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