40 Burst results for "Advisor"
Bloomberg Radio New York - Recording Feed
Monitor Show 05:00 09-29-2023 05:00
"Investment Advisors switch to interactive brokers for lowest cost global trading and turnkey custody solutions. No ticket charges and no conflicts of your interests at ibkr .com slash ria. Anytime, anywhere around the world, on the iHeartRadio app, tune in Sirius XM, the Bloomberg Business app, and Bloomberg .com. Or listen on demand wherever you get your podcasts.
Spellcaster: The Fall of Sam Bankman-Fried
Fresh update on "advisor" discussed on Spellcaster: The Fall of Sam Bankman-Fried
"A Bank of America company. What would you like the power to do? Investing involves risk. Merrill Lynch, Pierce, Venner and Smith Incorporated, registered broker, dealer, registered investment advisor, member SIPC, a wholly owned Bank of America Corp. These are the sounds of a dinner, a dinner that almost didn't happen. A dinner now served thanks to people like you. Due to COVID -19, 17 million more Americans may face hunger. Feeding America is helping our neighbors in need. And if you're able, you can too. Donations are being visited at feedingamerica .org slash coronavirus brought to you by the Ad Council and Feeding America, 200 food banks strong. You've heard the phrase the voice of experience. You're the guy that made the bet with Warren Buffett. that I get that might go on my tombstone. There's actually more than one of them. Writing on Star Wars was crazy fun. The voices of experience tell their stories on masters in business. When I got hired in 2013, M &A was dead. I think life and markets are intertwined. Very good. Host masters in
The Eric Metaxas Show
A highlight from Katy Faust
"Hey you, have you checked your bucket list lately? Are you ready to take care of item number seven? Listening to The Eric Mataxas Show? Well welcome, tune in, and then move on to item number eight. Skydiving with Chuck Schumer and AOC. Here now is Mr. Completed My Bucket List at age 12, Eric Mataxas. Hey there folks, welcome. I'm excited to have back as my guest Katie Faust. Faust, Katie Faust. New book called Raising Conservative Kids in a Woke City. Katie, welcome back. So good to be with you. You've got a nice little feature in my storyline of authoring. I didn't write my first book until you were like, Katie, you need to write a book. And I was like, I don't have time. And you're like, well, then your little global children's rights movement is going nowhere. And I was like, well, then I guess I write a book. So credit to you for getting Stacy and I into the official publishing world because we wouldn't have done it without your coercive prompting. Wow, that's terrific. Now, the problem is biblically you have to tithe unto me after the order of Melchizedek. That's biblical since I was the one behind this. And you are without genealogy and eternal, is that how this is working? Well, this is Salem radio, so I guess it all makes sense now. Oh, my God. Oh, that is creepy. The priest of Salem, Melchizedek. All right. I love the fact that tons of people are saying, what, what, what are you talking about? Read your Bibles, people. All right, I don't have time. So Faust, Katie you are your organization is called Them Before Us. Talk about that a little bit before we get into the new book. Yeah, well, I am really passionate about two things. One is when it comes to the changes in culture, law and technology that are taking place in our world today. I'm very passionate about don't touch the kids. Leave the kids alone when it comes to changes in marriage, family, parenthood, reproduction. And right now the world is looking at kids and they're like, those are accessories that I can cut and paste into any and every adult relationship. So the first book is about no children have a right to be known and loved by their mother and father. All adults need to conform to those rights. So whatever is going on in your personal life, leave the kids alone. But I'm also very passionate about something else, and that is leave my kids alone. Don't touch my kids. But that's very challenging because this culture is insane and it's absolutely after our kids. They are hell bent in destroying children's life, family, mind and body. And they do that highly and very effectively through indoctrination, whether that comes through the schools, whether it comes through social media, whether it comes through mainstream media, their friend group, sometimes infiltrating their churches. And so my co -author Stacey and I have written a book about how we have been able to raise collectively our seven kids between our two families in one of the most hostile, progressive cities in the world, Seattle, and largely sending them to public schools. And you can't capture our kids. Like we have been able to locate our worldview in our kids to the point where they can spot the lie. They can stand against the crowd and they can push back. Right. And look, there are a few things that need to be said. First of all, the fact that we are now at a point where the left, broadly defined, is coming after our kids. This is when you move from like mere leftism or from liberalism or whatever we called it in the past into full blown Marxism, cultural Marxism, where they say and they believe the family is the enemy of the state. They want to crush families. They want to divide children from their parents. They want to divide husbands from wives. They want to destroy the family because the family, like God, like people of faith, is their enemy. And so this is something that we need to recognize. It's a new iteration in the long march to the institutions. They have now gotten to a point where they're open about wanting to steal our children, steal our children's minds. And you're quite right. You know, the buck stops here. That's that's not going to happen. We will die as parents before we let you do that. And we will die happily. That's right. Children from these vile ideas. So your book, the new book is Raising Conservative Kids in a Woke City. Now, I want to say there are other options, folks. You don't need to live in a woke city. Perhaps you don't need to send your kids to public school. You can homeschool your kids. I would say the first thing to anybody would be homeschool your kids. You know, go to Sam Sorbo, ask her how to do it. Everybody who says I'm not qualified to do it is totally qualified to do it. But what you're saying, Katie, is that even if you can't do that, even if you can't send your kids to a genuinely faith based traditional school, there is hope. Well, and the deal is like the woke is coming for your kids, even if you're homeschooling them, even if they're in a great private school, it is seeping into their world. I mean, I've got friends at great conservative Christian schools where the woke is infiltrating them as well, where kids are talking about being pansexual. You know, and it's a private Christian school. And I'm surrounded by homeschool kids who are awesome. And I love them. I'm currently running the youth ministry at our church and there's a lot of homeschooled kids. These kids are great. They're also battling these woke ideas. It is also infiltrating their world. So like you cannot bubble wrap your kids. And honestly, you should not try to bubble wrap your kids. There is an appropriate way to shelter your kids early on and then strategically expose them to these ideas. You, the parent, introduce them. You don't let the world introduce it to them. You introduce this in age appropriate ways, in developmentally appropriate stages. And that's what we do in the book is we kind of lay out sort of these stages of learning for kids what you need to be covering in each of these different phases, how to strategically make sure that you are getting to your kids first rather than letting the world introduce these concepts to your kids and thereby establishing yourself as the expert. And parents need to be doing this regardless of your zip code, regardless of how your kids are being schooled. You we all need to inoculate our kids against the woke virus. And if we can do it in Seattle with our kids going to public school, you can do it, too. Well, that's amazing. And listen, what you're saying is, is that, you know, when you say you can't bubble wrap your kids, the point is you want to let them understand why the ideas on the left are bad. Not just say that they're bad, but actually make them understand. No, no, no, no. They're actually bad. They're actually harmful. They're stupid. They're illogical. They're irrational. They're anti -human. They're inhuman. They are failed and failing and will fail. Our kids need to get that. So it's not just my parents believe that and they told me I have to believe that. No, no, no. It's actually true. It's like teaching your kid math. You know, then they can do it on their own. They don't they don't need you once they learn how to do it. So that's an important point to make. So the book is brand new folks raising conservative kids in a in a woke city. And I'd forgotten, Katie, that you lived in Seattle. Of course, I live in New York. And it needs to be said, you said it, but it needs to be said again and again that a lot of these places that we trusted, a Christian schools, Christian institutions, churches have themselves about the need to bail or are perfectly willing to go along with bowing the need to bail. A lot of the institutions that we once took for granted as on the good side have gone to the dark side. Christianity Today magazine completely gone over to the dark side. Campus Crusade, now called Crew, has opened the door to tons of bad ideas. The Gospel Coalition, which was once OK, has opened the door to tremendously pernicious ideas. And so it really does fall to us, the parents, to take this seriously and to understand it is our job. We can no longer entrust our kids to these to these places we once thought were safe. Well, and we talk about in the conclusion, like sometimes it feels like, what can I do? I don't have a huge platform. I'm not in political office. You know, I don't I'm not an author at any of these outlets. You actually have the most position as a parent. Do you understand the power of raising the next generation to embrace conservative ideas? And by that, we define conservatism as you're just recognizing historical, economic and biological reality. That is what conservatism is today. On team reality, folks, it's called reality. We believe in reality. That's right. It's no longer just return to the gold standard, you know, kind of people or or, you know. Hawks on foreign policy, it's like if you recognize that men and women are different, if you recognize that the free market is the best way to conduct ourselves in the economy, if you recognize that life begins at conception, if you recognize that, you know, we are defined by the content of our character, not the color of our skin. I mean, like if you recognize those things, you're a conservative. Welcome to the welcome. Welcome to the red pill, baby. And it's amazing. We have to go to a break. What's the website then before us? Then before us dot com is where you can keep up before us dot com. Katie Faust will be right back with the overturn of Roe v. Wade. Lots of companies are coming out saying they'll pay for employee abortion travel and expenses. Most of you have heard about some of these companies. You've decided to stop shopping or doing business there. But did you know that you most likely own stock in those companies through your 401ks, IRAs and other investment accounts? Folks, this is a huge problem. And we need to do something about this to send a message to Wall Street through our investments. You need to go to inspire advisors dot com slash Eric and get a free inspire impact report. This biblical investment analysis will educate you on what's really in your investment accounts, like companies paying for abortion travel. You need to go to inspire advisors dot com slash Eric to connect with an inspire advisors financial professional who can run your report and help remove companies paying for abortion travel today. Go to inspire advisors dot com slash Eric. That's inspire advisors dot com slash Eric advisory services are offered through Inspire Advisors LLC, a registered investment advisor with the SEC. Legacy Precious Metals has a revolutionary new online platform that allows you to invest in real gold and silver online. In a few easy steps, you can open an account online, select your metals of choice and choose to have them stored in a vault or shipped to your door. You'll have access to a dashboard where you can track your portfolio growth in real time, anytime. You'll see transparent pricing on each coin and bar. This puts you in complete control of your money. The platform is free to sign up for. Visit Legacy PM investments dot com and open your account and see this new investing platform for yourself. Gold can hedge against inflation and against the volatile stock market. A true diversified portfolio isn't just more stocks and bonds, but different asset classes. This new platform allows you to make investments in gold and silver, no matter how small or large, with a few clicks. Visit Legacy PM investments dot com to get started. You're going to love this free new tool that they've added. Please go check it out today. That's Legacy PM investments dot com.
Spellcaster: The Fall of Sam Bankman-Fried
Fresh update on "advisor" discussed on Spellcaster: The Fall of Sam Bankman-Fried
"Over and over and over then surely you'll check nhtsa .gov slash the right seat to make sure they're correctly buckled in the sounds good honey check today at nhtsa .gov slash the right seat brought to you by the national highway traffic safety administration and the act council get the news you need to start your day in just dean minutes more legal trouble for former president donald shrub also following the autoworkers strike in detroit wake up bloomberg daybreak u .s edition tensions between the u .s and china remain in focus upset now it's with more available now on your podcast each weekday morning at six a .m easter another big IPO hits the market subscribe to bloomberg daybreak u .s edition today on apple spotify and everywhere you get your podcasts bloomberg radio context changes everything are you a next -gen advisor looking to join forces with a successful practice aligned with your goals or an established firm looking to augment with new talent that shares your vision let commonwealth financial network connect you with like -minded advisors who are ready for growth be part of a team built to succeed today and for tomorrow evolve your practice your way with commonwealth to learn more visit commonwealth .com commonwealth financial network member finn a registered investment advisor 145 over 92 180 over 111 i had a heart attack and a cardiac arrest and then a stroke your blood pressure numbers could change your life lowering your high blood pressure could save you from a heart attack or stroke if you've stopped your treatment plan restarted or talk to your doctor about creating one that works better for you start taking the right steps
The Eric Metaxas Show
A highlight from Kevin McCullough
"Welcome to the Eric Mataxas Show. Do you like your gravy thick and rich and loaded with creamy mushrooms? If no one was looking, would you chug the whole gravy boat? Chug! Chug! Chug! Chug! Stay tuned. Here comes Mr. Chug -a -Lug himself, Eric Mataxas. Hey folks, welcome to the program. If you're like me, last night you were able to watch the debate and you deliberately skipped it for your mental health. That's just where I am in life right now. I caught parts of it which made me wince and cringe, sometimes wince and cringe. I never wept, but you know what, it's probably better for me to find out what my guest thought. He may have watched the debate. My friend, Kevin McCullough, we call you votes tridamus because you are a prognosticator, a seer, a prophet politically speaking. Kevin McCullough of that Kevin show, how are you? I'm well and I can see some things very clearly today. There should be no more debates. These exercises in futility, and that's what they've turned into, are becoming embarrassing to the cause of what this election should be about. And last night, it's just hard to put into words how bad this debate was, from its execution to the policies, to the answers. It was just nothing good about it. Some people in my audience care about this. I'm in Irvine, California. I'm in a hotel room you people can see. I'm speaking today, so today's Thursday in Costa Mesa. So if anybody wants to come and hold my hand and hug me about the sadness of the debate, or just talk to me or get book signed or whatever I'm going to be tonight in Costa Mesa, you go to my website, ericmataxas .com, and you can see me and talk to me and hang out and whatever tonight in Costa Mesa. This is Thursday, folks. And tomorrow, there's a prayer breakfast here in Irvine that I'm speaking at. But the reason I bring this up, Kevin, is because I rarely have time to turn on the TV. And last night, I realized, oh, I'm pretty wiped out. Let me turn on the TV. Let me just look at the debate just to see. I literally really couldn't bear to watch it. So as someone who watched it, I'm talking to you. Am I being cruel or unfair? Because it was unfair. What little I saw was genuinely unbearable. No, as I was saying just a second ago, from the way it was structured, to the execution, to the answers to the substance, the format's wild and out of control. There's not really a possibility of getting very deep on any one of the single questions. And I think a lot of the questions that are being asked are not the right ones. And so as I've watched, and I didn't watch all of last night's debate in real time, I caught up on a bunch of it after the fact. But as I've sat through both of them now, it is easy for me to ascertain that no one in this field on that stage last night is serious about becoming president. And they're not biting into the enormous lead that the former president has only built on since the first debate occurred. The first debate, they had 11 million viewers put to put that in perspective, Eric, in 2015. For the first debate, they had more than 15 million viewers in 2020. For the first debate, they had about 18 million viewers. You're talking about a diminishing return a, a much less interested Republican base watching these, and they're not they're not going anywhere. And in the meantime, it's putting even with some of our better idea people on display as amateurs, even with Doug Burgum on the stage, hard to believe. Yeah. That would be like a rematch between Evander Holyfield and Mike Tyson. You're telling me people, Lisa Hutchinson was not able to be on the stage this time, as far as we know. Yeah, I think he took a, he took a face shot in the early rounds, and he was in his dressing room. Honestly, the thing there, what I said on Twitter this morning, was that they acted like it was 1985. We are living in a time in America, where most people see, we are in freefall, hell has been unleashed. Things have gotten so bad on so many fronts that it is, if you don't believe in God, which I do, and I trust in him, but if it weren't for that, I'd be scared to death. What is happening in this country? And they acted like it's 1985. And we're gonna, we're gonna have this conversation. And I thought, this is this is bad. I mean, the way the the deep state has been weaponized to go after Donald Trump, for example, I don't care if you're running against Trump, if you like Trump, but if that doesn't strike you as, as fundamentally un -American and sick as anything, as though, you know, we were being bombed by China, it's pretty bad. They seem not to be concerned. Well, they're responding to questions that have been supposedly thoughtfully put together by the moderators that are doing the debate. And Ron DeSantis did a little bit more of this last night, all of them to have done more of this, where he actually came with a little bit of an agenda to give little speeches every time that he was given the opportunity to speak. And he got more things out on the record than what he was asked about. But that should be the strategy of every candidate going into every debate. That should be the strategy of every thinker going on every media outlet that you can. Sometimes, Eric, it's better for me to go on Fox or Newsmax or somewhere and have something that I'm more intent on saying that what they want to ask me about. And if you're, if you're running for president in times of crisis, and I don't, I don't view the period that we're in right now as a peaceful time. We're not actively at war with anybody, but we are actively at war with evil on, on almost every front. So we need, there needs to be an urgency. There needs to be a sense of, we cannot phone it in and do it like we've done it in the past, especially knowing that we are going to run up against probably illicit, illegal, cheating schemes, trying to keep the election from actually being determined by the people that have the right to determine it. And before people criticize me for that, we've replaced the population of the bottom eight states in just illegal entries into the country over the last three years. Well, let's do that in a minute, because you wrote an article at townhall .com. That is one of the stunning nightmares that they acted like not, not really a big problem. But what you just said about cheating, I think most Americans know the Democrats cheat at elections. How is that not the most important thing to discuss when you're talking about a presidential election? Are you and I imagining, are millions and millions and millions and millions of Democrats actually cheat? Now they've done it for decades, but now we know that they have turned it into a science. They are at war with we, the people, they don't actually care about winning in a fair way. They just care about winning. How is that not unbelievably important and something that has to be discussed? But the Fox hosts and the Latina from Univision, which is another bizarre thing, they seem to act like January 6 was Trump supporters being violent. They seem to act like the election was fair. Biden won. What world are they living in? All of them. I don't know what to say. And obviously, I think Vivek and Ron DeSantis, they're the only two candidates that I can take seriously. I've got problems with them a little bit. But the whole thing was like, they were all play acting like we're living in a different America than the one most of us are living in. Well, I will hold one exception out to what you just said. And I believe that Nikki Haley had a sense of urgency about her last night. And she did in the first debate as well. And I think that's why she's now out polling DeSantis in several polls, is that people are beginning to understand that as a former governor, she probably has a shot at the VP pick. I don't think the VP pick is going to come out of this group. But if Trump did want one that I'm seeing kind of be serious on the issues that are the most pressing, she's the one that kind of gets the vote in terms of... I think of her as deep state, neo -con, next. All right. That's fine. I'm just saying in terms of her performance thus far. We've got you our wonderfully. I'm so glad that we do. We'll be right back. With the overturn of Roe v. Wade, lots of companies are coming out saying they'll pay for employee abortion travel and expenses. Most of you have heard about some of these companies. You've decided to stop shopping or doing business there. But did you know that you most likely own stock in those companies through your 401ks, IRAs, and other investment accounts? Folks, this is a huge problem. And we need to do something about this to send a message to Wall Street through our investments. You need to go to inspireadvisors .com slash Eric and get a free Inspire Impact report. This biblical investment analysis will educate you on what's really in your investment accounts like companies paying for abortion travel. You need to go to inspireadvisors .com slash Eric to connect with an Inspire Advisors financial professional who can run your report and help remove companies paying for abortion travel today. Go to inspireadvisors .com slash Eric. That's inspireadvisors .com slash Eric. Advisory services are offered through Inspire Advisors LLC, a registered investment advisor with the SEC. Legacy Precious Metals has a revolutionary new online platform that allows you to invest in real gold and silver online. In a few easy steps, you can open an account online, select your metals of choice, and choose to have them stored in a vault or shipped to your door. You'll have access to a dashboard where you can track your portfolio growth in real time, anytime. You'll see transparent pricing on each coin and bar. This puts you in complete control of your money. The platform is free to sign up for. Visit legacypminvestments .com and open your account and see this new investing platform for yourself. Gold can hedge against inflation and against the volatile stock market. A true diversified portfolio isn't just more stocks and bonds, but different asset classes. This new platform allows you to make investments in gold and silver, no matter how small or large, with a few clicks. Visit legacypminvestments .com. To get started, you're going to love this free new tool that they've added. Please go check it out today. That's legacypminvestments .com.
Bloomberg Wall Street Week
Fresh update on "advisor" discussed on Bloomberg Wall Street Week
"And in advisors light of ongoing challenges this year. Have you considered if your advisor is the right fit for your business? Are you getting the attention and responsiveness you need? Given the changing marketplace, you need published advisors who help find opportunities in the current business and tax environment. Anshin's accountants and advisors provide the resources and guidance that you and your business need to meet today's challenges. Come to contact us. The possibility of lung cancer can be pretty scary, especially if you're one of approximately 8 million current or former smokers at high risk. That's why SavedByTheScan .org wants you to know that now there's a breakthrough low -dose CT scan that can detect lung cancer early, and it only takes 60 seconds. You stop smoking, now start screening. For an easy quiz to see if you're eligible, visit SavedByTheScan org. It could save your life. SavedByTheScan .org is brought to you by the American Lung Association's Lung Force Initiative and the Ad Council. Get instant access to the financial and political news of Europe every business day. We watch Sterling now shooting up. Wake up with Bloomberg Daybreak Europe Edition. The European Central Bank's fight to tame inflation isn't over. Available now on your podcast feed. Each weekday morning by 7am in London. Get the news you need to start day your in just 15 minutes. Subscribe to Bloomberg Daybreak Europe Edition today on Apple, Spotify, and everywhere you get your podcasts. Bloomberg. Context changes everything. News when you want it. Get the latest headlines with Bloomberg News Now. Apple taking the wraps off its smartphone. latest Former President Trump has taken another legal setback. The top stories from Bloomberg's global team of reporters at the click of a button. US officials pushing to help you frame. Get the latest news when you want it with Bloomberg News Now. One of the biggest public offerings of the year. Listen and anywhere you get your podcasts. Bloomberg News Now. Context changes everything at Oppenheimer. We focus the power of our thinking on you. Creating customized plans to help achieve your goals. The power of Oppenheimer thinking is boundless and original. Listening more closely and investing with the confidence of over a
Bloomberg Radio New York - Recording Feed
Monitor Show 06:00 09-28-2023 06:00
"Support for this podcast and the following message come from Coriant. Coriant provides wealth management services centered around you. They focus on exceeding expectations, simplifying lives, and establishing legacies that last for generations. Leverage their exclusive network of experts to help achieve your personal and professional financial goals. As one of the largest integrated fee -only registered investment advisors in the US, Coriant has experienced teams who can craft custom solutions designed to help you reach your financial goals, no matter how complex. Real wealth requires real solutions. Connect to a wealth advisor today at Coriant .com.
WTOP 24 Hour News
Fresh update on "advisor" discussed on WTOP 24 Hour News
"In a tell -all memoir saying he was in the Cadillac when that shooting occurred. A deal has been worked out between the Maryland State Board of Education and the current superintendent to him have resign next week. Earlier this month Muhammad Choudary announced that he would not seek another term as superintendent. His decision came after criticism surfaced that he had a toxic work style. Choudary will leave his post as superintendent next Friday and then become a senior advisor to the state board. He will stay in that position until June 30th of next year. Sports at 25 and 55 powered by Maximus. Moving people and technology forward. Let's get the update now. Bring in our friend George Wallace. A friend, nice. that's
Bloomberg Radio New York - Recording Feed
Monitor Show 00:00 09-28-2023 00:00
"Investment Advisors. Switch to Interactive Brokers for lowest cost global trading and turnkey custody solutions. No ticket charges and no conflicts of your interests at ibkr .com slash ria. Hear the full conversation on the latest edition of the Masters in Business Podcast. Subscribe on Apple, Spotify and anywhere else you get your podcasts. Plus listen anytime on the Bloomberg Business App and Bloomberg .com.
Bloomberg Markets
Fresh update on "advisor" discussed on Bloomberg Markets
"Political reality. Listen to The Big Take on the iHeartRadio app, Podcasts Apple or wherever you listen. Bloomberg. Context changes everything. Are you a Wirehouse advisor that's looking to break away? Commonwealth Financial Network can help you take control of your career and build your business on your terms, your clients, your strategy, your time. Unleash your entrepreneurial spirit and choose the growth path that's right for you. Own your future with Commonwealth. To learn more, visit Commonwealth .com. Commonwealth Financial Network. Member Finra Sipic, a registered investment advisor. Victor deployed for the first time to Afghanistan in 2003. He sustained a moderate traumatic brain injury. One of the most important elements of caregiving is taking care of yourself. For many military veteran caregivers, their caregiving journey starts earlier in life and lasts longer. Visit AARP .org slash caregiving
Bloomberg Radio New York - Recording Feed
Monitor Show 23:00 09-28-2023 23:00
"Investment advisors, switch to interactive brokers for lowest cost global trading and turnkey custody solutions. No ticket charges and no conflicts of your interests at ibkr .com slash ria. Franchises, but owners of sports franchises seem to be doing pretty darn well even when the antitrust laws apply. Thanks so much, Harry. That's Professor Harry First of NYU Law School. I'm June Gross and you're listening to Bloomberg. Broadcasting 24 hours a day at Bloomberg dot com and the Bloomberg Business Act. This is Bloomberg Radio. The GOP hopefuls for president are weighing in on a possible government shutdown in a debate on the Fox News channel. Former New Jersey Governor Chris Christie went after President Biden and former President Trump. Joe Biden hides in his basement and won't answer as to why he's raising the debt the way he's done. And Donald Trump hides behind the walls of his golf clubs and won't show up here to answer questions like all the rest of us are up here to answer. Meantime, Florida Governor Ron DeSantis said Democrats are shutting down the American dream with their reckless behavior. He then asked, where is Joe Biden in the shutdown debate? We're four days away from a possible shutdown. The Senate is working to pass a bill funding the government through November 17th. But House Speaker Kevin McCarthy said today he doesn't see support in his party for it. McCarthy is trying to work with the most conservative Republicans who demand more spending cuts. Roughly 60 percent of U .S. consumers across all income levels are living paycheck to paycheck. That's according to new reports from Pymants and Lending Club who found that those living paycheck to paycheck include 45 percent of high income consumers who make more than one hundred thousand dollars a year. The U .S. soldier who crossed into North Carolina.
The Crypto Conversation
A highlight from DAIM - The Investment Advisor Dedicated to Crypto
"Hi everyone, Andy Pickering here, I'm your host and welcome to the Crypto Conversation, a Brave New Coin podcast where we talk to the people building the future in the Bitcoin, blockchain and cryptocurrency space. Hey team, we have a new sponsor here at the Crypto Conversation, BitGet, one of the world's leading copy trading cryptocurrency exchanges, yes indeed. What happens if you've got the funds to invest but you don't have the time to keep track of the market? You still want to make smart money moves? What do you do? Well, copy trading is a popular choice for beginner traders. You can shorten your learning curve by uncovering tips and strategies from more experienced traders. BitGet's copy trading platform has over 80 ,000 elite traders to choose from and 380 ,000 followers just like yourself who are already using the BitGet copy trading platform as a potential passive income stream. All it takes is one click, you can subscribe to an elite profitable strategist, set your limits, automate your orders and monitor their trades. I've got some links in the show notes below, one link will take you through to the BitGet sign up page, give you a VIP discount. So learn all about it for yourself, thanks to BitGet. And now it is on with the show. My guest today is Brian Courchene. Brian is the founder of the Newport Beach based DAIM. I believe it's one of the first US registered investment advisors dedicated to crypto. I will learn more about this today. Welcome to the show, Brian. Hey, thanks for having me, Andy. Glad to be here. Glad to have you here, Brian. Let's do what we do at the beginning of the show. Big, good if you could please introduce yourself, I really love to hear a little bit about your personal and professional backstory and the lead up to founding DAIM. Yeah, yeah. So we're here in the United States in California, specifically in Newport Beach. And where I come from in the background is I got my start on Wall Street, actually on the floor of the New York Stock Exchange. I got with a guy and started writing paper tickets and backing up their floor traders. And then I went on to be a trader in the pit there on the options side. So I was there for 13 months. And then from there, I worked at different broker dealers in New York City, specifically as a vol sales specialist. And that was great. And in 2014, I came across Bitcoin on my own research. October, I made an allocation to it. It was the first one. And from then on, I was kind of the go -to guy. Maybe nobody had a position on the floor, nobody had a position in the building. And I was a guy that people came to when they had questions about the space and this grew and grew and grew. And then in 2017, in the early part of the year, pre -ICO run -up, I had realized that there was a need for a properly licensed advisor and asset manager in the space. Everything that was out there was self -directed. Coinbase, for example, you go on Coinbase, it's all up to you to move your own money, decide what to buy, when and how, and people just needed a human help to this. And so what I realized was that there was also a larger allocation that people wanted to make to the space and they wanted to do it with someone that maybe had some kind of licensing that they could fall back on or recourse. And so I left the firm that I was working at in New York City and moved here to Newport Beach to start building this business to be the first of its kind licensed registered investment advisor in the United States to advise and manage assets for individuals. And so as fast track as that sounded, as simple as it was, it was a bit more of a challenge than that at the time when we were dealing with the regulators and getting the business approved, it took us into 2018 and for people who know prices, the price of Bitcoin had come off from the all -time highs in 2017. January 1st, it was $13 ,500. And then by the time we got into May, it was sub $10 ,000. And so the regulators kicked back a little bit saying they didn't want to license the first of its kind advisor in the space. That was kind of defeating because I'd spent quite a bit of money in my own Bitcoin to build this and get it going. But I didn't stop there. And I basically made a case with them saying, look, you got to approve this business. There's nothing like it out there that can actually help people. And I'm probably the most qualified thing you can get right now. I had the Series 4, which is an options principle. I had the Series 24, which is a compliance officer. I had owned Bitcoin again since 2014. I had the Series 65 and I said, people need help in this space. And we ended up getting the license. It was actually the next day after that phone call. May 31st, 2018. And since then now, yeah, we advise and manage crypto positions for individuals in the United States and corporations. Yeah, fantastic. So DAIM, of course, just stands for Digital Asset Investment Management. You say then that you are helping individuals with their crypto positions and allocations and maybe even their decision making. Just talk us through a little bit more about what that means, Brian. Who are the kind of different target markets or customer segments that your firm services? Yeah, so a typical client for us is generally a business owner in the United States, quite busy with what he's got going on, but wants to have an allocation to the space. Generally, something much larger than a few thousand bucks or 10 grand that somebody would on typical a exchange, Coinbase, Gemini, Kraken, they want to make a larger allocation, maybe something in the hundreds of thousands or even millions to the space. And so they get with us. Things look very familiar from kind of an onboarding standpoint to what their traditional investment advisor might look like. And then we have the license check where they can look us up on the SEC's website. And then we take them through a new client profile where we get to learn a little bit about and them we can then go with them about, okay, this is the allocation we think you should make. Maybe sometimes we've got to walk them back from being too big. And then this is the portfolio we want to put you in. And then from there, it leads to usually a transfer of some sorts from like a traditional investment management firm, Schwab, Fidelity, stuff like that. So we handle the transfer, the funds land, and then we put in place our model portfolio, which is our best thesis on the space. And then we manage their assets according to that. And we actually run that across all of our discretionary clients. So our clients, not only do they get an advisor and a manager sitting on top with a license, but also a portfolio that gets professionally managed, kind of like a fund. The difference is that we run a flat fee and we don't add the performance fee on top of it. And so from there, once they're onboarded and invested, they get 24 seven view access into the account. They get regular statements. If it's a taxable account here in the United States, we work on things like tax loss harvesting. Should that be needed? 10 99 beneficiaries. And then we go into the tax advantage accounts. So we can do things like IRAs, traditional IRAs, Roth IRAs, SEP IRAs, Roth 401ks. And then we even do a corporate 401k where a business can put in place a plan for their employees that gives them the ability to have up to 10 % in pure Bitcoin alongside traditional mutual funds. And this is something actually we're really excited about coming out of like a pilot program. And it's something we want to expand into market. Yeah, I mean, but to jump into their first thing, Brian, I guess, yeah, the idea of having a even a small allocation into people's 401k funds would be obviously a good thing for Bitcoin and presumably a good thing for individuals that do have Bitcoin in their 401ks if over time Bitcoin does appreciate. But do you see, is there a demand for this and you can see this growing over time? Yeah, so the 401k market is quite large. The addressable market is just massive and there's just nothing servicing really alternative investments. And that's where Bitcoin comes into being kind of like a liquid easier alternative investment instead of something like real estate or VC funds. And so when we put the plan out and we went and looked for pilots for this, we thought that it was going to come from mostly crypto native companies or tech startups. But what we found was quite different. We found that interest came from traditional businesses, law firms, construction companies. And when we put the plan in place, when you look at like who wants to participate and who elects for Bitcoin and how much, you actually see it's kind of the crowd that's over 40 and professional and people that you wouldn't think would be so technology native, but it's people that kind of understand like you got to take a little bit of risk and Bitcoin's been around for a while and why not go for that? Because it actually does improve the Sharpe ratio of these portfolios. And so, yeah, it's been surprising to us, which is actually a good thing, because eventually the people that are in the younger generations that are in tech startup or crypto events will get older. They'll have more money in their 401Ks and eventually they'll have the option when they're ready to participate in this. Yeah, very well said. So you said also, Brian, that you almost manage like kind of like a fund, which is DAIM's, I guess, crypto portfolio thesis. Right. So that's correct. I wonder how much of that you're prepared to talk about in terms of, I guess, what that portfolio fund breakdown in terms of crypto assets would look like. And it's notoriously hard, obviously, to beat Bitcoin just with a buy and hold strategy over a kind of long time zone. What's your approach to trying to, I guess, beat the market on behalf of your clients? Yeah, I can talk about this quite a bit. So on the structure side of it, it's set up as SMA here in the United States. Separately managed accounts. So all of our clients actually have their own accounts and the assets are not co -mingled, but we do manage them with an overlay. And that way we can get the trades done and rebalancing as needed. And the great thing about that is it gets back to us being liquid at any time, unlike having a lockup period with a fund. And so when we have that structure, then we move into being able to manage these assets quite easily and then offer our clients the liquidity that's needed. And then as the thesis, when I first started the business and we were running our model portfolio back in 2018, it was Bitcoin only. And we looked at the space as we want to have low turnover. We don't want to incur a lot of trading fees. We don't want to incur a lot of taxes in these accounts, but we also understand that being long crypto in itself is the best way to get multiples on your return. And then when you go to allocate away from Bitcoin and go to seek alpha, you got to see if you're going to have a strategic outperformance. And then what seems easy to say now, in the beginning of 2020, we had done our research on Ethereum and the upgrades that were to come, and we decided to make a 20 % allocation to Ethereum at that time from the book, which worked out really well for us. And it got to a point to where we've allocated away and Bitcoin shrunk to be a little less 60 % of our portfolio. And then we allow these assets to take course. We look at everything from a fundamental standpoint. When we do use technicals, it's really on just deploying and pulling out of positions. And so at the position we're at now, I should back up. Last year, we had closed out a majority of the Ethereum position into the upgrade and went into cash for a while, which helped us through a bit of the downturn last year and gave us capital to start redeploying at the beginning of this year. And so in our search for alpha, we haven't quite found what we like outside of Bitcoin and Ethereum. So we redeployed into Bitcoin, balanced the book 90 % Bitcoin, 10 % ETH. And now we're looking to make some strategic allocations away from both of those as we see us kind of being in the trough zone here, coming out of the bear market and entering a bull market. Yeah, fascinating. And it's interesting, Brian, that you say it's very difficult to find compelling crypto asset allocations outside of Bitcoin and Ethereum. And I suppose being so heavily overweight Bitcoin at the moment looking forward, I suppose that is probably due to the two big catalysts, two big narratives that are around Bitcoin at the moment. I'm talking, of course, of the fourth Bitcoin halving coming around March, April next year. And of course, the BlackRock's Spot Bitcoin application. So yeah, I'd love to understand just how you think about those two data points and perhaps their potential to make Bitcoin interesting again. Yeah. And there's something to touch on, too. What you started off with is looking at all the other investments outside of Bitcoin and Ethereum. And so I'll hop into that in the second half of this answer. But when it comes to the halving and the BlackRock ETF, the halving is an event that's always on the radar. And that has tend to seem price appreciation somewhat after the event. And this stuff has become well known. But what really changed was seeing BlackRock come into the space. And that was further affirmation to us that we are entering a bull market. And there are some very big players that think that there's going to be severe demand and drastic price increases in the space. And so that's another data set to us that says, okay, we don't want to be in cash anymore. We do need to be invested even though we cannot find something at the moment outside of Bitcoin and ETH. We at least want to participate in the market and be in Bitcoin because the narrative can change very quickly in this space. And so it comes to things like this, too. If you look at like key figureheads in the space and their price predictions, you got Arthur Hayes at $70 ,000. Guy Kiyosaki at $100 ,000. You've got Novogratz at $500 ,000. Kathy Woods is at $1 million. I think she might have revised her to like $1 .3 million, but the end of 2023. And so that narrative, micro strategy, acquiring more, there's just little things on the back end. And then you could see something drastic happening. And you got to be ready for that. In the next month, there could be some sort of approval for one of the Bitcoin ETFs. If that doesn't happen in January, there's actually talk that maybe multiple Bitcoin spot ETFs in the United States could get approved all at once. You have things that maybe Gary Gensler gets recalled. Like these events could happen. What we think is that the bad events have already happened. We went through that last year. We went with that with Luna. We had FTX and we had Celsius. The bad actors have been weeded out. And so any kind of regulatory stuff that comes in, we think won't have that drastic of an impact. We saw XRP do well in its case. And we think that the setup for new news and better news is on the horizon. And then you look at the liquidity on it. It's something that can vacuum very quickly to the upside. And then all that takes is the news agencies to just flip and go from doom and gloom to price appreciation. And it will show in Google and it will start to result in prices. So, yeah, that's our thoughts. And those are two big catalysts. I'd say more so the Bitcoin ETF over the halving at this point. Yeah, very well said. And yeah, you're exactly right. I mean, Bitcoin is, it doesn't seem like it now because Bitcoin really has been kind of trading in the range that it's in at the moment, just somewhere between $26 ,000 and $30 ,000, shall we say, for well, for months, really. And so it does feel like, you can call it what you want, the sort of extended bear market, the accumulation zone of the next bull market. But it is very... There's also, there's two known sellers in the market almost at a regular basis. The US government's still selling Bitcoin. And you have FTX that's starting to unload some of their Bitcoin. And so you're getting matched up with, you know, that's why you see this almost sideways slide, you know, and it's disconnect and lack of correlation is because you got these two just unloading and acquiring and just trimming. And then any news could just set this off. But the other thing is that it's possible that our government stops selling at the end of this year and takes a break. They could continue, but if they take a break, well, there's one less seller in the market. And then who knows, maybe what needs to be done in this tranche for FTX also completes as they're projected to. And then now you're relieving sell pressure. You get a Bitcoin approval in Q1 and this thing turns into a vacuum to the upside. Do you, I mean, I wonder what it's like, Brian, to be in your position, like perhaps for, I'm sure you have clients who came in perhaps during the bull market of 2021. And, you know, it's hard for people who experience their first crypto bear market. And, you know, as much as the velocity is intense on the upside, it's also pretty disquieting on the downside. What do you say to people who have sort of started with you in the good times, but now you've got to manage not only their assets through the bear market, but I suppose, you know, their expectations and emotions as well. Yeah, great question, Andy. And it brings me back to the second half of last year and just the many conversations we had with a lot of our clients and, you know, talking about the space and reassuring about our business partners and how well they're here and how good standing they're in and us. And when we onboard clients from the beginning five years ago, even through the bull market in 2021, we go over downside slides with them and we talk about, you know, bad scenarios. You know, hey, you know, how do you feel if this is going to be down 80%, right? And we have those conversations early on when there's no money at play and there's no emotions. And we make that plan and you tend to find that most people can handle it. There could be a few that say, you know, I want to exit and close out. But, you know, now that you have that conversation and it's kind of like out of the way, you can reflect back to, hey, this is the plan we put in place and this is what we're going to do. And for some of those, you know, we can do, if they're a brokerage account, I mentioned earlier, we can do tax loss harvesting. So that's a way to, you know, take these losses and offset it, you know, against future tax payments. And there's an advantage to that. And now when they stay in the game, they allow us to tax loss harvest and prices come back, you get to see some of these get back into the green and they just had a nice, you know, discount to what they're going to be paying in future taxes. And so we try to find things like that. Other things that we do too is, you know, for IRAs, we do stuff unique. We're able to stake in those. In our model portfolios performance, we've actually outperformed Bitcoin by about 30 % by strategically allocating away and pulling back. So that helps as well too, adding units to the account. And we look at this space and can say like, hey, you know, in a year where asset prices came off drastically, we had some cash because we sold earlier. So we're waiting to deploy that. We can tax loss harvest what was down and around. And we're keeping up regular communications with you guys. You know, we're tapping the street to get, you know, insight and affirmation that everybody's in good standing. And that's what really comes to good customer services, just trying to be in front of everybody and open for human communication. Because that's something that most of the businesses in the space really self -directed. I mean, there's no one to talk to in DeFi, right? You can't call any of the businesses. And even in the typical exchanges, it can be hard to have a human to talk to. And that's where we pride ourselves in being available for our clients alongside running the model portfolio. Fantastic. And talk to us, Brian, in terms of I guess the success of DAIM, your business. I'd love to understand any sort of metrics that you watch in terms of the growth in your user base, your clients, your assets under management. I assume things are ticking along and growing over time. Yeah, so when we started the business in 2018, we started off with zero clients. That's the way the regulators wanted to do it. No assets under management. And then a few regulatory audits in 2019, because they liked that we put crypto advisor and manager on there. So that slowed some growth. But then coming into the back half of 2020, we definitely caught a groove. We were able to develop some narrative and marketing in the confines of still Facebook and stuff, not allowing to have crypto advertising, but through our word of mouth and in our network and hand -to -hand discussions. And so we grew the business to over 200 accounts. And really when we look back and we analyze the business today and we look at the AUM and how it fluctuated and the number of clients, I think a lot of companies will see a drastic drawdown in AUM and they will also see a drastic drawdown in number of accounts. Now their accounts might still have a dollar value, but I mean, meaningful accounts, anything over 10 grand. Whereas we'll see that we've trimmed flat through the back half of 2021 and now are slowly increasing. And I think the temperature changed. It felt like right around March that individuals were open to getting back in the space, kind of that really bad hangover from November was behind them. And so I think things are going to get even more favorable for us.
The Breakdown
A highlight from Huobi Changes Name to HTX and Almost Immediately Gets Hacked
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Tuesday, September 22nd, and today we are talking hacks, hacks, hacks. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Well, friends, today we start this show talking about Ben Armstrong, better known as BitBoy, who was arrested last night after he won, posted to his YouTube that he was going to confront a former business partner about the Lamborghini that he said was his, two, went to said person's door and rang the doorbell, three, did this with a gun and illegal narcotics in the back of his car, along with another business and affair partner to boot, and then four live streamed himself getting arrested. Just kidding. I'm not going to talk about that ever at all. In fact, I will only say this. The crypto space gets exactly the level of influencers it deserves. So perhaps as we think about where we want to be heading into the next bull market, we might want to choose who we listen to with just a hint more discernment. Now, what we're actually going to be talking about today is the plague of this bear market. Well, outside of Gensler, of course, and that is hacks. A wave of hacks impacted crypto firms starting over the weekend. On Friday, Nansen disclosed a security breach at a third party software vendor. The attacker was able to gain access to admin rights of a Nansen account in charge of facilitating client access to the platform. Nansen claims it, quote, managed to stop the unauthorized access shortly after learning about it and launched an immediate investigation. According to Nansen, wallet funds were unaffected. All affected users had email addresses exposed, while smaller user cohorts had password hashes accessed and wallet addresses revealed. Nansen urged all users to double check emails claiming to be coming from the company and be vigilant for phishing attempts. So that was Friday. Then on Saturday, OpenSea disclosed that one of its third party vendors, quote, experienced a security incident that may have exposed information. They warned that user API keys were compromised. The company noted that the incident was not expected to impact any programs which use an OpenSea API key, but that external parties using exposed keys could experience rate and usage limits. OpenSea plans on shutting down existing keys by next Monday and asked users to rotate their keys. A third exploit was disclosed early on Monday morning. Mixin Network, which is a nominally decentralized wallet service, said it lost $200 million in customer assets during an attack early on Saturday morning. Crypto developer Lawrence Day at Function Zero writes, Also, respectfully, how are you losing $200 million from a cloud breach? So this company Mixin was founded in 2017 and had nearly $400 million in protocol funds across 48 chains. The service allows users to send digital assets assigned to phone numbers and its biggest market appears to be Hong Kong. Now the firm said that it can guarantee the safety of around half of user assets, but that guarantee seems to be in the form of a corporate backstop rather than the product of successful threat mitigation. During a livestream on Monday addressing the attack, Mixin founder Feng Xiaodong said, No matter what your assets are, whether it's Bitcoin or Ethereum, we will ensure that half of it is unaffected. We're trying to find a way to recover the compromised money, but that is very difficult. For the other half of the assets, Mixin is considering offering what they are calling bond tokens for users to claim. The firm would later buy back the tokens, making them similar to other token -based recovery schemes seen in the past during events like the Bitfinex hack. A security firm called Slowmist is involved in the investigation and stated that the incident occurred when a cloud service provider database was attacked. Now if this feels like just the latest in a string of big hacks, that's because it is. In 2022, we had the record of $3 .1 billion in funds lost from hacks. And estimates this year include TRMLab saying that $400 million was stolen in Q1, Immunify saying that $700 million was lost in the first half of the year, and then just in Q3 we've had a 126 multi -chain hack in July, a $61 .7 million market -based protocol exploit of Curve Finance in July, $41 .3 million hacked from Stake .com in September, and another July hack of $37 million at CoinsPaid. So from estimates, it looks like this might be the largest hack of the year, roughly the same size as Euler in March. Still, even though it wasn't the biggest, the most high -profile hack of the weekend was disclosed on Monday as well, and that was from HTX. HTX, formerly known as Huobi, suffered the loss of 5 ,000 ETH worth around $8 million on Sunday evening. Justin Sun claimed in a Twitter thread that, quote, HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. Sun added that, quote, all user assets are SAFU and the platform is operating completely normally. Now, in addition to disclosing the loss, Sun downplayed the impact of the attack, stating that, quote, $8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks of revenue for the HTX platform. Sun disclosed the wallet address of the hacker and added, We are willing to offer 5 % of the stolen amount, $400 ,000 USD, as a white hat reward to encourage the hacker to return the stolen funds. If the hacker returns the funds, we will also hire them as a security white hat advisor for HTX. However, they said, if the funds are not returned within seven days, we will transfer the information to law enforcement authorities for further action and to prosecute the hacker. In an on -chain message to the hacker, HTX claimed to have discovered their, quote, true identity. Now, according to Arkham Analytics, the attack affected an HTX hot wallet, which was created in March. Since then, the wallet has received $500 million in deposits from Binance, and on -chain analysts confirmed that funds have now been migrated to a new wallet. Now, there were a lot of comments relating to the name change of this exchange. Crypto Kaleo writes, Huobi changes its name to HTX and gets hacked for $8 million in the first month? Coincidence or tempting fate? Lawrence Day again said, I'm sorry, but renaming Huobi to HTX and then immediately losing millions of dollars is so effing funny that I might have a stroke. Even Binance's CZ said, A week after you rename your exchange after FTX... Jokes aside, our security team will help in tracking hacker funds in all cases where we can. Now, in addition to just the jokes about the HTX name, there are lots of questions floating around about Huobi solvency. To get a sense of some of those theories, go check out Adam Cochran's account. It's a little bit out of the scope of this particular episode, but it's obviously something that we're watching closely. Now it's unclear at this stage whether these attacks had any sort of links, but the small amount of detail available does show some common features. The first three hacks all blamed a third party service provider. While the provider was not named, Nansen did urge them to disclose the security breach. These attacks come just weeks after crypto custody firm Fortress Trust suffered a $15 million attack, which was also related to a security failure at a third party cloud provider called Retool. In that attack, an employee at the software provider was the victim of a phishing attack. The attacker used an AI -synthesized voice clone of an IT support worker to replicate the employee's credentials to access Retool's systems. In their write -up of that attack, Retool said that 27 customer accounts were compromised. All 27 were crypto companies. So the method of attack here, which uses a combination of social engineering and a bypassing of security measures, also bears a striking resemblance to the write -ups of the recent cyber attack on MGM and Caesars casinos. The casino's systems were hacked two weeks ago with customer and corporate data compromised. Postmortems of the attack claimed that hackers used a voice replication of IT workers to gain access. Identity management firm Okta confirmed that the casinos had been using their systems to credential employees. In an August blog post, Okta said that their customers were seeing, quote, consistent pattern of social engineering attacks against their IT service desk personnel, in which the caller's strategy was to convince service desk personnel to reset all multi -factor authentication factors enrolled by highly privileged users. The casino attacks were attributed to a threat actor known as Scattered Spider using malicious software developed by Alfie or Black Cat. Now if these attacks are all part of the same cybercrime spree, it could speak to a group of hackers going after high -value targets like crypto firms. The vulnerability seems hard to address as it involves security training for employees at third -party software providers. And one of the implications is, if these kind of attacks become a systemic threat to the industry, it could mean more crypto firms need to bring sensitive software in -house. That higher barrier to secure operations could make it more difficult for smaller startups to compete in the industry. Now of course for any of you who are listening to the AI breakdown, you'll also recognize that this is not going to be a problem that's unique to the crypto industry. The casino attacks speak to that as well, but the reality is that voice cloning technology is incredibly advanced and just getting more so all the time. Individuals and companies are going to need to develop entirely different modes of operation that recognize the fact that you simply can't trust a voice on the other line of a call anymore. Now when it comes to the impact of these hacks on the industry outside of just the ramifications for the people who lost money themselves, it's hard exactly to know what the real impact is. On the one hand, it certainly lends to a perception of immaturity overall, but at the same time, when it comes to the geopolitics and regulation of crypto, the hacks that are most important to keep an eye on are those that have some sort of geostrategic ramifications, particularly those emanating from the Lazarus Group in North Korea. Still, being this deep into a bear market and trying to match all -time records for hacks is not necessarily the place we want to be overall. The one other story that I wanted to cover on today's show is a bit of a dust -up around the Celsius restructuring. In short, the Celsius bankruptcy could be coming to a close after creditors have voted in favor of the current recovery plan. 98 % of creditors gave the thumbs up to a plan which would see the sale of assets to crypto consortium Fahrenheit Holdings. The acquiring group includes Errington Capital and miner US Bitcoin Corp. Fahrenheit plans to retain and operate mining equipment owned by Celsius under a new corporate structure. The new company also plans to stake Ethereum and monetize other Celsius assets. Some large creditors will receive equity in this new company. And in addition, another $2 billion in liquid crypto will be distributed to creditors. Overall, the plan is projected to provide a 76 -85 % recovery. Now one remaining snag in the plan is an objection from the SEC. The regulator filed its objection last Friday to express concerns with Coinbase's involvement in the process. Celsius receivers plan to use Coinbase as an intermediary to distribute crypto to creditors. The SEC claimed the agreement could require Coinbase to The SEC filing claimed that However, this court should not be asked to approve a deal where their material terms are missing or inconsistent. The regulator also appears concerned about an additional agreement with Coinbase, which Celsius have attempted to file under seal and have not yet disclosed. Coinbase's Chief Legal Officer Paul Grewal hit back at the SEC's objection in a Twitter post stating, Now, Wayne Vaughn had a very simple explanation, saying, And of course, this isn't the first time we've seen the SEC stand in the way of a bankruptcy distribution agreed to by creditors. In March, the SEC objected to Voyager using Binance US to distribute crypto to its creditors, which was of course months before the regulator had filed its lawsuit against Binance but still based their objections on claims that the exchange was an unregistered securities brokerage. A very unimpressed judge in the Voyager case called it This time around, of course, the SEC at least does have an ongoing lawsuit that they can point to regarding Coinbase's brokerage services, but the objection does still seem odd given that the regulator didn't seek an injunction to prevent Coinbase from operating as normal in the interim. The Celsius case will return to court next Thursday to hear the SEC's argument and see if the judge is inclined to allow the plan to go ahead. Now one interesting line of discussion are the implications for the spot ETF applications that are outstanding. Adam Cochrane writes, Now, speaking of ETFs, Bitwise filed an amendment to its spot Bitcoin ETF application on Monday, adding 40 pages of research on Bitcoin market structure. The research aimed to preempt arguments from the SEC, which could be used to reject the current batch of ETF applications. Bitwise claimed to show that Bitcoin futures are the primary market for price discovery with spot prices following futures. According to Bitwise, this would mean that the well -regulated CME futures market should be the primary consideration when looking for evidence of market manipulation. They argued that this trading venue should count as a regulated market of significant size for market surveillance purposes. As part of their argument, Bitwise also cited a previous study from 2019, which suggested that Bitcoin's spot market mainly consisted of fake volume, making the relative size of the regulated futures market much larger in comparison. Regarding the price impact of futures, Bitwise found in 2021 that futures markets accounted for between 52 .97 % and 68 .03 % of Bitcoin's price discovery. Now this isn't the first time Bitwise have dropped large amounts of Bitcoin research on the SEC to dispute their claims. They have produced at least two 100 -page -plus reports in support of previous Bitcoin ETF applications. Bitwise Chief Investment Officer Matt Hogan explained his firm's strategy in a Twitter thread stating, That's the happy case. The question is, what happens if the SEC appeals the court decision? In short, we return to the status quo. We're back to needing to prove that the CME Bitcoin futures market leads price discovery over the spot market such that it can serve as a regulated market of significant size for the purpose of surveillance. Unfortunately, existing filings do not include substantively new arguments or research addressing this question head on. Until now, today's amendment aims to address point by point each of the major objections the SEC has raised in prior disapprovals for spot Bitcoin ETFs. In particular, we try to clear up the significant confusion around the growing body of academic literature on price discovery in the Bitcoin market and demonstrate that every well -designed academic study supports the finding that the CME is significant. So friends, there you have it, a little bit of hacks, a little bit of the SEC objecting to something that seems reasonable from the outside. In other words, a quintessential 2023 crypto day. Appreciate you guys listening, as always. And until next time. Peace.
Coin Stories with Natalie Brunell
A highlight from News Block: Shocking Lawsuit Against SBF Parents, UAW Strike, Anti-Bitcoin Senator Indicted, Housing Crisis Ahead?
"Welcome to the CoinStories news block. I'm Natalie Brunell, and in the span of just 10 minutes, roughly the same time it takes to mine a new Bitcoin block, I'll provide you with concise, insightful updates on Bitcoin and the global financial landscape so you're well informed on the week's top stories. Everything you need to know, in one place, in one block. Let's go. Let's begin this block with shocking new information coming from the FTX bankruptcy. In a court filing last week, managers of the bankrupt FTX estate sued SPF's parents, Joseph Bankman and Barbara Fried, who happen to both be renowned legal and ethics scholars and professors at Stanford Law School. The lawsuit alleges that millions of dollars were fraudulently transferred to SPF's parents from FTX Group, and lawyers want to claw those funds back. The filing describes in detail how SPF's parents were more deeply involved with FTX than many people suspected, with SPF's dad routinely calling it a, quote, family business. The filing says Bankman and Fried exploited their access and influence within the FTX enterprise to enrich themselves. It alleges SPF's dad acted as a de facto manager, hand -selecting recipients of charitable contributions, directing hundreds of millions of dollars in loans, hiring and firing employees, and overseeing key investments for FTX. In one exchange, he was upset about his $200 ,000 a year salary and told his son he needed it to be a million a year, even saying, quote, gee, son, I don't know what to say here. This is the first I heard of the 200k a year salary, putting Barbara on this. SPF's father appears to have been richly rewarded for helping to perpetuate the FTX fraud. He flew in private jets, received millions of dollars in cash and real estate, and even appeared in a Super Bowl commercial. He also used his insider status and wealth to influence his circles, including his employer, Stanford University, and various political groups. Stanford has said it will be returning millions of dollars worth of, quote, gifts it received from FTX. Among the most shocking revelations was that it appears Joseph Bankman understood that FTX was nearing insolvency and transferred funds into assets like primary residences so they would be protected in the event of bankruptcy. This included transferring a $16 .4 million luxury property in the Bahamas to himself and his wife. Now, SPF's mother, Barbara Fried, was also deeply intertwined with the FTX scheme. She was the beneficiary of cash and properties and appears to have been the mastermind behind the illegal political donations. Barbara Fried was described as SPF's primary political advisor and allegedly pressured FTX insiders to, quote, unlawfully avoid federal campaign finance law. She pushed FTX employees to use straw donors, which are people who illegally use another person's money to make a political donation in their own name. And lawyers say more than $100 million was stolen from FTX customers to make political donations, making FTX the second largest donor organization behind George Soros Fund management. Although SPF's parents have not been formally charged with anything yet, this lawsuit provides shocking evidence of their involvement in the crypto criminal enterprise. Let's turn now to Robert Menendez, the senior Democratic senator from New Jersey who has been indicted on bribery charges. According to the indictment, Bob and his wife accepted hundreds of thousands of dollars worth of bribes in cash, gold bars, mortgage payments and a Mercedes Benz convertible. What makes this particular bribery case notable in the crypto community is that Senator Menendez has been a long time outspoken critic of Bitcoin. Specifically, he has voiced concerns about corruption in Bitcoin and its use in illicit activities. In 2017, the senator wrote a letter stating that the, quote, anonymous nature of Bitcoin transactions makes it an ideal choice for criminals. Menendez was also one of the three co -sponsors of the Accountability for Cryptocurrency in El Salvador Act, which sought to, quote, mitigate risks of El Salvador's adoption of Bitcoin. When it comes to Bitcoin critics in Congress, it's really best to focus on what they do, not what they say. Senator Menendez's charges are just the latest development that supports a 2021 report from former acting director of the CIA, Michael Morrell, who found that criminal activity that takes place using Bitcoin is negligible compared to what transpires within the traditional financial system. This news only further speaks to the corruption present in our political system today and how criminals still prefer good old cash over Bitcoin for illicit activities. Now, speaking of Congress, the clock is ticking to pass yet another new funding bill to prevent a government shutdown. Congress has until October 1st to pass new funding legislation, but Republicans and Democrats are not even close to making a deal. So how could all of this impact the economy? Well, under a government shutdown, hundreds of thousands of federal employees would be sent home without pay. Also, government services like the court system, national parks and economic data reporting institutions would be suspended. According to The Wall Street Journal, government spending makes up about a quarter of U .S. GDP, so a sudden slowdown in spending can impact the economy significantly. But get this, in the event of a government shutdown, those workers won't be paid. But the Pentagon has announced that Ukraine operations would be exempt from any potential shutdown and will go forth fully funded. And that is making a lot of people very upset out there.
Stuff You Should Know
A highlight from The Amazing Life of Christine Granville
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Daily Crypto Report
A highlight from "Binance collaborating with MUFG for Japanese stablecoin." Sep 26, 2023
"It's 8am eastern September the 26th, and this is your daily crypto report. Bitcoin is down slightly at $26 ,240, ETH is down slightly at $1 ,589, and Binance Coin is up slightly at $212. Binance is collaborating with the unit of Japanese bank MUFG to explore the issuance of a new stablecoin linked to fiat currencies, including the Japanese yen and other foreign currencies. The joint effort between Binance Japan and MUTB aims to commence stablecoin operations by the end of the following year pending regulatory approvals. Japan introduced a legal framework for stablecoins in June of last year, and they are seen as essential for various financial services and Web3 adoption. Its collaboration marks Binance's re -entry into the Japanese market after acquiring Sakura Exchange Bitcoin in November of last year and gaining regulation by the Japan Financial Services Agency. Coinbase has successfully registered with the Central Bank of Spain. The registration is a mandatory requirement for offering crypto -related services in the country, and it obliges Coinbase to adhere to Spain's AML standards. Although Spain does not currently have a licensing system for crypto companies, it will need to establish one in accordance with the European Union's MICA regulation for crypto issuers and service providers set to be enforced in middle 2024. Well, HTX, formerly known as HuBuy, has been hacked, resulting in a loss of 500 ETH, approximately $8 million. Justin Sun, advisor to HTX and the founder of Tron, confirmed the hack and stated that the firm has fully compensated for the losses, ensuring users' funds are secure. The incident affected one of HTX's hot wallets, which had received around $500 million in deposits from Binance since its establishment in March. Sun mentioned that the $8 million loss is relatively small compared to the $3 billion in assets held by users and amounts to just two weeks' worth of revenue for HTX, but to encourage the hacker to return the stolen funds, the firm is offering a $400 ,000 bug bounty and the opportunity to become a security white hat advisor for the exchange. Despite the hack, HTX's trading operations are continuing as usual. And finally, controversial YouTube personality Ben Armstrong, also known as BitBoy Crypto, was arrested while attempting to confront a former business partner. The arrest occurred last night with no charges listed at this time. Armstrong had been live streaming out in front of the house, with some viewers speculating that he was trying to recover his Lamborghini. The incident follows Armstrong's recent departure from BitBoy Crypto due to concerns about his substance abuse, relapse, and its impact on the community and employees. Well, that's all for us today. Visit us at dailycryptoreport .io for sources and links. And listen to us everywhere else you podcast under Daily Crypto Report. It's pretty eerie, you know, you're in a place that no human's ever been before. This is Armchair Explorer, where the world's greatest adventurers tell their best stories from the road. And four of us were swept down the side of the mountain, and then I knew there was no way out of this thing. From the heart pounding to the inspiring and the downright insane. Find Armchair Explorer, a part of APT Podcast Studios, wherever you get your podcasts. Go and find what it is in the world that matches that wildness in yourself. And anywhere you listen to your podcasts. New episodes are out every Thursday. We'll see you then.
Hearing Jesus: Daily Bible Study
A highlight from 390// Going Beyond Words: How The Heart of Authentic Prayer Leads to Intimacy With God
"Do you sometimes doubt if you're truly hearing God's voice or if it's really your own? Or have you been in a season where it feels like He's completely silent? Have you been praying for a way to learn how to hear His voice more clearly? Hey friends, I'm Rachel, host of the Hearing Jesus podcast. If you are ready to grow in your faith and to confidently step into your identity in Christ, then join me as we dig deep into God's Word so you can learn to live out your faith in your everyday life. Need a new roof for your home or even just some repairs? That's a big investment, one that you should take very seriously. And you want the job done right by professionals and at a great price. You need to call your hometown roofing contractor serving Northeast Ohio for over 65 years. Coats Bros Roofing, 440 -322 -1343. How have they been in the roofing business for so long? Quality work at a great price. They keep their promises and communicate with you, the homeowner. Coats Bros Roofing will listen to you and find solutions that will accommodate your roofing needs. They'll give you a better than competitive price on your roofing job and make sure that it fits within your budget. Financing is available to the highest quality at a great price. Coats Bros Roofing, call 440 -322 -1343 or go to CoatsBrosRoofing .com. That's C -O -A -T -E -S, CoatsBrosRoofing .com. Support for this podcast and the following message come from Coriant. Coriant provides wealth management services centered around you. They focus on exceeding expectations, simplifying lives and establishing legacies that last for generations. Leverage their exclusive network of experts to help achieve your personal and professional financial goals. As one of the largest integrated fee -only registered investment advisors in the U .S., Coriant has experienced teams who can craft custom solutions designed to help you reach your financial goals, no matter how complex. Real wealth requires real solutions. Connect to a wealth advisor today at Coriant .com.
CRYPTO 101
A highlight from Ep. 566 Deep Dive Into L2s with Industry Expert Jacobc.Eth
"All right, everybody. I hope you're having a fantastic morning, noon or night, wherever you guys are in the world. You're in the right place because we are joined with another awesome guest today on the Crypto 101 podcast. We have today joining Brendan and I. By the way, Brendan, hello. How are you doing today? Feeling great. Hey there, everyone. Feeling good. I'm stoked to introduce our guest because this is a Web3 expert, a gaming expert, all things crypto, all things blockchain. We've got JacobC .eth, the founder of Hyperplay joining us today. Jacob, how are you doing today? I'm doing great. Thank you so much for having me. Oh, man. We're excited to dive in because not every day we get to really speak to somebody who's diving into the niche that you are with Hyperplay. So we want to dive into that. Before we do, we want to get your background. And really, how did you come to be in the position that you are? Yeah, I guess like going way back, I was really attracted to early Bitcoin from a political activist worldview. It was an interest to me, but it wasn't ever something I was like seriously or like from a career perspective involved in. And I worked in Web2 tech. And when I read the Ethereum white paper and started seeing that, I got really kind of annoyingly obsessed. My coworkers would tell you. And so, you know, I went and some early grant funding DAOs. I got to join the MetaMask team. And I worked as operations there and worked on a lot of the growth and monetization strategies. And I had really seen that the biggest area of growth that MetaMask and de facto, the decentralized web we're seeing was coming from gaming use cases. But the wallet experience and the user interactions between a game and the player's wallet, there were challenges that needed to be solved. And so, I, you know, I am still advisor for MetaMask. And I still work really closely with the MetaMask team. But I started Hyperplay to solve both the wallet to game interaction problem for games and also the censorship problem. Because game developers were being forced to build very strange and bizarre user experiences in order to hack around App Store policies. And there needed to be a censorship resistant and developer loyal distribution platform that actually encouraged people to build in a way that makes sense for Web3 instead of making them terrified that their business is gonna be deplatformed. So, yeah. We launched Hyperplay in March. It's available today in early access. And we're super excited for all the games and projects that are building on top of it. Let me just start this off by saying one of the first conversations I had with Bryce was what do we think or what do I think about like Web3 and gaming because that is really my niche. And I'm super stoked to be able to just talk about this with you today because this is really kind of hitting home. So, you have this big experience. Brandon's a big gamer if you couldn't tell. Oh, I can. If only you could see the PC that is sitting right behind the camera. It would tell wonders as to where I stand in the scene. But no, no. Everything else aside, Jacob, you have this big extensive experience when it comes to Ethereum and Layer 2s and crypto as a whole. Why are you just now starting to get really excited about Web3? Like what has you excited to really kind of dig deeper and invest a little bit of extra time and resources into Web3 now? Well, I've definitely been involved in Web3 for a while. So, I'll just say I think that blockchains are about more than... I think a lot of people see this as the next thing or something and that they're going to get rich or something. For me, I think that this is a tech that was built to make people more free, to help people to build and structure human social interaction and human collaboration in a way that we want it to be structured. And I think that what's so exciting about Ethereum is its composability and its interoperability. And so, the composability allows us to structure our social interactions in the ways that we think make the most sense. And the interoperability, the early vision of the internet was a more interconnected world. And then we got a bunch of silos based on surveillance. And today, by building the internet around interoperable rails and giving the internet a financial and transactional layer, it allows us to build ethical business models that ultimately distribute more ownership and power to the people who participate in these systems rather than for Web2 corporate monopolies. Yeah. It kind of hearkens back to in your introduction, you talked a little bit about what really got you inclined to the space was kind of like that political idea of Bitcoin as this new free money that kind of drew you in. And it's almost like what Bitcoin did to money Ethereum is doing to corporations, if you will, or it's that same level of disruption. But it's like more than corporations. It's identity, it's everything. And it reminded me of your name. I wanted to ask, a lot of people are probably like, jacobc .eth. Does this guy have a last name? People might not understand what this is. So tell us what your identity, jacobc .eth is and what does that mean to you and how did it kind of come to be? Yeah. I think that Web3 identity and Web3 reputation is super important. I think there's some larger meta conversations about how we think about identity and reputation in Web3. And certainly, there's a number of people that want sort of what I would consider a pretty dystopian form of Web3 identity that's based on like hashing people's biometric data or something like that. I think that people should be free to have one or many identities and that we need reputation -based governance. The civil problem isn't universally solvable, but we can understand the long -standing reputation of an identity, what kinds of contributions it's made, and to allow people to hold their identity and use it in a way that has reputation. So my ENS name is an example of that. But I generally think that we'll see a lot more reputation -based governance models for the protocols that people are building. And that's going to play a super important and positive role in terms of how people think about identity. Yeah. And even like when I think like with DeFi, even identity is going to come to play a huge part because there's systems that are out there. Maple is one, True Finance. There's a couple of them that use like reputation -based lending. And you could kind of have like an on -chain sort of credit score that's tied back to your ENS or your address. And I just thought that was interesting if anybody at home wants to check out those platforms. It's really cool because like you said, it's a blockchain technology that's really inclusive. For people at home who are listening, they're like, well, why do we need an on -chain credit score? I could go to a bank and I got my credit score. But if you're listening to this, you're probably privileged. And you probably do have some level of like, you could go anywhere and swipe your card, but that's not the whole world. And the whole world sometimes, if they want to get a loan or if they want to get a mortgage or whatever, they need to have identity documents, they need to have credit scores and reputations, or else they're going to get fleeced by a loan shark at 25 % rate. And so this technology does blow open the doors to financial inclusion for sure. But yeah, I definitely want to zoom in on Hyperplay and the things that you're building there. I would love for you just to describe how like a listener at Hyperplay, we've got lots of crossover between crypto lovers and gamers. And so how can somebody kind of bust into the platform and what should they expect? Yeah, so Hyperplay is a Web3 native game launcher. So if people are familiar with Steam, that's a Web2 game launcher and distribution platform. Hyperplay does the same kinds of things that Steam does. It helps you discover Web3 games, download those games, and it is also an aggregator of multiple game stores. So we have our own store, the Hyperplay store. It's got about 50 plus or minus Web3 games that are a part of it. We also aggregate the entire Epic game store. So all of your games, Web2, Web3 games that are in the Epic game store, you can actually play inside of Hyperplay. You can build on -chain representations of your gaming reputation. There's a lot of really exciting things that you can do by aggregating all of the gaming world into the decentralized web and to have an interface for that. And then any game that you launch from within Hyperplay, Hyperplay has an overlay similar to the Steam overlay. So people who've played games in Steam know that you press tab and then you see a chat window. You can see if you have a notification or achievements, Steam is going to overlay those on top of the game that you're playing, your friends requests. So Hyperplay does the same kind of overlay, but we actually are persisting your Metamask wallet into the game. So you can actually approve transactions without ever leaving the context of the game. You can sign in using your wallet instead of a native game. And we support both native or browser -based games. And we'll also be supporting other stores in the future. So we really... Our goal is from an infrastructural perspective to allow the player to carry their wallet, all of the assets inside of that wallet across every game that they play, across every game store. And really to also provide a really developer loyal platform to the builders so that they're not living in fear of being censored or deplatformed for building a Web3 game. I love that you brought up Steam as an example, because it is probably the closest thing that we have to this quasi Web3 marketplace. And I say quasi, right? Because you can trade items between players, between games. If I have something from CSGO and someone else has something from Team Fortress 2, we can make a trade for that. But we still can't trade across marketplaces. Say someone has something in Fortnite, someone has something in Valorant, League of Legends, another one of these games that's made outside of Steam, then you can't trade with them. It's cool because you can. You can trade, you can buy, you can sell. The CSGO marketplace alone is a multi -billion dollar marketplace, which is just a wild thing to say. But do you think that we can get to a place where we can have these cross -platform trades and orders going through? Because that's what I see as the end game of Web3 and gaming, is that I can trade stuff from Riot's platform and items on Riot. I can make those trades with people who have items in CSGO on Steam and so on and so forth. All right, listeners, if your business earns millions or even tens of millions of dollars of revenue, please stop what you're doing and take a close listen. Because NetSuite by Oracle, it's just rolled out literally the best offer we've ever seen. NetSuite does a lot of cool things, but I want to run you through what it does primarily. Primarily, it gives you the visibility and the control that you need to make better decisions for your organization faster. And now for the first time in NetSuite's 22 freaking years as the number one cloud financial system, you can defer payments of a full NetSuite implementation for six months. Not bad. 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The Breakdown
A highlight from ByBit Vacates United Kingdom as "Crypto Hub" Dreams Falter
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Monday, September 25th, and today we are updating ourselves on the geopolitical landscape of crypto. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Hope you had a great weekend. There are lots of interesting things to catch up on. And today, a slight theme in some of these stories is where different countries are positioning themselves vis -a -vis crypto. Now, the UK has had an interesting relationship with the industry. They were for a time very harsh. The Financial Conduct Authority in the UK has never seemingly been that into the whole space. But then when Rishi Sunak became chancellor of the exchequer, he declared that the UK would be open for crypto business. He wanted to make the UK the most crypto friendly jurisdiction in the world. Well, of course, over the next few months, through a variety of weird ups and downs, Rishi eventually ended up the prime minister. And of course, it might be reasonable then to ask, is the UK getting friendlier for crypto companies? Well, on that front, Bybit have announced that they will suspend service to UK customers next week in response to regulatory changes. The UK's Financial Conduct Authority, or FCA, will begin enforcement of new marketing regulations starting on October 8. The regulations require crypto firms to ensure advertising is clear, fair, and not misleading, as well as presented alongside a risk warning. Advertisements are required to be certified by firms, but this process requires crypto firms to be registered in the UK. So far, UK licenses have been difficult to obtain for non -domestic exchanges. The rules also require a number of technical changes to exchange business operations around new customers. For example, exchanges need to implement a 24 -hour cooling -off period before a new customer is allowed to make transactions. They are also required to put in place client appropriateness testing and client categorization features. These measures could involve limiting the size, for example, of crypto investments based on the customer's net worth. Now, penalties for non -compliance in these new rules are harsh, with unlimited fines and even criminal charges available as punishments. As you might imagine, the crypto industry has been highly critical of these elements, especially those that require technical changes to platforms. In response to those critiques, the FCA said that they would provide a transition period for firms that request it, potentially giving exchanges until January to come into compliance. Last week, however, the regulators said that they are alarmed at the lack of engagement with foreign firms. Only 24 firms have responded to a survey sent to over 150 companies. In response, the FCA wrote, "...this lack of engagement gives us serious concerns about unregistered firms' readiness to comply with the new regime." Now, in their announcement that UK services would be suspended, Bybit claimed their "...primary objective is to operate our business in compliance with all relevant rules and regulations in the UK." Bybit said that they were making "...a choice to embrace the regulation proactively and pause our services in this market." They said that the "...suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future." Practically, this means that from Sunday, Bybit will no longer be accepting new accounts from UK users. Existing users would be barred from making new deposits or increasing existing positions from October 8th. They will have until January to manage and wind down their existing positions. Bybit, as you might imagine, is not currently registered in the UK and is based in Dubai. Importantly, Bybit is not the only firm suspending service to UK customers in light of the new regulations. Last month, PayPal announced that it would temporarily pause crypto services in the country until next year. On top of that, crypto exchange LUNO said that it would be restricting some customer accounts from being able to invest on the platform until further notice. Bybit CEO Ben Zhao had flagged the firm's exit earlier in September warning of how overly broad the regulations are. He said, "...FCA has explicitly contacted all the major players — us, OKEx, Binance, everyone — and asked what our plan is to deal with this new law. And the new law is that if you use English as a language, they will see you as trying to solicit their users, so you cannot claim that you are in reverse solicitation. Everyone is in trouble. So everyone is thinking of plans of how to deal with this new law." George Morris, a partner at Simmons & Simmons, explained that the marketing regulations had been enforced for securities firms for decades but were now being expanded to cover the crypto industry. He said, "...the rules are extremely complicated and they're quite wide -ranging. It's not just UK firms that are subject to these rules. Anyone with a website that can be accessed in the UK is subject to these requirements." So there are a lot of different elements of this. One challenge is, yes, these advertising standards. But the bigger issue is this whole need to evaluate client suitability and potentially restrict investments. Practically, that either means a ton of financial disclosures from customers that they would have to manage and verify, or there's simply some self -attestation checkbox, which might not be that effective. Basically, with a set of marketing regulations, the FCA have figured out how to limit small retail's ability to buy crypto in the country. Now, one thing that is notable is that we haven't heard anything from the really big international exchanges yet in terms of how they're dealing with this. But in any case, it seems like a big detriment for UK crypto. As Leon TK put it, so much for the UK being a crypto hub, failing already. Now, speaking of places where there is more optimism, last week was, of course, the token 2049 conference in Singapore. And that led to a lot of different discussion around how different the Asian environment for crypto felt as compared to the US and European environments. Indeed, while Western jurisdictions seem to be bogged down with regulations that are unclear at best or hostile at worst, the vibes in Asia are reportedly immaculate. Major conferences around Asia during September saw an uptick in attendance, and regulatory regimes across South Korea, Singapore, Hong Kong and Japan appear to be giving the crypto industry a clear set of workable rules to allow firms to re -establish themselves coming out of crypto winter. The block's Frank Shapiro spoke with some conference attendees and reported on an optimism emerging in the East. One conference attendee said that South Korean retail is flocking back to crypto. They argued that young investors in particular view real estate and equities as massively overvalued and out of reach, so are instead opting to buy cryptocurrency. They said they don't buy houses, but they can buy tokens every week. There is a huge market. Another attendee spoke about the difficulty of accessing the Korean market due to South Korea's notoriously tough corporate climate for international firms. They said the liquidity is insane, but it is siloed and protectionist. You have to speak Korean. On that front, crypto custodian BitGo recently partnered with domestic juggernaut Hana Bank due to the difficulty in accessing the market without a local connection. What's more, one anonymous trading firm said they had been waiting five years to operate as a liquidity provider on domestic exchanges in South Korea. They said when they open up, we can be first in line. It's a great retail market. To get a sense of scale, the largest Korean exchange, Upbit, regularly outperforms Coinbase in terms of spot trading volumes. Then there is of course Hong Kong. Their new regulatory regime is off to a tough start in some ways with fraud investigations into crypto exchange JPX becoming public earlier this month. The most recent update is that there have been 11 suspects brought in for questioning and losses have been estimated at 178 million across 2 ,265 victims. Local police have said that the ringleaders of the operation are still at large and have enlisted the help of Interpol. Some are referring to JPX as the largest financial fraud to ever hit the city. Yet despite the major investigation, there are currently no signs that Hong Kong regulators are seeking to reverse course on unexpectedly open crypto regulations. Indeed, on Monday, the Hong Kong Securities and Futures Commission said that it would be releasing the full list of current applicants to ensure that users are able to identify false claims from exchanges. The theme appears to be the same across multiple Asian jurisdictions. Basically, that individual incidents of fraud and malpractice haven't tarnished enthusiasm for the industry as a whole. Another conference attendee told Chiparo, This Asia trip blew my mind. The excitement in Korea and Singapore is the polar opposite of what's going on in the U .S. Alex Vannevik of Nansen wrote, Vannek portfolio manager Pranav Kannadi added some color around how local investors are thinking about the space as well. On September 14, Pranav tweeted, Conversations were mostly positive and a key question was, We're in a crypto winter right now, but when should we expect the next bull run? Not a single convo mentioned the merits of the tech or whether the space survives, feeling optimistic. Now, hopping from Asia over to Europe again for a moment. According to a report from Fortune, Coinbase considered acquiring FTX's European business in the wake of FTX's November bankruptcy. Apparently talks never progressed to a late stage, but the preliminary interest highlights how important international expansion is to Coinbase, particularly regarding its derivatives products. Before the bankruptcy, FTX Europe was the only European firm registered to provide perpetual futures trading. And while derivatives trading remains heavily restricted in the U .S., both Coinbase and Gemini have launched offshore trading venues this year to provide derivatives markets to international customers with a keen eye on Asian regions. For Coinbase, the pivot to derivatives could provide a much needed boost to flagging spot volumes. According to Kiko Research, derivatives volumes in Quarter 2 of this year were six times large than spot. Now, the entity that became FTX Europe was originally acquired in late 2021 for 376 million. The firm was already licensed in Cyprus at the time, which allowed it to access European markets. Since the bankruptcy, the entity, along with its valuable license, have attracted interest from Crypto .com and Trek Labs as well. According to documents viewed by Fortune, Coinbase expressed interest immediately after the FTX bankruptcy and again as recently as last month. That said, FTX Europe has also been in the crosshairs of the U .S.-based FTX bankruptcy team for clawbacks. The estate launched a lawsuit against FTX Europe executives claiming that the original acquisition was a horrendous business decision, arguing that FTX effectively paid 376 million for a $2 million operating license, and on top of this, the sale of FTX Europe seems like a difficult task with active litigation surrounding the firm. In July, the U .S.-based FTX estate said, The FTX debtors' professional advisors have concluded that there is no realistic possibility of a sale. However, last Thursday, they said, The FTX debtors are committed to maximizing the value of FTX's assets to drive customer recoveries. As such, the FTX debtors are continuing to evaluate whether there are viable options for the sale of some or all of the assets of the FTX Europe business. Now one small aside on Coinbase. Arkham Intelligence claimed to have mapped Coinbase's bitcoin wallets and according to Arkham, Coinbase holds almost 1 million bitcoin worth around $25 billion at current market prices. This would amount to almost 5 % of the bitcoin in circulation, similar to the amount held in wallets believed to be owned by Satoshi Nakamoto. Arkham's report showed that Coinbase's largest cold wallet holds around 10 ,000 bitcoin, and the firm believes that Coinbase has additional bitcoin holdings which are not yet labeled and could not be identified. According to data published by CoinGecko, Coinbase only owns around $200 million worth of this gigantic bitcoin stash, with the rest attributable to client custody. However, staying on the Europe question and how valuable this Cyprus license actually is, with Europe's MICA regulations coming into force from June of next year, some firms are beginning to warn that a clear lack of guidance could lead to disruption. The MICA rules were intended to provide a comprehensive framework, but there are still numerous grey areas. One of the major problems surrounds stablecoins. There is currently no guidance on how MICA stablecoin regulations will apply to foreign and decentralized issuers. The default scenario seems to be a ban in Europe unless these issuers can obtain the appropriate licensing, with no arrangement to recognize approvals in other jurisdictions. The European Banking Authority has warned that there will be no grace period for coins already on the market. The EBA and its sister agency, the European Securities and Markets Authority, ESMA, are currently taking public consultation on how the MICA regulations should be implemented. Relatedly last week, the head of legal at Binance France said during a public hearing hosted by the EBA, we are heading towards a delisting of all stablecoins in Europe on June 30th. This could have a significant impact on the market in Europe compared to the rest of the world. Now, Binance CEO CZ quickly walked back the comments claiming, it was a question taken out of context. In fact, we have a couple of partners launching Euro and other stablecoins in fully compliant manners of course. A blog post from Binance explained further, stating that they would be required to delist stablecoins that fail to gain registration in Europe and that no licenses have been granted to stablecoin issuers currently. Binance wrote, While we are confident that there will be constructive solutions in place before the mid -2024 deadline, if left as is, this could have an impact on the European crypto market and the competitiveness of European crypto exchanges in the global market. Now the requirement that stablecoin issuers are EU -based could cause further problems for decentralized organizations. Thomas Vogel, a partner at law firm Latham & Watkins said, So, this is sort of the challenge with MICA. As comprehensive as the regulations are written, how they get implemented is still fairly up in the air. There was commentary around the time that MICA was being voted upon that it could either be a big step in giving the crypto industry a clear set of rules to function, or work as a de facto crypto ban depending on how it was implemented and whether enough licenses were granted. Now, with a little over nine months until MICA comes into force, there is still time to ensure that rules are workable for existing firms, but it appears that there is a lot of work left to do in that regard. Anyways, it's definitely a story to keep an eye on, as something that was seen as largely positive could become quite bad quite quickly. However, friends, that is where we're going to wrap for today. Lots going on in this fascinating world of crypto. Wherever you are enjoying it from, I appreciate you listening. And until next time, be safe and take care of each other.
Bloomberg Radio New York - Recording Feed
Monitor Show 06:00 09-25-2023 06:00
"Investment advisors, switch to interactive brokers for lowest cost global trading and turnkey custody solutions. No ticket charges and no conflicts of your interests at ibkr .com slash ria. What's been going on and who's being resolved. Plus, lawmakers inching closer now to a government shutdown could come as early as this weekend. That's coming up in our 6 a .m. news. Hour 2 of Bloomberg Daybreak starts right now.
Bloomberg Radio New York - Recording Feed
Monitor Show 00:00 09-25-2023 00:00
"Investment advisors switch to interactive brokers for lowest cost global trading and turnkey custody solutions. No ticket charges and no conflicts of your interests at ibkr .com slash RIA. Yes, appropriately. I wore this ridiculous thing for you. That does it for this episode of Wall Street Week. I'm David Westin. This is Bloomberg. Stay with us. Today's top stories and global business headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This Bloomberg is Daybreak, Middle East and Africa. Looking at our top stories, we've got Asian stocks on the way down while U .S. treasuries creep lower. More Federal Reserve officials take that higher for longer stance on interest rates. The dollar on its second longest weekly rally, would you believe it, since 1967. The European Union's chief trade negotiator says the bloc's trade relations with China are, quote, very imbalanced. Amid the EU's investigation into Chinese electric vehicle subsidies. Striking Hollywood screenwriters reaching a tentative new labor agreement with studios. It may settle one of the two walkouts that have really shut down film and TV production since May. And we've got oil prices resuming their rallies. Hedge funds bet on tightening supplies ahead. Banks are increasingly making predictions that Brent Crude will hit $100 a barrel. And it's just gone 8 a .m. across the Emirates. 7 a .m. in Saudi Arabia in Qatar noon.
The Crypto Conversation
A highlight from Ethena Labs - Enabling the Internet Bond
"Hi everyone, Andy Pickering here, I'm your host and welcome to the Crypto Conversation, a Brave New Coin podcast where we talk to the people building the future in the Bitcoin, blockchain and cryptocurrency space. Hey team, we have a new sponsor here at the Crypto Conversation, BitGet, one of the world's leading copy trading cryptocurrency exchanges, yes indeed. What happens if you've got the funds to invest but you don't have the time to keep track of the market? You still want to make smart money moves? What do you do? Well, copy trading is a popular choice for beginner traders. You can shorten your learning curve by uncovering tips and strategies from more experienced traders. BitGet's copy trading platform has over 80 ,000 elite traders to choose from and 380 ,000 followers just like yourself who are already using the BitGet copy trading platform as a potential passive income stream. All it takes is one click, you can subscribe to an elite profitable strategist, set your limits, automate your orders and monitor their trades. I've got some links in the show notes below, one link will take you through to the BitGet sign up page, give you a VIP discount. So learn all about it for yourself thanks to BitGet. And now it is on with the show. My guest today is Guy Young. Guy is the CEO and founder of Athena Labs, the crypto infrastructure building, a USDE, the first ever global internet bond and stablecoin not reliant on existing banking institutions. Very interesting. Welcome to the show Guy. Thanks for having me on man. It is a pleasure. Let's do what we do at the beginning of the show Guy, it'd be great if you could please introduce yourself. I'd love to hear a little bit about your personal and professional backstory and what has led you to founding Athena Labs. Sure thing. So my background was in traditional finance. So originally started my career in investment banking work in London and then I moved over to a US hedge fund. And that's where I spent the last five years and we were focusing primarily on financial services. So that was looking at everything from banks to insurance companies, especially finance and investing across the capital structure into those types of businesses. I had a friend who's a DeFi founder who introduced me to crypto back in 2019, was investing into it on the side of my day job until midway through 22 when we had the collapse of Luna. Arthur Hayes came out with a thought piece a few days after that where he outlined his vision of how we could try and create a scalable crypto native solution for stablecoins that could live outside of the banking system. And his basic idea was being long Bitcoin on one side and then using that collateral to short the perpetual on the other. But those two positions coming together netted off to create what is a synthetic dollar position. And yeah, I read his piece, was inspired by the vision and the way he thought about things and decided to quit my job to start building out Athena on the back of that. Yeah, fantastic. One of, I guess, a few people from traditional finance have been inspired by the many visions of Arthur Hayes. But yeah, I think I remember the thought piece or blog or whatever you want to call it that you're referring to. And obviously Arthur is a reasonably prolific writer and he's an interesting thinker in the space, certainly, isn't he? Yeah, absolutely. I mean, I've been reading his pieces for a couple of years before that. I think one of the great things that he sort of gets across is really just trying to blend the macro view on the world and how that sort of feeds through down into crypto. And yeah, had been a fan of his work for a long time. And actually, funnily enough, part of the idea that he has here, I think predated thinking about the stablecoin because it was actually sort of used on BitMEX by traders who are trading there with Bitcoin collateral all the way back to 2016. So when you didn't have stablecoin sitting there on BitMEX, the way that people thought about neutralizing their position to get into synthetic dollar position was actually using Bitcoin to then collateralize the short position on the other side. So people have actually been doing what we're sort of trying to turn into a product now many years before he came out with that piece. And really, this is just sort of like the natural evolution of that, which is tokenizing that trade into something that can then be used as a stablecoin. And so are you in comms with Arthur? Yeah, so Arthur sort of led the seed round that we completed a couple of months ago with Dragonfly. He's joined the team as a founding advisor, helping us sort of think through the strategy, the go to market and just ensuring that we have the right relationships at different exchanges, which is a pretty important piece of how the product is sort of put together, as you can imagine. So, yeah, we're super thankful that sort of Arthur got behind us to back us. And yeah, I was excited to work with him on bringing that vision to life. Yeah, sorry, you're exactly right. I had that in my notes that a Dragonfly capital. But of course, yeah, just slipped to my mind. But yeah, it was Arthur is actually, yeah, behind Dragonfly capital. So, of course, yeah, that all makes sense. All right. Well, let's yeah, fascinating backstory. So that's yeah, that's brilliant. Let's rewind a bit, I guess. And yeah, start from the beginning. So, I mean, you kind of explained the idea, I guess. But yeah, Athena Labs, what is the vision then? Yeah, I think it's really just building on the idea that Arthur had. His core idea, as I said, was long Bitcoin on one side and then using a perpetual swap on the other to hedge out the price volatility to give you a synthetic dollar position. We took the idea in his piece and made two fundamental changes to the way that he was thinking about things. The first was that we're starting with Stigdeth as an asset rather than Bitcoin. We can jump into the reasons for why that is. But really, it boils down to the fact that you have now for the first time, a positive carry for being long Ethereum. So when you're long that position and you're getting paid 46 % for being long Stigdeth, that obviously looks more attractive than Bitcoin, which has no inherent yield in the underlying product. The other piece for that is actually one of sort of security and safety. So part of the risks of these types of designs is that you could go through periods where funding on the perpetual contracts or the cost or amount that you're being paid to take out that short, that does vary through time. So traditionally, it's been pretty skewed to the positive side where you get paid to put on that short, but you do have periods where you actually have to pay out to hold that position. And so obviously having that embedded yield within Stigdeth now also just adds an additional margin of safety to the product itself. I think the second change that we had with Arthur's idea was just thinking about the underlying custody of the assets. So he was pretty insistent and it's something that we agreed with as a team that you needed to access centralised liquidity in order to be able to get the product to scale. So you've seen previous iterations of this type of design attempted to be bought to market fully on chain. So you've had other projects who have tried to put together this delta neutral stable coin, but only using decentralised exchanges on Solana and on Ethereum. The problem with that is that you just don't have enough liquidity on chain to be able to scale it a size that's meaningful and into the billions, which is where we sort of see the demand for a product like this. And so if you accept the fact that you need centralised liquidity, we ask ourselves the question of how we could do that in a risk minimised way for our users on the other side. And since the collapse of FTX, we've seen some interesting sort of developments around the way the custody solutions are being brought to market within crypto, where you're able to disaggregate the custody of the underlying assets and the execution and settlement of the trades. And so what that means is that you can hold the assets sitting off of a centralised exchange server, but still use that collateral as a margin instrument to take out the short. And so for us, that was a pretty huge unlock to basically make commitments to our users that we could keep their assets off of centralised exchanges and just reduce the counterparty risk to those entities. Yeah, very nice guy. And I suppose, of course, the other reason why you're using Ethereum here as well is, I think, it's part of what we find so interesting around DeFi, which is just the composability element, right? So stablecoins that can exist just in exchanges. Yes, it's interesting and it's extremely useful to have a trading pair that you can go back into dollars. And that's part of what's driven Tether's success to grow to 80 billion dollars. Really, the function that they provided was the holy grail of basically being more of a trading pair, more of a trading pair, more of a trading pair, more of a trading money exchanges. on But actually, when you start to take an asset like a stablecoin and then more interestingly, a stablecoin with a yield, and you start to use that and compose with it in interesting ways throughout DeFi, for me, that's actually an exciting bit of what you can start to take this asset and start integrating it through DeFi. Because if we think about the way that DeFi sort of functions today, really, it's working up for cash, sitting behind most of the balance sheets within those projects. So whether it's a backing to something like MakerDAO, where you have USDC or FRACs and then a lot of the money markets, it doesn't make a lot of sense, right, that these things have no yield that's embedded into them. If we think about an analogous reference point within the real world, insurance companies, banks, they all have treasuries instead of cash. That's like their form of cash. When they need short term liquidity, they can take those treasuries to the repo market and sort of satisfy their short term liquidity requirements. But within DeFi, you actually you don't really have that bond like instrument which sits there on the balance sheets of those businesses. And we actually think that, yes, a stablecoin is an interesting product that comes out of these two positions. But actually, the more interesting product is this idea of an Internet bond, which is basically a stable position with an embedded yield, and that yield is derived from crypto native sources.
Bloomberg Radio New York - Recording Feed
Monitor Show 07:00 09-24-2023 07:00
"Investment Advisors. Switch to interactive brokers for lowest cost global trading and turnkey custody solutions. No ticket charges and no conflicts of your interests at ibkr .com slash ria.
Top Advisor Marketing Podcast
"advisor" Discussed on Top Advisor Marketing Podcast
"Oh man that's tough because matt that would like try. That would like expose that. You miss something and i don't think you did. No i you know what we kind of hit on this earlier. A little bit. And it's like okay if somebody's hearing all of this for the first time or there may be had a misnomer about social selling or didn't think that it was something that would be advantageous for them. Whatever it is what. What could they should they do. Differently would be probably the only question in next logical question that i would even think of my answer. That would really be it. Hit we hit on this a little bit earlier. Think about those relationships that you would benefit from that. Maybe you're not going after today. Starts thinking about your business in a new way. You know what types of clients historically have engaged. And why was there a commonality. I'm sure you'd think about a lot of these types of things a financial advisor but thinking about people that went to your alma mater played a similar sport might have similar key words about them on linked in might be similar groups that you would like to join lincoln finding these people with that commonality. Because here's the thing. The best case scenario right is that they turn into a lifelong client. The worst case scenario if you do it right as they might turn into a contact or a friend or they may refer you to something in the future like these are the intangibles that we don't think about their like the hustle stats and a box score for sports. There are the things that maybe you don't see but the more relationships are able to create. Maybe somebody is value in this. I was in a conversation about a month ago where we were talking in. This guy actually sent me like man. I really need a financial advisor. Guess what. I introduced him to mind the things that you can't see these unseen forces so you can never create too many valuable relationships that might be get referrals that you don't see or residuals over time or turn into lifelong clients so go out and focus on relationships. You think that you would benefit from and that would benefit from you because it's got to be a two way street. Try to make deposits value everywhere. You can think about those relationships that you'd benefit from today and go get them now. I'm sure people are gonna want to connect with you man. What is the best way for them to reach out to you. We're gonna make sure that we have links to all of your books in the show notes but if somebody wants to engage you in any way what is the best way for them to reach out to you. Yeah and please do. I really truly mean that. I love meeting people and just learning from them. That's been the most. The biggest blessing of anything that i've ever done in my entire career has been meeting with people so please reach out on lincoln. I'm very active. Their twitter handle is see. The headey zero zero seven's we'll see carson visas and vincent my middle name and then last name zero zero seven big james bond fan. Either one of those would be great. I look forward to connecting all right well for all of the james bond fans out there carson and all of us here at prod mouth. Make sure that you take a moment to like share and comment on. This gives a quick review. All of you are listening to this. Know somebody needs a list of the just click that share button share with the other financial advisor friends and make sure that they can understand the true power of social selling. So this is matt. How're now see on the other.
Top Advisor Marketing Podcast
"advisor" Discussed on Top Advisor Marketing Podcast
"I'd make a list of five to ten people whether it's in your organization whether it's clients that you wanna meet make us to five to ten relationships that your life would benefit from right now go get him. There's a lot to unpack there. I wanna go back to something you said earlier in. Then i'm going to go to the hitless so so the idea here. Is that you hunt and farm at the same time and in our industry. I don't think a lot of people realize that you can actually do both so. I just wanted to clarify that for our audience to have them understand that you should be consistently farming these relationships because at some point when they are ready people want to buy from you. They don't want to be sold right. That's a big thing that we believe here at proud mouth but you talked about the hit list and this is something that so many many years ago when i was in coaching and consulting company we used to have our people to make this call the hot one hundred right so these were like the ideal people. If you could land these as your clients do you'd be the greatest financial advisor and you'd have the greatest misses ever and we used to get a lot of resistant to it carson. They would like. I'm not going to do that. And i remember when. I made my first my first hot list. My hot one hundred and i landed some of those people and i wouldn't have landed them if i didn't have the focus so you i'm assuming you do something like that. So you have laser focus on a a niche a niche or niche of people who you want to build relationships with because they can be potential people that you can add value to their relationship in their life. Long-term how many do you write down. How quickly do you take them off in. Finally what do you do to celebrate when you land one of these people. Yeah wow that's a great great series of questions there..
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"First five people <Speech_Female> scheduled and then everybody <Speech_Female> else's <SpeakerChange> <Speech_Male> i don't wanna wait for that <Speech_Male> piece out <Speech_Male> right. Well <Speech_Male> here's the thing <Speech_Male> what they think in their. <Speech_Male> What their <Silence> thinking <SpeakerChange> <Speech_Male> is yeah. <Speech_Male> That'd be really good. <Speech_Male> I'll give <Speech_Male> mccall tomorrow and <Speech_Male> schedule it <Speech_Male> right. In fact <Speech_Male> a lot of times said <Speech_Male> you know where he could get. <Speech_Male> You know <Speech_Male> big mistake. <Speech_Male> But they're thinking we'll give <Speech_Male> them a call. We'll <Speech_Male> email 'em we'll follow <Silence> up tomorrow <Speech_Male> and <Speech_Male> we know psychologically <Speech_Male> frankly <Speech_Male> the minute they walk through the <Speech_Male> door. They forgotten about <Speech_Male> you <Speech_Male> Certainly tomorrow <Speech_Male> after <Speech_Male> the crises <Speech_Male> of life and the <Speech_Male> kid got a bloody nose <Speech_Male> or whatever and <Speech_Male> the you know grandma's <Speech_Male> in the hospital if <Speech_Male> they've forgotten about you <Speech_Male> <Speech_Male> So you've <Speech_Male> got to get <Speech_Male> the appointment ahead <Speech_Male> of time <Speech_Male> and <Speech_Male> as you know. I like <Speech_Male> to work with a team. <Speech_Male> So i <Silence> much prefer <Speech_Male> that if <Speech_Male> i'm going to be the talent <Speech_Male> i've got people <Speech_Male> working the room <Speech_Male> and i can have <Speech_Male> somebody pulling them out <Speech_Male> and having a conversation <Speech_Male> and pre-qualifying <Speech_Male> and one <Speech_Male> thing another plus <Speech_Male> as you <Speech_Male> start anybody who's not <Speech_Male> completely qualified <Speech_Male> so usually there's <Speech_Male> a couple of steps they have to <Speech_Male> go through <Speech_Male> Before they <Speech_Male> even get to me in <Speech_Male> this case. <Speech_Male> But you yeah. <Speech_Male> We're we're over our time <Speech_Male> and we barely <Speech_Male> scratched the surface <Speech_Male> but <Speech_Male> What would you add <Speech_Male> to <Speech_Male> that mendy and we'll <Speech_Male> <SpeakerChange> call <Speech_Male> it a day for now. <Speech_Female> Yeah i think <Speech_Female> it's always going to be begin <Speech_Female> with the ending <Speech_Female> of nine <Speech_Female> when it comes to this so <Speech_Female> the <Speech_Female> goal is to have <Speech_Female> a great event you want <Speech_Female> to. The goal <Speech_Female> is to create <Speech_Female> a new client. <Speech_Female> And <Speech_Female> <SpeakerChange> so <Speech_Male> it's <Speech_Male> what are the things <Speech_Female> that lead to that <Speech_Male> moment. <Speech_Male> Anything <SpeakerChange> anything else <Speech_Male> is superfluous. <Speech_Male> Yeah <Speech_Male> <Speech_Male> and <Speech_Male> literally everything <Speech_Male> else's purpose <Speech_Male> right. A <Speech_Male> i <Speech_Male> what i want. <Speech_Male> The event to do <Speech_Male> is create employment <Speech_Male> for <Speech_Male> waste. They're likely to show <Speech_Male> up with <Speech_Male> warm feelings about <Speech_Male> it. <Speech_Male> And i want it <Speech_Male> to be. When they show <Speech_Male> up there predisposed <Speech_Male> they're <Silence> both qualified <Speech_Male> and <Speech_Male> predisposed <Speech_Male> to buy and a <Speech_Male> lot of the supplement <Speech_Male> through. The process <Speech_Male> <Speech_Male> is supported <SpeakerChange> with <Silence> tools. <Speech_Male> Write your <Silence> book. <Speech_Male> <Silence> know collateral materials. <Speech_Male> You <Speech_Male> know <Speech_Male> shocking <SpeakerChange> all box <Speech_Male> or whatever you wanna call <Speech_Male> you know big packet <Silence> of information <SpeakerChange> <Speech_Male> <Speech_Male> follow up fedex <Speech_Male> and the mail <Speech_Male> you one hundred dollar bill <Speech_Male> letter dollar bill <Speech_Male> letter whatever it might be <Speech_Male>
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"That of inhabits right so we're we're bringing them to a video meeting in the preparation for the video meeting scheduling them for a follow employment following the video meeting for bringing them to a conference room. We want to schedule them for the follow up meeting Prior to the meeting in the conference room now it seems really difficult to get most advisers in their office to one get that through their head. There's doable but number two to do it right. And so if you can't do that or if you haven't done that with some percentage of them and we can talk about how to get it to happen. You know details but at the very least i want when they show up and they check in. That's the point at which were scheduling the next follow up and what people think is well. They have to hear my my glorious presentation before they know know if they want to work with me no no in fact your presentations probably not all that glorious out truth we can work on making that better. But but what we want to do. Is we want to have the follow-up step happened before that that happened so best case it's as soon as you get the information that they've raised their hand. They're coming you then schedule. Follow up appointment and by the way you have to work really hard to get him to show up to people. Miss that point you know a webinar show rate tends to be maybe thirty forty percents right. A live meeting show rate might be better than that. But it's not gonna be you know if you don't do a lot of follow up steps and they get taxed reminders. And they get a fee visa mail in the mail as a reminder and they get a phone call. They're not going to be there..
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"Is you know a mailing with a packet of aspirin or a mailing in like looks like an aspirin bottle with the will eliminate all of your headaches. Yeah you don't want to cause headaches. You want eliminate their headaches and you want them to see that far from them. Having to study get confused. You're just going to handle it and you're going to handle it in a way that they're not confusing it's straightforward and it. It's simple bright right up and you know we're we're we got about six minutes left. We barely scratched the surface. And we'll we'll follow up. We'll we'll do do another one with the going beyond this. With with the event the i will say what has happened in marketing. Is people think that everything has gone online. And i'm over generalizing. But they they get so fixated on lengthy and facebook whatnot that they think any and everything they do. That's the only way you market and what we know about a live event whether it's a webinar or whether it's an in person you know steak dinner whether it's a a meeting in of smaller big venue is you can't scale doing just online marketing for something that's geographically targeted right. So it's very difficult. If i'm in the suburbs of evergreen lakewood colorado you know the the central west of where i'm at right now It's very difficult to get a lot of people respond. If all of your media is trying to do tick-tock and instagram. Facebook which is eight hundred pound gorilla in lincoln. What you have to do is you have to overlay with a lot of other media. Mostly direct ma'am Which is again why i like starting with. Let's get all of our clients to bring you know. Let's get a third of our clients each bring on average one point two friends and so now we've got a you know a nice group people because the marketing costs as minimal We're just doing direct mail calls email text or a client list not to you.
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"Well because you're going to receive two of his great books and actually of mine calls successes and inside job you'll also get a lot of absolutely free material on growing your practice through effective marketing. So again take the time to go to advisor wealth mastery dot.
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"Than that. They learn something. And if they're not entertained they're not gonna learn anything And if it's dry and you make sure that it's really content laden. Is they leave unimpressed. And elite board and also. It's hard to keep their attention. Yeah absolutely especially this. Is something where you don't want to get real technical. And you want to stay focused on the broad strokes. I'm on holiday safe because again. The goal isn't just to have them in the room today. It's to get them in as a client and so when you're talking in broad strokes that gives them the the understanding that you know what you're talking about to get specific to their situation that becomes the perfect thing of. Oh yeah. I could totally help you with that. Let's go ahead and set a time for us to be in that we can talk on your specific situation and it helps that natural progression of relationship. Well and again financial advisers are really bad and about using jargon right yes and you know abbreviations internal language All of that kind of stuff and in that environment the last thing you wanna do is use. Jargon is something. I have beat to death as as you know being one of the bt's from time to time With my staff of you know our internal language never exits the room and in fact for staff training we try to always use words. Lee milk here. And i'm delighted to interrupt you today and let you know that i've been working with stephen oliver for ten or fifteen years. Now he's a great guy. I love all the research that he does. And i just wanted to let you know that. If you're enjoying the content on this podcast then you really wanna make time to visit advisor. Wealth mastery dot com and. Why should you do that..
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"Show and that drives them every week to an evening meeting And i could have facebook linked in google Google pay per click search Podcasts i can have all that stuff driving people from all over the world or at least all over the us and the principles are the same right so so it's all about getting the right getting in front of right people ignoring the wrong ones. And i'm not talking about anything but they fit your profile customer right And then the second element is is figuring out whether that idea profile customer if i'm marketing to You know Cosmetic surgeons for instance. If i'm going to be the adviser that specializes in cosmetic surgeons. Well i probably you know i want. I want to hit all of them in my local area. But i wanna make that roll that out. Regionally nationally I think you know what what also is strange about that. There's the old proverb you know. You're never a prophet in your own land. And you know the expert from You know poughkeepsie. To pick a you know not very interesting place here from poughkeepsie. I'm not trying to insult or or cleveland. You know but the expert from cleveland if you live in In nashville is more interesting than the guy who has an office down the street. Just because they are the outside expert and the expert in the field so this idea drawing a radius as a as an advisor at another good friend of mine Through dan kennedy in the in in this case sales people apartment complexes he does multiunit Grand don't does that doesn't but he he he's in ohio Very stable market and basically sales people. You know you want to Twenty five percent or fifty percent or one hundred percent of this project. he's got he's got clients all over the world and they're buying these property sight unseen and he's got a very clear format for. Here's what it is. And here's you know with pro forma..
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"You want without you having to go ask then you've gotta start it as a personal relationship and so it needs to be that live in personal from the get go in live either by zuma comparable or live in a room right and and again as an aside. I don't understand why financial advisers think they have to draw a three mile radius around their office and focus on their own neighborhood We have people were working with all over the world And now you get into licensing and one thing or another but if you're you know it's relatively easy in in all areas to be in in any state in your insurance paperwork or you know whatever whatever you have to do At a certain point. But you know we The top people that were working with you know they. Have you know from california to vermont to florida to seattle And oftentimes to toronto and vancouver or whatever might be or you know across the provinces in canada And that's where again determining the reach and what the target is is going to determine whether people are going to drive across town and sit in steak dinner or they're gonna be on on live interactive by video or webinar And there's nothing to say. You can't do both bright. Have a every saturday or such lee milk ear. And i'm delighted to interrupt you today and let you know that. I've been working with stephen oliver for ten or fifteen years now. He's a great guy. I love all the research that he does. And i just wanted to let you know that. If you're enjoying the content on this podcast then you really wanna make time to visit advisor. Wealth mastery dot com and. Why should you do that..
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"It has to be person to person. person to group and it can't be coming from a corporate face. Gotta be coming from an individual and it's got to be conversational and i said out of curiosity after day. Twenty nine what you do because we throw them away because obviously they're not interested now. Oh oh lay they they they. They aren't interested today. Doesn't mean they're not going to be interested in october. Doesn't mean they're not going to be interested in january and One of the best markers of all time in fact that movie madman on madison avenue was in part based upon oli and he called it the moving parade of humanity. He said you're not advertising to a standing army. You're moving to advertise to a moving prado humanity. And what he meant by that was people who are perfect clients for you are getting married. Getting divorced their retiring. They're coming out of retirement. They're having a financial mishaps. they're having heritage. And you can go to list right. They're having parent diagnosed with alzheimer's. There's all kinds of reasons why somebody who might be really interested is perfect prospect. Why they don't respond to you right now right and there's all kinds of reasons. Why maybe something changes in their life. You know my friend dan kennedy. He has a story about When he got divorced the first time and he says all these furniture people and everything inserts in the newspaper and their mailing me. And i got a house and i got the house phil's furniture. I don't eat furniture. And he said one day. I came home and you know the wife at loaded all the furniture up truck unannounced and left and left nothing but the cats and All of a sudden on that day. He needs furniture. So the next person in the mailbox you know with with a furniture add got him right But the guy who said well. I mailed him three times. He's not interested. Obviously he missed that moving be mandy concept but cycling back on live events what we well we can certainly be talking because all the principles of the same we could be talking about doing a live zoom meeting so and i saw which again puzzles me. You know the love of I had this conversation with dan. Kennedy j ram the level of marketing sophistication among financial advisers life agents etc. Just scary bad right But.
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"I don't hear even the ones who've done well talking about is the marketing numbers in the market. Numbers are super important. right is art with. What's the lifetime value of new client in with any given group of people. I'm going to put in the room. What's my conversion rate for them to a new client right right in. I have to step back and say what's the cost of running the event and was the cost putting the people in the room right height. And if i let's say that you use numbers let's say it cost me a thousand dollars to get a new client and that client was going to pay me five thousand dollars or twenty years. So they've got one hundred thousand dollar lifetime value first-year year value. Five thousand navy. You know maybe initially to me there were two or three thousand and it cost me a thousand dollars including buying the stake in filling the room and everything to get them well. How often would i do. That was my return on investment. On that right i mean i do that. I the running up the credit cards to put as many damn people in the room as possible because and to me what's interesting. I've had this talk now with several other people who are quote unquote coaches consultants. And you know to the industry A couple who are really sharp and a couple who you know probably think like normal advisor does which is not a not a criticism other than their horrible at marketing. But they presumably good at supporting there. But you know. I i could talk all day long to an advisor about somebody puts in ten thousand a year and they get a seven percent nine percent twelve percent return on their investment. And it's been a grow compounded and they understand those numbers. But then if i say you're gonna spend ten thousand dollars to get somebody pay this your five five thousand. I mean just going to spend two thousand dollars to get somebody to give you this year. Five thousand and start talking about five hundred percent return first year and then what that extrapolates out over the including time value money they gig glossy eyed shocked and appalled that i would suggest they spend that much money because of course referrals are free right now full but yeah you know where i'm going with that so absolutely well i guess you pay you get what you pay for royal and you can definitely get a ton of referrals that may or may not be fabulous but if you if you're gonna approach it through events yo you can really target your marketing for that event and create that content of appealing to that audience..
Financial Advisor Marketing:
"advisor" Discussed on Financial Advisor Marketing:
"Lee milteer and i'd like to give you an introduction to one of my favorite people on earth. Mr stephen oliver who is with the adviser marketing podcast. Now stephen is a true maverick. And i mean that in every sense of the word not only in our business. But i have to tell you his clients universally love him and they grow at rates that they wouldn't believe it's possible now on this podcast in each episode. Stephen is joined by various members of his team or special guests to share insider secrets to rapid growth and high net profits in your financial advisory practice. So i just want you to know. You're in for a wild ride. New information and a lot of exciting new future because of stephen oliver there stephen oliver again and i am joined by mindy godfrey of both of advisor. Wealth mastery and What we wanted to talk about today is live event promotion Getting good results from live events. And many by the way i i have heard. You've probably heard this more than i. You talked to more humans than i than i do since you seem to like them. Better but You know we we were talking with Was a small group of other adviser just yesterday and what came out of one of the women's mouth was well doing live events doing lunch meetings dinner meetings and so forth dated. That was twenty years ago and you know in her case. She's in the same cisco bay area so you know in our in our area. That's not something that people would do anymore or something to that effect. I forget i forget. What her objection wasn't and i was talking to another advisor just a week or so ago and a very high producer Four hundred and fifty million assets under management Has grown quite a team underneath one thing or another and basically said the same thing. I don't like doing live events that it costs too much to fill the room and and and one thing or another and as you've probably noticed when people say that i tend to annoy them because the first thing i ask is well how did you run it. What was the content in. What was the conversion rate. Who did you get in the room right. you know. I mean simple little questions like these young people in the room to begin with and did you convert a high percentage of them. And how much were they were Let's talk about that. You've you have been more than anybody. I can think of or out side of the adviser industry and me to a lesser extent. But we have promoted just a a you know part of my language. Shit tunnel events You know you've been involved with a lot more that are in the all the way up to it's a you know an outdoor concert Big live christian events down to more like what an advisor would be You know lunch. Dinner bordering diaper thing and it. Oh on on in my other life with the martial art schools Promoted a ton of those where at one hundred seven or so forth Intramural tournaments that are now at You know anywhere from five hundred to fifteen hundred participants and spectators but also an awful lot of events out to the public With anywhere from fifteen people for something specialized up to Thousands of people you know now in one case the paramount theatre here Wish cease. I believe twenty eight hundred people Which was very expensive production by the way. I'll never do that one again..
Top Advisor Marketing Podcast
"advisor" Discussed on Top Advisor Marketing Podcast
"And all of this stuff and i was like i totally know who that is in fact. I've got a picture of both my kids standing next to big easy. My kids are probably like three and a half feet tall and big easy. I always like six eight or six nine or something like that. Well i know big easy you want him on your show and of course just ask him right and beg easy. Emailed me you know about a week ago. And he's like. Oh god i just talked to so and so i would love to be on your show never in. Can you imagine who beg easy is going to know. So i'm gonna continue this process and curtis had a big win to which was this very famous canadian guy. You just reached out to on twitter. You don't know this guy from adam will let me phrase. He doesn't know you from adam totally was on board right. We don't know. I could be way more popular than just quietly. I mean who knows i could have millions of adoring fans that just. Don't follow me on twitter. But here's the fun part. You took the risk and you did that so please. I want everybody to leaving this podcast today. With of you have to ask. What is the worst thing if your hero is justin bieber and justin bieber says no okay but you can still go back to justin bieber and say. Do you know anybody who might want to be on this show. It's all about the ask it's all about having the courage and being a believer in who you are and what you do. You have to be your biggest fan. All of these. Seven biggest marketing challenges can be solved by that one thing. Which is if you're the biggest fan of who you are and what you do and you know that you are fundamentally doing something that is unique enough where people need to know about it. All of these seven are easy to implement and your practice is going to go through the roof. What was the co kirk was the quote. You're supposed to look so nobody cares. Work harder tastic. Yeah dude any excuse. A you got for non team success. Nobody cares where carter nice now matt would like to add an in brackets below and smarter. I would like murderers hiring us by the way at. That's true we say that before we start ended up because you guys all quit as soon as it sounds like. We're doing her close up here. No sign off the stats on you guys. We know you guys leave our most important time. Well before we do end up wrapping up everybody. I i do want to just do a couple of quick things number one a lot of the information that we're sharing here you can get for free insider influence accelerator academy and all you have to do is go sign up for the apprentice version. It's an email address because we got to send you log in stuff it's wonderful. We're getting a lot of really great feedback for people who are seeing all of the free resources that are going to help them. Rise above the noise and be the only the only mascot really spared thirty seconds. I got something even better. Which is the paid version of this. Right which is our. What do we call that. It's a second enthusiast level..
Top Advisor Marketing Podcast
"advisor" Discussed on Top Advisor Marketing Podcast
"About the hockey playoffs common. Mostly because the leafs i feel like they have a chance and of course in the first couple of minutes or captain gets destroyed. And he's in the hospital and we're hoping that he is career sat over so bad. Yeah it was absolutely horrific in the anyway. So let's leave this cat to the thing at hand the other part of focus that i worry about for lots of people and we're trying to get better at the same inside of our organization is time management. How do you make time to do all these things. Be challenging yourself to go back and be better all the time but really your attitude. Do you have the budget. The of their niche focus. Are you trying to do too many roles way you want to do is is outsourced the roles being but spend your time being engaged enough to move forward and and what do you need to focus on to be to move your business in the next level. Sometimes it might not be marketing right now. Maybe your business infrastructure is is is a mess niece get way better so that you become referral internally right just by being having a great business model if you're not there yet maybe you shouldn't think about being a leader right now is she. Go back and fix. That stuff are kademi. So i can throw in a wonderful call to action here which i appreciate you guys to do. Our influence our academy is not just about marketing. Were we've got some really cool professionals doing courses. One of them is Steven washington talks but had visor report. Which is an incredible thing to do that. I just spoke about his. What areas in your busy focus on. And if you have an advisory board and they tell you well honestly your communication for mary reporting are the transition to your company when you move broker dealers or whatever it was. It was excruciating. Focus on making those things better. Maybe not your only focused but figure that out so we in our academy..
Top Advisor Marketing Podcast
"advisor" Discussed on Top Advisor Marketing Podcast
"The time when you're sitting down meeting with clients prospects centers of influence. You need to be resourceful but in being resourceful you also have to make sure that what your resources are going to reinforce your big picture brand message. And the systems. This is where. I think we have found a major piff pitney. At least more recent epiphany which is how we plug in two systems right. We add the authenticity that you were just talking about. We add your voice. We add your thought leadership by utilizing our system here because we're capturing your not only your voice and putting out as a podcast over capturing your voice as a social media component to make sure that your voice is getting out there and then you take those things and you plug that into the system and so if there are gaps i believe that we fill those gaps very very successfully no matter what other marketing. I'm not sure. I'm not sure enough. Companies really understand who who they are and it's hard to be a thought leader. If you don't know who you are having a propensity to want to educate is great and that'll that'll help you get there. I'm not saying that you shouldn't start educating people before you figure it out because that can really help you find tune it but i can tell you this. Here's a story about a company. I work with many years ago. I was in their boardrooms california and a whole bunch of executives around the table. They wanted to do better at marketing. Thought they need a new brand and they thought their brand was a and it was really like kay what i mean by. That is the thing that ended up. Being a huge driver for their brand was something they didn't even realize it was way down the list in somebody started talking about their. what do they. The transition was so an advisor transition to this company. They had a process a transition process. When i learn more about the process in knowing enough about other broker dealers i realized it was a distinct competitive advantage for them. The story of it with ease almost every of the most. What's the biggest Problem with people transition. What's the number one. Fear adviser said. Oh share of wallet. Losing lights losing clients in them. It's going to be a huge distraction and their practice goes. Those kind of things are almost like equivalent of us. Make sense this one thing. Obliterated the need for that bat to be fear because their their transition process was so amazing. I i couldn't believe the amount of resources they dedicated to it.
Top Advisor Marketing Podcast
"advisor" Discussed on Top Advisor Marketing Podcast
"And welcome to another top advisor marketing podcasts. A lot of things have happened. Justice last week for kirk. And we've had a lot of major tiffany's anies and a lot of really great conversations and so what we decided to do. Today was we'd started to distill all of this into the podcast that we are calling the number one driver of marketing success. Will you talked to many people's kurkin. I do unbelievable things end up happening. So we're going to dive into each of these things but really what we want to take away. Is you have to do the work now. Spoiling it a little bit kirk. But i wanna make sure that everybody understands that. We're going to talk about the fact that you actually have to do some work here. Where do we begin. Kirk eddie this started with a conversation you had very recently honestly you and i have been a piff nizing since we met but this one is not necessarily new is just coming more and more into focus as and i think it's partially because as our company grows and gets more respect from other companies. We have access to top people at those companies in for some reason because of our honesty. I think how we do this. Podcast we get a lot of people. Speaking quite openly and candidly. And we're not gonna name names today. But i can tell you that we've had some conversations with some of the top marketing people Working helping experts and particular financial advisors an ra as in. There's a common theme here not just within our company but within these leading these other leading companies and we're going to talk about the number one driver success today for no matter. What you're doing marquis. It comes down to the same thing and that's really embracing the grind marketing just like others. Business is a grind. Any gotta be prepared to win. We're going to break down what that meets. Where do you work. where do you focus. Where can you outsource..
Top Advisor Marketing Podcast
"advisor" Discussed on Top Advisor Marketing Podcast
"I start advisors select their leads based on qualifying characteristics. Right it's how many assets or how much assets the the leads have and it's where they are geographically so we prescreen based on that. You say i'm a manhattan adviser. I only want to talk to folks in manhattan with more than a million dollars. We can do it from there. When we find a lead that matches your criteria. We send it we call them and we qualify or we believe we make sure the contact information is correct right and then from there we pass them on and we do that in one of two ways if we have the lead on the phone and they wanna talk to the adviser we say cool. Which advisor do you want to speak to. And we connect the lead the adviser or two we email all of that information directly to the adviser right. So what will what will happen is a lot of advisers. See the e mail. Come into their inbox. They have a standard email. They'll send out kind of with the top line information on the financial planning firm manager. We can talk about that later by. What should that outreach look like. And then a lot of times. They'll call the lead and that's when they'll really use that survey. Hey listen i got your information from smart advisor from smart asset. I noticed that you have some kids under the age of eighteen. and you're looking for a financial adviser. I do a bunch with five twenty nine plans. Let's talk right and so every advisor has their own outreach. Cadence has their own talk. Track really most advisors as soon as they get the lead information they call them up. How many people do you give that information to. So we match our leads or our prospects with Advisers get three. Okay good good okay. You've teed me up for a bunch of questions so you just need to be prepared for this chris in your experience. How long do these leads. Stay warm that's a tough one to answer map because we see leads convert sometimes within the first week right advisors will call them and and get a lead on the phone and we say that that speed to lead is really important. Getting the lead on the phone or in their inbox. Establishing that relationship quickly is important. However a lot of advisors will call once or twice send an email maybe text message and we really encourage advisers to reach out at least for a month they have a. We encourage them to have a plan to canes for months. It's not every day. Don't call every day be respect. You don't want me to call you every day but we have a really what it is a plan cadence for a month of calls emails and texts not too many just enough to make sure the person didn't get busy and or isn't missing your calls and then from there. A lot of advisers advisors will drop them into a drip cadence or another marketing piece of marketing outreach. We're they'll hit them every month or every quarter or twice a year. And what's interesting. is those leads. Do still convert right being with an adviser a couple of weeks ago who said by gave up on this lead. I bought a couple of million dollar leads from you. I gave up on one of them. I added them to my marketing cadence. And three months later he calls me up. He said you know what i got. Busy work was crazy. He's an executive he said. But i really like what you've been sending your marketing materials are strong. Let's talk any close. The lead within two weeks after that one of the things that always used to drive me crazy about a previous philosophy on on purchasing leads is this has happened to me and chris. I don't know if it's ever happened to you. But i get busy dude like e you know what..