Demystifying Fees & Commissions

Episode Transcript

Speaker 1 (00:00):
You know what that music means. It means it's time
to call with your retirement related questions for our retirement
planning professionals from Class Financial join this week by CJ.
Closs and Eric Schwartz. Telephone number to join us on
the program. All you gotta do is dial in six
oh eight three two one thirteen ten. That's six soh
eight three two one thirteen ten. Love to get you
on the air this morning. Don't forget. You can learn
more about Class Financial on their website Coss Financial dot com.

(00:22):
That's Class Klaasfinancial dot com. And they're telephone number six
oh eight four four two five six three seven. No
charge for that initial get to know your appointment tech
Class Financial. It will be complimentary to you again their
number six oh eight four four two five six three seven,
And again phone lines are open for you right now.
If you've got a question, get you live on the
air at six oh eight three two one thirteen ten.

(00:43):
That's six oh eight three two one thirteen ten. As mentioned,
Joined this week by CJ. Closs and Eric Schwartz. CJ.
How you doing this week?

Speaker 2 (00:51):
I'm doing great. How are you, Sean?

Speaker 1 (00:52):
We're doing good? Great to talk with you, Eric, How
have you been.

Speaker 3 (00:56):
I am doing great, glad to be back this week.

Speaker 1 (00:58):
It's great to have both of you along, great to
hear from you. And we've got fees and we're going
to talk about fees and commissions, which obviously people it's
an important part of a conversation. People don't always want
to know entirely how that works. Sometimes there's sometimes a
little you know, some sometimes you don't always understand what

(01:19):
that stuff is. And we're going to kind of break
down and kind of demystify fees and commissions and really
help folks understand when it comes to financial professionals what
they're getting paid for and or how they're getting paid
and product services all that. Because it's it's one of
these shows and as I got a chance to preview
the notes the other day, it's one of those shows

(01:39):
where you really want to pay close attention because there's
some really really important information and really really good information.
Of course, we do this each and every week with
every timement planning professionals from COSS Financial. Before we get
rolling on this week's topic, let's actually look back at
last week's show. Of course, each and every week we
do the class quiz question the week chance to win
a fantastic prize this week no exception, our friends Class

(02:00):
Financial have provided a twenty five dollars gift card to
Amazon Jelly. A little bit later on the program, how
you can win that prize. A little tip they'll listen
closely because oftentimes the question answer to the Class quiz
question we come up during the show. As mentioned before,
we get rolling on this week's conversation, let's actually take
a look back at last week. Shon't get the question
and answer there as well.

Speaker 3 (02:20):
Yeah, so thank you to everyone for listening as usual,
and congratulations to our winner from last week. And that
was Tom from Waterloo. And last week's question was true
or false Choosing a joint and survivor and nuty option
on your pension will allow your spouse to receive benefits
after your death. And again that was true or false
and Tom knew that the correct answer was true.

Speaker 1 (02:42):
Great work, Tom from Waterloo, and you can be like Tom.
Just pay close attention to the program. I'll tell you
how you can win a little bit later on and
the show phone lines there open for you right now
at six oh eight three two, one thirteen ten. That's
six oh eight three, two, one, thirteen ten. Of course,
today we are going to be talking about demystifying fees
and commissions and of course helping folks better understand how
financial professionals I generally get paid for the product or

(03:04):
services they provide. And CJ, let's kind of set this up.
What do folks need to know here?

Speaker 2 (03:09):
Yeah, So, in our opinion, there's nothing more frustrating than
working with someone in financial services and not understanding how
they get paid or how they're incentivized. Therefore, during our
show today, it's our intent to demystifize fees and commissions
so that our listeners can be better prepared to engage
professionals connected to financial services. Now, let's begin with the basics.

(03:33):
Who are these quote unquote financial professionals you might engage
throughout your life. To narrow our focus, we're only going
to discuss the primary financial professionals that a typical American
individual or household might engage over a lifetime. Some of
those individuals or entities might include some of the following
bankers or credit union representatives. And this would include like

(03:55):
loan officers, insurance agents, are brokers, accountants, a state planning
attorneys and financial advisors. Now again, you may engage other
peripheral financial planners, but especially in our industry, as as
financial planners, as investment advisors, these are the core ones
that we often see our clients needing to assemble to

(04:18):
have a successful financial plan. So these are the ones
that we're going to talk about. We're going to hone
in on a few here in just a moment to
kind of ask some questions about how do they get
compensated and what are their incentive structures.

Speaker 1 (04:32):
That's really good stuff, and so as we kind of
talk about this stuff when it comes to individuals or entities,
how do they typically get paid or you know, kind
of looking at another way, how exactly do I pay
them and what are their incentives there?

Speaker 3 (04:44):
Eric, Yeah, that's a million dollar question, Sean, and hopefully
it doesn't cost a million dollars. But we're primarily discussing
this because not only are fees I think sometimes difficult
to understand to the general consumer, but it's also an
awkward time topic, right, I mean, I think a lot
of people don't really want to confront the person they're

(05:05):
working with to ask them. So it's it's really oftentimes
incumbent upon the professional to kind of come right out
and say, hey, this is how you know, this is
how I get paid, this is how we work together.
But you know, the financial incentive incentives are really powerful motivators,
regardless of the setup that an advisor or other professional uses.

(05:29):
As much as we might try to avoid it, it
does drive human behavior and understanding someone's financial incentives and
or their typical compensation structure when they're providing you with
the financial product or service. That's going to be really important.
All consumers should know that more potential conflicts of interest
arise when someone is selling you a product for a

(05:50):
commission versus providing you with a service for a fee. Okay,
so in one case, you know, when someone is selling
you a product and they're earning say a percentage or
some other incentive. As we said there, it generally creates
more potential conflict of interest when you are in that

(06:11):
situation versus say, paying a financial planner for a fee
or providing investment services for a fee. So during our
show today, we intend to discuss a few of these
common financial professionals, and we're going to use a force
like a four question framework to help us better understand it,
and those four questions are going to be number one,

(06:32):
what core products or services does the professional provide? Who
do they sell these services or products to, how do
they typically typically get paid for their core products or services?
And finally, number four, is there any potential conflict of
interest between what is best for the financial professional or

(06:52):
or I'm sorry, and what is best for the customer
or the client. So I'm going to start with a
pretty basic one here that I think most people would
would encounter, and that would be bankers or credit union representatives.
And as CG said earlier, we're also talking about loan
officers at those institutions, so it's really important to note
before we dive into this year. Some banks and credit

(07:15):
unions offer various investment products or financial planning services, but
we're not going to look at those right now. We're
going to look more at their core, their core banking services.
We'll talk about financial advisors later in the show here,
but the first the first question for bankers or credit
union representatives is what core products or services do they provide?

(07:37):
So banks and credit unions typically primarily provide core deposit
and loan products, So these are your your basic deposit
products like checking accounts, saving accounts, money market accounts, maybe
CDs are pretty attractive over the last year or so here,
So those types of deposit products. And then on the

(07:59):
on the loan side, we're talking about you know, mortgages,
auto loans, credit cards, even business loans if you're if
you're talking about like a commercial bank, in home home
equity lines of credit, all these different types of loan products.
Second question here is who do they sell. Who do
they sell or provide the services to. So generally we're

(08:22):
talking about the general public, individual consumers in many cases, businesses,
and even some other financial institutions, and government or public
sector entities, and how do they typically get paid. So
generally we're looking at two ways that folks in the
in the bank or credit union world get paid. Number

(08:44):
one is known as net interest income. So essentially this
is the difference between what they earn on loan products
in the amount that they pay on deposit products. Okay,
so the interest rates they collect on loans that they
offer to consumers, and then the amount that they actually
pay when it comes to interest on your checking, money

(09:06):
market or savings account for example, So that that differential
creates something called a net interest income spread. So Sean,
when we're when we're talking about this, and you know,
over the last year and a half we've seen interest
rates I'm sorry, over a much longer time per frame
than that. Now we've seen interest rates go up, and
we say, gosh, the car loan interest rates are going

(09:28):
up a lot, but my deposit accounts are are coming
up so quickly.

Speaker 4 (09:32):
You can see here this might be why.

Speaker 3 (09:35):
The second way that they're typically going to get paid
for their core products is through non interest income, which
is often referred to as like fee income. So think
of you know, account or service fees on checking your savings,
account lending fees, credit card fees, and you know, even
even wealth management or advisory fees. Again, we're not going

(09:59):
to die into that too much. That's more of an
additional service that those institutions provide, and we'll talk about
advisors later. Number four here is is there any potential
conflict of interest between again, what is best for the
financial professional and what is best for the customer or client.
And the very short answer here is yes, there can

(10:20):
be potential conflicts of interests that arise from the inherent
tension between the bank or credit union sales and profit
motives and their customers financial wellbeing, especially when employee compensation
is tied to product sales targets. So banks and credit
unions they can generally mitigate this conflict by limiting employee
sales only incentives and instead diversifying their employee financial incentives

(10:43):
across sales, customer satisfaction, customer retention, so that there are
ways to mitigate some of the conflicts of interest, But
it is definitely definitely president in this situation.

Speaker 1 (10:54):
I love this four question framework and we're going to
continue on more with this with our retirement clinic providential spores.
Eric Schwartz and CJ Closs don't forget if you've got
a question, We've got a line for you right now
at six oh eight three two one thirteen ten. That's
six oh eight three two one thirteen ten.

Speaker 4 (11:09):
You can learn more.

Speaker 1 (11:09):
About COSS Financial. They've got a great website class financial
dot com. That's Coss k l a A S Financial
dot com gets no Eric and CJ and the whole
team at COSS Financial. You can also sign up for
the weekly Market Ball's newsletter and also learn how they
can help you or if you're a business owner as well.
All that great information available to you at Cossfinancial dot com.
Speaking of things available to you tel full number six
oh eight four four two five six three seven. That's

(11:32):
COSS Financial office right here in Madison. No charge for
that initial gets to know your appointment at Loss Financial.
It will be complimentary to you again their number six
oh eight four four two five six three seven. Well
to your conversation with CJ Eric and take your calls
next as Money in Motion with Class Financial continues right
here on thirteen ten, wuib A talking with our retirement
playing professionals from Class Financial online Coss Financial dot com.

(11:54):
That's Coss k l a A S Financial dot Com
at telphon number six oh eight four four two five
six three seven. No charge for the financial gets to
know you appoyment tech LOSTS Financial, It will be complimentary
to you. This week we're talking about demystifying fees and
commissions and kind of running things through through four questions
when it comes to the different the different areas and

(12:16):
the different operations, whether it's banking and other areas as well,
that you want to ask when it comes to when
it comes to the fees and services and as we
were talking at last segment about banks and credit unions,
what about this framework when it comes to financial incentives,
compensation structures, potential conflicts of interests? What about accountants in
that world?

Speaker 4 (12:36):
CJ.

Speaker 2 (12:38):
Yeah, yeah, good question. I want to before I even
get into accountants, I just want to remind everybody of
an important phrase that Eric gave you there at the
beginning of the show, which is, all consumers should know
that more potential conflicts of interest arise when someone is
selling you a product for a commission versus providing you
with a service for a fee. That is one of

(12:58):
the overarching themes of our show today. Now that is
not always true, right, just like everything in life, when
people try to give you absolutes, you can find an
exception to that absolute, but it is very much generally true.
And so with that frame, now, now, does that mean
that everybody who sells you a product is a bad
person and every company who has products to sell you

(13:21):
are really just out to get you? Not at all.
That's not what we're saying. What we're saying is that
more potential conflicts of interest could exist. So I hope
you guys like this four question framework. By the way,
we just kind of came up with this on our
own and said, what are the things that consumers should know?
What are the questions that they should be asking to
any financial professional. So as it relates to accountants, again,

(13:44):
these four questions that we're asking across every one of
these professionals or industries are the following. What core products
or services do they provide? Who do they sell their
product or services to, how do they typic get paid
for their core product or services? And finally, is there
any potential conflict of interest between what is best for

(14:05):
the financial print professional versus what is best for the
customer or the client. So, as you just said, let's
think about this for accountants. Accounts typically provide services and
not products full stop. Remember what I.

Speaker 1 (14:22):
Just told you.

Speaker 2 (14:24):
There is a higher potential for conflicts of interest when
products are being sold, lower potential conflict of interest when
services are provided. So let's actually just think about this
for our listeners.

Speaker 4 (14:37):
Pause.

Speaker 2 (14:38):
Do you hear about like a lot of massive complaints
around accountants, you know who file your incomes AX returns
for a few hundred bucks every year?

Speaker 4 (14:46):
No?

Speaker 2 (14:46):
I mean you may or may not like them, but
you're not coming to find out that they're like selling
you a bunch of stuff you don't need. They're typically
providing a service, and you either like the amount that
they charge you don't. So you can already see it's like, oh,
that's true. If it's a service for a fee less
potential for there to be a problem or a conflict
of interest. So let's kind of break this down. What

(15:08):
core product or service do they provide? Obviously, tax services
this includes tax prep and tax planning. Accountants will often
provide bookkeeping and record keeping services, including recording financial transactions,
maintaining general ledgers, and reconciling bank statements. They'll do preparation
of financial statements, including like p and ls or loan applications.

(15:30):
They'll do payroll services occasionally. This could include employee wages,
calculating payroll taxes, filing payroll taxes, and issuing W twos.
And then at times, accountants can provide advisory and consulting services.
This includes business consulting and personal financial planning consulting. This
could be on debt management, cash flow management, so on,

(15:50):
and so forth. The next question for an accountant is
who do they sell to or provide services to. So
accountants can serve a bought a broad spectrum of clients.
Most commonly they provide services to individuals and families, small
to mid sized businesses, nonprofit organizations, trusts, and estates. Next

(16:11):
question is how do they typically get paid for their
core product or services. Accountants primarily get paid through fee
based structures that include hourly service rates, fixed fee arrangements,
retainer fee arrangements, and contingent fee arrangements, although the contingent
fee arrangements are much less common. And then final question

(16:34):
for accountants is is there any potential conflict of interests
between what is best for the financial professional and what
is best for the customer or client? And the answer,
which is going to be true for every single one,
is yes. As with almost every financial professional, potential conflicts
of interests can arise. Some examples include a conflict can

(16:56):
arise within the hourly versus fixed fee arrangement when the
accountant could be incentivized to spend more time on a
project when paid hourly versus when being paid a fixed fee.
You get the idea, right. Have you ever ever heard
the phrase like, oh, I was talking to my accountant
and they're going to charge me five hundred dollars or something.
They're talking a million miles a minute. Conversely, when somebody

(17:17):
says I was talking to my accountant and they were
so slow because I'm paying them hourly, by the way,
that could be the consumer's perception of that, but you
get the idea, So that could be a conflict. A
conflict can arise within cross selling or referral programs with
other professionals like insurance agents or stockbrokers. You'll run into

(17:37):
this occasionally, like why is my accountant so excited about
referring me to this financial planner? What's going on here
right now? With that being said, the conflicts of interest
that typically arise between an accountant and their clients are
less common and less severe than the potential conflicts that
arise when selling a product. So again, everybody, that's kind

(17:59):
of the theme here is remember that, and again you're
going to have to engage people who sell a product.
If you're ever gonna buy a car, that is a product.
If you're ever gonna buy a telephone or I should
say cell phone, smartphone, whatever they call these things these days,
that's a product. So you're gonna have to buy products.
This is not a bad thing, But you just have
to your hackles need to go up a little bit more.

(18:20):
You need to be more cautious when you're buying a
product because many of the people selling them to you
could be incentivized, and so you just you just need
to pause and be aware of what those incentives are.

Speaker 1 (18:31):
Really fascinating information this morning, as always, from our retirement
planning professionals CJ. Closs and Eric Schwartz. If you got
a question for CJ and Eric got a line for
you six oh eight three two one thirteen ten. That's
six soh eight three two one thirteen ten. Of course
you can learn more about Class Financial their website class
financial dot com. That's coss k l a as financial
dot com and their telephone number six so eight four

(18:51):
four two five six three seven. So when it comes
to uh financial, you know common financial categories, those professional categories.
Are there anyone else that we want to kind of
add these and kind of apply these simple four question frameworks.

Speaker 3 (19:05):
Too, Absolutely, Sean. We're not letting the financial advisors off
the hook here just because we are financial advisors. So
we're gonna we're going to apply our four question framework
to advisors like us here at cost financial since our
listeners will quickly understand why our industry and other regulators
have some work to do when it comes to creating

(19:26):
better clarity for consumers around who they're engaging and how
they're actually getting compensated. In many ways, it's like I
said earlier, it feels like it often comes down to
the industry professional that you're working with when it comes to,
you know, how clear they are about the fees that
they're charging. So to begin here, our audience should know

(19:49):
that the term financial advisor is a really really broad
term and how they operate, how they get paid, potential
conflict of interest that can vary a lot based on
you know what licenses or firm affiliations, or even their
fee structure. So currently individuals or entities who use the
term financial advisor they can either sell products or they

(20:12):
can provide services, or they.

Speaker 4 (20:14):
Can do a combination of the two.

Speaker 3 (20:16):
So depending on their license, their affiliation, and their business model,
they can have very complex fee structures. So let's go
back to our four question framework. The first one, what
core products or services do financial advisors provide? So they
can offer you know, investment management, investment products, sales in

(20:38):
many cases they can do financial planning, they can help
with risk management and sell insurance. They can help strategize
around a state planning and tax planning. Obviously those last
two state planning and tax planning. Most advisors do not
actually prepare legal documents or prepare tax returns, but they

(20:59):
do help strategize around it. And who do they sell
these products or services to. So generally we're talking about
individuals and families, business owners, corporate executives. Sometimes they work
with nonprofits or trusts and endowments. It's a pretty broad
population of folks that get served. So how do they

(21:20):
typically get paid for their products their services? This is
where things get really confusing, because advisors can sell products,
so you know, sell a for example, an annuity or
life insurance policy and earn a commission. They can provide services,
which means that they can technically provide for example, building

(21:42):
a financial plan and charging a one time fee for
doing that, or providing investment management services for an assets
under management fee. Right, So, because there's so there's such
a broad spectrum of fee structures, advisors can technically get
paid a commission, they can get paid a fee for

(22:05):
just doing a service, or again, you can have a
firm that does both of those things.

Speaker 4 (22:10):
So some financial.

Speaker 3 (22:11):
Advisors also will will work for banks or brokerage firms
and maybe primarily get paid a salary with you know,
maybe some financial incentives outside of that. But the point
is there's just so many different.

Speaker 4 (22:24):
Structures that exist out there.

Speaker 3 (22:27):
Consumers really need to be they really need to advocate
for themselves unfortunately in these situations, and when when you're
forging a new relationship with a financial professional or or
evaluating a financial professional, this needs to be a question
that folks are asking. And the last of our four
questions here is is there any potential conflict of interest

(22:49):
between what is best for the financial professional or the
entity versus what is best for the customer or client?
And in this case it is again a resounding yes,
there is significant potential for conflict of interest. But the
degree to which this applies it does depend on the
fee structure, so whether it's a commission or fee for
service or whatever it might be. So again we would

(23:13):
want our listeners to hear be a good consumer, advocate
for yourself and ask questions.

Speaker 1 (23:20):
Really great guidance. And it's it's interesting as we kind
of break all of these different areas down. It's just
one of those programs where I think it's important to
listen back if you also, if you enjoyed the program,
also share it as well, and you can do that
right at clossfinancial dot com. That's coss k l a
as financial dot Com. Of course, can listen to the
podcast this and previous shows right on the website Class
financial dot com. You can subscribe there as well. Speaking

(23:42):
of subscribing, great day to sign up for the weekly
Market Pulse newsletter from Class Financials, head on over to
classfinancial dot com Delpha number six oh eight four four
two five six three seven. No charge for the initial
gets to know you appointment at Class Financial. It will
be complimentary to you again, they're number six oh eight
four four two five six three seven. Put a nice
go on this conversation. We'll also do the Class Quiz
Question of the week. We will do that next as

(24:03):
Money in Motion with Coss Financial continues right here on
thirteen ten, WIBI talking with CJ. Closs and Eric Schwartz.
They are our retirement planning professionals from Class Financial. The
website colss financial dot com that's coss klaas Financial dot com.
And they're telephone number six O eight four four two
five six three seven, So CJ. As we're kind of
going through, there's a lot here, a lot to know

(24:24):
when it comes to engaging with financial professionals and of
course avoiding conflicts. But as as Eric left that last segment,
especially with financial advisors as well, there's a lot to know.
There isn't there there is?

Speaker 2 (24:37):
I was I was showing these these show notes to
a friend who's in the accounting world, and as as
he was reading through them, He's like, hey, you're making
it sound like you know everybody's got a conflict, and
I'm like, well, we do. I mean everybody does, I said,
But read to the bottom of the show notes. I said,
if you want to see who we really hammer on

(24:58):
having conflicts of interest, actually people in our industry, and
the account goes that's right, that's right. You guys have
more potential conflicts than we do, which is true. I
want everybody here. We talked there's more financial professionals, but
we talked about three different ones and applied that four
question framework. We talked about bankers, credit unions, loan officers,
we talked about accountants, and we talked about quote unquote

(25:21):
financial advisors. And I say that because it's such a
broad term. So if you just want to apply, like hey, CJ,
if you were to just say, like highest potential conflict
down to lowest out of those three, bar none, highest
would be in financial professionals, mainly because you don't or
I'm sorry, bar none would be financial advisors, my apologies,

(25:42):
mainly because you don't know what hat they're wearing half
the time. Are they selling me a product? Are they
acting as a fiduciary for a fee? What are they doing?
The second one, in terms of conflict of interests highest
conflict of interests would be banks, credit unions, loan officers,
and then the third would be the accountants. So again
no preferential treatment here. Financial advisors can often be the worst.

(26:05):
Now some of you are going, what is he doing?
He's still himself under the bus here. No, so let
me clarify. COLSS Financial. COSS Financial is actually a fee
based fiduciary. We do not sell you products, so we
do give advice for a fee. What I'm saying is
that our industry makes it hard for you to determine that. Now,

(26:28):
if you go to our website, we clarify that we're
SEC registered, we are not broker dealer affiliated, on and on,
but we do have advisors like they have insurance licenses.
Now they don't sell insurance, but how do you know that?
So you get my point, it can be complicated for
consumers to try to understand and filter through all of
this on their own. Again, we are a fee based

(26:49):
financial planning firm. We try to remove as many, if
not all, of the conflicts of interests that could exist
between us and our clients. Okay, now, as i'm we
do want to see further reforms within our industry that
hopefully will help consumers more easily decipher between an individual
or firm that is primarily selling products as a broker

(27:10):
for a commission versus an individual or firm that is
primarily giving advice as a fiduciary for a fee. The
industry has actually made a lot of progress in this regard.
Regulators have made a lot of inroads. If any regulators
or anybody in these industry are listening to me, I
just want to say good job. I think we have
more work to go, but we're headed in the right

(27:32):
direction and in the meantime for consumers, we think it's
paramount that you become aware whenever you're engaging anyone using
the term financial advisor or wealth manager or private wealth
manager or anything similar entitle. One good place to start
to kind of figure out who they are and how
they function is by visiting the Certified Financial Planner Board

(27:54):
consumer website at www dot Let's make a plan dot org,
and you can review their various resources and suggested questions
to ask a financial advisor before engaging their services. You
can also go to something called go to Google and
put in broker check and you can look at their licenses.

(28:15):
You can look at their history to see if anybody
that you're working with or planning on engaging has any
violations or anybody who's filed a complaints against them. So
there's two resources, Let's make a Plan dot Org and
then broker check, just to do some some background digging
on the person it is or the firm that it
is that you're engaging.

Speaker 1 (28:34):
Speaking of going online as well, mentioned the website colssfinancial
dot com that's coss Klaas Financial dot com. I always
mentioned I can learn more about the separate divisions at
COSS Financial, things like fee for service to the coloss
three sixty and costs four O one k fee based
retirement plans, all that stuff. A lot of this information
also spelled out right at cossfinancial dot com. Great website
to get to know the team at Coss Financial as well,

(28:54):
great data. Pick a bone game call six oh eight
four four two five six three seven. Little added bonus
that first gets no appointment at Loss Financial. It's not
gonna cost you a thing that'll be complementary to you
again their number six oh eight four four two five
six three seven. You can want to hold on to
that telephone number now as well, because it's time for
the class quiz question of the week. It works like this,
just a moment to ask you the class quiz question
the week. You well, then if thirty minutes from the

(29:15):
today's program to call the Class Financial office right here
in Madison at six oh eight four four two five
six three seven if you are the first call with
correct answer to win this week's prize, which is a
twenty five dollars gift card to Amazon. This week's class
quiz question of the week is this true or false?
More potential conflicts of interest arise when someone is selling
you a product for a commission versus providing you with

(29:38):
a service for a fee. Telephone number six oh eight
four four two five six three seven. First call with
the correct answer win the twenty five dollars gift card
to Amazon. Don't forget as well. It's Class Financial's office
right here in Madison. The number one more time six
oh eight four four two five six three seven CJ. Eric.
It's always great chatting with both of you, guys. Enjoy
this beautiful day.

Speaker 3 (29:58):
Thanks Sean, Thanks Sean, see you guys.

Speaker 1 (30:00):
Doctor Barti Greer comes your way next here on thirteen ten.
Wiba