{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":9.84,"endTime":14.88,"body":"Welcome to The Real"},{"speaker":"Unknown","startTime":9.84,"endTime":14.88,"body":"advisor podcast, t r a p twerp."},{"speaker":"Unknown","startTime":15.24,"endTime":18.6,"body":"Please follow us and join in the"},{"speaker":"Unknown","startTime":15.24,"endTime":18.6,"body":"conversation on Twitter at"},{"speaker":"Unknown","startTime":18.6,"endTime":22.2,"body":"Pfizer podcast, where you can"},{"speaker":"Unknown","startTime":18.6,"endTime":22.2,"body":"suggest ideas and themes you'd"},{"speaker":"Unknown","startTime":22.2,"endTime":25.68,"body":"like the track team to discuss."},{"speaker":"Unknown","startTime":22.2,"endTime":25.68,"body":"Also remember to like and"},{"speaker":"Unknown","startTime":25.68,"endTime":29.31,"body":"subscribe to our YouTube channel"},{"speaker":"Unknown","startTime":25.68,"endTime":29.31,"body":"and leave a six out of five star"},{"speaker":"Unknown","startTime":29.31,"endTime":33.27,"body":"review on iTunes. Doing all this"},{"speaker":"Unknown","startTime":29.31,"endTime":33.27,"body":"really really helps us which"},{"speaker":"Unknown","startTime":33.27,"endTime":36.75,"body":"means we can do more to help"},{"speaker":"Unknown","startTime":33.27,"endTime":36.75,"body":"you. Now let's head over to the"},{"speaker":"Unknown","startTime":36.75,"endTime":39.06,"body":"studio for the latest pilot"},{"speaker":"Unknown","startTime":36.75,"endTime":39.06,"body":"trap."},{"speaker":"Nick Lincoln","startTime":43.17,"endTime":45.93,"body":"Yes indeed, dear"},{"speaker":"Nick Lincoln","startTime":43.17,"endTime":45.93,"body":"TRAPPIST, welcome back to what"},{"speaker":"Nick Lincoln","startTime":45.93,"endTime":49.83,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":45.93,"endTime":49.83,"body":"28 of the real advisor podcast"},{"speaker":"Nick Lincoln","startTime":49.83,"endTime":53.85,"body":"to our AP trap my name as ever"},{"speaker":"Nick Lincoln","startTime":49.83,"endTime":53.85,"body":"is Nick Lincoln and joining me"},{"speaker":"Nick Lincoln","startTime":53.85,"endTime":57.15,"body":"as ever other three other"},{"speaker":"Nick Lincoln","startTime":53.85,"endTime":57.15,"body":"Horsemen of the Apocalypse and"},{"speaker":"Nick Lincoln","startTime":57.15,"endTime":61.53,"body":"the heart call the voice which"},{"speaker":"Nick Lincoln","startTime":57.15,"endTime":61.53,"body":"are and Alan the storyteller"},{"speaker":"Nick Lincoln","startTime":61.53,"endTime":64.77,"body":"Smith Now gentlemen, we have a"},{"speaker":"Nick Lincoln","startTime":61.53,"endTime":64.77,"body":"show packed full of app salutely"},{"speaker":"Nick Lincoln","startTime":64.77,"endTime":67.89,"body":"nothing so let's start unpacking"},{"speaker":"Nick Lincoln","startTime":64.77,"endTime":67.89,"body":"straightaway. with yet more high"},{"speaker":"Nick Lincoln","startTime":67.89,"endTime":70.71,"body":"energy review reads by my close"},{"speaker":"Nick Lincoln","startTime":67.89,"endTime":70.71,"body":"personal friend the Right"},{"speaker":"Nick Lincoln","startTime":70.71,"endTime":71.91,"body":"Honourable Mr. Andrew Hart."},{"speaker":"Andy Hart","startTime":72.99,"endTime":74.76,"body":"Did you not leave the"},{"speaker":"Andy Hart","startTime":72.99,"endTime":74.76,"body":"chime for the close personal"},{"speaker":"Andy Hart","startTime":74.76,"endTime":77.7,"body":"friend anyway moving on. Couple"},{"speaker":"Andy Hart","startTime":74.76,"endTime":77.7,"body":"of reviews today from good"},{"speaker":"Andy Hart","startTime":77.7,"endTime":81.09,"body":"friends of ours and good friends"},{"speaker":"Andy Hart","startTime":77.7,"endTime":81.09,"body":"of the show. First up is Don"},{"speaker":"Andy Hart","startTime":81.09,"endTime":85.02,"body":"Spaulding. Entitled five stars"},{"speaker":"Andy Hart","startTime":81.09,"endTime":85.02,"body":"excellent. I tend to dip in and"},{"speaker":"Andy Hart","startTime":85.02,"endTime":89.19,"body":"out of podcasts when work on my"},{"speaker":"Andy Hart","startTime":85.02,"endTime":89.19,"body":"bike schedule allows this one I"},{"speaker":"Andy Hart","startTime":89.19,"endTime":92.7,"body":"keep coming back to genuinely"},{"speaker":"Andy Hart","startTime":89.19,"endTime":92.7,"body":"interesting, always insightful"},{"speaker":"Andy Hart","startTime":92.7,"endTime":95.85,"body":"and thought provoking. 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It's"},{"speaker":"Andy Hart","startTime":111.42,"endTime":113.79,"body":"very good and refreshing to hear"},{"speaker":"Andy Hart","startTime":111.42,"endTime":113.79,"body":"good quality financial planners"},{"speaker":"Andy Hart","startTime":113.79,"endTime":117.93,"body":"talk and share client"},{"speaker":"Andy Hart","startTime":113.79,"endTime":117.93,"body":"experiences loved the Aum"},{"speaker":"Andy Hart","startTime":117.93,"endTime":121.17,"body":"podcast all helps to enhance and"},{"speaker":"Andy Hart","startTime":117.93,"endTime":121.17,"body":"deliver proper financial"},{"speaker":"Andy Hart","startTime":121.17,"endTime":124.29,"body":"planning to clients and their"},{"speaker":"Andy Hart","startTime":121.17,"endTime":124.29,"body":"families. Separate great to hear"},{"speaker":"Andy Hart","startTime":124.29,"endTime":127.08,"body":"some contentious views around"},{"speaker":"Andy Hart","startTime":124.29,"endTime":127.08,"body":"exams and individual planning"},{"speaker":"Andy Hart","startTime":127.08,"endTime":130.17,"body":"items but always good to"},{"speaker":"Andy Hart","startTime":127.08,"endTime":130.17,"body":"challenge the general noise that"},{"speaker":"Andy Hart","startTime":130.17,"endTime":132.57,"body":"we have to deal with. Keep up"},{"speaker":"Andy Hart","startTime":130.17,"endTime":132.57,"body":"the good work, fellas. PS I"},{"speaker":"Andy Hart","startTime":132.57,"endTime":136.2,"body":"think Nick Andy and Alan Ireland"},{"speaker":"Andy Hart","startTime":132.57,"endTime":136.2,"body":"have the best chance to win win"},{"speaker":"Andy Hart","startTime":136.2,"endTime":139.08,"body":"the World Cup falls back to you"},{"speaker":"Andy Hart","startTime":136.2,"endTime":139.08,"body":"boss I"},{"speaker":"Nick Lincoln","startTime":139.59,"endTime":142.11,"body":"think I think"},{"speaker":"Nick Lincoln","startTime":139.59,"endTime":142.11,"body":"Graham who's a good egg we like"},{"speaker":"Nick Lincoln","startTime":142.11,"endTime":144.06,"body":"Graham and Donna she took the"},{"speaker":"Nick Lincoln","startTime":142.11,"endTime":144.06,"body":"really good eggs in our in our"},{"speaker":"Nick Lincoln","startTime":144.06,"endTime":147.15,"body":"profession, I think yeah, yeah,"},{"speaker":"Nick Lincoln","startTime":144.06,"endTime":147.15,"body":"I suppose your your that review"},{"speaker":"Nick Lincoln","startTime":147.15,"endTime":150.72,"body":"would have come in a few weeks"},{"speaker":"Nick Lincoln","startTime":147.15,"endTime":150.72,"body":"ago before England lost a Fiji"},{"speaker":"Nick Lincoln","startTime":150.72,"endTime":153.42,"body":"and just played generally"},{"speaker":"Nick Lincoln","startTime":150.72,"endTime":153.42,"body":"rubbish. So you're you're you're"},{"speaker":"Nick Lincoln","startTime":153.42,"endTime":157.29,"body":"definitely out there running. So"},{"speaker":"Nick Lincoln","startTime":153.42,"endTime":157.29,"body":"yeah. Okay, great stuff. Thank"},{"speaker":"Nick Lincoln","startTime":157.29,"endTime":158.94,"body":"you so much. And if you want to"},{"speaker":"Nick Lincoln","startTime":157.29,"endTime":158.94,"body":"leave a review, you know what to"},{"speaker":"Nick Lincoln","startTime":158.94,"endTime":162.0,"body":"do. In the so called show notes."},{"speaker":"Nick Lincoln","startTime":158.94,"endTime":162.0,"body":"There's a link is dead easy. 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So I've, in the"},{"speaker":"Carl Widger","startTime":192.21,"endTime":195.66,"body":"shownotes, I've put in the link"},{"speaker":"Carl Widger","startTime":192.21,"endTime":195.66,"body":"to a YouTube video of it, where"},{"speaker":"Carl Widger","startTime":195.69,"endTime":197.76,"body":"there's a great narrator"},{"speaker":"Carl Widger","startTime":195.69,"endTime":197.76,"body":"actually talks through the"},{"speaker":"Carl Widger","startTime":197.76,"endTime":201.75,"body":"speech. But it's, it's really,"},{"speaker":"Carl Widger","startTime":197.76,"endTime":201.75,"body":"really good. The reason I put it"},{"speaker":"Carl Widger","startTime":201.75,"endTime":206.37,"body":"in and I thought about it was I"},{"speaker":"Carl Widger","startTime":201.75,"endTime":206.37,"body":"spent some time last week with a"},{"speaker":"Carl Widger","startTime":206.37,"endTime":209.61,"body":"bunch of very successful"},{"speaker":"Carl Widger","startTime":206.37,"endTime":209.61,"body":"entrepreneurs and some"},{"speaker":"Carl Widger","startTime":209.97,"endTime":212.94,"body":"successful sports people. And"},{"speaker":"Carl Widger","startTime":209.97,"endTime":212.94,"body":"it's a kind of a quiet event"},{"speaker":"Carl Widger","startTime":212.97,"endTime":218.49,"body":"that we put together with a few"},{"speaker":"Carl Widger","startTime":212.97,"endTime":218.49,"body":"other people. And I just was"},{"speaker":"Carl Widger","startTime":218.49,"endTime":223.56,"body":"minded after the few days of"},{"speaker":"Carl Widger","startTime":218.49,"endTime":223.56,"body":"being surrounded by successful"},{"speaker":"Carl Widger","startTime":223.56,"endTime":227.13,"body":"people in their chosen field, be"},{"speaker":"Carl Widger","startTime":223.56,"endTime":227.13,"body":"it business or be at sport. And"},{"speaker":"Carl Widger","startTime":227.16,"endTime":230.25,"body":"just the feeling of just"},{"speaker":"Carl Widger","startTime":227.16,"endTime":230.25,"body":"listening to the stories like"},{"speaker":"Carl Widger","startTime":230.28,"endTime":232.65,"body":"there is no story is"},{"speaker":"Carl Widger","startTime":230.28,"endTime":232.65,"body":"straightforward. There is no"},{"speaker":"Carl Widger","startTime":232.65,"endTime":235.32,"body":"success as straightforward."},{"speaker":"Carl Widger","startTime":232.65,"endTime":235.32,"body":"There's always failures along"},{"speaker":"Carl Widger","startTime":235.32,"endTime":239.13,"body":"the way. But the feeling of"},{"speaker":"Carl Widger","startTime":235.32,"endTime":239.13,"body":"goodwill towards each other the"},{"speaker":"Carl Widger","startTime":239.13,"endTime":243.96,"body":"feeling of let's help each"},{"speaker":"Carl Widger","startTime":239.13,"endTime":243.96,"body":"other. I just thought I was"},{"speaker":"Carl Widger","startTime":243.96,"endTime":247.77,"body":"absolutely I'll be a little bit"},{"speaker":"Carl Widger","startTime":243.96,"endTime":247.77,"body":"hungover coming away from this."},{"speaker":"Carl Widger","startTime":247.8,"endTime":252.06,"body":"I was definitely hugely"},{"speaker":"Carl Widger","startTime":247.8,"endTime":252.06,"body":"inspired. And there was a lot of"},{"speaker":"Carl Widger","startTime":253.38,"endTime":256.29,"body":"grouping emails going around,"},{"speaker":"Carl Widger","startTime":253.38,"endTime":256.29,"body":"but also individual text flying"},{"speaker":"Carl Widger","startTime":256.29,"endTime":259.05,"body":"around the following kind of"},{"speaker":"Carl Widger","startTime":256.29,"endTime":259.05,"body":"couple of days, which was just"},{"speaker":"Carl Widger","startTime":259.05,"endTime":264.21,"body":"really, really cool and"},{"speaker":"Carl Widger","startTime":259.05,"endTime":264.21,"body":"definitely inspiring. And that"},{"speaker":"Carl Widger","startTime":264.21,"endTime":270.39,"body":"was in sharp contrast to some"},{"speaker":"Carl Widger","startTime":264.21,"endTime":270.39,"body":"comments I have, or feedback I"},{"speaker":"Carl Widger","startTime":270.39,"endTime":274.17,"body":"have directly got myself"},{"speaker":"Carl Widger","startTime":270.39,"endTime":274.17,"body":"recently. But But kind of more"},{"speaker":"Carl Widger","startTime":274.2,"endTime":279.51,"body":"pointedly towards Mattis. I kind"},{"speaker":"Carl Widger","startTime":274.2,"endTime":279.51,"body":"of let the personal ones slide."},{"speaker":"Carl Widger","startTime":279.51,"endTime":282.36,"body":"I don't really mind them, but I"},{"speaker":"Carl Widger","startTime":279.51,"endTime":282.36,"body":"take the Metis ones personally,"},{"speaker":"Carl Widger","startTime":282.36,"endTime":287.1,"body":"it's a bit mad, I know. But I"},{"speaker":"Carl Widger","startTime":282.36,"endTime":287.1,"body":"just I just thought I'd"},{"speaker":"Carl Widger","startTime":287.1,"endTime":289.17,"body":"mentioned it you know, be"},{"speaker":"Carl Widger","startTime":287.1,"endTime":289.17,"body":"careful who you surround"},{"speaker":"Carl Widger","startTime":289.17,"endTime":292.14,"body":"yourself with who you're"},{"speaker":"Carl Widger","startTime":289.17,"endTime":292.14,"body":"inspired by who you listen to,"},{"speaker":"Carl Widger","startTime":292.29,"endTime":296.28,"body":"who you're mentored by, I've got"},{"speaker":"Carl Widger","startTime":292.29,"endTime":296.28,"body":"a really good group of people I"},{"speaker":"Carl Widger","startTime":296.28,"endTime":299.52,"body":"think around me and they're the"},{"speaker":"Carl Widger","startTime":296.28,"endTime":299.52,"body":"people who inspire me and look"},{"speaker":"Carl Widger","startTime":299.73,"endTime":302.04,"body":"we are I'll have failures along"},{"speaker":"Carl Widger","startTime":299.73,"endTime":302.04,"body":"the way, we all make mistakes"},{"speaker":"Carl Widger","startTime":302.04,"endTime":304.38,"body":"along the way. That's okay. And"},{"speaker":"Carl Widger","startTime":302.04,"endTime":304.38,"body":"that was the big thing that came"},{"speaker":"Carl Widger","startTime":304.38,"endTime":308.22,"body":"out of it. So look, I just"},{"speaker":"Carl Widger","startTime":304.38,"endTime":308.22,"body":"thought I'd mention it, and I"},{"speaker":"Carl Widger","startTime":308.76,"endTime":310.41,"body":"thought it'd be worth talking"},{"speaker":"Carl Widger","startTime":308.76,"endTime":310.41,"body":"about."},{"speaker":"Alan Smith","startTime":312.719,"endTime":315.119,"body":"And I'll just come"},{"speaker":"Alan Smith","startTime":312.719,"endTime":315.119,"body":"back on that there's nothing"},{"speaker":"Alan Smith","startTime":315.119,"endTime":320.609,"body":"like, as you say, Nick, a"},{"speaker":"Alan Smith","startTime":315.119,"endTime":320.609,"body":"topical timestamp, referencing a"},{"speaker":"Alan Smith","startTime":320.609,"endTime":326.069,"body":"speech made about 100 years ago."},{"speaker":"Alan Smith","startTime":320.609,"endTime":326.069,"body":"But nevertheless, that speech,"},{"speaker":"Alan Smith","startTime":326.099,"endTime":331.439,"body":"of course, is timeless. Myself"},{"speaker":"Alan Smith","startTime":326.099,"endTime":331.439,"body":"and my good learned friend here,"},{"speaker":"Alan Smith","startTime":331.439,"endTime":333.449,"body":"Mr. Andrew Hart know all about"},{"speaker":"Alan Smith","startTime":331.439,"endTime":333.449,"body":"this, we had a bit of an"},{"speaker":"Alan Smith","startTime":333.449,"endTime":335.999,"body":"exchange on this thing it was"},{"speaker":"Alan Smith","startTime":333.449,"endTime":335.999,"body":"last year, maybe the year before"},{"speaker":"Alan Smith","startTime":335.999,"endTime":339.239,"body":"when he was getting slaughtered"},{"speaker":"Alan Smith","startTime":335.999,"endTime":339.239,"body":"online advice on someone or"},{"speaker":"Alan Smith","startTime":339.239,"endTime":342.869,"body":"other. Some comments were being"},{"speaker":"Alan Smith","startTime":339.239,"endTime":342.869,"body":"made about an article or thing"},{"speaker":"Alan Smith","startTime":342.899,"endTime":346.739,"body":"that you'd written. And the and"},{"speaker":"Alan Smith","startTime":342.899,"endTime":346.739,"body":"I pointed something out to you"},{"speaker":"Alan Smith","startTime":346.739,"endTime":349.289,"body":"there is obviously that is that"},{"speaker":"Alan Smith","startTime":346.739,"endTime":349.289,"body":"there's a, as you say, a well"},{"speaker":"Alan Smith","startTime":349.289,"endTime":351.959,"body":"established speech. And if"},{"speaker":"Alan Smith","startTime":349.289,"endTime":351.959,"body":"someone has, if you if anyone"},{"speaker":"Alan Smith","startTime":351.959,"endTime":355.079,"body":"listening to this or watching"},{"speaker":"Alan Smith","startTime":351.959,"endTime":355.079,"body":"this hasn't come across it, do"},{"speaker":"Alan Smith","startTime":355.079,"endTime":358.649,"body":"seek it out. There's one in"},{"speaker":"Alan Smith","startTime":355.079,"endTime":358.649,"body":"particular to a modern version,"},{"speaker":"Alan Smith","startTime":358.949,"endTime":362.579,"body":"a lady by the name of Brene,"},{"speaker":"Alan Smith","startTime":358.949,"endTime":362.579,"body":"brown, she talks about this,"},{"speaker":"Alan Smith","startTime":362.609,"endTime":365.909,"body":"obviously, if you know her,"},{"speaker":"Alan Smith","startTime":362.609,"endTime":365.909,"body":"she's a well established author,"},{"speaker":"Alan Smith","startTime":365.909,"endTime":372.239,"body":"journalist, academic writer. And"},{"speaker":"Alan Smith","startTime":365.909,"endTime":372.239,"body":"as she was getting some flack"},{"speaker":"Alan Smith","startTime":372.239,"endTime":375.509,"body":"for some comments that she had"},{"speaker":"Alan Smith","startTime":372.239,"endTime":375.509,"body":"made, and she just absolutely"},{"speaker":"Alan Smith","startTime":375.509,"endTime":378.539,"body":"nails it, which we should put a"},{"speaker":"Alan Smith","startTime":375.509,"endTime":378.539,"body":"link to her talk. Or her I think"},{"speaker":"Alan Smith","startTime":378.539,"endTime":381.509,"body":"it's a TED talk in her speech,"},{"speaker":"Alan Smith","startTime":378.539,"endTime":381.509,"body":"because she just says, Look, if"},{"speaker":"Alan Smith","startTime":381.509,"endTime":384.689,"body":"you're up there in the cheap"},{"speaker":"Alan Smith","startTime":381.509,"endTime":384.689,"body":"seats, or the edge, you're not"},{"speaker":"Alan Smith","startTime":384.689,"endTime":388.829,"body":"on the in the arena, you know,"},{"speaker":"Alan Smith","startTime":384.689,"endTime":388.829,"body":"covered in dirt and mud and shit"},{"speaker":"Alan Smith","startTime":388.829,"endTime":391.439,"body":"and just fighting your way"},{"speaker":"Alan Smith","startTime":388.829,"endTime":391.439,"body":"through. I ain't listening to"},{"speaker":"Alan Smith","startTime":391.439,"endTime":395.009,"body":"you. I don't give a shit what"},{"speaker":"Alan Smith","startTime":391.439,"endTime":395.009,"body":"you see from voicing your"},{"speaker":"Alan Smith","startTime":395.009,"endTime":398.459,"body":"opinion from the cheap seats."},{"speaker":"Alan Smith","startTime":395.009,"endTime":398.459,"body":"That is a that's a brilliant"},{"speaker":"Alan Smith","startTime":398.489,"endTime":400.799,"body":"articulation how Brene Brown"},{"speaker":"Alan Smith","startTime":398.489,"endTime":400.799,"body":"says, Do you think"},{"speaker":"Carl Widger","startTime":401.04,"endTime":402.21,"body":"and actually in?"},{"speaker":"Carl Widger","startTime":408.36,"endTime":411.12,"body":"I obviously didn't know you're"},{"speaker":"Carl Widger","startTime":408.36,"endTime":411.12,"body":"going to talk about Brene Brown,"},{"speaker":"Carl Widger","startTime":411.12,"endTime":414.3,"body":"but in the end of Teddy"},{"speaker":"Carl Widger","startTime":411.12,"endTime":414.3,"body":"Roosevelt speech, he talks about"},{"speaker":"Carl Widger","startTime":414.3,"endTime":417.27,"body":"daring greatly, and she isn't"},{"speaker":"Carl Widger","startTime":414.3,"endTime":417.27,"body":"her famous so called daring"},{"speaker":"Carl Widger","startTime":417.27,"endTime":420.57,"body":"greatly. All right, could I just"},{"speaker":"Carl Widger","startTime":417.27,"endTime":420.57,"body":"read this piece of the speech"},{"speaker":"Carl Widger","startTime":420.6,"endTime":423.09,"body":"out if you don't mind? Because"},{"speaker":"Carl Widger","startTime":420.6,"endTime":423.09,"body":"this I just thought this was"},{"speaker":"Carl Widger","startTime":423.12,"endTime":426.57,"body":"this, this put the Goosebumps"},{"speaker":"Carl Widger","startTime":423.12,"endTime":426.57,"body":"golden, right. So the credit"},{"speaker":"Carl Widger","startTime":426.57,"endTime":429.54,"body":"belongs to the man who is"},{"speaker":"Carl Widger","startTime":426.57,"endTime":429.54,"body":"actually in the arena, whose"},{"speaker":"Carl Widger","startTime":429.54,"endTime":434.61,"body":"face is marred by dust and sweat"},{"speaker":"Carl Widger","startTime":429.54,"endTime":434.61,"body":"and blood, who strives valiantly"},{"speaker":"Carl Widger","startTime":434.7,"endTime":440.4,"body":"who errs, who comes short again."},{"speaker":"Carl Widger","startTime":434.7,"endTime":440.4,"body":"And again. Like that's just part"},{"speaker":"Carl Widger","startTime":440.4,"endTime":443.49,"body":"of it. But I just thought, yeah,"},{"speaker":"Carl Widger","startTime":440.4,"endTime":443.49,"body":"look, as a business owner, it's"},{"speaker":"Carl Widger","startTime":443.49,"endTime":446.13,"body":"not all plain sailing, it can be"},{"speaker":"Carl Widger","startTime":443.49,"endTime":446.13,"body":"difficult. And it's just keep"},{"speaker":"Carl Widger","startTime":446.13,"endTime":447.51,"body":"going, keep going. Keep going."},{"speaker":"Andy Hart","startTime":448.23,"endTime":451.35,"body":"Yeah, final thing on"},{"speaker":"Andy Hart","startTime":448.23,"endTime":451.35,"body":"this speech is amazing idea. As"},{"speaker":"Andy Hart","startTime":451.35,"endTime":454.56,"body":"you print it out, and my office,"},{"speaker":"Andy Hart","startTime":451.35,"endTime":454.56,"body":"it was on the sort of office"},{"speaker":"Andy Hart","startTime":454.56,"endTime":458.88,"body":"back door. I did do a podcast on"},{"speaker":"Andy Hart","startTime":454.56,"endTime":458.88,"body":"it, where I read the speech out"},{"speaker":"Andy Hart","startTime":458.88,"endTime":461.85,"body":"myself. And also then the final"},{"speaker":"Andy Hart","startTime":458.88,"endTime":461.85,"body":"section was Brene. Brown doing"},{"speaker":"Andy Hart","startTime":461.85,"endTime":464.04,"body":"her thing about daring greatly."},{"speaker":"Andy Hart","startTime":461.85,"endTime":464.04,"body":"So yeah, if you want to check"},{"speaker":"Andy Hart","startTime":464.04,"endTime":466.11,"body":"that out, it's on the Maven"},{"speaker":"Andy Hart","startTime":464.04,"endTime":466.11,"body":"money. I think it's called Man"},{"speaker":"Andy Hart","startTime":466.11,"endTime":468.51,"body":"in the Arena. It's amazing is"},{"speaker":"Andy Hart","startTime":466.11,"endTime":468.51,"body":"amazing. Carl, thanks for"},{"speaker":"Andy Hart","startTime":468.51,"endTime":470.28,"body":"bringing it up. Back to you,"},{"speaker":"Andy Hart","startTime":468.51,"endTime":470.28,"body":"boss."},{"speaker":"Nick Lincoln","startTime":470.34,"endTime":472.74,"body":"Very, very good."},{"speaker":"Nick Lincoln","startTime":470.34,"endTime":472.74,"body":"Very good way to start the show."},{"speaker":"Nick Lincoln","startTime":472.74,"endTime":476.37,"body":"Thank you for that car. Mr."},{"speaker":"Nick Lincoln","startTime":472.74,"endTime":476.37,"body":"Smith, and apparent lack of"},{"speaker":"Nick Lincoln","startTime":476.37,"endTime":479.73,"body":"understanding of lifetime"},{"speaker":"Nick Lincoln","startTime":476.37,"endTime":479.73,"body":"financial planning, surely not"},{"speaker":"Nick Lincoln","startTime":479.73,"endTime":480.27,"body":"my friend?"},{"speaker":"Alan Smith","startTime":480.809,"endTime":484.559,"body":"Well, it would it"},{"speaker":"Alan Smith","startTime":480.809,"endTime":484.559,"body":"would seem so and I think it's"},{"speaker":"Alan Smith","startTime":484.589,"endTime":488.429,"body":"almost as if we plan or rehearse"},{"speaker":"Alan Smith","startTime":484.589,"endTime":488.429,"body":"the show, which of course, is"},{"speaker":"Alan Smith","startTime":488.429,"endTime":492.389,"body":"laughable, really, because"},{"speaker":"Alan Smith","startTime":488.429,"endTime":492.389,"body":"following neatly on from your"},{"speaker":"Alan Smith","startTime":492.389,"endTime":495.599,"body":"opening remarks, their call"},{"speaker":"Alan Smith","startTime":492.389,"endTime":495.599,"body":"about the Man in the Arena, The"},{"speaker":"Alan Smith","startTime":495.599,"endTime":499.739,"body":"Man in the Arena really being"},{"speaker":"Alan Smith","startTime":495.599,"endTime":499.739,"body":"around people who are actually"},{"speaker":"Alan Smith","startTime":499.739,"endTime":502.439,"body":"doing the work and failing big"},{"speaker":"Alan Smith","startTime":499.739,"endTime":502.439,"body":"trying again, and trying again,"},{"speaker":"Alan Smith","startTime":502.469,"endTime":505.439,"body":"versus those who are not doing"},{"speaker":"Alan Smith","startTime":502.469,"endTime":505.439,"body":"the work, but they are highly"},{"speaker":"Alan Smith","startTime":505.439,"endTime":508.919,"body":"critical of those doing the"},{"speaker":"Alan Smith","startTime":505.439,"endTime":508.919,"body":"work. I'm not, for obvious"},{"speaker":"Alan Smith","startTime":508.919,"endTime":511.649,"body":"reasons, going to name names,"},{"speaker":"Alan Smith","startTime":508.919,"endTime":511.649,"body":"but it wouldn't take too much"},{"speaker":"Alan Smith","startTime":511.649,"endTime":516.059,"body":"digging around to find to find"},{"speaker":"Alan Smith","startTime":511.649,"endTime":516.059,"body":"out about this stuff. It's my"},{"speaker":"Alan Smith","startTime":516.059,"endTime":519.419,"body":"following on social media,"},{"speaker":"Alan Smith","startTime":516.059,"endTime":519.419,"body":"Twitter, in particular, in"},{"speaker":"Alan Smith","startTime":519.419,"endTime":522.869,"body":"particular grows, I get more and"},{"speaker":"Alan Smith","startTime":519.419,"endTime":522.869,"body":"more, you know, pushback"},{"speaker":"Alan Smith","startTime":522.899,"endTime":526.649,"body":"negativity, I post, you know,"},{"speaker":"Alan Smith","startTime":522.899,"endTime":526.649,"body":"comments. And you can guarantee"},{"speaker":"Alan Smith","startTime":526.649,"endTime":530.579,"body":"almost every comment that I post"},{"speaker":"Alan Smith","startTime":526.649,"endTime":530.579,"body":"or write about, I'll get a"},{"speaker":"Alan Smith","startTime":530.579,"endTime":533.519,"body":"handful of people saying you're"},{"speaker":"Alan Smith","startTime":530.579,"endTime":533.519,"body":"wrong, that's stupid, you"},{"speaker":"Alan Smith","startTime":533.519,"endTime":536.429,"body":"haven't thought this through"},{"speaker":"Alan Smith","startTime":533.519,"endTime":536.429,"body":"whatever. I've got a couple of"},{"speaker":"Alan Smith","startTime":536.429,"endTime":539.759,"body":"points to make on that one. It's"},{"speaker":"Alan Smith","startTime":536.429,"endTime":539.759,"body":"just an opinion, guys. It's just"},{"speaker":"Alan Smith","startTime":539.759,"endTime":542.879,"body":"Twitter. It's not an academic"},{"speaker":"Alan Smith","startTime":539.759,"endTime":542.879,"body":"research report or anything."},{"speaker":"Alan Smith","startTime":542.879,"endTime":546.359,"body":"It's just an opinion. And we're"},{"speaker":"Alan Smith","startTime":542.879,"endTime":546.359,"body":"all entitled to our opinions, as"},{"speaker":"Alan Smith","startTime":546.359,"endTime":549.389,"body":"we'll talk about later on in the"},{"speaker":"Alan Smith","startTime":546.359,"endTime":549.389,"body":"show. But one thing that really"},{"speaker":"Alan Smith","startTime":549.389,"endTime":552.359,"body":"stood out for me was a recent"},{"speaker":"Alan Smith","startTime":549.389,"endTime":552.359,"body":"comment. You know, some of the"},{"speaker":"Alan Smith","startTime":552.359,"endTime":555.359,"body":"stuff I say is, but it's boring,"},{"speaker":"Alan Smith","startTime":552.359,"endTime":555.359,"body":"it's repetitive. It's the same"},{"speaker":"Alan Smith","startTime":555.359,"endTime":558.539,"body":"old story. And a lot of the"},{"speaker":"Alan Smith","startTime":555.359,"endTime":558.539,"body":"messages we the four of us often"},{"speaker":"Alan Smith","startTime":559.589,"endTime":562.499,"body":"repeat and talk about on this"},{"speaker":"Alan Smith","startTime":559.589,"endTime":562.499,"body":"show and in other places. And"},{"speaker":"Alan Smith","startTime":562.499,"endTime":565.259,"body":"it's the concept of that"},{"speaker":"Alan Smith","startTime":562.499,"endTime":565.259,"body":"investing is a multi decade"},{"speaker":"Alan Smith","startTime":565.349,"endTime":568.949,"body":"strategy, you're generally"},{"speaker":"Alan Smith","startTime":565.349,"endTime":568.949,"body":"investing, we sort of default to"},{"speaker":"Alan Smith","startTime":568.949,"endTime":573.059,"body":"seeing 30 years. And one of the"},{"speaker":"Alan Smith","startTime":568.949,"endTime":573.059,"body":"reasons we say 30 years is that"},{"speaker":"Alan Smith","startTime":573.059,"endTime":577.619,"body":"somebody retiring around 60 or"},{"speaker":"Alan Smith","startTime":573.059,"endTime":577.619,"body":"early 60s, there's a very high"},{"speaker":"Alan Smith","startTime":577.649,"endTime":581.369,"body":"significant chance that at least"},{"speaker":"Alan Smith","startTime":577.649,"endTime":581.369,"body":"one of that two person couple"},{"speaker":"Alan Smith","startTime":581.459,"endTime":585.779,"body":"will still be alive 30 years"},{"speaker":"Alan Smith","startTime":581.459,"endTime":585.779,"body":"later in the 90s statistic"},{"speaker":"Alan Smith","startTime":585.809,"endTime":591.059,"body":"statistically proven fact. And"},{"speaker":"Alan Smith","startTime":585.809,"endTime":591.059,"body":"in fact, beyond that, if you are"},{"speaker":"Alan Smith","startTime":591.089,"endTime":594.419,"body":"quite elderly, you're probably"},{"speaker":"Alan Smith","startTime":591.089,"endTime":594.419,"body":"thinking about the next"},{"speaker":"Alan Smith","startTime":594.419,"endTime":597.119,"body":"generation. You're thinking"},{"speaker":"Alan Smith","startTime":594.419,"endTime":597.119,"body":"about your children, your"},{"speaker":"Alan Smith","startTime":597.119,"endTime":600.449,"body":"grandchildren, maybe a"},{"speaker":"Alan Smith","startTime":597.119,"endTime":600.449,"body":"foundation or a chair If you"},{"speaker":"Alan Smith","startTime":600.449,"endTime":603.809,"body":"want to support, so you should"},{"speaker":"Alan Smith","startTime":600.449,"endTime":603.809,"body":"always be thinking long term. So"},{"speaker":"Alan Smith","startTime":603.809,"endTime":608.399,"body":"I posted something saying, you"},{"speaker":"Alan Smith","startTime":603.809,"endTime":608.399,"body":"know, 30 year time horizons. And"},{"speaker":"Alan Smith","startTime":608.399,"endTime":612.419,"body":"I get attacked for that saying,"},{"speaker":"Alan Smith","startTime":608.399,"endTime":612.419,"body":"no one's investing for 30 years"},{"speaker":"Alan Smith","startTime":612.419,"endTime":615.809,"body":"Allen? No, you know, most other"},{"speaker":"Alan Smith","startTime":612.419,"endTime":615.809,"body":"people need access to their"},{"speaker":"Alan Smith","startTime":615.809,"endTime":618.209,"body":"income before 30 years. Most"},{"speaker":"Alan Smith","startTime":615.809,"endTime":618.209,"body":"people, people who are in"},{"speaker":"Alan Smith","startTime":618.209,"endTime":621.149,"body":"retirement needs to spend their"},{"speaker":"Alan Smith","startTime":618.209,"endTime":621.149,"body":"money during retirement. And I'm"},{"speaker":"Alan Smith","startTime":621.149,"endTime":625.709,"body":"thinking, No shit, Sherlock."},{"speaker":"Alan Smith","startTime":621.149,"endTime":625.709,"body":"That is what proper financial"},{"speaker":"Alan Smith","startTime":625.709,"endTime":628.379,"body":"planning is you're identifying"},{"speaker":"Alan Smith","startTime":625.709,"endTime":628.379,"body":"the liquidity needs, you're"},{"speaker":"Alan Smith","startTime":628.379,"endTime":632.039,"body":"identifying, who needs to spend"},{"speaker":"Alan Smith","startTime":628.379,"endTime":632.039,"body":"what and when over a meaningful"},{"speaker":"Alan Smith","startTime":632.039,"endTime":635.039,"body":"time period, you're building in"},{"speaker":"Alan Smith","startTime":632.039,"endTime":635.039,"body":"comfort factors, you're building"},{"speaker":"Alan Smith","startTime":635.039,"endTime":638.669,"body":"in buffer savings amounts for"},{"speaker":"Alan Smith","startTime":635.039,"endTime":638.669,"body":"unexpected emergencies and so"},{"speaker":"Alan Smith","startTime":638.669,"endTime":642.509,"body":"on. That is what this whole damn"},{"speaker":"Alan Smith","startTime":638.669,"endTime":642.509,"body":"thing is all about. This is the"},{"speaker":"Alan Smith","startTime":642.569,"endTime":646.649,"body":"essence of real financial"},{"speaker":"Alan Smith","startTime":642.569,"endTime":646.649,"body":"planning. And to get a message"},{"speaker":"Alan Smith","startTime":646.649,"endTime":650.399,"body":"back from somebody who I think"},{"speaker":"Alan Smith","startTime":646.649,"endTime":650.399,"body":"the point is, they just didn't"},{"speaker":"Alan Smith","startTime":650.399,"endTime":653.609,"body":"understand the very essence of"},{"speaker":"Alan Smith","startTime":650.399,"endTime":653.609,"body":"what it is that we do. And so"},{"speaker":"Alan Smith","startTime":653.639,"endTime":656.459,"body":"I'm always on a hiding to"},{"speaker":"Alan Smith","startTime":653.639,"endTime":656.459,"body":"nothing if I say something, and"},{"speaker":"Alan Smith","startTime":656.459,"endTime":658.439,"body":"I'm speaking to somebody on"},{"speaker":"Alan Smith","startTime":656.459,"endTime":658.439,"body":"audience who basically"},{"speaker":"Alan Smith","startTime":658.529,"endTime":662.009,"body":"misunderstands the fundamentals."},{"speaker":"Alan Smith","startTime":658.529,"endTime":662.009,"body":"And I'm not being personal about"},{"speaker":"Alan Smith","startTime":662.009,"endTime":664.019,"body":"it. I mean, I've done you know,"},{"speaker":"Alan Smith","startTime":662.009,"endTime":664.019,"body":"this is my profession, this is"},{"speaker":"Alan Smith","startTime":664.019,"endTime":666.539,"body":"what I do for a living, of"},{"speaker":"Alan Smith","startTime":664.019,"endTime":666.539,"body":"course, I understand it. But"},{"speaker":"Alan Smith","startTime":666.539,"endTime":668.969,"body":"people who are standing on the"},{"speaker":"Alan Smith","startTime":666.539,"endTime":668.969,"body":"outside people who are not in"},{"speaker":"Alan Smith","startTime":668.969,"endTime":672.359,"body":"the arena, who are throwing"},{"speaker":"Alan Smith","startTime":668.969,"endTime":672.359,"body":"stones at me, and you guys and"},{"speaker":"Alan Smith","startTime":672.359,"endTime":676.439,"body":"others, telling me things which"},{"speaker":"Alan Smith","startTime":672.359,"endTime":676.439,"body":"are just fundamentally wrong,"},{"speaker":"Alan Smith","startTime":676.979,"endTime":679.109,"body":"I'm sorry, but I'm going to call"},{"speaker":"Alan Smith","startTime":676.979,"endTime":679.109,"body":"them out. As I say, I'm not"},{"speaker":"Alan Smith","startTime":679.109,"endTime":684.029,"body":"mentioning names, it's not"},{"speaker":"Alan Smith","startTime":679.109,"endTime":684.029,"body":"appropriate. But if you're not,"},{"speaker":"Alan Smith","startTime":684.029,"endTime":685.979,"body":"if you're not actually"},{"speaker":"Alan Smith","startTime":684.029,"endTime":685.979,"body":"practicing this stuff, if you're"},{"speaker":"Alan Smith","startTime":685.979,"endTime":688.319,"body":"not actually doing this stuff"},{"speaker":"Alan Smith","startTime":685.979,"endTime":688.319,"body":"day to day, that I would"},{"speaker":"Alan Smith","startTime":688.349,"endTime":691.439,"body":"encourage you to learn more"},{"speaker":"Alan Smith","startTime":688.349,"endTime":691.439,"body":"about the actual profession and"},{"speaker":"Alan Smith","startTime":691.439,"endTime":695.129,"body":"the day job that we all show up"},{"speaker":"Alan Smith","startTime":691.439,"endTime":695.129,"body":"every day and do our best to"},{"speaker":"Alan Smith","startTime":695.129,"endTime":696.119,"body":"deliver chairman."},{"speaker":"Nick Lincoln","startTime":696.75,"endTime":698.85,"body":"Very, very good."},{"speaker":"Nick Lincoln","startTime":696.75,"endTime":698.85,"body":"And that that is a nice segue"},{"speaker":"Nick Lincoln","startTime":698.85,"endTime":701.22,"body":"from Carl's point. Absolutely."},{"speaker":"Nick Lincoln","startTime":698.85,"endTime":701.22,"body":"And I'll just maybe close on"},{"speaker":"Nick Lincoln","startTime":701.22,"endTime":703.92,"body":"this unless anyone else wants to"},{"speaker":"Nick Lincoln","startTime":701.22,"endTime":703.92,"body":"add anything. I don't think we"},{"speaker":"Nick Lincoln","startTime":703.98,"endTime":706.8,"body":"sometimes understand how"},{"speaker":"Nick Lincoln","startTime":703.98,"endTime":706.8,"body":"ignorant people are, some people"},{"speaker":"Nick Lincoln","startTime":706.8,"endTime":709.11,"body":"are of what we do, we kind of"},{"speaker":"Nick Lincoln","startTime":706.8,"endTime":709.11,"body":"because we're immersed in this"},{"speaker":"Nick Lincoln","startTime":709.11,"endTime":712.29,"body":"world. And we do it all the"},{"speaker":"Nick Lincoln","startTime":709.11,"endTime":712.29,"body":"time, right. And we're totally"},{"speaker":"Nick Lincoln","startTime":713.13,"endTime":715.83,"body":"focused on delivering great"},{"speaker":"Nick Lincoln","startTime":713.13,"endTime":715.83,"body":"financial planning and good"},{"speaker":"Nick Lincoln","startTime":715.83,"endTime":719.19,"body":"client outcomes. And we kind of"},{"speaker":"Nick Lincoln","startTime":715.83,"endTime":719.19,"body":"assume everyone else says even"},{"speaker":"Nick Lincoln","startTime":719.19,"endTime":722.43,"body":"people who don't do what we do,"},{"speaker":"Nick Lincoln","startTime":719.19,"endTime":722.43,"body":"but comment on what we do. But"},{"speaker":"Nick Lincoln","startTime":722.46,"endTime":725.91,"body":"the ignorance is, is"},{"speaker":"Nick Lincoln","startTime":722.46,"endTime":725.91,"body":"surprisingly deep, Mr. Hart,"},{"speaker":"Nick Lincoln","startTime":725.91,"endTime":727.23,"body":"your digit was raised, I"},{"speaker":"Nick Lincoln","startTime":725.91,"endTime":727.23,"body":"believe, yeah,"},{"speaker":"Andy Hart","startTime":727.23,"endTime":729.57,"body":"if we take a just a"},{"speaker":"Andy Hart","startTime":727.23,"endTime":729.57,"body":"typical client example, let's"},{"speaker":"Andy Hart","startTime":729.57,"endTime":733.77,"body":"say client, couple of 65,"},{"speaker":"Andy Hart","startTime":729.57,"endTime":733.77,"body":"retired 15 years ago, in 2008,"},{"speaker":"Andy Hart","startTime":733.95,"endTime":737.49,"body":"and they had x hundreds of 1000s"},{"speaker":"Andy Hart","startTime":733.95,"endTime":737.49,"body":"of pounds, for their retirement"},{"speaker":"Andy Hart","startTime":737.49,"endTime":741.0,"body":"years, they're halfway into that"},{"speaker":"Andy Hart","startTime":737.49,"endTime":741.0,"body":"journey now, haven't spent all"},{"speaker":"Andy Hart","startTime":741.0,"endTime":744.21,"body":"of their money, you know, they"},{"speaker":"Andy Hart","startTime":741.0,"endTime":744.21,"body":"would have obviously, taken a"},{"speaker":"Andy Hart","startTime":744.21,"endTime":747.0,"body":"little bit out, you know, life"},{"speaker":"Andy Hart","startTime":744.21,"endTime":747.0,"body":"would have happened, things"},{"speaker":"Andy Hart","startTime":747.0,"endTime":749.34,"body":"would have changed, and they"},{"speaker":"Andy Hart","startTime":747.0,"endTime":749.34,"body":"would have been halfway on that"},{"speaker":"Andy Hart","startTime":749.34,"endTime":751.32,"body":"journey, they wouldn't have"},{"speaker":"Andy Hart","startTime":749.34,"endTime":751.32,"body":"spent that money out, you know,"},{"speaker":"Andy Hart","startTime":751.38,"endTime":755.13,"body":"down to zero. You know,"},{"speaker":"Andy Hart","startTime":751.38,"endTime":755.13,"body":"hopefully, the idea is it would"},{"speaker":"Andy Hart","startTime":755.13,"endTime":758.22,"body":"be more than when they started,"},{"speaker":"Andy Hart","startTime":755.13,"endTime":758.22,"body":"you know, obviously, purchasing"},{"speaker":"Andy Hart","startTime":758.22,"endTime":760.47,"body":"power, power being the key"},{"speaker":"Andy Hart","startTime":758.22,"endTime":760.47,"body":"thing. And obviously, if you"},{"speaker":"Andy Hart","startTime":760.47,"endTime":763.86,"body":"just extrapolate that out for"},{"speaker":"Andy Hart","startTime":760.47,"endTime":763.86,"body":"hundreds and 1000s of couples"},{"speaker":"Andy Hart","startTime":763.86,"endTime":766.23,"body":"that retirement all the time,"},{"speaker":"Andy Hart","startTime":763.86,"endTime":766.23,"body":"then obviously, that's, that's"},{"speaker":"Andy Hart","startTime":766.23,"endTime":768.78,"body":"how it works. We always we"},{"speaker":"Andy Hart","startTime":766.23,"endTime":768.78,"body":"obviously know that short term"},{"speaker":"Andy Hart","startTime":768.78,"endTime":772.53,"body":"cash flow needs are baked in, if"},{"speaker":"Andy Hart","startTime":768.78,"endTime":772.53,"body":"you need x in six months, you"},{"speaker":"Andy Hart","startTime":772.53,"endTime":775.59,"body":"need y in three years. And that,"},{"speaker":"Andy Hart","startTime":772.53,"endTime":775.59,"body":"again, can be factored into it."},{"speaker":"Andy Hart","startTime":775.59,"endTime":779.94,"body":"So I don't understand why you"},{"speaker":"Andy Hart","startTime":775.59,"endTime":779.94,"body":"can't see real life client"},{"speaker":"Andy Hart","startTime":779.94,"endTime":784.62,"body":"journeys and sort of attach that"},{"speaker":"Andy Hart","startTime":779.94,"endTime":784.62,"body":"to, to, you know, his or her"},{"speaker":"Andy Hart","startTime":784.62,"endTime":786.57,"body":"comments. Back to you, Nick."},{"speaker":"Nick Lincoln","startTime":818.079,"endTime":820.329,"body":"Yep, well said,"},{"speaker":"Nick Lincoln","startTime":818.079,"endTime":820.329,"body":"Andy. Okay. Another story from"},{"speaker":"Nick Lincoln","startTime":820.329,"endTime":823.419,"body":"Mr. Smith, who says crime"},{"speaker":"Nick Lincoln","startTime":820.329,"endTime":823.419,"body":"doesn't pay out. And this is a"},{"speaker":"Nick Lincoln","startTime":823.419,"endTime":825.189,"body":"city wire article. And by the"},{"speaker":"Nick Lincoln","startTime":823.419,"endTime":825.189,"body":"way, there are links to all that"},{"speaker":"Nick Lincoln","startTime":825.189,"endTime":826.9889999999999,"body":"most of what we talked about"},{"speaker":"Nick Lincoln","startTime":825.189,"endTime":826.9889999999999,"body":"everything we talked about"},{"speaker":"Nick Lincoln","startTime":826.9889999999999,"endTime":829.029,"body":"today, there'll be links to it"},{"speaker":"Nick Lincoln","startTime":826.9889999999999,"endTime":829.029,"body":"in the so called shownotes."},{"speaker":"Alan Smith","startTime":829.51,"endTime":832.78,"body":"It's just, this is a"},{"speaker":"Alan Smith","startTime":829.51,"endTime":832.78,"body":"topical timestamp. I saw this I"},{"speaker":"Alan Smith","startTime":832.78,"endTime":836.89,"body":"do browse the trade press once a"},{"speaker":"Alan Smith","startTime":832.78,"endTime":836.89,"body":"week and see the the headlines"},{"speaker":"Alan Smith","startTime":836.89,"endTime":839.23,"body":"that come up and I saw this and"},{"speaker":"Alan Smith","startTime":836.89,"endTime":839.23,"body":"you can't let your heart sinks,"},{"speaker":"Alan Smith","startTime":839.23,"endTime":842.3199999999999,"body":"doesn't it? When you see one of"},{"speaker":"Alan Smith","startTime":839.23,"endTime":842.3199999999999,"body":"these stories, this was a"},{"speaker":"Alan Smith","startTime":842.3499999999999,"endTime":845.9499999999999,"body":"company which was effectively a"},{"speaker":"Alan Smith","startTime":842.3499999999999,"endTime":845.9499999999999,"body":"defined benefit pension transfer"},{"speaker":"Alan Smith","startTime":846.16,"endTime":852.52,"body":"factory effectively. The Push"},{"speaker":"Alan Smith","startTime":846.16,"endTime":852.52,"body":"through 400 Sorry, no. 1000 is"},{"speaker":"Alan Smith","startTime":852.52,"endTime":863.05,"body":"over 1000 DB pension transfers"},{"speaker":"Alan Smith","startTime":852.52,"endTime":863.05,"body":"for combined. Ouch. Yeah, it was"},{"speaker":"Alan Smith","startTime":863.05,"endTime":869.5899999999999,"body":"painful. For the combined assets"},{"speaker":"Alan Smith","startTime":863.05,"endTime":869.5899999999999,"body":"value was over 392 million. So"},{"speaker":"Alan Smith","startTime":869.5899999999999,"endTime":873.4,"body":"the thick end of 400 million of"},{"speaker":"Alan Smith","startTime":869.5899999999999,"endTime":873.4,"body":"assets in the course of I think"},{"speaker":"Alan Smith","startTime":873.4,"endTime":876.64,"body":"it was two years, a very short"},{"speaker":"Alan Smith","startTime":873.4,"endTime":876.64,"body":"time period. When you break down"},{"speaker":"Alan Smith","startTime":876.64,"endTime":878.77,"body":"and there's only two, there's"},{"speaker":"Alan Smith","startTime":876.64,"endTime":878.77,"body":"two advisors in this company"},{"speaker":"Alan Smith","startTime":879.28,"endTime":881.7099999999999,"body":"that were doing about five a"},{"speaker":"Alan Smith","startTime":879.28,"endTime":881.7099999999999,"body":"week or something of these"},{"speaker":"Alan Smith","startTime":881.7099999999999,"endTime":884.5899999999999,"body":"things. There was a there was"},{"speaker":"Alan Smith","startTime":881.7099999999999,"endTime":884.5899999999999,"body":"almost none, which they said no,"},{"speaker":"Alan Smith","startTime":884.5899999999999,"endTime":887.29,"body":"this is not appropriate to do a"},{"speaker":"Alan Smith","startTime":884.5899999999999,"endTime":887.29,"body":"transfer. So but absolutely"},{"speaker":"Alan Smith","startTime":887.29,"endTime":891.52,"body":"shoving these things through a"},{"speaker":"Alan Smith","startTime":887.29,"endTime":891.52,"body":"hell of a piece. And of course,"},{"speaker":"Alan Smith","startTime":891.55,"endTime":895.51,"body":"it ends up being getting some"},{"speaker":"Alan Smith","startTime":891.55,"endTime":895.51,"body":"complaints getting some, you"},{"speaker":"Alan Smith","startTime":895.51,"endTime":898.6899999999999,"body":"know, getting the ombudsman"},{"speaker":"Alan Smith","startTime":895.51,"endTime":898.6899999999999,"body":"involved getting the FSCS. Of"},{"speaker":"Alan Smith","startTime":898.6899999999999,"endTime":904.63,"body":"course, the company gets closed"},{"speaker":"Alan Smith","startTime":898.6899999999999,"endTime":904.63,"body":"down, but so on 400 million of"},{"speaker":"Alan Smith","startTime":904.7199999999999,"endTime":909.0699999999999,"body":"value and transfer values. I"},{"speaker":"Alan Smith","startTime":904.7199999999999,"endTime":909.0699999999999,"body":"mean, I mean, even if he took 1%"},{"speaker":"Alan Smith","startTime":909.0699999999999,"endTime":912.0699999999999,"body":"And I'm assuming it took a lot"},{"speaker":"Alan Smith","startTime":909.0699999999999,"endTime":912.0699999999999,"body":"more than 1%. You know, that's 4"},{"speaker":"Alan Smith","startTime":912.0699999999999,"endTime":915.79,"body":"million if you took 3% Which is"},{"speaker":"Alan Smith","startTime":912.0699999999999,"endTime":915.79,"body":"probably more likely. That's"},{"speaker":"Alan Smith","startTime":915.79,"endTime":918.73,"body":"about 12 million pounds of fee"},{"speaker":"Alan Smith","startTime":915.79,"endTime":918.73,"body":"slash commission over a very"},{"speaker":"Alan Smith","startTime":918.73,"endTime":922.5999999999999,"body":"short period of time across two"},{"speaker":"Alan Smith","startTime":918.73,"endTime":922.5999999999999,"body":"advisors. So they get rumbled."},{"speaker":"Alan Smith","startTime":922.6899999999999,"endTime":925.81,"body":"FCA comes in tells them you know"},{"speaker":"Alan Smith","startTime":922.6899999999999,"endTime":925.81,"body":"just pulls them apart of"},{"speaker":"Alan Smith","startTime":925.81,"endTime":928.63,"body":"everything they've been doing"},{"speaker":"Alan Smith","startTime":925.81,"endTime":928.63,"body":"has been wrong, and they get"},{"speaker":"Alan Smith","startTime":928.63,"endTime":935.14,"body":"fined But 600 grand each. And"},{"speaker":"Alan Smith","startTime":928.63,"endTime":935.14,"body":"there's an ongoing debate about"},{"speaker":"Alan Smith","startTime":935.17,"endTime":937.75,"body":"the affordability they might not"},{"speaker":"Alan Smith","startTime":935.17,"endTime":937.75,"body":"be able to afford the fines so"},{"speaker":"Alan Smith","startTime":937.75,"endTime":939.9699999999999,"body":"they're negotiating with the"},{"speaker":"Alan Smith","startTime":937.75,"endTime":939.9699999999999,"body":"regulator about paying a lower"},{"speaker":"Alan Smith","startTime":939.9699999999999,"endTime":943.42,"body":"fine. These guys have made"},{"speaker":"Alan Smith","startTime":939.9699999999999,"endTime":943.42,"body":"millions they have made millions"},{"speaker":"Alan Smith","startTime":943.42,"endTime":946.0899999999999,"body":"from this there is no doubt"},{"speaker":"Alan Smith","startTime":943.42,"endTime":946.0899999999999,"body":"about it, you employ some sort"},{"speaker":"Alan Smith","startTime":946.0899999999999,"endTime":949.06,"body":"of kind of auditor to track"},{"speaker":"Alan Smith","startTime":946.0899999999999,"endTime":949.06,"body":"through the money where it's"},{"speaker":"Alan Smith","startTime":949.06,"endTime":951.25,"body":"coming in worse than they have"},{"speaker":"Alan Smith","startTime":949.06,"endTime":951.25,"body":"there's no way that they haven't"},{"speaker":"Alan Smith","startTime":951.28,"endTime":953.7099999999999,"body":"earned you know, 400 million"},{"speaker":"Alan Smith","startTime":951.28,"endTime":953.7099999999999,"body":"over a short period of time with"},{"speaker":"Alan Smith","startTime":953.7099999999999,"endTime":957.01,"body":"DB pension transfers. And that"},{"speaker":"Alan Smith","startTime":953.7099999999999,"endTime":957.01,"body":"was that you know, that's the"},{"speaker":"Alan Smith","startTime":957.04,"endTime":959.02,"body":"sort of the headline of the"},{"speaker":"Alan Smith","startTime":957.04,"endTime":959.02,"body":"question Who says crime doesn't"},{"speaker":"Alan Smith","startTime":959.02,"endTime":961.51,"body":"pay you know, go out there just"},{"speaker":"Alan Smith","startTime":959.02,"endTime":961.51,"body":"you know, get your basic level"},{"speaker":"Alan Smith","startTime":961.51,"endTime":965.11,"body":"qualifications, do a ton of this"},{"speaker":"Alan Smith","startTime":961.51,"endTime":965.11,"body":"type of work get closed down in"},{"speaker":"Alan Smith","startTime":965.11,"endTime":967.51,"body":"the end by which time you bank"},{"speaker":"Alan Smith","startTime":965.11,"endTime":967.51,"body":"the money you've probably got it"},{"speaker":"Alan Smith","startTime":967.51,"endTime":971.86,"body":"invested in offshore or whatever"},{"speaker":"Alan Smith","startTime":967.51,"endTime":971.86,"body":"else, except the fine move on"},{"speaker":"Alan Smith","startTime":972.25,"endTime":975.25,"body":"it's a pretty sad tale really,"},{"speaker":"Alan Smith","startTime":972.25,"endTime":975.25,"body":"and reflects badly on our entire"},{"speaker":"Alan Smith","startTime":975.25,"endTime":975.73,"body":"sector."},{"speaker":"Nick Lincoln","startTime":976.7189999999999,"endTime":978.789,"body":"That's, that's"},{"speaker":"Nick Lincoln","startTime":976.7189999999999,"endTime":978.789,"body":"appalling. I just looked up the"},{"speaker":"Nick Lincoln","startTime":978.789,"endTime":980.889,"body":"name of the firm I don't"},{"speaker":"Nick Lincoln","startTime":978.789,"endTime":980.889,"body":"recognize not all the two"},{"speaker":"Nick Lincoln","startTime":980.889,"endTime":983.379,"body":"directors name but that's you're"},{"speaker":"Nick Lincoln","startTime":980.889,"endTime":983.379,"body":"right, you're you're right in"},{"speaker":"Nick Lincoln","startTime":983.379,"endTime":986.049,"body":"the maths, but I don't know how"},{"speaker":"Nick Lincoln","startTime":983.379,"endTime":986.049,"body":"they work out the fines because"},{"speaker":"Nick Lincoln","startTime":986.049,"endTime":988.449,"body":"maybe the fines are based it's"},{"speaker":"Nick Lincoln","startTime":986.049,"endTime":988.449,"body":"no point finding someone like 10"},{"speaker":"Nick Lincoln","startTime":988.449,"endTime":991.059,"body":"million quid they haven't got"},{"speaker":"Nick Lincoln","startTime":988.449,"endTime":991.059,"body":"it. I suppose. They would have"},{"speaker":"Nick Lincoln","startTime":991.059,"endTime":993.069,"body":"made an absolute fortune from"},{"speaker":"Nick Lincoln","startTime":991.059,"endTime":993.069,"body":"there, whether it was one but"},{"speaker":"Nick Lincoln","startTime":993.3389999999999,"endTime":995.709,"body":"especially you know, and"},{"speaker":"Nick Lincoln","startTime":993.3389999999999,"endTime":995.709,"body":"ongoing, you know, the ongoing"},{"speaker":"Nick Lincoln","startTime":995.7389999999999,"endTime":997.899,"body":"which we'll come on to other"},{"speaker":"Nick Lincoln","startTime":995.7389999999999,"endTime":997.899,"body":"with the meat potatoes again,"},{"speaker":"Nick Lincoln","startTime":997.899,"endTime":1001.559,"body":"it's quite a quite a topical"},{"speaker":"Nick Lincoln","startTime":997.899,"endTime":1001.559,"body":"story for me there. Mr. Smith."},{"speaker":"Nick Lincoln","startTime":1001.949,"endTime":1004.709,"body":"Shall I move on to the next"},{"speaker":"Nick Lincoln","startTime":1001.949,"endTime":1004.709,"body":"topical tip fit? I've got"},{"speaker":"Nick Lincoln","startTime":1004.709,"endTime":1006.689,"body":"something hovering over that."},{"speaker":"Nick Lincoln","startTime":1004.709,"endTime":1006.689,"body":"Okay. Mr. Smith, again, you just"},{"speaker":"Nick Lincoln","startTime":1006.689,"endTime":1009.4789999999999,"body":"want to tell the dear Trappists,"},{"speaker":"Nick Lincoln","startTime":1006.689,"endTime":1009.4789999999999,"body":"our beloved audience, there are"},{"speaker":"Nick Lincoln","startTime":1009.4789999999999,"endTime":1012.569,"body":"some important dates coming up,"},{"speaker":"Nick Lincoln","startTime":1009.4789999999999,"endTime":1012.569,"body":"including some very good"},{"speaker":"Nick Lincoln","startTime":1012.569,"endTime":1014.879,"body":"conferences and including"},{"speaker":"Nick Lincoln","startTime":1012.569,"endTime":1014.879,"body":"perhaps the best conference"},{"speaker":"Nick Lincoln","startTime":1015.419,"endTime":1020.669,"body":"October in the"},{"speaker":"Alan Smith","startTime":1022.11,"endTime":1025.44,"body":"we're now in what"},{"speaker":"Alan Smith","startTime":1022.11,"endTime":1025.44,"body":"would traditionally be kind of"},{"speaker":"Alan Smith","startTime":1025.47,"endTime":1028.2,"body":"conference season, aren't we? We"},{"speaker":"Alan Smith","startTime":1025.47,"endTime":1028.2,"body":"know after the summer holidays,"},{"speaker":"Alan Smith","startTime":1028.2,"endTime":1030.84,"body":"we kind of get warmed up and"},{"speaker":"Alan Smith","startTime":1028.2,"endTime":1030.84,"body":"it's generally a lot of"},{"speaker":"Alan Smith","startTime":1030.84,"endTime":1033.21,"body":"conferences going on through"},{"speaker":"Alan Smith","startTime":1030.84,"endTime":1033.21,"body":"September, October, even"},{"speaker":"Alan Smith","startTime":1033.21,"endTime":1038.52,"body":"November. The day this podcast"},{"speaker":"Alan Smith","startTime":1033.21,"endTime":1038.52,"body":"comes out I will be attending"},{"speaker":"Alan Smith","startTime":1038.52,"endTime":1042.0,"body":"and actually doing a little"},{"speaker":"Alan Smith","startTime":1038.52,"endTime":1042.0,"body":"speaking part at the world"},{"speaker":"Alan Smith","startTime":1042.0,"endTime":1045.63,"body":"famous progressive planners"},{"speaker":"Alan Smith","startTime":1042.0,"endTime":1045.63,"body":"conference run by our friends,"},{"speaker":"Alan Smith","startTime":1045.63,"endTime":1049.02,"body":"Lee Robertson and his colleagues"},{"speaker":"Alan Smith","startTime":1045.63,"endTime":1049.02,"body":"at Octo. So if you're listening"},{"speaker":"Alan Smith","startTime":1049.02,"endTime":1053.22,"body":"to this on your way traveling in"},{"speaker":"Alan Smith","startTime":1049.02,"endTime":1053.22,"body":"to that conference on the 14th"},{"speaker":"Alan Smith","startTime":1053.25,"endTime":1056.97,"body":"of September, do reach out come"},{"speaker":"Alan Smith","startTime":1053.25,"endTime":1056.97,"body":"and say hi to me if you're a"},{"speaker":"Alan Smith","startTime":1056.97,"endTime":1059.9099999999999,"body":"beloved TRAPPIST, love to have"},{"speaker":"Alan Smith","startTime":1056.97,"endTime":1059.9099999999999,"body":"her have a chat and catch up"},{"speaker":"Alan Smith","startTime":1059.9099999999999,"endTime":1064.02,"body":"with you. A few days later,"},{"speaker":"Alan Smith","startTime":1059.9099999999999,"endTime":1064.02,"body":"myself and my learned colleague,"},{"speaker":"Alan Smith","startTime":1064.02,"endTime":1067.98,"body":"Mr. Hart will be traveling to"},{"speaker":"Alan Smith","startTime":1064.02,"endTime":1067.98,"body":"the southern hemisphere to go to"},{"speaker":"Alan Smith","startTime":1068.01,"endTime":1072.03,"body":"Cape Town for humans under"},{"speaker":"Alan Smith","startTime":1068.01,"endTime":1072.03,"body":"management, South Africa. That's"},{"speaker":"Alan Smith","startTime":1072.18,"endTime":1076.74,"body":"19th I believe and right yep,"},{"speaker":"Alan Smith","startTime":1072.18,"endTime":1076.74,"body":"yep. Tuesday, the moment I'm"},{"speaker":"Alan Smith","startTime":1076.74,"endTime":1080.1,"body":"speaking at that event, as well"},{"speaker":"Alan Smith","startTime":1076.74,"endTime":1080.1,"body":"as we both are obviously good at"},{"speaker":"Alan Smith","startTime":1080.1,"endTime":1081.78,"body":"good audience go to the"},{"speaker":"Andy Hart","startTime":1081.81,"endTime":1084.18,"body":"international keynote"},{"speaker":"Andy Hart","startTime":1081.81,"endTime":1084.18,"body":"for that one. Is that you told"},{"speaker":"Andy Hart","startTime":1084.18,"endTime":1086.49,"body":"me to say that now."},{"speaker":"Alan Smith","startTime":1086.8799999999999,"endTime":1089.79,"body":"Yeah, you made me"},{"speaker":"Alan Smith","startTime":1086.8799999999999,"endTime":1089.79,"body":"You made me come on last which"},{"speaker":"Alan Smith","startTime":1089.79,"endTime":1091.3799999999999,"body":"is going to ruin my entire days."},{"speaker":"Nick Lincoln","startTime":1093.3899999999999,"endTime":1095.94,"body":"Okay, wait around"},{"speaker":"Nick Lincoln","startTime":1093.3899999999999,"endTime":1095.94,"body":"all day. It does ruin your"},{"speaker":"Nick Lincoln","startTime":1095.94,"endTime":1096.51,"body":"entire day."},{"speaker":"Alan Smith","startTime":1097.11,"endTime":1100.8899999999999,"body":"Can I? Can I change"},{"speaker":"Alan Smith","startTime":1097.11,"endTime":1100.8899999999999,"body":"my profile on LinkedIn to see"},{"speaker":"Alan Smith","startTime":1100.92,"endTime":1103.29,"body":"international keynote speaker?"},{"speaker":"Alan Smith","startTime":1100.92,"endTime":1103.29,"body":"Yeah, definitely. We"},{"speaker":"Andy Hart","startTime":1103.29,"endTime":1104.37,"body":"do. Definitely."},{"speaker":"Alan Smith","startTime":1105.6,"endTime":1108.84,"body":"I've got an events"},{"speaker":"Alan Smith","startTime":1105.6,"endTime":1108.84,"body":"which has to do with the other"},{"speaker":"Alan Smith","startTime":1109.26,"endTime":1111.96,"body":"award winning podcast"},{"speaker":"Alan Smith","startTime":1109.26,"endTime":1111.96,"body":"bulletproof entrepreneur"},{"speaker":"Alan Smith","startTime":1111.96,"endTime":1114.57,"body":"relaunching this month in"},{"speaker":"Alan Smith","startTime":1111.96,"endTime":1114.57,"body":"September as well got a live"},{"speaker":"Alan Smith","startTime":1114.57,"endTime":1119.19,"body":"event at Homegrown the Private"},{"speaker":"Alan Smith","startTime":1114.57,"endTime":1119.19,"body":"Member's club although on this"},{"speaker":"Alan Smith","startTime":1119.25,"endTime":1123.3,"body":"occasion it will be open to all"},{"speaker":"Alan Smith","startTime":1119.25,"endTime":1123.3,"body":"comers on the 17th of October"},{"speaker":"Alan Smith","startTime":1123.33,"endTime":1126.69,"body":"where I'll be speaking with"},{"speaker":"Alan Smith","startTime":1123.33,"endTime":1126.69,"body":"Piers Lynnie X Dragon's Den"},{"speaker":"Alan Smith","startTime":1126.84,"endTime":1130.44,"body":"close personal friend of mine"},{"speaker":"Alan Smith","startTime":1126.84,"endTime":1130.44,"body":"and we'll be unpacking the magic"},{"speaker":"Alan Smith","startTime":1130.56,"endTime":1135.0,"body":"of AI and artificial"},{"speaker":"Alan Smith","startTime":1130.56,"endTime":1135.0,"body":"intelligence as it relates to as"},{"speaker":"Alan Smith","startTime":1135.0,"endTime":1139.1399999999999,"body":"it relates to business owners"},{"speaker":"Alan Smith","startTime":1135.0,"endTime":1139.1399999999999,"body":"and aspiring entrepreneurs and"},{"speaker":"Alan Smith","startTime":1139.17,"endTime":1144.3899999999999,"body":"last for now on the the next day"},{"speaker":"Alan Smith","startTime":1139.17,"endTime":1144.3899999999999,"body":"actually on the 18th of October"},{"speaker":"Alan Smith","startTime":1144.48,"endTime":1147.57,"body":"I should also be doing something"},{"speaker":"Alan Smith","startTime":1144.48,"endTime":1147.57,"body":"at the money marketing"},{"speaker":"Alan Smith","startTime":1147.6,"endTime":1151.59,"body":"interactive in central London"},{"speaker":"Alan Smith","startTime":1147.6,"endTime":1151.59,"body":"which I understand is a free"},{"speaker":"Alan Smith","startTime":1151.95,"endTime":1154.95,"body":"conference run by money"},{"speaker":"Alan Smith","startTime":1151.95,"endTime":1154.95,"body":"marketing lots of interesting"},{"speaker":"Alan Smith","startTime":1154.95,"endTime":1155.6399999999999,"body":"speakers"},{"speaker":"Unknown","startTime":1167.1299999999999,"endTime":1167.7,"body":"I'm sure that"},{"speaker":"Alan Smith","startTime":1168.6299999999999,"endTime":1171.99,"body":"that takes a while"},{"speaker":"Alan Smith","startTime":1168.6299999999999,"endTime":1171.99,"body":"and that's it so that those are"},{"speaker":"Alan Smith","startTime":1171.99,"endTime":1173.8799999999999,"body":"dates for your diary there's"},{"speaker":"Alan Smith","startTime":1171.99,"endTime":1173.8799999999999,"body":"four dates for your diary and"},{"speaker":"Alan Smith","startTime":1173.8799999999999,"endTime":1175.6499999999999,"body":"and if you want you might as"},{"speaker":"Alan Smith","startTime":1173.8799999999999,"endTime":1175.6499999999999,"body":"well whilst you're here chuck in"},{"speaker":"Alan Smith","startTime":1175.6499999999999,"endTime":1177.8999999999999,"body":"your although it's it is a"},{"speaker":"Alan Smith","startTime":1175.6499999999999,"endTime":1177.8999999999999,"body":"complete sellout but if someone"},{"speaker":"Alan Smith","startTime":1177.8999999999999,"endTime":1181.02,"body":"wants to be doing live streaming"},{"speaker":"Alan Smith","startTime":1177.8999999999999,"endTime":1181.02,"body":"for him London in November"},{"speaker":"Andy Hart","startTime":1181.109,"endTime":1183.869,"body":"yes I'm London is on"},{"speaker":"Andy Hart","startTime":1181.109,"endTime":1183.869,"body":"the ninth of November. Yeah, I'm"},{"speaker":"Andy Hart","startTime":1183.869,"endTime":1186.899,"body":"sold out like well over sold"},{"speaker":"Andy Hart","startTime":1183.869,"endTime":1186.899,"body":"out. But yeah, there is still an"},{"speaker":"Andy Hart","startTime":1186.899,"endTime":1189.989,"body":"opportunity to get some get the"},{"speaker":"Andy Hart","startTime":1186.899,"endTime":1189.989,"body":"live stream tickets. So thanks"},{"speaker":"Andy Hart","startTime":1189.989,"endTime":1192.959,"body":"for that, mate. Yep. Yeah, full"},{"speaker":"Andy Hart","startTime":1189.989,"endTime":1192.959,"body":"on in Figure conference"},{"speaker":"Andy Hart","startTime":1192.959,"endTime":1194.249,"body":"organizing at the moment seeing"},{"speaker":"Carl Widger","startTime":1194.25,"endTime":1196.74,"body":"as we're on events"},{"speaker":"Carl Widger","startTime":1194.25,"endTime":1196.74,"body":"that are coming up at the future"},{"speaker":"Carl Widger","startTime":1196.74,"endTime":1200.1599999999999,"body":"you events that I spoke about"},{"speaker":"Carl Widger","startTime":1196.74,"endTime":1200.1599999999999,"body":"before is on next week. So"},{"speaker":"Carl Widger","startTime":1200.1599999999999,"endTime":1203.04,"body":"hopefully I'll fill you in a"},{"speaker":"Carl Widger","startTime":1200.1599999999999,"endTime":1203.04,"body":"little bit at the at the next"},{"speaker":"Carl Widger","startTime":1203.04,"endTime":1208.8,"body":"episode. Believe it or not,"},{"speaker":"Carl Widger","startTime":1203.04,"endTime":1208.8,"body":"we're sold out. So for us to be"},{"speaker":"Carl Widger","startTime":1208.8,"endTime":1217.2,"body":"sold out. And to be the app"},{"speaker":"Carl Widger","startTime":1208.8,"endTime":1217.2,"body":"capacity and not accept any more"},{"speaker":"Carl Widger","startTime":1217.2,"endTime":1222.57,"body":"bookings is pretty bloody"},{"speaker":"Carl Widger","startTime":1217.2,"endTime":1222.57,"body":"amazing. So well done to Team"},{"speaker":"Carl Widger","startTime":1222.57,"endTime":1225.6599999999999,"body":"matters, and especially Susan"},{"speaker":"Carl Widger","startTime":1222.57,"endTime":1225.6599999999999,"body":"Walsh, who's putting all of that"},{"speaker":"Carl Widger","startTime":1225.6599999999999,"endTime":1229.2,"body":"together. So I can't wait to"},{"speaker":"Carl Widger","startTime":1225.6599999999999,"endTime":1229.2,"body":"share some of the insights from"},{"speaker":"Carl Widger","startTime":1229.2,"endTime":1230.73,"body":"that on the net. First episode"},{"speaker":"Alan Smith","startTime":1230.76,"endTime":1233.19,"body":"that's really good"},{"speaker":"Alan Smith","startTime":1230.76,"endTime":1233.19,"body":"call nice. I mean, that's that's"},{"speaker":"Alan Smith","startTime":1233.22,"endTime":1235.56,"body":"not a it's not an easy sale. I"},{"speaker":"Alan Smith","startTime":1233.22,"endTime":1235.56,"body":"don't think the way it's"},{"speaker":"Alan Smith","startTime":1235.56,"endTime":1237.72,"body":"described and your chart, you"},{"speaker":"Alan Smith","startTime":1235.56,"endTime":1237.72,"body":"know, it's not it's not cheap"},{"speaker":"Alan Smith","startTime":1237.72,"endTime":1241.23,"body":"either. So to sell out, that's"},{"speaker":"Alan Smith","startTime":1237.72,"endTime":1241.23,"body":"great. That's presumably gonna"},{"speaker":"Alan Smith","startTime":1241.23,"endTime":1243.8999999999999,"body":"be an annual event now for you"},{"speaker":"Alan Smith","startTime":1241.23,"endTime":1243.8999999999999,"body":"guys. Thanks. I mean, I think"},{"speaker":"Alan Smith","startTime":1243.8999999999999,"endTime":1246.0,"body":"it's great. Yeah, we'll see"},{"speaker":"Carl Widger","startTime":1247.4099999999999,"endTime":1250.05,"body":"some amount of"},{"speaker":"Carl Widger","startTime":1247.4099999999999,"endTime":1250.05,"body":"organizing because behind all of"},{"speaker":"Carl Widger","startTime":1250.05,"endTime":1252.93,"body":"this so we'll see but anyway,"},{"speaker":"Carl Widger","startTime":1250.05,"endTime":1252.93,"body":"looking forward to read."},{"speaker":"Nick Lincoln","startTime":1253.529,"endTime":1256.019,"body":"Oh, yeah, that's"},{"speaker":"Nick Lincoln","startTime":1253.529,"endTime":1256.019,"body":"that's a real feather in your"},{"speaker":"Nick Lincoln","startTime":1256.019,"endTime":1259.229,"body":"bone make those and exclusivity"},{"speaker":"Nick Lincoln","startTime":1256.019,"endTime":1259.229,"body":"and then same q\u0026a as well. Of"},{"speaker":"Nick Lincoln","startTime":1259.229,"endTime":1263.099,"body":"course with hum, wow, selling"},{"speaker":"Nick Lincoln","startTime":1259.229,"endTime":1263.099,"body":"out, you know, paid for events"},{"speaker":"Nick Lincoln","startTime":1263.099,"endTime":1266.9389999999999,"body":"which are not, not inexpensive"},{"speaker":"Nick Lincoln","startTime":1263.099,"endTime":1266.9389999999999,"body":"relative to, in quotes, free"},{"speaker":"Nick Lincoln","startTime":1266.9389999999999,"endTime":1270.779,"body":"events. Well, of course, you are"},{"speaker":"Nick Lincoln","startTime":1266.9389999999999,"endTime":1270.779,"body":"the product. Okie dokie. So"},{"speaker":"Nick Lincoln","startTime":1270.779,"endTime":1272.879,"body":"talking about the Man in the"},{"speaker":"Nick Lincoln","startTime":1270.779,"endTime":1272.879,"body":"Arena and just showing up and"},{"speaker":"Nick Lincoln","startTime":1272.879,"endTime":1277.4389999999999,"body":"doing your work, I was asked by"},{"speaker":"Nick Lincoln","startTime":1272.879,"endTime":1277.4389999999999,"body":"nucleus, nucleus wrap to write a"},{"speaker":"Nick Lincoln","startTime":1277.4389999999999,"endTime":1283.289,"body":"piece for them on trap and our"},{"speaker":"Nick Lincoln","startTime":1277.4389999999999,"endTime":1283.289,"body":"first pretty much the first four"},{"speaker":"Nick Lincoln","startTime":1283.289,"endTime":1286.709,"body":"months of trap and how we got to"},{"speaker":"Nick Lincoln","startTime":1283.289,"endTime":1286.709,"body":"where we are, are we happy with"},{"speaker":"Nick Lincoln","startTime":1286.709,"endTime":1289.079,"body":"what we've done? What do you"},{"speaker":"Nick Lincoln","startTime":1286.709,"endTime":1289.079,"body":"think with this? What's the"},{"speaker":"Nick Lincoln","startTime":1289.079,"endTime":1291.749,"body":"secret sauce that's enabled us"},{"speaker":"Nick Lincoln","startTime":1289.079,"endTime":1291.749,"body":"to be? I think a success. I'm"},{"speaker":"Nick Lincoln","startTime":1291.749,"endTime":1294.299,"body":"not being big headed about it, I"},{"speaker":"Nick Lincoln","startTime":1291.749,"endTime":1294.299,"body":"think to have nearly 60,000"},{"speaker":"Nick Lincoln","startTime":1294.299,"endTime":1297.239,"body":"downloads of a podcast that"},{"speaker":"Nick Lincoln","startTime":1294.299,"endTime":1297.239,"body":"comes out every other week. And"},{"speaker":"Nick Lincoln","startTime":1297.239,"endTime":1300.449,"body":"is very, very niche and get such"},{"speaker":"Nick Lincoln","startTime":1297.239,"endTime":1300.449,"body":"lovely feedback from our beloved"},{"speaker":"Nick Lincoln","startTime":1300.449,"endTime":1302.309,"body":"TRAPPIST I think it is a"},{"speaker":"Nick Lincoln","startTime":1300.449,"endTime":1302.309,"body":"success. I think we all think"},{"speaker":"Nick Lincoln","startTime":1302.309,"endTime":1306.269,"body":"that so I wrote a piece via"},{"speaker":"Nick Lincoln","startTime":1302.309,"endTime":1306.269,"body":"faith Liversidge for nucleus"},{"speaker":"Nick Lincoln","startTime":1306.269,"endTime":1308.969,"body":"rapid song, there's a link to it"},{"speaker":"Nick Lincoln","startTime":1306.269,"endTime":1308.969,"body":"in the so called show notes. And"},{"speaker":"Nick Lincoln","startTime":1309.089,"endTime":1311.099,"body":"that was nice to be asked, and"},{"speaker":"Nick Lincoln","startTime":1309.089,"endTime":1311.099,"body":"hopefully that'll get a few more"},{"speaker":"Nick Lincoln","startTime":1311.099,"endTime":1313.739,"body":"people listening to the show. So"},{"speaker":"Nick Lincoln","startTime":1311.099,"endTime":1313.739,"body":"that was all good. But again,"},{"speaker":"Nick Lincoln","startTime":1313.769,"endTime":1317.639,"body":"the main point in that really is"},{"speaker":"Nick Lincoln","startTime":1313.769,"endTime":1317.639,"body":"I think, Alan made a reference"},{"speaker":"Nick Lincoln","startTime":1317.639,"endTime":1319.829,"body":"maybe two or three episodes ago"},{"speaker":"Nick Lincoln","startTime":1317.639,"endTime":1319.829,"body":"about how many podcasts don't"},{"speaker":"Nick Lincoln","startTime":1319.829,"endTime":1323.489,"body":"get beyond episode X. And a lot"},{"speaker":"Nick Lincoln","startTime":1319.829,"endTime":1323.489,"body":"of success in life is just"},{"speaker":"Nick Lincoln","startTime":1323.489,"endTime":1327.299,"body":"turning up 90 I think 95% of"},{"speaker":"Nick Lincoln","startTime":1323.489,"endTime":1327.299,"body":"success is turning up just turn"},{"speaker":"Nick Lincoln","startTime":1327.299,"endTime":1330.029,"body":"up and do your job. And that's"},{"speaker":"Nick Lincoln","startTime":1327.299,"endTime":1330.029,"body":"the we're just stubborn buggers,"},{"speaker":"Nick Lincoln","startTime":1330.029,"endTime":1332.1889999999999,"body":"aren't we and we just know we're"},{"speaker":"Nick Lincoln","startTime":1330.029,"endTime":1332.1889999999999,"body":"gonna do this and we do it come"},{"speaker":"Nick Lincoln","startTime":1332.1889999999999,"endTime":1335.999,"body":"hell or high water whether"},{"speaker":"Nick Lincoln","startTime":1332.1889999999999,"endTime":1335.999,"body":"you're skiing in the Alps Island"},{"speaker":"Nick Lincoln","startTime":1335.999,"endTime":1338.9389999999999,"body":"or I'm stranded in some, you"},{"speaker":"Nick Lincoln","startTime":1335.999,"endTime":1338.9389999999999,"body":"know, converted brothel in"},{"speaker":"Nick Lincoln","startTime":1338.9389999999999,"endTime":1343.319,"body":"Sicily. You know, we, we get on"},{"speaker":"Nick Lincoln","startTime":1338.9389999999999,"endTime":1343.319,"body":"with the it was in the process"},{"speaker":"Nick Lincoln","startTime":1343.319,"endTime":1347.129,"body":"of being converted quickly."},{"speaker":"Nick Lincoln","startTime":1343.319,"endTime":1347.129,"body":"Yeah, so that's, that's nice."},{"speaker":"Nick Lincoln","startTime":1347.129,"endTime":1350.309,"body":"Anyway, the links in that so,"},{"speaker":"Nick Lincoln","startTime":1347.129,"endTime":1350.309,"body":"right now, Mr. Smith again."},{"speaker":"Nick Lincoln","startTime":1350.309,"endTime":1353.849,"body":"Yeah, we had to one of our"},{"speaker":"Nick Lincoln","startTime":1350.309,"endTime":1353.849,"body":"Trappists Tom Kenny, and perhaps"},{"speaker":"Nick Lincoln","startTime":1353.849,"endTime":1358.229,"body":"a new way to get Mr. Murray's"},{"speaker":"Nick Lincoln","startTime":1353.849,"endTime":1358.229,"body":"books at prices that aren't on a"},{"speaker":"Nick Lincoln","startTime":1358.229,"endTime":1359.1589999999999,"body":"lake variety."},{"speaker":"Alan Smith","startTime":1359.6399999999999,"endTime":1363.48,"body":"Yeah, shout out to"},{"speaker":"Alan Smith","startTime":1359.6399999999999,"endTime":1363.48,"body":"loyal TRAPPIST, Tom Kenny, who I"},{"speaker":"Alan Smith","startTime":1363.48,"endTime":1369.09,"body":"believe works up at a great firm"},{"speaker":"Alan Smith","startTime":1363.48,"endTime":1369.09,"body":"boost financial planning after I"},{"speaker":"Alan Smith","startTime":1369.09,"endTime":1372.09,"body":"think the last episode and I"},{"speaker":"Alan Smith","startTime":1369.09,"endTime":1372.09,"body":"referenced one of Nick Murray's"},{"speaker":"Alan Smith","startTime":1372.09,"endTime":1375.42,"body":"books and it's part of my"},{"speaker":"Alan Smith","startTime":1372.09,"endTime":1375.42,"body":"culture corner reference and"},{"speaker":"Alan Smith","startTime":1375.42,"endTime":1378.54,"body":"made the point that we all know"},{"speaker":"Alan Smith","startTime":1375.42,"endTime":1378.54,"body":"it's it's like trying to find"},{"speaker":"Alan Smith","startTime":1378.54,"endTime":1380.3999999999999,"body":"hen's teeth or whatever the"},{"speaker":"Alan Smith","startTime":1378.54,"endTime":1380.3999999999999,"body":"saying is trying to get hold of"},{"speaker":"Alan Smith","startTime":1380.3999999999999,"endTime":1383.34,"body":"Nick Murray books without having"},{"speaker":"Alan Smith","startTime":1380.3999999999999,"endTime":1383.34,"body":"to remortgage your house in"},{"speaker":"Alan Smith","startTime":1383.34,"endTime":1388.56,"body":"order to get one now Tom reached"},{"speaker":"Alan Smith","startTime":1383.34,"endTime":1388.56,"body":"out to me via LinkedIn and"},{"speaker":"Alan Smith","startTime":1388.8899999999999,"endTime":1392.1,"body":"referenced a company or an"},{"speaker":"Alan Smith","startTime":1388.8899999999999,"endTime":1392.1,"body":"online place you can buy them"},{"speaker":"Alan Smith","startTime":1392.1,"endTime":1398.97,"body":"it's called AB e books. I think"},{"speaker":"Alan Smith","startTime":1392.1,"endTime":1398.97,"body":"it's just ape books.com And"},{"speaker":"Alan Smith","startTime":1398.97,"endTime":1401.07,"body":"yeah, you go online there but I"},{"speaker":"Alan Smith","startTime":1398.97,"endTime":1401.07,"body":"think we've all had a look at it"},{"speaker":"Alan Smith","startTime":1401.07,"endTime":1403.44,"body":"it's quite a mixed bag yes there"},{"speaker":"Alan Smith","startTime":1401.07,"endTime":1403.44,"body":"are Nick Murray books for like"},{"speaker":"Alan Smith","startTime":1403.44,"endTime":1406.6499999999999,"body":"five 600 pounds there as well"},{"speaker":"Alan Smith","startTime":1403.44,"endTime":1406.6499999999999,"body":"secondhand but there are some"},{"speaker":"Alan Smith","startTime":1452.7299999999998,"endTime":1457.1999999999998,"body":"for five and $6 obviously you"},{"speaker":"Alan Smith","startTime":1452.7299999999998,"endTime":1457.1999999999998,"body":"got to pay your transport"},{"speaker":"Alan Smith","startTime":1457.59,"endTime":1461.58,"body":"postage fees which probably the"},{"speaker":"Alan Smith","startTime":1457.59,"endTime":1461.58,"body":"same again, if not more, but you"},{"speaker":"Alan Smith","startTime":1461.58,"endTime":1464.1,"body":"can get hold of seems to be"},{"speaker":"Alan Smith","startTime":1461.58,"endTime":1464.1,"body":"quite a wide range of Nick"},{"speaker":"Alan Smith","startTime":1464.1,"endTime":1467.61,"body":"Murray boots accessible for"},{"speaker":"Alan Smith","startTime":1464.1,"endTime":1467.61,"body":"reasonable costs. So thank you,"},{"speaker":"Alan Smith","startTime":1467.61,"endTime":1470.6999999999998,"body":"Tom. That's what this network is"},{"speaker":"Alan Smith","startTime":1467.61,"endTime":1470.6999999999998,"body":"all about. That's what the"},{"speaker":"Alan Smith","startTime":1470.6999999999998,"endTime":1473.3999999999999,"body":"community is all about me find"},{"speaker":"Alan Smith","startTime":1470.6999999999998,"endTime":1473.3999999999999,"body":"things that are interesting for"},{"speaker":"Alan Smith","startTime":1473.3999999999999,"endTime":1476.82,"body":"us and others have got ideas or"},{"speaker":"Alan Smith","startTime":1473.3999999999999,"endTime":1476.82,"body":"insights that can be shared with"},{"speaker":"Alan Smith","startTime":1476.82,"endTime":1479.55,"body":"a wider audience audience then"},{"speaker":"Alan Smith","startTime":1476.82,"endTime":1479.55,"body":"obviously let us know and we'll"},{"speaker":"Alan Smith","startTime":1479.55,"endTime":1481.7099999999998,"body":"share them on this podcast. So"},{"speaker":"Alan Smith","startTime":1479.55,"endTime":1481.7099999999998,"body":"again, thanks Tom."},{"speaker":"Andy Hart","startTime":1482.31,"endTime":1485.01,"body":"And good heart very"},{"speaker":"Andy Hart","startTime":1482.31,"endTime":1485.01,"body":"similar on that there is another"},{"speaker":"Andy Hart","startTime":1485.01,"endTime":1488.6699999999998,"body":"website that is UK based run by"},{"speaker":"Andy Hart","startTime":1485.01,"endTime":1488.6699999999998,"body":"David Hearn that sells the"},{"speaker":"Andy Hart","startTime":1488.6699999999998,"endTime":1491.9699999999998,"body":"books. Annoyingly I believe he's"},{"speaker":"Andy Hart","startTime":1488.6699999999998,"endTime":1491.9699999999998,"body":"sort of all out of the books at"},{"speaker":"Andy Hart","startTime":1491.9699999999998,"endTime":1495.09,"body":"the moment. So it's not a very"},{"speaker":"Andy Hart","startTime":1491.9699999999998,"endTime":1495.09,"body":"useful recommendation, but I"},{"speaker":"Andy Hart","startTime":1495.09,"endTime":1498.27,"body":"believe he's going to get some"},{"speaker":"Andy Hart","startTime":1495.09,"endTime":1498.27,"body":"more chips across but it's"},{"speaker":"Andy Hart","startTime":1498.27,"endTime":1499.05,"body":"called finance."},{"speaker":"Alan Smith","startTime":1499.08,"endTime":1501.36,"body":"Ai. Are you sure?"},{"speaker":"Alan Smith","startTime":1499.08,"endTime":1501.36,"body":"Are you sure? I"},{"speaker":"Andy Hart","startTime":1501.36,"endTime":1502.1699999999998,"body":"thought yeah,"},{"speaker":"Alan Smith","startTime":1502.26,"endTime":1504.33,"body":"I'm arguing it for"},{"speaker":"Alan Smith","startTime":1502.26,"endTime":1504.33,"body":"now. He's gonna He's gonna"},{"speaker":"Alan Smith","startTime":1504.4199999999998,"endTime":1505.86,"body":"reopen the shop. Is he okay? All"},{"speaker":"Andy Hart","startTime":1505.86,"endTime":1507.3899999999999,"body":"right. Okay, I don't"},{"speaker":"Andy Hart","startTime":1505.86,"endTime":1507.3899999999999,"body":"know All right, whatever."},{"speaker":"Andy Hart","startTime":1507.4199999999998,"endTime":1510.09,"body":"There's a link in the show notes"},{"speaker":"Andy Hart","startTime":1507.4199999999998,"endTime":1510.09,"body":"called financial spelled F"},{"speaker":"Andy Hart","startTime":1510.6299999999999,"endTime":1518.9099999999999,"body":"haitch y NANCPHYNAN c i a l."},{"speaker":"Alan Smith","startTime":1520.02,"endTime":1522.03,"body":"path. So apart from"},{"speaker":"Alan Smith","startTime":1520.02,"endTime":1522.03,"body":"having the wrong spelling, the"},{"speaker":"Alan Smith","startTime":1522.03,"endTime":1524.1599999999999,"body":"fact that the shops closed down"},{"speaker":"Alan Smith","startTime":1522.03,"endTime":1524.1599999999999,"body":"and you can't get access to the"},{"speaker":"Alan Smith","startTime":1524.1599999999999,"endTime":1527.34,"body":"books. That's brilliant."},{"speaker":"Alan Smith","startTime":1524.1599999999999,"endTime":1527.34,"body":"Amazing. Let's move on. Yeah,"},{"speaker":"Alan Smith","startTime":1527.34,"endTime":1527.8799999999999,"body":"the websites"},{"speaker":"Andy Hart","startTime":1527.8799999999999,"endTime":1530.8799999999999,"body":"crashed as well. So"},{"speaker":"Andy Hart","startTime":1527.8799999999999,"endTime":1530.8799999999999,"body":"the triple"},{"speaker":"Nick Lincoln","startTime":1531.57,"endTime":1532.8899999999999,"body":"nine other"},{"speaker":"Nick Lincoln","startTime":1531.57,"endTime":1532.8899999999999,"body":"websites maybe it has been"},{"speaker":"Nick Lincoln","startTime":1532.8899999999999,"endTime":1535.56,"body":"shuttered them for them anyway."},{"speaker":"Nick Lincoln","startTime":1532.8899999999999,"endTime":1535.56,"body":"David Hearn let's stick to a"},{"speaker":"Nick Lincoln","startTime":1535.56,"endTime":1538.4399999999998,"body":"books for the time that was a"},{"speaker":"Nick Lincoln","startTime":1535.56,"endTime":1538.4399999999998,"body":"resource maybe maybe it's a"},{"speaker":"Nick Lincoln","startTime":1538.4399999999998,"endTime":1540.6599999999999,"body":"brilliant resource. And again,"},{"speaker":"Nick Lincoln","startTime":1538.4399999999998,"endTime":1540.6599999999999,"body":"David Herman one of the one of"},{"speaker":"Nick Lincoln","startTime":1540.6599999999999,"endTime":1544.05,"body":"the good guys in our in our"},{"speaker":"Nick Lincoln","startTime":1540.6599999999999,"endTime":1544.05,"body":"mighty profession as Mr. Hart"},{"speaker":"Nick Lincoln","startTime":1544.08,"endTime":1547.1399999999999,"body":"labels it quite correctly. Okay."},{"speaker":"Nick Lincoln","startTime":1544.08,"endTime":1547.1399999999999,"body":"I think we've given topical"},{"speaker":"Nick Lincoln","startTime":1547.1399999999999,"endTime":1551.52,"body":"titbits a damn good thrashing"},{"speaker":"Nick Lincoln","startTime":1547.1399999999999,"endTime":1551.52,"body":"let's let's move on to the meat"},{"speaker":"Nick Lincoln","startTime":1551.52,"endTime":1553.8,"body":"and potatoes and this could go a"},{"speaker":"Nick Lincoln","startTime":1551.52,"endTime":1553.8,"body":"variety of ways we could all by"},{"speaker":"Nick Lincoln","startTime":1553.8,"endTime":1556.32,"body":"the end be sworn enemies of each"},{"speaker":"Nick Lincoln","startTime":1553.8,"endTime":1556.32,"body":"other. I don't think we're going"},{"speaker":"Nick Lincoln","startTime":1556.32,"endTime":1559.9499999999998,"body":"to be sworn enemies of each"},{"speaker":"Nick Lincoln","startTime":1556.32,"endTime":1559.9499999999998,"body":"other. But the great feat if"},{"speaker":"Nick Lincoln","startTime":1559.9499999999998,"endTime":1564.6899999999998,"body":"there's active versus passive,"},{"speaker":"Nick Lincoln","startTime":1559.9499999999998,"endTime":1564.6899999999998,"body":"maybe St. James is placed. Bad,"},{"speaker":"Nick Lincoln","startTime":1564.7199999999998,"endTime":1567.51,"body":"everyone else good. And then the"},{"speaker":"Nick Lincoln","startTime":1564.7199999999998,"endTime":1567.51,"body":"fee debate. I think those are"},{"speaker":"Nick Lincoln","startTime":1567.51,"endTime":1570.3,"body":"the three things that get"},{"speaker":"Nick Lincoln","startTime":1567.51,"endTime":1570.3,"body":"people's juices flowing. So"},{"speaker":"Nick Lincoln","startTime":1570.3,"endTime":1571.8899999999999,"body":"we're going to talk about the"},{"speaker":"Nick Lincoln","startTime":1570.3,"endTime":1571.8899999999999,"body":"great fee debate. Obviously"},{"speaker":"Nick Lincoln","startTime":1571.8899999999999,"endTime":1573.9899999999998,"body":"we've come a long way as a"},{"speaker":"Nick Lincoln","startTime":1571.8899999999999,"endTime":1573.9899999999998,"body":"professional since RDR. Some of"},{"speaker":"Nick Lincoln","startTime":1573.9899999999998,"endTime":1578.6399999999999,"body":"us were fee based. We For RDR,"},{"speaker":"Nick Lincoln","startTime":1573.9899999999998,"endTime":1578.6399999999999,"body":"but it's not just about being"},{"speaker":"Nick Lincoln","startTime":1578.6399999999999,"endTime":1580.83,"body":"fee based. It's how you charge"},{"speaker":"Nick Lincoln","startTime":1578.6399999999999,"endTime":1580.83,"body":"your fees and how you"},{"speaker":"Nick Lincoln","startTime":1580.83,"endTime":1583.59,"body":"communicate your fees. And we're"},{"speaker":"Nick Lincoln","startTime":1580.83,"endTime":1583.59,"body":"gonna lead off with, with Mr."},{"speaker":"Nick Lincoln","startTime":1583.59,"endTime":1585.9599999999998,"body":"Smith, who, for once has an"},{"speaker":"Nick Lincoln","startTime":1583.59,"endTime":1585.9599999999998,"body":"opinion or two?"},{"speaker":"Alan Smith","startTime":1587.04,"endTime":1589.8,"body":"I do. I do indeed."},{"speaker":"Alan Smith","startTime":1587.04,"endTime":1589.8,"body":"And you're absolutely right you"},{"speaker":"Alan Smith","startTime":1589.8,"endTime":1593.6699999999998,"body":"want to talk about is it's about"},{"speaker":"Alan Smith","startTime":1589.8,"endTime":1593.6699999999998,"body":"time, we put this on the agenda"},{"speaker":"Alan Smith","startTime":1593.6699999999998,"endTime":1596.31,"body":"as a meat and potatoes talk"},{"speaker":"Alan Smith","startTime":1593.6699999999998,"endTime":1596.31,"body":"about fee structures and feeder"},{"speaker":"Alan Smith","startTime":1596.31,"endTime":1598.8899999999999,"body":"beats. And before I sort of"},{"speaker":"Alan Smith","startTime":1596.31,"endTime":1598.8899999999999,"body":"expand on this, let me just say,"},{"speaker":"Alan Smith","startTime":1598.8899999999999,"endTime":1601.1699999999998,"body":"I've got, obviously, we've all"},{"speaker":"Alan Smith","startTime":1598.8899999999999,"endTime":1601.1699999999998,"body":"got our opinions, and I've got"},{"speaker":"Alan Smith","startTime":1601.1699999999998,"endTime":1606.4799999999998,"body":"our views. I don't for a second,"},{"speaker":"Alan Smith","startTime":1601.1699999999998,"endTime":1606.4799999999998,"body":"supposed to tell other financial"},{"speaker":"Alan Smith","startTime":1606.4799999999998,"endTime":1608.58,"body":"planners or any other business"},{"speaker":"Alan Smith","startTime":1606.4799999999998,"endTime":1608.58,"body":"owners how to run their"},{"speaker":"Alan Smith","startTime":1608.58,"endTime":1610.9499999999998,"body":"business, how to charge within"},{"speaker":"Alan Smith","startTime":1608.58,"endTime":1610.9499999999998,"body":"their own organizations, you do"},{"speaker":"Alan Smith","startTime":1610.9499999999998,"endTime":1614.8799999999999,"body":"whatever works for you. It has"},{"speaker":"Alan Smith","startTime":1610.9499999999998,"endTime":1614.8799999999999,"body":"become known that we've taken a"},{"speaker":"Alan Smith","startTime":1614.8799999999999,"endTime":1616.56,"body":"different route. And I can tell"},{"speaker":"Alan Smith","startTime":1614.8799999999999,"endTime":1616.56,"body":"you that I'll share the"},{"speaker":"Alan Smith","startTime":1616.56,"endTime":1620.04,"body":"background to it. And it's"},{"speaker":"Alan Smith","startTime":1616.56,"endTime":1620.04,"body":"working for us. I'm here to"},{"speaker":"Alan Smith","startTime":1620.04,"endTime":1623.85,"body":"share some of my journey, some"},{"speaker":"Alan Smith","startTime":1620.04,"endTime":1623.85,"body":"of our experiences. But not to"},{"speaker":"Alan Smith","startTime":1623.85,"endTime":1626.61,"body":"say that my way is better than"},{"speaker":"Alan Smith","startTime":1623.85,"endTime":1626.61,"body":"everyone else's way is here for"},{"speaker":"Alan Smith","startTime":1626.61,"endTime":1630.9599999999998,"body":"an open discussion, an open"},{"speaker":"Alan Smith","startTime":1626.61,"endTime":1630.9599999999998,"body":"debate. So let me take you back"},{"speaker":"Alan Smith","startTime":1630.9599999999998,"endTime":1634.4399999999998,"body":"in time, some years ago, seven"},{"speaker":"Alan Smith","startTime":1630.9599999999998,"endTime":1634.4399999999998,"body":"years ago."},{"speaker":"Unknown","startTime":1638.1899999999998,"endTime":1643.02,"body":"Grab yourself a drink,"},{"speaker":"Unknown","startTime":1638.1899999999998,"endTime":1643.02,"body":"a very long drink. It's story"},{"speaker":"Unknown","startTime":1643.02,"endTime":1645.36,"body":"time with Ellen Smith."},{"speaker":"Alan Smith","startTime":1649.1399999999999,"endTime":1651.78,"body":"You thank you the"},{"speaker":"Alan Smith","startTime":1649.1399999999999,"endTime":1651.78,"body":"origin story of this. In fact, I"},{"speaker":"Alan Smith","startTime":1651.78,"endTime":1654.4799999999998,"body":"can go back to the beginning of"},{"speaker":"Alan Smith","startTime":1651.78,"endTime":1654.4799999999998,"body":"when we started in business. So"},{"speaker":"Alan Smith","startTime":1655.4399999999998,"endTime":1659.61,"body":"when pretty much every aspect of"},{"speaker":"Alan Smith","startTime":1655.4399999999998,"endTime":1659.61,"body":"the business, which is capital,"},{"speaker":"Alan Smith","startTime":1659.61,"endTime":1662.58,"body":"asset management has evolved and"},{"speaker":"Alan Smith","startTime":1659.61,"endTime":1662.58,"body":"has changed over the years when"},{"speaker":"Alan Smith","startTime":1662.58,"endTime":1665.7299999999998,"body":"we got started. Our investment"},{"speaker":"Alan Smith","startTime":1662.58,"endTime":1665.7299999999998,"body":"proposition was largely an"},{"speaker":"Alan Smith","startTime":1665.7299999999998,"endTime":1668.58,"body":"active management investing"},{"speaker":"Alan Smith","startTime":1665.7299999999998,"endTime":1668.58,"body":"investment proposition, we did"},{"speaker":"Alan Smith","startTime":1668.9399999999998,"endTime":1671.7299999999998,"body":"little or nothing in the way of"},{"speaker":"Alan Smith","startTime":1668.9399999999998,"endTime":1671.7299999999998,"body":"what are called traditional"},{"speaker":"Alan Smith","startTime":1671.82,"endTime":1674.85,"body":"financial planning and cash flow"},{"speaker":"Alan Smith","startTime":1671.82,"endTime":1674.85,"body":"modeling. Because I don't think"},{"speaker":"Alan Smith","startTime":1674.85,"endTime":1677.8799999999999,"body":"those tools really existed. We"},{"speaker":"Alan Smith","startTime":1674.85,"endTime":1677.8799999999999,"body":"didn't really understand it"},{"speaker":"Alan Smith","startTime":1677.8799999999999,"endTime":1680.1299999999999,"body":"never heard of the like the"},{"speaker":"Alan Smith","startTime":1677.8799999999999,"endTime":1680.1299999999999,"body":"likes, you know, conversations"},{"speaker":"Alan Smith","startTime":1680.1299999999999,"endTime":1683.1299999999999,"body":"like behavioral coaching,"},{"speaker":"Alan Smith","startTime":1680.1299999999999,"endTime":1683.1299999999999,"body":"behavioral finance, and all that"},{"speaker":"Alan Smith","startTime":1683.1299999999999,"endTime":1686.1,"body":"sort of stuff. So we're very"},{"speaker":"Alan Smith","startTime":1683.1299999999999,"endTime":1686.1,"body":"traditional IFA, every one of"},{"speaker":"Alan Smith","startTime":1686.1,"endTime":1689.4299999999998,"body":"those aspects has changed. It"},{"speaker":"Alan Smith","startTime":1686.1,"endTime":1689.4299999999998,"body":"has evolved, as we've learned,"},{"speaker":"Alan Smith","startTime":1689.4299999999998,"endTime":1691.9199999999998,"body":"I've got a bunch of really"},{"speaker":"Alan Smith","startTime":1689.4299999999998,"endTime":1691.9199999999998,"body":"smart, thoughtful colleagues"},{"speaker":"Alan Smith","startTime":1691.9199999999998,"endTime":1694.26,"body":"here, most of whom have been"},{"speaker":"Alan Smith","startTime":1691.9199999999998,"endTime":1694.26,"body":"with me for many, many years."},{"speaker":"Alan Smith","startTime":1694.56,"endTime":1697.9499999999998,"body":"And we are forever challenging"},{"speaker":"Alan Smith","startTime":1694.56,"endTime":1697.9499999999998,"body":"the status quo. We're forever"},{"speaker":"Alan Smith","startTime":1697.9499999999998,"endTime":1701.2199999999998,"body":"looking at how we do things, and"},{"speaker":"Alan Smith","startTime":1697.9499999999998,"endTime":1701.2199999999998,"body":"wondering and asking ourselves,"},{"speaker":"Alan Smith","startTime":1701.25,"endTime":1703.4099999999999,"body":"Are there better ways of doing"},{"speaker":"Alan Smith","startTime":1701.25,"endTime":1703.4099999999999,"body":"things and every one of those,"},{"speaker":"Alan Smith","startTime":1703.4099999999999,"endTime":1706.08,"body":"as I say, from investment to"},{"speaker":"Alan Smith","startTime":1703.4099999999999,"endTime":1706.08,"body":"financial planning to behavioral"},{"speaker":"Alan Smith","startTime":1706.08,"endTime":1708.2099999999998,"body":"coaching, every one of those"},{"speaker":"Alan Smith","startTime":1706.08,"endTime":1708.2099999999998,"body":"we've evolved and changed. And I"},{"speaker":"Alan Smith","startTime":1708.2099999999998,"endTime":1711.54,"body":"think what we offer now is"},{"speaker":"Alan Smith","startTime":1708.2099999999998,"endTime":1711.54,"body":"significantly better than what"},{"speaker":"Alan Smith","startTime":1711.54,"endTime":1717.06,"body":"we offered, you know, 1015 years"},{"speaker":"Alan Smith","startTime":1711.54,"endTime":1717.06,"body":"ago. There's was one aspect that"},{"speaker":"Alan Smith","startTime":1717.06,"endTime":1720.1799999999998,"body":"hadn't changed until a few years"},{"speaker":"Alan Smith","startTime":1717.06,"endTime":1720.1799999999998,"body":"ago. And that is the structure"},{"speaker":"Alan Smith","startTime":1720.1799999999998,"endTime":1722.4599999999998,"body":"and the way that we charge"},{"speaker":"Alan Smith","startTime":1720.1799999999998,"endTime":1722.4599999999998,"body":"professional fees for our"},{"speaker":"Alan Smith","startTime":1722.4599999999998,"endTime":1726.06,"body":"services. As we know, this"},{"speaker":"Alan Smith","startTime":1722.4599999999998,"endTime":1726.06,"body":"industry was was born and"},{"speaker":"Alan Smith","startTime":1726.06,"endTime":1731.2199999999998,"body":"brought up on a percentage of"},{"speaker":"Alan Smith","startTime":1726.06,"endTime":1731.2199999999998,"body":"assets or AUM model, we go back,"},{"speaker":"Alan Smith","startTime":1731.2199999999998,"endTime":1734.4899999999998,"body":"I'm old enough to know that when"},{"speaker":"Alan Smith","startTime":1731.2199999999998,"endTime":1734.4899999999998,"body":"you when we're used to recommend"},{"speaker":"Alan Smith","startTime":1734.61,"endTime":1739.02,"body":"products, and and unit trusts"},{"speaker":"Alan Smith","startTime":1734.61,"endTime":1739.02,"body":"and things, the manufacturer of"},{"speaker":"Alan Smith","startTime":1739.02,"endTime":1741.4799999999998,"body":"the product were the ones who"},{"speaker":"Alan Smith","startTime":1739.02,"endTime":1741.4799999999998,"body":"dictated how you got paid. And"},{"speaker":"Alan Smith","startTime":1741.4799999999998,"endTime":1744.06,"body":"they all they generally"},{"speaker":"Alan Smith","startTime":1741.4799999999998,"endTime":1744.06,"body":"defaulted to a percentage of"},{"speaker":"Alan Smith","startTime":1744.06,"endTime":1750.33,"body":"assets basis, and they told you"},{"speaker":"Alan Smith","startTime":1744.06,"endTime":1750.33,"body":"how much they'd pay. And so that"},{"speaker":"Alan Smith","startTime":1750.33,"endTime":1753.78,"body":"was that became the default"},{"speaker":"Alan Smith","startTime":1750.33,"endTime":1753.78,"body":"approach, then, retail"},{"speaker":"Alan Smith","startTime":1753.78,"endTime":1758.1,"body":"distribution review came along"},{"speaker":"Alan Smith","startTime":1753.78,"endTime":1758.1,"body":"in 2012. And traditional"},{"speaker":"Alan Smith","startTime":1758.1,"endTime":1761.07,"body":"Commission's and having product"},{"speaker":"Alan Smith","startTime":1758.1,"endTime":1761.07,"body":"providers manufacturers tell you"},{"speaker":"Alan Smith","startTime":1761.1,"endTime":1763.3799999999999,"body":"what you're going to get paid"},{"speaker":"Alan Smith","startTime":1761.1,"endTime":1763.3799999999999,"body":"that went out of the window, and"},{"speaker":"Alan Smith","startTime":1763.3799999999999,"endTime":1766.11,"body":"it moved across to a fee and a"},{"speaker":"Alan Smith","startTime":1763.3799999999999,"endTime":1766.11,"body":"put fee in inverted commas."},{"speaker":"Alan Smith","startTime":1766.9499999999998,"endTime":1771.9899999999998,"body":"basis in as much as you are now"},{"speaker":"Alan Smith","startTime":1766.9499999999998,"endTime":1771.9899999999998,"body":"as the advisor, you had the"},{"speaker":"Alan Smith","startTime":1771.9899999999998,"endTime":1775.1999999999998,"body":"ability to agree your fee with"},{"speaker":"Alan Smith","startTime":1771.9899999999998,"endTime":1775.1999999999998,"body":"the client. And yes, you can"},{"speaker":"Alan Smith","startTime":1775.1999999999998,"endTime":1777.4799999999998,"body":"still collect it from the"},{"speaker":"Alan Smith","startTime":1775.1999999999998,"endTime":1777.4799999999998,"body":"investment accounts. But it's up"},{"speaker":"Alan Smith","startTime":1777.4799999999998,"endTime":1780.6899999999998,"body":"to you and not a third party,"},{"speaker":"Alan Smith","startTime":1777.4799999999998,"endTime":1780.6899999999998,"body":"not the product provider to tell"},{"speaker":"Alan Smith","startTime":1780.6899999999998,"endTime":1784.56,"body":"you. But a lot of the evidence"},{"speaker":"Alan Smith","startTime":1780.6899999999998,"endTime":1784.56,"body":"would would point to the fact"},{"speaker":"Alan Smith","startTime":1784.56,"endTime":1787.26,"body":"almost everyone just carried on"},{"speaker":"Alan Smith","startTime":1784.56,"endTime":1787.26,"body":"charging the same way as they"},{"speaker":"Alan Smith","startTime":1787.26,"endTime":1791.25,"body":"were charging before. And the"},{"speaker":"Alan Smith","startTime":1787.26,"endTime":1791.25,"body":"traditional 3% initial"},{"speaker":"Alan Smith","startTime":1791.25,"endTime":1796.83,"body":"commission became 3% initial"},{"speaker":"Alan Smith","startTime":1791.25,"endTime":1796.83,"body":"fee, the ongoing half percent,"},{"speaker":"Alan Smith","startTime":1797.52,"endTime":1802.1699999999998,"body":"trail commission became"},{"speaker":"Alan Smith","startTime":1797.52,"endTime":1802.1699999999998,"body":"traditionally 1% ongoing trail"},{"speaker":"Alan Smith","startTime":1802.1999999999998,"endTime":1806.79,"body":"fee. And so there wasn't much"},{"speaker":"Alan Smith","startTime":1802.1999999999998,"endTime":1806.79,"body":"change. So seven coming off or"},{"speaker":"Alan Smith","startTime":1806.79,"endTime":1810.4799999999998,"body":"seven years ago, it's part of"},{"speaker":"Alan Smith","startTime":1806.79,"endTime":1810.4799999999998,"body":"our continual process to review"},{"speaker":"Alan Smith","startTime":1810.4799999999998,"endTime":1813.78,"body":"and analyze, and kind of"},{"speaker":"Alan Smith","startTime":1810.4799999999998,"endTime":1813.78,"body":"challenged the way that we think"},{"speaker":"Alan Smith","startTime":1813.78,"endTime":1816.09,"body":"and our company myself and"},{"speaker":"Alan Smith","startTime":1813.78,"endTime":1816.09,"body":"colleagues got together we had"},{"speaker":"Alan Smith","startTime":1816.09,"endTime":1819.33,"body":"an ad and off site. And we"},{"speaker":"Alan Smith","startTime":1816.09,"endTime":1819.33,"body":"kicked this around for the best"},{"speaker":"Alan Smith","startTime":1819.33,"endTime":1821.9099999999999,"body":"part of a day working out what"},{"speaker":"Alan Smith","startTime":1819.33,"endTime":1821.9099999999999,"body":"the best way was to charge for"},{"speaker":"Alan Smith","startTime":1821.9099999999999,"endTime":1824.7299999999998,"body":"professional services. Because"},{"speaker":"Alan Smith","startTime":1821.9099999999999,"endTime":1824.7299999999998,"body":"what we had realized by this"},{"speaker":"Alan Smith","startTime":1824.7299999999998,"endTime":1827.4599999999998,"body":"point, I don't think this is"},{"speaker":"Alan Smith","startTime":1824.7299999999998,"endTime":1827.4599999999998,"body":"really up for dispute, is the"},{"speaker":"Alan Smith","startTime":1827.4599999999998,"endTime":1830.4299999999998,"body":"vast majority of the value that"},{"speaker":"Alan Smith","startTime":1827.4599999999998,"endTime":1830.4299999999998,"body":"we deliver to clients was in the"},{"speaker":"Alan Smith","startTime":1830.4299999999998,"endTime":1832.9799999999998,"body":"planning. It wasn't the"},{"speaker":"Alan Smith","startTime":1830.4299999999998,"endTime":1832.9799999999998,"body":"investment management, I was"},{"speaker":"Alan Smith","startTime":1832.9799999999998,"endTime":1836.31,"body":"standby. And so our investment"},{"speaker":"Alan Smith","startTime":1832.9799999999998,"endTime":1836.31,"body":"proposition is world class is up"},{"speaker":"Alan Smith","startTime":1836.31,"endTime":1839.3999999999999,"body":"there with the best that I've"},{"speaker":"Alan Smith","startTime":1836.31,"endTime":1839.3999999999999,"body":"ever seen out there. But it's"},{"speaker":"Alan Smith","startTime":1839.3999999999999,"endTime":1842.8799999999999,"body":"not the be all and end all it's"},{"speaker":"Alan Smith","startTime":1839.3999999999999,"endTime":1842.8799999999999,"body":"not where our real true value"},{"speaker":"Alan Smith","startTime":1842.9099999999999,"endTime":1846.7199999999998,"body":"is. So therefore we were we were"},{"speaker":"Alan Smith","startTime":1842.9099999999999,"endTime":1846.7199999999998,"body":"we were challenging ourselves if"},{"speaker":"Alan Smith","startTime":1846.7199999999998,"endTime":1850.9199999999998,"body":"that is the case, if our real"},{"speaker":"Alan Smith","startTime":1846.7199999999998,"endTime":1850.9199999999998,"body":"value is in thoughtful planning,"},{"speaker":"Alan Smith","startTime":1850.9499999999998,"endTime":1854.55,"body":"structuring project management,"},{"speaker":"Alan Smith","startTime":1850.9499999999998,"endTime":1854.55,"body":"ongoing coaching all that stuff."},{"speaker":"Alan Smith","startTime":1854.79,"endTime":1860.04,"body":"Why on earth are we tying our"},{"speaker":"Alan Smith","startTime":1854.79,"endTime":1860.04,"body":"professional fee structure to"},{"speaker":"Alan Smith","startTime":1860.07,"endTime":1862.86,"body":"the value of the clients retail"},{"speaker":"Alan Smith","startTime":1860.07,"endTime":1862.86,"body":"investment products they have"},{"speaker":"Alan Smith","startTime":1862.86,"endTime":1865.7399999999998,"body":"managed by us? There's a"},{"speaker":"Alan Smith","startTime":1862.86,"endTime":1865.7399999999998,"body":"disconnect. There's a massive"},{"speaker":"Alan Smith","startTime":1865.7399999999998,"endTime":1870.4199999999998,"body":"disconnect. There was there was"},{"speaker":"Alan Smith","startTime":1865.7399999999998,"endTime":1870.4199999999998,"body":"four four key points before we"},{"speaker":"Alan Smith","startTime":1870.4199999999998,"endTime":1873.03,"body":"distilled it down to four key"},{"speaker":"Alan Smith","startTime":1870.4199999999998,"endTime":1873.03,"body":"headings which were cross"},{"speaker":"Alan Smith","startTime":1873.03,"endTime":1876.4799999999998,"body":"subsidy. The larger clients pay"},{"speaker":"Alan Smith","startTime":1873.03,"endTime":1876.4799999999998,"body":"it just disparate notional"},{"speaker":"Alan Smith","startTime":1876.4799999999998,"endTime":1879.8999999999999,"body":"amount of fees compared to the"},{"speaker":"Alan Smith","startTime":1876.4799999999998,"endTime":1879.8999999999999,"body":"smaller clients, therefore, it's"},{"speaker":"Alan Smith","startTime":1879.8999999999999,"endTime":1882.75,"body":"a cross subsidy that exists for"},{"speaker":"Alan Smith","startTime":1879.8999999999999,"endTime":1882.75,"body":"clients got a million pounds of"},{"speaker":"Alan Smith","startTime":1882.75,"endTime":1885.8999999999999,"body":"assets. Theoretically, he's"},{"speaker":"Alan Smith","startTime":1882.75,"endTime":1885.8999999999999,"body":"paying 10 times more than the"},{"speaker":"Alan Smith","startTime":1885.8999999999999,"endTime":1888.9899999999998,"body":"client with 100,000 pounds of"},{"speaker":"Alan Smith","startTime":1885.8999999999999,"endTime":1888.9899999999998,"body":"assets, albeit that can be"},{"speaker":"Alan Smith","startTime":1888.9899999999998,"endTime":1892.6499999999999,"body":"discounted based on size."},{"speaker":"Alan Smith","startTime":1888.9899999999998,"endTime":1892.6499999999999,"body":"There's also the contingent"},{"speaker":"Alan Smith","startTime":1892.6499999999999,"endTime":1896.76,"body":"nature in order for you to get"},{"speaker":"Alan Smith","startTime":1892.6499999999999,"endTime":1896.76,"body":"paid anything, the client has to"},{"speaker":"Alan Smith","startTime":1896.76,"endTime":1900.03,"body":"invest money with you. Whereas"},{"speaker":"Alan Smith","startTime":1896.76,"endTime":1900.03,"body":"sometimes the best advice is to"},{"speaker":"Alan Smith","startTime":1900.03,"endTime":1903.3899999999999,"body":"pay down debt is to help your"},{"speaker":"Alan Smith","startTime":1900.03,"endTime":1903.3899999999999,"body":"children is to is to do"},{"speaker":"Alan Smith","startTime":1903.3899999999999,"endTime":1907.62,"body":"something else, not necessarily"},{"speaker":"Alan Smith","startTime":1903.3899999999999,"endTime":1907.62,"body":"invest more money. There's also"},{"speaker":"Alan Smith","startTime":1907.62,"endTime":1910.6799999999998,"body":"the cost, the compounding effect"},{"speaker":"Alan Smith","startTime":1907.62,"endTime":1910.6799999999998,"body":"of cost, a percentage of assets"},{"speaker":"Alan Smith","startTime":1910.6799999999998,"endTime":1915.3,"body":"model, which increases in line"},{"speaker":"Alan Smith","startTime":1910.6799999999998,"endTime":1915.3,"body":"with long term market returns is"},{"speaker":"Alan Smith","startTime":1915.33,"endTime":1918.06,"body":"costly, or we talked before"},{"speaker":"Alan Smith","startTime":1915.33,"endTime":1918.06,"body":"about having multi decade"},{"speaker":"Alan Smith","startTime":1918.06,"endTime":1922.77,"body":"investment programs, paying 1% a"},{"speaker":"Alan Smith","startTime":1918.06,"endTime":1922.77,"body":"year for 30 years is actually"},{"speaker":"Alan Smith","startTime":1922.77,"endTime":1926.4299999999998,"body":"pretty costly when you look at"},{"speaker":"Alan Smith","startTime":1922.77,"endTime":1926.4299999999998,"body":"the compounding effect. And last"},{"speaker":"Alan Smith","startTime":1926.4299999999998,"endTime":1928.77,"body":"but not least a conflict of"},{"speaker":"Alan Smith","startTime":1926.4299999999998,"endTime":1928.77,"body":"interest that exists, there is"},{"speaker":"Alan Smith","startTime":1928.77,"endTime":1931.1399999999999,"body":"an there's an inherent conflict"},{"speaker":"Alan Smith","startTime":1928.77,"endTime":1931.1399999999999,"body":"of interest, if the only way I"},{"speaker":"Alan Smith","startTime":1931.1399999999999,"endTime":1935.8799999999999,"body":"can get paid is by taking a"},{"speaker":"Alan Smith","startTime":1931.1399999999999,"endTime":1935.8799999999999,"body":"percentage of the investment"},{"speaker":"Alan Smith","startTime":1935.8799999999999,"endTime":1940.4099999999999,"body":"funds that you give to me. I"},{"speaker":"Alan Smith","startTime":1935.8799999999999,"endTime":1940.4099999999999,"body":"mean, I would say most, the vast"},{"speaker":"Alan Smith","startTime":1940.4099999999999,"endTime":1943.08,"body":"majority of financial advisors"},{"speaker":"Alan Smith","startTime":1940.4099999999999,"endTime":1943.08,"body":"are good, honest and ethical."},{"speaker":"Alan Smith","startTime":1943.11,"endTime":1945.4199999999998,"body":"And they wouldn't be influenced"},{"speaker":"Alan Smith","startTime":1943.11,"endTime":1945.4199999999998,"body":"by this. But the client thinks"},{"speaker":"Alan Smith","startTime":1945.4199999999998,"endTime":1949.4099999999999,"body":"for a second that your advice is"},{"speaker":"Alan Smith","startTime":1945.4199999999998,"endTime":1949.4099999999999,"body":"likely to be conflicted. That's"},{"speaker":"Alan Smith","startTime":1949.4099999999999,"endTime":1952.2299999999998,"body":"an issue. And the last point I'm"},{"speaker":"Alan Smith","startTime":1949.4099999999999,"endTime":1952.2299999999998,"body":"going to say is there's two huge"},{"speaker":"Alan Smith","startTime":1952.2299999999998,"endTime":1954.78,"body":"markets that you're missing out"},{"speaker":"Alan Smith","startTime":1952.2299999999998,"endTime":1954.78,"body":"on charging a percentage of"},{"speaker":"Alan Smith","startTime":1954.78,"endTime":1958.8,"body":"assets basis. One is younger,"},{"speaker":"Alan Smith","startTime":1954.78,"endTime":1958.8,"body":"younger people who've got little"},{"speaker":"Alan Smith","startTime":1958.8,"endTime":1963.36,"body":"or no assets, but they're sort"},{"speaker":"Alan Smith","startTime":1958.8,"endTime":1963.36,"body":"of fast moving sort of career"},{"speaker":"Alan Smith","startTime":1963.36,"endTime":1967.53,"body":"oriented, young professionals or"},{"speaker":"Alan Smith","startTime":1963.36,"endTime":1967.53,"body":"business owners. And the other"},{"speaker":"Alan Smith","startTime":1967.53,"endTime":1972.2399999999998,"body":"one is the entire the business"},{"speaker":"Alan Smith","startTime":1967.53,"endTime":1972.2399999999998,"body":"owner market itself. We all say"},{"speaker":"Alan Smith","startTime":1972.27,"endTime":1975.6299999999999,"body":"that, you know, clients who are"},{"speaker":"Alan Smith","startTime":1972.27,"endTime":1975.6299999999999,"body":"business owners to own a limited"},{"speaker":"Alan Smith","startTime":1975.6299999999999,"endTime":1978.36,"body":"company, husbands a wife, or"},{"speaker":"Alan Smith","startTime":1975.6299999999999,"endTime":1978.36,"body":"whatever, the great ideal"},{"speaker":"Alan Smith","startTime":1978.36,"endTime":1982.29,"body":"prospects for us to work with,"},{"speaker":"Alan Smith","startTime":1978.36,"endTime":1982.29,"body":"the majority of them got most of"},{"speaker":"Alan Smith","startTime":1982.29,"endTime":1984.54,"body":"their wealth tied up in the"},{"speaker":"Alan Smith","startTime":1982.29,"endTime":1984.54,"body":"value of their business and"},{"speaker":"Alan Smith","startTime":1984.54,"endTime":1987.33,"body":"maybe their property. So we're"},{"speaker":"Alan Smith","startTime":1984.54,"endTime":1987.33,"body":"missing out if we if we're"},{"speaker":"Alan Smith","startTime":1987.33,"endTime":1989.61,"body":"charged, still charging"},{"speaker":"Alan Smith","startTime":1987.33,"endTime":1989.61,"body":"percentage of assets, pieces"},{"speaker":"Alan Smith","startTime":1989.79,"endTime":1993.2099999999998,"body":"that we're potentially missing"},{"speaker":"Alan Smith","startTime":1989.79,"endTime":1993.2099999999998,"body":"out on a huge market. So nearly"},{"speaker":"Alan Smith","startTime":1993.2099999999998,"endTime":1996.51,"body":"seven years ago, we pretty much"},{"speaker":"Alan Smith","startTime":1993.2099999999998,"endTime":1996.51,"body":"overnight change. And we moved"},{"speaker":"Alan Smith","startTime":1996.51,"endTime":2002.0,"body":"our fee structure from a"},{"speaker":"Alan Smith","startTime":1996.51,"endTime":2002.0,"body":"percentage of assets basis to"},{"speaker":"Alan Smith","startTime":2002.09,"endTime":2004.9699999999998,"body":"effectively a retainer, or"},{"speaker":"Alan Smith","startTime":2002.09,"endTime":2004.9699999999998,"body":"subscription, a monthly paid"},{"speaker":"Alan Smith","startTime":2004.9699999999998,"endTime":2010.4299999999998,"body":"subscription model, which is"},{"speaker":"Alan Smith","startTime":2004.9699999999998,"endTime":2010.4299999999998,"body":"predicated on value. There's a"},{"speaker":"Alan Smith","startTime":2010.4299999999998,"endTime":2012.7399999999998,"body":"number of other factors beat"},{"speaker":"Alan Smith","startTime":2010.4299999999998,"endTime":2012.7399999999998,"body":"based into it. But effectively,"},{"speaker":"Alan Smith","startTime":2012.7399999999998,"endTime":2016.01,"body":"it's a value based subscription"},{"speaker":"Alan Smith","startTime":2012.7399999999998,"endTime":2016.01,"body":"model, which we think works"},{"speaker":"Alan Smith","startTime":2016.04,"endTime":2018.26,"body":"really well. And We have"},{"speaker":"Alan Smith","startTime":2016.04,"endTime":2018.26,"body":"certainly picked up a number of"},{"speaker":"Alan Smith","startTime":2018.26,"endTime":2022.4899999999998,"body":"very great clients because they"},{"speaker":"Alan Smith","startTime":2018.26,"endTime":2022.4899999999998,"body":"prefer this model to what they"},{"speaker":"Alan Smith","startTime":2022.4899999999998,"endTime":2025.4599999999998,"body":"perceive as being a rather more"},{"speaker":"Alan Smith","startTime":2022.4899999999998,"endTime":2025.4599999999998,"body":"conflicted model than the rest"},{"speaker":"Alan Smith","startTime":2025.52,"endTime":2030.3799999999999,"body":"of the sector chooses. That"},{"speaker":"Alan Smith","startTime":2025.52,"endTime":2030.3799999999999,"body":"gentleman, is enough for me for"},{"speaker":"Alan Smith","startTime":2030.3799999999999,"endTime":2035.1799999999998,"body":"the time being, I will put my"},{"speaker":"Alan Smith","startTime":2030.3799999999999,"endTime":2035.1799999999998,"body":"hard hat on and standby for your"},{"speaker":"Alan Smith","startTime":2035.1799999999998,"endTime":2038.78,"body":"comments. And uh, you're going"},{"speaker":"Alan Smith","startTime":2035.1799999999998,"endTime":2038.78,"body":"to, I think leadoff case for the"},{"speaker":"Alan Smith","startTime":2038.78,"endTime":2040.52,"body":"defense. Go on."},{"speaker":"Andy Hart","startTime":2040.7299999999998,"endTime":2043.07,"body":"That was brilliant."},{"speaker":"Andy Hart","startTime":2040.7299999999998,"endTime":2043.07,"body":"Alan, you brought up loads of"},{"speaker":"Andy Hart","startTime":2043.1299999999999,"endTime":2046.07,"body":"really useful points. Thanks for"},{"speaker":"Andy Hart","startTime":2043.1299999999999,"endTime":2046.07,"body":"that. We could talk about this"},{"speaker":"Andy Hart","startTime":2046.07,"endTime":2049.1,"body":"all day. So we're going to try"},{"speaker":"Andy Hart","startTime":2046.07,"endTime":2049.1,"body":"and just chip in and say a few"},{"speaker":"Andy Hart","startTime":2049.1,"endTime":2053.54,"body":"points. The bulk of financial"},{"speaker":"Andy Hart","startTime":2049.1,"endTime":2053.54,"body":"advisors still charge on an AUM"},{"speaker":"Andy Hart","startTime":2053.54,"endTime":2055.94,"body":"basis. I'm not saying that's"},{"speaker":"Andy Hart","startTime":2053.54,"endTime":2055.94,"body":"right or wrong, we can come back"},{"speaker":"Andy Hart","startTime":2055.94,"endTime":2059.12,"body":"to that in a minute. I do know a"},{"speaker":"Andy Hart","startTime":2055.94,"endTime":2059.12,"body":"lot of advisors that have been"},{"speaker":"Andy Hart","startTime":2059.12,"endTime":2063.23,"body":"diehard and very vocal about"},{"speaker":"Andy Hart","startTime":2059.12,"endTime":2063.23,"body":"subscription charging, and then"},{"speaker":"Andy Hart","startTime":2063.23,"endTime":2067.58,"body":"have backtracked over the years."},{"speaker":"Andy Hart","startTime":2063.23,"endTime":2067.58,"body":"There's a very famous company"},{"speaker":"Andy Hart","startTime":2067.58,"endTime":2072.05,"body":"that is the name of tuna fish,"},{"speaker":"Andy Hart","startTime":2067.58,"endTime":2072.05,"body":"who was very vocal about this."},{"speaker":"Andy Hart","startTime":2072.05,"endTime":2075.08,"body":"And there's a few other people"},{"speaker":"Andy Hart","startTime":2072.05,"endTime":2075.08,"body":"that we know as well. You know,"},{"speaker":"Andy Hart","startTime":2075.08,"endTime":2079.67,"body":"Aum fee charging is the worst"},{"speaker":"Andy Hart","startTime":2075.08,"endTime":2079.67,"body":"form of client charging, except"},{"speaker":"Andy Hart","startTime":2079.67,"endTime":2084.17,"body":"for all the others, in my"},{"speaker":"Andy Hart","startTime":2079.67,"endTime":2084.17,"body":"opinion. Also, I'm six years"},{"speaker":"Andy Hart","startTime":2084.17,"endTime":2090.2,"body":"into running Maven advisor. I'm"},{"speaker":"Andy Hart","startTime":2084.17,"endTime":2090.2,"body":"on version 23 of my fee, client"},{"speaker":"Andy Hart","startTime":2090.2,"endTime":2094.04,"body":"agreement, which is also quite"},{"speaker":"Andy Hart","startTime":2090.2,"endTime":2094.04,"body":"interesting. I think this debate"},{"speaker":"Andy Hart","startTime":2094.04,"endTime":2098.6,"body":"as well, sometimes tries to"},{"speaker":"Andy Hart","startTime":2094.04,"endTime":2098.6,"body":"focus on it, you know, the"},{"speaker":"Andy Hart","startTime":2098.6,"endTime":2102.11,"body":"misconception is the charging"},{"speaker":"Andy Hart","startTime":2098.6,"endTime":2102.11,"body":"structure is where the integrity"},{"speaker":"Andy Hart","startTime":2102.11,"endTime":2105.44,"body":"is. Whereas I don't think that's"},{"speaker":"Andy Hart","startTime":2102.11,"endTime":2105.44,"body":"the case. I think the integrity"},{"speaker":"Andy Hart","startTime":2105.44,"endTime":2108.41,"body":"is with the firm and the"},{"speaker":"Andy Hart","startTime":2105.44,"endTime":2108.41,"body":"advisor. You know, I could show"},{"speaker":"Andy Hart","startTime":2108.41,"endTime":2112.4,"body":"you a subscription charging"},{"speaker":"Andy Hart","startTime":2108.41,"endTime":2112.4,"body":"crook, you know, in an AUM"},{"speaker":"Andy Hart","startTime":2112.43,"endTime":2116.81,"body":"financial planning, God, yeah,"},{"speaker":"Andy Hart","startTime":2112.43,"endTime":2116.81,"body":"as such. So it's the person in"},{"speaker":"Andy Hart","startTime":2116.81,"endTime":2119.75,"body":"the integrity, I do get the"},{"speaker":"Andy Hart","startTime":2116.81,"endTime":2119.75,"body":"conflict of interest. It's an"},{"speaker":"Andy Hart","startTime":2119.75,"endTime":2122.51,"body":"allocation of capital question."},{"speaker":"Andy Hart","startTime":2119.75,"endTime":2122.51,"body":"If I've got a client that says,"},{"speaker":"Andy Hart","startTime":2122.75,"endTime":2125.9,"body":"I've got 100,000 pounds, do I"},{"speaker":"Andy Hart","startTime":2122.75,"endTime":2125.9,"body":"pay my mortgage off by holiday"},{"speaker":"Andy Hart","startTime":2125.9,"endTime":2129.29,"body":"home in Spain? If I have low"},{"speaker":"Andy Hart","startTime":2125.9,"endTime":2129.29,"body":"integrity, I will say, Oh, no,"},{"speaker":"Andy Hart","startTime":2129.29,"endTime":2131.0,"body":"of course not. That'd be a"},{"speaker":"Andy Hart","startTime":2129.29,"endTime":2131.0,"body":"ridiculous thing to do with your"},{"speaker":"Andy Hart","startTime":2131.0,"endTime":2134.42,"body":"money, you should definitely add"},{"speaker":"Andy Hart","startTime":2131.0,"endTime":2134.42,"body":"this to your investment"},{"speaker":"Andy Hart","startTime":2134.42,"endTime":2137.12,"body":"portfolio with me then"},{"speaker":"Andy Hart","startTime":2134.42,"endTime":2137.12,"body":"therefore, my greedy fee"},{"speaker":"Andy Hart","startTime":2137.15,"endTime":2141.0499999999997,"body":"increases. Whereas, as you say,"},{"speaker":"Andy Hart","startTime":2137.15,"endTime":2141.0499999999997,"body":"it's the integrity of the person"},{"speaker":"Andy Hart","startTime":2141.0499999999997,"endTime":2145.7,"body":"not you know, the the fee"},{"speaker":"Andy Hart","startTime":2141.0499999999997,"endTime":2145.7,"body":"charging structure. There's a"},{"speaker":"Andy Hart","startTime":2145.7,"endTime":2149.0299999999997,"body":"couple of pros for the Aum"},{"speaker":"Andy Hart","startTime":2145.7,"endTime":2149.0299999999997,"body":"model, you know, it's seamless,"},{"speaker":"Andy Hart","startTime":2149.0299999999997,"endTime":2154.46,"body":"it's quite easy to understand."},{"speaker":"Andy Hart","startTime":2149.0299999999997,"endTime":2154.46,"body":"It's all taken, you know, you do"},{"speaker":"Andy Hart","startTime":2154.6099999999997,"endTime":2157.79,"body":"you are sort of in this"},{"speaker":"Andy Hart","startTime":2154.6099999999997,"endTime":2157.79,"body":"together, you know, the more"},{"speaker":"Andy Hart","startTime":2157.79,"endTime":2159.92,"body":"wealth I look after you and the"},{"speaker":"Andy Hart","startTime":2157.79,"endTime":2159.92,"body":"more wealth I grow in a"},{"speaker":"Andy Hart","startTime":2159.92,"endTime":2164.69,"body":"controlled way, you know, my fee"},{"speaker":"Andy Hart","startTime":2159.92,"endTime":2164.69,"body":"will be commensurate for that."},{"speaker":"Andy Hart","startTime":2164.93,"endTime":2167.24,"body":"And obviously, if there's the"},{"speaker":"Andy Hart","startTime":2164.93,"endTime":2167.24,"body":"declines in the market that are"},{"speaker":"Andy Hart","startTime":2167.24,"endTime":2170.5699999999997,"body":"outside of our control, again,"},{"speaker":"Andy Hart","startTime":2167.24,"endTime":2170.5699999999997,"body":"I'll take a hit on the fee."},{"speaker":"Andy Hart","startTime":2171.38,"endTime":2174.74,"body":"There's lots and lots and lots"},{"speaker":"Andy Hart","startTime":2171.38,"endTime":2174.74,"body":"of things to discuss about this."},{"speaker":"Andy Hart","startTime":2174.95,"endTime":2177.71,"body":"Also a lot of these subs"},{"speaker":"Andy Hart","startTime":2174.95,"endTime":2177.71,"body":"scription fees they are, in my"},{"speaker":"Andy Hart","startTime":2177.71,"endTime":2182.0899999999997,"body":"opinion, they are disguised aum."},{"speaker":"Andy Hart","startTime":2177.71,"endTime":2182.0899999999997,"body":"So for example, if let's say I"},{"speaker":"Andy Hart","startTime":2182.0899999999997,"endTime":2184.73,"body":"have a client where I say I'm"},{"speaker":"Andy Hart","startTime":2182.0899999999997,"endTime":2184.73,"body":"going to charge you 25 grand,"},{"speaker":"Andy Hart","startTime":2184.73,"endTime":2187.6099999999997,"body":"you've got a few quid, you're"},{"speaker":"Andy Hart","startTime":2184.73,"endTime":2187.6099999999997,"body":"worth 10 million pounds, I'm"},{"speaker":"Andy Hart","startTime":2187.6099999999997,"endTime":2192.47,"body":"looking after 3 million. If I"},{"speaker":"Andy Hart","startTime":2187.6099999999997,"endTime":2192.47,"body":"equate that to an AUM fee amount"},{"speaker":"Andy Hart","startTime":2192.47,"endTime":2197.75,"body":"that works out to be 0.83%. So"},{"speaker":"Andy Hart","startTime":2192.47,"endTime":2197.75,"body":"yeah, there's, there's a couple"},{"speaker":"Andy Hart","startTime":2197.75,"endTime":2200.63,"body":"of the final thing I'm going to"},{"speaker":"Andy Hart","startTime":2197.75,"endTime":2200.63,"body":"talk about is, you as financial"},{"speaker":"Andy Hart","startTime":2200.63,"endTime":2203.3599999999997,"body":"advisors, you need to be really"},{"speaker":"Andy Hart","startTime":2200.63,"endTime":2203.3599999999997,"body":"aware of the difference between"},{"speaker":"Andy Hart","startTime":2203.66,"endTime":2207.47,"body":"your advice versus DIY. So over"},{"speaker":"Andy Hart","startTime":2203.66,"endTime":2207.47,"body":"the years, I've decided to call"},{"speaker":"Andy Hart","startTime":2207.47,"endTime":2211.94,"body":"this the no help version. So"},{"speaker":"Andy Hart","startTime":2207.47,"endTime":2211.94,"body":"never call it DIY. Say, you've"},{"speaker":"Andy Hart","startTime":2211.94,"endTime":2214.7599999999998,"body":"got an option, you've got two"},{"speaker":"Andy Hart","startTime":2211.94,"endTime":2214.7599999999998,"body":"options, you've got used to call"},{"speaker":"Andy Hart","startTime":2214.7599999999998,"endTime":2217.5499999999997,"body":"it DIY, don't call it dry. So"},{"speaker":"Andy Hart","startTime":2214.7599999999998,"endTime":2217.5499999999997,"body":"you've got two options. Now"},{"speaker":"Andy Hart","startTime":2217.5499999999997,"endTime":2219.95,"body":"you've got the no help option"},{"speaker":"Andy Hart","startTime":2217.5499999999997,"endTime":2219.95,"body":"over there, where you get no"},{"speaker":"Andy Hart","startTime":2219.95,"endTime":2223.58,"body":"help do it all yourself. Or you"},{"speaker":"Andy Hart","startTime":2219.95,"endTime":2223.58,"body":"can come with me, and I'm called"},{"speaker":"Andy Hart","startTime":2223.58,"endTime":2227.8399999999997,"body":"the help option. So it's not fee"},{"speaker":"Andy Hart","startTime":2223.58,"endTime":2227.8399999999997,"body":"paying advice, option versus"},{"speaker":"Andy Hart","startTime":2227.8399999999997,"endTime":2232.13,"body":"DIY. It's the no help versus the"},{"speaker":"Andy Hart","startTime":2227.8399999999997,"endTime":2232.13,"body":"help. The help option is"},{"speaker":"Andy Hart","startTime":2232.13,"endTime":2235.04,"body":"obviously both charging"},{"speaker":"Andy Hart","startTime":2232.13,"endTime":2235.04,"body":"structures, subscription fees,"},{"speaker":"Andy Hart","startTime":2235.04,"endTime":2238.5499999999997,"body":"and aum. But yeah, just a point"},{"speaker":"Andy Hart","startTime":2235.04,"endTime":2238.5499999999997,"body":"to sort of shoehorn in there,"},{"speaker":"Andy Hart","startTime":2238.88,"endTime":2240.2,"body":"who's next over to your car."},{"speaker":"Carl Widger","startTime":2242.75,"endTime":2244.64,"body":"I would encourage"},{"speaker":"Carl Widger","startTime":2242.75,"endTime":2244.64,"body":"everybody to watch this one on"},{"speaker":"Carl Widger","startTime":2244.64,"endTime":2248.0,"body":"YouTube, because we got a big"},{"speaker":"Carl Widger","startTime":2244.64,"endTime":2248.0,"body":"lecture about musing our mics"},{"speaker":"Carl Widger","startTime":2248.0299999999997,"endTime":2250.88,"body":"before today's episode. So you"},{"speaker":"Carl Widger","startTime":2248.0299999999997,"endTime":2250.88,"body":"can't hear us giggling in the"},{"speaker":"Carl Widger","startTime":2250.88,"endTime":2254.15,"body":"background. Because as Andy was"},{"speaker":"Carl Widger","startTime":2250.88,"endTime":2254.15,"body":"talking Arlen was shaking his"},{"speaker":"Carl Widger","startTime":2254.15,"endTime":2257.45,"body":"head, obviously, God, no, that's"},{"speaker":"Carl Widger","startTime":2254.15,"endTime":2257.45,"body":"not the case. So you're gonna"},{"speaker":"Carl Widger","startTime":2257.48,"endTime":2260.63,"body":"you're gonna miss out on the"},{"speaker":"Carl Widger","startTime":2257.48,"endTime":2260.63,"body":"body language? And sorry, that"},{"speaker":"Carl Widger","startTime":2260.63,"endTime":2264.8599999999997,"body":"you missed out on on the on the"},{"speaker":"Carl Widger","startTime":2260.63,"endTime":2264.8599999999997,"body":"giggling? Yeah, look, I, the"},{"speaker":"Carl Widger","startTime":2264.8599999999997,"endTime":2270.1099999999997,"body":"first thing I would say is I am"},{"speaker":"Carl Widger","startTime":2264.8599999999997,"endTime":2270.1099999999997,"body":"extremely interested and remain"},{"speaker":"Carl Widger","startTime":2270.1099999999997,"endTime":2275.06,"body":"extremely interested in"},{"speaker":"Carl Widger","startTime":2270.1099999999997,"endTime":2275.06,"body":"Ireland's fee structure. And"},{"speaker":"Carl Widger","startTime":2275.0899999999997,"endTime":2278.0,"body":"Ireland will tell you I have sat"},{"speaker":"Carl Widger","startTime":2275.0899999999997,"endTime":2278.0,"body":"with Ireland for literally hours"},{"speaker":"Carl Widger","startTime":2278.0,"endTime":2281.81,"body":"on end trying to explore this,"},{"speaker":"Carl Widger","startTime":2278.0,"endTime":2281.81,"body":"right. So where I suppose I'm"},{"speaker":"Carl Widger","startTime":2281.81,"endTime":2287.0299999999997,"body":"coming from the Irish model is"},{"speaker":"Carl Widger","startTime":2281.81,"endTime":2287.0299999999997,"body":"still way back where you guys"},{"speaker":"Carl Widger","startTime":2287.0899999999997,"endTime":2292.16,"body":"have come from. So there's still"},{"speaker":"Carl Widger","startTime":2287.0899999999997,"endTime":2292.16,"body":"high upfront commissions, high"},{"speaker":"Carl Widger","startTime":2292.16,"endTime":2296.66,"body":"initial commissions, big three,"},{"speaker":"Carl Widger","startTime":2292.16,"endTime":2296.66,"body":"four or 5%, initial fees, and"},{"speaker":"Carl Widger","startTime":2296.66,"endTime":2300.35,"body":"all that kind of stuff. So where"},{"speaker":"Carl Widger","startTime":2296.66,"endTime":2300.35,"body":"we've evolved to is a million"},{"speaker":"Carl Widger","startTime":2300.35,"endTime":2304.85,"body":"miles away from that, but we are"},{"speaker":"Carl Widger","startTime":2300.35,"endTime":2304.85,"body":"on the Aum model. For me,"},{"speaker":"Carl Widger","startTime":2304.88,"endTime":2310.0699999999997,"body":"there's loads of reasons I will"},{"speaker":"Carl Widger","startTime":2304.88,"endTime":2310.0699999999997,"body":"never ever rule out, changing"},{"speaker":"Carl Widger","startTime":2310.0699999999997,"endTime":2312.44,"body":"the structures, I think Andy's"},{"speaker":"Carl Widger","startTime":2310.0699999999997,"endTime":2312.44,"body":"point is really well made that"},{"speaker":"Carl Widger","startTime":2312.44,"endTime":2315.71,"body":"he's on version 23, or something"},{"speaker":"Carl Widger","startTime":2312.44,"endTime":2315.71,"body":"like that, you know, this is"},{"speaker":"Carl Widger","startTime":2315.71,"endTime":2318.2,"body":"something that you got to be"},{"speaker":"Carl Widger","startTime":2315.71,"endTime":2318.2,"body":"keeping an eye out. And I'm all"},{"speaker":"Carl Widger","startTime":2318.2,"endTime":2322.16,"body":"ears all of the time. However,"},{"speaker":"Carl Widger","startTime":2318.2,"endTime":2322.16,"body":"for now, where we've landed is"},{"speaker":"Carl Widger","startTime":2322.16,"endTime":2328.3399999999997,"body":"the Aum model. I find it It's"},{"speaker":"Carl Widger","startTime":2322.16,"endTime":2328.3399999999997,"body":"simple. It's easy for us to kind"},{"speaker":"Carl Widger","startTime":2328.3399999999997,"endTime":2332.66,"body":"of explain to clients. So for"},{"speaker":"Carl Widger","startTime":2328.3399999999997,"endTime":2332.66,"body":"us, especially for the platform"},{"speaker":"Carl Widger","startTime":2332.66,"endTime":2336.68,"body":"business, it's the platform fee,"},{"speaker":"Carl Widger","startTime":2332.66,"endTime":2336.68,"body":"the Metis fee, and then the fund"},{"speaker":"Carl Widger","startTime":2336.68,"endTime":2340.37,"body":"manager fee, there you go. And"},{"speaker":"Carl Widger","startTime":2336.68,"endTime":2340.37,"body":"we've kind of a rule that at"},{"speaker":"Carl Widger","startTime":2340.37,"endTime":2344.93,"body":"every single review meeting, you"},{"speaker":"Carl Widger","startTime":2340.37,"endTime":2344.93,"body":"remind the client again, this is"},{"speaker":"Carl Widger","startTime":2344.96,"endTime":2348.02,"body":"these are the fees, and these"},{"speaker":"Carl Widger","startTime":2344.96,"endTime":2348.02,"body":"are the split outs, so that"},{"speaker":"Carl Widger","startTime":2348.02,"endTime":2351.2,"body":"everybody knows what everybody's"},{"speaker":"Carl Widger","startTime":2348.02,"endTime":2351.2,"body":"getting paid. So I have a famous"},{"speaker":"Carl Widger","startTime":2351.2,"endTime":2354.92,"body":"phrase here, there are no gray"},{"speaker":"Carl Widger","startTime":2351.2,"endTime":2354.92,"body":"areas, when you do your business"},{"speaker":"Carl Widger","startTime":2354.92,"endTime":2357.3199999999997,"body":"with Mattis, you know exactly"},{"speaker":"Carl Widger","startTime":2354.92,"endTime":2357.3199999999997,"body":"what it is, it's up to you to"},{"speaker":"Carl Widger","startTime":2357.3199999999997,"endTime":2361.3399999999997,"body":"decide whether that's value or"},{"speaker":"Carl Widger","startTime":2357.3199999999997,"endTime":2361.3399999999997,"body":"not. For me, and I don't know if"},{"speaker":"Carl Widger","startTime":2361.3399999999997,"endTime":2367.3399999999997,"body":"the tax rules are different. It"},{"speaker":"Carl Widger","startTime":2361.3399999999997,"endTime":2367.3399999999997,"body":"would be as it stands now, then"},{"speaker":"Carl Widger","startTime":2367.37,"endTime":2370.5499999999997,"body":"I have spoken to him about this."},{"speaker":"Carl Widger","startTime":2367.37,"endTime":2370.5499999999997,"body":"But as it stands, it will be tax"},{"speaker":"Carl Widger","startTime":2370.58,"endTime":2376.7,"body":"inefficient just to charge a fee"},{"speaker":"Carl Widger","startTime":2370.58,"endTime":2376.7,"body":"from the point of view of VAT"},{"speaker":"Carl Widger","startTime":2376.73,"endTime":2380.39,"body":"being applied to fees. And also"},{"speaker":"Carl Widger","startTime":2376.73,"endTime":2380.39,"body":"from the point of view of it"},{"speaker":"Carl Widger","startTime":2380.39,"endTime":2383.7799999999997,"body":"being tax efficient to dock fees"},{"speaker":"Carl Widger","startTime":2380.39,"endTime":2383.7799999999997,"body":"directly from pensions on the"},{"speaker":"Carl Widger","startTime":2383.7799999999997,"endTime":2384.62,"body":"Aum basis."},{"speaker":"Andy Hart","startTime":2384.65,"endTime":2386.27,"body":"Just to quickly jump"},{"speaker":"Andy Hart","startTime":2384.65,"endTime":2386.27,"body":"in there. I think I'm right in"},{"speaker":"Andy Hart","startTime":2386.27,"endTime":2391.91,"body":"saying this, Alan, isn't it? The"},{"speaker":"Andy Hart","startTime":2386.27,"endTime":2391.91,"body":"VAT? And the tax is a net net"},{"speaker":"Andy Hart","startTime":2391.91,"endTime":2394.0099999999998,"body":"for both models in the in the UK"},{"speaker":"Alan Smith","startTime":2394.279,"endTime":2395.749,"body":"is exactly the same."},{"speaker":"Andy Hart","startTime":2397.85,"endTime":2400.7599999999998,"body":"The Irish tax Yeah."},{"speaker":"Andy Hart","startTime":2397.85,"endTime":2400.7599999999998,"body":"I'm just saying to you guy."},{"speaker":"Andy Hart","startTime":2400.8199999999997,"endTime":2404.87,"body":"Yeah, from a VAT tax point of"},{"speaker":"Andy Hart","startTime":2400.8199999999997,"endTime":2404.87,"body":"view. So net net cash back to"},{"speaker":"Andy Hart","startTime":2404.87,"endTime":2405.3199999999997,"body":"you, my friend."},{"speaker":"Carl Widger","startTime":2406.279,"endTime":2409.069,"body":"So that wouldn't be"},{"speaker":"Carl Widger","startTime":2406.279,"endTime":2409.069,"body":"the case in Ireland, for people"},{"speaker":"Carl Widger","startTime":2409.069,"endTime":2412.0389999999998,"body":"who are not paying fees via"},{"speaker":"Carl Widger","startTime":2409.069,"endTime":2412.0389999999998,"body":"business. Anyway, that's"},{"speaker":"Carl Widger","startTime":2412.069,"endTime":2414.499,"body":"probably a moot point, because"},{"speaker":"Carl Widger","startTime":2412.069,"endTime":2414.499,"body":"that's the kind of technicality"},{"speaker":"Carl Widger","startTime":2414.499,"endTime":2420.229,"body":"right, so let's not talk about"},{"speaker":"Carl Widger","startTime":2414.499,"endTime":2420.229,"body":"technicalities, they're so Ultra"},{"speaker":"Carl Widger","startTime":2420.229,"endTime":2423.199,"body":"transparent is what I'd say. And"},{"speaker":"Carl Widger","startTime":2420.229,"endTime":2423.199,"body":"we're like over the top on the"},{"speaker":"Carl Widger","startTime":2423.199,"endTime":2427.069,"body":"transparency, we've had people"},{"speaker":"Carl Widger","startTime":2423.199,"endTime":2427.069,"body":"join our business going, I think"},{"speaker":"Carl Widger","startTime":2427.219,"endTime":2429.919,"body":"we potentially are losing"},{"speaker":"Carl Widger","startTime":2427.219,"endTime":2429.919,"body":"business here at Metis. Because"},{"speaker":"Carl Widger","startTime":2429.919,"endTime":2432.049,"body":"we're being transparent where"},{"speaker":"Carl Widger","startTime":2429.919,"endTime":2432.049,"body":"others aren't. And I'm like"},{"speaker":"Carl Widger","startTime":2432.0789999999997,"endTime":2436.0389999999998,"body":"that's D that isn't made, that's"},{"speaker":"Carl Widger","startTime":2432.0789999999997,"endTime":2436.0389999999998,"body":"a non negotiable. We are just"},{"speaker":"Carl Widger","startTime":2436.0389999999998,"endTime":2439.939,"body":"that's part of the integrity"},{"speaker":"Carl Widger","startTime":2436.0389999999998,"endTime":2439.939,"body":"piece here. So just in terms of"},{"speaker":"Carl Widger","startTime":2439.969,"endTime":2443.3889999999997,"body":"addressing a couple of points"},{"speaker":"Carl Widger","startTime":2439.969,"endTime":2443.3889999999997,"body":"that you made, and I was writing"},{"speaker":"Carl Widger","startTime":2443.3889999999997,"endTime":2446.0589999999997,"body":"something down when you made one"},{"speaker":"Carl Widger","startTime":2443.3889999999997,"endTime":2446.0589999999997,"body":"of them. So I think there was"},{"speaker":"Carl Widger","startTime":2446.0589999999997,"endTime":2451.0989999999997,"body":"kind of four key points and I've"},{"speaker":"Carl Widger","startTime":2446.0589999999997,"endTime":2451.0989999999997,"body":"kind of so I suppose the reason"},{"speaker":"Carl Widger","startTime":2451.0989999999997,"endTime":2456.199,"body":"I'm gonna say this is to just"},{"speaker":"Carl Widger","startTime":2451.0989999999997,"endTime":2456.199,"body":"assure everybody that I've"},{"speaker":"Carl Widger","startTime":2456.199,"endTime":2461.0589999999997,"body":"thought this one through so and"},{"speaker":"Carl Widger","startTime":2456.199,"endTime":2461.0589999999997,"body":"allowing myself changing my mind"},{"speaker":"Carl Widger","startTime":2461.0589999999997,"endTime":2464.989,"body":"on this too. Okay. In terms of"},{"speaker":"Carl Widger","startTime":2461.0589999999997,"endTime":2464.989,"body":"the cross subsidy, it's a very,"},{"speaker":"Carl Widger","startTime":2465.019,"endTime":2469.5789999999997,"body":"it's a very well made point, and"},{"speaker":"Carl Widger","startTime":2465.019,"endTime":2469.5789999999997,"body":"it's a fair point. So how we"},{"speaker":"Carl Widger","startTime":2470.089,"endTime":2474.919,"body":"limit that are limited is"},{"speaker":"Carl Widger","startTime":2470.089,"endTime":2474.919,"body":"probably a good point is we put"},{"speaker":"Carl Widger","startTime":2474.919,"endTime":2478.0389999999998,"body":"in a tiered structure so to pay"},{"speaker":"Carl Widger","startTime":2474.919,"endTime":2478.0389999999998,"body":"Anything on the Aum fee does"},{"speaker":"Carl Widger","startTime":2478.0389999999998,"endTime":2484.5789999999997,"body":"come down quite significantly."},{"speaker":"Carl Widger","startTime":2478.0389999999998,"endTime":2484.5789999999997,"body":"The product dependent piece does"},{"speaker":"Carl Widger","startTime":2484.5789999999997,"endTime":2487.399,"body":"two kinds of points I would I"},{"speaker":"Carl Widger","startTime":2484.5789999999997,"endTime":2487.399,"body":"would make on that it's it's,"},{"speaker":"Carl Widger","startTime":2487.429,"endTime":2490.279,"body":"you know, well, you know, you"},{"speaker":"Carl Widger","startTime":2487.429,"endTime":2490.279,"body":"have people have to do product"},{"speaker":"Carl Widger","startTime":2490.279,"endTime":2493.759,"body":"in order for you to be paid. So"},{"speaker":"Carl Widger","startTime":2490.279,"endTime":2493.759,"body":"we do charge for the plans, but"},{"speaker":"Carl Widger","startTime":2493.759,"endTime":2497.689,"body":"not all the time. Okay, straight"},{"speaker":"Carl Widger","startTime":2493.759,"endTime":2497.689,"body":"up. So if we feel that this is a"},{"speaker":"Carl Widger","startTime":2497.689,"endTime":2500.449,"body":"really good client for us, we"},{"speaker":"Carl Widger","startTime":2497.689,"endTime":2500.449,"body":"will we will actually say we'll"},{"speaker":"Carl Widger","startTime":2500.449,"endTime":2503.779,"body":"waive it. Or we might say,"},{"speaker":"Carl Widger","startTime":2500.449,"endTime":2503.779,"body":"here's the fee. And if you do"},{"speaker":"Carl Widger","startTime":2503.779,"endTime":2506.5389999999998,"body":"business, we will waive the fee,"},{"speaker":"Carl Widger","startTime":2503.779,"endTime":2506.5389999999998,"body":"because it'll be part of the Aum"},{"speaker":"Carl Widger","startTime":2506.5389999999998,"endTime":2512.569,"body":"fee. So like we do have lots of"},{"speaker":"Carl Widger","startTime":2506.5389999999998,"endTime":2512.569,"body":"instances, no, that's not true."},{"speaker":"Carl Widger","startTime":2512.719,"endTime":2516.739,"body":"We have instances whereby we"},{"speaker":"Carl Widger","startTime":2512.719,"endTime":2516.739,"body":"have just charged for plan and"},{"speaker":"Carl Widger","startTime":2516.739,"endTime":2522.1389999999997,"body":"done no business, I do have tons"},{"speaker":"Carl Widger","startTime":2516.739,"endTime":2522.1389999999997,"body":"of instances where we have told"},{"speaker":"Carl Widger","startTime":2522.1389999999997,"endTime":2525.019,"body":"people who came to us with a"},{"speaker":"Carl Widger","startTime":2522.1389999999997,"endTime":2525.019,"body":"ball of money, so no one to"},{"speaker":"Carl Widger","startTime":2525.019,"endTime":2528.709,"body":"invest. And then we did a plan"},{"speaker":"Carl Widger","startTime":2525.019,"endTime":2528.709,"body":"and found out their debt. And"},{"speaker":"Carl Widger","startTime":2528.709,"endTime":2530.989,"body":"the debt was rising and rising"},{"speaker":"Carl Widger","startTime":2528.709,"endTime":2530.989,"body":"in terms of costs, because"},{"speaker":"Carl Widger","startTime":2530.989,"endTime":2534.739,"body":"interest rates are rising with"},{"speaker":"Carl Widger","startTime":2530.989,"endTime":2534.739,"body":"lots of loads of cases where we"},{"speaker":"Carl Widger","startTime":2534.739,"endTime":2537.859,"body":"can show no, we told the client"},{"speaker":"Carl Widger","startTime":2534.739,"endTime":2537.859,"body":"to go and pay off the debt, and"},{"speaker":"Carl Widger","startTime":2537.859,"endTime":2540.859,"body":"come back to us when things when"},{"speaker":"Carl Widger","startTime":2537.859,"endTime":2540.859,"body":"things change around the"},{"speaker":"Carl Widger","startTime":2540.859,"endTime":2546.1389999999997,"body":"conflict of interest. I'm not"},{"speaker":"Carl Widger","startTime":2540.859,"endTime":2546.1389999999997,"body":"really sure about that when I"},{"speaker":"Carl Widger","startTime":2546.1389999999997,"endTime":2550.129,"body":"learned. But I think that one,"},{"speaker":"Carl Widger","startTime":2546.1389999999997,"endTime":2550.129,"body":"I'll take that one away and kind"},{"speaker":"Carl Widger","startTime":2550.129,"endTime":2552.649,"body":"of think about that a little bit"},{"speaker":"Carl Widger","startTime":2550.129,"endTime":2552.649,"body":"more. Because after all, when"},{"speaker":"Carl Widger","startTime":2552.649,"endTime":2557.1189999999997,"body":"people kind of walk through our"},{"speaker":"Carl Widger","startTime":2552.649,"endTime":2557.1189999999997,"body":"door, I would expect the"},{"speaker":"Carl Widger","startTime":2557.1189999999997,"endTime":2560.269,"body":"understand that what they're"},{"speaker":"Carl Widger","startTime":2557.1189999999997,"endTime":2560.269,"body":"going to ultimately get is a"},{"speaker":"Carl Widger","startTime":2560.269,"endTime":2564.319,"body":"financial plan that may derive"},{"speaker":"Carl Widger","startTime":2560.269,"endTime":2564.319,"body":"some financial products. So I'm"},{"speaker":"Carl Widger","startTime":2564.319,"endTime":2567.709,"body":"not sure if the Aum model kind"},{"speaker":"Carl Widger","startTime":2564.319,"endTime":2567.709,"body":"of expressly gives a conflict of"},{"speaker":"Carl Widger","startTime":2567.709,"endTime":2571.129,"body":"interest, where I where I did"},{"speaker":"Carl Widger","startTime":2567.709,"endTime":2571.129,"body":"feel there was a conflict of"},{"speaker":"Carl Widger","startTime":2571.129,"endTime":2574.7889999999998,"body":"interest was. And it's not to"},{"speaker":"Carl Widger","startTime":2571.129,"endTime":2574.7889999999998,"body":"say that we don't do business"},{"speaker":"Carl Widger","startTime":2574.7889999999998,"endTime":2578.479,"body":"with insurers. But when you have"},{"speaker":"Carl Widger","startTime":2574.7889999999998,"endTime":2578.479,"body":"an insurer who won't break out"},{"speaker":"Carl Widger","startTime":2578.509,"endTime":2582.919,"body":"the actual product cost, so the"},{"speaker":"Carl Widger","startTime":2578.509,"endTime":2582.919,"body":"pension cost, and then the fund"},{"speaker":"Carl Widger","startTime":2582.919,"endTime":2586.339,"body":"cost because they're also the"},{"speaker":"Carl Widger","startTime":2582.919,"endTime":2586.339,"body":"fund manager that can lead to a"},{"speaker":"Carl Widger","startTime":2586.339,"endTime":2588.8289999999997,"body":"conflict of interest. And"},{"speaker":"Carl Widger","startTime":2586.339,"endTime":2588.8289999999997,"body":"indeed, if they're if they're"},{"speaker":"Carl Widger","startTime":2588.8289999999997,"endTime":2591.979,"body":"paying people initial"},{"speaker":"Carl Widger","startTime":2588.8289999999997,"endTime":2591.979,"body":"commissions, well, there you go,"},{"speaker":"Carl Widger","startTime":2592.0389999999998,"endTime":2595.279,"body":"they're kind of you've got the I"},{"speaker":"Carl Widger","startTime":2592.0389999999998,"endTime":2595.279,"body":"don't want to name names,"},{"speaker":"Carl Widger","startTime":2595.279,"endTime":2598.129,"body":"because I got in trouble for"},{"speaker":"Carl Widger","startTime":2595.279,"endTime":2598.129,"body":"that before. So if you had x y"},{"speaker":"Carl Widger","startTime":2598.129,"endTime":2602.359,"body":"Zed pension Company Limited, and"},{"speaker":"Carl Widger","startTime":2598.129,"endTime":2602.359,"body":"you've got the X Y Zed personal"},{"speaker":"Carl Widger","startTime":2602.359,"endTime":2606.679,"body":"pension in the x y Zed managed"},{"speaker":"Carl Widger","startTime":2602.359,"endTime":2606.679,"body":"fund and your the broker,"},{"speaker":"Carl Widger","startTime":2607.009,"endTime":2610.729,"body":"financial advisor is being paid"},{"speaker":"Carl Widger","startTime":2607.009,"endTime":2610.729,"body":"a big upfront initial commission"},{"speaker":"Carl Widger","startTime":2610.729,"endTime":2613.489,"body":"from x y Zed pension Company"},{"speaker":"Carl Widger","startTime":2610.729,"endTime":2613.489,"body":"Limited this conflicts of"},{"speaker":"Carl Widger","startTime":2613.489,"endTime":2616.819,"body":"interest all over the place"},{"speaker":"Carl Widger","startTime":2613.489,"endTime":2616.819,"body":"there. So look, in summary, I"},{"speaker":"Carl Widger","startTime":2616.819,"endTime":2620.479,"body":"think your points are well made,"},{"speaker":"Carl Widger","startTime":2616.819,"endTime":2620.479,"body":"I think it's a good debate. It's"},{"speaker":"Carl Widger","startTime":2620.479,"endTime":2624.949,"body":"certainly something that is on"},{"speaker":"Carl Widger","startTime":2620.479,"endTime":2624.949,"body":"my agenda literally all of the"},{"speaker":"Carl Widger","startTime":2624.949,"endTime":2628.8489999999997,"body":"time. And and Alan you did"},{"speaker":"Carl Widger","startTime":2624.949,"endTime":2628.8489999999997,"body":"forget and all your events,"},{"speaker":"Carl Widger","startTime":2628.8489999999997,"endTime":2632.299,"body":"forget to say that you are"},{"speaker":"Carl Widger","startTime":2628.8489999999997,"endTime":2632.299,"body":"coming over to talk to the Metis"},{"speaker":"Carl Widger","startTime":2632.299,"endTime":2637.7889999999998,"body":"team in September. And that will"},{"speaker":"Carl Widger","startTime":2632.299,"endTime":2637.7889999999998,"body":"most definitely be part of the"},{"speaker":"Carl Widger","startTime":2637.7889999999998,"endTime":2644.0589999999997,"body":"discussions that we will we will"},{"speaker":"Carl Widger","startTime":2637.7889999999998,"endTime":2644.0589999999997,"body":"be having at that time. But I to"},{"speaker":"Carl Widger","startTime":2644.449,"endTime":2647.8089999999997,"body":"my final final point. And his"},{"speaker":"Carl Widger","startTime":2644.449,"endTime":2647.8089999999997,"body":"point is, is really well made"},{"speaker":"Carl Widger","startTime":2647.8089999999997,"endTime":2651.859,"body":"that look, as long as you can,"},{"speaker":"Carl Widger","startTime":2647.8089999999997,"endTime":2651.859,"body":"you know, act with integrity, do"},{"speaker":"Carl Widger","startTime":2651.859,"endTime":2655.339,"body":"the best for your clients and be"},{"speaker":"Carl Widger","startTime":2651.859,"endTime":2655.339,"body":"transparent about it. I think"},{"speaker":"Carl Widger","startTime":2655.429,"endTime":2659.449,"body":"then you know it. I won't say"},{"speaker":"Carl Widger","startTime":2655.429,"endTime":2659.449,"body":"doesn't matter what model you're"},{"speaker":"Carl Widger","startTime":2659.449,"endTime":2663.019,"body":"on, but it matters less what"},{"speaker":"Carl Widger","startTime":2659.449,"endTime":2663.019,"body":"model you're you're how you're"},{"speaker":"Carl Widger","startTime":2663.019,"endTime":2664.129,"body":"charging your clients."},{"speaker":"Alan Smith","startTime":2664.339,"endTime":2666.979,"body":"Okay, great. Mr."},{"speaker":"Alan Smith","startTime":2664.339,"endTime":2666.979,"body":"Chairman, let me just come back"},{"speaker":"Alan Smith","startTime":2666.979,"endTime":2670.909,"body":"on that before you jump in with"},{"speaker":"Alan Smith","startTime":2666.979,"endTime":2670.909,"body":"your your views, if I if I may."},{"speaker":"Alan Smith","startTime":2671.8689999999997,"endTime":2676.159,"body":"Again, all we're having great,"},{"speaker":"Alan Smith","startTime":2671.8689999999997,"endTime":2676.159,"body":"this is violent agreement here,"},{"speaker":"Alan Smith","startTime":2676.159,"endTime":2677.629,"body":"we're all agreeing with each"},{"speaker":"Alan Smith","startTime":2676.159,"endTime":2677.629,"body":"other. And I think that's,"},{"speaker":"Alan Smith","startTime":2677.629,"endTime":2680.719,"body":"that's, that's perfectly"},{"speaker":"Alan Smith","startTime":2677.629,"endTime":2680.719,"body":"reasonable to be able to do. But"},{"speaker":"Alan Smith","startTime":2680.719,"endTime":2684.439,"body":"just coming back on a couple of"},{"speaker":"Alan Smith","startTime":2680.719,"endTime":2684.439,"body":"points. The fact that, of"},{"speaker":"Alan Smith","startTime":2684.439,"endTime":2687.679,"body":"course, as I said, the vast"},{"speaker":"Alan Smith","startTime":2684.439,"endTime":2687.679,"body":"majority of advisors are honest"},{"speaker":"Alan Smith","startTime":2687.679,"endTime":2691.129,"body":"and ethical we are particularly"},{"speaker":"Alan Smith","startTime":2687.679,"endTime":2691.129,"body":"in the UK, Ireland as well. And"},{"speaker":"Alan Smith","startTime":2691.129,"endTime":2693.499,"body":"around the world, we have got a"},{"speaker":"Alan Smith","startTime":2691.129,"endTime":2693.499,"body":"regulatory environment which"},{"speaker":"Alan Smith","startTime":2693.499,"endTime":2696.859,"body":"discourages sharp practice. And"},{"speaker":"Alan Smith","startTime":2693.499,"endTime":2696.859,"body":"most not most, not all the"},{"speaker":"Alan Smith","startTime":2696.859,"endTime":2701.149,"body":"cowboys are out. But in the same"},{"speaker":"Alan Smith","startTime":2696.859,"endTime":2701.149,"body":"way, as we've said before, you"},{"speaker":"Alan Smith","startTime":2701.149,"endTime":2704.089,"body":"know, we believe in well, we"},{"speaker":"Alan Smith","startTime":2701.149,"endTime":2704.089,"body":"don't believe in active"},{"speaker":"Alan Smith","startTime":2704.089,"endTime":2706.339,"body":"management as a sort of core"},{"speaker":"Alan Smith","startTime":2704.089,"endTime":2706.339,"body":"investment proposition. But I'd"},{"speaker":"Alan Smith","startTime":2706.339,"endTime":2709.459,"body":"rather be with some active"},{"speaker":"Alan Smith","startTime":2706.339,"endTime":2709.459,"body":"managers, then some passive"},{"speaker":"Alan Smith","startTime":2709.459,"endTime":2712.879,"body":"advisors. But I'm just trying to"},{"speaker":"Alan Smith","startTime":2709.459,"endTime":2712.879,"body":"get the sort of best of all"},{"speaker":"Alan Smith","startTime":2712.879,"endTime":2714.919,"body":"worlds, I'm assuming your"},{"speaker":"Alan Smith","startTime":2712.879,"endTime":2714.919,"body":"ethical, I'm assuming you're"},{"speaker":"Alan Smith","startTime":2714.949,"endTime":2717.0789999999997,"body":"you've got a thoughtful"},{"speaker":"Alan Smith","startTime":2714.949,"endTime":2717.0789999999997,"body":"investment proposition, I'm sure"},{"speaker":"Alan Smith","startTime":2717.0789999999997,"endTime":2719.629,"body":"you do real financial planning"},{"speaker":"Alan Smith","startTime":2717.0789999999997,"endTime":2719.629,"body":"all the time to every client."},{"speaker":"Alan Smith","startTime":2720.199,"endTime":2724.459,"body":"And I'm also therefore seeing my"},{"speaker":"Alan Smith","startTime":2720.199,"endTime":2724.459,"body":"version of, of ideal and perfect"},{"speaker":"Alan Smith","startTime":2724.459,"endTime":2729.409,"body":"kind of client value proposition"},{"speaker":"Alan Smith","startTime":2724.459,"endTime":2729.409,"body":"has a fee structure which is"},{"speaker":"Alan Smith","startTime":2729.409,"endTime":2734.419,"body":"more modern and more relevant,"},{"speaker":"Alan Smith","startTime":2729.409,"endTime":2734.419,"body":"and supports the view that most"},{"speaker":"Alan Smith","startTime":2734.419,"endTime":2738.259,"body":"of the value is elsewhere other"},{"speaker":"Alan Smith","startTime":2734.419,"endTime":2738.259,"body":"than the assets and asset"},{"speaker":"Alan Smith","startTime":2738.259,"endTime":2741.0789999999997,"body":"management. And I have to say,"},{"speaker":"Alan Smith","startTime":2738.259,"endTime":2741.0789999999997,"body":"this wasn't just me and my"},{"speaker":"Alan Smith","startTime":2741.0789999999997,"endTime":2742.999,"body":"colleagues thinking about this,"},{"speaker":"Alan Smith","startTime":2741.0789999999997,"endTime":2742.999,"body":"we were getting pushed out."},{"speaker":"Alan Smith","startTime":2742.999,"endTime":2745.609,"body":"We've got a lot of really smart"},{"speaker":"Alan Smith","startTime":2742.999,"endTime":2745.609,"body":"entrepreneurial clients. And I"},{"speaker":"Alan Smith","startTime":2745.609,"endTime":2747.919,"body":"remember speaking to a few of"},{"speaker":"Alan Smith","startTime":2745.609,"endTime":2747.919,"body":"them, who just saw businesses,"},{"speaker":"Alan Smith","startTime":2748.489,"endTime":2751.399,"body":"and I was doing my assets under"},{"speaker":"Alan Smith","startTime":2748.489,"endTime":2751.399,"body":"management fee pitch to them."},{"speaker":"Alan Smith","startTime":2751.399,"endTime":2753.409,"body":"And they were saying, Alan,"},{"speaker":"Alan Smith","startTime":2751.399,"endTime":2753.409,"body":"honestly, your fee model is"},{"speaker":"Alan Smith","startTime":2753.409,"endTime":2756.019,"body":"nuts. I don't really care about"},{"speaker":"Alan Smith","startTime":2753.409,"endTime":2756.019,"body":"this investment thing. This"},{"speaker":"Alan Smith","startTime":2756.019,"endTime":2758.749,"body":"planning stuff that you've done"},{"speaker":"Alan Smith","startTime":2756.019,"endTime":2758.749,"body":"for me and my wife is amazing."},{"speaker":"Alan Smith","startTime":2758.749,"endTime":2760.8489999999997,"body":"Love it, I'd pay your big fee"},{"speaker":"Alan Smith","startTime":2758.749,"endTime":2760.8489999999997,"body":"for that. I don't care about the"},{"speaker":"Alan Smith","startTime":2760.8489999999997,"endTime":2763.399,"body":"other stuff. So we were very"},{"speaker":"Alan Smith","startTime":2760.8489999999997,"endTime":2763.399,"body":"influenced over the years by"},{"speaker":"Alan Smith","startTime":2763.399,"endTime":2767.1189999999997,"body":"having clients who push back and"},{"speaker":"Alan Smith","startTime":2763.399,"endTime":2767.1189999999997,"body":"really encouraged us to evolve"},{"speaker":"Alan Smith","startTime":2767.1189999999997,"endTime":2771.649,"body":"our fee model. But it's a couple"},{"speaker":"Alan Smith","startTime":2767.1189999999997,"endTime":2771.649,"body":"of quick points. Just because"},{"speaker":"Alan Smith","startTime":2771.679,"endTime":2774.1389999999997,"body":"you listen to this. The default"},{"speaker":"Alan Smith","startTime":2771.679,"endTime":2774.1389999999997,"body":"answer is it's just easier"},{"speaker":"Alan Smith","startTime":2774.1389999999997,"endTime":2777.379,"body":"clients prefer it we prefer and"},{"speaker":"Alan Smith","startTime":2774.1389999999997,"endTime":2777.379,"body":"it is death. funnily easier, but"},{"speaker":"Alan Smith","startTime":2777.379,"endTime":2779.479,"body":"so is offering an active"},{"speaker":"Alan Smith","startTime":2777.379,"endTime":2779.479,"body":"investment management"},{"speaker":"Alan Smith","startTime":2779.479,"endTime":2782.149,"body":"proposition. If I taught all our"},{"speaker":"Alan Smith","startTime":2779.479,"endTime":2782.149,"body":"clients we know we, you know, we"},{"speaker":"Alan Smith","startTime":2782.149,"endTime":2784.489,"body":"review the markets we buy and"},{"speaker":"Alan Smith","startTime":2782.149,"endTime":2784.489,"body":"sell well, there's a lot of our"},{"speaker":"Alan Smith","startTime":2784.489,"endTime":2787.069,"body":"clients would quite like it,"},{"speaker":"Alan Smith","startTime":2784.489,"endTime":2787.069,"body":"it's kind of easier proposition."},{"speaker":"Alan Smith","startTime":2787.3089999999997,"endTime":2790.609,"body":"Just because it's easy doesn't"},{"speaker":"Alan Smith","startTime":2787.3089999999997,"endTime":2790.609,"body":"mean you should always do it is"},{"speaker":"Alan Smith","startTime":2790.609,"endTime":2795.709,"body":"number one, number two, or on an"},{"speaker":"Alan Smith","startTime":2790.609,"endTime":2795.709,"body":"assets, you know, we're all"},{"speaker":"Alan Smith","startTime":2795.709,"endTime":2800.0589999999997,"body":"business owners here, if you"},{"speaker":"Alan Smith","startTime":2795.709,"endTime":2800.0589999999997,"body":"were to really consider the fact"},{"speaker":"Alan Smith","startTime":2800.0589999999997,"endTime":2802.969,"body":"that you've got little or no"},{"speaker":"Alan Smith","startTime":2800.0589999999997,"endTime":2802.969,"body":"control over your future"},{"speaker":"Alan Smith","startTime":2802.969,"endTime":2805.879,"body":"revenues, and it's your future"},{"speaker":"Alan Smith","startTime":2802.969,"endTime":2805.879,"body":"revenues. And therefore your"},{"speaker":"Alan Smith","startTime":2805.879,"endTime":2809.359,"body":"profits are predicated by global"},{"speaker":"Alan Smith","startTime":2805.879,"endTime":2809.359,"body":"events of over which you've got"},{"speaker":"Alan Smith","startTime":2809.359,"endTime":2813.109,"body":"zero control up and down. That"},{"speaker":"Alan Smith","startTime":2809.359,"endTime":2813.109,"body":"doesn't sound like a sound"},{"speaker":"Alan Smith","startTime":2813.439,"endTime":2816.6189999999997,"body":"business model, you know, your"},{"speaker":"Alan Smith","startTime":2813.439,"endTime":2816.6189999999997,"body":"revenue, our revenue, well,"},{"speaker":"Alan Smith","startTime":2816.949,"endTime":2820.7889999999998,"body":"anyone who has an assets based"},{"speaker":"Alan Smith","startTime":2816.949,"endTime":2820.7889999999998,"body":"fee model could literally fall"},{"speaker":"Alan Smith","startTime":2820.819,"endTime":2826.6389999999997,"body":"1015 20% 30% In the course of a"},{"speaker":"Alan Smith","startTime":2820.819,"endTime":2826.6389999999997,"body":"year. And that's going to wipe"},{"speaker":"Alan Smith","startTime":2826.6389999999997,"endTime":2829.069,"body":"out for most advisors, that's"},{"speaker":"Alan Smith","startTime":2826.6389999999997,"endTime":2829.069,"body":"pretty much all their profit,"},{"speaker":"Alan Smith","startTime":2829.069,"endTime":2831.439,"body":"they're now making a loss for a"},{"speaker":"Alan Smith","startTime":2829.069,"endTime":2831.439,"body":"period of time. And I used to"},{"speaker":"Alan Smith","startTime":2831.439,"endTime":2834.2889999999998,"body":"saying, well, or bank the bank"},{"speaker":"Alan Smith","startTime":2831.439,"endTime":2834.2889999999998,"body":"this sort of money in the good"},{"speaker":"Alan Smith","startTime":2834.2889999999998,"endTime":2836.5389999999998,"body":"days and will sort of bring it"},{"speaker":"Alan Smith","startTime":2834.2889999999998,"endTime":2836.5389999999998,"body":"out in the bad days. I don't"},{"speaker":"Alan Smith","startTime":2836.5389999999998,"endTime":2838.5789999999997,"body":"think it's a sound business"},{"speaker":"Alan Smith","startTime":2836.5389999999998,"endTime":2838.5789999999997,"body":"proposition, if I was going to"},{"speaker":"Alan Smith","startTime":2838.669,"endTime":2842.449,"body":"invest in a business over which"},{"speaker":"Alan Smith","startTime":2838.669,"endTime":2842.449,"body":"they had got zero control of"},{"speaker":"Alan Smith","startTime":2842.449,"endTime":2845.479,"body":"their future cash flows and"},{"speaker":"Alan Smith","startTime":2842.449,"endTime":2845.479,"body":"revenues, I will be questioning"},{"speaker":"Alan Smith","startTime":2845.479,"endTime":2850.0389999999998,"body":"that as a business model zeros a"},{"speaker":"Alan Smith","startTime":2845.479,"endTime":2850.0389999999998,"body":"bit stronger. What influence do"},{"speaker":"Alan Smith","startTime":2850.0389999999998,"endTime":2853.459,"body":"you have over the global capital"},{"speaker":"Alan Smith","startTime":2850.0389999999998,"endTime":2853.459,"body":"markets, which are actually"},{"speaker":"Alan Smith","startTime":2853.459,"endTime":2856.699,"body":"which determined your purpose"},{"speaker":"Alan Smith","startTime":2853.459,"endTime":2856.699,"body":"your revenues and your business"},{"speaker":"Alan Smith","startTime":2856.759,"endTime":2856.969,"body":"are here,"},{"speaker":"Andy Hart","startTime":2856.969,"endTime":2859.009,"body":"we don't have any I"},{"speaker":"Andy Hart","startTime":2856.969,"endTime":2859.009,"body":"mean, it could be a bomb could"},{"speaker":"Andy Hart","startTime":2859.009,"endTime":2861.169,"body":"go somewhere this afternoon, I'm"},{"speaker":"Andy Hart","startTime":2859.009,"endTime":2861.169,"body":"not market your income will"},{"speaker":"Andy Hart","startTime":2861.169,"endTime":2863.689,"body":"fall, I'm not saying that we"},{"speaker":"Andy Hart","startTime":2861.169,"endTime":2863.689,"body":"have any influence, I'm saying"},{"speaker":"Andy Hart","startTime":2863.719,"endTime":2869.299,"body":"the historical data, you know,"},{"speaker":"Andy Hart","startTime":2863.719,"endTime":2869.299,"body":"goes back centuries. So we've"},{"speaker":"Andy Hart","startTime":2869.299,"endTime":2872.239,"body":"got some insight of where we're"},{"speaker":"Andy Hart","startTime":2869.299,"endTime":2872.239,"body":"going to move, we just don't"},{"speaker":"Andy Hart","startTime":2872.239,"endTime":2875.719,"body":"know exactly which direction."},{"speaker":"Andy Hart","startTime":2872.239,"endTime":2875.719,"body":"But yeah,"},{"speaker":"Carl Widger","startTime":2876.68,"endTime":2879.71,"body":"that would be would"},{"speaker":"Carl Widger","startTime":2876.68,"endTime":2879.71,"body":"be, well, if we're asking our"},{"speaker":"Carl Widger","startTime":2879.71,"endTime":2882.71,"body":"clients all the time to look to"},{"speaker":"Carl Widger","startTime":2879.71,"endTime":2882.71,"body":"the long term, then we should"},{"speaker":"Carl Widger","startTime":2882.71,"endTime":2885.71,"body":"also be prepared to look to the"},{"speaker":"Carl Widger","startTime":2882.71,"endTime":2885.71,"body":"long term, and I suppose that"},{"speaker":"Carl Widger","startTime":2885.71,"endTime":2889.2799999999997,"body":"was our big move towards the,"},{"speaker":"Carl Widger","startTime":2885.71,"endTime":2889.2799999999997,"body":"you know, towards the trail"},{"speaker":"Carl Widger","startTime":2889.2799999999997,"endTime":2891.7999999999997,"body":"model, the lower initial phase,"},{"speaker":"Carl Widger","startTime":2889.2799999999997,"endTime":2891.7999999999997,"body":"and all of that kind of stuff."},{"speaker":"Carl Widger","startTime":2892.0099999999998,"endTime":2895.0699999999997,"body":"So therefore, we're going to"},{"speaker":"Carl Widger","startTime":2892.0099999999998,"endTime":2895.0699999999997,"body":"take the rough with the smooth"},{"speaker":"Carl Widger","startTime":2895.1,"endTime":2897.65,"body":"over a long period of time, I'm"},{"speaker":"Carl Widger","startTime":2895.1,"endTime":2897.65,"body":"comfortable that that will"},{"speaker":"Carl Widger","startTime":2897.65,"endTime":2904.16,"body":"smooth itself out. Okay. And"},{"speaker":"Carl Widger","startTime":2897.65,"endTime":2904.16,"body":"also our, also our, our"},{"speaker":"Carl Widger","startTime":2904.16,"endTime":2907.1,"body":"ambitions are aligned, so I'm"},{"speaker":"Carl Widger","startTime":2904.16,"endTime":2907.1,"body":"feeling the pain with the"},{"speaker":"Carl Widger","startTime":2907.1,"endTime":2910.25,"body":"clients. And you know, when"},{"speaker":"Carl Widger","startTime":2907.1,"endTime":2910.25,"body":"things are going well, then, you"},{"speaker":"Carl Widger","startTime":2910.25,"endTime":2914.2999999999997,"body":"know, everybody is happy. And"},{"speaker":"Carl Widger","startTime":2910.25,"endTime":2914.2999999999997,"body":"just a final point of that if we"},{"speaker":"Carl Widger","startTime":2914.2999999999997,"endTime":2917.2999999999997,"body":"have clients who kind of invest"},{"speaker":"Carl Widger","startTime":2914.2999999999997,"endTime":2917.2999999999997,"body":"on one of our lower tiers and"},{"speaker":"Carl Widger","startTime":2917.2999999999997,"endTime":2920.96,"body":"move through more than, you"},{"speaker":"Carl Widger","startTime":2917.2999999999997,"endTime":2920.96,"body":"know, we will and we have done"},{"speaker":"Carl Widger","startTime":2920.96,"endTime":2924.2,"body":"and we will continue to reduce"},{"speaker":"Carl Widger","startTime":2920.96,"endTime":2924.2,"body":"their fees as we go. So"},{"speaker":"Alan Smith","startTime":2925.25,"endTime":2929.63,"body":"it seems to me seems"},{"speaker":"Alan Smith","startTime":2925.25,"endTime":2929.63,"body":"odd to me that you're the value"},{"speaker":"Alan Smith","startTime":2929.63,"endTime":2933.17,"body":"that you deliver to the clients"},{"speaker":"Alan Smith","startTime":2929.63,"endTime":2933.17,"body":"and the work and the time"},{"speaker":"Alan Smith","startTime":2933.17,"endTime":2936.14,"body":"probably during periods of"},{"speaker":"Alan Smith","startTime":2933.17,"endTime":2936.14,"body":"market stress and tension when"},{"speaker":"Alan Smith","startTime":2936.14,"endTime":2939.74,"body":"Mark capital market values fall"},{"speaker":"Alan Smith","startTime":2936.14,"endTime":2939.74,"body":"will increase and get your"},{"speaker":"Alan Smith","startTime":2939.74,"endTime":2942.7999999999997,"body":"revenues will fall now, I don't"},{"speaker":"Alan Smith","startTime":2939.74,"endTime":2942.7999999999997,"body":"know I know nothing about your"},{"speaker":"Alan Smith","startTime":2942.7999999999997,"endTime":2945.92,"body":"kind of your your business and"},{"speaker":"Alan Smith","startTime":2942.7999999999997,"endTime":2945.92,"body":"your p\u0026l and your sort of"},{"speaker":"Alan Smith","startTime":2945.92,"endTime":2949.0099999999998,"body":"forecast and stuff. But there's"},{"speaker":"Alan Smith","startTime":2945.92,"endTime":2949.0099999999998,"body":"plenty of businesses that if"},{"speaker":"Alan Smith","startTime":2949.0099999999998,"endTime":2952.37,"body":"they had, which has happened"},{"speaker":"Alan Smith","startTime":2949.0099999999998,"endTime":2952.37,"body":"many times in the past sustained"},{"speaker":"Alan Smith","startTime":2952.37,"endTime":2957.2599999999998,"body":"periods, I'm talking 578 years"},{"speaker":"Alan Smith","startTime":2952.37,"endTime":2957.2599999999998,"body":"of low or zero market returns,"},{"speaker":"Alan Smith","startTime":2957.5299999999997,"endTime":2960.8599999999997,"body":"or negative period periods of"},{"speaker":"Alan Smith","startTime":2957.5299999999997,"endTime":2960.8599999999997,"body":"negative return, you're gonna"},{"speaker":"Alan Smith","startTime":2960.8599999999997,"endTime":2964.04,"body":"have to and this has happened"},{"speaker":"Alan Smith","startTime":2960.8599999999997,"endTime":2964.04,"body":"before, I'm aware of various"},{"speaker":"Alan Smith","startTime":2964.04,"endTime":2966.56,"body":"companies that start making"},{"speaker":"Alan Smith","startTime":2964.04,"endTime":2966.56,"body":"redundancies to start after"},{"speaker":"Alan Smith","startTime":2966.56,"endTime":2970.25,"body":"laying off lay off staff, which"},{"speaker":"Alan Smith","startTime":2966.56,"endTime":2970.25,"body":"is not ideal from if you if"},{"speaker":"Alan Smith","startTime":2970.25,"endTime":2973.22,"body":"you're hiring people. If your"},{"speaker":"Alan Smith","startTime":2970.25,"endTime":2973.22,"body":"income, your business income"},{"speaker":"Alan Smith","startTime":2973.22,"endTime":2976.19,"body":"fell 30% and stayed low for two"},{"speaker":"Alan Smith","startTime":2973.22,"endTime":2976.19,"body":"or three years. Let's let's say"},{"speaker":"Alan Smith","startTime":2976.19,"endTime":2977.8399999999997,"body":"someone's gonna have to take the"},{"speaker":"Alan Smith","startTime":2976.19,"endTime":2977.8399999999997,"body":"halo tear from"},{"speaker":"Andy Hart","startTime":2977.8399999999997,"endTime":2979.91,"body":"the Wofford wise one"},{"speaker":"Andy Hart","startTime":2977.8399999999997,"endTime":2979.91,"body":"over to you, Chairman."},{"speaker":"Nick Lincoln","startTime":2981.65,"endTime":2983.99,"body":"We'll call just"},{"speaker":"Nick Lincoln","startTime":2981.65,"endTime":2983.99,"body":"just if you have gone somewhere"},{"speaker":"Nick Lincoln","startTime":2984.2599999999998,"endTime":2985.22,"body":"to say my friend you normally"},{"speaker":"Nick Lincoln","startTime":2984.2599999999998,"endTime":2985.22,"body":"do."},{"speaker":"Carl Widger","startTime":2986.45,"endTime":2989.24,"body":"Yeah, I think"},{"speaker":"Carl Widger","startTime":2986.45,"endTime":2989.24,"body":"saying that we're gonna have"},{"speaker":"Carl Widger","startTime":2989.24,"endTime":2992.81,"body":"five to seven years of zero"},{"speaker":"Carl Widger","startTime":2989.24,"endTime":2992.81,"body":"return, right? That what that"},{"speaker":"Carl Widger","startTime":2992.81,"endTime":2997.31,"body":"hurts matters, Ireland 100%."},{"speaker":"Carl Widger","startTime":2992.81,"endTime":2997.31,"body":"However, if Metis, Ireland was"},{"speaker":"Carl Widger","startTime":2997.31,"endTime":3001.69,"body":"100% fee based, and we had five"},{"speaker":"Carl Widger","startTime":2997.31,"endTime":3001.69,"body":"to seven years of zero return,"},{"speaker":"Carl Widger","startTime":3001.99,"endTime":3005.0499999999997,"body":"that would also hurt us because"},{"speaker":"Carl Widger","startTime":3001.99,"endTime":3005.0499999999997,"body":"we have difficulty number one"},{"speaker":"Carl Widger","startTime":3005.0499999999997,"endTime":3008.8599999999997,"body":"collecting fees. And number two,"},{"speaker":"Carl Widger","startTime":3005.0499999999997,"endTime":3008.8599999999997,"body":"I'm not sure the business would"},{"speaker":"Carl Widger","startTime":3008.8599999999997,"endTime":3014.7999999999997,"body":"come in as its had done. So I"},{"speaker":"Carl Widger","startTime":3008.8599999999997,"endTime":3014.7999999999997,"body":"don't think it's to say that one"},{"speaker":"Carl Widger","startTime":3015.8199999999997,"endTime":3020.17,"body":"model is, you know, going to be"},{"speaker":"Carl Widger","startTime":3015.8199999999997,"endTime":3020.17,"body":"totally sheltered from that kind"},{"speaker":"Carl Widger","startTime":3020.17,"endTime":3023.47,"body":"of environment. I think that"},{"speaker":"Carl Widger","startTime":3020.17,"endTime":3023.47,"body":"that model, any every model"},{"speaker":"Carl Widger","startTime":3023.5,"endTime":3026.5,"body":"would struggle, if if that"},{"speaker":"Carl Widger","startTime":3023.5,"endTime":3026.5,"body":"happened, we spoke in the last"},{"speaker":"Carl Widger","startTime":3026.5,"endTime":3030.3399999999997,"body":"episode about having a few"},{"speaker":"Carl Widger","startTime":3026.5,"endTime":3030.3399999999997,"body":"difficult conversations with"},{"speaker":"Carl Widger","startTime":3030.3399999999997,"endTime":3032.98,"body":"clients because we've had no"},{"speaker":"Carl Widger","startTime":3030.3399999999997,"endTime":3032.98,"body":"growth for 18 months. But like"},{"speaker":"Carl Widger","startTime":3032.98,"endTime":3037.27,"body":"has, you know, we will man up"},{"speaker":"Carl Widger","startTime":3032.98,"endTime":3037.27,"body":"and we'll talk about it. And"},{"speaker":"Carl Widger","startTime":3037.3599999999997,"endTime":3042.7599999999998,"body":"final point is, you know, do we"},{"speaker":"Carl Widger","startTime":3037.3599999999997,"endTime":3042.7599999999998,"body":"have loads more work to do. When"},{"speaker":"Carl Widger","startTime":3043.8399999999997,"endTime":3046.75,"body":"did we have loads more work to"},{"speaker":"Carl Widger","startTime":3043.8399999999997,"endTime":3046.75,"body":"do when Russia invaded Ukraine"},{"speaker":"Carl Widger","startTime":3046.75,"endTime":3050.89,"body":"and markets took a bit of a"},{"speaker":"Carl Widger","startTime":3046.75,"endTime":3050.89,"body":"hiccup? Nope. Because we do all"},{"speaker":"Carl Widger","startTime":3050.89,"endTime":3054.64,"body":"of that really hard work and"},{"speaker":"Carl Widger","startTime":3050.89,"endTime":3054.64,"body":"training with our clients along"},{"speaker":"Carl Widger","startTime":3054.64,"endTime":3056.2599999999998,"body":"the way in the good times."},{"speaker":"Nick Lincoln","startTime":3057.85,"endTime":3059.62,"body":"Okay, that's"},{"speaker":"Nick Lincoln","startTime":3057.85,"endTime":3059.62,"body":"great. Okay, well, I've made"},{"speaker":"Nick Lincoln","startTime":3059.62,"endTime":3062.71,"body":"some I've made some notes there"},{"speaker":"Nick Lincoln","startTime":3059.62,"endTime":3062.71,"body":"and I just want to let me Can I"},{"speaker":"Nick Lincoln","startTime":3062.71,"endTime":3065.3199999999997,"body":"just frame this my how I see"},{"speaker":"Nick Lincoln","startTime":3062.71,"endTime":3065.3199999999997,"body":"things I don't really give a"},{"speaker":"Nick Lincoln","startTime":3065.3199999999997,"endTime":3067.6,"body":"damn how you get paid as long as"},{"speaker":"Nick Lincoln","startTime":3065.3199999999997,"endTime":3067.6,"body":"you get paid for the work you"},{"speaker":"Nick Lincoln","startTime":3067.6,"endTime":3071.44,"body":"do. And as long as the customer"},{"speaker":"Nick Lincoln","startTime":3067.6,"endTime":3071.44,"body":"knows what they're paying, I"},{"speaker":"Nick Lincoln","startTime":3071.44,"endTime":3075.04,"body":"don't give a monkey's really the"},{"speaker":"Nick Lincoln","startTime":3071.44,"endTime":3075.04,"body":"end of the day. This is what we"},{"speaker":"Nick Lincoln","startTime":3075.04,"endTime":3080.0499999999997,"body":"charge for This is what you get"},{"speaker":"Nick Lincoln","startTime":3075.04,"endTime":3080.0499999999997,"body":"no hidden fees. And when we had"},{"speaker":"Nick Lincoln","startTime":3080.17,"endTime":3082.75,"body":"a trapeze question coming in"},{"speaker":"Nick Lincoln","startTime":3080.17,"endTime":3082.75,"body":"yesterday, which we will get to"},{"speaker":"Nick Lincoln","startTime":3082.75,"endTime":3086.23,"body":"eventually in a future episode,"},{"speaker":"Nick Lincoln","startTime":3082.75,"endTime":3086.23,"body":"not a financial adviser Joe"},{"speaker":"Nick Lincoln","startTime":3086.23,"endTime":3091.0299999999997,"body":"Public, who is struggling to get"},{"speaker":"Nick Lincoln","startTime":3086.23,"endTime":3091.0299999999997,"body":"details of the actual fees he is"},{"speaker":"Nick Lincoln","startTime":3091.0299999999997,"endTime":3094.48,"body":"paying on his portfolio from his"},{"speaker":"Nick Lincoln","startTime":3091.0299999999997,"endTime":3094.48,"body":"IFA firm. So there definitely"},{"speaker":"Nick Lincoln","startTime":3094.48,"endTime":3099.5499999999997,"body":"are Ira firms out there and some"},{"speaker":"Nick Lincoln","startTime":3094.48,"endTime":3099.5499999999997,"body":"more vertical firms that are"},{"speaker":"Nick Lincoln","startTime":3099.5499999999997,"endTime":3101.68,"body":"somewhat opaque in their"},{"speaker":"Nick Lincoln","startTime":3099.5499999999997,"endTime":3101.68,"body":"charging structure. Okay, well,"},{"speaker":"Nick Lincoln","startTime":3101.68,"endTime":3104.02,"body":"we're not like that. Okay, it's"},{"speaker":"Nick Lincoln","startTime":3101.68,"endTime":3104.02,"body":"kind of a given. So putting that"},{"speaker":"Nick Lincoln","startTime":3104.02,"endTime":3108.13,"body":"to one side, I don't give a damn"},{"speaker":"Nick Lincoln","startTime":3104.02,"endTime":3108.13,"body":"as long as if the main thing for"},{"speaker":"Nick Lincoln","startTime":3108.13,"endTime":3110.56,"body":"me is transparency that so let's"},{"speaker":"Nick Lincoln","startTime":3108.13,"endTime":3110.56,"body":"get that out of the way. Alan,"},{"speaker":"Nick Lincoln","startTime":3110.56,"endTime":3112.6,"body":"you've got no control over"},{"speaker":"Nick Lincoln","startTime":3110.56,"endTime":3112.6,"body":"inflation, my friend. And I"},{"speaker":"Nick Lincoln","startTime":3112.6,"endTime":3114.94,"body":"mean, I'm assuming your fixed"},{"speaker":"Nick Lincoln","startTime":3112.6,"endTime":3114.94,"body":"fees are going up by 16%."},{"speaker":"Nick Lincoln","startTime":3114.94,"endTime":3117.04,"body":"Otherwise, your bottom line is"},{"speaker":"Nick Lincoln","startTime":3114.94,"endTime":3117.04,"body":"going down. So we none of us"},{"speaker":"Nick Lincoln","startTime":3117.04,"endTime":3119.2,"body":"have a controller but pretty"},{"speaker":"Nick Lincoln","startTime":3117.04,"endTime":3119.2,"body":"much anything. And that's just"},{"speaker":"Nick Lincoln","startTime":3119.2,"endTime":3123.58,"body":"that's just life. I do think you"},{"speaker":"Nick Lincoln","startTime":3119.2,"endTime":3123.58,"body":"can charge more for clients with"},{"speaker":"Nick Lincoln","startTime":3123.58,"endTime":3126.7,"body":"more with bigger portfolios, God"},{"speaker":"Nick Lincoln","startTime":3123.58,"endTime":3126.7,"body":"forbid, because if your value"},{"speaker":"Nick Lincoln","startTime":3126.7,"endTime":3129.97,"body":"proposition is behavior"},{"speaker":"Nick Lincoln","startTime":3126.7,"endTime":3129.97,"body":"modification, which ours is and"},{"speaker":"Nick Lincoln","startTime":3129.97,"endTime":3133.66,"body":"sticking to the plan, stopping"},{"speaker":"Nick Lincoln","startTime":3129.97,"endTime":3133.66,"body":"those people making really"},{"speaker":"Nick Lincoln","startTime":3133.66,"endTime":3136.3599999999997,"body":"stupid mistakes and also"},{"speaker":"Nick Lincoln","startTime":3133.66,"endTime":3136.3599999999997,"body":"lifetime allowance, annual"},{"speaker":"Nick Lincoln","startTime":3136.3599999999997,"endTime":3139.12,"body":"allowance, the yes, that's"},{"speaker":"Nick Lincoln","startTime":3136.3599999999997,"endTime":3139.12,"body":"bigger ticket stuff, you're and"},{"speaker":"Nick Lincoln","startTime":3139.12,"endTime":3142.15,"body":"you know, as as Andy says, we're"},{"speaker":"Nick Lincoln","startTime":3139.12,"endTime":3142.15,"body":"answering expensive questions"},{"speaker":"Nick Lincoln","startTime":3142.15,"endTime":3145.21,"body":"and people with more money, not"},{"speaker":"Nick Lincoln","startTime":3142.15,"endTime":3145.21,"body":"a judgment call. It's just a"},{"speaker":"Nick Lincoln","startTime":3145.21,"endTime":3147.97,"body":"fact people with more money have"},{"speaker":"Nick Lincoln","startTime":3145.21,"endTime":3147.97,"body":"more expensive questions that"},{"speaker":"Nick Lincoln","startTime":3147.97,"endTime":3150.22,"body":"need answering because if they"},{"speaker":"Nick Lincoln","startTime":3147.97,"endTime":3150.22,"body":"get the wrong answer, they're"},{"speaker":"Nick Lincoln","startTime":3150.22,"endTime":3153.22,"body":"screwed. So I do not have a"},{"speaker":"Nick Lincoln","startTime":3150.22,"endTime":3153.22,"body":"problem with charging more"},{"speaker":"Nick Lincoln","startTime":3153.43,"endTime":3157.21,"body":"people with more money and more"},{"speaker":"Nick Lincoln","startTime":3153.43,"endTime":3157.21,"body":"complex situations. This old"},{"speaker":"Nick Lincoln","startTime":3157.21,"endTime":3159.88,"body":"cannot about well, if you're"},{"speaker":"Nick Lincoln","startTime":3157.21,"endTime":3159.88,"body":"charging a fee of 1% a year it"},{"speaker":"Nick Lincoln","startTime":3159.88,"endTime":3162.37,"body":"comes out of their returns and"},{"speaker":"Nick Lincoln","startTime":3159.88,"endTime":3162.37,"body":"over 30 years, it affects the"},{"speaker":"Nick Lincoln","startTime":3162.37,"endTime":3164.0499999999997,"body":"investment performance, if"},{"speaker":"Nick Lincoln","startTime":3162.37,"endTime":3164.0499999999997,"body":"you've got a million quid to"},{"speaker":"Nick Lincoln","startTime":3164.0499999999997,"endTime":3169.33,"body":"invest and your annual fee is"},{"speaker":"Nick Lincoln","startTime":3164.0499999999997,"endTime":3169.33,"body":"1%, that's 10,000 pounds. In a"},{"speaker":"Nick Lincoln","startTime":3169.33,"endTime":3172.45,"body":"flat fee modeling only got"},{"speaker":"Nick Lincoln","startTime":3169.33,"endTime":3172.45,"body":"990,000 pounds to invest because"},{"speaker":"Nick Lincoln","startTime":3172.45,"endTime":3175.12,"body":"10,000 or 5 million is going to"},{"speaker":"Nick Lincoln","startTime":3172.45,"endTime":3175.12,"body":"the flat fee advisor there's"},{"speaker":"Nick Lincoln","startTime":3175.12,"endTime":3177.7599999999998,"body":"only so much money you can't"},{"speaker":"Nick Lincoln","startTime":3175.12,"endTime":3177.7599999999998,"body":"make money grow on a tree, that"},{"speaker":"Nick Lincoln","startTime":3177.7599999999998,"endTime":3180.3399999999997,"body":"10,000 pounds could have been"},{"speaker":"Nick Lincoln","startTime":3177.7599999999998,"endTime":3180.3399999999997,"body":"invested in over 30 years. Yeah,"},{"speaker":"Nick Lincoln","startTime":3180.37,"endTime":3183.85,"body":"that would have made a lot of"},{"speaker":"Nick Lincoln","startTime":3180.37,"endTime":3183.85,"body":"money. It's just maths. The"},{"speaker":"Nick Lincoln","startTime":3183.85,"endTime":3185.89,"body":"conflict thing I do think is"},{"speaker":"Nick Lincoln","startTime":3183.85,"endTime":3185.89,"body":"that there's some truth in that"},{"speaker":"Nick Lincoln","startTime":3185.89,"endTime":3189.3399999999997,"body":"but that comes back to you know,"},{"speaker":"Nick Lincoln","startTime":3185.89,"endTime":3189.3399999999997,"body":"how honest are you and your"},{"speaker":"Nick Lincoln","startTime":3189.3399999999997,"endTime":3194.62,"body":"integrity and that's why you"},{"speaker":"Nick Lincoln","startTime":3189.3399999999997,"endTime":3194.62,"body":"know, I have a very steep tiered"},{"speaker":"Nick Lincoln","startTime":3194.62,"endTime":3197.92,"body":"structure you know, it's it's 1%"},{"speaker":"Nick Lincoln","startTime":3194.62,"endTime":3197.92,"body":"on the first half a million and"},{"speaker":"Nick Lincoln","startTime":3197.92,"endTime":3200.29,"body":"then point two five on the"},{"speaker":"Nick Lincoln","startTime":3197.92,"endTime":3200.29,"body":"balance most of my clients have"},{"speaker":"Nick Lincoln","startTime":3200.29,"endTime":3202.93,"body":"more than half a million when"},{"speaker":"Nick Lincoln","startTime":3200.29,"endTime":3202.93,"body":"they disinvest you know what it"},{"speaker":"Nick Lincoln","startTime":3202.93,"endTime":3205.33,"body":"doesn't actually impact my"},{"speaker":"Nick Lincoln","startTime":3202.93,"endTime":3205.33,"body":"bottom line that much and I'd"},{"speaker":"Nick Lincoln","startTime":3205.33,"endTime":3209.38,"body":"like to think I wouldn't I get a"},{"speaker":"Nick Lincoln","startTime":3205.33,"endTime":3209.38,"body":"strange buzz from telling people"},{"speaker":"Nick Lincoln","startTime":3209.38,"endTime":3211.54,"body":"to spend the money you know, we"},{"speaker":"Nick Lincoln","startTime":3209.38,"endTime":3211.54,"body":"do the cash flow and they're"},{"speaker":"Nick Lincoln","startTime":3211.96,"endTime":3215.89,"body":"spending the kids inheritance"},{"speaker":"Nick Lincoln","startTime":3211.96,"endTime":3215.89,"body":"skiing SSK i i like it even"},{"speaker":"Nick Lincoln","startTime":3215.89,"endTime":3218.23,"body":"though part of me must know"},{"speaker":"Nick Lincoln","startTime":3215.89,"endTime":3218.23,"body":"intuitively what this is going"},{"speaker":"Nick Lincoln","startTime":3218.23,"endTime":3220.81,"body":"to knock a few pounds off the"},{"speaker":"Nick Lincoln","startTime":3218.23,"endTime":3220.81,"body":"bottom line but just just just"},{"speaker":"Nick Lincoln","startTime":3220.8399999999997,"endTime":3223.8399999999997,"body":"being able to tell people such"},{"speaker":"Nick Lincoln","startTime":3220.8399999999997,"endTime":3223.8399999999997,"body":"great news i don't i honestly I"},{"speaker":"Nick Lincoln","startTime":3223.8399999999997,"endTime":3227.2599999999998,"body":"don't have a problem with it. I"},{"speaker":"Nick Lincoln","startTime":3223.8399999999997,"endTime":3227.2599999999998,"body":"don't think I've ever had a"},{"speaker":"Nick Lincoln","startTime":3227.2599999999998,"endTime":3229.12,"body":"conflict where I thought"},{"speaker":"Nick Lincoln","startTime":3227.2599999999998,"endTime":3229.12,"body":"afterwards you know what, that"},{"speaker":"Nick Lincoln","startTime":3229.12,"endTime":3231.0699999999997,"body":"was just for me to get some"},{"speaker":"Nick Lincoln","startTime":3229.12,"endTime":3231.0699999999997,"body":"money I should have told them to"},{"speaker":"Nick Lincoln","startTime":3231.0699999999997,"endTime":3233.2,"body":"pay off the mortgage we're"},{"speaker":"Nick Lincoln","startTime":3231.0699999999997,"endTime":3233.2,"body":"having also the fact that most"},{"speaker":"Nick Lincoln","startTime":3233.2,"endTime":3236.2,"body":"of my class and probably you are"},{"speaker":"Nick Lincoln","startTime":3233.2,"endTime":3236.2,"body":"retirees so the debt question is"},{"speaker":"Nick Lincoln","startTime":3236.2,"endTime":3241.93,"body":"kind of just that's in the in"},{"speaker":"Nick Lincoln","startTime":3236.2,"endTime":3241.93,"body":"the in, in the past. And in"},{"speaker":"Nick Lincoln","startTime":3241.93,"endTime":3244.75,"body":"terms of most of the money I"},{"speaker":"Nick Lincoln","startTime":3241.93,"endTime":3244.75,"body":"manage is existing money that's"},{"speaker":"Nick Lincoln","startTime":3244.75,"endTime":3247.72,"body":"already been invested. I'm not"},{"speaker":"Nick Lincoln","startTime":3244.75,"endTime":3247.72,"body":"it's very rarely I'm saying to"},{"speaker":"Nick Lincoln","startTime":3247.72,"endTime":3250.5699999999997,"body":"class invest new money and I do"},{"speaker":"Nick Lincoln","startTime":3247.72,"endTime":3250.5699999999997,"body":"do it you know, top up devices"},{"speaker":"Nick Lincoln","startTime":3250.5699999999997,"endTime":3253.39,"body":"and put some money in a GI but"},{"speaker":"Nick Lincoln","startTime":3250.5699999999997,"endTime":3253.39,"body":"most of it is you've got these"},{"speaker":"Nick Lincoln","startTime":3253.39,"endTime":3255.88,"body":"seven or eight pension pots,"},{"speaker":"Nick Lincoln","startTime":3253.39,"endTime":3255.88,"body":"you've got this ICER over here,"},{"speaker":"Nick Lincoln","startTime":3255.88,"endTime":3258.6099999999997,"body":"you've got this unit trust let's"},{"speaker":"Nick Lincoln","startTime":3255.88,"endTime":3258.6099999999997,"body":"just put it all together. So"},{"speaker":"Nick Lincoln","startTime":3258.6099999999997,"endTime":3261.19,"body":"it's money that's already there"},{"speaker":"Nick Lincoln","startTime":3258.6099999999997,"endTime":3261.19,"body":"already products most people"},{"speaker":"Nick Lincoln","startTime":3261.19,"endTime":3265.2999999999997,"body":"need products to reach their"},{"speaker":"Nick Lincoln","startTime":3261.19,"endTime":3265.2999999999997,"body":"financial salvation to hit"},{"speaker":"Nick Lincoln","startTime":3265.2999999999997,"endTime":3269.0499999999997,"body":"financial independence and the"},{"speaker":"Nick Lincoln","startTime":3265.2999999999997,"endTime":3269.0499999999997,"body":"fact that taking money from a"},{"speaker":"Nick Lincoln","startTime":3269.0499999999997,"endTime":3272.2599999999998,"body":"product I don't think clients"},{"speaker":"Nick Lincoln","startTime":3269.0499999999997,"endTime":3272.2599999999998,"body":"that doesn't have a conflicting"},{"speaker":"Nick Lincoln","startTime":3272.2599999999998,"endTime":3274.45,"body":"message if you're saying to"},{"speaker":"Nick Lincoln","startTime":3272.2599999999998,"endTime":3274.45,"body":"clients all the time, our value"},{"speaker":"Nick Lincoln","startTime":3274.45,"endTime":3276.88,"body":"is behavior modification and"},{"speaker":"Nick Lincoln","startTime":3274.45,"endTime":3276.88,"body":"sticking to the plan is not"},{"speaker":"Nick Lincoln","startTime":3276.88,"endTime":3278.89,"body":"about investment performance."},{"speaker":"Nick Lincoln","startTime":3276.88,"endTime":3278.89,"body":"The fact that money comes from"},{"speaker":"Nick Lincoln","startTime":3278.89,"endTime":3282.52,"body":"the investments isn't it I don't"},{"speaker":"Nick Lincoln","startTime":3278.89,"endTime":3282.52,"body":"see that as a big issue. And the"},{"speaker":"Nick Lincoln","startTime":3282.52,"endTime":3285.19,"body":"fact that and this is this is a"},{"speaker":"Nick Lincoln","startTime":3282.52,"endTime":3285.19,"body":"lazy thing it's as as the and"},{"speaker":"Nick Lincoln","startTime":3285.19,"endTime":3288.46,"body":"the alluded to it's just easier"},{"speaker":"Nick Lincoln","startTime":3285.19,"endTime":3288.46,"body":"man it's just this weekend paid"},{"speaker":"Nick Lincoln","startTime":3288.46,"endTime":3291.7599999999998,"body":"one and call to a degree you"},{"speaker":"Nick Lincoln","startTime":3288.46,"endTime":3291.7599999999998,"body":"mentioned we get paid X percent"},{"speaker":"Nick Lincoln","startTime":3291.7599999999998,"endTime":3293.95,"body":"a year it comes off your"},{"speaker":"Nick Lincoln","startTime":3291.7599999999998,"endTime":3293.95,"body":"investments you're a sentient"},{"speaker":"Nick Lincoln","startTime":3293.98,"endTime":3296.2599999999998,"body":"adult or regulated thinks you"},{"speaker":"Nick Lincoln","startTime":3293.98,"endTime":3296.2599999999998,"body":"don't understand percentages."},{"speaker":"Nick Lincoln","startTime":3296.38,"endTime":3298.48,"body":"You obviously bloody can because"},{"speaker":"Nick Lincoln","startTime":3296.38,"endTime":3298.48,"body":"you've got some wealth and"},{"speaker":"Nick Lincoln","startTime":3298.48,"endTime":3302.14,"body":"success in your life, you're not"},{"speaker":"Nick Lincoln","startTime":3298.48,"endTime":3302.14,"body":"them, we charge X percent it"},{"speaker":"Nick Lincoln","startTime":3302.14,"endTime":3305.74,"body":"just comes off your investments."},{"speaker":"Nick Lincoln","startTime":3302.14,"endTime":3305.74,"body":"That's it, job done no standing"},{"speaker":"Nick Lincoln","startTime":3305.74,"endTime":3308.0499999999997,"body":"orders, no direct debits, no"},{"speaker":"Nick Lincoln","startTime":3305.74,"endTime":3308.0499999999997,"body":"gocardless or anything like"},{"speaker":"Nick Lincoln","startTime":3308.0499999999997,"endTime":3310.9,"body":"that. And it's clean but that's"},{"speaker":"Nick Lincoln","startTime":3308.0499999999997,"endTime":3310.9,"body":"a self serving argument to a"},{"speaker":"Nick Lincoln","startTime":3310.9,"endTime":3314.17,"body":"degree because it's easier for"},{"speaker":"Nick Lincoln","startTime":3310.9,"endTime":3314.17,"body":"us as well. And your points"},{"speaker":"Nick Lincoln","startTime":3314.17,"endTime":3316.96,"body":"about the market cycles Yeah,"},{"speaker":"Nick Lincoln","startTime":3314.17,"endTime":3316.96,"body":"okay fine. Maybe you know, there"},{"speaker":"Nick Lincoln","startTime":3316.96,"endTime":3319.39,"body":"are some really badly run firms"},{"speaker":"Nick Lincoln","startTime":3316.96,"endTime":3319.39,"body":"out there they just haven't got"},{"speaker":"Nick Lincoln","startTime":3319.39,"endTime":3322.21,"body":"any capital reserves they they"},{"speaker":"Nick Lincoln","startTime":3319.39,"endTime":3322.21,"body":"just spend what they what they"},{"speaker":"Nick Lincoln","startTime":3322.21,"endTime":3323.98,"body":"bring in each year and that's"},{"speaker":"Nick Lincoln","startTime":3322.21,"endTime":3323.98,"body":"what the reserves you know, you"},{"speaker":"Nick Lincoln","startTime":3323.98,"endTime":3326.08,"body":"got to if you have a lean"},{"speaker":"Nick Lincoln","startTime":3323.98,"endTime":3326.08,"body":"business you can get through the"},{"speaker":"Nick Lincoln","startTime":3326.08,"endTime":3330.25,"body":"downtimes and you do where the"},{"speaker":"Nick Lincoln","startTime":3326.08,"endTime":3330.25,"body":"client pain as much as they do"},{"speaker":"Nick Lincoln","startTime":3330.2799999999997,"endTime":3332.56,"body":"and you know, we're always"},{"speaker":"Nick Lincoln","startTime":3330.2799999999997,"endTime":3332.56,"body":"saying to our clients, the"},{"speaker":"Nick Lincoln","startTime":3332.56,"endTime":3336.4,"body":"advance is permanent and the Aum"},{"speaker":"Nick Lincoln","startTime":3332.56,"endTime":3336.4,"body":"model business for the business"},{"speaker":"Nick Lincoln","startTime":3336.4,"endTime":3339.6099999999997,"body":"income will permanently go up"},{"speaker":"Nick Lincoln","startTime":3336.4,"endTime":3339.6099999999997,"body":"there will be temporary declines"},{"speaker":"Nick Lincoln","startTime":3339.6099999999997,"endTime":3342.04,"body":"because the markets go through"},{"speaker":"Nick Lincoln","startTime":3339.6099999999997,"endTime":3342.04,"body":"temporary declines but I'm not"},{"speaker":"Nick Lincoln","startTime":3342.0699999999997,"endTime":3344.14,"body":"knocking one way or the other I"},{"speaker":"Nick Lincoln","startTime":3342.0699999999997,"endTime":3344.14,"body":"think Alan you I mean what"},{"speaker":"Nick Lincoln","startTime":3344.14,"endTime":3347.35,"body":"you've done is magnificent and"},{"speaker":"Nick Lincoln","startTime":3344.14,"endTime":3347.35,"body":"to have the competence in your"},{"speaker":"Nick Lincoln","startTime":3347.35,"endTime":3350.7999999999997,"body":"in your in your value and the"},{"speaker":"Nick Lincoln","startTime":3347.35,"endTime":3350.7999999999997,"body":"ability to sell flat fees when"},{"speaker":"Nick Lincoln","startTime":3350.7999999999997,"endTime":3354.16,"body":"everyone else is doing it off"},{"speaker":"Nick Lincoln","startTime":3350.7999999999997,"endTime":3354.16,"body":"the investment assets. That's"},{"speaker":"Nick Lincoln","startTime":3354.16,"endTime":3356.95,"body":"absolutely magnificent. The main"},{"speaker":"Nick Lincoln","startTime":3354.16,"endTime":3356.95,"body":"thing for me is are you"},{"speaker":"Nick Lincoln","startTime":3356.95,"endTime":3361.45,"body":"transparent? That's and that's I"},{"speaker":"Nick Lincoln","startTime":3356.95,"endTime":3361.45,"body":"can't hammer RDR was a fantastic"},{"speaker":"Nick Lincoln","startTime":3361.45,"endTime":3363.58,"body":"thing for this profession. It"},{"speaker":"Nick Lincoln","startTime":3361.45,"endTime":3363.58,"body":"can it changed a lot of the"},{"speaker":"Nick Lincoln","startTime":3363.58,"endTime":3367.0,"body":"industrial ifas into"},{"speaker":"Nick Lincoln","startTime":3363.58,"endTime":3367.0,"body":"professional ifas and I know a"},{"speaker":"Nick Lincoln","startTime":3367.0,"endTime":3370.0299999999997,"body":"lot of them did go from three"},{"speaker":"Nick Lincoln","startTime":3367.0,"endTime":3370.0299999999997,"body":"plus a half commission to three"},{"speaker":"Nick Lincoln","startTime":3370.0299999999997,"endTime":3374.02,"body":"plus a half fee or three plus"},{"speaker":"Nick Lincoln","startTime":3370.0299999999997,"endTime":3374.02,"body":"one. We certainly don't know I'm"},{"speaker":"Nick Lincoln","startTime":3374.02,"endTime":3376.87,"body":"not plus or not plus one I don't"},{"speaker":"Nick Lincoln","startTime":3374.02,"endTime":3376.87,"body":"charge you Is your face you"},{"speaker":"Nick Lincoln","startTime":3376.87,"endTime":3379.15,"body":"know, and it says if you want to"},{"speaker":"Nick Lincoln","startTime":3376.87,"endTime":3379.15,"body":"walk away from me at any stage"},{"speaker":"Nick Lincoln","startTime":3379.15,"endTime":3381.88,"body":"you walk away, it was only part"},{"speaker":"Nick Lincoln","startTime":3379.15,"endTime":3381.88,"body":"as friends you know, I, as I say"},{"speaker":"Nick Lincoln","startTime":3381.88,"endTime":3385.87,"body":"heavily discounted a larger"},{"speaker":"Nick Lincoln","startTime":3381.88,"endTime":3385.87,"body":"portfolios, nice and easy job"},{"speaker":"Nick Lincoln","startTime":3386.5899999999997,"endTime":3388.72,"body":"done. And he pushed back, I want"},{"speaker":"Alan Smith","startTime":3388.72,"endTime":3390.91,"body":"to come back just a"},{"speaker":"Alan Smith","startTime":3388.72,"endTime":3390.91,"body":"couple of brief points and then"},{"speaker":"Alan Smith","startTime":3390.91,"endTime":3394.27,"body":"I'll wrap up for this episode"},{"speaker":"Alan Smith","startTime":3390.91,"endTime":3394.27,"body":"because as you say this this you"},{"speaker":"Alan Smith","startTime":3394.27,"endTime":3397.21,"body":"could spend an entire afternoon"},{"speaker":"Alan Smith","startTime":3394.27,"endTime":3397.21,"body":"or a day or as long as you want"},{"speaker":"Alan Smith","startTime":3397.21,"endTime":3399.7599999999998,"body":"discussing this. And and"},{"speaker":"Alan Smith","startTime":3397.21,"endTime":3399.7599999999998,"body":"there's, you know, believe me"},{"speaker":"Alan Smith","startTime":3399.7599999999998,"endTime":3403.18,"body":"there's there's merits for and"},{"speaker":"Alan Smith","startTime":3399.7599999999998,"endTime":3403.18,"body":"against. I mean, we have learned"},{"speaker":"Alan Smith","startTime":3403.21,"endTime":3408.0099999999998,"body":"a lot of lessons, there is a lot"},{"speaker":"Alan Smith","startTime":3403.21,"endTime":3408.0099999999998,"body":"of behavioral finance behavioral"},{"speaker":"Alan Smith","startTime":3408.0099999999998,"endTime":3410.65,"body":"thoughts around even positioning"},{"speaker":"Alan Smith","startTime":3408.0099999999998,"endTime":3410.65,"body":"it because, you know, when we"},{"speaker":"Alan Smith","startTime":3410.65,"endTime":3413.5,"body":"just look, we literally decided,"},{"speaker":"Alan Smith","startTime":3410.65,"endTime":3413.5,"body":"as of tomorrow we're going to do"},{"speaker":"Alan Smith","startTime":3413.5,"endTime":3417.7599999999998,"body":"this basically came up with our,"},{"speaker":"Alan Smith","startTime":3413.5,"endTime":3417.7599999999998,"body":"how we arrived at all our fees."},{"speaker":"Alan Smith","startTime":3418.06,"endTime":3420.04,"body":"And we just started talking to"},{"speaker":"Alan Smith","startTime":3418.06,"endTime":3420.04,"body":"clients. And obviously I've been"},{"speaker":"Alan Smith","startTime":3420.04,"endTime":3422.62,"body":"in many rooms has been a"},{"speaker":"Alan Smith","startTime":3420.04,"endTime":3422.62,"body":"positioning things for a"},{"speaker":"Alan Smith","startTime":3422.65,"endTime":3426.1,"body":"prospective client, and I'm"},{"speaker":"Alan Smith","startTime":3422.65,"endTime":3426.1,"body":"saying our fee is 12,000 pounds,"},{"speaker":"Alan Smith","startTime":3426.13,"endTime":3428.74,"body":"and it just sounds like a lot of"},{"speaker":"Alan Smith","startTime":3426.13,"endTime":3428.74,"body":"money. versus you know, if it"},{"speaker":"Alan Smith","startTime":3428.74,"endTime":3432.25,"body":"was a 1% or half percent, it"},{"speaker":"Alan Smith","startTime":3428.74,"endTime":3432.25,"body":"would actually be more money"},{"speaker":"Alan Smith","startTime":3432.2799999999997,"endTime":3435.25,"body":"actual fee would be more but it"},{"speaker":"Alan Smith","startTime":3432.2799999999997,"endTime":3435.25,"body":"sounds it sounds to the"},{"speaker":"Alan Smith","startTime":3435.25,"endTime":3437.5899999999997,"body":"prospective client. Like"},{"speaker":"Alan Smith","startTime":3435.25,"endTime":3437.5899999999997,"body":"nothing, there's no doubt about"},{"speaker":"Alan Smith","startTime":3437.5899999999997,"endTime":3439.81,"body":"I agree that you need people"},{"speaker":"Alan Smith","startTime":3437.5899999999997,"endTime":3439.81,"body":"aren't stupid, but that sorry,"},{"speaker":"Nick Lincoln","startTime":3439.81,"endTime":3442.54,"body":"does that say that"},{"speaker":"Nick Lincoln","startTime":3439.81,"endTime":3442.54,"body":"12,000 pounds equate 2.95% of"},{"speaker":"Nick Lincoln","startTime":3442.54,"endTime":3444.6099999999997,"body":"AUM. Exactly."},{"speaker":"Alan Smith","startTime":3446.109,"endTime":3448.149,"body":"You know that"},{"speaker":"Alan Smith","startTime":3446.109,"endTime":3448.149,"body":"client. But there have been"},{"speaker":"Alan Smith","startTime":3448.149,"endTime":3451.0589999999997,"body":"situations where I've said our"},{"speaker":"Alan Smith","startTime":3448.149,"endTime":3451.0589999999997,"body":"fee is and I've said the amount"},{"speaker":"Alan Smith","startTime":3451.0589999999997,"endTime":3453.189,"body":"and they said, Oh, that sounds a"},{"speaker":"Alan Smith","startTime":3451.0589999999997,"endTime":3453.189,"body":"bit steep. And I've told them"},{"speaker":"Alan Smith","startTime":3453.189,"endTime":3454.929,"body":"what they're currently paying."},{"speaker":"Alan Smith","startTime":3453.189,"endTime":3454.929,"body":"And it's like double it. But"},{"speaker":"Alan Smith","startTime":3454.929,"endTime":3457.629,"body":"it's in percentage terms. So"},{"speaker":"Alan Smith","startTime":3454.929,"endTime":3457.629,"body":"there's a lot of learnings. The"},{"speaker":"Alan Smith","startTime":3457.629,"endTime":3461.229,"body":"other thing, this whole thing"},{"speaker":"Alan Smith","startTime":3457.629,"endTime":3461.229,"body":"is, is very misunderstood when"},{"speaker":"Alan Smith","startTime":3461.229,"endTime":3465.489,"body":"you get into the murky world of"},{"speaker":"Alan Smith","startTime":3461.229,"endTime":3465.489,"body":"alternative fee structures there"},{"speaker":"Alan Smith","startTime":3465.519,"endTime":3467.949,"body":"for all that. And I know a lot"},{"speaker":"Alan Smith","startTime":3465.519,"endTime":3467.949,"body":"of the people, the firms that"},{"speaker":"Alan Smith","startTime":3467.949,"endTime":3470.5589999999997,"body":"are charging, flat fees,"},{"speaker":"Alan Smith","startTime":3467.949,"endTime":3470.5589999999997,"body":"retainer subscriptions, you name"},{"speaker":"Alan Smith","startTime":3470.5589999999997,"endTime":3473.409,"body":"it, the almost all different or"},{"speaker":"Alan Smith","startTime":3470.5589999999997,"endTime":3473.409,"body":"almost all different, some"},{"speaker":"Alan Smith","startTime":3473.409,"endTime":3476.109,"body":"charge exactly the same fee,"},{"speaker":"Alan Smith","startTime":3473.409,"endTime":3476.109,"body":"regardless of the client client"},{"speaker":"Alan Smith","startTime":3476.109,"endTime":3480.759,"body":"with 20 million pounds or client"},{"speaker":"Alan Smith","startTime":3476.109,"endTime":3480.759,"body":"with 200,000 pounds, same fee,"},{"speaker":"Alan Smith","startTime":3481.1189999999997,"endTime":3483.129,"body":"which which we do and that's the"},{"speaker":"Alan Smith","startTime":3481.1189999999997,"endTime":3483.129,"body":"other thing to be aware of, I"},{"speaker":"Alan Smith","startTime":3483.129,"endTime":3485.919,"body":"think you alluded to it, Nick,"},{"speaker":"Alan Smith","startTime":3483.129,"endTime":3485.919,"body":"we do have because we do"},{"speaker":"Alan Smith","startTime":3485.919,"endTime":3488.319,"body":"recognize the value and"},{"speaker":"Alan Smith","startTime":3485.919,"endTime":3488.319,"body":"definitely for client has got"},{"speaker":"Alan Smith","startTime":3488.319,"endTime":3491.709,"body":"significantly more assets. Or"},{"speaker":"Alan Smith","startTime":3488.319,"endTime":3491.709,"body":"there's a lot more complexity,"},{"speaker":"Alan Smith","startTime":3491.709,"endTime":3495.219,"body":"this is the key thing here, you"},{"speaker":"Alan Smith","startTime":3491.709,"endTime":3495.219,"body":"know, a client with a million"},{"speaker":"Alan Smith","startTime":3495.219,"endTime":3498.669,"body":"pounds, but he's got three"},{"speaker":"Alan Smith","startTime":3495.219,"endTime":3498.669,"body":"offshore bond structures or"},{"speaker":"Alan Smith","startTime":3498.669,"endTime":3501.3689999999997,"body":"something. He's got your two ex"},{"speaker":"Alan Smith","startTime":3498.669,"endTime":3501.3689999999997,"body":"wives, he's got all sorts of"},{"speaker":"Alan Smith","startTime":3501.3689999999997,"endTime":3505.419,"body":"stuff going on in their lives."},{"speaker":"Alan Smith","startTime":3501.3689999999997,"endTime":3505.419,"body":"Versus the client who's just,"},{"speaker":"Alan Smith","startTime":3505.449,"endTime":3507.3689999999997,"body":"you know, sold a house or"},{"speaker":"Alan Smith","startTime":3505.449,"endTime":3507.3689999999997,"body":"someone's got a million pounds"},{"speaker":"Alan Smith","startTime":3507.3689999999997,"endTime":3509.6189999999997,"body":"in cash and says, what how"},{"speaker":"Alan Smith","startTime":3507.3689999999997,"endTime":3509.6189999999997,"body":"should I invest this? They've"},{"speaker":"Alan Smith","startTime":3509.6189999999997,"endTime":3514.0589999999997,"body":"got the same quantum if you"},{"speaker":"Alan Smith","startTime":3509.6189999999997,"endTime":3514.0589999999997,"body":"like, but the value and the"},{"speaker":"Alan Smith","startTime":3514.0589999999997,"endTime":3517.269,"body":"complexity are significantly"},{"speaker":"Alan Smith","startTime":3514.0589999999997,"endTime":3517.269,"body":"different. Why should one pay"},{"speaker":"Alan Smith","startTime":3517.269,"endTime":3521.469,"body":"exactly the same as the other"},{"speaker":"Alan Smith","startTime":3517.269,"endTime":3521.469,"body":"just doesn't make sense? The"},{"speaker":"Alan Smith","startTime":3521.469,"endTime":3526.029,"body":"thing about the the yes, you"},{"speaker":"Alan Smith","startTime":3521.469,"endTime":3526.029,"body":"write our fees, I think the key"},{"speaker":"Alan Smith","startTime":3526.029,"endTime":3528.8489999999997,"body":"thing is with a subscription"},{"speaker":"Alan Smith","startTime":3526.029,"endTime":3528.8489999999997,"body":"model, we reserve the right and"},{"speaker":"Alan Smith","startTime":3528.8489999999997,"endTime":3531.219,"body":"we do increase our fees in line"},{"speaker":"Alan Smith","startTime":3528.8489999999997,"endTime":3531.219,"body":"with the prevailing rate of"},{"speaker":"Alan Smith","startTime":3531.219,"endTime":3534.459,"body":"inflation. Obviously, we're in"},{"speaker":"Alan Smith","startTime":3531.219,"endTime":3534.459,"body":"a, an inflation spike right now."},{"speaker":"Alan Smith","startTime":3534.6389999999997,"endTime":3537.909,"body":"But what we know is long term"},{"speaker":"Alan Smith","startTime":3534.6389999999997,"endTime":3537.909,"body":"inflation is lower than capital"},{"speaker":"Alan Smith","startTime":3537.909,"endTime":3541.779,"body":"market returns are so important"},{"speaker":"Alan Smith","startTime":3537.909,"endTime":3541.779,"body":"of investing. We're all about"},{"speaker":"Alan Smith","startTime":3541.779,"endTime":3544.659,"body":"trying to get a model that we"},{"speaker":"Alan Smith","startTime":3541.779,"endTime":3544.659,"body":"are profit, every single client"},{"speaker":"Alan Smith","startTime":3544.659,"endTime":3548.379,"body":"is profitable, we're making our"},{"speaker":"Alan Smith","startTime":3544.659,"endTime":3548.379,"body":"margin and our costs are off as"},{"speaker":"Alan Smith","startTime":3548.379,"endTime":3551.049,"body":"our costs go up. We're"},{"speaker":"Alan Smith","startTime":3548.379,"endTime":3551.049,"body":"increasing our fees in line with"},{"speaker":"Alan Smith","startTime":3551.049,"endTime":3554.469,"body":"them not in line with the equity"},{"speaker":"Alan Smith","startTime":3551.049,"endTime":3554.469,"body":"markets, because our costs go up"},{"speaker":"Alan Smith","startTime":3554.469,"endTime":3556.569,"body":"in line with the equity market."},{"speaker":"Alan Smith","startTime":3554.469,"endTime":3556.569,"body":"So we believe it's a fairer"},{"speaker":"Alan Smith","startTime":3556.569,"endTime":3559.269,"body":"model. And the last thing I'm"},{"speaker":"Alan Smith","startTime":3556.569,"endTime":3559.269,"body":"going to say and it's just our"},{"speaker":"Alan Smith","startTime":3559.299,"endTime":3561.819,"body":"you know, it's our of our view,"},{"speaker":"Alan Smith","startTime":3559.299,"endTime":3561.819,"body":"in our opinion, we're talking"},{"speaker":"Alan Smith","startTime":3561.819,"endTime":3564.5789999999997,"body":"about having a profession as a"},{"speaker":"Alan Smith","startTime":3561.819,"endTime":3564.5789999999997,"body":"profession as opposed to an"},{"speaker":"Alan Smith","startTime":3564.5789999999997,"endTime":3568.659,"body":"industry. You compare yourself"},{"speaker":"Alan Smith","startTime":3564.5789999999997,"endTime":3568.659,"body":"to other professions, I mean,"},{"speaker":"Alan Smith","startTime":3568.659,"endTime":3572.499,"body":"real professions, if you go and"},{"speaker":"Alan Smith","startTime":3568.659,"endTime":3572.499,"body":"get, you know, surgery, you're"},{"speaker":"Alan Smith","startTime":3572.499,"endTime":3576.699,"body":"gonna get knee surgery at a"},{"speaker":"Alan Smith","startTime":3572.499,"endTime":3576.699,"body":"Harley Street surgeon private"},{"speaker":"Alan Smith","startTime":3576.699,"endTime":3578.919,"body":"hospital in Harley Street, for"},{"speaker":"Alan Smith","startTime":3576.699,"endTime":3578.919,"body":"example, you want to get the"},{"speaker":"Alan Smith","startTime":3578.919,"endTime":3582.249,"body":"best surgeon, if he said to you"},{"speaker":"Alan Smith","startTime":3578.919,"endTime":3582.249,"body":"how much money you got. And you"},{"speaker":"Alan Smith","startTime":3582.249,"endTime":3584.259,"body":"say, Well, I've got quite a lot"},{"speaker":"Alan Smith","startTime":3582.249,"endTime":3584.259,"body":"money, a lot of money. He says,"},{"speaker":"Alan Smith","startTime":3584.259,"endTime":3586.239,"body":"Well, I'm gonna charge you"},{"speaker":"Alan Smith","startTime":3584.259,"endTime":3586.239,"body":"double, because you've got low"},{"speaker":"Alan Smith","startTime":3586.239,"endTime":3588.3089999999997,"body":"money. How much have you got?"},{"speaker":"Alan Smith","startTime":3586.239,"endTime":3588.3089999999997,"body":"Well, I don't have a lot of"},{"speaker":"Alan Smith","startTime":3588.3089999999997,"endTime":3590.859,"body":"money here. Okay, I'll charge"},{"speaker":"Alan Smith","startTime":3588.3089999999997,"endTime":3590.859,"body":"you a lower fee. That's the"},{"speaker":"Alan Smith","startTime":3590.859,"endTime":3594.429,"body":"issue. Our model is predicated"},{"speaker":"Alan Smith","startTime":3590.859,"endTime":3594.429,"body":"on how wealthy you are, and"},{"speaker":"Alan Smith","startTime":3594.429,"endTime":3598.1189999999997,"body":"there is an increased value. The"},{"speaker":"Alan Smith","startTime":3594.429,"endTime":3598.1189999999997,"body":"bottom line product is roughly"},{"speaker":"Alan Smith","startTime":3598.179,"endTime":3601.269,"body":"the same. There are benefits,"},{"speaker":"Alan Smith","startTime":3598.179,"endTime":3601.269,"body":"there are advantages for some"},{"speaker":"Alan Smith","startTime":3601.419,"endTime":3604.3289999999997,"body":"with more complex affairs. But"},{"speaker":"Alan Smith","startTime":3601.419,"endTime":3604.3289999999997,"body":"that's and I'm just trying to"},{"speaker":"Alan Smith","startTime":3604.3289999999997,"endTime":3607.779,"body":"have a fee structure which is"},{"speaker":"Alan Smith","startTime":3604.3289999999997,"endTime":3607.779,"body":"aligned to other real"},{"speaker":"Alan Smith","startTime":3607.959,"endTime":3611.949,"body":"professions and not sales"},{"speaker":"Alan Smith","startTime":3607.959,"endTime":3611.949,"body":"industries like estate agents."},{"speaker":"Nick Lincoln","startTime":3612.58,"endTime":3615.7,"body":"Okay to point on"},{"speaker":"Nick Lincoln","startTime":3612.58,"endTime":3615.7,"body":"to two points there. I mean, if"},{"speaker":"Nick Lincoln","startTime":3615.7,"endTime":3617.7999999999997,"body":"you see a Harley Street surgeon,"},{"speaker":"Nick Lincoln","startTime":3615.7,"endTime":3617.7999999999997,"body":"they know you've got money in"},{"speaker":"Nick Lincoln","startTime":3617.7999999999997,"endTime":3620.65,"body":"the first place. So that analogy"},{"speaker":"Nick Lincoln","startTime":3617.7999999999997,"endTime":3620.65,"body":"is falls flat a little bit from"},{"speaker":"Nick Lincoln","startTime":3620.65,"endTime":3622.99,"body":"my point of view, I don't want"},{"speaker":"Nick Lincoln","startTime":3620.65,"endTime":3622.99,"body":"to be compared to solicitors."},{"speaker":"Nick Lincoln","startTime":3623.02,"endTime":3625.18,"body":"Thank you. I don't want to be"},{"speaker":"Nick Lincoln","startTime":3623.02,"endTime":3625.18,"body":"compared to accountants like do"},{"speaker":"Nick Lincoln","startTime":3625.18,"endTime":3627.73,"body":"we do something different? The"},{"speaker":"Nick Lincoln","startTime":3625.18,"endTime":3627.73,"body":"fact they can't charge the way"},{"speaker":"Nick Lincoln","startTime":3627.73,"endTime":3631.33,"body":"we can charge is neither here"},{"speaker":"Nick Lincoln","startTime":3627.73,"endTime":3631.33,"body":"nor there. So I think we've gone"},{"speaker":"Nick Lincoln","startTime":3631.33,"endTime":3633.64,"body":"beyond this thing of comparing"},{"speaker":"Nick Lincoln","startTime":3631.33,"endTime":3633.64,"body":"ourselves to other professions"},{"speaker":"Nick Lincoln","startTime":3633.64,"endTime":3636.25,"body":"and feeling sort of looking up"},{"speaker":"Nick Lincoln","startTime":3633.64,"endTime":3636.25,"body":"to these people on pedestals"},{"speaker":"Nick Lincoln","startTime":3636.25,"endTime":3640.54,"body":"because I think we're at least"},{"speaker":"Nick Lincoln","startTime":3636.25,"endTime":3640.54,"body":"in terms of the value we add the"},{"speaker":"Nick Lincoln","startTime":3640.54,"endTime":3643.18,"body":"equal and I'm sure we've all got"},{"speaker":"Nick Lincoln","startTime":3640.54,"endTime":3643.18,"body":"with the legal profession, you"},{"speaker":"Nick Lincoln","startTime":3643.18,"endTime":3647.77,"body":"know this. But we've all had"},{"speaker":"Nick Lincoln","startTime":3643.18,"endTime":3647.77,"body":"conveyancing nightmares, right."},{"speaker":"Nick Lincoln","startTime":3647.77,"endTime":3650.71,"body":"And it's like, we are so far"},{"speaker":"Nick Lincoln","startTime":3647.77,"endTime":3650.71,"body":"ahead in terms of service to"},{"speaker":"Nick Lincoln","startTime":3650.71,"endTime":3654.31,"body":"some people in other in other in"},{"speaker":"Nick Lincoln","startTime":3650.71,"endTime":3654.31,"body":"quotes, professions. I'm looking"},{"speaker":"Nick Lincoln","startTime":3654.31,"endTime":3656.1099999999997,"body":"at the cameras. I'm not looking"},{"speaker":"Nick Lincoln","startTime":3654.31,"endTime":3656.1099999999997,"body":"at the screen, Andy. Thank you,"},{"speaker":"Nick Lincoln","startTime":3656.1099999999997,"endTime":3656.83,"body":"my friend. Oh, yeah."},{"speaker":"Andy Hart","startTime":3656.83,"endTime":3659.17,"body":"A couple of points to"},{"speaker":"Andy Hart","startTime":3656.83,"endTime":3659.17,"body":"finish on. Hats off to you Alan."},{"speaker":"Andy Hart","startTime":3659.2,"endTime":3662.44,"body":"I mean, you have done something"},{"speaker":"Andy Hart","startTime":3659.2,"endTime":3662.44,"body":"very difficult. That you didn't"},{"speaker":"Andy Hart","startTime":3662.44,"endTime":3664.8399999999997,"body":"have to do it would have been"},{"speaker":"Andy Hart","startTime":3662.44,"endTime":3664.8399999999997,"body":"maybe a bit easier for you to"},{"speaker":"Andy Hart","startTime":3664.87,"endTime":3667.75,"body":"continue on the on the Aum model"},{"speaker":"Andy Hart","startTime":3664.87,"endTime":3667.75,"body":"so well known for definitely"},{"speaker":"Andy Hart","startTime":3667.75,"endTime":3670.81,"body":"yeah, I think a lot of people do"},{"speaker":"Andy Hart","startTime":3667.75,"endTime":3670.81,"body":"confuse when they hear fixed"},{"speaker":"Andy Hart","startTime":3670.81,"endTime":3675.04,"body":"fees. They all stink low. So I'm"},{"speaker":"Andy Hart","startTime":3670.81,"endTime":3675.04,"body":"sure you've got contacted by so"},{"speaker":"Andy Hart","startTime":3675.04,"endTime":3677.65,"body":"many people going oh ma Lewis"},{"speaker":"Andy Hart","startTime":3675.04,"endTime":3677.65,"body":"said that I've got to find a"},{"speaker":"Andy Hart","startTime":3677.65,"endTime":3680.08,"body":"fixed fee person, what is it? 40"},{"speaker":"Andy Hart","startTime":3677.65,"endTime":3680.08,"body":"quid a month? And you're like,"},{"speaker":"Andy Hart","startTime":3680.08,"endTime":3680.77,"body":"No, it's like, yeah,"},{"speaker":"Alan Smith","startTime":3680.77,"endTime":3683.95,"body":"we will. We have."},{"speaker":"Alan Smith","startTime":3680.77,"endTime":3683.95,"body":"Yeah, we've had exactly that"},{"speaker":"Alan Smith","startTime":3683.98,"endTime":3686.95,"body":"we've got a few interesting"},{"speaker":"Alan Smith","startTime":3683.98,"endTime":3686.95,"body":"conversations, or love your fee"},{"speaker":"Alan Smith","startTime":3686.95,"endTime":3689.65,"body":"model, and you tell her how much"},{"speaker":"Alan Smith","startTime":3686.95,"endTime":3689.65,"body":"it is or what you would"},{"speaker":"Andy Hart","startTime":3690.73,"endTime":3693.0099999999998,"body":"value and also a lot"},{"speaker":"Andy Hart","startTime":3690.73,"endTime":3693.0099999999998,"body":"of the other firms that we know"},{"speaker":"Andy Hart","startTime":3693.0099999999998,"endTime":3695.95,"body":"that are successful in this"},{"speaker":"Andy Hart","startTime":3693.0099999999998,"endTime":3695.95,"body":"space, they also charge high,"},{"speaker":"Andy Hart","startTime":3696.37,"endTime":3699.31,"body":"agreed fees or subscription"},{"speaker":"Andy Hart","startTime":3696.37,"endTime":3699.31,"body":"fees. fixed fees are obviously"},{"speaker":"Andy Hart","startTime":3699.31,"endTime":3702.7599999999998,"body":"again, a bit of a misnomer. I"},{"speaker":"Andy Hart","startTime":3699.31,"endTime":3702.7599999999998,"body":"mean, I do like the word the"},{"speaker":"Andy Hart","startTime":3702.7599999999998,"endTime":3705.13,"body":"Nick Murray, quote, this doesn't"},{"speaker":"Andy Hart","startTime":3702.7599999999998,"endTime":3705.13,"body":"mean anything's good or bad. But"},{"speaker":"Andy Hart","startTime":3705.13,"endTime":3707.89,"body":"Nick Murray says, I charge 1% a"},{"speaker":"Andy Hart","startTime":3705.13,"endTime":3707.89,"body":"year to help you avoid the"},{"speaker":"Andy Hart","startTime":3707.89,"endTime":3711.79,"body":"mistakes, which costs multiples"},{"speaker":"Andy Hart","startTime":3707.89,"endTime":3711.79,"body":"of 1% a year, which is basically"},{"speaker":"Andy Hart","startTime":3711.79,"endTime":3716.62,"body":"what Nick was alluding to. Nick"},{"speaker":"Andy Hart","startTime":3711.79,"endTime":3716.62,"body":"Lincoln. The final point, talk"},{"speaker":"Andy Hart","startTime":3716.62,"endTime":3719.56,"body":"about fees is the hybrid model."},{"speaker":"Andy Hart","startTime":3716.62,"endTime":3719.56,"body":"I think the hybrid models got"},{"speaker":"Andy Hart","startTime":3719.56,"endTime":3723.52,"body":"legs, you know, an agreed fee"},{"speaker":"Andy Hart","startTime":3719.56,"endTime":3723.52,"body":"with the client and still a"},{"speaker":"Andy Hart","startTime":3723.52,"endTime":3727.15,"body":"percentage AUM on the"},{"speaker":"Andy Hart","startTime":3723.52,"endTime":3727.15,"body":"investments because it is the"},{"speaker":"Andy Hart","startTime":3727.15,"endTime":3730.93,"body":"administrative to manage it, I"},{"speaker":"Andy Hart","startTime":3727.15,"endTime":3730.93,"body":"believe the more wealth does"},{"speaker":"Andy Hart","startTime":3730.96,"endTime":3735.8199999999997,"body":"equal more challenges and issues"},{"speaker":"Andy Hart","startTime":3730.96,"endTime":3735.8199999999997,"body":"to deal with the clients. I"},{"speaker":"Andy Hart","startTime":3735.8199999999997,"endTime":3739.39,"body":"think the hybrids got legs, you"},{"speaker":"Andy Hart","startTime":3735.8199999999997,"endTime":3739.39,"body":"know, an agreed subscription fee"},{"speaker":"Andy Hart","startTime":3739.39,"endTime":3742.0899999999997,"body":"per month, that sort of fair"},{"speaker":"Andy Hart","startTime":3739.39,"endTime":3742.0899999999997,"body":"across everybody, because that's"},{"speaker":"Andy Hart","startTime":3742.0899999999997,"endTime":3745.72,"body":"the sort of core offering. And"},{"speaker":"Andy Hart","startTime":3742.0899999999997,"endTime":3745.72,"body":"then the more wealth like for"},{"speaker":"Andy Hart","startTime":3745.72,"endTime":3749.98,"body":"example, 200 quid a month plus"},{"speaker":"Andy Hart","startTime":3745.72,"endTime":3749.98,"body":"0.3, on the investments or"},{"speaker":"Andy Hart","startTime":3749.98,"endTime":3753.97,"body":"whatever it is, that might be"},{"speaker":"Andy Hart","startTime":3749.98,"endTime":3753.97,"body":"the closest thing to perfect,"},{"speaker":"Andy Hart","startTime":3753.97,"endTime":3756.2799999999997,"body":"which obviously doesn't exist"},{"speaker":"Andy Hart","startTime":3753.97,"endTime":3756.2799999999997,"body":"over Tuco."},{"speaker":"Carl Widger","startTime":3758.35,"endTime":3761.89,"body":"Thanks. A question"},{"speaker":"Carl Widger","startTime":3758.35,"endTime":3761.89,"body":"for you, Alan. Right. So we've"},{"speaker":"Carl Widger","startTime":3761.89,"endTime":3766.27,"body":"spent a good few minutes talking"},{"speaker":"Carl Widger","startTime":3761.89,"endTime":3766.27,"body":"about what are probably the cons"},{"speaker":"Carl Widger","startTime":3766.2999999999997,"endTime":3769.5699999999997,"body":"and then the pros, or maybe the"},{"speaker":"Carl Widger","startTime":3766.2999999999997,"endTime":3769.5699999999997,"body":"Aum model, and a lot of times"},{"speaker":"Carl Widger","startTime":3769.75,"endTime":3773.17,"body":"talking about the pros of the"},{"speaker":"Carl Widger","startTime":3769.75,"endTime":3773.17,"body":"fee model. But you're seven"},{"speaker":"Carl Widger","startTime":3773.17,"endTime":3775.96,"body":"years in now, it can't all be"},{"speaker":"Carl Widger","startTime":3773.17,"endTime":3775.96,"body":"plain sailing. So what would you"},{"speaker":"Carl Widger","startTime":3775.96,"endTime":3780.0099999999998,"body":"say? Are the drawbacks of the"},{"speaker":"Carl Widger","startTime":3775.96,"endTime":3780.0099999999998,"body":"model that you currently have?"},{"speaker":"Carl Widger","startTime":3780.0099999999998,"endTime":3783.43,"body":"And what would you like to kind"},{"speaker":"Carl Widger","startTime":3780.0099999999998,"endTime":3783.43,"body":"of? What are the things that"},{"speaker":"Carl Widger","startTime":3783.43,"endTime":3786.7,"body":"you'd like to smooth out over"},{"speaker":"Carl Widger","startTime":3783.43,"endTime":3786.7,"body":"the obviously, it's, it remains"},{"speaker":"Carl Widger","startTime":3786.7,"endTime":3789.79,"body":"top of your agenda, because it's"},{"speaker":"Carl Widger","startTime":3786.7,"endTime":3789.79,"body":"one of your USPS as you see it."},{"speaker":"Carl Widger","startTime":3789.79,"endTime":3793.48,"body":"So how do you how do you smooth"},{"speaker":"Carl Widger","startTime":3789.79,"endTime":3793.48,"body":"out the problems that you have"},{"speaker":"Carl Widger","startTime":3793.48,"endTime":3797.7999999999997,"body":"at the moment? And how does it"},{"speaker":"Carl Widger","startTime":3793.48,"endTime":3797.7999999999997,"body":"look in three, five years time?"},{"speaker":"Carl Widger","startTime":3798.43,"endTime":3799.0899999999997,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":3799.089,"endTime":3801.399,"body":"that is a really"},{"speaker":"Alan Smith","startTime":3799.089,"endTime":3801.399,"body":"good question. Car. Andy's"},{"speaker":"Alan Smith","startTime":3801.399,"endTime":3804.999,"body":"already said this. There have"},{"speaker":"Alan Smith","startTime":3801.399,"endTime":3804.999,"body":"been moments full disclosure"},{"speaker":"Alan Smith","startTime":3805.029,"endTime":3806.979,"body":"when we've me and my colleagues"},{"speaker":"Alan Smith","startTime":3805.029,"endTime":3806.979,"body":"have sat around and say, Why the"},{"speaker":"Alan Smith","startTime":3806.979,"endTime":3810.249,"body":"hell did we do this because it"},{"speaker":"Alan Smith","startTime":3806.979,"endTime":3810.249,"body":"does make life a bit more"},{"speaker":"Alan Smith","startTime":3810.249,"endTime":3812.979,"body":"difficult. Now sometimes it"},{"speaker":"Alan Smith","startTime":3810.249,"endTime":3812.979,"body":"makes life really good and"},{"speaker":"Alan Smith","startTime":3812.979,"endTime":3815.5589999999997,"body":"smooth and easy. And sometimes"},{"speaker":"Alan Smith","startTime":3812.979,"endTime":3815.5589999999997,"body":"we've absolutely had clients"},{"speaker":"Alan Smith","startTime":3815.5589999999997,"endTime":3818.109,"body":"come and knock on our door,"},{"speaker":"Alan Smith","startTime":3815.5589999999997,"endTime":3818.109,"body":"specifically, and it wouldn't"},{"speaker":"Alan Smith","startTime":3818.109,"endTime":3820.3289999999997,"body":"have been they would not have"},{"speaker":"Alan Smith","startTime":3818.109,"endTime":3820.3289999999997,"body":"signed up become clients that we"},{"speaker":"Alan Smith","startTime":3820.3289999999997,"endTime":3823.479,"body":"were AUM sensitive, they've told"},{"speaker":"Alan Smith","startTime":3820.3289999999997,"endTime":3823.479,"body":"us that. So that's those are the"},{"speaker":"Alan Smith","startTime":3823.479,"endTime":3827.499,"body":"good days. And the challenging"},{"speaker":"Alan Smith","startTime":3823.479,"endTime":3827.499,"body":"ones are when it's you're trying"},{"speaker":"Alan Smith","startTime":3827.499,"endTime":3832.659,"body":"to articulate. So we have"},{"speaker":"Alan Smith","startTime":3827.499,"endTime":3832.659,"body":"learned I've mentioned a minute"},{"speaker":"Alan Smith","startTime":3832.659,"endTime":3836.859,"body":"ago, because we just decided"},{"speaker":"Alan Smith","startTime":3832.659,"endTime":3836.859,"body":"it's very sort of typical of me"},{"speaker":"Alan Smith","startTime":3836.859,"endTime":3839.049,"body":"and my colleagues here capital,"},{"speaker":"Alan Smith","startTime":3836.859,"endTime":3839.049,"body":"we decide on something we just"},{"speaker":"Alan Smith","startTime":3839.049,"endTime":3842.469,"body":"say, let's just go all in, let's"},{"speaker":"Alan Smith","startTime":3839.049,"endTime":3842.469,"body":"just as of tomorrow, let's do"},{"speaker":"Alan Smith","startTime":3842.469,"endTime":3844.029,"body":"this. And we hadn't really"},{"speaker":"Alan Smith","startTime":3842.469,"endTime":3844.029,"body":"thought it through, we hadn't"},{"speaker":"Alan Smith","startTime":3844.029,"endTime":3847.659,"body":"really thought through our our"},{"speaker":"Alan Smith","startTime":3844.029,"endTime":3847.659,"body":"comms our narrative, our pitch"},{"speaker":"Alan Smith","startTime":3847.689,"endTime":3851.319,"body":"our language, we just said the"},{"speaker":"Alan Smith","startTime":3847.689,"endTime":3851.319,"body":"fee is. And our you know, we"},{"speaker":"Alan Smith","startTime":3851.319,"endTime":3855.129,"body":"have various fee tiers for your"},{"speaker":"Alan Smith","startTime":3851.319,"endTime":3855.129,"body":"models, fee models, and it was"},{"speaker":"Alan Smith","startTime":3855.159,"endTime":3857.979,"body":"you know, by any standards,"},{"speaker":"Alan Smith","startTime":3855.159,"endTime":3857.979,"body":"pretty punchy, you know, as the"},{"speaker":"Alan Smith","startTime":3858.009,"endTime":3864.0389999999998,"body":"word fees up to 14,000 pounds"},{"speaker":"Alan Smith","startTime":3858.009,"endTime":3864.0389999999998,"body":"25,000 pounds a year. So you"},{"speaker":"Alan Smith","startTime":3864.0389999999998,"endTime":3867.009,"body":"mentioning that, and it just"},{"speaker":"Alan Smith","startTime":3864.0389999999998,"endTime":3867.009,"body":"sounds like a lot of money. So"},{"speaker":"Alan Smith","startTime":3867.249,"endTime":3873.279,"body":"we that's the challenge is"},{"speaker":"Alan Smith","startTime":3867.249,"endTime":3873.279,"body":"articulating that explaining it"},{"speaker":"Alan Smith","startTime":3873.459,"endTime":3876.429,"body":"in language that the client or"},{"speaker":"Alan Smith","startTime":3873.459,"endTime":3876.429,"body":"prospective client is gets and"},{"speaker":"Alan Smith","startTime":3876.429,"endTime":3880.1189999999997,"body":"understands. There are"},{"speaker":"Alan Smith","startTime":3876.429,"endTime":3880.1189999999997,"body":"challenges around because we"},{"speaker":"Alan Smith","startTime":3880.1189999999997,"endTime":3883.899,"body":"can't automate the inflation,"},{"speaker":"Alan Smith","startTime":3880.1189999999997,"endTime":3883.899,"body":"uplift. So we've got to have"},{"speaker":"Alan Smith","startTime":3883.899,"endTime":3886.659,"body":"that conversation with clients."},{"speaker":"Alan Smith","startTime":3883.899,"endTime":3886.659,"body":"And of course, if inflation has"},{"speaker":"Alan Smith","startTime":3886.659,"endTime":3889.239,"body":"been pretty benign since we"},{"speaker":"Alan Smith","startTime":3886.659,"endTime":3889.239,"body":"started, this has been, you"},{"speaker":"Alan Smith","startTime":3889.239,"endTime":3891.519,"body":"know, close to zero, so it"},{"speaker":"Alan Smith","startTime":3889.239,"endTime":3891.519,"body":"wasn't that big a deal. But now"},{"speaker":"Alan Smith","startTime":3891.519,"endTime":3893.919,"body":"we're having to have"},{"speaker":"Alan Smith","startTime":3891.519,"endTime":3893.919,"body":"conversations and you know, get"},{"speaker":"Alan Smith","startTime":3893.919,"endTime":3897.3089999999997,"body":"it back on the table. And it's I"},{"speaker":"Alan Smith","startTime":3893.919,"endTime":3897.3089999999997,"body":"think it's a very, it's probably"},{"speaker":"Alan Smith","startTime":3897.3089999999997,"endTime":3899.529,"body":"a similar in Ireland, but it's a"},{"speaker":"Alan Smith","startTime":3897.3089999999997,"endTime":3899.529,"body":"very British thing. No one likes"},{"speaker":"Alan Smith","startTime":3899.529,"endTime":3902.649,"body":"talking about money. So we've"},{"speaker":"Alan Smith","startTime":3899.529,"endTime":3902.649,"body":"got to bring up at our, you"},{"speaker":"Alan Smith","startTime":3902.649,"endTime":3905.0789999999997,"body":"know, annual planning meetings."},{"speaker":"Alan Smith","startTime":3902.649,"endTime":3905.0789999999997,"body":"Oh, by the way, can we talk"},{"speaker":"Alan Smith","startTime":3905.0789999999997,"endTime":3907.449,"body":"about the fee structure, we're"},{"speaker":"Alan Smith","startTime":3905.0789999999997,"endTime":3907.449,"body":"going to have to adjust and"},{"speaker":"Alan Smith","startTime":3907.449,"endTime":3910.149,"body":"increase the fee structure."},{"speaker":"Alan Smith","startTime":3907.449,"endTime":3910.149,"body":"That's maybe a conversation"},{"speaker":"Alan Smith","startTime":3910.149,"endTime":3912.3689999999997,"body":"you'd rather not have. And if"},{"speaker":"Alan Smith","startTime":3910.149,"endTime":3912.3689999999997,"body":"you had an AUM model, just"},{"speaker":"Alan Smith","startTime":3912.3689999999997,"endTime":3914.769,"body":"automate, automate, it isn't"},{"speaker":"Alan Smith","startTime":3912.3689999999997,"endTime":3914.769,"body":"that you just sort of picking it"},{"speaker":"Alan Smith","startTime":3914.769,"endTime":3918.3689999999997,"body":"up. And just to be clear on that"},{"speaker":"Alan Smith","startTime":3914.769,"endTime":3918.3689999999997,"body":"as well, we apart from a few, a"},{"speaker":"Alan Smith","startTime":3918.3689999999997,"endTime":3921.3689999999997,"body":"few select clients, we still"},{"speaker":"Alan Smith","startTime":3918.3689999999997,"endTime":3921.3689999999997,"body":"charge the same way as everyone"},{"speaker":"Alan Smith","startTime":3921.3689999999997,"endTime":3924.249,"body":"else does it as much as we take"},{"speaker":"Alan Smith","startTime":3921.3689999999997,"endTime":3924.249,"body":"it from the cash account on the"},{"speaker":"Alan Smith","startTime":3924.249,"endTime":3926.529,"body":"platform. So very few of our"},{"speaker":"Alan Smith","startTime":3924.249,"endTime":3926.529,"body":"clients are actually paying"},{"speaker":"Alan Smith","startTime":3926.529,"endTime":3929.109,"body":"standing orders. Although some"},{"speaker":"Alan Smith","startTime":3926.529,"endTime":3929.109,"body":"are"},{"speaker":"Nick Lincoln","startTime":3929.109,"endTime":3930.699,"body":"that's my"},{"speaker":"Nick Lincoln","startTime":3929.109,"endTime":3930.699,"body":"question. Yeah, that's my"},{"speaker":"Nick Lincoln","startTime":3930.699,"endTime":3932.709,"body":"question. How do you adjust a"},{"speaker":"Nick Lincoln","startTime":3930.699,"endTime":3932.709,"body":"project? How do you collect your"},{"speaker":"Nick Lincoln","startTime":3932.709,"endTime":3933.399,"body":"monthly fees? Okay,"},{"speaker":"Alan Smith","startTime":3933.43,"endTime":3935.2599999999998,"body":"yeah, it the same"},{"speaker":"Alan Smith","startTime":3933.43,"endTime":3935.2599999999998,"body":"way as you did, but we would"},{"speaker":"Alan Smith","startTime":3935.2599999999998,"endTime":3939.22,"body":"tell Transact or whoever else"},{"speaker":"Alan Smith","startTime":3935.2599999999998,"endTime":3939.22,"body":"that we use. This is our fee."},{"speaker":"Alan Smith","startTime":3939.49,"endTime":3942.0699999999997,"body":"But it's so it's a bit more"},{"speaker":"Alan Smith","startTime":3939.49,"endTime":3942.0699999999997,"body":"labor intensive, put it that"},{"speaker":"Alan Smith","startTime":3942.0699999999997,"endTime":3948.1,"body":"way. Ours is to do that, and we"},{"speaker":"Alan Smith","startTime":3942.0699999999997,"endTime":3948.1,"body":"got to review it. When we did"},{"speaker":"Alan Smith","startTime":3948.13,"endTime":3952.0,"body":"our initial, we did do some"},{"speaker":"Alan Smith","startTime":3948.13,"endTime":3952.0,"body":"planning. Before we launched, we"},{"speaker":"Alan Smith","startTime":3952.0,"endTime":3954.94,"body":"look to all our clients, and we"},{"speaker":"Alan Smith","startTime":3952.0,"endTime":3954.94,"body":"and we built these sort of three"},{"speaker":"Alan Smith","startTime":3954.94,"endTime":3958.7799999999997,"body":"fee structures, but effectively"},{"speaker":"Alan Smith","startTime":3954.94,"endTime":3958.7799999999997,"body":"based on simple standard and"},{"speaker":"Alan Smith","startTime":3958.7799999999997,"endTime":3961.87,"body":"complex clients, and we apply"},{"speaker":"Alan Smith","startTime":3958.7799999999997,"endTime":3961.87,"body":"that as a kind of as a model"},{"speaker":"Alan Smith","startTime":3961.87,"endTime":3967.06,"body":"across all our clients just sort"},{"speaker":"Alan Smith","startTime":3961.87,"endTime":3967.06,"body":"of based on our own opinion. We"},{"speaker":"Alan Smith","startTime":3967.06,"endTime":3969.91,"body":"came to the conclusion that our"},{"speaker":"Alan Smith","startTime":3967.06,"endTime":3969.91,"body":"fee revenue would increase quite"},{"speaker":"Alan Smith","startTime":3969.91,"endTime":3972.7,"body":"significantly. And that's all it"},{"speaker":"Alan Smith","startTime":3969.91,"endTime":3972.7,"body":"is that a lot of our clients"},{"speaker":"Alan Smith","startTime":3972.7,"endTime":3975.7599999999998,"body":"were effectively underpaying and"},{"speaker":"Alan Smith","startTime":3972.7,"endTime":3975.7599999999998,"body":"it was more the complex clients"},{"speaker":"Alan Smith","startTime":3976.12,"endTime":3978.46,"body":"did have a fair bit of money,"},{"speaker":"Alan Smith","startTime":3976.12,"endTime":3978.46,"body":"but there was Yeah, we all know"},{"speaker":"Alan Smith","startTime":3978.46,"endTime":3980.83,"body":"there are some clients that are"},{"speaker":"Alan Smith","startTime":3978.46,"endTime":3980.83,"body":"and the you know, the potential"},{"speaker":"Alan Smith","startTime":3980.92,"endTime":3983.71,"body":"or the are great clients, but my"},{"speaker":"Alan Smith","startTime":3980.92,"endTime":3983.71,"body":"God, you're doing a lot of work"},{"speaker":"Alan Smith","startTime":3983.71,"endTime":3986.38,"body":"for them. And they are getting"},{"speaker":"Alan Smith","startTime":3983.71,"endTime":3986.38,"body":"really good value for money"},{"speaker":"Alan Smith","startTime":3986.5899999999997,"endTime":3989.14,"body":"versus a client, you can barely"},{"speaker":"Alan Smith","startTime":3986.5899999999997,"endTime":3989.14,"body":"drag in for a, you know, an"},{"speaker":"Alan Smith","startTime":3989.14,"endTime":3990.91,"body":"annual meeting, because we're"},{"speaker":"Alan Smith","startTime":3989.14,"endTime":3990.91,"body":"very happy they're getting on"},{"speaker":"Alan Smith","startTime":3990.91,"endTime":3993.58,"body":"with their life, and they are,"},{"speaker":"Alan Smith","startTime":3990.91,"endTime":3993.58,"body":"but the paying similar sort of"},{"speaker":"Alan Smith","startTime":3993.58,"endTime":3997.3599999999997,"body":"fees. So we did do some"},{"speaker":"Alan Smith","startTime":3993.58,"endTime":3997.3599999999997,"body":"analysis, but then you got to go"},{"speaker":"Alan Smith","startTime":3997.3599999999997,"endTime":4000.5699999999997,"body":"back and have those sometimes"},{"speaker":"Alan Smith","startTime":3997.3599999999997,"endTime":4000.5699999999997,"body":"can be challenging conversations"},{"speaker":"Alan Smith","startTime":4000.5699999999997,"endTime":4003.3599999999997,"body":"with those clients, those"},{"speaker":"Alan Smith","startTime":4000.5699999999997,"endTime":4003.3599999999997,"body":"complex clients and say, you are"},{"speaker":"Alan Smith","startTime":4003.3599999999997,"endTime":4005.94,"body":"actually underpaying relative to"},{"speaker":"Alan Smith","startTime":4003.3599999999997,"endTime":4005.94,"body":"the value that we are"},{"speaker":"Alan Smith","startTime":4005.94,"endTime":4010.0499999999997,"body":"delivering. So those are some of"},{"speaker":"Alan Smith","startTime":4005.94,"endTime":4010.0499999999997,"body":"the things definitely the the"},{"speaker":"Alan Smith","startTime":4010.0499999999997,"endTime":4012.2999999999997,"body":"articulation of the value"},{"speaker":"Alan Smith","startTime":4010.0499999999997,"endTime":4012.2999999999997,"body":"proposition and how we've"},{"speaker":"Alan Smith","startTime":4012.2999999999997,"endTime":4017.97,"body":"arrived at it. Has it has had"},{"speaker":"Alan Smith","startTime":4012.2999999999997,"endTime":4017.97,"body":"its moments of Challenge car,"},{"speaker":"Alan Smith","startTime":4017.97,"endTime":4020.88,"body":"and I think we've had to learn"},{"speaker":"Alan Smith","startTime":4017.97,"endTime":4020.88,"body":"in real time, we've had to build"},{"speaker":"Alan Smith","startTime":4020.88,"endTime":4025.17,"body":"better scripts, sort of pitch"},{"speaker":"Alan Smith","startTime":4020.88,"endTime":4025.17,"body":"decks explanations as to how"},{"speaker":"Alan Smith","startTime":4025.17,"endTime":4028.1099999999997,"body":"we've arrived. Because sometimes"},{"speaker":"Alan Smith","startTime":4025.17,"endTime":4028.1099999999997,"body":"people say, Well, how are we"},{"speaker":"Alan Smith","startTime":4028.14,"endTime":4030.33,"body":"what have you arrived at that?"},{"speaker":"Alan Smith","startTime":4028.14,"endTime":4030.33,"body":"Because not a percent? If it's"},{"speaker":"Alan Smith","startTime":4030.33,"endTime":4033.93,"body":"not a percentage, what is it"},{"speaker":"Alan Smith","startTime":4030.33,"endTime":4033.93,"body":"then? And we've got our own sort"},{"speaker":"Alan Smith","startTime":4033.93,"endTime":4036.3599999999997,"body":"of story behind that and the"},{"speaker":"Alan Smith","startTime":4033.93,"endTime":4036.3599999999997,"body":"same way as we can. And"},{"speaker":"Alan Smith","startTime":4036.3599999999997,"endTime":4039.45,"body":"certainly, we can absolutely"},{"speaker":"Alan Smith","startTime":4036.3599999999997,"endTime":4039.45,"body":"we've got we've got a grandly"},{"speaker":"Alan Smith","startTime":4039.48,"endTime":4042.18,"body":"grandly titled algorithm"},{"speaker":"Alan Smith","startTime":4039.48,"endTime":4042.18,"body":"internally, we've got a pricing"},{"speaker":"Alan Smith","startTime":4042.18,"endTime":4045.21,"body":"model, we've got we know, we've"},{"speaker":"Alan Smith","startTime":4042.18,"endTime":4045.21,"body":"been doing this a long time, we"},{"speaker":"Alan Smith","startTime":4045.21,"endTime":4047.85,"body":"know how we've arrived at a fee,"},{"speaker":"Alan Smith","startTime":4045.21,"endTime":4047.85,"body":"and particularly for the larger"},{"speaker":"Alan Smith","startTime":4047.85,"endTime":4051.45,"body":"fees we do speak to a number of"},{"speaker":"Alan Smith","startTime":4047.85,"endTime":4051.45,"body":"colleagues will look at it and"},{"speaker":"Alan Smith","startTime":4051.45,"endTime":4055.2,"body":"say, what what fee would you"},{"speaker":"Alan Smith","startTime":4051.45,"endTime":4055.2,"body":"charge so that we're not a mass"},{"speaker":"Alan Smith","startTime":4055.2,"endTime":4057.96,"body":"market business, you will be"},{"speaker":"Alan Smith","startTime":4055.2,"endTime":4057.96,"body":"struggling to do this at scale,"},{"speaker":"Alan Smith","startTime":4058.1099999999997,"endTime":4060.27,"body":"you know, with 1000s 1000s of"},{"speaker":"Alan Smith","startTime":4058.1099999999997,"endTime":4060.27,"body":"clients, because we're actually"},{"speaker":"Alan Smith","startTime":4060.27,"endTime":4063.63,"body":"pricing every single client that"},{"speaker":"Alan Smith","startTime":4060.27,"endTime":4063.63,"body":"comes to us. And it is based on"},{"speaker":"Alan Smith","startTime":4063.87,"endTime":4065.97,"body":"a number of variables. And so"},{"speaker":"Alan Smith","startTime":4063.87,"endTime":4065.97,"body":"that's that, in itself is a"},{"speaker":"Alan Smith","startTime":4065.97,"endTime":4069.12,"body":"challenge. It's not just odd, if"},{"speaker":"Alan Smith","startTime":4065.97,"endTime":4069.12,"body":"you had to hire that, you know,"},{"speaker":"Alan Smith","startTime":4069.12,"endTime":4071.04,"body":"call you out and hiring a lot of"},{"speaker":"Alan Smith","startTime":4069.12,"endTime":4071.04,"body":"people, right, that we're gonna"},{"speaker":"Alan Smith","startTime":4071.04,"endTime":4074.0699999999997,"body":"get three or four or five or 10"},{"speaker":"Alan Smith","startTime":4071.04,"endTime":4074.0699999999997,"body":"advisors come in here, I think"},{"speaker":"Alan Smith","startTime":4074.0699999999997,"endTime":4076.7999999999997,"body":"it'd be a challenge for us to"},{"speaker":"Alan Smith","startTime":4074.0699999999997,"endTime":4076.7999999999997,"body":"articulate to them and train"},{"speaker":"Alan Smith","startTime":4076.7999999999997,"endTime":4079.44,"body":"them as to how we've arrived at,"},{"speaker":"Alan Smith","startTime":4076.7999999999997,"endTime":4079.44,"body":"we do have a pricing structure,"},{"speaker":"Alan Smith","startTime":4079.65,"endTime":4084.33,"body":"there's a degree of flexibility"},{"speaker":"Alan Smith","startTime":4079.65,"endTime":4084.33,"body":"for the advisors to be able to,"},{"speaker":"Alan Smith","startTime":4084.75,"endTime":4088.23,"body":"to work around that depending on"},{"speaker":"Alan Smith","startTime":4084.75,"endTime":4088.23,"body":"the client's circumstances. But"},{"speaker":"Alan Smith","startTime":4088.2599999999998,"endTime":4090.8399999999997,"body":"yeah, those are some of the"},{"speaker":"Alan Smith","startTime":4088.2599999999998,"endTime":4090.8399999999997,"body":"things I have to say, as you"},{"speaker":"Alan Smith","startTime":4090.8399999999997,"endTime":4093.3599999999997,"body":"said earlier on, and the I've"},{"speaker":"Alan Smith","startTime":4090.8399999999997,"endTime":4093.3599999999997,"body":"known a lot of firms that have"},{"speaker":"Alan Smith","startTime":4093.3599999999997,"endTime":4096.1500000000005,"body":"gone down this route. And I've"},{"speaker":"Alan Smith","startTime":4093.3599999999997,"endTime":4096.1500000000005,"body":"known quite a few that have"},{"speaker":"Alan Smith","startTime":4096.6,"endTime":4098.97,"body":"backtracked. They said, it's"},{"speaker":"Alan Smith","startTime":4096.6,"endTime":4098.97,"body":"just too difficult. It's too"},{"speaker":"Alan Smith","startTime":4098.97,"endTime":4101.37,"body":"difficult, or they've changed or"},{"speaker":"Alan Smith","startTime":4098.97,"endTime":4101.37,"body":"they've gone the hybrid route."},{"speaker":"Alan Smith","startTime":4102.1500000000005,"endTime":4107.43,"body":"So far, as far as a webinar"},{"speaker":"Alan Smith","startTime":4102.1500000000005,"endTime":4107.43,"body":"would have not the only one. We"},{"speaker":"Alan Smith","startTime":4107.43,"endTime":4109.62,"body":"have made a success of it. We're"},{"speaker":"Alan Smith","startTime":4107.43,"endTime":4109.62,"body":"still in business, we're still"},{"speaker":"Alan Smith","startTime":4109.62,"endTime":4111.6,"body":"profitable. We're still winning"},{"speaker":"Alan Smith","startTime":4109.62,"endTime":4111.6,"body":"new business and still winning"},{"speaker":"Alan Smith","startTime":4111.6,"endTime":4114.99,"body":"new clients. And we've had to"},{"speaker":"Alan Smith","startTime":4111.6,"endTime":4114.99,"body":"learn in real time. How to"},{"speaker":"Alan Smith","startTime":4114.99,"endTime":4118.41,"body":"explain it, how to position how"},{"speaker":"Alan Smith","startTime":4114.99,"endTime":4118.41,"body":"to defend it, I suppose. We've"},{"speaker":"Alan Smith","startTime":4118.41,"endTime":4120.72,"body":"definitely lost some earlier"},{"speaker":"Alan Smith","startTime":4118.41,"endTime":4120.72,"body":"prospects. We lost some people"},{"speaker":"Alan Smith","startTime":4120.72,"endTime":4123.4800000000005,"body":"knocking on each some people"},{"speaker":"Alan Smith","startTime":4120.72,"endTime":4123.4800000000005,"body":"just said, yeah, it's too"},{"speaker":"Alan Smith","startTime":4123.4800000000005,"endTime":4126.57,"body":"complicated. The guy died. Just"},{"speaker":"Alan Smith","startTime":4123.4800000000005,"endTime":4126.57,"body":"1% I get that. That's"},{"speaker":"Carl Widger","startTime":4126.569,"endTime":4128.879,"body":"simple. And I can"},{"speaker":"Carl Widger","startTime":4126.569,"endTime":4128.879,"body":"understand it. Yeah, I can"},{"speaker":"Carl Widger","startTime":4128.879,"endTime":4132.209,"body":"understand and Camilla will"},{"speaker":"Carl Widger","startTime":4128.879,"endTime":4132.209,"body":"clearly will put the scripts on"},{"speaker":"Carl Widger","startTime":4132.209,"endTime":4133.9490000000005,"body":"the algorithm in the show notes"},{"speaker":"Carl Widger","startTime":4132.209,"endTime":4133.9490000000005,"body":"and you know,"},{"speaker":"Alan Smith","startTime":4135.6900000000005,"endTime":4140.25,"body":"they cost extra but"},{"speaker":"Alan Smith","startTime":4135.6900000000005,"endTime":4140.25,"body":"for you, my friend"},{"speaker":"Carl Widger","startTime":4142.14,"endTime":4144.36,"body":"I look it's it's"},{"speaker":"Carl Widger","startTime":4142.14,"endTime":4144.36,"body":"annual Hampshire, and it's,"},{"speaker":"Carl Widger","startTime":4144.96,"endTime":4147.72,"body":"look, it's either really good"},{"speaker":"Carl Widger","startTime":4144.96,"endTime":4147.72,"body":"conversation, and"},{"speaker":"Alan Smith","startTime":4148.259,"endTime":4150.899,"body":"maybe we maybe have"},{"speaker":"Alan Smith","startTime":4148.259,"endTime":4150.899,"body":"a bit of debate or trap live"},{"speaker":"Alan Smith","startTime":4150.899,"endTime":4153.749,"body":"next year. We'll sort of go into"},{"speaker":"Alan Smith","startTime":4150.899,"endTime":4153.749,"body":"the weeds on it if you want. I"},{"speaker":"Alan Smith","startTime":4153.749,"endTime":4154.229,"body":"will share"},{"speaker":"Andy Hart","startTime":4155.339,"endTime":4157.709,"body":"a couple of points"},{"speaker":"Andy Hart","startTime":4155.339,"endTime":4157.709,"body":"maybe Yeah,"},{"speaker":"Carl Widger","startTime":4157.95,"endTime":4161.16,"body":"nobody. It"},{"speaker":"Carl Widger","startTime":4157.95,"endTime":4161.16,"body":"definitely gets me thinking and"},{"speaker":"Carl Widger","startTime":4161.85,"endTime":4163.83,"body":"you know, it's there's no world"},{"speaker":"Carl Widger","startTime":4161.85,"endTime":4163.83,"body":"out."},{"speaker":"Alan Smith","startTime":4165.21,"endTime":4167.46,"body":"There is not kind of"},{"speaker":"Alan Smith","startTime":4165.21,"endTime":4167.46,"body":"just"},{"speaker":"Nick Lincoln","startTime":4169.38,"endTime":4171.75,"body":"rambling both"},{"speaker":"Nick Lincoln","startTime":4169.38,"endTime":4171.75,"body":"Thank you. Damn, good thrashing."},{"speaker":"Nick Lincoln","startTime":4173.01,"endTime":4179.49,"body":"Yeah. Jesus Christ. 69 minutes"},{"speaker":"Nick Lincoln","startTime":4173.01,"endTime":4179.49,"body":"of my life, right. Let's go on"},{"speaker":"Nick Lincoln","startTime":4179.49,"endTime":4182.19,"body":"to the next part of the show"},{"speaker":"Nick Lincoln","startTime":4179.49,"endTime":4182.19,"body":"because I can see posters at the"},{"speaker":"Nick Lincoln","startTime":4182.19,"endTime":4186.42,"body":"front door, the bolting sack."},{"speaker":"Nick Lincoln","startTime":4182.19,"endTime":4186.42,"body":"And these are the questions"},{"speaker":"Nick Lincoln","startTime":4186.42,"endTime":4189.75,"body":"posed by our beloved TRAPPIST,"},{"speaker":"Nick Lincoln","startTime":4186.42,"endTime":4189.75,"body":"you know, the routine trap"},{"speaker":"Nick Lincoln","startTime":4189.75,"endTime":4192.99,"body":"babies, there's a link in the"},{"speaker":"Nick Lincoln","startTime":4189.75,"endTime":4192.99,"body":"pinned tweet, you put your"},{"speaker":"Nick Lincoln","startTime":4192.99,"endTime":4194.79,"body":"questions there and of the so"},{"speaker":"Nick Lincoln","startTime":4192.99,"endTime":4194.79,"body":"called show notes, and"},{"speaker":"Nick Lincoln","startTime":4194.79,"endTime":4197.64,"body":"eventually we'll get to your"},{"speaker":"Nick Lincoln","startTime":4194.79,"endTime":4197.64,"body":"question. We're still about 1520"},{"speaker":"Nick Lincoln","startTime":4197.64,"endTime":4200.91,"body":"questions to get through. As I"},{"speaker":"Nick Lincoln","startTime":4197.64,"endTime":4200.91,"body":"said earlier, better Jim, have a"},{"speaker":"Nick Lincoln","startTime":4200.91,"endTime":4203.43,"body":"question put to us yesterday,"},{"speaker":"Nick Lincoln","startTime":4200.91,"endTime":4203.43,"body":"which we're looking forward to"},{"speaker":"Nick Lincoln","startTime":4203.43,"endTime":4206.88,"body":"answering in the future show."},{"speaker":"Nick Lincoln","startTime":4203.43,"endTime":4206.88,"body":"But the first question is from"},{"speaker":"Nick Lincoln","startTime":4206.88,"endTime":4209.4,"body":"let's have a look at this. This"},{"speaker":"Nick Lincoln","startTime":4206.88,"endTime":4209.4,"body":"envelope is particularly well"},{"speaker":"Nick Lincoln","startTime":4209.4,"endTime":4217.08,"body":"sealed. This is from Jess he'll,"},{"speaker":"Nick Lincoln","startTime":4209.4,"endTime":4217.08,"body":"Jess he'll choose either Jeremy"},{"speaker":"Nick Lincoln","startTime":4217.11,"endTime":4219.54,"body":"Jeremy Jeremy. Hello. My"},{"speaker":"Nick Lincoln","startTime":4217.11,"endTime":4219.54,"body":"question relates oh, by the way,"},{"speaker":"Nick Lincoln","startTime":4219.54,"endTime":4221.58,"body":"this question if you think we've"},{"speaker":"Nick Lincoln","startTime":4219.54,"endTime":4221.58,"body":"just answered this, then we'll"},{"speaker":"Nick Lincoln","startTime":4222.03,"endTime":4224.43,"body":"guys we'll just move on from it."},{"speaker":"Nick Lincoln","startTime":4222.03,"endTime":4224.43,"body":"But Hello, my question relates"},{"speaker":"Nick Lincoln","startTime":4224.43,"endTime":4227.64,"body":"to cost of advice and the cost"},{"speaker":"Nick Lincoln","startTime":4224.43,"endTime":4227.64,"body":"of financial services. There is"},{"speaker":"Nick Lincoln","startTime":4227.64,"endTime":4230.5199999999995,"body":"a drive in all industries to"},{"speaker":"Nick Lincoln","startTime":4227.64,"endTime":4230.5199999999995,"body":"reduce costs to the consumer a"},{"speaker":"Nick Lincoln","startTime":4230.5199999999995,"endTime":4234.63,"body":"good thing, but if the advisor"},{"speaker":"Nick Lincoln","startTime":4230.5199999999995,"endTime":4234.63,"body":"is generating value to the"},{"speaker":"Nick Lincoln","startTime":4234.63,"endTime":4238.86,"body":"client, then cost should reflect"},{"speaker":"Nick Lincoln","startTime":4234.63,"endTime":4238.86,"body":"the value added. The constant"},{"speaker":"Nick Lincoln","startTime":4238.86,"endTime":4241.74,"body":"drive to reduce costs"},{"speaker":"Nick Lincoln","startTime":4238.86,"endTime":4241.74,"body":"undervalues the work being done"},{"speaker":"Nick Lincoln","startTime":4241.74,"endTime":4244.83,"body":"let the bigger firms drive down"},{"speaker":"Nick Lincoln","startTime":4241.74,"endTime":4244.83,"body":"costs and deliver generic advice"},{"speaker":"Nick Lincoln","startTime":4244.83,"endTime":4248.43,"body":"whilst the smaller firms focus"},{"speaker":"Nick Lincoln","startTime":4244.83,"endTime":4248.43,"body":"on niche areas but charge"},{"speaker":"Nick Lincoln","startTime":4248.43,"endTime":4252.75,"body":"according to the value they"},{"speaker":"Nick Lincoln","startTime":4248.43,"endTime":4252.75,"body":"deliver. Adam Davidson's book,"},{"speaker":"Nick Lincoln","startTime":4252.75,"endTime":4255.87,"body":"the passion economy highlights"},{"speaker":"Nick Lincoln","startTime":4252.75,"endTime":4255.87,"body":"this really well. This is also"},{"speaker":"Nick Lincoln","startTime":4255.87,"endTime":4259.2,"body":"linked to Pareto is 8020 rule."},{"speaker":"Nick Lincoln","startTime":4255.87,"endTime":4259.2,"body":"What are your thoughts on this?"},{"speaker":"Nick Lincoln","startTime":4259.2,"endTime":4262.17,"body":"Andy? You were twitching in my"},{"speaker":"Nick Lincoln","startTime":4259.2,"endTime":4262.17,"body":"screen? I'm not."},{"speaker":"Andy Hart","startTime":4262.47,"endTime":4264.54,"body":"I'm not gonna ask the"},{"speaker":"Andy Hart","startTime":4262.47,"endTime":4264.54,"body":"answer the question but just a"},{"speaker":"Andy Hart","startTime":4264.54,"endTime":4269.97,"body":"bit of backstory about Jeremy."},{"speaker":"Andy Hart","startTime":4264.54,"endTime":4269.97,"body":"He's spent his career in the"},{"speaker":"Andy Hart","startTime":4269.97,"endTime":4273.3,"body":"military. So he's an ex Army"},{"speaker":"Andy Hart","startTime":4269.97,"endTime":4273.3,"body":"Major, I believe and he's making"},{"speaker":"Andy Hart","startTime":4273.3,"endTime":4276.78,"body":"his transition into our mighty"},{"speaker":"Andy Hart","startTime":4273.3,"endTime":4276.78,"body":"profession. I think for the last"},{"speaker":"Andy Hart","startTime":4276.84,"endTime":4279.36,"body":"five or six years, I think he"},{"speaker":"Andy Hart","startTime":4276.84,"endTime":4279.36,"body":"they've retired quite early in"},{"speaker":"Andy Hart","startTime":4279.36,"endTime":4283.05,"body":"the army. I can't quote his age,"},{"speaker":"Andy Hart","startTime":4279.36,"endTime":4283.05,"body":"but I think he's sort of late"},{"speaker":"Andy Hart","startTime":4283.05,"endTime":4286.38,"body":"30s, maybe early 40s, they spent"},{"speaker":"Andy Hart","startTime":4283.05,"endTime":4286.38,"body":"the last five or six years"},{"speaker":"Andy Hart","startTime":4286.38,"endTime":4288.66,"body":"consuming personal finance and"},{"speaker":"Andy Hart","startTime":4286.38,"endTime":4288.66,"body":"wanting to get more and more"},{"speaker":"Andy Hart","startTime":4288.66,"endTime":4292.44,"body":"into this space. So yeah, I'm"},{"speaker":"Andy Hart","startTime":4288.66,"endTime":4292.44,"body":"just gonna say, welcome Jeremy"},{"speaker":"Andy Hart","startTime":4292.44,"endTime":4294.75,"body":"into this mighty profession, and"},{"speaker":"Andy Hart","startTime":4292.44,"endTime":4294.75,"body":"are you going to be a sort of"},{"speaker":"Andy Hart","startTime":4294.75,"endTime":4297.15,"body":"great success in it? I know,"},{"speaker":"Andy Hart","startTime":4294.75,"endTime":4297.15,"body":"you've just recently taken a new"},{"speaker":"Andy Hart","startTime":4297.15,"endTime":4299.79,"body":"job. So I've already answered"},{"speaker":"Andy Hart","startTime":4297.15,"endTime":4299.79,"body":"this question, but I'm just sort"},{"speaker":"Andy Hart","startTime":4299.79,"endTime":4302.04,"body":"of putting a bit of a backstory"},{"speaker":"Andy Hart","startTime":4299.79,"endTime":4302.04,"body":"to it. There might be other"},{"speaker":"Andy Hart","startTime":4302.04,"endTime":4303.72,"body":"people listening to this that"},{"speaker":"Andy Hart","startTime":4302.04,"endTime":4303.72,"body":"might want to get involved in"},{"speaker":"Andy Hart","startTime":4303.72,"endTime":4306.78,"body":"personal finance. It is a"},{"speaker":"Andy Hart","startTime":4303.72,"endTime":4306.78,"body":"fantastic career profession"},{"speaker":"Andy Hart","startTime":4306.78,"endTime":4310.17,"body":"calling. It is hard work, the"},{"speaker":"Andy Hart","startTime":4306.78,"endTime":4310.17,"body":"apprenticeship stays quite long."},{"speaker":"Andy Hart","startTime":4310.32,"endTime":4312.36,"body":"But if you get through that"},{"speaker":"Andy Hart","startTime":4310.32,"endTime":4312.36,"body":"you're in a, you're in a"},{"speaker":"Andy Hart","startTime":4312.42,"endTime":4315.93,"body":"fantastic place. Any others wish"},{"speaker":"Andy Hart","startTime":4312.42,"endTime":4315.93,"body":"to answer that?"},{"speaker":"Alan Smith","startTime":4316.979,"endTime":4321.509,"body":"I'll, I'll attempt"},{"speaker":"Alan Smith","startTime":4316.979,"endTime":4321.509,"body":"to I think the last however long"},{"speaker":"Alan Smith","startTime":4321.509,"endTime":4325.3189999999995,"body":"it was 20 minutes. 30 minutes"},{"speaker":"Alan Smith","startTime":4321.509,"endTime":4325.3189999999995,"body":"that we discussed will help"},{"speaker":"Alan Smith","startTime":4325.349,"endTime":4329.849,"body":"answer a fair amount of Jazz's"},{"speaker":"Alan Smith","startTime":4325.349,"endTime":4329.849,"body":"question somewhat, this thing"},{"speaker":"Alan Smith","startTime":4329.849,"endTime":4333.3589999999995,"body":"about all industries, there's a"},{"speaker":"Alan Smith","startTime":4329.849,"endTime":4333.3589999999995,"body":"drive in all industries to"},{"speaker":"Alan Smith","startTime":4333.3589999999995,"endTime":4336.149,"body":"reduce cost to the consumer. I"},{"speaker":"Alan Smith","startTime":4333.3589999999995,"endTime":4336.149,"body":"mean, that's just a natural"},{"speaker":"Alan Smith","startTime":4336.179,"endTime":4340.349,"body":"evolution of commoditization."},{"speaker":"Alan Smith","startTime":4336.179,"endTime":4340.349,"body":"There's certain things you know,"},{"speaker":"Alan Smith","startTime":4340.349,"endTime":4343.1089999999995,"body":"driven by the likes of Amazon on"},{"speaker":"Alan Smith","startTime":4340.349,"endTime":4343.1089999999995,"body":"others, you know, a lot of"},{"speaker":"Nick Lincoln","startTime":4343.2,"endTime":4345.18,"body":"capitalism and"},{"speaker":"Nick Lincoln","startTime":4343.2,"endTime":4345.18,"body":"innovation and"},{"speaker":"Alan Smith","startTime":4347.04,"endTime":4348.78,"body":"but here's where"},{"speaker":"Alan Smith","startTime":4347.04,"endTime":4348.78,"body":"things differ. And this is where"},{"speaker":"Alan Smith","startTime":4348.78,"endTime":4351.87,"body":"the beauty of financial planning"},{"speaker":"Alan Smith","startTime":4348.78,"endTime":4351.87,"body":"can be different your written so"},{"speaker":"Alan Smith","startTime":4351.87,"endTime":4354.0599999999995,"body":"there are mass market"},{"speaker":"Alan Smith","startTime":4351.87,"endTime":4354.0599999999995,"body":"commoditized product, any"},{"speaker":"Alan Smith","startTime":4354.0599999999995,"endTime":4357.33,"body":"commoditized market is all about"},{"speaker":"Alan Smith","startTime":4354.0599999999995,"endTime":4357.33,"body":"cost. If you want to buy a"},{"speaker":"Alan Smith","startTime":4357.33,"endTime":4360.54,"body":"bottle of water or whatever it"},{"speaker":"Alan Smith","startTime":4357.33,"endTime":4360.54,"body":"is, or something that's some"},{"speaker":"Alan Smith","startTime":4360.54,"endTime":4364.08,"body":"household goods, cleaning"},{"speaker":"Alan Smith","startTime":4360.54,"endTime":4364.08,"body":"detergent or something, within"},{"speaker":"Alan Smith","startTime":4364.08,"endTime":4368.25,"body":"reason, it's really about about"},{"speaker":"Alan Smith","startTime":4364.08,"endTime":4368.25,"body":"the cost. Whereas what we do is"},{"speaker":"Alan Smith","startTime":4368.25,"endTime":4370.53,"body":"different and you can"},{"speaker":"Alan Smith","startTime":4368.25,"endTime":4370.53,"body":"differentiate yourself. The"},{"speaker":"Alan Smith","startTime":4370.53,"endTime":4373.8,"body":"beauty of the four of us and I"},{"speaker":"Alan Smith","startTime":4370.53,"endTime":4373.8,"body":"think a lot of the listeners is"},{"speaker":"Alan Smith","startTime":4373.8,"endTime":4377.37,"body":"that we are very intentionally"},{"speaker":"Alan Smith","startTime":4373.8,"endTime":4377.37,"body":"running either solo practices or"},{"speaker":"Alan Smith","startTime":4377.37,"endTime":4380.37,"body":"boutique businesses. So we have"},{"speaker":"Alan Smith","startTime":4377.37,"endTime":4380.37,"body":"the ability to differentiate"},{"speaker":"Alan Smith","startTime":4380.37,"endTime":4383.25,"body":"ourselves from the mass market"},{"speaker":"Alan Smith","startTime":4380.37,"endTime":4383.25,"body":"if you want mass market, low"},{"speaker":"Alan Smith","startTime":4383.25,"endTime":4388.86,"body":"cost, go to a nutmeg or whoever"},{"speaker":"Alan Smith","startTime":4383.25,"endTime":4388.86,"body":"the cold are or various other"},{"speaker":"Alan Smith","startTime":4388.86,"endTime":4391.0199999999995,"body":"organizations. We just buy a"},{"speaker":"Alan Smith","startTime":4388.86,"endTime":4391.0199999999995,"body":"fund Vanguard would be an"},{"speaker":"Alan Smith","startTime":4391.0199999999995,"endTime":4393.9,"body":"example Vanguard, an outstanding"},{"speaker":"Alan Smith","startTime":4391.0199999999995,"endTime":4393.9,"body":"business but it's a commoditized"},{"speaker":"Alan Smith","startTime":4394.0199999999995,"endTime":4397.17,"body":"service. As we know, they"},{"speaker":"Alan Smith","startTime":4394.0199999999995,"endTime":4397.17,"body":"struggled to deliver"},{"speaker":"Alan Smith","startTime":4397.2,"endTime":4400.08,"body":"personalized advice. They closed"},{"speaker":"Alan Smith","startTime":4397.2,"endTime":4400.08,"body":"down their advice business in"},{"speaker":"Alan Smith","startTime":4400.08,"endTime":4404.82,"body":"the UK, so it's different so the"},{"speaker":"Alan Smith","startTime":4400.08,"endTime":4404.82,"body":"individual boutique business"},{"speaker":"Alan Smith","startTime":4404.82,"endTime":4408.45,"body":"which can differentiate"},{"speaker":"Alan Smith","startTime":4404.82,"endTime":4408.45,"body":"themselves from a commoditized"},{"speaker":"Alan Smith","startTime":4408.45,"endTime":4411.2699999999995,"body":"mass market business has the"},{"speaker":"Alan Smith","startTime":4408.45,"endTime":4411.2699999999995,"body":"opportunity to control their"},{"speaker":"Alan Smith","startTime":4411.45,"endTime":4414.5999999999995,"body":"fees and costs far better."},{"speaker":"Alan Smith","startTime":4411.45,"endTime":4414.5999999999995,"body":"There's also a third Rory"},{"speaker":"Alan Smith","startTime":4414.5999999999995,"endTime":4417.78,"body":"Sutherland talk about a type of"},{"speaker":"Alan Smith","startTime":4414.5999999999995,"endTime":4417.78,"body":"goods or product. You've heard"},{"speaker":"Alan Smith","startTime":4417.78,"endTime":4421.26,"body":"it Veblen V B. L. E. N, you"},{"speaker":"Alan Smith","startTime":4417.78,"endTime":4421.26,"body":"heard of this Veblen goods,"},{"speaker":"Alan Smith","startTime":4421.74,"endTime":4423.99,"body":"which actually the more"},{"speaker":"Alan Smith","startTime":4421.74,"endTime":4423.99,"body":"expensive they are, the more"},{"speaker":"Alan Smith","startTime":4423.99,"endTime":4427.05,"body":"attractive they are. So think"},{"speaker":"Alan Smith","startTime":4423.99,"endTime":4427.05,"body":"Rolex watches Porsches,"},{"speaker":"Alan Smith","startTime":4427.05,"endTime":4431.67,"body":"Ferraris, numerous other goods."},{"speaker":"Alan Smith","startTime":4427.05,"endTime":4431.67,"body":"Some parts of financial planning"},{"speaker":"Alan Smith","startTime":4431.73,"endTime":4434.7,"body":"done well are a bit like that. I"},{"speaker":"Alan Smith","startTime":4431.73,"endTime":4434.7,"body":"mean, we know that we know that"},{"speaker":"Alan Smith","startTime":4434.7,"endTime":4437.76,"body":"to the, to the audience, you"},{"speaker":"Alan Smith","startTime":4434.7,"endTime":4437.76,"body":"know, to to sort of the general"},{"speaker":"Alan Smith","startTime":4437.76,"endTime":4441.2699999999995,"body":"public, some kind of so called"},{"speaker":"Alan Smith","startTime":4437.76,"endTime":4441.2699999999995,"body":"high end, hedge fund type things"},{"speaker":"Alan Smith","startTime":4441.2699999999995,"endTime":4443.61,"body":"were super expensive, but they"},{"speaker":"Alan Smith","startTime":4441.2699999999995,"endTime":4443.61,"body":"are attractive because they're"},{"speaker":"Alan Smith","startTime":4443.61,"endTime":4447.8099999999995,"body":"expensive. There are there are"},{"speaker":"Alan Smith","startTime":4443.61,"endTime":4447.8099999999995,"body":"some large wealth management"},{"speaker":"Alan Smith","startTime":4447.8099999999995,"endTime":4450.69,"body":"companies which seem to be seem"},{"speaker":"Alan Smith","startTime":4447.8099999999995,"endTime":4450.69,"body":"to thrive despite the fact"},{"speaker":"Alan Smith","startTime":4450.69,"endTime":4455.25,"body":"they're a bit more expensive. So"},{"speaker":"Alan Smith","startTime":4450.69,"endTime":4455.25,"body":"I would say in answer to well,"},{"speaker":"Alan Smith","startTime":4455.28,"endTime":4457.38,"body":"it's really just as what are"},{"speaker":"Alan Smith","startTime":4455.28,"endTime":4457.38,"body":"your thoughts on this? My"},{"speaker":"Alan Smith","startTime":4457.38,"endTime":4462.2699999999995,"body":"thoughts are protect. Protect"},{"speaker":"Alan Smith","startTime":4457.38,"endTime":4462.2699999999995,"body":"your margin, protect your"},{"speaker":"Alan Smith","startTime":4462.2699999999995,"endTime":4465.51,"body":"pricing power, by"},{"speaker":"Alan Smith","startTime":4462.2699999999995,"endTime":4465.51,"body":"differentiating your service and"},{"speaker":"Alan Smith","startTime":4465.51,"endTime":4469.44,"body":"avoiding any commoditization"},{"speaker":"Alan Smith","startTime":4465.51,"endTime":4469.44,"body":"arrest my case."},{"speaker":"Nick Lincoln","startTime":4469.92,"endTime":4472.2,"body":"Okay, well said,"},{"speaker":"Nick Lincoln","startTime":4469.92,"endTime":4472.2,"body":"Right. Thank you. I think we"},{"speaker":"Nick Lincoln","startTime":4472.2,"endTime":4476.49,"body":"should move on to the next"},{"speaker":"Nick Lincoln","startTime":4472.2,"endTime":4476.49,"body":"question. And this is from this"},{"speaker":"Nick Lincoln","startTime":4476.49,"endTime":4480.84,"body":"this oh, this this missive has"},{"speaker":"Nick Lincoln","startTime":4476.49,"endTime":4480.84,"body":"come from Greece. This is from"},{"speaker":"Nick Lincoln","startTime":4480.84,"endTime":4483.5999999999995,"body":"Philip Dragoo. Miss and I find"},{"speaker":"Nick Lincoln","startTime":4480.84,"endTime":4483.5999999999995,"body":"that we know Phil the Greek"},{"speaker":"Nick Lincoln","startTime":4483.63,"endTime":4486.0,"body":"he's, he's on LinkedIn. Just"},{"speaker":"Nick Lincoln","startTime":4483.63,"endTime":4486.0,"body":"he'll by the way didn't have a"},{"speaker":"Nick Lincoln","startTime":4486.0,"endTime":4489.21,"body":"social link. So jazz, if you are"},{"speaker":"Nick Lincoln","startTime":4486.0,"endTime":4489.21,"body":"on Twitter, I can't put in the"},{"speaker":"Nick Lincoln","startTime":4489.21,"endTime":4492.39,"body":"show notes because you didn't"},{"speaker":"Nick Lincoln","startTime":4489.21,"endTime":4492.39,"body":"drop it into the form. Fill"},{"speaker":"Nick Lincoln","startTime":4492.42,"endTime":4496.41,"body":"degree Miss asks, If you are a"},{"speaker":"Nick Lincoln","startTime":4492.42,"endTime":4496.41,"body":"one man band, and you run in"},{"speaker":"Nick Lincoln","startTime":4496.41,"endTime":4500.79,"body":"house, advise model portfolios,"},{"speaker":"Nick Lincoln","startTime":4496.41,"endTime":4500.79,"body":"not NPS? Should you consider"},{"speaker":"Nick Lincoln","startTime":4500.82,"endTime":4503.67,"body":"forming an investment committee"},{"speaker":"Nick Lincoln","startTime":4500.82,"endTime":4503.67,"body":"overseeing your allocations, fun"},{"speaker":"Nick Lincoln","startTime":4503.67,"endTime":4507.48,"body":"choices and due diligence"},{"speaker":"Nick Lincoln","startTime":4503.67,"endTime":4507.48,"body":"procedures? If so, who would you"},{"speaker":"Nick Lincoln","startTime":4507.48,"endTime":4509.88,"body":"get to be on the committee?"},{"speaker":"Nick Lincoln","startTime":4507.48,"endTime":4509.88,"body":"Okay, well, my first stab at"},{"speaker":"Nick Lincoln","startTime":4509.88,"endTime":4513.0599999999995,"body":"that this of this, okay? I mean,"},{"speaker":"Nick Lincoln","startTime":4509.88,"endTime":4513.0599999999995,"body":"this really, this is all about"},{"speaker":"Nick Lincoln","startTime":4513.09,"endTime":4515.37,"body":"putting things in a line or"},{"speaker":"Nick Lincoln","startTime":4513.09,"endTime":4515.37,"body":"getting it getting your ducks in"},{"speaker":"Nick Lincoln","startTime":4515.37,"endTime":4517.74,"body":"a line or whatever the phrase"},{"speaker":"Nick Lincoln","startTime":4515.37,"endTime":4517.74,"body":"is, this isn't active versus"},{"speaker":"Nick Lincoln","startTime":4517.74,"endTime":4519.63,"body":"passive kind of question for me,"},{"speaker":"Nick Lincoln","startTime":4517.74,"endTime":4519.63,"body":"because I think once you've made"},{"speaker":"Nick Lincoln","startTime":4519.63,"endTime":4522.93,"body":"that move to say passive I don't"},{"speaker":"Nick Lincoln","startTime":4519.63,"endTime":4522.93,"body":"think you need as a one man"},{"speaker":"Nick Lincoln","startTime":4522.93,"endTime":4524.64,"body":"band, you don't need an"},{"speaker":"Nick Lincoln","startTime":4522.93,"endTime":4524.64,"body":"investment committee, and you"},{"speaker":"Nick Lincoln","startTime":4524.64,"endTime":4527.28,"body":"don't need model portfolios. So"},{"speaker":"Nick Lincoln","startTime":4524.64,"endTime":4527.28,"body":"it's got to be Vanguard, or"},{"speaker":"Nick Lincoln","startTime":4527.28,"endTime":4530.13,"body":"dimensional or a combination of"},{"speaker":"Nick Lincoln","startTime":4527.28,"endTime":4530.13,"body":"the two. Don't really sweat it"},{"speaker":"Nick Lincoln","startTime":4530.22,"endTime":4533.97,"body":"mainly in equities and not 100%"},{"speaker":"Nick Lincoln","startTime":4530.22,"endTime":4533.97,"body":"in equities, job done, I don't"},{"speaker":"Nick Lincoln","startTime":4533.97,"endTime":4535.41,"body":"think you need an investment"},{"speaker":"Nick Lincoln","startTime":4533.97,"endTime":4535.41,"body":"committee unless you're"},{"speaker":"Nick Lincoln","startTime":4535.41,"endTime":4538.08,"body":"insecure, or you just you just"},{"speaker":"Nick Lincoln","startTime":4535.41,"endTime":4538.08,"body":"feel you have to have it on your"},{"speaker":"Nick Lincoln","startTime":4538.08,"endTime":4542.37,"body":"file if the FCA you know, want"},{"speaker":"Nick Lincoln","startTime":4538.08,"endTime":4542.37,"body":"validation for why you've chosen"},{"speaker":"Nick Lincoln","startTime":4542.37,"endTime":4544.47,"body":"those funds, and you can't"},{"speaker":"Nick Lincoln","startTime":4542.37,"endTime":4544.47,"body":"communicate that to them without"},{"speaker":"Nick Lincoln","startTime":4544.47,"endTime":4546.75,"body":"having something to lean on."},{"speaker":"Nick Lincoln","startTime":4544.47,"endTime":4546.75,"body":"Which is, I don't know it's a"},{"speaker":"Nick Lincoln","startTime":4546.75,"endTime":4550.23,"body":"bit bit of a crutch. If you're"},{"speaker":"Nick Lincoln","startTime":4546.75,"endTime":4550.23,"body":"active. Yeah. Because Christ"},{"speaker":"Nick Lincoln","startTime":4550.23,"endTime":4552.9,"body":"knows how you do it. You may"},{"speaker":"Nick Lincoln","startTime":4550.23,"endTime":4552.9,"body":"want to outsource those though."},{"speaker":"Nick Lincoln","startTime":4553.2,"endTime":4555.8099999999995,"body":"That's my thoughts. If you guys"},{"speaker":"Nick Lincoln","startTime":4553.2,"endTime":4555.8099999999995,"body":"have got anything to add on"},{"speaker":"Nick Lincoln","startTime":4555.8099999999995,"endTime":4558.57,"body":"that, but if you would, if you"},{"speaker":"Nick Lincoln","startTime":4555.8099999999995,"endTime":4558.57,"body":"were to outsource, who would you"},{"speaker":"Nick Lincoln","startTime":4558.57,"endTime":4560.4,"body":"who would who would you use for"},{"speaker":"Nick Lincoln","startTime":4558.57,"endTime":4560.4,"body":"that kind of thing."},{"speaker":"Alan Smith","startTime":4561.69,"endTime":4566.07,"body":"Timeline in a word,"},{"speaker":"Alan Smith","startTime":4561.69,"endTime":4566.07,"body":"that I mean, Abraham and his"},{"speaker":"Alan Smith","startTime":4566.07,"endTime":4571.3499999999995,"body":"team have just got a out of a"},{"speaker":"Alan Smith","startTime":4566.07,"endTime":4571.3499999999995,"body":"box ready made thing with an"},{"speaker":"Alan Smith","startTime":4571.3499999999995,"endTime":4575.22,"body":"investment committee, with"},{"speaker":"Alan Smith","startTime":4571.3499999999995,"endTime":4575.22,"body":"collateral with all this stuff."},{"speaker":"Alan Smith","startTime":4575.22,"endTime":4577.5599999999995,"body":"If you if you want to Of course,"},{"speaker":"Alan Smith","startTime":4575.22,"endTime":4577.5599999999995,"body":"as you've seen it, you don't"},{"speaker":"Alan Smith","startTime":4577.5599999999995,"endTime":4583.0199999999995,"body":"have to do that at all, you can"},{"speaker":"Alan Smith","startTime":4577.5599999999995,"endTime":4583.0199999999995,"body":"just do you do use one fund? And"},{"speaker":"Alan Smith","startTime":4583.0199999999995,"endTime":4585.15,"body":"imagine you having your"},{"speaker":"Alan Smith","startTime":4583.0199999999995,"endTime":4585.15,"body":"investment committee, Nick, you"},{"speaker":"Alan Smith","startTime":4585.15,"endTime":4588.72,"body":"talking to so shall we, about"},{"speaker":"Alan Smith","startTime":4585.15,"endTime":4588.72,"body":"the one fund appear short"},{"speaker":"Alan Smith","startTime":4588.72,"endTime":4589.23,"body":"meeting?"},{"speaker":"Nick Lincoln","startTime":4589.679,"endTime":4591.659,"body":"No, there's still"},{"speaker":"Nick Lincoln","startTime":4589.679,"endTime":4591.659,"body":"be arguments involved with the"},{"speaker":"Nick Lincoln","startTime":4591.659,"endTime":4591.869,"body":"word"},{"speaker":"Alan Smith","startTime":4591.9,"endTime":4595.0199999999995,"body":"there were there"},{"speaker":"Alan Smith","startTime":4591.9,"endTime":4595.0199999999995,"body":"were for sure guarantee. I mean,"},{"speaker":"Alan Smith","startTime":4595.0199999999995,"endTime":4597.33,"body":"there's obviously there's a few"},{"speaker":"Alan Smith","startTime":4595.0199999999995,"endTime":4597.33,"body":"of these organizations around to"},{"speaker":"Alan Smith","startTime":4597.33,"endTime":4599.88,"body":"me, timeline is a kind of"},{"speaker":"Alan Smith","startTime":4597.33,"endTime":4599.88,"body":"natural fit right now, for"},{"speaker":"Alan Smith","startTime":4599.88,"endTime":4603.0599999999995,"body":"businesses just outsource they"},{"speaker":"Alan Smith","startTime":4599.88,"endTime":4603.0599999999995,"body":"do everything. And you can brand"},{"speaker":"Alan Smith","startTime":4603.0599999999995,"endTime":4607.41,"body":"it in your own brand, your"},{"speaker":"Alan Smith","startTime":4603.0599999999995,"endTime":4607.41,"body":"company's name and details, etc."},{"speaker":"Alan Smith","startTime":4607.41,"endTime":4610.26,"body":"So that's a shout out for"},{"speaker":"Alan Smith","startTime":4607.41,"endTime":4610.26,"body":"timeline for me, what do you"},{"speaker":"Alan Smith","startTime":4610.26,"endTime":4610.86,"body":"think, Andy?"},{"speaker":"Andy Hart","startTime":4612.66,"endTime":4615.75,"body":"I sort of agree with"},{"speaker":"Andy Hart","startTime":4612.66,"endTime":4615.75,"body":"both of your points. There is"},{"speaker":"Andy Hart","startTime":4615.75,"endTime":4619.89,"body":"some collateral out there from"},{"speaker":"Andy Hart","startTime":4615.75,"endTime":4619.89,"body":"these large organizations that"},{"speaker":"Andy Hart","startTime":4619.89,"endTime":4624.9,"body":"provide to this collateral out"},{"speaker":"Andy Hart","startTime":4619.89,"endTime":4624.9,"body":"there. So I used to be part of"},{"speaker":"Andy Hart","startTime":4625.2,"endTime":4627.42,"body":"that sort of an investment"},{"speaker":"Andy Hart","startTime":4625.2,"endTime":4627.42,"body":"committee where me and two other"},{"speaker":"Andy Hart","startTime":4627.42,"endTime":4629.76,"body":"financial advisors met up, I"},{"speaker":"Andy Hart","startTime":4627.42,"endTime":4629.76,"body":"think we met up every six"},{"speaker":"Andy Hart","startTime":4629.76,"endTime":4633.03,"body":"months, it was quite"},{"speaker":"Andy Hart","startTime":4629.76,"endTime":4633.03,"body":"interesting, actually, we did"},{"speaker":"Andy Hart","startTime":4633.3,"endTime":4637.95,"body":"sweat the small stuff and"},{"speaker":"Andy Hart","startTime":4633.3,"endTime":4637.95,"body":"discuss the detail. Which was"},{"speaker":"Andy Hart","startTime":4638.04,"endTime":4642.42,"body":"okay, because it was every six"},{"speaker":"Andy Hart","startTime":4638.04,"endTime":4642.42,"body":"months. So we just wrote down"},{"speaker":"Andy Hart","startTime":4642.42,"endTime":4646.23,"body":"sort of points that we wanted to"},{"speaker":"Andy Hart","startTime":4642.42,"endTime":4646.23,"body":"raise during the meeting,"},{"speaker":"Andy Hart","startTime":4646.5599999999995,"endTime":4649.08,"body":"because they weren't sort of"},{"speaker":"Andy Hart","startTime":4646.5599999999995,"endTime":4649.08,"body":"pressing issues, and then just"},{"speaker":"Andy Hart","startTime":4649.08,"endTime":4652.5599999999995,"body":"discussed it amongst the three"},{"speaker":"Andy Hart","startTime":4649.08,"endTime":4652.5599999999995,"body":"of us. So it's basically Long"},{"speaker":"Andy Hart","startTime":4652.5599999999995,"endTime":4654.93,"body":"story short, it's a mastermind."},{"speaker":"Andy Hart","startTime":4652.5599999999995,"endTime":4654.93,"body":"So get a mastermind together of"},{"speaker":"Andy Hart","startTime":4655.0199999999995,"endTime":4657.15,"body":"similar people that run similar"},{"speaker":"Andy Hart","startTime":4655.0199999999995,"endTime":4657.15,"body":"businesses that want to get get"},{"speaker":"Andy Hart","startTime":4657.15,"endTime":4660.69,"body":"together every six months or"},{"speaker":"Andy Hart","startTime":4657.15,"endTime":4660.69,"body":"every year. And to the fat."},{"speaker":"Andy Hart","startTime":4660.96,"endTime":4665.13,"body":"There are sort of template"},{"speaker":"Andy Hart","startTime":4660.96,"endTime":4665.13,"body":"downloads you can get from"},{"speaker":"Andy Hart","startTime":4665.13,"endTime":4668.16,"body":"various support companies. But"},{"speaker":"Andy Hart","startTime":4665.13,"endTime":4668.16,"body":"yeah, so someone"},{"speaker":"Alan Smith","startTime":4668.19,"endTime":4670.26,"body":"just said that if"},{"speaker":"Alan Smith","startTime":4668.19,"endTime":4670.26,"body":"you"},{"speaker":"Andy Hart","startTime":4670.26,"endTime":4673.14,"body":"are a dimensional"},{"speaker":"Andy Hart","startTime":4670.26,"endTime":4673.14,"body":"have a whole suite dimensional"},{"speaker":"Andy Hart","startTime":4673.14,"endTime":4675.9,"body":"have got the everything about"},{"speaker":"Andy Hart","startTime":4673.14,"endTime":4675.9,"body":"your how to build and in some of"},{"speaker":"Andy Hart","startTime":4675.9,"endTime":4678.54,"body":"the agenda, some of the"},{"speaker":"Andy Hart","startTime":4675.9,"endTime":4678.54,"body":"compliance companies and stuff"},{"speaker":"Andy Hart","startTime":4678.54,"endTime":4679.95,"body":"as well, back to you look,"},{"speaker":"Nick Lincoln","startTime":4681.45,"endTime":4683.43,"body":"very good call you"},{"speaker":"Nick Lincoln","startTime":4681.45,"endTime":4683.43,"body":"okay, but that just move on."},{"speaker":"Nick Lincoln","startTime":4684.2699999999995,"endTime":4687.0,"body":"Okay, thank you, sir. All right."},{"speaker":"Nick Lincoln","startTime":4684.2699999999995,"endTime":4687.0,"body":"That's great. Good. So a couple"},{"speaker":"Nick Lincoln","startTime":4687.0,"endTime":4690.8099999999995,"body":"of interesting questions there,"},{"speaker":"Nick Lincoln","startTime":4687.0,"endTime":4690.8099999999995,"body":"from our beloved, our beloved"},{"speaker":"Nick Lincoln","startTime":4690.8099999999995,"endTime":4692.8499999999995,"body":"TRAPPIST and as I said in the"},{"speaker":"Nick Lincoln","startTime":4690.8099999999995,"endTime":4692.8499999999995,"body":"piece that I put together for"},{"speaker":"Nick Lincoln","startTime":4692.91,"endTime":4696.66,"body":"nucleus wrap, we you know, we"},{"speaker":"Nick Lincoln","startTime":4692.91,"endTime":4696.66,"body":"value your input, because you"},{"speaker":"Nick Lincoln","startTime":4696.66,"endTime":4700.17,"body":"are the show because we are, you"},{"speaker":"Nick Lincoln","startTime":4696.66,"endTime":4700.17,"body":"know, we are you, you you are us"},{"speaker":"Nick Lincoln","startTime":4700.17,"endTime":4703.89,"body":"we're practicing advisors,"},{"speaker":"Nick Lincoln","startTime":4700.17,"endTime":4703.89,"body":"talking to but also wanted to"},{"speaker":"Nick Lincoln","startTime":4703.89,"endTime":4706.83,"body":"talk with our audience, so"},{"speaker":"Nick Lincoln","startTime":4703.89,"endTime":4706.83,"body":"please do keep the questions"},{"speaker":"Nick Lincoln","startTime":4706.83,"endTime":4710.4,"body":"coming in. Okay, without any"},{"speaker":"Nick Lincoln","startTime":4706.83,"endTime":4710.4,"body":"further ado, let's go on to"},{"speaker":"Nick Lincoln","startTime":4710.4,"endTime":4719.67,"body":"culture corner. Wow. Okay, so"},{"speaker":"Nick Lincoln","startTime":4710.4,"endTime":4719.67,"body":"Mr. Smith, painkiller, white"},{"speaker":"Nick Lincoln","startTime":4719.67,"endTime":4723.45,"body":"collar drug dealers. Mr. Hart,"},{"speaker":"Nick Lincoln","startTime":4719.67,"endTime":4723.45,"body":"even sorry,"},{"speaker":"Andy Hart","startTime":4723.78,"endTime":4726.45,"body":"yeah, overspray. This"},{"speaker":"Andy Hart","startTime":4723.78,"endTime":4726.45,"body":"is the latest Netflix"},{"speaker":"Andy Hart","startTime":4726.48,"endTime":4730.2,"body":"documentary series called"},{"speaker":"Andy Hart","startTime":4726.48,"endTime":4730.2,"body":"painkiller, which is about the"},{"speaker":"Andy Hart","startTime":4730.23,"endTime":4737.22,"body":"oxy cotton, you know, opioid"},{"speaker":"Andy Hart","startTime":4730.23,"endTime":4737.22,"body":"epidemic that was started in the"},{"speaker":"Andy Hart","startTime":4737.22,"endTime":4743.76,"body":"US. Again, it's, you know,"},{"speaker":"Andy Hart","startTime":4737.22,"endTime":4743.76,"body":"around sort of corporate greed"},{"speaker":"Andy Hart","startTime":4743.76,"endTime":4747.69,"body":"and all of the sort of tricks"},{"speaker":"Andy Hart","startTime":4743.76,"endTime":4747.69,"body":"are up to, obviously, white"},{"speaker":"Andy Hart","startTime":4747.69,"endTime":4750.45,"body":"collar drug dealing. There's"},{"speaker":"Andy Hart","startTime":4747.69,"endTime":4750.45,"body":"another app, there's another"},{"speaker":"Andy Hart","startTime":4750.48,"endTime":4753.75,"body":"series called dope sick, which"},{"speaker":"Andy Hart","startTime":4750.48,"endTime":4753.75,"body":"is also along a similar vein."},{"speaker":"Andy Hart","startTime":4754.32,"endTime":4757.32,"body":"It's absolutely staggering,"},{"speaker":"Andy Hart","startTime":4754.32,"endTime":4757.32,"body":"watching the destruction that"},{"speaker":"Andy Hart","startTime":4757.32,"endTime":4762.03,"body":"this, you know, horrendous drug"},{"speaker":"Andy Hart","startTime":4757.32,"endTime":4762.03,"body":"has had all across America. I"},{"speaker":"Andy Hart","startTime":4762.03,"endTime":4765.15,"body":"think for the first time in the"},{"speaker":"Andy Hart","startTime":4762.03,"endTime":4765.15,"body":"history of the US. Every likes"},{"speaker":"Andy Hart","startTime":4765.15,"endTime":4769.41,"body":"it life expectancy is declining"},{"speaker":"Andy Hart","startTime":4765.15,"endTime":4769.41,"body":"due to the impact of this. Yeah,"},{"speaker":"Andy Hart","startTime":4769.41,"endTime":4772.53,"body":"it's a wonderful documentary all"},{"speaker":"Andy Hart","startTime":4769.41,"endTime":4772.53,"body":"around the Sackler company,"},{"speaker":"Andy Hart","startTime":4772.95,"endTime":4776.22,"body":"sorry, the Sackler family."},{"speaker":"Andy Hart","startTime":4772.95,"endTime":4776.22,"body":"Purdue pharma, which is the"},{"speaker":"Andy Hart","startTime":4776.22,"endTime":4780.99,"body":"business again, it's"},{"speaker":"Andy Hart","startTime":4776.22,"endTime":4780.99,"body":"manipulation. Persuasion"},{"speaker":"Andy Hart","startTime":4781.0199999999995,"endTime":4786.57,"body":"marketing. Yeah, it's a it's"},{"speaker":"Andy Hart","startTime":4781.0199999999995,"endTime":4786.57,"body":"horrendous to watch very"},{"speaker":"Andy Hart","startTime":4786.57,"endTime":4789.72,"body":"insightful to watch but but"},{"speaker":"Andy Hart","startTime":4786.57,"endTime":4789.72,"body":"horrendous the impact has had."},{"speaker":"Andy Hart","startTime":4790.2,"endTime":4792.96,"body":"So yeah, I recommend checking"},{"speaker":"Andy Hart","startTime":4790.2,"endTime":4792.96,"body":"out it's called a pain killer."},{"speaker":"Andy Hart","startTime":4793.11,"endTime":4795.66,"body":"Back to you boss. Okay, thank"},{"speaker":"Nick Lincoln","startTime":4795.66,"endTime":4797.94,"body":"you very much now"},{"speaker":"Nick Lincoln","startTime":4795.66,"endTime":4797.94,"body":"sorry Mr. Smith. This next one"},{"speaker":"Nick Lincoln","startTime":4797.94,"endTime":4802.92,"body":"is yours this the BBC sounds The"},{"speaker":"Nick Lincoln","startTime":4797.94,"endTime":4802.92,"body":"Wolf of crypto which wow, I just"},{"speaker":"Nick Lincoln","startTime":4802.95,"endTime":4804.84,"body":"it's yeah, you described"},{"speaker":"Alan Smith","startTime":4805.17,"endTime":4809.73,"body":"Yeah. And and I"},{"speaker":"Alan Smith","startTime":4805.17,"endTime":4809.73,"body":"started watching that Netflix"},{"speaker":"Alan Smith","startTime":4809.73,"endTime":4813.03,"body":"thing last night? What's the"},{"speaker":"Alan Smith","startTime":4809.73,"endTime":4813.03,"body":"first episode really just in"},{"speaker":"Alan Smith","startTime":4813.03,"endTime":4817.74,"body":"cipher and it kind of it's just"},{"speaker":"Alan Smith","startTime":4813.03,"endTime":4817.74,"body":"I just find it just annoying in"},{"speaker":"Alan Smith","startTime":4817.74,"endTime":4820.86,"body":"the extreme and just some angry"},{"speaker":"Alan Smith","startTime":4817.74,"endTime":4820.86,"body":"making, you know, the how these"},{"speaker":"Alan Smith","startTime":4820.86,"endTime":4822.96,"body":"organizations as companies can"},{"speaker":"Alan Smith","startTime":4820.86,"endTime":4822.96,"body":"do this stuff. Anyway, that's"},{"speaker":"Andy Hart","startTime":4823.17,"endTime":4825.2699999999995,"body":"even worse than the"},{"speaker":"Andy Hart","startTime":4823.17,"endTime":4825.2699999999995,"body":"crack epidemic, the crack"},{"speaker":"Andy Hart","startTime":4825.2699999999995,"endTime":4827.7,"body":"epidemic, it was just corporate"},{"speaker":"Andy Hart","startTime":4825.2699999999995,"endTime":4827.7,"body":"that"},{"speaker":"Alan Smith","startTime":4827.7,"endTime":4830.01,"body":"knowing that limit,"},{"speaker":"Alan Smith","startTime":4827.7,"endTime":4830.01,"body":"but executives and senior"},{"speaker":"Alan Smith","startTime":4830.01,"endTime":4832.05,"body":"executives that these drugs and"},{"speaker":"Alan Smith","startTime":4830.01,"endTime":4832.05,"body":"pharma companies, they know"},{"speaker":"Alan Smith","startTime":4832.05,"endTime":4835.29,"body":"exactly what they're doing is"},{"speaker":"Alan Smith","startTime":4832.05,"endTime":4835.29,"body":"killing, killing, killing any"},{"speaker":"Alan Smith","startTime":4835.29,"endTime":4839.34,"body":"young people. So a whole other"},{"speaker":"Alan Smith","startTime":4835.29,"endTime":4839.34,"body":"story anyway. Yes, I came across"},{"speaker":"Alan Smith","startTime":4839.34,"endTime":4843.87,"body":"this other days. Well, BBC"},{"speaker":"Alan Smith","startTime":4839.34,"endTime":4843.87,"body":"sounds has got various podcasts"},{"speaker":"Alan Smith","startTime":4843.87,"endTime":4845.79,"body":"and things and they've come up"},{"speaker":"Alan Smith","startTime":4843.87,"endTime":4845.79,"body":"with some quite good ones now"},{"speaker":"Alan Smith","startTime":4845.79,"endTime":4849.66,"body":"and again, this one is called"},{"speaker":"Alan Smith","startTime":4845.79,"endTime":4849.66,"body":"The Wolf of crypto and what your"},{"speaker":"Alan Smith","startTime":4849.66,"endTime":4852.36,"body":"you can imagine what that's"},{"speaker":"Alan Smith","startTime":4849.66,"endTime":4852.36,"body":"going to be about. But what's"},{"speaker":"Alan Smith","startTime":4852.36,"endTime":4857.3099999999995,"body":"particularly interesting about"},{"speaker":"Alan Smith","startTime":4852.36,"endTime":4857.3099999999995,"body":"this is often we will we come"},{"speaker":"Alan Smith","startTime":4857.3099999999995,"endTime":4860.25,"body":"across these things, and they're"},{"speaker":"Alan Smith","startTime":4857.3099999999995,"endTime":4860.25,"body":"usually you know, in the US or"},{"speaker":"Alan Smith","startTime":4860.25,"endTime":4863.94,"body":"the Bahamas, and Sam, what's his"},{"speaker":"Alan Smith","startTime":4860.25,"endTime":4863.94,"body":"name and all these sort of crazy"},{"speaker":"Alan Smith","startTime":4863.94,"endTime":4866.91,"body":"things that go on in other parts"},{"speaker":"Alan Smith","startTime":4863.94,"endTime":4866.91,"body":"of the world. This was much"},{"speaker":"Alan Smith","startTime":4866.91,"endTime":4871.65,"body":"closer to home in that the kind"},{"speaker":"Alan Smith","startTime":4866.91,"endTime":4871.65,"body":"of the the, the epicenter was in"},{"speaker":"Alan Smith","startTime":4871.65,"endTime":4873.99,"body":"a place called Amersham pretty"},{"speaker":"Alan Smith","startTime":4871.65,"endTime":4873.99,"body":"much was just up the road. My"},{"speaker":"Alan Smith","startTime":4873.99,"endTime":4876.12,"body":"mother in law lives there. It's"},{"speaker":"Alan Smith","startTime":4873.99,"endTime":4876.12,"body":"kind of half an hour outside of"},{"speaker":"Alan Smith","startTime":4876.12,"endTime":4878.88,"body":"London is not a million miles"},{"speaker":"Alan Smith","startTime":4876.12,"endTime":4878.88,"body":"away from where you two UK based"},{"speaker":"Alan Smith","startTime":4878.88,"endTime":4883.95,"body":"advisors live and operate from."},{"speaker":"Alan Smith","startTime":4878.88,"endTime":4883.95,"body":"So it's very close to home. And"},{"speaker":"Alan Smith","startTime":4883.95,"endTime":4887.58,"body":"it's, you know, it's another"},{"speaker":"Alan Smith","startTime":4883.95,"endTime":4887.58,"body":"salutary tale of the craziness"},{"speaker":"Alan Smith","startTime":4887.58,"endTime":4890.64,"body":"that went on a couple of years"},{"speaker":"Alan Smith","startTime":4887.58,"endTime":4890.64,"body":"ago around 2021. When a guy who"},{"speaker":"Alan Smith","startTime":4890.64,"endTime":4895.83,"body":"was a, he was a kind of a rodent"},{"speaker":"Alan Smith","startTime":4890.64,"endTime":4895.83,"body":"Inspector, he was a kind of a"},{"speaker":"Alan Smith","startTime":4895.86,"endTime":4899.7,"body":"pest removal guy. He thought he"},{"speaker":"Alan Smith","startTime":4895.86,"endTime":4899.7,"body":"came up with this idea of"},{"speaker":"Alan Smith","startTime":4899.7,"endTime":4905.73,"body":"starting his own cryptocurrency"},{"speaker":"Alan Smith","startTime":4899.7,"endTime":4905.73,"body":"called coder, I believe Kay"},{"speaker":"Alan Smith","startTime":4905.79,"endTime":4911.04,"body":"Roden coin, he wrote, yeah, rat"},{"speaker":"Alan Smith","startTime":4905.79,"endTime":4911.04,"body":"coin. And it's just, it's"},{"speaker":"Alan Smith","startTime":4911.04,"endTime":4913.59,"body":"amazing how you can just you"},{"speaker":"Alan Smith","startTime":4911.04,"endTime":4913.59,"body":"could just start a coin, just"},{"speaker":"Alan Smith","startTime":4913.59,"endTime":4915.9,"body":"start one and then just and all"},{"speaker":"Alan Smith","startTime":4913.59,"endTime":4915.9,"body":"it is is about talking to"},{"speaker":"Alan Smith","startTime":4915.9,"endTime":4919.41,"body":"people. So he used to drink in a"},{"speaker":"Alan Smith","startTime":4915.9,"endTime":4919.41,"body":"local pub up at Amersham and you"},{"speaker":"Alan Smith","startTime":4919.41,"endTime":4921.96,"body":"speak to the landlord about it"},{"speaker":"Alan Smith","startTime":4919.41,"endTime":4921.96,"body":"before you know it, and they"},{"speaker":"Alan Smith","startTime":4921.96,"endTime":4923.94,"body":"just decide what the value is."},{"speaker":"Alan Smith","startTime":4921.96,"endTime":4923.94,"body":"And of course, everyone wants to"},{"speaker":"Alan Smith","startTime":4923.94,"endTime":4926.8499999999995,"body":"buy it. And it sounds crazy."},{"speaker":"Alan Smith","startTime":4923.94,"endTime":4926.8499999999995,"body":"That sounds funny, he was"},{"speaker":"Alan Smith","startTime":4926.8499999999995,"endTime":4929.64,"body":"actually really sad if you if"},{"speaker":"Alan Smith","startTime":4926.8499999999995,"endTime":4929.64,"body":"you listened to the whole story."},{"speaker":"Alan Smith","startTime":4929.94,"endTime":4932.13,"body":"Unfortunately, there is at least"},{"speaker":"Alan Smith","startTime":4929.94,"endTime":4932.13,"body":"one person who's committed"},{"speaker":"Alan Smith","startTime":4932.13,"endTime":4934.53,"body":"suicide over the losses, they've"},{"speaker":"Alan Smith","startTime":4932.13,"endTime":4934.53,"body":"been completely wiped out."},{"speaker":"Alan Smith","startTime":4934.53,"endTime":4936.63,"body":"Because of course, it's not a"},{"speaker":"Alan Smith","startTime":4934.53,"endTime":4936.63,"body":"real thing. It's just a story."},{"speaker":"Alan Smith","startTime":4936.63,"endTime":4939.84,"body":"It's the classic Ponzi scheme."},{"speaker":"Alan Smith","startTime":4936.63,"endTime":4939.84,"body":"Everyone wants to buy it, you've"},{"speaker":"Alan Smith","startTime":4939.84,"endTime":4941.82,"body":"got all the people who are"},{"speaker":"Alan Smith","startTime":4939.84,"endTime":4941.82,"body":"drinking in this local pub,"},{"speaker":"Alan Smith","startTime":4941.82,"endTime":4944.46,"body":"they're actually they're"},{"speaker":"Alan Smith","startTime":4941.82,"endTime":4944.46,"body":"actually taking this crypto"},{"speaker":"Alan Smith","startTime":4944.46,"endTime":4947.3099999999995,"body":"token as payment for your beer"},{"speaker":"Alan Smith","startTime":4944.46,"endTime":4947.3099999999995,"body":"and what have you. So I mean, I"},{"speaker":"Alan Smith","startTime":4947.3099999999995,"endTime":4949.59,"body":"guess the the landlord or the"},{"speaker":"Alan Smith","startTime":4947.3099999999995,"endTime":4949.59,"body":"one of the pub didn't do very"},{"speaker":"Alan Smith","startTime":4949.59,"endTime":4954.21,"body":"well, although he speaks about"},{"speaker":"Alan Smith","startTime":4949.59,"endTime":4954.21,"body":"it, but the whole how everything"},{"speaker":"Alan Smith","startTime":4954.21,"endTime":4956.7,"body":"get caught up the guy who"},{"speaker":"Alan Smith","startTime":4954.21,"endTime":4956.7,"body":"founded this, this sort of"},{"speaker":"Alan Smith","startTime":4956.88,"endTime":4962.01,"body":"crypto note coin had had an"},{"speaker":"Alan Smith","startTime":4956.88,"endTime":4962.01,"body":"event here just you know, a very"},{"speaker":"Alan Smith","startTime":4962.01,"endTime":4964.74,"body":"short distance from where I'm"},{"speaker":"Alan Smith","startTime":4962.01,"endTime":4964.74,"body":"speaking to you right now in the"},{"speaker":"Alan Smith","startTime":4964.74,"endTime":4967.7699999999995,"body":"City of London at you know,"},{"speaker":"Alan Smith","startTime":4964.74,"endTime":4967.7699999999995,"body":"tower 42, which is the old man"},{"speaker":"Alan Smith","startTime":4967.7699999999995,"endTime":4970.7699999999995,"body":"west tower. You know, he had"},{"speaker":"Alan Smith","startTime":4967.7699999999995,"endTime":4970.7699999999995,"body":"this, you know, rented all these"},{"speaker":"Alan Smith","startTime":4970.7699999999995,"endTime":4975.15,"body":"kind of Lamborghinis outside"},{"speaker":"Alan Smith","startTime":4970.7699999999995,"endTime":4975.15,"body":"hired literally porn stars, porn"},{"speaker":"Alan Smith","startTime":4975.15,"endTime":4976.17,"body":"stars and dwarfs."},{"speaker":"Nick Lincoln","startTime":4977.28,"endTime":4979.5,"body":"For this event"},{"speaker":"Nick Lincoln","startTime":4977.28,"endTime":4979.5,"body":"flags Do you want to be waving?"},{"speaker":"Nick Lincoln","startTime":4980.34,"endTime":4981.03,"body":"So he"},{"speaker":"Alan Smith","startTime":4981.78,"endTime":4984.12,"body":"actually people were"},{"speaker":"Alan Smith","startTime":4981.78,"endTime":4984.12,"body":"queuing up. And during this"},{"speaker":"Alan Smith","startTime":4984.12,"endTime":4986.28,"body":"event, they were just saying if"},{"speaker":"Alan Smith","startTime":4984.12,"endTime":4986.28,"body":"you don't buy now the whole the"},{"speaker":"Alan Smith","startTime":4986.28,"endTime":4987.93,"body":"price is gonna go up. So you"},{"speaker":"Alan Smith","startTime":4986.28,"endTime":4987.93,"body":"have loads of people were"},{"speaker":"Alan Smith","startTime":4987.93,"endTime":4991.95,"body":"literally putting their life"},{"speaker":"Alan Smith","startTime":4987.93,"endTime":4991.95,"body":"savings into this thing. And"},{"speaker":"Alan Smith","startTime":4991.95,"endTime":4994.32,"body":"guess what happened of course,"},{"speaker":"Alan Smith","startTime":4991.95,"endTime":4994.32,"body":"is sort of blow is just doesn't"},{"speaker":"Alan Smith","startTime":4994.32,"endTime":4996.66,"body":"it doesn't pretty much doesn't"},{"speaker":"Alan Smith","startTime":4994.32,"endTime":4996.66,"body":"exist anymore. The value is zero"},{"speaker":"Alan Smith","startTime":4996.66,"endTime":4999.24,"body":"or as close to zero as can be."},{"speaker":"Alan Smith","startTime":4996.66,"endTime":4999.24,"body":"Really interesting story,"},{"speaker":"Alan Smith","startTime":4999.24,"endTime":5003.0199999999995,"body":"because in particular, it's so"},{"speaker":"Alan Smith","startTime":4999.24,"endTime":5003.0199999999995,"body":"close to home. It was around"},{"speaker":"Alan Smith","startTime":5003.05,"endTime":5007.28,"body":"memes around us. Literally in"},{"speaker":"Alan Smith","startTime":5003.05,"endTime":5007.28,"body":"the last 18 months, two years,"},{"speaker":"Alan Smith","startTime":5007.3099999999995,"endTime":5011.45,"body":"it's well worth listening to"},{"speaker":"Alan Smith","startTime":5007.3099999999995,"endTime":5011.45,"body":"some BB. The Wolf of"},{"speaker":"Nick Lincoln","startTime":5011.45,"endTime":5014.24,"body":"crypto, the"},{"speaker":"Nick Lincoln","startTime":5011.45,"endTime":5014.24,"body":"madness of crowds. And yeah,"},{"speaker":"Nick Lincoln","startTime":5014.24,"endTime":5017.12,"body":"that the pub is as I looked it"},{"speaker":"Nick Lincoln","startTime":5014.24,"endTime":5017.12,"body":"up yesterday is about 10 miles"},{"speaker":"Nick Lincoln","startTime":5017.12,"endTime":5019.94,"body":"from me. And it's a very sad"},{"speaker":"Nick Lincoln","startTime":5017.12,"endTime":5019.94,"body":"it's a very sad story. But"},{"speaker":"Nick Lincoln","startTime":5019.94,"endTime":5022.07,"body":"however, there probably won't"},{"speaker":"Nick Lincoln","startTime":5019.94,"endTime":5022.07,"body":"stop me going driving over there"},{"speaker":"Nick Lincoln","startTime":5022.07,"endTime":5024.14,"body":"going to that pub and saying in"},{"speaker":"Nick Lincoln","startTime":5022.07,"endTime":5024.14,"body":"a very loud voice, can I have a"},{"speaker":"Nick Lincoln","startTime":5024.14,"endTime":5027.38,"body":"pint of cola coda, please, just"},{"speaker":"Nick Lincoln","startTime":5024.14,"endTime":5027.38,"body":"to see what the responses from"},{"speaker":"Nick Lincoln","startTime":5027.38,"endTime":5030.23,"body":"the landlord will probably throw"},{"speaker":"Nick Lincoln","startTime":5027.38,"endTime":5030.23,"body":"me out of a very thick window"},{"speaker":"Nick Lincoln","startTime":5030.23,"endTime":5035.0599999999995,"body":"very fast as me next Okay, a"},{"speaker":"Nick Lincoln","startTime":5030.23,"endTime":5035.0599999999995,"body":"long time in finance podcast,"},{"speaker":"Nick Lincoln","startTime":5035.0599999999995,"endTime":5038.72,"body":"the Nine Lives of Credit Suisse"},{"speaker":"Nick Lincoln","startTime":5035.0599999999995,"endTime":5038.72,"body":"kind of in the background over"},{"speaker":"Nick Lincoln","startTime":5038.72,"endTime":5040.82,"body":"this year, because there's other"},{"speaker":"Nick Lincoln","startTime":5038.72,"endTime":5040.82,"body":"stuff been going on, I suppose."},{"speaker":"Nick Lincoln","startTime":5040.82,"endTime":5043.19,"body":"And we're still consumable, and"},{"speaker":"Nick Lincoln","startTime":5040.82,"endTime":5043.19,"body":"I guess the news cycle is still"},{"speaker":"Nick Lincoln","startTime":5043.19,"endTime":5047.5999999999995,"body":"consumed with with sending more"},{"speaker":"Nick Lincoln","startTime":5043.19,"endTime":5047.5999999999995,"body":"money to Ukraine. But Credit"},{"speaker":"Nick Lincoln","startTime":5047.5999999999995,"endTime":5051.3499999999995,"body":"Suisse has kind of gone down the"},{"speaker":"Nick Lincoln","startTime":5047.5999999999995,"endTime":5051.3499999999995,"body":"crapper. It's an old product has"},{"speaker":"Nick Lincoln","startTime":5051.3499999999995,"endTime":5055.7,"body":"been taken over. It's obviously"},{"speaker":"Nick Lincoln","startTime":5051.3499999999995,"endTime":5055.7,"body":"a long standing Swiss bank. And"},{"speaker":"Nick Lincoln","startTime":5055.7,"endTime":5058.58,"body":"this podcast is quite as to to"},{"speaker":"Nick Lincoln","startTime":5055.7,"endTime":5058.58,"body":"city duffers that they're both"},{"speaker":"Nick Lincoln","startTime":5058.58,"endTime":5060.71,"body":"been journalist in and around"},{"speaker":"Nick Lincoln","startTime":5058.58,"endTime":5060.71,"body":"the square mile for the last"},{"speaker":"Nick Lincoln","startTime":5060.71,"endTime":5065.5999999999995,"body":"3040 years. And it's a two part"},{"speaker":"Nick Lincoln","startTime":5060.71,"endTime":5065.5999999999995,"body":"two parts. breakdown of the nine"},{"speaker":"Nick Lincoln","startTime":5065.5999999999995,"endTime":5067.49,"body":"lines of credit, Swiss credit"},{"speaker":"Nick Lincoln","startTime":5065.5999999999995,"endTime":5067.49,"body":"Swiss has basically been quite a"},{"speaker":"Nick Lincoln","startTime":5067.49,"endTime":5071.33,"body":"rogue brand for a long, long"},{"speaker":"Nick Lincoln","startTime":5067.49,"endTime":5071.33,"body":"time. And they just made mistake"},{"speaker":"Nick Lincoln","startTime":5071.33,"endTime":5074.66,"body":"after mistake after mistake. And"},{"speaker":"Nick Lincoln","startTime":5071.33,"endTime":5074.66,"body":"I think we know so we think"},{"speaker":"Nick Lincoln","startTime":5074.66,"endTime":5076.61,"body":"Swiss banks are, you know,"},{"speaker":"Nick Lincoln","startTime":5074.66,"endTime":5076.61,"body":"they're the pinnacle, you know,"},{"speaker":"Nick Lincoln","startTime":5076.61,"endTime":5079.64,"body":"they are they're just they just"},{"speaker":"Nick Lincoln","startTime":5076.61,"endTime":5079.64,"body":"do it Roberts, they paid out"},{"speaker":"Nick Lincoln","startTime":5079.64,"endTime":5084.5599999999995,"body":"over 11 billion US dollars in"},{"speaker":"Nick Lincoln","startTime":5079.64,"endTime":5084.5599999999995,"body":"fines over the years. And most"},{"speaker":"Nick Lincoln","startTime":5084.5599999999995,"endTime":5086.18,"body":"of those fines are come in"},{"speaker":"Nick Lincoln","startTime":5084.5599999999995,"endTime":5086.18,"body":"recent years. And that that is"},{"speaker":"Nick Lincoln","startTime":5086.18,"endTime":5088.64,"body":"now the Dyneema. So that's quite"},{"speaker":"Nick Lincoln","startTime":5086.18,"endTime":5088.64,"body":"an interesting one. And it's"},{"speaker":"Nick Lincoln","startTime":5088.64,"endTime":5090.68,"body":"quite nice. It's quite as well"},{"speaker":"Nick Lincoln","startTime":5088.64,"endTime":5090.68,"body":"done. It's an optically heavy,"},{"speaker":"Nick Lincoln","startTime":5090.68,"endTime":5093.44,"body":"you don't need to know about"},{"speaker":"Nick Lincoln","startTime":5090.68,"endTime":5093.44,"body":"swaps, derivatives or anything"},{"speaker":"Nick Lincoln","startTime":5093.44,"endTime":5097.4,"body":"like that. But yeah, again, a"},{"speaker":"Nick Lincoln","startTime":5093.44,"endTime":5097.4,"body":"big big brand absolutely"},{"speaker":"Nick Lincoln","startTime":5097.43,"endTime":5099.11,"body":"trashed, linked to that. And"},{"speaker":"Alan Smith","startTime":5100.01,"endTime":5102.2,"body":"I listened to that I"},{"speaker":"Alan Smith","startTime":5100.01,"endTime":5102.2,"body":"listened to that yesterday,"},{"speaker":"Alan Smith","startTime":5102.53,"endTime":5106.43,"body":"Nick, when you posted it. I"},{"speaker":"Alan Smith","startTime":5102.53,"endTime":5106.43,"body":"don't love those two guys, the"},{"speaker":"Alan Smith","startTime":5106.43,"endTime":5109.04,"body":"way they talk, I must say"},{"speaker":"Alan Smith","startTime":5106.43,"endTime":5109.04,"body":"because they were talking about"},{"speaker":"Alan Smith","startTime":5109.04,"endTime":5111.95,"body":"you know, these banks losing"},{"speaker":"Alan Smith","startTime":5109.04,"endTime":5111.95,"body":"millions and billions and been"},{"speaker":"Alan Smith","startTime":5111.95,"endTime":5115.0999999999995,"body":"fine and all just they'll just"},{"speaker":"Alan Smith","startTime":5111.95,"endTime":5115.0999999999995,"body":"laugh in their heads. It's as"},{"speaker":"Alan Smith","startTime":5115.0999999999995,"endTime":5119.3,"body":"you say, to all city, Duff was"},{"speaker":"Alan Smith","startTime":5115.0999999999995,"endTime":5119.3,"body":"gonna go find another billion. I"},{"speaker":"Alan Smith","startTime":5119.3,"endTime":5121.58,"body":"just I didn't know that was just"},{"speaker":"Alan Smith","startTime":5119.3,"endTime":5121.58,"body":"me, I just got to wind me up a"},{"speaker":"Alan Smith","startTime":5121.58,"endTime":5123.59,"body":"little bit how they were just"},{"speaker":"Alan Smith","startTime":5121.58,"endTime":5123.59,"body":"kind of making light of it."},{"speaker":"Alan Smith","startTime":5123.59,"endTime":5127.25,"body":"Because I thought real issues"},{"speaker":"Alan Smith","startTime":5123.59,"endTime":5127.25,"body":"about this, because I don't"},{"speaker":"Alan Smith","startTime":5127.25,"endTime":5129.8,"body":"really understand how and it's"},{"speaker":"Alan Smith","startTime":5127.25,"endTime":5129.8,"body":"another one of these sort of"},{"speaker":"Alan Smith","startTime":5129.8,"endTime":5134.15,"body":"strange behavioral things, but"},{"speaker":"Alan Smith","startTime":5129.8,"endTime":5134.15,"body":"they're super high net worth us"},{"speaker":"Alan Smith","startTime":5134.15,"endTime":5137.45,"body":"these organizations like Credit"},{"speaker":"Alan Smith","startTime":5134.15,"endTime":5137.45,"body":"Suisse and you know, other Swiss"},{"speaker":"Alan Smith","startTime":5137.45,"endTime":5140.84,"body":"banks and others like them, and"},{"speaker":"Alan Smith","startTime":5137.45,"endTime":5140.84,"body":"they entrust their family's life"},{"speaker":"Alan Smith","startTime":5140.84,"endTime":5144.17,"body":"savings to them. And I did a"},{"speaker":"Alan Smith","startTime":5140.84,"endTime":5144.17,"body":"thought experiment a while ago,"},{"speaker":"Alan Smith","startTime":5144.17,"endTime":5147.23,"body":"you put the name of any of these"},{"speaker":"Alan Smith","startTime":5144.17,"endTime":5147.23,"body":"organizations tap it into Google"},{"speaker":"Alan Smith","startTime":5147.23,"endTime":5152.0,"body":"and then put the next word fine."},{"speaker":"Alan Smith","startTime":5147.23,"endTime":5152.0,"body":"Like Credit Suisse, UBS, but uh,"},{"speaker":"Alan Smith","startTime":5152.0,"endTime":5156.23,"body":"you name it Cootes you name it."},{"speaker":"Alan Smith","startTime":5152.0,"endTime":5156.23,"body":"And the word fine and you will"},{"speaker":"Alan Smith","startTime":5156.23,"endTime":5159.83,"body":"see story after story after"},{"speaker":"Alan Smith","startTime":5156.23,"endTime":5159.83,"body":"story for the most nefarious"},{"speaker":"Alan Smith","startTime":5159.83,"endTime":5164.36,"body":"crimes for money laundering for"},{"speaker":"Alan Smith","startTime":5159.83,"endTime":5164.36,"body":"tax evasion for you and and if"},{"speaker":"Alan Smith","startTime":5164.36,"endTime":5167.15,"body":"you're a multi millionaire"},{"speaker":"Alan Smith","startTime":5164.36,"endTime":5167.15,"body":"client, you get your hand across"},{"speaker":"Alan Smith","startTime":5167.15,"endTime":5170.99,"body":"your life savings to these"},{"speaker":"Alan Smith","startTime":5167.15,"endTime":5170.99,"body":"organizations and and entrust"},{"speaker":"Alan Smith","startTime":5171.44,"endTime":5175.07,"body":"your future family security to"},{"speaker":"Alan Smith","startTime":5171.44,"endTime":5175.07,"body":"them. I just don't get it. It's"},{"speaker":"Nick Lincoln","startTime":5175.309,"endTime":5177.889,"body":"the thing, man My"},{"speaker":"Nick Lincoln","startTime":5175.309,"endTime":5177.889,"body":"name's Andy, you're gonna make a"},{"speaker":"Nick Lincoln","startTime":5177.889,"endTime":5178.879,"body":"point? Yes, that"},{"speaker":"Andy Hart","startTime":5178.879,"endTime":5180.619,"body":"whole safety thing,"},{"speaker":"Andy Hart","startTime":5178.879,"endTime":5180.619,"body":"isn't it when someone's got"},{"speaker":"Andy Hart","startTime":5180.619,"endTime":5185.089,"body":"100,000,500 million etc? Yeah,"},{"speaker":"Andy Hart","startTime":5180.619,"endTime":5185.089,"body":"following on from Credit Suisse"},{"speaker":"Andy Hart","startTime":5185.089,"endTime":5188.689,"body":"being bought fire sale via the"},{"speaker":"Andy Hart","startTime":5185.089,"endTime":5188.689,"body":"Swiss government to UBS, UBS"},{"speaker":"Andy Hart","startTime":5188.689,"endTime":5193.579,"body":"have just announced the largest"},{"speaker":"Andy Hart","startTime":5188.689,"endTime":5193.579,"body":"ever quarterly profit for a bank"},{"speaker":"Andy Hart","startTime":5193.579,"endTime":5198.949,"body":"in history. I think it was about"},{"speaker":"Andy Hart","startTime":5193.579,"endTime":5198.949,"body":"60 billion around that number."},{"speaker":"Andy Hart","startTime":5198.979,"endTime":5200.119,"body":"So yes, staggering."},{"speaker":"Nick Lincoln","startTime":5201.89,"endTime":5204.92,"body":"Okay, thanks. All"},{"speaker":"Nick Lincoln","startTime":5201.89,"endTime":5204.92,"body":"right. Thanks, guys. And last,"},{"speaker":"Nick Lincoln","startTime":5204.92,"endTime":5209.9,"body":"but by no means least, it's the"},{"speaker":"Nick Lincoln","startTime":5204.92,"endTime":5209.9,"body":"voice. It's Mr. Mr. Mr. Winslow"},{"speaker":"Nick Lincoln","startTime":5210.14,"endTime":5212.78,"body":"and Ben Carlson. Yeah,"},{"speaker":"Carl Widger","startTime":5212.839,"endTime":5216.679,"body":"I'd be brief to"},{"speaker":"Carl Widger","startTime":5212.839,"endTime":5216.679,"body":"finish up. I'm sure loads of our"},{"speaker":"Carl Widger","startTime":5216.679,"endTime":5221.119,"body":"listeners are already connected"},{"speaker":"Carl Widger","startTime":5216.679,"endTime":5221.119,"body":"with our following Ben Carlson a"},{"speaker":"Carl Widger","startTime":5221.119,"endTime":5226.699,"body":"wealth of common sense on"},{"speaker":"Carl Widger","startTime":5221.119,"endTime":5226.699,"body":"Twitter. I love his articles,"},{"speaker":"Carl Widger","startTime":5226.699,"endTime":5230.449,"body":"because they're all absolutely"},{"speaker":"Carl Widger","startTime":5226.699,"endTime":5230.449,"body":"well researched. And based in"},{"speaker":"Carl Widger","startTime":5230.479,"endTime":5234.169,"body":"evidence, and he, the latest one"},{"speaker":"Carl Widger","startTime":5230.479,"endTime":5234.169,"body":"that I that it is in the"},{"speaker":"Carl Widger","startTime":5234.169,"endTime":5239.869,"body":"shownotes is the 6040 portfolio"},{"speaker":"Carl Widger","startTime":5234.169,"endTime":5239.869,"body":"is alive and well. So to"},{"speaker":"Carl Widger","startTime":5240.589,"endTime":5244.159,"body":"contradict, and I suppose make"},{"speaker":"Carl Widger","startTime":5240.589,"endTime":5244.159,"body":"sure that we're not in echo"},{"speaker":"Carl Widger","startTime":5244.159,"endTime":5248.749,"body":"chambers. It kind of gives"},{"speaker":"Carl Widger","startTime":5244.159,"endTime":5248.749,"body":"evidence as to why you'd be well"},{"speaker":"Carl Widger","startTime":5248.749,"endTime":5254.659,"body":"placed in a 6040 fund going"},{"speaker":"Carl Widger","startTime":5248.749,"endTime":5254.659,"body":"forward. I liked it. And as you"},{"speaker":"Carl Widger","startTime":5255.079,"endTime":5260.959,"body":"guys know, as Andy is shaking"},{"speaker":"Carl Widger","startTime":5255.079,"endTime":5260.959,"body":"his head vigorously, as you guys"},{"speaker":"Carl Widger","startTime":5260.959,"endTime":5265.519,"body":"know, I'm sticking to my guns, I"},{"speaker":"Carl Widger","startTime":5260.959,"endTime":5265.519,"body":"think bonds and portfolios."},{"speaker":"Carl Widger","startTime":5265.579,"endTime":5269.509,"body":"Okay, I think it's a good place"},{"speaker":"Carl Widger","startTime":5265.579,"endTime":5269.509,"body":"to be if you're looking to the"},{"speaker":"Carl Widger","startTime":5269.509,"endTime":5273.8589999999995,"body":"long term. And it was nice for"},{"speaker":"Carl Widger","startTime":5269.509,"endTime":5273.8589999999995,"body":"me to read that and get some"},{"speaker":"Carl Widger","startTime":5273.8589999999995,"endTime":5278.059,"body":"affirmation that maybe it was"},{"speaker":"Carl Widger","startTime":5273.8589999999995,"endTime":5278.059,"body":"right. So that's it from me."},{"speaker":"Nick Lincoln","startTime":5278.599,"endTime":5280.399,"body":"It was nice for"},{"speaker":"Nick Lincoln","startTime":5278.599,"endTime":5280.399,"body":"Carl to have his biases"},{"speaker":"Nick Lincoln","startTime":5280.399,"endTime":5286.0689999999995,"body":"confirmed. Okay. Now, I'm going"},{"speaker":"Nick Lincoln","startTime":5280.399,"endTime":5286.0689999999995,"body":"to ask, we are that's another"},{"speaker":"Nick Lincoln","startTime":5286.159,"endTime":5290.989,"body":"pile of crap in the pan."},{"speaker":"Nick Lincoln","startTime":5286.159,"endTime":5290.989,"body":"Normally, I asked for your to"},{"speaker":"Nick Lincoln","startTime":5290.989,"endTime":5293.599,"body":"review a six out of five star"},{"speaker":"Nick Lincoln","startTime":5290.989,"endTime":5293.599,"body":"review as minimum six out of"},{"speaker":"Nick Lincoln","startTime":5293.599,"endTime":5295.579,"body":"five stars. But apparently"},{"speaker":"Nick Lincoln","startTime":5293.599,"endTime":5295.579,"body":"that's not enough anymore. I've"},{"speaker":"Nick Lincoln","startTime":5295.579,"endTime":5298.189,"body":"also got to ask that you"},{"speaker":"Nick Lincoln","startTime":5295.579,"endTime":5298.189,"body":"subscribe to our but I mean,"},{"speaker":"Nick Lincoln","startTime":5298.189,"endTime":5301.849,"body":"what you're listening to it now."},{"speaker":"Nick Lincoln","startTime":5298.189,"endTime":5301.849,"body":"Am I missing something obvious,"},{"speaker":"Alan Smith","startTime":5302.54,"endTime":5304.55,"body":"I probably just hit"},{"speaker":"Alan Smith","startTime":5302.54,"endTime":5304.55,"body":"the subscribe button just if"},{"speaker":"Alan Smith","startTime":5304.55,"endTime":5307.13,"body":"you're on Spotify or Apple"},{"speaker":"Alan Smith","startTime":5304.55,"endTime":5307.13,"body":"podcast where they just hit the"},{"speaker":"Alan Smith","startTime":5307.13,"endTime":5310.37,"body":"subscribe button, which means"},{"speaker":"Alan Smith","startTime":5307.13,"endTime":5310.37,"body":"they will automatically arrive"},{"speaker":"Alan Smith","startTime":5310.37,"endTime":5313.04,"body":"in your feed without you having"},{"speaker":"Alan Smith","startTime":5310.37,"endTime":5313.04,"body":"to look it out. And you'll be"},{"speaker":"Alan Smith","startTime":5313.04,"endTime":5315.44,"body":"the first to hear these"},{"speaker":"Alan Smith","startTime":5313.04,"endTime":5315.44,"body":"wonderful new episodes."},{"speaker":"Andy Hart","startTime":5315.47,"endTime":5317.45,"body":"It helps us in the"},{"speaker":"Andy Hart","startTime":5315.47,"endTime":5317.45,"body":"rankings to find new listeners."},{"speaker":"Andy Hart","startTime":5317.45,"endTime":5318.92,"body":"So yeah, please do do that."},{"speaker":"Alan Smith","startTime":5319.729,"endTime":5324.499,"body":"Yeah, it helps us to"},{"speaker":"Alan Smith","startTime":5319.729,"endTime":5324.499,"body":"spread the word, make this more"},{"speaker":"Alan Smith","startTime":5324.5289999999995,"endTime":5328.999,"body":"sort of broader audience. So"},{"speaker":"Alan Smith","startTime":5324.5289999999995,"endTime":5328.999,"body":"please do subscribe. And of"},{"speaker":"Alan Smith","startTime":5328.999,"endTime":5332.599,"body":"course, give us a six or a five"},{"speaker":"Alan Smith","startTime":5328.999,"endTime":5332.599,"body":"star review. Thank you."},{"speaker":"Nick Lincoln","startTime":5332.93,"endTime":5335.78,"body":"Okay, and also do"},{"speaker":"Nick Lincoln","startTime":5332.93,"endTime":5335.78,"body":"likewise with our burgeoning"},{"speaker":"Nick Lincoln","startTime":5335.78,"endTime":5338.66,"body":"YouTube channel if you can like"},{"speaker":"Nick Lincoln","startTime":5335.78,"endTime":5338.66,"body":"and subscribe to that. That will"},{"speaker":"Nick Lincoln","startTime":5338.66,"endTime":5342.5,"body":"be fantastic. But until the next"},{"speaker":"Nick Lincoln","startTime":5338.66,"endTime":5342.5,"body":"time deer Trappists it's pretty"},{"speaker":"Nick Lincoln","startTime":5342.5,"endTime":5344.93,"body":"awesome. Take care out there"},{"speaker":"Nick Lincoln","startTime":5342.5,"endTime":5344.93,"body":"folks. Thank you for your time."},{"speaker":"Nick Lincoln","startTime":5344.96,"endTime":5345.44,"body":"Bye."},{"speaker":"Carl Widger","startTime":5346.37,"endTime":5352.82,"body":"Bye everybody. Bow"}]}