Fees

'Fees' should probably be included with things like 'death' and 'taxes' as being inevitable. Maleeah and CJ talk about what kind of fees you can expect when dealing with your retirement accounts.

Episode Transcript

(00:00):
This is Money in Motion with ClassFinancial, a fun and informative show designed
to help you get answers to allyour retirement questions in one place. You
know the music that means it's timefor a phone. Nine is to be
open for you at six O eightthree two one thirteen ten at six eight
three two one thirteen ten for Moneyin Motion, of course, brought to

(00:22):
you by Class Financial right here onthirteen ten WIBA. Great opportunity if you've
got a retirement related question to geton the air this morning. Again our
number here at station six O eightthree two one thirteen ten. That's three
two one thirteen ten. You canlearn more about Class Financial on their website
class financial dot com. That's klaasfinancial dot com. Great website, great

(00:42):
resource. Not n't even learn aboutthe team at Class Financial. You can
learn about their separate divisions and differentservices that they offer. Also a prime
opportunity there to sign up for theweekly Market Pulse newsletter. I'll get to
scroll down towards the bottom. You'llsee a little envelope says stay current.
From there you can subscribe to theweekly Market Pulse newsletter. And what it
is is a weekly email you'll receivewith a snapshot of some of the stuff

(01:03):
that's been going on in the market. Some interesting little factoids there, as
well as a link to the mostrecent podcast. Again that available to you
at class financial dot com. That'sk l as Financial dot com. The
telephon number for the office right herein Madison SIXZO eight four four two five
six three seven. No charge forthat initially, get to know your appointment
at Class Financial. It will becomplimentary to you again. The telephone number

(01:26):
six O eight four four two fivesix three seven. And to get on
the air this morning, just giveus call six eight three two one thirteen
ten. That's three two one thirteenten. Joined this week by Malia Quavis
and Nate Bribe. Nate, howare you doing this morning? Morning sewn
doing good? Good to talk withyou. Malia, How are you doing
on this beautiful day? Are youkeeping cool? As the kids would say?

(01:46):
Yeah, it's a little sweltering outsidecool? Well said, Now you
are you are from California? Originallyyeah, but this isn't This still does
not work. Just was wondering aboutthat. Also, great sampling for folks
who are maybe considering Florida. Justthink a little bit, we've We've got

(02:06):
a great conversation that had in agreat opportunity as well to get down the
air with your question. This week, we're going to be talking about fees
and understanding what fees are showing upwhen it comes to investing, whether you're
doing it on your own or gotthe four oh one k maybe at work,
or if you're working with a financialprofessional. We're gonna talk about that
this morning with Melia and Nates andmentioned the phone lines are open six to
eight three two one thirteen ten.That's three two one thirteen ten. Before

(02:29):
we start talking about fees, though. One of the other great features of
the program each and every week isthe Class Quiz Question of the week chance
to win a fantastic prize. Thisweek, no exception, a chance for
you to win a twenty five dollargift card two Cabella's from our friends at
Class Financial with the Class Quiz QuestionLeague. Tell you about how you can
win that a little bit later onthe program, I will tell you though
oftentimes, just about every time boththe question and answer to the Class Quiz

(02:51):
question the League come up during theshow, so it pays to pay attention
in many, many different ways.To all the great information. Before we
get rolling on this week's topic,let's take a look back actually at last
week's Claus Quiz question a week getthe question and answer there as well.
Meliah. Yeah, so last weekwe had a great conversation about retirement readiness,
a little checklist we had prepared forpeople to kind of review where they're

(03:14):
at. So the question of theweek was what percentage of retirees report that
they ended up spending more than theyexpected in retirement? Is it ten percent
or more than thirty percent? Andso simone, congratulations to her. She
correctly answered, thirty percent of retireesreport that they spent more than expecting in

(03:35):
retirement. So just put that onyour retirement checklist to make sure that you're
understanding you might spend more in retirementso you can plan accordingly. And it
was a fantastic show, and it'sa great opportunity you mentioned that checklist to
listen back to that program, andof course you can subscribe to the Money
in Motion podcast right at Claus Financialdot com. That's Klaas Financial dot com.
There telephone number six so eight fourfour two five six three seven no

(03:58):
charge. The nitial get to knowyou intet Quast Financial, it will be
complimentary to you. Delphone number sixto eight four four two five six three
seven to get on the air thismorning six eight three two one thirteen ten.
That's three two one thirteen ten.I know you guys help people with
retirement planning each and every day,and I've got a guess. It's a
pretty important part of the conversation isunderstanding what associated fees cannon will show up

(04:19):
when you're investing, either you're doingit on your own or four oh one
ks or working with a financial professional. Correct, Yeah, Sean, this
is an important topic today because honestly, some people come into our office and
say, well, I don't paymy guy or gal you know anything,
or there's no cost in my retirementplan, and well that's not always exactly

(04:39):
true, you know, So todaywe definitely want to understand what and how
you know you are paying for advicewithin the financial industry. So some questions
to ask, are are you payingfor an investment product, are you paying
for a financial advice or some combinationof both. Are these fees competitive?
Are there any surrender charges or restrictionto get my money out? If I'd

(05:00):
change my mind? So understanding allthese costs before you invest is absolutely imperative.
So keep in mind that you knowany service as we use, there
is an associated cost. So theexample I always use is if you change
your oil in your car yourself,maybe the oil in the filter is forty
or fifty bucks, but if youtake it to the dealership, it costs

(05:24):
seventy or eighty dollars for the partsand the expertise of the mechanic. So
generally speaking, when you bring theadvice of a financial planner in, costs
generally go up versus just the costof investing your money. So I always
laugh when we call investment companies withour clients and the recording says we don't
give tax, legal, or investmentadvice. It's funny because that's literally what

(05:46):
most people are calling about. Definitelythink when the value of most financial planners
comes from their advice, not justyou know, investing your money, but
the good news with the cost ofinvestment management, it's drastically been reduced with
advancements in technologies and many platforms goingto zero dollars and trading fees for people

(06:06):
who choose to self drive. Mostrobo advisors, which will get into later
charge anywhere from twenty five basis pointsthat's point two five percent to fifty basis
points point five percent, so ahalf a percent to diversify and rebalance your
investments. Now, let's get intosome different types of investment fees that you

(06:28):
may be seen in your accounts.The first term that we wanted to understand
is the term load. This refersto as sales charge or commission that is
charged to an invest in when you'rebuying or redeeming shares. So common types
of sales charges that you may seeare front end loads or back end loads.
These fees truely are mainly used tocompan representative you're working with. But

(06:50):
let's break down three common types ofloads that you may see in your accounts.
The first one is probably the mostcommon. It's a front end load,
and this is mainly associated with ClassA mutual funds that you may have
in your account. So these area percentage of the total investment or premium

(07:12):
paid into a mutual fund, annuity, or life insurance contract. The percentage
paid for this front end load isvaries between investment companies, but it's typically
around five percent, and there isa rule that it cannot be higher than
eight eight point five percent per finerrules, which is good. And according
to the Investment Company Institute, ninetyone percent of all money invested in load

(07:34):
funds in twenty twenty. Well,we're held in front end load funds,
which which we do see in practice. Very interesting talking this morning with our
retirement planning professionals from Class Financial,Nate Bribe and Malia Quavis. If you've
got a question, we've got aphone line for you to get on the
air this morning at six to eightthree two one thirteen ten. That's three
two one thirteen ten. Forget aboutClass financials website class financial dot com that's

(07:57):
Klaas Financial dot com and they're telephonenumber six to eight four four two five
six three seven no charge. Theninit shi'll get to know your applotment deck
lost financially it will be complimentary toyou. And Nate, you mentioned there's
three types of loads. You mentionedfront endloads. Now I am not I
am not the brightest ball always,but I've got a guess back end might
be another one. Yep, there'sa few more. And just to re

(08:18):
iterate how important it is to reallytrack what you're paying and fees. You
know, if you just put somemath to it, you know, you
put one hundred thousand dollars in afront end load mutual fund that has a
five percent you know fee, let'scall it, only ninety five thousand right
is going into the investment. Soyou know, if that's not disclosed to
you or it's not always clear youget that first statement, you said,
wait a minute, I put inone hundred thousand, there's only ninety five

(08:39):
in there right, just being likewe said, we need to slow down
and be a wire and ask theright questions before we sign up for these
accounts. But John is on theother end. You may have an account
that has a back end load ora B share that has a c d
SC charge, which is a contingentdeferred sale charge, meaning that all your

(09:01):
money would would potentially go into thefund. But if you redeem shares within
a period of time five to sevenyears, there may be a fee to
get the money out. So itcould start it let's say five percent if
you redeem shares within the first year, four percent you know, in year
two, three and three and soforth on down until it's zero percent after

(09:22):
five or seven years. So thoseare more common in like annuity products that
we see, but a whereof sothe last one are no load funds,
which are more popular now with advisorswho charge fees for their services instead of
commission. So some of these fees. Just be aware do still charge at

(09:43):
twelve B one fee once we'll getinto in a second. That can also
compensate the representative. Fascinating stuff,really important information this week, as always
from our retirement planning professionals from ClausFinancial chatting this week with Malia Quavis and
Nate Bribe. If you've got aquestion for Malia, Nate love to get
you on the air six O eightthree two one thirteen ten. That's six

(10:03):
O eight three two one thirteen ten. We'll get you right on the show.
Don't forget. Can learn more aboutClass Financial on their website class financial
dot com. That's spelled klaas financialdot com. Great website to learn more
about the team at Class Financial.Also subscribe to the weekly market Paul's newsletter,
Listen back to this and previous showspodcasts as well. All at Class
financial dot Com. Telephon number forthe office right here in Madison six O

(10:26):
eight four four two five six threeseven. No charge for financial get to
know you apployment at Claus Financial.It will be complementary to you. Again,
they're telephone number six O eight fourfour two five six three seven number
to get down the air this morningsix O eight three two one thirteen ten.
That's six O eight three two onethirteen ten. We'll talk a little
bit more about understanding fees with Nateand Malia and take your call next as
Money in Motion with Class Financial continueshere on thirteen ten. WIBA. This

(10:56):
is Money in Motion with Class Financial, a fun informative show designed to help
you get answers to all your retirementquestions in one place. Phone lines are
open to you right now at sixO eight three two one thirteen ten.
That's six O eight three two onethirteen ten. Gets you on the air
with Melia and Nate from Class Financial, our retirement planning professionals from Claus Financial,

(11:18):
Malia Quavis and Nate Berby again.The website Class Financial dot com.
That's Klaas Financial dot com. Greatwebsite and great resource. And the telephone
number six O eight four four twofive six three seven. Don't forget no
charge for the financial gets no youappointment tech class financial, it will be
complimentary to you. Again the numbersix O eight four four, two,
five, six, three seven andthree two one thirteen ten to get on

(11:39):
the air this morning talking about fees, and I think a lot of folks
wonders. So let's say I'm workingwith a financial advisor, Malia, what
type of fees am I likely topay there? Yeah, so this is
a great question, and I don'twant people to miss. The point of
the show today is really if you'reinvesting money anywhere, there are associated fees.

(12:01):
So sometimes they are more you know, transparent, and you can see
them. Other times, you know, as Nate pointed out, with commission
only, it's like kind of likewho in that money is no longer in
your account, So you've got tounderstand what has happened. So when we
look at the three basic ways thatadvisors get paid, the first one would

(12:22):
be commission only advisors, as Natewas discussing, where you are paying through
a load, which we just explained. So that is one of the more
common ways people have invested money overthe last several decades, to be quite
honest. Then we have the nextline item, which is fee only advisors.
Now these situations are you're paying afee for a service. You sit

(12:43):
down, You're maybe just doing afinancial plan. This could be on an
hourly basis. It could be aproject based situation. Like I said,
a financial plan, you're basically toldupfront what the fee is going to be
for that completed project. So justunderstand the distinction of each of these areas.
The next one is fee based advisors. So these advisors may use a

(13:05):
combination of methods. Your fee mayshow up as an assets under management fee
or AUM as we call it,which is when your account is charged each
year or each quarter as a percentageof how much money is being managed for
you. So an example this couldbe that if you have a certain amount
of assets under management, depending onyour level, depending on the company you're

(13:26):
working with, you might have onepercent or more of a charge on those
assets on a yearly basis. Soessentially what happens here is the advisor and
the client will basically have skin inthe game, as we say, which
means as your account makes more,there will be an increased dollar amount,

(13:48):
but the percentage doesn't change. Andin the situation of twenty twenty two,
where most people saw a decline intheir account balances across the board, across
the whole market, you would havenoticed that your fees actually went down.
So point being both the advisor andthe client have the same you know,

(14:09):
ultimate goal is is you want tomake as much as possible within the risk
provided you know that that makes sensefor the client. So for clarity,
how does class financial get paid whenwe work with clients. We fall under
the fee based or fee only advisorymodel as a registered investment advisor. So
that's important to understand. As Natesaid, you want clarity. You want

(14:31):
to know who you're paying, howyou're paying, how often your pain and
certainly ask about different points if youwere to invest more, are their reductions
in those fees. Other fees tobe aware of include expense ratios, and
those are the fees that cover theannual fund operating expenses. So for example,
you may see in a prospectus ifyou read those or your end statements

(14:54):
and expense ratio of one percent,which that what that typically means is that
if you I, say a thousanddollars invested in your mutual fund, than
your cost in that one fund isessentially ten dollars a year So the fees
that make up the expense ratio thatincludes management fees, those would be the
portfolio managers that oversee those funds,because as I said, everybody's getting paid.

(15:18):
Someone's getting paid. Distribution and servicefees, which we call twelve B
one fees. Those handle the marketingcosts, how much it takes to promote
the fund. Let me be clear, the ones that you hear about all
the time in the media on nationalat a national level, there's a lot
of twelve B one fees coming outof those invested funds because somebody is paying

(15:41):
for the marketing and finally administrative feesand operating costs. So those would be
salary managers, record keeping in research. So some funds are more expensive to
run than others. It depends howhigh or low that expense ratio is.
Generally, mutual funds that invest inlarge companies will have expense ratios under one
percent. Our funds at focus maybeon the smaller companies or international stocks.

(16:07):
Sometimes we see expense ratios in theone point two five percent range. So
you just want to understand what itis you're investing in, how much you're
paying. Talking this morning, withoutretirement fund professional. C. Chase,
CE Chase off. Why he's outof town? Why is it every warm
day? C. Jason, we'retalking off. Yes, I'm talking with

(16:29):
Milliaquais in Nate Bribe this morning,I'll retirement plantic professionals from Claus Financial.
Learn more online Claus financial dot com. That's k l as Financial dot com.
And of course the telephone number sixO eight four four two five six
thirty seven. That's four four twofifty six thirty seven. Oh charts.
Then I should get to know youblame me at Clause Financial. It will
be complimentary to you, Millia.Is there more to that area as far

(16:52):
as different types of fees people needto be aware of? Nope, that's
pretty much what I'm covering here.That's enough meet. Yes, except you
may have heard about robo advisors.We'll talk about that and just moments still
got full lines is open for youas well. Here at thirteen ten w
IBA delphin number six eight three twoone thirteen ten. That's three two one
thirteen ten. More of Money inMotion next year on thirteen ten w IBA.

(17:19):
This is Money in Motion with ClassFinancial, a fun and informative show
designed to help you get answers toall your retirement questions in one place.
So got time for your question,your call up to get you on the
air this morning six eight three twoone thirteen ten. That's three two one
thirteen ten. Chatting this week withMalia Quavis and Nate Briby our retirement flinning
professionals from Claus Financial. Learn moreabout Class Financial on their website class financial

(17:44):
dot com. That's Klaas Financial dotcom. Great website there to learn more
about the team and their telephone numbersix to eight four four two five,
six three seven. Talking about feesthis weekend, of course we all hear
about technology and like Rouble advisors,what about Roebo advisors and are there fees
to be aware of their innate Whatabout our retirement plans at work? Yep,

(18:08):
yeah, so we set it beforeI'm going to say it again.
There are fees in some way whenyou invest your money. Okay, you
know this is even true with Roeboadvisors. So for those who are not
familiar with robot advisors, these reallyhave gainstein probably the last ten years or
so. They're online investment platforms thatinvest with the help of technology and algorithms

(18:32):
to drive some models with very littleto no human interaction. So typically if
you punch in, you'll they'll askyou'll fill out a questionnaire to collect some
information regarding your financial situation, degreeof risk, you're willing to accept,
your future goals, and things likethat. Then they'll use the data to
offer some limited advice and ask theallocation to invest your money. So with

(18:57):
these limited services, Roilboard advisors douse the AUM fee structure that Malia talked
about a few minutes ago, andtypically we see these providers charge anywhere from
point to five percent to point fivepercent, so twenty five bases points to
fifty basis points is how we referto that. In the industry, some

(19:18):
do have the option to layer onpersonalized human advice. What's do add an
additional layer of fees to get peopleup sometimes to one point five percent as
well. There. So, likeI said, really, you know,
the biggest thing that we're hitting onhere is you know, ask your provider,
you know what services or advice amI getting for the you know,

(19:38):
for my fee? And I lovewhen clients come in with these questions or
compare our feed gride around town becauseit's very easy for us to articulate our
our value proposition and any any firmthat you work with should should be comfortable
doing that as well. So youknow, am I getting regular scheduled meetings
with my advisor? Am I gettingadvice and other areas of my financial situation

(19:59):
or just having advice and investing mymoney? Am I getting personalized recommendations to
my situation and as my advisor coordinatingtheir advice with other financial professionals such as
accountants and attorneys. So really understandingwhat you're paying things like that, And
like I said, I think thekey point is that the fees to just
invest your money have come down drastically. It's really the higher fees we see

(20:25):
are for the level of advice thatmost clients are looking for, you know,
how much they should be saving whenthey can retire. Kind of all
those tough questions. That's when youyou see through that one percent range.
Yeah, you think too of ofyou know, as under as we talk
this week about understanding those fees,and as somebody once said, you you
can't what does it say? Youcan't judge what you can't measure. You

(20:48):
can't manage what you can't measure.And as we talk about that's the that's
the quote there. So they talkabout measuring and deciding value. Understanding what
fees are and what those charges areare really important in making an informed decision.
What about NATE when it comes toemployer retirement accounts? What are some
of the details in that area.Yep, I mean there are fees associated

(21:11):
with these plans as well. Youknow, investors make educated decisions that The
Department of Labor introduced a fiduciary ruleback in twenty twelve calling for four owen
K fees to be disclosed on statements. So this requires four owen K administrators
to always act in the best interestof plan participants, which is good and
it's funny when we say that toclients sometimes like, well, weren't they

(21:33):
ating my best interest? And that'sunfortunately not always the case depending on where
and how you have your money investing. But the general idea with these rules
is to keep fees low, whichis a good thing. So there are
investment related fees and four owen Kplans and are generally charged as a percentage
of assets so the AUM model.In addition to those, there are plan

(21:56):
administration fees and individual service fees fortaking out a loan or a hardship distribution
or some things like that that arekind of one off fees. Now,
some employers can choose to elect tocover some of these fees, but there's
certain fees they can't cover. Sothat's why there's always this in between citing
how much your plan charges and howmuch the employer covers and how much you,

(22:18):
as the participant in the plan payout of your account. So according
to the Government Accountability Office, theyfound that about forty percent of four when
K participants don't fully understand the informationgiven in the disclosures for the plan to
determine their fees. And I honestlythink that's low. I think would guess
would be a little bit higher,but that's not surprising. The unfortunate thing

(22:41):
about our industry is we have aton of disclosures and I really don't think
a lot of them help the clientunderstand, you know, they're what they're
getting or what the costs are.But furthermore, sixty four percent are unaware
that they pay any fees in Therefore, when K plan, and I truly
believe that I remember years ago andobviously we've moved away from paper and now

(23:02):
it's all digital, But I rememberwith four oh one ks, you'd always
get like this. It was likea phone book full of like information,
and you'd like, and I got, and I know I'm not alone in
this. You'd you'd sit down atthe at the kitchen table one night and
just page through this thing, andyou want to talk about it. You
know, who needs who needs anythingto help put you to sleep? Your
eyes are glossing over back about halfwaythrough the first page, like, oh

(23:26):
my goodness, what is this stuff? So so Nate, Where where can
you find fees associated with your fouro one K plan? Probably deep in
that manual, isn't it. Yeah, what Sean likes to read is called
the summary Plan description, and thathas all the that's on his bookshelf.
You can go look for it,but that is the document pretty much.

(23:48):
There's a few others, but thathas the summary of the plan. There
we go right that details you know, kind of the fees and service as
you're getting from the plan and thingslike that, investment options costs associated with
a different investments. So that's reallythe key word that you could ask from
your employer or the plan record keeperto really item out these fees, so

(24:10):
you know, you can look forlabels such as total asset based fees,
totals or expense ratios that Malia mentionedearlier regarding the investments in your plan and
things like that. And unfortunately,you know, as Shane will tell you
that these these are technical terms,so you're you know, the layperson may
not fully understand them. But afee is a fee at the end of

(24:30):
the day, and I think wecan all understand that. Oh, we
sure do understand that part for sure. Talking this week with our retirement planning
professionals from Claus Financial, Nate Bribeand Malia Quavis. Learn more about Class
Financial on their website Class financial dotCom. Dolph for number six to eight
four four two five six three seven, no charge for the initial gets no
apployment at Class Financial, it willbe complimentary to you again their number six

(24:51):
to eight four four two five sixthree seven on the website Class financial dot
com. That's Klaas Financial dot Com. Another fantastic feature you're of the website
is the opportunity to submit a questiononline to be answered right here on the
program and the Money in Motion listenerquestion corner. And this week we did
get an email from Sydney with thefollowing question says, I recently switch jobs

(25:14):
and now have access to an HSAhealth savings account. How much can I
put into it? And if Idon't use it, do I lose it?
Yeah, that's a great question,and that's why everyone's fearful of putting
a dollar in some of these accounts. I know, I'm helping my adult
children do this and they're like,well, what if I don't use it,
mom, And I'm like, no, it's a good thing. It's
a good thing. So if youwithdraw HSA funds, So let's be cleared

(25:37):
that we're talking to health savings accounts, not the flex savings accounts. So
if you withdraw HSA funds and youdon't use them to pay for a qualified
medical expense in the future, youwould pay income tax on that and a
penalty of twenty twenty percent. Sopoint being is that what we see with
our clientele is you're going to useanything that's in the Health Savings account health

(26:00):
related at some point, so youdon't need to worry about that. Unlike
the FSA, the Flex savings account, there is no use it or lose
it provision in the hsas. Soif you have an HSA through an employer,
the money in the account is yours. You can take the balance when
you leave your job. You canroll it into an IRA account. That

(26:22):
that's a question that comes up.If they can be rolled into an IRA
account, they cannot be. Andagain, you want to be able to
use the funds tax free for medicalrelated costs at any time, So i'd
encourage you to max out your HSAcontributions if you have a plan. The
twenty twenty three limits for those accountsare three thousand, eight hundred and fifty

(26:44):
dollars for an individual or for afamily seven thousand, seven hundred and fifty
dollars. If you're over fifty five, there's an additional thousand dollars you can
put in. And one thing thatI always question is, well, if
my employers helping contribute to my HSAplan, does that account or not?
It does count. So you can'texceed that annual limit set by the i

(27:04):
RS. So why would you wantto put money into an HSA because you're
going to lower your taxable wages forthat year. Any dollars you put into
that and you get to use itfor yourself so it's a win win.
I definitely would say, Sydney,you should take advantage of participating. Absolutely
fantastic question, Sidney, don't foryou can do two can be like Sidney.
You can submit a question right atclass Financial dot com. That's Klaas

(27:27):
Financial dot com. Learn more aboutthe team as well at Class Financial and
their different divisions, and sign upfor the weekly market Paul's newsletter all at
class Financial dot com. That's KlaasFinancial dot com. They're telephone number six
O eight four four two five sixthree seven. No charge for that initial
gets to knowing you appointment tech ClassFinancial. It will be complimentary to you

(27:48):
again the number six O eight fourfour two five six three seven. Going
to hold on to that number aswell because it's time now for the Class
Quiz question the week. It workslike this and just a moment I'll ask
you the Class Quiz question. Weekwill then have thirty minutes from the end
today's broke having to call the ClassFinancial office right here in Madison at six
O eight four four two five sixthree seven. If you are the first
caller with the correct answer, winthis week's prize, which is a twenty

(28:08):
five dollars gift card to Cabella's.This week's Class Quiz question week is this
is the following statement true or false. A load is a sales charge or
commission charged to an investor when buyingor redeeming shares in a mutual fund.
True or false. Six O eightfour four two five six three seven.

(28:29):
First call correct answer when the twentyfive dollars gift card two Cabella's and again
that's Class Financial office their telephone numberright here in Madison six eight four four
two five six three seven. MaliaNatan, It is always fun chatting with
you guys. You enjoyed this mostbeautiful day. Thanks Sean, Thanks Sean.
News comes your way next right hereon thirteen ten w IBA. This

(28:52):
is Money in Motion with Class FinancialAsset Advisors, LLC, a registered investment
advisor registered with the SEC. Thecontent of this show is for informational purposes
only and should not be considered individualinvestment advice. Class Financial does not offer
tax or legal advice. Any opinionoffered during the course of this show is

(29:14):
the opinion of that particular investment advisorrepresentative, and not necessarily the opinion of Class Financial