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah

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[david_macchia]: and thanks for giving me an opportunity

to talk about

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[ramsey_d_smith]: yeah

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[david_macchia]: it

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[paul_tyler]: yeah and just just

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[david_macchia]: oh

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[paul_tyler]: is i think it’s fabulous idea you

know now i will say i one of

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[paul_tyler]: my

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[david_macchia]: m

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[paul_tyler]: strange you know one of my

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[david_macchia]: m

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[paul_tyler]: simons had a prim

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[david_macchia]: oh

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[paul_tyler]: prior company was run reliance

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[ramsey_d_smith]: yeah

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[paul_tyler]: right so i’ve learned to put my

compliant

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[ramsey_d_smith]: oh

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[paul_tyler]: healthy

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[david_macchia]: oh

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[paul_tyler]: skeptical hat on here so dave how

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[ramsey_d_smith]: oh

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[paul_tyler]: how do you know you’re in the

design phase

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[ramsey_d_smith]: oh

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[paul_tyler]: of this how do you keep this

from being like a legion

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[ramsey_d_smith]: right

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[paul_tyler]: opportunity and it’s us

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[ramsey_d_smith]: yeah

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[paul_tyler]: and rather keep it

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[ramsey_d_smith]: yeah

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[paul_tyler]: as a give back to a community

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[ramsey_d_smith]: oh

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[paul_tyler]: you know wat are the so are

you selecting agents you know what’s the how

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[paul_tyler]: do you kind of put guard rails

up on this

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[david_macchia]: it’s a great

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[paul_tyler]: oh

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[david_macchia]: question and i’m not sure i have

a perfect

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[ramsey_d_smith]: yes

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[david_macchia]: answer yet

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[ramsey_d_smith]: oh

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[david_macchia]: i think the people who will

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[ramsey_d_smith]: ye

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[david_macchia]: respond to this those who genuinely want

to get back by don’t

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[ramsey_d_smith]: oh

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[david_macchia]: in some of their time and some

of their brain power to

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[ramsey_d_smith]: yes

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[david_macchia]: people who can benefit

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[ramsey_d_smith]: yeah

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[david_macchia]: from it

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[ramsey_d_smith]: yeah

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[david_macchia]: i never really conceived of

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[ramsey_d_smith]: m

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[david_macchia]: it as as anything other than that

paul

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[paul_tyler]: yeah

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[david_macchia]: and i don’t

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[ramsey_d_smith]: oh

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[david_macchia]: think it will be you know we

want to

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[ramsey_d_smith]: oh

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[david_macchia]: form this in a non profit structure

we wanted to be you know clean

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[ramsey_d_smith]: m

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[david_macchia]: and proper

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[ramsey_d_smith]: yeah

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[david_macchia]: and appropriate and devoted to its mission

and only its mission so i mean it

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[ramsey_d_smith]: oh

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[david_macchia]: wouldn’t be good to have it stray

into into anything

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[ramsey_d_smith]: yeah

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[david_macchia]: that becomes more commercial let’s put it

that way

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[ramsey_d_smith]: so interestingly i mean in some ways

i want to take the

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[david_macchia]: oh

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[ramsey_d_smith]: other side of your point paul

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[david_macchia]: hm

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[paul_tyler]: yeah

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[ramsey_d_smith]: right

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[david_macchia]: i

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[ramsey_d_smith]: um i think that that one of

the one of the challenges in financial advice

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[ramsey_d_smith]: is is that there there still is

a large part of the population that isn’t

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[ramsey_d_smith]: covered part of it reason it’s not

covered is a lack of understanding part of

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[ramsey_d_smith]: it’s a lack of trust

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[paul_tyler]: yeah

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[ramsey_d_smith]: and in my mind you know an

initiative like this you know allows more people

217

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[ramsey_d_smith]: to understand one what they need to

do in their personal finances and two quite

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[ramsey_d_smith]: importantly kind of bifricate what part of

this can i handle myself versus o things

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[ramsey_d_smith]: that i might actually seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: advice on so in my view like

you know if if this sort of lives

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[ramsey_d_smith]: out to it to its its full

potential you end up creating more potent clients

225

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[ramsey_d_smith]: down the road maybe not this year

but maybe maybe those people are clients ten

226

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[ramsey_d_smith]: years down the road for the right

for the broader community

227

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[david_macchia]: oh

228

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[ramsey_d_smith]: and you you ultimately end up potentially

cultivating

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[david_macchia]: yeah

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[ramsey_d_smith]: some some new advisors down the road

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[paul_tyler]: oh

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[ramsey_d_smith]: um one other point that i’ll put

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[paul_tyler]: yeah

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[ramsey_d_smith]: on it

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[david_macchia]: oh

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[ramsey_d_smith]: is that actually think one of things

that it is often underestimated about the value

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[ramsey_d_smith]: of non profit work is it you

know put you in a position to work

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[ramsey_d_smith]: with people on something about which they’re

very passionate so the people like so so

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[david_macchia]: hm

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[ramsey_d_smith]: david you’re going to pursue this an

you’re going to end up working with other

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[ramsey_d_smith]: people on this and

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[david_macchia]: oh

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[ramsey_d_smith]: and my sense is your on get

to know

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[david_macchia]: yeah

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[ramsey_d_smith]: those people and there will be now

work opportunities there as well that you know

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[ramsey_d_smith]: create other energies so

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[paul_tyler]: yeah

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[ramsey_d_smith]: i think this is a fantastic idea

who knows like what you know how all

249

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[paul_tyler]: oh

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[ramsey_d_smith]: those things will come out but i

actually think that

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[paul_tyler]: yeah

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[ramsey_d_smith]: think it it can and end up

being commercial in a good way over the

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[ramsey_d_smith]: long term in a way

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[david_macchia]: yeah

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[ramsey_d_smith]: that’s beneficial to everybody

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[paul_tyler]: yeah no

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[david_macchia]: all right

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[paul_tyler]: listen david we talked about this a

little bit i’m not

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[david_macchia]: m

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[paul_tyler]: sure if you could hear me

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[ramsey_d_smith]: oh

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[paul_tyler]: on

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[david_macchia]: m

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[paul_tyler]: the phone but i think it’s a

great idea if i were had

265

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[ramsey_d_smith]: yeah

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[paul_tyler]: an agency or a

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[ramsey_d_smith]: oh

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[paul_tyler]: firm in a community would speak right

way give back with resources give my skills

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[paul_tyler]: back to the community

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[ramsey_d_smith]: m

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[paul_tyler]: and your ram

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[ramsey_d_smith]: m

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[paul_tyler]: right done properly it probably does generate

a lot furls it probably engenders david is

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[paul_tyler]: probably one of the best brand building

things i could do in a community

275

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[david_macchia]: i think

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[paul_tyler]: oh

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[david_macchia]: that’s right i think i agree with

both of you i think it reflects

278

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[ramsey_d_smith]: m

279

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[david_macchia]: positively on the advisor who’s donating

280

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[paul_tyler]: yeah

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[david_macchia]: time and trying to make a contribution

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[ramsey_d_smith]: m

283

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[david_macchia]: to his or her community

284

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[paul_tyler]: yeah

285

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[david_macchia]: you know that’s absolutely true i can’t

i can’t disagree with that at all i

286

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[david_macchia]: think you’re absolutely right about it and

i’m excited and i

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[ramsey_d_smith]: yeah

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[david_macchia]: i hope like i said i hope

folks will

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[paul_tyler]: oh

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[david_macchia]: go to the website and i hope

we can enlist

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[paul_tyler]: yeah

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[david_macchia]: some sponsors

293

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[paul_tyler]: oh

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[david_macchia]: from the corporal level i don’t think

this can work without corporate participation

295

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[paul_tyler]: agree

296

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[david_macchia]: because the financial advisors contribution that doesn’t

need to be and shouldn’t be direct

297

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[ramsey_d_smith]: oh

298

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[david_macchia]: cash contributions it

299

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[ramsey_d_smith]: ye

300

00:09:07,269 –> 00:09:09,933

[david_macchia]: should be in time and and the

conveyance

301

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[ramsey_d_smith]: yeah

302

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[david_macchia]: of his or her wisdom

303

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[paul_tyler]: oh

304

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[david_macchia]: that’s that’s really the gold standard contribution

here

305

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[paul_tyler]: yeah ramsey i think of you know

wendy cops

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[ramsey_d_smith]: m

307

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[paul_tyler]: teacher for america

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[ramsey_d_smith]: yeah

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[david_macchia]: yeah

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[paul_tyler]: project right that

311

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[ramsey_d_smith]: yeah

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[paul_tyler]: was a senior thesis you

313

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[david_macchia]: oh

314

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[paul_tyler]: know david to at

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[ramsey_d_smith]: yeah

316

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[david_macchia]: oh

317

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[paul_tyler]: that turned into like amazing organization

318

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[ramsey_d_smith]: yeah

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[david_macchia]: m

320

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[ramsey_d_smith]: yeah

321

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[david_macchia]: m

322

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[ramsey_d_smith]: used to sit in the same computer

room at school

323

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[paul_tyler]: oh

324

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[david_macchia]: m

325

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[ramsey_d_smith]: at the next computer she was writing

that senior thesis

326

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[paul_tyler]: really

327

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[ramsey_d_smith]: back

328

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[david_macchia]: wow

329

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[ramsey_d_smith]: and like the lady if you can

believe it

330

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[david_macchia]: wow amazing

331

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[paul_tyler]: yeah

332

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[ramsey_d_smith]: yeah

333

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[paul_tyler]: there’s a lot of power there you

know

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[ramsey_d_smith]: yeh

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[paul_tyler]: you know again i’m just

336

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[david_macchia]: m

337

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[paul_tyler]: like i’m one

338

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[david_macchia]: oh

339

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[paul_tyler]: of these people

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[ramsey_d_smith]: m

341

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[paul_tyler]: want to like take that take

342

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[ramsey_d_smith]: oh

343

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[paul_tyler]: the hammer out start building

344

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[david_macchia]: m

345

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[paul_tyler]: this stuff yeah i think i think

you definitely would need

346

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[david_macchia]: m

347

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[paul_tyler]: like a a large

348

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[david_macchia]: yeah

349

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[paul_tyler]: carrier with some probably some fairly tied

distribution captive is oxymoreon this business but we

350

00:10:06,796 –> 00:10:11,544

[paul_tyler]: use a lot right you need the

coverage because

351

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[ramsey_d_smith]: yeah

352

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[paul_tyler]: boy you

353

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[ramsey_d_smith]: oh

354

00:10:12,966 –> 00:10:17,674

[paul_tyler]: mean well but you’ve got you attorneys

355

00:10:17,345 –> 00:10:17,365

[ramsey_d_smith]: m

356

00:10:18,155 –> 00:10:20,619

[paul_tyler]: you know that who be very happy

to take some

357

00:10:20,534 –> 00:10:20,555

[ramsey_d_smith]: m

358

00:10:20,659 –> 00:10:24,706

[paul_tyler]: cases here so i think you have

to think that you know coverage right

359

00:10:26,220 –> 00:10:26,970

[david_macchia]: yeah

360

00:10:26,368 –> 00:10:28,973

[paul_tyler]: the program that i’m assuming this would

tie

361

00:10:29,100 –> 00:10:29,342

[david_macchia]: oh

362

00:10:29,133 –> 00:10:31,837

[paul_tyler]: in your your platform

363

00:10:31,835 –> 00:10:34,412

[ramsey_d_smith]: oh

364

00:10:31,898 –> 00:10:35,647

[paul_tyler]: would actually be a good name for

for an effort like this correct

365

00:10:35,825 –> 00:10:36,149

[ramsey_d_smith]: oh

366

00:10:36,611 –> 00:10:36,731

[david_macchia]: that

367

00:10:36,635 –> 00:10:36,775

[ramsey_d_smith]: oh

368

00:10:36,892 –> 00:10:39,977

[david_macchia]: that hadn’t been in my mind at

all i wasn’t looking for any

369

00:10:39,930 –> 00:10:40,131

[paul_tyler]: oh

370

00:10:40,037 –> 00:10:41,620

[david_macchia]: kind of ties directly

371

00:10:41,670 –> 00:10:41,811

[paul_tyler]: yeah

372

00:10:41,680 –> 00:10:45,987

[david_macchia]: to anything i’m doing another facets of

my life so i think one of one

373

00:10:46,047 –> 00:10:46,087

[david_macchia]: of

374

00:10:46,080 –> 00:10:46,362

[paul_tyler]: oh

375

00:10:46,347 –> 00:10:50,433

[david_macchia]: the great things here i said a

you know one of the things i’ve written

376

00:10:50,493 –> 00:10:54,780

[david_macchia]: about and you guys know this is

this the warring factions of financial services right

377

00:10:54,860 –> 00:10:56,122

[david_macchia]: the r a community that looks

378

00:10:56,105 –> 00:10:56,407

[ramsey_d_smith]: oh

379

00:10:56,182 –> 00:10:58,566

[david_macchia]: down to the insurance community the insurance

community that says you’re

380

00:10:58,500 –> 00:10:58,783

[paul_tyler]: oh

381

00:10:58,727 –> 00:10:59,628

[david_macchia]: hypocrites because

382

00:10:59,615 –> 00:10:59,996

[ramsey_d_smith]: yeah

383

00:11:00,229 –> 00:11:00,390

[david_macchia]: you’re

384

00:11:00,270 –> 00:11:04,740

[paul_tyler]: yeah

385

00:11:00,510 –> 00:11:01,751

[david_macchia]: pay structure actually is

386

00:11:01,744 –> 00:11:01,904

[ramsey_d_smith]: yeah

387

00:11:01,831 –> 00:11:03,372

[david_macchia]: more than my commission you know the

388

00:11:03,326 –> 00:11:03,487

[ramsey_d_smith]: yeah

389

00:11:03,493 –> 00:11:04,474

[david_macchia]: thing you have

390

00:11:04,385 –> 00:11:05,645

[ramsey_d_smith]: oh

391

00:11:04,514 –> 00:11:05,955

[david_macchia]: all these warring factions and it’s

392

00:11:05,880 –> 00:11:07,260

[paul_tyler]: oh

393

00:11:06,596 –> 00:11:12,838

[david_macchia]: and i said wouldn’t it be great

if there was something that everybody could galvanize

394

00:11:12,938 –> 00:11:19,882

[david_macchia]: around and contribute their competency to because

the truth of the matter is every facet

395

00:11:19,962 –> 00:11:27,046

[david_macchia]: of the advisor community has very specific

knowledge that’s valuable right and in constructing

396

00:11:26,564 –> 00:11:26,585

[ramsey_d_smith]: m

397

00:11:27,146 –> 00:11:27,627

[david_macchia]: someone’s

398

00:11:27,605 –> 00:11:28,445

[ramsey_d_smith]: yeah

399

00:11:28,389 –> 00:11:34,201

[david_macchia]: foundational life right in terms of finance

all of it matters it’s just not one

400

00:11:34,241 –> 00:11:35,223

[david_macchia]: perspective that matters

401

00:11:35,255 –> 00:11:35,399

[ramsey_d_smith]: ye

402

00:11:35,363 –> 00:11:37,887

[david_macchia]: all the perspectives matter and so my

403

00:11:37,925 –> 00:11:38,128

[ramsey_d_smith]: oh

404

00:11:38,068 –> 00:11:38,809

[david_macchia]: my hope is that

405

00:11:39,575 –> 00:11:39,937

[ramsey_d_smith]: oh

406

00:11:39,610 –> 00:11:43,837

[david_macchia]: no matter what area of financial services

you’re you’re from and no matter how you

407

00:11:43,877 –> 00:11:44,578

[david_macchia]: are regulated

408

00:11:44,315 –> 00:11:44,679

[ramsey_d_smith]: yeah

409

00:11:44,659 –> 00:11:48,608

[david_macchia]: and what you all yourself on your

business card you have a place to contribute

410

00:11:48,254 –> 00:11:48,275

[ramsey_d_smith]: m

411

00:11:48,648 –> 00:11:54,198

[david_macchia]: here and so i didn’t define any

platform or idea of how this should you

412

00:11:54,438 –> 00:11:58,485

[david_macchia]: play out what we will do is

we’ll create a curriculum

413

00:11:58,974 –> 00:11:59,015

[paul_tyler]: s

414

00:11:59,026 –> 00:12:03,855

[david_macchia]: you know that the people can run

with that that is addresses all the areas

415

00:12:03,895 –> 00:12:04,797

[david_macchia]: of finance that we need

416

00:12:04,694 –> 00:12:04,715

[ramsey_d_smith]: m

417

00:12:04,817 –> 00:12:05,518

[david_macchia]: to educate on

418

00:12:06,060 –> 00:12:06,810

[paul_tyler]: yeah

419

00:12:06,590 –> 00:12:07,314

[david_macchia]: that for sure will

420

00:12:07,175 –> 00:12:07,519

[ramsey_d_smith]: oh

421

00:12:07,354 –> 00:12:07,435

[david_macchia]: do

422

00:12:08,921 –> 00:12:09,101

[paul_tyler]: you know

423

00:12:09,125 –> 00:12:09,470

[ramsey_d_smith]: oh

424

00:12:09,181 –> 00:12:13,128

[paul_tyler]: m thinking back you know i’m sure

you have so mature boy harry stout’s book

425

00:12:13,248 –> 00:12:14,911

[paul_tyler]: you know the financial verse we had

harry

426

00:12:14,735 –> 00:12:14,996

[ramsey_d_smith]: yeah

427

00:12:14,971 –> 00:12:15,532

[paul_tyler]: stout on there

428

00:12:15,430 –> 00:12:15,572

[david_macchia]: yep

429

00:12:15,652 –> 00:12:15,792

[paul_tyler]: he’s

430

00:12:17,114 –> 00:12:17,135

[ramsey_d_smith]: m

431

00:12:17,141 –> 00:12:17,285

[david_macchia]: yep

432

00:12:17,495 –> 00:12:18,958

[paul_tyler]: you’ve got a good set of books

433

00:12:18,840 –> 00:12:18,860

[david_macchia]: m

434

00:12:19,038 –> 00:12:20,240

[paul_tyler]: there i’m sure so

435

00:12:20,504 –> 00:12:20,525

[ramsey_d_smith]: m

436

00:12:20,623 –> 00:12:21,227

[paul_tyler]: harry love the

437

00:12:21,200 –> 00:12:21,344

[david_macchia]: yep

438

00:12:21,267 –> 00:12:22,656

[paul_tyler]: cardinal with you on something like this

439

00:12:23,600 –> 00:12:24,483

[david_macchia]: yeah i like harry

440

00:12:24,365 –> 00:12:24,385

[ramsey_d_smith]: m

441

00:12:24,703 –> 00:12:25,746

[david_macchia]: i can talk to harry about it

442

00:12:25,740 –> 00:12:25,820

[paul_tyler]: ah

443

00:12:25,787 –> 00:12:26,128

[david_macchia]: for sure

444

00:12:26,761 –> 00:12:30,826

[paul_tyler]: so this is cool i think this

is great now david any way we can

445

00:12:30,886 –> 00:12:32,167

[paul_tyler]: help you know let us know

446

00:12:32,564 –> 00:12:32,585

[ramsey_d_smith]: m

447

00:12:34,440 –> 00:12:34,982

[david_macchia]: thank you polly

448

00:12:35,021 –> 00:12:36,243

[paul_tyler]: yeah i had a question

449

00:12:35,867 –> 00:12:36,464

[ramsey_d_smith]: and then what

450

00:12:36,624 –> 00:12:37,225

[paul_tyler]: on financial

451

00:12:37,175 –> 00:12:37,482

[ramsey_d_smith]: oh

452

00:12:37,505 –> 00:12:38,467

[paul_tyler]: you now what his financial

453

00:12:38,165 –> 00:12:38,407

[ramsey_d_smith]: yeah

454

00:12:38,527 –> 00:12:41,873

[paul_tyler]: literacy came in from from you know

writer

455

00:12:41,855 –> 00:12:42,120

[ramsey_d_smith]: oh

456

00:12:42,750 –> 00:12:43,013

[david_macchia]: oh

457

00:12:42,995 –> 00:12:45,859

[paul_tyler]: s a couple of days ago and

that was that was a hard question david

458

00:12:46,181 –> 00:12:48,150

[paul_tyler]: how what is financial literacy how do

459

00:12:48,185 –> 00:12:48,205

[ramsey_d_smith]: m

460

00:12:48,210 –> 00:12:51,112

[paul_tyler]: you answer that question oh

461

00:12:51,341 –> 00:12:55,528

[david_macchia]: well i think it’s what we don’t

teach in school right we do an awful

462

00:12:55,503 –> 00:12:55,603

[paul_tyler]: it’s

463

00:12:55,608 –> 00:12:55,868

[david_macchia]: job

464

00:12:55,663 –> 00:12:56,145

[paul_tyler]: a negative

465

00:12:55,895 –> 00:12:55,915

[ramsey_d_smith]: m

466

00:12:56,626 –> 00:12:56,846

[paul_tyler]: yes

467

00:12:57,110 –> 00:12:57,791

[david_macchia]: we do an awful

468

00:12:57,819 –> 00:12:57,839

[ramsey_d_smith]: m

469

00:12:57,891 –> 00:12:58,312

[david_macchia]: job of

470

00:12:58,782 –> 00:12:58,966

[paul_tyler]: yeah

471

00:12:58,853 –> 00:12:59,294

[david_macchia]: failing

472

00:12:59,610 –> 00:12:59,793

[paul_tyler]: oh

473

00:12:59,694 –> 00:13:00,656

[david_macchia]: to educate people

474

00:13:00,344 –> 00:13:00,365

[ramsey_d_smith]: m

475

00:13:00,690 –> 00:13:01,560

[paul_tyler]: yeah

476

00:13:00,875 –> 00:13:01,159

[ramsey_d_smith]: oh

477

00:13:00,896 –> 00:13:05,464

[david_macchia]: on on understanding how to build wealth

how to avoid debt how to

478

00:13:05,550 –> 00:13:05,791

[paul_tyler]: yeah

479

00:13:05,584 –> 00:13:07,027

[david_macchia]: avoid extraneous costs

480

00:13:07,140 –> 00:13:07,340

[paul_tyler]: yeah

481

00:13:07,207 –> 00:13:11,895

[david_macchia]: that deprive people of having you know

wealth how to live within a budget what

482

00:13:11,935 –> 00:13:15,220

[david_macchia]: does a budget even mean how to

have a personal finance statement

483

00:13:15,270 –> 00:13:16,050

[paul_tyler]: oh

484

00:13:16,062 –> 00:13:22,352

[david_macchia]: this is basic stuff but it’s not

something that people are taught and you know

485

00:13:22,412 –> 00:13:25,998

[david_macchia]: and then when you get into the

more you know older people in retirement it

486

00:13:26,038 –> 00:13:27,260

[david_macchia]: gets even more omplicated

487

00:13:26,744 –> 00:13:26,765

[ramsey_d_smith]: m

488

00:13:27,360 –> 00:13:27,645

[paul_tyler]: oh

489

00:13:27,845 –> 00:13:27,865

[ramsey_d_smith]: m

490

00:13:28,042 –> 00:13:31,107

[david_macchia]: you know how do you think about

social security how s that handle how do

491

00:13:31,167 –> 00:13:34,513

[david_macchia]: you use money to create income there’s

492

00:13:34,475 –> 00:13:35,083

[ramsey_d_smith]: ye

493

00:13:34,613 –> 00:13:37,377

[david_macchia]: so many issues there’s so many issues

and such a deficit

494

00:13:37,274 –> 00:13:37,295

[ramsey_d_smith]: m

495

00:13:37,658 –> 00:13:39,623

[david_macchia]: of understanding knowledge about them

496

00:13:39,810 –> 00:13:40,560

[paul_tyler]: yeah

497

00:13:40,505 –> 00:13:41,375

[ramsey_d_smith]: yeah

498

00:13:40,566 –> 00:13:43,838

[david_macchia]: and that’s where i think we can

we can make a tangible impact

499

00:13:44,653 –> 00:13:44,733

[paul_tyler]: what

500

00:13:44,684 –> 00:13:44,705

[ramsey_d_smith]: m

501

00:13:44,773 –> 00:13:49,004

[paul_tyler]: do you think is financial literacy a

course i take and a grade that i

502

00:13:49,104 –> 00:13:49,745

[paul_tyler]: receive like

503

00:13:50,100 –> 00:13:50,362

[david_macchia]: yah

504

00:13:50,106 –> 00:13:50,828

[paul_tyler]: it pass fail

505

00:13:51,028 –> 00:13:51,150

[david_macchia]: yah

506

00:13:51,390 –> 00:13:51,793

[paul_tyler]: yeah

507

00:13:52,209 –> 00:13:54,372

[ramsey_d_smith]: you know it’s it’s interesting a view

financial

508

00:13:54,060 –> 00:13:55,170

[paul_tyler]: oh

509

00:13:54,433 –> 00:13:55,494

[ramsey_d_smith]: literacy is something

510

00:13:55,290 –> 00:13:56,610

[paul_tyler]: yeah

511

00:13:55,554 –> 00:14:02,025

[ramsey_d_smith]: that’s a that’s developed over a lifetime

right because things change both like what available

512

00:14:02,085 –> 00:14:04,269

[ramsey_d_smith]: in the market the market itself as

well as like

513

00:14:04,261 –> 00:14:04,342

[paul_tyler]: we

514

00:14:04,309 –> 00:14:05,591

[ramsey_d_smith]: your personal situation so

515

00:14:05,700 –> 00:14:05,920

[david_macchia]: oh

516

00:14:07,013 –> 00:14:10,159

[ramsey_d_smith]: as much as anything else i kind

of think of financial literacy as

517

00:14:10,500 –> 00:14:10,683

[david_macchia]: oh

518

00:14:10,740 –> 00:14:15,868

[ramsey_d_smith]: as a habit you develop the expectation

you’re never going to get it exactly right

519

00:14:16,169 –> 00:14:20,616

[ramsey_d_smith]: but it’s better to make make decisions

than to succumb

520

00:14:20,580 –> 00:14:22,050

[paul_tyler]: yeah

521

00:14:20,656 –> 00:14:22,179

[ramsey_d_smith]: to not making decisions which usually

522

00:14:22,080 –> 00:14:22,100

[paul_tyler]: m

523

00:14:22,219 –> 00:14:27,628

[ramsey_d_smith]: are where the biggest mistakes happening with

respect to once personal finances so i’ve

524

00:14:27,474 –> 00:14:27,990

[paul_tyler]: right

525

00:14:27,690 –> 00:14:27,771

[david_macchia]: ah

526

00:14:28,289 –> 00:14:31,234

[ramsey_d_smith]: i’ve become a bit cynical in that

i used to think you could truly solve

527

00:14:31,294 –> 00:14:34,479

[ramsey_d_smith]: financial literacy and if you just sort

of taught it better and i think that

528

00:14:34,539 –> 00:14:37,625

[ramsey_d_smith]: actually it’s more of an attitude than

anything else

529

00:14:37,980 –> 00:14:38,000

[david_macchia]: m

530

00:14:38,145 –> 00:14:38,265

[ramsey_d_smith]: and

531

00:14:38,191 –> 00:14:38,271

[paul_tyler]: ah

532

00:14:38,986 –> 00:14:41,649

[ramsey_d_smith]: and so that’s why that’s why tools

like this need to be available

533

00:14:41,532 –> 00:14:41,613

[paul_tyler]: ah

534

00:14:41,689 –> 00:14:42,029

[ramsey_d_smith]: to people so

535

00:14:42,000 –> 00:14:42,020

[david_macchia]: m

536

00:14:42,049 –> 00:14:42,509

[ramsey_d_smith]: they can start

537

00:14:42,480 –> 00:14:42,742

[paul_tyler]: oh

538

00:14:43,210 –> 00:14:46,714

[ramsey_d_smith]: thinking about it in corporate ncorporating into

their right in their daily lives

539

00:14:46,981 –> 00:14:47,922

[paul_tyler]: yeah i like the

540

00:14:47,872 –> 00:14:47,892

[david_macchia]: i

541

00:14:47,962 –> 00:14:49,184

[paul_tyler]: word actions david i mean

542

00:14:49,286 –> 00:14:49,487

[ramsey_d_smith]: yeah

543

00:14:49,525 –> 00:14:51,648

[paul_tyler]: what would you i mean i go

544

00:14:51,755 –> 00:14:52,895

[ramsey_d_smith]: oh

545

00:14:51,789 –> 00:14:54,994

[paul_tyler]: through i you know i received

546

00:14:54,545 –> 00:14:54,867

[ramsey_d_smith]: oh

547

00:14:56,316 –> 00:14:56,797

[paul_tyler]: counseling

548

00:14:56,739 –> 00:14:56,760

[david_macchia]: m

549

00:14:56,897 –> 00:14:58,339

[paul_tyler]: from you know somebody in a program

550

00:14:58,380 –> 00:14:58,604

[david_macchia]: oh

551

00:14:58,520 –> 00:14:59,981

[paul_tyler]: my financially literate in life

552

00:15:00,060 –> 00:15:00,080

[david_macchia]: m

553

00:15:00,181 –> 00:15:00,662

[paul_tyler]: financially

554

00:15:00,335 –> 00:15:00,576

[ramsey_d_smith]: oh

555

00:15:00,722 –> 00:15:01,322

[paul_tyler]: empowered

556

00:15:01,775 –> 00:15:01,795

[ramsey_d_smith]: m

557

00:15:02,303 –> 00:15:03,685

[paul_tyler]: in my financially

558

00:15:03,480 –> 00:15:03,662

[david_macchia]: yeah

559

00:15:05,727 –> 00:15:06,147

[paul_tyler]: aware

560

00:15:07,842 –> 00:15:08,243

[david_macchia]: well i think

561

00:15:08,276 –> 00:15:08,296

[ramsey_d_smith]: m

562

00:15:08,283 –> 00:15:08,964

[david_macchia]: of it as confident

563

00:15:09,140 –> 00:15:09,302

[paul_tyler]: yeah

564

00:15:09,805 –> 00:15:10,066

[david_macchia]: i mean if

565

00:15:10,175 –> 00:15:10,195

[ramsey_d_smith]: m

566

00:15:10,286 –> 00:15:12,009

[david_macchia]: we can make people financially confident

567

00:15:12,055 –> 00:15:12,598

[ramsey_d_smith]: it’s a good word

568

00:15:12,950 –> 00:15:13,830

[paul_tyler]: yeah

569

00:15:13,220 –> 00:15:14,544

[david_macchia]: that’s that’s that’s

570

00:15:14,517 –> 00:15:14,660

[ramsey_d_smith]: yeah

571

00:15:14,625 –> 00:15:15,468

[david_macchia]: a real accomplishment

572

00:15:15,650 –> 00:15:18,317

[paul_tyler]: natural clinfrence although sometimes you can’t use

confrentwen should be

573

00:15:20,141 –> 00:15:24,350

[david_macchia]: perhaps yeah but i think if you

were to somehow pull people and so you

574

00:15:24,470 –> 00:15:25,893

[david_macchia]: really confident about finances

575

00:15:25,582 –> 00:15:25,804

[paul_tyler]: right

576

00:15:26,154 –> 00:15:26,895

[david_macchia]: i think a lot of people

577

00:15:26,850 –> 00:15:27,320

[paul_tyler]: oh

578

00:15:26,935 –> 00:15:27,076

[david_macchia]: would

579

00:15:27,014 –> 00:15:27,035

[ramsey_d_smith]: m

580

00:15:27,116 –> 00:15:27,396

[david_macchia]: say no

581

00:15:28,214 –> 00:15:29,915

[ramsey_d_smith]: m yah

582

00:15:28,310 –> 00:15:31,494

[paul_tyler]: yeah we got we should we got

to come up with a word for this

583

00:15:32,074 –> 00:15:33,436

[paul_tyler]: ramsey we’ve got it right

584

00:15:33,908 –> 00:15:34,068

[ramsey_d_smith]: but i

585

00:15:34,080 –> 00:15:34,361

[david_macchia]: yeah

586

00:15:34,168 –> 00:15:38,375

[ramsey_d_smith]: like i like things around like attitude

and confidence i like things that are described

587

00:15:38,415 –> 00:15:39,076

[ramsey_d_smith]: behaviorly

588

00:15:40,050 –> 00:15:40,251

[paul_tyler]: oh

589

00:15:40,058 –> 00:15:40,218

[ramsey_d_smith]: right

590

00:15:40,176 –> 00:15:40,770

[david_macchia]: hm

591

00:15:40,438 –> 00:15:41,881

[ramsey_d_smith]: just because i think it’s

592

00:15:42,030 –> 00:15:42,630

[paul_tyler]: yeah

593

00:15:42,802 –> 00:15:46,829

[ramsey_d_smith]: i think it’s i think it’s an

going process and an attitude is opposed to

594

00:15:47,230 –> 00:15:49,253

[ramsey_d_smith]: you know i got i got the

diploma

595

00:15:49,290 –> 00:15:49,552

[paul_tyler]: oh

596

00:15:49,754 –> 00:15:50,656

[ramsey_d_smith]: and now it all works

597

00:15:51,050 –> 00:15:51,232

[paul_tyler]: yeah

598

00:15:51,216 –> 00:15:54,662

[ramsey_d_smith]: right it’s it’s discipline right like it’s

599

00:15:54,911 –> 00:15:56,737

[paul_tyler]: he

600

00:15:55,464 –> 00:15:59,450

[ramsey_d_smith]: t’s up quote harry stout is like

it’s it’s eating brocoli you know when you

601

00:15:59,490 –> 00:16:00,151

[ramsey_d_smith]: want to eat doughnuts

602

00:16:01,000 –> 00:16:01,161

[david_macchia]: yeah

603

00:16:01,253 –> 00:16:01,714

[ramsey_d_smith]: i’m loosely

604

00:16:01,948 –> 00:16:02,110

[david_macchia]: yeah

605

00:16:02,215 –> 00:16:06,642

[ramsey_d_smith]: i’m loosely i’m loosely i’m loosely paraphrasing

him but but that’s the idea

606

00:16:06,600 –> 00:16:06,843

[paul_tyler]: oh

607

00:16:06,722 –> 00:16:09,991

[ramsey_d_smith]: it’s like it’s behave pieces are really

very important

608

00:16:10,230 –> 00:16:10,515

[paul_tyler]: oh

609

00:16:10,551 –> 00:16:11,416

[david_macchia]: yeah huge

610

00:16:11,590 –> 00:16:12,571

[paul_tyler]: so okay david

611

00:16:12,390 –> 00:16:12,410

[david_macchia]: m

612

00:16:12,591 –> 00:16:13,552

[paul_tyler]: you’ve been out about

613

00:16:14,139 –> 00:16:14,160

[david_macchia]: m

614

00:16:14,514 –> 00:16:20,122

[paul_tyler]: maybe we talked about just the industry

as a whole so i mean what’s happening

615

00:16:20,503 –> 00:16:22,389

[paul_tyler]: wow every time i open

616

00:16:22,434 –> 00:16:22,474

[david_macchia]: m

617

00:16:22,629 –> 00:16:23,311

[paul_tyler]: the new site

618

00:16:23,525 –> 00:16:24,455

[ramsey_d_smith]: yeah

619

00:16:24,134 –> 00:16:24,756

[paul_tyler]: the environment

620

00:16:24,459 –> 00:16:24,684

[david_macchia]: m oh

621

00:16:24,796 –> 00:16:25,538

[paul_tyler]: has changed

622

00:16:27,035 –> 00:16:27,317

[ramsey_d_smith]: oh

623

00:16:27,763 –> 00:16:28,123

[david_macchia]: so much

624

00:16:28,980 –> 00:16:29,240

[paul_tyler]: yeah

625

00:16:29,193 –> 00:16:29,375

[ramsey_d_smith]: yeah

626

00:16:29,305 –> 00:16:29,465

[david_macchia]: well

627

00:16:29,585 –> 00:16:29,867

[ramsey_d_smith]: oh

628

00:16:29,726 –> 00:16:33,652

[david_macchia]: i think we were on the other

side of a fourteen year bull

629

00:16:33,494 –> 00:16:33,515

[ramsey_d_smith]: m

630

00:16:33,733 –> 00:16:34,093

[david_macchia]: market

631

00:16:34,260 –> 00:16:35,149

[paul_tyler]: yea

632

00:16:34,734 –> 00:16:34,914

[david_macchia]: that

633

00:16:34,805 –> 00:16:36,785

[ramsey_d_smith]: oh

634

00:16:35,335 –> 00:16:40,223

[david_macchia]: essentially was engineered to be a bull

market physical policy unprecedented

635

00:16:39,999 –> 00:16:40,020

[paul_tyler]: m

636

00:16:40,263 –> 00:16:42,407

[david_macchia]: levels of physical policy stimulus and

637

00:16:42,635 –> 00:16:43,775

[ramsey_d_smith]: yeah

638

00:16:43,308 –> 00:16:45,192

[david_macchia]: and the creation of nine trillion

639

00:16:45,187 –> 00:16:45,208

[ramsey_d_smith]: m

640

00:16:45,252 –> 00:16:47,836

[david_macchia]: dollars by the federal reserve which drove

641

00:16:47,675 –> 00:16:47,958

[ramsey_d_smith]: oh

642

00:16:47,956 –> 00:16:50,962

[david_macchia]: acid prices you know the stratispheric low

s and

643

00:16:51,005 –> 00:16:51,288

[ramsey_d_smith]: oh

644

00:16:51,022 –> 00:16:54,589

[david_macchia]: i think we’re seeing the other side

of you know the inevitable counter than that

645

00:16:54,769 –> 00:16:54,870

[david_macchia]: now

646

00:16:55,873 –> 00:16:55,955

[paul_tyler]: ah

647

00:16:55,932 –> 00:16:58,978

[david_macchia]: i write about an index called the

wealth to income ratio

648

00:16:59,490 –> 00:16:59,692

[paul_tyler]: yeah

649

00:17:00,330 –> 00:17:01,151

[david_macchia]: and if

650

00:17:01,128 –> 00:17:01,230

[paul_tyler]: yeah

651

00:17:01,191 –> 00:17:02,473

[david_macchia]: you look at that so this is

652

00:17:02,465 –> 00:17:02,689

[ramsey_d_smith]: oh

653

00:17:02,713 –> 00:17:08,792

[david_macchia]: federal reserve published index that’s been out

for sixty eight years in over sixty

654

00:17:08,550 –> 00:17:08,791

[paul_tyler]: oh

655

00:17:08,555 –> 00:17:08,737

[ramsey_d_smith]: yeah

656

00:17:08,852 –> 00:17:09,653

[david_macchia]: eight years it has a

657

00:17:09,873 –> 00:17:10,257

[ramsey_d_smith]: yeah yeah

658

00:17:10,475 –> 00:17:12,559

[david_macchia]: long term average of five hundred and

fifty per cent

659

00:17:12,635 –> 00:17:13,595

[ramsey_d_smith]: oh

660

00:17:13,660 –> 00:17:18,175

[david_macchia]: and occasionally it pops up to you

know high new heights well it did so

661

00:17:18,256 –> 00:17:21,621

[david_macchia]: in two thousand just before the tech

crash it went up to i think

662

00:17:21,524 –> 00:17:21,545

[ramsey_d_smith]: m

663

00:17:21,722 –> 00:17:25,745

[david_macchia]: six hundred and fifteen and then in

september of two

664

00:17:25,740 –> 00:17:25,961

[paul_tyler]: yeah

665

00:17:25,805 –> 00:17:26,526

[david_macchia]: thousand seven

666

00:17:27,189 –> 00:17:27,330

[paul_tyler]: yeah

667

00:17:27,247 –> 00:17:27,607

[david_macchia]: it rose

668

00:17:27,545 –> 00:17:28,385

[ramsey_d_smith]: yah

669

00:17:27,687 –> 00:17:32,253

[david_macchia]: to an all time high of six

hundred seventy only to result a few months

670

00:17:32,333 –> 00:17:36,892

[david_macchia]: later in the crash of two thousand

eight right back to its long term average

671

00:17:36,695 –> 00:17:36,955

[ramsey_d_smith]: oh

672

00:17:37,353 –> 00:17:41,460

[david_macchia]: right it did that after two thousand

do that after two thousand eight well what’s

673

00:17:41,500 –> 00:17:46,488

[david_macchia]: happened since you know this bull market

has brought the index up to eight hundred

674

00:17:46,528 –> 00:17:48,593

[david_macchia]: and eighteen that’s literally off the charts

675

00:17:48,960 –> 00:17:51,090

[paul_tyler]: yeah

676

00:17:49,194 –> 00:17:53,253

[david_macchia]: and what we’ve seen is some falling

back i wrote an article which is the

677

00:17:53,413 –> 00:17:55,657

[david_macchia]: advisor perspectives dot com

678

00:17:55,470 –> 00:17:55,692

[paul_tyler]: yeah

679

00:17:55,505 –> 00:17:55,767

[ramsey_d_smith]: oh

680

00:17:56,598 –> 00:17:57,520

[david_macchia]: saying that prepared for

681

00:17:57,585 –> 00:17:57,705

[ramsey_d_smith]: oh

682

00:17:58,021 –> 00:18:01,767

[david_macchia]: for the destruction of thirty four trillion

dollars in wealth assets

683

00:18:02,045 –> 00:18:03,035

[ramsey_d_smith]: oh

684

00:18:02,729 –> 00:18:04,391

[david_macchia]: in that simple

685

00:18:04,625 –> 00:18:04,645

[ramsey_d_smith]: m

686

00:18:04,772 –> 00:18:08,939

[david_macchia]: because when the index comes back down

again to its long term average

687

00:18:08,864 –> 00:18:08,885

[ramsey_d_smith]: m

688

00:18:08,979 –> 00:18:10,221

[david_macchia]: it’s going to be totally

689

00:18:10,120 –> 00:18:10,181

[ramsey_d_smith]: ah

690

00:18:10,441 –> 00:18:15,109

[david_macchia]: destroying fifty trillion dollars so sixteen traliumhas

already been destroyed from

691

00:18:15,030 –> 00:18:15,333

[paul_tyler]: oh

692

00:18:15,149 –> 00:18:18,074

[david_macchia]: the actions we’ve had earlier this year

if we go back to the long term

693

00:18:18,114 –> 00:18:19,156

[david_macchia]: maria be a total of fifty

694

00:18:19,230 –> 00:18:20,358

[paul_tyler]: yes

695

00:18:19,236 –> 00:18:21,560

[david_macchia]: trillion dollars that’s destroyed so what

696

00:18:21,600 –> 00:18:21,900

[paul_tyler]: oh

697

00:18:21,600 –> 00:18:23,964

[david_macchia]: does that mean well i think it’s

going

698

00:18:23,975 –> 00:18:24,256

[ramsey_d_smith]: oh

699

00:18:23,984 –> 00:18:26,648

[david_macchia]: to bring things more into balance you

know it’s going

700

00:18:26,585 –> 00:18:26,889

[ramsey_d_smith]: oh

701

00:18:26,689 –> 00:18:29,461

[david_macchia]: to be brilliantly attractive

702

00:18:29,199 –> 00:18:29,220

[paul_tyler]: m

703

00:18:29,501 –> 00:18:30,607

[david_macchia]: for the annuity business

704

00:18:31,424 –> 00:18:31,445

[ramsey_d_smith]: m

705

00:18:31,590 –> 00:18:32,692

[david_macchia]: we’re already seeing you know

706

00:18:32,652 –> 00:18:33,038

[paul_tyler]: of course

707

00:18:32,932 –> 00:18:37,720

[david_macchia]: assets move into annuities the mica business

is very very robust as you know the

708

00:18:37,780 –> 00:18:38,702

[david_macchia]: indexanuity business

709

00:18:38,765 –> 00:18:39,047

[ramsey_d_smith]: oh

710

00:18:38,782 –> 00:18:40,725

[david_macchia]: is very robust people

711

00:18:40,934 –> 00:18:40,955

[ramsey_d_smith]: m

712

00:18:41,146 –> 00:18:43,009

[david_macchia]: seeking safety i tell

713

00:18:42,905 –> 00:18:42,925

[ramsey_d_smith]: m

714

00:18:43,069 –> 00:18:46,620

[david_macchia]: it as there’s you know those of

you who believe in safety believe in protection

715

00:18:46,761 –> 00:18:47,704

[david_macchia]: believe and guaranteed

716

00:18:47,564 –> 00:18:47,916

[ramsey_d_smith]: m oh

717

00:18:47,784 –> 00:18:48,727

[david_macchia]: income your day has come

718

00:18:49,284 –> 00:18:49,424

[ramsey_d_smith]: yeah

719

00:18:49,830 –> 00:18:50,250

[david_macchia]: and i think

720

00:18:50,135 –> 00:18:51,425

[ramsey_d_smith]: oh

721

00:18:50,330 –> 00:18:54,895

[david_macchia]: it’s it’s likely to remain this way

for for some time so the outlook for

722

00:18:54,935 –> 00:18:56,796

[david_macchia]: annuity sales i think you know

723

00:18:56,818 –> 00:18:56,899

[ramsey_d_smith]: ah

724

00:18:56,996 –> 00:18:59,379

[david_macchia]: given everything that’s happening is it is

very very positive

725

00:19:00,611 –> 00:19:01,292

[paul_tyler]: yeah it’s

726

00:19:01,295 –> 00:19:01,925

[ramsey_d_smith]: oh

727

00:19:02,213 –> 00:19:02,814

[paul_tyler]: it’s interesting now

728

00:19:02,760 –> 00:19:02,780

[david_macchia]: m

729

00:19:03,035 –> 00:19:05,018

[paul_tyler]: as of the recording dat

730

00:19:04,860 –> 00:19:05,081

[david_macchia]: oh

731

00:19:05,459 –> 00:19:07,402

[paul_tyler]: okay we just know the c p

i came

732

00:19:07,325 –> 00:19:07,345

[ramsey_d_smith]: m

733

00:19:07,482 –> 00:19:08,363

[paul_tyler]: out lations higher

734

00:19:09,875 –> 00:19:10,176

[ramsey_d_smith]: yeah

735

00:19:09,946 –> 00:19:14,814

[paul_tyler]: market went down rates short term rites

i guess even in your treasury

736

00:19:15,270 –> 00:19:15,513

[david_macchia]: oh

737

00:19:15,576 –> 00:19:19,863

[paul_tyler]: went higher but it’s still an inverted

yield curve and ramsey

738

00:19:19,680 –> 00:19:19,700

[david_macchia]: m

739

00:19:19,883 –> 00:19:25,598

[paul_tyler]: whatever we saw happened with mica i

mean it if i’m not sure or you

740

00:19:25,618 –> 00:19:26,443

[paul_tyler]: think this is going

741

00:19:26,700 –> 00:19:26,720

[david_macchia]: m

742

00:19:27,663 –> 00:19:29,145

[ramsey_d_smith]: in terms of in terms of rates

743

00:19:29,391 –> 00:19:30,092

[paul_tyler]: rats yeah

744

00:19:30,367 –> 00:19:31,209

[ramsey_d_smith]: i mean rates have gone

745

00:19:31,221 –> 00:19:31,241

[david_macchia]: a

746

00:19:31,269 –> 00:19:33,933

[ramsey_d_smith]: up a lot so they’re definitely much

more attractive

747

00:19:33,690 –> 00:19:34,053

[david_macchia]: yes

748

00:19:34,013 –> 00:19:39,262

[ramsey_d_smith]: and they’re getting much deserved visibility on

the back of that you know

749

00:19:39,270 –> 00:19:39,472

[paul_tyler]: oh

750

00:19:41,145 –> 00:19:41,386

[ramsey_d_smith]: i look

751

00:19:41,290 –> 00:19:41,452

[paul_tyler]: look

752

00:19:41,426 –> 00:19:44,771

[ramsey_d_smith]: at it i still wonder if if

the investments that back

753

00:19:44,610 –> 00:19:45,154

[david_macchia]: oh

754

00:19:44,831 –> 00:19:46,655

[ramsey_d_smith]: them you know how they match up

with it

755

00:19:46,740 –> 00:19:47,245

[david_macchia]: oh

756

00:19:46,895 –> 00:19:50,301

[ramsey_d_smith]: so sing you know in the high

end sometimes but for sure

757

00:19:50,340 –> 00:19:51,810

[paul_tyler]: yeah

758

00:19:51,262 –> 00:19:55,449

[ramsey_d_smith]: for sure rates are higher they should

be higher and and more and

759

00:19:55,380 –> 00:19:55,641

[david_macchia]: oh

760

00:19:55,489 –> 00:19:55,870

[ramsey_d_smith]: more people

761

00:19:55,710 –> 00:19:56,310

[paul_tyler]: yeah

762

00:19:55,910 –> 00:19:58,094

[ramsey_d_smith]: should be looking at them as a

really attractive

763

00:19:57,810 –> 00:19:57,830

[david_macchia]: m

764

00:19:58,154 –> 00:19:58,614

[ramsey_d_smith]: alternative

765

00:19:58,770 –> 00:19:58,990

[paul_tyler]: yeah

766

00:19:58,775 –> 00:20:00,761

[ramsey_d_smith]: c d is which is really the

best way to think about

767

00:20:00,677 –> 00:20:00,918

[paul_tyler]: pop

768

00:20:00,801 –> 00:20:01,343

[ramsey_d_smith]: them in my view

769

00:20:01,811 –> 00:20:01,971

[paul_tyler]: yes

770

00:20:02,381 –> 00:20:04,348

[david_macchia]: i agree with that in bonds to

some extent

771

00:20:04,345 –> 00:20:05,167

[ramsey_d_smith]: yeah and bonton

772

00:20:05,301 –> 00:20:06,052

[david_macchia]: yep yep

773

00:20:06,584 –> 00:20:08,547

[paul_tyler]: right we’ll just say from from a

care perspective

774

00:20:08,640 –> 00:20:08,881

[david_macchia]: oh

775

00:20:08,708 –> 00:20:08,848

[paul_tyler]: like

776

00:20:08,945 –> 00:20:09,186

[ramsey_d_smith]: oh

777

00:20:09,269 –> 00:20:11,813

[paul_tyler]: we target these migrates okay we’re not

on to be the best

778

00:20:11,945 –> 00:20:12,248

[ramsey_d_smith]: oh

779

00:20:11,993 –> 00:20:13,976

[paul_tyler]: one we’re gonna try to go to

number

780

00:20:14,015 –> 00:20:14,975

[ramsey_d_smith]: yeah

781

00:20:14,097 –> 00:20:18,487

[paul_tyler]: two we’ve done that certain months and

you know by the time

782

00:20:18,224 –> 00:20:18,245

[ramsey_d_smith]: m

783

00:20:18,390 –> 00:20:18,410

[david_macchia]: m

784

00:20:19,730 –> 00:20:21,573

[paul_tyler]: you know it takes time once you

decide

785

00:20:21,558 –> 00:20:21,640

[ramsey_d_smith]: ah

786

00:20:21,894 –> 00:20:26,661

[paul_tyler]: set their rates and go and change

the systems put it out you’re talking about

787

00:20:26,722 –> 00:20:30,067

[paul_tyler]: a seven eight day lag but the

time we get there okay we’re now number

788

00:20:30,167 –> 00:20:31,269

[paul_tyler]: four number five number

789

00:20:31,320 –> 00:20:31,340

[david_macchia]: m

790

00:20:31,349 –> 00:20:31,449

[paul_tyler]: six

791

00:20:31,655 –> 00:20:31,675

[ramsey_d_smith]: m

792

00:20:32,631 –> 00:20:33,693

[paul_tyler]: it’s been a real it’s

793

00:20:33,699 –> 00:20:33,720

[david_macchia]: m

794

00:20:33,733 –> 00:20:37,459

[paul_tyler]: an arms race on the migetfront which

has been good for

795

00:20:37,634 –> 00:20:37,655

[ramsey_d_smith]: m

796

00:20:37,720 –> 00:20:40,665

[paul_tyler]: i think good for consumer as good

probably not great

797

00:20:40,550 –> 00:20:40,773

[david_macchia]: yes

798

00:20:40,964 –> 00:20:40,985

[ramsey_d_smith]: m

799

00:20:41,727 –> 00:20:42,147

[paul_tyler]: would be great

800

00:20:42,180 –> 00:20:42,423

[david_macchia]: oh

801

00:20:42,187 –> 00:20:43,470

[paul_tyler]: if we didn’t have inflation david

802

00:20:43,535 –> 00:20:43,555

[ramsey_d_smith]: m

803

00:20:43,952 –> 00:20:44,475

[paul_tyler]: all right

804

00:20:45,905 –> 00:20:46,186

[ramsey_d_smith]: oh

805

00:20:46,112 –> 00:20:47,695

[david_macchia]: well the real returns are still negative

806

00:20:47,900 –> 00:20:48,041

[paul_tyler]: yeah

807

00:20:47,945 –> 00:20:47,965

[ramsey_d_smith]: m

808

00:20:48,476 –> 00:20:51,001

[david_macchia]: you know because the inflation is so

high and you know

809

00:20:51,605 –> 00:20:51,810

[ramsey_d_smith]: ye

810

00:20:52,223 –> 00:20:53,545

[david_macchia]: the other side of inflation is

811

00:20:53,477 –> 00:20:53,498

[ramsey_d_smith]: m

812

00:20:53,605 –> 00:20:55,388

[david_macchia]: that the way we think about

813

00:20:55,325 –> 00:20:55,566

[ramsey_d_smith]: oh

814

00:20:55,468 –> 00:20:58,331

[david_macchia]: inflation today it’s not the way we

thought about it say in the eighties or

815

00:20:58,385 –> 00:20:58,985

[ramsey_d_smith]: yeah

816

00:20:58,411 –> 00:20:59,993

[david_macchia]: nineties because if you

817

00:21:00,030 –> 00:21:00,213

[paul_tyler]: yeah

818

00:21:00,073 –> 00:21:01,875

[david_macchia]: go back and you use that methodology

819

00:21:01,350 –> 00:21:02,648

[paul_tyler]: yeah

820

00:21:01,935 –> 00:21:03,476

[david_macchia]: of how inflation was calculated

821

00:21:02,880 –> 00:21:03,870

[paul_tyler]: yeah

822

00:21:03,576 –> 00:21:03,776

[david_macchia]: then

823

00:21:04,235 –> 00:21:04,476

[ramsey_d_smith]: oh

824

00:21:04,577 –> 00:21:08,382

[david_macchia]: the inflation rate today is really seventeen

per cent you can see this at the

825

00:21:08,422 –> 00:21:12,068

[david_macchia]: website called shadow government statistics dot com

what really under

826

00:21:12,150 –> 00:21:12,414

[paul_tyler]: oh

827

00:21:12,368 –> 00:21:15,894

[david_macchia]: under playing how deep inflation is becoming

and if you if you walked into a

828

00:21:15,934 –> 00:21:16,515

[david_macchia]: super market

829

00:21:16,551 –> 00:21:16,652

[paul_tyler]: oh

830

00:21:16,575 –> 00:21:19,099

[david_macchia]: you know lately you know that’s true

the price

831

00:21:18,995 –> 00:21:19,297

[ramsey_d_smith]: oh

832

00:21:19,280 –> 00:21:21,574

[david_macchia]: and certain things are just you know

sky rocketed

833

00:21:21,660 –> 00:21:21,801

[paul_tyler]: yeah

834

00:21:21,765 –> 00:21:25,653

[ramsey_d_smith]: remember what some of the key differences

are or what were were there any there

835

00:21:25,693 –> 00:21:29,482

[ramsey_d_smith]: one or two things that oft stood

out to explain that that big difference in

836

00:21:29,542 –> 00:21:29,943

[ramsey_d_smith]: measurement

837

00:21:30,984 –> 00:21:31,164

[david_macchia]: yeah

838

00:21:31,680 –> 00:21:31,921

[paul_tyler]: yah

839

00:21:31,926 –> 00:21:33,088

[david_macchia]: i don’t know specifically remember

840

00:21:32,876 –> 00:21:33,017

[ramsey_d_smith]: yeah

841

00:21:33,168 –> 00:21:33,528

[david_macchia]: except to

842

00:21:33,589 –> 00:21:33,669

[paul_tyler]: ah

843

00:21:33,609 –> 00:21:36,033

[david_macchia]: say that in the calculation of the

c p i

844

00:21:36,350 –> 00:21:37,205

[ramsey_d_smith]: hm

845

00:21:36,814 –> 00:21:37,535

[david_macchia]: the waiting of

846

00:21:37,595 –> 00:21:37,876

[ramsey_d_smith]: yah

847

00:21:37,595 –> 00:21:39,118

[david_macchia]: certain factors and the inclusion of

848

00:21:39,083 –> 00:21:39,264

[ramsey_d_smith]: yah

849

00:21:39,198 –> 00:21:39,418

[david_macchia]: certain

850

00:21:39,435 –> 00:21:39,577

[ramsey_d_smith]: yeah

851

00:21:39,478 –> 00:21:40,059

[david_macchia]: factors or

852

00:21:40,505 –> 00:21:40,625

[ramsey_d_smith]: ye

853

00:21:40,861 –> 00:21:41,862

[david_macchia]: is where the difference is

854

00:21:41,996 –> 00:21:42,318

[ramsey_d_smith]: got it

855

00:21:42,570 –> 00:21:42,731

[paul_tyler]: yeah

856

00:21:42,924 –> 00:21:44,747

[david_macchia]: and i think i think there was

a there was an

857

00:21:44,744 –> 00:21:45,785

[ramsey_d_smith]: m oh

858

00:21:44,887 –> 00:21:47,792

[david_macchia]: urgency change this because when social

859

00:21:47,534 –> 00:21:47,555

[ramsey_d_smith]: m

860

00:21:47,852 –> 00:21:49,194

[david_macchia]: security became inflation

861

00:21:49,235 –> 00:21:49,498

[ramsey_d_smith]: oh

862

00:21:49,255 –> 00:21:51,919

[david_macchia]: adjusted imagine if we were inflation

863

00:21:51,897 –> 00:21:51,958

[ramsey_d_smith]: ah

864

00:21:51,979 –> 00:21:53,021

[david_macchia]: adjust social security

865

00:21:52,925 –> 00:21:52,945

[ramsey_d_smith]: m

866

00:21:53,061 –> 00:21:53,522

[david_macchia]: at seventeen

867

00:21:53,370 –> 00:21:53,677

[paul_tyler]: oh

868

00:21:53,602 –> 00:21:56,087

[david_macchia]: per cent you know that would that

would have some

869

00:21:56,220 –> 00:21:56,381

[paul_tyler]: yeah

870

00:21:56,495 –> 00:21:56,817

[ramsey_d_smith]: oh

871

00:21:56,828 –> 00:21:58,571

[david_macchia]: significant ramifications in terms

872

00:21:58,355 –> 00:21:58,595

[ramsey_d_smith]: oh

873

00:21:58,651 –> 00:22:00,455

[david_macchia]: of nations finances

874

00:22:00,600 –> 00:22:05,529

[paul_tyler]: right it’s you know inflation like inflation

is bad period i think the good news

875

00:22:05,569 –> 00:22:06,490

[paul_tyler]: is with our products and

876

00:22:06,515 –> 00:22:06,716

[ramsey_d_smith]: oh

877

00:22:06,530 –> 00:22:08,614

[paul_tyler]: what we’re delivering for for consumers is

878

00:22:08,555 –> 00:22:08,777

[ramsey_d_smith]: oh

879

00:22:08,714 –> 00:22:10,256

[paul_tyler]: it’s a good defensive play

880

00:22:10,119 –> 00:22:10,140

[david_macchia]: m

881

00:22:10,857 –> 00:22:12,460

[paul_tyler]: probably one of the best defensive play

if you’re

882

00:22:12,395 –> 00:22:13,325

[ramsey_d_smith]: oh

883

00:22:12,500 –> 00:22:14,744

[paul_tyler]: on fixed income today so you know

my rates

884

00:22:14,537 –> 00:22:14,679

[ramsey_d_smith]: ah

885

00:22:15,285 –> 00:22:15,526

[paul_tyler]: the god

886

00:22:15,545 –> 00:22:15,565

[ramsey_d_smith]: m

887

00:22:15,987 –> 00:22:17,489

[paul_tyler]: like looks like word for another

888

00:22:17,285 –> 00:22:18,035

[ramsey_d_smith]: yeah

889

00:22:18,090 –> 00:22:20,375

[paul_tyler]: you know rise and rates here i

think

890

00:22:21,030 –> 00:22:21,050

[david_macchia]: m

891

00:22:21,136 –> 00:22:25,805

[paul_tyler]: you know david you know guaranteed income

will go up right because

892

00:22:26,615 –> 00:22:26,635

[ramsey_d_smith]: m

893

00:22:26,890 –> 00:22:28,873

[paul_tyler]: rates are going up cares can afford

894

00:22:29,075 –> 00:22:29,396

[ramsey_d_smith]: oh

895

00:22:29,795 –> 00:22:31,918

[paul_tyler]: you know raise caps or participation rates

896

00:22:32,975 –> 00:22:33,358

[ramsey_d_smith]: ye

897

00:22:33,160 –> 00:22:33,601

[paul_tyler]: so i think

898

00:22:33,870 –> 00:22:33,890

[david_macchia]: m

899

00:22:34,042 –> 00:22:35,424

[paul_tyler]: from advisor perspective

900

00:22:35,204 –> 00:22:35,225

[ramsey_d_smith]: m

901

00:22:35,544 –> 00:22:40,054

[paul_tyler]: they’ll be able to deliver more value

on paper you know to clients up for

902

00:22:40,074 –> 00:22:40,155

[paul_tyler]: the

903

00:22:40,160 –> 00:22:40,300

[david_macchia]: think

904

00:22:40,175 –> 00:22:40,315

[paul_tyler]: next

905

00:22:40,380 –> 00:22:40,420

[david_macchia]: i

906

00:22:40,436 –> 00:22:40,596

[paul_tyler]: three

907

00:22:40,460 –> 00:22:40,621

[david_macchia]: think

908

00:22:40,636 –> 00:22:40,837

[paul_tyler]: months

909

00:22:40,661 –> 00:22:44,768

[david_macchia]: that’s true i think that’s true and

just just before we leave inflation

910

00:22:45,224 –> 00:22:45,595

[ramsey_d_smith]: m m

911

00:22:45,849 –> 00:22:45,970

[david_macchia]: is

912

00:22:46,410 –> 00:22:46,670

[paul_tyler]: oh

913

00:22:46,911 –> 00:22:48,374

[david_macchia]: i think the point should be made

it’s

914

00:22:48,275 –> 00:22:48,516

[ramsey_d_smith]: oh

915

00:22:48,414 –> 00:22:51,659

[david_macchia]: a very cruel reality because

916

00:22:51,960 –> 00:22:52,121

[paul_tyler]: it

917

00:22:52,220 –> 00:22:53,081

[david_macchia]: it hurts people

918

00:22:52,955 –> 00:22:53,403

[ramsey_d_smith]: oh

919

00:22:53,162 –> 00:22:57,949

[david_macchia]: on fixed incomes it hurts people with

low incomes so much higher so much harder

920

00:22:58,010 –> 00:23:02,076

[david_macchia]: than than it hurts other people just

the gas tank you know and food just

921

00:23:02,156 –> 00:23:05,142

[david_macchia]: just gas and food i rocketed so

much

922

00:23:05,135 –> 00:23:05,475

[ramsey_d_smith]: my

923

00:23:07,566 –> 00:23:09,970

[david_macchia]: i don’t know if what the fat

is doing is the right policy of the

924

00:23:10,010 –> 00:23:11,553

[david_macchia]: wrong policy honestly i wish i knew

925

00:23:11,705 –> 00:23:11,987

[ramsey_d_smith]: oh

926

00:23:12,395 –> 00:23:13,937

[david_macchia]: but we have to get inflation

927

00:23:13,829 –> 00:23:14,010

[paul_tyler]: yeah

928

00:23:13,904 –> 00:23:13,925

[ramsey_d_smith]: m

929

00:23:13,998 –> 00:23:14,498

[david_macchia]: of the control

930

00:23:14,790 –> 00:23:14,890

[paul_tyler]: oh

931

00:23:15,310 –> 00:23:17,355

[david_macchia]: because it’s like it’s like a huge

extra tax

932

00:23:17,700 –> 00:23:18,630

[paul_tyler]: yeah

933

00:23:18,077 –> 00:23:22,488

[david_macchia]: on people that’s that’s just totally destructive

to their personal financial health

934

00:23:23,111 –> 00:23:23,512

[paul_tyler]: yeah now

935

00:23:23,495 –> 00:23:23,978

[ramsey_d_smith]: yeah

936

00:23:24,553 –> 00:23:25,395

[paul_tyler]: my perspective

937

00:23:25,525 –> 00:23:25,666

[ramsey_d_smith]: yeah

938

00:23:25,655 –> 00:23:25,875

[paul_tyler]: is

939

00:23:26,910 –> 00:23:27,990

[david_macchia]: yeah

940

00:23:26,917 –> 00:23:27,498

[paul_tyler]: it’s global

941

00:23:27,305 –> 00:23:28,385

[ramsey_d_smith]: oh

942

00:23:27,658 –> 00:23:28,680

[paul_tyler]: i mean a lot of people you

943

00:23:28,625 –> 00:23:28,928

[ramsey_d_smith]: yeah

944

00:23:28,860 –> 00:23:34,730

[paul_tyler]: want to blame our administration you listen

politicians have some impact you know can make

945

00:23:34,790 –> 00:23:41,622

[paul_tyler]: it worse make you now hard to

say than like better but our ports i

946

00:23:41,682 –> 00:23:41,882

[paul_tyler]: mean

947

00:23:42,305 –> 00:23:42,565

[ramsey_d_smith]: oh

948

00:23:42,744 –> 00:23:44,547

[paul_tyler]: this the supply chain problem is

949

00:23:44,854 –> 00:23:44,954

[ramsey_d_smith]: yeah

950

00:23:45,188 –> 00:23:46,189

[paul_tyler]: going to go away right

951

00:23:46,085 –> 00:23:46,326

[ramsey_d_smith]: oh

952

00:23:46,790 –> 00:23:49,695

[paul_tyler]: if you look at the us if

you look at the efficiency of the us

953

00:23:49,815 –> 00:23:50,256

[paul_tyler]: ports

954

00:23:50,615 –> 00:23:50,736

[ramsey_d_smith]: ye

955

00:23:51,258 –> 00:23:55,505

[paul_tyler]: um we’re not like you know we

were not in sort of

956

00:23:55,484 –> 00:23:55,505

[ramsey_d_smith]: m

957

00:23:55,545 –> 00:23:59,572

[paul_tyler]: the top twenty to twenty five most

efficient and

958

00:23:59,915 –> 00:23:59,935

[ramsey_d_smith]: m

959

00:24:00,012 –> 00:24:05,031

[paul_tyler]: imports of goods coming in so we

got a real bottle neck that going to

960

00:24:05,091 –> 00:24:08,521

[paul_tyler]: take a long time to change if

we can easily change it right because

961

00:24:08,495 –> 00:24:08,835

[ramsey_d_smith]: oh

962

00:24:09,043 –> 00:24:15,914

[paul_tyler]: ships come into california southern california you

can’t build rails and highways through expensive real

963

00:24:15,954 –> 00:24:17,416

[paul_tyler]: estate her california

964

00:24:17,615 –> 00:24:17,836

[ramsey_d_smith]: oh

965

00:24:17,796 –> 00:24:18,717

[paul_tyler]: to get goods out quicker

966

00:24:20,080 –> 00:24:20,561

[david_macchia]: that’s true

967

00:24:20,705 –> 00:24:20,725

[ramsey_d_smith]: m

968

00:24:20,982 –> 00:24:24,910

[david_macchia]: and i think one area though the

gummy can make a difference for good or

969

00:24:24,970 –> 00:24:28,638

[david_macchia]: bad is that i think we’ve had

a lot of increased regulation lately

970

00:24:28,835 –> 00:24:29,177

[ramsey_d_smith]: oh

971

00:24:29,470 –> 00:24:34,780

[david_macchia]: which has had a detrimental impact on

the supply chain but you’re right it’s a

972

00:24:34,840 –> 00:24:36,523

[david_macchia]: really complex set of problems

973

00:24:36,261 –> 00:24:36,642

[paul_tyler]: well you know

974

00:24:36,766 –> 00:24:36,926

[ramsey_d_smith]: well

975

00:24:36,964 –> 00:24:37,425

[david_macchia]: it’s really

976

00:24:37,464 –> 00:24:37,605

[paul_tyler]: yeah

977

00:24:37,525 –> 00:24:37,846

[david_macchia]: come

978

00:24:37,925 –> 00:24:38,186

[paul_tyler]: brands

979

00:24:38,609 –> 00:24:40,392

[ramsey_d_smith]: i was i was just going to

say that i’m gonna i’m gonna

980

00:24:40,380 –> 00:24:40,662

[paul_tyler]: yeah

981

00:24:40,452 –> 00:24:43,257

[ramsey_d_smith]: hark back to something that i

982

00:24:43,260 –> 00:24:43,543

[paul_tyler]: oh

983

00:24:43,297 –> 00:24:43,717

[ramsey_d_smith]: don’t know if you

984

00:24:43,950 –> 00:24:44,254

[david_macchia]: oh

985

00:24:44,038 –> 00:24:45,941

[ramsey_d_smith]: if you said it in the in

the pre show or

986

00:24:46,290 –> 00:24:46,512

[david_macchia]: oh

987

00:24:46,562 –> 00:24:50,168

[ramsey_d_smith]: we were talking about travel and you

talk the fragility the fragility of

988

00:24:50,550 –> 00:24:50,570

[david_macchia]: m

989

00:24:50,849 –> 00:24:52,873

[ramsey_d_smith]: the air transport system and so we’re

990

00:24:52,840 –> 00:24:53,004

[david_macchia]: yep

991

00:24:52,953 –> 00:24:53,333

[ramsey_d_smith]: seeing that

992

00:24:53,250 –> 00:24:53,410

[paul_tyler]: yeah

993

00:24:53,394 –> 00:24:57,661

[ramsey_d_smith]: same kind of fragility and a supply

chain that was sending things just in time

994

00:24:57,721 –> 00:24:59,924

[ramsey_d_smith]: from somewhere in the far east you

know

995

00:25:00,020 –> 00:25:00,221

[david_macchia]: right

996

00:25:00,085 –> 00:25:00,465

[ramsey_d_smith]: your kitchen

997

00:25:00,409 –> 00:25:00,510

[paul_tyler]: yeah

998

00:25:00,566 –> 00:25:02,729

[ramsey_d_smith]: table in a in a remarkably

999

00:25:02,730 –> 00:25:02,750

[david_macchia]: m

1000

00:25:02,769 –> 00:25:03,390

[ramsey_d_smith]: efficient way

1001

00:25:03,900 –> 00:25:05,460

[paul_tyler]: yeah

1002

00:25:04,592 –> 00:25:08,078

[ramsey_d_smith]: my sense paul to your point is

that ultimately the

1003

00:25:08,070 –> 00:25:08,330

[paul_tyler]: oh

1004

00:25:08,138 –> 00:25:08,799

[ramsey_d_smith]: solution to

1005

00:25:08,700 –> 00:25:09,480

[david_macchia]: oh

1006

00:25:09,961 –> 00:25:12,225

[ramsey_d_smith]: supply chain problems that are that are

glow bill

1007

00:25:12,185 –> 00:25:12,226

[paul_tyler]: a

1008

00:25:12,445 –> 00:25:13,407

[ramsey_d_smith]: is to deglobalize

1009

00:25:13,312 –> 00:25:13,800

[paul_tyler]: right

1010

00:25:13,447 –> 00:25:15,010

[ramsey_d_smith]: them so it seems like both

1011

00:25:15,090 –> 00:25:15,350

[paul_tyler]: oh

1012

00:25:15,090 –> 00:25:18,556

[ramsey_d_smith]: politically and economically you know we’re probably

headed towards some degree

1013

00:25:18,579 –> 00:25:18,739

[paul_tyler]: yeah

1014

00:25:18,616 –> 00:25:19,958

[ramsey_d_smith]: of deglobalization

1015

00:25:19,680 –> 00:25:19,700

[david_macchia]: m

1016

00:25:19,774 –> 00:25:19,856

[paul_tyler]: ah

1017

00:25:20,138 –> 00:25:23,263

[ramsey_d_smith]: that’s going to take time that will

actually also be inflation ary here in the

1018

00:25:23,343 –> 00:25:24,785

[ramsey_d_smith]: u s probably

1019

00:25:25,010 –> 00:25:25,491

[david_macchia]: absolutely

1020

00:25:25,466 –> 00:25:26,107

[ramsey_d_smith]: going forward

1021

00:25:26,112 –> 00:25:26,193

[paul_tyler]: ah

1022

00:25:26,507 –> 00:25:30,171

[ramsey_d_smith]: but it’s hard to see it’s hard

to see given national security and all sorts

1023

00:25:30,191 –> 00:25:33,574

[ramsey_d_smith]: of other reasons why why wouldn’t why

we wouldn’t head in that direction

1024

00:25:33,710 –> 00:25:34,312

[paul_tyler]: well you know there’s

1025

00:25:34,200 –> 00:25:35,130

[david_macchia]: oh

1026

00:25:34,673 –> 00:25:36,278

[paul_tyler]: a there’s a big time element too

1027

00:25:36,425 –> 00:25:36,445

[ramsey_d_smith]: m

1028

00:25:36,739 –> 00:25:37,201

[paul_tyler]: you i’ve seen a

1029

00:25:37,235 –> 00:25:37,895

[ramsey_d_smith]: yeah

1030

00:25:37,261 –> 00:25:43,635

[paul_tyler]: lot of ship manufactures announced launching saying

chip plants

1031

00:25:43,715 –> 00:25:43,956

[ramsey_d_smith]: oh

1032

00:25:43,876 –> 00:25:48,684

[paul_tyler]: outside china v i think i read

a few areas people go into different parts

1033

00:25:48,724 –> 00:25:50,647

[paul_tyler]: of south east age but david that

takes

1034

00:25:50,744 –> 00:25:50,765

[ramsey_d_smith]: m

1035

00:25:51,028 –> 00:25:51,969

[paul_tyler]: two years to get a

1036

00:25:51,965 –> 00:25:52,226

[ramsey_d_smith]: oh

1037

00:25:52,029 –> 00:25:52,653

[paul_tyler]: play up and

1038

00:25:52,681 –> 00:25:52,761

[david_macchia]: oh

1039

00:25:52,693 –> 00:25:52,955

[paul_tyler]: running

1040

00:25:52,821 –> 00:25:53,883

[david_macchia]: yeah and and

1041

00:25:54,035 –> 00:25:54,685

[ramsey_d_smith]: oh

1042

00:25:54,063 –> 00:25:58,971

[david_macchia]: and also in the u s building

more chip manufacturing here but you’re right ramsey

1043

00:25:59,072 –> 00:26:00,434

[david_macchia]: i think people underestimate

1044

00:26:00,300 –> 00:26:00,929

[paul_tyler]: ye

1045

00:26:00,514 –> 00:26:03,840

[david_macchia]: how massively deflationary globalization was

1046

00:26:04,140 –> 00:26:05,190

[paul_tyler]: oh

1047

00:26:05,482 –> 00:26:08,006

[david_macchia]: and any incremental change in that

1048

00:26:08,790 –> 00:26:09,010

[paul_tyler]: yeah

1049

00:26:09,048 –> 00:26:10,190

[david_macchia]: any bringing back the

1050

00:26:10,124 –> 00:26:10,145

[ramsey_d_smith]: m

1051

00:26:10,290 –> 00:26:11,693

[david_macchia]: manufacturing to our

1052

00:26:11,765 –> 00:26:11,785

[ramsey_d_smith]: m

1053

00:26:11,793 –> 00:26:13,435

[david_macchia]: shores is probably

1054

00:26:13,169 –> 00:26:13,350

[paul_tyler]: yeah

1055

00:26:13,516 –> 00:26:15,259

[david_macchia]: good for our national security

1056

00:26:15,014 –> 00:26:15,035

[ramsey_d_smith]: m

1057

00:26:15,319 –> 00:26:16,160

[david_macchia]: but will

1058

00:26:16,085 –> 00:26:16,226

[ramsey_d_smith]: ye

1059

00:26:16,221 –> 00:26:17,244

[david_macchia]: be you know

1060

00:26:17,225 –> 00:26:18,155

[ramsey_d_smith]: yeah

1061

00:26:17,745 –> 00:26:19,530

[david_macchia]: sort of boosting inflation

1062

00:26:19,214 –> 00:26:20,225

[ramsey_d_smith]: m yeah

1063

00:26:19,691 –> 00:26:21,195

[david_macchia]: boosting price increases generally

1064

00:26:21,110 –> 00:26:21,250

[paul_tyler]: well

1065

00:26:21,164 –> 00:26:21,185

[ramsey_d_smith]: m

1066

00:26:21,330 –> 00:26:21,490

[paul_tyler]: yeah

1067

00:26:21,416 –> 00:26:21,476

[david_macchia]: it

1068

00:26:21,446 –> 00:26:21,587

[ramsey_d_smith]: yeah

1069

00:26:21,536 –> 00:26:21,877

[david_macchia]: has to

1070

00:26:22,151 –> 00:26:22,472

[paul_tyler]: well yeah

1071

00:26:22,595 –> 00:26:22,935

[ramsey_d_smith]: oh

1072

00:26:22,833 –> 00:26:27,721

[paul_tyler]: i would say i’d be more pointed

david it’s china was as much as we

1073

00:26:27,881 –> 00:26:28,081

[paul_tyler]: were

1074

00:26:28,080 –> 00:26:28,800

[david_macchia]: yeah

1075

00:26:28,722 –> 00:26:29,023

[paul_tyler]: concerned

1076

00:26:28,860 –> 00:26:29,002

[david_macchia]: yeah

1077

00:26:29,063 –> 00:26:35,233

[paul_tyler]: about losing jobs to china you know

china at a massive flationary effect on our

1078

00:26:35,674 –> 00:26:36,535

[paul_tyler]: economy right

1079

00:26:36,590 –> 00:26:37,496

[david_macchia]: eh

1080

00:26:37,196 –> 00:26:38,138

[paul_tyler]: cut the price of tables

1081

00:26:38,165 –> 00:26:38,365

[ramsey_d_smith]: oh

1082

00:26:38,198 –> 00:26:42,125

[paul_tyler]: chairs you know everything stayed at a

reasonable price in china all of a sudden

1083

00:26:42,205 –> 00:26:42,866

[paul_tyler]: slows down

1084

00:26:43,385 –> 00:26:43,625

[ramsey_d_smith]: yeah

1085

00:26:43,607 –> 00:26:46,472

[paul_tyler]: they’ve got real estate problems they’ve had

they’ve been shut

1086

00:26:46,380 –> 00:26:46,602

[david_macchia]: oh

1087

00:26:46,512 –> 00:26:47,633

[paul_tyler]: down even more than we have

1088

00:26:47,814 –> 00:26:48,034

[ramsey_d_smith]: yeah

1089

00:26:48,054 –> 00:26:48,254

[paul_tyler]: for

1090

00:26:48,317 –> 00:26:48,540

[david_macchia]: yeah

1091

00:26:48,615 –> 00:26:49,516

[paul_tyler]: you know the pandemic

1092

00:26:50,555 –> 00:26:50,859

[ramsey_d_smith]: oh

1093

00:26:50,658 –> 00:26:55,365

[paul_tyler]: um and there’s a limit to how

you know they can’t cut prices anymore so

1094

00:26:55,274 –> 00:26:55,295

[ramsey_d_smith]: m

1095

00:26:55,425 –> 00:26:59,112

[paul_tyler]: tally where it feels like we’re in

a storm that’s going to last

1096

00:26:59,096 –> 00:26:59,218

[ramsey_d_smith]: ah

1097

00:26:59,672 –> 00:27:00,534

[paul_tyler]: unfortunately for a few

1098

00:27:00,425 –> 00:27:00,666

[ramsey_d_smith]: oh

1099

00:27:00,614 –> 00:27:00,874

[paul_tyler]: years

1100

00:27:03,441 –> 00:27:04,022

[david_macchia]: i think you’re right

1101

00:27:03,900 –> 00:27:04,161

[paul_tyler]: yeah

1102

00:27:04,445 –> 00:27:04,767

[ramsey_d_smith]: oh

1103

00:27:04,603 –> 00:27:05,825

[david_macchia]: you know i wish i had an

answer

1104

00:27:05,889 –> 00:27:06,069

[paul_tyler]: yeah

1105

00:27:05,905 –> 00:27:07,047

[david_macchia]: to it but there’s no

1106

00:27:06,973 –> 00:27:07,096

[paul_tyler]: oh

1107

00:27:07,207 –> 00:27:07,688

[david_macchia]: easy answer

1108

00:27:07,565 –> 00:27:08,248

[ramsey_d_smith]: oh

1109

00:27:07,748 –> 00:27:09,050

[david_macchia]: to it and how are

1110

00:27:09,000 –> 00:27:09,750

[paul_tyler]: oh

1111

00:27:09,070 –> 00:27:10,172

[david_macchia]: we going to generate economic

1112

00:27:09,941 –> 00:27:10,189

[paul_tyler]: okay

1113

00:27:09,995 –> 00:27:10,256

[ramsey_d_smith]: oh

1114

00:27:10,232 –> 00:27:12,676

[david_macchia]: growth is another thing i mean you

know the fed

1115

00:27:12,750 –> 00:27:12,933

[paul_tyler]: yeah

1116

00:27:12,776 –> 00:27:13,858

[david_macchia]: can’t keep printing money

1117

00:27:14,071 –> 00:27:14,273

[paul_tyler]: right

1118

00:27:14,239 –> 00:27:14,659

[david_macchia]: there there

1119

00:27:14,525 –> 00:27:15,635

[ramsey_d_smith]: yeah

1120

00:27:14,940 –> 00:27:16,723

[david_macchia]: tighten the tightening they’re going the other

way

1121

00:27:17,525 –> 00:27:17,545

[ramsey_d_smith]: m

1122

00:27:17,684 –> 00:27:23,474

[david_macchia]: and you know since o eight before

o eight from from nineteen sixty eight when

1123

00:27:23,554 –> 00:27:27,501

[david_macchia]: when we got the legislation was passed

to get us off the goal standard right

1124

00:27:28,682 –> 00:27:29,484

[david_macchia]: up to two thousand

1125

00:27:29,490 –> 00:27:29,692

[paul_tyler]: yeah

1126

00:27:29,544 –> 00:27:30,766

[david_macchia]: eight economic

1127

00:27:30,660 –> 00:27:30,981

[paul_tyler]: oh

1128

00:27:30,846 –> 00:27:35,503

[david_macchia]: growth in this country was driven by

credit so we had one trillion of total

1129

00:27:35,563 –> 00:27:38,708

[david_macchia]: credit in the economy in nineteen sixty

eight by two thousand it we had ninety

1130

00:27:38,788 –> 00:27:40,992

[david_macchia]: times that we had ninety trillion that’s

1131

00:27:40,895 –> 00:27:42,125

[ramsey_d_smith]: yeah

1132

00:27:41,032 –> 00:27:42,214

[david_macchia]: what drove the economic

1133

00:27:42,185 –> 00:27:42,205

[ramsey_d_smith]: m

1134

00:27:42,274 –> 00:27:43,376

[david_macchia]: growth since

1135

00:27:43,544 –> 00:27:43,565

[ramsey_d_smith]: h

1136

00:27:43,556 –> 00:27:43,596

[david_macchia]: o

1137

00:27:43,560 –> 00:27:43,763

[paul_tyler]: yeah

1138

00:27:43,776 –> 00:27:44,958

[david_macchia]: eight credit growth

1139

00:27:44,820 –> 00:27:45,063

[paul_tyler]: oh

1140

00:27:45,019 –> 00:27:45,419

[david_macchia]: slowed

1141

00:27:45,524 –> 00:27:45,545

[ramsey_d_smith]: m

1142

00:27:45,840 –> 00:27:46,761

[david_macchia]: so the government stepped

1143

00:27:46,724 –> 00:27:46,745

[ramsey_d_smith]: m

1144

00:27:46,842 –> 00:27:48,464

[david_macchia]: in with massive physical stimulus

1145

00:27:48,227 –> 00:27:48,288

[ramsey_d_smith]: ah

1146

00:27:48,544 –> 00:27:50,027

[david_macchia]: and federal reserve stepped in with

1147

00:27:49,964 –> 00:27:49,985

[ramsey_d_smith]: m

1148

00:27:50,167 –> 00:27:53,332

[david_macchia]: you know this huge money printing thing

that can’t

1149

00:27:53,165 –> 00:27:53,467

[ramsey_d_smith]: oh

1150

00:27:53,713 –> 00:27:56,418

[david_macchia]: keep going so i’m not sure what

happens

1151

00:27:56,405 –> 00:27:56,646

[ramsey_d_smith]: oh

1152

00:27:56,498 –> 00:27:57,579

[david_macchia]: next to generate

1153

00:27:57,330 –> 00:27:58,260

[paul_tyler]: yeah

1154

00:27:57,660 –> 00:27:59,962

[david_macchia]: economic growth especially under these conditions

1155

00:27:59,675 –> 00:27:59,896

[ramsey_d_smith]: oh

1156

00:28:00,763 –> 00:28:02,625

[david_macchia]: and i think we’re seeing that reality

reflected

1157

00:28:02,465 –> 00:28:03,485

[ramsey_d_smith]: yeah

1158

00:28:02,705 –> 00:28:04,987

[david_macchia]: an asset price is starting to you

now come back to the

1159

00:28:05,384 –> 00:28:05,405

[ramsey_d_smith]: m

1160

00:28:05,988 –> 00:28:06,729

[david_macchia]: more normal level

1161

00:28:07,396 –> 00:28:09,119

[ramsey_d_smith]: well that’s that’s the thin that’s been

interesting you know

1162

00:28:09,840 –> 00:28:10,042

[paul_tyler]: yeah

1163

00:28:10,461 –> 00:28:12,064

[ramsey_d_smith]: a lot of the push back on

1164

00:28:12,510 –> 00:28:12,851

[david_macchia]: oh

1165

00:28:12,885 –> 00:28:17,573

[ramsey_d_smith]: on annuities has been you know around

inflation protection and people say he put more

1166

00:28:17,613 –> 00:28:20,938

[ramsey_d_smith]: money in equities in like i spent

a whole career in equity so i understand

1167

00:28:20,999 –> 00:28:22,441

[ramsey_d_smith]: that i understand

1168

00:28:22,213 –> 00:28:22,800

[david_macchia]: hm

1169

00:28:23,220 –> 00:28:23,401

[paul_tyler]: yeah

1170

00:28:23,463 –> 00:28:27,069

[ramsey_d_smith]: the value proposition there i think i

think for many years it’s been very real

1171

00:28:28,170 –> 00:28:32,798

[ramsey_d_smith]: the challenge that we have now is

that you know pricing for companies is often

1172

00:28:32,898 –> 00:28:33,559

[ramsey_d_smith]: most prevalent

1173

00:28:33,812 –> 00:28:33,997

[paul_tyler]: yes

1174

00:28:33,980 –> 00:28:34,181

[ramsey_d_smith]: when

1175

00:28:34,479 –> 00:28:34,580

[david_macchia]: m m

1176

00:28:34,701 –> 00:28:37,847

[ramsey_d_smith]: you know when they have when when

they

1177

00:28:37,770 –> 00:28:37,790

[david_macchia]: m

1178

00:28:37,887 –> 00:28:38,768

[ramsey_d_smith]: have plenty of supply

1179

00:28:38,793 –> 00:28:38,814

[paul_tyler]: i

1180

00:28:38,908 –> 00:28:41,853

[ramsey_d_smith]: but they’ve got sort of a demand

shock that’s favorable to them

1181

00:28:41,820 –> 00:28:41,840

[david_macchia]: m

1182

00:28:42,354 –> 00:28:42,575

[ramsey_d_smith]: but now

1183

00:28:42,622 –> 00:28:42,828

[paul_tyler]: okay

1184

00:28:42,635 –> 00:28:45,860

[ramsey_d_smith]: we have this issue that things are

happening on the supply side so even if

1185

00:28:45,940 –> 00:28:48,705

[ramsey_d_smith]: prices are going up if you can’t

deliver the product

1186

00:28:48,360 –> 00:28:48,664

[paul_tyler]: oh

1187

00:28:49,105 –> 00:28:49,807

[ramsey_d_smith]: it’s not giving you

1188

00:28:49,845 –> 00:28:49,865

[david_macchia]: m

1189

00:28:49,867 –> 00:28:52,351

[ramsey_d_smith]: the excess profit you would have otherwise

given

1190

00:28:52,420 –> 00:28:53,326

[david_macchia]: right right

1191

00:28:53,312 –> 00:28:56,037

[ramsey_d_smith]: and so so it shouldn’t come as

a surprise

1192

00:28:55,893 –> 00:28:55,914

[paul_tyler]: i

1193

00:28:56,097 –> 00:29:02,327

[ramsey_d_smith]: that like equities have been you ve

been suffering in this current environment and so

1194

00:29:02,848 –> 00:29:05,192

[ramsey_d_smith]: you know what does that mean it’s

it’s one thing if you say well if

1195

00:29:05,252 –> 00:29:09,539

[ramsey_d_smith]: i get you know our per cent

four per cent on my my annuity that’s

1196

00:29:09,580 –> 00:29:11,503

[ramsey_d_smith]: not keeping up with ten per cent

inflation will being down

1197

00:29:11,550 –> 00:29:11,570

[david_macchia]: m

1198

00:29:11,683 –> 00:29:16,010

[ramsey_d_smith]: twenty per cent in your equity portfolio

isn’t helping that either you know if you’re

1199

00:29:16,050 –> 00:29:16,711

[david_macchia]: that’s right

1200

00:29:16,731 –> 00:29:19,716

[ramsey_d_smith]: if you’re if you’re in decumulations if

you’re an accumulation

1201

00:29:19,500 –> 00:29:19,740

[paul_tyler]: yah

1202

00:29:19,876 –> 00:29:21,518

[ramsey_d_smith]: you can weigh it out but if

you’re in the

1203

00:29:21,470 –> 00:29:21,632

[david_macchia]: yeah

1204

00:29:21,578 –> 00:29:22,959

[ramsey_d_smith]: accumulation phase like you don’t

1205

00:29:22,920 –> 00:29:23,141

[david_macchia]: oh

1206

00:29:23,169 –> 00:29:23,190

[paul_tyler]: h

1207

00:29:23,320 –> 00:29:25,682

[ramsey_d_smith]: you don’t have the same set of

choices so it’s

1208

00:29:25,611 –> 00:29:25,751

[david_macchia]: yeah

1209

00:29:25,742 –> 00:29:26,623

[ramsey_d_smith]: a it’s a tough problem

1210

00:29:26,335 –> 00:29:26,438

[paul_tyler]: no

1211

00:29:26,823 –> 00:29:26,984

[ramsey_d_smith]: right

1212

00:29:27,273 –> 00:29:30,078

[david_macchia]: this is really really a smart point

you bringing up because

1213

00:29:30,065 –> 00:29:30,935

[ramsey_d_smith]: yeah

1214

00:29:30,539 –> 00:29:32,642

[david_macchia]: i remember i got a call from

a writer i won’t mention his

1215

00:29:32,550 –> 00:29:33,215

[ramsey_d_smith]: hm

1216

00:29:32,682 –> 00:29:36,388

[david_macchia]: name he read one of my articles

and he said you know i really know

1217

00:29:36,489 –> 00:29:40,762

[david_macchia]: argued with a new he’s because they’re

not inflation adjusted and you know the truth

1218

00:29:40,842 –> 00:29:41,644

[david_macchia]: is there’s no there’s

1219

00:29:41,495 –> 00:29:42,545

[ramsey_d_smith]: yeah

1220

00:29:41,684 –> 00:29:42,545

[david_macchia]: no guarantee that

1221

00:29:42,635 –> 00:29:42,655

[ramsey_d_smith]: m

1222

00:29:42,645 –> 00:29:43,487

[david_macchia]: equity portfolios

1223

00:29:43,220 –> 00:29:43,321

[paul_tyler]: no

1224

00:29:43,527 –> 00:29:44,368

[david_macchia]: are going to be inflation

1225

00:29:44,186 –> 00:29:44,287

[paul_tyler]: no

1226

00:29:44,345 –> 00:29:44,648

[ramsey_d_smith]: oh

1227

00:29:44,448 –> 00:29:45,169

[david_macchia]: adjusted right

1228

00:29:45,557 –> 00:29:45,618

[ramsey_d_smith]: m

1229

00:29:45,790 –> 00:29:46,612

[david_macchia]: and i would rather

1230

00:29:46,514 –> 00:29:46,535

[ramsey_d_smith]: m

1231

00:29:46,672 –> 00:29:47,413

[david_macchia]: have some level

1232

00:29:47,315 –> 00:29:49,085

[ramsey_d_smith]: oh

1233

00:29:47,493 –> 00:29:47,894

[david_macchia]: of income

1234

00:29:47,782 –> 00:29:47,803

[paul_tyler]: i

1235

00:29:47,934 –> 00:29:49,617

[david_macchia]: that i can count on in retirement

1236

00:29:49,710 –> 00:29:49,892

[paul_tyler]: yeah

1237

00:29:49,977 –> 00:29:51,660

[david_macchia]: for life and if it’s

1238

00:29:51,554 –> 00:29:51,575

[ramsey_d_smith]: m

1239

00:29:51,720 –> 00:29:55,303

[david_macchia]: not inflation adjusted at least it’s tangible

at least it’s real

1240

00:29:56,114 –> 00:29:56,135

[ramsey_d_smith]: m

1241

00:29:56,764 –> 00:30:00,627

[david_macchia]: and i think you know the outlook

for in general

1242

00:30:01,355 –> 00:30:01,616

[ramsey_d_smith]: yeah

1243

00:30:01,948 –> 00:30:04,892

[david_macchia]: guaranteed income it’s going to be so

strong

1244

00:30:05,135 –> 00:30:06,605

[ramsey_d_smith]: yeah

1245

00:30:05,353 –> 00:30:05,955

[david_macchia]: going forward

1246

00:30:06,605 –> 00:30:07,265

[ramsey_d_smith]: yeah

1247

00:30:06,776 –> 00:30:07,598

[david_macchia]: it just has to be

1248

00:30:08,615 –> 00:30:09,545

[ramsey_d_smith]: yeah

1249

00:30:08,620 –> 00:30:12,046

[david_macchia]: because like i always say to advisors

you know no retirement

1250

00:30:11,986 –> 00:30:12,169

[ramsey_d_smith]: yeah

1251

00:30:12,086 –> 00:30:12,888

[david_macchia]: stops needing income

1252

00:30:13,440 –> 00:30:14,130

[paul_tyler]: oh

1253

00:30:13,775 –> 00:30:13,935

[ramsey_d_smith]: yeah

1254

00:30:14,920 –> 00:30:14,941

[paul_tyler]: a

1255

00:30:15,616 –> 00:30:16,977

[ramsey_d_smith]: i want to bring in another

1256

00:30:16,920 –> 00:30:16,940

[david_macchia]: m

1257

00:30:17,098 –> 00:30:20,260

[ramsey_d_smith]: way we can bring in full circle

to what you’re doing with what you’re

1258

00:30:20,130 –> 00:30:20,432

[paul_tyler]: oh

1259

00:30:20,321 –> 00:30:22,062

[ramsey_d_smith]: doing with projects six

1260

00:30:22,110 –> 00:30:22,293

[paul_tyler]: yeah

1261

00:30:22,142 –> 00:30:23,303

[ramsey_d_smith]: thousand minutes and

1262

00:30:23,670 –> 00:30:23,690

[david_macchia]: m

1263

00:30:23,700 –> 00:30:23,761

[paul_tyler]: ye

1264

00:30:23,704 –> 00:30:27,569

[ramsey_d_smith]: you know what potentially there’s a potential

for growth in the financial advisor space it’s

1265

00:30:27,609 –> 00:30:28,591

[ramsey_d_smith]: really i think

1266

00:30:28,481 –> 00:30:28,623

[paul_tyler]: thank

1267

00:30:28,771 –> 00:30:32,738

[ramsey_d_smith]: on the spending side right spending control

cost control and that we had

1268

00:30:32,782 –> 00:30:32,927

[paul_tyler]: yeah

1269

00:30:33,659 –> 00:30:34,060

[ramsey_d_smith]: we had

1270

00:30:34,230 –> 00:30:34,496

[paul_tyler]: oh

1271

00:30:34,861 –> 00:30:35,643

[ramsey_d_smith]: bill bangin on

1272

00:30:35,910 –> 00:30:36,110

[paul_tyler]: oh

1273

00:30:35,943 –> 00:30:38,748

[ramsey_d_smith]: right the there of woudrawl strategies

1274

00:30:39,360 –> 00:30:39,661

[david_macchia]: oh

1275

00:30:39,429 –> 00:30:42,574

[ramsey_d_smith]: he’s in his nineties he was amazing

to have him on but one of his

1276

00:30:42,634 –> 00:30:42,775

[ramsey_d_smith]: key

1277

00:30:42,642 –> 00:30:42,802

[david_macchia]: yeah

1278

00:30:42,875 –> 00:30:44,177

[ramsey_d_smith]: points is you got to fix spending

1279

00:30:44,550 –> 00:30:46,272

[paul_tyler]: uh

1280

00:30:46,721 –> 00:30:46,882

[david_macchia]: yeah

1281

00:30:47,523 –> 00:30:47,703

[ramsey_d_smith]: right

1282

00:30:47,583 –> 00:30:49,125

[david_macchia]: but but here’s here’s

1283

00:30:49,067 –> 00:30:49,249

[ramsey_d_smith]: yeah

1284

00:30:49,306 –> 00:30:50,227

[david_macchia]: here’s the problem here’s

1285

00:30:50,115 –> 00:30:50,276

[ramsey_d_smith]: yeah

1286

00:30:50,267 –> 00:30:52,050

[david_macchia]: the problem i say and i like

i like bill a lot

1287

00:30:52,055 –> 00:30:52,195

[ramsey_d_smith]: yeah

1288

00:30:52,170 –> 00:30:54,935

[david_macchia]: and you know i wrote an article

called there is no safe with drawl rate

1289

00:30:55,025 –> 00:30:55,186

[ramsey_d_smith]: yeah

1290

00:30:55,576 –> 00:30:57,800

[david_macchia]: which by the way which i believe

and

1291

00:30:57,825 –> 00:30:57,946

[ramsey_d_smith]: oh

1292

00:30:57,920 –> 00:30:59,603

[david_macchia]: uh you know and he came back

1293

00:30:59,553 –> 00:31:00,035

[ramsey_d_smith]: yeah

1294

00:30:59,663 –> 00:31:01,005

[david_macchia]: me and and he said well my

1295

00:31:01,094 –> 00:31:01,115

[ramsey_d_smith]: m

1296

00:31:01,145 –> 00:31:06,795

[david_macchia]: projections say that that’s not the case

i said i understand you’re absolutely right but

1297

00:31:07,155 –> 00:31:08,177

[david_macchia]: all of the projections

1298

00:31:07,950 –> 00:31:09,330

[paul_tyler]: yeah

1299

00:31:08,498 –> 00:31:09,299

[david_macchia]: yours and everyone

1300

00:31:09,335 –> 00:31:09,557

[ramsey_d_smith]: oh

1301

00:31:09,359 –> 00:31:11,827

[david_macchia]: else’s assumes that the client stays invested

1302

00:31:12,186 –> 00:31:12,980

[paul_tyler]: a oh

1303

00:31:12,825 –> 00:31:12,967

[ramsey_d_smith]: yeah

1304

00:31:13,020 –> 00:31:15,665

[david_macchia]: every single day in every single condition

and

1305

00:31:15,668 –> 00:31:15,709

[ramsey_d_smith]: m

1306

00:31:15,789 –> 00:31:15,810

[paul_tyler]: h

1307

00:31:15,865 –> 00:31:16,626

[david_macchia]: cast in the real world

1308

00:31:16,544 –> 00:31:16,565

[ramsey_d_smith]: m

1309

00:31:16,666 –> 00:31:17,007

[david_macchia]: they don’t

1310

00:31:16,920 –> 00:31:18,420

[paul_tyler]: okay

1311

00:31:17,868 –> 00:31:17,968

[david_macchia]: so

1312

00:31:18,067 –> 00:31:18,148

[ramsey_d_smith]: ah

1313

00:31:18,630 –> 00:31:21,194

[david_macchia]: you know the point

1314

00:31:21,213 –> 00:31:21,378

[paul_tyler]: yah

1315

00:31:21,234 –> 00:31:22,175

[david_macchia]: about withdrawals is

1316

00:31:22,085 –> 00:31:22,426

[ramsey_d_smith]: oh

1317

00:31:22,256 –> 00:31:24,519

[david_macchia]: that it’s really really hard

1318

00:31:24,780 –> 00:31:27,199

[paul_tyler]: okay

1319

00:31:24,880 –> 00:31:25,761

[david_macchia]: in the practical

1320

00:31:25,236 –> 00:31:25,357

[ramsey_d_smith]: ah

1321

00:31:26,142 –> 00:31:27,785

[david_macchia]: real world that advises live in

1322

00:31:28,170 –> 00:31:28,190

[paul_tyler]: a

1323

00:31:28,266 –> 00:31:28,726

[david_macchia]: to go to a

1324

00:31:28,754 –> 00:31:28,775

[ramsey_d_smith]: m

1325

00:31:28,807 –> 00:31:32,413

[david_macchia]: client and say well you know last

year you took out forty thousand from your

1326

00:31:32,473 –> 00:31:33,014

[david_macchia]: portfolio

1327

00:31:32,550 –> 00:31:32,795

[paul_tyler]: oh

1328

00:31:33,134 –> 00:31:33,274

[david_macchia]: but

1329

00:31:33,545 –> 00:31:33,826

[ramsey_d_smith]: yah

1330

00:31:33,695 –> 00:31:36,620

[david_macchia]: really this year you need to take

out twenty one thousand three hundred m

1331

00:31:36,674 –> 00:31:37,595

[ramsey_d_smith]: m m

1332

00:31:37,950 –> 00:31:39,312

[david_macchia]: it doesn’t work at the kitchen table

1333

00:31:39,751 –> 00:31:39,832

[paul_tyler]: no

1334

00:31:40,102 –> 00:31:40,264

[ramsey_d_smith]: yeah

1335

00:31:40,314 –> 00:31:41,857

[david_macchia]: it just doesn’t it just doesn’t work

1336

00:31:42,185 –> 00:31:42,533

[ramsey_d_smith]: yeah

1337

00:31:42,778 –> 00:31:48,207

[david_macchia]: and so you know a fixed stream

of income coming from an annuity that a

1338

00:31:48,468 –> 00:31:48,868

[david_macchia]: client can

1339

00:31:48,845 –> 00:31:49,127

[ramsey_d_smith]: oh

1340

00:31:48,930 –> 00:31:49,293

[paul_tyler]: oh

1341

00:31:48,969 –> 00:31:50,071

[david_macchia]: count on year

1342

00:31:49,950 –> 00:31:50,191

[paul_tyler]: oh

1343

00:31:50,251 –> 00:31:51,173

[david_macchia]: after year after year

1344

00:31:51,455 –> 00:31:51,775

[ramsey_d_smith]: oh

1345

00:31:52,315 –> 00:31:54,318

[david_macchia]: that that’s hard to argue against

1346

00:31:55,151 –> 00:31:55,291

[paul_tyler]: oh

1347

00:31:55,490 –> 00:31:55,895

[david_macchia]: it’s hard

1348

00:31:55,832 –> 00:31:56,012

[paul_tyler]: well

1349

00:31:55,955 –> 00:31:56,703

[david_macchia]: to argue against

1350

00:31:56,713 –> 00:31:59,178

[paul_tyler]: i think you’re right people want guarantee

income here

1351

00:31:59,255 –> 00:31:59,478

[ramsey_d_smith]: oh

1352

00:31:59,799 –> 00:32:01,542

[paul_tyler]: an anecdote on monday so

1353

00:32:02,144 –> 00:32:02,165

[ramsey_d_smith]: m

1354

00:32:02,243 –> 00:32:07,580

[paul_tyler]: so i’m back in our office and

in hartford and walking along security

1355

00:32:07,440 –> 00:32:07,683

[david_macchia]: yes

1356

00:32:07,640 –> 00:32:12,348

[paul_tyler]: guy nowell is talking to women who

reports in cafitarnoell and he’s saying sixty two

1357

00:32:13,751 –> 00:32:14,031

[paul_tyler]: sixty

1358

00:32:14,015 –> 00:32:14,035

[ramsey_d_smith]: m

1359

00:32:14,151 –> 00:32:20,081

[paul_tyler]: seven okay i know this conversation so

i stuck my head

1360

00:32:19,929 –> 00:32:19,950

[david_macchia]: m

1361

00:32:20,181 –> 00:32:21,163

[paul_tyler]: in and you know it’s

1362

00:32:21,635 –> 00:32:21,876

[ramsey_d_smith]: oh

1363

00:32:22,305 –> 00:32:25,811

[paul_tyler]: you know here are two people struggling

like how do they bridge to retirement

1364

00:32:25,235 –> 00:32:26,455

[ramsey_d_smith]: yah m

1365

00:32:26,712 –> 00:32:28,115

[paul_tyler]: and you know a woman said to

1366

00:32:28,475 –> 00:32:28,617

[ramsey_d_smith]: ye

1367

00:32:28,475 –> 00:32:33,341

[paul_tyler]: paul i could actually could actually retire

right now i can’t pay for my health

1368

00:32:33,421 –> 00:32:35,645

[paul_tyler]: care so well do you know the

products

1369

00:32:35,462 –> 00:32:35,483

[david_macchia]: m

1370

00:32:35,685 –> 00:32:36,326

[paul_tyler]: were selling here

1371

00:32:36,219 –> 00:32:36,240

[david_macchia]: m

1372

00:32:36,607 –> 00:32:41,735

[paul_tyler]: can actually help you do that we

could actually said talk to me

1373

00:32:41,846 –> 00:32:41,887

[ramsey_d_smith]: m

1374

00:32:41,896 –> 00:32:43,678

[paul_tyler]: you know we’ll sit down i’ll show

you the numbers i’m not

1375

00:32:43,633 –> 00:32:43,654

[ramsey_d_smith]: m

1376

00:32:43,719 –> 00:32:46,262

[paul_tyler]: selling i’m not making money on this

david i

1377

00:32:46,620 –> 00:32:46,966

[david_macchia]: oh

1378

00:32:46,883 –> 00:32:47,304

[paul_tyler]: maybe i can

1379

00:32:47,285 –> 00:32:47,606

[ramsey_d_smith]: yeah

1380

00:32:47,564 –> 00:32:50,348

[paul_tyler]: with this count towards my two hours

if i help some people

1381

00:32:50,340 –> 00:32:50,520

[david_macchia]: sure

1382

00:32:50,448 –> 00:32:50,608

[paul_tyler]: here

1383

00:32:50,705 –> 00:32:51,087

[ramsey_d_smith]: oh

1384

00:32:52,625 –> 00:32:53,106

[david_macchia]: of course

1385

00:32:52,892 –> 00:32:55,978

[paul_tyler]: but these are real problems sort of

right like i think the guarantee you got

1386

00:32:56,018 –> 00:32:56,079

[paul_tyler]: to

1387

00:32:56,054 –> 00:32:56,496

[david_macchia]: totally

1388

00:32:56,075 –> 00:32:56,301

[ramsey_d_smith]: oh

1389

00:32:56,119 –> 00:32:57,622

[paul_tyler]: hit sixty two most people

1390

00:32:57,480 –> 00:32:57,743

[david_macchia]: yeah

1391

00:32:57,682 –> 00:33:00,668

[paul_tyler]: are in they’re not trying to get

rich right they will keep

1392

00:33:01,041 –> 00:33:03,004

[david_macchia]: you can’t you can’t solve risk with

1393

00:33:03,060 –> 00:33:03,263

[paul_tyler]: oh

1394

00:33:03,084 –> 00:33:04,286

[david_macchia]: more risk you have to solve

1395

00:33:04,385 –> 00:33:04,405

[ramsey_d_smith]: m

1396

00:33:04,406 –> 00:33:05,928

[david_macchia]: risk with with safety

1397

00:33:06,460 –> 00:33:06,601

[paul_tyler]: yeah

1398

00:33:06,695 –> 00:33:06,877

[ramsey_d_smith]: oh

1399

00:33:07,090 –> 00:33:08,233

[david_macchia]: you just you just have to

1400

00:33:08,483 –> 00:33:08,809

[paul_tyler]: yeah

1401

00:33:09,308 –> 00:33:09,569

[ramsey_d_smith]: i like

1402

00:33:09,476 –> 00:33:09,737

[david_macchia]: and that’s

1403

00:33:09,629 –> 00:33:09,789

[ramsey_d_smith]: that

1404

00:33:09,777 –> 00:33:09,917

[david_macchia]: why

1405

00:33:09,850 –> 00:33:10,191

[ramsey_d_smith]: comment

1406

00:33:10,761 –> 00:33:10,986

[paul_tyler]: right

1407

00:33:11,050 –> 00:33:15,437

[david_macchia]: you’ve got this is why i like

i like advisors not to not

1408

00:33:15,335 –> 00:33:15,538

[ramsey_d_smith]: oh

1409

00:33:15,477 –> 00:33:15,818

[david_macchia]: to just

1410

00:33:15,697 –> 00:33:15,777

[paul_tyler]: oh

1411

00:33:16,339 –> 00:33:16,960

[david_macchia]: put themselves

1412

00:33:16,715 –> 00:33:16,896

[ramsey_d_smith]: yeah

1413

00:33:17,040 –> 00:33:19,143

[david_macchia]: in one pigeon hole right

1414

00:33:19,680 –> 00:33:19,902

[paul_tyler]: yeah

1415

00:33:19,925 –> 00:33:23,170

[david_macchia]: don’t do that think more broadly cause

1416

00:33:23,040 –> 00:33:23,223

[paul_tyler]: yeah

1417

00:33:23,351 –> 00:33:28,784

[david_macchia]: you have to inject safety in the

portfolio the retirement income portfolio

1418

00:33:28,590 –> 00:33:29,310

[paul_tyler]: yeah

1419

00:33:28,864 –> 00:33:30,568

[david_macchia]: of ninety percent of the people

1420

00:33:31,140 –> 00:33:31,322

[paul_tyler]: yeah

1421

00:33:31,361 –> 00:33:32,112

[david_macchia]: they must have it

1422

00:33:33,874 –> 00:33:36,782

[paul_tyler]: i could see the visual for injecting

safety that

1423

00:33:36,990 –> 00:33:37,552

[david_macchia]: uh

1424

00:33:37,163 –> 00:33:37,343

[paul_tyler]: like

1425

00:33:38,033 –> 00:33:41,258

[ramsey_d_smith]: you can’t you can’t solve risk with

more risk paul that’s the that’s the

1426

00:33:41,189 –> 00:33:41,310

[david_macchia]: yeah

1427

00:33:41,261 –> 00:33:41,482

[paul_tyler]: right

1428

00:33:41,318 –> 00:33:43,021

[ramsey_d_smith]: headline on the on the linked in

right

1429

00:33:42,984 –> 00:33:43,244

[paul_tyler]: right

1430

00:33:43,081 –> 00:33:44,564

[ramsey_d_smith]: that’s that’s the that’s the quotable

1431

00:33:45,047 –> 00:33:45,268

[paul_tyler]: yeah

1432

00:33:45,125 –> 00:33:45,346

[ramsey_d_smith]: oh

1433

00:33:45,729 –> 00:33:46,189

[paul_tyler]: you can’t

1434

00:33:46,153 –> 00:33:46,275

[ramsey_d_smith]: here

1435

00:33:46,290 –> 00:33:46,690

[paul_tyler]: solve

1436

00:33:46,295 –> 00:33:46,517

[ramsey_d_smith]: you go

1437

00:33:46,830 –> 00:33:53,463

[paul_tyler]: risk with more risk yeah i’ll see

yeah yeah yeah yeah yeah give me the

1438

00:33:53,523 –> 00:33:54,326

[paul_tyler]: notes afterwards

1439

00:33:54,875 –> 00:33:55,095

[ramsey_d_smith]: right

1440

00:33:56,060 –> 00:33:59,506

[paul_tyler]: well he listen this is this is

it’s great to catch up so

1441

00:34:00,125 –> 00:34:00,367

[ramsey_d_smith]: oh

1442

00:34:00,300 –> 00:34:00,522

[david_macchia]: oh

1443

00:34:00,488 –> 00:34:01,249

[paul_tyler]: we conofered a lot

1444

00:34:01,265 –> 00:34:01,547

[ramsey_d_smith]: oh

1445

00:34:01,409 –> 00:34:05,576

[paul_tyler]: so i think great initiative to drive

1446

00:34:05,460 –> 00:34:05,480

[david_macchia]: m

1447

00:34:05,656 –> 00:34:07,479

[paul_tyler]: education into parts

1448

00:34:07,355 –> 00:34:07,657

[ramsey_d_smith]: oh

1449

00:34:07,800 –> 00:34:11,025

[paul_tyler]: community that don’t necessarily get a call

from a mary

1450

00:34:10,808 –> 00:34:11,340

[david_macchia]: hm

1451

00:34:11,085 –> 00:34:13,189

[paul_tyler]: lynch advisor or your friends at fisher

1452

00:34:13,161 –> 00:34:13,325

[david_macchia]: right

1453

00:34:13,289 –> 00:34:13,790

[paul_tyler]: investments

1454

00:34:14,195 –> 00:34:14,215

[ramsey_d_smith]: m

1455

00:34:14,591 –> 00:34:14,811

[paul_tyler]: right

1456

00:34:16,385 –> 00:34:16,405

[ramsey_d_smith]: m

1457

00:34:16,614 –> 00:34:18,618

[paul_tyler]: they’re not calling them right

1458

00:34:18,595 –> 00:34:18,695

[david_macchia]: no

1459

00:34:18,700 –> 00:34:18,740

[ramsey_d_smith]: hm

1460

00:34:18,958 –> 00:34:19,419

[paul_tyler]: and they need

1461

00:34:19,356 –> 00:34:19,556

[david_macchia]: they’re

1462

00:34:19,479 –> 00:34:19,599

[paul_tyler]: help

1463

00:34:19,597 –> 00:34:20,117

[david_macchia]: not calling

1464

00:34:20,381 –> 00:34:20,962

[paul_tyler]: i think this is

1465

00:34:20,898 –> 00:34:21,059

[david_macchia]: yep

1466

00:34:21,042 –> 00:34:23,546

[paul_tyler]: great we talked about sort of the

state of the

1467

00:34:23,495 –> 00:34:23,797

[ramsey_d_smith]: yeah

1468

00:34:23,586 –> 00:34:24,888

[paul_tyler]: state of

1469

00:34:26,015 –> 00:34:26,945

[ramsey_d_smith]: yeah

1470

00:34:26,411 –> 00:34:27,292

[paul_tyler]: crazy economy

1471

00:34:27,336 –> 00:34:27,437

[ramsey_d_smith]: ah

1472

00:34:27,893 –> 00:34:32,320

[paul_tyler]: and we didn’t get to get go

here i actually found the other there’s actually

1473

00:34:32,941 –> 00:34:37,166

[paul_tyler]: stand for puts out and when we

get this right it’s let’s

1474

00:34:37,205 –> 00:34:37,528

[ramsey_d_smith]: yah

1475

00:34:37,206 –> 00:34:38,347

[paul_tyler]: see a

1476

00:34:41,460 –> 00:34:42,221

[paul_tyler]: it’s an index

1477

00:34:42,990 –> 00:34:43,010

[david_macchia]: m

1478

00:34:43,022 –> 00:34:44,064

[paul_tyler]: we’re not gonna put this in ten

1479

00:34:45,635 –> 00:34:45,916

[ramsey_d_smith]: yeah

1480

00:34:46,167 –> 00:34:48,311

[paul_tyler]: but it’s the world uncertainty index

1481

00:34:48,605 –> 00:34:49,625

[ramsey_d_smith]: yeah

1482

00:34:49,092 –> 00:34:50,455

[paul_tyler]: and boy it’s just getting higher

1483

00:34:50,002 –> 00:34:50,547

[david_macchia]: interesting

1484

00:34:50,615 –> 00:34:51,136

[paul_tyler]: and higher

1485

00:34:51,393 –> 00:34:51,554

[david_macchia]: yeah

1486

00:34:51,817 –> 00:34:53,984

[paul_tyler]: very interesting so but risk

1487

00:34:53,834 –> 00:34:53,855

[ramsey_d_smith]: m

1488

00:34:54,045 –> 00:34:56,430

[paul_tyler]: and uncertainty i don’t know ramsey

1489

00:34:56,255 –> 00:34:56,604

[ramsey_d_smith]: my

1490

00:34:56,490 –> 00:35:00,518

[paul_tyler]: what are what are your thoughts take

aways an last questions for david

1491

00:35:01,556 –> 00:35:04,000

[ramsey_d_smith]: um just i think we i think

we covered

1492

00:35:03,810 –> 00:35:04,052

[paul_tyler]: oh

1493

00:35:04,060 –> 00:35:06,143

[ramsey_d_smith]: an amazing amount of ground today

1494

00:35:06,060 –> 00:35:06,381

[david_macchia]: yeah

1495

00:35:06,524 –> 00:35:07,205

[ramsey_d_smith]: very efficiently

1496

00:35:07,668 –> 00:35:07,869

[david_macchia]: yeah

1497

00:35:08,367 –> 00:35:09,208

[ramsey_d_smith]: i’ll just say that you know

1498

00:35:09,150 –> 00:35:09,170

[david_macchia]: m

1499

00:35:09,489 –> 00:35:13,075

[ramsey_d_smith]: david between this visit and the last

visit on some

1500

00:35:13,050 –> 00:35:13,313

[paul_tyler]: yeah

1501

00:35:13,115 –> 00:35:13,815

[ramsey_d_smith]: of the things that you’ve

1502

00:35:13,710 –> 00:35:13,930

[david_macchia]: oh

1503

00:35:13,955 –> 00:35:20,261

[ramsey_d_smith]: you’ve written recently you are you’re very

you’re very thoughtful individual in this space so

1504

00:35:20,340 –> 00:35:20,360

[david_macchia]: m

1505

00:35:20,762 –> 00:35:23,004

[ramsey_d_smith]: thoughtful and and a passionate voice around

1506

00:35:22,680 –> 00:35:23,460

[paul_tyler]: oh

1507

00:35:23,164 –> 00:35:28,181

[ramsey_d_smith]: you know retirement income so thank you

for doing what you do and it’s been

1508

00:35:28,221 –> 00:35:28,582

[ramsey_d_smith]: real pleasure

1509

00:35:29,640 –> 00:35:32,923

[david_macchia]: thank you for saying that ramsey and

it’s always a pleasure to be with both

1510

00:35:32,983 –> 00:35:34,685

[david_macchia]: of you i love what you’ve done

1511

00:35:34,565 –> 00:35:34,869

[ramsey_d_smith]: oh

1512

00:35:34,725 –> 00:35:36,747

[david_macchia]: with the podcast it’s essential listening

1513

00:35:36,425 –> 00:35:36,729

[ramsey_d_smith]: yeah

1514

00:35:37,040 –> 00:35:37,220

[paul_tyler]: yeah

1515

00:35:37,388 –> 00:35:38,068

[david_macchia]: it really is

1516

00:35:38,005 –> 00:35:38,286

[ramsey_d_smith]: thank you

1517

00:35:38,642 –> 00:35:43,010

[paul_tyler]: thanks yeah hey david listen keep doing

what you’re doing you know one

1518

00:35:42,965 –> 00:35:44,135

[ramsey_d_smith]: oh

1519

00:35:43,110 –> 00:35:44,152

[paul_tyler]: part of the introduction we

1520

00:35:44,160 –> 00:35:44,940

[david_macchia]: yeah

1521

00:35:44,232 –> 00:35:47,076

[paul_tyler]: didn’t give you is you’re just you’re

doing a great job out in

1522

00:35:47,435 –> 00:35:47,455

[ramsey_d_smith]: m

1523

00:35:47,838 –> 00:35:48,699

[paul_tyler]: unlinked in and some

1524

00:35:48,725 –> 00:35:49,028

[ramsey_d_smith]: oh

1525

00:35:48,739 –> 00:35:55,130

[paul_tyler]: of these websites just keeping the message

in front of people about guarantees about income

1526

00:35:55,170 –> 00:35:55,230

[paul_tyler]: and

1527

00:35:55,205 –> 00:35:55,526

[ramsey_d_smith]: oh

1528

00:35:55,310 –> 00:35:57,654

[paul_tyler]: thank you i think what you’re doing

is terrific

1529

00:35:58,320 –> 00:35:58,683

[david_macchia]: oh

1530

00:35:58,455 –> 00:35:58,616

[paul_tyler]: um

1531

00:35:59,720 –> 00:36:00,003

[david_macchia]: thank you

1532

00:36:00,058 –> 00:36:05,568

[paul_tyler]: yeah look we want to support we

want to sport your project two thousand minutes

1533

00:36:06,008 –> 00:36:06,309

[paul_tyler]: so well

1534

00:36:06,257 –> 00:36:06,759

[ramsey_d_smith]: six thousand

1535

00:36:06,750 –> 00:36:07,952

[paul_tyler]: six thousand six thousand

1536

00:36:07,895 –> 00:36:08,135

[ramsey_d_smith]: oh

1537

00:36:08,232 –> 00:36:10,616

[paul_tyler]: i’m bad date for numbers for me

1538

00:36:11,139 –> 00:36:15,446

[david_macchia]: i very much appreciate that paul like

i said we need we need the participation

1539

00:36:15,546 –> 00:36:16,688

[david_macchia]: of institutions

1540

00:36:16,660 –> 00:36:16,763

[ramsey_d_smith]: ah

1541

00:36:16,728 –> 00:36:17,651

[david_macchia]: and individuals so

1542

00:36:18,485 –> 00:36:18,505

[ramsey_d_smith]: m

1543

00:36:18,736 –> 00:36:19,037

[david_macchia]: i really

1544

00:36:18,900 –> 00:36:19,003

[paul_tyler]: ye

1545

00:36:19,098 –> 00:36:20,524

[david_macchia]: wanted to get off the ground and

be very very

1546

00:36:20,570 –> 00:36:20,770

[paul_tyler]: okay

1547

00:36:20,585 –> 00:36:21,067

[david_macchia]: successful

1548

00:36:21,031 –> 00:36:22,673

[paul_tyler]: great we’ll put the link and link

1549

00:36:22,607 –> 00:36:22,708

[ramsey_d_smith]: ye

1550

00:36:22,753 –> 00:36:24,236

[paul_tyler]: your side and we’ll put the link

1551

00:36:24,240 –> 00:36:24,681

[david_macchia]: oh

1552

00:36:24,296 –> 00:36:27,962

[paul_tyler]: your linked in account whatever however else

so people can get in touch with you

1553

00:36:28,102 –> 00:36:32,089

[paul_tyler]: this is great thanks david ramsey thank

you and thanks for listening

1554

00:36:32,165 –> 00:36:32,428

[ramsey_d_smith]: yeah

1555

00:36:32,670 –> 00:36:33,392

[paul_tyler]: so it’s again next week

1556

00:36:33,448 –> 00:36:33,592

[ramsey_d_smith]: yeah

1557

00:36:33,452 –> 00:36:36,438

[paul_tyler]: for another episode of that annuity show

thanks

1558

00:36:36,695 –> 00:36:36,917

[ramsey_d_smith]: yah

1559

00:36:37,950 –> 00:36:38,235

[david_macchia]: thank you

1560

1
00:00:01,703 –> 00:00:03,610
[paul_tyler]: this is paul tyler and welcome

2
00:00:03,510 –> 00:00:03,792
[david_macchia]: oh

3
00:00:03,831 –> 00:00:07,707
[paul_tyler]: to another episode that annuity show ramsey
harry you

4
00:00:08,797 –> 00:00:10,762
[ramsey_d_smith]: fantastic always glad to be here

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[paul_tyler]: yeah well it’s we’ve had some interesting
interesting month coming up i mean actually can

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[paul_tyler]: be out at shortt connect

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[ramsey_d_smith]: oh

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[paul_tyler]: there’s some interesting overlap

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[ramsey_d_smith]: oh

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[paul_tyler]: with some of the people we’ve

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[ramsey_d_smith]: m

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[paul_tyler]: had on this show and some of
the people who participate in retire tech

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[ramsey_d_smith]: oh

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[paul_tyler]: event

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[ramsey_d_smith]: ah

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[paul_tyler]: so i’m

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[ramsey_d_smith]: yeah

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[paul_tyler]: looking forward to seeing smal friends meeting
some new men which we have an old

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[ramsey_d_smith]: m

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[paul_tyler]: friend now an old

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[ramsey_d_smith]: yeah

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[paul_tyler]: friend back on our program today

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[ramsey_d_smith]: oh

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[paul_tyler]: rams you want to do the introductions

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[ramsey_d_smith]: absolutely

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[paul_tyler]: oh

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[ramsey_d_smith]: we’re very lucky to have

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[paul_tyler]: oh

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[ramsey_d_smith]: david mark rejoin us to talk about
some of the things that he’s been doing

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[ramsey_d_smith]: in the in the few months since
the last time we had on the show

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[ramsey_d_smith]: m david for those of you don’t
know is the founder and co of wealth

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[ramsey_d_smith]: to k he’s also a very prolific
and passionate writer about about many and all

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[ramsey_d_smith]: things retirement income you know built particularly
around the concept of a constrained investor which

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[ramsey_d_smith]: is something we talked about on his
on his

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[paul_tyler]: yeah

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[ramsey_d_smith]: last visit here in addition to that

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[paul_tyler]: yeah

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[ramsey_d_smith]: he is launched a new product

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[paul_tyler]: yeah

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[ramsey_d_smith]: you should say a new project rather
that he’s going to

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[paul_tyler]: oh

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[ramsey_d_smith]: share the outlines with us on today
which is called project six thousand minutes a

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[ramsey_d_smith]: really very interesting initiative so with that
welcome back to the show david and we

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[ramsey_d_smith]: look forward to our chat today so
tell us

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[david_macchia]: yeah

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[ramsey_d_smith]: what are some of the key things
you’re focusing on lately

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[david_macchia]: ah

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[paul_tyler]: yeah

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[david_macchia]: first of all thank you ramsey and
thank you paul

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[ramsey_d_smith]: oh

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[paul_tyler]: yeah

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[david_macchia]: for having me back i very much
enjoyed being with you

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[ramsey_d_smith]: oh

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[david_macchia]: so you mentioned project six thousand minutes
and over the last several months this is

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[david_macchia]: something

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[ramsey_d_smith]: m

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[david_macchia]: that’s been very much on top of
my agenda it’s forming just now but

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[ramsey_d_smith]: m

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[david_macchia]: give folks an outline of what it
is those of us who’ve been blessed with

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[david_macchia]: advantages and

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[paul_tyler]: yah

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[david_macchia]: have done you know well

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[paul_tyler]: yeah

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[david_macchia]: financially you think about at some point
in your life giving back and you know

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[david_macchia]: my belief about giving back is that
one of the greatest gifts one can give

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[david_macchia]: is education education is the way for
because i think to elevate themselves in my

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[david_macchia]: own

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[paul_tyler]: yeah

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[david_macchia]: life i can point to education as
being instrumental

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[paul_tyler]: yeah

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[david_macchia]: in helping me you know elevate where
i was and when i started to where

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[david_macchia]: i became over time and the idea
of project six thousand minutes is a way

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[david_macchia]: for people to help contribute to building
a more equitable society specifically project six thousand

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[paul_tyler]: oh

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[david_macchia]: minutes aims to deliver free financial education

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[paul_tyler]: oh

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[david_macchia]: to women from undeserved communities black women
hispanic women latina women and other

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[paul_tyler]: okay

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[david_macchia]: women from undeserved communities who need basic
financial education well you say well how would

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[david_macchia]: that happen how does that actually play
out

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[ramsey_d_smith]: yeah

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[david_macchia]: well think of this the financial advisor
community collectively possesses a level

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[ramsey_d_smith]: oh

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[david_macchia]: of wisdom that’s unmatched

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[paul_tyler]: yeah

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[david_macchia]: so the idea of project six thousand
minutes as advisors would donate two hours per

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[david_macchia]: week of their time

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[ramsey_d_smith]: oh

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[david_macchia]: to deliver education in their local communities
in any number of

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[ramsey_d_smith]: yes

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[david_macchia]: venus to profit organization s places of
worships community centers or

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[ramsey_d_smith]: ye

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[david_macchia]: online or online and by doing that
we can leverage the financial advisor community in

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[david_macchia]: a way that will help really build
a more the bow and stronger society the

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[david_macchia]: name project six thousand minutes

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[paul_tyler]: oh

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[david_macchia]: comes from the idea that

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[paul_tyler]: my

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[david_macchia]: if an advisor

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[ramsey_d_smith]: m

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[david_macchia]: devotes two hours per week over the
cost of fifty weeks that’s six thousand minutes

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[ramsey_d_smith]: oh

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[david_macchia]: so i think you know if

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[ramsey_d_smith]: yeah

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[david_macchia]: we are able to get this off
the ground successfully and have a large number

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[david_macchia]: of financial advisors

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[paul_tyler]: oh

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[ramsey_d_smith]: m

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[david_macchia]: deliver education we will change people’s lives

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[paul_tyler]: yeah

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[david_macchia]: to some extent and i think it
will also become

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[ramsey_d_smith]: oh

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[david_macchia]: a way to educate women who some
of whom will say you know

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[ramsey_d_smith]: yes

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[david_macchia]: i love this topic i love learning
about financial issues perhaps i’ll pursue a career

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[david_macchia]: as a financial advisor and of course

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[paul_tyler]: yeah

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[david_macchia]: you know we need to have women
um

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[ramsey_d_smith]: oh

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[david_macchia]: you know in the ranks of the
financial advisor community and we specifically

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[ramsey_d_smith]: m

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[david_macchia]: need to have more minority women in
the ranks of financial advisor community

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[ramsey_d_smith]: m

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[david_macchia]: perhaps this and become a pipeline to
you know try to address that long standing

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[david_macchia]: aspiration we need support we need support
of financial advisors we need support of sponsors

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[david_macchia]: at the corporate level

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[ramsey_d_smith]: oh

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[david_macchia]: anyone can learn about this initiative

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[ramsey_d_smith]: yea

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[david_macchia]: at the website project

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[ramsey_d_smith]: oh

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[david_macchia]: six thousand minutes dot com

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[ramsey_d_smith]: ye

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[david_macchia]: i’ll help you visit

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[ramsey_d_smith]: oh

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[david_macchia]: it and i help you learn and
i help you think about contributing to this

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah

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[david_macchia]: and thanks for giving me an opportunity
to talk about

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[ramsey_d_smith]: yeah

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[david_macchia]: it

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[paul_tyler]: yeah and just just

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[david_macchia]: oh

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[paul_tyler]: is i think it’s fabulous idea you
know now i will say i one of

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[paul_tyler]: my

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[david_macchia]: m

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[paul_tyler]: strange you know one of my

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[david_macchia]: m

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[paul_tyler]: simons had a prim

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[david_macchia]: oh

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[paul_tyler]: prior company was run reliance

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[ramsey_d_smith]: yeah

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[paul_tyler]: right so i’ve learned to put my
compliant

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[ramsey_d_smith]: oh

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[paul_tyler]: healthy

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[david_macchia]: oh

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[paul_tyler]: skeptical hat on here so dave how

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[ramsey_d_smith]: oh

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[paul_tyler]: how do you know you’re in the
design phase

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[ramsey_d_smith]: oh

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[paul_tyler]: of this how do you keep this
from being like a legion

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[ramsey_d_smith]: right

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[paul_tyler]: opportunity and it’s us

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[ramsey_d_smith]: yeah

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[paul_tyler]: and rather keep it

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[ramsey_d_smith]: yeah

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[paul_tyler]: as a give back to a community

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[ramsey_d_smith]: oh

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[paul_tyler]: you know wat are the so are
you selecting agents you know what’s the how

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[paul_tyler]: do you kind of put guard rails
up on this

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[david_macchia]: it’s a great

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[paul_tyler]: oh

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[david_macchia]: question and i’m not sure i have
a perfect

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[ramsey_d_smith]: yes

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[david_macchia]: answer yet

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[ramsey_d_smith]: oh

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[david_macchia]: i think the people who will

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[ramsey_d_smith]: ye

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[david_macchia]: respond to this those who genuinely want
to get back by don’t

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[ramsey_d_smith]: oh

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[david_macchia]: in some of their time and some
of their brain power to

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[ramsey_d_smith]: yes

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[david_macchia]: people who can benefit

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[ramsey_d_smith]: yeah

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[david_macchia]: from it

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[ramsey_d_smith]: yeah

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[david_macchia]: i never really conceived of

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[ramsey_d_smith]: m

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[david_macchia]: it as as anything other than that
paul

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[paul_tyler]: yeah

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[david_macchia]: and i don’t

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[ramsey_d_smith]: oh

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[david_macchia]: think it will be you know we
want to

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[ramsey_d_smith]: oh

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[david_macchia]: form this in a non profit structure
we wanted to be you know clean

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[ramsey_d_smith]: m

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[david_macchia]: and proper

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[ramsey_d_smith]: yeah

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[david_macchia]: and appropriate and devoted to its mission
and only its mission so i mean it

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[ramsey_d_smith]: oh

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[david_macchia]: wouldn’t be good to have it stray
into into anything

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00:06:05,435 –> 00:06:05,675
[ramsey_d_smith]: yeah

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[david_macchia]: that becomes more commercial let’s put it
that way

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[ramsey_d_smith]: so interestingly i mean in some ways
i want to take the

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[david_macchia]: oh

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[ramsey_d_smith]: other side of your point paul

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[david_macchia]: hm

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[paul_tyler]: yeah

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[ramsey_d_smith]: right

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[david_macchia]: i

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[ramsey_d_smith]: um i think that that one of
the one of the challenges in financial advice

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[ramsey_d_smith]: is is that there there still is
a large part of the population that isn’t

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[ramsey_d_smith]: covered part of it reason it’s not
covered is a lack of understanding part of

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[ramsey_d_smith]: it’s a lack of trust

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[paul_tyler]: yeah

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[ramsey_d_smith]: and in my mind you know an
initiative like this you know allows more people

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[ramsey_d_smith]: to understand one what they need to
do in their personal finances and two quite

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[ramsey_d_smith]: importantly kind of bifricate what part of
this can i handle myself versus o things

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[ramsey_d_smith]: that i might actually seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: seek seek

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[paul_tyler]: yeah

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[ramsey_d_smith]: advice on so in my view like
you know if if this sort of lives

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[ramsey_d_smith]: out to it to its its full
potential you end up creating more potent clients

225
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[ramsey_d_smith]: down the road maybe not this year
but maybe maybe those people are clients ten

226
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[ramsey_d_smith]: years down the road for the right
for the broader community

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[david_macchia]: oh

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[ramsey_d_smith]: and you you ultimately end up potentially
cultivating

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[david_macchia]: yeah

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[ramsey_d_smith]: some some new advisors down the road

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[paul_tyler]: oh

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[ramsey_d_smith]: um one other point that i’ll put

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[paul_tyler]: yeah

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[ramsey_d_smith]: on it

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[david_macchia]: oh

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[ramsey_d_smith]: is that actually think one of things
that it is often underestimated about the value

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[ramsey_d_smith]: of non profit work is it you
know put you in a position to work

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[ramsey_d_smith]: with people on something about which they’re
very passionate so the people like so so

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[david_macchia]: hm

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[ramsey_d_smith]: david you’re going to pursue this an
you’re going to end up working with other

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[ramsey_d_smith]: people on this and

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[david_macchia]: oh

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[ramsey_d_smith]: and my sense is your on get
to know

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[david_macchia]: yeah

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[ramsey_d_smith]: those people and there will be now
work opportunities there as well that you know

246
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[ramsey_d_smith]: create other energies so

247
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[paul_tyler]: yeah

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[ramsey_d_smith]: i think this is a fantastic idea
who knows like what you know how all

249
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[paul_tyler]: oh

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[ramsey_d_smith]: those things will come out but i
actually think that

251
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[paul_tyler]: yeah

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[ramsey_d_smith]: think it it can and end up
being commercial in a good way over the

253
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[ramsey_d_smith]: long term in a way

254
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[david_macchia]: yeah

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[ramsey_d_smith]: that’s beneficial to everybody

256
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[paul_tyler]: yeah no

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[david_macchia]: all right

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[paul_tyler]: listen david we talked about this a
little bit i’m not

259
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[david_macchia]: m

260
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[paul_tyler]: sure if you could hear me

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[ramsey_d_smith]: oh

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[paul_tyler]: on

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[david_macchia]: m

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[paul_tyler]: the phone but i think it’s a
great idea if i were had

265
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[ramsey_d_smith]: yeah

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[paul_tyler]: an agency or a

267
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[ramsey_d_smith]: oh

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[paul_tyler]: firm in a community would speak right
way give back with resources give my skills

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[paul_tyler]: back to the community

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[ramsey_d_smith]: m

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[paul_tyler]: and your ram

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[ramsey_d_smith]: m

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[paul_tyler]: right done properly it probably does generate
a lot furls it probably engenders david is

274
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[paul_tyler]: probably one of the best brand building
things i could do in a community

275
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[david_macchia]: i think

276
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[paul_tyler]: oh

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[david_macchia]: that’s right i think i agree with
both of you i think it reflects

278
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[ramsey_d_smith]: m

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[david_macchia]: positively on the advisor who’s donating

280
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[paul_tyler]: yeah

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[david_macchia]: time and trying to make a contribution

282
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[ramsey_d_smith]: m

283
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[david_macchia]: to his or her community

284
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[paul_tyler]: yeah

285
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[david_macchia]: you know that’s absolutely true i can’t
i can’t disagree with that at all i

286
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[david_macchia]: think you’re absolutely right about it and
i’m excited and i

287
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[ramsey_d_smith]: yeah

288
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[david_macchia]: i hope like i said i hope
folks will

289
00:08:51,300 –> 00:08:52,050
[paul_tyler]: oh

290
00:08:51,483 –> 00:08:53,867
[david_macchia]: go to the website and i hope
we can enlist

291
00:08:53,823 –> 00:08:54,006
[paul_tyler]: yeah

292
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[david_macchia]: some sponsors

293
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[paul_tyler]: oh

294
00:08:55,069 –> 00:08:58,214
[david_macchia]: from the corporal level i don’t think
this can work without corporate participation

295
00:08:58,701 –> 00:08:58,966
[paul_tyler]: agree

296
00:08:59,376 –> 00:09:05,226
[david_macchia]: because the financial advisors contribution that doesn’t
need to be and shouldn’t be direct

297
00:09:05,015 –> 00:09:05,705
[ramsey_d_smith]: oh

298
00:09:06,087 –> 00:09:07,229
[david_macchia]: cash contributions it

299
00:09:07,205 –> 00:09:07,246
[ramsey_d_smith]: ye

300
00:09:07,269 –> 00:09:09,933
[david_macchia]: should be in time and and the
conveyance

301
00:09:09,616 –> 00:09:09,779
[ramsey_d_smith]: yeah

302
00:09:10,033 –> 00:09:11,054
[david_macchia]: of his or her wisdom

303
00:09:10,830 –> 00:09:11,132
[paul_tyler]: oh

304
00:09:11,795 –> 00:09:14,398
[david_macchia]: that’s that’s really the gold standard contribution
here

305
00:09:14,290 –> 00:09:17,416
[paul_tyler]: yeah ramsey i think of you know
wendy cops

306
00:09:17,924 –> 00:09:17,945
[ramsey_d_smith]: m

307
00:09:18,217 –> 00:09:19,058
[paul_tyler]: teacher for america

308
00:09:20,055 –> 00:09:20,216
[ramsey_d_smith]: yeah

309
00:09:20,100 –> 00:09:20,910
[david_macchia]: yeah

310
00:09:20,490 –> 00:09:21,953
[paul_tyler]: project right that

311
00:09:21,983 –> 00:09:22,123
[ramsey_d_smith]: yeah

312
00:09:21,993 –> 00:09:23,456
[paul_tyler]: was a senior thesis you

313
00:09:23,430 –> 00:09:23,773
[david_macchia]: oh

314
00:09:23,496 –> 00:09:24,980
[paul_tyler]: know david to at

315
00:09:24,955 –> 00:09:25,076
[ramsey_d_smith]: yeah

316
00:09:25,500 –> 00:09:25,783
[david_macchia]: oh

317
00:09:26,242 –> 00:09:29,068
[paul_tyler]: that turned into like amazing organization

318
00:09:28,537 –> 00:09:28,722
[ramsey_d_smith]: yeah

319
00:09:28,569 –> 00:09:28,590
[david_macchia]: m

320
00:09:29,428 –> 00:09:30,065
[ramsey_d_smith]: yeah

321
00:09:30,090 –> 00:09:30,110
[david_macchia]: m

322
00:09:30,565 –> 00:09:32,749
[ramsey_d_smith]: used to sit in the same computer
room at school

323
00:09:32,580 –> 00:09:32,902
[paul_tyler]: oh

324
00:09:32,730 –> 00:09:32,750
[david_macchia]: m

325
00:09:33,310 –> 00:09:35,635
[ramsey_d_smith]: at the next computer she was writing
that senior thesis

326
00:09:35,921 –> 00:09:36,162
[paul_tyler]: really

327
00:09:36,336 –> 00:09:36,516
[ramsey_d_smith]: back

328
00:09:36,550 –> 00:09:36,650
[david_macchia]: wow

329
00:09:36,576 –> 00:09:37,859
[ramsey_d_smith]: and like the lady if you can
believe it

330
00:09:38,602 –> 00:09:40,264
[david_macchia]: wow amazing

331
00:09:40,590 –> 00:09:40,770
[paul_tyler]: yeah

332
00:09:41,165 –> 00:09:41,634
[ramsey_d_smith]: yeah

333
00:09:41,331 –> 00:09:42,552
[paul_tyler]: there’s a lot of power there you
know

334
00:09:42,545 –> 00:09:43,295
[ramsey_d_smith]: yeh

335
00:09:43,413 –> 00:09:44,895
[paul_tyler]: you know again i’m just

336
00:09:44,940 –> 00:09:44,960
[david_macchia]: m

337
00:09:45,977 –> 00:09:46,778
[paul_tyler]: like i’m one

338
00:09:46,800 –> 00:09:47,082
[david_macchia]: oh

339
00:09:46,818 –> 00:09:47,238
[paul_tyler]: of these people

340
00:09:47,255 –> 00:09:47,275
[ramsey_d_smith]: m

341
00:09:47,318 –> 00:09:50,221
[paul_tyler]: want to like take that take

342
00:09:50,135 –> 00:09:50,395
[ramsey_d_smith]: oh

343
00:09:50,261 –> 00:09:52,144
[paul_tyler]: the hammer out start building

344
00:09:51,960 –> 00:09:51,980
[david_macchia]: m

345
00:09:52,184 –> 00:09:55,207
[paul_tyler]: this stuff yeah i think i think
you definitely would need

346
00:09:55,119 –> 00:09:55,140
[david_macchia]: m

347
00:09:55,488 –> 00:09:57,981
[paul_tyler]: like a a large

348
00:09:57,990 –> 00:09:58,153
[david_macchia]: yeah

349
00:09:58,121 –> 00:10:06,655
[paul_tyler]: carrier with some probably some fairly tied
distribution captive is oxymoreon this business but we

350
00:10:06,796 –> 00:10:11,544
[paul_tyler]: use a lot right you need the
coverage because

351
00:10:11,615 –> 00:10:11,797
[ramsey_d_smith]: yeah

352
00:10:12,545 –> 00:10:12,906
[paul_tyler]: boy you

353
00:10:12,935 –> 00:10:14,015
[ramsey_d_smith]: oh

354
00:10:12,966 –> 00:10:17,674
[paul_tyler]: mean well but you’ve got you attorneys

355
00:10:17,345 –> 00:10:17,365
[ramsey_d_smith]: m

356
00:10:18,155 –> 00:10:20,619
[paul_tyler]: you know that who be very happy
to take some

357
00:10:20,534 –> 00:10:20,555
[ramsey_d_smith]: m

358
00:10:20,659 –> 00:10:24,706
[paul_tyler]: cases here so i think you have
to think that you know coverage right

359
00:10:26,220 –> 00:10:26,970
[david_macchia]: yeah

360
00:10:26,368 –> 00:10:28,973
[paul_tyler]: the program that i’m assuming this would
tie

361
00:10:29,100 –> 00:10:29,342
[david_macchia]: oh

362
00:10:29,133 –> 00:10:31,837
[paul_tyler]: in your your platform

363
00:10:31,835 –> 00:10:34,412
[ramsey_d_smith]: oh

364
00:10:31,898 –> 00:10:35,647
[paul_tyler]: would actually be a good name for
for an effort like this correct

365
00:10:35,825 –> 00:10:36,149
[ramsey_d_smith]: oh

366
00:10:36,611 –> 00:10:36,731
[david_macchia]: that

367
00:10:36,635 –> 00:10:36,775
[ramsey_d_smith]: oh

368
00:10:36,892 –> 00:10:39,977
[david_macchia]: that hadn’t been in my mind at
all i wasn’t looking for any

369
00:10:39,930 –> 00:10:40,131
[paul_tyler]: oh

370
00:10:40,037 –> 00:10:41,620
[david_macchia]: kind of ties directly

371
00:10:41,670 –> 00:10:41,811
[paul_tyler]: yeah

372
00:10:41,680 –> 00:10:45,987
[david_macchia]: to anything i’m doing another facets of
my life so i think one of one

373
00:10:46,047 –> 00:10:46,087
[david_macchia]: of

374
00:10:46,080 –> 00:10:46,362
[paul_tyler]: oh

375
00:10:46,347 –> 00:10:50,433
[david_macchia]: the great things here i said a
you know one of the things i’ve written

376
00:10:50,493 –> 00:10:54,780
[david_macchia]: about and you guys know this is
this the warring factions of financial services right

377
00:10:54,860 –> 00:10:56,122
[david_macchia]: the r a community that looks

378
00:10:56,105 –> 00:10:56,407
[ramsey_d_smith]: oh

379
00:10:56,182 –> 00:10:58,566
[david_macchia]: down to the insurance community the insurance
community that says you’re

380
00:10:58,500 –> 00:10:58,783
[paul_tyler]: oh

381
00:10:58,727 –> 00:10:59,628
[david_macchia]: hypocrites because

382
00:10:59,615 –> 00:10:59,996
[ramsey_d_smith]: yeah

383
00:11:00,229 –> 00:11:00,390
[david_macchia]: you’re

384
00:11:00,270 –> 00:11:04,740
[paul_tyler]: yeah

385
00:11:00,510 –> 00:11:01,751
[david_macchia]: pay structure actually is

386
00:11:01,744 –> 00:11:01,904
[ramsey_d_smith]: yeah

387
00:11:01,831 –> 00:11:03,372
[david_macchia]: more than my commission you know the

388
00:11:03,326 –> 00:11:03,487
[ramsey_d_smith]: yeah

389
00:11:03,493 –> 00:11:04,474
[david_macchia]: thing you have

390
00:11:04,385 –> 00:11:05,645
[ramsey_d_smith]: oh

391
00:11:04,514 –> 00:11:05,955
[david_macchia]: all these warring factions and it’s

392
00:11:05,880 –> 00:11:07,260
[paul_tyler]: oh

393
00:11:06,596 –> 00:11:12,838
[david_macchia]: and i said wouldn’t it be great
if there was something that everybody could galvanize

394
00:11:12,938 –> 00:11:19,882
[david_macchia]: around and contribute their competency to because
the truth of the matter is every facet

395
00:11:19,962 –> 00:11:27,046
[david_macchia]: of the advisor community has very specific
knowledge that’s valuable right and in constructing

396
00:11:26,564 –> 00:11:26,585
[ramsey_d_smith]: m

397
00:11:27,146 –> 00:11:27,627
[david_macchia]: someone’s

398
00:11:27,605 –> 00:11:28,445
[ramsey_d_smith]: yeah

399
00:11:28,389 –> 00:11:34,201
[david_macchia]: foundational life right in terms of finance
all of it matters it’s just not one

400
00:11:34,241 –> 00:11:35,223
[david_macchia]: perspective that matters

401
00:11:35,255 –> 00:11:35,399
[ramsey_d_smith]: ye

402
00:11:35,363 –> 00:11:37,887
[david_macchia]: all the perspectives matter and so my

403
00:11:37,925 –> 00:11:38,128
[ramsey_d_smith]: oh

404
00:11:38,068 –> 00:11:38,809
[david_macchia]: my hope is that

405
00:11:39,575 –> 00:11:39,937
[ramsey_d_smith]: oh

406
00:11:39,610 –> 00:11:43,837
[david_macchia]: no matter what area of financial services
you’re you’re from and no matter how you

407
00:11:43,877 –> 00:11:44,578
[david_macchia]: are regulated

408
00:11:44,315 –> 00:11:44,679
[ramsey_d_smith]: yeah

409
00:11:44,659 –> 00:11:48,608
[david_macchia]: and what you all yourself on your
business card you have a place to contribute

410
00:11:48,254 –> 00:11:48,275
[ramsey_d_smith]: m

411
00:11:48,648 –> 00:11:54,198
[david_macchia]: here and so i didn’t define any
platform or idea of how this should you

412
00:11:54,438 –> 00:11:58,485
[david_macchia]: play out what we will do is
we’ll create a curriculum

413
00:11:58,974 –> 00:11:59,015
[paul_tyler]: s

414
00:11:59,026 –> 00:12:03,855
[david_macchia]: you know that the people can run
with that that is addresses all the areas

415
00:12:03,895 –> 00:12:04,797
[david_macchia]: of finance that we need

416
00:12:04,694 –> 00:12:04,715
[ramsey_d_smith]: m

417
00:12:04,817 –> 00:12:05,518
[david_macchia]: to educate on

418
00:12:06,060 –> 00:12:06,810
[paul_tyler]: yeah

419
00:12:06,590 –> 00:12:07,314
[david_macchia]: that for sure will

420
00:12:07,175 –> 00:12:07,519
[ramsey_d_smith]: oh

421
00:12:07,354 –> 00:12:07,435
[david_macchia]: do

422
00:12:08,921 –> 00:12:09,101
[paul_tyler]: you know

423
00:12:09,125 –> 00:12:09,470
[ramsey_d_smith]: oh

424
00:12:09,181 –> 00:12:13,128
[paul_tyler]: m thinking back you know i’m sure
you have so mature boy harry stout’s book

425
00:12:13,248 –> 00:12:14,911
[paul_tyler]: you know the financial verse we had
harry

426
00:12:14,735 –> 00:12:14,996
[ramsey_d_smith]: yeah

427
00:12:14,971 –> 00:12:15,532
[paul_tyler]: stout on there

428
00:12:15,430 –> 00:12:15,572
[david_macchia]: yep

429
00:12:15,652 –> 00:12:15,792
[paul_tyler]: he’s

430
00:12:17,114 –> 00:12:17,135
[ramsey_d_smith]: m

431
00:12:17,141 –> 00:12:17,285
[david_macchia]: yep

432
00:12:17,495 –> 00:12:18,958
[paul_tyler]: you’ve got a good set of books

433
00:12:18,840 –> 00:12:18,860
[david_macchia]: m

434
00:12:19,038 –> 00:12:20,240
[paul_tyler]: there i’m sure so

435
00:12:20,504 –> 00:12:20,525
[ramsey_d_smith]: m

436
00:12:20,623 –> 00:12:21,227
[paul_tyler]: harry love the

437
00:12:21,200 –> 00:12:21,344
[david_macchia]: yep

438
00:12:21,267 –> 00:12:22,656
[paul_tyler]: cardinal with you on something like this

439
00:12:23,600 –> 00:12:24,483
[david_macchia]: yeah i like harry

440
00:12:24,365 –> 00:12:24,385
[ramsey_d_smith]: m

441
00:12:24,703 –> 00:12:25,746
[david_macchia]: i can talk to harry about it

442
00:12:25,740 –> 00:12:25,820
[paul_tyler]: ah

443
00:12:25,787 –> 00:12:26,128
[david_macchia]: for sure

444
00:12:26,761 –> 00:12:30,826
[paul_tyler]: so this is cool i think this
is great now david any way we can

445
00:12:30,886 –> 00:12:32,167
[paul_tyler]: help you know let us know

446
00:12:32,564 –> 00:12:32,585
[ramsey_d_smith]: m

447
00:12:34,440 –> 00:12:34,982
[david_macchia]: thank you polly

448
00:12:35,021 –> 00:12:36,243
[paul_tyler]: yeah i had a question

449
00:12:35,867 –> 00:12:36,464
[ramsey_d_smith]: and then what

450
00:12:36,624 –> 00:12:37,225
[paul_tyler]: on financial

451
00:12:37,175 –> 00:12:37,482
[ramsey_d_smith]: oh

452
00:12:37,505 –> 00:12:38,467
[paul_tyler]: you now what his financial

453
00:12:38,165 –> 00:12:38,407
[ramsey_d_smith]: yeah

454
00:12:38,527 –> 00:12:41,873
[paul_tyler]: literacy came in from from you know
writer

455
00:12:41,855 –> 00:12:42,120
[ramsey_d_smith]: oh

456
00:12:42,750 –> 00:12:43,013
[david_macchia]: oh

457
00:12:42,995 –> 00:12:45,859
[paul_tyler]: s a couple of days ago and
that was that was a hard question david

458
00:12:46,181 –> 00:12:48,150
[paul_tyler]: how what is financial literacy how do

459
00:12:48,185 –> 00:12:48,205
[ramsey_d_smith]: m

460
00:12:48,210 –> 00:12:51,112
[paul_tyler]: you answer that question oh

461
00:12:51,341 –> 00:12:55,528
[david_macchia]: well i think it’s what we don’t
teach in school right we do an awful

462
00:12:55,503 –> 00:12:55,603
[paul_tyler]: it’s

463
00:12:55,608 –> 00:12:55,868
[david_macchia]: job

464
00:12:55,663 –> 00:12:56,145
[paul_tyler]: a negative

465
00:12:55,895 –> 00:12:55,915
[ramsey_d_smith]: m

466
00:12:56,626 –> 00:12:56,846
[paul_tyler]: yes

467
00:12:57,110 –> 00:12:57,791
[david_macchia]: we do an awful

468
00:12:57,819 –> 00:12:57,839
[ramsey_d_smith]: m

469
00:12:57,891 –> 00:12:58,312
[david_macchia]: job of

470
00:12:58,782 –> 00:12:58,966
[paul_tyler]: yeah

471
00:12:58,853 –> 00:12:59,294
[david_macchia]: failing

472
00:12:59,610 –> 00:12:59,793
[paul_tyler]: oh

473
00:12:59,694 –> 00:13:00,656
[david_macchia]: to educate people

474
00:13:00,344 –> 00:13:00,365
[ramsey_d_smith]: m

475
00:13:00,690 –> 00:13:01,560
[paul_tyler]: yeah

476
00:13:00,875 –> 00:13:01,159
[ramsey_d_smith]: oh

477
00:13:00,896 –> 00:13:05,464
[david_macchia]: on on understanding how to build wealth
how to avoid debt how to

478
00:13:05,550 –> 00:13:05,791
[paul_tyler]: yeah

479
00:13:05,584 –> 00:13:07,027
[david_macchia]: avoid extraneous costs

480
00:13:07,140 –> 00:13:07,340
[paul_tyler]: yeah

481
00:13:07,207 –> 00:13:11,895
[david_macchia]: that deprive people of having you know
wealth how to live within a budget what

482
00:13:11,935 –> 00:13:15,220
[david_macchia]: does a budget even mean how to
have a personal finance statement

483
00:13:15,270 –> 00:13:16,050
[paul_tyler]: oh

484
00:13:16,062 –> 00:13:22,352
[david_macchia]: this is basic stuff but it’s not
something that people are taught and you know

485
00:13:22,412 –> 00:13:25,998
[david_macchia]: and then when you get into the
more you know older people in retirement it

486
00:13:26,038 –> 00:13:27,260
[david_macchia]: gets even more omplicated

487
00:13:26,744 –> 00:13:26,765
[ramsey_d_smith]: m

488
00:13:27,360 –> 00:13:27,645
[paul_tyler]: oh

489
00:13:27,845 –> 00:13:27,865
[ramsey_d_smith]: m

490
00:13:28,042 –> 00:13:31,107
[david_macchia]: you know how do you think about
social security how s that handle how do

491
00:13:31,167 –> 00:13:34,513
[david_macchia]: you use money to create income there’s

492
00:13:34,475 –> 00:13:35,083
[ramsey_d_smith]: ye

493
00:13:34,613 –> 00:13:37,377
[david_macchia]: so many issues there’s so many issues
and such a deficit

494
00:13:37,274 –> 00:13:37,295
[ramsey_d_smith]: m

495
00:13:37,658 –> 00:13:39,623
[david_macchia]: of understanding knowledge about them

496
00:13:39,810 –> 00:13:40,560
[paul_tyler]: yeah

497
00:13:40,505 –> 00:13:41,375
[ramsey_d_smith]: yeah

498
00:13:40,566 –> 00:13:43,838
[david_macchia]: and that’s where i think we can
we can make a tangible impact

499
00:13:44,653 –> 00:13:44,733
[paul_tyler]: what

500
00:13:44,684 –> 00:13:44,705
[ramsey_d_smith]: m

501
00:13:44,773 –> 00:13:49,004
[paul_tyler]: do you think is financial literacy a
course i take and a grade that i

502
00:13:49,104 –> 00:13:49,745
[paul_tyler]: receive like

503
00:13:50,100 –> 00:13:50,362
[david_macchia]: yah

504
00:13:50,106 –> 00:13:50,828
[paul_tyler]: it pass fail

505
00:13:51,028 –> 00:13:51,150
[david_macchia]: yah

506
00:13:51,390 –> 00:13:51,793
[paul_tyler]: yeah

507
00:13:52,209 –> 00:13:54,372
[ramsey_d_smith]: you know it’s it’s interesting a view
financial

508
00:13:54,060 –> 00:13:55,170
[paul_tyler]: oh

509
00:13:54,433 –> 00:13:55,494
[ramsey_d_smith]: literacy is something

510
00:13:55,290 –> 00:13:56,610
[paul_tyler]: yeah

511
00:13:55,554 –> 00:14:02,025
[ramsey_d_smith]: that’s a that’s developed over a lifetime
right because things change both like what available

512
00:14:02,085 –> 00:14:04,269
[ramsey_d_smith]: in the market the market itself as
well as like

513
00:14:04,261 –> 00:14:04,342
[paul_tyler]: we

514
00:14:04,309 –> 00:14:05,591
[ramsey_d_smith]: your personal situation so

515
00:14:05,700 –> 00:14:05,920
[david_macchia]: oh

516
00:14:07,013 –> 00:14:10,159
[ramsey_d_smith]: as much as anything else i kind
of think of financial literacy as

517
00:14:10,500 –> 00:14:10,683
[david_macchia]: oh

518
00:14:10,740 –> 00:14:15,868
[ramsey_d_smith]: as a habit you develop the expectation
you’re never going to get it exactly right

519
00:14:16,169 –> 00:14:20,616
[ramsey_d_smith]: but it’s better to make make decisions
than to succumb

520
00:14:20,580 –> 00:14:22,050
[paul_tyler]: yeah

521
00:14:20,656 –> 00:14:22,179
[ramsey_d_smith]: to not making decisions which usually

522
00:14:22,080 –> 00:14:22,100
[paul_tyler]: m

523
00:14:22,219 –> 00:14:27,628
[ramsey_d_smith]: are where the biggest mistakes happening with
respect to once personal finances so i’ve

524
00:14:27,474 –> 00:14:27,990
[paul_tyler]: right

525
00:14:27,690 –> 00:14:27,771
[david_macchia]: ah

526
00:14:28,289 –> 00:14:31,234
[ramsey_d_smith]: i’ve become a bit cynical in that
i used to think you could truly solve

527
00:14:31,294 –> 00:14:34,479
[ramsey_d_smith]: financial literacy and if you just sort
of taught it better and i think that

528
00:14:34,539 –> 00:14:37,625
[ramsey_d_smith]: actually it’s more of an attitude than
anything else

529
00:14:37,980 –> 00:14:38,000
[david_macchia]: m

530
00:14:38,145 –> 00:14:38,265
[ramsey_d_smith]: and

531
00:14:38,191 –> 00:14:38,271
[paul_tyler]: ah

532
00:14:38,986 –> 00:14:41,649
[ramsey_d_smith]: and so that’s why that’s why tools
like this need to be available

533
00:14:41,532 –> 00:14:41,613
[paul_tyler]: ah

534
00:14:41,689 –> 00:14:42,029
[ramsey_d_smith]: to people so

535
00:14:42,000 –> 00:14:42,020
[david_macchia]: m

536
00:14:42,049 –> 00:14:42,509
[ramsey_d_smith]: they can start

537
00:14:42,480 –> 00:14:42,742
[paul_tyler]: oh

538
00:14:43,210 –> 00:14:46,714
[ramsey_d_smith]: thinking about it in corporate ncorporating into
their right in their daily lives

539
00:14:46,981 –> 00:14:47,922
[paul_tyler]: yeah i like the

540
00:14:47,872 –> 00:14:47,892
[david_macchia]: i

541
00:14:47,962 –> 00:14:49,184
[paul_tyler]: word actions david i mean

542
00:14:49,286 –> 00:14:49,487
[ramsey_d_smith]: yeah

543
00:14:49,525 –> 00:14:51,648
[paul_tyler]: what would you i mean i go

544
00:14:51,755 –> 00:14:52,895
[ramsey_d_smith]: oh

545
00:14:51,789 –> 00:14:54,994
[paul_tyler]: through i you know i received

546
00:14:54,545 –> 00:14:54,867
[ramsey_d_smith]: oh

547
00:14:56,316 –> 00:14:56,797
[paul_tyler]: counseling

548
00:14:56,739 –> 00:14:56,760
[david_macchia]: m

549
00:14:56,897 –> 00:14:58,339
[paul_tyler]: from you know somebody in a program

550
00:14:58,380 –> 00:14:58,604
[david_macchia]: oh

551
00:14:58,520 –> 00:14:59,981
[paul_tyler]: my financially literate in life

552
00:15:00,060 –> 00:15:00,080
[david_macchia]: m

553
00:15:00,181 –> 00:15:00,662
[paul_tyler]: financially

554
00:15:00,335 –> 00:15:00,576
[ramsey_d_smith]: oh

555
00:15:00,722 –> 00:15:01,322
[paul_tyler]: empowered

556
00:15:01,775 –> 00:15:01,795
[ramsey_d_smith]: m

557
00:15:02,303 –> 00:15:03,685
[paul_tyler]: in my financially

558
00:15:03,480 –> 00:15:03,662
[david_macchia]: yeah

559
00:15:05,727 –> 00:15:06,147
[paul_tyler]: aware

560
00:15:07,842 –> 00:15:08,243
[david_macchia]: well i think

561
00:15:08,276 –> 00:15:08,296
[ramsey_d_smith]: m

562
00:15:08,283 –> 00:15:08,964
[david_macchia]: of it as confident

563
00:15:09,140 –> 00:15:09,302
[paul_tyler]: yeah

564
00:15:09,805 –> 00:15:10,066
[david_macchia]: i mean if

565
00:15:10,175 –> 00:15:10,195
[ramsey_d_smith]: m

566
00:15:10,286 –> 00:15:12,009
[david_macchia]: we can make people financially confident

567
00:15:12,055 –> 00:15:12,598
[ramsey_d_smith]: it’s a good word

568
00:15:12,950 –> 00:15:13,830
[paul_tyler]: yeah

569
00:15:13,220 –> 00:15:14,544
[david_macchia]: that’s that’s that’s

570
00:15:14,517 –> 00:15:14,660
[ramsey_d_smith]: yeah

571
00:15:14,625 –> 00:15:15,468
[david_macchia]: a real accomplishment

572
00:15:15,650 –> 00:15:18,317
[paul_tyler]: natural clinfrence although sometimes you can’t use
confrentwen should be

573
00:15:20,141 –> 00:15:24,350
[david_macchia]: perhaps yeah but i think if you
were to somehow pull people and so you

574
00:15:24,470 –> 00:15:25,893
[david_macchia]: really confident about finances

575
00:15:25,582 –> 00:15:25,804
[paul_tyler]: right

576
00:15:26,154 –> 00:15:26,895
[david_macchia]: i think a lot of people

577
00:15:26,850 –> 00:15:27,320
[paul_tyler]: oh

578
00:15:26,935 –> 00:15:27,076
[david_macchia]: would

579
00:15:27,014 –> 00:15:27,035
[ramsey_d_smith]: m

580
00:15:27,116 –> 00:15:27,396
[david_macchia]: say no

581
00:15:28,214 –> 00:15:29,915
[ramsey_d_smith]: m yah

582
00:15:28,310 –> 00:15:31,494
[paul_tyler]: yeah we got we should we got
to come up with a word for this

583
00:15:32,074 –> 00:15:33,436
[paul_tyler]: ramsey we’ve got it right

584
00:15:33,908 –> 00:15:34,068
[ramsey_d_smith]: but i

585
00:15:34,080 –> 00:15:34,361
[david_macchia]: yeah

586
00:15:34,168 –> 00:15:38,375
[ramsey_d_smith]: like i like things around like attitude
and confidence i like things that are described

587
00:15:38,415 –> 00:15:39,076
[ramsey_d_smith]: behaviorly

588
00:15:40,050 –> 00:15:40,251
[paul_tyler]: oh

589
00:15:40,058 –> 00:15:40,218
[ramsey_d_smith]: right

590
00:15:40,176 –> 00:15:40,770
[david_macchia]: hm

591
00:15:40,438 –> 00:15:41,881
[ramsey_d_smith]: just because i think it’s

592
00:15:42,030 –> 00:15:42,630
[paul_tyler]: yeah

593
00:15:42,802 –> 00:15:46,829
[ramsey_d_smith]: i think it’s i think it’s an
going process and an attitude is opposed to

594
00:15:47,230 –> 00:15:49,253
[ramsey_d_smith]: you know i got i got the
diploma

595
00:15:49,290 –> 00:15:49,552
[paul_tyler]: oh

596
00:15:49,754 –> 00:15:50,656
[ramsey_d_smith]: and now it all works

597
00:15:51,050 –> 00:15:51,232
[paul_tyler]: yeah

598
00:15:51,216 –> 00:15:54,662
[ramsey_d_smith]: right it’s it’s discipline right like it’s

599
00:15:54,911 –> 00:15:56,737
[paul_tyler]: he

600
00:15:55,464 –> 00:15:59,450
[ramsey_d_smith]: t’s up quote harry stout is like
it’s it’s eating brocoli you know when you

601
00:15:59,490 –> 00:16:00,151
[ramsey_d_smith]: want to eat doughnuts

602
00:16:01,000 –> 00:16:01,161
[david_macchia]: yeah

603
00:16:01,253 –> 00:16:01,714
[ramsey_d_smith]: i’m loosely

604
00:16:01,948 –> 00:16:02,110
[david_macchia]: yeah

605
00:16:02,215 –> 00:16:06,642
[ramsey_d_smith]: i’m loosely i’m loosely i’m loosely paraphrasing
him but but that’s the idea

606
00:16:06,600 –> 00:16:06,843
[paul_tyler]: oh

607
00:16:06,722 –> 00:16:09,991
[ramsey_d_smith]: it’s like it’s behave pieces are really
very important

608
00:16:10,230 –> 00:16:10,515
[paul_tyler]: oh

609
00:16:10,551 –> 00:16:11,416
[david_macchia]: yeah huge

610
00:16:11,590 –> 00:16:12,571
[paul_tyler]: so okay david

611
00:16:12,390 –> 00:16:12,410
[david_macchia]: m

612
00:16:12,591 –> 00:16:13,552
[paul_tyler]: you’ve been out about

613
00:16:14,139 –> 00:16:14,160
[david_macchia]: m

614
00:16:14,514 –> 00:16:20,122
[paul_tyler]: maybe we talked about just the industry
as a whole so i mean what’s happening

615
00:16:20,503 –> 00:16:22,389
[paul_tyler]: wow every time i open

616
00:16:22,434 –> 00:16:22,474
[david_macchia]: m

617
00:16:22,629 –> 00:16:23,311
[paul_tyler]: the new site

618
00:16:23,525 –> 00:16:24,455
[ramsey_d_smith]: yeah

619
00:16:24,134 –> 00:16:24,756
[paul_tyler]: the environment

620
00:16:24,459 –> 00:16:24,684
[david_macchia]: m oh

621
00:16:24,796 –> 00:16:25,538
[paul_tyler]: has changed

622
00:16:27,035 –> 00:16:27,317
[ramsey_d_smith]: oh

623
00:16:27,763 –> 00:16:28,123
[david_macchia]: so much

624
00:16:28,980 –> 00:16:29,240
[paul_tyler]: yeah

625
00:16:29,193 –> 00:16:29,375
[ramsey_d_smith]: yeah

626
00:16:29,305 –> 00:16:29,465
[david_macchia]: well

627
00:16:29,585 –> 00:16:29,867
[ramsey_d_smith]: oh

628
00:16:29,726 –> 00:16:33,652
[david_macchia]: i think we were on the other
side of a fourteen year bull

629
00:16:33,494 –> 00:16:33,515
[ramsey_d_smith]: m

630
00:16:33,733 –> 00:16:34,093
[david_macchia]: market

631
00:16:34,260 –> 00:16:35,149
[paul_tyler]: yea

632
00:16:34,734 –> 00:16:34,914
[david_macchia]: that

633
00:16:34,805 –> 00:16:36,785
[ramsey_d_smith]: oh

634
00:16:35,335 –> 00:16:40,223
[david_macchia]: essentially was engineered to be a bull
market physical policy unprecedented

635
00:16:39,999 –> 00:16:40,020
[paul_tyler]: m

636
00:16:40,263 –> 00:16:42,407
[david_macchia]: levels of physical policy stimulus and

637
00:16:42,635 –> 00:16:43,775
[ramsey_d_smith]: yeah

638
00:16:43,308 –> 00:16:45,192
[david_macchia]: and the creation of nine trillion

639
00:16:45,187 –> 00:16:45,208
[ramsey_d_smith]: m

640
00:16:45,252 –> 00:16:47,836
[david_macchia]: dollars by the federal reserve which drove

641
00:16:47,675 –> 00:16:47,958
[ramsey_d_smith]: oh

642
00:16:47,956 –> 00:16:50,962
[david_macchia]: acid prices you know the stratispheric low
s and

643
00:16:51,005 –> 00:16:51,288
[ramsey_d_smith]: oh

644
00:16:51,022 –> 00:16:54,589
[david_macchia]: i think we’re seeing the other side
of you know the inevitable counter than that

645
00:16:54,769 –> 00:16:54,870
[david_macchia]: now

646
00:16:55,873 –> 00:16:55,955
[paul_tyler]: ah

647
00:16:55,932 –> 00:16:58,978
[david_macchia]: i write about an index called the
wealth to income ratio

648
00:16:59,490 –> 00:16:59,692
[paul_tyler]: yeah

649
00:17:00,330 –> 00:17:01,151
[david_macchia]: and if

650
00:17:01,128 –> 00:17:01,230
[paul_tyler]: yeah

651
00:17:01,191 –> 00:17:02,473
[david_macchia]: you look at that so this is
a

652
00:17:02,465 –> 00:17:02,689
[ramsey_d_smith]: oh

653
00:17:02,713 –> 00:17:08,792
[david_macchia]: federal reserve published index that’s been out
for sixty eight years in over sixty

654
00:17:08,550 –> 00:17:08,791
[paul_tyler]: oh

655
00:17:08,555 –> 00:17:08,737
[ramsey_d_smith]: yeah

656
00:17:08,852 –> 00:17:09,653
[david_macchia]: eight years it has a

657
00:17:09,873 –> 00:17:10,257
[ramsey_d_smith]: yeah yeah

658
00:17:10,475 –> 00:17:12,559
[david_macchia]: long term average of five hundred and
fifty per cent

659
00:17:12,635 –> 00:17:13,595
[ramsey_d_smith]: oh

660
00:17:13,660 –> 00:17:18,175
[david_macchia]: and occasionally it pops up to you
know high new heights well it did so

661
00:17:18,256 –> 00:17:21,621
[david_macchia]: in two thousand just before the tech
crash it went up to i think

662
00:17:21,524 –> 00:17:21,545
[ramsey_d_smith]: m

663
00:17:21,722 –> 00:17:25,745
[david_macchia]: six hundred and fifteen and then in
september of two

664
00:17:25,740 –> 00:17:25,961
[paul_tyler]: yeah

665
00:17:25,805 –> 00:17:26,526
[david_macchia]: thousand seven

666
00:17:27,189 –> 00:17:27,330
[paul_tyler]: yeah

667
00:17:27,247 –> 00:17:27,607
[david_macchia]: it rose

668
00:17:27,545 –> 00:17:28,385
[ramsey_d_smith]: yah

669
00:17:27,687 –> 00:17:32,253
[david_macchia]: to an all time high of six
hundred seventy only to result a few months

670
00:17:32,333 –> 00:17:36,892
[david_macchia]: later in the crash of two thousand
eight right back to its long term average

671
00:17:36,695 –> 00:17:36,955
[ramsey_d_smith]: oh

672
00:17:37,353 –> 00:17:41,460
[david_macchia]: right it did that after two thousand
do that after two thousand eight well what’s

673
00:17:41,500 –> 00:17:46,488
[david_macchia]: happened since you know this bull market
has brought the index up to eight hundred

674
00:17:46,528 –> 00:17:48,593
[david_macchia]: and eighteen that’s literally off the charts

675
00:17:48,960 –> 00:17:51,090
[paul_tyler]: yeah

676
00:17:49,194 –> 00:17:53,253
[david_macchia]: and what we’ve seen is some falling
back i wrote an article which is the

677
00:17:53,413 –> 00:17:55,657
[david_macchia]: advisor perspectives dot com

678
00:17:55,470 –> 00:17:55,692
[paul_tyler]: yeah

679
00:17:55,505 –> 00:17:55,767
[ramsey_d_smith]: oh

680
00:17:56,598 –> 00:17:57,520
[david_macchia]: saying that prepared for

681
00:17:57,585 –> 00:17:57,705
[ramsey_d_smith]: oh

682
00:17:58,021 –> 00:18:01,767
[david_macchia]: for the destruction of thirty four trillion
dollars in wealth assets

683
00:18:02,045 –> 00:18:03,035
[ramsey_d_smith]: oh

684
00:18:02,729 –> 00:18:04,391
[david_macchia]: in that simple

685
00:18:04,625 –> 00:18:04,645
[ramsey_d_smith]: m

686
00:18:04,772 –> 00:18:08,939
[david_macchia]: because when the index comes back down
again to its long term average

687
00:18:08,864 –> 00:18:08,885
[ramsey_d_smith]: m

688
00:18:08,979 –> 00:18:10,221
[david_macchia]: it’s going to be totally

689
00:18:10,120 –> 00:18:10,181
[ramsey_d_smith]: ah

690
00:18:10,441 –> 00:18:15,109
[david_macchia]: destroying fifty trillion dollars so sixteen traliumhas
already been destroyed from

691
00:18:15,030 –> 00:18:15,333
[paul_tyler]: oh

692
00:18:15,149 –> 00:18:18,074
[david_macchia]: the actions we’ve had earlier this year
if we go back to the long term

693
00:18:18,114 –> 00:18:19,156
[david_macchia]: maria be a total of fifty

694
00:18:19,230 –> 00:18:20,358
[paul_tyler]: yes

695
00:18:19,236 –> 00:18:21,560
[david_macchia]: trillion dollars that’s destroyed so what

696
00:18:21,600 –> 00:18:21,900
[paul_tyler]: oh

697
00:18:21,600 –> 00:18:23,964
[david_macchia]: does that mean well i think it’s
going

698
00:18:23,975 –> 00:18:24,256
[ramsey_d_smith]: oh

699
00:18:23,984 –> 00:18:26,648
[david_macchia]: to bring things more into balance you
know it’s going

700
00:18:26,585 –> 00:18:26,889
[ramsey_d_smith]: oh

701
00:18:26,689 –> 00:18:29,461
[david_macchia]: to be brilliantly attractive

702
00:18:29,199 –> 00:18:29,220
[paul_tyler]: m

703
00:18:29,501 –> 00:18:30,607
[david_macchia]: for the annuity business

704
00:18:31,424 –> 00:18:31,445
[ramsey_d_smith]: m

705
00:18:31,590 –> 00:18:32,692
[david_macchia]: we’re already seeing you know

706
00:18:32,652 –> 00:18:33,038
[paul_tyler]: of course

707
00:18:32,932 –> 00:18:37,720
[david_macchia]: assets move into annuities the mica business
is very very robust as you know the

708
00:18:37,780 –> 00:18:38,702
[david_macchia]: indexanuity business

709
00:18:38,765 –> 00:18:39,047
[ramsey_d_smith]: oh

710
00:18:38,782 –> 00:18:40,725
[david_macchia]: is very robust people

711
00:18:40,934 –> 00:18:40,955
[ramsey_d_smith]: m

712
00:18:41,146 –> 00:18:43,009
[david_macchia]: seeking safety i tell

713
00:18:42,905 –> 00:18:42,925
[ramsey_d_smith]: m

714
00:18:43,069 –> 00:18:46,620
[david_macchia]: it as there’s you know those of
you who believe in safety believe in protection

715
00:18:46,761 –> 00:18:47,704
[david_macchia]: believe and guaranteed

716
00:18:47,564 –> 00:18:47,916
[ramsey_d_smith]: m oh

717
00:18:47,784 –> 00:18:48,727
[david_macchia]: income your day has come

718
00:18:49,284 –> 00:18:49,424
[ramsey_d_smith]: yeah

719
00:18:49,830 –> 00:18:50,250
[david_macchia]: and i think

720
00:18:50,135 –> 00:18:51,425
[ramsey_d_smith]: oh

721
00:18:50,330 –> 00:18:54,895
[david_macchia]: it’s it’s likely to remain this way
for for some time so the outlook for

722
00:18:54,935 –> 00:18:56,796
[david_macchia]: annuity sales i think you know

723
00:18:56,818 –> 00:18:56,899
[ramsey_d_smith]: ah

724
00:18:56,996 –> 00:18:59,379
[david_macchia]: given everything that’s happening is it is
very very positive

725
00:19:00,611 –> 00:19:01,292
[paul_tyler]: yeah it’s

726
00:19:01,295 –> 00:19:01,925
[ramsey_d_smith]: oh

727
00:19:02,213 –> 00:19:02,814
[paul_tyler]: it’s interesting now

728
00:19:02,760 –> 00:19:02,780
[david_macchia]: m

729
00:19:03,035 –> 00:19:05,018
[paul_tyler]: as of the recording dat

730
00:19:04,860 –> 00:19:05,081
[david_macchia]: oh

731
00:19:05,459 –> 00:19:07,402
[paul_tyler]: okay we just know the c p
i came

732
00:19:07,325 –> 00:19:07,345
[ramsey_d_smith]: m

733
00:19:07,482 –> 00:19:08,363
[paul_tyler]: out lations higher

734
00:19:09,875 –> 00:19:10,176
[ramsey_d_smith]: yeah

735
00:19:09,946 –> 00:19:14,814
[paul_tyler]: market went down rates short term rites
i guess even in your treasury

736
00:19:15,270 –> 00:19:15,513
[david_macchia]: oh

737
00:19:15,576 –> 00:19:19,863
[paul_tyler]: went higher but it’s still an inverted
yield curve and ramsey

738
00:19:19,680 –> 00:19:19,700
[david_macchia]: m

739
00:19:19,883 –> 00:19:25,598
[paul_tyler]: whatever we saw happened with mica i
mean it if i’m not sure or you

740
00:19:25,618 –> 00:19:26,443
[paul_tyler]: think this is going

741
00:19:26,700 –> 00:19:26,720
[david_macchia]: m

742
00:19:27,663 –> 00:19:29,145
[ramsey_d_smith]: in terms of in terms of rates

743
00:19:29,391 –> 00:19:30,092
[paul_tyler]: rats yeah

744
00:19:30,367 –> 00:19:31,209
[ramsey_d_smith]: i mean rates have gone

745
00:19:31,221 –> 00:19:31,241
[david_macchia]: a

746
00:19:31,269 –> 00:19:33,933
[ramsey_d_smith]: up a lot so they’re definitely much
more attractive

747
00:19:33,690 –> 00:19:34,053
[david_macchia]: yes

748
00:19:34,013 –> 00:19:39,262
[ramsey_d_smith]: and they’re getting much deserved visibility on
the back of that you know

749
00:19:39,270 –> 00:19:39,472
[paul_tyler]: oh

750
00:19:41,145 –> 00:19:41,386
[ramsey_d_smith]: i look

751
00:19:41,290 –> 00:19:41,452
[paul_tyler]: look

752
00:19:41,426 –> 00:19:44,771
[ramsey_d_smith]: at it i still wonder if if
the investments that back

753
00:19:44,610 –> 00:19:45,154
[david_macchia]: oh

754
00:19:44,831 –> 00:19:46,655
[ramsey_d_smith]: them you know how they match up
with it

755
00:19:46,740 –> 00:19:47,245
[david_macchia]: oh

756
00:19:46,895 –> 00:19:50,301
[ramsey_d_smith]: so sing you know in the high
end sometimes but for sure

757
00:19:50,340 –> 00:19:51,810
[paul_tyler]: yeah

758
00:19:51,262 –> 00:19:55,449
[ramsey_d_smith]: for sure rates are higher they should
be higher and and more and

759
00:19:55,380 –> 00:19:55,641
[david_macchia]: oh

760
00:19:55,489 –> 00:19:55,870
[ramsey_d_smith]: more people

761
00:19:55,710 –> 00:19:56,310
[paul_tyler]: yeah

762
00:19:55,910 –> 00:19:58,094
[ramsey_d_smith]: should be looking at them as a
really attractive

763
00:19:57,810 –> 00:19:57,830
[david_macchia]: m

764
00:19:58,154 –> 00:19:58,614
[ramsey_d_smith]: alternative

765
00:19:58,770 –> 00:19:58,990
[paul_tyler]: yeah

766
00:19:58,775 –> 00:20:00,761
[ramsey_d_smith]: c d is which is really the
best way to think about

767
00:20:00,677 –> 00:20:00,918
[paul_tyler]: pop

768
00:20:00,801 –> 00:20:01,343
[ramsey_d_smith]: them in my view

769
00:20:01,811 –> 00:20:01,971
[paul_tyler]: yes

770
00:20:02,381 –> 00:20:04,348
[david_macchia]: i agree with that in bonds to
some extent

771
00:20:04,345 –> 00:20:05,167
[ramsey_d_smith]: yeah and bonton

772
00:20:05,301 –> 00:20:06,052
[david_macchia]: yep yep

773
00:20:06,584 –> 00:20:08,547
[paul_tyler]: right we’ll just say from from a
care perspective

774
00:20:08,640 –> 00:20:08,881
[david_macchia]: oh

775
00:20:08,708 –> 00:20:08,848
[paul_tyler]: like

776
00:20:08,945 –> 00:20:09,186
[ramsey_d_smith]: oh

777
00:20:09,269 –> 00:20:11,813
[paul_tyler]: we target these migrates okay we’re not
on to be the best

778
00:20:11,945 –> 00:20:12,248
[ramsey_d_smith]: oh

779
00:20:11,993 –> 00:20:13,976
[paul_tyler]: one we’re gonna try to go to
number

780
00:20:14,015 –> 00:20:14,975
[ramsey_d_smith]: yeah

781
00:20:14,097 –> 00:20:18,487
[paul_tyler]: two we’ve done that certain months and
you know by the time

782
00:20:18,224 –> 00:20:18,245
[ramsey_d_smith]: m

783
00:20:18,390 –> 00:20:18,410
[david_macchia]: m

784
00:20:19,730 –> 00:20:21,573
[paul_tyler]: you know it takes time once you
decide

785
00:20:21,558 –> 00:20:21,640
[ramsey_d_smith]: ah

786
00:20:21,894 –> 00:20:26,661
[paul_tyler]: set their rates and go and change
the systems put it out you’re talking about

787
00:20:26,722 –> 00:20:30,067
[paul_tyler]: a seven eight day lag but the
time we get there okay we’re now number

788
00:20:30,167 –> 00:20:31,269
[paul_tyler]: four number five number

789
00:20:31,320 –> 00:20:31,340
[david_macchia]: m

790
00:20:31,349 –> 00:20:31,449
[paul_tyler]: six

791
00:20:31,655 –> 00:20:31,675
[ramsey_d_smith]: m

792
00:20:32,631 –> 00:20:33,693
[paul_tyler]: it’s been a real it’s

793
00:20:33,699 –> 00:20:33,720
[david_macchia]: m

794
00:20:33,733 –> 00:20:37,459
[paul_tyler]: an arms race on the migetfront which
has been good for

795
00:20:37,634 –> 00:20:37,655
[ramsey_d_smith]: m

796
00:20:37,720 –> 00:20:40,665
[paul_tyler]: i think good for consumer as good
probably not great

797
00:20:40,550 –> 00:20:40,773
[david_macchia]: yes

798
00:20:40,964 –> 00:20:40,985
[ramsey_d_smith]: m

799
00:20:41,727 –> 00:20:42,147
[paul_tyler]: would be great

800
00:20:42,180 –> 00:20:42,423
[david_macchia]: oh

801
00:20:42,187 –> 00:20:43,470
[paul_tyler]: if we didn’t have inflation david

802
00:20:43,535 –> 00:20:43,555
[ramsey_d_smith]: m

803
00:20:43,952 –> 00:20:44,475
[paul_tyler]: all right

804
00:20:45,905 –> 00:20:46,186
[ramsey_d_smith]: oh

805
00:20:46,112 –> 00:20:47,695
[david_macchia]: well the real returns are still negative

806
00:20:47,900 –> 00:20:48,041
[paul_tyler]: yeah

807
00:20:47,945 –> 00:20:47,965
[ramsey_d_smith]: m

808
00:20:48,476 –> 00:20:51,001
[david_macchia]: you know because the inflation is so
high and you know

809
00:20:51,605 –> 00:20:51,810
[ramsey_d_smith]: ye

810
00:20:52,223 –> 00:20:53,545
[david_macchia]: the other side of inflation is

811
00:20:53,477 –> 00:20:53,498
[ramsey_d_smith]: m

812
00:20:53,605 –> 00:20:55,388
[david_macchia]: that the way we think about

813
00:20:55,325 –> 00:20:55,566
[ramsey_d_smith]: oh

814
00:20:55,468 –> 00:20:58,331
[david_macchia]: inflation today it’s not the way we
thought about it say in the eighties or

815
00:20:58,385 –> 00:20:58,985
[ramsey_d_smith]: yeah

816
00:20:58,411 –> 00:20:59,993
[david_macchia]: nineties because if you

817
00:21:00,030 –> 00:21:00,213
[paul_tyler]: yeah

818
00:21:00,073 –> 00:21:01,875
[david_macchia]: go back and you use that methodology

819
00:21:01,350 –> 00:21:02,648
[paul_tyler]: yeah

820
00:21:01,935 –> 00:21:03,476
[david_macchia]: of how inflation was calculated

821
00:21:02,880 –> 00:21:03,870
[paul_tyler]: yeah

822
00:21:03,576 –> 00:21:03,776
[david_macchia]: then

823
00:21:04,235 –> 00:21:04,476
[ramsey_d_smith]: oh

824
00:21:04,577 –> 00:21:08,382
[david_macchia]: the inflation rate today is really seventeen
per cent you can see this at the

825
00:21:08,422 –> 00:21:12,068
[david_macchia]: website called shadow government statistics dot com
what really under

826
00:21:12,150 –> 00:21:12,414
[paul_tyler]: oh

827
00:21:12,368 –> 00:21:15,894
[david_macchia]: under playing how deep inflation is becoming
and if you if you walked into a

828
00:21:15,934 –> 00:21:16,515
[david_macchia]: super market

829
00:21:16,551 –> 00:21:16,652
[paul_tyler]: oh

830
00:21:16,575 –> 00:21:19,099
[david_macchia]: you know lately you know that’s true
the price

831
00:21:18,995 –> 00:21:19,297
[ramsey_d_smith]: oh

832
00:21:19,280 –> 00:21:21,574
[david_macchia]: and certain things are just you know
sky rocketed

833
00:21:21,660 –> 00:21:21,801
[paul_tyler]: yeah

834
00:21:21,765 –> 00:21:25,653
[ramsey_d_smith]: remember what some of the key differences
are or what were were there any there

835
00:21:25,693 –> 00:21:29,482
[ramsey_d_smith]: one or two things that oft stood
out to explain that that big difference in

836
00:21:29,542 –> 00:21:29,943
[ramsey_d_smith]: measurement

837
00:21:30,984 –> 00:21:31,164
[david_macchia]: yeah

838
00:21:31,680 –> 00:21:31,921
[paul_tyler]: yah

839
00:21:31,926 –> 00:21:33,088
[david_macchia]: i don’t know specifically remember

840
00:21:32,876 –> 00:21:33,017
[ramsey_d_smith]: yeah

841
00:21:33,168 –> 00:21:33,528
[david_macchia]: except to

842
00:21:33,589 –> 00:21:33,669
[paul_tyler]: ah

843
00:21:33,609 –> 00:21:36,033
[david_macchia]: say that in the calculation of the
c p i

844
00:21:36,350 –> 00:21:37,205
[ramsey_d_smith]: hm

845
00:21:36,814 –> 00:21:37,535
[david_macchia]: the waiting of

846
00:21:37,595 –> 00:21:37,876
[ramsey_d_smith]: yah

847
00:21:37,595 –> 00:21:39,118
[david_macchia]: certain factors and the inclusion of

848
00:21:39,083 –> 00:21:39,264
[ramsey_d_smith]: yah

849
00:21:39,198 –> 00:21:39,418
[david_macchia]: certain

850
00:21:39,435 –> 00:21:39,577
[ramsey_d_smith]: yeah

851
00:21:39,478 –> 00:21:40,059
[david_macchia]: factors or

852
00:21:40,505 –> 00:21:40,625
[ramsey_d_smith]: ye

853
00:21:40,861 –> 00:21:41,862
[david_macchia]: is where the difference is

854
00:21:41,996 –> 00:21:42,318
[ramsey_d_smith]: got it

855
00:21:42,570 –> 00:21:42,731
[paul_tyler]: yeah

856
00:21:42,924 –> 00:21:44,747
[david_macchia]: and i think i think there was
a there was an

857
00:21:44,744 –> 00:21:45,785
[ramsey_d_smith]: m oh

858
00:21:44,887 –> 00:21:47,792
[david_macchia]: urgency change this because when social

859
00:21:47,534 –> 00:21:47,555
[ramsey_d_smith]: m

860
00:21:47,852 –> 00:21:49,194
[david_macchia]: security became inflation

861
00:21:49,235 –> 00:21:49,498
[ramsey_d_smith]: oh

862
00:21:49,255 –> 00:21:51,919
[david_macchia]: adjusted imagine if we were inflation

863
00:21:51,897 –> 00:21:51,958
[ramsey_d_smith]: ah

864
00:21:51,979 –> 00:21:53,021
[david_macchia]: adjust social security

865
00:21:52,925 –> 00:21:52,945
[ramsey_d_smith]: m

866
00:21:53,061 –> 00:21:53,522
[david_macchia]: at seventeen

867
00:21:53,370 –> 00:21:53,677
[paul_tyler]: oh

868
00:21:53,602 –> 00:21:56,087
[david_macchia]: per cent you know that would that
would have some

869
00:21:56,220 –> 00:21:56,381
[paul_tyler]: yeah

870
00:21:56,495 –> 00:21:56,817
[ramsey_d_smith]: oh

871
00:21:56,828 –> 00:21:58,571
[david_macchia]: significant ramifications in terms

872
00:21:58,355 –> 00:21:58,595
[ramsey_d_smith]: oh

873
00:21:58,651 –> 00:22:00,455
[david_macchia]: of nations finances

874
00:22:00,600 –> 00:22:05,529
[paul_tyler]: right it’s you know inflation like inflation
is bad period i think the good news

875
00:22:05,569 –> 00:22:06,490
[paul_tyler]: is with our products and

876
00:22:06,515 –> 00:22:06,716
[ramsey_d_smith]: oh

877
00:22:06,530 –> 00:22:08,614
[paul_tyler]: what we’re delivering for for consumers is

878
00:22:08,555 –> 00:22:08,777
[ramsey_d_smith]: oh

879
00:22:08,714 –> 00:22:10,256
[paul_tyler]: it’s a good defensive play

880
00:22:10,119 –> 00:22:10,140
[david_macchia]: m

881
00:22:10,857 –> 00:22:12,460
[paul_tyler]: probably one of the best defensive play
if you’re

882
00:22:12,395 –> 00:22:13,325
[ramsey_d_smith]: oh

883
00:22:12,500 –> 00:22:14,744
[paul_tyler]: on fixed income today so you know
my rates

884
00:22:14,537 –> 00:22:14,679
[ramsey_d_smith]: ah

885
00:22:15,285 –> 00:22:15,526
[paul_tyler]: the god

886
00:22:15,545 –> 00:22:15,565
[ramsey_d_smith]: m

887
00:22:15,987 –> 00:22:17,489
[paul_tyler]: like looks like word for another

888
00:22:17,285 –> 00:22:18,035
[ramsey_d_smith]: yeah

889
00:22:18,090 –> 00:22:20,375
[paul_tyler]: you know rise and rates here i
think

890
00:22:21,030 –> 00:22:21,050
[david_macchia]: m

891
00:22:21,136 –> 00:22:25,805
[paul_tyler]: you know david you know guaranteed income
will go up right because

892
00:22:26,615 –> 00:22:26,635
[ramsey_d_smith]: m

893
00:22:26,890 –> 00:22:28,873
[paul_tyler]: rates are going up cares can afford
to

894
00:22:29,075 –> 00:22:29,396
[ramsey_d_smith]: oh

895
00:22:29,795 –> 00:22:31,918
[paul_tyler]: you know raise caps or participation rates

896
00:22:32,975 –> 00:22:33,358
[ramsey_d_smith]: ye

897
00:22:33,160 –> 00:22:33,601
[paul_tyler]: so i think

898
00:22:33,870 –> 00:22:33,890
[david_macchia]: m

899
00:22:34,042 –> 00:22:35,424
[paul_tyler]: from advisor perspective

900
00:22:35,204 –> 00:22:35,225
[ramsey_d_smith]: m

901
00:22:35,544 –> 00:22:40,054
[paul_tyler]: they’ll be able to deliver more value
on paper you know to clients up for

902
00:22:40,074 –> 00:22:40,155
[paul_tyler]: the

903
00:22:40,160 –> 00:22:40,300
[david_macchia]: think

904
00:22:40,175 –> 00:22:40,315
[paul_tyler]: next

905
00:22:40,380 –> 00:22:40,420
[david_macchia]: i

906
00:22:40,436 –> 00:22:40,596
[paul_tyler]: three

907
00:22:40,460 –> 00:22:40,621
[david_macchia]: think

908
00:22:40,636 –> 00:22:40,837
[paul_tyler]: months

909
00:22:40,661 –> 00:22:44,768
[david_macchia]: that’s true i think that’s true and
just just before we leave inflation

910
00:22:45,224 –> 00:22:45,595
[ramsey_d_smith]: m m

911
00:22:45,849 –> 00:22:45,970
[david_macchia]: is

912
00:22:46,410 –> 00:22:46,670
[paul_tyler]: oh

913
00:22:46,911 –> 00:22:48,374
[david_macchia]: i think the point should be made
it’s

914
00:22:48,275 –> 00:22:48,516
[ramsey_d_smith]: oh

915
00:22:48,414 –> 00:22:51,659
[david_macchia]: a very cruel reality because

916
00:22:51,960 –> 00:22:52,121
[paul_tyler]: it

917
00:22:52,220 –> 00:22:53,081
[david_macchia]: it hurts people

918
00:22:52,955 –> 00:22:53,403
[ramsey_d_smith]: oh

919
00:22:53,162 –> 00:22:57,949
[david_macchia]: on fixed incomes it hurts people with
low incomes so much higher so much harder

920
00:22:58,010 –> 00:23:02,076
[david_macchia]: than than it hurts other people just
the gas tank you know and food just

921
00:23:02,156 –> 00:23:05,142
[david_macchia]: just gas and food i rocketed so
much

922
00:23:05,135 –> 00:23:05,475
[ramsey_d_smith]: my

923
00:23:07,566 –> 00:23:09,970
[david_macchia]: i don’t know if what the fat
is doing is the right policy of the

924
00:23:10,010 –> 00:23:11,553
[david_macchia]: wrong policy honestly i wish i knew

925
00:23:11,705 –> 00:23:11,987
[ramsey_d_smith]: oh

926
00:23:12,395 –> 00:23:13,937
[david_macchia]: but we have to get inflation

927
00:23:13,829 –> 00:23:14,010
[paul_tyler]: yeah

928
00:23:13,904 –> 00:23:13,925
[ramsey_d_smith]: m

929
00:23:13,998 –> 00:23:14,498
[david_macchia]: of the control

930
00:23:14,790 –> 00:23:14,890
[paul_tyler]: oh

931
00:23:15,310 –> 00:23:17,355
[david_macchia]: because it’s like it’s like a huge
extra tax

932
00:23:17,700 –> 00:23:18,630
[paul_tyler]: yeah

933
00:23:18,077 –> 00:23:22,488
[david_macchia]: on people that’s that’s just totally destructive
to their personal financial health

934
00:23:23,111 –> 00:23:23,512
[paul_tyler]: yeah now

935
00:23:23,495 –> 00:23:23,978
[ramsey_d_smith]: yeah

936
00:23:24,553 –> 00:23:25,395
[paul_tyler]: my perspective

937
00:23:25,525 –> 00:23:25,666
[ramsey_d_smith]: yeah

938
00:23:25,655 –> 00:23:25,875
[paul_tyler]: is

939
00:23:26,910 –> 00:23:27,990
[david_macchia]: yeah

940
00:23:26,917 –> 00:23:27,498
[paul_tyler]: it’s global

941
00:23:27,305 –> 00:23:28,385
[ramsey_d_smith]: oh

942
00:23:27,658 –> 00:23:28,680
[paul_tyler]: i mean a lot of people you

943
00:23:28,625 –> 00:23:28,928
[ramsey_d_smith]: yeah

944
00:23:28,860 –> 00:23:34,730
[paul_tyler]: want to blame our administration you listen
politicians have some impact you know can make

945
00:23:34,790 –> 00:23:41,622
[paul_tyler]: it worse make you now hard to
say than like better but our ports i

946
00:23:41,682 –> 00:23:41,882
[paul_tyler]: mean

947
00:23:42,305 –> 00:23:42,565
[ramsey_d_smith]: oh

948
00:23:42,744 –> 00:23:44,547
[paul_tyler]: this the supply chain problem is

949
00:23:44,854 –> 00:23:44,954
[ramsey_d_smith]: yeah

950
00:23:45,188 –> 00:23:46,189
[paul_tyler]: going to go away right

951
00:23:46,085 –> 00:23:46,326
[ramsey_d_smith]: oh

952
00:23:46,790 –> 00:23:49,695
[paul_tyler]: if you look at the us if
you look at the efficiency of the us

953
00:23:49,815 –> 00:23:50,256
[paul_tyler]: ports

954
00:23:50,615 –> 00:23:50,736
[ramsey_d_smith]: ye

955
00:23:51,258 –> 00:23:55,505
[paul_tyler]: um we’re not like you know we
were not in sort of

956
00:23:55,484 –> 00:23:55,505
[ramsey_d_smith]: m

957
00:23:55,545 –> 00:23:59,572
[paul_tyler]: the top twenty to twenty five most
efficient and

958
00:23:59,915 –> 00:23:59,935
[ramsey_d_smith]: m

959
00:24:00,012 –> 00:24:05,031
[paul_tyler]: imports of goods coming in so we
got a real bottle neck that going to

960
00:24:05,091 –> 00:24:08,521
[paul_tyler]: take a long time to change if
we can easily change it right because

961
00:24:08,495 –> 00:24:08,835
[ramsey_d_smith]: oh

962
00:24:09,043 –> 00:24:15,914
[paul_tyler]: ships come into california southern california you
can’t build rails and highways through expensive real

963
00:24:15,954 –> 00:24:17,416
[paul_tyler]: estate her california

964
00:24:17,615 –> 00:24:17,836
[ramsey_d_smith]: oh

965
00:24:17,796 –> 00:24:18,717
[paul_tyler]: to get goods out quicker

966
00:24:20,080 –> 00:24:20,561
[david_macchia]: that’s true

967
00:24:20,705 –> 00:24:20,725
[ramsey_d_smith]: m

968
00:24:20,982 –> 00:24:24,910
[david_macchia]: and i think one area though the
gummy can make a difference for good or

969
00:24:24,970 –> 00:24:28,638
[david_macchia]: bad is that i think we’ve had
a lot of increased regulation lately

970
00:24:28,835 –> 00:24:29,177
[ramsey_d_smith]: oh

971
00:24:29,470 –> 00:24:34,780
[david_macchia]: which has had a detrimental impact on
the supply chain but you’re right it’s a

972
00:24:34,840 –> 00:24:36,523
[david_macchia]: really complex set of problems

973
00:24:36,261 –> 00:24:36,642
[paul_tyler]: well you know

974
00:24:36,766 –> 00:24:36,926
[ramsey_d_smith]: well

975
00:24:36,964 –> 00:24:37,425
[david_macchia]: it’s really

976
00:24:37,464 –> 00:24:37,605
[paul_tyler]: yeah

977
00:24:37,525 –> 00:24:37,846
[david_macchia]: come

978
00:24:37,925 –> 00:24:38,186
[paul_tyler]: brands

979
00:24:38,609 –> 00:24:40,392
[ramsey_d_smith]: i was i was just going to
say that i’m gonna i’m gonna

980
00:24:40,380 –> 00:24:40,662
[paul_tyler]: yeah

981
00:24:40,452 –> 00:24:43,257
[ramsey_d_smith]: hark back to something that i

982
00:24:43,260 –> 00:24:43,543
[paul_tyler]: oh

983
00:24:43,297 –> 00:24:43,717
[ramsey_d_smith]: don’t know if you

984
00:24:43,950 –> 00:24:44,254
[david_macchia]: oh

985
00:24:44,038 –> 00:24:45,941
[ramsey_d_smith]: if you said it in the in
the pre show or

986
00:24:46,290 –> 00:24:46,512
[david_macchia]: oh

987
00:24:46,562 –> 00:24:50,168
[ramsey_d_smith]: we were talking about travel and you
talk the fragility the fragility of

988
00:24:50,550 –> 00:24:50,570
[david_macchia]: m

989
00:24:50,849 –> 00:24:52,873
[ramsey_d_smith]: the air transport system and so we’re

990
00:24:52,840 –> 00:24:53,004
[david_macchia]: yep

991
00:24:52,953 –> 00:24:53,333
[ramsey_d_smith]: seeing that

992
00:24:53,250 –> 00:24:53,410
[paul_tyler]: yeah

993
00:24:53,394 –> 00:24:57,661
[ramsey_d_smith]: same kind of fragility and a supply
chain that was sending things just in time

994
00:24:57,721 –> 00:24:59,924
[ramsey_d_smith]: from somewhere in the far east you
know

995
00:25:00,020 –> 00:25:00,221
[david_macchia]: right

996
00:25:00,085 –> 00:25:00,465
[ramsey_d_smith]: your kitchen

997
00:25:00,409 –> 00:25:00,510
[paul_tyler]: yeah

998
00:25:00,566 –> 00:25:02,729
[ramsey_d_smith]: table in a in a remarkably

999
00:25:02,730 –> 00:25:02,750
[david_macchia]: m

1000
00:25:02,769 –> 00:25:03,390
[ramsey_d_smith]: efficient way

1001
00:25:03,900 –> 00:25:05,460
[paul_tyler]: yeah

1002
00:25:04,592 –> 00:25:08,078
[ramsey_d_smith]: my sense paul to your point is
that ultimately the

1003
00:25:08,070 –> 00:25:08,330
[paul_tyler]: oh

1004
00:25:08,138 –> 00:25:08,799
[ramsey_d_smith]: solution to

1005
00:25:08,700 –> 00:25:09,480
[david_macchia]: oh

1006
00:25:09,961 –> 00:25:12,225
[ramsey_d_smith]: supply chain problems that are that are
glow bill

1007
00:25:12,185 –> 00:25:12,226
[paul_tyler]: a

1008
00:25:12,445 –> 00:25:13,407
[ramsey_d_smith]: is to deglobalize

1009
00:25:13,312 –> 00:25:13,800
[paul_tyler]: right

1010
00:25:13,447 –> 00:25:15,010
[ramsey_d_smith]: them so it seems like both

1011
00:25:15,090 –> 00:25:15,350
[paul_tyler]: oh

1012
00:25:15,090 –> 00:25:18,556
[ramsey_d_smith]: politically and economically you know we’re probably
headed towards some degree

1013
00:25:18,579 –> 00:25:18,739
[paul_tyler]: yeah

1014
00:25:18,616 –> 00:25:19,958
[ramsey_d_smith]: of deglobalization

1015
00:25:19,680 –> 00:25:19,700
[david_macchia]: m

1016
00:25:19,774 –> 00:25:19,856
[paul_tyler]: ah

1017
00:25:20,138 –> 00:25:23,263
[ramsey_d_smith]: that’s going to take time that will
actually also be inflation ary here in the

1018
00:25:23,343 –> 00:25:24,785
[ramsey_d_smith]: u s probably

1019
00:25:25,010 –> 00:25:25,491
[david_macchia]: absolutely

1020
00:25:25,466 –> 00:25:26,107
[ramsey_d_smith]: going forward

1021
00:25:26,112 –> 00:25:26,193
[paul_tyler]: ah

1022
00:25:26,507 –> 00:25:30,171
[ramsey_d_smith]: but it’s hard to see it’s hard
to see given national security and all sorts

1023
00:25:30,191 –> 00:25:33,574
[ramsey_d_smith]: of other reasons why why wouldn’t why
we wouldn’t head in that direction

1024
00:25:33,710 –> 00:25:34,312
[paul_tyler]: well you know there’s

1025
00:25:34,200 –> 00:25:35,130
[david_macchia]: oh

1026
00:25:34,673 –> 00:25:36,278
[paul_tyler]: a there’s a big time element too
so

1027
00:25:36,425 –> 00:25:36,445
[ramsey_d_smith]: m

1028
00:25:36,739 –> 00:25:37,201
[paul_tyler]: you i’ve seen a

1029
00:25:37,235 –> 00:25:37,895
[ramsey_d_smith]: yeah

1030
00:25:37,261 –> 00:25:43,635
[paul_tyler]: lot of ship manufactures announced launching saying
chip plants

1031
00:25:43,715 –> 00:25:43,956
[ramsey_d_smith]: oh

1032
00:25:43,876 –> 00:25:48,684
[paul_tyler]: outside china v i think i read
a few areas people go into different parts

1033
00:25:48,724 –> 00:25:50,647
[paul_tyler]: of south east age but david that
takes

1034
00:25:50,744 –> 00:25:50,765
[ramsey_d_smith]: m

1035
00:25:51,028 –> 00:25:51,969
[paul_tyler]: two years to get a

1036
00:25:51,965 –> 00:25:52,226
[ramsey_d_smith]: oh

1037
00:25:52,029 –> 00:25:52,653
[paul_tyler]: play up and

1038
00:25:52,681 –> 00:25:52,761
[david_macchia]: oh

1039
00:25:52,693 –> 00:25:52,955
[paul_tyler]: running

1040
00:25:52,821 –> 00:25:53,883
[david_macchia]: yeah and and

1041
00:25:54,035 –> 00:25:54,685
[ramsey_d_smith]: oh

1042
00:25:54,063 –> 00:25:58,971
[david_macchia]: and also in the u s building
more chip manufacturing here but you’re right ramsey

1043
00:25:59,072 –> 00:26:00,434
[david_macchia]: i think people underestimate

1044
00:26:00,300 –> 00:26:00,929
[paul_tyler]: ye

1045
00:26:00,514 –> 00:26:03,840
[david_macchia]: how massively deflationary globalization was

1046
00:26:04,140 –> 00:26:05,190
[paul_tyler]: oh

1047
00:26:05,482 –> 00:26:08,006
[david_macchia]: and any incremental change in that

1048
00:26:08,790 –> 00:26:09,010
[paul_tyler]: yeah

1049
00:26:09,048 –> 00:26:10,190
[david_macchia]: any bringing back the

1050
00:26:10,124 –> 00:26:10,145
[ramsey_d_smith]: m

1051
00:26:10,290 –> 00:26:11,693
[david_macchia]: manufacturing to our

1052
00:26:11,765 –> 00:26:11,785
[ramsey_d_smith]: m

1053
00:26:11,793 –> 00:26:13,435
[david_macchia]: shores is probably

1054
00:26:13,169 –> 00:26:13,350
[paul_tyler]: yeah

1055
00:26:13,516 –> 00:26:15,259
[david_macchia]: good for our national security

1056
00:26:15,014 –> 00:26:15,035
[ramsey_d_smith]: m

1057
00:26:15,319 –> 00:26:16,160
[david_macchia]: but will

1058
00:26:16,085 –> 00:26:16,226
[ramsey_d_smith]: ye

1059
00:26:16,221 –> 00:26:17,244
[david_macchia]: be you know

1060
00:26:17,225 –> 00:26:18,155
[ramsey_d_smith]: yeah

1061
00:26:17,745 –> 00:26:19,530
[david_macchia]: sort of boosting inflation

1062
00:26:19,214 –> 00:26:20,225
[ramsey_d_smith]: m yeah

1063
00:26:19,691 –> 00:26:21,195
[david_macchia]: boosting price increases generally

1064
00:26:21,110 –> 00:26:21,250
[paul_tyler]: well

1065
00:26:21,164 –> 00:26:21,185
[ramsey_d_smith]: m

1066
00:26:21,330 –> 00:26:21,490
[paul_tyler]: yeah

1067
00:26:21,416 –> 00:26:21,476
[david_macchia]: it

1068
00:26:21,446 –> 00:26:21,587
[ramsey_d_smith]: yeah

1069
00:26:21,536 –> 00:26:21,877
[david_macchia]: has to

1070
00:26:22,151 –> 00:26:22,472
[paul_tyler]: well yeah

1071
00:26:22,595 –> 00:26:22,935
[ramsey_d_smith]: oh

1072
00:26:22,833 –> 00:26:27,721
[paul_tyler]: i would say i’d be more pointed
david it’s china was as much as we

1073
00:26:27,881 –> 00:26:28,081
[paul_tyler]: were

1074
00:26:28,080 –> 00:26:28,800
[david_macchia]: yeah

1075
00:26:28,722 –> 00:26:29,023
[paul_tyler]: concerned

1076
00:26:28,860 –> 00:26:29,002
[david_macchia]: yeah

1077
00:26:29,063 –> 00:26:35,233
[paul_tyler]: about losing jobs to china you know
china at a massive flationary effect on our

1078
00:26:35,674 –> 00:26:36,535
[paul_tyler]: economy right

1079
00:26:36,590 –> 00:26:37,496
[david_macchia]: eh

1080
00:26:37,196 –> 00:26:38,138
[paul_tyler]: cut the price of tables

1081
00:26:38,165 –> 00:26:38,365
[ramsey_d_smith]: oh

1082
00:26:38,198 –> 00:26:42,125
[paul_tyler]: chairs you know everything stayed at a
reasonable price in china all of a sudden

1083
00:26:42,205 –> 00:26:42,866
[paul_tyler]: slows down

1084
00:26:43,385 –> 00:26:43,625
[ramsey_d_smith]: yeah

1085
00:26:43,607 –> 00:26:46,472
[paul_tyler]: they’ve got real estate problems they’ve had
they’ve been shut

1086
00:26:46,380 –> 00:26:46,602
[david_macchia]: oh

1087
00:26:46,512 –> 00:26:47,633
[paul_tyler]: down even more than we have

1088
00:26:47,814 –> 00:26:48,034
[ramsey_d_smith]: yeah

1089
00:26:48,054 –> 00:26:48,254
[paul_tyler]: for

1090
00:26:48,317 –> 00:26:48,540
[david_macchia]: yeah

1091
00:26:48,615 –> 00:26:49,516
[paul_tyler]: you know the pandemic

1092
00:26:50,555 –> 00:26:50,859
[ramsey_d_smith]: oh

1093
00:26:50,658 –> 00:26:55,365
[paul_tyler]: um and there’s a limit to how
you know they can’t cut prices anymore so

1094
00:26:55,274 –> 00:26:55,295
[ramsey_d_smith]: m

1095
00:26:55,425 –> 00:26:59,112
[paul_tyler]: tally where it feels like we’re in
a storm that’s going to last

1096
00:26:59,096 –> 00:26:59,218
[ramsey_d_smith]: ah

1097
00:26:59,672 –> 00:27:00,534
[paul_tyler]: unfortunately for a few

1098
00:27:00,425 –> 00:27:00,666
[ramsey_d_smith]: oh

1099
00:27:00,614 –> 00:27:00,874
[paul_tyler]: years

1100
00:27:03,441 –> 00:27:04,022
[david_macchia]: i think you’re right

1101
00:27:03,900 –> 00:27:04,161
[paul_tyler]: yeah

1102
00:27:04,445 –> 00:27:04,767
[ramsey_d_smith]: oh

1103
00:27:04,603 –> 00:27:05,825
[david_macchia]: you know i wish i had an
answer

1104
00:27:05,889 –> 00:27:06,069
[paul_tyler]: yeah

1105
00:27:05,905 –> 00:27:07,047
[david_macchia]: to it but there’s no

1106
00:27:06,973 –> 00:27:07,096
[paul_tyler]: oh

1107
00:27:07,207 –> 00:27:07,688
[david_macchia]: easy answer

1108
00:27:07,565 –> 00:27:08,248
[ramsey_d_smith]: oh

1109
00:27:07,748 –> 00:27:09,050
[david_macchia]: to it and how are

1110
00:27:09,000 –> 00:27:09,750
[paul_tyler]: oh

1111
00:27:09,070 –> 00:27:10,172
[david_macchia]: we going to generate economic

1112
00:27:09,941 –> 00:27:10,189
[paul_tyler]: okay

1113
00:27:09,995 –> 00:27:10,256
[ramsey_d_smith]: oh

1114
00:27:10,232 –> 00:27:12,676
[david_macchia]: growth is another thing i mean you
know the fed

1115
00:27:12,750 –> 00:27:12,933
[paul_tyler]: yeah

1116
00:27:12,776 –> 00:27:13,858
[david_macchia]: can’t keep printing money

1117
00:27:14,071 –> 00:27:14,273
[paul_tyler]: right

1118
00:27:14,239 –> 00:27:14,659
[david_macchia]: there there

1119
00:27:14,525 –> 00:27:15,635
[ramsey_d_smith]: yeah

1120
00:27:14,940 –> 00:27:16,723
[david_macchia]: tighten the tightening they’re going the other
way

1121
00:27:17,525 –> 00:27:17,545
[ramsey_d_smith]: m

1122
00:27:17,684 –> 00:27:23,474
[david_macchia]: and you know since o eight before
o eight from from nineteen sixty eight when

1123
00:27:23,554 –> 00:27:27,501
[david_macchia]: when we got the legislation was passed
to get us off the goal standard right

1124
00:27:28,682 –> 00:27:29,484
[david_macchia]: up to two thousand

1125
00:27:29,490 –> 00:27:29,692
[paul_tyler]: yeah

1126
00:27:29,544 –> 00:27:30,766
[david_macchia]: eight economic

1127
00:27:30,660 –> 00:27:30,981
[paul_tyler]: oh

1128
00:27:30,846 –> 00:27:35,503
[david_macchia]: growth in this country was driven by
credit so we had one trillion of total

1129
00:27:35,563 –> 00:27:38,708
[david_macchia]: credit in the economy in nineteen sixty
eight by two thousand it we had ninety

1130
00:27:38,788 –> 00:27:40,992
[david_macchia]: times that we had ninety trillion that’s

1131
00:27:40,895 –> 00:27:42,125
[ramsey_d_smith]: yeah

1132
00:27:41,032 –> 00:27:42,214
[david_macchia]: what drove the economic

1133
00:27:42,185 –> 00:27:42,205
[ramsey_d_smith]: m

1134
00:27:42,274 –> 00:27:43,376
[david_macchia]: growth since

1135
00:27:43,544 –> 00:27:43,565
[ramsey_d_smith]: h

1136
00:27:43,556 –> 00:27:43,596
[david_macchia]: o

1137
00:27:43,560 –> 00:27:43,763
[paul_tyler]: yeah

1138
00:27:43,776 –> 00:27:44,958
[david_macchia]: eight credit growth

1139
00:27:44,820 –> 00:27:45,063
[paul_tyler]: oh

1140
00:27:45,019 –> 00:27:45,419
[david_macchia]: slowed

1141
00:27:45,524 –> 00:27:45,545
[ramsey_d_smith]: m

1142
00:27:45,840 –> 00:27:46,761
[david_macchia]: so the government stepped

1143
00:27:46,724 –> 00:27:46,745
[ramsey_d_smith]: m

1144
00:27:46,842 –> 00:27:48,464
[david_macchia]: in with massive physical stimulus

1145
00:27:48,227 –> 00:27:48,288
[ramsey_d_smith]: ah

1146
00:27:48,544 –> 00:27:50,027
[david_macchia]: and federal reserve stepped in with

1147
00:27:49,964 –> 00:27:49,985
[ramsey_d_smith]: m

1148
00:27:50,167 –> 00:27:53,332
[david_macchia]: you know this huge money printing thing
that can’t

1149
00:27:53,165 –> 00:27:53,467
[ramsey_d_smith]: oh

1150
00:27:53,713 –> 00:27:56,418
[david_macchia]: keep going so i’m not sure what
happens

1151
00:27:56,405 –> 00:27:56,646
[ramsey_d_smith]: oh

1152
00:27:56,498 –> 00:27:57,579
[david_macchia]: next to generate

1153
00:27:57,330 –> 00:27:58,260
[paul_tyler]: yeah

1154
00:27:57,660 –> 00:27:59,962
[david_macchia]: economic growth especially under these conditions

1155
00:27:59,675 –> 00:27:59,896
[ramsey_d_smith]: oh

1156
00:28:00,763 –> 00:28:02,625
[david_macchia]: and i think we’re seeing that reality
reflected

1157
00:28:02,465 –> 00:28:03,485
[ramsey_d_smith]: yeah

1158
00:28:02,705 –> 00:28:04,987
[david_macchia]: an asset price is starting to you
now come back to the

1159
00:28:05,384 –> 00:28:05,405
[ramsey_d_smith]: m

1160
00:28:05,988 –> 00:28:06,729
[david_macchia]: more normal level

1161
00:28:07,396 –> 00:28:09,119
[ramsey_d_smith]: well that’s that’s the thin that’s been
interesting you know

1162
00:28:09,840 –> 00:28:10,042
[paul_tyler]: yeah

1163
00:28:10,461 –> 00:28:12,064
[ramsey_d_smith]: a lot of the push back on
on

1164
00:28:12,510 –> 00:28:12,851
[david_macchia]: oh

1165
00:28:12,885 –> 00:28:17,573
[ramsey_d_smith]: on annuities has been you know around
inflation protection and people say he put more

1166
00:28:17,613 –> 00:28:20,938
[ramsey_d_smith]: money in equities in like i spent
a whole career in equity so i understand

1167
00:28:20,999 –> 00:28:22,441
[ramsey_d_smith]: that i understand

1168
00:28:22,213 –> 00:28:22,800
[david_macchia]: hm

1169
00:28:23,220 –> 00:28:23,401
[paul_tyler]: yeah

1170
00:28:23,463 –> 00:28:27,069
[ramsey_d_smith]: the value proposition there i think i
think for many years it’s been very real

1171
00:28:28,170 –> 00:28:32,798
[ramsey_d_smith]: the challenge that we have now is
that you know pricing for companies is often

1172
00:28:32,898 –> 00:28:33,559
[ramsey_d_smith]: most prevalent

1173
00:28:33,812 –> 00:28:33,997
[paul_tyler]: yes

1174
00:28:33,980 –> 00:28:34,181
[ramsey_d_smith]: when

1175
00:28:34,479 –> 00:28:34,580
[david_macchia]: m m

1176
00:28:34,701 –> 00:28:37,847
[ramsey_d_smith]: you know when they have when when
they

1177
00:28:37,770 –> 00:28:37,790
[david_macchia]: m

1178
00:28:37,887 –> 00:28:38,768
[ramsey_d_smith]: have plenty of supply

1179
00:28:38,793 –> 00:28:38,814
[paul_tyler]: i

1180
00:28:38,908 –> 00:28:41,853
[ramsey_d_smith]: but they’ve got sort of a demand
shock that’s favorable to them

1181
00:28:41,820 –> 00:28:41,840
[david_macchia]: m

1182
00:28:42,354 –> 00:28:42,575
[ramsey_d_smith]: but now

1183
00:28:42,622 –> 00:28:42,828
[paul_tyler]: okay

1184
00:28:42,635 –> 00:28:45,860
[ramsey_d_smith]: we have this issue that things are
happening on the supply side so even if

1185
00:28:45,940 –> 00:28:48,705
[ramsey_d_smith]: prices are going up if you can’t
deliver the product

1186
00:28:48,360 –> 00:28:48,664
[paul_tyler]: oh

1187
00:28:49,105 –> 00:28:49,807
[ramsey_d_smith]: it’s not giving you

1188
00:28:49,845 –> 00:28:49,865
[david_macchia]: m

1189
00:28:49,867 –> 00:28:52,351
[ramsey_d_smith]: the excess profit you would have otherwise
given

1190
00:28:52,420 –> 00:28:53,326
[david_macchia]: right right

1191
00:28:53,312 –> 00:28:56,037
[ramsey_d_smith]: and so so it shouldn’t come as
a surprise

1192
00:28:55,893 –> 00:28:55,914
[paul_tyler]: i

1193
00:28:56,097 –> 00:29:02,327
[ramsey_d_smith]: that like equities have been you ve
been suffering in this current environment and so

1194
00:29:02,848 –> 00:29:05,192
[ramsey_d_smith]: you know what does that mean it’s
it’s one thing if you say well if

1195
00:29:05,252 –> 00:29:09,539
[ramsey_d_smith]: i get you know our per cent
four per cent on my my annuity that’s

1196
00:29:09,580 –> 00:29:11,503
[ramsey_d_smith]: not keeping up with ten per cent
inflation will being down

1197
00:29:11,550 –> 00:29:11,570
[david_macchia]: m

1198
00:29:11,683 –> 00:29:16,010
[ramsey_d_smith]: twenty per cent in your equity portfolio
isn’t helping that either you know if you’re

1199
00:29:16,050 –> 00:29:16,711
[david_macchia]: that’s right

1200
00:29:16,731 –> 00:29:19,716
[ramsey_d_smith]: if you’re if you’re in decumulations if
you’re an accumulation

1201
00:29:19,500 –> 00:29:19,740
[paul_tyler]: yah

1202
00:29:19,876 –> 00:29:21,518
[ramsey_d_smith]: you can weigh it out but if
you’re in the

1203
00:29:21,470 –> 00:29:21,632
[david_macchia]: yeah

1204
00:29:21,578 –> 00:29:22,959
[ramsey_d_smith]: accumulation phase like you don’t

1205
00:29:22,920 –> 00:29:23,141
[david_macchia]: oh

1206
00:29:23,169 –> 00:29:23,190
[paul_tyler]: h

1207
00:29:23,320 –> 00:29:25,682
[ramsey_d_smith]: you don’t have the same set of
choices so it’s

1208
00:29:25,611 –> 00:29:25,751
[david_macchia]: yeah

1209
00:29:25,742 –> 00:29:26,623
[ramsey_d_smith]: a it’s a tough problem

1210
00:29:26,335 –> 00:29:26,438
[paul_tyler]: no

1211
00:29:26,823 –> 00:29:26,984
[ramsey_d_smith]: right

1212
00:29:27,273 –> 00:29:30,078
[david_macchia]: this is really really a smart point
you bringing up because

1213
00:29:30,065 –> 00:29:30,935
[ramsey_d_smith]: yeah

1214
00:29:30,539 –> 00:29:32,642
[david_macchia]: i remember i got a call from
a writer i won’t mention his

1215
00:29:32,550 –> 00:29:33,215
[ramsey_d_smith]: hm

1216
00:29:32,682 –> 00:29:36,388
[david_macchia]: name he read one of my articles
and he said you know i really know

1217
00:29:36,489 –> 00:29:40,762
[david_macchia]: argued with a new he’s because they’re
not inflation adjusted and you know the truth

1218
00:29:40,842 –> 00:29:41,644
[david_macchia]: is there’s no there’s

1219
00:29:41,495 –> 00:29:42,545
[ramsey_d_smith]: yeah

1220
00:29:41,684 –> 00:29:42,545
[david_macchia]: no guarantee that

1221
00:29:42,635 –> 00:29:42,655
[ramsey_d_smith]: m

1222
00:29:42,645 –> 00:29:43,487
[david_macchia]: equity portfolios

1223
00:29:43,220 –> 00:29:43,321
[paul_tyler]: no

1224
00:29:43,527 –> 00:29:44,368
[david_macchia]: are going to be inflation

1225
00:29:44,186 –> 00:29:44,287
[paul_tyler]: no

1226
00:29:44,345 –> 00:29:44,648
[ramsey_d_smith]: oh

1227
00:29:44,448 –> 00:29:45,169
[david_macchia]: adjusted right

1228
00:29:45,557 –> 00:29:45,618
[ramsey_d_smith]: m

1229
00:29:45,790 –> 00:29:46,612
[david_macchia]: and i would rather

1230
00:29:46,514 –> 00:29:46,535
[ramsey_d_smith]: m

1231
00:29:46,672 –> 00:29:47,413
[david_macchia]: have some level

1232
00:29:47,315 –> 00:29:49,085
[ramsey_d_smith]: oh

1233
00:29:47,493 –> 00:29:47,894
[david_macchia]: of income

1234
00:29:47,782 –> 00:29:47,803
[paul_tyler]: i

1235
00:29:47,934 –> 00:29:49,617
[david_macchia]: that i can count on in retirement

1236
00:29:49,710 –> 00:29:49,892
[paul_tyler]: yeah

1237
00:29:49,977 –> 00:29:51,660
[david_macchia]: for life and if it’s

1238
00:29:51,554 –> 00:29:51,575
[ramsey_d_smith]: m

1239
00:29:51,720 –> 00:29:55,303
[david_macchia]: not inflation adjusted at least it’s tangible
at least it’s real

1240
00:29:56,114 –> 00:29:56,135
[ramsey_d_smith]: m

1241
00:29:56,764 –> 00:30:00,627
[david_macchia]: and i think you know the outlook
for in general

1242
00:30:01,355 –> 00:30:01,616
[ramsey_d_smith]: yeah

1243
00:30:01,948 –> 00:30:04,892
[david_macchia]: guaranteed income it’s going to be so
strong

1244
00:30:05,135 –> 00:30:06,605
[ramsey_d_smith]: yeah

1245
00:30:05,353 –> 00:30:05,955
[david_macchia]: going forward

1246
00:30:06,605 –> 00:30:07,265
[ramsey_d_smith]: yeah

1247
00:30:06,776 –> 00:30:07,598
[david_macchia]: it just has to be

1248
00:30:08,615 –> 00:30:09,545
[ramsey_d_smith]: yeah

1249
00:30:08,620 –> 00:30:12,046
[david_macchia]: because like i always say to advisors
you know no retirement

1250
00:30:11,986 –> 00:30:12,169
[ramsey_d_smith]: yeah

1251
00:30:12,086 –> 00:30:12,888
[david_macchia]: stops needing income

1252
00:30:13,440 –> 00:30:14,130
[paul_tyler]: oh

1253
00:30:13,775 –> 00:30:13,935
[ramsey_d_smith]: yeah

1254
00:30:14,920 –> 00:30:14,941
[paul_tyler]: a

1255
00:30:15,616 –> 00:30:16,977
[ramsey_d_smith]: i want to bring in another

1256
00:30:16,920 –> 00:30:16,940
[david_macchia]: m

1257
00:30:17,098 –> 00:30:20,260
[ramsey_d_smith]: way we can bring in full circle
to what you’re doing with what you’re

1258
00:30:20,130 –> 00:30:20,432
[paul_tyler]: oh

1259
00:30:20,321 –> 00:30:22,062
[ramsey_d_smith]: doing with projects six

1260
00:30:22,110 –> 00:30:22,293
[paul_tyler]: yeah

1261
00:30:22,142 –> 00:30:23,303
[ramsey_d_smith]: thousand minutes and

1262
00:30:23,670 –> 00:30:23,690
[david_macchia]: m

1263
00:30:23,700 –> 00:30:23,761
[paul_tyler]: ye

1264
00:30:23,704 –> 00:30:27,569
[ramsey_d_smith]: you know what potentially there’s a potential
for growth in the financial advisor space it’s

1265
00:30:27,609 –> 00:30:28,591
[ramsey_d_smith]: really i think

1266
00:30:28,481 –> 00:30:28,623
[paul_tyler]: thank

1267
00:30:28,771 –> 00:30:32,738
[ramsey_d_smith]: on the spending side right spending control
cost control and that we had

1268
00:30:32,782 –> 00:30:32,927
[paul_tyler]: yeah

1269
00:30:33,659 –> 00:30:34,060
[ramsey_d_smith]: we had

1270
00:30:34,230 –> 00:30:34,496
[paul_tyler]: oh

1271
00:30:34,861 –> 00:30:35,643
[ramsey_d_smith]: bill bangin on

1272
00:30:35,910 –> 00:30:36,110
[paul_tyler]: oh

1273
00:30:35,943 –> 00:30:38,748
[ramsey_d_smith]: right the there of woudrawl strategies

1274
00:30:39,360 –> 00:30:39,661
[david_macchia]: oh

1275
00:30:39,429 –> 00:30:42,574
[ramsey_d_smith]: he’s in his nineties he was amazing
to have him on but one of his

1276
00:30:42,634 –> 00:30:42,775
[ramsey_d_smith]: key

1277
00:30:42,642 –> 00:30:42,802
[david_macchia]: yeah

1278
00:30:42,875 –> 00:30:44,177
[ramsey_d_smith]: points is you got to fix spending

1279
00:30:44,550 –> 00:30:46,272
[paul_tyler]: uh

1280
00:30:46,721 –> 00:30:46,882
[david_macchia]: yeah

1281
00:30:47,523 –> 00:30:47,703
[ramsey_d_smith]: right

1282
00:30:47,583 –> 00:30:49,125
[david_macchia]: but but here’s here’s

1283
00:30:49,067 –> 00:30:49,249
[ramsey_d_smith]: yeah

1284
00:30:49,306 –> 00:30:50,227
[david_macchia]: here’s the problem here’s

1285
00:30:50,115 –> 00:30:50,276
[ramsey_d_smith]: yeah

1286
00:30:50,267 –> 00:30:52,050
[david_macchia]: the problem i say and i like
i like bill a lot

1287
00:30:52,055 –> 00:30:52,195
[ramsey_d_smith]: yeah

1288
00:30:52,170 –> 00:30:54,935
[david_macchia]: and you know i wrote an article
called there is no safe with drawl rate

1289
00:30:55,025 –> 00:30:55,186
[ramsey_d_smith]: yeah

1290
00:30:55,576 –> 00:30:57,800
[david_macchia]: which by the way which i believe
and

1291
00:30:57,825 –> 00:30:57,946
[ramsey_d_smith]: oh

1292
00:30:57,920 –> 00:30:59,603
[david_macchia]: uh you know and he came back
to

1293
00:30:59,553 –> 00:31:00,035
[ramsey_d_smith]: yeah

1294
00:30:59,663 –> 00:31:01,005
[david_macchia]: me and and he said well my

1295
00:31:01,094 –> 00:31:01,115
[ramsey_d_smith]: m

1296
00:31:01,145 –> 00:31:06,795
[david_macchia]: projections say that that’s not the case
i said i understand you’re absolutely right but

1297
00:31:07,155 –> 00:31:08,177
[david_macchia]: all of the projections

1298
00:31:07,950 –> 00:31:09,330
[paul_tyler]: yeah

1299
00:31:08,498 –> 00:31:09,299
[david_macchia]: yours and everyone

1300
00:31:09,335 –> 00:31:09,557
[ramsey_d_smith]: oh

1301
00:31:09,359 –> 00:31:11,827
[david_macchia]: else’s assumes that the client stays invested

1302
00:31:12,186 –> 00:31:12,980
[paul_tyler]: a oh

1303
00:31:12,825 –> 00:31:12,967
[ramsey_d_smith]: yeah

1304
00:31:13,020 –> 00:31:15,665
[david_macchia]: every single day in every single condition
and

1305
00:31:15,668 –> 00:31:15,709
[ramsey_d_smith]: m

1306
00:31:15,789 –> 00:31:15,810
[paul_tyler]: h

1307
00:31:15,865 –> 00:31:16,626
[david_macchia]: cast in the real world

1308
00:31:16,544 –> 00:31:16,565
[ramsey_d_smith]: m

1309
00:31:16,666 –> 00:31:17,007
[david_macchia]: they don’t

1310
00:31:16,920 –> 00:31:18,420
[paul_tyler]: okay

1311
00:31:17,868 –> 00:31:17,968
[david_macchia]: so

1312
00:31:18,067 –> 00:31:18,148
[ramsey_d_smith]: ah

1313
00:31:18,630 –> 00:31:21,194
[david_macchia]: you know the point

1314
00:31:21,213 –> 00:31:21,378
[paul_tyler]: yah

1315
00:31:21,234 –> 00:31:22,175
[david_macchia]: about withdrawals is

1316
00:31:22,085 –> 00:31:22,426
[ramsey_d_smith]: oh

1317
00:31:22,256 –> 00:31:24,519
[david_macchia]: that it’s really really hard

1318
00:31:24,780 –> 00:31:27,199
[paul_tyler]: okay

1319
00:31:24,880 –> 00:31:25,761
[david_macchia]: in the practical

1320
00:31:25,236 –> 00:31:25,357
[ramsey_d_smith]: ah

1321
00:31:26,142 –> 00:31:27,785
[david_macchia]: real world that advises live in

1322
00:31:28,170 –> 00:31:28,190
[paul_tyler]: a

1323
00:31:28,266 –> 00:31:28,726
[david_macchia]: to go to a

1324
00:31:28,754 –> 00:31:28,775
[ramsey_d_smith]: m

1325
00:31:28,807 –> 00:31:32,413
[david_macchia]: client and say well you know last
year you took out forty thousand from your

1326
00:31:32,473 –> 00:31:33,014
[david_macchia]: portfolio

1327
00:31:32,550 –> 00:31:32,795
[paul_tyler]: oh

1328
00:31:33,134 –> 00:31:33,274
[david_macchia]: but

1329
00:31:33,545 –> 00:31:33,826
[ramsey_d_smith]: yah

1330
00:31:33,695 –> 00:31:36,620
[david_macchia]: really this year you need to take
out twenty one thousand three hundred m

1331
00:31:36,674 –> 00:31:37,595
[ramsey_d_smith]: m m

1332
00:31:37,950 –> 00:31:39,312
[david_macchia]: it doesn’t work at the kitchen table

1333
00:31:39,751 –> 00:31:39,832
[paul_tyler]: no

1334
00:31:40,102 –> 00:31:40,264
[ramsey_d_smith]: yeah

1335
00:31:40,314 –> 00:31:41,857
[david_macchia]: it just doesn’t it just doesn’t work

1336
00:31:42,185 –> 00:31:42,533
[ramsey_d_smith]: yeah

1337
00:31:42,778 –> 00:31:48,207
[david_macchia]: and so you know a fixed stream
of income coming from an annuity that a

1338
00:31:48,468 –> 00:31:48,868
[david_macchia]: client can

1339
00:31:48,845 –> 00:31:49,127
[ramsey_d_smith]: oh

1340
00:31:48,930 –> 00:31:49,293
[paul_tyler]: oh

1341
00:31:48,969 –> 00:31:50,071
[david_macchia]: count on year

1342
00:31:49,950 –> 00:31:50,191
[paul_tyler]: oh

1343
00:31:50,251 –> 00:31:51,173
[david_macchia]: after year after year

1344
00:31:51,455 –> 00:31:51,775
[ramsey_d_smith]: oh

1345
00:31:52,315 –> 00:31:54,318
[david_macchia]: that that’s hard to argue against

1346
00:31:55,151 –> 00:31:55,291
[paul_tyler]: oh

1347
00:31:55,490 –> 00:31:55,895
[david_macchia]: it’s hard

1348
00:31:55,832 –> 00:31:56,012
[paul_tyler]: well

1349
00:31:55,955 –> 00:31:56,703
[david_macchia]: to argue against

1350
00:31:56,713 –> 00:31:59,178
[paul_tyler]: i think you’re right people want guarantee
income here

1351
00:31:59,255 –> 00:31:59,478
[ramsey_d_smith]: oh

1352
00:31:59,799 –> 00:32:01,542
[paul_tyler]: an anecdote on monday so

1353
00:32:02,144 –> 00:32:02,165
[ramsey_d_smith]: m

1354
00:32:02,243 –> 00:32:07,580
[paul_tyler]: so i’m back in our office and
in hartford and walking along security

1355
00:32:07,440 –> 00:32:07,683
[david_macchia]: yes

1356
00:32:07,640 –> 00:32:12,348
[paul_tyler]: guy nowell is talking to women who
reports in cafitarnoell and he’s saying sixty two

1357
00:32:13,751 –> 00:32:14,031
[paul_tyler]: sixty

1358
00:32:14,015 –> 00:32:14,035
[ramsey_d_smith]: m

1359
00:32:14,151 –> 00:32:20,081
[paul_tyler]: seven okay i know this conversation so
i stuck my head

1360
00:32:19,929 –> 00:32:19,950
[david_macchia]: m

1361
00:32:20,181 –> 00:32:21,163
[paul_tyler]: in and you know it’s

1362
00:32:21,635 –> 00:32:21,876
[ramsey_d_smith]: oh

1363
00:32:22,305 –> 00:32:25,811
[paul_tyler]: you know here are two people struggling
like how do they bridge to retirement

1364
00:32:25,235 –> 00:32:26,455
[ramsey_d_smith]: yah m

1365
00:32:26,712 –> 00:32:28,115
[paul_tyler]: and you know a woman said to
me

1366
00:32:28,475 –> 00:32:28,617
[ramsey_d_smith]: ye

1367
00:32:28,475 –> 00:32:33,341
[paul_tyler]: paul i could actually could actually retire
right now i can’t pay for my health

1368
00:32:33,421 –> 00:32:35,645
[paul_tyler]: care so well do you know the
products

1369
00:32:35,462 –> 00:32:35,483
[david_macchia]: m

1370
00:32:35,685 –> 00:32:36,326
[paul_tyler]: were selling here

1371
00:32:36,219 –> 00:32:36,240
[david_macchia]: m

1372
00:32:36,607 –> 00:32:41,735
[paul_tyler]: can actually help you do that we
could actually said talk to me

1373
00:32:41,846 –> 00:32:41,887
[ramsey_d_smith]: m

1374
00:32:41,896 –> 00:32:43,678
[paul_tyler]: you know we’ll sit down i’ll show
you the numbers i’m not

1375
00:32:43,633 –> 00:32:43,654
[ramsey_d_smith]: m

1376
00:32:43,719 –> 00:32:46,262
[paul_tyler]: selling i’m not making money on this
david i

1377
00:32:46,620 –> 00:32:46,966
[david_macchia]: oh

1378
00:32:46,883 –> 00:32:47,304
[paul_tyler]: maybe i can

1379
00:32:47,285 –> 00:32:47,606
[ramsey_d_smith]: yeah

1380
00:32:47,564 –> 00:32:50,348
[paul_tyler]: with this count towards my two hours
if i help some people

1381
00:32:50,340 –> 00:32:50,520
[david_macchia]: sure

1382
00:32:50,448 –> 00:32:50,608
[paul_tyler]: here

1383
00:32:50,705 –> 00:32:51,087
[ramsey_d_smith]: oh

1384
00:32:52,625 –> 00:32:53,106
[david_macchia]: of course

1385
00:32:52,892 –> 00:32:55,978
[paul_tyler]: but these are real problems sort of
right like i think the guarantee you got

1386
00:32:56,018 –> 00:32:56,079
[paul_tyler]: to

1387
00:32:56,054 –> 00:32:56,496
[david_macchia]: totally

1388
00:32:56,075 –> 00:32:56,301
[ramsey_d_smith]: oh

1389
00:32:56,119 –> 00:32:57,622
[paul_tyler]: hit sixty two most people

1390
00:32:57,480 –> 00:32:57,743
[david_macchia]: yeah

1391
00:32:57,682 –> 00:33:00,668
[paul_tyler]: are in they’re not trying to get
rich right they will keep

1392
00:33:01,041 –> 00:33:03,004
[david_macchia]: you can’t you can’t solve risk with

1393
00:33:03,060 –> 00:33:03,263
[paul_tyler]: oh

1394
00:33:03,084 –> 00:33:04,286
[david_macchia]: more risk you have to solve

1395
00:33:04,385 –> 00:33:04,405
[ramsey_d_smith]: m

1396
00:33:04,406 –> 00:33:05,928
[david_macchia]: risk with with safety

1397
00:33:06,460 –> 00:33:06,601
[paul_tyler]: yeah

1398
00:33:06,695 –> 00:33:06,877
[ramsey_d_smith]: oh

1399
00:33:07,090 –> 00:33:08,233
[david_macchia]: you just you just have to

1400
00:33:08,483 –> 00:33:08,809
[paul_tyler]: yeah

1401
00:33:09,308 –> 00:33:09,569
[ramsey_d_smith]: i like

1402
00:33:09,476 –> 00:33:09,737
[david_macchia]: and that’s

1403
00:33:09,629 –> 00:33:09,789
[ramsey_d_smith]: that

1404
00:33:09,777 –> 00:33:09,917
[david_macchia]: why

1405
00:33:09,850 –> 00:33:10,191
[ramsey_d_smith]: comment

1406
00:33:10,761 –> 00:33:10,986
[paul_tyler]: right

1407
00:33:11,050 –> 00:33:15,437
[david_macchia]: you’ve got this is why i like
i like advisors not to not

1408
00:33:15,335 –> 00:33:15,538
[ramsey_d_smith]: oh

1409
00:33:15,477 –> 00:33:15,818
[david_macchia]: to just

1410
00:33:15,697 –> 00:33:15,777
[paul_tyler]: oh

1411
00:33:16,339 –> 00:33:16,960
[david_macchia]: put themselves

1412
00:33:16,715 –> 00:33:16,896
[ramsey_d_smith]: yeah

1413
00:33:17,040 –> 00:33:19,143
[david_macchia]: in one pigeon hole right

1414
00:33:19,680 –> 00:33:19,902
[paul_tyler]: yeah

1415
00:33:19,925 –> 00:33:23,170
[david_macchia]: don’t do that think more broadly cause

1416
00:33:23,040 –> 00:33:23,223
[paul_tyler]: yeah

1417
00:33:23,351 –> 00:33:28,784
[david_macchia]: you have to inject safety in the
portfolio the retirement income portfolio

1418
00:33:28,590 –> 00:33:29,310
[paul_tyler]: yeah

1419
00:33:28,864 –> 00:33:30,568
[david_macchia]: of ninety percent of the people

1420
00:33:31,140 –> 00:33:31,322
[paul_tyler]: yeah

1421
00:33:31,361 –> 00:33:32,112
[david_macchia]: they must have it

1422
00:33:33,874 –> 00:33:36,782
[paul_tyler]: i could see the visual for injecting
safety that

1423
00:33:36,990 –> 00:33:37,552
[david_macchia]: uh

1424
00:33:37,163 –> 00:33:37,343
[paul_tyler]: like

1425
00:33:38,033 –> 00:33:41,258
[ramsey_d_smith]: you can’t you can’t solve risk with
more risk paul that’s the that’s the

1426
00:33:41,189 –> 00:33:41,310
[david_macchia]: yeah

1427
00:33:41,261 –> 00:33:41,482
[paul_tyler]: right

1428
00:33:41,318 –> 00:33:43,021
[ramsey_d_smith]: headline on the on the linked in
right

1429
00:33:42,984 –> 00:33:43,244
[paul_tyler]: right

1430
00:33:43,081 –> 00:33:44,564
[ramsey_d_smith]: that’s that’s the that’s the quotable

1431
00:33:45,047 –> 00:33:45,268
[paul_tyler]: yeah

1432
00:33:45,125 –> 00:33:45,346
[ramsey_d_smith]: oh

1433
00:33:45,729 –> 00:33:46,189
[paul_tyler]: you can’t

1434
00:33:46,153 –> 00:33:46,275
[ramsey_d_smith]: here

1435
00:33:46,290 –> 00:33:46,690
[paul_tyler]: solve

1436
00:33:46,295 –> 00:33:46,517
[ramsey_d_smith]: you go

1437
00:33:46,830 –> 00:33:53,463
[paul_tyler]: risk with more risk yeah i’ll see
yeah yeah yeah yeah yeah give me the

1438
00:33:53,523 –> 00:33:54,326
[paul_tyler]: notes afterwards

1439
00:33:54,875 –> 00:33:55,095
[ramsey_d_smith]: right

1440
00:33:56,060 –> 00:33:59,506
[paul_tyler]: well he listen this is this is
it’s great to catch up so

1441
00:34:00,125 –> 00:34:00,367
[ramsey_d_smith]: oh

1442
00:34:00,300 –> 00:34:00,522
[david_macchia]: oh

1443
00:34:00,488 –> 00:34:01,249
[paul_tyler]: we conofered a lot

1444
00:34:01,265 –> 00:34:01,547
[ramsey_d_smith]: oh

1445
00:34:01,409 –> 00:34:05,576
[paul_tyler]: so i think great initiative to drive
more

1446
00:34:05,460 –> 00:34:05,480
[david_macchia]: m

1447
00:34:05,656 –> 00:34:07,479
[paul_tyler]: education into parts

1448
00:34:07,355 –> 00:34:07,657
[ramsey_d_smith]: oh

1449
00:34:07,800 –> 00:34:11,025
[paul_tyler]: community that don’t necessarily get a call
from a mary

1450
00:34:10,808 –> 00:34:11,340
[david_macchia]: hm

1451
00:34:11,085 –> 00:34:13,189
[paul_tyler]: lynch advisor or your friends at fisher

1452
00:34:13,161 –> 00:34:13,325
[david_macchia]: right

1453
00:34:13,289 –> 00:34:13,790
[paul_tyler]: investments

1454
00:34:14,195 –> 00:34:14,215
[ramsey_d_smith]: m

1455
00:34:14,591 –> 00:34:14,811
[paul_tyler]: right

1456
00:34:16,385 –> 00:34:16,405
[ramsey_d_smith]: m

1457
00:34:16,614 –> 00:34:18,618
[paul_tyler]: they’re not calling them right

1458
00:34:18,595 –> 00:34:18,695
[david_macchia]: no

1459
00:34:18,700 –> 00:34:18,740
[ramsey_d_smith]: hm

1460
00:34:18,958 –> 00:34:19,419
[paul_tyler]: and they need

1461
00:34:19,356 –> 00:34:19,556
[david_macchia]: they’re

1462
00:34:19,479 –> 00:34:19,599
[paul_tyler]: help

1463
00:34:19,597 –> 00:34:20,117
[david_macchia]: not calling

1464
00:34:20,381 –> 00:34:20,962
[paul_tyler]: i think this is

1465
00:34:20,898 –> 00:34:21,059
[david_macchia]: yep

1466
00:34:21,042 –> 00:34:23,546
[paul_tyler]: great we talked about sort of the
state of the

1467
00:34:23,495 –> 00:34:23,797
[ramsey_d_smith]: yeah

1468
00:34:23,586 –> 00:34:24,888
[paul_tyler]: state of

1469
00:34:26,015 –> 00:34:26,945
[ramsey_d_smith]: yeah

1470
00:34:26,411 –> 00:34:27,292
[paul_tyler]: crazy economy

1471
00:34:27,336 –> 00:34:27,437
[ramsey_d_smith]: ah

1472
00:34:27,893 –> 00:34:32,320
[paul_tyler]: and we didn’t get to get go
here i actually found the other there’s actually

1473
00:34:32,941 –> 00:34:37,166
[paul_tyler]: stand for puts out and when we
get this right it’s let’s

1474
00:34:37,205 –> 00:34:37,528
[ramsey_d_smith]: yah

1475
00:34:37,206 –> 00:34:38,347
[paul_tyler]: see a

1476
00:34:41,460 –> 00:34:42,221
[paul_tyler]: it’s an index

1477
00:34:42,990 –> 00:34:43,010
[david_macchia]: m

1478
00:34:43,022 –> 00:34:44,064
[paul_tyler]: we’re not gonna put this in ten

1479
00:34:45,635 –> 00:34:45,916
[ramsey_d_smith]: yeah

1480
00:34:46,167 –> 00:34:48,311
[paul_tyler]: but it’s the world uncertainty index

1481
00:34:48,605 –> 00:34:49,625
[ramsey_d_smith]: yeah

1482
00:34:49,092 –> 00:34:50,455
[paul_tyler]: and boy it’s just getting higher

1483
00:34:50,002 –> 00:34:50,547
[david_macchia]: interesting

1484
00:34:50,615 –> 00:34:51,136
[paul_tyler]: and higher

1485
00:34:51,393 –> 00:34:51,554
[david_macchia]: yeah

1486
00:34:51,817 –> 00:34:53,984
[paul_tyler]: very interesting so but risk

1487
00:34:53,834 –> 00:34:53,855
[ramsey_d_smith]: m

1488
00:34:54,045 –> 00:34:56,430
[paul_tyler]: and uncertainty i don’t know ramsey

1489
00:34:56,255 –> 00:34:56,604
[ramsey_d_smith]: my

1490
00:34:56,490 –> 00:35:00,518
[paul_tyler]: what are what are your thoughts take
aways an last questions for david

1491
00:35:01,556 –> 00:35:04,000
[ramsey_d_smith]: um just i think we i think
we covered

1492
00:35:03,810 –> 00:35:04,052
[paul_tyler]: oh

1493
00:35:04,060 –> 00:35:06,143
[ramsey_d_smith]: an amazing amount of ground today

1494
00:35:06,060 –> 00:35:06,381
[david_macchia]: yeah

1495
00:35:06,524 –> 00:35:07,205
[ramsey_d_smith]: very efficiently

1496
00:35:07,668 –> 00:35:07,869
[david_macchia]: yeah

1497
00:35:08,367 –> 00:35:09,208
[ramsey_d_smith]: i’ll just say that you know

1498
00:35:09,150 –> 00:35:09,170
[david_macchia]: m

1499
00:35:09,489 –> 00:35:13,075
[ramsey_d_smith]: david between this visit and the last
visit on some

1500
00:35:13,050 –> 00:35:13,313
[paul_tyler]: yeah

1501
00:35:13,115 –> 00:35:13,815
[ramsey_d_smith]: of the things that you’ve

1502
00:35:13,710 –> 00:35:13,930
[david_macchia]: oh

1503
00:35:13,955 –> 00:35:20,261
[ramsey_d_smith]: you’ve written recently you are you’re very
you’re very thoughtful individual in this space so

1504
00:35:20,340 –> 00:35:20,360
[david_macchia]: m

1505
00:35:20,762 –> 00:35:23,004
[ramsey_d_smith]: thoughtful and and a passionate voice around

1506
00:35:22,680 –> 00:35:23,460
[paul_tyler]: oh

1507
00:35:23,164 –> 00:35:28,181
[ramsey_d_smith]: you know retirement income so thank you
for doing what you do and it’s been

1508
00:35:28,221 –> 00:35:28,582
[ramsey_d_smith]: real pleasure

1509
00:35:29,640 –> 00:35:32,923
[david_macchia]: thank you for saying that ramsey and
it’s always a pleasure to be with both

1510
00:35:32,983 –> 00:35:34,685
[david_macchia]: of you i love what you’ve done

1511
00:35:34,565 –> 00:35:34,869
[ramsey_d_smith]: oh

1512
00:35:34,725 –> 00:35:36,747
[david_macchia]: with the podcast it’s essential listening

1513
00:35:36,425 –> 00:35:36,729
[ramsey_d_smith]: yeah

1514
00:35:37,040 –> 00:35:37,220
[paul_tyler]: yeah

1515
00:35:37,388 –> 00:35:38,068
[david_macchia]: it really is

1516
00:35:38,005 –> 00:35:38,286
[ramsey_d_smith]: thank you

1517
00:35:38,642 –> 00:35:43,010
[paul_tyler]: thanks yeah hey david listen keep doing
what you’re doing you know one

1518
00:35:42,965 –> 00:35:44,135
[ramsey_d_smith]: oh

1519
00:35:43,110 –> 00:35:44,152
[paul_tyler]: part of the introduction we

1520
00:35:44,160 –> 00:35:44,940
[david_macchia]: yeah

1521
00:35:44,232 –> 00:35:47,076
[paul_tyler]: didn’t give you is you’re just you’re
doing a great job out in

1522
00:35:47,435 –> 00:35:47,455
[ramsey_d_smith]: m

1523
00:35:47,838 –> 00:35:48,699
[paul_tyler]: unlinked in and some

1524
00:35:48,725 –> 00:35:49,028
[ramsey_d_smith]: oh

1525
00:35:48,739 –> 00:35:55,130
[paul_tyler]: of these websites just keeping the message
in front of people about guarantees about income

1526
00:35:55,170 –> 00:35:55,230
[paul_tyler]: and

1527
00:35:55,205 –> 00:35:55,526
[ramsey_d_smith]: oh

1528
00:35:55,310 –> 00:35:57,654
[paul_tyler]: thank you i think what you’re doing
is terrific

1529
00:35:58,320 –> 00:35:58,683
[david_macchia]: oh

1530
00:35:58,455 –> 00:35:58,616
[paul_tyler]: um

1531
00:35:59,720 –> 00:36:00,003
[david_macchia]: thank you

1532
00:36:00,058 –> 00:36:05,568
[paul_tyler]: yeah look we want to support we
want to sport your project two thousand minutes

1533
00:36:06,008 –> 00:36:06,309
[paul_tyler]: so well

1534
00:36:06,257 –> 00:36:06,759
[ramsey_d_smith]: six thousand

1535
00:36:06,750 –> 00:36:07,952
[paul_tyler]: six thousand six thousand

1536
00:36:07,895 –> 00:36:08,135
[ramsey_d_smith]: oh

1537
00:36:08,232 –> 00:36:10,616
[paul_tyler]: i’m bad date for numbers for me

1538
00:36:11,139 –> 00:36:15,446
[david_macchia]: i very much appreciate that paul like
i said we need we need the participation

1539
00:36:15,546 –> 00:36:16,688
[david_macchia]: of institutions

1540
00:36:16,660 –> 00:36:16,763
[ramsey_d_smith]: ah

1541
00:36:16,728 –> 00:36:17,651
[david_macchia]: and individuals so

1542
00:36:18,485 –> 00:36:18,505
[ramsey_d_smith]: m

1543
00:36:18,736 –> 00:36:19,037
[david_macchia]: i really

1544
00:36:18,900 –> 00:36:19,003
[paul_tyler]: ye

1545
00:36:19,098 –> 00:36:20,524
[david_macchia]: wanted to get off the ground and
be very very

1546
00:36:20,570 –> 00:36:20,770
[paul_tyler]: okay

1547
00:36:20,585 –> 00:36:21,067
[david_macchia]: successful

1548
00:36:21,031 –> 00:36:22,673
[paul_tyler]: great we’ll put the link and link
to

1549
00:36:22,607 –> 00:36:22,708
[ramsey_d_smith]: ye

1550
00:36:22,753 –> 00:36:24,236
[paul_tyler]: your side and we’ll put the link
to

1551
00:36:24,240 –> 00:36:24,681
[david_macchia]: oh

1552
00:36:24,296 –> 00:36:27,962
[paul_tyler]: your linked in account whatever however else
so people can get in touch with you

1553
00:36:28,102 –> 00:36:32,089
[paul_tyler]: this is great thanks david ramsey thank
you and thanks for listening

1554
00:36:32,165 –> 00:36:32,428
[ramsey_d_smith]: yeah

1555
00:36:32,670 –> 00:36:33,392
[paul_tyler]: so it’s again next week

1556
00:36:33,448 –> 00:36:33,592
[ramsey_d_smith]: yeah

1557
00:36:33,452 –> 00:36:36,438
[paul_tyler]: for another episode of that annuity show
thanks

1558
00:36:36,695 –> 00:36:36,917
[ramsey_d_smith]: yah

1559
00:36:37,950 –> 00:36:38,235
[david_macchia]: thank you

1560
00:36:39,060 –> 00:36:39,267
[paul_tyler]: oh

00:36:39,060 –> 00:36:39,267

[paul_tyler]: oh

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

1
00:00:01,570 –> 00:00:05,655
[paul_tyler]: this is paul tyler and welcome to
another episode of that annuity

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00:00:05,666 –> 00:00:05,986
[ramsey_d_smith]: oh

3
00:00:05,736 –> 00:00:07,959
[paul_tyler]: show ramsey good to see you

4
00:00:08,671 –> 00:00:09,552
[ramsey_d_smith]: always great to be here

5
00:00:09,972 –> 00:00:12,156
[paul_tyler]: hey we got a great guest where
we are really going

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[ramsey_d_smith]: yeah

7
00:00:12,196 –> 00:00:17,266
[paul_tyler]: to hear from a market leader in
this space do you want to do the

8
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[ramsey_d_smith]: yeah

9
00:00:18,288 –> 00:00:18,548
[paul_tyler]: intro

10
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[ramsey_d_smith]: absolutely so we are quite fortunate today
to be joined by tod taylor who newly

11
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[ramsey_d_smith]: took on the role of head of
retail annuities at new york life a market

12
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[ramsey_d_smith]: leader in our industry so we’re really
honored to have him here today and and

13
00:00:35,674 –> 00:00:41,023
[ramsey_d_smith]: very interested to hear what his perspective
is on on the market outlook and new

14
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[ramsey_d_smith]: york life’s role in it and and
tod you know the mark you want to

15
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[ramsey_d_smith]: make potentially over the course of the
next few years would love to hear you

16
00:00:48,031 –> 00:00:51,354
[ramsey_d_smith]: know your thoughts on on what where
you think there could be real progress in

17
00:00:51,394 –> 00:00:53,386
[ramsey_d_smith]: our industry m

18
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[todd_taylor]: well thanks for having

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00:00:54,746 –> 00:00:54,986
[ramsey_d_smith]: oh

20
00:00:54,781 –> 00:00:55,726
[todd_taylor]: me guys it’s great to be here

21
00:00:56,330 –> 00:00:57,793
[paul_tyler]: yeah so so just give us

22
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[ramsey_d_smith]: h

23
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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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00:01:02,220 –> 00:01:03,382
[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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00:01:04,303 –> 00:01:08,170
[paul_tyler]: a role is a it’s a big
accomplishment nd now

29
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[ramsey_d_smith]: m

30
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[paul_tyler]: maybe talk to us about you know
back just give people a quick back story

31
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[paul_tyler]: and kind of you know what’s the
scope

32
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[ramsey_d_smith]: h

33
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[paul_tyler]: of your assignment today

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[todd_taylor]: absolutely

35
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[ramsey_d_smith]: oh

36
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[todd_taylor]: so i’ve been with new york life
for about fifteen years i’m an actuary by

37
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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

39
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[todd_taylor]: of different roles around the company

40
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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

43
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[todd_taylor]: for the last five or six years
and as you guys mentioned took over leadership

44
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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

46
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[ramsey_d_smith]: yeah

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[todd_taylor]: and marketing and strategy or

48
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[ramsey_d_smith]: yeah

49
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[todd_taylor]: sales and service

50
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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

54
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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

56
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[todd_taylor]: my moves around

57
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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

59
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[todd_taylor]: like the interest

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[ramsey_d_smith]: as

61
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[todd_taylor]: in you know how folks actually design
retirement plans and i got hooked on it

62
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[todd_taylor]: i think the fact about you know
the state of our retirement planning you know

63
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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

68
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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

70
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[todd_taylor]: interesting and makes our place in the
industry really important and ever evolving so that’s

71
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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

76
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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

83
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[paul_tyler]: i’ve seen it looks like it’s continuation
of prior success what’s going right

84
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[ramsey_d_smith]: yeah

85
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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

87
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[todd_taylor]: half of twenty twenty two and as
you guys know is it was a great

88
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[todd_taylor]: you know first half for the industry
the intersystops up in like ten per cent

89
00:03:03,533 –> 00:03:08,621
[todd_taylor]: off pretty high numbers lad you’re really
a result of the maco economic environment i

90
00:03:08,661 –> 00:03:09,583
[todd_taylor]: mean you’ve got like

91
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[paul_tyler]: oh

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[todd_taylor]: equity markets down bond funds down inflation

93
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[ramsey_d_smith]: yeah

94
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[todd_taylor]: um and so

95
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[ramsey_d_smith]: m

96
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[todd_taylor]: there’s been a lot of movement into
annuities in the first half of this year

97
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[ramsey_d_smith]: yeah

98
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[todd_taylor]: we’re a pretty diversified writer were diversified
by product lines were diversified by distribution so

99
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[todd_taylor]: we’ve been a consistent top

100
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[ramsey_d_smith]: yeah

101
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[todd_taylor]: five writer for the last you

102
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[paul_tyler]: m

103
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[todd_taylor]: know five or six years just done
that

104
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[ramsey_d_smith]: oh

105
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[todd_taylor]: diversification um but we in the first
half of the year became the number one

106
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[todd_taylor]: writer

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[ramsey_d_smith]: oh

108
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[todd_taylor]: in the industry for the first time
ever and i think a lot of that

109
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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

112
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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

140
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[todd_taylor]: you know got equity market volatility we’ve
got o p ratios near all time high

141
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[todd_taylor]: so there’s a lot of sort of
lack of confidence in where equity markets may

142
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[todd_taylor]: be going in the near term we
saw the pull back and bond funds also

143
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[todd_taylor]: got inflation as a as a broad
statement i would say it’s never a more

144
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[todd_taylor]: important

145
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[ramsey_d_smith]: m

146
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[todd_taylor]: time to have a financial advisor and
to work with an advisor

147
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[ramsey_d_smith]: m

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

149
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[ramsey_d_smith]: m

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00:05:00,388 –> 00:05:05,297
[todd_taylor]: in this market you know selling out
of all your equities massively constraining spending are

151
00:05:05,377 –> 00:05:09,383
[todd_taylor]: natural things to do in this environment
and so just working with an advisor i

152
00:05:09,444 –> 00:05:13,530
[todd_taylor]: think is a really important step and
to your question on you know tools and

153
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[todd_taylor]: planning um

154
00:05:15,026 –> 00:05:15,349
[ramsey_d_smith]: oh

155
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[todd_taylor]: i think part of this is we’ve
always

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[ramsey_d_smith]: yah

157
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[todd_taylor]: been a big proponent of you want
to focus your retirement planning on outcomes you

158
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[todd_taylor]: know the expected return of a strategy
or a portfolio in many

159
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[ramsey_d_smith]: m

160
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[todd_taylor]: retirement planning conversations is important but not

161
00:05:30,956 –> 00:05:31,156
[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

163
00:05:33,964 –> 00:05:36,088
[todd_taylor]: in retirement how long is it going
to last you know

164
00:05:36,026 –> 00:05:36,716
[ramsey_d_smith]: yeah

165
00:05:36,649 –> 00:05:38,652
[todd_taylor]: how are you gonna able to cover
your expenses et cetera

166
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[ramsey_d_smith]: oh

167
00:05:39,193 –> 00:05:40,275
[todd_taylor]: so i think with

168
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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

170
00:05:43,466 –> 00:05:43,768
[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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00:05:56,929 –> 00:05:57,133
[ramsey_d_smith]: yeah

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00:05:57,003 –> 00:05:59,066
[todd_taylor]: protected accumulation solution so

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[ramsey_d_smith]: m

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00:05:59,507 –> 00:06:00,288
[todd_taylor]: indextanuities

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00:06:00,056 –> 00:06:00,484
[ramsey_d_smith]: oh

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00:06:00,949 –> 00:06:02,893
[todd_taylor]: rilas were a big

180
00:06:02,760 –> 00:06:02,780
[paul_tyler]: m

181
00:06:03,454 –> 00:06:08,742
[todd_taylor]: proponent of g a b so guaranteed
minimum accumuniation benefit on vas all these solutions

182
00:06:08,823 –> 00:06:09,403
[todd_taylor]: are basically

183
00:06:09,060 –> 00:06:09,080
[paul_tyler]: m

184
00:06:09,544 –> 00:06:14,211
[todd_taylor]: helping consumers in that retirement red zone
you you’re trying to generate

185
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[ramsey_d_smith]: ah

186
00:06:14,552 –> 00:06:15,494
[todd_taylor]: trying to generate income

187
00:06:15,896 –> 00:06:16,097
[ramsey_d_smith]: yeah

188
00:06:16,716 –> 00:06:19,522
[todd_taylor]: need an inflation hedge inflation is going
up

189
00:06:19,588 –> 00:06:19,690
[ramsey_d_smith]: ah

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00:06:19,822 –> 00:06:21,105
[todd_taylor]: so you probably need to be in
equity

191
00:06:20,936 –> 00:06:20,956
[ramsey_d_smith]: m

192
00:06:21,145 –> 00:06:23,390
[todd_taylor]: markets but you’re facing all this sequence
risk in

193
00:06:23,366 –> 00:06:23,859
[ramsey_d_smith]: yeah

194
00:06:23,450 –> 00:06:28,840
[todd_taylor]: early retirement all these solutions are forming
varying degrees of protection they’re basically giving you

195
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[todd_taylor]: a layer of protection

196
00:06:29,310 –> 00:06:29,515
[paul_tyler]: oh

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[todd_taylor]: an explicit guarantee

198
00:06:30,630 –> 00:06:30,650
[paul_tyler]: m

199
00:06:31,184 –> 00:06:31,624
[todd_taylor]: a buffer

200
00:06:32,160 –> 00:06:32,384
[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

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[todd_taylor]: companies making a lot of strides both
trod you know writers of annuities as well

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[ramsey_d_smith]: oh

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[todd_taylor]: as some of the companies who are
providing support to help bridge that gap i

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[todd_taylor]: think that’s you

300
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[ramsey_d_smith]: oh

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[todd_taylor]: now perhaps the most important

302
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[ramsey_d_smith]: oh

303
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[todd_taylor]: element to getting widespread adoption

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

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

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

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[todd_taylor]: other is you know and we’ve been
you know we’ve been part of this we

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[todd_taylor]: for years

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[ramsey_d_smith]: go

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[todd_taylor]: have tried to explain the

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[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

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[ramsey_d_smith]: okay

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

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[ramsey_d_smith]: yeah

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[todd_taylor]: you know we love to go around
talking

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

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[todd_taylor]: about how they teck against

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

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[todd_taylor]: running out of money and you know
the benefits in terms of sequence risk you

321
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[todd_taylor]: guys have had you know i’m sure

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[ramsey_d_smith]: ye

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[todd_taylor]: wait and michael finca and david land
shed on your show

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[ramsey_d_smith]: oh

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[todd_taylor]: they’re great at talking about

326
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[ramsey_d_smith]: oh

327
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[todd_taylor]: those quantitative benefits but if you go
out and look a lot of the reasons

328
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[todd_taylor]: that folks actually purchase annuities are for
the behavioral benefits um and really in some

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[todd_taylor]: cases those are more impactful than the

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[ramsey_d_smith]: my

331
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[todd_taylor]: quantitative benefits you now

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[ramsey_d_smith]: m

333
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[todd_taylor]: couple examples we sell this i mentioned
this g m a b on a variable

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[todd_taylor]: annuity that provides like a ten year
sort of put option on the market may

335
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[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

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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

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[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

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[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

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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

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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
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[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

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[aidan_shue]: that is correct aidan

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[paul_tyler]: okay

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[aidan_shue]: shoe thanks a lot for having

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[paul_tyler]: okay

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[aidan_shue]: me on

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[paul_tyler]: good yeah

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[ramsey_d_smith]: oh

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[paul_tyler]: willen and ben good to see you

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[Ben Jones]: likewise ramsey happy birthday first of

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[paul_tyler]: oh

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[Ben Jones]: all but now it’s it’s great to

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[ramsey_d_smith]: thank you very much appreciate

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[Ben Jones]: now

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[ramsey_d_smith]: it

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[Ben Jones]: it’s good to be on we have
a lot of great things to discuss

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[aidan_shue]: ah

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[paul_tyler]: h

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[Ben Jones]: today so thanks

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[paul_tyler]: yeah

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[Ben Jones]: for

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[ramsey_d_smith]: oh

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[Ben Jones]: having f n on today

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah so

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[ramsey_d_smith]: m

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[paul_tyler]: so let me let me just

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[aidan_shue]: oh

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[paul_tyler]: state the

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[ramsey_d_smith]: oh

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[paul_tyler]: most obvious question is what is n
f n and then maybe talk about both

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[paul_tyler]: of your roles and aid and i’ll
throw the question over to you to start

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[aidan_shue]: definitely i’ll dig right in so the
nasdac fund network is actually one of nazdak’s

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[aidan_shue]: longest

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[ramsey_d_smith]: oh

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[aidan_shue]: standing data services

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[paul_tyler]: oh

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[aidan_shue]: so we provide search able symbols and
price discover ability for mutual funds twenty nine

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[paul_tyler]: oh

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[aidan_shue]: club savings plans collective investment trust models

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[paul_tyler]: oh

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[aidan_shue]: utes and more so we receive

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[paul_tyler]: m

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[aidan_shue]: that nightly pricing information from these funds
custodians

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[paul_tyler]: yeah

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[aidan_shue]: or pricing agents like your state street
then we disseminate

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[paul_tyler]: m

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[aidan_shue]: that n v data downstream to hundreds
of different platforms so that’s yeah who finance

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[aidan_shue]: definitive bloom burg both retail institutional platforms

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[paul_tyler]: oh

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[aidan_shue]: so now you can search up any
of these products you know five twenty nine

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[aidan_shue]: or a c i t in the
exact same way you would mutual fund stock

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[aidan_shue]: or any

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[ramsey_d_smith]: oh

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[aidan_shue]: tfyuknowusing that search able symbol and you
know we really find that that transparency and

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[aidan_shue]: distribution it really helps validate some of
these growing asset classes like like a model

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[paul_tyler]: oh

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[aidan_shue]: for example i know ben’s kind of
a history buff so he can dig in

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[aidan_shue]: a little bit more on

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[paul_tyler]: m yeah

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[aidan_shue]: the on the nazdacfunnetwork

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[Ben Jones]: yeah

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[aidan_shue]: history

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[ramsey_d_smith]: ah

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[Ben Jones]: yeah

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[aidan_shue]: all of them

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[ramsey_d_smith]: and tell us a little

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[aidan_shue]: take

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[ramsey_d_smith]: bit

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[aidan_shue]: a go

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[ramsey_d_smith]: on that journey tell us a little
bit about you know

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[aidan_shue]: oh

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[ramsey_d_smith]: what

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[paul_tyler]: m

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[ramsey_d_smith]: what a model is an example of
a model and why those are also important

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[ramsey_d_smith]: to be helpful

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[aidan_shue]: ben you ben’s kind of our model
expert

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[Ben Jones]: so

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[aidan_shue]: you

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[Ben Jones]: history

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[aidan_shue]: want to dig in with

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[ramsey_d_smith]: m

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[aidan_shue]: the

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[Ben Jones]: and

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[aidan_shue]: models

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[Ben Jones]: models i love it i

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[paul_tyler]: m

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[Ben Jones]: mean this is why i’m on this
call gets me

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[ramsey_d_smith]: hm

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[Ben Jones]: excited right so

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[paul_tyler]: yeah

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[Ben Jones]: okay thanks for having

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[ramsey_d_smith]: m

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[Ben Jones]: ben jones senior director

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[ramsey_d_smith]: yeah

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[Ben Jones]: kind of a project product

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[ramsey_d_smith]: m

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[Ben Jones]: manage roll at the naz fun network
and we get into that in a second

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[Ben Jones]: but

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[paul_tyler]: oh

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[Ben Jones]: let’s talk history right i mean it
in said it’s one of the oldest data

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[Ben Jones]: service

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[paul_tyler]: oh

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[Ben Jones]: products at naa so what does that

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[paul_tyler]: yeah

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[Ben Jones]: mean right so the nazacfun network used
to

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[aidan_shue]: oh

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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

203
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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

217
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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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00:04:52,391 –> 00:04:52,674
[ramsey_d_smith]: oh

231
00:04:52,397 –> 00:04:52,597
[Ben Jones]: you had

232
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[paul_tyler]: oh

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00:04:52,818 –> 00:04:57,405
[Ben Jones]: u ts you had some different annuities
you had some kind of alternative

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00:04:57,332 –> 00:04:57,352
[aidan_shue]: m

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00:04:57,432 –> 00:04:57,453
[paul_tyler]: m

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

237
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[aidan_shue]: m

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00:05:00,030 –> 00:05:00,090
[Ben Jones]: and

239
00:05:00,062 –> 00:05:00,284
[aidan_shue]: oh

240
00:05:00,290 –> 00:05:01,592
[Ben Jones]: so we re branded a few years

241
00:05:01,473 –> 00:05:01,697
[paul_tyler]: oh

242
00:05:01,652 –> 00:05:07,422
[Ben Jones]: ago from m f q s to
the nazdack fund network right and i think

243
00:05:07,462 –> 00:05:09,566
[Ben Jones]: that’s important guys because you know

244
00:05:09,641 –> 00:05:09,945
[ramsey_d_smith]: oh

245
00:05:10,066 –> 00:05:11,048
[Ben Jones]: the the last word

246
00:05:11,052 –> 00:05:11,073
[paul_tyler]: m

247
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[Ben Jones]: network crucial because what we do

248
00:05:14,570 –> 00:05:14,591
[ramsey_d_smith]: m

249
00:05:14,842 –> 00:05:19,089
[Ben Jones]: is we are a two sided network
connecting data from the asset managers so i

250
00:05:19,129 –> 00:05:21,493
[Ben Jones]: think you’re your mutfun companies ts

251
00:05:21,302 –> 00:05:21,570
[aidan_shue]: oh

252
00:05:21,554 –> 00:05:23,757
[Ben Jones]: collective investment trust manage accounts

253
00:05:23,951 –> 00:05:24,194
[ramsey_d_smith]: yeah

254
00:05:24,158 –> 00:05:24,939
[Ben Jones]: structure products

255
00:05:24,932 –> 00:05:24,952
[aidan_shue]: m

256
00:05:25,480 –> 00:05:27,122
[Ben Jones]: connecting it with the market place which

257
00:05:27,153 –> 00:05:27,375
[paul_tyler]: oh

258
00:05:27,162 –> 00:05:31,927
[Ben Jones]: is your data platforms your vendors your
broker dealers who finances you know touching institutional

259
00:05:31,967 –> 00:05:33,689
[Ben Jones]: investors as well as retail investors

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00:05:35,043 –> 00:05:38,531
[paul_tyler]: you now just for listeners you know
where we’re usually

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[ramsey_d_smith]: yeah

262
00:05:38,571 –> 00:05:40,095
[paul_tyler]: talking about annuities

263
00:05:39,701 –> 00:05:40,043
[ramsey_d_smith]: oh

264
00:05:40,556 –> 00:05:41,137
[paul_tyler]: retirement flying

265
00:05:41,711 –> 00:05:42,761
[ramsey_d_smith]: oh

266
00:05:41,739 –> 00:05:44,534
[paul_tyler]: how does this how does his impact

267
00:05:44,681 –> 00:05:45,101
[ramsey_d_smith]: oh

268
00:05:44,754 –> 00:05:51,205
[paul_tyler]: or our space now discover ability has
been enormously important in driving f i a

269
00:05:51,325 –> 00:05:55,172
[paul_tyler]: sales and you know ramsey if you
think back to the first

270
00:05:55,061 –> 00:05:55,308
[ramsey_d_smith]: oh

271
00:05:55,713 –> 00:05:57,636
[paul_tyler]: fixed into excanuities i think everybody

272
00:05:57,971 –> 00:05:58,131
[ramsey_d_smith]: oh

273
00:05:57,997 –> 00:06:01,382
[paul_tyler]: is kind of like you know buying
one of these things was like buying a

274
00:06:01,482 –> 00:06:05,830
[paul_tyler]: model t ford right you got the
s and p five hundred you had you

275
00:06:05,951 –> 00:06:06,821
[ramsey_d_smith]: oh

276
00:06:06,110 –> 00:06:08,173
[paul_tyler]: a hundred different ways to calculate

277
00:06:07,871 –> 00:06:08,471
[ramsey_d_smith]: yeah

278
00:06:08,294 –> 00:06:13,482
[paul_tyler]: performance but it really was built around
one fun now along come some innovators in

279
00:06:13,522 –> 00:06:18,090
[paul_tyler]: this space and we start to introduce
some of these bespoke funds and the first

280
00:06:18,130 –> 00:06:22,337
[paul_tyler]: thing you know first complaint we heard
advisers in the space was their clients couldn’t

281
00:06:22,437 –> 00:06:28,688
[paul_tyler]: find the values you know it was
it was you know some of these earlier

282
00:06:29,209 –> 00:06:30,691
[paul_tyler]: newer products had you know

283
00:06:30,671 –> 00:06:30,851
[ramsey_d_smith]: yeah

284
00:06:30,791 –> 00:06:35,908
[paul_tyler]: ramsey like i don’t know is it
fair to call them undiscoverable disease to start

285
00:06:36,425 –> 00:06:40,454
[ramsey_d_smith]: well i mean they were they were
industries that were built from scratch and so

286
00:06:40,635 –> 00:06:42,058
[ramsey_d_smith]: we built them from just

287
00:06:41,943 –> 00:06:43,203
[paul_tyler]: yeah

288
00:06:42,178 –> 00:06:45,344
[ramsey_d_smith]: for the for the benefit of the
audience this is a business that i was

289
00:06:45,404 –> 00:06:48,610
[ramsey_d_smith]: involved in at my in a prior
career but so we had to come up

290
00:06:48,690 –> 00:06:52,997
[ramsey_d_smith]: with an index and we had to
come up with a way of sharing the

291
00:06:53,037 –> 00:06:54,780
[ramsey_d_smith]: values of that index sort of

292
00:06:54,795 –> 00:06:54,815
[paul_tyler]: a

293
00:06:55,121 –> 00:07:00,830
[ramsey_d_smith]: audley and so that was not a
trivial thing so ultimately the service that that

294
00:07:01,010 –> 00:07:05,257
[ramsey_d_smith]: that aden and ben are providing with
n f n are really quite

295
00:07:05,172 –> 00:07:05,193
[paul_tyler]: m

296
00:07:05,318 –> 00:07:07,986
[ramsey_d_smith]: crucial because it was not an easy
thing get the visibility

297
00:07:07,683 –> 00:07:07,927
[paul_tyler]: yeah

298
00:07:08,047 –> 00:07:09,476
[ramsey_d_smith]: in a lot of different places for

299
00:07:09,411 –> 00:07:09,691
[Ben Jones]: and that’s

300
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
00:07:12,063 –> 00:07:12,204
[ramsey_d_smith]: yeah

303
00:07:12,256 –> 00:07:14,319
[Ben Jones]: do you discover you know these important

304
00:07:14,171 –> 00:07:14,191
[ramsey_d_smith]: m

305
00:07:14,339 –> 00:07:15,140
[Ben Jones]: investment vehicles

306
00:07:14,712 –> 00:07:14,733
[paul_tyler]: m

307
00:07:15,161 –> 00:07:15,402
[ramsey_d_smith]: yeah

308
00:07:15,200 –> 00:07:19,247
[Ben Jones]: that individual investors that are listening who
are managing there before when k rely on

309
00:07:19,628 –> 00:07:19,868
[Ben Jones]: all the

310
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

313
00:07:29,553 –> 00:07:29,757
[paul_tyler]: oh

314
00:07:29,990 –> 00:07:30,571
[Ben Jones]: by having a

315
00:07:30,581 –> 00:07:30,862
[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
00:07:32,193 –> 00:07:32,334
[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

321
00:07:34,872 –> 00:07:34,913
[ramsey_d_smith]: m

322
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

325
00:07:37,101 –> 00:07:38,904
[Ben Jones]: that you use then you distribute it
out

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

327
00:07:38,945 –> 00:07:41,809
[Ben Jones]: to the market place bloom burg efinitive
morning star

328
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

331
00:07:42,971 –> 00:07:47,238
[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
00:07:52,962 –> 00:07:52,983
[paul_tyler]: m

339
00:07:52,988 –> 00:07:56,754
[Ben Jones]: search engine and search for it to
find it whatever this investment is tracking and

340
00:07:56,774 –> 00:07:57,135
[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.

New Retirement Rules of Thumb Still Have Issues

Consider Your Major Sources Of Income

Expect Variability in Results When Planning

Using SIP to Personalize Your Plan

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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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