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The wealth management industry is changing fast, but many financial advisors are still using the same old playbook. Join hosts Sean Allocca and John Manganaro, along with leading industry expert guests, as they break down the trends shaping your business.
Each week, we'll cover critical topics while also having a little fun. It's all on the table, from retirement income planning and Social Security to the behavioral side of investing and what clients are hearing elsewhere. We've created The Advisor Upside Show because staying informed isn’t enough anymore. You need to stay ahead.
New episodes every Wednesday.
#FinancialAdvisor #WealthManagement #FinancialPlanning
John (00:00)
this isn't a a partisan issue. This is a retirement security issue that affects every American across the country. Doesn't matter what your political leanings are.
Are
social security really matters. even folks who have a lot saved in their 401ks. they can expect to get up to a million, one and a half million dollars in terms of current value for their
retirement benefit and who's gonna sniff at that?
Sean (00:24)
All right, welcome everyone. Welcome to another episode of the Advisor Upside Show. My name's Sean. I'm executive editor here at the Daily Upside. I'm alongside John Manganero. He's our reporter, covers everything retirement. Welcome, John. How you doing?
John (00:38)
Good, good, Sean. How how are you? The summer's flying along. I can't believe we're already thinking and planning for August. It's it's pretty wild.
Sean (00:44)
Summer
summer's flying. Yeah, as usual. I got back from vacation. I'm feeling well rested and ready for another episode. And this episode's gonna be a good one because we're gonna talk about a couple big stories that are happening, big trends in our industry. one about some new tax efficient, very innovative ETFs that the Treasury and some other folks are looking at. and then John, why don't you tell us a little bit about what you want to talk about as well.
John (01:10)
Yeah, yeah. I recently reported a story about inflation and and how that will affect people's social security benefits next year. pretty interesting story. Good news, bad news, I think. we're always looking for the the upside of stories here at the daily upside. So I wanted to highlight, you know, one sort of positive element about higher inflation, if if we could say that,
it's hard to say that higher inflation is a positive thing, but next year people's benefits, you know, could get a a nice little bump. But we got a lot to cover. Why don't we jump right into the first segment?
Sean (01:39)
Let's do it, John.
John, we wanted to dig into some of the reporting you've done this week and and last week about inflation and retirement security, because consumers got a welcome reprieve from rising inflation in June, thanks largely in part to some plummetied energy prices. The cost of crude dropped 25% during that month. This month is a different story, and renewed conflict in in the Middle East that's not ending anytime soon is a is a big reason why.
It's bad news for consumers in general, but there is one silver lining, if we can say that for Social Security beneficiaries anyway. Inflation data from the third quarter is used to set each year the cost of living adjustment for the following year, so higher energy prices in the next few months could actually be a good thing. What's what's going on there, John?
John (02:25)
Yeah, yeah, it's a it's a really interesting story and you know, here at the Daily Upside, we're always looking for, you know, an upside in in the headlines. And of course folks will be very well aware of the the high cost of energy right now. I I recently drove from Pittsburgh to New York. I was visiting family and I I felt a pinch at at the gas pump. It it's pretty it's pretty painful to you know, to fill up the tank these days. in general that's bad news for consumers. It it puts a strain on the economy, but as you said, Sean, inflation each year
in the third quarter is used to adjust people's social security benefits for the following year. So recently the Senior Citizens League projected a three point eight percent benefit boost next year. That would be about one percentage point higher than this year's increase of two point eight percent. And it it could increase meaningfully if inflation remains high during this quarter and and that seems to be what we're experiencing. We won't have July's report for another few weeks, so we we can't say for sure exactly what the
the first month of the third quarter will be, but you know, chances are it's gonna be, you know, a decent inflation number. just some some data. you know, inflation pressure stemming from the supply chain issues and and other causes delivered a cola of eight point seven percent in twenty twenty three. I don't think it's likely we'll we'll see a cola quite that high next year unless we see some other, you know, causes of inflation beyond energy. the highest cola in in recent, quote unquote recent history was
14.3%, which was implemented in nineteen eighty in response to severe stagflation and the energy crisis of the late nineteen seventies. A little bit kind of scary to think about, you know, what a renewed energy crisis could do in the current moment. It's something that we've had to navigate before in the past. But for and for added context, a 3.8% cola for next year would be above the roughly 2.6% average cola over the past 20 years in dollar terms, if that took effect today.
Average benefits would rise from about $1,900 to $2,011. So, you know, a a little bit of a boost. the the bigger story though, really, is what's going to happen with inflation in in the coming months. there could be a bit of a sweet spot, Sean, if if energy prices kind of remain a little bit higher for the next several months and then come down, you know, that could really give people a nice benefit boost at the same time that that core inflation kind of reduces. So
Pretty interesting story. It definitely something we'll be following in in the weeks and months to come.
Sean (04:50)
For sure. Yeah, so and you said we're not gonna know the July inflation numbers for a few more weeks, right? But it does seem like the headlines are making it seem a higher cola, is probably likely, right? I mean, we see, like we mentioned at the top, the war in the Middle East is expanding pretty meaningfully. I think there's there's been another ceasefire in the in the last few days, but we'll see where that goes. And there's other countries getting dragged in, including Saudi Arabia and others. Is it fair to say that?
Every social security cola is a bit of a miss blessing. I mean, there's always geopolitical, there's always different things and different things weighing on these decisions and these these adjustments. So how do you
John (05:28)
Yeah.
Sean (05:29)
kind of square that?
John (05:30)
Yeah, yeah. It's when I speak to experts on this topic, Sean, they they really often
kind of use the the metaphor of treading water. I mean, I I don't think very many Social Security beneficiaries are out there celebrating the cola each year. They they really feel the higher cost of living. I mean a lot of retirees, it it's in the name, right? They're retired. They they don't have income. They're they're not participating in the labor market where they can sort of negotiate higher wages. They they really rely on their social security benefits and and their savings and investments to to navigate retirement. So it's absolutely a mixed blessing. I mentioned the senior citizen
League earlier, they've done some really good research just showing you know how retirees have lost substantial buying power over the past, you know, several decades. they often talk about the fact that the the Fed's preferred inflation gauge that is used to set the cola doesn't
accurately reflect just the the pressures that are facing seniors. So for example, seniors tend to spend more on healthcare, more on things like prescription drugs, you know, less on necessarily travel and energy. So their their inflation gauge looks a little bit different from the typical worker. And for that reason, you know, seniors have been have really been losing losing buying power. So no doubt that it it's a mixed blessing. This also makes me think of something else I mentioned in my article, Sean, which is the the reintroduction of the social
Security 2100 Act that was reintroduced by Rep John Larson of Connecticut. He's a Democrat. The bill would kind of address some of these things and try to make Social Security benefits feel less like treading water and a little bit more like, you know, the robust retirement benefit that people feel that they've earned. You know, one thing in the bill is raising benefits by 2% across the board and setting a new minimum benefit at a 125% of the federal poverty line. I think that would be a positive development.
Additionally, the Social Security 2100 Act would increase the Social Security payroll tax and expand it to cover income over $400,000. Larson said that would shore up the trust fund for an additional 32 years. So that would be positive. Of of course, it would be a little bit painful for workers to see the the payroll tax go up. But interestingly, again, referring to the Senior Citizens League and and other organizations like the Registered Social Security Analysts Group, they've done a lot of research that shows that.
Most American citizens, they'd be happy to make that bargain. They they are willing to pay a little bit more in taxes if it means making sure Social Security will be there for current retirees, for future retirees. unfortunately, GovTrack dot US gave the Social Security twenty one hundred bill a whopping zero percent chance of passage in in the current Congress. It's a little bit sad to see 'cause you know, Sean, we've seen
retirement be a pretty you know bipartisan issue in Congress. We've had things like the Secure Act one point Secure Act two point So it really does seem to be one area where where Congress can sort of get the ducks in a row and and actually, you know, produce bipartisan policy, which has been great to see. one good piece of news I think is that the Social Security twenty one hundred act just kind of raises the topic. You know, it got some coverage in in newspapers, you know, general
publications have actually talked about it, which as a retirement reporter, I I think that's very positive to see whenever you like these sort of niche topics and and bills actually get attention and and get people talking about the current status of the social security program. So it at the very least, you know, that this bill has sort of raised the the topic in in the broader public and and I think that's that's a positive thing. We'll we'll see again very low likely passage, very low likelihood of passage this year, but who knows, maybe next year.
Sean (09:09)
Zero percent chance. So you're saying I have a chance from
John (09:14)
Yeah.
Sean (09:14)
Yeah, so that's you're right. At least the discussion is is is being had and there's some things on the floor at least to to get at least the country's kind of mindset about about thinking about these issues because they can't pro probably can't stay the way they are.
John (09:29)
sorry to interrupt
Sean (09:29)
is
John (09:30)
you, Sean, just to remind the listeners they they may know this if they subscribe to the retirement upside, but we're looking at a social security trust fund and solvency date of of roughly twenty thirty two, potentially twenty thirty three. They can play around with the trust funds and and sort of combine the disability fund with the retirement fund and and sort of eke out another six months to a year, but that
This is going to be an issue for the senators who are elected in November of this year. They they will be in the driver's seat in that, you know, critical one to two year period before trust fund insolvency. So this is 100% an election issue this year. I I really think folks should be, you know, t I'm a big advocate of, you know, contacting your representatives and and senators. And, you know, this isn't a a partisan issue. This is a retirement security issue that affects every American across the country. Doesn't matter what your political leanings are.
Are
social security really matters. It it matters to people who don't have a lot of resources for retirement, but it's also a substantial benefit for even folks who have a lot saved in their 401ks. You they're the typical couple out there, you know, they can expect to get up to a million, up to, you know, one and a half million dollars in terms of present, you know, current value for their
retirement benefit and and you know who's gonna who's gonna sniff at that? I mean it's it's a very important thing and advisors, you know, should realize that that this is a even though their clients hopefully have a lot saved and and are looking at a pretty, you know, a positive retirement outlook, social security still matters for those people. So that's that's the bottom line.
Sean (11:00)
It's funny, it seems like it wouldn't be a partisan issue, but we'd be surprised these days how everything gets partisan. well, back to
John (11:06)
Yeah, indeed.
Sean (11:07)
the good news that we had the top of this segment. It is good news for possibly for Social Security beneficiaries, and it is a reminder that energy prices they matter and matter a lot. And we tend to think of today's economy as driven by the AI and the software. But the situation geopolitically and in the Middle East, it reminds us that energy is one of the most more fundamental inputs of anything we buy, and fundamental, obviously.
Economy. Oil and national natural gas prices still ripple ripple through, even decades after the energy crisis of the 1970s, which you alluded to with some of those coal adjustments. So let's hope we're not heading to another stagflationary energy crisis. Hopefully not. but again, in the short term, maybe some good news for Social Security beneficiaries next year. So thanks, John. A lot to unpack. We appreciate it.
John (11:51)
Yeah, it's a an interesting outlook, Sean. We're let's let's hope and pray we're not heading back to the to the nineteen seventies. I'm I'm curious for our listeners out there, you know
What do folks remember from that time period? You know, and and separately, you know, how are they sort of adr adjusting and addressing, you know, the the shifts in inflation? It's it's really difficult to sort of envision where where this is going. So I'm I'm curious, you know, how how people are responding to that in in real time. you know, advisors out there if if you're doing anything interesting or or innovative to sort of respond to this moment, we'd we'd love to hear from you, you know, Sean, we we always love listener feedback and you know
as folks have information to share, we we love to include them in in the newsletters and in the podcasts. So I I would just, you know, encourage folks to to get in touch with us. We're both very, very easily easy to contact. Our our contact information is right there on the website. So if folks have ideas or or want to get involved, I I think they should reach out. What do you think?
Sean (12:47)
We love compliments. So yeah. Keep
John (12:49)
Yeah.
Sean (12:50)
keeping coming. And any any critiques as well. We you know it'll make us better. But we'd love to hear from you. So yeah, please please drop us along.
John (12:57)
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John (13:34)
for this segment we wanted to highlight some of the work of our newest colleague here at the Daily Upside, Quinn Waller. she joined us recently to help expand our wealth management coverage, and it's been great having her on the team. It's super exciting to see the team grow, Sean. I I love the momentum we have here at the Daily Upside. We have new ideas, new new projects in the work that people will see, you know, coming out later this summer. So super exciting. But
Quinn's story, she and you edit it, Sean. She wrote about some comments made by the Treasury Department officials regarding a wave of new tax alpha ETFs. Sean, you're a you know, a bit more of an ETF expert than me, and I think you've been sort of tracking this issue for for some time. So what's sort of the background here and and what did Quinn's story kind of get into?
Sean (14:18)
No, it was interesting from last week. And I think to take a step back, so these tax alpha ETFs, as you as you rightly call them, basically they're a way for clients to defer capital gains tax. So they take appreciated assets or stocks, they pop them in the ETF and use the in-kind redemption mechanism that we all know and love about our ETFs that makes them so tax efficient to basically swap those assets out for fresh shares of stocks that have much lower tax bills. So event
Investors essentially can avoid having to sell those positions. And it's something we've seen explode in recent months. And it allows clients, like I said, with those highly appreciated stocks, whether they're either conscience rated or appreciated or both. Maybe they just sold a business. Maybe they worked at SpaceX and they, you know, now it went public and they have all all this these new positions. It helps them the avoid it. Of course, they'll have to sell the ETFs eventually. So proponents say it's not tax avoidance, it's tax deferral.
So they can just kind of kick that down line. When they do sell that ETF that's holding those underlying stocks, they're still gonna have to pay taxes on that. The caveat being a lot of people won't sell it and they'll just take it to their grave and pass it on to
John (15:25)
Right.
Sean (15:26)
their inheritance and they'll get stepped up the the basis points on that. but the interesting part of the story, which you alluded to correctly, was that treasury officials recently called the new funds too good to be true, and also even abusive at an event. And that was per Bloomberg report, and like you mentioned as well, Quinn.
Did an excellent job unpacking that. and they were really talking about what's happening with the increasingly popular 351 conversions. so that takes those appreciated stocks and just starts a whole new brand new ETF and it seeds a new fund with those stocks, uses those same mechanisms to kind of churn out those stocks and and get rid of those the the taxes that are are should be paid on them. they've become one of the most popular strategies in recent months. I mean, I've at the ETF industry shows you hear a lot about these.
Helping really wealthy folks that had their own businesses, maybe they're selling their business, take all of that money right into an ETF, and you can defer, as I said, those stocks. Quick numbers: 105 ETFs have been created through these 351 exchanges alone. and that's more than half of those were in the past year. So this has
John (16:29)
Well.
Sean (16:30)
been around since I think 2019 with the ETF rule that allowed for a lot of these expedited launches. just in the past year, we've seen more than half of.
The funds also helped defer six point five billion in capital gains, just the three fifty one, not any of the other strategies like heartbeat trades, et cetera. It's something that's certainly gaining attention around the industry for sure, for better or for worse, but it's it's here.
John (16:53)
Yeah. I I'm I gl I'm glad you mentioned the sort of step up and basis topic 'cause that that's something that comes up in my reporting frequently, you know, on the retirement and estate planning topic. It it's an extremely powerful sort of tax management technique. It of course you don't get to enjoy it yourself as the owner or the creator of that wealth because it requires you to to die, to pass away to to get that step up and basis.
but it is a very important technique that that I read and and write a lot about. of course it's a to the tremendous benefit of of your heirs, which which I suppose is a a positive thing. Pretty interesting.
Sean (17:26)
Quickly on that,
I mean I I I think if you're an advisor and you don't recommend that your client holds on to these three fifty ones or any of these tax alpha strategies and actually sells them before death, probably didn't probably weren't the right recommendation, right? 'Cause you could have a huge tax bill when if you just like you said stepped it up, then that would be essentially essentially gone.
John (17:45)
Yeah.
Something else we've reported on is, you know, experts have kind of suggested that a a crackdown aimed at a handful of aggressive strategies could accidentally affect other ETF investors, ordinary ETF investors, you could say. we we've seen sort of that happen in the past. you know, sort of specialized products that are spilling over in it's really caused issues in in other areas, but I'm curious what you've seen there. My my sense, you know, just as a a person kind of following the the ETF marketplace and the SEC from a bit more of a distance.
Is that, you know, the the current SEC doesn't seem to really have an aggressive hand and and doesn't really want to, you know, really get involved in enforcement issues. the w what do you think? Are are we really likely to see a a big crackdown on these or is it more of a topic of conversation?
Sean (18:33)
for me, well, I think that was Amrita at at Vidant that said that it might cause some more scrutiny of that in-kime redemption mechanism in itself. I you know, y you you really never know. You did mention this administration, which most people thought was gonna be a little bit more lax in terms of some of the regulations. I think they have been in in in terms of bringing enforcements, w you know, w where there wasn't a huge fraud.
But I think on on the terms of what they're greenlighting through the SEC, I think they've been kind of fair. I mean they the 2X, anything above 2X leverage ETFs, they've stopped. And they're taking a look at some of these practices, which they hadn't for for a decade or more. this this isn't really a new thing. Certainly this is the debate isn't something new. These these tax alpha strategies now they're calling up tax alpha. That's the first time I've kind of heard that term. But this goes back a long time since even probably before 2019 and the and the new ETF rule.
But the new part here is that the Treasury officials are actually verbalizing it, you know, in public and say, hey, this guy's we got, you know, it's it's kind of like the first shot in the in the bow or the first salvo. Like, listen, either take it easy or we're gonna have to continue down this this path. So yeah, I mean, it's interesting when the IRS starts realizing they're potentially losing hundreds of billions of dollars from some reports through these capital gains getting deferred. it it sounds like the the regulators are getting
Interesting and and it's like I said, it's not the first time. For years, politicians on the left have been hammering this point, especially Ron Wyden out of Oregon. He
John (20:06)
Right.
Sean (20:06)
first, I think, had a proposal in like twenty twenty-one. Just last week he he introduced another bill to curtail some of this this behavior inside ETF. So you you feel the knob getting turned up, the pressure getting turned up a little bit. I think their point is that this sort of strategy
Isn't really in the spirit of the tax code. You know, it's it's these these funds are getting created, especially at three fifty ones, not for investing or some kind of alpha or it's just really literally to defer tax as the only purpose of them. So I think people are kinda like, if you can't do it outside, you know, whatever you can do outside an ETF, you shouldn't be able to do inside an ETF and and do it essentially tax free just because you're inside an ETF. Sure, ETFs are tax efficient for that reason and others, but it it just feels like it feels like it's not right. So
John (20:51)
Mm.
Sean (20:51)
On the other hand, I'll give you the the proponent side of it and and those very smart people that work at a lot of these fund managers, and you know, there's just so much innovation right now. And keep in mind, like this is nothing that's not within the rules. There's there's nothing illegal here. This is within the tax code and the abilities that were given to them for the ETF rule. So on that side, I talked to a lot of folks, and honestly, if the issuers
weren't finding these ways to get every p tax penny for the investors and save every single thing, they wouldn't be doing their jobs right. If they weren't getting every single tax alpha, they wouldn't be doing, you know, what they need to be for their shareholders and for clients. And so it's it's really their responsibility to be coming up with the best, most innovative tax products. And it's a lot like the Wild West. You you you move first and you ask questions later. And and by the way, they are asking a lot of qu questions and information. I mean, the the the investment company institute.
Asked regulators in an open letter about c clarity for what's acceptable or not inside of these new funds. So we'll see how that all plays out. But it does feel like it's the first kind of shoe is starting to fall. We'll see when the next shoe drops and if regulators decide to do anything, or if the treasury pushes further, or if there's investigations and hearings and public comments, which which I think would be where we're heading, what it sounds
John (22:08)
Right.
Sean (22:09)
like from here. So it's interesting to keep an eye on as we move into the second half.
John (22:13)
Yeah, yeah, one hundred percent. It it reminds me of a story I did a a week or two ago where the SEC
made a call for public comment. I I love the headline we we put out. The SEC requests public comment on some of Wall Street's wildest ETFs. I in that context, I think we were sort of thinking about leverage products and and some other, you know, sort of brand new things. But I I could see folks writing in, you know, about the 351 exchange issue as well. Maybe that's a good venue for for folks who have strong opinions on this topic to to weigh in. you know, I a as I said in the the prior segment, I'm a I'm a big advocate of people, you know, reaching out to their their lawmakers
I think it's also very worthwhile for people to take the time to, you know, respond to SEC requests for public comment. I mean, they do they do review them, you know, that folks who are working at at that agency, you know, that they especially appreciate letters that are are like not form letters, Sean. We we see a lot of people sort of kind of jump on the bandwagon and and send pre f you know, prefabricated letters. I I don't think that's super productive necessarily, but if advisors, you know, write in their own voice and and sort of share their truly held beliefs, I
You know, maybe I'm naive, but I I like to think that can make a difference. So I I would encourage folks to to kind of get involved here if they if they have strong opinions. And and I think your your point is is is spot on, Sean. I mean the the issuers if they have an opportunity to save their clients money and to create high value products, they're they're gonna do it. I mean, that's the spirit of innovation. That's kind of where you know, how we got ETFs in in the first place, kind of.
Sean (23:41)
Yeah, for sure. And and I think to your point on on writing in, yeah. And we love to hear see those public comment letters too, you know, because we'll write stories about them and sometimes there's really interesting stuff. Like at the Wall Street Bats guys, I think wrote in. that was on the on the quarterly earnings.
John (23:56)
Yeah.
Sean (23:57)
but they had a great comment letter that was just it was from the heart, it was true, it was honest and brought up great points. so we wrote about that. But we not not only for us, obviously I'm sure the regulators that that's the whole point of this to hear.
public sentiment on some of these things and and where the public wants to see this move. So yeah, certainly f fill that out. I'm not sure. Y to your point, I think that those public comments w were more for the leverage stuff and some of those more to do with performance than on the tax side of things, but you never know. It's pretty similar. So yeah, it's gonna be certainly it's gonna be interesting because honestly I think this is first time I remember I I wrote a story maybe a year or two ago when I first got here on on heart on Heartbeat Trades.
Do something similar on an institutional level and they'll just like flush in hundreds of millions of dollars of assets into an ETF and pull out the same like the next day. and it's just washing out those tax trades. so
John (24:51)
Yeah.
Sean (24:51)
I wrote about that and honestly everyone's like, You're writing about it way too soon. No one's ready to talk about this. The government, you know, regulators, they're not even looking at it. They're not they're not touching it with a ten foot pole right
John (25:01)
Hm.
Sean (25:01)
now. I I feel that's that's starting to change. So it's exciting and we'll see where it goes. because it it's it's
hundreds of billions potentially of dollars in
John (25:09)
Yeah.
Sean (25:09)
in in taxes for the IRS. So we'll see where it goes, but it'll be interesting to follow.
John (25:13)
For sure. I I would absolutely recommend that folks read the comment letter from Walt from the Reddit Wall Street Bets group. It it's sort of like a a manifesto of the sort of internet investor.
Sean (25:21)
It's what it is, yeah.
John (25:24)
it gives you a nice chuckle. But there's some good points in it. but
Sean (25:27)
For sure.
John (25:27)
to kind of zoom out, Sean, I I think like this what this discussion really revolves around is the fact that, you know, there's a lot of innovation happening, but the fact of the matter is that rules can change and and sort of the greatest danger here, I think, is actually un uncertainty and and investors really need to be aware.
of of the techniques they're using and and certainly, you know, if at v at the very least comply with the letter of the law and and hopefully this the spirit of the law as well. so that's sort of where where I see this this heading. But w we've seen this tension play out with derivatives, all sorts of structured products. I mean cryptocurrencies, private markets, now tax aware ETFs. You know, we d
prediction markets, Calci, Poly Market. I mean it's this is a a super interesting time to be just reporting on in the ETF marketplace, but it's kinda hard to see where where all this goes. But I I think w we can conclude, Sean, is that we'll we'll certainly have a lot to write about in in the ETF upside newsletter in the in the months and years to come.
Sean (26:24)
We got our work cut off for us, that's for sure, John.
John (26:27)
A hundred percent. well, you know, folks, if if you have thoughts on this, you know, reach out to us directly. We we'd love to understand how you're using these products. If if you're an advisor who's maybe taken advantage or help clients utilize a three fifty-one exchange, we'd love to to hear about that. I'd also say, Sean, you as a reporter, it's fun to speak with people sort of on background and even off the record sometimes too. So if even if you don't, you know, want to tell us explicitly about something a client did that you know, for publication, we still want to hear from you. I mean I it it can be very
helpful to understand how folks are are using these sort of strategies and techniques and and you know we'd love to even have you know more background conversations as well if if that's something that listeners are are more comfortable doing so just wanted to throw that out there.
Sean (27:11)
All right. Well thanks everyone for listening. we had fun. I know I had fun, John, kicking around some ideas with you about some trends that are happening. We hope you enjoyed it too. Listen in in the next couple weeks. We'll have some top CEOs joining us and some really fun guests to bring on, which great insights and I'm I'm sure you're gonna learn learn a lot. we're on all platforms, so anywhere you get your podcast, come check us out, follow, like us, leave reviews. We'd love to hear from you. And John, anything else you want to add?
John (27:39)
Yeah, if if you want to get involved, email us at podcast at the daily upside dot com. you know, we'd love to include guests. This was a fun episode with just you and I, Sean, but I I really enjoy when we bring on guests as well. We've had some great ones already. Our calendar is is pretty jam-packed coming up in the next couple of weeks, as you said. We've got some great guests that will be joining us.
and I've really been having fun doing the podcast, Sean. I think it's a great compliment to what we do, you know, day in and day out here at the Daily Upside, which is produce accurately reported newsletter content that really should be of high value to the financial advisor community. so if you subscribe to all our newsletters, we we like to think that you'll really get a a holistic, you know, up-to-date perspective of of what you need to know as a financial advisor or you know, general industry professional as well. So of course we have the flagship daily upside.
Newsletter, which we're proud to say has over a million subscribers. we have the business-to-business publications, so to speak. We have the advisor upside from which this show gets its name. We have the ETF upside, and then we also have the newest one, the retirement upside, which is near and dear to my heart as a retirement reporter. But I do love all the newsletters, to be clear.
ha ha ha
Sean (28:48)
Can't pick favorites, John. They're like babies.
You can't pick your favorites.
John (28:52)
That's true, that's true. I I should I guess I should keep that to myself. But in any case, we'll go ahead and wrap up the episode here. Sean, hope you have a good one and you know, we'll we'll be back again soon.
Sean (29:02)
Thanks, John. Take care, everyone.