Weekend Studying For Monetary Planners (Sept 24-25) 2022 superior)

Weekend Reading For Financial Planners Oct 1 2 2022 Great

Weekend Studying For Monetary Planners (Sept 24-25) 2022 Nice)

Govt Abstract

Benefit from the present installment of “Weekend Studying For Monetary Planners” – this week’s version kicks off with the information that the SEC has issued a danger alert placing advisors on discover that examiners might be conducting a variety of critiques to guage how companies are complying with the Fee’s new advertising and marketing rule, which it’s going to start to implement beginning November 4. Whereas the brand new rule permits monetary advisors to proactively use testimonials (from shoppers), endorsements (from non-clients), and spotlight their very own rankings on varied third-party web sites, the SEC’s warning means that advisory companies will wish to take care to abide by the compliance necessities linked to the brand new rule.

Additionally in business information this week:

  • How advisors can serve shoppers of the millennial era who’ve seen their revenue and wealth develop as they’ve gotten older
  • A survey exhibits that extra RIAs are outsourcing funding administration, and that those that do are largely pleased with the choice

From there, we have now a number of articles on insurance coverage and funding planning:

  • Why the chair of the Senate Finance Committee has taken an curiosity within the non-public placement life insurance coverage market
  • A brand new designation is obtainable for advisors seeking to serve shoppers with nonqualified deferred compensation plans
  • How DPL Monetary Companions’ development is an indication of advisor curiosity in fee-based annuities

We even have a variety of articles on advisor advertising and marketing:

  • The most recent traits in advisor advertising and marketing, from the continued dominance of shopper referrals to the return of in-person gatherings
  • How advisors can pull off an occasion that may improve shopper loyalty and entice new prospects
  • Why some companies are pondering twice about profiting from the SEC’s new advertising and marketing rule instantly

We wrap up with three remaining articles, all about enterprise possession:

  • Why enterprise homeowners with sturdy technical expertise restrict their profitability by spending an excessive amount of time working of their enterprise fairly than on it
  • The benefits and drawbacks of ‘renting’ versus ‘proudly owning’ your profession
  • Why focus and intense curiosity are widespread traits amongst a few of the most profitable enterprise leaders

Benefit from the ‘gentle’ studying!

Creator: Adam Van Deusen

Crew Kitces

Adam is an Affiliate Monetary Planning Nerd at Kitces.com. He beforehand labored at a monetary planning agency in Bethesda, Maryland, and as a journalist masking the banking and insurance coverage industries. Outdoors of labor, he serves as a volunteer monetary planner and sophistication teacher for non-profits within the Northern Virginia space. He has an MA from Johns Hopkins College and a BA from the College of Virginia. He might be reached at [email protected]

Learn extra of Adam’s articles right here.

(Kenneth Corbin | Barron’s)

Within the early days of the monetary advisory business, funding administration was on the heart of the advisor worth proposition. And to separate “bona fide funding counselors” from the “unscrupulous tipsters and touts” making an attempt to promote a ‘scorching’ funding scheme, the Securities and Alternate Fee (SEC) in 1961 codified a rule prohibiting RIAs from utilizing any type of shopper testimonial. The pondering was that the outcomes and returns of anybody shopper wouldn’t essentially be consultant of what any/every kind might count on sooner or later, and that advisors might/would “cherry choose” good testimonials from the shoppers who had the most effective efficiency outcomes… and that due to this fact testimonials had been inherently deceptive and a hazard to the general public.

However since then, the world of selling and promoting has developed drastically (as customers more and more depend on evaluation web sites when buying an excellent or service), as have the companies of RIAs themselves (which have expanded properly past funding administration to complete monetary planning). Amid this background, the SEC in late 2020 introduced a brand new advertising and marketing rule that, for the primary time, permits monetary advisors to proactively use testimonials (from shoppers), endorsements (from non-clients), and spotlight their very own rankings on varied third-party web sites.

However now, with enforcement of the up to date advertising and marketing rule slated to take impact on/after November 4, the SEC has issued a danger alert placing advisors on discover that examiners might be conducting a variety of critiques to guage how companies are complying with the brand new rule because it was finalized practically 2 years in the past. The SEC famous 4 areas the place workers will look at how companies are complying with the brand new rule. First, they are going to be reviewing companies’ primary insurance policies and procedures to make sure companies have up to date their compliance protocols to account for the brand new rules. Second, the SEC might be wanting to make sure companies can substantiate any (new) advertising and marketing claims they’re now making by demonstrating that they’ve a “cheap foundation” for believing that any assertion included in advertising and marketing materials is true. Third, examiners will scrutinize how advisors are incorporating efficiency metrics of their ads. Lastly, the SEC will give attention to companies’ books and data, together with verification that companies have up to date their Type ADV filings with details about their advertising and marketing practices.

Finally, the important thing level is that whereas the SEC’s new advertising and marketing rule provides advisory companies the chance to market themselves in ways in which they haven’t been capable of beforehand, it comes with the burden of taking the actions essential to stay in compliance with the rule. And whether or not a agency collects and publishes shopper testimonials, or simply highlights the critiques they’ve obtained on third-party web sites, the SEC’s newest alert gives a extra detailed perception into the kind of questions companies would possibly face throughout their subsequent examination!

(Suzanne Woolley and Misyrlena Egkolfopoulou | Bloomberg Information)

The millennial era (sometimes outlined as these born between 1981 and 1996) has typically gotten a foul rap within the media, whether or not for being self-centered, disloyal to jobs, or not having a lot curiosity in buying a house. Nonetheless, many of those judgments got here down when millennials had been of their early 20s and simply beginning out of their grownup lives. However now, with the oldest Millennials reaching 40, their spending and financial savings habits (from shopping for a home to saving for retirement) are wanting increasingly like earlier generations.

And the expansion of millennials’ wealth implies that they may more and more be in search of skilled monetary recommendation. However advisors used to working with older generations would possibly marvel how one can profitably serve this era of rising wealth. One key issue is the advisor’s payment mannequin; whereas many millennials have seen their incomes develop by nearly 20 years within the workforce, they may not but have amassed ample belongings to fulfill AUM-based companies’ minimums. As a substitute, providing a subscription-based mannequin might enable advisors to serve these high-income millennials (who can afford to pay an identical payment that an advisor would possibly cost on an AUM foundation) profitably. Different choices embrace charging a share of revenue (fairly than belongings) or providing hourly or project-based engagements that millennials additional down the revenue spectrum might afford.

One other consideration is the kind of planning companies millennials will search. As an illustration, millennials will typically be extra thinking about a cashflow evaluation (which is prone to be difficult given the vary of spending priorities) than their stability sheet (which is prone to be slimmer than these of near-retirees). This opens up many avenues for advisors so as to add worth, from serving to millennial shoppers resolve how one can allocate their revenue to fulfill their spending and financial savings targets to providing recommendation on how one can maximize their bank card rewards within the course of. Additional, many millennials will typically have particular wants (e.g., pupil mortgage evaluation or fairness compensation evaluation) that may function a useful advertising and marketing area of interest for advisors who acquire experience in these areas.

In the long run, the rising incomes and wealth of the millennial era imply that advisors have a possibility to get in on the bottom ground with prospects from this era, who might find yourself utilizing monetary planning companies for an additional 50 years. The important thing level, although, is that the planning wants and talent to pay planning charges of this group are totally different from older generations, suggesting that the advisory companies which are capable of finest modify might have probably the most success working with shoppers from this era of rising affluence!

(Michael Fischer | ThinkAdvisor)

As the worth proposition of many RIAs has shifted from funding administration to a extra complete planning strategy, some advisors have chosen to outsource a few of their funding administration tasks. From Turnkey Asset Administration Platforms (TAMPs) to mannequin portfolios to exterior funding administration companies, advisors have a spread of accessible choices to make use of.

And a current survey by Northern Belief Asset Administration FlexShares ETFs means that the pandemic has led an rising variety of advisors to decide on outsourced funding options. In response to the survey, 32% of RIAs mentioned they outsource no less than a few of their funding administration, up from 27% in 2020; on common, RIAs outsource about 50% of their AUM. And people companies that do outsource funding administration look like pleased with their choices, as 95% of companies surveyed mentioned they had been happy or very happy with their outsourced options. Additional, 53% instantly correlated their outsourcing actions with permitting them to generate extra income (maybe by liberating up time for enterprise growth that was beforehand spent on funding administration).

Total, the survey demonstrates that not solely are an rising variety of RIAs adopting outsourced funding options, however that doing so has positively impacted the underside line for his or her companies. So whether or not an advisor needs to create extra time for different elements of their enterprise or prefers to give attention to different elements of planning, outsourcing funding administration may very well be a worthwhile resolution!

(Allison Bell | ThinkAdvisor)

Non-public Placement Life Insurance coverage (PPLI) has lengthy been a tax-shelter car for Extremely-Excessive-Internet-Value (UHNW) shoppers, leveraging the tax-deferral build-up of money worth in a everlasting life insurance coverage coverage however in a construction that accommodates extra particular funding selections (for that exact UHNW shopper) and with out the sometimes-expensive fee construction that may overlay ‘conventional’ everlasting life insurance coverage. This car obtained a lift in late 2020 from the Consolidated Appropriations Act, which allowed insurance coverage corporations to make use of decrease rate of interest assumptions (based mostly on a brand new variable charge tied to present market charges) in figuring out whether or not a life insurance coverage coverage will turn into a taxable Modified Endowment Contract (MEC), which has the top results of permitting considerably greater money worth contributions into everlasting life insurance coverage with out triggering MEC standing.

However now, Senate Finance Committee Chair Ron Wyden seems to be thinking about taking a more in-depth have a look at these insurance policies. In letters to Prudential Monetary, Zurich Insurance coverage Group, and the American Council on Life Insurers, Wyden requested extra details about the PPLI market (together with its dimension, which is basically opaque) and whether or not the insurance policies serve solely to scale back the revenue taxes of rich households fairly than present real insurance coverage. He additionally requested whether or not some shoppers is likely to be utilizing PPLI insurance policies to cover offshore belongings from the IRS or different federal businesses, or to launder cash obtained by unlawful means. Wyden can be thinking about wanting into the PPLI market given the insurance policies’ potential to assist rich people work across the potential elimination of the step-up in foundation.

At this level, Wyden’s scrutiny of PPLI insurance policies stays within the inquiry stage, however, given his place, advisors and their shoppers who’ve PPLI insurance policies (or are contemplating buying one) would possibly wish to take note of any future legislative developments, as adjustments to their tax therapy might scale back their planning worth!

(Gregg Greenberg | InvestmentNews)

Retirement planning is among the key companies monetary advisors supply. From selecting the suitable financial savings car throughout a shopper’s accumulation section (and the way a lot to contribute) to making a retirement revenue plan as they strategy their decumulation section, advisors can add important worth to their shoppers. And whereas advisors mostly take care of conventional and Roth IRAs, in addition to certified office retirement plans (e.g., 401[k]s), some shoppers may additionally have nonqualified plans. These are sometimes deferred compensation preparations that corporations typically supply to high-earning executives (who stand to profit probably the most from the tax deferral advantages).

And now, the Nationwide Affiliation of Plan Advisors (NAPA) is providing a brand new certification, the Nonqualified Plan Advisor (NQPA) credential, to permit advisors to exhibit their experience in working with the often-complicated world of nonqualified deferred compensation and govt compensation plans. The certification consists of two programs, plan fundamentals and superior plan designs, in addition to a remaining examination that candidates should cross to obtain the NQPA credential. The programs cowl a spread of matters, together with plan design provisions, tax issues, and specialty plans reminiscent of Rabbi Trusts.

So for advisors who work with high-earning executives who’re provided a deferred compensation plan at their job (or who want to entice these shoppers sooner or later), the NQPA certification may very well be a pretty supplementary designation that may enable them to higher perceive these plans and the place they match throughout the hierarchy of tax-preferenced financial savings automobiles!

(Brooke Southall | RIABiz)

For advisors working with pre-retirees and retired shoppers, creating and managing their retirement revenue plans is often an necessary a part of their worth proposition. From the timing of claiming Social Safety advantages to managing sequence of returns danger, there are a lot of components to think about. However one potential retirement revenue resolution, annuities, have lengthy been out of favor with advisors at RIAs, largely resulting from their (frequent) opacity, (typically excessive) charges, and (typically egregious) commissions charged by brokers (to not point out their decreased payout ratios within the low-interest-rate setting in recent times).

However the ongoing development of RIAs (and the market alternative it presents for insurance coverage corporations), and the potential that regulators might drive a broader shift of all advisors in the direction of a (no-commission) fiduciary obligation, has in recent times led to a rising variety of carriers providing “fee-based” (i.e., no-commission) annuities, within the hopes of interesting to the commission-adverse channel. And given what continues to be the potential for annuities to assist ameliorate longevity danger (the possibility {that a} shopper won’t be able to maintain their spending wants all through an prolonged retirement), now with annuity options and advantages which are extra favorably priced with out the fee layer, and a current Non-public Letter Ruling that RIAs can sweep their annuity charges instantly from the annuity contract on a pre-tax foundation, some advisors look like opening as much as their potential worth for sure shoppers.

To fulfill this want, DPL Monetary Companions has positioned itself as an annuity market supplier for RIAs seeking to meet shoppers’ revenue wants, providing a curated checklist of about 70 fee-based annuity merchandise from 25 carriers. And DPL has skilled important development as RIAs have began to shift in the direction of annuities, rising DPL’s market income by 400% prior to now 12 months, which has attracted investor consideration as properly (DPL simply raised one other $20M capital spherical to proceed scaling up its RIA companies, after elevating a $26M spherical two years in the past).

Finally, the important thing level is that DPL’s success is an indication that advisors are more and more inquisitive about (and displaying an rising willingness to truly use) the potential utility of a brand new era of no-commission annuities inside no less than some shoppers’ retirement revenue plans. And given the weak efficiency of the inventory and bond markets to this point in 2022, in addition to rising rates of interest (which may improve the payouts provided by annuities), much more advisors (and their shoppers) would possibly look to annuities as a ‘assured’ revenue resolution (or no less than a extra steady fixed-income various!?)!

(Charles Paikert | Barron’s)

Monetary advisors are sometimes interested in the enterprise by quite a lot of components, from having fun with the technical elements of planning to having the ability to assist shoppers obtain their monetary targets. Alternatively, enterprise growth and advertising and marketing are in all probability not close to the highest of the checklist for many advisors. However for these operating an advisory agency, attracting new shoppers is a essential a part of rising the enterprise (significantly at a time when weak market efficiency has decreased revenues for companies charging on an AUM foundation!).

For a lot of advisory companies, referrals from present shoppers stay their most popular supply of prospects. In response to the 2022 Kitces Analysis report How Monetary Planners Really Market Their Companies, 93% of advisors surveyed use shopper referrals, by far probably the most generally used advertising and marketing tactic. However many rising companies (significantly these with out sufficient present shoppers to generate a ample variety of referrals!) use different advertising and marketing techniques as properly. Those who wish to maximize their on-line presence use SEO (which has the bottom common shopper acquisition price, in response to the Kitces Analysis examine), social media, webinars, and running a blog.

And whereas these strategies typically contain ‘comfortable {dollars}’ (the worth of an advisor’s time spent on advertising and marketing), different companies look to extra ‘hard-dollar’ techniques. As an illustration, because the pandemic has receded, some companies have resumed in-person occasions, from intimate dinners with prospects to Fall Festivals that enable present shoppers and prospects to convey their households to the occasion. Different choices for hard-dollar spending embrace promoting (whether or not on-line or by TV or radio campaigns), paid referrals (e.g., third-party solicitors and custodians), or sponsorships.

Finally, the important thing level is that advisory companies have many components to think about when making a advertising and marketing plan. From their development targets to the stability of ‘arduous’ versus ‘comfortable’ {dollars} they wish to spend, to their goal shopper, a spread of selling instruments can be found. And by taking a data-driven strategy, companies can discover probably the most environment friendly techniques to develop their enterprise into the longer term!

(Justin Adams | FMG Weblog)

In-person occasions might be an effective way for advisors to construct their relationships with present shoppers and prospects alike. From instructional occasions (the place the advisor can exhibit their experience) to social occasions (the place the advisor can have interaction shoppers and prospects with out discussing finance) to networking occasions (the place an advisor can join with facilities of affect reminiscent of legal professionals and CPAs), advisors can select from quite a lot of occasions to leverage all year long.

However these occasions take planning to tug off, which implies that advisors will wish to take advantage of out of every gathering. Within the promotion stage, this consists of advertising and marketing the occasion to draw as many attendees as potential. This may be achieved by emails (maybe a three-email sequence of “Save the Date”, “Register Now”, and “Final Probability to RSVP”) and social media, in addition to by selecting a catchy title to attract the eye of potential attendees. When planning the occasion itself, it could actually assist to have one thing that offers it a ‘wow’ issue, reminiscent of a novel venue, attention-grabbing meals, and/or memorable actions. And after the occasion (as soon as everybody has hopefully had a good time), sending an electronic mail to attendees thanking them for coming (in addition to an electronic mail to those that couldn’t attend to say you hope to see them on the subsequent gathering) and creating social media posts with photos from the occasion might help guarantee your efforts stay contemporary within the attendees’ minds.

The important thing level is {that a} well-planned occasion might help construct bonds with present shoppers and belief with prospects. Whether or not you’re planning a wine-tasting occasion, a visit to the native zoo, or a spherical of golf, taking a methodical strategy to organizing the occasion — earlier than, throughout, and after it happens — will aid you profit from your advertising and marketing {dollars}!

(Mark Schoeff | InvestmentNews)

The SEC’s new advertising and marketing rule, which might be enforced beginning November 4, presents RIAs with the chance to drastically develop their advertising and marketing efforts. From shopper testimonials to selling the critiques they’ve obtained on third-party web sites, companies will be capable of level potential shoppers to proof of the standard of their service.

On the identical time, the SEC might be wanting to make sure that advisors keep throughout the bounds of the brand new regulation. However as a result of the rule is principles-based (e.g., in response to the SEC, info in advertising and marketing supplies should be introduced in a “honest and balanced” method, with the which means of “honest and balanced” remaining undefined), some advisors are nervous about operating afoul of the SEC throughout their subsequent examination within the absence of extra specific steerage (which might come as the results of different companies operating afoul of the brand new rules). In reality, promoting and advertising and marketing was cited because the “hottest” compliance matter for 2022 amongst companies in a current Funding Adviser Affiliation survey.

Finally, the important thing level is that advisory companies face a dilemma with the SEC’s new advertising and marketing rule: early movers who make the most of the rule might reap the advantages of the expanded advertising and marketing alternatives, however on the identical time might additionally turn into the primary targets for SEC enforcement of the rules. This implies that these companies who do resolve to leverage shopper testimonials and different kinds of advertising and marketing allowed by the rule will wish to pay shut consideration to present and future SEC steerage on the advertising and marketing rule and preserve a powerful inner compliance tradition to make sure that their advertising and marketing campaigns and documentation meet the SEC’s necessities!

(Khe Hy | RadReads)

One of many first steps on the trail to changing into a monetary advisor is gaining the technical expertise (typically by a CFP Board registered program) wanted to supply high-quality recommendation to shoppers. The following step is often to discover a job at a monetary advisory agency, the place the aspiring planner can acquire the experience wanted to ultimately work with shoppers of their very own (and to achieve the hours wanted to satisfy the CFP expertise requirement). And sooner or later, many advisors resolve to make the leap and begin their very own agency.

However many new advisory agency homeowners uncover that operating their very own observe is totally different from working as an worker advisor. Whereas they may have initially began out as an advisor as a result of they benefit from the technical elements of planning and dealing instantly with shoppers, they may discover that a lot of their time is spent on managing processes and operational elements of the agency. And whereas advisors can construct a worthwhile observe at this stage, Hy means that many high-achieving professionals typically get ‘caught’ at this stage of enterprise.

As a substitute of focusing practically all of their time on the managerial and technical elements of the observe, Hy means that taking time to include an entrepreneurial imaginative and prescient is the important thing to reworking it right into a full-fledged enterprise. For instance, whereas the technical elements of planning require important ability, an advisor’s skill to revenue off of this expertise is proscribed to the hours they work themselves; as a substitute, creating an entrepreneurial imaginative and prescient (e.g., a enterprise that features different advisors and operational personnel) can result in a enterprise that may generate income past the hours the agency proprietor works themselves.

The important thing level is that there’s a distinction between constructing a monetary planning observe (the place the agency proprietor’s main position stays monetary advising) or a enterprise (the place a lot of the proprietor’s time is spent working on the enterprise fairly than in it). And whereas each choices might be each worthwhile and pleasant, it is necessary for the agency proprietor to know which avenue they wish to pursue, in order that they will take advantage of out of their restricted time!

(Monetary Panther)

One of many main debates in private finance is the query of whether or not to lease or personal a house. Renters pay a landlord cash and in return obtain a house to dwell in for a given time period, at which level they’ve to seek out someplace else to dwell. Householders, however, sometimes pay a mortgage (in addition to taxes, insurance coverage, and maintenance prices), and never solely have a spot to dwell, but in addition have an asset to promote after they wish to transfer someplace else. The ‘proper’ reply of whether or not to lease or purchase will sometimes rely upon a person’s state of affairs; for instance, in the event that they plan to go away their present metropolis, renting might be the best way to go, whereas shopping for a house may very well be the higher selection in the event that they plan to remain in the home for a few years.

An analogous comparability might be made between workers and enterprise homeowners. Staff commerce their time for wages, but when they resolve to go away their job, they don’t have any extra belongings aside from the revenue they’ve made. Alternatively, enterprise homeowners sometimes pay themselves a wage as their enterprise brings in income, however the enterprise itself turns into an asset that they will probably promote. Although, much like the housing instance, the difficulty of how lengthy you propose to remain within the job is a key issue. As an illustration, somebody who thinks they may wish to transfer on to a special subject within the close to future would possibly fairly ‘lease’ their job as an worker, whereas somebody who is ready to work on a enterprise for the lengthy haul would possibly wish to ‘personal’ their job by beginning a agency (not solely as a result of doing so typically entails upfront prices, but in addition as a result of it typically takes a number of years for the worth of a enterprise to develop considerably).

Finally, there is no such thing as a one ‘proper’ selection between ‘renting’ or ‘proudly owning’ your job. And within the case of the monetary advisory business, both possibility might be fulfilling (each personally and financially), as some advisors favor working as an worker advisor the place they will spend most of their time assembly with shoppers whereas bringing in a pretty wage, whereas others favor the problem (and potential monetary upside) of beginning their very own agency. The hot button is to know your individual preferences (e.g., a need for flexibility versus a dedication to sticking with what you are promoting) and select accordingly!

(Frederik Gieschen | Neckar’s Minds And Markets)

Many professionals look to people who’ve discovered success to get inspiration or concepts on how one can succeed themselves. After all, you can not copy the story of somebody like Warren Buffett or Steve Jobs, however making use of their habits might help result in success (nonetheless you outline it) in your individual life.

For instance, focus is a trait attributed to many profitable entrepreneurs. In Invoice Gates’ case, he tried to tune out the surface world (actually, by eradicating the tuner from his tv) in order that he wouldn’t be distracted from interested by how one can make Microsoft a greater firm. One thing related may very well be mentioned for Buffett and Jobs, who discovered their missions early in life and positioned an intense give attention to them all through the remainder of their lives. And within the case of economic advisors, this might imply focusing and ‘going deep’ into the wants of a specific excellent goal shopper or area of interest.

However not each profitable particular person is laser-focused on a singular pursuit. As an illustration, whereas Richard Feynman is most well-known for being a scientist (together with profitable the Nobel Prize in Physics), he was additionally a trainer, writer, and drummer. In response to Feynman, one of many secrets and techniques of his success in quite a lot of areas was to maintain a variety of “favourite issues” swirling in his head, so that each time he realized a brand new truth or approach, he might think about whether or not he might apply it to one in every of these issues (though they had been typically in extensively divergent fields). This implies having many questions in your head (even when you’re not interested by them continuously) can maintain you curious and engaged for an prolonged interval and throughout a number of disciplines.

In the long run, there is no such thing as a one ‘secret’ to success in enterprise, or in life usually. And totally different classes from profitable people may very well be beneficial at totally different factors in your life. For instance, exploring a spread of mental questions or profession pursuits (or maybe within the case of advisors, various kinds of companies or shoppers) early in a profession can expose you to a spread of concepts and alternatives. However whenever you discover one you wish to decide to, having the main focus to see it by might lead to a major skilled and monetary upside!

We hope you loved the studying! Please go away a remark beneath to share your ideas, or make a suggestion of any articles you assume we should always spotlight in a future column!

Within the meantime, when you’re thinking about extra information and knowledge relating to advisor expertise, we might extremely advocate trying out Craig Iskowitz’s “Wealth Administration Right now” weblog, in addition to Gavin Spitzner’s “Wealth Administration Weekly” weblog.

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