Women's Retirement Radio

Matt Regan of Wealthcare Capital Management - Perspectives from the President of a growing independent financial advice firm - Episode 28

August 23, 2021 Russ Thornton Season 2 Episode 12
Women's Retirement Radio
Matt Regan of Wealthcare Capital Management - Perspectives from the President of a growing independent financial advice firm - Episode 28
Show Notes Transcript

In this episode of Women's Retirement Radio, I'm joined by Matt Regan of Wealthcare Capital Management.

Matt brings a unique perspective to our conversation as the President of my parent firm, a quickly growing financial advice firm with over 150 affiliated advisors and more than $4 Billion (with a "B") in client assets.

We cover a lot of interesting ground including Matt's background as an educator.

He even shares a book recommendation.

For more on Matt and Wealthcare Capital Management, please check out these resources:

Get in touch and let me know what you think or if you have any questions.

And thank you for listening.

Visit my website to learn more.

Disclosures

Russ Thornton:
Hey, everyone. It's Russ, and welcome to another episode of Women's Retirement Radio. Today, I am excited to have a friend and colleague on, Matt Regan, who is the president of Wealthcare Capital Management, which is my parent firm. So Matt, welcome to the show.

Matt Regan:
Thanks, Russ. Appreciate the invite.

Russ Thornton:
Yeah. You and I've had the opportunity to get to know each other over the last few years, but for our listeners, why don't you start by just telling us a little bit about yourself?

Matt Regan:
Sure, yah. I joined Wealthcare about, oh man, it's going to be three years in August. I had worked as the chief operating officer for a $2 billion RIA down in Philadelphia called Wescott Financial. I was presented the opportunity to take a look at Wealthcare, which is a really interesting and different company with some exciting technology, and I think a real good solution for advisors, like you Russ and like the other 150 plus advisors that we serve.

Matt Regan:
My background is I'm not an advisor. I never was an advisor, or had a client, or a book of business. I've always been on the operations and technology side of financial services. I began work at a clearing firm. I then ran a broker dealer, which was one of the industry's first online investment banks. I ran that for about 13 years. And then, I did some consulting, some independent consulting before I joined Wescott. That's where I come from. I have a great deal of respect and admiration for the advisors that we serve because it's something that I never had the guts or the initiative to do, which was to start my own advisory firm. So, I'm really glad to be at Wealthcare and really glad to get to know advisors like you.

Russ Thornton:
Well, I appreciate that. If I'm not mistaken, you actually have a background in education. Is that right?

Matt Regan:
Yeah, I was raised in a family of educators. My mom was a school librarian and my dad was a college professor for about 55 years. My background was I got a master's degree in history from the University of Toronto, and then went right into teaching myself. I taught three years of high school at a school that serviced kids with learning disabilities, so a really different world teaching special ed and getting to know that part of it. I was presented with an opportunity, because the money was so awful in the private school that I taught, and I'd recently been married. I was presented the opportunity to start at the bottom at a clearing firm called BHC Securities in Philadelphia. That's when I switched over to financial services.

Russ Thornton:
Just with that background in mind, do you think that your, I guess, education and actually a few years of work as an educator has carried over, or informed, or helped you in your roles in the financial services industry?

Matt Regan:
I'm sure it has. The way I think about it is I was young and lucky enough to be put right into the classroom setting without a lot of training and without a lot of background. I didn't student teach. I had a master's degree. I got a teaching certificate. But then, I was thrown right into the classroom, which happens only in private, independent schools, not in the public school. One of the things that I learned, in my short career as a teacher, was that I didn't have all the answers. I didn't know the answer to every question. I didn't know whether what I was doing was correct. I carried that through my career. I'm the leader of the company in the sense that I've got the office that says president outside. But I'm quite aware that the people that worked for me, the advisors that we serve, have much more experience in this world than I do. And I'm somebody that is quite willing to defer to somebody else's expertise. I think I picked that up in my teaching career.

Russ Thornton:
Yeah, interesting. Yeah, I always find it interesting to get an understanding of where people came from and how that's influenced or ways into where they're at today. So I appreciate you sharing that.

Matt Regan:
Yeah, absolutely.

Russ Thornton:
Matt, can you share something maybe that you consider interesting about yourself that maybe most of your friends wouldn't be aware of? Put you on the spot.

Matt Regan:
Yeah. One of the things that I think that people find interesting about me is that when it comes to where I grew up and what I did was that I did go away to Canada, to college. I live outside of Philadelphia. I was born and raised here. But when I graduated high school, I was in my mind that I really wanted to go away for an adventure. So I went to the university of Toronto, St. Michael's College at the University of Toronto, and lived four years up there, which is really the biggest adventure of my life. I then scampered back to the Philadelphia suburbs and I've been here ever since and raised my family here. But, that's that's one of the things that not everybody knows about me.

Russ Thornton:
Interesting. This is a few years back now, but any particular reason why you settled on Toronto over another adventure, to use your words?

Matt Regan:
We did know people in Toronto, so it wasn't a complete... My mother's friend lived up there, so there was somebody that we knew. I just loved it. I mean, I'm still a huge Toronto Maple Leafs fan. I love the city. I try to get back there as often as I can. I canceled the trip during COVID last year, because the borders still aren't open up there. They've had a really tough time with the pandemic. I just loved the place. I love the city, and I love my four years up there.

Russ Thornton:
Yeah. We establish a little bit of a background, and you've shared a little bit about what you do, and you basically run a pretty large and growing financial advisory firm. I guess, since our audience is mostly consumers and it's geared toward retirement planning around women, could you maybe talk a little bit about what you do from the perspective of our listeners out there that might be working with a financial advisor, or might be interested in working with a financial advisor? So couch it, maybe, in terms that might speak to a consumer as opposed to another advisor?

Matt Regan:
Yeah. Well, Wealthcare is a different kind of advisory firm. When I describe what we do, I think I describe it in terms of what you do as an advisor, Russ. What all of our advisors do is you guys are business people running independent practices. You deal with clients on a day-to-day basis. You provide them holistic wealth management services, which includes financial planning and investment management. You're a trusted advisor and guide for your clients. Wealthcare runs in the background there. We have a platform, and a piece of technology, and an investment solution that the advisors that we serve take advantage of.

Matt Regan:
Well, why? Why would they do that? Why wouldn't they do it themselves? Well, I think if you think about it in terms of time, the highest and best use of the advisor's time that we serve is to spend time with the clients, to help them, to be meeting with them, to be growing their own practice, maybe getting referrals from clients, working with clients on an ongoing basis. The least important thing that an advisor can do is to spend time opening accounts, billing, trading, doing compliance, or even running the investment portfolio. That, I think, in many ways it's become something that advisors are very comfortable outsourcing. So we provide those services so that the advisor can spend his time with the most valuable part of his business, which is the clients. I think about it in terms of the revenue generating activity in an advisor's business is client facing. We handle all the non-revenue generating business. Going back to your question, what do I do day-to-day? What I try to do is listen to our advisors and provide them the technology, and the operations, and the services that they need to deliver they're incredibly valuable service.

Russ Thornton:
So, using that as a backdrop, what would you say that you and/or the firm, what's the biggest challenge that you help people address or solve? I guess, it might be helpful to get your perspective on that from, maybe, how do your advisors help their clients? What's the biggest challenge maybe that you help the end clients address or solve?

Matt Regan:
Well, yeah, so I think the thing that we do really well and the delivery of the comfort zone, and Wealthcare as a service, what I call, we have a very unique wealth management delivery system that's unlike really anything else in the industry. That's the basis of our company. It's a technology that's based upon goals-based financial planning and a goals connected investment portfolio. Where I think it's important, unique, exciting, and really powerful is that it really answers that the one question that all clients have on their mind is, "Am I going to make it? Am I going to have what I need to live the life that I want and the retirement that I want? We've got a very sophisticated piece of technology, as well as a very motivated and incredibly talented group of people, that help deliver this Wealthcare as a service through the advisors.

Matt Regan:
When I think about what my biggest challenge is, is we've added a lot of advisors in the last few years that really are just getting their feet wet with the Comfort Zone, Wealthcare as a service goals-based planning. One of the things that we need to do better here is to help them understand the power of Wealthcare as a service, understand the power of the Comfort Zone, and how it transforms the advisor client relationship in a really, really important way. So I've been working with my team to do a better job of delivering that message to our advisors.

Russ Thornton:
In your work with both advisors and maybe hearing some of their successes with their clients, is there a favorite success story that comes to mind for you?

Matt Regan:
Yeah. We have so many advisors that far predate my involvement with the firm. They're the group of true believers. And I would put you in that category, Russ, that really understand the Comfort Zone and really understand why it's so transformative to the advisor client relationship. But the stories that I love, when I came into this with no background in financial planning, no background in goals-based planning in particular, the stories that I love are the ones that center around the fact that clients are shown that they're taking too much sacrifice in their one life. If your Comfort Zone score is over 90%, if you have a 95% of likelihood of achieving all of the goals in your plan through the best and worst markets in history, which is calculated through a simulation engine, then you're taking too much sacrifice in your lifetime.

Matt Regan:
The stories I love are when advisers tell me that they sit down with a client and they say, "Hey, you're at 95%. you have a 95% Comfort Zone score. It's time to buy that boat that you've been talking about," or "It's time to take that trip," or "It's time to take less risk in the marketplace." Those are the really powerful stories, because I don't think that the traditional advisor thinks in those terms. The traditional advisor, in many ways, tries to inflict as much pain and sacrifice on his clients or her clients as they possibly can. Whereas, our advisors who use the Comfort Zone effectively, actually put their clients in a scenario where they're living their best life.

Russ Thornton:
Would you say that's really the crux? I mean, you spoke earlier about how think... Well, you don't think. You stated earlier that Wealthcare and how we do things is different than anything else you've ever seen in the industry, and you've been around for a while. Is what you just explained, as far as really focusing on helping clients make the most of their life and optimize their opportunities to do the things that are important to them or important to the people that they care about, would you say that's really the crux or the heart of what makes us unique in the financial advice space?

Matt Regan:
Absolutely. I think it's something that, first of all, I don't think clients come into the relationship with their advisors thinking that that's even a possibility, that the advisor is going to say to them, "Hey, we're all good here. We can make some changes to make your life better right now." I'm not sure that too many clients go into the advisor client relationship with that even in the back of their mind as a possibility, number one. Number two we've done the heavy lifting on the math, on the simulation engine, on the Monte Carlo projections, on the historical returns in the marketplace, so that we are very confident that, through thousands of scenarios in the marketplace, that we can deliver something that we're... We put a stake in the ground and say, "You're going to be good. You're going to be okay." We've got the ability to assure clients and their advisors that we're providing really, really good, powerful advice that's going to make their lives better right now. I think that's unique. I think that's our special sauce.

Russ Thornton:
Yeah. Yeah. Well, I guess maybe we're both a little biased, but I agree. I think that's a well said way to approach it. So, yeah, thanks for that. You've doing this for a while, Matt, both at Wealthcare and your previous experience with Wescott, and elsewhere in the industry, what's surprised you most about your work, and maybe more specifically about your work with financial advisors and indirectly with their clients?

Matt Regan:
Well, first and foremost, I didn't even have a true appreciation of the momentum towards independence that was going on in the marketplace. I was relatively new to the RIA world, the feel in the RIA world. When I joined Wescott, I'd come from more of the broker dealer, wirehouse, investment bank, Wall Street world. When I got to Wescott, it was a very much a traditional straight ahead RIA firm that had employee advisors, and the clients belong to the firm. Great business and delivered tremendous service, but there was this whole world out there that I didn't even know about. And that was essentially that people were leaving the wirehouses and droves, leaving the insurance broker dealer in droves, getting rid of their broker dealer licenses, going fee only, and starting businesses. It's a trend in the industry that Wealthcare is right in the middle of trying to help advisors to successfully do that transition. But I didn't even know it existed. So that was kind of the first eye-opener for me.

Matt Regan:
And then, when it comes to how our advisors work with clients, I'm actually incredibly encouraged by how willing advisors are to give up the reins when they join us. You're an old timer, Russ. You've been around here for a while. You've gone all in on the Wealthcare way and Wealthcare as a service, the Comfort Zone. But I'm always incredibly encouraged by how advisors come in, and we have some excellent recruiters, like Russ Reinhard, who explain the value of Wealthcare to these advisors, but they innately know that they shouldn't be trying to beat the market with investments. I mean, I said it a million times, Jack Bogle at Vanguard, that $7 trillion, proving to people they can't beat the market. I think it's surprising to me that these advisors, when they do join, and we say to them, "Stop doing that. Stop doing trading, stop doing compliance, stop doing investing," that they are ready to embrace an outsource solution.

Russ Thornton:
Yeah. One of the things that I've learned in my years focused on serving women and their families is that their children are important to them. Clearly, your children are important to you. I think that's not going to be surprising to anyone. With that in mind, let's say that a high school senior, or maybe a college student, approached you, Matt, and said, "Hey, I know a little bit about the financial advice industry. It seems interesting to me. I'd like to learn more about what's involved or maybe pursuing a career in financial advice," or the financial industry, not necessarily as an advisor, what advice or guidance would you give to maybe a younger person in that situation?

Matt Regan:
Well, I can tell you, Russ, I've given it a number of times. I really do think, for a number of reasons, that it's an opportunity that college students and recent college graduates should pursue. I'll tell you what I say is that, look, the financial planning industry, the financial planning world, is just emerging as a specialty in the college ranks. You go to the schools like Texas Tech and Temple, here in Philadelphia, these schools have built financial planning majors. Virginia Tech's another one. We've got some advisors down there in Blacksburg that are all Virginia Tech grads. That program is emerging and relatively new. It's an incredible curriculum that really prepares the right people to land right in the industry, number one.

Matt Regan:
Number two, when you talk about the career path, and particularly for female graduates of financial planning programs, it's 100% employment. When you walk out of college with that degree, you have job offers in hand. It's also incredibly high employment rate for males in the industry. This is a gray industry. You and I are young fellows, Russ, compared the rest of this industry here. This is a very gray industry. It's a problem in this industry for a number of reasons. Number one is you don't have enough young advisers in the industry. Number two, the older advisors don't have succession plans in place, which is a whole other conversation that we talk about quite a bit here at Wealthcare. Because of the opportunity in the industry, I think it's an incredible thing for college kids to think about and focus on.

Matt Regan:
The other piece of it is it's so different than the other business degrees that are out there. I mean, where else, in college, can you focus on how to be empathetic, how to deliver real life changing advice, and at the same time, learn the discipline of planning and all of the things that go into that capstone and the CFP exam? It's a really, really robust and well-rounded curriculum. I do think, it's a great way for the next generation to get into our industry.

Russ Thornton:
And underlying what you just stated about the graying of the financial advisor ranks, I haven't seen the stat in a while. You may know what it is, Matt, I saw it a few years ago. I think it said the average age of active financial advisors was 65 plus or something like that.

Matt Regan:
It's close to that. Yeah.

Russ Thornton:
Yeah, yeah. So yeah, I appreciate that perspective, both as both as a parent, but also as bringing your experience both in education as well as in the financial services industry. So I think you bring a pretty neat view into that.

Matt Regan:
Yeah. I mean, that's a scary number. If you think that the average age of an advisor in your industry is over 60. That tells you right there, we've got work to do to get more people into the industry, because there's a whole... It never stops, there's a whole generation of emerging wealth that's out there. And there's a whole generation of next gen clients that are now creeping into their higher earning years that need to be served. I mean, they need the help that you and the other advisors provide, because it's critically important to... We have a retirement crisis in this country. We all know that. I mean, not enough people have enough money to retire comfortably. We haven't solved for that, and the crisis has only gotten worse. So we need to help people in this industry and we need to get people literate in financial services.

Matt Regan:
I think one of the things that so great that you focused on, on women, is the reality is, is that women are at a disadvantage for a of reasons as far as wealth management concern, not the least of which is they've not been involved in the financial wellness discussions all the way along in their married lives. So when it comes time for women to be on their own, they're already a step behind where they should be with regards to financial literacy, what's going on with their estate, what they need, what they have. So I think it's awesome that you've chosen that as an area to focus on.

Russ Thornton:
Yeah. Well, thanks. You cannot have set up a better segue into my next question. Clearly, the name of this podcast is Women's Retirement Radio. And as you just alluded to, that's the primary focus of my work and the clients that I serve. So, Matt, when you think of the word retirement, what comes to mind for you personally?

Matt Regan:
Well, I mean, to me, it's all about security. There's a great unknown out there, and that unknown is more acute for women than it is for men. And that unknown is longevity. I think, the cold statistics are, is that women are going to live much longer than men and that's an ongoing fact. So really, to me, retirement is all about planning for that unknown, which is longevity. I'm actually going through an issue right now with my in-laws where they haven't done a lot of the work to plan for their own wellbeing in retirement. It's not so much a money thing as it is where they are physically, who's going to take care of them, where they're going to be as their health continues to fail a little bit.

Matt Regan:
It really rings the bell with me that retirement is something you need to plan for in all different phases. Where are you going to be physically? Who's going to be around you? What are you going to need? And then, when it comes to finances, are you going to have enough so you're not a burden on somebody else? That, to me, is my impressions of retirement, if you will.

Russ Thornton:
Yeah. You said a couple of things that come up regularly in my conversations with clients and other people that I'm introduced, and it's the idea of wanting to be prepared and make sure that, A, they're going to be okay. But it's really important, maybe a top priority for a lot of the women I talked to, they don't want to be a burden on their children or their family.

Russ Thornton:
But on the other side of that coin is something you alluded to earlier, which is equally as important, which is I don't think anyone wants to be so well-prepared for tomorrow, whether that's five years or 50 years from today, that they're sacrificing or making decisions today that make them, not necessarily make them miserable, but maybe they're not doing everything they can today to enjoy their financial resources along the way. So I think it's really striking a balance between being well-prepared for an uncertain future, uncertain both in terms of economy, markets, tax legislation, longevity. But at the same time, making sure that you're enjoying your financial resources and enjoying your time with your family, your friends, your children, your ability to travel along the way. I mean, would you say that's a fair characterization from where you sit?

Matt Regan:
Yeah. I think that's the best case scenario is that there are choices that you can make to increase the enjoyment that you have in the present day that isn't going to hurt you on the other end. But I'm a worrier by nature and probably a lot of financial planners are too. I'm not a planner, but my concern is, when it comes to women in particular, that there are structural impediments to that world where many women won't be a burden. I mean, we have a horrible wage gap in this country that nobody seems to want to address. Women don't make as much as men and are doing the exact same thing. I mean, that's just a fact across the economy. So that's already starting in the hole.

Matt Regan:
And then, when you come to a divorce scenario, I mean, the fact that women's incomes decrease so dramatically in a divorce situation as compared to men in a divorce situation. Those are two structural impediments that really concern me when it comes to planning for retirement for women. So I love the fact that our approach allows advisors to provide not only the comfort that the Comfort Zone score that gives people confidence, but I also think that there's things that we need to address as a society that are stacked against women to begin with.

Russ Thornton:
Well, so you've already touched on the longevity issue, and you just now spoke of the wage gap, which is only exacerbated in a divorce situation. What do you think's the biggest challenge, and maybe it's one of those, but what do you think the biggest challenge women face when they're planning for their own retirements?

Matt Regan:
Well, I think it's that combination. If I could not answer your question. I'd put those four things together. It's not being involved in the household finances throughout their lifetimes. That's a problem. The longevity issue is huge, because the bottom line is that, that's an uncertainty. There's a certainty in the uncertainty, and that's the women live longer than men. The wage gap and the issue of how that affects a divorce situation. If you put those four things together, I think that's the challenge that advisors like you have to help women address.

Russ Thornton:
From your position in running a financial advisory firm, a unique financial advisory firm, with... What do we have, over 150 advisors now that have various and different affiliations with the firm? And then, all of their, probably, thousands of clients, if you add them all up. How would you say that your work and the work that you do as it trickles down to the advisors and ultimately to their clients, how does that impact women and their families as they're planning for a transition into retirement or into the next chapter of their life, which might not necessarily be sitting around and not doing anything? They might continue to work, or they might volunteer. But what would you say the impact of your work and the advisor's work impacts women specifically around retirement?

Matt Regan:
Well, I mean, first and foremost, having a financial plan. I mean sometimes we get a little wrap up in our own work and we think, "Hey, we have this version of financial planning, and it's different than maybe a cashflow financial planning. There are certain benefits to the goals-based approach." Remember, that's way inside baseball for what's going on out there. The idea that everybody's in a financial plan is just inaccurate. I mean, we have a small portion of the population even works with an advisor. So the work that we do hopefully is supporting some increase in the number of people that are even in plans or working with advisors, because the biggest issue is, when it comes to financial wellness in this country, is, number one, we don't pay middle-class and lower class workers, enough. Number two, we don't have financial literacy and planning support across the population. Hopefully, we're addressing some of that.

Matt Regan:
And then, with regards to this specific delivery of the Comfort Zone, we have touched upon this before. But the idea that we can give assurance and wise counsel when it comes to planning for retirement and planning for a fulfilling present life, as well as a fulfilling retirement life, and lifting that burden on the heirs, hopefully the work that we do to support advisers is addressing that across the board.

Russ Thornton:
Yeah. I thank you for that perspective. I think there are no shortage of challenges for women specifically, but people in general. I know you, and Wealthcare, and our colleagues are out there fighting the good fight, but it's not a fight or a battle that's going away tomorrow.

Matt Regan:
Right.

Russ Thornton:
As we start to wrap up the conversation, Matt, you're a busy guy, you're running a growing company, you've got a family, but when you've got an hour or two to yourself, and that might be rare, but let's say you got an hour or two to yourself, how do you most enjoy spending your time when you've got a little time to yourself?

Matt Regan:
Yeah, I'm a really bad golfer, but I love to get out on the golf course and play golf. It's weird, if you asked me that a couple of years ago, my great joy would have been sitting on the sidelines watching my kids play sports. But now, they've gotten older and they're starting their professional careers. So I'm finding more time for myself to get some work done around the house and, God forbid, even read a novel here and there. That's new for me, because my kids are 25, 22, and 20. So they're in that transition phase. And it's become a transition phase for me as well.

Russ Thornton:
What's a book you've read recently that really stuck out in your mind as being something good or that you'd recommend to others?

Matt Regan:
Oh, I just read a great book by an author named Colton Whitehead, and it's called Sag Harbor. It's a story of the African-American New Yorkers back in the 60s and the 70s, and their community out on Long Island, their summer community for... And it's a coming of age story, which I really liked. I would recommend that to anybody.

Russ Thornton:
Oh, great. Well, thanks for that. We'll include that in the show notes for this episode.

Matt Regan:
Awesome.

Russ Thornton:
We've covered a lot, Matt, and this has been a great conversation, so thanks again for joining us. If there were one thing that our listeners could take away from our conversation today, what would you want that one thing to be?

Matt Regan:
Well, let's keep it real, on topic. I mean, I think the bottom line is, is if you're not working with an advisor, I encourage you to find an advisor to work with. I think that, again, there's a retirement crisis in this country. The only way we're going to address it is by increasing financial literacy and having advisors help clients through what is a really, really, difficult and challenging problem, which is, how do I organize my affairs, my assets, what I have, my goals? How do I organize that into something that I can call a plan, a roadmap, and point myself in the direction so that I'm not lying awake at night with my eyes wide open? So, I would just say, let's keep it right there and say find somebody and talk to somebody about what the plan is to get you the life that you deserve.

Russ Thornton:
Yeah. Well said. I mean, I couldn't agree more. And to be clear, this is not a subtle pitch for people listening to reach out to me. Because frankly, I'm not going to be the best advisor for everybody out there listening to this. But I do think there's a lot of value in talking to several advisors and finding one that you like and trust, and that you feel like you can work with for hopefully many, many, years to come to take some of the anxiety and worry around your money off your shoulders. Matt, let's say somebody's listening to this, maybe a consumer, maybe an advisor, but let's say they want to learn more about you or about Wealthcare. What's the best way for people to get in touch or to find resources where they can learn more about the work that you're doing?

Matt Regan:
Our website is wealthcaregdx.com. That's G-D-X, for the goals driven experience. There's all sorts of information on our advisors, the Comfort Zone, our unique approach to the delivery of Wealthcare as a service, all of that's on there. There's also quite a bit of curated content that consumers or advisors might be interested there. So I would encourage people to go to our website and poke around and find out what we're all about. If there's anybody that wants to reach out and call me directly, my phone number is right on there.

Russ Thornton:
Yeah, thanks, Matt. And we'll be sure to include that website link and other details in the show notes, along with the book recommendation. So, appreciate all that. Any final thoughts? Anything else you want to add before we call it a day?

Matt Regan:
No, I appreciate you having me on, and obviously we appreciate you as an advisor and advocate for the firm. So thank you for that. And I wish you all the best with the podcast and your continued success in business.

Russ Thornton:
Yeah, thanks, Matt. Thanks to everyone out there for listening. Again, this is Russ with Women's Retirement Radio, and we look forward to catching up with you on the next episode.