Episodes

Episode 157: Let the Guaranty Fund Genie Out of the Bottle With Harry Stout and Bruce Saul

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This episode is for producers only. One of the biggest pain points in explaining annuities is describing the nature of the product guarantees. Most state laws prohibit agents or carriers from proactively discussing state guarantee associations with clients during the sales process. However, in an age of Google and best interest standards, does this rule still make sense. Today we have two guests who recently wrote a story for ThinkAdvisor on this exact topic.

Links mentioned on the show:

https://www.thinkadvisor.com/2022/05/16/let-the-guaranty-fund-genie-out-of-the-bottle/

https://www.financialverse.com/

https://content.naic.org/sites/default/files/inline-files/MDL-520.pdf

https://www.nolhga.com/

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Episode Transcript

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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

254
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[paul_tyler]: yeah

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[bruce_h__saul]: be in the public sector so i

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[harry_n_stout]: so

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[ramsey_d_smith]: yeah

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[paul_tyler]: oh

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[bruce_h__saul]: served as a

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[paul_tyler]: yeah

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[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

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[harry_n_stout]: yeah

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[bruce_h__saul]: that’s

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[paul_tyler]: that

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[bruce_h__saul]: a federal office create under dodd frank
and it is

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[paul_tyler]: oh

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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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[ramsey_d_smith]: oh

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[bruce_h__saul]: for a number of years and concentrated

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[paul_tyler]: oh

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[bruce_h__saul]: mainly

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[ramsey_d_smith]: oh

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[bruce_h__saul]: on life insurance

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[ramsey_d_smith]: yeah yeah

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[bruce_h__saul]: and annuities the industry

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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

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[ramsey_d_smith]: yes

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[bruce_h__saul]: m that role

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[harry_n_stout]: ah

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[bruce_h__saul]: and others i do have a lot

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[harry_n_stout]: yeah

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[bruce_h__saul]: of

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[ramsey_d_smith]: m

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[bruce_h__saul]: direct experience with fixing variable annuities and
life insurance also disability income and a fair

295
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[bruce_h__saul]: amount of launcher in care insurance

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00:04:57,494 –> 00:04:57,816
[ramsey_d_smith]: yeah

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[bruce_h__saul]: and i also wanted to

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[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

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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
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[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

346
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

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersEpisode 157: Let the Guaranty Fund Genie Out of the Bottle With Harry Stout and Bruce Saul

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