{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":8.46,"endTime":13.5,"body":"Welcome to The Real"},{"speaker":"Unknown","startTime":8.46,"endTime":13.5,"body":"advisor podcast, t r a p twerp"},{"speaker":"Unknown","startTime":13.89,"endTime":17.13,"body":"please follow us and join in the"},{"speaker":"Unknown","startTime":13.89,"endTime":17.13,"body":"conversation on Twitter at"},{"speaker":"Unknown","startTime":17.13,"endTime":20.85,"body":"advisor podcast where you can"},{"speaker":"Unknown","startTime":17.13,"endTime":20.85,"body":"suggest ideas and themes you'd"},{"speaker":"Unknown","startTime":20.85,"endTime":24.3,"body":"like the truck team to discuss."},{"speaker":"Unknown","startTime":20.85,"endTime":24.3,"body":"Also remember to like and"},{"speaker":"Unknown","startTime":24.3,"endTime":27.96,"body":"subscribe to our YouTube channel"},{"speaker":"Unknown","startTime":24.3,"endTime":27.96,"body":"and leave a six out of five star"},{"speaker":"Unknown","startTime":27.96,"endTime":31.92,"body":"review on iTunes. Doing all this"},{"speaker":"Unknown","startTime":27.96,"endTime":31.92,"body":"really really helps us which"},{"speaker":"Unknown","startTime":31.92,"endTime":35.4,"body":"means we can do more to help"},{"speaker":"Unknown","startTime":31.92,"endTime":35.4,"body":"you. Now let's head over to the"},{"speaker":"Unknown","startTime":35.4,"endTime":37.68,"body":"studio for the latest pilot trap"},{"speaker":"Nick Lincoln","startTime":44.88,"endTime":47.19,"body":"yes indeed, dear"},{"speaker":"Nick Lincoln","startTime":44.88,"endTime":47.19,"body":"TRAPPIST, welcome back to"},{"speaker":"Nick Lincoln","startTime":47.19,"endTime":53.37,"body":"Episode 15 of the real advisor"},{"speaker":"Nick Lincoln","startTime":47.19,"endTime":53.37,"body":"podcast te R A P trap. My name"},{"speaker":"Nick Lincoln","startTime":53.37,"endTime":56.61,"body":"is Nick Lincoln and joining me"},{"speaker":"Nick Lincoln","startTime":53.37,"endTime":56.61,"body":"as ever are the rest of the trap"},{"speaker":"Nick Lincoln","startTime":56.61,"endTime":60.81,"body":"pack that is called the voice"},{"speaker":"Nick Lincoln","startTime":56.61,"endTime":60.81,"body":"with Alan the storyteller Smith"},{"speaker":"Nick Lincoln","startTime":60.84,"endTime":65.34,"body":"and and the heart. Now this is a"},{"speaker":"Nick Lincoln","startTime":60.84,"endTime":65.34,"body":"very special edition because"},{"speaker":"Nick Lincoln","startTime":65.34,"endTime":67.95,"body":"it's St. Patrick's Day when this"},{"speaker":"Nick Lincoln","startTime":65.34,"endTime":67.95,"body":"guy goes out on the 17th of"},{"speaker":"Nick Lincoln","startTime":67.95,"endTime":70.41,"body":"March and from the bottom of our"},{"speaker":"Nick Lincoln","startTime":67.95,"endTime":70.41,"body":"hearts. Certainly Andy and"},{"speaker":"Nick Lincoln","startTime":70.41,"endTime":73.11,"body":"myself we'd like to thank the"},{"speaker":"Nick Lincoln","startTime":70.41,"endTime":73.11,"body":"Irish contingent the TRAPPIST in"},{"speaker":"Nick Lincoln","startTime":73.11,"endTime":75.39,"body":"Ireland have been a great"},{"speaker":"Nick Lincoln","startTime":73.11,"endTime":75.39,"body":"support of the show. We wish you"},{"speaker":"Nick Lincoln","startTime":75.42,"endTime":77.94,"body":"We wish you a fantastic St."},{"speaker":"Nick Lincoln","startTime":75.42,"endTime":77.94,"body":"Patrick's Day. This is the one"},{"speaker":"Nick Lincoln","startTime":77.94,"endTime":79.83,"body":"day of the year where the Irish"},{"speaker":"Nick Lincoln","startTime":77.94,"endTime":79.83,"body":"drink heavily and follow the"},{"speaker":"Nick Lincoln","startTime":79.83,"endTime":84.12,"body":"horses the other 364 days of the"},{"speaker":"Nick Lincoln","startTime":79.83,"endTime":84.12,"body":"year. abstinent in every"},{"speaker":"Nick Lincoln","startTime":84.12,"endTime":85.41,"body":"respect. Is that true car?"},{"speaker":"Carl Widger","startTime":86.61,"endTime":89.94,"body":"Absolutely. 100%"},{"speaker":"Carl Widger","startTime":86.61,"endTime":89.94,"body":"Although we don't really drink"},{"speaker":"Carl Widger","startTime":89.94,"endTime":96.03,"body":"that much anymore. But yeah."},{"speaker":"Carl Widger","startTime":89.94,"endTime":96.03,"body":"Delighted to be launching this"},{"speaker":"Carl Widger","startTime":96.03,"endTime":100.86,"body":"podcast edition on St. Patrick's"},{"speaker":"Carl Widger","startTime":96.03,"endTime":100.86,"body":"Day, especially really, really,"},{"speaker":"Carl Widger","startTime":100.86,"endTime":105.03,"body":"really special weekend because"},{"speaker":"Carl Widger","startTime":100.86,"endTime":105.03,"body":"tomorrow we play England in"},{"speaker":"Carl Widger","startTime":105.03,"endTime":110.16,"body":"Dublin for the Grand Slam. And"},{"speaker":"Carl Widger","startTime":105.03,"endTime":110.16,"body":"let's just say we're quite"},{"speaker":"Carl Widger","startTime":110.16,"endTime":113.55,"body":"hopeful after England's recent"},{"speaker":"Carl Widger","startTime":110.16,"endTime":113.55,"body":"performances, so"},{"speaker":"Alan Smith","startTime":113.85,"endTime":115.77,"body":"yeah, let's let's"},{"speaker":"Alan Smith","startTime":113.85,"endTime":115.77,"body":"talk about that, shall we?"},{"speaker":"Alan Smith","startTime":116.19,"endTime":118.29,"body":"England this game last week"},{"speaker":"Andy Hart","startTime":118.29,"endTime":121.41,"body":"and see French he"},{"speaker":"Andy Hart","startTime":118.29,"endTime":121.41,"body":"just did he just did so no, I"},{"speaker":"Alan Smith","startTime":121.409,"endTime":122.699,"body":"think we should"},{"speaker":"Alan Smith","startTime":121.409,"endTime":122.699,"body":"really spend a little bit of"},{"speaker":"Alan Smith","startTime":122.699,"endTime":125.099,"body":"this could be a big"},{"speaker":"Alan Smith","startTime":122.699,"endTime":125.099,"body":"conversation. What was the score"},{"speaker":"Alan Smith","startTime":125.099,"endTime":128.339,"body":"again? Okay, I heard it was a"},{"speaker":"Alan Smith","startTime":125.099,"endTime":128.339,"body":"record some some world records"},{"speaker":"Alan Smith","startTime":128.339,"endTime":128.909,"body":"were broken."},{"speaker":"Nick Lincoln","startTime":128.939,"endTime":131.579,"body":"Okay. England"},{"speaker":"Nick Lincoln","startTime":128.939,"endTime":131.579,"body":"turned them on France France 53."},{"speaker":"Nick Lincoln","startTime":131.579,"endTime":135.959,"body":"And it was it was on to use d3,"},{"speaker":"Nick Lincoln","startTime":131.579,"endTime":135.959,"body":"it was an absolute absolute sham"},{"speaker":"Nick Lincoln","startTime":135.959,"endTime":140.489,"body":"bloody shambles. But having said"},{"speaker":"Nick Lincoln","startTime":135.959,"endTime":140.489,"body":"that, credit to the hardest to"},{"speaker":"Nick Lincoln","startTime":140.489,"endTime":142.829,"body":"work out how bad England were"},{"speaker":"Nick Lincoln","startTime":140.489,"endTime":142.829,"body":"and how good France I think"},{"speaker":"Nick Lincoln","startTime":142.829,"endTime":144.869,"body":"France was really really good."},{"speaker":"Nick Lincoln","startTime":142.829,"endTime":144.869,"body":"England were very, very bad. But"},{"speaker":"Nick Lincoln","startTime":144.869,"endTime":146.999,"body":"the French were absolutely"},{"speaker":"Nick Lincoln","startTime":144.869,"endTime":146.999,"body":"brilliant. And I think they've"},{"speaker":"Nick Lincoln","startTime":146.999,"endTime":150.809,"body":"given most teams a run on that."},{"speaker":"Nick Lincoln","startTime":146.999,"endTime":150.809,"body":"I agree."},{"speaker":"Carl Widger","startTime":150.84,"endTime":153.0,"body":"Yeah, I totally"},{"speaker":"Carl Widger","startTime":150.84,"endTime":153.0,"body":"agree. Like they're definitely"},{"speaker":"Carl Widger","startTime":153.0,"endTime":154.29,"body":"the second best team and"},{"speaker":"Nick Lincoln","startTime":156.96,"endTime":159.09,"body":"I wish the Ireland"},{"speaker":"Nick Lincoln","startTime":156.96,"endTime":159.09,"body":"France guy could be replayed"},{"speaker":"Nick Lincoln","startTime":159.18,"endTime":162.03,"body":"with both both teams at Full"},{"speaker":"Nick Lincoln","startTime":159.18,"endTime":162.03,"body":"Tilt it would have been yeah,"},{"speaker":"Nick Lincoln","startTime":162.06,"endTime":165.75,"body":"great stuff. So yeah, it is what"},{"speaker":"Nick Lincoln","startTime":162.06,"endTime":165.75,"body":"it is. and Ireland overcame"},{"speaker":"Nick Lincoln","startTime":166.02,"endTime":168.15,"body":"overcame Scotland in a match"},{"speaker":"Nick Lincoln","startTime":166.02,"endTime":168.15,"body":"where both teams I think were"},{"speaker":"Nick Lincoln","startTime":168.15,"endTime":172.14,"body":"knackered off the first half and"},{"speaker":"Nick Lincoln","startTime":168.15,"endTime":172.14,"body":"it was just, yeah, just a drawn"},{"speaker":"Nick Lincoln","startTime":172.14,"endTime":174.15,"body":"out thing. Okay, listen, we've"},{"speaker":"Nick Lincoln","startTime":172.14,"endTime":174.15,"body":"got loads to get through in"},{"speaker":"Nick Lincoln","startTime":174.15,"endTime":177.87,"body":"today's in this episode, guys."},{"speaker":"Nick Lincoln","startTime":174.15,"endTime":177.87,"body":"So without any further ado,"},{"speaker":"Nick Lincoln","startTime":177.87,"endTime":180.72,"body":"let's go over to Mr. Charisma."},{"speaker":"Nick Lincoln","startTime":177.87,"endTime":180.72,"body":"Andrew read out with your normal"},{"speaker":"Nick Lincoln","startTime":180.78,"endTime":184.38,"body":"Vim and Brio and enthusiasm."},{"speaker":"Nick Lincoln","startTime":180.78,"endTime":184.38,"body":"Some more reviews that are the"},{"speaker":"Nick Lincoln","startTime":184.38,"endTime":185.4,"body":"really basic podcast"},{"speaker":"Andy Hart","startTime":186.33,"endTime":188.7,"body":"over to me so three"},{"speaker":"Andy Hart","startTime":186.33,"endTime":188.7,"body":"reviews. The first one is from"},{"speaker":"Andy Hart","startTime":188.7,"endTime":192.54,"body":"Big Al's 02 entitled brilliant"},{"speaker":"Andy Hart","startTime":188.7,"endTime":192.54,"body":"five stars. Love the dynamics"},{"speaker":"Andy Hart","startTime":192.54,"endTime":195.51,"body":"between the four review very"},{"speaker":"Andy Hart","startTime":192.54,"endTime":195.51,"body":"informative and entertaining."},{"speaker":"Andy Hart","startTime":195.84,"endTime":199.23,"body":"Next up is a review from seven"},{"speaker":"Andy Hart","startTime":195.84,"endTime":199.23,"body":"seven bn seven seven from"},{"speaker":"Andy Hart","startTime":199.23,"endTime":203.82,"body":"Germany. fivestars thanks a lot"},{"speaker":"Andy Hart","startTime":199.23,"endTime":203.82,"body":"being here in Germany. As a kind"},{"speaker":"Andy Hart","startTime":203.82,"endTime":206.25,"body":"of a pioneer. It's really nice"},{"speaker":"Andy Hart","startTime":203.82,"endTime":206.25,"body":"to listen to you talk about the"},{"speaker":"Andy Hart","startTime":206.25,"endTime":212.61,"body":"issues that are in my head. I am"},{"speaker":"Andy Hart","startTime":206.25,"endTime":212.61,"body":"a CG DFA IFA with only a limited"},{"speaker":"Andy Hart","startTime":212.85,"endTime":215.01,"body":"amount of like minded people"},{"speaker":"Andy Hart","startTime":212.85,"endTime":215.01,"body":"here thank you to Alan for"},{"speaker":"Andy Hart","startTime":215.01,"endTime":219.24,"body":"recommending trap. Regards,"},{"speaker":"Andy Hart","startTime":215.01,"endTime":219.24,"body":"Nicolas, final review is from"},{"speaker":"Andy Hart","startTime":219.27,"endTime":223.44,"body":"Andrew stitch comm just based"},{"speaker":"Andy Hart","startTime":219.27,"endTime":223.44,"body":"around the Bristol area, like a"},{"speaker":"Andy Hart","startTime":223.44,"endTime":226.47,"body":"fireside chat, sharing wisdom"},{"speaker":"Andy Hart","startTime":223.44,"endTime":226.47,"body":"five stars wonderful as I was"},{"speaker":"Andy Hart","startTime":226.47,"endTime":229.08,"body":"listening to your conversation,"},{"speaker":"Andy Hart","startTime":226.47,"endTime":229.08,"body":"sharing nuggets of wisdom and"},{"speaker":"Andy Hart","startTime":229.08,"endTime":232.98,"body":"experiences, I could picture"},{"speaker":"Andy Hart","startTime":229.08,"endTime":232.98,"body":"myself in a country hotel and x"},{"speaker":"Andy Hart","startTime":232.98,"endTime":237.0,"body":"more sat in a leather wing chair"},{"speaker":"Andy Hart","startTime":232.98,"endTime":237.0,"body":"gently cooking next to the"},{"speaker":"Andy Hart","startTime":237.0,"endTime":240.93,"body":"roaring log fire with a pint of"},{"speaker":"Andy Hart","startTime":237.0,"endTime":240.93,"body":"X and will stagger my hand, a"},{"speaker":"Andy Hart","startTime":240.93,"endTime":244.05,"body":"pen and the other and my"},{"speaker":"Andy Hart","startTime":240.93,"endTime":244.05,"body":"moleskin journal resting on the"},{"speaker":"Andy Hart","startTime":244.05,"endTime":248.13,"body":"table in front of me waiting to"},{"speaker":"Andy Hart","startTime":244.05,"endTime":248.13,"body":"gather notes. That's it back to"},{"speaker":"Andy Hart","startTime":248.13,"endTime":249.54,"body":"you, Nick. Brilliant,"},{"speaker":"Alan Smith","startTime":249.599,"endTime":252.779,"body":"that calendar"},{"speaker":"Alan Smith","startTime":249.599,"endTime":252.779,"body":"conjures up tastic scene doesn't"},{"speaker":"Alan Smith","startTime":252.779,"endTime":254.939,"body":"care. I wish I was there too. We"},{"speaker":"Alan Smith","startTime":252.779,"endTime":254.939,"body":"should do a live"},{"speaker":"Nick Lincoln","startTime":254.94,"endTime":258.75,"body":"episode that those"},{"speaker":"Nick Lincoln","startTime":254.94,"endTime":258.75,"body":"replays next so, so good. That"},{"speaker":"Nick Lincoln","startTime":258.75,"endTime":260.82,"body":"just means a lot. Yeah. And"},{"speaker":"Nick Lincoln","startTime":258.75,"endTime":260.82,"body":"that's exactly what I think we"},{"speaker":"Nick Lincoln","startTime":260.82,"endTime":263.82,"body":"wanted to get from the this this"},{"speaker":"Nick Lincoln","startTime":260.82,"endTime":263.82,"body":"this production for the audience"},{"speaker":"Nick Lincoln","startTime":263.82,"endTime":265.47,"body":"just to feel they're a part of"},{"speaker":"Nick Lincoln","startTime":263.82,"endTime":265.47,"body":"it. And they can make it they"},{"speaker":"Nick Lincoln","startTime":265.47,"endTime":269.43,"body":"are sat somewhere and just"},{"speaker":"Nick Lincoln","startTime":265.47,"endTime":269.43,"body":"listening to us knuckleheads in"},{"speaker":"Nick Lincoln","startTime":269.43,"endTime":270.21,"body":"a nice environment"},{"speaker":"Alan Smith","startTime":270.81,"endTime":272.73,"body":"and spread spreading"},{"speaker":"Alan Smith","startTime":270.81,"endTime":272.73,"body":"it across to other places. It"},{"speaker":"Alan Smith","startTime":272.73,"endTime":276.72,"body":"was the gentleman from Germany"},{"speaker":"Alan Smith","startTime":272.73,"endTime":276.72,"body":"who I bumped into at a"},{"speaker":"Alan Smith","startTime":276.84,"endTime":280.38,"body":"dimensional conference recently"},{"speaker":"Alan Smith","startTime":276.84,"endTime":280.38,"body":"told him about it and he just"},{"speaker":"Alan Smith","startTime":280.38,"endTime":283.47,"body":"you know, that he's quite a"},{"speaker":"Alan Smith","startTime":280.38,"endTime":283.47,"body":"pioneer over in that country, as"},{"speaker":"Alan Smith","startTime":283.47,"endTime":286.56,"body":"well. There's very few people"},{"speaker":"Alan Smith","startTime":283.47,"endTime":286.56,"body":"who are kind of real financial"},{"speaker":"Alan Smith","startTime":286.56,"endTime":290.19,"body":"advisors and continental Europe"},{"speaker":"Alan Smith","startTime":286.56,"endTime":290.19,"body":"so we are spreading the word."},{"speaker":"Nick Lincoln","startTime":290.61,"endTime":293.19,"body":"That is fantastic"},{"speaker":"Nick Lincoln","startTime":290.61,"endTime":293.19,"body":"that okay, let's give this"},{"speaker":"Nick Lincoln","startTime":293.22,"endTime":296.4,"body":"episode some topical tidbits. So"},{"speaker":"Nick Lincoln","startTime":293.22,"endTime":296.4,"body":"it's a kind of a date stamp for"},{"speaker":"Nick Lincoln","startTime":296.4,"endTime":299.13,"body":"you. I've got an experience I"},{"speaker":"Nick Lincoln","startTime":296.4,"endTime":299.13,"body":"want to relate to you don't need"},{"speaker":"Nick Lincoln","startTime":299.13,"endTime":301.02,"body":"to comment on it. But if you or"},{"speaker":"Nick Lincoln","startTime":299.13,"endTime":301.02,"body":"business owner. If you're an"},{"speaker":"Nick Lincoln","startTime":301.02,"endTime":302.91,"body":"IFA, and you own your business"},{"speaker":"Nick Lincoln","startTime":301.02,"endTime":302.91,"body":"and you're in charge of the"},{"speaker":"Nick Lincoln","startTime":302.91,"endTime":305.46,"body":"banking, you might bank with"},{"speaker":"Nick Lincoln","startTime":302.91,"endTime":305.46,"body":"NatWest and I bank with NatWest,"},{"speaker":"Nick Lincoln","startTime":305.46,"endTime":308.49,"body":"and I have no issues with them"},{"speaker":"Nick Lincoln","startTime":305.46,"endTime":308.49,"body":"whatsoever. And their mobile app"},{"speaker":"Nick Lincoln","startTime":308.49,"endTime":310.77,"body":"is brilliant and their online"},{"speaker":"Nick Lincoln","startTime":308.49,"endTime":310.77,"body":"banking is very solid. I never"},{"speaker":"Nick Lincoln","startTime":310.77,"endTime":313.56,"body":"need to go into the branch for"},{"speaker":"Nick Lincoln","startTime":310.77,"endTime":313.56,"body":"anything. Interest rates have"},{"speaker":"Nick Lincoln","startTime":313.56,"endTime":316.02,"body":"gone up, and I've got some money"},{"speaker":"Nick Lincoln","startTime":313.56,"endTime":316.02,"body":"sloshing around in the company"},{"speaker":"Nick Lincoln","startTime":316.02,"endTime":318.93,"body":"bank accounts. For the first"},{"speaker":"Nick Lincoln","startTime":316.02,"endTime":318.93,"body":"time in 15 years, I thought I"},{"speaker":"Nick Lincoln","startTime":318.93,"endTime":321.51,"body":"might just see if I can get some"},{"speaker":"Nick Lincoln","startTime":318.93,"endTime":321.51,"body":"return on this money now. So"},{"speaker":"Nick Lincoln","startTime":321.51,"endTime":325.77,"body":"opened up a 95 day notice"},{"speaker":"Nick Lincoln","startTime":321.51,"endTime":325.77,"body":"account with NatWest online,"},{"speaker":"Nick Lincoln","startTime":326.31,"endTime":329.1,"body":"brilliant, few clicks done"},{"speaker":"Nick Lincoln","startTime":326.31,"endTime":329.1,"body":"business account opened up the"},{"speaker":"Nick Lincoln","startTime":329.1,"endTime":331.56,"body":"next day is there on my mobile"},{"speaker":"Nick Lincoln","startTime":329.1,"endTime":331.56,"body":"phone as well. So with a couple"},{"speaker":"Nick Lincoln","startTime":331.56,"endTime":334.29,"body":"of switches or digits, and I"},{"speaker":"Nick Lincoln","startTime":331.56,"endTime":334.29,"body":"took this, I transfer a six"},{"speaker":"Nick Lincoln","startTime":334.29,"endTime":337.62,"body":"figure sum into this 95 day"},{"speaker":"Nick Lincoln","startTime":334.29,"endTime":337.62,"body":"notice account. Anyway, in July,"},{"speaker":"Nick Lincoln","startTime":337.62,"endTime":340.53,"body":"I need to get some of this money"},{"speaker":"Nick Lincoln","startTime":337.62,"endTime":340.53,"body":"out to pay myself a dividend. So"},{"speaker":"Nick Lincoln","startTime":340.53,"endTime":343.89,"body":"I thought, Okay, I'll just set"},{"speaker":"Nick Lincoln","startTime":340.53,"endTime":343.89,"body":"it up on my mobile app. And I"},{"speaker":"Nick Lincoln","startTime":343.89,"endTime":346.26,"body":"can't do it. Again, strange,"},{"speaker":"Nick Lincoln","startTime":343.89,"endTime":346.26,"body":"maybe at the door on the on the"},{"speaker":"Nick Lincoln","startTime":346.26,"endTime":349.89,"body":"website. So I'll go into the"},{"speaker":"Nick Lincoln","startTime":346.26,"endTime":349.89,"body":"website. You can't do it turns"},{"speaker":"Nick Lincoln","startTime":349.89,"endTime":355.14,"body":"out that in 2023, I've got to"},{"speaker":"Nick Lincoln","startTime":349.89,"endTime":355.14,"body":"write to my branch to give 95"},{"speaker":"Nick Lincoln","startTime":355.14,"endTime":357.69,"body":"days notice to get my money out"},{"speaker":"Nick Lincoln","startTime":355.14,"endTime":357.69,"body":"that it's okay for me to switch"},{"speaker":"Nick Lincoln","startTime":357.69,"endTime":360.0,"body":"the money in through my phone."},{"speaker":"Nick Lincoln","startTime":357.69,"endTime":360.0,"body":"But to get it out, I've got his"},{"speaker":"Nick Lincoln","startTime":360.0,"endTime":362.76,"body":"apartment. My branch doesn't"},{"speaker":"Nick Lincoln","startTime":360.0,"endTime":362.76,"body":"even exist anymore. It's now"},{"speaker":"Nick Lincoln","startTime":362.76,"endTime":365.91,"body":"some service center in"},{"speaker":"Nick Lincoln","startTime":362.76,"endTime":365.91,"body":"Leicester. So bad marks to to"},{"speaker":"Nick Lincoln","startTime":365.91,"endTime":368.19,"body":"NatWest, who are generally very"},{"speaker":"Nick Lincoln","startTime":365.91,"endTime":368.19,"body":"cool, but that that's, that's,"},{"speaker":"Nick Lincoln","startTime":368.22,"endTime":371.88,"body":"that's our cake. The next thing"},{"speaker":"Nick Lincoln","startTime":368.22,"endTime":371.88,"body":"from me, and then I'll shut up"},{"speaker":"Nick Lincoln","startTime":371.88,"endTime":375.03,"body":"for a little while, you'll be"},{"speaker":"Nick Lincoln","startTime":371.88,"endTime":375.03,"body":"glad. So I run this IFA forum,"},{"speaker":"Nick Lincoln","startTime":375.03,"endTime":378.27,"body":"this Google group, I moderate"},{"speaker":"Nick Lincoln","startTime":375.03,"endTime":378.27,"body":"and manage it nearly 240"},{"speaker":"Nick Lincoln","startTime":378.3,"endTime":380.79,"body":"advisers and paraplanners in it"},{"speaker":"Nick Lincoln","startTime":378.3,"endTime":380.79,"body":"now i'll put a link to it again"},{"speaker":"Nick Lincoln","startTime":380.79,"endTime":382.83,"body":"in the SoCal show notes is a"},{"speaker":"Nick Lincoln","startTime":380.79,"endTime":382.83,"body":"great resource. If you've got a"},{"speaker":"Nick Lincoln","startTime":382.83,"endTime":385.26,"body":"question, you put it out, and"},{"speaker":"Nick Lincoln","startTime":382.83,"endTime":385.26,"body":"somebody in that group will know"},{"speaker":"Nick Lincoln","startTime":385.26,"endTime":388.38,"body":"the answer. How to Chain last"},{"speaker":"Nick Lincoln","startTime":385.26,"endTime":388.38,"body":"week, and I've been given"},{"speaker":"Nick Lincoln","startTime":388.38,"endTime":390.6,"body":"permission to use this guy's"},{"speaker":"Nick Lincoln","startTime":388.38,"endTime":390.6,"body":"name and the advisors name Ian"},{"speaker":"Nick Lincoln","startTime":390.6,"endTime":393.54,"body":"Cairns of Argyll financial"},{"speaker":"Nick Lincoln","startTime":390.6,"endTime":393.54,"body":"services from your neck of the"},{"speaker":"Nick Lincoln","startTime":393.54,"endTime":397.74,"body":"woods. Mr. Smith, he had an"},{"speaker":"Nick Lincoln","startTime":393.54,"endTime":397.74,"body":"email. Well, I'll read it out"},{"speaker":"Nick Lincoln","startTime":397.74,"endTime":400.68,"body":"because we know what happened"},{"speaker":"Nick Lincoln","startTime":397.74,"endTime":400.68,"body":"because Neil Liversidge, who's"},{"speaker":"Nick Lincoln","startTime":400.68,"endTime":403.02,"body":"another IFA, who runs West"},{"speaker":"Nick Lincoln","startTime":400.68,"endTime":403.02,"body":"writing Personal Financial"},{"speaker":"Nick Lincoln","startTime":403.02,"endTime":405.93,"body":"Solutions, has put out quite a"},{"speaker":"Nick Lincoln","startTime":403.02,"endTime":405.93,"body":"good little thing about scams on"},{"speaker":"Nick Lincoln","startTime":405.93,"endTime":408.09,"body":"the back of this experience last"},{"speaker":"Nick Lincoln","startTime":405.93,"endTime":408.09,"body":"week, so let me quickly get to"},{"speaker":"Nick Lincoln","startTime":408.09,"endTime":413.94,"body":"this out of the blue, a widow"},{"speaker":"Nick Lincoln","startTime":408.09,"endTime":413.94,"body":"contacted in Cairns, and said"},{"speaker":"Nick Lincoln","startTime":413.94,"endTime":417.81,"body":"she decided to encash all of her"},{"speaker":"Nick Lincoln","startTime":413.94,"endTime":417.81,"body":"investments of roughly 450,000"},{"speaker":"Nick Lincoln","startTime":417.81,"endTime":421.29,"body":"pounds, most of it within an"},{"speaker":"Nick Lincoln","startTime":417.81,"endTime":421.29,"body":"offshore bond. She said she had"},{"speaker":"Nick Lincoln","startTime":421.29,"endTime":424.56,"body":"no plans for the funds. She had"},{"speaker":"Nick Lincoln","startTime":421.29,"endTime":424.56,"body":"ample cash reserves without in"},{"speaker":"Nick Lincoln","startTime":424.56,"endTime":426.75,"body":"cashing them and the investments"},{"speaker":"Nick Lincoln","startTime":424.56,"endTime":426.75,"body":"she proposed in caching, we're"},{"speaker":"Nick Lincoln","startTime":426.75,"endTime":430.41,"body":"providing her with a two grand"},{"speaker":"Nick Lincoln","startTime":426.75,"endTime":430.41,"body":"monthly income. The adviser Ian"},{"speaker":"Nick Lincoln","startTime":430.41,"endTime":433.47,"body":"can said that doing this will"},{"speaker":"Nick Lincoln","startTime":430.41,"endTime":433.47,"body":"create a massive tax liability"},{"speaker":"Nick Lincoln","startTime":433.47,"endTime":435.57,"body":"and you just give me time to get"},{"speaker":"Nick Lincoln","startTime":433.47,"endTime":435.57,"body":"the calculations from the"},{"speaker":"Nick Lincoln","startTime":435.72,"endTime":439.32,"body":"offshore bomb provider. But the"},{"speaker":"Nick Lincoln","startTime":435.72,"endTime":439.32,"body":"widow said no, I want this"},{"speaker":"Nick Lincoln","startTime":439.32,"endTime":441.66,"body":"money. Now I don't want to wait"},{"speaker":"Nick Lincoln","startTime":439.32,"endTime":441.66,"body":"for an updated cash flow or"},{"speaker":"Nick Lincoln","startTime":441.66,"endTime":444.69,"body":"anything. And even put this up"},{"speaker":"Nick Lincoln","startTime":441.66,"endTime":444.69,"body":"the group. So is this late? How"},{"speaker":"Nick Lincoln","startTime":444.69,"endTime":446.13,"body":"do I deal with this lady?"},{"speaker":"Nick Lincoln","startTime":444.69,"endTime":446.13,"body":"Obviously, the vulnerable"},{"speaker":"Nick Lincoln","startTime":446.13,"endTime":448.44,"body":"clients thing is a big thing."},{"speaker":"Nick Lincoln","startTime":446.13,"endTime":448.44,"body":"And we need to be, you know,"},{"speaker":"Nick Lincoln","startTime":448.44,"endTime":450.99,"body":"cognizant of when clients maybe"},{"speaker":"Nick Lincoln","startTime":448.44,"endTime":450.99,"body":"aren't totally in control of"},{"speaker":"Nick Lincoln","startTime":450.99,"endTime":453.69,"body":"their of their faculties when it"},{"speaker":"Nick Lincoln","startTime":450.99,"endTime":453.69,"body":"comes to money and emotions. And"},{"speaker":"Nick Lincoln","startTime":453.69,"endTime":457.02,"body":"she's a widow and blah, blah,"},{"speaker":"Nick Lincoln","startTime":453.69,"endTime":457.02,"body":"blah. And he put it out to the"},{"speaker":"Nick Lincoln","startTime":457.02,"endTime":459.42,"body":"group and people came back I"},{"speaker":"Nick Lincoln","startTime":457.02,"endTime":459.42,"body":"said this sounds like fraud."},{"speaker":"Nick Lincoln","startTime":459.42,"endTime":462.15,"body":"You've just got to go back and"},{"speaker":"Nick Lincoln","startTime":459.42,"endTime":462.15,"body":"really try and just drill down"},{"speaker":"Nick Lincoln","startTime":462.15,"endTime":465.69,"body":"with this client. What's going"},{"speaker":"Nick Lincoln","startTime":462.15,"endTime":465.69,"body":"on anyway, turns out it was was"},{"speaker":"Nick Lincoln","startTime":465.69,"endTime":470.19,"body":"fraud. And the advisor Ian made"},{"speaker":"Nick Lincoln","startTime":465.69,"endTime":470.19,"body":"person inquiries. So the"},{"speaker":"Nick Lincoln","startTime":470.19,"endTime":473.73,"body":"fraudsters cold call this widow"},{"speaker":"Nick Lincoln","startTime":470.19,"endTime":473.73,"body":"pretending to be quote an"},{"speaker":"Nick Lincoln","startTime":473.73,"endTime":476.88,"body":"investigator from the FCA and"},{"speaker":"Nick Lincoln","startTime":473.73,"endTime":476.88,"body":"her bank and quote saying that"},{"speaker":"Nick Lincoln","startTime":476.88,"endTime":480.0,"body":"someone had tried to buy airline"},{"speaker":"Nick Lincoln","startTime":476.88,"endTime":480.0,"body":"tickets with her account, and"},{"speaker":"Nick Lincoln","startTime":480.0,"endTime":482.31,"body":"claiming that someone had also"},{"speaker":"Nick Lincoln","startTime":480.0,"endTime":482.31,"body":"tried to set up internet banking"},{"speaker":"Nick Lincoln","startTime":482.31,"endTime":485.1,"body":"on her account. During this"},{"speaker":"Nick Lincoln","startTime":482.31,"endTime":485.1,"body":"phone call, they installed"},{"speaker":"Nick Lincoln","startTime":485.16,"endTime":488.79,"body":"TeamViewer on her laptop, they"},{"speaker":"Nick Lincoln","startTime":485.16,"endTime":488.79,"body":"then opened up a revolute"},{"speaker":"Nick Lincoln","startTime":488.79,"endTime":492.33,"body":"account in her name. They"},{"speaker":"Nick Lincoln","startTime":488.79,"endTime":492.33,"body":"registered her for Internet"},{"speaker":"Nick Lincoln","startTime":492.33,"endTime":495.3,"body":"Banking. And they told her that"},{"speaker":"Nick Lincoln","startTime":492.33,"endTime":495.3,"body":"someone was trying to access her"},{"speaker":"Nick Lincoln","startTime":495.3,"endTime":498.6,"body":"investments fraudulently and she"},{"speaker":"Nick Lincoln","startTime":495.3,"endTime":498.6,"body":"needed to cash them ASAP to her"},{"speaker":"Nick Lincoln","startTime":498.6,"endTime":502.02,"body":"bank account to which they now"},{"speaker":"Nick Lincoln","startTime":498.6,"endTime":502.02,"body":"had access. This is the killer"},{"speaker":"Nick Lincoln","startTime":502.02,"endTime":506.67,"body":"bit and they told her not to"},{"speaker":"Nick Lincoln","startTime":502.02,"endTime":506.67,"body":"involve her IFA as this would"},{"speaker":"Nick Lincoln","startTime":506.67,"endTime":510.3,"body":"jeopardize their investigations"},{"speaker":"Nick Lincoln","startTime":506.67,"endTime":510.3,"body":"in Cannes kept on going back to"},{"speaker":"Nick Lincoln","startTime":510.3,"endTime":512.07,"body":"slide and say, listen that this"},{"speaker":"Nick Lincoln","startTime":510.3,"endTime":512.07,"body":"is not like you. We've had a"},{"speaker":"Nick Lincoln","startTime":512.07,"endTime":514.53,"body":"great relationship for years, we"},{"speaker":"Nick Lincoln","startTime":512.07,"endTime":514.53,"body":"had a great relationship with"},{"speaker":"Nick Lincoln","startTime":514.53,"endTime":516.51,"body":"your late husband for years, I"},{"speaker":"Nick Lincoln","startTime":514.53,"endTime":516.51,"body":"know something's wrong, speak to"},{"speaker":"Nick Lincoln","startTime":516.51,"endTime":519.6,"body":"me. And in the end, she said,"},{"speaker":"Nick Lincoln","startTime":516.51,"endTime":519.6,"body":"I've been told to do this. And"},{"speaker":"Nick Lincoln","startTime":519.6,"endTime":523.83,"body":"they stopped it. They stopped"},{"speaker":"Nick Lincoln","startTime":519.6,"endTime":523.83,"body":"it. So just be aware, when"},{"speaker":"Nick Lincoln","startTime":523.83,"endTime":527.43,"body":"people act totally out of out of"},{"speaker":"Nick Lincoln","startTime":523.83,"endTime":527.43,"body":"out of character, there's"},{"speaker":"Nick Lincoln","startTime":527.43,"endTime":529.8,"body":"probably something going on. And"},{"speaker":"Nick Lincoln","startTime":527.43,"endTime":529.8,"body":"at the end of the day, it's the"},{"speaker":"Nick Lincoln","startTime":529.8,"endTime":533.73,"body":"clients money you can only push"},{"speaker":"Nick Lincoln","startTime":529.8,"endTime":533.73,"body":"so far. But here, these people"},{"speaker":"Nick Lincoln","startTime":533.73,"endTime":536.28,"body":"this is a widow, she's not even"},{"speaker":"Nick Lincoln","startTime":533.73,"endTime":536.28,"body":"on the mainland. She lives on"},{"speaker":"Nick Lincoln","startTime":536.31,"endTime":540.51,"body":"one of the islands in a remote"},{"speaker":"Nick Lincoln","startTime":536.31,"endTime":540.51,"body":"house. She's grieving, I"},{"speaker":"Nick Lincoln","startTime":540.51,"endTime":543.81,"body":"imagined stereotyping that the"},{"speaker":"Nick Lincoln","startTime":540.51,"endTime":543.81,"body":"husband from that generation was"},{"speaker":"Nick Lincoln","startTime":543.81,"endTime":546.66,"body":"probably the one in charge of"},{"speaker":"Nick Lincoln","startTime":543.81,"endTime":546.66,"body":"the finances. This is like the"},{"speaker":"Nick Lincoln","startTime":546.69,"endTime":550.41,"body":"ultimate vulnerable client and"},{"speaker":"Nick Lincoln","startTime":546.69,"endTime":550.41,"body":"these people who pray the plural"},{"speaker":"Nick Lincoln","startTime":550.41,"endTime":552.9,"body":"for these people. It starts with"},{"speaker":"Nick Lincoln","startTime":550.41,"endTime":552.9,"body":"C and ends with this. And if"},{"speaker":"Nick Lincoln","startTime":552.9,"endTime":555.72,"body":"there are children listening,"},{"speaker":"Nick Lincoln","startTime":552.9,"endTime":555.72,"body":"yes, there are a bunch of cards."},{"speaker":"Nick Lincoln","startTime":556.56,"endTime":559.83,"body":"The good news from this is that"},{"speaker":"Nick Lincoln","startTime":556.56,"endTime":559.83,"body":"not only being can save her and"},{"speaker":"Nick Lincoln","startTime":559.83,"endTime":563.46,"body":"all credit this guy and hope you"},{"speaker":"Nick Lincoln","startTime":559.83,"endTime":563.46,"body":"get some press from this, those"},{"speaker":"Nick Lincoln","startTime":563.55,"endTime":566.58,"body":"bastards will probably that"},{"speaker":"Nick Lincoln","startTime":563.55,"endTime":566.58,"body":"probably already spent the half"},{"speaker":"Nick Lincoln","startTime":566.58,"endTime":568.53,"body":"a million quid though with what"},{"speaker":"Nick Lincoln","startTime":566.58,"endTime":568.53,"body":"they're going to get because"},{"speaker":"Nick Lincoln","startTime":568.53,"endTime":571.56,"body":"they were that urged a few"},{"speaker":"Nick Lincoln","startTime":568.53,"endTime":571.56,"body":"clicks from getting a great"},{"speaker":"Nick Lincoln","startTime":571.56,"endTime":575.91,"body":"story and the value of having an"},{"speaker":"Nick Lincoln","startTime":571.56,"endTime":575.91,"body":"IFA fighting your fight. So"},{"speaker":"Nick Lincoln","startTime":575.91,"endTime":577.65,"body":"that's my topical,"},{"speaker":"Alan Smith","startTime":577.829,"endTime":581.189,"body":"you worry Nick, how"},{"speaker":"Alan Smith","startTime":577.829,"endTime":581.189,"body":"many other stories are going on?"},{"speaker":"Alan Smith","startTime":581.219,"endTime":584.429,"body":"Probably, you know, as as we're"},{"speaker":"Alan Smith","startTime":581.219,"endTime":584.429,"body":"speaking with this baby without"},{"speaker":"Alan Smith","startTime":584.429,"endTime":587.939,"body":"an advisor or with someone who's"},{"speaker":"Alan Smith","startTime":584.429,"endTime":587.939,"body":"perhaps less tenacious or"},{"speaker":"Alan Smith","startTime":587.939,"endTime":592.079,"body":"diligent. It's it's always it's"},{"speaker":"Alan Smith","startTime":587.939,"endTime":592.079,"body":"awful. It's this is terrible. So"},{"speaker":"Alan Smith","startTime":592.079,"endTime":596.069,"body":"what's the well done him on"},{"speaker":"Alan Smith","startTime":592.079,"endTime":596.069,"body":"protecting his client from just"},{"speaker":"Alan Smith","startTime":596.069,"endTime":598.139,"body":"an awful a disastrous set of"},{"speaker":"Alan Smith","startTime":596.069,"endTime":598.139,"body":"circumstances"},{"speaker":"Carl Widger","startTime":598.14,"endTime":600.63,"body":"and doesn't just"},{"speaker":"Carl Widger","startTime":598.14,"endTime":600.63,"body":"show that you Knowing your"},{"speaker":"Carl Widger","startTime":600.63,"endTime":604.86,"body":"clients so well obviously E News"},{"speaker":"Carl Widger","startTime":600.63,"endTime":604.86,"body":"client and you know, had built a"},{"speaker":"Carl Widger","startTime":604.86,"endTime":607.89,"body":"relationship over many, many"},{"speaker":"Carl Widger","startTime":604.86,"endTime":607.89,"body":"years. You can't do that if"},{"speaker":"Carl Widger","startTime":607.89,"endTime":610.32,"body":"you're having an online"},{"speaker":"Carl Widger","startTime":607.89,"endTime":610.32,"body":"relationship with somebody, you"},{"speaker":"Carl Widger","startTime":610.32,"endTime":610.59,"body":"know,"},{"speaker":"Andy Hart","startTime":610.679,"endTime":615.029,"body":"any, any big changes"},{"speaker":"Andy Hart","startTime":610.679,"endTime":615.029,"body":"of anything like investment"},{"speaker":"Andy Hart","startTime":615.209,"endTime":619.019,"body":"portfolios or anything like that"},{"speaker":"Andy Hart","startTime":615.209,"endTime":619.019,"body":"on multiple touchpoints, Texas"},{"speaker":"Andy Hart","startTime":619.019,"endTime":623.069,"body":"emails, phone calls everything."},{"speaker":"Andy Hart","startTime":619.019,"endTime":623.069,"body":"I'm before I take any action on"},{"speaker":"Andy Hart","startTime":623.069,"endTime":623.669,"body":"that. So"},{"speaker":"Alan Smith","startTime":624.0,"endTime":627.09,"body":"you've all we've all"},{"speaker":"Alan Smith","startTime":624.0,"endTime":627.09,"body":"received all. We certainly have"},{"speaker":"Alan Smith","startTime":627.12,"endTime":630.66,"body":"emails, purportedly from"},{"speaker":"Alan Smith","startTime":627.12,"endTime":630.66,"body":"clients, can you please send"},{"speaker":"Alan Smith","startTime":630.66,"endTime":633.12,"body":"money to this account? So it was"},{"speaker":"Alan Smith","startTime":630.66,"endTime":633.12,"body":"something a bit strange a bit"},{"speaker":"Alan Smith","startTime":633.12,"endTime":637.95,"body":"unusual? Yeah. And yeah, there's"},{"speaker":"Alan Smith","startTime":633.12,"endTime":637.95,"body":"you never I think there's a few"},{"speaker":"Alan Smith","startTime":637.95,"endTime":640.77,"body":"people got caught up with this"},{"speaker":"Alan Smith","startTime":637.95,"endTime":640.77,"body":"going back a few years. Yeah."},{"speaker":"Alan Smith","startTime":641.01,"endTime":644.34,"body":"Yeah. But no, but it's there."},{"speaker":"Alan Smith","startTime":641.01,"endTime":644.34,"body":"Were there were wise, even to"},{"speaker":"Alan Smith","startTime":644.34,"endTime":646.44,"body":"this day. Don't speak don't"},{"speaker":"Alan Smith","startTime":644.34,"endTime":646.44,"body":"involve your IV because they"},{"speaker":"Alan Smith","startTime":646.44,"endTime":646.83,"body":"knew"},{"speaker":"Nick Lincoln","startTime":647.28,"endTime":651.45,"body":"that Oh, yeah. So"},{"speaker":"Nick Lincoln","startTime":647.28,"endTime":651.45,"body":"so yeah. Okay, so, okay, that's"},{"speaker":"Nick Lincoln","startTime":651.45,"endTime":653.07,"body":"in the end. It's a good news"},{"speaker":"Nick Lincoln","startTime":651.45,"endTime":653.07,"body":"story. And I'll put a link in"},{"speaker":"Nick Lincoln","startTime":653.07,"endTime":655.26,"body":"the so called Show Notes to Neil"},{"speaker":"Nick Lincoln","startTime":653.07,"endTime":655.26,"body":"liversedge is a little guide"},{"speaker":"Nick Lincoln","startTime":655.26,"endTime":657.69,"body":"that you might want to use with"},{"speaker":"Nick Lincoln","startTime":655.26,"endTime":657.69,"body":"your clients, just to be aware"},{"speaker":"Nick Lincoln","startTime":657.69,"endTime":659.88,"body":"of what a scam looks like. Okay,"},{"speaker":"Nick Lincoln","startTime":657.69,"endTime":659.88,"body":"the next thing on the topical"},{"speaker":"Nick Lincoln","startTime":659.88,"endTime":662.4,"body":"tip bits is Aberdeen have sold"},{"speaker":"Nick Lincoln","startTime":659.88,"endTime":662.4,"body":"that or however you pronounce"},{"speaker":"Nick Lincoln","startTime":662.4,"endTime":666.63,"body":"this extended life have sold"},{"speaker":"Nick Lincoln","startTime":662.4,"endTime":666.63,"body":"their DFM? I don't know who put"},{"speaker":"Nick Lincoln","startTime":666.63,"endTime":667.95,"body":"that in the notes and who wants"},{"speaker":"Nick Lincoln","startTime":666.63,"endTime":667.95,"body":"to talk about it?"},{"speaker":"Alan Smith","startTime":668.46,"endTime":671.7,"body":"Yeah, that was me"},{"speaker":"Alan Smith","startTime":668.46,"endTime":671.7,"body":"just a brief thing it is. This"},{"speaker":"Alan Smith","startTime":671.7,"endTime":674.94,"body":"there just seems to be a lot."},{"speaker":"Alan Smith","startTime":671.7,"endTime":674.94,"body":"There's always things going on."},{"speaker":"Alan Smith","startTime":674.94,"endTime":677.64,"body":"There seems to be a lot of"},{"speaker":"Alan Smith","startTime":674.94,"endTime":677.64,"body":"things going on at the moment,"},{"speaker":"Alan Smith","startTime":677.64,"endTime":680.64,"body":"sort of significant strategic"},{"speaker":"Alan Smith","startTime":677.64,"endTime":680.64,"body":"moves with some of the bigger"},{"speaker":"Alan Smith","startTime":680.64,"endTime":687.81,"body":"players in our sector, Aberdeen,"},{"speaker":"Alan Smith","startTime":680.64,"endTime":687.81,"body":"Aberdeen as well as X standard"},{"speaker":"Alan Smith","startTime":687.81,"endTime":691.8,"body":"life, just an interesting, you"},{"speaker":"Alan Smith","startTime":687.81,"endTime":691.8,"body":"know, it's no secret, I've got a"},{"speaker":"Alan Smith","startTime":692.61,"endTime":695.97,"body":"long history with that"},{"speaker":"Alan Smith","startTime":692.61,"endTime":695.97,"body":"organization spent many a year"},{"speaker":"Alan Smith","startTime":696.78,"endTime":700.11,"body":"working for them back in the"},{"speaker":"Alan Smith","startTime":696.78,"endTime":700.11,"body":"day. And I just find it quite"},{"speaker":"Alan Smith","startTime":700.11,"endTime":701.61,"body":"interesting. But all other"},{"speaker":"Alan Smith","startTime":700.11,"endTime":701.61,"body":"things that have been going on"},{"speaker":"Alan Smith","startTime":701.61,"endTime":704.61,"body":"recently, that the sold off,"},{"speaker":"Alan Smith","startTime":701.61,"endTime":704.61,"body":"they're a business that they"},{"speaker":"Alan Smith","startTime":704.61,"endTime":709.29,"body":"built up over many, many years."},{"speaker":"Alan Smith","startTime":704.61,"endTime":709.29,"body":"The discretionary fund manager"},{"speaker":"Alan Smith","startTime":709.32,"endTime":713.73,"body":"business, which was called"},{"speaker":"Alan Smith","startTime":709.32,"endTime":713.73,"body":"Aberdeen standard capital for a"},{"speaker":"Alan Smith","startTime":713.73,"endTime":715.56,"body":"time has changed his name"},{"speaker":"Alan Smith","startTime":713.73,"endTime":715.56,"body":"several times anyway is you"},{"speaker":"Alan Smith","startTime":715.56,"endTime":718.83,"body":"know, several billion six or 7"},{"speaker":"Alan Smith","startTime":715.56,"endTime":718.83,"body":"billion assets under management"},{"speaker":"Alan Smith","startTime":718.83,"endTime":723.03,"body":"just quietly sold off to her"},{"speaker":"Alan Smith","startTime":718.83,"endTime":723.03,"body":"thinks that Lichtenstein asset"},{"speaker":"Alan Smith","startTime":723.03,"endTime":725.64,"body":"management company that straight"},{"speaker":"Alan Smith","startTime":723.03,"endTime":725.64,"body":"and at the same time, they've"},{"speaker":"Alan Smith","startTime":725.64,"endTime":728.85,"body":"got another subsidiary business,"},{"speaker":"Alan Smith","startTime":725.64,"endTime":728.85,"body":"which is a private equity"},{"speaker":"Alan Smith","startTime":728.85,"endTime":732.72,"body":"investment business with other"},{"speaker":"Alan Smith","startTime":728.85,"endTime":732.72,"body":"countless billions assets under"},{"speaker":"Alan Smith","startTime":732.72,"endTime":736.56,"body":"management, which they've also"},{"speaker":"Alan Smith","startTime":732.72,"endTime":736.56,"body":"carved up a wall, I believe it's"},{"speaker":"Alan Smith","startTime":736.59,"endTime":740.1,"body":"up for sale, and we'll try to"},{"speaker":"Alan Smith","startTime":736.59,"endTime":740.1,"body":"sell it this year. Just find it"},{"speaker":"Alan Smith","startTime":740.13,"endTime":744.06,"body":"interesting that and at the same"},{"speaker":"Alan Smith","startTime":740.13,"endTime":744.06,"body":"time, something else which was"},{"speaker":"Alan Smith","startTime":744.18,"endTime":747.72,"body":"quite widely reported, is some"},{"speaker":"Alan Smith","startTime":744.18,"endTime":747.72,"body":"of the big investment banks are"},{"speaker":"Alan Smith","startTime":747.72,"endTime":750.18,"body":"getting very much into this"},{"speaker":"Alan Smith","startTime":747.72,"endTime":750.18,"body":"market. This kind of, you know,"},{"speaker":"Alan Smith","startTime":750.18,"endTime":754.08,"body":"what they describe as being the"},{"speaker":"Alan Smith","startTime":750.18,"endTime":754.08,"body":"wealth management market. Morgan"},{"speaker":"Alan Smith","startTime":754.08,"endTime":756.96,"body":"Stanley had their share price"},{"speaker":"Alan Smith","startTime":754.08,"endTime":756.96,"body":"has gone up significantly in the"},{"speaker":"Alan Smith","startTime":756.96,"endTime":759.12,"body":"last year or two because they"},{"speaker":"Alan Smith","startTime":756.96,"endTime":759.12,"body":"apparently have got a very"},{"speaker":"Alan Smith","startTime":759.12,"endTime":762.24,"body":"successful wealth management"},{"speaker":"Alan Smith","startTime":759.12,"endTime":762.24,"body":"business, whereas Goldman Sachs"},{"speaker":"Alan Smith","startTime":762.45,"endTime":764.67,"body":"has seen the share price"},{"speaker":"Alan Smith","startTime":762.45,"endTime":764.67,"body":"struggle and a lot of the thing"},{"speaker":"Alan Smith","startTime":764.67,"endTime":767.73,"body":"College Financial Times. One of"},{"speaker":"Alan Smith","startTime":764.67,"endTime":767.73,"body":"the reasons for that is they"},{"speaker":"Alan Smith","startTime":767.73,"endTime":770.49,"body":"don't have a viable wealth"},{"speaker":"Alan Smith","startTime":767.73,"endTime":770.49,"body":"management business. And he made"},{"speaker":"Alan Smith","startTime":770.49,"endTime":773.61,"body":"a point he said, what we really"},{"speaker":"Alan Smith","startTime":770.49,"endTime":773.61,"body":"like is a recurring revenue"},{"speaker":"Alan Smith","startTime":773.67,"endTime":778.68,"body":"model with high margins, which"},{"speaker":"Alan Smith","startTime":773.67,"endTime":778.68,"body":"is good, although unless you're"},{"speaker":"Alan Smith","startTime":778.68,"endTime":780.96,"body":"a customer of these"},{"speaker":"Alan Smith","startTime":778.68,"endTime":780.96,"body":"organizations, but I just I just"},{"speaker":"Alan Smith","startTime":780.96,"endTime":783.06,"body":"think it's there's a lot of"},{"speaker":"Alan Smith","startTime":780.96,"endTime":783.06,"body":"maneuvering going on at the big"},{"speaker":"Alan Smith","startTime":783.06,"endTime":786.21,"body":"sort of institutional type"},{"speaker":"Alan Smith","startTime":783.06,"endTime":786.21,"body":"level. And I've got, I've just"},{"speaker":"Alan Smith","startTime":786.21,"endTime":788.91,"body":"got a slight question mark"},{"speaker":"Alan Smith","startTime":786.21,"endTime":788.91,"body":"hanging over and I've got no"},{"speaker":"Alan Smith","startTime":788.91,"endTime":791.4,"body":"information whatsoever to"},{"speaker":"Alan Smith","startTime":788.91,"endTime":791.4,"body":"suggest this but looking at the"},{"speaker":"Alan Smith","startTime":791.4,"endTime":794.49,"body":"way things are going in"},{"speaker":"Alan Smith","startTime":791.4,"endTime":794.49,"body":"Aberdeen, how the how viable"},{"speaker":"Alan Smith","startTime":794.49,"endTime":798.36,"body":"going forward there. Is that not"},{"speaker":"Alan Smith","startTime":794.49,"endTime":798.36,"body":"an IFA, but advisor arm"},{"speaker":"Alan Smith","startTime":798.42,"endTime":800.31,"body":"coordinating 25 Actually,"},{"speaker":"Nick Lincoln","startTime":800.61,"endTime":802.5,"body":"well that's that's"},{"speaker":"Nick Lincoln","startTime":800.61,"endTime":802.5,"body":"going to be a recurring theme. I"},{"speaker":"Nick Lincoln","startTime":802.5,"endTime":806.1,"body":"think this episode. Okay. Thank"},{"speaker":"Nick Lincoln","startTime":802.5,"endTime":806.1,"body":"you for that. Alan, unpack this"},{"speaker":"Nick Lincoln","startTime":806.1,"endTime":809.88,"body":"industry voice key advisor"},{"speaker":"Nick Lincoln","startTime":806.1,"endTime":809.88,"body":"challenges in 2023. I think a"},{"speaker":"Nick Lincoln","startTime":809.88,"endTime":812.1,"body":"report from Schroeder's Andy,"},{"speaker":"Nick Lincoln","startTime":809.88,"endTime":812.1,"body":"did you put that in the"},{"speaker":"Andy Hart","startTime":812.34,"endTime":814.11,"body":"No, no, that's"},{"speaker":"Alan Smith","startTime":814.11,"endTime":816.27,"body":"me as well, that was"},{"speaker":"Alan Smith","startTime":814.11,"endTime":816.27,"body":"one of these. There was a sort"},{"speaker":"Alan Smith","startTime":816.27,"endTime":820.65,"body":"of a recent report, industry"},{"speaker":"Alan Smith","startTime":816.27,"endTime":820.65,"body":"voice key advisor challenges."},{"speaker":"Alan Smith","startTime":821.28,"endTime":824.13,"body":"Schroeder's, they went out and"},{"speaker":"Alan Smith","startTime":821.28,"endTime":824.13,"body":"surveyed, I don't know how many,"},{"speaker":"Alan Smith","startTime":824.16,"endTime":828.66,"body":"quite a significant number of"},{"speaker":"Alan Smith","startTime":824.16,"endTime":828.66,"body":"advisors, and they came back and"},{"speaker":"Alan Smith","startTime":828.66,"endTime":830.85,"body":"I just sort of shared it around"},{"speaker":"Alan Smith","startTime":828.66,"endTime":830.85,"body":"the group there was they made"},{"speaker":"Alan Smith","startTime":830.85,"endTime":835.83,"body":"some interesting observations"},{"speaker":"Alan Smith","startTime":830.85,"endTime":835.83,"body":"and made me realize that maybe"},{"speaker":"Alan Smith","startTime":836.19,"endTime":838.68,"body":"some of us operate in a bit of a"},{"speaker":"Alan Smith","startTime":836.19,"endTime":838.68,"body":"bubble, some of the"},{"speaker":"Alan Smith","startTime":838.68,"endTime":841.29,"body":"conversations we have, because I"},{"speaker":"Alan Smith","startTime":838.68,"endTime":841.29,"body":"mean, I know I shared it with"},{"speaker":"Alan Smith","startTime":841.29,"endTime":843.99,"body":"you, and you had a look at it."},{"speaker":"Alan Smith","startTime":841.29,"endTime":843.99,"body":"You had a particular comment"},{"speaker":"Alan Smith","startTime":843.99,"endTime":846.66,"body":"that you extracted from it, then"},{"speaker":"Alan Smith","startTime":843.99,"endTime":846.66,"body":"I added something else. What"},{"speaker":"Alan Smith","startTime":846.66,"endTime":848.46,"body":"were your thoughts on that"},{"speaker":"Alan Smith","startTime":846.66,"endTime":848.46,"body":"report, Nick?"},{"speaker":"Nick Lincoln","startTime":848.669,"endTime":850.109,"body":"And it's just the"},{"speaker":"Nick Lincoln","startTime":848.669,"endTime":850.109,"body":"normal, you're exactly right."},{"speaker":"Nick Lincoln","startTime":850.109,"endTime":853.829,"body":"It's like you just sometimes the"},{"speaker":"Nick Lincoln","startTime":850.109,"endTime":853.829,"body":"lid is open on the rest of the"},{"speaker":"Nick Lincoln","startTime":854.009,"endTime":857.489,"body":"profession. And there was one"},{"speaker":"Nick Lincoln","startTime":854.009,"endTime":857.489,"body":"particular line that irked me"},{"speaker":"Nick Lincoln","startTime":857.489,"endTime":861.149,"body":"where advisors cited capital"},{"speaker":"Nick Lincoln","startTime":857.489,"endTime":861.149,"body":"protection as the number one"},{"speaker":"Nick Lincoln","startTime":861.149,"endTime":864.539,"body":"concern for their clients. Yeah,"},{"speaker":"Nick Lincoln","startTime":861.149,"endTime":864.539,"body":"so this thing about you know,"},{"speaker":"Nick Lincoln","startTime":864.539,"endTime":868.289,"body":"just locking down, locking down"},{"speaker":"Nick Lincoln","startTime":864.539,"endTime":868.289,"body":"to cash or whatever, that's not"},{"speaker":"Nick Lincoln","startTime":868.289,"endTime":870.299,"body":"capital protection in the truest"},{"speaker":"Nick Lincoln","startTime":868.289,"endTime":870.299,"body":"sense. You want to protect"},{"speaker":"Nick Lincoln","startTime":870.299,"endTime":872.129,"body":"purchasing power, that should be"},{"speaker":"Nick Lincoln","startTime":870.299,"endTime":872.129,"body":"the number one concern for the"},{"speaker":"Nick Lincoln","startTime":872.129,"endTime":874.049,"body":"people's clients. So that's just"},{"speaker":"Nick Lincoln","startTime":872.129,"endTime":874.049,"body":"one thing that leapt out of me,"},{"speaker":"Nick Lincoln","startTime":874.049,"endTime":875.969,"body":"but I'm sure there's other dross"},{"speaker":"Nick Lincoln","startTime":874.049,"endTime":875.969,"body":"in there as well. And I think"},{"speaker":"Alan Smith","startTime":877.049,"endTime":880.289,"body":"the other point that"},{"speaker":"Alan Smith","startTime":877.049,"endTime":880.289,"body":"I extracted, you know, the"},{"speaker":"Alan Smith","startTime":880.289,"endTime":883.949,"body":"consumer duty on the horizon"},{"speaker":"Alan Smith","startTime":880.289,"endTime":883.949,"body":"price and value conversation"},{"speaker":"Alan Smith","startTime":883.949,"endTime":888.659,"body":"about price and value and so why"},{"speaker":"Alan Smith","startTime":883.949,"endTime":888.659,"body":"we saw a further increase in"},{"speaker":"Alan Smith","startTime":888.659,"endTime":893.729,"body":"advisors outsourcing their"},{"speaker":"Alan Smith","startTime":888.659,"endTime":893.729,"body":"investment proposition have"},{"speaker":"Alan Smith","startTime":893.759,"endTime":896.549,"body":"increased the level of"},{"speaker":"Alan Smith","startTime":893.759,"endTime":896.549,"body":"outsourcing the reasons for this"},{"speaker":"Alan Smith","startTime":896.549,"endTime":900.959,"body":"were inverted commas access to"},{"speaker":"Alan Smith","startTime":896.549,"endTime":900.959,"body":"investment expertise. He's and"},{"speaker":"Alan Smith","startTime":900.959,"endTime":907.139,"body":"get this effective management of"},{"speaker":"Alan Smith","startTime":900.959,"endTime":907.139,"body":"volatility, volatility. At what"},{"speaker":"Alan Smith","startTime":907.139,"endTime":910.409,"body":"point will people realize that"},{"speaker":"Alan Smith","startTime":907.139,"endTime":910.409,"body":"volatility is a feature not a"},{"speaker":"Alan Smith","startTime":910.409,"endTime":912.689,"body":"bug. We're not trying to get rid"},{"speaker":"Alan Smith","startTime":910.409,"endTime":912.689,"body":"of volatility,"},{"speaker":"Carl Widger","startTime":912.72,"endTime":915.63,"body":"and hence for all"},{"speaker":"Carl Widger","startTime":912.72,"endTime":915.63,"body":"the reasons you both have just"},{"speaker":"Carl Widger","startTime":915.63,"endTime":918.72,"body":"mentioned, that's why structured"},{"speaker":"Carl Widger","startTime":915.63,"endTime":918.72,"body":"products continue to be sold,"},{"speaker":"Carl Widger","startTime":918.78,"endTime":922.2,"body":"which is like, you know, just"},{"speaker":"Carl Widger","startTime":918.78,"endTime":922.2,"body":"the bane of the investment"},{"speaker":"Carl Widger","startTime":922.2,"endTime":925.08,"body":"world, unfortunately. But it"},{"speaker":"Carl Widger","startTime":922.2,"endTime":925.08,"body":"fits, I guess, capital"},{"speaker":"Carl Widger","startTime":925.08,"endTime":928.95,"body":"protection, and it fits consumer"},{"speaker":"Carl Widger","startTime":925.08,"endTime":928.95,"body":"duty and looking after the"},{"speaker":"Carl Widger","startTime":928.95,"endTime":932.73,"body":"clients and whatever. But that's"},{"speaker":"Carl Widger","startTime":928.95,"endTime":932.73,"body":"not Yeah, we put up all the"},{"speaker":"Carl Widger","startTime":932.73,"endTime":934.71,"body":"results on the show the optimal"},{"speaker":"Nick Lincoln","startTime":935.01,"endTime":937.47,"body":"sub much"},{"speaker":"Nick Lincoln","startTime":935.01,"endTime":937.47,"body":"different. Okay, great stuff."},{"speaker":"Nick Lincoln","startTime":937.5,"endTime":940.26,"body":"Mr. Hart, Oh, this isn't now"},{"speaker":"Nick Lincoln","startTime":937.5,"endTime":940.26,"body":"talking about things that are"},{"speaker":"Nick Lincoln","startTime":940.26,"endTime":942.03,"body":"coming. And this this"},{"speaker":"Nick Lincoln","startTime":940.26,"endTime":942.03,"body":"fascination with capital"},{"speaker":"Nick Lincoln","startTime":942.03,"endTime":944.88,"body":"protection and protection of"},{"speaker":"Nick Lincoln","startTime":942.03,"endTime":944.88,"body":"purchasing power, one of your"},{"speaker":"Nick Lincoln","startTime":944.88,"endTime":948.03,"body":"trigger, trigger subjects"},{"speaker":"Nick Lincoln","startTime":944.88,"endTime":948.03,"body":"lifestyle in my friend."},{"speaker":"Andy Hart","startTime":949.62,"endTime":951.96,"body":"Yes, so we'll briefly"},{"speaker":"Andy Hart","startTime":949.62,"endTime":951.96,"body":"touch upon this, you might want"},{"speaker":"Andy Hart","startTime":951.96,"endTime":954.42,"body":"to sort of unpack this in a bit"},{"speaker":"Andy Hart","startTime":951.96,"endTime":954.42,"body":"more detail on a future show."},{"speaker":"Andy Hart","startTime":954.42,"endTime":958.98,"body":"But life styling is the sort of"},{"speaker":"Andy Hart","startTime":954.42,"endTime":958.98,"body":"investment process of moving"},{"speaker":"Andy Hart","startTime":959.25,"endTime":962.61,"body":"from what they would describe of"},{"speaker":"Andy Hart","startTime":959.25,"endTime":962.61,"body":"high risk investments, which we"},{"speaker":"Andy Hart","startTime":962.61,"endTime":966.06,"body":"call high returning investments,"},{"speaker":"Andy Hart","startTime":962.61,"endTime":966.06,"body":"which is a global equities, when"},{"speaker":"Andy Hart","startTime":966.06,"endTime":967.98,"body":"they're going to officially"},{"speaker":"Andy Hart","startTime":966.06,"endTime":967.98,"body":"retire at a certain point in the"},{"speaker":"Andy Hart","startTime":967.98,"endTime":972.33,"body":"pension fund. Most of the assets"},{"speaker":"Andy Hart","startTime":967.98,"endTime":972.33,"body":"are in what they call low risk"},{"speaker":"Andy Hart","startTime":972.33,"endTime":975.09,"body":"funds, which might be guilts"},{"speaker":"Andy Hart","startTime":972.33,"endTime":975.09,"body":"might be fixed income might even"},{"speaker":"Andy Hart","startTime":975.09,"endTime":979.62,"body":"be cash, but real life outcomes"},{"speaker":"Andy Hart","startTime":975.09,"endTime":979.62,"body":"for clients have something"},{"speaker":"Andy Hart","startTime":979.62,"endTime":985.26,"body":"that's been designed or set up"},{"speaker":"Andy Hart","startTime":979.62,"endTime":985.26,"body":"or legislated to protect people,"},{"speaker":"Andy Hart","startTime":985.59,"endTime":990.0,"body":"as inadvertently harmed a lot of"},{"speaker":"Andy Hart","startTime":985.59,"endTime":990.0,"body":"people. And it is pounds and"},{"speaker":"Andy Hart","startTime":990.0,"endTime":992.88,"body":"pence harm nothing else, let's"},{"speaker":"Andy Hart","startTime":990.0,"endTime":992.88,"body":"say but that's obviously a"},{"speaker":"Andy Hart","startTime":992.88,"endTime":997.29,"body":"serious harm. We've heard of"},{"speaker":"Andy Hart","startTime":992.88,"endTime":997.29,"body":"stories seen client stories of"},{"speaker":"Andy Hart","startTime":997.56,"endTime":1002.99,"body":"portfolios or pension values at"},{"speaker":"Andy Hart","startTime":997.56,"endTime":1002.99,"body":"500,000, now at 370,000,"},{"speaker":"Andy Hart","startTime":1003.41,"endTime":1007.13,"body":"perfectly aligned waiting for"},{"speaker":"Andy Hart","startTime":1003.41,"endTime":1007.13,"body":"the client to buy the annuity"},{"speaker":"Andy Hart","startTime":1007.13,"endTime":1011.78,"body":"that they're not going to buy."},{"speaker":"Andy Hart","startTime":1007.13,"endTime":1011.78,"body":"And then they're well, very much"},{"speaker":"Andy Hart","startTime":1011.81,"endTime":1015.32,"body":"underwater because of this"},{"speaker":"Andy Hart","startTime":1011.81,"endTime":1015.32,"body":"unusual situation that happened"},{"speaker":"Andy Hart","startTime":1015.32,"endTime":1017.93,"body":"within the fixed income markets"},{"speaker":"Andy Hart","startTime":1015.32,"endTime":1017.93,"body":"last year and sort of continued"},{"speaker":"Andy Hart","startTime":1017.93,"endTime":1021.65,"body":"into this year. So advisors"},{"speaker":"Andy Hart","startTime":1017.93,"endTime":1021.65,"body":"listening to this know that life"},{"speaker":"Andy Hart","startTime":1021.65,"endTime":1025.64,"body":"styling is very destructive to a"},{"speaker":"Andy Hart","startTime":1021.65,"endTime":1025.64,"body":"lot of people's pension funds, I"},{"speaker":"Andy Hart","startTime":1025.64,"endTime":1029.09,"body":"did a podcast on Maven money"},{"speaker":"Andy Hart","startTime":1025.64,"endTime":1029.09,"body":"called Lifestyle on your way to"},{"speaker":"Andy Hart","startTime":1029.09,"endTime":1035.39,"body":"poverty, I think in May 2022,"},{"speaker":"Andy Hart","startTime":1029.09,"endTime":1035.39,"body":"I've guided a lot of clients"},{"speaker":"Andy Hart","startTime":1035.39,"endTime":1040.25,"body":"around this space and opted them"},{"speaker":"Andy Hart","startTime":1035.39,"endTime":1040.25,"body":"out of lifestyle in which has"},{"speaker":"Andy Hart","startTime":1040.25,"endTime":1043.25,"body":"saved them 10s of 1000s of"},{"speaker":"Andy Hart","startTime":1040.25,"endTime":1043.25,"body":"pounds. I've covered my fee for"},{"speaker":"Andy Hart","startTime":1043.25,"endTime":1047.72,"body":"a decade telling some clients to"},{"speaker":"Andy Hart","startTime":1043.25,"endTime":1047.72,"body":"just turn this off. So yeah, I"},{"speaker":"Andy Hart","startTime":1047.72,"endTime":1049.49,"body":"feel quite strongly about"},{"speaker":"Andy Hart","startTime":1047.72,"endTime":1049.49,"body":"lifestyle. And"},{"speaker":"Alan Smith","startTime":1049.82,"endTime":1053.57,"body":"that's clients that"},{"speaker":"Alan Smith","startTime":1049.82,"endTime":1053.57,"body":"are in company pension schemes,"},{"speaker":"Alan Smith","startTime":1053.63,"endTime":1053.93,"body":"gun"},{"speaker":"Andy Hart","startTime":1055.01,"endTime":1057.5,"body":"just built in, yeah,"},{"speaker":"Andy Hart","startTime":1055.01,"endTime":1057.5,"body":"comedy. Yeah, it's it's built"},{"speaker":"Andy Hart","startTime":1057.53,"endTime":1059.81,"body":"in, and you have to turn it off."},{"speaker":"Andy Hart","startTime":1057.53,"endTime":1059.81,"body":"And sometimes it's quite tricky."},{"speaker":"Andy Hart","startTime":1059.81,"endTime":1061.7,"body":"You can't just like go on and"},{"speaker":"Andy Hart","startTime":1059.81,"endTime":1061.7,"body":"just click it, you've got to"},{"speaker":"Andy Hart","startTime":1061.7,"endTime":1063.62,"body":"sort of contact the"},{"speaker":"Andy Hart","startTime":1061.7,"endTime":1063.62,"body":"administrators and staff. So"},{"speaker":"Andy Hart","startTime":1064.16,"endTime":1067.19,"body":"it's not an easy thing to do."},{"speaker":"Andy Hart","startTime":1064.16,"endTime":1067.19,"body":"And this is obviously deferred"},{"speaker":"Andy Hart","startTime":1067.19,"endTime":1069.44,"body":"schemes. So you have a client"},{"speaker":"Andy Hart","startTime":1067.19,"endTime":1069.44,"body":"that, let's say, worked at a"},{"speaker":"Andy Hart","startTime":1069.44,"endTime":1073.28,"body":"bank 20 years ago, and he's got"},{"speaker":"Andy Hart","startTime":1069.44,"endTime":1073.28,"body":"100 grand sitting there. They"},{"speaker":"Andy Hart","startTime":1073.28,"endTime":1075.23,"body":"don't even think about it. And"},{"speaker":"Andy Hart","startTime":1073.28,"endTime":1075.23,"body":"then it's our got this"},{"speaker":"Andy Hart","startTime":1075.23,"endTime":1077.54,"body":"statement, and you don't do"},{"speaker":"Andy Hart","startTime":1075.23,"endTime":1077.54,"body":"anything I go, yeah, we'll go we"},{"speaker":"Andy Hart","startTime":1077.54,"endTime":1080.03,"body":"need to look into this. Like"},{"speaker":"Andy Hart","startTime":1077.54,"endTime":1080.03,"body":"there's, you know, even though"},{"speaker":"Andy Hart","startTime":1080.03,"endTime":1081.92,"body":"it's just been deferred, and"},{"speaker":"Andy Hart","startTime":1080.03,"endTime":1081.92,"body":"you've not worried about it, and"},{"speaker":"Andy Hart","startTime":1081.92,"endTime":1085.22,"body":"just, you know, stuck the letter"},{"speaker":"Andy Hart","startTime":1081.92,"endTime":1085.22,"body":"in in your drawer every year. So"},{"speaker":"Andy Hart","startTime":1085.22,"endTime":1089.09,"body":"yeah, it's mainly DC defined"},{"speaker":"Andy Hart","startTime":1085.22,"endTime":1089.09,"body":"contribution schemes that people"},{"speaker":"Andy Hart","startTime":1089.09,"endTime":1092.27,"body":"are part of, and it's the"},{"speaker":"Andy Hart","startTime":1089.09,"endTime":1092.27,"body":"default to happen, rather than"},{"speaker":"Andy Hart","startTime":1092.75,"endTime":1099.08,"body":"you have to turn it on. So the"},{"speaker":"Andy Hart","startTime":1092.75,"endTime":1099.08,"body":"bulk of people will be in this"},{"speaker":"Andy Hart","startTime":1099.11,"endTime":1104.06,"body":"strategy, let's call it probably"},{"speaker":"Andy Hart","startTime":1099.11,"endTime":1104.06,"body":"99. If I had to hazard a guess"},{"speaker":"Andy Hart","startTime":1104.06,"endTime":1107.78,"body":"at it, probably 90% of people"},{"speaker":"Andy Hart","startTime":1104.06,"endTime":1107.78,"body":"are lifestyles, and these are"},{"speaker":"Andy Hart","startTime":1107.78,"endTime":1110.72,"body":"even people that are financially"},{"speaker":"Andy Hart","startTime":1107.78,"endTime":1110.72,"body":"and investing literate, because"},{"speaker":"Andy Hart","startTime":1110.72,"endTime":1113.72,"body":"it's just another job you have"},{"speaker":"Andy Hart","startTime":1110.72,"endTime":1113.72,"body":"to do. So. Yeah. Anyone got any"},{"speaker":"Andy Hart","startTime":1113.72,"endTime":1116.6,"body":"thoughts on that? I don't know"},{"speaker":"Andy Hart","startTime":1113.72,"endTime":1116.6,"body":"if it's the same in Ireland,"},{"speaker":"Andy Hart","startTime":1116.6,"endTime":1116.84,"body":"Carl?"},{"speaker":"Carl Widger","startTime":1117.2,"endTime":1121.04,"body":"Yeah, it is on the"},{"speaker":"Carl Widger","startTime":1117.2,"endTime":1121.04,"body":"and I suppose that there is an"},{"speaker":"Carl Widger","startTime":1121.04,"endTime":1125.06,"body":"onus, I would imagine, on the"},{"speaker":"Carl Widger","startTime":1121.04,"endTime":1125.06,"body":"consultants to these big pension"},{"speaker":"Carl Widger","startTime":1125.06,"endTime":1127.91,"body":"schemes, which tend to be the"},{"speaker":"Carl Widger","startTime":1125.06,"endTime":1127.91,"body":"big corporate brokers here, I'm"},{"speaker":"Carl Widger","startTime":1127.91,"endTime":1130.79,"body":"assuming it's the same over"},{"speaker":"Carl Widger","startTime":1127.91,"endTime":1130.79,"body":"there. And I have seen no"},{"speaker":"Carl Widger","startTime":1130.79,"endTime":1134.66,"body":"movement away from it at all."},{"speaker":"Carl Widger","startTime":1130.79,"endTime":1134.66,"body":"And it's all well and good"},{"speaker":"Carl Widger","startTime":1134.66,"endTime":1137.93,"body":"clients saying, oh, you know, my"},{"speaker":"Carl Widger","startTime":1134.66,"endTime":1137.93,"body":"annual management charge is"},{"speaker":"Carl Widger","startTime":1137.93,"endTime":1139.85,"body":"really low, because I'm in a"},{"speaker":"Carl Widger","startTime":1137.93,"endTime":1139.85,"body":"group pension scheme, or"},{"speaker":"Carl Widger","startTime":1139.85,"endTime":1143.9,"body":"whatever it well, you know, if"},{"speaker":"Carl Widger","startTime":1139.85,"endTime":1143.9,"body":"you're sticking with a very low"},{"speaker":"Carl Widger","startTime":1143.9,"endTime":1146.96,"body":"annual management charge, and"},{"speaker":"Carl Widger","startTime":1143.9,"endTime":1146.96,"body":"you're going to end up at"},{"speaker":"Carl Widger","startTime":1146.96,"endTime":1150.74,"body":"retirement age, you know, with a"},{"speaker":"Carl Widger","startTime":1146.96,"endTime":1150.74,"body":"very significant loss, because,"},{"speaker":"Carl Widger","startTime":1150.77,"endTime":1153.65,"body":"as you say, Andy, you're in a"},{"speaker":"Carl Widger","startTime":1150.77,"endTime":1153.65,"body":"low risk fund, and you're not"},{"speaker":"Carl Widger","startTime":1153.65,"endTime":1157.28,"body":"buying annuities, which nobody"},{"speaker":"Carl Widger","startTime":1153.65,"endTime":1157.28,"body":"is anymore, or very few anyway,"},{"speaker":"Carl Widger","startTime":1158.36,"endTime":1162.02,"body":"you know, what's what's, you"},{"speaker":"Carl Widger","startTime":1158.36,"endTime":1162.02,"body":"know, what's the regulator doing"},{"speaker":"Carl Widger","startTime":1162.02,"endTime":1164.72,"body":"here? What's the regulator doing"},{"speaker":"Carl Widger","startTime":1162.02,"endTime":1164.72,"body":"the UK to talk to these"},{"speaker":"Carl Widger","startTime":1164.72,"endTime":1167.63,"body":"consultants about look, you got"},{"speaker":"Carl Widger","startTime":1164.72,"endTime":1167.63,"body":"to actually start giving a bit"},{"speaker":"Carl Widger","startTime":1167.63,"endTime":1168.35,"body":"of advice here."},{"speaker":"Nick Lincoln","startTime":1170.18,"endTime":1172.49,"body":"Or go into"},{"speaker":"Nick Lincoln","startTime":1170.18,"endTime":1172.49,"body":"lifestyle, get rid of lifestyle"},{"speaker":"Nick Lincoln","startTime":1172.52,"endTime":1174.38,"body":"or make it far easier to opt"},{"speaker":"Nick Lincoln","startTime":1172.52,"endTime":1174.38,"body":"out."},{"speaker":"Alan Smith","startTime":1175.43,"endTime":1177.38,"body":"But it's another one"},{"speaker":"Alan Smith","startTime":1175.43,"endTime":1177.38,"body":"of these things that started"},{"speaker":"Alan Smith","startTime":1177.38,"endTime":1179.96,"body":"with good intention and"},{"speaker":"Alan Smith","startTime":1177.38,"endTime":1179.96,"body":"intention because I mean, got"},{"speaker":"Alan Smith","startTime":1179.96,"endTime":1184.04,"body":"buddies first were launched many"},{"speaker":"Alan Smith","startTime":1179.96,"endTime":1184.04,"body":"years ago or whatever, you know,"},{"speaker":"Alan Smith","startTime":1184.04,"endTime":1186.08,"body":"there wasn't any option."},{"speaker":"Alan Smith","startTime":1184.04,"endTime":1186.08,"body":"Everyone bought an annuity"},{"speaker":"Alan Smith","startTime":1186.08,"endTime":1189.05,"body":"before you know, flexural"},{"speaker":"Alan Smith","startTime":1186.08,"endTime":1189.05,"body":"drawdown that the existence so"},{"speaker":"Alan Smith","startTime":1189.65,"endTime":1194.0,"body":"in terms of, you know, sensible"},{"speaker":"Alan Smith","startTime":1189.65,"endTime":1194.0,"body":"you preserve your income is"},{"speaker":"Alan Smith","startTime":1194.0,"endTime":1196.43,"body":"what's going to happen if if"},{"speaker":"Alan Smith","startTime":1194.0,"endTime":1196.43,"body":"interest rates or annuity rates"},{"speaker":"Alan Smith","startTime":1196.43,"endTime":1199.49,"body":"moved against you. by allocating"},{"speaker":"Alan Smith","startTime":1196.43,"endTime":1199.49,"body":"to this type of fund, you would"},{"speaker":"Alan Smith","startTime":1199.49,"endTime":1202.31,"body":"likely to sort of Have counter"},{"speaker":"Alan Smith","startTime":1199.49,"endTime":1202.31,"body":"the movement be up or down"},{"speaker":"Alan Smith","startTime":1202.31,"endTime":1205.49,"body":"because you're expecting to have"},{"speaker":"Alan Smith","startTime":1202.31,"endTime":1205.49,"body":"20,000 30,000 Wherever a year in"},{"speaker":"Alan Smith","startTime":1205.49,"endTime":1209.33,"body":"income. So work quite well. But"},{"speaker":"Alan Smith","startTime":1205.49,"endTime":1209.33,"body":"But the world has changed beyond"},{"speaker":"Alan Smith","startTime":1209.33,"endTime":1213.59,"body":"all recognition in the last 20"},{"speaker":"Alan Smith","startTime":1209.33,"endTime":1213.59,"body":"years or so. And I'm just"},{"speaker":"Alan Smith","startTime":1213.59,"endTime":1215.87,"body":"wondering if there are going to"},{"speaker":"Alan Smith","startTime":1213.59,"endTime":1215.87,"body":"be is there's going to be"},{"speaker":"Alan Smith","startTime":1215.9,"endTime":1218.09,"body":"litigation, that's going to be"},{"speaker":"Alan Smith","startTime":1215.9,"endTime":1218.09,"body":"complaints, I tell you what if I"},{"speaker":"Alan Smith","startTime":1218.09,"endTime":1222.29,"body":"had a fund that I was lifestyle"},{"speaker":"Alan Smith","startTime":1218.09,"endTime":1222.29,"body":"into, and I've just lost a third"},{"speaker":"Alan Smith","startTime":1222.29,"endTime":1226.37,"body":"of it, just the year before"},{"speaker":"Alan Smith","startTime":1222.29,"endTime":1226.37,"body":"retire, I'll be wanting to have"},{"speaker":"Alan Smith","startTime":1226.37,"endTime":1228.41,"body":"somebody, I'll be having a"},{"speaker":"Alan Smith","startTime":1226.37,"endTime":1228.41,"body":"serious conversation with"},{"speaker":"Alan Smith","startTime":1228.41,"endTime":1229.67,"body":"somebody about it, that will be"},{"speaker":"Andy Hart","startTime":1229.67,"endTime":1234.23,"body":"the outcome for"},{"speaker":"Andy Hart","startTime":1229.67,"endTime":1234.23,"body":"1000s. of pension holder, this"},{"speaker":"Alan Smith","startTime":1234.23,"endTime":1236.45,"body":"could be a class"},{"speaker":"Alan Smith","startTime":1234.23,"endTime":1236.45,"body":"action, and any lawyers"},{"speaker":"Alan Smith","startTime":1236.45,"endTime":1240.2,"body":"listening to this will say this"},{"speaker":"Alan Smith","startTime":1236.45,"endTime":1240.2,"body":"is easy money. Oh, sue the the"},{"speaker":"Alan Smith","startTime":1240.2,"endTime":1241.61,"body":"big consultants. The other"},{"speaker":"Andy Hart","startTime":1241.61,"endTime":1243.8,"body":"dilemma we have now"},{"speaker":"Andy Hart","startTime":1241.61,"endTime":1243.8,"body":"is professional advisors,"},{"speaker":"Andy Hart","startTime":1243.8,"endTime":1247.67,"body":"running regulated businesses"},{"speaker":"Andy Hart","startTime":1243.8,"endTime":1247.67,"body":"that were very concerned about"},{"speaker":"Andy Hart","startTime":1247.67,"endTime":1250.31,"body":"the sort of longevity of our"},{"speaker":"Andy Hart","startTime":1247.67,"endTime":1250.31,"body":"company, clients who come into"},{"speaker":"Andy Hart","startTime":1250.31,"endTime":1253.67,"body":"financial advisors and saying, I"},{"speaker":"Andy Hart","startTime":1250.31,"endTime":1253.67,"body":"had 500,000, it's gone down to"},{"speaker":"Andy Hart","startTime":1253.67,"endTime":1258.74,"body":"370,000. What should I do now?"},{"speaker":"Andy Hart","startTime":1253.67,"endTime":1258.74,"body":"Should I react? You know, should"},{"speaker":"Andy Hart","startTime":1258.74,"endTime":1261.47,"body":"I change the asset allocation?"},{"speaker":"Andy Hart","startTime":1258.74,"endTime":1261.47,"body":"Do I move into global equities"},{"speaker":"Andy Hart","startTime":1261.47,"endTime":1265.28,"body":"now? Or should I wait until"},{"speaker":"Andy Hart","startTime":1261.47,"endTime":1265.28,"body":"these funds recover? But then"},{"speaker":"Andy Hart","startTime":1265.28,"endTime":1267.56,"body":"again, it's market timing, you"},{"speaker":"Andy Hart","startTime":1265.28,"endTime":1267.56,"body":"don't know if there are going to"},{"speaker":"Andy Hart","startTime":1267.56,"endTime":1269.75,"body":"recover? You don't know, you"},{"speaker":"Andy Hart","startTime":1267.56,"endTime":1269.75,"body":"know. So again, the financial"},{"speaker":"Andy Hart","startTime":1269.75,"endTime":1273.14,"body":"advisors got given a financial"},{"speaker":"Andy Hart","startTime":1269.75,"endTime":1273.14,"body":"hospital pass, do they do"},{"speaker":"Andy Hart","startTime":1273.14,"endTime":1275.69,"body":"anything, they help out their"},{"speaker":"Andy Hart","startTime":1273.14,"endTime":1275.69,"body":"clients, they just declare"},{"speaker":"Andy Hart","startTime":1275.69,"endTime":1278.3,"body":"themselves out because it's too"},{"speaker":"Andy Hart","startTime":1275.69,"endTime":1278.3,"body":"dangerous from a regulatory"},{"speaker":"Andy Hart","startTime":1278.3,"endTime":1282.83,"body":"compliance, you know, compliance"},{"speaker":"Andy Hart","startTime":1278.3,"endTime":1282.83,"body":"point of view. So, again, it's"},{"speaker":"Andy Hart","startTime":1282.86,"endTime":1287.3,"body":"created other concerns for"},{"speaker":"Andy Hart","startTime":1282.86,"endTime":1287.3,"body":"practice practicing advisors."},{"speaker":"Nick Lincoln","startTime":1288.71,"endTime":1292.34,"body":"Yep. All good"},{"speaker":"Nick Lincoln","startTime":1288.71,"endTime":1292.34,"body":"stuff. Okay. Next thing or"},{"speaker":"Nick Lincoln","startTime":1292.34,"endTime":1294.41,"body":"topical tip is I'm not sure who"},{"speaker":"Nick Lincoln","startTime":1292.34,"endTime":1294.41,"body":"put this in. But this is this is"},{"speaker":"Nick Lincoln","startTime":1294.41,"endTime":1296.57,"body":"a Vanguard thing, not the"},{"speaker":"Nick Lincoln","startTime":1294.41,"endTime":1296.57,"body":"Vanguard thing. We'll come on to"},{"speaker":"Nick Lincoln","startTime":1296.57,"endTime":1298.64,"body":"that in a second gentlemen. But"},{"speaker":"Nick Lincoln","startTime":1296.57,"endTime":1298.64,"body":"Vanguard pulled out of the"},{"speaker":"Nick Lincoln","startTime":1298.64,"endTime":1301.1,"body":"climate Alliance Now obviously,"},{"speaker":"Nick Lincoln","startTime":1298.64,"endTime":1301.1,"body":"is the biggest or second"},{"speaker":"Nick Lincoln","startTime":1301.1,"endTime":1303.41,"body":"biggest, I think, the alternate"},{"speaker":"Nick Lincoln","startTime":1301.1,"endTime":1303.41,"body":"with iShares slash BlackRock,"},{"speaker":"Nick Lincoln","startTime":1303.41,"endTime":1306.14,"body":"but Vanguard, just massive,"},{"speaker":"Nick Lincoln","startTime":1303.41,"endTime":1306.14,"body":"right. And they pulled out of"},{"speaker":"Nick Lincoln","startTime":1306.14,"endTime":1309.08,"body":"the climate Alliance things,"},{"speaker":"Nick Lincoln","startTime":1306.14,"endTime":1309.08,"body":"basically a political thing, and"},{"speaker":"Nick Lincoln","startTime":1309.08,"endTime":1313.46,"body":"we don't do politics. And that"},{"speaker":"Nick Lincoln","startTime":1309.08,"endTime":1313.46,"body":"is to their immense credit. And"},{"speaker":"Nick Lincoln","startTime":1313.46,"endTime":1314.18,"body":"then to add to that,"},{"speaker":"Alan Smith","startTime":1346.139,"endTime":1350.009,"body":"really, it's a huge"},{"speaker":"Alan Smith","startTime":1346.139,"endTime":1350.009,"body":"issue, the whole kind of climate"},{"speaker":"Alan Smith","startTime":1350.009,"endTime":1353.549,"body":"change thing. And as far as it"},{"speaker":"Alan Smith","startTime":1350.009,"endTime":1353.549,"body":"pertains to investment and"},{"speaker":"Alan Smith","startTime":1353.549,"endTime":1357.629,"body":"advisors, and our relationship"},{"speaker":"Alan Smith","startTime":1353.549,"endTime":1357.629,"body":"is probably one for you. We"},{"speaker":"Alan Smith","startTime":1357.629,"endTime":1359.339,"body":"could have, we could definitely"},{"speaker":"Alan Smith","startTime":1357.629,"endTime":1359.339,"body":"make that a meat and potatoes in"},{"speaker":"Alan Smith","startTime":1359.339,"endTime":1362.099,"body":"the future version. I don't"},{"speaker":"Alan Smith","startTime":1359.339,"endTime":1362.099,"body":"think there's any one of us, you"},{"speaker":"Alan Smith","startTime":1362.099,"endTime":1365.699,"body":"know, what it is, wants to make"},{"speaker":"Alan Smith","startTime":1362.099,"endTime":1365.699,"body":"the planet a worse place. But"},{"speaker":"Alan Smith","startTime":1365.699,"endTime":1370.319,"body":"there is there's certainly some"},{"speaker":"Alan Smith","startTime":1365.699,"endTime":1370.319,"body":"conflicting issues at play here."},{"speaker":"Alan Smith","startTime":1370.769,"endTime":1376.4389999999999,"body":"I was surprised. But as you say,"},{"speaker":"Alan Smith","startTime":1370.769,"endTime":1376.4389999999999,"body":"Nick, it is it is to their"},{"speaker":"Alan Smith","startTime":1376.4389999999999,"endTime":1379.379,"body":"credit to for them to stand up"},{"speaker":"Alan Smith","startTime":1376.4389999999999,"endTime":1379.379,"body":"and say this is just it is"},{"speaker":"Alan Smith","startTime":1379.379,"endTime":1382.349,"body":"impossible for us to participate"},{"speaker":"Alan Smith","startTime":1379.379,"endTime":1382.349,"body":"in this particular platform. And"},{"speaker":"Alan Smith","startTime":1382.349,"endTime":1384.749,"body":"we're going to stand down from"},{"speaker":"Alan Smith","startTime":1382.349,"endTime":1384.749,"body":"it from for an organization with"},{"speaker":"Alan Smith","startTime":1384.749,"endTime":1387.539,"body":"7 trillion assets under"},{"speaker":"Alan Smith","startTime":1384.749,"endTime":1387.539,"body":"management, which is enormous."},{"speaker":"Alan Smith","startTime":1387.539,"endTime":1392.309,"body":"So but it certainly creates a"},{"speaker":"Alan Smith","startTime":1387.539,"endTime":1392.309,"body":"lot of challenges. For us giving"},{"speaker":"Alan Smith","startTime":1392.309,"endTime":1396.809,"body":"advice, and we have clients that"},{"speaker":"Alan Smith","startTime":1392.309,"endTime":1396.809,"body":"are interested in whatever"},{"speaker":"Alan Smith","startTime":1396.809,"endTime":1399.059,"body":"version of wherever shade of"},{"speaker":"Alan Smith","startTime":1396.809,"endTime":1399.059,"body":"green, they want to talk about."},{"speaker":"Alan Smith","startTime":1399.6889999999999,"endTime":1402.239,"body":"It's not it's not easy. We're"},{"speaker":"Alan Smith","startTime":1399.6889999999999,"endTime":1402.239,"body":"not going to do justice right"},{"speaker":"Alan Smith","startTime":1402.239,"endTime":1404.609,"body":"now. But it's interesting that"},{"speaker":"Alan Smith","startTime":1402.239,"endTime":1404.609,"body":"Vanguard chose to no longer"},{"speaker":"Alan Smith","startTime":1404.609,"endTime":1405.299,"body":"participate."},{"speaker":"Carl Widger","startTime":1405.449,"endTime":1408.119,"body":"Yeah, I think this"},{"speaker":"Carl Widger","startTime":1405.449,"endTime":1408.119,"body":"is an evolving situation for"},{"speaker":"Carl Widger","startTime":1408.119,"endTime":1413.699,"body":"sure. Because the EU regulations"},{"speaker":"Carl Widger","startTime":1408.119,"endTime":1413.699,"body":"are about Article Six, Article"},{"speaker":"Carl Widger","startTime":1413.699,"endTime":1417.359,"body":"eight, Article Nine, I'm not"},{"speaker":"Carl Widger","startTime":1413.699,"endTime":1417.359,"body":"sure if you guys have that."},{"speaker":"Carl Widger","startTime":1418.139,"endTime":1420.209,"body":"Bearing in mind that you're not"},{"speaker":"Carl Widger","startTime":1418.139,"endTime":1420.209,"body":"in the EU anymore. I"},{"speaker":"Andy Hart","startTime":1420.209,"endTime":1422.1589999999999,"body":"know enable"},{"speaker":"Andy Hart","startTime":1420.209,"endTime":1422.1589999999999,"body":"development. We don't have we"},{"speaker":"Andy Hart","startTime":1422.1589999999999,"endTime":1424.559,"body":"used to have that. Yeah, I don't"},{"speaker":"Andy Hart","startTime":1422.1589999999999,"endTime":1424.559,"body":"know, I don't know about it."},{"speaker":"Carl Widger","startTime":1424.95,"endTime":1427.23,"body":"But Article Nine"},{"speaker":"Carl Widger","startTime":1424.95,"endTime":1427.23,"body":"basically was the, you know,"},{"speaker":"Carl Widger","startTime":1427.23,"endTime":1431.3999999999999,"body":"superduper ESG funds on Article"},{"speaker":"Carl Widger","startTime":1427.23,"endTime":1431.3999999999999,"body":"eight was the guys who were"},{"speaker":"Carl Widger","startTime":1431.43,"endTime":1435.24,"body":"Yeah, we will keep it in mind"},{"speaker":"Carl Widger","startTime":1431.43,"endTime":1435.24,"body":"kind of thing. 200 billion has"},{"speaker":"Carl Widger","startTime":1435.24,"endTime":1438.6,"body":"moved from Article Nine to"},{"speaker":"Carl Widger","startTime":1435.24,"endTime":1438.6,"body":"Article eight in the last four"},{"speaker":"Carl Widger","startTime":1438.6,"endTime":1443.6399999999999,"body":"or five months as a result of"},{"speaker":"Carl Widger","startTime":1438.6,"endTime":1443.6399999999999,"body":"the criteria being set by the EU"},{"speaker":"Carl Widger","startTime":1443.6399999999999,"endTime":1449.3999999999999,"body":"Commission. So, you know, your"},{"speaker":"Carl Widger","startTime":1443.6399999999999,"endTime":1449.3999999999999,"body":"point, Alan, about, you know,"},{"speaker":"Carl Widger","startTime":1449.3999999999999,"endTime":1452.1,"body":"also advising clients. So say if"},{"speaker":"Carl Widger","startTime":1449.3999999999999,"endTime":1452.1,"body":"a client comes along and says"},{"speaker":"Carl Widger","startTime":1452.1,"endTime":1455.6399999999999,"body":"your remit is to get me into an"},{"speaker":"Carl Widger","startTime":1452.1,"endTime":1455.6399999999999,"body":"article line fund, okay, so we"},{"speaker":"Carl Widger","startTime":1455.6399999999999,"endTime":1458.76,"body":"did that six months ago. Oh,"},{"speaker":"Carl Widger","startTime":1455.6399999999999,"endTime":1458.76,"body":"dear. Now, it's been moved to"},{"speaker":"Carl Widger","startTime":1458.76,"endTime":1461.3999999999999,"body":"Article eight. So it's"},{"speaker":"Carl Widger","startTime":1458.76,"endTime":1461.3999999999999,"body":"definitely an evolving"},{"speaker":"Carl Widger","startTime":1461.3999999999999,"endTime":1464.52,"body":"situation. But I think the"},{"speaker":"Carl Widger","startTime":1461.3999999999999,"endTime":1464.52,"body":"evolution of it is quite good"},{"speaker":"Carl Widger","startTime":1464.52,"endTime":1467.1299999999999,"body":"because the criteria has now"},{"speaker":"Carl Widger","startTime":1464.52,"endTime":1467.1299999999999,"body":"been set by independent"},{"speaker":"Carl Widger","startTime":1467.1299999999999,"endTime":1470.55,"body":"regulators as opposed to fund"},{"speaker":"Carl Widger","startTime":1467.1299999999999,"endTime":1470.55,"body":"managers sticking a green sign"},{"speaker":"Carl Widger","startTime":1470.58,"endTime":1473.43,"body":"on their brochure and saying,"},{"speaker":"Carl Widger","startTime":1470.58,"endTime":1473.43,"body":"Yeah, where ESG and where"},{"speaker":"Carl Widger","startTime":1473.43,"endTime":1477.84,"body":"Article Nine. So I think this is"},{"speaker":"Carl Widger","startTime":1473.43,"endTime":1477.84,"body":"a watch this space and I think"},{"speaker":"Carl Widger","startTime":1477.84,"endTime":1483.8999999999999,"body":"maybe, as it evolves, it might"},{"speaker":"Carl Widger","startTime":1477.84,"endTime":1483.8999999999999,"body":"be good for us to do an episode"},{"speaker":"Carl Widger","startTime":1483.8999999999999,"endTime":1486.93,"body":"on this, but but I think we"},{"speaker":"Carl Widger","startTime":1483.8999999999999,"endTime":1486.93,"body":"should wait and do it well down"},{"speaker":"Carl Widger","startTime":1486.93,"endTime":1490.05,"body":"the line. And I think anybody,"},{"speaker":"Carl Widger","startTime":1486.93,"endTime":1490.05,"body":"you know, saying that they're"},{"speaker":"Carl Widger","startTime":1490.05,"endTime":1492.0,"body":"absolutely positive and they"},{"speaker":"Carl Widger","startTime":1490.05,"endTime":1492.0,"body":"know what they're talking about"},{"speaker":"Carl Widger","startTime":1492.0,"endTime":1497.04,"body":"in terms of ESG funds. It's"},{"speaker":"Carl Widger","startTime":1492.0,"endTime":1497.04,"body":"actually impossible. Mary Carney"},{"speaker":"Carl Widger","startTime":1497.04,"endTime":1501.06,"body":"and Mattis is kind of our"},{"speaker":"Carl Widger","startTime":1497.04,"endTime":1501.06,"body":"researcher in all of this and"},{"speaker":"Carl Widger","startTime":1501.09,"endTime":1507.03,"body":"you know, I think her her Her"},{"speaker":"Carl Widger","startTime":1501.09,"endTime":1507.03,"body":"mind is fried from the evolving"},{"speaker":"Carl Widger","startTime":1507.03,"endTime":1509.55,"body":"situation because literally"},{"speaker":"Carl Widger","startTime":1507.03,"endTime":1509.55,"body":"every few days there is"},{"speaker":"Carl Widger","startTime":1509.55,"endTime":1513.69,"body":"something new on this. So yeah,"},{"speaker":"Carl Widger","startTime":1509.55,"endTime":1513.69,"body":"something to keep in mind but I"},{"speaker":"Carl Widger","startTime":1513.69,"endTime":1517.77,"body":"think there's still a long road"},{"speaker":"Carl Widger","startTime":1513.69,"endTime":1517.77,"body":"to go before this is all kind of"},{"speaker":"Carl Widger","startTime":1517.77,"endTime":1518.97,"body":"sorted out once and for all."},{"speaker":"Nick Lincoln","startTime":1520.17,"endTime":1524.31,"body":"Agreed. Agreed."},{"speaker":"Nick Lincoln","startTime":1520.17,"endTime":1524.31,"body":"Good stuff. Okay. What else do"},{"speaker":"Nick Lincoln","startTime":1524.31,"endTime":1527.82,"body":"we got? Oh, okay. So and we are"},{"speaker":"Nick Lincoln","startTime":1524.31,"endTime":1527.82,"body":"going to come on to the the main"},{"speaker":"Nick Lincoln","startTime":1527.82,"endTime":1532.29,"body":"bit of the topical section but"},{"speaker":"Nick Lincoln","startTime":1527.82,"endTime":1532.29,"body":"before that BlackRock, in the"},{"speaker":"Nick Lincoln","startTime":1532.29,"endTime":1534.96,"body":"USA we keep mentioning BlackRock"},{"speaker":"Nick Lincoln","startTime":1532.29,"endTime":1534.96,"body":"and Vanguard a lot today is"},{"speaker":"Nick Lincoln","startTime":1534.96,"endTime":1537.1499999999999,"body":"something going on here. But"},{"speaker":"Nick Lincoln","startTime":1534.96,"endTime":1537.1499999999999,"body":"Blackrock have pulled out of the"},{"speaker":"Nick Lincoln","startTime":1537.1499999999999,"endTime":1540.96,"body":"US Robo advice market with the"},{"speaker":"Nick Lincoln","startTime":1537.1499999999999,"endTime":1540.96,"body":"sale of its future advice"},{"speaker":"Nick Lincoln","startTime":1540.96,"endTime":1542.73,"body":"business. And there's a link to"},{"speaker":"Nick Lincoln","startTime":1540.96,"endTime":1542.73,"body":"that, and the so called show"},{"speaker":"Nick Lincoln","startTime":1542.73,"endTime":1548.1,"body":"notes. So again, that's a"},{"speaker":"Nick Lincoln","startTime":1542.73,"endTime":1548.1,"body":"massive low cost, low touch"},{"speaker":"Nick Lincoln","startTime":1548.25,"endTime":1551.6399999999999,"body":"service business closing down"},{"speaker":"Nick Lincoln","startTime":1548.25,"endTime":1551.6399999999999,"body":"with a firm that has got pockets"},{"speaker":"Nick Lincoln","startTime":1551.6399999999999,"endTime":1555.81,"body":"that are almost infinite. And"},{"speaker":"Nick Lincoln","startTime":1551.6399999999999,"endTime":1555.81,"body":"it's just saying, No, we can't"},{"speaker":"Nick Lincoln","startTime":1555.81,"endTime":1559.98,"body":"make this work. Funny that,"},{"speaker":"Nick Lincoln","startTime":1555.81,"endTime":1559.98,"body":"isn't it? Because, well, let's"},{"speaker":"Nick Lincoln","startTime":1559.98,"endTime":1562.26,"body":"go on to the next thing and very"},{"speaker":"Nick Lincoln","startTime":1559.98,"endTime":1562.26,"body":"timely for you. And it's"},{"speaker":"Nick Lincoln","startTime":1562.26,"endTime":1564.36,"body":"brilliant on your part and hold"},{"speaker":"Nick Lincoln","startTime":1562.26,"endTime":1564.36,"body":"on to you, you wrote an article"},{"speaker":"Nick Lincoln","startTime":1564.36,"endTime":1568.1399999999999,"body":"in money marketing, I believe it"},{"speaker":"Nick Lincoln","startTime":1564.36,"endTime":1568.1399999999999,"body":"was. financial advice will"},{"speaker":"Nick Lincoln","startTime":1568.1399999999999,"endTime":1570.21,"body":"always be a luxury product. And"},{"speaker":"Nick Lincoln","startTime":1568.1399999999999,"endTime":1570.21,"body":"I'll put a link to it in the"},{"speaker":"Nick Lincoln","startTime":1570.21,"endTime":1573.57,"body":"show in the so called show"},{"speaker":"Nick Lincoln","startTime":1570.21,"endTime":1573.57,"body":"notes. Got a lot of conversation"},{"speaker":"Nick Lincoln","startTime":1573.57,"endTime":1577.1399999999999,"body":"going on, on LinkedIn. People"},{"speaker":"Nick Lincoln","startTime":1573.57,"endTime":1577.1399999999999,"body":"will disagreeing with you people"},{"speaker":"Nick Lincoln","startTime":1577.1399999999999,"endTime":1579.3,"body":"agreeing with you. But that's"},{"speaker":"Nick Lincoln","startTime":1577.1399999999999,"endTime":1579.3,"body":"against some of the trigger"},{"speaker":"Nick Lincoln","startTime":1579.3,"endTime":1582.33,"body":"conversations. Maybe just talk"},{"speaker":"Nick Lincoln","startTime":1579.3,"endTime":1582.33,"body":"the dear TRAPPIST through the"},{"speaker":"Nick Lincoln","startTime":1583.2,"endTime":1585.96,"body":"through what your article was"},{"speaker":"Nick Lincoln","startTime":1583.2,"endTime":1585.96,"body":"about. And then we can move on"},{"speaker":"Nick Lincoln","startTime":1585.96,"endTime":1589.35,"body":"to what subsequently happened."},{"speaker":"Nick Lincoln","startTime":1585.96,"endTime":1589.35,"body":"What, in the same week, the news"},{"speaker":"Nick Lincoln","startTime":1589.35,"endTime":1589.71,"body":"that?"},{"speaker":"Andy Hart","startTime":1590.82,"endTime":1592.95,"body":"Well, the month"},{"speaker":"Andy Hart","startTime":1590.82,"endTime":1592.95,"body":"later, yeah, so I wrote an"},{"speaker":"Andy Hart","startTime":1592.95,"endTime":1596.1,"body":"article sort of intentionally"},{"speaker":"Andy Hart","startTime":1592.95,"endTime":1596.1,"body":"provocative called financial"},{"speaker":"Andy Hart","startTime":1596.1,"endTime":1599.97,"body":"advice would always be a luxury"},{"speaker":"Andy Hart","startTime":1596.1,"endTime":1599.97,"body":"product. You know, I put out a"},{"speaker":"Andy Hart","startTime":1599.97,"endTime":1603.06,"body":"lot of content throughout the"},{"speaker":"Andy Hart","startTime":1599.97,"endTime":1603.06,"body":"year. So some things are gonna"},{"speaker":"Andy Hart","startTime":1603.06,"endTime":1606.24,"body":"be pretty average. And some"},{"speaker":"Andy Hart","startTime":1603.06,"endTime":1606.24,"body":"things are going to get people's"},{"speaker":"Andy Hart","startTime":1606.24,"endTime":1609.27,"body":"attention. I think this caught"},{"speaker":"Andy Hart","startTime":1606.24,"endTime":1609.27,"body":"people's attention. Because I"},{"speaker":"Andy Hart","startTime":1609.27,"endTime":1611.8799999999999,"body":"was saying lots of things in the"},{"speaker":"Andy Hart","startTime":1609.27,"endTime":1611.8799999999999,"body":"article that would trigger"},{"speaker":"Andy Hart","startTime":1611.8799999999999,"endTime":1615.3,"body":"people that are trying to fix"},{"speaker":"Andy Hart","startTime":1611.8799999999999,"endTime":1615.3,"body":"this issue of the advice gap,"},{"speaker":"Andy Hart","startTime":1615.75,"endTime":1618.6599999999999,"body":"and trying to offer advice to"},{"speaker":"Andy Hart","startTime":1615.75,"endTime":1618.6599999999999,"body":"more and more people. And most"},{"speaker":"Andy Hart","startTime":1618.6599999999999,"endTime":1622.8,"body":"advisors run a business, a small"},{"speaker":"Andy Hart","startTime":1618.6599999999999,"endTime":1622.8,"body":"amount of families that they"},{"speaker":"Andy Hart","startTime":1622.8,"endTime":1628.4099999999999,"body":"look after 50 6070 100 products"},{"speaker":"Andy Hart","startTime":1622.8,"endTime":1628.4099999999999,"body":"can be commoditized picking"},{"speaker":"Andy Hart","startTime":1628.4099999999999,"endTime":1631.92,"body":"products, absolutely. Financial"},{"speaker":"Andy Hart","startTime":1628.4099999999999,"endTime":1631.92,"body":"Education brands, again, a"},{"speaker":"Andy Hart","startTime":1631.92,"endTime":1636.54,"body":"massive fan of I've helped train"},{"speaker":"Andy Hart","startTime":1631.92,"endTime":1636.54,"body":"educate probably more financial"},{"speaker":"Andy Hart","startTime":1636.54,"endTime":1641.1599999999999,"body":"advisors than most other ifas"},{"speaker":"Andy Hart","startTime":1636.54,"endTime":1641.1599999999999,"body":"motor advisors. I've trained a"},{"speaker":"Andy Hart","startTime":1641.1599999999999,"endTime":1644.1,"body":"lot of sort of end consumers or"},{"speaker":"Andy Hart","startTime":1641.1599999999999,"endTime":1644.1,"body":"given information to end"},{"speaker":"Andy Hart","startTime":1644.1,"endTime":1647.97,"body":"consumers. But I think the"},{"speaker":"Andy Hart","startTime":1644.1,"endTime":1647.97,"body":"business of regulated personal"},{"speaker":"Andy Hart","startTime":1647.97,"endTime":1651.33,"body":"financial advice, financial"},{"speaker":"Andy Hart","startTime":1647.97,"endTime":1651.33,"body":"planning will always be a luxury"},{"speaker":"Andy Hart","startTime":1651.33,"endTime":1654.51,"body":"product. Most advisors get"},{"speaker":"Andy Hart","startTime":1651.33,"endTime":1654.51,"body":"better and better at this"},{"speaker":"Andy Hart","startTime":1654.51,"endTime":1656.97,"body":"business and work with wealthier"},{"speaker":"Andy Hart","startTime":1654.51,"endTime":1656.97,"body":"and wealthier people. That's"},{"speaker":"Andy Hart","startTime":1656.97,"endTime":1660.21,"body":"just that's just the natural"},{"speaker":"Andy Hart","startTime":1656.97,"endTime":1660.21,"body":"sort of progression. And a lot"},{"speaker":"Andy Hart","startTime":1660.21,"endTime":1663.45,"body":"of people come into this space"},{"speaker":"Andy Hart","startTime":1660.21,"endTime":1663.45,"body":"with great intentions of selling"},{"speaker":"Andy Hart","startTime":1663.45,"endTime":1667.62,"body":"financial advice for a very, you"},{"speaker":"Andy Hart","startTime":1663.45,"endTime":1667.62,"body":"know, menial amount of money,"},{"speaker":"Andy Hart","startTime":1667.62,"endTime":1670.56,"body":"they want to get traction and"},{"speaker":"Andy Hart","startTime":1667.62,"endTime":1670.56,"body":"attract hundreds and 1000s of"},{"speaker":"Andy Hart","startTime":1670.56,"endTime":1674.19,"body":"people, but many fail. I haven't"},{"speaker":"Andy Hart","startTime":1670.56,"endTime":1674.19,"body":"seen anybody do it successfully"},{"speaker":"Andy Hart","startTime":1674.19,"endTime":1677.49,"body":"yet. And then a month later,"},{"speaker":"Andy Hart","startTime":1674.19,"endTime":1677.49,"body":"Vanguard pulled out of the UK"},{"speaker":"Andy Hart","startTime":1677.49,"endTime":1680.8799999999999,"body":"financial advice, financial"},{"speaker":"Andy Hart","startTime":1677.49,"endTime":1680.8799999999999,"body":"planning market, BlackRock, you"},{"speaker":"Andy Hart","startTime":1680.8799999999999,"endTime":1683.79,"body":"mentioned FutureAdvisor have"},{"speaker":"Andy Hart","startTime":1680.8799999999999,"endTime":1683.79,"body":"also pulled out of there. And"},{"speaker":"Andy Hart","startTime":1683.79,"endTime":1685.8,"body":"there are people that are trying"},{"speaker":"Andy Hart","startTime":1683.79,"endTime":1685.8,"body":"to set up companies to try and"},{"speaker":"Andy Hart","startTime":1685.8,"endTime":1690.18,"body":"address this, you know, hats off"},{"speaker":"Andy Hart","startTime":1685.8,"endTime":1690.18,"body":"to them, but they haven't yet"},{"speaker":"Andy Hart","startTime":1690.18,"endTime":1693.69,"body":"done it. So obviously, my"},{"speaker":"Andy Hart","startTime":1690.18,"endTime":1693.69,"body":"article annoyed some people that"},{"speaker":"Andy Hart","startTime":1693.69,"endTime":1696.6599999999999,"body":"are in that sort of space. So"},{"speaker":"Andy Hart","startTime":1693.69,"endTime":1696.6599999999999,"body":"yeah, any thoughts from anyone"},{"speaker":"Andy Hart","startTime":1696.6599999999999,"endTime":1697.11,"body":"else? Really?"},{"speaker":"Nick Lincoln","startTime":1697.4099999999999,"endTime":1699.33,"body":"Okay, just before"},{"speaker":"Nick Lincoln","startTime":1697.4099999999999,"endTime":1699.33,"body":"we do, come on, we will come"},{"speaker":"Nick Lincoln","startTime":1699.33,"endTime":1701.9099999999999,"body":"back to this in a second, we've"},{"speaker":"Nick Lincoln","startTime":1699.33,"endTime":1701.9099999999999,"body":"got a word from our sponsors."},{"speaker":"Carl Widger","startTime":1703.95,"endTime":1708.54,"body":"Dear tracklists, a"},{"speaker":"Carl Widger","startTime":1703.95,"endTime":1708.54,"body":"small favorite, please, we rely"},{"speaker":"Carl Widger","startTime":1708.54,"endTime":1711.6299999999999,"body":"on word of mouth to help grow"},{"speaker":"Carl Widger","startTime":1708.54,"endTime":1711.6299999999999,"body":"the reach of travel."},{"speaker":"Alan Smith","startTime":1712.1689999999999,"endTime":1715.589,"body":"Six out of five star"},{"speaker":"Alan Smith","startTime":1712.1689999999999,"endTime":1715.589,"body":"reviews on iTunes, and liking"},{"speaker":"Alan Smith","startTime":1715.589,"endTime":1718.949,"body":"and subscribing to our YouTube"},{"speaker":"Alan Smith","startTime":1715.589,"endTime":1718.949,"body":"channel are all great, but but"},{"speaker":"Alan Smith","startTime":1718.949,"endTime":1719.579,"body":"but."},{"speaker":"Nick Lincoln","startTime":1720.21,"endTime":1723.12,"body":"But we would"},{"speaker":"Nick Lincoln","startTime":1720.21,"endTime":1723.12,"body":"really appreciate it if between"},{"speaker":"Nick Lincoln","startTime":1723.12,"endTime":1726.18,"body":"now on the next episode, you"},{"speaker":"Nick Lincoln","startTime":1723.12,"endTime":1726.18,"body":"could recommend track to three"},{"speaker":"Nick Lincoln","startTime":1726.21,"endTime":1727.05,"body":"of your peers."},{"speaker":"Andy Hart","startTime":1727.649,"endTime":1730.379,"body":"Doing that helps us"},{"speaker":"Andy Hart","startTime":1727.649,"endTime":1730.379,"body":"which means we can build crap to"},{"speaker":"Andy Hart","startTime":1730.379,"endTime":1733.9189999999999,"body":"help you. Now back to what many"},{"speaker":"Andy Hart","startTime":1730.379,"endTime":1733.9189999999999,"body":"Lafley call the show."},{"speaker":"Nick Lincoln","startTime":1736.11,"endTime":1739.1399999999999,"body":"Andy Andy. Okay."},{"speaker":"Nick Lincoln","startTime":1736.11,"endTime":1739.1399999999999,"body":"So, Andy, thank you for talking"},{"speaker":"Nick Lincoln","startTime":1739.1399999999999,"endTime":1742.5,"body":"us through your article. And"},{"speaker":"Nick Lincoln","startTime":1739.1399999999999,"endTime":1742.5,"body":"then Vanguard pulled out. Let's"},{"speaker":"Nick Lincoln","startTime":1742.5,"endTime":1745.92,"body":"go with Alan. And then Carl,"},{"speaker":"Nick Lincoln","startTime":1742.5,"endTime":1745.92,"body":"what are your views on this?"},{"speaker":"Alan Smith","startTime":1749.04,"endTime":1751.59,"body":"It's complicated,"},{"speaker":"Alan Smith","startTime":1749.04,"endTime":1751.59,"body":"isn't it. But I gotta tell you"},{"speaker":"Alan Smith","startTime":1751.62,"endTime":1756.33,"body":"that I couldn't not have been"},{"speaker":"Alan Smith","startTime":1751.62,"endTime":1756.33,"body":"more surprised when I heard the"},{"speaker":"Alan Smith","startTime":1756.33,"endTime":1759.87,"body":"news about Vanguard. Now. That's"},{"speaker":"Alan Smith","startTime":1756.33,"endTime":1759.87,"body":"an organization that every one"},{"speaker":"Alan Smith","startTime":1759.87,"endTime":1762.93,"body":"of us on this call. And most of"},{"speaker":"Alan Smith","startTime":1759.87,"endTime":1762.93,"body":"the people that I know have got"},{"speaker":"Alan Smith","startTime":1762.93,"endTime":1766.17,"body":"immense respect for, you know,"},{"speaker":"Alan Smith","startTime":1762.93,"endTime":1766.17,"body":"I've done that you're the origin"},{"speaker":"Alan Smith","startTime":1766.17,"endTime":1771.21,"body":"story of how that company got"},{"speaker":"Alan Smith","startTime":1766.17,"endTime":1771.21,"body":"going with St. Jack Bogle, and"},{"speaker":"Alan Smith","startTime":1771.21,"endTime":1775.6499999999999,"body":"everything was about, you know,"},{"speaker":"Alan Smith","startTime":1771.21,"endTime":1775.6499999999999,"body":"good client outcomes. And, you"},{"speaker":"Alan Smith","startTime":1775.6499999999999,"endTime":1778.59,"body":"know, their office is here in"},{"speaker":"Alan Smith","startTime":1775.6499999999999,"endTime":1778.59,"body":"London opposite where my"},{"speaker":"Alan Smith","startTime":1778.59,"endTime":1781.08,"body":"offices, I've met some very"},{"speaker":"Alan Smith","startTime":1778.59,"endTime":1781.08,"body":"senior people there over over"},{"speaker":"Alan Smith","startTime":1781.08,"endTime":1784.26,"body":"the years. And you know, it's"},{"speaker":"Alan Smith","startTime":1781.08,"endTime":1784.26,"body":"all about integrity, and good"},{"speaker":"Alan Smith","startTime":1784.29,"endTime":1787.5,"body":"everything which is good about"},{"speaker":"Alan Smith","startTime":1784.29,"endTime":1787.5,"body":"them. You know, the very fact"},{"speaker":"Alan Smith","startTime":1787.5,"endTime":1791.8799999999999,"body":"that they're not a listed public"},{"speaker":"Alan Smith","startTime":1787.5,"endTime":1791.8799999999999,"body":"company, they're owned by their"},{"speaker":"Alan Smith","startTime":1791.9099999999999,"endTime":1795.09,"body":"investors. And so then they"},{"speaker":"Alan Smith","startTime":1791.9099999999999,"endTime":1795.09,"body":"don't have this tyranny of"},{"speaker":"Alan Smith","startTime":1795.09,"endTime":1799.08,"body":"quarterly results and profits."},{"speaker":"Alan Smith","startTime":1795.09,"endTime":1799.08,"body":"So like others have, and they've"},{"speaker":"Alan Smith","startTime":1799.08,"endTime":1801.69,"body":"always said, every conversation"},{"speaker":"Alan Smith","startTime":1799.08,"endTime":1801.69,"body":"I've had, and it's public"},{"speaker":"Alan Smith","startTime":1801.69,"endTime":1804.6299999999999,"body":"information, we play the long"},{"speaker":"Alan Smith","startTime":1801.69,"endTime":1804.6299999999999,"body":"game, you know, investment time"},{"speaker":"Alan Smith","startTime":1804.6299999999999,"endTime":1809.19,"body":"horizons, for us are forever."},{"speaker":"Alan Smith","startTime":1804.6299999999999,"endTime":1809.19,"body":"And on one hand, there is no"},{"speaker":"Alan Smith","startTime":1809.19,"endTime":1813.87,"body":"question that there is a need"},{"speaker":"Alan Smith","startTime":1809.19,"endTime":1813.87,"body":"and a demand for a different"},{"speaker":"Alan Smith","startTime":1813.87,"endTime":1816.09,"body":"version of full fat financial"},{"speaker":"Alan Smith","startTime":1813.87,"endTime":1816.09,"body":"planning. You gotta meet"},{"speaker":"Alan Smith","startTime":1816.09,"endTime":1818.31,"body":"somebody face to face and all"},{"speaker":"Alan Smith","startTime":1816.09,"endTime":1818.31,"body":"that sort of stuff. And you can"},{"speaker":"Alan Smith","startTime":1818.31,"endTime":1820.1399999999999,"body":"you just sort of dip in and out"},{"speaker":"Alan Smith","startTime":1818.31,"endTime":1820.1399999999999,"body":"and you've got the different"},{"speaker":"Alan Smith","startTime":1820.1399999999999,"endTime":1822.78,"body":"transitions in your life, you"},{"speaker":"Alan Smith","startTime":1820.1399999999999,"endTime":1822.78,"body":"might need to get someone to"},{"speaker":"Alan Smith","startTime":1822.78,"endTime":1825.24,"body":"give you a bit of guidance. Of"},{"speaker":"Alan Smith","startTime":1822.78,"endTime":1825.24,"body":"course, what Vanguard created."},{"speaker":"Alan Smith","startTime":1825.78,"endTime":1828.6599999999999,"body":"And the strange thing is, it's"},{"speaker":"Alan Smith","startTime":1825.78,"endTime":1828.6599999999999,"body":"been hugely successful as far as"},{"speaker":"Alan Smith","startTime":1828.6599999999999,"endTime":1833.7,"body":"I understand it in the US. But"},{"speaker":"Alan Smith","startTime":1828.6599999999999,"endTime":1833.7,"body":"you've got a qualified financial"},{"speaker":"Alan Smith","startTime":1833.7,"endTime":1838.23,"body":"planners CFP in their language,"},{"speaker":"Alan Smith","startTime":1833.7,"endTime":1838.23,"body":"who does as I understand it,"},{"speaker":"Alan Smith","startTime":1838.23,"endTime":1842.1299999999999,"body":"proper cash flow modeling sold,"},{"speaker":"Alan Smith","startTime":1838.23,"endTime":1842.1299999999999,"body":"Digital's all over the phone and"},{"speaker":"Alan Smith","startTime":1842.1299999999999,"endTime":1844.8,"body":"through zoom calls, but you"},{"speaker":"Alan Smith","startTime":1842.1299999999999,"endTime":1844.8,"body":"know, that's that's the world"},{"speaker":"Alan Smith","startTime":1844.8,"endTime":1847.77,"body":"nowadays. That's what it is a"},{"speaker":"Alan Smith","startTime":1844.8,"endTime":1847.77,"body":"lot of advisors. So I'm on this"},{"speaker":"Alan Smith","startTime":1847.77,"endTime":1852.09,"body":"call, that's how they operate,"},{"speaker":"Alan Smith","startTime":1847.77,"endTime":1852.09,"body":"predominantly. So with deep"},{"speaker":"Alan Smith","startTime":1852.09,"endTime":1857.1299999999999,"body":"pockets with an infinite time"},{"speaker":"Alan Smith","startTime":1852.09,"endTime":1857.1299999999999,"body":"horizon, and with an no doubt"},{"speaker":"Alan Smith","startTime":1857.1299999999999,"endTime":1860.73,"body":"about it an increasing demand"},{"speaker":"Alan Smith","startTime":1857.1299999999999,"endTime":1860.73,"body":"for this sort of service. I just"},{"speaker":"Alan Smith","startTime":1860.73,"endTime":1864.3899999999999,"body":"scratched my head. I don't know"},{"speaker":"Alan Smith","startTime":1860.73,"endTime":1864.3899999999999,"body":"how or why. But of course, it"},{"speaker":"Alan Smith","startTime":1864.3899999999999,"endTime":1866.73,"body":"makes you think, well, if they"},{"speaker":"Alan Smith","startTime":1864.3899999999999,"endTime":1866.73,"body":"can't do it, immediately, if"},{"speaker":"Alan Smith","startTime":1866.73,"endTime":1870.21,"body":"they can't do it, then What"},{"speaker":"Alan Smith","startTime":1866.73,"endTime":1870.21,"body":"chance does anyone have? How"},{"speaker":"Alan Smith","startTime":1870.21,"endTime":1873.78,"body":"could they strategically decide"},{"speaker":"Alan Smith","startTime":1870.21,"endTime":1873.78,"body":"because it sends out such a? I"},{"speaker":"Alan Smith","startTime":1873.78,"endTime":1876.42,"body":"mean, honestly, don't you think"},{"speaker":"Alan Smith","startTime":1873.78,"endTime":1876.42,"body":"it's just egg on the face of"},{"speaker":"Alan Smith","startTime":1876.42,"endTime":1879.8999999999999,"body":"whoever has originally launched"},{"speaker":"Alan Smith","startTime":1876.42,"endTime":1879.8999999999999,"body":"their program and then withdrawn"},{"speaker":"Alan Smith","startTime":1879.8999999999999,"endTime":1882.8999999999999,"body":"from it for somebody, somebody's"},{"speaker":"Alan Smith","startTime":1879.8999999999999,"endTime":1882.8999999999999,"body":"had to go to the board and say,"},{"speaker":"Alan Smith","startTime":1882.8999999999999,"endTime":1886.56,"body":"Now we can't make this work, but"},{"speaker":"Alan Smith","startTime":1882.8999999999999,"endTime":1886.56,"body":"it doesn't make any money or, or"},{"speaker":"Alan Smith","startTime":1886.59,"endTime":1888.69,"body":"even if it didn't make any"},{"speaker":"Alan Smith","startTime":1886.59,"endTime":1888.69,"body":"money, the company like Vanguard"},{"speaker":"Alan Smith","startTime":1888.69,"endTime":1890.1599999999999,"body":"was just you do it at cost."},{"speaker":"Andy Hart","startTime":1890.46,"endTime":1892.62,"body":"Just to jump in."},{"speaker":"Andy Hart","startTime":1890.46,"endTime":1892.62,"body":"There must be something else"},{"speaker":"Andy Hart","startTime":1892.62,"endTime":1893.58,"body":"going on under the bonnet. We"},{"speaker":"Alan Smith","startTime":1893.58,"endTime":1895.83,"body":"don't know he was"},{"speaker":"Alan Smith","startTime":1893.58,"endTime":1895.83,"body":"like, for three"},{"speaker":"Nick Lincoln","startTime":1895.83,"endTime":1897.45,"body":"years, three"},{"speaker":"Nick Lincoln","startTime":1895.83,"endTime":1897.45,"body":"years, I"},{"speaker":"Alan Smith","startTime":1897.45,"endTime":1899.01,"body":"think. Two years,"},{"speaker":"Alan Smith","startTime":1897.45,"endTime":1899.01,"body":"two years."},{"speaker":"Nick Lincoln","startTime":1899.04,"endTime":1902.1,"body":"April 2021. is"},{"speaker":"Nick Lincoln","startTime":1899.04,"endTime":1902.1,"body":"what I thought I know, Citywire"},{"speaker":"Nick Lincoln","startTime":1902.1299999999999,"endTime":1906.06,"body":"in a case. They said three year"},{"speaker":"Nick Lincoln","startTime":1902.1299999999999,"endTime":1906.06,"body":"but I think less than two years."},{"speaker":"Nick Lincoln","startTime":1906.09,"endTime":1909.51,"body":"Carl, what are you again,"},{"speaker":"Nick Lincoln","startTime":1906.09,"endTime":1909.51,"body":"looking from the outside in on"},{"speaker":"Nick Lincoln","startTime":1909.51,"endTime":1911.04,"body":"this? What do you what do you"},{"speaker":"Nick Lincoln","startTime":1909.51,"endTime":1911.04,"body":"think?"},{"speaker":"Carl Widger","startTime":1911.1,"endTime":1912.81,"body":"Yeah, I remember"},{"speaker":"Carl Widger","startTime":1911.1,"endTime":1912.81,"body":"like when it was launched, it"},{"speaker":"Carl Widger","startTime":1912.81,"endTime":1917.04,"body":"was like, all my UK colleagues"},{"speaker":"Carl Widger","startTime":1912.81,"endTime":1917.04,"body":"were like going, Oh, my God,"},{"speaker":"Carl Widger","startTime":1917.04,"endTime":1918.12,"body":"here come Vanguard at"},{"speaker":"Andy Hart","startTime":1918.57,"endTime":1920.1599999999999,"body":"the end. Some of them"},{"speaker":"Nick Lincoln","startTime":1920.1599999999999,"endTime":1921.99,"body":"some of them work,"},{"speaker":"Nick Lincoln","startTime":1920.1599999999999,"endTime":1921.99,"body":"or some of them are some of them"},{"speaker":"Nick Lincoln","startTime":1921.99,"endTime":1923.46,"body":"weren't. But yeah,"},{"speaker":"Carl Widger","startTime":1923.85,"endTime":1929.46,"body":"yeah, you're right."},{"speaker":"Carl Widger","startTime":1923.85,"endTime":1929.46,"body":"Again, Nick. Well done. But"},{"speaker":"Carl Widger","startTime":1929.49,"endTime":1932.85,"body":"yeah, look, I think on the one"},{"speaker":"Carl Widger","startTime":1929.49,"endTime":1932.85,"body":"hand, it's kind of, I've kind"},{"speaker":"Carl Widger","startTime":1932.85,"endTime":1936.48,"body":"of, there's two positions on"},{"speaker":"Carl Widger","startTime":1932.85,"endTime":1936.48,"body":"this, right? You can be a little"},{"speaker":"Carl Widger","startTime":1936.48,"endTime":1940.08,"body":"bit smug. So yeah, we do that."},{"speaker":"Carl Widger","startTime":1936.48,"endTime":1940.08,"body":"And they couldn't do it with all"},{"speaker":"Carl Widger","startTime":1940.08,"endTime":1942.6,"body":"their money. But then I think"},{"speaker":"Carl Widger","startTime":1940.08,"endTime":1942.6,"body":"Alan's point is really well"},{"speaker":"Carl Widger","startTime":1942.6,"endTime":1947.04,"body":"made, I think it's, you know, if"},{"speaker":"Carl Widger","startTime":1942.6,"endTime":1947.04,"body":"you're trying to scale, or get"},{"speaker":"Carl Widger","startTime":1947.04,"endTime":1950.73,"body":"to any kind of scale, it just"},{"speaker":"Carl Widger","startTime":1947.04,"endTime":1950.73,"body":"proves, you know, that it's just"},{"speaker":"Carl Widger","startTime":1950.73,"endTime":1953.3999999999999,"body":"bloody difficult to do this. And"},{"speaker":"Carl Widger","startTime":1950.73,"endTime":1953.3999999999999,"body":"this is all about human"},{"speaker":"Carl Widger","startTime":1953.3999999999999,"endTime":1957.12,"body":"relationships, whether it's done"},{"speaker":"Carl Widger","startTime":1953.3999999999999,"endTime":1957.12,"body":"via zoom, or whether it's done"},{"speaker":"Carl Widger","startTime":1957.12,"endTime":1961.44,"body":"in person, it is all about human"},{"speaker":"Carl Widger","startTime":1957.12,"endTime":1961.44,"body":"relationships. And, you know,"},{"speaker":"Carl Widger","startTime":1961.47,"endTime":1964.62,"body":"it's going to be hard to scale"},{"speaker":"Carl Widger","startTime":1961.47,"endTime":1964.62,"body":"that that's why Robo advice is,"},{"speaker":"Carl Widger","startTime":1964.6499999999999,"endTime":1968.1,"body":"you know, gonna, you know, has"},{"speaker":"Carl Widger","startTime":1964.6499999999999,"endTime":1968.1,"body":"run into difficulty. And that's"},{"speaker":"Carl Widger","startTime":1968.1,"endTime":1971.01,"body":"why Vanguard have run into"},{"speaker":"Carl Widger","startTime":1968.1,"endTime":1971.01,"body":"difficulty not being able to do"},{"speaker":"Carl Widger","startTime":1971.01,"endTime":1974.7,"body":"full fat financial planning. So"},{"speaker":"Carl Widger","startTime":1971.01,"endTime":1974.7,"body":"on the one hand, it's kind of"},{"speaker":"Carl Widger","startTime":1974.73,"endTime":1977.61,"body":"nice that, you know, the little,"},{"speaker":"Carl Widger","startTime":1974.73,"endTime":1977.61,"body":"the little boys have one here,"},{"speaker":"Carl Widger","startTime":1977.61,"endTime":1980.76,"body":"but on the other hand, it's"},{"speaker":"Carl Widger","startTime":1977.61,"endTime":1980.76,"body":"like, I've always thought, you"},{"speaker":"Carl Widger","startTime":1980.76,"endTime":1984.21,"body":"know, we can scale this thing,"},{"speaker":"Carl Widger","startTime":1980.76,"endTime":1984.21,"body":"and let's drive it on. And no,"},{"speaker":"Carl Widger","startTime":1984.24,"endTime":1987.8999999999999,"body":"you'd have to sit back and go,"},{"speaker":"Carl Widger","startTime":1984.24,"endTime":1987.8999999999999,"body":"Okay, well, like Alan said, if"},{"speaker":"Carl Widger","startTime":1987.8999999999999,"endTime":1992.1299999999999,"body":"they can't do it, who bloody"},{"speaker":"Carl Widger","startTime":1987.8999999999999,"endTime":1992.1299999999999,"body":"well can. So yeah, it's"},{"speaker":"Carl Widger","startTime":1992.1299999999999,"endTime":1994.95,"body":"interesting, that I'm just"},{"speaker":"Carl Widger","startTime":1992.1299999999999,"endTime":1994.95,"body":"blinded to you know, what all of"},{"speaker":"Carl Widger","startTime":1994.95,"endTime":1997.44,"body":"these topical tidbits that we're"},{"speaker":"Carl Widger","startTime":1994.95,"endTime":1997.44,"body":"talking about today, there's"},{"speaker":"Carl Widger","startTime":1997.44,"endTime":2002.51,"body":"just so much happening. And it"},{"speaker":"Carl Widger","startTime":1997.44,"endTime":2002.51,"body":"is most of it, you know, is kind"},{"speaker":"Carl Widger","startTime":2002.51,"endTime":2004.25,"body":"of we're sitting back in"},{"speaker":"Carl Widger","startTime":2002.51,"endTime":2004.25,"body":"Ireland, looking at it all"},{"speaker":"Carl Widger","startTime":2004.25,"endTime":2007.61,"body":"happening, because it's mostly"},{"speaker":"Carl Widger","startTime":2004.25,"endTime":2007.61,"body":"happening in the UK market. But"},{"speaker":"Carl Widger","startTime":2007.6399999999999,"endTime":2014.54,"body":"the only constant seems to be"},{"speaker":"Carl Widger","startTime":2007.6399999999999,"endTime":2014.54,"body":"change. And then also, they'll"},{"speaker":"Carl Widger","startTime":2014.54,"endTime":2017.51,"body":"also see that I was deeply"},{"speaker":"Carl Widger","startTime":2014.54,"endTime":2017.51,"body":"uncomfortable with the content"},{"speaker":"Carl Widger","startTime":2017.51,"endTime":2023.6599999999999,"body":"of some of today's always do the"},{"speaker":"Carl Widger","startTime":2017.51,"endTime":2023.6599999999999,"body":"Irish versus UK cultural"},{"speaker":"Carl Widger","startTime":2023.6599999999999,"endTime":2024.23,"body":"differences."},{"speaker":"Nick Lincoln","startTime":2030.02,"endTime":2032.72,"body":"He's wearing his"},{"speaker":"Nick Lincoln","startTime":2030.02,"endTime":2032.72,"body":"rugby shirt. There you go. The"},{"speaker":"Nick Lincoln","startTime":2032.72,"endTime":2034.67,"body":"view from the outside and on the"},{"speaker":"Nick Lincoln","startTime":2032.72,"endTime":2034.67,"body":"bank. I think maybe I'll just"},{"speaker":"Nick Lincoln","startTime":2034.67,"endTime":2038.87,"body":"quick, just draw a line. I mean,"},{"speaker":"Nick Lincoln","startTime":2034.67,"endTime":2038.87,"body":"for me, as Alan said, and I want"},{"speaker":"Nick Lincoln","startTime":2038.87,"endTime":2041.03,"body":"to say as well, because I mean,"},{"speaker":"Nick Lincoln","startTime":2038.87,"endTime":2041.03,"body":"but I just cannot believe what"},{"speaker":"Nick Lincoln","startTime":2041.33,"endTime":2045.02,"body":"the how they've dropped the ball"},{"speaker":"Nick Lincoln","startTime":2041.33,"endTime":2045.02,"body":"on this such a brand. They do"},{"speaker":"Nick Lincoln","startTime":2045.02,"endTime":2047.36,"body":"this brilliant research and the"},{"speaker":"Nick Lincoln","startTime":2045.02,"endTime":2047.36,"body":"advisor market with their"},{"speaker":"Nick Lincoln","startTime":2047.36,"endTime":2051.41,"body":"advisor Alpha papers in the US"},{"speaker":"Nick Lincoln","startTime":2047.36,"endTime":2051.41,"body":"and who they know this market."},{"speaker":"Nick Lincoln","startTime":2051.44,"endTime":2054.62,"body":"They know. Yeah, advice, the"},{"speaker":"Nick Lincoln","startTime":2051.44,"endTime":2054.62,"body":"direct to consumer market."},{"speaker":"Andy Hart","startTime":2055.07,"endTime":2056.96,"body":"And a lot of smart"},{"speaker":"Andy Hart","startTime":2055.07,"endTime":2056.96,"body":"people they employed as well,"},{"speaker":"Andy Hart","startTime":2056.96,"endTime":2061.16,"body":"Nick, we know a lot of them as"},{"speaker":"Andy Hart","startTime":2056.96,"endTime":2061.16,"body":"well. Yeah, in Vanguard towers."},{"speaker":"Nick Lincoln","startTime":2061.279,"endTime":2063.4990000000003,"body":"Yeah, James James"},{"speaker":"Nick Lincoln","startTime":2061.279,"endTime":2063.4990000000003,"body":"Norton was quite a, you know."},{"speaker":"Nick Lincoln","startTime":2065.239,"endTime":2068.899,"body":"And I was just, the department"},{"speaker":"Nick Lincoln","startTime":2065.239,"endTime":2068.899,"body":"also thinks, you know, what, I"},{"speaker":"Nick Lincoln","startTime":2068.899,"endTime":2070.789,"body":"kind of come out with some"},{"speaker":"Nick Lincoln","startTime":2068.899,"endTime":2070.789,"body":"admiration for them, because"},{"speaker":"Nick Lincoln","startTime":2070.789,"endTime":2073.039,"body":"they just other brands would"},{"speaker":"Nick Lincoln","startTime":2070.789,"endTime":2073.039,"body":"have said, Oh, Christ, we'll"},{"speaker":"Nick Lincoln","startTime":2073.039,"endTime":2075.379,"body":"just keep on putting money into"},{"speaker":"Nick Lincoln","startTime":2073.039,"endTime":2075.379,"body":"this. And after maybe 10 years,"},{"speaker":"Nick Lincoln","startTime":2075.379,"endTime":2079.939,"body":"we'll shutter it and just just"},{"speaker":"Nick Lincoln","startTime":2075.379,"endTime":2079.939,"body":"just it'll go where they said"},{"speaker":"Nick Lincoln","startTime":2079.939,"endTime":2081.859,"body":"no, after less than two years, I"},{"speaker":"Nick Lincoln","startTime":2079.939,"endTime":2081.859,"body":"think it's less than two years"},{"speaker":"Nick Lincoln","startTime":2081.859,"endTime":2083.8089999999997,"body":"they said no, this isn't we're"},{"speaker":"Nick Lincoln","startTime":2081.859,"endTime":2083.8089999999997,"body":"just gonna"},{"speaker":"Alan Smith","startTime":2084.35,"endTime":2087.17,"body":"zone and it was just"},{"speaker":"Alan Smith","startTime":2084.35,"endTime":2087.17,"body":"just to be clear on this this is"},{"speaker":"Alan Smith","startTime":2087.17,"endTime":2090.8,"body":"different we got so we're not"},{"speaker":"Alan Smith","startTime":2087.17,"endTime":2090.8,"body":"quite conflating but the the"},{"speaker":"Alan Smith","startTime":2090.8,"endTime":2096.14,"body":"black rock thing in the US and"},{"speaker":"Alan Smith","startTime":2090.8,"endTime":2096.14,"body":"and others was a robo, he said"},{"speaker":"Alan Smith","startTime":2096.14,"endTime":2098.39,"body":"Robo advice, but it was no"},{"speaker":"Alan Smith","startTime":2096.14,"endTime":2098.39,"body":"advice, wasn't it? So all these"},{"speaker":"Alan Smith","startTime":2098.39,"endTime":2101.15,"body":"variants of version of in the"},{"speaker":"Alan Smith","startTime":2098.39,"endTime":2101.15,"body":"UK, we've had think it was a bit"},{"speaker":"Alan Smith","startTime":2101.15,"endTime":2103.82,"body":"of a hybrid FutureAdvisor Alan"},{"speaker":"Alan Smith","startTime":2101.15,"endTime":2103.82,"body":"bit of a hybrid Well,"},{"speaker":"Alan Smith","startTime":2103.85,"endTime":2107.3,"body":"eventually, I mean, I don't know"},{"speaker":"Alan Smith","startTime":2103.85,"endTime":2107.3,"body":"much about it other than what I"},{"speaker":"Alan Smith","startTime":2107.3,"endTime":2110.96,"body":"read, eventually they kind of"},{"speaker":"Alan Smith","startTime":2107.3,"endTime":2110.96,"body":"plugged it into RIAs as a column"},{"speaker":"Alan Smith","startTime":2110.96,"endTime":2113.54,"body":"over there, you know, advisor"},{"speaker":"Alan Smith","startTime":2110.96,"endTime":2113.54,"body":"firms became the kind of the the"},{"speaker":"Alan Smith","startTime":2113.54,"endTime":2116.93,"body":"back end. But ultimately, you"},{"speaker":"Alan Smith","startTime":2113.54,"endTime":2116.93,"body":"know, the tradition of robo"},{"speaker":"Alan Smith","startTime":2116.93,"endTime":2119.6,"body":"advisors we know it like the"},{"speaker":"Alan Smith","startTime":2116.93,"endTime":2119.6,"body":"likes of nutmeg who themselves"},{"speaker":"Alan Smith","startTime":2119.6,"endTime":2123.38,"body":"and are being flogged off to"},{"speaker":"Alan Smith","startTime":2119.6,"endTime":2123.38,"body":"JPMorgan to think that was a"},{"speaker":"Alan Smith","startTime":2123.38,"endTime":2125.63,"body":"misnomer, wasn't it? Because"},{"speaker":"Alan Smith","startTime":2123.38,"endTime":2125.63,"body":"it's robo advisor. There was no"},{"speaker":"Alan Smith","startTime":2125.63,"endTime":2127.97,"body":"advice from it. It was"},{"speaker":"Alan Smith","startTime":2125.63,"endTime":2127.97,"body":"effectively a paint by numbers,"},{"speaker":"Alan Smith","startTime":2127.97,"endTime":2130.88,"body":"low cost index allocation,"},{"speaker":"Alan Smith","startTime":2127.97,"endTime":2130.88,"body":"selling Asian thing choose your"},{"speaker":"Alan Smith","startTime":2130.88,"endTime":2136.0099999999998,"body":"funds, do a risk profiler thing"},{"speaker":"Alan Smith","startTime":2130.88,"endTime":2136.0099999999998,"body":"on Robo portfolio. And I always"},{"speaker":"Alan Smith","startTime":2136.0099999999998,"endTime":2138.98,"body":"felt that was going to struggle"},{"speaker":"Alan Smith","startTime":2136.0099999999998,"endTime":2138.98,"body":"a bit because it just, you know,"},{"speaker":"Alan Smith","startTime":2138.98,"endTime":2141.98,"body":"for the target audience, the the"},{"speaker":"Alan Smith","startTime":2138.98,"endTime":2141.98,"body":"cost of acquisition per client"},{"speaker":"Alan Smith","startTime":2141.98,"endTime":2147.56,"body":"was significant. And the product"},{"speaker":"Alan Smith","startTime":2141.98,"endTime":2147.56,"body":"that they sold on low cost, that"},{"speaker":"Alan Smith","startTime":2147.56,"endTime":2150.32,"body":"was the big thing. So the"},{"speaker":"Alan Smith","startTime":2147.56,"endTime":2150.32,"body":"margins were wafer thin. And the"},{"speaker":"Alan Smith","startTime":2150.35,"endTime":2153.56,"body":"sort of time for time to break"},{"speaker":"Alan Smith","startTime":2150.35,"endTime":2153.56,"body":"even was decades ahead has been"},{"speaker":"Alan Smith","startTime":2153.56,"endTime":2155.87,"body":"a struggle. But the Vanguard"},{"speaker":"Alan Smith","startTime":2153.56,"endTime":2155.87,"body":"thing was different because it"},{"speaker":"Alan Smith","startTime":2155.87,"endTime":2159.14,"body":"was advice. It was planning, it"},{"speaker":"Alan Smith","startTime":2155.87,"endTime":2159.14,"body":"was building a financial plan,"},{"speaker":"Alan Smith","startTime":2159.14,"endTime":2162.02,"body":"and it was alright, it was a"},{"speaker":"Alan Smith","startTime":2159.14,"endTime":2162.02,"body":"sort of the couldn't deal with"},{"speaker":"Alan Smith","startTime":2162.02,"endTime":2165.11,"body":"anything complex. That was the"},{"speaker":"Alan Smith","startTime":2162.02,"endTime":2165.11,"body":"issue. But for this audience,"},{"speaker":"Alan Smith","startTime":2165.11,"endTime":2167.96,"body":"that there absolutely is a"},{"speaker":"Alan Smith","startTime":2165.11,"endTime":2167.96,"body":"market for people, I don't know"},{"speaker":"Alan Smith","startTime":2167.99,"endTime":2171.56,"body":"20s 30s 40s, which is"},{"speaker":"Alan Smith","startTime":2167.99,"endTime":2171.56,"body":"accumulating, building a plan"},{"speaker":"Alan Smith","startTime":2171.56,"endTime":2175.19,"body":"towards probably a retirement in"},{"speaker":"Alan Smith","startTime":2171.56,"endTime":2175.19,"body":"many cases, a little bit of"},{"speaker":"Alan Smith","startTime":2175.19,"endTime":2177.62,"body":"guidance need to get on the"},{"speaker":"Alan Smith","startTime":2175.19,"endTime":2177.62,"body":"phone to somebody needs to be"},{"speaker":"Alan Smith","startTime":2177.62,"endTime":2181.7599999999998,"body":"shown a cash flow plan. I'd"},{"speaker":"Alan Smith","startTime":2177.62,"endTime":2181.7599999999998,"body":"heard again, anecdotally, no"},{"speaker":"Alan Smith","startTime":2181.7599999999998,"endTime":2185.48,"body":"specific evidence I've got I've"},{"speaker":"Alan Smith","startTime":2181.7599999999998,"endTime":2185.48,"body":"heard through speaking to"},{"speaker":"Alan Smith","startTime":2185.48,"endTime":2188.84,"body":"various people there, that they"},{"speaker":"Alan Smith","startTime":2185.48,"endTime":2188.84,"body":"built this absolutely world"},{"speaker":"Alan Smith","startTime":2188.84,"endTime":2191.87,"body":"class piece of technology that"},{"speaker":"Alan Smith","startTime":2188.84,"endTime":2191.87,"body":"was just fueling the whole"},{"speaker":"Alan Smith","startTime":2191.87,"endTime":2196.43,"body":"thing. And so again, yeah, what"},{"speaker":"Alan Smith","startTime":2191.87,"endTime":2196.43,"body":"the hell went on, it's almost"},{"speaker":"Alan Smith","startTime":2196.43,"endTime":2198.89,"body":"simple. We'll find out later"},{"speaker":"Alan Smith","startTime":2196.43,"endTime":2198.89,"body":"that there was something else"},{"speaker":"Alan Smith","startTime":2198.89,"endTime":2200.96,"body":"that they just discovered, but"},{"speaker":"Alan Smith","startTime":2198.89,"endTime":2200.96,"body":"no doubt"},{"speaker":"Nick Lincoln","startTime":2202.34,"endTime":2204.08,"body":"that they the"},{"speaker":"Nick Lincoln","startTime":2202.34,"endTime":2204.08,"body":"market, they wanted what the"},{"speaker":"Nick Lincoln","startTime":2204.08,"endTime":2206.33,"body":"what they ended up getting was"},{"speaker":"Nick Lincoln","startTime":2204.08,"endTime":2206.33,"body":"the accumulation market and what"},{"speaker":"Nick Lincoln","startTime":2206.33,"endTime":2208.25,"body":"they're after, when they"},{"speaker":"Nick Lincoln","startTime":2206.33,"endTime":2208.25,"body":"launched was the D cumulation."},{"speaker":"Nick Lincoln","startTime":2208.25,"endTime":2212.6,"body":"Market, but but people have"},{"speaker":"Nick Lincoln","startTime":2208.25,"endTime":2212.6,"body":"already accrued the pots. But"},{"speaker":"Nick Lincoln","startTime":2212.63,"endTime":2215.3,"body":"that's the time when in our"},{"speaker":"Nick Lincoln","startTime":2212.63,"endTime":2215.3,"body":"experience, certainly that's"},{"speaker":"Nick Lincoln","startTime":2215.3,"endTime":2217.88,"body":"when people want human advice,"},{"speaker":"Nick Lincoln","startTime":2215.3,"endTime":2217.88,"body":"like I've got this pot of money,"},{"speaker":"Nick Lincoln","startTime":2217.88,"endTime":2220.1,"body":"please don't let me piss it"},{"speaker":"Nick Lincoln","startTime":2217.88,"endTime":2220.1,"body":"away. Just tell me what I need"},{"speaker":"Nick Lincoln","startTime":2220.1,"endTime":2221.99,"body":"to do for the next three"},{"speaker":"Nick Lincoln","startTime":2220.1,"endTime":2221.99,"body":"decades. And he really, I think,"},{"speaker":"Nick Lincoln","startTime":2222.17,"endTime":2225.05,"body":"you can't do that through it"},{"speaker":"Nick Lincoln","startTime":2222.17,"endTime":2225.05,"body":"through a robo advice. And"},{"speaker":"Nick Lincoln","startTime":2225.08,"endTime":2229.4,"body":"Hellena Wardle, who's a young"},{"speaker":"Nick Lincoln","startTime":2225.08,"endTime":2229.4,"body":"IFA who's who's doing her own"},{"speaker":"Nick Lincoln","startTime":2229.43,"endTime":2232.94,"body":"trying to do her own thing in"},{"speaker":"Nick Lincoln","startTime":2229.43,"endTime":2232.94,"body":"this area. And and she she she"},{"speaker":"Nick Lincoln","startTime":2232.97,"endTime":2236.72,"body":"she sent me an article from 2021"},{"speaker":"Nick Lincoln","startTime":2232.97,"endTime":2236.72,"body":"showing just how limited the"},{"speaker":"Nick Lincoln","startTime":2236.72,"endTime":2239.09,"body":"Vanguard service actually was"},{"speaker":"Nick Lincoln","startTime":2236.72,"endTime":2239.09,"body":"and there's a link to that and"},{"speaker":"Nick Lincoln","startTime":2239.09,"endTime":2242.0,"body":"the so called show notes so"},{"speaker":"Nick Lincoln","startTime":2239.09,"endTime":2242.0,"body":"that's they could do very very"},{"speaker":"Nick Lincoln","startTime":2242.0,"endTime":2244.43,"body":"little couldn't even handle"},{"speaker":"Nick Lincoln","startTime":2242.0,"endTime":2244.43,"body":"employer pension contributions."},{"speaker":"Nick Lincoln","startTime":2244.64,"endTime":2247.61,"body":"You know, so it was really but"},{"speaker":"Nick Lincoln","startTime":2244.64,"endTime":2247.61,"body":"you know, I said gee, I have a"},{"speaker":"Nick Lincoln","startTime":2247.61,"endTime":2250.7,"body":"personal pet and nothing else"},{"speaker":"Nick Lincoln","startTime":2247.61,"endTime":2250.7,"body":"and obviously gonna go into"},{"speaker":"Nick Lincoln","startTime":2250.7,"endTime":2252.74,"body":"Vanguard funds so that's I've"},{"speaker":"Nick Lincoln","startTime":2250.7,"endTime":2252.74,"body":"got no issue with that at all."},{"speaker":"Nick Lincoln","startTime":2252.77,"endTime":2255.47,"body":"You know if Vanguard with any"},{"speaker":"Nick Lincoln","startTime":2252.77,"endTime":2255.47,"body":"Fang group in the world that I"},{"speaker":"Nick Lincoln","startTime":2255.47,"endTime":2259.22,"body":"think there probably will be a"},{"speaker":"Nick Lincoln","startTime":2255.47,"endTime":2259.22,"body":"good thing in the round, but it"},{"speaker":"Nick Lincoln","startTime":2259.22,"endTime":2261.74,"body":"was just it was neither one"},{"speaker":"Nick Lincoln","startTime":2259.22,"endTime":2261.74,"body":"thing or the other and I do"},{"speaker":"Nick Lincoln","startTime":2261.74,"endTime":2266.6,"body":"think these so far, these low"},{"speaker":"Nick Lincoln","startTime":2261.74,"endTime":2266.6,"body":"cost, low touch services have"},{"speaker":"Nick Lincoln","startTime":2266.6,"endTime":2271.25,"body":"not cracked it but there is one"},{"speaker":"Nick Lincoln","startTime":2266.6,"endTime":2271.25,"body":"service that is high cost"},{"speaker":"Nick Lincoln","startTime":2271.94,"endTime":2275.81,"body":"careful listeners careful campus"},{"speaker":"Nick Lincoln","startTime":2271.94,"endTime":2275.81,"body":"high cost high touch, I think"},{"speaker":"Nick Lincoln","startTime":2275.81,"endTime":2278.33,"body":"it's time that's okay with the"},{"speaker":"Nick Lincoln","startTime":2275.81,"endTime":2278.33,"body":"dude yes that we move on to the"},{"speaker":"Nick Lincoln","startTime":2278.33,"endTime":2285.86,"body":"meat the meat and potatoes."},{"speaker":"Nick Lincoln","startTime":2278.33,"endTime":2285.86,"body":"Let's serve it up. There we go."},{"speaker":"Nick Lincoln","startTime":2285.86,"endTime":2289.73,"body":"It's nice dollop of meat and"},{"speaker":"Nick Lincoln","startTime":2285.86,"endTime":2289.73,"body":"potatoes now, St. James's place"},{"speaker":"Nick Lincoln","startTime":2290.57,"endTime":2295.34,"body":"showing Anyway, go on. Yeah, no,"},{"speaker":"Nick Lincoln","startTime":2290.57,"endTime":2295.34,"body":"this other one the water running"},{"speaker":"Nick Lincoln","startTime":2295.34,"endTime":2299.7799999999997,"body":"is anyway I'll revise. SJ, St."},{"speaker":"Nick Lincoln","startTime":2295.34,"endTime":2299.7799999999997,"body":"James's place. That's where"},{"speaker":"Nick Lincoln","startTime":2299.7799999999997,"endTime":2303.29,"body":"we're going with this one."},{"speaker":"Nick Lincoln","startTime":2299.7799999999997,"endTime":2303.29,"body":"Launched in 1991. I'll give a"},{"speaker":"Nick Lincoln","startTime":2303.5299999999997,"endTime":2306.23,"body":"brief background and because and"},{"speaker":"Nick Lincoln","startTime":2303.5299999999997,"endTime":2306.23,"body":"whenever we think of them, good"},{"speaker":"Nick Lincoln","startTime":2306.23,"endTime":2308.48,"body":"or bad, and we're going to have"},{"speaker":"Nick Lincoln","startTime":2306.23,"endTime":2308.48,"body":"an honest conversation here did"},{"speaker":"Nick Lincoln","startTime":2308.48,"endTime":2312.83,"body":"Trappists about our views and"},{"speaker":"Nick Lincoln","startTime":2308.48,"endTime":2312.83,"body":"SGP but as a business as a"},{"speaker":"Nick Lincoln","startTime":2312.83,"endTime":2315.83,"body":"commercial venture, what a"},{"speaker":"Nick Lincoln","startTime":2312.83,"endTime":2315.83,"body":"success. So let's just have a"},{"speaker":"Nick Lincoln","startTime":2315.83,"endTime":2318.32,"body":"quick look at the at this"},{"speaker":"Nick Lincoln","startTime":2315.83,"endTime":2318.32,"body":"company and I'm gonna give it"},{"speaker":"Nick Lincoln","startTime":2318.32,"endTime":2321.2,"body":"some context. I used to work at"},{"speaker":"Nick Lincoln","startTime":2318.32,"endTime":2321.2,"body":"Allied Dunbar the IFA division."},{"speaker":"Nick Lincoln","startTime":2321.98,"endTime":2325.46,"body":"So Mark Weinberg, born in South"},{"speaker":"Nick Lincoln","startTime":2321.98,"endTime":2325.46,"body":"Africa and came to this country,"},{"speaker":"Nick Lincoln","startTime":2325.46,"endTime":2329.81,"body":"I guess in the 50s. He set up a"},{"speaker":"Nick Lincoln","startTime":2325.46,"endTime":2329.81,"body":"firm in 1961 called Abbey life,"},{"speaker":"Nick Lincoln","startTime":2330.05,"endTime":2333.8,"body":"Abbey life where the first unit"},{"speaker":"Nick Lincoln","startTime":2330.05,"endTime":2333.8,"body":"linked Life Assurance door to"},{"speaker":"Nick Lincoln","startTime":2333.8,"endTime":2337.13,"body":"door sales force at that time,"},{"speaker":"Nick Lincoln","startTime":2333.8,"endTime":2337.13,"body":"it was all with profits. It was"},{"speaker":"Nick Lincoln","startTime":2337.13,"endTime":2339.29,"body":"all friendly societies. A lot of"},{"speaker":"Nick Lincoln","startTime":2337.13,"endTime":2339.29,"body":"Scottish life insurance"},{"speaker":"Nick Lincoln","startTime":2339.29,"endTime":2342.71,"body":"companies might wind bow came in"},{"speaker":"Nick Lincoln","startTime":2339.29,"endTime":2342.71,"body":"in 1961 with Abby life and it"},{"speaker":"Nick Lincoln","startTime":2342.71,"endTime":2344.48,"body":"was Wednesday, of course,"},{"speaker":"Nick Lincoln","startTime":2342.71,"endTime":2344.48,"body":"everything is unit linked,"},{"speaker":"Nick Lincoln","startTime":2344.54,"endTime":2348.14,"body":"everything is unit linked, but"},{"speaker":"Nick Lincoln","startTime":2344.54,"endTime":2348.14,"body":"back in 1961. He was an outlier."},{"speaker":"Nick Lincoln","startTime":2348.14,"endTime":2351.11,"body":"And so we're going to do this."},{"speaker":"Nick Lincoln","startTime":2348.14,"endTime":2351.11,"body":"That was a success 10 years"},{"speaker":"Nick Lincoln","startTime":2351.11,"endTime":2355.7599999999998,"body":"later in 1971. So Mark Weinberg"},{"speaker":"Nick Lincoln","startTime":2351.11,"endTime":2355.7599999999998,"body":"set up hanborough life and if"},{"speaker":"Nick Lincoln","startTime":2355.7599999999998,"endTime":2359.33,"body":"more aggressive sales force"},{"speaker":"Nick Lincoln","startTime":2355.7599999999998,"endTime":2359.33,"body":"totally unit linking reviewable"},{"speaker":"Nick Lincoln","startTime":2359.33,"endTime":2362.18,"body":"premiums on all of their life"},{"speaker":"Nick Lincoln","startTime":2359.33,"endTime":2362.18,"body":"cover offerings, including term"},{"speaker":"Nick Lincoln","startTime":2362.18,"endTime":2365.24,"body":"assurance and whole of life just"},{"speaker":"Nick Lincoln","startTime":2362.18,"endTime":2365.24,"body":"transformational, superb"},{"speaker":"Nick Lincoln","startTime":2365.24,"endTime":2369.32,"body":"training, aggressive sales"},{"speaker":"Nick Lincoln","startTime":2365.24,"endTime":2369.32,"body":"culture, massively successful."},{"speaker":"Nick Lincoln","startTime":2369.98,"endTime":2373.16,"body":"The same chapter Mark Weinberg"},{"speaker":"Nick Lincoln","startTime":2369.98,"endTime":2373.16,"body":"with the late Mike Wilson in"},{"speaker":"Nick Lincoln","startTime":2373.16,"endTime":2378.05,"body":"1991, set up J Rothschild"},{"speaker":"Nick Lincoln","startTime":2373.16,"endTime":2378.05,"body":"assurance, which later became"},{"speaker":"Nick Lincoln","startTime":2378.05,"endTime":2383.57,"body":"St. James's place, again,"},{"speaker":"Nick Lincoln","startTime":2378.05,"endTime":2383.57,"body":"enormously successful. And a"},{"speaker":"Nick Lincoln","startTime":2383.57,"endTime":2386.63,"body":"slight pivot was smart Weinberg."},{"speaker":"Nick Lincoln","startTime":2383.57,"endTime":2386.63,"body":"I think at that time, he was"},{"speaker":"Nick Lincoln","startTime":2386.63,"endTime":2388.49,"body":"happy life and with Allied"},{"speaker":"Nick Lincoln","startTime":2386.63,"endTime":2388.49,"body":"Dunbar he'd been after"},{"speaker":"Nick Lincoln","startTime":2388.49,"endTime":2391.64,"body":"accumulated regular premium"},{"speaker":"Nick Lincoln","startTime":2388.49,"endTime":2391.64,"body":"contracts, executive pensions,"},{"speaker":"Nick Lincoln","startTime":2391.64,"endTime":2395.27,"body":"endowments, great cash flow for"},{"speaker":"Nick Lincoln","startTime":2391.64,"endTime":2395.27,"body":"these burgeoning companies. In"},{"speaker":"Nick Lincoln","startTime":2395.27,"endTime":2398.7799999999997,"body":"1991, he kind of went off to the"},{"speaker":"Nick Lincoln","startTime":2395.27,"endTime":2398.7799999999997,"body":"wealth management sector, so"},{"speaker":"Nick Lincoln","startTime":2398.7799999999997,"endTime":2401.7799999999997,"body":"people already got money. And he"},{"speaker":"Nick Lincoln","startTime":2398.7799999999997,"endTime":2401.7799999999997,"body":"sort of just pivoted a bit"},{"speaker":"Nick Lincoln","startTime":2401.7799999999997,"endTime":2404.3,"body":"towards fund performance, and"},{"speaker":"Nick Lincoln","startTime":2401.7799999999997,"endTime":2404.3,"body":"we're going to have the best"},{"speaker":"Nick Lincoln","startTime":2404.3,"endTime":2407.6,"body":"fund managers. And of course, we"},{"speaker":"Nick Lincoln","startTime":2404.3,"endTime":2407.6,"body":"all know what's happened since"},{"speaker":"Nick Lincoln","startTime":2407.6,"endTime":2411.65,"body":"then, it has just been"},{"speaker":"Nick Lincoln","startTime":2407.6,"endTime":2411.65,"body":"commercially an unremitting"},{"speaker":"Nick Lincoln","startTime":2411.68,"endTime":2414.56,"body":"success. And it's an absolute"},{"speaker":"Nick Lincoln","startTime":2411.68,"endTime":2414.56,"body":"powerhouse, right. So that's the"},{"speaker":"Nick Lincoln","startTime":2414.56,"endTime":2417.23,"body":"background to what it comes from"},{"speaker":"Nick Lincoln","startTime":2414.56,"endTime":2417.23,"body":"a guy who set up two very"},{"speaker":"Nick Lincoln","startTime":2417.23,"endTime":2422.09,"body":"successful sales forces. And he"},{"speaker":"Nick Lincoln","startTime":2417.23,"endTime":2422.09,"body":"was the guy behind St. James's"},{"speaker":"Nick Lincoln","startTime":2422.09,"endTime":2426.05,"body":"place. Mr. Smith, you lead us"},{"speaker":"Nick Lincoln","startTime":2422.09,"endTime":2426.05,"body":"off on what you think of the"},{"speaker":"Nick Lincoln","startTime":2426.05,"endTime":2429.83,"body":"behemoth that is St. James's"},{"speaker":"Nick Lincoln","startTime":2426.05,"endTime":2429.83,"body":"place. Thank you"},{"speaker":"Alan Smith","startTime":2430.04,"endTime":2435.08,"body":"Like, if you ever"},{"speaker":"Alan Smith","startTime":2430.04,"endTime":2435.08,"body":"want to promote some activity or"},{"speaker":"Alan Smith","startTime":2435.08,"endTime":2438.14,"body":"attention to yourself,"},{"speaker":"Alan Smith","startTime":2435.08,"endTime":2438.14,"body":"particularly on social media,"},{"speaker":"Alan Smith","startTime":2439.1,"endTime":2442.61,"body":"you talk about one of two"},{"speaker":"Alan Smith","startTime":2439.1,"endTime":2442.61,"body":"things. You talk about advisor"},{"speaker":"Alan Smith","startTime":2442.61,"endTime":2448.91,"body":"fees and fee models. And or you"},{"speaker":"Alan Smith","startTime":2442.61,"endTime":2448.91,"body":"talk about St. James's place,"},{"speaker":"Alan Smith","startTime":2448.94,"endTime":2452.48,"body":"cuz I trust you, in my personal"},{"speaker":"Alan Smith","startTime":2448.94,"endTime":2452.48,"body":"experience, if you mentioned any"},{"speaker":"Alan Smith","startTime":2452.48,"endTime":2456.05,"body":"of the either of those two"},{"speaker":"Alan Smith","startTime":2452.48,"endTime":2456.05,"body":"particular subjects, everything"},{"speaker":"Alan Smith","startTime":2456.05,"endTime":2458.87,"body":"blows up, and everyone gets"},{"speaker":"Alan Smith","startTime":2456.05,"endTime":2458.87,"body":"excited. Everyone has got an"},{"speaker":"Alan Smith","startTime":2458.87,"endTime":2462.17,"body":"opinion, and usually mean very"},{"speaker":"Alan Smith","startTime":2458.87,"endTime":2462.17,"body":"within the professional and"},{"speaker":"Alan Smith","startTime":2462.89,"endTime":2466.67,"body":"yeah, I do. Yeah, definitely."},{"speaker":"Alan Smith","startTime":2462.89,"endTime":2466.67,"body":"But then the profession brought"},{"speaker":"Alan Smith","startTime":2466.67,"endTime":2469.85,"body":"also broader sort of run the"},{"speaker":"Alan Smith","startTime":2466.67,"endTime":2469.85,"body":"peripheral edges of the"},{"speaker":"Alan Smith","startTime":2469.85,"endTime":2474.2,"body":"profession. So I just happened"},{"speaker":"Alan Smith","startTime":2469.85,"endTime":2474.2,"body":"to it was literally what a few"},{"speaker":"Alan Smith","startTime":2474.2,"endTime":2478.46,"body":"weeks ago, but month ago, St."},{"speaker":"Alan Smith","startTime":2474.2,"endTime":2478.46,"body":"James has placed publish their"},{"speaker":"Alan Smith","startTime":2478.49,"endTime":2482.5099999999998,"body":"results, annual results, 22"},{"speaker":"Alan Smith","startTime":2478.49,"endTime":2482.5099999999998,"body":"results, and I'm just browsing"},{"speaker":"Alan Smith","startTime":2482.5099999999998,"endTime":2488.66,"body":"through them. And just to remind"},{"speaker":"Alan Smith","startTime":2482.5099999999998,"endTime":2488.66,"body":"ourselves about what 2022 looked"},{"speaker":"Alan Smith","startTime":2488.66,"endTime":2493.52,"body":"like, we had, sadly, we had war"},{"speaker":"Alan Smith","startTime":2488.66,"endTime":2493.52,"body":"returning to Europe. For the"},{"speaker":"Alan Smith","startTime":2493.52,"endTime":2497.81,"body":"first time in many, many"},{"speaker":"Alan Smith","startTime":2493.52,"endTime":2497.81,"body":"decades, we had inflation"},{"speaker":"Alan Smith","startTime":2497.81,"endTime":2500.57,"body":"returning to reach not seen in"},{"speaker":"Alan Smith","startTime":2497.81,"endTime":2500.57,"body":"many decades, double digit"},{"speaker":"Alan Smith","startTime":2500.57,"endTime":2504.29,"body":"inflation. And we had a global"},{"speaker":"Alan Smith","startTime":2500.57,"endTime":2504.29,"body":"stock market, normally stock"},{"speaker":"Alan Smith","startTime":2504.29,"endTime":2509.57,"body":"market, but a bond market bear a"},{"speaker":"Alan Smith","startTime":2504.29,"endTime":2509.57,"body":"bear market, both in stocks and"},{"speaker":"Alan Smith","startTime":2509.57,"endTime":2512.6,"body":"bonds. So by anyone's"},{"speaker":"Alan Smith","startTime":2509.57,"endTime":2512.6,"body":"calculation, it was a"},{"speaker":"Alan Smith","startTime":2512.6,"endTime":2515.54,"body":"challenging year for anyone in"},{"speaker":"Alan Smith","startTime":2512.6,"endTime":2515.54,"body":"business, and particularly"},{"speaker":"Alan Smith","startTime":2515.54,"endTime":2518.63,"body":"challenging for any organization"},{"speaker":"Alan Smith","startTime":2515.54,"endTime":2518.63,"body":"who makes a living out of"},{"speaker":"Alan Smith","startTime":2519.05,"endTime":2521.45,"body":"investment management, wealth"},{"speaker":"Alan Smith","startTime":2519.05,"endTime":2521.45,"body":"management, financial planning,"},{"speaker":"Alan Smith","startTime":2521.45,"endTime":2526.79,"body":"financial advice. Look at St."},{"speaker":"Alan Smith","startTime":2521.45,"endTime":2526.79,"body":"James's place numbers for 2022."},{"speaker":"Alan Smith","startTime":2527.45,"endTime":2530.33,"body":"There's without going to loads"},{"speaker":"Alan Smith","startTime":2527.45,"endTime":2530.33,"body":"of detail, obviously publicly"},{"speaker":"Alan Smith","startTime":2530.33,"endTime":2534.47,"body":"available, but the numbers that"},{"speaker":"Alan Smith","startTime":2530.33,"endTime":2534.47,"body":"stick in my mind were that their"},{"speaker":"Alan Smith","startTime":2534.59,"endTime":2540.23,"body":"profits increased by 41%. year"},{"speaker":"Alan Smith","startTime":2534.59,"endTime":2540.23,"body":"on year, the previous year 41%"},{"speaker":"Alan Smith","startTime":2540.29,"endTime":2544.34,"body":"increase in profits, and their"},{"speaker":"Alan Smith","startTime":2540.29,"endTime":2544.34,"body":"assets under management"},{"speaker":"Alan Smith","startTime":2544.55,"endTime":2551.63,"body":"increased by the new flows into"},{"speaker":"Alan Smith","startTime":2544.55,"endTime":2551.63,"body":"the company was 17 billion in in"},{"speaker":"Alan Smith","startTime":2551.63,"endTime":2556.04,"body":"12 months. In a ridiculous year,"},{"speaker":"Alan Smith","startTime":2551.63,"endTime":2556.04,"body":"when most people a lot of retail"},{"speaker":"Alan Smith","startTime":2556.04,"endTime":2559.0099999999998,"body":"and private investors, we're not"},{"speaker":"Alan Smith","startTime":2556.04,"endTime":2559.0099999999998,"body":"investing or pulling money out"},{"speaker":"Alan Smith","startTime":2559.0099999999998,"endTime":2560.87,"body":"or being just you know,"},{"speaker":"Alan Smith","startTime":2559.0099999999998,"endTime":2560.87,"body":"traditionally doing the things"},{"speaker":"Alan Smith","startTime":2560.87,"endTime":2566.57,"body":"that private investors often do"},{"speaker":"Alan Smith","startTime":2560.87,"endTime":2566.57,"body":"41% increase in profit 17"},{"speaker":"Alan Smith","startTime":2566.6,"endTime":2571.25,"body":"billion in money being invested"},{"speaker":"Alan Smith","startTime":2566.6,"endTime":2571.25,"body":"with it. And I just, I took to"},{"speaker":"Alan Smith","startTime":2571.25,"endTime":2575.48,"body":"Twitter, and I quoted those"},{"speaker":"Alan Smith","startTime":2571.25,"endTime":2575.48,"body":"numbers and a couple of other"},{"speaker":"Alan Smith","startTime":2575.48,"endTime":2579.14,"body":"numbers as well, which are all"},{"speaker":"Alan Smith","startTime":2575.48,"endTime":2579.14,"body":"just outstanding numbers that"},{"speaker":"Alan Smith","startTime":2579.14,"endTime":2582.29,"body":"any organization would be"},{"speaker":"Alan Smith","startTime":2579.14,"endTime":2582.29,"body":"completely just just proud proud"},{"speaker":"Alan Smith","startTime":2582.29,"endTime":2587.69,"body":"of. And I made the point that"},{"speaker":"Alan Smith","startTime":2582.29,"endTime":2587.69,"body":"you regardless of any views, any"},{"speaker":"Alan Smith","startTime":2587.69,"endTime":2589.91,"body":"of us have got, you know, you"},{"speaker":"Alan Smith","startTime":2587.69,"endTime":2589.91,"body":"take your buddy hats off to"},{"speaker":"Alan Smith","startTime":2589.91,"endTime":2592.73,"body":"them. That is an extraordinary"},{"speaker":"Alan Smith","startTime":2589.91,"endTime":2592.73,"body":"commercial success, as you've"},{"speaker":"Alan Smith","startTime":2592.7599999999998,"endTime":2598.55,"body":"already alluded to Nick. And so"},{"speaker":"Alan Smith","startTime":2592.7599999999998,"endTime":2598.55,"body":"what I wanted to discuss and"},{"speaker":"Alan Smith","startTime":2598.55,"endTime":2601.43,"body":"maybe sort of explore a bit more"},{"speaker":"Alan Smith","startTime":2598.55,"endTime":2601.43,"body":"detail during our conversation"},{"speaker":"Alan Smith","startTime":2601.43,"endTime":2604.88,"body":"now is what can we all learn"},{"speaker":"Alan Smith","startTime":2601.43,"endTime":2604.88,"body":"because they don't have get a"},{"speaker":"Alan Smith","startTime":2604.88,"endTime":2608.39,"body":"lot of flack from particularly"},{"speaker":"Alan Smith","startTime":2604.88,"endTime":2608.39,"body":"in the IFA community, but from"},{"speaker":"Alan Smith","startTime":2608.39,"endTime":2610.7,"body":"others as well. I mean, the"},{"speaker":"Alan Smith","startTime":2608.39,"endTime":2610.7,"body":"other thing that I posted was"},{"speaker":"Alan Smith","startTime":2610.73,"endTime":2614.36,"body":"I've never seen an organization"},{"speaker":"Alan Smith","startTime":2610.73,"endTime":2614.36,"body":"gets so much negative press at"},{"speaker":"Alan Smith","startTime":2614.36,"endTime":2617.45,"body":"the same time. I mean, for going"},{"speaker":"Alan Smith","startTime":2614.36,"endTime":2617.45,"body":"back a couple of years, you"},{"speaker":"Alan Smith","startTime":2617.45,"endTime":2620.36,"body":"remember the Sunday Times just"},{"speaker":"Alan Smith","startTime":2617.45,"endTime":2620.36,"body":"ran a complete campaign. So you"},{"speaker":"Alan Smith","startTime":2620.36,"endTime":2622.82,"body":"know, you should look forward to"},{"speaker":"Alan Smith","startTime":2620.36,"endTime":2622.82,"body":"it. Every Sunday be another"},{"speaker":"Alan Smith","startTime":2622.82,"endTime":2625.13,"body":"article about you know, they"},{"speaker":"Alan Smith","startTime":2622.82,"endTime":2625.13,"body":"talked about their their"},{"speaker":"Alan Smith","startTime":2625.13,"endTime":2628.1,"body":"cruisers and the gold cufflinks"},{"speaker":"Alan Smith","startTime":2625.13,"endTime":2628.1,"body":"and it was just a real hatchet"},{"speaker":"Alan Smith","startTime":2628.1,"endTime":2632.7799999999997,"body":"job that was done on them. So"},{"speaker":"Alan Smith","startTime":2628.1,"endTime":2632.7799999999997,"body":"the headwinds that they have"},{"speaker":"Alan Smith","startTime":2632.7799999999997,"endTime":2637.16,"body":"against them and yet they were"},{"speaker":"Alan Smith","startTime":2632.7799999999997,"endTime":2637.16,"body":"still you know, they've still"},{"speaker":"Alan Smith","startTime":2637.16,"endTime":2640.7,"body":"obviously continued to enjoy"},{"speaker":"Alan Smith","startTime":2637.16,"endTime":2640.7,"body":"outstanding commercial success."},{"speaker":"Alan Smith","startTime":2641.18,"endTime":2643.61,"body":"And and what I was wondering"},{"speaker":"Alan Smith","startTime":2641.18,"endTime":2643.61,"body":"what we can learn from it, and"},{"speaker":"Alan Smith","startTime":2643.61,"endTime":2647.57,"body":"obviously, invite you guys to"},{"speaker":"Alan Smith","startTime":2643.61,"endTime":2647.57,"body":"speak in a second. But before I"},{"speaker":"Alan Smith","startTime":2647.57,"endTime":2650.45,"body":"do just want to share something"},{"speaker":"Alan Smith","startTime":2647.57,"endTime":2650.45,"body":"that I learned some years ago"},{"speaker":"Unknown","startTime":2654.74,"endTime":2659.6,"body":"grab yourself a drink,"},{"speaker":"Unknown","startTime":2654.74,"endTime":2659.6,"body":"a very long drink. It's story"},{"speaker":"Unknown","startTime":2659.6,"endTime":2661.91,"body":"time with Ellen Smith."},{"speaker":"Alan Smith","startTime":2665.66,"endTime":2670.49,"body":"Fan for those of you"},{"speaker":"Alan Smith","startTime":2665.66,"endTime":2670.49,"body":"who are watching this on"},{"speaker":"Alan Smith","startTime":2670.49,"endTime":2672.83,"body":"YouTube, and if you not then go"},{"speaker":"Alan Smith","startTime":2670.49,"endTime":2672.83,"body":"and check it out on YouTube"},{"speaker":"Alan Smith","startTime":2672.83,"endTime":2676.91,"body":"later, our esteemed friend Mr."},{"speaker":"Alan Smith","startTime":2672.83,"endTime":2676.91,"body":"Lincoln, in celebration of the"},{"speaker":"Alan Smith","startTime":2676.91,"endTime":2680.63,"body":"day he just opened a can of"},{"speaker":"Alan Smith","startTime":2676.91,"endTime":2680.63,"body":"Guinness, this pour himself is"},{"speaker":"Nick Lincoln","startTime":2681.11,"endTime":2687.56,"body":"the worst the"},{"speaker":"Nick Lincoln","startTime":2681.11,"endTime":2687.56,"body":"worst. Solid six, it's the gonna"},{"speaker":"Alan Smith","startTime":2688.37,"endTime":2691.88,"body":"early, early days in"},{"speaker":"Alan Smith","startTime":2688.37,"endTime":2691.88,"body":"my IFA life, and as we've kind"},{"speaker":"Alan Smith","startTime":2691.88,"endTime":2695.06,"body":"of spoken about in the past past"},{"speaker":"Alan Smith","startTime":2691.88,"endTime":2695.06,"body":"episodes, when you are"},{"speaker":"Alan Smith","startTime":2695.06,"endTime":2698.48,"body":"especially early days, anyone is"},{"speaker":"Alan Smith","startTime":2695.06,"endTime":2698.48,"body":"looking for prospects everywhere"},{"speaker":"Alan Smith","startTime":2698.48,"endTime":2702.62,"body":"you go anyone that can fog a"},{"speaker":"Alan Smith","startTime":2698.48,"endTime":2702.62,"body":"mirror is a potential prospect."},{"speaker":"Alan Smith","startTime":2702.68,"endTime":2706.31,"body":"And I remember speaking with a"},{"speaker":"Alan Smith","startTime":2702.68,"endTime":2706.31,"body":"fresh sort of friend of a friend"},{"speaker":"Alan Smith","startTime":2706.34,"endTime":2709.49,"body":"of mine who was a successful"},{"speaker":"Alan Smith","startTime":2706.34,"endTime":2709.49,"body":"business person at the time, and"},{"speaker":"Alan Smith","startTime":2709.49,"endTime":2712.04,"body":"I was kind of pitching to them"},{"speaker":"Alan Smith","startTime":2709.49,"endTime":2712.04,"body":"too. You know, I can blah, blah,"},{"speaker":"Alan Smith","startTime":2712.04,"endTime":2715.55,"body":"blah, come review your pensions"},{"speaker":"Alan Smith","startTime":2712.04,"endTime":2715.55,"body":"and he was he was explained to"},{"speaker":"Alan Smith","startTime":2715.55,"endTime":2717.95,"body":"me so nice. I'm really, really"},{"speaker":"Alan Smith","startTime":2715.55,"endTime":2717.95,"body":"well looked after I've got a"},{"speaker":"Alan Smith","startTime":2717.95,"endTime":2723.5299999999997,"body":"deal with a partner. He said, a"},{"speaker":"Alan Smith","startTime":2717.95,"endTime":2723.5299999999997,"body":"very big firm. I didn't mention"},{"speaker":"Alan Smith","startTime":2723.5299999999997,"endTime":2725.81,"body":"the name of the firm and he said"},{"speaker":"Alan Smith","startTime":2723.5299999999997,"endTime":2725.81,"body":"what he's recommend. I've got"},{"speaker":"Alan Smith","startTime":2725.81,"endTime":2728.84,"body":"some really, really interesting"},{"speaker":"Alan Smith","startTime":2725.81,"endTime":2728.84,"body":"situation because you know, run"},{"speaker":"Alan Smith","startTime":2728.84,"endTime":2731.24,"body":"my own business and what they've"},{"speaker":"Alan Smith","startTime":2728.84,"endTime":2731.24,"body":"done give me access to is"},{"speaker":"Alan Smith","startTime":2731.24,"endTime":2734.75,"body":"effectively my own private bank"},{"speaker":"Alan Smith","startTime":2731.24,"endTime":2734.75,"body":"account. And what you do is you"},{"speaker":"Alan Smith","startTime":2734.75,"endTime":2737.6,"body":"said you can throw money into it"},{"speaker":"Alan Smith","startTime":2734.75,"endTime":2737.6,"body":"from your profits that you make"},{"speaker":"Alan Smith","startTime":2737.6,"endTime":2740.93,"body":"in the company each year, and"},{"speaker":"Alan Smith","startTime":2737.6,"endTime":2740.93,"body":"you get a tax break on the bank"},{"speaker":"Alan Smith","startTime":2740.93,"endTime":2742.79,"body":"account, we put money in the"},{"speaker":"Alan Smith","startTime":2740.93,"endTime":2742.79,"body":"bank account, you get a tax"},{"speaker":"Alan Smith","startTime":2742.79,"endTime":2746.63,"body":"break on it. And if you want"},{"speaker":"Alan Smith","startTime":2742.79,"endTime":2746.63,"body":"money out again, you can take it"},{"speaker":"Alan Smith","startTime":2746.63,"endTime":2749.87,"body":"out, you can buy a property, you"},{"speaker":"Alan Smith","startTime":2746.63,"endTime":2749.87,"body":"can invest it in lots of other"},{"speaker":"Alan Smith","startTime":2749.87,"endTime":2752.45,"body":"you're gonna invest in shares of"},{"speaker":"Alan Smith","startTime":2749.87,"endTime":2752.45,"body":"the company, you can do get"},{"speaker":"Alan Smith","startTime":2752.45,"endTime":2756.5,"body":"other people your wife involved,"},{"speaker":"Alan Smith","startTime":2752.45,"endTime":2756.5,"body":"and it's just an amazing product"},{"speaker":"Alan Smith","startTime":2756.5,"endTime":2759.14,"body":"and I thought that doesn't exist"},{"speaker":"Alan Smith","startTime":2756.5,"endTime":2759.14,"body":"there is no such bank account,"},{"speaker":"Alan Smith","startTime":2759.17,"endTime":2761.7799999999997,"body":"you get tax relief, and you put"},{"speaker":"Alan Smith","startTime":2759.17,"endTime":2761.7799999999997,"body":"money in put money out and oh,"},{"speaker":"Alan Smith","startTime":2761.7799999999997,"endTime":2764.45,"body":"you get a good rate of return in"},{"speaker":"Alan Smith","startTime":2761.7799999999997,"endTime":2764.45,"body":"putting you know where I'm going"},{"speaker":"Alan Smith","startTime":2764.45,"endTime":2768.17,"body":"with this guys. Don't you have"},{"speaker":"Alan Smith","startTime":2764.45,"endTime":2768.17,"body":"what it was? Exactly. Executive"},{"speaker":"Alan Smith","startTime":2768.17,"endTime":2771.83,"body":"pension plan? Yeah, the words"},{"speaker":"Alan Smith","startTime":2768.17,"endTime":2771.83,"body":"and the language and the framing"},{"speaker":"Alan Smith","startTime":2771.83,"endTime":2776.57,"body":"phrased phrase, it was a mess."},{"speaker":"Alan Smith","startTime":2771.83,"endTime":2776.57,"body":"And I'll tell you even even down"},{"speaker":"Alan Smith","startTime":2776.57,"endTime":2779.96,"body":"to the the, because he showed me"},{"speaker":"Alan Smith","startTime":2776.57,"endTime":2779.96,"body":"that his guy's business card."},{"speaker":"Alan Smith","startTime":2780.65,"endTime":2783.92,"body":"And it's the word partner"},{"speaker":"Alan Smith","startTime":2780.65,"endTime":2783.92,"body":"conjures up that different level"},{"speaker":"Alan Smith","startTime":2783.92,"endTime":2788.39,"body":"of you know, if you just if you,"},{"speaker":"Alan Smith","startTime":2783.92,"endTime":2788.39,"body":"Joe Bloggs IFA, versus, you"},{"speaker":"Alan Smith","startTime":2788.39,"endTime":2791.75,"body":"know, Joe Bloggs partner, St."},{"speaker":"Alan Smith","startTime":2788.39,"endTime":2791.75,"body":"James's place, honestly, the"},{"speaker":"Alan Smith","startTime":2791.75,"endTime":2796.55,"body":"business car is about half an"},{"speaker":"Alan Smith","startTime":2791.75,"endTime":2796.55,"body":"inch thick. It just exuded class"},{"speaker":"Alan Smith","startTime":2796.58,"endTime":2800.27,"body":"wealth, you know, embossed with"},{"speaker":"Alan Smith","startTime":2796.58,"endTime":2800.27,"body":"that sort of nice logo, they've"},{"speaker":"Alan Smith","startTime":2800.27,"endTime":2804.98,"body":"got an office that an office in"},{"speaker":"Alan Smith","startTime":2800.27,"endTime":2804.98,"body":"partly nothing. So everything"},{"speaker":"Alan Smith","startTime":2804.98,"endTime":2807.71,"body":"just came across as being"},{"speaker":"Alan Smith","startTime":2804.98,"endTime":2807.71,"body":"representing high quality and"},{"speaker":"Alan Smith","startTime":2807.71,"endTime":2809.9,"body":"high blood and just the way that"},{"speaker":"Alan Smith","startTime":2807.71,"endTime":2809.9,"body":"it described what you and I"},{"speaker":"Alan Smith","startTime":2809.9,"endTime":2812.36,"body":"would talk about as being a"},{"speaker":"Alan Smith","startTime":2809.9,"endTime":2812.36,"body":"pension plan chop money a"},{"speaker":"Alan Smith","startTime":2812.36,"endTime":2814.82,"body":"pension, and you get better tax"},{"speaker":"Alan Smith","startTime":2812.36,"endTime":2814.82,"body":"a tax break on it. Now they"},{"speaker":"Alan Smith","startTime":2814.82,"endTime":2818.7799999999997,"body":"talked about as your your"},{"speaker":"Alan Smith","startTime":2814.82,"endTime":2818.7799999999997,"body":"company, business bank account,"},{"speaker":"Alan Smith","startTime":2818.7799999999997,"endTime":2821.84,"body":"special business bank again, so"},{"speaker":"Alan Smith","startTime":2818.7799999999997,"endTime":2821.84,"body":"I thought I reflect back on"},{"speaker":"Alan Smith","startTime":2821.84,"endTime":2825.5299999999997,"body":"that. And if that is there, that"},{"speaker":"Alan Smith","startTime":2821.84,"endTime":2825.5299999999997,"body":"was a long time ago. So the"},{"speaker":"Alan Smith","startTime":2825.5299999999997,"endTime":2828.8,"body":"words and language the framing"},{"speaker":"Alan Smith","startTime":2825.5299999999997,"endTime":2828.8,"body":"that this organization uses, we"},{"speaker":"Alan Smith","startTime":2828.8,"endTime":2832.88,"body":"should all be learning from them"},{"speaker":"Alan Smith","startTime":2828.8,"endTime":2832.88,"body":"and applying it to our to our"},{"speaker":"Alan Smith","startTime":2832.88,"endTime":2836.27,"body":"own lives. So I just jump jump"},{"speaker":"Alan Smith","startTime":2832.88,"endTime":2836.27,"body":"here, at least with your half a"},{"speaker":"Alan Smith","startTime":2836.27,"endTime":2837.29,"body":"can of getting"},{"speaker":"Nick Lincoln","startTime":2837.56,"endTime":2839.54,"body":"through the I've"},{"speaker":"Nick Lincoln","startTime":2837.56,"endTime":2839.54,"body":"got the I've got the original"},{"speaker":"Nick Lincoln","startTime":2839.54,"endTime":2841.2799999999997,"body":"Guinness, I haven't got the"},{"speaker":"Nick Lincoln","startTime":2839.54,"endTime":2841.2799999999997,"body":"draft flow once I've got the"},{"speaker":"Nick Lincoln","startTime":2841.2799999999997,"endTime":2847.16,"body":"proper dark Guinness, and it's a"},{"speaker":"Nick Lincoln","startTime":2841.2799999999997,"endTime":2847.16,"body":"meal. And so our Dumbo has come"},{"speaker":"Nick Lincoln","startTime":2847.16,"endTime":2848.66,"body":"back through and I've done by"},{"speaker":"Nick Lincoln","startTime":2847.16,"endTime":2848.66,"body":"training. So the broker"},{"speaker":"Nick Lincoln","startTime":2848.66,"endTime":2853.19,"body":"consultants were were taught to"},{"speaker":"Nick Lincoln","startTime":2848.66,"endTime":2853.19,"body":"sell EPS, and I've done by EPS"},{"speaker":"Nick Lincoln","startTime":2853.19,"endTime":2857.27,"body":"to ifas, using that analogy, and"},{"speaker":"Nick Lincoln","startTime":2853.19,"endTime":2857.27,"body":"it's perpetrated through"},{"speaker":"Nick Lincoln","startTime":2857.27,"endTime":2859.2799999999997,"body":"perpetuated through others"},{"speaker":"Nick Lincoln","startTime":2857.27,"endTime":2859.2799999999997,"body":"through the STB widget when I"},{"speaker":"Nick Lincoln","startTime":2859.2799999999997,"endTime":2861.05,"body":"got nothing against that at all,"},{"speaker":"Nick Lincoln","startTime":2859.2799999999997,"endTime":2861.05,"body":"but we're all selling all the"},{"speaker":"Nick Lincoln","startTime":2861.05,"endTime":2865.58,"body":"time. And if we can make arcane"},{"speaker":"Nick Lincoln","startTime":2861.05,"endTime":2865.58,"body":"complex dial things into"},{"speaker":"Nick Lincoln","startTime":2865.58,"endTime":2868.94,"body":"something that people latch on"},{"speaker":"Nick Lincoln","startTime":2865.58,"endTime":2868.94,"body":"to and see the positivity of and"},{"speaker":"Nick Lincoln","startTime":2868.94,"endTime":2872.69,"body":"the pluses, then I'm all for it."},{"speaker":"Nick Lincoln","startTime":2868.94,"endTime":2872.69,"body":"Absolutely brilliant. Mr. Hart?"},{"speaker":"Andy Hart","startTime":2874.64,"endTime":2877.88,"body":"Yeah, so my thoughts"},{"speaker":"Andy Hart","startTime":2874.64,"endTime":2877.88,"body":"on SAP, by thinking are a hugely"},{"speaker":"Andy Hart","startTime":2877.88,"endTime":2880.34,"body":"impressive company. So I echo"},{"speaker":"Andy Hart","startTime":2877.88,"endTime":2880.34,"body":"sort of what Alan says,"},{"speaker":"Andy Hart","startTime":2880.79,"endTime":2883.43,"body":"disclaimer, I've been working"},{"speaker":"Andy Hart","startTime":2880.79,"endTime":2883.43,"body":"with them for about a decade,"},{"speaker":"Andy Hart","startTime":2883.43,"endTime":2885.71,"body":"certainly with their partners"},{"speaker":"Andy Hart","startTime":2883.43,"endTime":2885.71,"body":"initially doing sort of voyant"},{"speaker":"Andy Hart","startTime":2885.71,"endTime":2889.34,"body":"training now and doing lifestyle"},{"speaker":"Andy Hart","startTime":2885.71,"endTime":2889.34,"body":"financial planning training. So"},{"speaker":"Andy Hart","startTime":2889.34,"endTime":2892.85,"body":"yeah, I do quite a lot a lot"},{"speaker":"Andy Hart","startTime":2889.34,"endTime":2892.85,"body":"with them. I mean, they"},{"speaker":"Andy Hart","startTime":2892.85,"endTime":2895.91,"body":"represent about 20% of our"},{"speaker":"Andy Hart","startTime":2892.85,"endTime":2895.91,"body":"workforce, about four and a half"},{"speaker":"Andy Hart","startTime":2895.91,"endTime":2900.11,"body":"1000 partners. So they're"},{"speaker":"Andy Hart","startTime":2895.91,"endTime":2900.11,"body":"absolutely enormous. So back to,"},{"speaker":"Andy Hart","startTime":2900.56,"endTime":2903.65,"body":"why do so many clients, you"},{"speaker":"Andy Hart","startTime":2900.56,"endTime":2903.65,"body":"know, stick with them. They're"},{"speaker":"Andy Hart","startTime":2903.65,"endTime":2905.99,"body":"reliable, they're sustainable,"},{"speaker":"Andy Hart","startTime":2903.65,"endTime":2905.99,"body":"they're profitable. They're a"},{"speaker":"Andy Hart","startTime":2905.99,"endTime":2910.55,"body":"footsie 100 company, they look"},{"speaker":"Andy Hart","startTime":2905.99,"endTime":2910.55,"body":"after about 200 billion client"},{"speaker":"Andy Hart","startTime":2910.55,"endTime":2912.74,"body":"assets. The other thing that's"},{"speaker":"Andy Hart","startTime":2910.55,"endTime":2912.74,"body":"very interesting about them,"},{"speaker":"Andy Hart","startTime":2912.74,"endTime":2915.92,"body":"which again, if I should look"},{"speaker":"Andy Hart","startTime":2912.74,"endTime":2915.92,"body":"into this, I think about 70% of"},{"speaker":"Andy Hart","startTime":2915.92,"endTime":2919.22,"body":"the assets they look after in"},{"speaker":"Andy Hart","startTime":2915.92,"endTime":2919.22,"body":"pensions, which is exactly the"},{"speaker":"Andy Hart","startTime":2919.22,"endTime":2922.04,"body":"same as my company, the thing"},{"speaker":"Andy Hart","startTime":2919.22,"endTime":2922.04,"body":"that's very impressive, the"},{"speaker":"Andy Hart","startTime":2922.04,"endTime":2926.99,"body":"thing that Alan alluded to, I"},{"speaker":"Andy Hart","startTime":2922.04,"endTime":2926.99,"body":"think out of their 200 billion"},{"speaker":"Andy Hart","startTime":2927.2,"endTime":2931.25,"body":"between 70 and 75% of that of"},{"speaker":"Andy Hart","startTime":2927.2,"endTime":2931.25,"body":"those assets are in global"},{"speaker":"Andy Hart","startTime":2931.25,"endTime":2936.02,"body":"equities. So for a company of"},{"speaker":"Andy Hart","startTime":2931.25,"endTime":2936.02,"body":"their size, to have such a tilt"},{"speaker":"Andy Hart","startTime":2936.02,"endTime":2939.59,"body":"towards the growth engine that"},{"speaker":"Andy Hart","startTime":2936.02,"endTime":2939.59,"body":"is global equities is fantastic."},{"speaker":"Andy Hart","startTime":2939.59,"endTime":2944.15,"body":"So during 2022, they wouldn't"},{"speaker":"Andy Hart","startTime":2939.59,"endTime":2944.15,"body":"have been hit as badly to other"},{"speaker":"Andy Hart","startTime":2944.15,"endTime":2947.84,"body":"companies that had a lot more"},{"speaker":"Andy Hart","startTime":2944.15,"endTime":2947.84,"body":"exposure to fixed income. Yeah,"},{"speaker":"Andy Hart","startTime":2947.84,"endTime":2950.87,"body":"they've got a very strong sales"},{"speaker":"Andy Hart","startTime":2947.84,"endTime":2950.87,"body":"culture, which I think is great,"},{"speaker":"Andy Hart","startTime":2950.87,"endTime":2953.6,"body":"and they're proud of that the"},{"speaker":"Andy Hart","startTime":2950.87,"endTime":2953.6,"body":"moment and IFA thinks they're"},{"speaker":"Andy Hart","startTime":2953.6,"endTime":2956.21,"body":"not in the sales business and"},{"speaker":"Andy Hart","startTime":2953.6,"endTime":2956.21,"body":"they just serve as clients I"},{"speaker":"Andy Hart","startTime":2956.21,"endTime":2960.2599999999998,"body":"think they're lost at this"},{"speaker":"Andy Hart","startTime":2956.21,"endTime":2960.2599999999998,"body":"business. So I'm all for them"},{"speaker":"Andy Hart","startTime":2960.2599999999998,"endTime":2965.42,"body":"being sales and and it boils"},{"speaker":"Andy Hart","startTime":2960.2599999999998,"endTime":2965.42,"body":"down to people don't want cheap"},{"speaker":"Andy Hart","startTime":2965.42,"endTime":2968.57,"body":"they want safe. My say this why"},{"speaker":"Andy Hart","startTime":2965.42,"endTime":2968.57,"body":"face people don't want cheap"},{"speaker":"Andy Hart","startTime":2968.57,"endTime":2973.34,"body":"they want safe. What safe is is"},{"speaker":"Andy Hart","startTime":2968.57,"endTime":2973.34,"body":"is that's up to the client to"},{"speaker":"Andy Hart","startTime":2973.34,"endTime":2977.45,"body":"decide. So yeah, people don't"},{"speaker":"Andy Hart","startTime":2973.34,"endTime":2977.45,"body":"want cheap, they want safe."},{"speaker":"Andy Hart","startTime":2978.68,"endTime":2981.95,"body":"They've got a fantastic Academy"},{"speaker":"Andy Hart","startTime":2978.68,"endTime":2981.95,"body":"as well that bring a lot of"},{"speaker":"Andy Hart","startTime":2981.95,"endTime":2986.45,"body":"young ifas through and nobody"},{"speaker":"Andy Hart","startTime":2981.95,"endTime":2986.45,"body":"else is doing that. And they do"},{"speaker":"Andy Hart","startTime":2986.48,"endTime":2990.08,"body":"everything from doing the exams,"},{"speaker":"Andy Hart","startTime":2986.48,"endTime":2990.08,"body":"how to build a book of business,"},{"speaker":"Andy Hart","startTime":2990.08,"endTime":2993.86,"body":"how to work your contacts, and"},{"speaker":"Andy Hart","startTime":2990.08,"endTime":2993.86,"body":"how to run a business plan."},{"speaker":"Andy Hart","startTime":2994.64,"endTime":2999.35,"body":"Yeah, so I'm hugely Pro, the St."},{"speaker":"Andy Hart","startTime":2994.64,"endTime":2999.35,"body":"James's Ira before before he"},{"speaker":"Andy Hart","startTime":2999.38,"endTime":3002.89,"body":"taught me basically here the"},{"speaker":"Andy Hart","startTime":2999.38,"endTime":3002.89,"body":"view from Ireland from Ireland."},{"speaker":"Alan Smith","startTime":3004.57,"endTime":3006.85,"body":"With this, we've"},{"speaker":"Alan Smith","startTime":3004.57,"endTime":3006.85,"body":"been to fulsome in our praise"},{"speaker":"Alan Smith","startTime":3006.85,"endTime":3009.7599999999998,"body":"here. I'm going to take the"},{"speaker":"Alan Smith","startTime":3006.85,"endTime":3009.7599999999998,"body":"other side the the argument."},{"speaker":"Alan Smith","startTime":3010.39,"endTime":3014.83,"body":"Yeah, sure. Because let's just"},{"speaker":"Alan Smith","startTime":3010.39,"endTime":3014.83,"body":"think it through all the things"},{"speaker":"Alan Smith","startTime":3014.83,"endTime":3019.57,"body":"you say are absolutely spot on."},{"speaker":"Alan Smith","startTime":3014.83,"endTime":3019.57,"body":"And I would rather have a client"},{"speaker":"Alan Smith","startTime":3019.6,"endTime":3023.44,"body":"have an advisor than no advisor"},{"speaker":"Alan Smith","startTime":3019.6,"endTime":3023.44,"body":"and sort of blow themselves up"},{"speaker":"Alan Smith","startTime":3023.44,"endTime":3026.92,"body":"and make all the big mistakes"},{"speaker":"Alan Smith","startTime":3023.44,"endTime":3026.92,"body":"that we know DIY people often"},{"speaker":"Alan Smith","startTime":3026.92,"endTime":3031.15,"body":"do. But how come they can get"},{"speaker":"Alan Smith","startTime":3026.92,"endTime":3031.15,"body":"away with If just riding"},{"speaker":"Alan Smith","startTime":3031.15,"endTime":3034.06,"body":"roughshod over what would appear"},{"speaker":"Alan Smith","startTime":3031.15,"endTime":3034.06,"body":"to be rules and regulations that"},{"speaker":"Alan Smith","startTime":3034.06,"endTime":3036.82,"body":"the rest of us have to comply"},{"speaker":"Alan Smith","startTime":3034.06,"endTime":3036.82,"body":"with, this is what I just never"},{"speaker":"Alan Smith","startTime":3036.82,"endTime":3040.48,"body":"really understand. The big one"},{"speaker":"Alan Smith","startTime":3036.82,"endTime":3040.48,"body":"that gets referred to a lot is"},{"speaker":"Alan Smith","startTime":3040.5099999999998,"endTime":3043.39,"body":"exit penalties. Now, I'm no"},{"speaker":"Alan Smith","startTime":3040.5099999999998,"endTime":3043.39,"body":"expert other than what's"},{"speaker":"Alan Smith","startTime":3043.39,"endTime":3045.94,"body":"publicly available for you"},{"speaker":"Alan Smith","startTime":3043.39,"endTime":3045.94,"body":"invest in one of their pension"},{"speaker":"Alan Smith","startTime":3045.94,"endTime":3050.68,"body":"products or their bond products."},{"speaker":"Alan Smith","startTime":3045.94,"endTime":3050.68,"body":"They have again, they've got a"},{"speaker":"Alan Smith","startTime":3050.86,"endTime":3053.95,"body":"position which says there is no,"},{"speaker":"Alan Smith","startTime":3050.86,"endTime":3053.95,"body":"there's no upfront fee"},{"speaker":"Alan Smith","startTime":3053.95,"endTime":3056.47,"body":"commission or anything else. But"},{"speaker":"Alan Smith","startTime":3053.95,"endTime":3056.47,"body":"what there is, is there's an"},{"speaker":"Alan Smith","startTime":3056.47,"endTime":3059.17,"body":"exit if you change your mind or"},{"speaker":"Alan Smith","startTime":3056.47,"endTime":3059.17,"body":"things change, your"},{"speaker":"Alan Smith","startTime":3059.17,"endTime":3062.83,"body":"circumstances change. We will"},{"speaker":"Alan Smith","startTime":3059.17,"endTime":3062.83,"body":"claw back. And it starts I"},{"speaker":"Alan Smith","startTime":3062.83,"endTime":3067.09,"body":"believe, it starts at 6%. Year"},{"speaker":"Alan Smith","startTime":3062.83,"endTime":3067.09,"body":"one, yes goes down over a period"},{"speaker":"Alan Smith","startTime":3067.09,"endTime":3073.0299999999997,"body":"of time now. In 2015, our"},{"speaker":"Alan Smith","startTime":3067.09,"endTime":3073.0299999999997,"body":"esteemed regulator the FCA"},{"speaker":"Alan Smith","startTime":3073.06,"endTime":3076.06,"body":"published document fair"},{"speaker":"Alan Smith","startTime":3073.06,"endTime":3076.06,"body":"treatment of customers, which"},{"speaker":"Alan Smith","startTime":3076.06,"endTime":3079.5099999999998,"body":"was distilled down as TCF"},{"speaker":"Alan Smith","startTime":3076.06,"endTime":3079.5099999999998,"body":"treating customers fairly first"},{"speaker":"Alan Smith","startTime":3079.5099999999998,"endTime":3083.56,"body":"published to offer me 2015 have"},{"speaker":"Alan Smith","startTime":3079.5099999999998,"endTime":3083.56,"body":"it in front of me, obviously, I"},{"speaker":"Alan Smith","startTime":3083.98,"endTime":3089.02,"body":"I remember it very well. But"},{"speaker":"Alan Smith","startTime":3083.98,"endTime":3089.02,"body":"going through there are six"},{"speaker":"Alan Smith","startTime":3089.02,"endTime":3092.77,"body":"consumer outcomes. And without"},{"speaker":"Alan Smith","startTime":3089.02,"endTime":3092.77,"body":"reading them all out, but"},{"speaker":"Alan Smith","startTime":3092.77,"endTime":3097.24,"body":"outcome six, and I quote,"},{"speaker":"Alan Smith","startTime":3092.77,"endTime":3097.24,"body":"consumers do not face"},{"speaker":"Alan Smith","startTime":3097.27,"endTime":3101.05,"body":"unreasonable post sale barriers"},{"speaker":"Alan Smith","startTime":3097.27,"endTime":3101.05,"body":"imposed by firms to change"},{"speaker":"Alan Smith","startTime":3101.05,"endTime":3104.83,"body":"product swit switch provider,"},{"speaker":"Alan Smith","startTime":3101.05,"endTime":3104.83,"body":"submit a claim or make a"},{"speaker":"Alan Smith","startTime":3104.83,"endTime":3105.49,"body":"complaint."},{"speaker":"Andy Hart","startTime":3106.029,"endTime":3108.369,"body":"I think you told me"},{"speaker":"Andy Hart","startTime":3106.029,"endTime":3108.369,"body":"that was unreasonable. Alan,"},{"speaker":"Alan Smith","startTime":3108.4,"endTime":3110.74,"body":"I think the key word"},{"speaker":"Alan Smith","startTime":3108.4,"endTime":3110.74,"body":"there to be interpreted. I'm not"},{"speaker":"Alan Smith","startTime":3110.74,"endTime":3115.9,"body":"saying for or against that word"},{"speaker":"Alan Smith","startTime":3110.74,"endTime":3115.9,"body":"unreasonable is just what it"},{"speaker":"Alan Smith","startTime":3115.9,"endTime":3120.13,"body":"says as always rotation. So"},{"speaker":"Alan Smith","startTime":3115.9,"endTime":3120.13,"body":"lawyers dream, right. So I just"},{"speaker":"Alan Smith","startTime":3120.13,"endTime":3122.5,"body":"think in my business, I'm"},{"speaker":"Alan Smith","startTime":3120.13,"endTime":3122.5,"body":"looking at you guys as well, if"},{"speaker":"Alan Smith","startTime":3122.5,"endTime":3126.82,"body":"I took on a client, and he had a"},{"speaker":"Alan Smith","startTime":3122.5,"endTime":3126.82,"body":"million pounds in a pension"},{"speaker":"Alan Smith","startTime":3127.0,"endTime":3129.85,"body":"product, and we did all the work"},{"speaker":"Alan Smith","startTime":3127.0,"endTime":3129.85,"body":"for him, he set them all up. And"},{"speaker":"Alan Smith","startTime":3129.85,"endTime":3132.13,"body":"he just and he came back to me"},{"speaker":"Alan Smith","startTime":3129.85,"endTime":3132.13,"body":"11 months later and said my"},{"speaker":"Alan Smith","startTime":3132.13,"endTime":3134.62,"body":"circumstances have changed or"},{"speaker":"Alan Smith","startTime":3132.13,"endTime":3134.62,"body":"something else has happened. I"},{"speaker":"Alan Smith","startTime":3134.62,"endTime":3139.21,"body":"need to move that fund else"},{"speaker":"Alan Smith","startTime":3134.62,"endTime":3139.21,"body":"where I say absolutely fine."},{"speaker":"Alan Smith","startTime":3139.24,"endTime":3142.12,"body":"Here's my invoice. 60,000"},{"speaker":"Alan Smith","startTime":3139.24,"endTime":3142.12,"body":"pounds, please pay the invoice"},{"speaker":"Alan Smith","startTime":3142.12,"endTime":3144.07,"body":"and I've made sure that"},{"speaker":"Alan Smith","startTime":3142.12,"endTime":3144.07,"body":"paperwork is done, I think I'll"},{"speaker":"Alan Smith","startTime":3144.07,"endTime":3146.35,"body":"be having a battle for that"},{"speaker":"Alan Smith","startTime":3144.07,"endTime":3146.35,"body":"particular I think that client"},{"speaker":"Alan Smith","startTime":3146.35,"endTime":3149.98,"body":"would interpret that as being"},{"speaker":"Alan Smith","startTime":3146.35,"endTime":3149.98,"body":"unreasonable reasonable. I just"},{"speaker":"Alan Smith","startTime":3149.98,"endTime":3153.25,"body":"I just do. And the other thing I"},{"speaker":"Alan Smith","startTime":3149.98,"endTime":3153.25,"body":"would say is fruit for the"},{"speaker":"Alan Smith","startTime":3153.25,"endTime":3157.27,"body":"largest wealth management"},{"speaker":"Alan Smith","startTime":3153.25,"endTime":3157.27,"body":"companies, you say Andy with 200"},{"speaker":"Alan Smith","startTime":3157.27,"endTime":3160.36,"body":"billion of assets under"},{"speaker":"Alan Smith","startTime":3157.27,"endTime":3160.36,"body":"management, the weights of"},{"speaker":"Alan Smith","startTime":3160.36,"endTime":3165.22,"body":"evidence in favor of index"},{"speaker":"Alan Smith","startTime":3160.36,"endTime":3165.22,"body":"investing, and not employing"},{"speaker":"Alan Smith","startTime":3165.22,"endTime":3168.49,"body":"active fund picker stock pickers"},{"speaker":"Alan Smith","startTime":3165.22,"endTime":3168.49,"body":"the weight of evidence is"},{"speaker":"Alan Smith","startTime":3168.52,"endTime":3172.6,"body":"overwhelming. Those is not even"},{"speaker":"Alan Smith","startTime":3168.52,"endTime":3172.6,"body":"up for dispute, peer reviewed"},{"speaker":"Alan Smith","startTime":3172.63,"endTime":3176.89,"body":"academic papers, year after year"},{"speaker":"Alan Smith","startTime":3172.63,"endTime":3176.89,"body":"after year. As far as I'm aware,"},{"speaker":"Alan Smith","startTime":3176.92,"endTime":3180.7,"body":"there is not one single index"},{"speaker":"Alan Smith","startTime":3176.92,"endTime":3180.7,"body":"passive type fund that you can"},{"speaker":"Alan Smith","startTime":3180.7,"endTime":3181.93,"body":"get access to, through that."},{"speaker":"Andy Hart","startTime":3182.98,"endTime":3184.9,"body":"Maybe some other can"},{"speaker":"Andy Hart","startTime":3182.98,"endTime":3184.9,"body":"answer that. The other thing"},{"speaker":"Andy Hart","startTime":3184.9,"endTime":3188.2,"body":"that people obviously say about"},{"speaker":"Andy Hart","startTime":3184.9,"endTime":3188.2,"body":"them is their their high costs."},{"speaker":"Andy Hart","startTime":3188.2,"endTime":3192.1,"body":"So their annual management"},{"speaker":"Andy Hart","startTime":3188.2,"endTime":3192.1,"body":"charge all in, I think the"},{"speaker":"Andy Hart","startTime":3192.1,"endTime":3195.0099999999998,"body":"lowest it can be is about 1.6. I"},{"speaker":"Andy Hart","startTime":3192.1,"endTime":3195.0099999999998,"body":"could be wrong on that. And the"},{"speaker":"Andy Hart","startTime":3195.0099999999998,"endTime":3198.58,"body":"highest it can be is about 2.3."},{"speaker":"Andy Hart","startTime":3195.0099999999998,"endTime":3198.58,"body":"But again, there might be other"},{"speaker":"Andy Hart","startTime":3198.58,"endTime":3203.41,"body":"fees I'm not too aware of. It"},{"speaker":"Andy Hart","startTime":3198.58,"endTime":3203.41,"body":"just shows you the real cost to"},{"speaker":"Andy Hart","startTime":3203.41,"endTime":3207.34,"body":"run a long term scalable"},{"speaker":"Andy Hart","startTime":3203.41,"endTime":3207.34,"body":"business that employs all the"},{"speaker":"Andy Hart","startTime":3207.34,"endTime":3210.58,"body":"right people in all the right"},{"speaker":"Andy Hart","startTime":3207.34,"endTime":3210.58,"body":"places. I believe they're a high"},{"speaker":"Andy Hart","startTime":3210.58,"endTime":3213.07,"body":"end vanilla firm. They don't get"},{"speaker":"Andy Hart","startTime":3210.58,"endTime":3213.07,"body":"involved in too many weird and"},{"speaker":"Andy Hart","startTime":3213.07,"endTime":3216.55,"body":"wacky type financial products. I"},{"speaker":"Andy Hart","startTime":3213.07,"endTime":3216.55,"body":"mean, yes, they are quite"},{"speaker":"Andy Hart","startTime":3216.55,"endTime":3219.7599999999998,"body":"involved. I believed in I"},{"speaker":"Andy Hart","startTime":3216.55,"endTime":3219.7599999999998,"body":"believe in EIS and VCT and a"},{"speaker":"Andy Hart","startTime":3219.7599999999998,"endTime":3222.64,"body":"couple of other sort of"},{"speaker":"Andy Hart","startTime":3219.7599999999998,"endTime":3222.64,"body":"inheritance tax type product"},{"speaker":"Andy Hart","startTime":3222.64,"endTime":3225.79,"body":"stuff, but you don't often hear"},{"speaker":"Andy Hart","startTime":3222.64,"endTime":3225.79,"body":"about huge blow ups within the"},{"speaker":"Andy Hart","startTime":3225.79,"endTime":3229.66,"body":"company. So they they're quite"},{"speaker":"Andy Hart","startTime":3225.79,"endTime":3229.66,"body":"tight on their on their risk. So"},{"speaker":"Andy Hart","startTime":3230.05,"endTime":3232.48,"body":"as I say it is said that they"},{"speaker":"Andy Hart","startTime":3230.05,"endTime":3232.48,"body":"are quite expensive on an"},{"speaker":"Andy Hart","startTime":3232.48,"endTime":3236.98,"body":"ongoing basis. But is that is"},{"speaker":"Andy Hart","startTime":3232.48,"endTime":3236.98,"body":"that the cost to run a business"},{"speaker":"Andy Hart","startTime":3236.98,"endTime":3240.52,"body":"that can be scalable for this"},{"speaker":"Andy Hart","startTime":3236.98,"endTime":3240.52,"body":"long? Many have tried to do it"},{"speaker":"Andy Hart","startTime":3240.52,"endTime":3243.67,"body":"cheap, and it's not worked out."},{"speaker":"Andy Hart","startTime":3240.52,"endTime":3243.67,"body":"Nick and then Carl."},{"speaker":"Nick Lincoln","startTime":3243.91,"endTime":3246.58,"body":"Yeah, thank you."},{"speaker":"Nick Lincoln","startTime":3243.91,"endTime":3246.58,"body":"So my views on SGP, it is an"},{"speaker":"Nick Lincoln","startTime":3246.58,"endTime":3249.79,"body":"interesting one I Yeah, business"},{"speaker":"Nick Lincoln","startTime":3246.58,"endTime":3249.79,"body":"wise absolutely superb,"},{"speaker":"Nick Lincoln","startTime":3249.85,"endTime":3252.91,"body":"brilliant. And it just shows"},{"speaker":"Nick Lincoln","startTime":3249.85,"endTime":3252.91,"body":"that some people want to pay a"},{"speaker":"Nick Lincoln","startTime":3252.91,"endTime":3255.49,"body":"bit more and they're quite happy"},{"speaker":"Nick Lincoln","startTime":3252.91,"endTime":3255.49,"body":"to do is the stellar Artois"},{"speaker":"Nick Lincoln","startTime":3255.49,"endTime":3258.0099999999998,"body":"thing we seem to be consumed"},{"speaker":"Nick Lincoln","startTime":3255.49,"endTime":3258.0099999999998,"body":"with getting down to the lowest"},{"speaker":"Nick Lincoln","startTime":3258.0099999999998,"endTime":3260.38,"body":"basis point shaving a basis"},{"speaker":"Nick Lincoln","startTime":3258.0099999999998,"endTime":3260.38,"body":"point. Some people don't want"},{"speaker":"Nick Lincoln","startTime":3260.38,"endTime":3263.44,"body":"that some people don't want low"},{"speaker":"Nick Lincoln","startTime":3260.38,"endTime":3263.44,"body":"touch, low costs. Some people"},{"speaker":"Nick Lincoln","startTime":3263.44,"endTime":3267.31,"body":"want high touch and higher cost"},{"speaker":"Nick Lincoln","startTime":3263.44,"endTime":3267.31,"body":"and that's exactly what SJP"},{"speaker":"Nick Lincoln","startTime":3267.31,"endTime":3271.45,"body":"gives gives them some people"},{"speaker":"Nick Lincoln","startTime":3267.31,"endTime":3271.45,"body":"want want a seminar at the local"},{"speaker":"Nick Lincoln","startTime":3271.45,"endTime":3274.54,"body":"country pile on inheritance tax"},{"speaker":"Nick Lincoln","startTime":3271.45,"endTime":3274.54,"body":"and coming up for some food and"},{"speaker":"Nick Lincoln","startTime":3274.54,"endTime":3277.81,"body":"wine. They want that they want"},{"speaker":"Nick Lincoln","startTime":3274.54,"endTime":3277.81,"body":"the massively thick business"},{"speaker":"Nick Lincoln","startTime":3277.81,"endTime":3281.2,"body":"card they want the valuations on"},{"speaker":"Nick Lincoln","startTime":3277.81,"endTime":3281.2,"body":"beautiful cartridge paper. Some"},{"speaker":"Nick Lincoln","startTime":3281.2,"endTime":3285.43,"body":"people want that and this"},{"speaker":"Nick Lincoln","startTime":3281.2,"endTime":3285.43,"body":"obsession that we sometimes have"},{"speaker":"Nick Lincoln","startTime":3285.43,"endTime":3288.67,"body":"in our profession with with"},{"speaker":"Nick Lincoln","startTime":3285.43,"endTime":3288.67,"body":"cost. Again, we're forgetting"},{"speaker":"Nick Lincoln","startTime":3288.67,"endTime":3292.3,"body":"about value. You know the client"},{"speaker":"Nick Lincoln","startTime":3288.67,"endTime":3292.3,"body":"perceived value sorry, FCA, the"},{"speaker":"Nick Lincoln","startTime":3292.3,"endTime":3295.06,"body":"client and some people will say"},{"speaker":"Nick Lincoln","startTime":3292.3,"endTime":3295.06,"body":"I know my pain that because I"},{"speaker":"Nick Lincoln","startTime":3295.06,"endTime":3298.93,"body":"like my SGP. I like the fact"},{"speaker":"Nick Lincoln","startTime":3295.06,"endTime":3298.93,"body":"that he verbally is a he will"},{"speaker":"Nick Lincoln","startTime":3298.93,"endTime":3303.94,"body":"turn up in a blue in a navy suit"},{"speaker":"Nick Lincoln","startTime":3298.93,"endTime":3303.94,"body":"with a pristine white shirt and"},{"speaker":"Nick Lincoln","startTime":3303.94,"endTime":3308.47,"body":"a beautiful foreign hand. Not I"},{"speaker":"Nick Lincoln","startTime":3303.94,"endTime":3308.47,"body":"want that to be my advisor. I"},{"speaker":"Nick Lincoln","startTime":3308.47,"endTime":3311.59,"body":"want to go to these lovely"},{"speaker":"Nick Lincoln","startTime":3308.47,"endTime":3311.59,"body":"offices all around the country."},{"speaker":"Nick Lincoln","startTime":3311.74,"endTime":3316.33,"body":"I like the fact that if my SGP"},{"speaker":"Nick Lincoln","startTime":3311.74,"endTime":3316.33,"body":"advisor makes a mistake, SGP"},{"speaker":"Nick Lincoln","startTime":3316.33,"endTime":3319.33,"body":"will just underwrite it okay,"},{"speaker":"Nick Lincoln","startTime":3316.33,"endTime":3319.33,"body":"here's a check to go don't don't"},{"speaker":"Nick Lincoln","startTime":3319.33,"endTime":3322.0,"body":"go to the press. We made it we"},{"speaker":"Nick Lincoln","startTime":3319.33,"endTime":3322.0,"body":"goofed up. You don't need to go"},{"speaker":"Nick Lincoln","startTime":3322.0,"endTime":3325.21,"body":"through the torturous you know,"},{"speaker":"Nick Lincoln","startTime":3322.0,"endTime":3325.21,"body":"appeals process with the FSCS"},{"speaker":"Nick Lincoln","startTime":3325.21,"endTime":3328.9,"body":"and all that kind of stuff. Some"},{"speaker":"Nick Lincoln","startTime":3325.21,"endTime":3328.9,"body":"people will like that. And by"},{"speaker":"Nick Lincoln","startTime":3328.9,"endTime":3332.62,"body":"the way as a business owner"},{"speaker":"Nick Lincoln","startTime":3328.9,"endTime":3332.62,"body":"isn't If I St. James's place"},{"speaker":"Nick Lincoln","startTime":3332.62,"endTime":3336.82,"body":"because the FCS levy is based on"},{"speaker":"Nick Lincoln","startTime":3332.62,"endTime":3336.82,"body":"sensitive turnover, they are by"},{"speaker":"Nick Lincoln","startTime":3336.82,"endTime":3339.46,"body":"a country mile the biggest"},{"speaker":"Nick Lincoln","startTime":3336.82,"endTime":3339.46,"body":"contributor to that Levy. And"},{"speaker":"Nick Lincoln","startTime":3339.46,"endTime":3342.2799999999997,"body":"they never ever claim on it. If"},{"speaker":"Nick Lincoln","startTime":3339.46,"endTime":3342.2799999999997,"body":"for whatever reason this gap"},{"speaker":"Nick Lincoln","startTime":3342.2799999999997,"endTime":3345.58,"body":"doesn't exist our FCS levies"},{"speaker":"Nick Lincoln","startTime":3342.2799999999997,"endTime":3345.58,"body":"would go through the bleedin"},{"speaker":"Nick Lincoln","startTime":3345.58,"endTime":3346.24,"body":"roof. So just"},{"speaker":"Andy Hart","startTime":3346.629,"endTime":3348.759,"body":"just just bear that"},{"speaker":"Andy Hart","startTime":3346.629,"endTime":3348.759,"body":"very interesting point,"},{"speaker":"Andy Hart","startTime":3348.759,"endTime":3351.849,"body":"actually, Nick. Yeah, very"},{"speaker":"Andy Hart","startTime":3348.759,"endTime":3351.849,"body":"interesting point. Yeah. So it's"},{"speaker":"Andy Hart","startTime":3351.849,"endTime":3352.119,"body":"just"},{"speaker":"Nick Lincoln","startTime":3352.12,"endTime":3355.33,"body":"one of the other"},{"speaker":"Nick Lincoln","startTime":3352.12,"endTime":3355.33,"body":"things so but and then so that's"},{"speaker":"Nick Lincoln","startTime":3355.72,"endTime":3359.41,"body":"coming to the negative. Allen's"},{"speaker":"Nick Lincoln","startTime":3355.72,"endTime":3359.41,"body":"perfectly, absolutely spot on"},{"speaker":"Nick Lincoln","startTime":3359.71,"endTime":3362.2599999999998,"body":"this focus on fun baggage. I"},{"speaker":"Nick Lincoln","startTime":3359.71,"endTime":3362.2599999999998,"body":"mean, the reason the Sunday"},{"speaker":"Nick Lincoln","startTime":3362.2599999999998,"endTime":3364.33,"body":"Times article got so much"},{"speaker":"Nick Lincoln","startTime":3362.2599999999998,"endTime":3364.33,"body":"traction, apart from the goal,"},{"speaker":"Nick Lincoln","startTime":3364.5099999999998,"endTime":3366.34,"body":"the cufflinks and everything"},{"speaker":"Nick Lincoln","startTime":3364.5099999999998,"endTime":3366.34,"body":"else on the cruises, which is"},{"speaker":"Nick Lincoln","startTime":3366.34,"endTime":3368.92,"body":"pure from the Allied Dunbar"},{"speaker":"Nick Lincoln","startTime":3366.34,"endTime":3368.92,"body":"sales school, you know, reward"},{"speaker":"Nick Lincoln","startTime":3368.92,"endTime":3372.4,"body":"the high, the high producers, it"},{"speaker":"Nick Lincoln","startTime":3368.92,"endTime":3372.4,"body":"was that their funds generally"},{"speaker":"Nick Lincoln","startTime":3372.4,"endTime":3374.35,"body":"do underperform because they're"},{"speaker":"Nick Lincoln","startTime":3372.4,"endTime":3374.35,"body":"just dragged down by the"},{"speaker":"Nick Lincoln","startTime":3374.35,"endTime":3376.96,"body":"charges. And that's just that's"},{"speaker":"Nick Lincoln","startTime":3374.35,"endTime":3376.96,"body":"just logical mass grinding its"},{"speaker":"Nick Lincoln","startTime":3376.96,"endTime":3380.68,"body":"way to, to its conclusion. It's"},{"speaker":"Nick Lincoln","startTime":3376.96,"endTime":3380.68,"body":"such an interesting brand, but"},{"speaker":"Nick Lincoln","startTime":3380.68,"endTime":3384.19,"body":"high cost high touch against"},{"speaker":"Nick Lincoln","startTime":3380.68,"endTime":3384.19,"body":"Vanguard who tried it for two"},{"speaker":"Nick Lincoln","startTime":3384.19,"endTime":3388.84,"body":"years low cost low touch,"},{"speaker":"Nick Lincoln","startTime":3384.19,"endTime":3388.84,"body":"couldn't make it work 32 years"},{"speaker":"Nick Lincoln","startTime":3388.84,"endTime":3393.19,"body":"into the SJP story. Well, since"},{"speaker":"Nick Lincoln","startTime":3388.84,"endTime":3393.19,"body":"1961, what are the 62 years into"},{"speaker":"Nick Lincoln","startTime":3393.19,"endTime":3396.0099999999998,"body":"this guy, Mike Weinberg just"},{"speaker":"Nick Lincoln","startTime":3393.19,"endTime":3396.0099999999998,"body":"knocking out these fantastic"},{"speaker":"Nick Lincoln","startTime":3396.0099999999998,"endTime":3399.7,"body":"financial advice, sales"},{"speaker":"Nick Lincoln","startTime":3396.0099999999998,"endTime":3399.7,"body":"machines. And again, selling is"},{"speaker":"Nick Lincoln","startTime":3399.7,"endTime":3406.21,"body":"not about the car, you know,"},{"speaker":"Nick Lincoln","startTime":3399.7,"endTime":3406.21,"body":"from the outside in. SGP? Will"},{"speaker":"Nick Lincoln","startTime":3406.21,"endTime":3408.79,"body":"you tell that utopian utility"},{"speaker":"Nick Lincoln","startTime":3406.21,"endTime":3408.79,"body":"trap is called what the position"},{"speaker":"Nick Lincoln","startTime":3408.79,"endTime":3409.96,"body":"is in Ireland?"},{"speaker":"Carl Widger","startTime":3410.529,"endTime":3414.219,"body":"Yes. So they're not"},{"speaker":"Carl Widger","startTime":3410.529,"endTime":3414.219,"body":"in Ireland, they did do a deal"},{"speaker":"Carl Widger","startTime":3414.219,"endTime":3418.149,"body":"to acquire a firm, I think about"},{"speaker":"Carl Widger","startTime":3414.219,"endTime":3418.149,"body":"three or maybe four years ago,"},{"speaker":"Carl Widger","startTime":3418.779,"endTime":3423.609,"body":"deal was done and announced, and"},{"speaker":"Carl Widger","startTime":3418.779,"endTime":3423.609,"body":"then it didn't happen. So I"},{"speaker":"Carl Widger","startTime":3424.119,"endTime":3430.179,"body":"don't really know why. I thought"},{"speaker":"Carl Widger","startTime":3424.119,"endTime":3430.179,"body":"at the time, maybe that firm"},{"speaker":"Carl Widger","startTime":3430.179,"endTime":3433.659,"body":"just didn't fit with them. But"},{"speaker":"Carl Widger","startTime":3430.179,"endTime":3433.659,"body":"they'd be back. But they haven't"},{"speaker":"Carl Widger","startTime":3433.659,"endTime":3436.929,"body":"been and there are a few"},{"speaker":"Carl Widger","startTime":3433.659,"endTime":3436.929,"body":"aggregators, as they say, in the"},{"speaker":"Carl Widger","startTime":3436.929,"endTime":3443.5589999999997,"body":"Irish market at the moment, but"},{"speaker":"Carl Widger","startTime":3436.929,"endTime":3443.5589999999997,"body":"no sign of SJP returning. But"},{"speaker":"Carl Widger","startTime":3443.589,"endTime":3449.139,"body":"maybe there'll be back at some"},{"speaker":"Carl Widger","startTime":3443.589,"endTime":3449.139,"body":"stage. Who knows? Yeah, I look"},{"speaker":"Carl Widger","startTime":3449.139,"endTime":3451.689,"body":"from from the outside looking"},{"speaker":"Carl Widger","startTime":3449.139,"endTime":3451.689,"body":"in, obviously, I've looked at"},{"speaker":"Carl Widger","startTime":3451.689,"endTime":3455.2889999999998,"body":"them. I've, you know, even if"},{"speaker":"Carl Widger","startTime":3451.689,"endTime":3455.2889999999998,"body":"you just look at their website,"},{"speaker":"Carl Widger","startTime":3455.529,"endTime":3460.029,"body":"I think some of the negatives"},{"speaker":"Carl Widger","startTime":3455.529,"endTime":3460.029,"body":"that Alan has kind of portrayed"},{"speaker":"Carl Widger","startTime":3460.029,"endTime":3464.889,"body":"there. The argument against that"},{"speaker":"Carl Widger","startTime":3460.029,"endTime":3464.889,"body":"will be well, it's just there on"},{"speaker":"Carl Widger","startTime":3464.889,"endTime":3467.5589999999997,"body":"the front page of our website."},{"speaker":"Carl Widger","startTime":3464.889,"endTime":3467.5589999999997,"body":"So it's like, we're not trying"},{"speaker":"Carl Widger","startTime":3467.5589999999997,"endTime":3472.0589999999997,"body":"to hide anything. It's it's"},{"speaker":"Carl Widger","startTime":3467.5589999999997,"endTime":3472.0589999999997,"body":"absolutely 100% upfront. I"},{"speaker":"Carl Widger","startTime":3472.0589999999997,"endTime":3475.749,"body":"suppose I've met his art. And we"},{"speaker":"Carl Widger","startTime":3472.0589999999997,"endTime":3475.749,"body":"do have the exact same thing"},{"speaker":"Carl Widger","startTime":3475.749,"endTime":3479.919,"body":"with the some of the bigger"},{"speaker":"Carl Widger","startTime":3475.749,"endTime":3479.919,"body":"brands here in Ireland in terms"},{"speaker":"Carl Widger","startTime":3479.919,"endTime":3481.719,"body":"of private banks, the"},{"speaker":"Carl Widger","startTime":3479.919,"endTime":3481.719,"body":"stockbrokers, that kind of"},{"speaker":"Carl Widger","startTime":3481.719,"endTime":3485.259,"body":"stuff. And they're much much"},{"speaker":"Carl Widger","startTime":3481.719,"endTime":3485.259,"body":"dearer, and they don't do full"},{"speaker":"Carl Widger","startTime":3485.259,"endTime":3488.469,"body":"fat financial planning. And I"},{"speaker":"Carl Widger","startTime":3485.259,"endTime":3488.469,"body":"remember pitching for a client"},{"speaker":"Carl Widger","startTime":3488.469,"endTime":3492.519,"body":"who was like, Yeah, I get it, I"},{"speaker":"Carl Widger","startTime":3488.469,"endTime":3492.519,"body":"know that you'd be doing a lot"},{"speaker":"Carl Widger","startTime":3492.519,"endTime":3496.629,"body":"more, and you charge us a lot"},{"speaker":"Carl Widger","startTime":3492.519,"endTime":3496.629,"body":"less, but I can't brag about"},{"speaker":"Carl Widger","startTime":3496.629,"endTime":3499.089,"body":"Metis Ireland, on the golf"},{"speaker":"Carl Widger","startTime":3496.629,"endTime":3499.089,"body":"course."},{"speaker":"Nick Lincoln","startTime":3499.18,"endTime":3500.8,"body":"That's a"},{"speaker":"Nick Lincoln","startTime":3499.18,"endTime":3500.8,"body":"brilliant, that's a brilliant"},{"speaker":"Nick Lincoln","startTime":3500.8,"endTime":3503.41,"body":"point. That's just a status"},{"speaker":"Nick Lincoln","startTime":3500.8,"endTime":3503.41,"body":"purchase."},{"speaker":"Unknown","startTime":3503.41,"endTime":3504.64,"body":"It's a status purchase"},{"speaker":"Unknown","startTime":3503.41,"endTime":3504.64,"body":"a"},{"speaker":"Carl Widger","startTime":3504.64,"endTime":3507.82,"body":"lot of brands and,"},{"speaker":"Carl Widger","startTime":3504.64,"endTime":3507.82,"body":"and, you know, I kind of went,"},{"speaker":"Carl Widger","startTime":3508.33,"endTime":3513.52,"body":"right, we've and hence we've"},{"speaker":"Carl Widger","startTime":3508.33,"endTime":3513.52,"body":"tried to do an awful lot of"},{"speaker":"Carl Widger","startTime":3513.55,"endTime":3516.22,"body":"we've spoken about marketing"},{"speaker":"Carl Widger","startTime":3513.55,"endTime":3516.22,"body":"before about an awful lot of"},{"speaker":"Carl Widger","startTime":3516.22,"endTime":3519.82,"body":"brand building and not"},{"speaker":"Carl Widger","startTime":3516.22,"endTime":3519.82,"body":"necessarily client catching, and"},{"speaker":"Carl Widger","startTime":3519.82,"endTime":3524.2,"body":"to try and be known as, you"},{"speaker":"Carl Widger","startTime":3519.82,"endTime":3524.2,"body":"know, the firm that will do the"},{"speaker":"Carl Widger","startTime":3524.2,"endTime":3529.5099999999998,"body":"proper financial planning at a"},{"speaker":"Carl Widger","startTime":3524.2,"endTime":3529.5099999999998,"body":"reasonable fee. But we also look"},{"speaker":"Carl Widger","startTime":3529.5099999999998,"endTime":3532.33,"body":"after you and we do do a lot of"},{"speaker":"Carl Widger","startTime":3529.5099999999998,"endTime":3532.33,"body":"events now, right as a result,"},{"speaker":"Carl Widger","startTime":3532.87,"endTime":3535.69,"body":"and I'd have to say, Yeah, okay,"},{"speaker":"Carl Widger","startTime":3532.87,"endTime":3535.69,"body":"the active fund management, but"},{"speaker":"Carl Widger","startTime":3535.69,"endTime":3539.2,"body":"that that's the bit that just"},{"speaker":"Carl Widger","startTime":3535.69,"endTime":3539.2,"body":"doesn't sit well with me that"},{"speaker":"Carl Widger","startTime":3539.2,"endTime":3542.17,"body":"you can't, there isn't even a"},{"speaker":"Carl Widger","startTime":3539.2,"endTime":3542.17,"body":"passive option. So I think"},{"speaker":"Carl Widger","startTime":3542.17,"endTime":3545.47,"body":"that's a big negative. I think"},{"speaker":"Carl Widger","startTime":3542.17,"endTime":3545.47,"body":"the charges are if you look at"},{"speaker":"Carl Widger","startTime":3545.47,"endTime":3548.35,"body":"their website, right, just click"},{"speaker":"Carl Widger","startTime":3545.47,"endTime":3548.35,"body":"on their charges. It is there"},{"speaker":"Carl Widger","startTime":3548.35,"endTime":3554.08,"body":"right in front here. So it is"},{"speaker":"Carl Widger","startTime":3548.35,"endTime":3554.08,"body":"what it is. I think stuff like"},{"speaker":"Carl Widger","startTime":3554.08,"endTime":3558.2799999999997,"body":"the financial advisor Academy,"},{"speaker":"Carl Widger","startTime":3554.08,"endTime":3558.2799999999997,"body":"right, I looked through that is"},{"speaker":"Carl Widger","startTime":3558.4,"endTime":3562.87,"body":"absolutely bloody brilliant."},{"speaker":"Carl Widger","startTime":3558.4,"endTime":3562.87,"body":"Yeah. Anybody who, anybody who's"},{"speaker":"Carl Widger","startTime":3562.87,"endTime":3565.42,"body":"talking about the advice gap,"},{"speaker":"Carl Widger","startTime":3562.87,"endTime":3565.42,"body":"right? Well, they're training"},{"speaker":"Carl Widger","startTime":3565.42,"endTime":3569.17,"body":"people to go and you know,"},{"speaker":"Carl Widger","startTime":3565.42,"endTime":3569.17,"body":"here's your exams, and here's"},{"speaker":"Carl Widger","startTime":3569.17,"endTime":3572.17,"body":"how to build a business. And"},{"speaker":"Carl Widger","startTime":3569.17,"endTime":3572.17,"body":"here's how to network and here's"},{"speaker":"Carl Widger","startTime":3572.17,"endTime":3575.38,"body":"how to get sales across the"},{"speaker":"Carl Widger","startTime":3572.17,"endTime":3575.38,"body":"line. I think it's absolutely"},{"speaker":"Carl Widger","startTime":3575.5,"endTime":3579.88,"body":"phenomenal, very difficult for"},{"speaker":"Carl Widger","startTime":3575.5,"endTime":3579.88,"body":"any of us or anybody else to"},{"speaker":"Carl Widger","startTime":3579.88,"endTime":3582.82,"body":"replicate something like that,"},{"speaker":"Carl Widger","startTime":3579.88,"endTime":3582.82,"body":"because that costs an absolute"},{"speaker":"Carl Widger","startTime":3582.82,"endTime":3586.5099999999998,"body":"shitload of money. But it's"},{"speaker":"Carl Widger","startTime":3582.82,"endTime":3586.5099999999998,"body":"absolutely fantastic. And I"},{"speaker":"Carl Widger","startTime":3586.5099999999998,"endTime":3589.57,"body":"would love, love, love dearly"},{"speaker":"Carl Widger","startTime":3586.5099999999998,"endTime":3589.57,"body":"love to do that. Because then"},{"speaker":"Carl Widger","startTime":3589.81,"endTime":3592.39,"body":"what you're gonna do, you're"},{"speaker":"Carl Widger","startTime":3589.81,"endTime":3592.39,"body":"gonna grow organically, if you"},{"speaker":"Carl Widger","startTime":3592.39,"endTime":3595.42,"body":"put your money into something"},{"speaker":"Carl Widger","startTime":3592.39,"endTime":3595.42,"body":"like that. So I think"},{"speaker":"Carl Widger","startTime":3595.45,"endTime":3599.83,"body":"absolutely, you know, really,"},{"speaker":"Carl Widger","startTime":3595.45,"endTime":3599.83,"body":"really amazing. And the other"},{"speaker":"Carl Widger","startTime":3599.83,"endTime":3603.0099999999998,"body":"thing that none of you have"},{"speaker":"Carl Widger","startTime":3599.83,"endTime":3603.0099999999998,"body":"touched on, right, one of the"},{"speaker":"Carl Widger","startTime":3603.0099999999998,"endTime":3607.27,"body":"big problems here in Ireland is"},{"speaker":"Carl Widger","startTime":3603.0099999999998,"endTime":3607.27,"body":"how do you sell your business?"},{"speaker":"Carl Widger","startTime":3607.3,"endTime":3611.77,"body":"So when you're getting to island"},{"speaker":"Carl Widger","startTime":3607.3,"endTime":3611.77,"body":"out? Oh, yeah. Yeah, the"},{"speaker":"Carl Widger","startTime":3611.77,"endTime":3618.34,"body":"succession planning that is"},{"speaker":"Carl Widger","startTime":3611.77,"endTime":3618.34,"body":"absolutely magnificent. And, you"},{"speaker":"Carl Widger","startTime":3618.34,"endTime":3621.85,"body":"know, you tie the financial"},{"speaker":"Carl Widger","startTime":3618.34,"endTime":3621.85,"body":"active financial advisor Academy"},{"speaker":"Carl Widger","startTime":3621.88,"endTime":3625.93,"body":"in with our succession planning."},{"speaker":"Carl Widger","startTime":3621.88,"endTime":3625.93,"body":"And I think if you look at our"},{"speaker":"Carl Widger","startTime":3625.93,"endTime":3628.63,"body":"website, again, I think they've"},{"speaker":"Carl Widger","startTime":3625.93,"endTime":3628.63,"body":"you know, two and a half 1000"},{"speaker":"Carl Widger","startTime":3628.63,"endTime":3631.66,"body":"people have gone through this"},{"speaker":"Carl Widger","startTime":3628.63,"endTime":3631.66,"body":"process. CES two and a half 1000"},{"speaker":"Carl Widger","startTime":3631.66,"endTime":3633.97,"body":"people, right? This is just,"},{"speaker":"Alan Smith","startTime":3634.09,"endTime":3636.46,"body":"ya know, they'll"},{"speaker":"Alan Smith","startTime":3634.09,"endTime":3636.46,"body":"they'll facilitate, give a loan"},{"speaker":"Alan Smith","startTime":3636.46,"endTime":3639.64,"body":"to, to buy out the retiring"},{"speaker":"Alan Smith","startTime":3636.46,"endTime":3639.64,"body":"advisor to give a ready made"},{"speaker":"Alan Smith","startTime":3639.64,"endTime":3643.27,"body":"client bank to the newly"},{"speaker":"Alan Smith","startTime":3639.64,"endTime":3643.27,"body":"graduated from the academy. It's"},{"speaker":"Alan Smith","startTime":3643.27,"endTime":3644.5,"body":"just it's really really,"},{"speaker":"Carl Widger","startTime":3645.13,"endTime":3647.89,"body":"I don't try to add"},{"speaker":"Carl Widger","startTime":3645.13,"endTime":3647.89,"body":"a prescribed multiple, so"},{"speaker":"Carl Widger","startTime":3647.89,"endTime":3651.58,"body":"everybody knows if my business,"},{"speaker":"Carl Widger","startTime":3647.89,"endTime":3651.58,"body":"this is what I'm gonna get on"},{"speaker":"Carl Widger","startTime":3651.58,"endTime":3655.06,"body":"it's like this day, and then the"},{"speaker":"Carl Widger","startTime":3651.58,"endTime":3655.06,"body":"guys coming in who are going to"},{"speaker":"Carl Widger","startTime":3655.06,"endTime":3658.36,"body":"buy it or getting the loan, they"},{"speaker":"Carl Widger","startTime":3655.06,"endTime":3658.36,"body":"don't have to do any of the you"},{"speaker":"Carl Widger","startTime":3658.36,"endTime":3661.99,"body":"know, get the finance and all of"},{"speaker":"Carl Widger","startTime":3658.36,"endTime":3661.99,"body":"that stuff, which is going to"},{"speaker":"Carl Widger","startTime":3661.99,"endTime":3665.2,"body":"make sure that they've ensured"},{"speaker":"Carl Widger","startTime":3661.99,"endTime":3665.2,"body":"their own longevity. I think"},{"speaker":"Carl Widger","startTime":3665.2,"endTime":3668.59,"body":"it's absolutely amazing. I think"},{"speaker":"Alan Smith","startTime":3669.46,"endTime":3673.06,"body":"it's really smart"},{"speaker":"Alan Smith","startTime":3669.46,"endTime":3673.06,"body":"business. And I think as I've"},{"speaker":"Alan Smith","startTime":3673.06,"endTime":3676.99,"body":"always said, I'd like I'd be a"},{"speaker":"Alan Smith","startTime":3673.06,"endTime":3676.99,"body":"shareholder in the company. I"},{"speaker":"Alan Smith","startTime":3676.99,"endTime":3679.99,"body":"wouldn't want to be you know it"},{"speaker":"Alan Smith","startTime":3676.99,"endTime":3679.99,"body":"to me, despite all the things"},{"speaker":"Alan Smith","startTime":3679.99,"endTime":3682.57,"body":"you're saying doesn't pass the"},{"speaker":"Alan Smith","startTime":3679.99,"endTime":3682.57,"body":"mother in law test, would you"},{"speaker":"Alan Smith","startTime":3682.57,"endTime":3684.94,"body":"recommend that your mother in"},{"speaker":"Alan Smith","startTime":3682.57,"endTime":3684.94,"body":"law or your best friend or"},{"speaker":"Alan Smith","startTime":3684.94,"endTime":3688.06,"body":"someone else went and sought"},{"speaker":"Alan Smith","startTime":3684.94,"endTime":3688.06,"body":"them? Versus anyone else? I"},{"speaker":"Alan Smith","startTime":3688.06,"endTime":3691.87,"body":"wouldn't necessarily, what are"},{"speaker":"Alan Smith","startTime":3688.06,"endTime":3691.87,"body":"we doing this thing, badge, the"},{"speaker":"Alan Smith","startTime":3691.87,"endTime":3696.1,"body":"badge and the brand? Do you know"},{"speaker":"Alan Smith","startTime":3691.87,"endTime":3696.1,"body":"that the red the other day,"},{"speaker":"Alan Smith","startTime":3696.13,"endTime":3700.18,"body":"Volkswagen touring car is exact"},{"speaker":"Alan Smith","startTime":3696.13,"endTime":3700.18,"body":"pretty much exactly the same"},{"speaker":"Alan Smith","startTime":3700.18,"endTime":3705.34,"body":"cars, a Porsche Cayenne, but"},{"speaker":"Alan Smith","startTime":3700.18,"endTime":3705.34,"body":"Porsche is 8000 pounds more. And"},{"speaker":"Alan Smith","startTime":3705.34,"endTime":3708.0099999999998,"body":"that's just that's just the"},{"speaker":"Alan Smith","startTime":3705.34,"endTime":3708.0099999999998,"body":"power of a name and a brand. And"},{"speaker":"Alan Smith","startTime":3708.0099999999998,"endTime":3711.4,"body":"they have got despite the Sunday"},{"speaker":"Alan Smith","startTime":3708.0099999999998,"endTime":3711.4,"body":"Times the best intentions, they"},{"speaker":"Alan Smith","startTime":3711.4,"endTime":3716.11,"body":"have got a badge and a brand"},{"speaker":"Alan Smith","startTime":3711.4,"endTime":3716.11,"body":"that smacks of quality and good."},{"speaker":"Alan Smith","startTime":3716.29,"endTime":3720.22,"body":"And the last thing I'll say on"},{"speaker":"Alan Smith","startTime":3716.29,"endTime":3720.22,"body":"it is I did Strategic Coach"},{"speaker":"Alan Smith","startTime":3720.22,"endTime":3722.62,"body":"program for several years go"},{"speaker":"Alan Smith","startTime":3720.22,"endTime":3722.62,"body":"back a few years, and there's"},{"speaker":"Alan Smith","startTime":3722.62,"endTime":3725.92,"body":"loads of St. James's place"},{"speaker":"Alan Smith","startTime":3722.62,"endTime":3725.92,"body":"advisors there. And without"},{"speaker":"Alan Smith","startTime":3725.92,"endTime":3729.13,"body":"exception, they're all good"},{"speaker":"Alan Smith","startTime":3725.92,"endTime":3729.13,"body":"people, to a man and a woman."},{"speaker":"Alan Smith","startTime":3729.19,"endTime":3732.52,"body":"And they are the high quality,"},{"speaker":"Alan Smith","startTime":3729.19,"endTime":3732.52,"body":"the good there. They've got"},{"speaker":"Alan Smith","startTime":3732.52,"endTime":3736.18,"body":"integrity. But you bet, as I"},{"speaker":"Alan Smith","startTime":3732.52,"endTime":3736.18,"body":"said that they have there's"},{"speaker":"Alan Smith","startTime":3736.18,"endTime":3741.55,"body":"definitely flaws in what they do"},{"speaker":"Alan Smith","startTime":3736.18,"endTime":3741.55,"body":"and what they offer. But as they"},{"speaker":"Alan Smith","startTime":3741.55,"endTime":3745.27,"body":"say, Thank you, I heard this"},{"speaker":"Alan Smith","startTime":3741.55,"endTime":3745.27,"body":"from you, Andy, a poor advisor"},{"speaker":"Alan Smith","startTime":3745.36,"endTime":3748.15,"body":"is a poor financial advisor."},{"speaker":"Andy Hart","startTime":3749.89,"endTime":3752.35,"body":"And you kind of"},{"speaker":"Andy Hart","startTime":3749.89,"endTime":3752.35,"body":"wonder this, I am in my"},{"speaker":"Andy Hart","startTime":3752.35,"endTime":3754.84,"body":"consultancy role, I travel"},{"speaker":"Andy Hart","startTime":3752.35,"endTime":3754.84,"body":"around the country and go to"},{"speaker":"Andy Hart","startTime":3754.84,"endTime":3757.63,"body":"lots of different firms. I've"},{"speaker":"Andy Hart","startTime":3754.84,"endTime":3757.63,"body":"learned a shedload from senior"},{"speaker":"Andy Hart","startTime":3757.63,"endTime":3761.11,"body":"partners at SJP. Throughout the"},{"speaker":"Andy Hart","startTime":3757.63,"endTime":3761.11,"body":"years, some fantastic stuff that"},{"speaker":"Andy Hart","startTime":3761.11,"endTime":3763.6,"body":"they've shared me of how to grow"},{"speaker":"Andy Hart","startTime":3761.11,"endTime":3763.6,"body":"my business, how to think about"},{"speaker":"Andy Hart","startTime":3763.6,"endTime":3766.06,"body":"things, how to pitch stuff to"},{"speaker":"Andy Hart","startTime":3763.6,"endTime":3766.06,"body":"clients, how to talk about"},{"speaker":"Andy Hart","startTime":3766.06,"endTime":3771.25,"body":"things. But granted, I do see,"},{"speaker":"Andy Hart","startTime":3766.06,"endTime":3771.25,"body":"let's say the better advisors,"},{"speaker":"Andy Hart","startTime":3771.25,"endTime":3774.2799999999997,"body":"because they're the ones that"},{"speaker":"Andy Hart","startTime":3771.25,"endTime":3774.2799999999997,"body":"pay for consultants to come in,"},{"speaker":"Andy Hart","startTime":3774.52,"endTime":3777.7599999999998,"body":"share ideas. I know there's four"},{"speaker":"Andy Hart","startTime":3774.52,"endTime":3777.7599999999998,"body":"and a half 1000. So there's"},{"speaker":"Andy Hart","startTime":3777.7599999999998,"endTime":3781.42,"body":"going to be a whole sort of mix"},{"speaker":"Andy Hart","startTime":3777.7599999999998,"endTime":3781.42,"body":"across that sort of spectrum."},{"speaker":"Andy Hart","startTime":3781.84,"endTime":3784.5099999999998,"body":"But yeah, that's a final point"},{"speaker":"Andy Hart","startTime":3781.84,"endTime":3784.5099999999998,"body":"on this. Any other."},{"speaker":"Carl Widger","startTime":3785.14,"endTime":3789.7,"body":"I just make one"},{"speaker":"Carl Widger","startTime":3785.14,"endTime":3789.7,"body":"final point that anything I've"},{"speaker":"Carl Widger","startTime":3789.7,"endTime":3793.57,"body":"seen, or almost anything I've"},{"speaker":"Carl Widger","startTime":3789.7,"endTime":3793.57,"body":"seen, that's been kind of"},{"speaker":"Carl Widger","startTime":3793.6,"endTime":3796.87,"body":"detracting from the St. James's"},{"speaker":"Carl Widger","startTime":3793.6,"endTime":3796.87,"body":"place model has all been about"},{"speaker":"Carl Widger","startTime":3796.87,"endTime":3797.56,"body":"charges,"},{"speaker":"Andy Hart","startTime":3797.59,"endTime":3799.57,"body":"fees, all fees, fees,"},{"speaker":"Andy Hart","startTime":3797.59,"endTime":3799.57,"body":"fees, right?"},{"speaker":"Carl Widger","startTime":3799.66,"endTime":3805.0299999999997,"body":"Fees, right. So"},{"speaker":"Carl Widger","startTime":3799.66,"endTime":3805.0299999999997,"body":"maybe we as a profession, are"},{"speaker":"Carl Widger","startTime":3805.0299999999997,"endTime":3809.41,"body":"focusing too much on fees, maybe"},{"speaker":"Carl Widger","startTime":3805.0299999999997,"endTime":3809.41,"body":"actually clients want, I'm not"},{"speaker":"Alan Smith","startTime":3810.67,"endTime":3814.39,"body":"just WW fees, and"},{"speaker":"Alan Smith","startTime":3810.67,"endTime":3814.39,"body":"you'll you'll do well, it's"},{"speaker":"Carl Widger","startTime":3814.63,"endTime":3816.55,"body":"not necessarily"},{"speaker":"Carl Widger","startTime":3814.63,"endTime":3816.55,"body":"that it's like just people don't"},{"speaker":"Carl Widger","startTime":3816.55,"endTime":3816.7599999999998,"body":"want"},{"speaker":"Andy Hart","startTime":3816.7599999999998,"endTime":3819.22,"body":"you they want safe,"},{"speaker":"Andy Hart","startTime":3816.7599999999998,"endTime":3819.22,"body":"people don't cheat their peace"},{"speaker":"Andy Hart","startTime":3819.2799999999997,"endTime":3820.39,"body":"of mind, right?"},{"speaker":"Carl Widger","startTime":3821.74,"endTime":3823.93,"body":"Maybe that's the"},{"speaker":"Carl Widger","startTime":3821.74,"endTime":3823.93,"body":"kind of thing that we should be"},{"speaker":"Carl Widger","startTime":3823.93,"endTime":3825.85,"body":"focusing on when we're talking"},{"speaker":"Carl Widger","startTime":3823.93,"endTime":3825.85,"body":"to our clients"},{"speaker":"Nick Lincoln","startTime":3826.089,"endTime":3828.879,"body":"about you mean, I"},{"speaker":"Nick Lincoln","startTime":3826.089,"endTime":3828.879,"body":"can't switch that pension plan"},{"speaker":"Nick Lincoln","startTime":3828.879,"endTime":3831.279,"body":"because it's two basis points"},{"speaker":"Nick Lincoln","startTime":3828.879,"endTime":3831.279,"body":"more expensive than the seeding"},{"speaker":"Nick Lincoln","startTime":3831.279,"endTime":3831.759,"body":"scheme."},{"speaker":"Carl Widger","startTime":3832.149,"endTime":3835.119,"body":"But I don't want to"},{"speaker":"Carl Widger","startTime":3832.149,"endTime":3835.119,"body":"change but I don't want that"},{"speaker":"Carl Widger","startTime":3835.149,"endTime":3838.029,"body":"because my partner my SJP"},{"speaker":"Carl Widger","startTime":3835.149,"endTime":3838.029,"body":"partners, this is"},{"speaker":"Andy Hart","startTime":3838.0299999999997,"endTime":3840.94,"body":"why these this is why"},{"speaker":"Andy Hart","startTime":3838.0299999999997,"endTime":3840.94,"body":"these tickets to Wimbledon a"},{"speaker":"Andy Hart","startTime":3840.94,"endTime":3843.88,"body":"year, which is another thing"},{"speaker":"Andy Hart","startTime":3840.94,"endTime":3843.88,"body":"Yeah, but these these companies"},{"speaker":"Andy Hart","startTime":3843.88,"endTime":3846.34,"body":"that launch they always focus on"},{"speaker":"Andy Hart","startTime":3843.88,"endTime":3846.34,"body":"fees were cheaper achieved."},{"speaker":"Andy Hart","startTime":3846.37,"endTime":3849.31,"body":"Don't tell me that, you know,"},{"speaker":"Andy Hart","startTime":3846.37,"endTime":3849.31,"body":"say like we're more expensive,"},{"speaker":"Andy Hart","startTime":3849.31,"endTime":3851.89,"body":"but we do loads of these things"},{"speaker":"Andy Hart","startTime":3849.31,"endTime":3851.89,"body":"that are fantastic. Why? Why did"},{"speaker":"Andy Hart","startTime":3851.89,"endTime":3854.14,"body":"these stops never come up with"},{"speaker":"Andy Hart","startTime":3851.89,"endTime":3854.14,"body":"that, or they come out of his"},{"speaker":"Andy Hart","startTime":3854.14,"endTime":3856.24,"body":"way cheaper, way cheaper,"},{"speaker":"Andy Hart","startTime":3854.14,"endTime":3856.24,"body":"cheaper, and it's like we don't"},{"speaker":"Andy Hart","startTime":3856.69,"endTime":3857.32,"body":"even care about"},{"speaker":"Alan Smith","startTime":3857.32,"endTime":3862.06,"body":"the most in most."},{"speaker":"Alan Smith","startTime":3857.32,"endTime":3862.06,"body":"Most walks of life the best you"},{"speaker":"Alan Smith","startTime":3862.06,"endTime":3864.19,"body":"wouldn't say we're the cheapest"},{"speaker":"Alan Smith","startTime":3862.06,"endTime":3864.19,"body":"restaurant in town you"},{"speaker":"Andy Hart","startTime":3866.02,"endTime":3867.31,"body":"restaurants about"},{"speaker":"Andy Hart","startTime":3866.02,"endTime":3867.31,"body":"that. Just tell them what you"},{"speaker":"Andy Hart","startTime":3867.31,"endTime":3870.52,"body":"do. And then I'll work out on"},{"speaker":"Andy Hart","startTime":3867.31,"endTime":3870.52,"body":"the values go where you sit."},{"speaker":"Nick Lincoln","startTime":3871.54,"endTime":3872.5299999999997,"body":"Really, really"},{"speaker":"Nick Lincoln","startTime":3871.54,"endTime":3872.5299999999997,"body":"good"},{"speaker":"Alan Smith","startTime":3872.5299999999997,"endTime":3876.16,"body":"stuff. I did not"},{"speaker":"Alan Smith","startTime":3872.5299999999997,"endTime":3876.16,"body":"expect this. And I'm sure the"},{"speaker":"Alan Smith","startTime":3876.16,"endTime":3879.97,"body":"listeners when we publicize that"},{"speaker":"Alan Smith","startTime":3876.16,"endTime":3879.97,"body":"the four of us independent"},{"speaker":"Alan Smith","startTime":3879.97,"endTime":3882.16,"body":"advisors are gonna have a deep"},{"speaker":"Alan Smith","startTime":3879.97,"endTime":3882.16,"body":"dive in a conversation about St."},{"speaker":"Alan Smith","startTime":3882.16,"endTime":3885.82,"body":"James's place that will be quite"},{"speaker":"Alan Smith","startTime":3882.16,"endTime":3885.82,"body":"so praiseworthy. Well, the"},{"speaker":"Alan Smith","startTime":3885.82,"endTime":3890.17,"body":"organization but but but we are"},{"speaker":"Alan Smith","startTime":3885.82,"endTime":3890.17,"body":"other than the obvious chinks in"},{"speaker":"Alan Smith","startTime":3890.17,"endTime":3892.24,"body":"the armor which we know about. I"},{"speaker":"Alan Smith","startTime":3890.17,"endTime":3892.24,"body":"just think for"},{"speaker":"Carl Widger","startTime":3892.24,"endTime":3895.3,"body":"me there sorry,"},{"speaker":"Carl Widger","startTime":3892.24,"endTime":3895.3,"body":"Nick, there are only two chinks"},{"speaker":"Carl Widger","startTime":3895.3,"endTime":3897.94,"body":"in the armor, right? That the"},{"speaker":"Carl Widger","startTime":3895.3,"endTime":3897.94,"body":"fees that we've done"},{"speaker":"Alan Smith","startTime":3898.48,"endTime":3900.94,"body":"it there are"},{"speaker":"Alan Smith","startTime":3898.48,"endTime":3900.94,"body":"significant chinks in the armor"},{"speaker":"Alan Smith","startTime":3901.15,"endTime":3901.66,"body":"and the"},{"speaker":"Carl Widger","startTime":3901.75,"endTime":3903.85,"body":"fund management"},{"speaker":"Carl Widger","startTime":3901.75,"endTime":3903.85,"body":"however, just let me finish the"},{"speaker":"Carl Widger","startTime":3903.85,"endTime":3907.69,"body":"point, right? I'm sure if St."},{"speaker":"Carl Widger","startTime":3903.85,"endTime":3907.69,"body":"James's place come into Manus"},{"speaker":"Carl Widger","startTime":3907.69,"endTime":3911.2,"body":"Island, they would find a few"},{"speaker":"Carl Widger","startTime":3907.69,"endTime":3911.2,"body":"drinks and armor to strike. It's"},{"speaker":"Carl Widger","startTime":3911.2,"endTime":3914.32,"body":"just different business models"},{"speaker":"Carl Widger","startTime":3911.2,"endTime":3914.32,"body":"and we can all be recapped"},{"speaker":"Carl Widger","startTime":3914.32,"endTime":3918.2799999999997,"body":"really snobbish about Oh, that's"},{"speaker":"Carl Widger","startTime":3914.32,"endTime":3918.2799999999997,"body":"terrible, right? And we and we"},{"speaker":"Carl Widger","startTime":3918.2799999999997,"endTime":3922.57,"body":"can be all evangelical about"},{"speaker":"Carl Widger","startTime":3918.2799999999997,"endTime":3922.57,"body":"Evangelina. We do it the best"},{"speaker":"Carl Widger","startTime":3922.57,"endTime":3925.75,"body":"way and this is the only way."},{"speaker":"Carl Widger","startTime":3922.57,"endTime":3925.75,"body":"Not true. 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So you need to really put"},{"speaker":"Andy Hart","startTime":3952.779,"endTime":3956.439,"body":"some effort into this to create"},{"speaker":"Andy Hart","startTime":3956.469,"endTime":3958.479,"body":"your financial independence. And"},{"speaker":"Andy Hart","startTime":3956.469,"endTime":3958.479,"body":"every year I'm going to be"},{"speaker":"Andy Hart","startTime":3958.479,"endTime":3961.089,"body":"banging on about you increasing"},{"speaker":"Andy Hart","startTime":3958.479,"endTime":3961.089,"body":"your contribution. There's loads"},{"speaker":"Andy Hart","startTime":3961.089,"endTime":3964.5389999999998,"body":"of other stuff that is way more"},{"speaker":"Andy Hart","startTime":3961.089,"endTime":3964.5389999999998,"body":"important than worrying about"},{"speaker":"Andy Hart","startTime":3964.659,"endTime":3965.109,"body":"the past."},{"speaker":"Nick Lincoln","startTime":3965.83,"endTime":3969.73,"body":"It's the rounds"},{"speaker":"Nick Lincoln","startTime":3965.83,"endTime":3969.73,"body":"and would you send your mother I"},{"speaker":"Nick Lincoln","startTime":3969.73,"endTime":3973.42,"body":"would rather send my parents to"},{"speaker":"Nick Lincoln","startTime":3969.73,"endTime":3973.42,"body":"an SJP advisor who did full fat"},{"speaker":"Nick Lincoln","startTime":3973.42,"endTime":3975.94,"body":"financial planning using cash"},{"speaker":"Nick Lincoln","startTime":3973.42,"endTime":3975.94,"body":"flow which they're doing because"},{"speaker":"Nick Lincoln","startTime":3975.94,"endTime":3979.0299999999997,"body":"Andy trained with active with"},{"speaker":"Nick Lincoln","startTime":3975.94,"endTime":3979.0299999999997,"body":"active management with whatever"},{"speaker":"Nick Lincoln","startTime":3979.06,"endTime":3980.95,"body":"Yeah, with everything else in"},{"speaker":"Nick Lincoln","startTime":3979.06,"endTime":3980.95,"body":"the lobby cartridge paper and"},{"speaker":"Nick Lincoln","startTime":3980.95,"endTime":3983.89,"body":"the nice suit and everything"},{"speaker":"Nick Lincoln","startTime":3980.95,"endTime":3983.89,"body":"else, then go to an accredited"},{"speaker":"Nick Lincoln","startTime":3983.92,"endTime":3986.77,"body":"IFA with every every"},{"speaker":"Nick Lincoln","startTime":3983.92,"endTime":3986.77,"body":"qualification under the sun who"},{"speaker":"Nick Lincoln","startTime":3986.77,"endTime":3989.8,"body":"can't communicate and doesn't do"},{"speaker":"Nick Lincoln","startTime":3986.77,"endTime":3989.8,"body":"cash flow. I would and that's"},{"speaker":"Nick Lincoln","startTime":3989.8,"endTime":3994.54,"body":"that's how I see the so let's"},{"speaker":"Nick Lincoln","startTime":3989.8,"endTime":3994.54,"body":"draw. I was at Rs let's that's"},{"speaker":"Nick Lincoln","startTime":3994.57,"endTime":3997.84,"body":"Yeah, yeah. Christ. Yeah, I"},{"speaker":"Nick Lincoln","startTime":3994.57,"endTime":3997.84,"body":"let's let's let's tie a bow on"},{"speaker":"Nick Lincoln","startTime":3997.84,"endTime":3999.58,"body":"to this. I'm going to ask one"},{"speaker":"Nick Lincoln","startTime":3997.84,"endTime":3999.58,"body":"question that go along the"},{"speaker":"Nick Lincoln","startTime":3999.58,"endTime":4002.64,"body":"panel. And this is a yes or no,"},{"speaker":"Nick Lincoln","startTime":3999.58,"endTime":4002.64,"body":"I don't want to caveat saying"},{"speaker":"Nick Lincoln","startTime":4002.64,"endTime":4008.1,"body":"yes or no. Do you think in the"},{"speaker":"Nick Lincoln","startTime":4002.64,"endTime":4008.1,"body":"round SJP is a positive in the"},{"speaker":"Nick Lincoln","startTime":4008.1,"endTime":4011.07,"body":"UK financial services world?"},{"speaker":"Nick Lincoln","startTime":4008.1,"endTime":4011.07,"body":"I'll start off yes."},{"speaker":"Alan Smith","startTime":4012.39,"endTime":4013.17,"body":"Yes."},{"speaker":"Carl Widger","startTime":4014.73,"endTime":4015.69,"body":"Yes."},{"speaker":"Andy Hart","startTime":4017.009,"endTime":4018.5389999999998,"body":"You know my answer,"},{"speaker":"Andy Hart","startTime":4017.009,"endTime":4018.5389999999998,"body":"yes."},{"speaker":"Nick Lincoln","startTime":4019.08,"endTime":4020.7,"body":"Okay, that's half"},{"speaker":"Nick Lincoln","startTime":4019.08,"endTime":4020.7,"body":"the TRAPPIST audience and now"},{"speaker":"Nick Lincoln","startTime":4020.7,"endTime":4025.71,"body":"just disengaging from this"},{"speaker":"Nick Lincoln","startTime":4020.7,"endTime":4025.71,"body":"podcast really, really good."},{"speaker":"Andy Hart","startTime":4027.69,"endTime":4030.45,"body":"Your complaint has"},{"speaker":"Andy Hart","startTime":4027.69,"endTime":4030.45,"body":"been abandoned, don't they? 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Is the"},{"speaker":"Andy Hart","startTime":4051.18,"endTime":4055.62,"body":"other thing Hargreaves?"},{"speaker":"Andy Hart","startTime":4055.62,"endTime":4059.19,"body":"Lansdown, again, another"},{"speaker":"Andy Hart","startTime":4055.62,"endTime":4059.19,"body":"fantastic company SJP and RVs"},{"speaker":"Andy Hart","startTime":4059.19,"endTime":4063.3,"body":"Lansdown both footsie 100"},{"speaker":"Andy Hart","startTime":4059.19,"endTime":4063.3,"body":"companies both astronomically"},{"speaker":"Andy Hart","startTime":4063.36,"endTime":4067.5,"body":"great forces in this world"},{"speaker":"Andy Hart","startTime":4063.36,"endTime":4067.5,"body":"always get slated by people that"},{"speaker":"Andy Hart","startTime":4067.5,"endTime":4070.08,"body":"don't really understand this"},{"speaker":"Andy Hart","startTime":4067.5,"endTime":4070.08,"body":"real challenge so SAP a massive"},{"speaker":"Andy Hart","startTime":4070.08,"endTime":4072.27,"body":"fan of and and a massive fan of"},{"speaker":"Andy Hart","startTime":4070.08,"endTime":4072.27,"body":"Hargreaves Lansdown as well."},{"speaker":"Andy Hart","startTime":4072.45,"endTime":4075.75,"body":"Hargreaves Lansdown have done"},{"speaker":"Andy Hart","startTime":4072.45,"endTime":4075.75,"body":"what tons of startups have done"},{"speaker":"Andy Hart","startTime":4075.7799999999997,"endTime":4080.16,"body":"already years ago. It's done. We"},{"speaker":"Andy Hart","startTime":4075.7799999999997,"endTime":4080.16,"body":"don't need it anymore. We've"},{"speaker":"Andy Hart","startTime":4080.16,"endTime":4083.0099999999998,"body":"already got the super cheap"},{"speaker":"Andy Hart","startTime":4080.16,"endTime":4083.0099999999998,"body":"visor. Oh no, but but Hargreaves"},{"speaker":"Andy Hart","startTime":4083.0099999999998,"endTime":4086.55,"body":"Lansdown charge 0.45 We're gonna"},{"speaker":"Andy Hart","startTime":4083.0099999999998,"endTime":4086.55,"body":"do it for 0.43"},{"speaker":"Alan Smith","startTime":4086.61,"endTime":4088.77,"body":"They're just"},{"speaker":"Alan Smith","startTime":4086.61,"endTime":4088.77,"body":"reducing their fees a lot"},{"speaker":"Alan Smith","startTime":4088.8,"endTime":4090.36,"body":"they've just announced Yeah, I"},{"speaker":"Alan Smith","startTime":4088.8,"endTime":4090.36,"body":"know that"},{"speaker":"Andy Hart","startTime":4091.41,"endTime":4096.63,"body":"point 4545 points on"},{"speaker":"Andy Hart","startTime":4091.41,"endTime":4096.63,"body":"their case who cares they don't"},{"speaker":"Andy Hart","startTime":4096.63,"endTime":4099.3,"body":"care that their clients will pay"},{"speaker":"Andy Hart","startTime":4096.63,"endTime":4099.3,"body":"point six five Alan"},{"speaker":"Nick Lincoln","startTime":4101.1,"endTime":4103.9800000000005,"body":"Yeah, cuz they"},{"speaker":"Nick Lincoln","startTime":4101.1,"endTime":4103.9800000000005,"body":"worse. 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So what have"},{"speaker":"Alan Smith","startTime":4127.08,"endTime":4130.59,"body":"you got to pay a couple of basis"},{"speaker":"Alan Smith","startTime":4127.08,"endTime":4130.59,"body":"points more product. Good point."},{"speaker":"Andy Hart","startTime":4131.19,"endTime":4134.04,"body":"About 10 years ago"},{"speaker":"Andy Hart","startTime":4131.19,"endTime":4134.04,"body":"Hargreaves Lansdown invested 50"},{"speaker":"Andy Hart","startTime":4134.04,"endTime":4136.86,"body":"million and at the time well the"},{"speaker":"Andy Hart","startTime":4134.04,"endTime":4136.86,"body":"shareholders are going What on"},{"speaker":"Andy Hart","startTime":4136.86,"endTime":4140.01,"body":"earth are you doing to build"},{"speaker":"Andy Hart","startTime":4136.86,"endTime":4140.01,"body":"their own tech? They probably"},{"speaker":"Andy Hart","startTime":4140.01,"endTime":4142.86,"body":"make 50 million a month now from"},{"speaker":"Andy Hart","startTime":4140.01,"endTime":4142.86,"body":"the vantage platform that"},{"speaker":"Andy Hart","startTime":4142.86,"endTime":4146.46,"body":"they've built I mean what a"},{"speaker":"Andy Hart","startTime":4142.86,"endTime":4146.46,"body":"stroke of genius move that was"},{"speaker":"Andy Hart","startTime":4146.91,"endTime":4147.36,"body":"anyway"},{"speaker":"Nick Lincoln","startTime":4147.69,"endTime":4149.94,"body":"yeah, yeah, I"},{"speaker":"Nick Lincoln","startTime":4147.69,"endTime":4149.94,"body":"mean, it does a previous episode"},{"speaker":"Nick Lincoln","startTime":4149.94,"endTime":4153.63,"body":"The the the execution only VCT"},{"speaker":"Nick Lincoln","startTime":4149.94,"endTime":4153.63,"body":"EIS platform wealth club is"},{"speaker":"Nick Lincoln","startTime":4153.63,"endTime":4156.69,"body":"built by next Hargreaves"},{"speaker":"Nick Lincoln","startTime":4153.63,"endTime":4156.69,"body":"Lansdown guy and investing in"},{"speaker":"Nick Lincoln","startTime":4156.69,"endTime":4159.51,"body":"those things is like tricky"},{"speaker":"Nick Lincoln","startTime":4156.69,"endTime":4159.51,"body":"because you got to disclaimer"},{"speaker":"Nick Lincoln","startTime":4159.51,"endTime":4163.68,"body":"this disclaimer that is so slick"},{"speaker":"Nick Lincoln","startTime":4159.51,"endTime":4163.68,"body":"that is so slick and that's"},{"speaker":"Nick Lincoln","startTime":4163.68,"endTime":4164.49,"body":"that's just the again"},{"speaker":"Andy Hart","startTime":4165.75,"endTime":4167.85,"body":"when you want to send"},{"speaker":"Andy Hart","startTime":4165.75,"endTime":4167.85,"body":"something to Hargreaves Lansdown"},{"speaker":"Andy Hart","startTime":4167.85,"endTime":4171.21,"body":"in the post, you get your"},{"speaker":"Andy Hart","startTime":4167.85,"endTime":4171.21,"body":"envelope pal, and you write hate"},{"speaker":"Andy Hart","startTime":4171.21,"endTime":4175.83,"body":"jail free post nothing else it"},{"speaker":"Andy Hart","startTime":4171.21,"endTime":4175.83,"body":"gets straight to their HQ. I"},{"speaker":"Andy Hart","startTime":4175.83,"endTime":4180.33,"body":"mean, jeez, hate jail free post"},{"speaker":"Andy Hart","startTime":4175.83,"endTime":4180.33,"body":"nothing else. I mean,"},{"speaker":"Carl Widger","startTime":4180.81,"endTime":4186.93,"body":"I have that that"},{"speaker":"Carl Widger","startTime":4180.81,"endTime":4186.93,"body":"was the wage monster you don't"},{"speaker":"Alan Smith","startTime":4186.93,"endTime":4188.43,"body":"want to receive what"},{"speaker":"Alan Smith","startTime":4186.93,"endTime":4188.43,"body":"we're gonna be sending you"},{"speaker":"Andy Hart","startTime":4189.93,"endTime":4193.38,"body":"had chained is going"},{"speaker":"Andy Hart","startTime":4189.93,"endTime":4193.38,"body":"to arrive at my bloody postbox"},{"speaker":"Nick Lincoln","startTime":4193.62,"endTime":4195.84,"body":"matches matches"},{"speaker":"Nick Lincoln","startTime":4193.62,"endTime":4195.84,"body":"Norway and ends up in your place"},{"speaker":"Nick Lincoln","startTime":4195.84,"endTime":4196.65,"body":"in Limerick it's out of"},{"speaker":"Alan Smith","startTime":4196.65,"endTime":4197.4,"body":"space, so it's cool."},{"speaker":"Nick Lincoln","startTime":4199.56,"endTime":4202.0199999999995,"body":"Okay, for crying"},{"speaker":"Nick Lincoln","startTime":4199.56,"endTime":4202.0199999999995,"body":"out loud. Can we draw a line"},{"speaker":"Nick Lincoln","startTime":4202.0199999999995,"endTime":4205.05,"body":"under this please? Please? Okay,"},{"speaker":"Nick Lincoln","startTime":4202.0199999999995,"endTime":4205.05,"body":"fine."},{"speaker":"Alan Smith","startTime":4205.56,"endTime":4206.7,"body":"What's next"},{"speaker":"Alan Smith","startTime":4205.56,"endTime":4206.7,"body":"Nicholas?"},{"speaker":"Nick Lincoln","startTime":4206.88,"endTime":4208.23,"body":"Well, let's see"},{"speaker":"Nick Lincoln","startTime":4206.88,"endTime":4208.23,"body":"what's next. Hold on. I'm"},{"speaker":"Nick Lincoln","startTime":4208.23,"endTime":4212.04,"body":"watching to refresh my I don't"},{"speaker":"Nick Lincoln","startTime":4208.23,"endTime":4212.04,"body":"think the soundboard is doing"},{"speaker":"Nick Lincoln","startTime":4212.04,"endTime":4214.23,"body":"its thing. It's so annoying. It"},{"speaker":"Nick Lincoln","startTime":4212.04,"endTime":4214.23,"body":"goes from working to not work"},{"speaker":"Nick Lincoln","startTime":4214.23,"endTime":4215.94,"body":"okay, well, it's the TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4214.23,"endTime":4215.94,"body":"questions but I'm we're not"},{"speaker":"Nick Lincoln","startTime":4215.94,"endTime":4217.74,"body":"getting any sound of the"},{"speaker":"Nick Lincoln","startTime":4215.94,"endTime":4217.74,"body":"TRAPPIST question. So let's go"},{"speaker":"Nick Lincoln","startTime":4217.74,"endTime":4220.7699999999995,"body":"on to that. If you want to ask"},{"speaker":"Nick Lincoln","startTime":4217.74,"endTime":4220.7699999999995,"body":"the team the trap packet"},{"speaker":"Nick Lincoln","startTime":4220.7699999999995,"endTime":4223.35,"body":"question dear TRAPPIST and click"},{"speaker":"Nick Lincoln","startTime":4220.7699999999995,"endTime":4223.35,"body":"on the link in the so called"},{"speaker":"Nick Lincoln","startTime":4223.56,"endTime":4227.43,"body":"Show Notes or the link in the"},{"speaker":"Nick Lincoln","startTime":4223.56,"endTime":4227.43,"body":"pinned tweet at advisor podcast."},{"speaker":"Nick Lincoln","startTime":4227.43,"endTime":4230.01,"body":"We're going to do just two"},{"speaker":"Nick Lincoln","startTime":4227.43,"endTime":4230.01,"body":"questions this this episode"},{"speaker":"Nick Lincoln","startTime":4230.04,"endTime":4232.5,"body":"We're already an hour and 10"},{"speaker":"Nick Lincoln","startTime":4230.04,"endTime":4232.5,"body":"minutes in. The first one is"},{"speaker":"Nick Lincoln","startTime":4232.5,"endTime":4237.48,"body":"from Ross Taylor, who's on"},{"speaker":"Nick Lincoln","startTime":4232.5,"endTime":4237.48,"body":"Twitter as at Ross Taylor. FP"},{"speaker":"Nick Lincoln","startTime":4237.48,"endTime":4240.45,"body":"financial planning. Hello, love"},{"speaker":"Nick Lincoln","startTime":4237.48,"endTime":4240.45,"body":"the pod by the way is such a"},{"speaker":"Nick Lincoln","startTime":4240.45,"endTime":4243.39,"body":"great resource. Thank you. I"},{"speaker":"Nick Lincoln","startTime":4240.45,"endTime":4243.39,"body":"have recently taken on a trainee"},{"speaker":"Nick Lincoln","startTime":4243.39,"endTime":4246.0,"body":"advisor, he will make an"},{"speaker":"Nick Lincoln","startTime":4243.39,"endTime":4246.0,"body":"incredible advisor that I am"},{"speaker":"Nick Lincoln","startTime":4246.0,"endTime":4249.75,"body":"sure how would you go about fast"},{"speaker":"Nick Lincoln","startTime":4246.0,"endTime":4249.75,"body":"tracking his training, already"},{"speaker":"Nick Lincoln","startTime":4249.75,"endTime":4252.42,"body":"given him a load of Nick Murray"},{"speaker":"Nick Lincoln","startTime":4249.75,"endTime":4252.42,"body":"books was wondering what"},{"speaker":"Nick Lincoln","startTime":4252.42,"endTime":4257.22,"body":"resources you would use to train"},{"speaker":"Nick Lincoln","startTime":4252.42,"endTime":4257.22,"body":"someone else? Thank you. Who"},{"speaker":"Nick Lincoln","startTime":4257.22,"endTime":4258.03,"body":"wants to have a go at that?"},{"speaker":"Andy Hart","startTime":4258.2699999999995,"endTime":4261.21,"body":"I don't mind taking"},{"speaker":"Andy Hart","startTime":4258.2699999999995,"endTime":4261.21,"body":"that. First. Sorry, Alan gone."},{"speaker":"Alan Smith","startTime":4262.5,"endTime":4266.88,"body":"All right, just just"},{"speaker":"Alan Smith","startTime":4262.5,"endTime":4266.88,"body":"briefly, this is based on what"},{"speaker":"Alan Smith","startTime":4266.88,"endTime":4269.16,"body":"we just said, Send to the St."},{"speaker":"Alan Smith","startTime":4266.88,"endTime":4269.16,"body":"James police academy for a few"},{"speaker":"Alan Smith","startTime":4269.16,"endTime":4274.14,"body":"years. You might never see him"},{"speaker":"Alan Smith","startTime":4269.16,"endTime":4274.14,"body":"again, as the only it's a"},{"speaker":"Alan Smith","startTime":4274.14,"endTime":4277.44,"body":"challenge because it's mostly"},{"speaker":"Alan Smith","startTime":4274.14,"endTime":4277.44,"body":"small businesses. Isn't that"},{"speaker":"Alan Smith","startTime":4277.44,"endTime":4280.71,"body":"that are and I'm not I'm not"},{"speaker":"Alan Smith","startTime":4277.44,"endTime":4280.71,"body":"sure what Ross's business is"},{"speaker":"Alan Smith","startTime":4280.71,"endTime":4283.62,"body":"like, but it's time and resource"},{"speaker":"Alan Smith","startTime":4280.71,"endTime":4283.62,"body":"and effort to create these"},{"speaker":"Alan Smith","startTime":4283.62,"endTime":4285.99,"body":"programs, which is difficult."},{"speaker":"Alan Smith","startTime":4283.62,"endTime":4285.99,"body":"We've we've got our thing, which"},{"speaker":"Alan Smith","startTime":4285.99,"endTime":4290.16,"body":"is grandly titled The Capital"},{"speaker":"Alan Smith","startTime":4285.99,"endTime":4290.16,"body":"Academy, and it's not easy to"},{"speaker":"Alan Smith","startTime":4290.16,"endTime":4293.55,"body":"do. The biggest thing I would"},{"speaker":"Alan Smith","startTime":4290.16,"endTime":4293.55,"body":"say, and it's perhaps stating"},{"speaker":"Alan Smith","startTime":4293.55,"endTime":4297.36,"body":"the bleedin obvious is getting"},{"speaker":"Alan Smith","startTime":4293.55,"endTime":4297.36,"body":"to as many meetings as possible"},{"speaker":"Alan Smith","startTime":4297.39,"endTime":4299.58,"body":"that young trainee advisors"},{"speaker":"Alan Smith","startTime":4297.39,"endTime":4299.58,"body":"should be with the other with"},{"speaker":"Alan Smith","startTime":4299.58,"endTime":4302.64,"body":"Ross and or whoever else you've"},{"speaker":"Alan Smith","startTime":4299.58,"endTime":4302.64,"body":"got there. Every single"},{"speaker":"Alan Smith","startTime":4302.64,"endTime":4305.16,"body":"opportunity watching, observing,"},{"speaker":"Alan Smith","startTime":4302.64,"endTime":4305.16,"body":"if you've got more than one"},{"speaker":"Alan Smith","startTime":4305.16,"endTime":4308.04,"body":"advisor in the firm, I've got a"},{"speaker":"Alan Smith","startTime":4305.16,"endTime":4308.04,"body":"colleague of mine now who just"},{"speaker":"Alan Smith","startTime":4308.07,"endTime":4311.79,"body":"really expressed an interest to"},{"speaker":"Alan Smith","startTime":4308.07,"endTime":4311.79,"body":"sit with all our different"},{"speaker":"Alan Smith","startTime":4311.79,"endTime":4314.79,"body":"advisors and you know, all the"},{"speaker":"Alan Smith","startTime":4311.79,"endTime":4314.79,"body":"different people you've got her"},{"speaker":"Alan Smith","startTime":4314.79,"endTime":4318.3,"body":"bring different skills, as you"},{"speaker":"Alan Smith","startTime":4314.79,"endTime":4318.3,"body":"know, positives and negatives"},{"speaker":"Alan Smith","startTime":4318.3,"endTime":4322.38,"body":"and different conversations. So"},{"speaker":"Alan Smith","startTime":4318.3,"endTime":4322.38,"body":"there's no substitute for real"},{"speaker":"Alan Smith","startTime":4322.38,"endTime":4324.96,"body":"ethics. You can read all the"},{"speaker":"Alan Smith","startTime":4322.38,"endTime":4324.96,"body":"books, even Nick Murray books"},{"speaker":"Alan Smith","startTime":4324.99,"endTime":4328.68,"body":"best in the world. There's no"},{"speaker":"Alan Smith","startTime":4324.99,"endTime":4328.68,"body":"substitute for doing the job"},{"speaker":"Alan Smith","startTime":4328.71,"endTime":4332.01,"body":"getting in the room with real"},{"speaker":"Alan Smith","startTime":4328.71,"endTime":4332.01,"body":"life people live clients and"},{"speaker":"Alan Smith","startTime":4332.01,"endTime":4334.65,"body":"other experienced advisors, you"},{"speaker":"Alan Smith","startTime":4332.01,"endTime":4334.65,"body":"agree with that call?"},{"speaker":"Carl Widger","startTime":4336.39,"endTime":4338.79,"body":"100% nothing more"},{"speaker":"Carl Widger","startTime":4336.39,"endTime":4338.79,"body":"to add, that's nailed. That's"},{"speaker":"Carl Widger","startTime":4338.79,"endTime":4339.42,"body":"what I would say."},{"speaker":"Andy Hart","startTime":4340.5,"endTime":4346.0199999999995,"body":"I would say join next"},{"speaker":"Andy Hart","startTime":4340.5,"endTime":4346.0199999999995,"body":"gen planners, lots of young new"},{"speaker":"Andy Hart","startTime":4346.0199999999995,"endTime":4348.78,"body":"ish people in the business."},{"speaker":"Andy Hart","startTime":4346.0199999999995,"endTime":4348.78,"body":"That's the thing that I tell"},{"speaker":"Andy Hart","startTime":4348.78,"endTime":4352.11,"body":"people to do immediately. I"},{"speaker":"Andy Hart","startTime":4348.78,"endTime":4352.11,"body":"would say listen to my podcast,"},{"speaker":"Andy Hart","startTime":4352.11,"endTime":4355.65,"body":"I'd also say listen to Pete"},{"speaker":"Andy Hart","startTime":4352.11,"endTime":4355.65,"body":"Matthews, podcast, meaningful"},{"speaker":"Andy Hart","startTime":4355.65,"endTime":4361.5,"body":"money, my controversial view on"},{"speaker":"Andy Hart","startTime":4355.65,"endTime":4361.5,"body":"employing people. If you want"},{"speaker":"Andy Hart","startTime":4361.5,"endTime":4364.11,"body":"people to hang around in your"},{"speaker":"Andy Hart","startTime":4361.5,"endTime":4364.11,"body":"business, you should put employ"},{"speaker":"Andy Hart","startTime":4364.71,"endTime":4368.22,"body":"just above average, when you"},{"speaker":"Andy Hart","startTime":4364.71,"endTime":4368.22,"body":"employ excellent and incredible."},{"speaker":"Andy Hart","startTime":4368.4,"endTime":4372.18,"body":"They're in flow, and they leave."},{"speaker":"Andy Hart","startTime":4368.4,"endTime":4372.18,"body":"That's my opinion. Over to you,"},{"speaker":"Andy Hart","startTime":4372.18,"endTime":4372.6,"body":"Nick,"},{"speaker":"Carl Widger","startTime":4372.96,"endTime":4375.42,"body":"you should say as a"},{"speaker":"Carl Widger","startTime":4372.96,"endTime":4375.42,"body":"solo, ya know, someone"},{"speaker":"Alan Smith","startTime":4375.42,"endTime":4378.87,"body":"who's never employed"},{"speaker":"Alan Smith","startTime":4375.42,"endTime":4378.87,"body":"anyone. Thanks for that"},{"speaker":"Alan Smith","startTime":4378.87,"endTime":4379.7699999999995,"body":"feedback. And you know,"},{"speaker":"Nick Lincoln","startTime":4379.7699999999995,"endTime":4381.39,"body":"I think you guys"},{"speaker":"Nick Lincoln","startTime":4379.7699999999995,"endTime":4381.39,"body":"have nailed that pretty well. I"},{"speaker":"Nick Lincoln","startTime":4381.39,"endTime":4383.49,"body":"mean, again, it's not self"},{"speaker":"Nick Lincoln","startTime":4381.39,"endTime":4383.49,"body":"promotion, it's not a financial"},{"speaker":"Nick Lincoln","startTime":4383.49,"endTime":4385.7699999999995,"body":"thing for me. But at the IFA"},{"speaker":"Nick Lincoln","startTime":4383.49,"endTime":4385.7699999999995,"body":"forum, if you will just maybe"},{"speaker":"Nick Lincoln","startTime":4385.7699999999995,"endTime":4387.69,"body":"join that if you're just"},{"speaker":"Nick Lincoln","startTime":4385.7699999999995,"endTime":4387.69,"body":"learning to join that you'll see"},{"speaker":"Nick Lincoln","startTime":4387.69,"endTime":4390.87,"body":"this question has been posed by"},{"speaker":"Nick Lincoln","startTime":4387.69,"endTime":4390.87,"body":"240 advisors, and you might just"},{"speaker":"Nick Lincoln","startTime":4390.87,"endTime":4392.58,"body":"slowly pick stuff up and"},{"speaker":"Nick Lincoln","startTime":4390.87,"endTime":4392.58,"body":"eventually have the courage to"},{"speaker":"Nick Lincoln","startTime":4392.58,"endTime":4394.98,"body":"ask your own question. No"},{"speaker":"Nick Lincoln","startTime":4392.58,"endTime":4394.98,"body":"question is too silly for the"},{"speaker":"Nick Lincoln","startTime":4394.98,"endTime":4396.03,"body":"forum. Okay,"},{"speaker":"Alan Smith","startTime":4396.0289999999995,"endTime":4398.129,"body":"we'll post a link to"},{"speaker":"Alan Smith","startTime":4396.0289999999995,"endTime":4398.129,"body":"that. There. Isn't that"},{"speaker":"Nick Lincoln","startTime":4400.23,"endTime":4402.09,"body":"right, the next"},{"speaker":"Nick Lincoln","startTime":4400.23,"endTime":4402.09,"body":"one is from a chap called Keon"},{"speaker":"Nick Lincoln","startTime":4402.09,"endTime":4405.39,"body":"Callahan apparently somehow"},{"speaker":"Nick Lincoln","startTime":4402.09,"endTime":4405.39,"body":"spelled with the CIA in I mean,"},{"speaker":"Nick Lincoln","startTime":4405.39,"endTime":4408.33,"body":"what's going on? Key and Nicole"},{"speaker":"Nick Lincoln","startTime":4405.39,"endTime":4408.33,"body":"will sit this one out whose key"},{"speaker":"Nick Lincoln","startTime":4408.33,"endTime":4412.26,"body":"and key and and there's no way"},{"speaker":"Nick Lincoln","startTime":4408.33,"endTime":4412.26,"body":"to say he must have met us"},{"speaker":"Nick Lincoln","startTime":4412.26,"endTime":4416.16,"body":"Norway key and ask how do you"},{"speaker":"Nick Lincoln","startTime":4412.26,"endTime":4416.16,"body":"arrange client review meetings,"},{"speaker":"Nick Lincoln","startTime":4416.37,"endTime":4419.19,"body":"have seen some advisors block"},{"speaker":"Nick Lincoln","startTime":4416.37,"endTime":4419.19,"body":"off one or two months of the"},{"speaker":"Nick Lincoln","startTime":4419.19,"endTime":4422.13,"body":"year and only meet clients for"},{"speaker":"Nick Lincoln","startTime":4419.19,"endTime":4422.13,"body":"reviews in these periods"},{"speaker":"Nick Lincoln","startTime":4422.22,"endTime":4425.34,"body":"interested how this works in"},{"speaker":"Nick Lincoln","startTime":4422.22,"endTime":4425.34,"body":"practice versus spreading client"},{"speaker":"Nick Lincoln","startTime":4425.37,"endTime":4428.61,"body":"reviews over 12 months. So this"},{"speaker":"Nick Lincoln","startTime":4425.37,"endTime":4428.61,"body":"is the surge meeting thing,"},{"speaker":"Nick Lincoln","startTime":4428.61,"endTime":4431.76,"body":"which is a phrase that's that"},{"speaker":"Nick Lincoln","startTime":4428.61,"endTime":4431.76,"body":"sort of caught on from America,"},{"speaker":"Nick Lincoln","startTime":4431.76,"endTime":4434.28,"body":"where you batch all of your"},{"speaker":"Nick Lincoln","startTime":4431.76,"endTime":4434.28,"body":"planning meetings into maybe two"},{"speaker":"Nick Lincoln","startTime":4434.28,"endTime":4437.46,"body":"or three months, typically"},{"speaker":"Nick Lincoln","startTime":4434.28,"endTime":4437.46,"body":"around the tax year end? We"},{"speaker":"Nick Lincoln","startTime":4437.46,"endTime":4440.19,"body":"know, we know, friend of ours at"},{"speaker":"Nick Lincoln","startTime":4437.46,"endTime":4440.19,"body":"the ideas exchange who's"},{"speaker":"Nick Lincoln","startTime":4440.19,"endTime":4444.36,"body":"massively into this, Sam, he's,"},{"speaker":"Nick Lincoln","startTime":4440.19,"endTime":4444.36,"body":"he's adopted that. So guys, what"},{"speaker":"Nick Lincoln","startTime":4444.36,"endTime":4447.48,"body":"do you think about this? And in"},{"speaker":"Nick Lincoln","startTime":4444.36,"endTime":4447.48,"body":"respect of Ken's question, do"},{"speaker":"Nick Lincoln","startTime":4447.48,"endTime":4450.72,"body":"you think? Would you ever"},{"speaker":"Nick Lincoln","startTime":4447.48,"endTime":4450.72,"body":"consider doing it? And have you"},{"speaker":"Nick Lincoln","startTime":4450.75,"endTime":4452.64,"body":"spoken to advisors who have done"},{"speaker":"Nick Lincoln","startTime":4450.75,"endTime":4452.64,"body":"it and what have they said?"},{"speaker":"Andy Hart","startTime":4453.7789999999995,"endTime":4455.999,"body":"Well, I do do it in a"},{"speaker":"Andy Hart","startTime":4453.7789999999995,"endTime":4455.999,"body":"second year, I've done it. So I"},{"speaker":"Andy Hart","startTime":4456.209,"endTime":4459.689,"body":"want to take on new clients,"},{"speaker":"Andy Hart","startTime":4456.209,"endTime":4459.689,"body":"existing families, I say, we're"},{"speaker":"Andy Hart","startTime":4459.689,"endTime":4462.329,"body":"gonna have an official sit down"},{"speaker":"Andy Hart","startTime":4459.689,"endTime":4462.329,"body":"annual planning meeting between"},{"speaker":"Andy Hart","startTime":4462.329,"endTime":4465.989,"body":"January and March every year. So"},{"speaker":"Andy Hart","startTime":4462.329,"endTime":4465.989,"body":"if I take them on in, let's say,"},{"speaker":"Andy Hart","startTime":4466.049,"endTime":4470.159,"body":"October, I'll ever have that"},{"speaker":"Andy Hart","startTime":4466.049,"endTime":4470.159,"body":"meeting, you know, the preceding"},{"speaker":"Andy Hart","startTime":4470.189,"endTime":4474.0289999999995,"body":"or the following jantar March,"},{"speaker":"Andy Hart","startTime":4470.189,"endTime":4474.0289999999995,"body":"or I'll wait to the following"},{"speaker":"Andy Hart","startTime":4474.0289999999995,"endTime":4475.949,"body":"year, depending on what's going"},{"speaker":"Andy Hart","startTime":4474.0289999999995,"endTime":4475.949,"body":"on. So it might be a short year"},{"speaker":"Andy Hart","startTime":4475.949,"endTime":4479.009,"body":"or longer year, but just to get"},{"speaker":"Andy Hart","startTime":4475.949,"endTime":4479.009,"body":"them in sync. There are some"},{"speaker":"Andy Hart","startTime":4479.009,"endTime":4482.159,"body":"clients that I've got to be"},{"speaker":"Andy Hart","startTime":4479.009,"endTime":4482.159,"body":"seeing post the January March"},{"speaker":"Andy Hart","startTime":4482.159,"endTime":4486.209,"body":"that have zero things related to"},{"speaker":"Andy Hart","startTime":4482.159,"endTime":4486.209,"body":"tax, just to sort of release the"},{"speaker":"Andy Hart","startTime":4486.209,"endTime":4489.599,"body":"pressure for me, but I'm getting"},{"speaker":"Andy Hart","startTime":4486.209,"endTime":4489.599,"body":"90% of my meetings done between"},{"speaker":"Andy Hart","startTime":4489.599,"endTime":4493.109,"body":"January and March every single"},{"speaker":"Andy Hart","startTime":4489.599,"endTime":4493.109,"body":"year. And for me, it's working"},{"speaker":"Andy Hart","startTime":4493.109,"endTime":4496.709,"body":"really well. So I'm gonna stick"},{"speaker":"Andy Hart","startTime":4493.109,"endTime":4496.709,"body":"with it. Definitely. Okay."},{"speaker":"Alan Smith","startTime":4497.67,"endTime":4502.0199999999995,"body":"All right, I've got"},{"speaker":"Alan Smith","startTime":4497.67,"endTime":4502.0199999999995,"body":"a view on this, which is counter"},{"speaker":"Alan Smith","startTime":4502.0199999999995,"endTime":4505.35,"body":"to that, which is if you this is"},{"speaker":"Alan Smith","startTime":4502.0199999999995,"endTime":4505.35,"body":"this can be good for the"},{"speaker":"Alan Smith","startTime":4505.35,"endTime":4510.12,"body":"adviser, but not necessarily"},{"speaker":"Alan Smith","startTime":4505.35,"endTime":4510.12,"body":"good for the client. So if you"},{"speaker":"Alan Smith","startTime":4510.12,"endTime":4513.78,"body":"are not, a lot of this is again,"},{"speaker":"Alan Smith","startTime":4510.12,"endTime":4513.78,"body":"the positive that the outcome of"},{"speaker":"Alan Smith","startTime":4513.78,"endTime":4516.06,"body":"this is predicated by the number"},{"speaker":"Alan Smith","startTime":4513.78,"endTime":4516.06,"body":"of clients you've got. Now in"},{"speaker":"Alan Smith","startTime":4516.06,"endTime":4520.05,"body":"previous podcast episodes, we've"},{"speaker":"Alan Smith","startTime":4516.06,"endTime":4520.05,"body":"talked about having 6080 100 I"},{"speaker":"Alan Smith","startTime":4520.05,"endTime":4523.41,"body":"mean, Nick is talked about but"},{"speaker":"Alan Smith","startTime":4520.05,"endTime":4523.41,"body":"because of via zoom nowadays, up"},{"speaker":"Alan Smith","startTime":4523.41,"endTime":4526.62,"body":"to 100 clients. Now I didn't"},{"speaker":"Alan Smith","startTime":4523.41,"endTime":4526.62,"body":"know anything. I didn't know"},{"speaker":"Alan Smith","startTime":4526.62,"endTime":4529.11,"body":"that. Well. 150 or something."},{"speaker":"Alan Smith","startTime":4526.62,"endTime":4529.11,"body":"Yeah, it was it was pretty"},{"speaker":"Alan Smith","startTime":4529.11,"endTime":4533.58,"body":"punchy. Let's just assume that"},{"speaker":"Alan Smith","startTime":4529.11,"endTime":4533.58,"body":"you've got 100. And just just,"},{"speaker":"Alan Smith","startTime":4533.61,"endTime":4537.09,"body":"you know, brick All done 100"},{"speaker":"Alan Smith","startTime":4533.61,"endTime":4537.09,"body":"client reviews between January"},{"speaker":"Alan Smith","startTime":4537.09,"endTime":4542.16,"body":"and March. That's a lot as a"},{"speaker":"Alan Smith","startTime":4537.09,"endTime":4542.16,"body":"lot. And all I'm saying is I"},{"speaker":"Alan Smith","startTime":4542.16,"endTime":4545.76,"body":"don't want to be on the last"},{"speaker":"Alan Smith","startTime":4542.16,"endTime":4545.76,"body":"batch last week before the end"},{"speaker":"Alan Smith","startTime":4545.76,"endTime":4548.37,"body":"of March, because you are"},{"speaker":"Alan Smith","startTime":4545.76,"endTime":4548.37,"body":"absolutely knackered you're"},{"speaker":"Alan Smith","startTime":4548.37,"endTime":4550.89,"body":"exhausted. You're not on your"},{"speaker":"Alan Smith","startTime":4548.37,"endTime":4550.89,"body":"game. I'd rather if you're going"},{"speaker":"Alan Smith","startTime":4550.89,"endTime":4553.59,"body":"to do it, I'd rather be this"},{"speaker":"Alan Smith","startTime":4550.89,"endTime":4553.59,"body":"sort of in January, please. I"},{"speaker":"Alan Smith","startTime":4553.59,"endTime":4557.37,"body":"think it comes from adult if you"},{"speaker":"Alan Smith","startTime":4553.59,"endTime":4557.37,"body":"if you adopted the kind of the"},{"speaker":"Alan Smith","startTime":4557.4,"endTime":4560.07,"body":"Steve Jobs approach was begin"},{"speaker":"Alan Smith","startTime":4557.4,"endTime":4560.07,"body":"with your customer and work your"},{"speaker":"Alan Smith","startTime":4560.07,"endTime":4562.71,"body":"way back, you wouldn't come out"},{"speaker":"Alan Smith","startTime":4560.07,"endTime":4562.71,"body":"with this. You wouldn't say this"},{"speaker":"Alan Smith","startTime":4562.71,"endTime":4566.82,"body":"is optimizing life for my"},{"speaker":"Alan Smith","startTime":4562.71,"endTime":4566.82,"body":"clients. And I just don't think"},{"speaker":"Alan Smith","startTime":4566.82,"endTime":4572.04,"body":"the ability to from a capacity"},{"speaker":"Alan Smith","startTime":4566.82,"endTime":4572.04,"body":"viewpoint, I think it's, you're"},{"speaker":"Alan Smith","startTime":4572.04,"endTime":4573.45,"body":"going to you're going to"},{"speaker":"Alan Smith","startTime":4572.04,"endTime":4573.45,"body":"struggle with it. I understand"},{"speaker":"Alan Smith","startTime":4573.45,"endTime":4576.93,"body":"why people do it. I'm not a fan."},{"speaker":"Alan Smith","startTime":4573.45,"endTime":4576.93,"body":"I've talked to my colleagues"},{"speaker":"Alan Smith","startTime":4576.93,"endTime":4579.21,"body":"about doing it and no one really"},{"speaker":"Alan Smith","startTime":4576.93,"endTime":4579.21,"body":"wants to be a doctor we like the"},{"speaker":"Alan Smith","startTime":4579.21,"endTime":4582.99,"body":"idea of spreading things across"},{"speaker":"Alan Smith","startTime":4579.21,"endTime":4582.99,"body":"another what you will often do"},{"speaker":"Alan Smith","startTime":4583.0199999999995,"endTime":4585.3,"body":"is you'll do it you'll have this"},{"speaker":"Alan Smith","startTime":4583.0199999999995,"endTime":4585.3,"body":"meeting because it suits you but"},{"speaker":"Alan Smith","startTime":4585.3,"endTime":4587.76,"body":"then a client has something that"},{"speaker":"Alan Smith","startTime":4585.3,"endTime":4587.76,"body":"pops up during the summer or"},{"speaker":"Alan Smith","startTime":4587.76,"endTime":4588.57,"body":"something and you want to jump"},{"speaker":"Andy Hart","startTime":4588.57,"endTime":4590.46,"body":"in and just"},{"speaker":"Andy Hart","startTime":4588.57,"endTime":4590.46,"body":"absolutely fine we have an"},{"speaker":"Andy Hart","startTime":4590.46,"endTime":4592.71,"body":"official meeting where I sit"},{"speaker":"Andy Hart","startTime":4590.46,"endTime":4592.71,"body":"down to do all the nuts and"},{"speaker":"Andy Hart","startTime":4592.71,"endTime":4595.44,"body":"bolts update the financial plan"},{"speaker":"Andy Hart","startTime":4592.71,"endTime":4595.44,"body":"outside of that I'm available"},{"speaker":"Andy Hart","startTime":4595.44,"endTime":4597.84,"body":"for unlimited phone calls,"},{"speaker":"Andy Hart","startTime":4595.44,"endTime":4597.84,"body":"unlimited emails, unlimited"},{"speaker":"Andy Hart","startTime":4597.84,"endTime":4601.59,"body":"meetings, that's always baked"},{"speaker":"Andy Hart","startTime":4597.84,"endTime":4601.59,"body":"into the pie but we sit down and"},{"speaker":"Andy Hart","startTime":4601.59,"endTime":4603.69,"body":"have the official annual"},{"speaker":"Andy Hart","startTime":4601.59,"endTime":4603.69,"body":"planning meeting between January"},{"speaker":"Andy Hart","startTime":4603.69,"endTime":4606.6,"body":"and March usually there's some"},{"speaker":"Andy Hart","startTime":4603.69,"endTime":4606.6,"body":"tax things that we need to tie"},{"speaker":"Andy Hart","startTime":4606.6,"endTime":4610.08,"body":"up so that's that's not in"},{"speaker":"Andy Hart","startTime":4606.6,"endTime":4610.08,"body":"dispute. I'm aware of people"},{"speaker":"Andy Hart","startTime":4610.08,"endTime":4612.93,"body":"who've summer we can get"},{"speaker":"Andy Hart","startTime":4610.08,"endTime":4612.93,"body":"together some we can do zoom but"},{"speaker":"Andy Hart","startTime":4612.93,"endTime":4615.63,"body":"we can do phone call we can face"},{"speaker":"Andy Hart","startTime":4612.93,"endTime":4615.63,"body":"anything around that so that's"},{"speaker":"Andy Hart","startTime":4615.84,"endTime":4618.36,"body":"always built in unlimited"},{"speaker":"Andy Hart","startTime":4615.84,"endTime":4618.36,"body":"meetings unlimited phone calls"},{"speaker":"Andy Hart","startTime":4618.36,"endTime":4619.17,"body":"unlimited. I mean"},{"speaker":"Alan Smith","startTime":4619.2,"endTime":4621.93,"body":"again each their own"},{"speaker":"Alan Smith","startTime":4619.2,"endTime":4621.93,"body":"I'm aware of a few people who"},{"speaker":"Alan Smith","startTime":4621.93,"endTime":4624.6,"body":"enthusiastically went down this"},{"speaker":"Alan Smith","startTime":4621.93,"endTime":4624.6,"body":"route and then now reversing"},{"speaker":"Alan Smith","startTime":4624.6,"endTime":4626.82,"body":"back out of it the saying we"},{"speaker":"Alan Smith","startTime":4624.6,"endTime":4626.82,"body":"tried it I'm just absolutely"},{"speaker":"Alan Smith","startTime":4626.82,"endTime":4629.79,"body":"knackered is too much of the"},{"speaker":"Alan Smith","startTime":4626.82,"endTime":4629.79,"body":"chances of me dropping the ball"},{"speaker":"Alan Smith","startTime":4629.79,"endTime":4631.7699999999995,"body":"and making a mistake because"},{"speaker":"Alan Smith","startTime":4629.79,"endTime":4631.7699999999995,"body":"I've got like three meetings a"},{"speaker":"Alan Smith","startTime":4631.7699999999995,"endTime":4635.55,"body":"day day after day after day are"},{"speaker":"Alan Smith","startTime":4631.7699999999995,"endTime":4635.55,"body":"increased. It's not ideal. So"},{"speaker":"Alan Smith","startTime":4635.55,"endTime":4637.0199999999995,"body":"we're going to spread it out"},{"speaker":"Alan Smith","startTime":4635.55,"endTime":4637.0199999999995,"body":"over a longer period"},{"speaker":"Andy Hart","startTime":4637.0199999999995,"endTime":4639.15,"body":"for me it works the"},{"speaker":"Andy Hart","startTime":4637.0199999999995,"endTime":4639.15,"body":"opposite way because I'm sort of"},{"speaker":"Andy Hart","startTime":4639.15,"endTime":4642.63,"body":"red hot on all the processes and"},{"speaker":"Andy Hart","startTime":4639.15,"endTime":4642.63,"body":"the selling down at this the"},{"speaker":"Andy Hart","startTime":4642.63,"endTime":4648.72,"body":"transferring, Nick so for me it"},{"speaker":"Andy Hart","startTime":4642.63,"endTime":4648.72,"body":"works a little bit better. Grab"},{"speaker":"Andy Hart","startTime":4648.72,"endTime":4657.06,"body":"a Darien the knows the name is"},{"speaker":"Carl Widger","startTime":4663.51,"endTime":4666.33,"body":"on behalf of Keon"},{"speaker":"Carl Widger","startTime":4663.51,"endTime":4666.33,"body":"at Metis Ireland, I'd like to"},{"speaker":"Carl Widger","startTime":4666.33,"endTime":4668.31,"body":"thank you for the clarity on"},{"speaker":"Carl Widger","startTime":4666.33,"endTime":4668.31,"body":"that boys."},{"speaker":"Nick Lincoln","startTime":4669.21,"endTime":4672.21,"body":"Well, okay. You"},{"speaker":"Nick Lincoln","startTime":4669.21,"endTime":4672.21,"body":"wanted to do it sort of be in"},{"speaker":"Andy Hart","startTime":4672.21,"endTime":4672.84,"body":"try it,"},{"speaker":"Nick Lincoln","startTime":4672.87,"endTime":4677.37,"body":"you want to do it?"},{"speaker":"Nick Lincoln","startTime":4672.87,"endTime":4677.37,"body":"What call in your experience in"},{"speaker":"Nick Lincoln","startTime":4677.37,"endTime":4678.63,"body":"Ireland? Is this a thing?"},{"speaker":"Carl Widger","startTime":4679.41,"endTime":4682.8,"body":"So the reason he"},{"speaker":"Carl Widger","startTime":4679.41,"endTime":4682.8,"body":"asked the question is, so we've"},{"speaker":"Carl Widger","startTime":4683.07,"endTime":4688.17,"body":"different does a few advisors in"},{"speaker":"Carl Widger","startTime":4683.07,"endTime":4688.17,"body":"Metis. And the rule is you just"},{"speaker":"Carl Widger","startTime":4688.17,"endTime":4691.26,"body":"have to make sure that you have"},{"speaker":"Carl Widger","startTime":4688.17,"endTime":4691.26,"body":"the annual client meeting, you"},{"speaker":"Carl Widger","startTime":4691.26,"endTime":4694.32,"body":"do whatever works for you. So"},{"speaker":"Carl Widger","startTime":4691.26,"endTime":4694.32,"body":"people are trying different"},{"speaker":"Carl Widger","startTime":4694.32,"endTime":4698.31,"body":"things. And the exhaustion that"},{"speaker":"Carl Widger","startTime":4694.32,"endTime":4698.31,"body":"Alan talks about. That's real,"},{"speaker":"Carl Widger","startTime":4698.61,"endTime":4702.09,"body":"that is real when you do"},{"speaker":"Carl Widger","startTime":4698.61,"endTime":4702.09,"body":"discharge meetings. But it also"},{"speaker":"Carl Widger","startTime":4702.09,"endTime":4705.48,"body":"gives a great focus to the start"},{"speaker":"Carl Widger","startTime":4702.09,"endTime":4705.48,"body":"of the year. And sometimes I"},{"speaker":"Carl Widger","startTime":4705.48,"endTime":4709.38,"body":"don't know what your experience"},{"speaker":"Carl Widger","startTime":4705.48,"endTime":4709.38,"body":"is guys, but sometimes the start"},{"speaker":"Carl Widger","startTime":4709.38,"endTime":4711.81,"body":"of the year can be a little bit"},{"speaker":"Carl Widger","startTime":4709.38,"endTime":4711.81,"body":"slow for people coming back."},{"speaker":"Carl Widger","startTime":4711.93,"endTime":4714.87,"body":"Yeah, so if you've got these"},{"speaker":"Carl Widger","startTime":4711.93,"endTime":4714.87,"body":"things nailed on these meetings"},{"speaker":"Carl Widger","startTime":4714.87,"endTime":4717.33,"body":"now nine it kind of you're"},{"speaker":"Carl Widger","startTime":4714.87,"endTime":4717.33,"body":"straight into it and it's like"},{"speaker":"Carl Widger","startTime":4717.36,"endTime":4722.25,"body":"gets you off to a good start. I"},{"speaker":"Carl Widger","startTime":4717.36,"endTime":4722.25,"body":"take the point from both of you"},{"speaker":"Carl Widger","startTime":4722.28,"endTime":4724.59,"body":"that yeah, there's the"},{"speaker":"Alan Smith","startTime":4726.0,"endTime":4727.86,"body":"the rest of the year"},{"speaker":"Alan Smith","startTime":4726.0,"endTime":4727.86,"body":"Andy from from April all"},{"speaker":"Andy Hart","startTime":4728.73,"endTime":4731.25,"body":"the the the"},{"speaker":"Andy Hart","startTime":4728.73,"endTime":4731.25,"body":"additional thing Carl for us is"},{"speaker":"Andy Hart","startTime":4731.25,"endTime":4735.18,"body":"the tax year is this is this you"},{"speaker":"Andy Hart","startTime":4731.25,"endTime":4735.18,"body":"know, fifth sixth of April. So"},{"speaker":"Andy Hart","startTime":4735.18,"endTime":4738.36,"body":"that's why those final three"},{"speaker":"Andy Hart","startTime":4735.18,"endTime":4738.36,"body":"months of it sort of works well."},{"speaker":"Andy Hart","startTime":4738.93,"endTime":4741.48,"body":"Well, obviously I'm still around"},{"speaker":"Andy Hart","startTime":4738.93,"endTime":4741.48,"body":"Alan you know, new client work"},{"speaker":"Andy Hart","startTime":4741.48,"endTime":4745.17,"body":"existing client work ad hoc"},{"speaker":"Andy Hart","startTime":4741.48,"endTime":4745.17,"body":"meetings, and the official stuff"},{"speaker":"Andy Hart","startTime":4745.41,"endTime":4745.68,"body":"with all"},{"speaker":"Nick Lincoln","startTime":4745.68,"endTime":4746.94,"body":"that free time."},{"speaker":"Nick Lincoln","startTime":4745.68,"endTime":4746.94,"body":"You should set up some other"},{"speaker":"Nick Lincoln","startTime":4746.94,"endTime":4750.9,"body":"brands. I mean, it seems insane"},{"speaker":"Nick Lincoln","startTime":4746.94,"endTime":4750.9,"body":"Yeah, I think that's an idea"},{"speaker":"Nick Lincoln","startTime":4750.9,"endTime":4751.44,"body":"that's a goer."},{"speaker":"Andy Hart","startTime":4752.07,"endTime":4755.01,"body":"I could do I could do"},{"speaker":"Andy Hart","startTime":4752.07,"endTime":4755.01,"body":"another 10x your brands"},{"speaker":"Carl Widger","startTime":4759.33,"endTime":4760.23,"body":"contagion"},{"speaker":"Nick Lincoln","startTime":4760.32,"endTime":4762.96,"body":"I think I do"},{"speaker":"Nick Lincoln","startTime":4760.32,"endTime":4762.96,"body":"actually have the conferences"},{"speaker":"Nick Lincoln","startTime":4763.8,"endTime":4767.04,"body":"over actually 10x the contagion"},{"speaker":"Nick Lincoln","startTime":4763.8,"endTime":4767.04,"body":"that's oh my god where's that"},{"speaker":"Nick Lincoln","startTime":4767.04,"endTime":4772.68,"body":"goodness I think Alan's point"},{"speaker":"Nick Lincoln","startTime":4767.04,"endTime":4772.68,"body":"with the just you're just gonna"},{"speaker":"Nick Lincoln","startTime":4772.68,"endTime":4777.18,"body":"be this could work both ways."},{"speaker":"Nick Lincoln","startTime":4772.68,"endTime":4777.18,"body":"But come March you could be so"},{"speaker":"Nick Lincoln","startTime":4777.18,"endTime":4779.79,"body":"good. And you've had all the"},{"speaker":"Nick Lincoln","startTime":4777.18,"endTime":4779.79,"body":"client questions thrown at you"},{"speaker":"Nick Lincoln","startTime":4779.79,"endTime":4784.26,"body":"and the answer the script, it's"},{"speaker":"Nick Lincoln","startTime":4779.79,"endTime":4784.26,"body":"ingrained but there's the other"},{"speaker":"Nick Lincoln","startTime":4784.26,"endTime":4786.87,"body":"side which called cars episode"},{"speaker":"Nick Lincoln","startTime":4784.26,"endTime":4786.87,"body":"we'll talk about mental health"},{"speaker":"Nick Lincoln","startTime":4786.87,"endTime":4789.39,"body":"about the load that we we carry"},{"speaker":"Nick Lincoln","startTime":4786.87,"endTime":4789.39,"body":"I think if I did all my"},{"speaker":"Nick Lincoln","startTime":4789.39,"endTime":4792.84,"body":"meetings, and by March you're"},{"speaker":"Nick Lincoln","startTime":4789.39,"endTime":4792.84,"body":"thinking you know, burnout must"},{"speaker":"Nick Lincoln","startTime":4792.84,"endTime":4796.35,"body":"also it's a seesaw isn't always"},{"speaker":"Nick Lincoln","startTime":4792.84,"endTime":4796.35,"body":"a balancing act with this kind"},{"speaker":"Nick Lincoln","startTime":4796.35,"endTime":4797.49,"body":"of thing. So it can definitely"},{"speaker":"Andy Hart","startTime":4797.7,"endTime":4800.85,"body":"as I say, presenting"},{"speaker":"Andy Hart","startTime":4797.7,"endTime":4800.85,"body":"loads of financial plans dealing"},{"speaker":"Andy Hart","startTime":4800.85,"endTime":4804.15,"body":"with loads of different"},{"speaker":"Andy Hart","startTime":4800.85,"endTime":4804.15,"body":"scenarios as I say I'm yeah I'm"},{"speaker":"Andy Hart","startTime":4804.6,"endTime":4807.2699999999995,"body":"Yeah, yeah, it's like playing"},{"speaker":"Andy Hart","startTime":4804.6,"endTime":4807.2699999999995,"body":"shitloads of tennis you know"},{"speaker":"Andy Hart","startTime":4807.2699999999995,"endTime":4809.79,"body":"you're gonna be decent in March"},{"speaker":"Andy Hart","startTime":4807.2699999999995,"endTime":4809.79,"body":"compared to January on you."},{"speaker":"Carl Widger","startTime":4811.47,"endTime":4813.93,"body":"kind of exhausted"},{"speaker":"Carl Widger","startTime":4811.47,"endTime":4813.93,"body":"come back to it. We're all"},{"speaker":"Carl Widger","startTime":4813.93,"endTime":4817.11,"body":"agreed as JP are brilliant, but"},{"speaker":"Carl Widger","startTime":4813.93,"endTime":4817.11,"body":"we can agree on Serge meetings"},{"speaker":"Carl Widger","startTime":4817.11,"endTime":4818.22,"body":"or not. So yeah, that's"},{"speaker":"Nick Lincoln","startTime":4818.22,"endTime":4819.39,"body":"fine. That's,"},{"speaker":"Nick Lincoln","startTime":4818.22,"endTime":4819.39,"body":"that's that's the whole purpose"},{"speaker":"Nick Lincoln","startTime":4819.39,"endTime":4822.39,"body":"of this. This, this this this"},{"speaker":"Nick Lincoln","startTime":4819.39,"endTime":4822.39,"body":"form is that we can we can we"},{"speaker":"Nick Lincoln","startTime":4822.39,"endTime":4824.94,"body":"can argue with and I can meet"},{"speaker":"Nick Lincoln","startTime":4822.39,"endTime":4824.94,"body":"the ones I don't like. Right. I"},{"speaker":"Nick Lincoln","startTime":4824.94,"endTime":4832.17,"body":"think it's time. We're at 80"},{"speaker":"Nick Lincoln","startTime":4824.94,"endTime":4832.17,"body":"minutes in spare. Save me for"},{"speaker":"Nick Lincoln","startTime":4832.17,"endTime":4835.95,"body":"like Ricky Gervais and the"},{"speaker":"Nick Lincoln","startTime":4832.17,"endTime":4835.95,"body":"Oscars Yeah. Okay culture corner"},{"speaker":"Nick Lincoln","startTime":4835.98,"endTime":4837.87,"body":"are trying to the transition I"},{"speaker":"Nick Lincoln","startTime":4835.98,"endTime":4837.87,"body":"don't think it's going to work"},{"speaker":"Nick Lincoln","startTime":4837.87,"endTime":4843.48,"body":"so Dun dun dun dun dun we will"},{"speaker":"Nick Lincoln","startTime":4837.87,"endTime":4843.48,"body":"culture corner we've got first"},{"speaker":"Nick Lincoln","startTime":4843.48,"endTime":4846.12,"body":"off Mr. Smith explain"},{"speaker":"Nick Lincoln","startTime":4843.48,"endTime":4846.12,"body":"experiments in advisor"},{"speaker":"Nick Lincoln","startTime":4846.12,"endTime":4846.84,"body":"marketing."},{"speaker":"Alan Smith","startTime":4848.28,"endTime":4850.92,"body":"Yeah, this is a this"},{"speaker":"Alan Smith","startTime":4848.28,"endTime":4850.92,"body":"is a bit of a blast from the"},{"speaker":"Alan Smith","startTime":4850.92,"endTime":4853.44,"body":"past this is something when you"},{"speaker":"Alan Smith","startTime":4850.92,"endTime":4853.44,"body":"listen to podcasts you if I"},{"speaker":"Alan Smith","startTime":4853.44,"endTime":4856.41,"body":"listen to a particularly good"},{"speaker":"Alan Smith","startTime":4853.44,"endTime":4856.41,"body":"one, I star it. I think that's"},{"speaker":"Alan Smith","startTime":4856.41,"endTime":4858.72,"body":"good. I'll come back to that."},{"speaker":"Alan Smith","startTime":4856.41,"endTime":4858.72,"body":"And I might listen to it again."},{"speaker":"Alan Smith","startTime":4858.72,"endTime":4861.57,"body":"And this is one it's been out."},{"speaker":"Alan Smith","startTime":4858.72,"endTime":4861.57,"body":"It's been out for quite a while."},{"speaker":"Alan Smith","startTime":4862.5,"endTime":4864.9,"body":"There is a podcast that's the"},{"speaker":"Alan Smith","startTime":4862.5,"endTime":4864.9,"body":"name of the podcast experiments"},{"speaker":"Alan Smith","startTime":4864.93,"endTime":4868.41,"body":"in advisor marketing guy called"},{"speaker":"Alan Smith","startTime":4864.93,"endTime":4868.41,"body":"Taylor short. I don't know"},{"speaker":"Alan Smith","startTime":4868.41,"endTime":4870.66,"body":"exactly how you pronounce it,"},{"speaker":"Alan Smith","startTime":4868.41,"endTime":4870.66,"body":"but I think that's it. Yeah."},{"speaker":"Alan Smith","startTime":4870.93,"endTime":4876.54,"body":"Yeah, tell Sure. And so he he"},{"speaker":"Alan Smith","startTime":4870.93,"endTime":4876.54,"body":"interviewed our mutual friend,"},{"speaker":"Alan Smith","startTime":4876.87,"endTime":4880.5,"body":"Carl Richards behavior gap,"},{"speaker":"Alan Smith","startTime":4876.87,"endTime":4880.5,"body":"going back a couple of years and"},{"speaker":"Alan Smith","startTime":4880.5,"endTime":4882.93,"body":"it Ramona listen to this, it"},{"speaker":"Alan Smith","startTime":4880.5,"endTime":4882.93,"body":"reminded me because McCall was"},{"speaker":"Alan Smith","startTime":4882.93,"endTime":4885.36,"body":"in London, can't actually come"},{"speaker":"Alan Smith","startTime":4882.93,"endTime":4885.36,"body":"into my office. And the way she"},{"speaker":"Alan Smith","startTime":4885.36,"endTime":4888.6,"body":"did it did a version of this"},{"speaker":"Alan Smith","startTime":4885.36,"endTime":4888.6,"body":"what he shares. And I remember"},{"speaker":"Alan Smith","startTime":4888.6,"endTime":4892.14,"body":"it was everything that went on"},{"speaker":"Alan Smith","startTime":4888.6,"endTime":4892.14,"body":"was a story from another time."},{"speaker":"Alan Smith","startTime":4892.14,"endTime":4894.93,"body":"But it was a really great"},{"speaker":"Alan Smith","startTime":4892.14,"endTime":4894.93,"body":"conversation. A great meeting"},{"speaker":"Alan Smith","startTime":4894.93,"endTime":4898.74,"body":"that we had when Carl come in,"},{"speaker":"Alan Smith","startTime":4894.93,"endTime":4898.74,"body":"of course said that it was he"},{"speaker":"Alan Smith","startTime":4898.74,"endTime":4903.63,"body":"said there's two things about"},{"speaker":"Alan Smith","startTime":4898.74,"endTime":4903.63,"body":"this one is it's so simple, that"},{"speaker":"Alan Smith","startTime":4903.66,"endTime":4905.64,"body":"you're not going to believe it's"},{"speaker":"Alan Smith","startTime":4903.66,"endTime":4905.64,"body":"going to work and number two a"},{"speaker":"Alan Smith","startTime":4905.64,"endTime":4908.76,"body":"bit you don't do it. And he was"},{"speaker":"Alan Smith","startTime":4905.64,"endTime":4908.76,"body":"right. He was right both points."},{"speaker":"Alan Smith","startTime":4908.76,"endTime":4908.94,"body":"But"},{"speaker":"Andy Hart","startTime":4909.99,"endTime":4912.6,"body":"he he was this"},{"speaker":"Andy Hart","startTime":4909.99,"endTime":4912.6,"body":"Watergate."},{"speaker":"Alan Smith","startTime":4913.23,"endTime":4916.35,"body":"Yeah, it is a"},{"speaker":"Alan Smith","startTime":4913.23,"endTime":4916.35,"body":"version of that that again story"},{"speaker":"Alan Smith","startTime":4916.35,"endTime":4921.03,"body":"for another time. But it's"},{"speaker":"Alan Smith","startTime":4916.35,"endTime":4921.03,"body":"because often something a"},{"speaker":"Alan Smith","startTime":4921.03,"endTime":4924.21,"body":"recurring theme on this podcast"},{"speaker":"Alan Smith","startTime":4921.03,"endTime":4924.21,"body":"is advisors, kind of"},{"speaker":"Alan Smith","startTime":4924.24,"endTime":4926.22,"body":"particularly early stage"},{"speaker":"Alan Smith","startTime":4924.24,"endTime":4926.22,"body":"advisors, but pretty much"},{"speaker":"Alan Smith","startTime":4926.25,"endTime":4929.7,"body":"everyone on their journey is how"},{"speaker":"Alan Smith","startTime":4926.25,"endTime":4929.7,"body":"do I grow my business? How do I"},{"speaker":"Alan Smith","startTime":4929.7,"endTime":4931.95,"body":"grow? How do we get more clients"},{"speaker":"Alan Smith","startTime":4929.7,"endTime":4931.95,"body":"how to grow a business in this"},{"speaker":"Alan Smith","startTime":4931.95,"endTime":4934.95,"body":"podcast, which again, there's a"},{"speaker":"Alan Smith","startTime":4931.95,"endTime":4934.95,"body":"link to it in the SoCal show"},{"speaker":"Alan Smith","startTime":4934.95,"endTime":4938.82,"body":"notes. Kyle just unpacked step"},{"speaker":"Alan Smith","startTime":4934.95,"endTime":4938.82,"body":"by step by step this is what he"},{"speaker":"Alan Smith","startTime":4938.82,"endTime":4941.85,"body":"did call and I don't It's no"},{"speaker":"Alan Smith","startTime":4938.82,"endTime":4941.85,"body":"secret things publicly shared"},{"speaker":"Alan Smith","startTime":4941.85,"endTime":4946.7699999999995,"body":"information that Carl has built"},{"speaker":"Alan Smith","startTime":4941.85,"endTime":4946.7699999999995,"body":"from scratch to different IFA"},{"speaker":"Alan Smith","startTime":4946.8,"endTime":4950.67,"body":"RIA brands in the US to kind of"},{"speaker":"Alan Smith","startTime":4946.8,"endTime":4950.67,"body":"you know million dollar status"},{"speaker":"Alan Smith","startTime":4950.7,"endTime":4954.15,"body":"and then did one sold it went on"},{"speaker":"Alan Smith","startTime":4950.7,"endTime":4954.15,"body":"to another one and he said this"},{"speaker":"Alan Smith","startTime":4954.15,"endTime":4958.53,"body":"is the only thing I did in order"},{"speaker":"Alan Smith","startTime":4954.15,"endTime":4958.53,"body":"to build those businesses. So"},{"speaker":"Alan Smith","startTime":4958.56,"endTime":4960.78,"body":"tune into it listen to it you"},{"speaker":"Alan Smith","startTime":4958.56,"endTime":4960.78,"body":"want to grow grow your brand,"},{"speaker":"Alan Smith","startTime":4960.78,"endTime":4963.51,"body":"grow your business, get more"},{"speaker":"Alan Smith","startTime":4960.78,"endTime":4963.51,"body":"clients, there is a step by step"},{"speaker":"Alan Smith","startTime":4964.05,"endTime":4966.2699999999995,"body":"as to how to do it over to"},{"speaker":"Nick Lincoln","startTime":4966.2699999999995,"endTime":4969.69,"body":"you great stuff"},{"speaker":"Nick Lincoln","startTime":4966.2699999999995,"endTime":4969.69,"body":"thank you my next tow business"},{"speaker":"Nick Lincoln","startTime":4969.69,"endTime":4973.11,"body":"breakdown series which I think"},{"speaker":"Nick Lincoln","startTime":4969.69,"endTime":4973.11,"body":"was our normal car put me on to"},{"speaker":"Nick Lincoln","startTime":4973.11,"endTime":4975.2699999999995,"body":"this the the pre one the"},{"speaker":"Nick Lincoln","startTime":4973.11,"endTime":4975.2699999999995,"body":"previous episodes where Michael"},{"speaker":"Nick Lincoln","startTime":4975.2699999999995,"endTime":4977.28,"body":"O'Leary was being interviewed"},{"speaker":"Nick Lincoln","startTime":4975.2699999999995,"endTime":4977.28,"body":"which is just a brilliant a"},{"speaker":"Nick Lincoln","startTime":4977.28,"endTime":4980.13,"body":"brilliant episode it was called"},{"speaker":"Nick Lincoln","startTime":4977.28,"endTime":4980.13,"body":"Okay thanks. And the latest"},{"speaker":"Nick Lincoln","startTime":4980.13,"endTime":4983.31,"body":"episode in the business"},{"speaker":"Nick Lincoln","startTime":4980.13,"endTime":4983.31,"body":"breakdown series it was on was"},{"speaker":"Nick Lincoln","startTime":4983.31,"endTime":4987.72,"body":"on the zone. Oh God spare me was"},{"speaker":"Nick Lincoln","startTime":4983.31,"endTime":4987.72,"body":"on the was on the IPL the Indian"},{"speaker":"Nick Lincoln","startTime":4988.0199999999995,"endTime":4991.2,"body":"cricket League, which now you"},{"speaker":"Nick Lincoln","startTime":4988.0199999999995,"endTime":4991.2,"body":"don't have to be a cricket fan."},{"speaker":"Nick Lincoln","startTime":4991.2,"endTime":4995.88,"body":"And the IPL is just worth"},{"speaker":"Nick Lincoln","startTime":4991.2,"endTime":4995.88,"body":"billions. And it's just a"},{"speaker":"Nick Lincoln","startTime":4995.88,"endTime":5000.89,"body":"success story. And it's it's an"},{"speaker":"Nick Lincoln","startTime":4995.88,"endTime":5000.89,"body":"interesting episode. And the way"},{"speaker":"Nick Lincoln","startTime":5000.89,"endTime":5002.6,"body":"the way it was set up the way it"},{"speaker":"Nick Lincoln","startTime":5000.89,"endTime":5002.6,"body":"was run. It's done on a"},{"speaker":"Nick Lincoln","startTime":5002.6,"endTime":5006.14,"body":"franchise basis and like the"},{"speaker":"Nick Lincoln","startTime":5002.6,"endTime":5006.14,"body":"American NFL, they have a draw"},{"speaker":"Nick Lincoln","startTime":5006.17,"endTime":5009.11,"body":"almost like a draft really. The"},{"speaker":"Nick Lincoln","startTime":5006.17,"endTime":5009.11,"body":"point the point is that every"},{"speaker":"Nick Lincoln","startTime":5009.11,"endTime":5012.5,"body":"year you don't know who's going"},{"speaker":"Nick Lincoln","startTime":5009.11,"endTime":5012.5,"body":"to win. It's not like football"},{"speaker":"Nick Lincoln","startTime":5012.5,"endTime":5015.2,"body":"soccer where you really premier"},{"speaker":"Nick Lincoln","startTime":5012.5,"endTime":5015.2,"body":"you know is going to your"},{"speaker":"Nick Lincoln","startTime":5015.2,"endTime":5017.39,"body":"donors. donor is going to win at"},{"speaker":"Nick Lincoln","startTime":5015.2,"endTime":5017.39,"body":"the start that tournament."},{"speaker":"Nick Lincoln","startTime":5017.45,"endTime":5020.0,"body":"Almost every match apparently"},{"speaker":"Nick Lincoln","startTime":5017.45,"endTime":5020.0,"body":"comes down to the last six"},{"speaker":"Nick Lincoln","startTime":5020.0,"endTime":5023.2699999999995,"body":"balls. Okay, so it's they're"},{"speaker":"Nick Lincoln","startTime":5020.0,"endTime":5023.2699999999995,"body":"tight, they're close. And we"},{"speaker":"Nick Lincoln","startTime":5023.2699999999995,"endTime":5026.18,"body":"don't understand. I mean, I'm a"},{"speaker":"Nick Lincoln","startTime":5023.2699999999995,"endTime":5026.18,"body":"cricket nut, and I will never"},{"speaker":"Nick Lincoln","startTime":5026.18,"endTime":5030.62,"body":"get it that the India with its"},{"speaker":"Nick Lincoln","startTime":5026.18,"endTime":5030.62,"body":"massive population is pretty"},{"speaker":"Nick Lincoln","startTime":5030.62,"endTime":5033.38,"body":"much a uni sport country's"},{"speaker":"Nick Lincoln","startTime":5030.62,"endTime":5033.38,"body":"cricket and that's pretty much"},{"speaker":"Nick Lincoln","startTime":5033.38,"endTime":5037.31,"body":"it. And the Indian cricketers"},{"speaker":"Nick Lincoln","startTime":5033.38,"endTime":5037.31,"body":"are treated like living gods. I"},{"speaker":"Nick Lincoln","startTime":5037.31,"endTime":5040.58,"body":"mean, if Messi walks into a"},{"speaker":"Nick Lincoln","startTime":5037.31,"endTime":5040.58,"body":"cheering Gita on some"},{"speaker":"Nick Lincoln","startTime":5040.73,"endTime":5043.04,"body":"Argentinian Beach, he'll get"},{"speaker":"Nick Lincoln","startTime":5040.73,"endTime":5043.04,"body":"some attention and the same with"},{"speaker":"Nick Lincoln","startTime":5043.04,"endTime":5045.41,"body":"Ronaldo on the Algarve. They'll"},{"speaker":"Nick Lincoln","startTime":5043.04,"endTime":5045.41,"body":"go to a restaurant they'll get"},{"speaker":"Nick Lincoln","startTime":5045.8,"endTime":5048.95,"body":"if someone like Virat Kohli or"},{"speaker":"Nick Lincoln","startTime":5045.8,"endTime":5048.95,"body":"Sachin Tendulkar. They cannot"},{"speaker":"Nick Lincoln","startTime":5048.95,"endTime":5051.98,"body":"leave their homes they have"},{"speaker":"Nick Lincoln","startTime":5048.95,"endTime":5051.98,"body":"hundreds of people just camped"},{"speaker":"Nick Lincoln","startTime":5051.98,"endTime":5054.95,"body":"outside where they live. In this"},{"speaker":"Nick Lincoln","startTime":5051.98,"endTime":5054.95,"body":"episode, that chap says he saw a"},{"speaker":"Nick Lincoln","startTime":5054.95,"endTime":5057.86,"body":"man a grown man weeping in the"},{"speaker":"Nick Lincoln","startTime":5054.95,"endTime":5057.86,"body":"street because Virat Kohli was"},{"speaker":"Nick Lincoln","startTime":5057.86,"endTime":5062.24,"body":"dismissed. It's just next level"},{"speaker":"Nick Lincoln","startTime":5057.86,"endTime":5062.24,"body":"and this IPL has tapped into his"},{"speaker":"Nick Lincoln","startTime":5062.24,"endTime":5066.86,"body":"passion for cricket. As I say an"},{"speaker":"Nick Lincoln","startTime":5062.24,"endTime":5066.86,"body":"interesting business story. You"},{"speaker":"Nick Lincoln","startTime":5066.86,"endTime":5068.6,"body":"don't have to like cricket it"},{"speaker":"Nick Lincoln","startTime":5066.86,"endTime":5068.6,"body":"probably helps you down to like"},{"speaker":"Nick Lincoln","startTime":5068.6,"endTime":5071.24,"body":"cricket to to enjoy the episode."},{"speaker":"Nick Lincoln","startTime":5068.6,"endTime":5071.24,"body":"Mr. Hearts. You've got a new"},{"speaker":"Nick Lincoln","startTime":5071.24,"endTime":5072.62,"body":"podcast you want to talk to us"},{"speaker":"Nick Lincoln","startTime":5071.24,"endTime":5072.62,"body":"about?"},{"speaker":"Andy Hart","startTime":5073.37,"endTime":5076.4,"body":"Yeah, this is someone"},{"speaker":"Andy Hart","startTime":5073.37,"endTime":5076.4,"body":"who probably lot people listen"},{"speaker":"Andy Hart","startTime":5076.4,"endTime":5080.45,"body":"to the show. No, this individual"},{"speaker":"Andy Hart","startTime":5076.4,"endTime":5080.45,"body":"probably read a lot of his"},{"speaker":"Andy Hart","startTime":5080.57,"endTime":5085.88,"body":"articles Morgan Housel fomos got"},{"speaker":"Andy Hart","startTime":5080.57,"endTime":5085.88,"body":"to him. And he's finally decided"},{"speaker":"Andy Hart","startTime":5085.88,"endTime":5088.64,"body":"to put his own podcast out. I"},{"speaker":"Andy Hart","startTime":5085.88,"endTime":5088.64,"body":"think it's just called the"},{"speaker":"Andy Hart","startTime":5088.64,"endTime":5091.88,"body":"Morgan Housel podcast, I think"},{"speaker":"Andy Hart","startTime":5088.64,"endTime":5091.88,"body":"it's going to be twice a week."},{"speaker":"Andy Hart","startTime":5092.48,"endTime":5095.51,"body":"There's a link in the so called"},{"speaker":"Andy Hart","startTime":5092.48,"endTime":5095.51,"body":"show notes. He's very good at"},{"speaker":"Andy Hart","startTime":5095.51,"endTime":5100.1,"body":"storytelling on the written"},{"speaker":"Andy Hart","startTime":5095.51,"endTime":5100.1,"body":"form. So let's see how good he"},{"speaker":"Andy Hart","startTime":5100.1,"endTime":5104.69,"body":"is. On the audio form. I think"},{"speaker":"Andy Hart","startTime":5100.1,"endTime":5104.69,"body":"he's gonna be talking about the"},{"speaker":"Andy Hart","startTime":5104.69,"endTime":5107.99,"body":"behavioral side of everything to"},{"speaker":"Andy Hart","startTime":5104.69,"endTime":5107.99,"body":"do with money. Seems like a"},{"speaker":"Andy Hart","startTime":5108.44,"endTime":5111.23,"body":"something he's picked up for"},{"speaker":"Andy Hart","startTime":5108.44,"endTime":5111.23,"body":"maybe another podcast out there."},{"speaker":"Andy Hart","startTime":5111.86,"endTime":5113.12,"body":"So yeah, it'll be interesting to"},{"speaker":"Andy Hart","startTime":5111.86,"endTime":5113.12,"body":"see."},{"speaker":"Unknown","startTime":5115.46,"endTime":5116.51,"body":"It's good. It's good."},{"speaker":"Nick Lincoln","startTime":5116.87,"endTime":5118.4,"body":"It's not Morgan"},{"speaker":"Nick Lincoln","startTime":5116.87,"endTime":5118.4,"body":"houses, isn't it? Maven"},{"speaker":"Nick Lincoln","startTime":5118.4,"endTime":5118.82,"body":"household"},{"speaker":"Andy Hart","startTime":5119.96,"endTime":5123.32,"body":"Yeah, that's that's"},{"speaker":"Andy Hart","startTime":5119.96,"endTime":5123.32,"body":"Yeah. Made a name. Okay,"},{"speaker":"Alan Smith","startTime":5123.38,"endTime":5124.76,"body":"maybe lunch with"},{"speaker":"Alan Smith","startTime":5123.38,"endTime":5124.76,"body":"them again?"},{"speaker":"Unknown","startTime":5125.33,"endTime":5127.22,"body":"Yeah, try the lunch. He"},{"speaker":"Unknown","startTime":5125.33,"endTime":5127.22,"body":"does"},{"speaker":"Andy Hart","startTime":5127.25,"endTime":5130.01,"body":"be a bit larger the"},{"speaker":"Andy Hart","startTime":5127.25,"endTime":5130.01,"body":"mallard Yeah, okay, let's not"},{"speaker":"Andy Hart","startTime":5130.04,"endTime":5130.4,"body":"Tesla"},{"speaker":"Alan Smith","startTime":5130.73,"endTime":5136.43,"body":"story. Nick, just to"},{"speaker":"Alan Smith","startTime":5130.73,"endTime":5136.43,"body":"clarify, that was, it was a bit"},{"speaker":"Alan Smith","startTime":5136.43,"endTime":5138.26,"body":"of both in terms of where you"},{"speaker":"Alan Smith","startTime":5136.43,"endTime":5138.26,"body":"got that that the business"},{"speaker":"Alan Smith","startTime":5138.26,"endTime":5143.72,"body":"breakdowns podcast. That was the"},{"speaker":"Alan Smith","startTime":5138.26,"endTime":5143.72,"body":"origin story was calls one about"},{"speaker":"Alan Smith","startTime":5143.72,"endTime":5147.32,"body":"the Norwegian sovereign fund"},{"speaker":"Alan Smith","startTime":5143.72,"endTime":5147.32,"body":"podcast guy who interviewed"},{"speaker":"Alan Smith","startTime":5147.32,"endTime":5150.14,"body":"Michael O'Leary, which then led"},{"speaker":"Alan Smith","startTime":5147.32,"endTime":5150.14,"body":"me to find another Michael"},{"speaker":"Alan Smith","startTime":5150.14,"endTime":5152.54,"body":"O'Leary podcasts, you don't"},{"speaker":"Alan Smith","startTime":5150.14,"endTime":5152.54,"body":"interview him, but on the"},{"speaker":"Alan Smith","startTime":5152.54,"endTime":5156.32,"body":"business brain, and they do a"},{"speaker":"Alan Smith","startTime":5152.54,"endTime":5156.32,"body":"deep dive breakdown, which is"},{"speaker":"Alan Smith","startTime":5156.32,"endTime":5159.2,"body":"fascinating. And then that"},{"speaker":"Alan Smith","startTime":5156.32,"endTime":5159.2,"body":"podcast, if you're interested in"},{"speaker":"Alan Smith","startTime":5159.2,"endTime":5161.6,"body":"business models and how people"},{"speaker":"Alan Smith","startTime":5159.2,"endTime":5161.6,"body":"make profits and all that it's a"},{"speaker":"Alan Smith","startTime":5161.6,"endTime":5163.31,"body":"really good podcast. Okay. Thank"},{"speaker":"Alan Smith","startTime":5161.6,"endTime":5163.31,"body":"you. Thank you."},{"speaker":"Andy Hart","startTime":5163.82,"endTime":5166.31,"body":"Any advisor in the"},{"speaker":"Andy Hart","startTime":5163.82,"endTime":5166.31,"body":"US? Isn't Yellen, who's a"},{"speaker":"Andy Hart","startTime":5166.31,"endTime":5169.55,"body":"financial adviser in the US? Who"},{"speaker":"Andy Hart","startTime":5166.31,"endTime":5169.55,"body":"is guy that the guy that runs a"},{"speaker":"Andy Hart","startTime":5169.55,"endTime":5170.24,"body":"business business?"},{"speaker":"Alan Smith","startTime":5171.68,"endTime":5176.0,"body":"Now not this is not"},{"speaker":"Alan Smith","startTime":5171.68,"endTime":5176.0,"body":"the Patrick Shaughnessy? Yeah,"},{"speaker":"Alan Smith","startTime":5176.0,"endTime":5178.25,"body":"okay. Sorry, do with it, but he"},{"speaker":"Alan Smith","startTime":5176.0,"endTime":5178.25,"body":"wasn't the host of this"},{"speaker":"Alan Smith","startTime":5178.25,"endTime":5186.47,"body":"particular one. Absolutely."},{"speaker":"Alan Smith","startTime":5178.25,"endTime":5186.47,"body":"Right. Okay. Now, let's finish"},{"speaker":"Alan Smith","startTime":5186.47,"endTime":5186.62,"body":"his"},{"speaker":"Nick Lincoln","startTime":5189.26,"endTime":5191.3,"body":"detractors, as"},{"speaker":"Nick Lincoln","startTime":5189.26,"endTime":5191.3,"body":"we're doing this episode, the"},{"speaker":"Nick Lincoln","startTime":5191.51,"endTime":5194.75,"body":"holistic VB debacle is unfolding"},{"speaker":"Nick Lincoln","startTime":5191.51,"endTime":5194.75,"body":"in the States. We don't follow"},{"speaker":"Nick Lincoln","startTime":5194.75,"endTime":5198.08,"body":"the markets. But I can tell you"},{"speaker":"Nick Lincoln","startTime":5194.75,"endTime":5198.08,"body":"in about 23 minutes, the US"},{"speaker":"Nick Lincoln","startTime":5198.08,"endTime":5200.15,"body":"markets are going to open so for"},{"speaker":"Nick Lincoln","startTime":5198.08,"endTime":5200.15,"body":"once I will be looking at the"},{"speaker":"Nick Lincoln","startTime":5200.15,"endTime":5202.94,"body":"ticket just to see what happens."},{"speaker":"Nick Lincoln","startTime":5200.15,"endTime":5202.94,"body":"Karl, tell us your culture"},{"speaker":"Nick Lincoln","startTime":5202.94,"endTime":5203.66,"body":"corner link."},{"speaker":"Carl Widger","startTime":5204.26,"endTime":5207.32,"body":"Yeah, so I was"},{"speaker":"Carl Widger","startTime":5204.26,"endTime":5207.32,"body":"reading loads of stuff about"},{"speaker":"Carl Widger","startTime":5207.32,"endTime":5213.68,"body":"this SV, be meltdown and was"},{"speaker":"Carl Widger","startTime":5207.32,"endTime":5213.68,"body":"trying to get my head around it"},{"speaker":"Carl Widger","startTime":5213.68,"endTime":5216.38,"body":"because it was like kind of"},{"speaker":"Carl Widger","startTime":5213.68,"endTime":5216.38,"body":"there was different people"},{"speaker":"Carl Widger","startTime":5216.38,"endTime":5219.35,"body":"having different stories about"},{"speaker":"Carl Widger","startTime":5216.38,"endTime":5219.35,"body":"what would actually happen. So I"},{"speaker":"Carl Widger","startTime":5219.35,"endTime":5224.57,"body":"came across this article from"},{"speaker":"Carl Widger","startTime":5219.35,"endTime":5224.57,"body":"Bloomberg, and it's the best"},{"speaker":"Carl Widger","startTime":5224.57,"endTime":5228.32,"body":"explainer. It's a long read, but"},{"speaker":"Carl Widger","startTime":5224.57,"endTime":5228.32,"body":"I've included it in the show"},{"speaker":"Carl Widger","startTime":5228.32,"endTime":5231.74,"body":"notes. If you want to know"},{"speaker":"Carl Widger","startTime":5228.32,"endTime":5231.74,"body":"exactly what happened, it is a"},{"speaker":"Carl Widger","startTime":5231.7699999999995,"endTime":5234.86,"body":"brilliant explainer article."},{"speaker":"Carl Widger","startTime":5231.7699999999995,"endTime":5234.86,"body":"Take the time to go through it."},{"speaker":"Carl Widger","startTime":5234.95,"endTime":5239.81,"body":"And you'll know exactly what has"},{"speaker":"Carl Widger","startTime":5234.95,"endTime":5239.81,"body":"happened and the implications of"},{"speaker":"Carl Widger","startTime":5239.87,"endTime":5244.46,"body":"of saying, but I guess the next"},{"speaker":"Carl Widger","startTime":5239.87,"endTime":5244.46,"body":"few days, weeks months are"},{"speaker":"Carl Widger","startTime":5244.46,"endTime":5247.34,"body":"probably actually going to tell"},{"speaker":"Carl Widger","startTime":5244.46,"endTime":5247.34,"body":"us what the implications are."},{"speaker":"Carl Widger","startTime":5247.34,"endTime":5250.46,"body":"But yeah, what happened at SBB?"},{"speaker":"Carl Widger","startTime":5247.34,"endTime":5250.46,"body":"Read the article."},{"speaker":"Nick Lincoln","startTime":5250.67,"endTime":5252.59,"body":"Yeah, basically,"},{"speaker":"Nick Lincoln","startTime":5250.67,"endTime":5252.59,"body":"if you start up a bank, don't"},{"speaker":"Nick Lincoln","startTime":5252.59,"endTime":5255.05,"body":"have customers who don't need to"},{"speaker":"Nick Lincoln","startTime":5252.59,"endTime":5255.05,"body":"borrow from you. Is that long or"},{"speaker":"Nick Lincoln","startTime":5255.11,"endTime":5255.89,"body":"short, logical."},{"speaker":"Carl Widger","startTime":5256.61,"endTime":5259.01,"body":"Like if you do"},{"speaker":"Carl Widger","startTime":5256.61,"endTime":5259.01,"body":"commerce in school, like how the"},{"speaker":"Carl Widger","startTime":5259.01,"endTime":5261.17,"body":"banks make money, well, they"},{"speaker":"Carl Widger","startTime":5259.01,"endTime":5261.17,"body":"take money in and then they loan"},{"speaker":"Carl Widger","startTime":5261.17,"endTime":5265.07,"body":"it out. Well SBB didn't loan any"},{"speaker":"Carl Widger","startTime":5261.17,"endTime":5265.07,"body":"money out so they had to find"},{"speaker":"Carl Widger","startTime":5265.07,"endTime":5266.96,"body":"other ways and that's how they"},{"speaker":"Carl Widger","startTime":5265.07,"endTime":5266.96,"body":"run into trouble."},{"speaker":"Nick Lincoln","startTime":5267.11,"endTime":5269.21,"body":"Indeed, indeed."},{"speaker":"Nick Lincoln","startTime":5267.11,"endTime":5269.21,"body":"Listen, I think that's been a"},{"speaker":"Nick Lincoln","startTime":5269.21,"endTime":5272.3,"body":"fantastic episode. Thank you"},{"speaker":"Nick Lincoln","startTime":5269.21,"endTime":5272.3,"body":"trap pack for your contribution."},{"speaker":"Nick Lincoln","startTime":5272.54,"endTime":5274.5199999999995,"body":"And that's a wrap for this"},{"speaker":"Nick Lincoln","startTime":5272.54,"endTime":5274.5199999999995,"body":"episode. Dear Trappist. Thank"},{"speaker":"Nick Lincoln","startTime":5274.5199999999995,"endTime":5277.07,"body":"you for your precious time and"},{"speaker":"Nick Lincoln","startTime":5274.5199999999995,"endTime":5277.07,"body":"input as ever, please do rate us"},{"speaker":"Nick Lincoln","startTime":5277.07,"endTime":5280.04,"body":"on iTunes, leave a six on a five"},{"speaker":"Nick Lincoln","startTime":5277.07,"endTime":5280.04,"body":"star like and subscribe to our"},{"speaker":"Nick Lincoln","startTime":5280.04,"endTime":5283.46,"body":"YouTube but until the next time"},{"speaker":"Nick Lincoln","startTime":5280.04,"endTime":5283.46,"body":"from the trap packets at EOS and"},{"speaker":"Nick Lincoln","startTime":5283.46,"endTime":5285.44,"body":"take care out there folks."},{"speaker":"Nick Lincoln","startTime":5283.46,"endTime":5285.44,"body":"Goodbye home"},{"speaker":"Carl Widger","startTime":5285.44,"endTime":5287.48,"body":"on Ireland"},{"speaker":"Carl Widger","startTime":5285.44,"endTime":5287.48,"body":"tomorrow. Grant"}]}