{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":17.67,"endTime":22.68,"body":"Welcome to The Real"},{"speaker":"Unknown","startTime":17.67,"endTime":22.68,"body":"advisor podcast, te R A P trap."},{"speaker":"Unknown","startTime":23.1,"endTime":26.31,"body":"Please follow us and join in the"},{"speaker":"Unknown","startTime":23.1,"endTime":26.31,"body":"conversation on Twitter at"},{"speaker":"Unknown","startTime":26.31,"endTime":30.03,"body":"advisor podcast where you can"},{"speaker":"Unknown","startTime":26.31,"endTime":30.03,"body":"suggest ideas and themes you'd"},{"speaker":"Unknown","startTime":30.03,"endTime":33.51,"body":"like the track team to discuss."},{"speaker":"Unknown","startTime":30.03,"endTime":33.51,"body":"Also remember to like and"},{"speaker":"Unknown","startTime":33.51,"endTime":37.14,"body":"subscribe to our YouTube channel"},{"speaker":"Unknown","startTime":33.51,"endTime":37.14,"body":"and leave a six out of five star"},{"speaker":"Unknown","startTime":37.14,"endTime":41.1,"body":"review on iTunes. Doing all this"},{"speaker":"Unknown","startTime":37.14,"endTime":41.1,"body":"really really helps us which"},{"speaker":"Unknown","startTime":41.1,"endTime":44.58,"body":"means we can do more to help"},{"speaker":"Unknown","startTime":41.1,"endTime":44.58,"body":"you. Now let's head over to the"},{"speaker":"Unknown","startTime":44.58,"endTime":46.89,"body":"studio for the latest pilot trap"},{"speaker":"Nick Lincoln","startTime":51.9,"endTime":54.42,"body":"yes indeed deer"},{"speaker":"Nick Lincoln","startTime":51.9,"endTime":54.42,"body":"trap is welcome back to what"},{"speaker":"Nick Lincoln","startTime":54.42,"endTime":58.35,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":54.42,"endTime":58.35,"body":"41 of the real advisor podcast"},{"speaker":"Nick Lincoln","startTime":58.35,"endTime":62.31,"body":"tee up eight Beat Trap. My name"},{"speaker":"Nick Lincoln","startTime":58.35,"endTime":62.31,"body":"is Luke Lincoln and joining me"},{"speaker":"Nick Lincoln","startTime":62.31,"endTime":65.79,"body":"as ever in the digital studio of"},{"speaker":"Nick Lincoln","startTime":62.31,"endTime":65.79,"body":"doom are the three other"},{"speaker":"Nick Lincoln","startTime":65.79,"endTime":70.47,"body":"Horsemen of the Apocalypse."},{"speaker":"Nick Lincoln","startTime":65.79,"endTime":70.47,"body":"Hello, Hello Andy Ultra Hart,"},{"speaker":"Nick Lincoln","startTime":70.5,"endTime":75.51,"body":"Karl denovo che Witcher and Alan"},{"speaker":"Nick Lincoln","startTime":70.5,"endTime":75.51,"body":"the storyteller Smith. Now"},{"speaker":"Nick Lincoln","startTime":75.54,"endTime":80.7,"body":"gentlemen, we have a show packed"},{"speaker":"Nick Lincoln","startTime":75.54,"endTime":80.7,"body":"full of app salutely nothing so"},{"speaker":"Nick Lincoln","startTime":80.7,"endTime":83.52,"body":"let's start backing up straight"},{"speaker":"Nick Lincoln","startTime":80.7,"endTime":83.52,"body":"away with some more energy"},{"speaker":"Nick Lincoln","startTime":83.52,"endTime":86.55,"body":"review reads read up on my good"},{"speaker":"Nick Lincoln","startTime":83.52,"endTime":86.55,"body":"friend. The Right Honourable Mr."},{"speaker":"Nick Lincoln","startTime":86.55,"endTime":88.02,"body":"Andrew Hart. Thank"},{"speaker":"Andy Hart","startTime":88.02,"endTime":89.64,"body":"you, Luke. We've got"},{"speaker":"Andy Hart","startTime":88.02,"endTime":89.64,"body":"a couple of views today. The"},{"speaker":"Andy Hart","startTime":89.64,"endTime":94.5,"body":"first up is from Mr. Pip 79"},{"speaker":"Andy Hart","startTime":89.64,"endTime":94.5,"body":"entitled clap trap five stars."},{"speaker":"Andy Hart","startTime":94.8,"endTime":97.86,"body":"I've been listening to half a"},{"speaker":"Andy Hart","startTime":94.8,"endTime":97.86,"body":"dozen episodes of trap now and"},{"speaker":"Andy Hart","startTime":97.86,"endTime":101.46,"body":"find it really helpful. So many"},{"speaker":"Andy Hart","startTime":97.86,"endTime":101.46,"body":"opinions forthcoming from people"},{"speaker":"Andy Hart","startTime":101.46,"endTime":103.92,"body":"in this profession, many of whom"},{"speaker":"Andy Hart","startTime":101.46,"endTime":103.92,"body":"have never sat in front of a"},{"speaker":"Andy Hart","startTime":103.92,"endTime":107.55,"body":"client for years or if ever, so"},{"speaker":"Andy Hart","startTime":103.92,"endTime":107.55,"body":"it's great to hear the"},{"speaker":"Andy Hart","startTime":107.55,"endTime":109.53,"body":"experiences and ideas from"},{"speaker":"Andy Hart","startTime":107.55,"endTime":109.53,"body":"others who are actually at the"},{"speaker":"Andy Hart","startTime":109.53,"endTime":113.94,"body":"coalface for change. Keep up the"},{"speaker":"Andy Hart","startTime":109.53,"endTime":113.94,"body":"great work my favorite podcast"},{"speaker":"Andy Hart","startTime":113.97,"endTime":116.94,"body":"also Thanks Alan for the"},{"speaker":"Andy Hart","startTime":113.97,"endTime":116.94,"body":"recommendation on the Schultz"},{"speaker":"Andy Hart","startTime":116.94,"endTime":119.82,"body":"headphones. Now I'm able to"},{"speaker":"Andy Hart","startTime":116.94,"endTime":119.82,"body":"listen during my during my"},{"speaker":"Andy Hart","startTime":119.82,"endTime":123.96,"body":"morning swim. It was tongue in"},{"speaker":"Andy Hart","startTime":119.82,"endTime":123.96,"body":"cheek alchemy. My first comment"},{"speaker":"Andy Hart","startTime":123.96,"endTime":128.01,"body":"then in a few months time, a"},{"speaker":"Andy Hart","startTime":123.96,"endTime":128.01,"body":"clap for trap from Michael from"},{"speaker":"Andy Hart","startTime":128.01,"endTime":130.89,"body":"spent time limited thanks for"},{"speaker":"Andy Hart","startTime":128.01,"endTime":130.89,"body":"putting your name and firm."},{"speaker":"Andy Hart","startTime":131.22,"endTime":136.83,"body":"final review is from new wonder"},{"speaker":"Andy Hart","startTime":131.22,"endTime":136.83,"body":"57 entitled seven stars five"},{"speaker":"Andy Hart","startTime":136.83,"endTime":141.99,"body":"stars. My favorite podcast I'm"},{"speaker":"Andy Hart","startTime":136.83,"endTime":141.99,"body":"not an IFA, just a recently"},{"speaker":"Andy Hart","startTime":141.99,"endTime":146.67,"body":"retired engineer. My son is and"},{"speaker":"Andy Hart","startTime":141.99,"endTime":146.67,"body":"has just taken his final exams"},{"speaker":"Andy Hart","startTime":146.67,"endTime":150.96,"body":"to become a Chartered Financial"},{"speaker":"Andy Hart","startTime":146.67,"endTime":150.96,"body":"Planner. Unlike Nick, I love the"},{"speaker":"Andy Hart","startTime":150.96,"endTime":154.53,"body":"banter of his taking innuendo"},{"speaker":"Andy Hart","startTime":150.96,"endTime":154.53,"body":"and your searing honesty."},{"speaker":"Andy Hart","startTime":154.92,"endTime":158.28,"body":"Freshly highlight is called"},{"speaker":"Andy Hart","startTime":154.92,"endTime":158.28,"body":"experts summary of active"},{"speaker":"Andy Hart","startTime":158.28,"endTime":161.94,"body":"management in Episode 25. Keep"},{"speaker":"Andy Hart","startTime":158.28,"endTime":161.94,"body":"up the great work Chris from"},{"speaker":"Andy Hart","startTime":161.94,"endTime":163.98,"body":"Cheshire. Back to you, man"},{"speaker":"Carl Widger","startTime":164.04,"endTime":166.11,"body":"lovely man Chris."},{"speaker":"Carl Widger","startTime":164.04,"endTime":166.11,"body":"Well done Chris. Good"},{"speaker":"Nick Lincoln","startTime":166.11,"endTime":167.64,"body":"stuff. Good stuff."},{"speaker":"Nick Lincoln","startTime":166.11,"endTime":167.64,"body":"Thank you TRAPPIST for the"},{"speaker":"Nick Lincoln","startTime":167.64,"endTime":169.5,"body":"reviews and thanks for using"},{"speaker":"Nick Lincoln","startTime":167.64,"endTime":169.5,"body":"your name. You don't have to but"},{"speaker":"Nick Lincoln","startTime":169.5,"endTime":172.35,"body":"it just engenders a sense of"},{"speaker":"Nick Lincoln","startTime":169.5,"endTime":172.35,"body":"community. And please do leave a"},{"speaker":"Nick Lincoln","startTime":172.35,"endTime":175.44,"body":"review on iTunes if you possibly"},{"speaker":"Nick Lincoln","startTime":172.35,"endTime":175.44,"body":"can six out of five stars."},{"speaker":"Nick Lincoln","startTime":175.53,"endTime":177.72,"body":"That's all we ask. We're not"},{"speaker":"Nick Lincoln","startTime":175.53,"endTime":177.72,"body":"needy, we're just grossly"},{"speaker":"Nick Lincoln","startTime":177.72,"endTime":182.67,"body":"insecure. Okay, let's put a"},{"speaker":"Nick Lincoln","startTime":177.72,"endTime":182.67,"body":"timestamp on episode 41 of the"},{"speaker":"Nick Lincoln","startTime":182.67,"endTime":186.21,"body":"real advisor podcast with some"},{"speaker":"Nick Lincoln","startTime":182.67,"endTime":186.21,"body":"topical tidbits. Mr. Smith,"},{"speaker":"Nick Lincoln","startTime":186.21,"endTime":188.7,"body":"you're going somewhere cold, wet"},{"speaker":"Nick Lincoln","startTime":186.21,"endTime":188.7,"body":"and miserable, not Scotland,"},{"speaker":"Nick Lincoln","startTime":188.7,"endTime":189.15,"body":"where you go"},{"speaker":"Alan Smith","startTime":190.59,"endTime":195.12,"body":"further north. Yes."},{"speaker":"Alan Smith","startTime":190.59,"endTime":195.12,"body":"By the time this episode goes"},{"speaker":"Alan Smith","startTime":195.12,"endTime":200.64,"body":"out, I shall be on my way to the"},{"speaker":"Alan Smith","startTime":195.12,"endTime":200.64,"body":"Arctic Circle North Norway"},{"speaker":"Alan Smith","startTime":200.64,"endTime":204.39,"body":"flying into Trump zone in north"},{"speaker":"Alan Smith","startTime":200.64,"endTime":204.39,"body":"of Norway. And then spending the"},{"speaker":"Alan Smith","startTime":204.39,"endTime":208.92,"body":"subsequent three days three and"},{"speaker":"Alan Smith","startTime":204.39,"endTime":208.92,"body":"a half days trekking 80"},{"speaker":"Alan Smith","startTime":208.92,"endTime":212.34,"body":"kilometers across three"},{"speaker":"Alan Smith","startTime":208.92,"endTime":212.34,"body":"countries Norway, Finland and"},{"speaker":"Alan Smith","startTime":212.34,"endTime":219.0,"body":"Sweden within the Arctic Circle,"},{"speaker":"Alan Smith","startTime":212.34,"endTime":219.0,"body":"so it's at that point I agreed"},{"speaker":"Alan Smith","startTime":219.0,"endTime":223.59,"body":"to do this about a year ago. And"},{"speaker":"Alan Smith","startTime":219.0,"endTime":223.59,"body":"this is a classic you know, in"},{"speaker":"Alan Smith","startTime":223.59,"endTime":226.35,"body":"the bar chit chatting about this"},{"speaker":"Alan Smith","startTime":223.59,"endTime":226.35,"body":"and that go this would be a"},{"speaker":"Alan Smith","startTime":226.35,"endTime":230.37,"body":"grand idea wouldn't it boys it"},{"speaker":"Alan Smith","startTime":226.35,"endTime":230.37,"body":"looks doable. And then it's a"},{"speaker":"Alan Smith","startTime":230.37,"endTime":234.48,"body":"few days away from the actual at"},{"speaker":"Alan Smith","startTime":230.37,"endTime":234.48,"body":"the moment of truth. So I hope"},{"speaker":"Alan Smith","startTime":234.48,"endTime":239.76,"body":"I'll survive yeah, thanks that's"},{"speaker":"Alan Smith","startTime":234.48,"endTime":239.76,"body":"how we'll be feeling in about"},{"speaker":"Alan Smith","startTime":239.76,"endTime":244.71,"body":"four days from now. Yeah, it"},{"speaker":"Alan Smith","startTime":239.76,"endTime":244.71,"body":"looks it looks quite tough"},{"speaker":"Alan Smith","startTime":244.74,"endTime":247.8,"body":"actually. So it's a three"},{"speaker":"Alan Smith","startTime":244.74,"endTime":247.8,"body":"different things so we'll be"},{"speaker":"Alan Smith","startTime":249.09,"endTime":257.79,"body":"walking slash running one the"},{"speaker":"Alan Smith","startTime":249.09,"endTime":257.79,"body":"walk in yeah walk Yeah. Although"},{"speaker":"Alan Smith","startTime":257.79,"endTime":261.18,"body":"walking with you know, there's a"},{"speaker":"Alan Smith","startTime":257.79,"endTime":261.18,"body":"bit of snow up there. That's the"},{"speaker":"Alan Smith","startTime":261.18,"endTime":263.94,"body":"issue. It's walking with those."},{"speaker":"Alan Smith","startTime":261.18,"endTime":263.94,"body":"I think it's those tennis"},{"speaker":"Alan Smith","startTime":263.94,"endTime":268.2,"body":"rackets on your shoes on your"},{"speaker":"Alan Smith","startTime":263.94,"endTime":268.2,"body":"feet, you know those on your"},{"speaker":"Alan Smith","startTime":268.2,"endTime":275.4,"body":"loafers. Then it's skiing one"},{"speaker":"Alan Smith","startTime":268.2,"endTime":275.4,"body":"day now I've done a fair bit of"},{"speaker":"Alan Smith","startTime":275.4,"endTime":277.83,"body":"skiing. I thought that'd be all"},{"speaker":"Alan Smith","startTime":275.4,"endTime":277.83,"body":"right. But it's not nice"},{"speaker":"Alan Smith","startTime":277.83,"endTime":282.48,"body":"downhill skiing. Cross country,"},{"speaker":"Alan Smith","startTime":277.83,"endTime":282.48,"body":"so we're just walking around"},{"speaker":"Andy Hart","startTime":283.11,"endTime":284.61,"body":"the world, isn't it"},{"speaker":"Andy Hart","startTime":283.11,"endTime":284.61,"body":"cross country skiing?"},{"speaker":"Nick Lincoln","startTime":285.54,"endTime":287.28,"body":"That'll be a body"},{"speaker":"Nick Lincoln","startTime":285.54,"endTime":287.28,"body":"workout that I've"},{"speaker":"Alan Smith","startTime":287.28,"endTime":289.68,"body":"literally never done"},{"speaker":"Alan Smith","startTime":287.28,"endTime":289.68,"body":"in my entire life before never"},{"speaker":"Alan Smith","startTime":289.68,"endTime":292.17,"body":"strapped on those fees before"},{"speaker":"Alan Smith","startTime":289.68,"endTime":292.17,"body":"but I'm sure it's one of those"},{"speaker":"Alan Smith","startTime":292.17,"endTime":295.86,"body":"ones. It will be fine. How"},{"speaker":"Alan Smith","startTime":292.17,"endTime":295.86,"body":"difficult can it be? Then one"},{"speaker":"Alan Smith","startTime":295.86,"endTime":299.25,"body":"day cycling and then you know,"},{"speaker":"Alan Smith","startTime":295.86,"endTime":299.25,"body":"cycling Sounds easy enough but"},{"speaker":"Alan Smith","startTime":299.25,"endTime":303.03,"body":"it's on these facts? tire bikes"},{"speaker":"Alan Smith","startTime":299.25,"endTime":303.03,"body":"across snow. I mean snow is just"},{"speaker":"Alan Smith","startTime":303.03,"endTime":306.78,"body":"not the most conducive material"},{"speaker":"Alan Smith","startTime":303.03,"endTime":306.78,"body":"to be cycling across. Anyway,"},{"speaker":"Alan Smith","startTime":306.93,"endTime":308.94,"body":"it's one of these things I"},{"speaker":"Alan Smith","startTime":306.93,"endTime":308.94,"body":"haven't spent a lot of time"},{"speaker":"Alan Smith","startTime":308.94,"endTime":311.7,"body":"thinking about it but I've had"},{"speaker":"Alan Smith","startTime":308.94,"endTime":311.7,"body":"to be looking at it more"},{"speaker":"Alan Smith","startTime":311.7,"endTime":314.28,"body":"recently to work out all my kit"},{"speaker":"Alan Smith","startTime":311.7,"endTime":314.28,"body":"that I need to bring. Anyway, I"},{"speaker":"Alan Smith","startTime":314.28,"endTime":317.01,"body":"spent a fortune on Amazon the"},{"speaker":"Alan Smith","startTime":314.28,"endTime":317.01,"body":"other day getting all the kit."},{"speaker":"Alan Smith","startTime":318.06,"endTime":321.6,"body":"So I do wonder why we do these"},{"speaker":"Alan Smith","startTime":318.06,"endTime":321.6,"body":"things, Carl. It was was it last"},{"speaker":"Alan Smith","startTime":321.6,"endTime":324.99,"body":"year but this time that you were"},{"speaker":"Alan Smith","startTime":321.6,"endTime":324.99,"body":"did the you half marathon? Did"},{"speaker":"Alan Smith","startTime":324.99,"endTime":325.11,"body":"you?"},{"speaker":"Carl Widger","startTime":325.11,"endTime":328.74,"body":"Yeah, it was"},{"speaker":"Carl Widger","startTime":325.11,"endTime":328.74,"body":"actually yeah, it was this time."},{"speaker":"Carl Widger","startTime":329.7,"endTime":335.22,"body":"Yeah, and finish me forever."},{"speaker":"Carl Widger","startTime":329.7,"endTime":335.22,"body":"Anyway. You know the term FOMO"},{"speaker":"Carl Widger","startTime":335.22,"endTime":336.72,"body":"Allen? Yeah, I"},{"speaker":"Andy Hart","startTime":341.25,"endTime":343.17,"body":"missing out Jomo"},{"speaker":"Andy Hart","startTime":341.25,"endTime":343.17,"body":"Jomo,"},{"speaker":"Carl Widger","startTime":343.2,"endTime":345.87,"body":"you're not sending"},{"speaker":"Carl Widger","startTime":343.2,"endTime":345.87,"body":"it to me. Anyway, have a blast."},{"speaker":"Carl Widger","startTime":345.93,"endTime":349.11,"body":"I'm sure you'll come back and"},{"speaker":"Carl Widger","startTime":345.93,"endTime":349.11,"body":"go, I found the bar lads is"},{"speaker":"Andy Hart","startTime":349.109,"endTime":350.579,"body":"already on the way I"},{"speaker":"Andy Hart","startTime":349.109,"endTime":350.579,"body":"was gonna say"},{"speaker":"Alan Smith","startTime":350.729,"endTime":352.739,"body":"there is a pub."},{"speaker":"Alan Smith","startTime":350.729,"endTime":352.739,"body":"We're all meeting in the pub in"},{"speaker":"Alan Smith","startTime":352.739,"endTime":356.189,"body":"Toronto the night before. Before"},{"speaker":"Alan Smith","startTime":352.739,"endTime":356.189,"body":"we set off, let's"},{"speaker":"Nick Lincoln","startTime":357.51,"endTime":360.21,"body":"finish up there if"},{"speaker":"Nick Lincoln","startTime":357.51,"endTime":360.21,"body":"you've got any breaks. Yeah."},{"speaker":"Nick Lincoln","startTime":360.24,"endTime":360.72,"body":"Okay. So"},{"speaker":"Alan Smith","startTime":360.72,"endTime":363.21,"body":"that's, that was"},{"speaker":"Alan Smith","startTime":360.72,"endTime":363.21,"body":"just a timestamp. I'll let you"},{"speaker":"Alan Smith","startTime":363.21,"endTime":365.46,"body":"know how we get on the next"},{"speaker":"Alan Smith","startTime":363.21,"endTime":365.46,"body":"episode. So"},{"speaker":"Nick Lincoln","startTime":367.079,"endTime":368.549,"body":"it'll be it'll be"},{"speaker":"Nick Lincoln","startTime":367.079,"endTime":368.549,"body":"fun. You'll know it's gonna move"},{"speaker":"Nick Lincoln","startTime":368.549,"endTime":371.069,"body":"on members. Watch Irish banks."},{"speaker":"Carl Widger","startTime":371.79,"endTime":376.86,"body":"Yeah. So. So in"},{"speaker":"Carl Widger","startTime":371.79,"endTime":376.86,"body":"Ireland, we basically have two"},{"speaker":"Carl Widger","startTime":376.92,"endTime":379.86,"body":"kind of two and a half banks"},{"speaker":"Carl Widger","startTime":376.92,"endTime":379.86,"body":"left, and they're all Irish. Oh,"},{"speaker":"Carl Widger","startTime":379.86,"endTime":383.43,"body":"no, because the likes of KBC and"},{"speaker":"Carl Widger","startTime":379.86,"endTime":383.43,"body":"Ulster Bank packed their tents"},{"speaker":"Carl Widger","startTime":383.46,"endTime":388.32,"body":"and moved away. So we have very"},{"speaker":"Carl Widger","startTime":383.46,"endTime":388.32,"body":"little competition, I would say"},{"speaker":"Carl Widger","startTime":388.32,"endTime":392.1,"body":"we've bogger all competition"},{"speaker":"Carl Widger","startTime":388.32,"endTime":392.1,"body":"with in the banking sector. And"},{"speaker":"Carl Widger","startTime":392.1,"endTime":396.66,"body":"AIB Allied Irish Banks and Bank"},{"speaker":"Carl Widger","startTime":392.1,"endTime":396.66,"body":"of Ireland. Both announced their"},{"speaker":"Carl Widger","startTime":396.69,"endTime":401.37,"body":"results last week. And they"},{"speaker":"Carl Widger","startTime":396.69,"endTime":401.37,"body":"returned. One point"},{"speaker":"Carl Widger","startTime":401.4,"endTime":408.45,"body":"9,000,000,002 point 1 billion in"},{"speaker":"Carl Widger","startTime":401.4,"endTime":408.45,"body":"terms of profitability, which is"},{"speaker":"Carl Widger","startTime":408.48,"endTime":412.62,"body":"obviously very good considering"},{"speaker":"Carl Widger","startTime":408.48,"endTime":412.62,"body":"both of these banks needed to be"},{"speaker":"Carl Widger","startTime":412.62,"endTime":415.95,"body":"bailed out back in the financial"},{"speaker":"Carl Widger","startTime":412.62,"endTime":415.95,"body":"crisis by the Irish government."},{"speaker":"Carl Widger","startTime":415.98,"endTime":418.44,"body":"But anyway, the shareholders are"},{"speaker":"Carl Widger","startTime":415.98,"endTime":418.44,"body":"very happy because they're"},{"speaker":"Carl Widger","startTime":418.44,"endTime":421.8,"body":"sending back some dividends,"},{"speaker":"Carl Widger","startTime":418.44,"endTime":421.8,"body":"staff less so because for some"},{"speaker":"Carl Widger","startTime":421.8,"endTime":426.0,"body":"reason, they've decided not to"},{"speaker":"Carl Widger","startTime":421.8,"endTime":426.0,"body":"pay full bonuses. But I suppose"},{"speaker":"Carl Widger","startTime":426.06,"endTime":430.89,"body":"why it's relevant to us in the"},{"speaker":"Carl Widger","startTime":426.06,"endTime":430.89,"body":"financial planning sphere is,"},{"speaker":"Carl Widger","startTime":431.43,"endTime":433.14,"body":"they're making all this money"},{"speaker":"Carl Widger","startTime":431.43,"endTime":433.14,"body":"because obviously, interest"},{"speaker":"Carl Widger","startTime":433.14,"endTime":436.77,"body":"rates are going up. So they're"},{"speaker":"Carl Widger","startTime":433.14,"endTime":436.77,"body":"obviously getting more in terms"},{"speaker":"Carl Widger","startTime":436.8,"endTime":442.77,"body":"of people who owe the money. But"},{"speaker":"Carl Widger","startTime":436.8,"endTime":442.77,"body":"they've decided in mostly not to"},{"speaker":"Carl Widger","startTime":442.77,"endTime":445.89,"body":"increase the savings deposit"},{"speaker":"Carl Widger","startTime":442.77,"endTime":445.89,"body":"rates, which is a little bit"},{"speaker":"Carl Widger","startTime":445.89,"endTime":449.28,"body":"surprising. I think it's a"},{"speaker":"Carl Widger","startTime":445.89,"endTime":449.28,"body":"little bit of a shocker, to be"},{"speaker":"Carl Widger","startTime":449.28,"endTime":452.25,"body":"honest, and they're not getting"},{"speaker":"Carl Widger","startTime":449.28,"endTime":452.25,"body":"too much grief, from what I can"},{"speaker":"Carl Widger","startTime":452.25,"endTime":458.94,"body":"see in terms of media exposure,"},{"speaker":"Carl Widger","startTime":452.25,"endTime":458.94,"body":"that kind of stuff. So, money"},{"speaker":"Carl Widger","startTime":458.94,"endTime":464.37,"body":"market funds, you know, other"},{"speaker":"Carl Widger","startTime":458.94,"endTime":464.37,"body":"European banks are beginning to"},{"speaker":"Carl Widger","startTime":464.37,"endTime":467.91,"body":"see flows from the Irish banks"},{"speaker":"Carl Widger","startTime":464.37,"endTime":467.91,"body":"to them, because they are"},{"speaker":"Carl Widger","startTime":467.91,"endTime":472.17,"body":"offering reasonable deposit"},{"speaker":"Carl Widger","startTime":467.91,"endTime":472.17,"body":"rates. So it will remain to be"},{"speaker":"Carl Widger","startTime":472.17,"endTime":477.18,"body":"seen. i It's, I'm sure purely"},{"speaker":"Carl Widger","startTime":472.17,"endTime":477.18,"body":"coincidental that neither of the"},{"speaker":"Carl Widger","startTime":477.18,"endTime":480.42,"body":"big players, AIB and Bank of"},{"speaker":"Carl Widger","startTime":477.18,"endTime":480.42,"body":"Ireland have increased their"},{"speaker":"Carl Widger","startTime":480.42,"endTime":487.95,"body":"deposit rates. But anyway, yeah,"},{"speaker":"Carl Widger","startTime":480.42,"endTime":487.95,"body":"it's just, I don't know. It just"},{"speaker":"Carl Widger","startTime":487.95,"endTime":491.43,"body":"goes to show that competition in"},{"speaker":"Carl Widger","startTime":487.95,"endTime":491.43,"body":"every single market is required."},{"speaker":"Carl Widger","startTime":491.52,"endTime":496.74,"body":"And when you don't have it,"},{"speaker":"Carl Widger","startTime":491.52,"endTime":496.74,"body":"things can take a turn for the"},{"speaker":"Carl Widger","startTime":496.74,"endTime":498.45,"body":"worse for the consumer."},{"speaker":"Andy Hart","startTime":499.17,"endTime":502.38,"body":"End. You Yeah, UK"},{"speaker":"Andy Hart","startTime":499.17,"endTime":502.38,"body":"banks are also pretty much"},{"speaker":"Andy Hart","startTime":502.38,"endTime":506.52,"body":"published near record profits."},{"speaker":"Andy Hart","startTime":502.38,"endTime":506.52,"body":"But the stock market still"},{"speaker":"Andy Hart","startTime":506.76,"endTime":508.74,"body":"doesn't like them. I think"},{"speaker":"Andy Hart","startTime":506.76,"endTime":508.74,"body":"Barclays is trading at something"},{"speaker":"Andy Hart","startTime":508.74,"endTime":511.83,"body":"like four and a half PE, so"},{"speaker":"Andy Hart","startTime":508.74,"endTime":511.83,"body":"they're still sort of unloved on"},{"speaker":"Andy Hart","startTime":511.83,"endTime":514.8,"body":"the stock market. But yeah, the"},{"speaker":"Andy Hart","startTime":511.83,"endTime":514.8,"body":"spread on money is very high. At"},{"speaker":"Andy Hart","startTime":514.8,"endTime":517.89,"body":"the moment, I think most banks"},{"speaker":"Andy Hart","startTime":514.8,"endTime":517.89,"body":"have taken a spread of, you"},{"speaker":"Andy Hart","startTime":517.89,"endTime":520.26,"body":"know, what they pay out to what"},{"speaker":"Andy Hart","startTime":517.89,"endTime":520.26,"body":"they get back in about two and a"},{"speaker":"Andy Hart","startTime":520.26,"endTime":522.6,"body":"half percent. So it's enormous"},{"speaker":"Andy Hart","startTime":520.26,"endTime":522.6,"body":"on these enormous numbers. And"},{"speaker":"Andy Hart","startTime":522.72,"endTime":525.3,"body":"obviously, we're closing down"},{"speaker":"Andy Hart","startTime":522.72,"endTime":525.3,"body":"bank branches, getting rid of"},{"speaker":"Andy Hart","startTime":525.3,"endTime":528.48,"body":"staff, so becoming more lean"},{"speaker":"Andy Hart","startTime":525.3,"endTime":528.48,"body":"businesses. So yeah, I mean,"},{"speaker":"Andy Hart","startTime":528.48,"endTime":530.49,"body":"it's the next 10 years. I've"},{"speaker":"Carl Widger","startTime":530.49,"endTime":534.63,"body":"probably been, I'm"},{"speaker":"Carl Widger","startTime":530.49,"endTime":534.63,"body":"simplifying a complex business"},{"speaker":"Carl Widger","startTime":534.63,"endTime":539.13,"body":"model, right. But but the spread"},{"speaker":"Carl Widger","startTime":534.63,"endTime":539.13,"body":"is much bigger here in terms of,"},{"speaker":"Carl Widger","startTime":539.34,"endTime":543.9,"body":"you know, the interest rates for"},{"speaker":"Carl Widger","startTime":539.34,"endTime":543.9,"body":"depositors versus interest rates"},{"speaker":"Carl Widger","startTime":543.9,"endTime":550.29,"body":"for the mortgage folks. I know"},{"speaker":"Carl Widger","startTime":543.9,"endTime":550.29,"body":"more and more money is going to"},{"speaker":"Carl Widger","startTime":550.29,"endTime":552.81,"body":"flow out to these money market"},{"speaker":"Carl Widger","startTime":550.29,"endTime":552.81,"body":"funds and that kind of stuff. So"},{"speaker":"Carl Widger","startTime":552.84,"endTime":554.61,"body":"they will have to react at some"},{"speaker":"Carl Widger","startTime":552.84,"endTime":554.61,"body":"stage"},{"speaker":"Alan Smith","startTime":555.69,"endTime":559.92,"body":"called the other"},{"speaker":"Alan Smith","startTime":555.69,"endTime":559.92,"body":"deposit takers. Did you have"},{"speaker":"Alan Smith","startTime":559.95,"endTime":562.62,"body":"your building societies in"},{"speaker":"Alan Smith","startTime":559.95,"endTime":562.62,"body":"Ireland? No, we have"},{"speaker":"Carl Widger","startTime":563.34,"endTime":565.68,"body":"not so does"},{"speaker":"Carl Widger","startTime":563.34,"endTime":565.68,"body":"permanent TSP is kind of the"},{"speaker":"Carl Widger","startTime":566.01,"endTime":568.56,"body":"half I refer to and other than"},{"speaker":"Carl Widger","startTime":566.01,"endTime":568.56,"body":"that, you don't really have"},{"speaker":"Carl Widger","startTime":568.56,"endTime":571.65,"body":"anything you have like credit"},{"speaker":"Carl Widger","startTime":568.56,"endTime":571.65,"body":"unions. There are some European"},{"speaker":"Carl Widger","startTime":571.65,"endTime":575.67,"body":"deposit takers coming into the"},{"speaker":"Carl Widger","startTime":571.65,"endTime":575.67,"body":"market for sure. The problem"},{"speaker":"Carl Widger","startTime":575.67,"endTime":579.6,"body":"you'll you'll you'll have with"},{"speaker":"Carl Widger","startTime":575.67,"endTime":579.6,"body":"that is, if the consumer hasn't"},{"speaker":"Carl Widger","startTime":579.6,"endTime":585.03,"body":"heard of x y Zed bank, they're"},{"speaker":"Carl Widger","startTime":579.6,"endTime":585.03,"body":"inclined not to actually you"},{"speaker":"Carl Widger","startTime":585.03,"endTime":588.09,"body":"know, entrust their money with a"},{"speaker":"Carl Widger","startTime":585.03,"endTime":588.09,"body":"x y Zed bank, even though it"},{"speaker":"Carl Widger","startTime":588.09,"endTime":591.99,"body":"might be triple A versus Irish"},{"speaker":"Carl Widger","startTime":588.09,"endTime":591.99,"body":"banks are kind of double B"},{"speaker":"Carl Widger","startTime":591.99,"endTime":596.61,"body":"rated. But look, it's just an"},{"speaker":"Carl Widger","startTime":591.99,"endTime":596.61,"body":"interesting thing. And when you"},{"speaker":"Carl Widger","startTime":596.61,"endTime":600.87,"body":"see these massive, massive"},{"speaker":"Carl Widger","startTime":596.61,"endTime":600.87,"body":"profit figures And yet, you"},{"speaker":"Carl Widger","startTime":600.87,"endTime":607.17,"body":"know, they're not rewarding"},{"speaker":"Carl Widger","startTime":600.87,"endTime":607.17,"body":"savers. I just things are stuff"},{"speaker":"Carl Widger","startTime":607.2,"endTime":610.89,"body":"i Yeah, that was a, that was a"},{"speaker":"Carl Widger","startTime":607.2,"endTime":610.89,"body":"weird one. Anyway, we'll move on"},{"speaker":"Carl Widger","startTime":610.92,"endTime":613.26,"body":"because he's got a little bit of"},{"speaker":"Carl Widger","startTime":610.92,"endTime":613.26,"body":"a college and he's not feeling"},{"speaker":"Carl Widger","startTime":613.26,"endTime":614.4,"body":"great. So we'll move on."},{"speaker":"Andy Hart","startTime":616.26,"endTime":618.12,"body":"Interesting next"},{"speaker":"Andy Hart","startTime":616.26,"endTime":618.12,"body":"month. So that's pretty"},{"speaker":"Nick Lincoln","startTime":618.12,"endTime":620.52,"body":"excited about the"},{"speaker":"Nick Lincoln","startTime":618.12,"endTime":620.52,"body":"banking scene and talk about"},{"speaker":"Nick Lincoln","startTime":620.52,"endTime":621.69,"body":"Bitcoin quickly,"},{"speaker":"Andy Hart","startTime":621.96,"endTime":624.36,"body":"equally as a"},{"speaker":"Andy Hart","startTime":621.96,"endTime":624.36,"body":"horrendous subject for Nick. I'm"},{"speaker":"Andy Hart","startTime":624.36,"endTime":626.49,"body":"just literally mentioning"},{"speaker":"Andy Hart","startTime":624.36,"endTime":626.49,"body":"obviously, bitcoins making an"},{"speaker":"Andy Hart","startTime":626.49,"endTime":630.18,"body":"all time high $70,000. And at"},{"speaker":"Andy Hart","startTime":626.49,"endTime":630.18,"body":"the same time, gold has made an"},{"speaker":"Andy Hart","startTime":630.18,"endTime":633.06,"body":"all time high. So again, that's"},{"speaker":"Andy Hart","startTime":630.18,"endTime":633.06,"body":"kicking about. And when these"},{"speaker":"Andy Hart","startTime":633.06,"endTime":635.64,"body":"things happen, obviously,"},{"speaker":"Andy Hart","startTime":633.06,"endTime":635.64,"body":"certain people shout from the"},{"speaker":"Andy Hart","startTime":635.64,"endTime":638.49,"body":"rooftops and try and distract"},{"speaker":"Andy Hart","startTime":635.64,"endTime":638.49,"body":"our clients from what's"},{"speaker":"Andy Hart","startTime":638.49,"endTime":642.0,"body":"important. But yeah, just a very"},{"speaker":"Andy Hart","startTime":638.49,"endTime":642.0,"body":"brief point to note. Will"},{"speaker":"Andy Hart","startTime":642.0,"endTime":645.27,"body":"Bitcoin hit 100,000? When will"},{"speaker":"Andy Hart","startTime":642.0,"endTime":645.27,"body":"it who cares? Who cares? Who"},{"speaker":"Andy Hart","startTime":645.27,"endTime":649.62,"body":"knows? And same of gold? The"},{"speaker":"Andy Hart","startTime":645.27,"endTime":649.62,"body":"thing about Bitcoin is the ETFs"},{"speaker":"Andy Hart","startTime":649.62,"endTime":653.07,"body":"in the US, I think they're now"},{"speaker":"Andy Hart","startTime":649.62,"endTime":653.07,"body":"swallowed up 50 Sorry, 53"},{"speaker":"Andy Hart","startTime":653.07,"endTime":656.52,"body":"billion, they've now got these"},{"speaker":"Andy Hart","startTime":653.07,"endTime":656.52,"body":"ETF funds. That will obviously"},{"speaker":"Andy Hart","startTime":656.52,"endTime":659.01,"body":"hit 100 billion at some point"},{"speaker":"Andy Hart","startTime":656.52,"endTime":659.01,"body":"the price is somewhat going to"},{"speaker":"Andy Hart","startTime":659.01,"endTime":661.17,"body":"be linked to that you know, yada"},{"speaker":"Andy Hart","startTime":659.01,"endTime":661.17,"body":"yada yada. So"},{"speaker":"Alan Smith","startTime":661.56,"endTime":666.06,"body":"the Black Rock ETF"},{"speaker":"Alan Smith","startTime":661.56,"endTime":666.06,"body":"Bitcoin ETF is now the fastest"},{"speaker":"Alan Smith","startTime":666.06,"endTime":671.7,"body":"growing ETF in history got from"},{"speaker":"Alan Smith","startTime":666.06,"endTime":671.7,"body":"zero to 10 billion in a month or"},{"speaker":"Alan Smith","startTime":671.7,"endTime":672.06,"body":"something three"},{"speaker":"Andy Hart","startTime":672.06,"endTime":672.69,"body":"weeks yeah"},{"speaker":"Unknown","startTime":673.14,"endTime":674.16,"body":"yeah and yeah"},{"speaker":"Alan Smith","startTime":675.69,"endTime":677.97,"body":"with that but yeah"},{"speaker":"Alan Smith","startTime":675.69,"endTime":677.97,"body":"extraordinary it's interesting"},{"speaker":"Alan Smith","startTime":677.97,"endTime":682.26,"body":"that when everything is hitting"},{"speaker":"Alan Smith","startTime":677.97,"endTime":682.26,"body":"peaks Bitcoin peak gold P s\u0026p"},{"speaker":"Alan Smith","startTime":682.26,"endTime":685.53,"body":"Peak there's a lot of peaks"},{"speaker":"Alan Smith","startTime":682.26,"endTime":685.53,"body":"being hit"},{"speaker":"Andy Hart","startTime":685.56,"endTime":687.9,"body":"and everyone is just"},{"speaker":"Andy Hart","startTime":685.56,"endTime":687.9,"body":"so negative still about"},{"speaker":"Andy Hart","startTime":687.93,"endTime":690.9,"body":"everything. You know, it's not"},{"speaker":"Andy Hart","startTime":687.93,"endTime":690.9,"body":"as if you know, people are"},{"speaker":"Andy Hart","startTime":692.01,"endTime":695.34,"body":"popping the champagne anyway,"},{"speaker":"Andy Hart","startTime":692.01,"endTime":695.34,"body":"back to you boss. Hockey"},{"speaker":"Nick Lincoln","startTime":695.34,"endTime":700.2,"body":"Ducky, thank you."},{"speaker":"Nick Lincoln","startTime":695.34,"endTime":700.2,"body":"So next point, okay. Yes, Woe to"},{"speaker":"Nick Lincoln","startTime":700.2,"endTime":704.88,"body":"you oh Earth and see for the"},{"speaker":"Nick Lincoln","startTime":700.2,"endTime":704.88,"body":"devil sends the beast with wrath"},{"speaker":"Nick Lincoln","startTime":704.88,"endTime":710.04,"body":"because he knows the time is"},{"speaker":"Nick Lincoln","startTime":704.88,"endTime":710.04,"body":"short. Let him who are bollocks"},{"speaker":"Nick Lincoln","startTime":710.04,"endTime":716.67,"body":"are bolted up. Let's see. That"},{"speaker":"Nick Lincoln","startTime":710.04,"endTime":716.67,"body":"same understanding reckon the"},{"speaker":"Nick Lincoln","startTime":716.67,"endTime":719.76,"body":"number of the beast because it"},{"speaker":"Nick Lincoln","startTime":716.67,"endTime":719.76,"body":"is a human number. Its number is"},{"speaker":"Nick Lincoln","startTime":719.76,"endTime":723.66,"body":"666 which is the number of"},{"speaker":"Nick Lincoln","startTime":719.76,"endTime":723.66,"body":"subscribers we have to our"},{"speaker":"Nick Lincoln","startTime":723.66,"endTime":729.45,"body":"YouTube channel, dear trap is"},{"speaker":"Nick Lincoln","startTime":723.66,"endTime":729.45,"body":"666 subscribers. We are only 334"},{"speaker":"Nick Lincoln","startTime":729.45,"endTime":733.53,"body":"away from the magical mythical"},{"speaker":"Nick Lincoln","startTime":729.45,"endTime":733.53,"body":"satanic 1000 So thanks for that"},{"speaker":"Nick Lincoln","startTime":733.53,"endTime":736.5,"body":"there is a link to our YouTube"},{"speaker":"Nick Lincoln","startTime":733.53,"endTime":736.5,"body":"channel. In the SoCal show notes"},{"speaker":"Nick Lincoln","startTime":736.5,"endTime":739.11,"body":"I was channeling my inner Steve"},{"speaker":"Nick Lincoln","startTime":736.5,"endTime":739.11,"body":"Harris there from the soul"},{"speaker":"Nick Lincoln","startTime":739.11,"endTime":741.0,"body":"Number of the Beast and the"},{"speaker":"Nick Lincoln","startTime":739.11,"endTime":741.0,"body":"album of the same name, which"},{"speaker":"Nick Lincoln","startTime":741.0,"endTime":745.5,"body":"came out in 1982. Masterpiece"},{"speaker":"Nick Lincoln","startTime":741.0,"endTime":745.5,"body":"drummer Clive burr sorry, guys,"},{"speaker":"Nick Lincoln","startTime":745.5,"endTime":745.77,"body":"I"},{"speaker":"Alan Smith","startTime":745.77,"endTime":750.03,"body":"dangerous Horace is"},{"speaker":"Alan Smith","startTime":745.77,"endTime":750.03,"body":"the ADRIAN Adrian Smith Iron"},{"speaker":"Alan Smith","startTime":750.03,"endTime":755.31,"body":"Maiden. Yes. I mean, he's a"},{"speaker":"Alan Smith","startTime":750.03,"endTime":755.31,"body":"close personal friend. I haven't"},{"speaker":"Alan Smith","startTime":755.31,"endTime":758.97,"body":"seen him for a while. But I used"},{"speaker":"Alan Smith","startTime":755.31,"endTime":758.97,"body":"to knock around with him. Back"},{"speaker":"Alan Smith","startTime":758.97,"endTime":763.5,"body":"in the day walk around with him."},{"speaker":"Alan Smith","startTime":758.97,"endTime":763.5,"body":"Yeah. Yes. You probably"},{"speaker":"Carl Widger","startTime":768.99,"endTime":770.16,"body":"saw him in an"},{"speaker":"Carl Widger","startTime":768.99,"endTime":770.16,"body":"airline"},{"speaker":"Alan Smith","startTime":771.21,"endTime":773.22,"body":"used to see him"},{"speaker":"Alan Smith","startTime":771.21,"endTime":773.22,"body":"quite regularly. He's a he's a"},{"speaker":"Alan Smith","startTime":773.22,"endTime":776.46,"body":"keen fisherman. He's a fisherman"},{"speaker":"Alan Smith","startTime":773.22,"endTime":776.46,"body":"just in case you didn't know."},{"speaker":"Nick Lincoln","startTime":777.48,"endTime":780.57,"body":"Adrian Smith of"},{"speaker":"Nick Lincoln","startTime":777.48,"endTime":780.57,"body":"the two guitarists on this"},{"speaker":"Nick Lincoln","startTime":780.57,"endTime":786.0,"body":"classic album. Okay. Voice you,"},{"speaker":"Nick Lincoln","startTime":780.57,"endTime":786.0,"body":"you had you and the staff had an"},{"speaker":"Nick Lincoln","startTime":786.0,"endTime":788.64,"body":"online course training course."},{"speaker":"Nick Lincoln","startTime":786.0,"endTime":788.64,"body":"Yeah,"},{"speaker":"Carl Widger","startTime":788.67,"endTime":793.32,"body":"just very quickly."},{"speaker":"Carl Widger","startTime":788.67,"endTime":793.32,"body":"So Nick Murray did four hour"},{"speaker":"Carl Widger","startTime":793.32,"endTime":800.25,"body":"long course on prospecting."},{"speaker":"Carl Widger","startTime":793.32,"endTime":800.25,"body":"Right? So I just mentioned it,"},{"speaker":"Carl Widger","startTime":800.25,"endTime":803.55,"body":"because Well, number one,"},{"speaker":"Carl Widger","startTime":800.25,"endTime":803.55,"body":"everyone thought it was there"},{"speaker":"Carl Widger","startTime":803.55,"endTime":806.79,"body":"was there was lots of really"},{"speaker":"Carl Widger","startTime":803.55,"endTime":806.79,"body":"good stuff in there possibly too"},{"speaker":"Carl Widger","startTime":806.79,"endTime":811.86,"body":"long. And maybe he makes it four"},{"speaker":"Carl Widger","startTime":806.79,"endTime":811.86,"body":"hours to justify his the fee."},{"speaker":"Carl Widger","startTime":812.04,"endTime":814.29,"body":"But look, I just wanted to"},{"speaker":"Carl Widger","startTime":812.04,"endTime":814.29,"body":"mention it. Because at the end"},{"speaker":"Carl Widger","startTime":814.29,"endTime":818.01,"body":"of the day, we all need to be we"},{"speaker":"Carl Widger","startTime":814.29,"endTime":818.01,"body":"can't hide from this thing"},{"speaker":"Carl Widger","startTime":818.01,"endTime":821.49,"body":"called sales. And you know,"},{"speaker":"Carl Widger","startTime":818.01,"endTime":821.49,"body":"getting proper training on it."},{"speaker":"Carl Widger","startTime":821.55,"endTime":826.05,"body":"And creating the right habits"},{"speaker":"Carl Widger","startTime":821.55,"endTime":826.05,"body":"and being consistent with those"},{"speaker":"Carl Widger","startTime":826.05,"endTime":828.9,"body":"habits really, really important."},{"speaker":"Carl Widger","startTime":826.05,"endTime":828.9,"body":"So just wanted to mention it"},{"speaker":"Carl Widger","startTime":829.26,"endTime":831.69,"body":"really, really good. I think it"},{"speaker":"Carl Widger","startTime":829.26,"endTime":831.69,"body":"kind of comes around once a"},{"speaker":"Carl Widger","startTime":831.69,"endTime":834.69,"body":"year, you got to buy a license,"},{"speaker":"Carl Widger","startTime":831.69,"endTime":834.69,"body":"and then you can kind of over a"},{"speaker":"Carl Widger","startTime":834.69,"endTime":838.11,"body":"two day period, you can kind of"},{"speaker":"Carl Widger","startTime":834.69,"endTime":838.11,"body":"log in whenever you want, and"},{"speaker":"Carl Widger","startTime":838.11,"endTime":840.45,"body":"kind of do the course but it was"},{"speaker":"Carl Widger","startTime":838.11,"endTime":840.45,"body":"definitely a good thing for us"},{"speaker":"Carl Widger","startTime":840.45,"endTime":844.92,"body":"to do. So I would encourage"},{"speaker":"Carl Widger","startTime":840.45,"endTime":844.92,"body":"anyone to look at this are"},{"speaker":"Carl Widger","startTime":844.92,"endTime":848.85,"body":"similar stuff. But but you know,"},{"speaker":"Carl Widger","startTime":844.92,"endTime":848.85,"body":"just you need you need to have"},{"speaker":"Carl Widger","startTime":848.85,"endTime":853.98,"body":"if you have a team, there needs"},{"speaker":"Carl Widger","startTime":848.85,"endTime":853.98,"body":"to be proper training that"},{"speaker":"Alan Smith","startTime":853.98,"endTime":857.67,"body":"you thought you were"},{"speaker":"Alan Smith","startTime":853.98,"endTime":857.67,"body":"the biggest fan of Mr. Murray."},{"speaker":"Carl Widger","startTime":857.82,"endTime":860.34,"body":"So I'm not right,"},{"speaker":"Carl Widger","startTime":857.82,"endTime":860.34,"body":"because I'm not because I've"},{"speaker":"Carl Widger","startTime":860.34,"endTime":863.64,"body":"read a lot of the books and I"},{"speaker":"Carl Widger","startTime":860.34,"endTime":863.64,"body":"think there's an enormous amount"},{"speaker":"Carl Widger","startTime":863.64,"endTime":868.41,"body":"of repetition. Now, hey, who's"},{"speaker":"Carl Widger","startTime":863.64,"endTime":868.41,"body":"to say we're not repeating a lot"},{"speaker":"Carl Widger","startTime":868.41,"endTime":872.85,"body":"of stuff and in the trap"},{"speaker":"Carl Widger","startTime":868.41,"endTime":872.85,"body":"podcast, but so I don't love him"},{"speaker":"Carl Widger","startTime":872.85,"endTime":876.03,"body":"maybe as much as Andy does. But"},{"speaker":"Carl Widger","startTime":872.85,"endTime":876.03,"body":"this one I thought, you know,"},{"speaker":"Carl Widger","startTime":876.03,"endTime":879.57,"body":"there is some really good stuff."},{"speaker":"Carl Widger","startTime":876.03,"endTime":879.57,"body":"He's he is consistent to be fair"},{"speaker":"Carl Widger","startTime":879.57,"endTime":883.92,"body":"about prospecting and you know,"},{"speaker":"Carl Widger","startTime":879.57,"endTime":883.92,"body":"being very regimented about who"},{"speaker":"Carl Widger","startTime":883.92,"endTime":886.62,"body":"you're talking to talking to the"},{"speaker":"Carl Widger","startTime":883.92,"endTime":886.62,"body":"right types of people. And we"},{"speaker":"Carl Widger","startTime":886.62,"endTime":889.65,"body":"have, I suppose, some"},{"speaker":"Carl Widger","startTime":886.62,"endTime":889.65,"body":"experienced financial advisors"},{"speaker":"Carl Widger","startTime":889.65,"endTime":892.68,"body":"here in the team, but we've also"},{"speaker":"Carl Widger","startTime":889.65,"endTime":892.68,"body":"some inexperienced, so I got"},{"speaker":"Carl Widger","startTime":892.68,"endTime":895.65,"body":"everyone to kind of do it"},{"speaker":"Carl Widger","startTime":892.68,"endTime":895.65,"body":"together, and then everyone to"},{"speaker":"Carl Widger","startTime":895.65,"endTime":898.35,"body":"write their own notes, and then"},{"speaker":"Carl Widger","startTime":895.65,"endTime":898.35,"body":"I'm compiling all the notes and"},{"speaker":"Carl Widger","startTime":898.35,"endTime":902.34,"body":"we'll kind of share them out. So"},{"speaker":"Carl Widger","startTime":898.35,"endTime":902.34,"body":"And so the fact that it was Nick"},{"speaker":"Carl Widger","startTime":902.34,"endTime":906.63,"body":"Murray is possibly a little"},{"speaker":"Carl Widger","startTime":902.34,"endTime":906.63,"body":"irrelevant. You know, proper"},{"speaker":"Carl Widger","startTime":906.63,"endTime":908.55,"body":"sales training I think is really"},{"speaker":"Carl Widger","startTime":906.63,"endTime":908.55,"body":"important."},{"speaker":"Alan Smith","startTime":940.509,"endTime":943.569,"body":"Remember me, we all"},{"speaker":"Alan Smith","startTime":940.509,"endTime":943.569,"body":"went for the famous lunch with"},{"speaker":"Alan Smith","startTime":943.569,"endTime":948.6089999999999,"body":"the legendary mr. Murray. And he"},{"speaker":"Alan Smith","startTime":943.569,"endTime":948.6089999999999,"body":"was it piped up to say, Tony"},{"speaker":"Alan Smith","startTime":948.6089999999999,"endTime":951.789,"body":"Clark 810 o'clock and yeah, I've"},{"speaker":"Alan Smith","startTime":948.6089999999999,"endTime":951.789,"body":"got a I got a question your"},{"speaker":"Alan Smith","startTime":951.909,"endTime":954.759,"body":"question. And it's like being"},{"speaker":"Alan Smith","startTime":951.909,"endTime":954.759,"body":"with your headmaster, because he"},{"speaker":"Alan Smith","startTime":954.759,"endTime":957.519,"body":"you know, he's the kind of stern"},{"speaker":"Alan Smith","startTime":954.759,"endTime":957.519,"body":"he's got all these rules that"},{"speaker":"Alan Smith","startTime":957.519,"endTime":960.639,"body":"you have to adhere to. And we're"},{"speaker":"Alan Smith","startTime":957.519,"endTime":960.639,"body":"all sitting there, there's a"},{"speaker":"Alan Smith","startTime":960.639,"endTime":961.5989999999999,"body":"slot, this is what you've"},{"speaker":"Andy Hart","startTime":961.5999999999999,"endTime":964.7199999999999,"body":"got to wear. This is"},{"speaker":"Andy Hart","startTime":961.5999999999999,"endTime":964.7199999999999,"body":"the room it's got to be, cannot"},{"speaker":"Andy Hart","startTime":964.7199999999999,"endTime":968.89,"body":"be served. This will be all"},{"speaker":"Andy Hart","startTime":964.7199999999999,"endTime":968.89,"body":"sitting there quietly. So here's"},{"speaker":"Andy Hart","startTime":968.89,"endTime":970.24,"body":"the 21 minutes at the beginning."},{"speaker":"Alan Smith","startTime":971.8,"endTime":973.66,"body":"So the clock and"},{"speaker":"Alan Smith","startTime":971.8,"endTime":973.66,"body":"pipes up, Mr. Murray, I have a"},{"speaker":"Alan Smith","startTime":973.66,"endTime":977.86,"body":"question. What did he say? Can I"},{"speaker":"Alan Smith","startTime":973.66,"endTime":977.86,"body":"ask you how you've made a 50"},{"speaker":"Alan Smith","startTime":977.86,"endTime":980.89,"body":"year career out of saying the"},{"speaker":"Alan Smith","startTime":977.86,"endTime":980.89,"body":"same thing repeatedly, year"},{"speaker":"Alan Smith","startTime":980.89,"endTime":982.9,"body":"after year? You know, we always"},{"speaker":"Alan Smith","startTime":980.89,"endTime":982.9,"body":"decided"},{"speaker":"Andy Hart","startTime":984.55,"endTime":986.3499999999999,"body":"brilliant, it was a"},{"speaker":"Andy Hart","startTime":984.55,"endTime":986.3499999999999,"body":"compliment. It was a couple of"},{"speaker":"Alan Smith","startTime":986.86,"endTime":989.74,"body":"you said yeah, what"},{"speaker":"Alan Smith","startTime":986.86,"endTime":989.74,"body":"was his answer? Because people"},{"speaker":"Alan Smith","startTime":989.74,"endTime":992.8299999999999,"body":"still do stupid things that I've"},{"speaker":"Alan Smith","startTime":989.74,"endTime":992.8299999999999,"body":"you know, got to keep on"},{"speaker":"Alan Smith","startTime":993.43,"endTime":996.0999999999999,"body":"preaching the message on an"},{"speaker":"Alan Smith","startTime":993.43,"endTime":996.0999999999999,"body":"ongoing basis, which I guess is"},{"speaker":"Alan Smith","startTime":996.0999999999999,"endTime":999.13,"body":"why on this podcast, you're"},{"speaker":"Alan Smith","startTime":996.0999999999999,"endTime":999.13,"body":"right call things will come up."},{"speaker":"Alan Smith","startTime":999.28,"endTime":1001.3199999999999,"body":"From time to time, we should"},{"speaker":"Alan Smith","startTime":999.28,"endTime":1001.3199999999999,"body":"make no apology for saying"},{"speaker":"Alan Smith","startTime":1001.3499999999999,"endTime":1004.7099999999999,"body":"talking about things that we've"},{"speaker":"Alan Smith","startTime":1001.3499999999999,"endTime":1004.7099999999999,"body":"talked about in the past because"},{"speaker":"Alan Smith","startTime":1004.74,"endTime":1005.88,"body":"they don't"},{"speaker":"Carl Widger","startTime":1005.88,"endTime":1008.01,"body":"really Yeah, the"},{"speaker":"Carl Widger","startTime":1005.88,"endTime":1008.01,"body":"principles don't really change."},{"speaker":"Carl Widger","startTime":1008.43,"endTime":1009.4499999999999,"body":"And it's, they"},{"speaker":"Alan Smith","startTime":1009.4499999999999,"endTime":1011.91,"body":"don't you can tell"},{"speaker":"Alan Smith","startTime":1009.4499999999999,"endTime":1011.91,"body":"about all every every week or"},{"speaker":"Alan Smith","startTime":1011.91,"endTime":1014.64,"body":"every month, there's there's"},{"speaker":"Alan Smith","startTime":1011.91,"endTime":1014.64,"body":"more news that hits the thing."},{"speaker":"Alan Smith","startTime":1014.67,"endTime":1017.6999999999999,"body":"Ah, so there's still a huge"},{"speaker":"Alan Smith","startTime":1014.67,"endTime":1017.6999999999999,"body":"swathes of the population and"},{"speaker":"Alan Smith","startTime":1017.6999999999999,"endTime":1020.25,"body":"people, advisors, whatever,"},{"speaker":"Alan Smith","startTime":1017.6999999999999,"endTime":1020.25,"body":"still got this still on the"},{"speaker":"Alan Smith","startTime":1020.25,"endTime":1023.73,"body":"journey towards learning. So"},{"speaker":"Alan Smith","startTime":1020.25,"endTime":1023.73,"body":"forgive me for repeating I"},{"speaker":"Andy Hart","startTime":1023.73,"endTime":1026.82,"body":"got a one star on my"},{"speaker":"Andy Hart","startTime":1023.73,"endTime":1026.82,"body":"Maven money podcast, the person"},{"speaker":"Andy Hart","startTime":1026.82,"endTime":1030.66,"body":"said, he says the same thing"},{"speaker":"Andy Hart","startTime":1026.82,"endTime":1030.66,"body":"just by global equities. When"},{"speaker":"Andy Hart","startTime":1030.66,"endTime":1030.8700000000001,"body":"it's"},{"speaker":"Alan Smith","startTime":1031.98,"endTime":1039.24,"body":"time. Yeah, yeah,"},{"speaker":"Alan Smith","startTime":1031.98,"endTime":1039.24,"body":"thank you. Okay. Okay. Yeah,"},{"speaker":"Alan Smith","startTime":1039.48,"endTime":1042.42,"body":"this is probably an on the same"},{"speaker":"Alan Smith","startTime":1039.48,"endTime":1042.42,"body":"sort of thing. It's, it's, uh,"},{"speaker":"Alan Smith","startTime":1042.6,"endTime":1045.21,"body":"this is something that has been"},{"speaker":"Alan Smith","startTime":1042.6,"endTime":1045.21,"body":"mentioned in the past, but I've"},{"speaker":"Alan Smith","startTime":1045.21,"endTime":1048.78,"body":"noticed that it came up since we"},{"speaker":"Alan Smith","startTime":1045.21,"endTime":1048.78,"body":"did the last episode is this"},{"speaker":"Alan Smith","startTime":1048.78,"endTime":1052.74,"body":"concept of double dipping cash"},{"speaker":"Alan Smith","startTime":1048.78,"endTime":1052.74,"body":"accounts. And it kind of relates"},{"speaker":"Alan Smith","startTime":1052.74,"endTime":1056.61,"body":"to maybe the bank story you"},{"speaker":"Alan Smith","startTime":1052.74,"endTime":1056.61,"body":"mentioned before, Kyle, and none"},{"speaker":"Alan Smith","startTime":1056.61,"endTime":1059.22,"body":"of this was much of an issue"},{"speaker":"Alan Smith","startTime":1056.61,"endTime":1059.22,"body":"until interest rates rocketed up"},{"speaker":"Alan Smith","startTime":1059.22,"endTime":1062.9099999999999,"body":"in recent times. And we've got"},{"speaker":"Alan Smith","startTime":1059.22,"endTime":1062.9099999999999,"body":"all these platforms in the UK,"},{"speaker":"Alan Smith","startTime":1062.94,"endTime":1066.33,"body":"where there's now significant"},{"speaker":"Alan Smith","startTime":1062.94,"endTime":1066.33,"body":"amounts of cash sitting in them."},{"speaker":"Alan Smith","startTime":1066.36,"endTime":1069.72,"body":"And some of these organizations"},{"speaker":"Alan Smith","startTime":1066.36,"endTime":1069.72,"body":"are sort of well known for"},{"speaker":"Alan Smith","startTime":1070.05,"endTime":1073.74,"body":"retaining a large proportion of"},{"speaker":"Alan Smith","startTime":1070.05,"endTime":1073.74,"body":"what is ultimately client money"},{"speaker":"Alan Smith","startTime":1073.86,"endTime":1076.47,"body":"and keeping it for themselves."},{"speaker":"Alan Smith","startTime":1073.86,"endTime":1076.47,"body":"But maybe to add insult to"},{"speaker":"Alan Smith","startTime":1076.47,"endTime":1079.92,"body":"injury, the concept of double"},{"speaker":"Alan Smith","startTime":1076.47,"endTime":1079.92,"body":"dipping being, they'll charge"},{"speaker":"Alan Smith","startTime":1079.92,"endTime":1083.22,"body":"you a platform fee for the cash"},{"speaker":"Alan Smith","startTime":1079.92,"endTime":1083.22,"body":"you've got on it, and they'll"},{"speaker":"Alan Smith","startTime":1083.22,"endTime":1087.12,"body":"take a slice of the cash as"},{"speaker":"Alan Smith","startTime":1083.22,"endTime":1087.12,"body":"well. And there's something not"},{"speaker":"Alan Smith","startTime":1087.12,"endTime":1093.6,"body":"quite right about that, really,"},{"speaker":"Alan Smith","startTime":1087.12,"endTime":1093.6,"body":"and the FCA had written last"},{"speaker":"Alan Smith","startTime":1093.6,"endTime":1097.95,"body":"year, I believe, to all the"},{"speaker":"Alan Smith","startTime":1093.6,"endTime":1097.95,"body":"seats at one of these famous DSC"},{"speaker":"Alan Smith","startTime":1097.95,"endTime":1101.8799999999999,"body":"Oh, letters to CEOs of these"},{"speaker":"Alan Smith","startTime":1097.95,"endTime":1101.8799999999999,"body":"platforms, saying that by the"},{"speaker":"Alan Smith","startTime":1101.8799999999999,"endTime":1104.55,"body":"deadline, which was a couple of"},{"speaker":"Alan Smith","startTime":1101.8799999999999,"endTime":1104.55,"body":"weeks ago, that was the end of"},{"speaker":"Alan Smith","startTime":1104.55,"endTime":1108.87,"body":"February, the deadline is really"},{"speaker":"Alan Smith","startTime":1104.55,"endTime":1108.87,"body":"what are you going to do about"},{"speaker":"Alan Smith","startTime":1108.87,"endTime":1111.8999999999999,"body":"it? And so they've all kind of"},{"speaker":"Alan Smith","startTime":1108.87,"endTime":1111.8999999999999,"body":"run last minute panicking. And"},{"speaker":"Alan Smith","startTime":1111.8999999999999,"endTime":1116.79,"body":"as a bit of looking at the the"},{"speaker":"Alan Smith","startTime":1111.8999999999999,"endTime":1116.79,"body":"reports and the trade press that"},{"speaker":"Alan Smith","startTime":1116.79,"endTime":1120.42,"body":"I read recently, it's all"},{"speaker":"Alan Smith","startTime":1116.79,"endTime":1120.42,"body":"there's still a lot of fudging"},{"speaker":"Alan Smith","startTime":1120.42,"endTime":1124.59,"body":"going on and we'll we'll kind of"},{"speaker":"Alan Smith","startTime":1120.42,"endTime":1124.59,"body":"waive the fee on the platform we"},{"speaker":"Alan Smith","startTime":1124.59,"endTime":1127.23,"body":"won't charge you twice but we'll"},{"speaker":"Alan Smith","startTime":1124.59,"endTime":1127.23,"body":"still take a big slice of the"},{"speaker":"Alan Smith","startTime":1127.23,"endTime":1131.52,"body":"action and honestly we were you"},{"speaker":"Alan Smith","startTime":1127.23,"endTime":1131.52,"body":"seek good practices worth"},{"speaker":"Alan Smith","startTime":1131.52,"endTime":1134.04,"body":"mentioning I think Transact are"},{"speaker":"Alan Smith","startTime":1131.52,"endTime":1134.04,"body":"the ones who've got this right"},{"speaker":"Alan Smith","startTime":1134.07,"endTime":1138.1499999999999,"body":"they do charge a platform fee"},{"speaker":"Alan Smith","startTime":1134.07,"endTime":1138.1499999999999,"body":"point 2.25 Or something"},{"speaker":"Alan Smith","startTime":1138.1499999999999,"endTime":1141.48,"body":"depending on the assets but the"},{"speaker":"Alan Smith","startTime":1138.1499999999999,"endTime":1141.48,"body":"pay last time I looked you guys"},{"speaker":"Alan Smith","startTime":1141.48,"endTime":1147.36,"body":"might know better 4.8844186 The"},{"speaker":"Alan Smith","startTime":1141.48,"endTime":1147.36,"body":"pain that taking a small fee so"},{"speaker":"Alan Smith","startTime":1147.36,"endTime":1150.21,"body":"net net the client is"},{"speaker":"Alan Smith","startTime":1147.36,"endTime":1150.21,"body":"significantly better off rather"},{"speaker":"Alan Smith","startTime":1150.21,"endTime":1153.84,"body":"than paying you know 2% Or"},{"speaker":"Alan Smith","startTime":1150.21,"endTime":1153.84,"body":"something when the company"},{"speaker":"Alan Smith","startTime":1153.84,"endTime":1157.2,"body":"themselves US Treasury facility"},{"speaker":"Alan Smith","startTime":1153.84,"endTime":1157.2,"body":"are taking four and a half 5% So"},{"speaker":"Alan Smith","startTime":1157.47,"endTime":1159.8999999999999,"body":"I think more people could most"},{"speaker":"Alan Smith","startTime":1157.47,"endTime":1159.8999999999999,"body":"of these platforms could learn"},{"speaker":"Alan Smith","startTime":1159.8999999999999,"endTime":1161.52,"body":"from the likes of Transact"},{"speaker":"Alan Smith","startTime":1159.8999999999999,"endTime":1161.52,"body":"they're just doing the right"},{"speaker":"Alan Smith","startTime":1161.52,"endTime":1164.1599999999999,"body":"thing that's all we want and"},{"speaker":"Alan Smith","startTime":1161.52,"endTime":1164.1599999999999,"body":"it's perhaps a theme that we'll"},{"speaker":"Alan Smith","startTime":1164.1599999999999,"endTime":1167.3999999999999,"body":"talk about later in the meat"},{"speaker":"Alan Smith","startTime":1164.1599999999999,"endTime":1167.3999999999999,"body":"potatoes is just be honest be"},{"speaker":"Alan Smith","startTime":1167.3999999999999,"endTime":1170.34,"body":"transparent do the right thing"},{"speaker":"Alan Smith","startTime":1167.3999999999999,"endTime":1170.34,"body":"by your customer is not your"},{"speaker":"Alan Smith","startTime":1170.34,"endTime":1172.86,"body":"money mister missus platform"},{"speaker":"Alan Smith","startTime":1170.34,"endTime":1172.86,"body":"charge the fee appropriately"},{"speaker":"Alan Smith","startTime":1173.1,"endTime":1178.11,"body":"don't retain it. So this is you"},{"speaker":"Alan Smith","startTime":1173.1,"endTime":1178.11,"body":"know, this is the the news and"},{"speaker":"Alan Smith","startTime":1178.11,"endTime":1181.23,"body":"it's yet to really be crystal"},{"speaker":"Alan Smith","startTime":1178.11,"endTime":1181.23,"body":"clear how all the platforms are"},{"speaker":"Alan Smith","startTime":1181.23,"endTime":1184.29,"body":"dealing with it. But there's a"},{"speaker":"Alan Smith","startTime":1181.23,"endTime":1184.29,"body":"bit of fudging going on to say"},{"speaker":"Alan Smith","startTime":1184.29,"endTime":1185.7,"body":"the least thoughts and they just"},{"speaker":"Andy Hart","startTime":1185.79,"endTime":1187.71,"body":"just just following"},{"speaker":"Andy Hart","startTime":1185.79,"endTime":1187.71,"body":"on. It's not too similar to what"},{"speaker":"Andy Hart","startTime":1187.71,"endTime":1190.59,"body":"the banks have always done, take"},{"speaker":"Andy Hart","startTime":1187.71,"endTime":1190.59,"body":"a margin of cash that they look"},{"speaker":"Andy Hart","startTime":1190.59,"endTime":1194.61,"body":"after. But it just seems a bit"},{"speaker":"Andy Hart","startTime":1190.59,"endTime":1194.61,"body":"more icky in the platform space."},{"speaker":"Andy Hart","startTime":1195.3,"endTime":1199.59,"body":"Most platforms earn millions,"},{"speaker":"Andy Hart","startTime":1195.3,"endTime":1199.59,"body":"some are hundreds of millions a"},{"speaker":"Andy Hart","startTime":1199.59,"endTime":1203.46,"body":"year. Some may equate to like"},{"speaker":"Andy Hart","startTime":1199.59,"endTime":1203.46,"body":"Christ agrees it equates"},{"speaker":"Andy Hart","startTime":1203.52,"endTime":1206.19,"body":"something again could be wrong"},{"speaker":"Andy Hart","startTime":1203.52,"endTime":1206.19,"body":"about 40% of their net of the"},{"speaker":"Andy Hart","startTime":1206.19,"endTime":1210.3,"body":"net profits every single year,"},{"speaker":"Andy Hart","startTime":1206.19,"endTime":1210.3,"body":"the US Schwab and these"},{"speaker":"Andy Hart","startTime":1210.36,"endTime":1212.76,"body":"characters again, I'm not saying"},{"speaker":"Andy Hart","startTime":1210.36,"endTime":1212.76,"body":"to do anything wrong, they give"},{"speaker":"Andy Hart","startTime":1212.76,"endTime":1215.49,"body":"the tech for free. They give the"},{"speaker":"Andy Hart","startTime":1212.76,"endTime":1215.49,"body":"platform for fee, sorry for"},{"speaker":"Andy Hart","startTime":1215.49,"endTime":1220.8,"body":"free, and they make their entire"},{"speaker":"Andy Hart","startTime":1215.49,"endTime":1220.8,"body":"turnover from the slice on cash."},{"speaker":"Andy Hart","startTime":1221.1,"endTime":1223.35,"body":"You know, it's a little bit like"},{"speaker":"Andy Hart","startTime":1221.1,"endTime":1223.35,"body":"you get a free Facebook account."},{"speaker":"Andy Hart","startTime":1223.35,"endTime":1225.48,"body":"Well, we're going to steal all"},{"speaker":"Andy Hart","startTime":1223.35,"endTime":1225.48,"body":"your information and get a free"},{"speaker":"Andy Hart","startTime":1225.48,"endTime":1228.48,"body":"platform but we're going to"},{"speaker":"Andy Hart","startTime":1225.48,"endTime":1228.48,"body":"steal all your cash returns. Is"},{"speaker":"Andy Hart","startTime":1228.48,"endTime":1228.6599999999999,"body":"it"},{"speaker":"Alan Smith","startTime":1229.74,"endTime":1231.96,"body":"worse access some of"},{"speaker":"Alan Smith","startTime":1229.74,"endTime":1231.96,"body":"them it's a committee, which was"},{"speaker":"Alan Smith","startTime":1231.96,"endTime":1233.61,"body":"the insist on having a minimum,"},{"speaker":"Andy Hart","startTime":1233.639,"endTime":1236.579,"body":"I think it's up to"},{"speaker":"Andy Hart","startTime":1233.639,"endTime":1236.579,"body":"the ASHRAE. To decide, yeah,"},{"speaker":"Andy Hart","startTime":1236.579,"endTime":1239.309,"body":"well, platform should deal with"},{"speaker":"Andy Hart","startTime":1236.579,"endTime":1239.309,"body":"this. At the moment, it didn't"},{"speaker":"Andy Hart","startTime":1239.309,"endTime":1241.649,"body":"used to be a problem when Cash"},{"speaker":"Andy Hart","startTime":1239.309,"endTime":1241.649,"body":"used to return bugger all. Now"},{"speaker":"Andy Hart","startTime":1241.649,"endTime":1246.029,"body":"cash returns, you know, a chunky"},{"speaker":"Andy Hart","startTime":1241.649,"endTime":1246.029,"body":"amount. So that's why Yeah, you"},{"speaker":"Andy Hart","startTime":1246.029,"endTime":1251.489,"body":"know, information has changed,"},{"speaker":"Andy Hart","startTime":1246.029,"endTime":1251.489,"body":"therefore, you know, how this"},{"speaker":"Andy Hart","startTime":1251.489,"endTime":1253.829,"body":"should play out, may have to"},{"speaker":"Andy Hart","startTime":1251.489,"endTime":1253.829,"body":"change,"},{"speaker":"Carl Widger","startTime":1254.07,"endTime":1256.92,"body":"I suppose advisors"},{"speaker":"Carl Widger","startTime":1254.07,"endTime":1256.92,"body":"need to, you know, be doing"},{"speaker":"Carl Widger","startTime":1256.92,"endTime":1260.76,"body":"their own due diligence. And if"},{"speaker":"Carl Widger","startTime":1256.92,"endTime":1260.76,"body":"stuff should be moved to another"},{"speaker":"Carl Widger","startTime":1260.76,"endTime":1263.19,"body":"platform, because it would it"},{"speaker":"Carl Widger","startTime":1260.76,"endTime":1263.19,"body":"would be better for our clients,"},{"speaker":"Carl Widger","startTime":1263.19,"endTime":1265.98,"body":"then. That's what you have to"},{"speaker":"Carl Widger","startTime":1263.19,"endTime":1265.98,"body":"do? Well,"},{"speaker":"Alan Smith","startTime":1266.01,"endTime":1268.11,"body":"there's a bigger"},{"speaker":"Alan Smith","startTime":1266.01,"endTime":1268.11,"body":"question as to why there's a lot"},{"speaker":"Alan Smith","startTime":1268.11,"endTime":1270.3899999999999,"body":"of cash sitting in these"},{"speaker":"Alan Smith","startTime":1268.11,"endTime":1270.3899999999999,"body":"accounts, there could be reasons"},{"speaker":"Alan Smith","startTime":1270.3899999999999,"endTime":1274.35,"body":"short term for liquidity needs,"},{"speaker":"Alan Smith","startTime":1270.3899999999999,"endTime":1274.35,"body":"et cetera. But you know, these"},{"speaker":"Alan Smith","startTime":1274.35,"endTime":1276.6299999999999,"body":"platforms exist for investing"},{"speaker":"Alan Smith","startTime":1274.35,"endTime":1276.6299999999999,"body":"don't they're not for really"},{"speaker":"Alan Smith","startTime":1276.6299999999999,"endTime":1277.47,"body":"holding rubbish."},{"speaker":"Andy Hart","startTime":1277.589,"endTime":1280.619,"body":"Typically, a platform"},{"speaker":"Andy Hart","startTime":1277.589,"endTime":1280.619,"body":"at any given time has 10% of"},{"speaker":"Andy Hart","startTime":1280.619,"endTime":1283.709,"body":"their assets in cash Transact."},{"speaker":"Andy Hart","startTime":1280.619,"endTime":1283.709,"body":"It's an advisor led platform"},{"speaker":"Andy Hart","startTime":1283.709,"endTime":1286.9189999999999,"body":"typically has 6% in cash,"},{"speaker":"Andy Hart","startTime":1283.709,"endTime":1286.9189999999999,"body":"because the advisors are"},{"speaker":"Andy Hart","startTime":1287.279,"endTime":1290.369,"body":"aggressive on investing money"},{"speaker":"Andy Hart","startTime":1287.279,"endTime":1290.369,"body":"when it arrives, etc, etc. But"},{"speaker":"Andy Hart","startTime":1290.369,"endTime":1294.029,"body":"yeah, typically 10% of platform"},{"speaker":"Andy Hart","startTime":1290.369,"endTime":1294.029,"body":"assets. Interesting"},{"speaker":"Nick Lincoln","startTime":1294.03,"endTime":1296.49,"body":"thing on the"},{"speaker":"Nick Lincoln","startTime":1294.03,"endTime":1296.49,"body":"average there and is that will"},{"speaker":"Nick Lincoln","startTime":1296.55,"endTime":1298.2,"body":"maybe close on this is the"},{"speaker":"Nick Lincoln","startTime":1296.55,"endTime":1298.2,"body":"Transact have said that the"},{"speaker":"Nick Lincoln","startTime":1298.2,"endTime":1300.96,"body":"average cash position of 6%,"},{"speaker":"Nick Lincoln","startTime":1298.2,"endTime":1300.96,"body":"because of the interest that"},{"speaker":"Nick Lincoln","startTime":1300.96,"endTime":1304.02,"body":"they pay back covers their"},{"speaker":"Nick Lincoln","startTime":1300.96,"endTime":1304.02,"body":"platform, get a free platform,"},{"speaker":"Nick Lincoln","startTime":1304.02,"endTime":1306.69,"body":"the average client Transact is"},{"speaker":"Nick Lincoln","startTime":1304.02,"endTime":1306.69,"body":"getting it for nothing. The"},{"speaker":"Nick Lincoln","startTime":1306.69,"endTime":1309.93,"body":"average that's obviously skewed"},{"speaker":"Nick Lincoln","startTime":1306.69,"endTime":1309.93,"body":"by averages can be misleading."},{"speaker":"Nick Lincoln","startTime":1309.93,"endTime":1316.53,"body":"But that's that's, that's"},{"speaker":"Nick Lincoln","startTime":1309.93,"endTime":1316.53,"body":"amazing. Okay, so our Norwegian"},{"speaker":"Nick Lincoln","startTime":1316.56,"endTime":1318.3,"body":"oil funds to heart."},{"speaker":"Andy Hart","startTime":1318.69,"endTime":1320.97,"body":"I mean, I've been"},{"speaker":"Andy Hart","startTime":1318.69,"endTime":1320.97,"body":"tasked for discussing this, but"},{"speaker":"Andy Hart","startTime":1320.97,"endTime":1324.3899999999999,"body":"Alan brought it to light. But"},{"speaker":"Andy Hart","startTime":1320.97,"endTime":1324.3899999999999,"body":"I've been quite vocal in talking"},{"speaker":"Andy Hart","startTime":1324.3899999999999,"endTime":1327.18,"body":"about the Norwegian Oil Fund,"},{"speaker":"Andy Hart","startTime":1324.3899999999999,"endTime":1327.18,"body":"Norwegian has got a sovereign"},{"speaker":"Andy Hart","startTime":1327.18,"endTime":1329.85,"body":"wealth fund that looks after"},{"speaker":"Andy Hart","startTime":1327.18,"endTime":1329.85,"body":"about 1.6 trillion of assets."},{"speaker":"Andy Hart","startTime":1330.24,"endTime":1332.46,"body":"And it underperformed the global"},{"speaker":"Andy Hart","startTime":1330.24,"endTime":1332.46,"body":"equity portfolio because they're"},{"speaker":"Andy Hart","startTime":1332.46,"endTime":1335.28,"body":"not 100% in global equities. And"},{"speaker":"Andy Hart","startTime":1332.46,"endTime":1335.28,"body":"I think there's been a new"},{"speaker":"Andy Hart","startTime":1335.31,"endTime":1336.84,"body":"article that's come out that"},{"speaker":"Andy Hart","startTime":1335.31,"endTime":1336.84,"body":"said that they're going to"},{"speaker":"Andy Hart","startTime":1337.08,"endTime":1341.52,"body":"apportion or direct some of this"},{"speaker":"Andy Hart","startTime":1337.08,"endTime":1341.52,"body":"1.6 trillion more to private"},{"speaker":"Andy Hart","startTime":1341.52,"endTime":1344.1299999999999,"body":"equity. Obviously, it's good"},{"speaker":"Andy Hart","startTime":1341.52,"endTime":1344.1299999999999,"body":"news for private equity, you"},{"speaker":"Andy Hart","startTime":1344.1299999999999,"endTime":1346.23,"body":"know, in terms of what flavor"},{"speaker":"Andy Hart","startTime":1344.1299999999999,"endTime":1346.23,"body":"private equity, you know, who"},{"speaker":"Andy Hart","startTime":1346.23,"endTime":1348.6599999999999,"body":"knows what they're going to"},{"speaker":"Andy Hart","startTime":1346.23,"endTime":1348.6599999999999,"body":"allocate about three to 5%,"},{"speaker":"Andy Hart","startTime":1348.6599999999999,"endTime":1351.54,"body":"towards private equity? Why is"},{"speaker":"Andy Hart","startTime":1348.6599999999999,"endTime":1351.54,"body":"this interesting to Elon?"},{"speaker":"Alan Smith","startTime":1354.45,"endTime":1357.24,"body":"It's interesting,"},{"speaker":"Alan Smith","startTime":1354.45,"endTime":1357.24,"body":"because it's relevant, it's"},{"speaker":"Alan Smith","startTime":1357.24,"endTime":1361.1399999999999,"body":"relevant to our path is right"},{"speaker":"Alan Smith","startTime":1357.24,"endTime":1361.1399999999999,"body":"now it's relevant to our clients"},{"speaker":"Alan Smith","startTime":1361.17,"endTime":1363.93,"body":"is relevant. It's another one of"},{"speaker":"Alan Smith","startTime":1361.17,"endTime":1363.93,"body":"these classes that we talked"},{"speaker":"Alan Smith","startTime":1363.93,"endTime":1365.85,"body":"about. It's really the whole"},{"speaker":"Alan Smith","startTime":1363.93,"endTime":1365.85,"body":"meat potatoes about this. And I"},{"speaker":"Alan Smith","startTime":1365.85,"endTime":1368.9099999999999,"body":"thought it was a really good"},{"speaker":"Alan Smith","startTime":1365.85,"endTime":1368.9099999999999,"body":"episode, because I'm not sure"},{"speaker":"Alan Smith","startTime":1368.9099999999999,"endTime":1372.69,"body":"they got trillions, they've got"},{"speaker":"Alan Smith","startTime":1368.9099999999999,"endTime":1372.69,"body":"trillions and trillions. 1.6"},{"speaker":"Andy Hart","startTime":1372.69,"endTime":1375.1499999999999,"body":"trillion USD, they're"},{"speaker":"Andy Hart","startTime":1372.69,"endTime":1375.1499999999999,"body":"the right sort of biggest single"},{"speaker":"Andy Hart","startTime":1375.1499999999999,"endTime":1376.2,"body":"sovereign wealth fund in the"},{"speaker":"Andy Hart","startTime":1375.1499999999999,"endTime":1376.2,"body":"world."},{"speaker":"Alan Smith","startTime":1376.6499999999999,"endTime":1378.57,"body":"And I think one of"},{"speaker":"Alan Smith","startTime":1376.6499999999999,"endTime":1378.57,"body":"the reasons that we brought this"},{"speaker":"Alan Smith","startTime":1378.57,"endTime":1380.76,"body":"up is because we've all"},{"speaker":"Alan Smith","startTime":1378.57,"endTime":1380.76,"body":"experienced situations with"},{"speaker":"Alan Smith","startTime":1380.76,"endTime":1383.76,"body":"clients and wealthy clients and"},{"speaker":"Alan Smith","startTime":1380.76,"endTime":1383.76,"body":"you know, got a few million quid"},{"speaker":"Alan Smith","startTime":1383.76,"endTime":1386.76,"body":"it's invested. And then they add"},{"speaker":"Alan Smith","startTime":1383.76,"endTime":1386.76,"body":"more, and they say, What else"},{"speaker":"Alan Smith","startTime":1386.76,"endTime":1389.49,"body":"isn't secret? What else have you"},{"speaker":"Alan Smith","startTime":1386.76,"endTime":1389.49,"body":"got? What and you say? Well, the"},{"speaker":"Alan Smith","startTime":1389.49,"endTime":1392.8799999999999,"body":"same, the same, the same same?"},{"speaker":"Alan Smith","startTime":1389.49,"endTime":1392.8799999999999,"body":"Because people want to do"},{"speaker":"Alan Smith","startTime":1392.8799999999999,"endTime":1396.12,"body":"diversify into things much more"},{"speaker":"Alan Smith","startTime":1392.8799999999999,"endTime":1396.12,"body":"interesting. The thing I don't"},{"speaker":"Alan Smith","startTime":1396.12,"endTime":1400.02,"body":"know if we should post a link to"},{"speaker":"Alan Smith","startTime":1396.12,"endTime":1400.02,"body":"it in the show notes there."},{"speaker":"Alan Smith","startTime":1400.05,"endTime":1402.8999999999999,"body":"There was an article written and"},{"speaker":"Alan Smith","startTime":1400.05,"endTime":1402.8999999999999,"body":"I mentioned this before, this"},{"speaker":"Alan Smith","startTime":1402.8999999999999,"endTime":1406.68,"body":"guy, Robin Wigglesworth, who's a"},{"speaker":"Alan Smith","startTime":1402.8999999999999,"endTime":1406.68,"body":"journalist at the FT been on my"},{"speaker":"Alan Smith","startTime":1406.68,"endTime":1409.05,"body":"other podcast before he's"},{"speaker":"Alan Smith","startTime":1406.68,"endTime":1409.05,"body":"written a book called trillions."},{"speaker":"Alan Smith","startTime":1409.3799999999999,"endTime":1412.47,"body":"Really smart guy. And I like the"},{"speaker":"Alan Smith","startTime":1409.3799999999999,"endTime":1412.47,"body":"way he writes in Alphaville,"},{"speaker":"Alan Smith","startTime":1412.47,"endTime":1414.69,"body":"which is the free part of the"},{"speaker":"Alan Smith","startTime":1412.47,"endTime":1414.69,"body":"Financial Times you don't need"},{"speaker":"Alan Smith","startTime":1414.69,"endTime":1419.1599999999999,"body":"to subscribe all the content in"},{"speaker":"Alan Smith","startTime":1414.69,"endTime":1419.1599999999999,"body":"Alphaville is free. So him and"},{"speaker":"Alan Smith","startTime":1419.1599999999999,"endTime":1423.06,"body":"his team wrote this big"},{"speaker":"Alan Smith","startTime":1419.1599999999999,"endTime":1423.06,"body":"breakdown on private equity"},{"speaker":"Alan Smith","startTime":1423.06,"endTime":1425.04,"body":"because it's big news as"},{"speaker":"Alan Smith","startTime":1423.06,"endTime":1425.04,"body":"something that is like the"},{"speaker":"Alan Smith","startTime":1425.04,"endTime":1427.44,"body":"largest sovereign wealth fund in"},{"speaker":"Alan Smith","startTime":1425.04,"endTime":1427.44,"body":"the world decides to allocate"},{"speaker":"Alan Smith","startTime":1427.47,"endTime":1429.87,"body":"all of a sudden, that's a lot of"},{"speaker":"Alan Smith","startTime":1427.47,"endTime":1429.87,"body":"money, they suddenly become the"},{"speaker":"Alan Smith","startTime":1429.87,"endTime":1433.17,"body":"biggest private equity investor"},{"speaker":"Alan Smith","startTime":1429.87,"endTime":1433.17,"body":"in the world overnight by"},{"speaker":"Alan Smith","startTime":1433.17,"endTime":1436.71,"body":"allocating these sort of, and"},{"speaker":"Alan Smith","startTime":1433.17,"endTime":1436.71,"body":"they've done a sort of deep dive"},{"speaker":"Alan Smith","startTime":1436.71,"endTime":1440.04,"body":"breakdown on the history of"},{"speaker":"Alan Smith","startTime":1436.71,"endTime":1440.04,"body":"private equity returns and where"},{"speaker":"Alan Smith","startTime":1440.04,"endTime":1442.35,"body":"they've come from, and what the"},{"speaker":"Alan Smith","startTime":1440.04,"endTime":1442.35,"body":"likely returns are going"},{"speaker":"Alan Smith","startTime":1442.35,"endTime":1446.22,"body":"forward. And it doesn't make for"},{"speaker":"Alan Smith","startTime":1442.35,"endTime":1446.22,"body":"great reading. And the other"},{"speaker":"Alan Smith","startTime":1446.22,"endTime":1449.31,"body":"thing I sort of throw into the"},{"speaker":"Alan Smith","startTime":1446.22,"endTime":1449.31,"body":"mix here, just another kind of"},{"speaker":"Alan Smith","startTime":1449.31,"endTime":1453.36,"body":"related but unrelated, someone"},{"speaker":"Alan Smith","startTime":1449.31,"endTime":1453.36,"body":"else that I know, was reporting"},{"speaker":"Alan Smith","startTime":1453.3899999999999,"endTime":1456.6,"body":"on the Alberta, Alberta part of"},{"speaker":"Alan Smith","startTime":1453.3899999999999,"endTime":1456.6,"body":"Canada, which is one of the I"},{"speaker":"Alan Smith","startTime":1456.6,"endTime":1458.6399999999999,"body":"think it's one of the oil"},{"speaker":"Alan Smith","startTime":1456.6,"endTime":1458.6399999999999,"body":"producing regions of Canada,"},{"speaker":"Alan Smith","startTime":1458.6399999999999,"endTime":1461.28,"body":"which is a big, you know, oil"},{"speaker":"Alan Smith","startTime":1458.6399999999999,"endTime":1461.28,"body":"production region of the world."},{"speaker":"Alan Smith","startTime":1461.3999999999999,"endTime":1464.46,"body":"They've had a, you know, it's a"},{"speaker":"Alan Smith","startTime":1461.3999999999999,"endTime":1464.46,"body":"regional sovereign wealth, so"},{"speaker":"Alan Smith","startTime":1464.46,"endTime":1467.97,"body":"not sovereign, but regional"},{"speaker":"Alan Smith","startTime":1464.46,"endTime":1467.97,"body":"wealth fund for years. And they"},{"speaker":"Alan Smith","startTime":1467.97,"endTime":1471.27,"body":"have compared the growth of that"},{"speaker":"Alan Smith","startTime":1467.97,"endTime":1471.27,"body":"portfolio with the Norwegian"},{"speaker":"Alan Smith","startTime":1471.27,"endTime":1474.3899999999999,"body":"one. There's some stuff that's"},{"speaker":"Alan Smith","startTime":1471.27,"endTime":1474.3899999999999,"body":"been published recently, way,"},{"speaker":"Alan Smith","startTime":1474.3899999999999,"endTime":1477.18,"body":"way way underperforms, the"},{"speaker":"Alan Smith","startTime":1474.3899999999999,"endTime":1477.18,"body":"Norwegian fund going back the"},{"speaker":"Alan Smith","startTime":1477.18,"endTime":1481.86,"body":"last 1020 years. Why? Because"},{"speaker":"Alan Smith","startTime":1477.18,"endTime":1481.86,"body":"they were big into alternatives"},{"speaker":"Alan Smith","startTime":1482.07,"endTime":1485.19,"body":"for many years. So I mean, the"},{"speaker":"Alan Smith","startTime":1482.07,"endTime":1485.19,"body":"moral of the story is, you know,"},{"speaker":"Alan Smith","startTime":1485.19,"endTime":1489.21,"body":"what, why why diversify? Why"},{"speaker":"Alan Smith","startTime":1485.19,"endTime":1489.21,"body":"you're gonna do why don't just"},{"speaker":"Alan Smith","startTime":1489.21,"endTime":1492.75,"body":"stick to what's always worked is"},{"speaker":"Alan Smith","startTime":1489.21,"endTime":1492.75,"body":"the purpose. What are you trying"},{"speaker":"Alan Smith","startTime":1492.75,"endTime":1496.3799999999999,"body":"to achieve here? Mr. Norwegian,"},{"speaker":"Alan Smith","startTime":1492.75,"endTime":1496.3799999999999,"body":"or Ralph was? What's the guy's"},{"speaker":"Alan Smith","startTime":1496.3799999999999,"endTime":1496.6499999999999,"body":"name?"},{"speaker":"Andy Hart","startTime":1496.769,"endTime":1500.1589999999999,"body":"Yeah, he's, he's got"},{"speaker":"Andy Hart","startTime":1496.769,"endTime":1500.1589999999999,"body":"he's got a podcast that says"},{"speaker":"Andy Hart","startTime":1500.1589999999999,"endTime":1500.639,"body":"really good,"},{"speaker":"Carl Widger","startTime":1500.639,"endTime":1503.009,"body":"really good call"},{"speaker":"Carl Widger","startTime":1500.639,"endTime":1503.009,"body":"mentioned. Yeah, it is really"},{"speaker":"Carl Widger","startTime":1503.009,"endTime":1503.879,"body":"good. They"},{"speaker":"Andy Hart","startTime":1503.8799999999999,"endTime":1506.37,"body":"basically invest"},{"speaker":"Andy Hart","startTime":1503.8799999999999,"endTime":1506.37,"body":"70 70% of the current fund is in"},{"speaker":"Andy Hart","startTime":1506.37,"endTime":1508.95,"body":"global equities, and they've"},{"speaker":"Andy Hart","startTime":1506.37,"endTime":1508.95,"body":"slightly underperformed the MSCI"},{"speaker":"Andy Hart","startTime":1508.95,"endTime":1511.98,"body":"by about two or 3%, a year since"},{"speaker":"Andy Hart","startTime":1508.95,"endTime":1511.98,"body":"it was launched. The reason why"},{"speaker":"Andy Hart","startTime":1512.7,"endTime":1515.82,"body":"they're underperformance is as"},{"speaker":"Andy Hart","startTime":1512.7,"endTime":1515.82,"body":"sole result of them being under"},{"speaker":"Andy Hart","startTime":1516.03,"endTime":1518.79,"body":"under exposed to global"},{"speaker":"Andy Hart","startTime":1516.03,"endTime":1518.79,"body":"equities. If the fun was 100%"},{"speaker":"Andy Hart","startTime":1518.79,"endTime":1521.67,"body":"global equities, they would be"},{"speaker":"Andy Hart","startTime":1518.79,"endTime":1521.67,"body":"almost the same return to the"},{"speaker":"Andy Hart","startTime":1521.67,"endTime":1525.87,"body":"MSCI why would they now this"},{"speaker":"Andy Hart","startTime":1521.67,"endTime":1525.87,"body":"around and allocate the chunk to"},{"speaker":"Andy Hart","startTime":1526.26,"endTime":1530.1299999999999,"body":"semi illiquid asset class that"},{"speaker":"Andy Hart","startTime":1526.26,"endTime":1530.1299999999999,"body":"they don't need is your What"},{"speaker":"Andy Hart","startTime":1530.37,"endTime":1532.59,"body":"it's like to our clients, what's"},{"speaker":"Andy Hart","startTime":1530.37,"endTime":1532.59,"body":"the point? This is"},{"speaker":"Alan Smith","startTime":1532.59,"endTime":1534.3899999999999,"body":"always working? What"},{"speaker":"Alan Smith","startTime":1532.59,"endTime":1534.3899999999999,"body":"are we trying to achieve? You're"},{"speaker":"Alan Smith","startTime":1534.3899999999999,"endTime":1537.87,"body":"trying to get out performance"},{"speaker":"Alan Smith","startTime":1534.3899999999999,"endTime":1537.87,"body":"results. And if so, why? We're"},{"speaker":"Alan Smith","startTime":1537.87,"endTime":1539.85,"body":"trying to make it what's what's"},{"speaker":"Alan Smith","startTime":1537.87,"endTime":1539.85,"body":"what's, what's wrong with it"},{"speaker":"Alan Smith","startTime":1539.85,"endTime":1540.06,"body":"another"},{"speaker":"Andy Hart","startTime":1540.059,"endTime":1542.1889999999999,"body":"hobby, you know,"},{"speaker":"Andy Hart","startTime":1540.059,"endTime":1542.1889999999999,"body":"stick with this. It's going to"},{"speaker":"Andy Hart","startTime":1542.1889999999999,"endTime":1542.399,"body":"work."},{"speaker":"Alan Smith","startTime":1543.389,"endTime":1546.629,"body":"Interesting. All"},{"speaker":"Alan Smith","startTime":1543.389,"endTime":1546.629,"body":"right. Moving on. Okay. Okay. So"},{"speaker":"Nick Lincoln","startTime":1546.6299999999999,"endTime":1550.11,"body":"we've had a spring"},{"speaker":"Nick Lincoln","startTime":1546.6299999999999,"endTime":1550.11,"body":"budget of sorts didn't fill up"},{"speaker":"Nick Lincoln","startTime":1550.17,"endTime":1552.84,"body":"spring in this country is"},{"speaker":"Nick Lincoln","startTime":1550.17,"endTime":1552.84,"body":"perpetually grown down with"},{"speaker":"Nick Lincoln","startTime":1552.84,"endTime":1556.4099999999999,"body":"them. But we had it last week"},{"speaker":"Nick Lincoln","startTime":1552.84,"endTime":1556.4099999999999,"body":"and wasn't much in it. There's"},{"speaker":"Nick Lincoln","startTime":1556.4099999999999,"endTime":1559.4099999999999,"body":"not much to give away. Really,"},{"speaker":"Nick Lincoln","startTime":1556.4099999999999,"endTime":1559.4099999999999,"body":"we're being taxed at record, the"},{"speaker":"Nick Lincoln","startTime":1559.4099999999999,"endTime":1562.1399999999999,"body":"highest level since 1948. We've"},{"speaker":"Nick Lincoln","startTime":1559.4099999999999,"endTime":1562.1399999999999,"body":"got the highest proportion of"},{"speaker":"Nick Lincoln","startTime":1562.1399999999999,"endTime":1566.07,"body":"national debt to GDP since the"},{"speaker":"Nick Lincoln","startTime":1562.1399999999999,"endTime":1566.07,"body":"early 1960s. So all is rosy in"},{"speaker":"Nick Lincoln","startTime":1566.07,"endTime":1569.9099999999999,"body":"socialist UK. But the chancellor"},{"speaker":"Nick Lincoln","startTime":1566.07,"endTime":1569.9099999999999,"body":"this this week's Chancellor Mr."},{"speaker":"Nick Lincoln","startTime":1569.9099999999999,"endTime":1574.11,"body":"Hunt, threw out some things not"},{"speaker":"Nick Lincoln","startTime":1569.9099999999999,"endTime":1574.11,"body":"much, really, but he did. Good"},{"speaker":"Nick Lincoln","startTime":1574.11,"endTime":1577.8899999999999,"body":"grief. I mean, this British ICER"},{"speaker":"Nick Lincoln","startTime":1574.11,"endTime":1577.8899999999999,"body":"is 5k where you can put money"},{"speaker":"Nick Lincoln","startTime":1577.8899999999999,"endTime":1582.6,"body":"into British gilts bonds and and"},{"speaker":"Nick Lincoln","startTime":1577.8899999999999,"endTime":1582.6,"body":"stocks in addition to the"},{"speaker":"Nick Lincoln","startTime":1582.6299999999999,"endTime":1586.6499999999999,"body":"standard 20,000 pound Eisah"},{"speaker":"Nick Lincoln","startTime":1582.6299999999999,"endTime":1586.6499999999999,"body":"what's a load of old crap this"},{"speaker":"Nick Lincoln","startTime":1586.6499999999999,"endTime":1589.8,"body":"is and I did put a piece on"},{"speaker":"Nick Lincoln","startTime":1586.6499999999999,"endTime":1589.8,"body":"LinkedIn about it and by my"},{"speaker":"Nick Lincoln","startTime":1589.8,"endTime":1594.3,"body":"standards, it's gone. It's got"},{"speaker":"Nick Lincoln","startTime":1589.8,"endTime":1594.3,"body":"quite a reaction. Just y'all got"},{"speaker":"Nick Lincoln","startTime":1594.3,"endTime":1597.09,"body":"I mean, Baroness Altmann, this"},{"speaker":"Nick Lincoln","startTime":1594.3,"endTime":1597.09,"body":"is one of her and that ilk."},{"speaker":"Nick Lincoln","startTime":1597.09,"endTime":1599.7,"body":"These the the ideas of these"},{"speaker":"Nick Lincoln","startTime":1597.09,"endTime":1599.7,"body":"people is to reinvigorate the"},{"speaker":"Nick Lincoln","startTime":1599.7,"endTime":1603.09,"body":"British stock market by giving"},{"speaker":"Nick Lincoln","startTime":1599.7,"endTime":1603.09,"body":"Mrs. Miggins an extra 5k which"},{"speaker":"Nick Lincoln","startTime":1603.09,"endTime":1606.09,"body":"has to go into the UK stock"},{"speaker":"Nick Lincoln","startTime":1603.09,"endTime":1606.09,"body":"market effectively. And it's"},{"speaker":"Nick Lincoln","startTime":1606.09,"endTime":1611.37,"body":"just so it's so firstly, every"},{"speaker":"Nick Lincoln","startTime":1606.09,"endTime":1611.37,"body":"Mrs. Megan's put her 5k used up"},{"speaker":"Nick Lincoln","startTime":1611.37,"endTime":1614.1299999999999,"body":"our extra allowance by the way,"},{"speaker":"Nick Lincoln","startTime":1611.37,"endTime":1614.1299999999999,"body":"most people haven't got even 20k"},{"speaker":"Nick Lincoln","startTime":1614.1299999999999,"endTime":1617.1599999999999,"body":"to put their ISIS let alone 25k."},{"speaker":"Nick Lincoln","startTime":1614.1299999999999,"endTime":1617.1599999999999,"body":"But assuming all the Mrs."},{"speaker":"Nick Lincoln","startTime":1617.1599999999999,"endTime":1620.04,"body":"Miggins put 5k into the British"},{"speaker":"Nick Lincoln","startTime":1617.1599999999999,"endTime":1620.04,"body":"ice, it would make no"},{"speaker":"Nick Lincoln","startTime":1620.04,"endTime":1623.85,"body":"difference. It's such a tiny,"},{"speaker":"Nick Lincoln","startTime":1620.04,"endTime":1623.85,"body":"miniscule amount, it would make"},{"speaker":"Nick Lincoln","startTime":1623.85,"endTime":1627.42,"body":"no difference. The reason people"},{"speaker":"Nick Lincoln","startTime":1623.85,"endTime":1627.42,"body":"don't invest in the UK and it's"},{"speaker":"Nick Lincoln","startTime":1627.42,"endTime":1629.73,"body":"mainly global equity investors"},{"speaker":"Nick Lincoln","startTime":1627.42,"endTime":1629.73,"body":"who have pulled away from the UK"},{"speaker":"Nick Lincoln","startTime":1629.73,"endTime":1632.52,"body":"over the last 20 years and UK"},{"speaker":"Nick Lincoln","startTime":1629.73,"endTime":1632.52,"body":"institutional investors it's not"},{"speaker":"Nick Lincoln","startTime":1632.52,"endTime":1635.1299999999999,"body":"an attractive place to list"},{"speaker":"Nick Lincoln","startTime":1632.52,"endTime":1635.1299999999999,"body":"companies. They're way better"},{"speaker":"Nick Lincoln","startTime":1635.1299999999999,"endTime":1638.55,"body":"places. How about we address the"},{"speaker":"Nick Lincoln","startTime":1635.1299999999999,"endTime":1638.55,"body":"problem it's like you know"},{"speaker":"Nick Lincoln","startTime":1638.55,"endTime":1641.55,"body":"someone's someone's got a wound"},{"speaker":"Nick Lincoln","startTime":1638.55,"endTime":1641.55,"body":"on their arm and you're just"},{"speaker":"Nick Lincoln","startTime":1641.55,"endTime":1644.04,"body":"putting another plaster over it"},{"speaker":"Nick Lincoln","startTime":1641.55,"endTime":1644.04,"body":"now address the underlying cause"},{"speaker":"Nick Lincoln","startTime":1644.04,"endTime":1650.04,"body":"address the wound, fix the"},{"speaker":"Nick Lincoln","startTime":1644.04,"endTime":1650.04,"body":"bleeding staunch it it's it's"},{"speaker":"Nick Lincoln","startTime":1650.04,"endTime":1652.56,"body":"about dog days of governments"},{"speaker":"Nick Lincoln","startTime":1650.04,"endTime":1652.56,"body":"and coming out of just bad ideas"},{"speaker":"Nick Lincoln","startTime":1652.56,"endTime":1657.51,"body":"because there's run out of ideas"},{"speaker":"Nick Lincoln","startTime":1652.56,"endTime":1657.51,"body":"and intellectual you know,"},{"speaker":"Nick Lincoln","startTime":1657.51,"endTime":1661.83,"body":"whatever energy this is"},{"speaker":"Nick Lincoln","startTime":1657.51,"endTime":1661.83,"body":"unbelievably bad. Anyway, guys,"},{"speaker":"Nick Lincoln","startTime":1661.83,"endTime":1662.7,"body":"you have any other views on that"},{"speaker":"Andy Hart","startTime":1662.879,"endTime":1665.4289999999999,"body":"channel? Premiere Pro"},{"speaker":"Andy Hart","startTime":1662.879,"endTime":1665.4289999999999,"body":"the British eyes have just"},{"speaker":"Andy Hart","startTime":1665.4289999999999,"endTime":1667.1689999999999,"body":"confirmed Yes, it's just"},{"speaker":"Nick Lincoln","startTime":1667.17,"endTime":1669.78,"body":"it's a 5000 pounds"},{"speaker":"Nick Lincoln","startTime":1667.17,"endTime":1669.78,"body":"and nothing handled. I don't"},{"speaker":"Nick Lincoln","startTime":1669.81,"endTime":1673.2,"body":"give a monkey's it's quite nice"},{"speaker":"Nick Lincoln","startTime":1669.81,"endTime":1673.2,"body":"to have an extra rapper. But"},{"speaker":"Nick Lincoln","startTime":1673.2,"endTime":1675.27,"body":"it's so emblematic of everything"},{"speaker":"Nick Lincoln","startTime":1673.2,"endTime":1675.27,"body":"that's wrong with our"},{"speaker":"Nick Lincoln","startTime":1675.27,"endTime":1677.76,"body":"politicians who are just"},{"speaker":"Nick Lincoln","startTime":1675.27,"endTime":1677.76,"body":"tinkering, the Titanic is going"},{"speaker":"Nick Lincoln","startTime":1677.76,"endTime":1680.46,"body":"underwater, and they are"},{"speaker":"Nick Lincoln","startTime":1677.76,"endTime":1680.46,"body":"rearranging the bloody chairs"},{"speaker":"Nick Lincoln","startTime":1680.46,"endTime":1684.06,"body":"and they do it. I think they're"},{"speaker":"Nick Lincoln","startTime":1680.46,"endTime":1684.06,"body":"trolling us, but maybe they're"},{"speaker":"Nick Lincoln","startTime":1684.06,"endTime":1686.58,"body":"not. They think this is"},{"speaker":"Nick Lincoln","startTime":1684.06,"endTime":1686.58,"body":"genuinely a good idea. Hopefully"},{"speaker":"Nick Lincoln","startTime":1686.58,"endTime":1688.11,"body":"it won't come to fruition"},{"speaker":"Nick Lincoln","startTime":1686.58,"endTime":1688.11,"body":"because it's gonna go through"},{"speaker":"Nick Lincoln","startTime":1688.11,"endTime":1690.18,"body":"it's going through a"},{"speaker":"Nick Lincoln","startTime":1688.11,"endTime":1690.18,"body":"consultation period. That won't"},{"speaker":"Nick Lincoln","startTime":1690.18,"endTime":1694.11,"body":"start until June. And the"},{"speaker":"Nick Lincoln","startTime":1690.18,"endTime":1694.11,"body":"chances are we may even have had"},{"speaker":"Nick Lincoln","startTime":1694.11,"endTime":1695.46,"body":"an election by then."},{"speaker":"Andy Hart","startTime":1695.73,"endTime":1699.24,"body":"So this is this is a"},{"speaker":"Andy Hart","startTime":1695.73,"endTime":1699.24,"body":"stillborn sods law, Nick, when"},{"speaker":"Andy Hart","startTime":1699.24,"endTime":1702.27,"body":"this is introduced, the stock"},{"speaker":"Andy Hart","startTime":1699.24,"endTime":1702.27,"body":"market might fly again, it won't"},{"speaker":"Andy Hart","startTime":1702.27,"endTime":1706.17,"body":"be as a result of this British"},{"speaker":"Andy Hart","startTime":1702.27,"endTime":1706.17,"body":"Eisah but sods law that might"},{"speaker":"Andy Hart","startTime":1706.17,"endTime":1706.47,"body":"happen."},{"speaker":"Alan Smith","startTime":1707.07,"endTime":1710.61,"body":"How are they going"},{"speaker":"Alan Smith","startTime":1707.07,"endTime":1710.61,"body":"to determine the funds or"},{"speaker":"Alan Smith","startTime":1710.67,"endTime":1711.51,"body":"companies"},{"speaker":"Andy Hart","startTime":1711.57,"endTime":1716.61,"body":"that hearty those who"},{"speaker":"Andy Hart","startTime":1711.57,"endTime":1716.61,"body":"are listed below? UK funds?"},{"speaker":"Andy Hart","startTime":1716.6399999999999,"endTime":1719.52,"body":"There'll be a designated list of"},{"speaker":"Andy Hart","startTime":1716.6399999999999,"endTime":1719.52,"body":"allowable securities."},{"speaker":"Unknown","startTime":1719.55,"endTime":1722.1,"body":"It's not that hard. It"},{"speaker":"Unknown","startTime":1719.55,"endTime":1722.1,"body":"will take them a weekend. All"},{"speaker":"Unknown","startTime":1722.1,"endTime":1723.78,"body":"right. footsie listed,"},{"speaker":"Nick Lincoln","startTime":1723.78,"endTime":1725.19,"body":"I mean, they said"},{"speaker":"Nick Lincoln","startTime":1723.78,"endTime":1725.19,"body":"all these mining stocks are"},{"speaker":"Nick Lincoln","startTime":1725.19,"endTime":1727.68,"body":"listed in the UK and have had"},{"speaker":"Nick Lincoln","startTime":1725.19,"endTime":1727.68,"body":"zero employees."},{"speaker":"Andy Hart","startTime":1728.7,"endTime":1730.05,"body":"They'll still qualify"},{"speaker":"Andy Hart","startTime":1728.7,"endTime":1730.05,"body":"for it. Nick."},{"speaker":"Nick Lincoln","startTime":1731.07,"endTime":1734.19,"body":"Citibank has"},{"speaker":"Nick Lincoln","startTime":1731.07,"endTime":1734.19,"body":"16,000 employees in the UK all"},{"speaker":"Nick Lincoln","startTime":1734.19,"endTime":1737.94,"body":"paying tax is listed in America."},{"speaker":"Nick Lincoln","startTime":1734.19,"endTime":1737.94,"body":"So that won't be it's just it's"},{"speaker":"Nick Lincoln","startTime":1737.94,"endTime":1739.53,"body":"so yeah, of course."},{"speaker":"Andy Hart","startTime":1739.56,"endTime":1740.7,"body":"Of course. It's"},{"speaker":"Andy Hart","startTime":1739.56,"endTime":1740.7,"body":"ridiculous."},{"speaker":"Alan Smith","startTime":1741.78,"endTime":1744.3899999999999,"body":"Yeah, so yeah. The"},{"speaker":"Alan Smith","startTime":1741.78,"endTime":1744.3899999999999,"body":"other sort of underlying"},{"speaker":"Alan Smith","startTime":1744.3899999999999,"endTime":1748.2,"body":"fundamentals that if you look at"},{"speaker":"Alan Smith","startTime":1744.3899999999999,"endTime":1748.2,"body":"the existing ICER allocation,"},{"speaker":"Alan Smith","startTime":1748.23,"endTime":1751.44,"body":"there are huge I think last"},{"speaker":"Alan Smith","startTime":1748.23,"endTime":1751.44,"body":"time, nearly 50% is held in"},{"speaker":"Alan Smith","startTime":1751.44,"endTime":1752.34,"body":"cash. So"},{"speaker":"Andy Hart","startTime":1753.839,"endTime":1755.219,"body":"there's, there's"},{"speaker":"Andy Hart","startTime":1753.839,"endTime":1755.219,"body":"bigger problems actually, you're"},{"speaker":"Andy Hart","startTime":1755.219,"endTime":1755.9089999999999,"body":"right. If you"},{"speaker":"Alan Smith","startTime":1756.51,"endTime":1758.55,"body":"look at the existing"},{"speaker":"Alan Smith","startTime":1756.51,"endTime":1758.55,"body":"the billions and billions that"},{"speaker":"Alan Smith","startTime":1758.55,"endTime":1761.43,"body":"are held in existing ISIS and"},{"speaker":"Alan Smith","startTime":1758.55,"endTime":1761.43,"body":"try to create a much more of a"},{"speaker":"Alan Smith","startTime":1761.43,"endTime":1765.03,"body":"culture of ownership of this box"},{"speaker":"Alan Smith","startTime":1761.43,"endTime":1765.03,"body":"and an equity, the"},{"speaker":"Andy Hart","startTime":1765.03,"endTime":1767.46,"body":"problem you've got"},{"speaker":"Andy Hart","startTime":1765.03,"endTime":1767.46,"body":"there is you're trying to turn"},{"speaker":"Andy Hart","startTime":1767.46,"endTime":1770.04,"body":"savers into investors, which"},{"speaker":"Alan Smith","startTime":1770.04,"endTime":1772.26,"body":"is what's wrong with"},{"speaker":"Alan Smith","startTime":1770.04,"endTime":1772.26,"body":"that? No, no, yeah. So that's"},{"speaker":"Alan Smith","startTime":1772.62,"endTime":1773.43,"body":"true thing is"},{"speaker":"Andy Hart","startTime":1774.839,"endTime":1778.199,"body":"education. Turning"},{"speaker":"Andy Hart","startTime":1774.839,"endTime":1778.199,"body":"people from savers to investors"},{"speaker":"Andy Hart","startTime":1778.199,"endTime":1780.629,"body":"is the hardest thing someone has"},{"speaker":"Andy Hart","startTime":1778.199,"endTime":1780.629,"body":"to do financially. Obviously"},{"speaker":"Andy Hart","startTime":1780.629,"endTime":1781.4089999999999,"body":"it's appropriate."},{"speaker":"Alan Smith","startTime":1781.649,"endTime":1784.739,"body":"Right? Exactly. So"},{"speaker":"Alan Smith","startTime":1781.649,"endTime":1784.739,"body":"but this idea is next rightly"},{"speaker":"Alan Smith","startTime":1784.739,"endTime":1787.319,"body":"said is not going to help at"},{"speaker":"Alan Smith","startTime":1784.739,"endTime":1787.319,"body":"all. So those who are already"},{"speaker":"Alan Smith","startTime":1787.319,"endTime":1790.889,"body":"investors, and you've got to be"},{"speaker":"Alan Smith","startTime":1787.319,"endTime":1790.889,"body":"pretty well off, too because"},{"speaker":"Alan Smith","startTime":1790.889,"endTime":1793.079,"body":"we're the husband and wife you"},{"speaker":"Alan Smith","startTime":1790.889,"endTime":1793.079,"body":"already put 40,000 away that"},{"speaker":"Alan Smith","startTime":1793.589,"endTime":1796.799,"body":"day. Yeah, yeah. And now you can"},{"speaker":"Alan Smith","startTime":1793.589,"endTime":1796.799,"body":"so there's no out of you know,"},{"speaker":"Alan Smith","startTime":1797.249,"endTime":1799.499,"body":"after tax income there's not"},{"speaker":"Alan Smith","startTime":1797.249,"endTime":1799.499,"body":"that many people could afford to"},{"speaker":"Alan Smith","startTime":1799.499,"endTime":1802.319,"body":"do that nevertheless. So it's"},{"speaker":"Alan Smith","startTime":1799.499,"endTime":1802.319,"body":"another it's a it is a break for"},{"speaker":"Alan Smith","startTime":1802.349,"endTime":1805.019,"body":"wealthy investors who already"},{"speaker":"Alan Smith","startTime":1802.349,"endTime":1805.019,"body":"invested in the stock market"},{"speaker":"Alan Smith","startTime":1805.019,"endTime":1807.389,"body":"this is not going to suddenly"},{"speaker":"Alan Smith","startTime":1805.019,"endTime":1807.389,"body":"turn those who have got their"},{"speaker":"Alan Smith","startTime":1807.389,"endTime":1811.229,"body":"money sitting in cash ISIS oh my"},{"speaker":"Alan Smith","startTime":1807.389,"endTime":1811.229,"body":"god array I can now invest in"},{"speaker":"Alan Smith","startTime":1811.229,"endTime":1811.559,"body":"I'm now"},{"speaker":"Andy Hart","startTime":1811.56,"endTime":1812.76,"body":"going to become an"},{"speaker":"Andy Hart","startTime":1811.56,"endTime":1812.76,"body":"investor"},{"speaker":"Alan Smith","startTime":1814.05,"endTime":1818.7,"body":"in mining companies"},{"speaker":"Alan Smith","startTime":1814.05,"endTime":1818.7,"body":"and other organizations. And the"},{"speaker":"Alan Smith","startTime":1818.7,"endTime":1820.98,"body":"last word on this I'll say You"},{"speaker":"Alan Smith","startTime":1818.7,"endTime":1820.98,"body":"know, my"},{"speaker":"Andy Hart","startTime":1822.45,"endTime":1824.73,"body":"other half been"},{"speaker":"Andy Hart","startTime":1822.45,"endTime":1824.73,"body":"investing. It will be an"},{"speaker":"Andy Hart","startTime":1824.73,"endTime":1827.34,"body":"investing playpen for the"},{"speaker":"Andy Hart","startTime":1824.73,"endTime":1827.34,"body":"wealthy. They'll just throw some"},{"speaker":"Andy Hart","startTime":1827.34,"endTime":1829.47,"body":"darts at the board and just"},{"speaker":"Andy Hart","startTime":1827.34,"endTime":1829.47,"body":"choose around Lola random"},{"speaker":"Andy Hart","startTime":1829.47,"endTime":1832.5,"body":"companies. And that's what maybe"},{"speaker":"Andy Hart","startTime":1829.47,"endTime":1832.5,"body":"there's maybe there's a bit of"},{"speaker":"Andy Hart","startTime":1878.58,"endTime":1882.6,"body":"fun for lap small cap UK just"},{"speaker":"Andy Hart","startTime":1878.58,"endTime":1882.6,"body":"for those that are reaching at a"},{"speaker":"Andy Hart","startTime":1882.6,"endTime":1883.4399999999998,"body":"tax break on it."},{"speaker":"Alan Smith","startTime":1884.9389999999999,"endTime":1887.339,"body":"Yeah, my wife is"},{"speaker":"Alan Smith","startTime":1884.9389999999999,"endTime":1887.339,"body":"Swedish you. Are we calling this"},{"speaker":"Alan Smith","startTime":1887.339,"endTime":1891.359,"body":"thing by the way? Is it the"},{"speaker":"Alan Smith","startTime":1887.339,"endTime":1891.359,"body":"British ICER? The Beisa Dad's"},{"speaker":"Alan Smith","startTime":1891.359,"endTime":1891.6889999999999,"body":"Army."},{"speaker":"Unknown","startTime":1893.04,"endTime":1894.3899999999999,"body":"But the bison should"},{"speaker":"Nick Lincoln","startTime":1894.3899999999999,"endTime":1896.37,"body":"be good. The piece"},{"speaker":"Nick Lincoln","startTime":1894.3899999999999,"endTime":1896.37,"body":"of the pie set is there to talk"},{"speaker":"Nick Lincoln","startTime":1896.55,"endTime":1898.4399999999998,"body":"to prop up the toppling up."},{"speaker":"Alan Smith","startTime":1901.02,"endTime":1905.58,"body":"In Swedish, your"},{"speaker":"Alan Smith","startTime":1901.02,"endTime":1905.58,"body":"bleep this Beiser means shit."},{"speaker":"Alan Smith","startTime":1906.54,"endTime":1907.29,"body":"True story."},{"speaker":"Nick Lincoln","startTime":1907.7089999999998,"endTime":1909.329,"body":"Well, the Swedes"},{"speaker":"Nick Lincoln","startTime":1907.7089999999998,"endTime":1909.329,"body":"are on tour already and I"},{"speaker":"Nick Lincoln","startTime":1909.329,"endTime":1910.649,"body":"approve. I approve. This"},{"speaker":"Unknown","startTime":1910.6499999999999,"endTime":1912.8999999999999,"body":"is my base Beisa."},{"speaker":"Nick Lincoln","startTime":1912.9889999999998,"endTime":1914.5189999999998,"body":"Alright, I think"},{"speaker":"Nick Lincoln","startTime":1912.9889999999998,"endTime":1914.5189999999998,"body":"we're all in agreement that Carl"},{"speaker":"Nick Lincoln","startTime":1914.5189999999998,"endTime":1916.7389999999998,"body":"is kind of zoning out because"},{"speaker":"Nick Lincoln","startTime":1914.5189999999998,"endTime":1916.7389999999998,"body":"that was a very UK centric"},{"speaker":"Nick Lincoln","startTime":1916.7389999999998,"endTime":1925.319,"body":"piece. smithy Foley of Best"},{"speaker":"Nick Lincoln","startTime":1916.7389999999998,"endTime":1925.319,"body":"Buys. And you miss call. It's"},{"speaker":"Nick Lincoln","startTime":1925.319,"endTime":1929.2489999999998,"body":"priceless. I'm suffering with a"},{"speaker":"Nick Lincoln","startTime":1925.319,"endTime":1929.2489999999998,"body":"cold. I am alive."},{"speaker":"Carl Widger","startTime":1930.4489999999998,"endTime":1935.2189999999998,"body":"You are is"},{"speaker":"Carl Widger","startTime":1930.4489999999998,"endTime":1935.2189999999998,"body":"priceless. Just about the"},{"speaker":"Andy Hart","startTime":1935.2199999999998,"endTime":1938.7299999999998,"body":"rugby cup. Let's talk"},{"speaker":"Andy Hart","startTime":1935.2199999999998,"endTime":1938.7299999999998,"body":"about rugby. No, no, no, no, no."},{"speaker":"Carl Widger","startTime":1940.56,"endTime":1942.4199999999998,"body":"I can talk about"},{"speaker":"Carl Widger","startTime":1940.56,"endTime":1942.4199999999998,"body":"the rugby if you want. It was"},{"speaker":"Carl Widger","startTime":1942.4199999999998,"endTime":1945.33,"body":"marvelous to see the minnows"},{"speaker":"Carl Widger","startTime":1942.4199999999998,"endTime":1945.33,"body":"having their day at the weekend."},{"speaker":"Carl Widger","startTime":1945.33,"endTime":1945.4499999999998,"body":"And"},{"speaker":"Alan Smith","startTime":1945.4789999999998,"endTime":1948.4489999999998,"body":"really what it was I"},{"speaker":"Alan Smith","startTime":1945.4789999999998,"endTime":1948.4489999999998,"body":"agree calm. Really, really"},{"speaker":"Alan Smith","startTime":1948.4489999999998,"endTime":1948.9289999999999,"body":"charged now"},{"speaker":"Andy Hart","startTime":1948.9299999999998,"endTime":1952.1999999999998,"body":"and then got the"},{"speaker":"Andy Hart","startTime":1948.9299999999998,"endTime":1952.1999999999998,"body":"bathroom from Italy. I've been"},{"speaker":"Andy Hart","startTime":1953.55,"endTime":1956.31,"body":"having them beat Scotland."},{"speaker":"Andy Hart","startTime":1953.55,"endTime":1956.31,"body":"Obviously Scotland just nipped"},{"speaker":"Andy Hart","startTime":1956.31,"endTime":1960.06,"body":"us we'd be on for the Grand"},{"speaker":"Andy Hart","startTime":1956.31,"endTime":1960.06,"body":"Slam. And the final day. I mean,"},{"speaker":"Andy Hart","startTime":1960.12,"endTime":1961.7099999999998,"body":"can you make it up at this had"},{"speaker":"Carl Widger","startTime":1961.7089999999998,"endTime":1965.789,"body":"that Yeah, yeah, it"},{"speaker":"Carl Widger","startTime":1961.7089999999998,"endTime":1965.789,"body":"happened. Very, very close"},{"speaker":"Alan Smith","startTime":1965.79,"endTime":1967.83,"body":"it wide open. It"},{"speaker":"Alan Smith","startTime":1965.79,"endTime":1967.83,"body":"makes it interesting. It's good."},{"speaker":"Alan Smith","startTime":1968.1299999999999,"endTime":1970.7399999999998,"body":"On and it's no one it but haha."},{"speaker":"Alan Smith","startTime":1968.1299999999999,"endTime":1970.7399999999998,"body":"right"},{"speaker":"Carl Widger","startTime":1970.7389999999998,"endTime":1975.029,"body":"call? I agree."},{"speaker":"Carl Widger","startTime":1970.7389999999998,"endTime":1975.029,"body":"Anyway. Yeah, good PR firm is"},{"speaker":"Carl Widger","startTime":1975.029,"endTime":1978.629,"body":"priceless. So good buddy, who"},{"speaker":"Carl Widger","startTime":1975.029,"endTime":1978.629,"body":"are a large stock broking firm"},{"speaker":"Carl Widger","startTime":1978.629,"endTime":1982.799,"body":"in Ireland were fined by the"},{"speaker":"Carl Widger","startTime":1978.629,"endTime":1982.799,"body":"central bank for let me just"},{"speaker":"Carl Widger","startTime":1982.829,"endTime":1987.569,"body":"read this market abuse"},{"speaker":"Carl Widger","startTime":1982.829,"endTime":1987.569,"body":"regulations, laws for"},{"speaker":"Carl Widger","startTime":1987.569,"endTime":1990.9889999999998,"body":"contravening those laws, they"},{"speaker":"Carl Widger","startTime":1987.569,"endTime":1990.9889999999998,"body":"were fined 1.7 million, which"},{"speaker":"Carl Widger","startTime":1990.9889999999998,"endTime":1994.589,"body":"was reduced to 1.2 5 million or"},{"speaker":"Carl Widger","startTime":1990.9889999999998,"endTime":1994.589,"body":"something like that, because"},{"speaker":"Carl Widger","startTime":1994.589,"endTime":1998.549,"body":"they admitted it. So over a five"},{"speaker":"Carl Widger","startTime":1994.589,"endTime":1998.549,"body":"year period, they didn't do what"},{"speaker":"Carl Widger","startTime":1998.549,"endTime":2003.7689999999998,"body":"they should have been doing. And"},{"speaker":"Carl Widger","startTime":1998.549,"endTime":2003.7689999999998,"body":"that was broken in the news on a"},{"speaker":"Carl Widger","startTime":2003.7689999999998,"endTime":2008.2389999999998,"body":"particular day. And then there"},{"speaker":"Carl Widger","startTime":2003.7689999999998,"endTime":2008.2389999999998,"body":"was no more about it at all. And"},{"speaker":"Carl Widger","startTime":2008.2389999999998,"endTime":2013.309,"body":"I just went, Oh, my God. So"},{"speaker":"Carl Widger","startTime":2008.2389999999998,"endTime":2013.309,"body":"here's this massive fine being"},{"speaker":"Carl Widger","startTime":2013.339,"endTime":2018.2589999999998,"body":"doled out to a big firm. And"},{"speaker":"Carl Widger","startTime":2013.339,"endTime":2018.2589999999998,"body":"there is no coverage in the"},{"speaker":"Carl Widger","startTime":2018.2589999999998,"endTime":2023.539,"body":"media whatsoever about this. And"},{"speaker":"Carl Widger","startTime":2018.2589999999998,"endTime":2023.539,"body":"I just thought kudos to that PR"},{"speaker":"Carl Widger","startTime":2023.539,"endTime":2027.9789999999998,"body":"firm because they managed to"},{"speaker":"Carl Widger","startTime":2023.539,"endTime":2027.9789999999998,"body":"absolutely bury the story."},{"speaker":"Carl Widger","startTime":2028.369,"endTime":2032.119,"body":"Because there have been other"},{"speaker":"Carl Widger","startTime":2028.369,"endTime":2032.119,"body":"examples of central bank finds."},{"speaker":"Carl Widger","startTime":2032.389,"endTime":2036.319,"body":"Maybe they were bigger. But"},{"speaker":"Carl Widger","startTime":2032.389,"endTime":2036.319,"body":"there was a lot of coverage and"},{"speaker":"Carl Widger","startTime":2036.319,"endTime":2039.829,"body":"heads rolled and blah, blah,"},{"speaker":"Carl Widger","startTime":2036.319,"endTime":2039.829,"body":"blah. So I just thought, it's"},{"speaker":"Carl Widger","startTime":2039.859,"endTime":2043.069,"body":"kind of amazing how this works."},{"speaker":"Carl Widger","startTime":2039.859,"endTime":2043.069,"body":"And Ireland is so bloody small."},{"speaker":"Carl Widger","startTime":2043.789,"endTime":2045.889,"body":"You know, there's just my"},{"speaker":"Nick Lincoln","startTime":2045.889,"endTime":2047.9289999999999,"body":"hands raised for"},{"speaker":"Nick Lincoln","startTime":2045.889,"endTime":2047.9289999999999,"body":"that. Point. 1.2 5 million is"},{"speaker":"Nick Lincoln","startTime":2047.9289999999999,"endTime":2048.649,"body":"not as"},{"speaker":"Alan Smith","startTime":2048.68,"endTime":2051.47,"body":"seem high for five"},{"speaker":"Alan Smith","startTime":2048.68,"endTime":2051.47,"body":"years worth of market"},{"speaker":"Nick Lincoln","startTime":2051.469,"endTime":2053.599,"body":"abuse tiny. Yeah,"},{"speaker":"Carl Widger","startTime":2053.63,"endTime":2057.26,"body":"to be fair, so I"},{"speaker":"Carl Widger","startTime":2053.63,"endTime":2057.26,"body":"read, I read the central bank"},{"speaker":"Carl Widger","startTime":2057.89,"endTime":2062.81,"body":"ruling on it. And they there"},{"speaker":"Carl Widger","startTime":2057.89,"endTime":2062.81,"body":"wasn't any particular cases"},{"speaker":"Carl Widger","startTime":2062.84,"endTime":2066.41,"body":"where, you know, they did"},{"speaker":"Carl Widger","startTime":2062.84,"endTime":2066.41,"body":"necessarily stuff wrong. It's"},{"speaker":"Carl Widger","startTime":2066.41,"endTime":2068.96,"body":"just that they weren't tracking"},{"speaker":"Carl Widger","startTime":2066.41,"endTime":2068.96,"body":"this stuff. And they weren't,"},{"speaker":"Carl Widger","startTime":2068.99,"endTime":2073.97,"body":"they didn't have the Securities"},{"speaker":"Carl Widger","startTime":2068.99,"endTime":2073.97,"body":"and the checks in places. It's"},{"speaker":"Carl Widger","startTime":2073.97,"endTime":2079.07,"body":"just, I just thought, you know,"},{"speaker":"Carl Widger","startTime":2073.97,"endTime":2079.07,"body":"the financial media here. Who"},{"speaker":"Carl Widger","startTime":2079.07,"endTime":2082.49,"body":"loves to get stuck, decide who"},{"speaker":"Carl Widger","startTime":2079.07,"endTime":2082.49,"body":"they're going to get stuck into"},{"speaker":"Carl Widger","startTime":2082.49,"endTime":2085.58,"body":"and who they're not going to get"},{"speaker":"Carl Widger","startTime":2082.49,"endTime":2085.58,"body":"stuck and decided to let this"},{"speaker":"Carl Widger","startTime":2085.58,"endTime":2087.29,"body":"one just slide. Why"},{"speaker":"Alan Smith","startTime":2087.29,"endTime":2090.2,"body":"do you think that is"},{"speaker":"Alan Smith","startTime":2087.29,"endTime":2090.2,"body":"call? Is it? I don't know, this"},{"speaker":"Alan Smith","startTime":2091.73,"endTime":2093.29,"body":"stock broking firm in"},{"speaker":"Carl Widger","startTime":2093.89,"endTime":2096.59,"body":"their own but their"},{"speaker":"Carl Widger","startTime":2093.89,"endTime":2096.59,"body":"own? I think REITs in this Yeah,"},{"speaker":"Carl Widger","startTime":2096.59,"endTime":2102.98,"body":"they're owned by IBM. So I just"},{"speaker":"Carl Widger","startTime":2096.59,"endTime":2102.98,"body":"look, it's kind of linked to my"},{"speaker":"Carl Widger","startTime":2102.98,"endTime":2106.46,"body":"other story there. Right?"},{"speaker":"Carl Widger","startTime":2102.98,"endTime":2106.46,"body":"Ireland is bloody tiny. And we"},{"speaker":"Carl Widger","startTime":2106.46,"endTime":2109.31,"body":"need more competition. And the"},{"speaker":"Carl Widger","startTime":2106.46,"endTime":2109.31,"body":"problem is the market is so"},{"speaker":"Carl Widger","startTime":2109.31,"endTime":2114.08,"body":"tiny. Competition is always"},{"speaker":"Carl Widger","startTime":2109.31,"endTime":2114.08,"body":"going to be difficult. And"},{"speaker":"Carl Widger","startTime":2114.44,"endTime":2118.55,"body":"because it's so small, it's it"},{"speaker":"Carl Widger","startTime":2114.44,"endTime":2118.55,"body":"seems to be, you know, to you"},{"speaker":"Carl Widger","startTime":2118.55,"endTime":2124.8199999999997,"body":"know, and I just felt, you know,"},{"speaker":"Carl Widger","startTime":2118.55,"endTime":2124.8199999999997,"body":"if Metis Ireland had a fine, I"},{"speaker":"Carl Widger","startTime":2124.8199999999997,"endTime":2130.43,"body":"hope we never ever, ever do."},{"speaker":"Carl Widger","startTime":2124.8199999999997,"endTime":2130.43,"body":"But, you know, it will be news"},{"speaker":"Carl Widger","startTime":2130.43,"endTime":2134.3599999999997,"body":"and it'd be newsworthy. And"},{"speaker":"Carl Widger","startTime":2130.43,"endTime":2134.3599999999997,"body":"like, does I bet you tons and"},{"speaker":"Carl Widger","startTime":2134.3599999999997,"endTime":2138.02,"body":"tons of good buddy clients don't"},{"speaker":"Carl Widger","startTime":2134.3599999999997,"endTime":2138.02,"body":"know that this story broke. And,"},{"speaker":"Carl Widger","startTime":2138.56,"endTime":2141.44,"body":"you know, I think this is stuff"},{"speaker":"Carl Widger","startTime":2138.56,"endTime":2141.44,"body":"that should that the media"},{"speaker":"Carl Widger","startTime":2141.44,"endTime":2143.63,"body":"should be good. The financial"},{"speaker":"Carl Widger","startTime":2141.44,"endTime":2143.63,"body":"press should be covering. But"},{"speaker":"Carl Widger","startTime":2143.63,"endTime":2145.7599999999998,"body":"then again, we've spoken about"},{"speaker":"Carl Widger","startTime":2143.63,"endTime":2145.7599999999998,"body":"this before, well, if they're"},{"speaker":"Carl Widger","startTime":2145.7599999999998,"endTime":2149.93,"body":"paying for all the ads, and"},{"speaker":"Carl Widger","startTime":2145.7599999999998,"endTime":2149.93,"body":"blah, blah, blah. Yeah, that's"},{"speaker":"Carl Widger","startTime":2149.93,"endTime":2152.72,"body":"the reason this stuff isn't"},{"speaker":"Carl Widger","startTime":2149.93,"endTime":2152.72,"body":"covered. So I just thought I'd"},{"speaker":"Carl Widger","startTime":2152.72,"endTime":2157.7599999999998,"body":"bring it up. I'm probably gonna"},{"speaker":"Carl Widger","startTime":2152.72,"endTime":2157.7599999999998,"body":"be slated for this as well. But"},{"speaker":"Carl Widger","startTime":2157.7599999999998,"endTime":2163.8199999999997,"body":"hey, look, it's profound. Yeah,"},{"speaker":"Carl Widger","startTime":2157.7599999999998,"endTime":2163.8199999999997,"body":"there's just stuff that needs to"},{"speaker":"Carl Widger","startTime":2163.8199999999997,"endTime":2166.2799999999997,"body":"be said. And this means this"},{"speaker":"Carl Widger","startTime":2163.8199999999997,"endTime":2166.2799999999997,"body":"stuff needs to be said and"},{"speaker":"Carl Widger","startTime":2166.2799999999997,"endTime":2170.06,"body":"clients need to know that. Look,"},{"speaker":"Carl Widger","startTime":2166.2799999999997,"endTime":2170.06,"body":"this is a five year issue that"},{"speaker":"Carl Widger","startTime":2170.06,"endTime":2172.7599999999998,"body":"these people had and they just"},{"speaker":"Carl Widger","startTime":2170.06,"endTime":2172.7599999999998,"body":"when the central bank came in"},{"speaker":"Carl Widger","startTime":2172.79,"endTime":2175.5499999999997,"body":"and did their investigation to"},{"speaker":"Carl Widger","startTime":2172.79,"endTime":2175.5499999999997,"body":"put their hands up said Yeah,"},{"speaker":"Andy Hart","startTime":2175.6099999999997,"endTime":2177.74,"body":"totally You'd be fair"},{"speaker":"Andy Hart","startTime":2175.6099999999997,"endTime":2177.74,"body":"to them code does sound a bit"},{"speaker":"Andy Hart","startTime":2177.74,"endTime":2181.4,"body":"more just from what you're"},{"speaker":"Andy Hart","startTime":2177.74,"endTime":2181.4,"body":"saying administrative issues"},{"speaker":"Andy Hart","startTime":2181.4,"endTime":2185.0899999999997,"body":"rather than outright fraud is"},{"speaker":"Andy Hart","startTime":2181.4,"endTime":2185.0899999999997,"body":"you know"},{"speaker":"Carl Widger","startTime":2186.2,"endTime":2189.08,"body":"and to be clear I"},{"speaker":"Carl Widger","startTime":2186.2,"endTime":2189.08,"body":"did not say there was a fraud I"},{"speaker":"Carl Widger","startTime":2189.08,"endTime":2192.2599999999998,"body":"am saying it probably is that"},{"speaker":"Carl Widger","startTime":2189.08,"endTime":2192.2599999999998,"body":"they didn't have any any checks"},{"speaker":"Carl Widger","startTime":2192.2599999999998,"endTime":2193.94,"body":"and balances in place. But"},{"speaker":"Andy Hart","startTime":2194.33,"endTime":2196.97,"body":"like here we are"},{"speaker":"Andy Hart","startTime":2194.33,"endTime":2196.97,"body":"gonna have to Transact didn't it"},{"speaker":"Andy Hart","startTime":2197.0,"endTime":2200.24,"body":"they had some mounting issues"},{"speaker":"Andy Hart","startTime":2197.0,"endTime":2200.24,"body":"and"},{"speaker":"Nick Lincoln","startTime":2201.56,"endTime":2203.42,"body":"the money knows"},{"speaker":"Nick Lincoln","startTime":2201.56,"endTime":2203.42,"body":"how they deal with it which is"},{"speaker":"Nick Lincoln","startTime":2203.42,"endTime":2206.93,"body":"the real so nothing nefarious"},{"speaker":"Nick Lincoln","startTime":2203.42,"endTime":2206.93,"body":"but they just had a breach of"},{"speaker":"Nick Lincoln","startTime":2206.93,"endTime":2208.43,"body":"their protocols or systems"},{"speaker":"Carl Widger","startTime":2209.21,"endTime":2213.2599999999998,"body":"it's just some"},{"speaker":"Carl Widger","startTime":2209.21,"endTime":2213.2599999999998,"body":"other fines that were meted out"},{"speaker":"Carl Widger","startTime":2213.2599999999998,"endTime":2218.12,"body":"we're like met with this like"},{"speaker":"Carl Widger","startTime":2213.2599999999998,"endTime":2218.12,"body":"frenzy of media like you know,"},{"speaker":"Carl Widger","startTime":2218.15,"endTime":2219.89,"body":"oh my god, can you believe it?"},{"speaker":"Alan Smith","startTime":2221.7799999999997,"endTime":2224.48,"body":"Yeah, your point"},{"speaker":"Alan Smith","startTime":2221.7799999999997,"endTime":2224.48,"body":"there which is probably I"},{"speaker":"Alan Smith","startTime":2224.48,"endTime":2226.7599999999998,"body":"thought you were sort of"},{"speaker":"Alan Smith","startTime":2224.48,"endTime":2226.7599999999998,"body":"slightly tongue in cheek maybe"},{"speaker":"Alan Smith","startTime":2226.7599999999998,"endTime":2230.63,"body":"you weren't but the headline of"},{"speaker":"Alan Smith","startTime":2226.7599999999998,"endTime":2230.63,"body":"this was the value of a good PR"},{"speaker":"Alan Smith","startTime":2230.63,"endTime":2233.12,"body":"firms so they've obviously"},{"speaker":"Alan Smith","startTime":2230.63,"endTime":2233.12,"body":"appointed somebody just let's"},{"speaker":"Alan Smith","startTime":2233.12,"endTime":2235.79,"body":"just you know, brush up probably"},{"speaker":"Alan Smith","startTime":2233.12,"endTime":2235.79,"body":"come out in a Friday night or"},{"speaker":"Alan Smith","startTime":2235.79,"endTime":2238.04,"body":"something when everyone was sort"},{"speaker":"Alan Smith","startTime":2235.79,"endTime":2238.04,"body":"of gone home for the weekend and"},{"speaker":"Alan Smith","startTime":2238.67,"endTime":2241.13,"body":"and they brushed it under the"},{"speaker":"Alan Smith","startTime":2238.67,"endTime":2241.13,"body":"carpet and it wasn't big news."},{"speaker":"Alan Smith","startTime":2241.13,"endTime":2243.3199999999997,"body":"So having a you know, they've"},{"speaker":"Alan Smith","startTime":2241.13,"endTime":2243.3199999999997,"body":"already got just a damage"},{"speaker":"Alan Smith","startTime":2243.3199999999997,"endTime":2245.96,"body":"limitation and brand management"},{"speaker":"Alan Smith","startTime":2243.3199999999997,"endTime":2245.96,"body":"all these sort of people that"},{"speaker":"Alan Smith","startTime":2246.2599999999998,"endTime":2248.2999999999997,"body":"come out and that's where we"},{"speaker":"Alan Smith","startTime":2246.2599999999998,"endTime":2248.2999999999997,"body":"move"},{"speaker":"Andy Hart","startTime":2248.2999999999997,"endTime":2250.64,"body":"for feverishly trying"},{"speaker":"Andy Hart","startTime":2248.2999999999997,"endTime":2250.64,"body":"to find out the PR firm was"},{"speaker":"Andy Hart","startTime":2250.64,"endTime":2251.87,"body":"called No"},{"speaker":"Carl Widger","startTime":2251.99,"endTime":2254.3599999999997,"body":"no like we might"},{"speaker":"Carl Widger","startTime":2251.99,"endTime":2254.3599999999997,"body":"need to try I might know"},{"speaker":"Andy Hart","startTime":2258.049,"endTime":2259.909,"body":"one of your"},{"speaker":"Andy Hart","startTime":2258.049,"endTime":2259.909,"body":"colleagues on your content"},{"speaker":"Andy Hart","startTime":2259.909,"endTime":2260.479,"body":"project is"},{"speaker":"Carl Widger","startTime":2262.04,"endTime":2264.41,"body":"so here we are"},{"speaker":"Carl Widger","startTime":2262.04,"endTime":2264.41,"body":"matters are in small firm, we"},{"speaker":"Carl Widger","startTime":2264.41,"endTime":2267.2,"body":"have a head of compliance and"},{"speaker":"Carl Widger","startTime":2264.41,"endTime":2267.2,"body":"like you know, it's front and"},{"speaker":"Carl Widger","startTime":2267.2,"endTime":2270.1099999999997,"body":"center of absolutely everything"},{"speaker":"Carl Widger","startTime":2267.2,"endTime":2270.1099999999997,"body":"that we do to make sure this"},{"speaker":"Carl Widger","startTime":2270.1099999999997,"endTime":2274.3399999999997,"body":"stuff doesn't happen. And yeah,"},{"speaker":"Carl Widger","startTime":2270.1099999999997,"endTime":2274.3399999999997,"body":"here's a big firm that are you"},{"speaker":"Carl Widger","startTime":2274.3399999999997,"endTime":2278.0,"body":"know, preaching holier than"},{"speaker":"Carl Widger","startTime":2274.3399999999997,"endTime":2278.0,"body":"thou. Come on, guys. Get your"},{"speaker":"Carl Widger","startTime":2278.0,"endTime":2281.39,"body":"shit in order, please. Anyway,"},{"speaker":"Carl Widger","startTime":2278.0,"endTime":2281.39,"body":"that's my main point. Okay."},{"speaker":"Nick Lincoln","startTime":2282.35,"endTime":2285.14,"body":"I've just had a"},{"speaker":"Nick Lincoln","startTime":2282.35,"endTime":2285.14,"body":"second email from the FCA. They"},{"speaker":"Nick Lincoln","startTime":2285.14,"endTime":2288.0499999999997,"body":"emailed my firm about two weeks"},{"speaker":"Nick Lincoln","startTime":2285.14,"endTime":2288.0499999999997,"body":"ago, so invited me to take part"},{"speaker":"Nick Lincoln","startTime":2288.0499999999997,"endTime":2291.38,"body":"in a survey. I've had a second"},{"speaker":"Nick Lincoln","startTime":2288.0499999999997,"endTime":2291.38,"body":"email saying we record suggest"},{"speaker":"Nick Lincoln","startTime":2291.38,"endTime":2294.2,"body":"the service not be completed by"},{"speaker":"Nick Lincoln","startTime":2291.38,"endTime":2294.2,"body":"your organization. We will be"},{"speaker":"Nick Lincoln","startTime":2294.2,"endTime":2296.12,"body":"grateful if you will complete"},{"speaker":"Nick Lincoln","startTime":2294.2,"endTime":2296.12,"body":"it. And I'm now wondering, is"},{"speaker":"Nick Lincoln","startTime":2296.12,"endTime":2297.92,"body":"this sort of mandatory"},{"speaker":"Nick Lincoln","startTime":2296.12,"endTime":2297.92,"body":"completely"},{"speaker":"Alan Smith","startTime":2299.39,"endTime":2301.31,"body":"optional, but not"},{"speaker":"Alan Smith","startTime":2299.39,"endTime":2301.31,"body":"only what"},{"speaker":"Carl Widger","startTime":2301.3399999999997,"endTime":2305.7799999999997,"body":"if I was you, I'd"},{"speaker":"Carl Widger","startTime":2301.3399999999997,"endTime":2305.7799999999997,"body":"be completing the survey. I'm"},{"speaker":"Carl Widger","startTime":2305.7799999999997,"endTime":2308.06,"body":"not telling you what to do, but"},{"speaker":"Carl Widger","startTime":2305.7799999999997,"endTime":2308.06,"body":"I'd completed a vote."},{"speaker":"Nick Lincoln","startTime":2308.45,"endTime":2310.19,"body":"I think I might"},{"speaker":"Nick Lincoln","startTime":2308.45,"endTime":2310.19,"body":"do. I think I might. I think I"},{"speaker":"Nick Lincoln","startTime":2310.19,"endTime":2313.49,"body":"might. Okay, sorry, Mr. Smith,"},{"speaker":"Nick Lincoln","startTime":2310.19,"endTime":2313.49,"body":"now is the time to tell us about"},{"speaker":"Nick Lincoln","startTime":2313.49,"endTime":2314.9,"body":"the folly of Best Buy lists."},{"speaker":"Alan Smith","startTime":2315.44,"endTime":2317.75,"body":"I just noticed this"},{"speaker":"Alan Smith","startTime":2315.44,"endTime":2317.75,"body":"every now and again. Do you know"},{"speaker":"Alan Smith","startTime":2317.75,"endTime":2320.5699999999997,"body":"when this one you know naming"},{"speaker":"Alan Smith","startTime":2317.75,"endTime":2320.5699999999997,"body":"names, and but loads of"},{"speaker":"Alan Smith","startTime":2320.5699999999997,"endTime":2324.38,"body":"companies do this it was"},{"speaker":"Alan Smith","startTime":2320.5699999999997,"endTime":2324.38,"body":"Hargreaves Lansdown, biggest DTC"},{"speaker":"Alan Smith","startTime":2324.38,"endTime":2327.38,"body":"platform provider in the"},{"speaker":"Alan Smith","startTime":2324.38,"endTime":2327.38,"body":"country. And I think more than"},{"speaker":"Alan Smith","startTime":2327.38,"endTime":2329.6,"body":"that, we've kind of talked about"},{"speaker":"Alan Smith","startTime":2327.38,"endTime":2329.6,"body":"this before about the constant"},{"speaker":"Alan Smith","startTime":2329.6,"endTime":2332.81,"body":"barrage of sort of news and"},{"speaker":"Alan Smith","startTime":2329.6,"endTime":2332.81,"body":"exciting, you know, hot funds"},{"speaker":"Alan Smith","startTime":2332.81,"endTime":2337.0099999999998,"body":"and stuff to get people to buy"},{"speaker":"Alan Smith","startTime":2332.81,"endTime":2337.0099999999998,"body":"and trade their direct holdings."},{"speaker":"Alan Smith","startTime":2337.5499999999997,"endTime":2343.1,"body":"And I, you know, the end of"},{"speaker":"Alan Smith","startTime":2337.5499999999997,"endTime":2343.1,"body":"2022, they produce this paper,"},{"speaker":"Alan Smith","startTime":2343.1,"endTime":2347.06,"body":"which says, Here are the our"},{"speaker":"Alan Smith","startTime":2343.1,"endTime":2347.06,"body":"analysis, analysts and"},{"speaker":"Alan Smith","startTime":2347.06,"endTime":2349.49,"body":"researchers have put their heads"},{"speaker":"Alan Smith","startTime":2347.06,"endTime":2349.49,"body":"together, done their homework"},{"speaker":"Alan Smith","startTime":2349.49,"endTime":2355.22,"body":"and said, these are the five"},{"speaker":"Alan Smith","startTime":2349.49,"endTime":2355.22,"body":"funds to look out for in 2023."},{"speaker":"Alan Smith","startTime":2356.5699999999997,"endTime":2361.43,"body":"And the, you know, the list of"},{"speaker":"Alan Smith","startTime":2356.5699999999997,"endTime":2361.43,"body":"five funds, and the sort of sad"},{"speaker":"Alan Smith","startTime":2361.43,"endTime":2364.22,"body":"person that I am, I sometimes"},{"speaker":"Alan Smith","startTime":2361.43,"endTime":2364.22,"body":"keep these things. I think that"},{"speaker":"Alan Smith","startTime":2364.22,"endTime":2366.89,"body":"will be interesting to look back"},{"speaker":"Alan Smith","startTime":2364.22,"endTime":2366.89,"body":"on a year later. And I've"},{"speaker":"Alan Smith","startTime":2366.92,"endTime":2369.5,"body":"forgotten completely about this,"},{"speaker":"Alan Smith","startTime":2366.92,"endTime":2369.5,"body":"but it popped up in something I"},{"speaker":"Alan Smith","startTime":2369.5,"endTime":2372.95,"body":"looked at the other day, and I"},{"speaker":"Alan Smith","startTime":2369.5,"endTime":2372.95,"body":"thought, all right, genuine"},{"speaker":"Alan Smith","startTime":2372.98,"endTime":2375.38,"body":"curiosity, but how have you done"},{"speaker":"Alan Smith","startTime":2372.98,"endTime":2375.38,"body":"they must have picked a few"},{"speaker":"Alan Smith","startTime":2375.38,"endTime":2378.5899999999997,"body":"decent funds with all the"},{"speaker":"Alan Smith","startTime":2375.38,"endTime":2378.5899999999997,"body":"research. So there's five funds"},{"speaker":"Alan Smith","startTime":2378.5899999999997,"endTime":2382.5499999999997,"body":"they paid can't remember all the"},{"speaker":"Alan Smith","startTime":2378.5899999999997,"endTime":2382.5499999999997,"body":"name of them. But each one every"},{"speaker":"Alan Smith","startTime":2382.5499999999997,"endTime":2387.2,"body":"single one bar, one, which I'll"},{"speaker":"Alan Smith","startTime":2382.5499999999997,"endTime":2387.2,"body":"come to in a second, generated"},{"speaker":"Alan Smith","startTime":2387.2,"endTime":2393.29,"body":"pretty poor returns. Every one"},{"speaker":"Alan Smith","startTime":2387.2,"endTime":2393.29,"body":"of them by one generated below"},{"speaker":"Alan Smith","startTime":2393.3199999999997,"endTime":2396.2,"body":"benchmark returns to whoever"},{"speaker":"Alan Smith","startTime":2393.3199999999997,"endTime":2396.2,"body":"their benchmark is, which is all"},{"speaker":"Alan Smith","startTime":2396.2,"endTime":2399.83,"body":"the other funds. You know,"},{"speaker":"Alan Smith","startTime":2396.2,"endTime":2399.83,"body":"obviously, these four funds,"},{"speaker":"Alan Smith","startTime":2399.83,"endTime":2402.3199999999997,"body":"which underperformed but all"},{"speaker":"Alan Smith","startTime":2399.83,"endTime":2402.3199999999997,"body":"active funds, one was an"},{"speaker":"Alan Smith","startTime":2402.3199999999997,"endTime":2405.23,"body":"absolute return fund. One was a"},{"speaker":"Alan Smith","startTime":2402.3199999999997,"endTime":2405.23,"body":"bond fund one's an equity fund"},{"speaker":"Alan Smith","startTime":2405.23,"endTime":2408.41,"body":"of some description, equity"},{"speaker":"Alan Smith","startTime":2405.23,"endTime":2408.41,"body":"income. But the all over the"},{"speaker":"Alan Smith","startTime":2408.41,"endTime":2411.44,"body":"period in question, which was"},{"speaker":"Alan Smith","startTime":2408.41,"endTime":2411.44,"body":"the year 2023, they all"},{"speaker":"Alan Smith","startTime":2411.44,"endTime":2415.94,"body":"significantly underperformed"},{"speaker":"Alan Smith","startTime":2411.44,"endTime":2415.94,"body":"their benchmark, the only fund"},{"speaker":"Alan Smith","startTime":2415.94,"endTime":2419.66,"body":"that they put on the list, which"},{"speaker":"Alan Smith","startTime":2415.94,"endTime":2419.66,"body":"is probably just there to to"},{"speaker":"Alan Smith","startTime":2419.66,"endTime":2422.63,"body":"make up the numbers was illegal"},{"speaker":"Alan Smith","startTime":2419.66,"endTime":2422.63,"body":"in general. I think it's an"},{"speaker":"Alan Smith","startTime":2422.63,"endTime":2426.5299999999997,"body":"international index fund. So"},{"speaker":"Alan Smith","startTime":2422.63,"endTime":2426.5299999999997,"body":"it's global index fund. And even"},{"speaker":"Alan Smith","startTime":2426.5299999999997,"endTime":2429.74,"body":"that, by some strange reason"},{"speaker":"Alan Smith","startTime":2426.5299999999997,"endTime":2429.74,"body":"that outperformed the index by"},{"speaker":"Alan Smith","startTime":2429.74,"endTime":2432.2599999999998,"body":"about 3%, which I don't quite"},{"speaker":"Alan Smith","startTime":2429.74,"endTime":2432.2599999999998,"body":"know how an index fund"},{"speaker":"Alan Smith","startTime":2432.2599999999998,"endTime":2434.96,"body":"outperforms by that amount, but"},{"speaker":"Alan Smith","startTime":2432.2599999999998,"endTime":2434.96,"body":"hey, it depends what the"},{"speaker":"Alan Smith","startTime":2434.96,"endTime":2436.25,"body":"benchmark actually what"},{"speaker":"Nick Lincoln","startTime":2437.359,"endTime":2440.089,"body":"an active global"},{"speaker":"Nick Lincoln","startTime":2437.359,"endTime":2440.089,"body":"equity sector not against MSCI"},{"speaker":"Nick Lincoln","startTime":2440.089,"endTime":2441.2889999999998,"body":"World, that's why"},{"speaker":"Alan Smith","startTime":2441.319,"endTime":2444.259,"body":"okay, but there was"},{"speaker":"Alan Smith","startTime":2441.319,"endTime":2444.259,"body":"significant outperformance. I"},{"speaker":"Alan Smith","startTime":2444.259,"endTime":2447.589,"body":"think the moral of the story"},{"speaker":"Alan Smith","startTime":2444.259,"endTime":2447.589,"body":"here is you know, these"},{"speaker":"Alan Smith","startTime":2447.6189999999997,"endTime":2451.279,"body":"organizations and as I say AHL"},{"speaker":"Alan Smith","startTime":2447.6189999999997,"endTime":2451.279,"body":"are far from the only culprits"},{"speaker":"Alan Smith","startTime":2451.279,"endTime":2453.979,"body":"but there's there's no comeback"},{"speaker":"Alan Smith","startTime":2451.279,"endTime":2453.979,"body":"on this. They put push this"},{"speaker":"Alan Smith","startTime":2453.979,"endTime":2456.5589999999997,"body":"stuff out. Here's our analysts"},{"speaker":"Alan Smith","startTime":2453.979,"endTime":2456.5589999999997,"body":"have, you know, they've done"},{"speaker":"Alan Smith","startTime":2456.5589999999997,"endTime":2459.1389999999997,"body":"their research. These are the"},{"speaker":"Alan Smith","startTime":2456.5589999999997,"endTime":2459.1389999999997,"body":"funds. I guarantee you with the"},{"speaker":"Alan Smith","startTime":2459.1389999999997,"endTime":2461.839,"body":"number of investors they've got"},{"speaker":"Alan Smith","startTime":2459.1389999999997,"endTime":2461.839,"body":"a number of people bought those"},{"speaker":"Alan Smith","startTime":2461.839,"endTime":2464.629,"body":"funds on the back of that"},{"speaker":"Alan Smith","startTime":2461.839,"endTime":2464.629,"body":"research. They would have been"},{"speaker":"Alan Smith","startTime":2464.629,"endTime":2468.379,"body":"better off completely ignoring"},{"speaker":"Alan Smith","startTime":2464.629,"endTime":2468.379,"body":"it. And it's back to this issue"},{"speaker":"Alan Smith","startTime":2468.379,"endTime":2470.989,"body":"that we have raised in the past"},{"speaker":"Alan Smith","startTime":2468.379,"endTime":2470.989,"body":"the conflict of interest that"},{"speaker":"Alan Smith","startTime":2470.989,"endTime":2474.649,"body":"exists between the platforms who"},{"speaker":"Alan Smith","startTime":2470.989,"endTime":2474.649,"body":"have got a need to have people"},{"speaker":"Alan Smith","startTime":2474.649,"endTime":2477.859,"body":"buy their funds, sell their"},{"speaker":"Alan Smith","startTime":2474.649,"endTime":2477.859,"body":"funds traded funds. And each one"},{"speaker":"Alan Smith","startTime":2477.859,"endTime":2481.669,"body":"of those things they take a"},{"speaker":"Alan Smith","startTime":2477.859,"endTime":2481.669,"body":"margin versus the real the smart"},{"speaker":"Alan Smith","startTime":2481.669,"endTime":2485.749,"body":"thing to do, which is to own"},{"speaker":"Alan Smith","startTime":2481.669,"endTime":2485.749,"body":"simple effective low cost index"},{"speaker":"Alan Smith","startTime":2485.779,"endTime":2489.8889999999997,"body":"type funds and hold them year"},{"speaker":"Alan Smith","startTime":2485.779,"endTime":2489.8889999999997,"body":"after year after year. But that"},{"speaker":"Alan Smith","startTime":2489.8889999999997,"endTime":2492.679,"body":"doesn't generate enough revenue"},{"speaker":"Alan Smith","startTime":2489.8889999999997,"endTime":2492.679,"body":"for the platform. So just sort"},{"speaker":"Alan Smith","startTime":2492.679,"endTime":2495.919,"body":"of flag that up. I think it's"},{"speaker":"Alan Smith","startTime":2492.679,"endTime":2495.919,"body":"just no doubt if I paid or any"},{"speaker":"Alan Smith","startTime":2495.919,"endTime":2498.6189999999997,"body":"of us paid much attention to"},{"speaker":"Alan Smith","startTime":2495.919,"endTime":2498.6189999999997,"body":"this, this thing. You'd see it"},{"speaker":"Alan Smith","startTime":2498.6189999999997,"endTime":2500.989,"body":"time after time after time, that"},{"speaker":"Alan Smith","startTime":2498.6189999999997,"endTime":2500.989,"body":"was just a particular one"},{"speaker":"Alan Smith","startTime":2500.989,"endTime":2505.489,"body":"Hargreaves Lansdown, their 2023"},{"speaker":"Alan Smith","startTime":2500.989,"endTime":2505.489,"body":"predictions. Were 80%. Terrible."},{"speaker":"Alan Smith","startTime":2506.269,"endTime":2507.199,"body":"Any thoughts on that?"},{"speaker":"Nick Lincoln","startTime":2508.91,"endTime":2510.47,"body":"I think you summed"},{"speaker":"Nick Lincoln","startTime":2508.91,"endTime":2510.47,"body":"it up there. Really? I think,"},{"speaker":"Nick Lincoln","startTime":2510.47,"endTime":2511.6099999999997,"body":"yeah, that's, that's fine. Yeah,"},{"speaker":"Unknown","startTime":2511.6389999999997,"endTime":2514.129,"body":"we've agreed. Nothing"},{"speaker":"Unknown","startTime":2511.6389999999997,"endTime":2514.129,"body":"to say. Yeah."},{"speaker":"Andy Hart","startTime":2515.6,"endTime":2517.88,"body":"I mean, okay. First"},{"speaker":"Andy Hart","startTime":2515.6,"endTime":2517.88,"body":"and foremost, these platforms"},{"speaker":"Andy Hart","startTime":2517.88,"endTime":2520.88,"body":"are marketing companies. They're"},{"speaker":"Andy Hart","startTime":2517.88,"endTime":2520.88,"body":"not exactly investing wisdom"},{"speaker":"Andy Hart","startTime":2520.88,"endTime":2523.16,"body":"companies. They're not advice"},{"speaker":"Andy Hart","startTime":2520.88,"endTime":2523.16,"body":"companies. They're not"},{"speaker":"Andy Hart","startTime":2523.16,"endTime":2525.74,"body":"retirement planning companies."},{"speaker":"Andy Hart","startTime":2523.16,"endTime":2525.74,"body":"They're marketing companies. I"},{"speaker":"Andy Hart","startTime":2525.74,"endTime":2527.87,"body":"happen to be in the business of"},{"speaker":"Andy Hart","startTime":2525.74,"endTime":2527.87,"body":"selling funds. So yeah, they"},{"speaker":"Andy Hart","startTime":2527.87,"endTime":2528.7999999999997,"body":"want what we're"},{"speaker":"Alan Smith","startTime":2528.7999999999997,"endTime":2532.64,"body":"now rechristened the"},{"speaker":"Alan Smith","startTime":2528.7999999999997,"endTime":2532.64,"body":"investment industrial complex,"},{"speaker":"Alan Smith","startTime":2532.67,"endTime":2535.67,"body":"right thing, not the military"},{"speaker":"Alan Smith","startTime":2532.67,"endTime":2535.67,"body":"industrial complex. So the farm"},{"speaker":"Alan Smith","startTime":2535.67,"endTime":2538.73,"body":"industrial cover the investment"},{"speaker":"Alan Smith","startTime":2535.67,"endTime":2538.73,"body":"industrial complex, is really"},{"speaker":"Alan Smith","startTime":2539.27,"endTime":2542.39,"body":"marketing. These marketing"},{"speaker":"Alan Smith","startTime":2539.27,"endTime":2542.39,"body":"organizations are gonna do a bit"},{"speaker":"Alan Smith","startTime":2542.39,"endTime":2543.56,"body":"of investing in the backbone"},{"speaker":"Andy Hart","startTime":2543.56,"endTime":2546.08,"body":"is also science on"},{"speaker":"Andy Hart","startTime":2543.56,"endTime":2546.08,"body":"65. Nothing's changed. It's"},{"speaker":"Andy Hart","startTime":2546.08,"endTime":2547.67,"body":"probably got worse. Yeah,"},{"speaker":"Unknown","startTime":2548.06,"endTime":2549.1099999999997,"body":"indeed. Okay. Point."},{"speaker":"Carl Widger","startTime":2549.109,"endTime":2551.5389999999998,"body":"Oh, isn't it? It's"},{"speaker":"Carl Widger","startTime":2549.109,"endTime":2551.5389999999998,"body":"like, you know, we're actually"},{"speaker":"Carl Widger","startTime":2551.5389999999998,"endTime":2554.719,"body":"saying we're doing exactly what"},{"speaker":"Carl Widger","startTime":2551.5389999999998,"endTime":2554.719,"body":"we spoke about earlier. We're"},{"speaker":"Carl Widger","startTime":2554.719,"endTime":2557.029,"body":"actually just repeating the same"},{"speaker":"Carl Widger","startTime":2554.719,"endTime":2557.029,"body":"message over and over again,"},{"speaker":"Carl Widger","startTime":2557.029,"endTime":2559.7889999999998,"body":"because it's right. And Alan,"},{"speaker":"Carl Widger","startTime":2557.029,"endTime":2559.7889999999998,"body":"we've also spoken about Star"},{"speaker":"Carl Widger","startTime":2559.7889999999998,"endTime":2563.419,"body":"phone managers. That's why they"},{"speaker":"Carl Widger","startTime":2559.7889999999998,"endTime":2563.419,"body":"exist because it's lovely to"},{"speaker":"Carl Widger","startTime":2563.419,"endTime":2565.999,"body":"tell a story around the star"},{"speaker":"Carl Widger","startTime":2563.419,"endTime":2565.999,"body":"Phone Manager, you know,"},{"speaker":"Nick Lincoln","startTime":2566.5699999999997,"endTime":2569.18,"body":"yeah, it is"},{"speaker":"Nick Lincoln","startTime":2566.5699999999997,"endTime":2569.18,"body":"exactly it is indeed No, I think"},{"speaker":"Nick Lincoln","startTime":2569.18,"endTime":2571.49,"body":"the current mrs. Lincoln wants"},{"speaker":"Nick Lincoln","startTime":2569.18,"endTime":2571.49,"body":"to say a quick word."},{"speaker":"Unknown","startTime":2572.69,"endTime":2577.7599999999998,"body":"Hello, dear Trappist."},{"speaker":"Unknown","startTime":2572.69,"endTime":2577.7599999999998,"body":"This is TLP great news. Somehow"},{"speaker":"Unknown","startTime":2577.7599999999998,"endTime":2580.43,"body":"the four knuckleheads have"},{"speaker":"Unknown","startTime":2577.7599999999998,"endTime":2580.43,"body":"managed to agree on the date and"},{"speaker":"Unknown","startTime":2580.43,"endTime":2584.8399999999997,"body":"time and venue for the first"},{"speaker":"Unknown","startTime":2580.43,"endTime":2584.8399999999997,"body":"ever track live event is"},{"speaker":"Unknown","startTime":2584.8399999999997,"endTime":2587.75,"body":"happening on the later afternoon"},{"speaker":"Unknown","startTime":2584.8399999999997,"endTime":2587.75,"body":"of Thursday, the ninth of May,"},{"speaker":"doors open at 3","startTime":2588.1099999999997,"endTime":2593.69,"body":"30pm. The venue"},{"speaker":"doors open at 3","startTime":2588.1099999999997,"endTime":2593.69,"body":"is the historical Lolas bar at"},{"speaker":"doors open at 3","startTime":2593.69,"endTime":2597.29,"body":"London's famous hippodrome"},{"speaker":"doors open at 3","startTime":2593.69,"endTime":2597.29,"body":"casino right in the center of"},{"speaker":"doors open at 3","startTime":2597.29,"endTime":2602.15,"body":"town. details, including a link"},{"speaker":"doors open at 3","startTime":2597.29,"endTime":2602.15,"body":"to purchase tickets can be found"},{"speaker":"doors open at 3","startTime":2602.45,"endTime":2606.62,"body":"at the real advisor podcast.com"},{"speaker":"doors open at 3","startTime":2602.45,"endTime":2606.62,"body":"forward slash track live"},{"speaker":"doors open at 3","startTime":2606.95,"endTime":2610.43,"body":"unbelievably, people like you"},{"speaker":"doors open at 3","startTime":2606.95,"endTime":2610.43,"body":"are actually buying tickets"},{"speaker":"doors open at 3","startTime":2610.43,"endTime":2615.17,"body":"fast. So don't hang around, get"},{"speaker":"doors open at 3","startTime":2610.43,"endTime":2615.17,"body":"your tickets and come to what"},{"speaker":"doors open at 3","startTime":2615.2,"endTime":2620.69,"body":"many people are already calling"},{"speaker":"doors open at 3","startTime":2615.2,"endTime":2620.69,"body":"an absolute shambles. See you"},{"speaker":"doors open at 3","startTime":2620.69,"endTime":2621.08,"body":"there."},{"speaker":"Nick Lincoln","startTime":2623.39,"endTime":2625.7599999999998,"body":"Yes, we'll do"},{"speaker":"Nick Lincoln","startTime":2623.39,"endTime":2625.7599999999998,"body":"gorgeous looking forward to May"},{"speaker":"Nick Lincoln","startTime":2625.7599999999998,"endTime":2629.54,"body":"the ninth Trappists excitement"},{"speaker":"Nick Lincoln","startTime":2625.7599999999998,"endTime":2629.54,"body":"is palpable that"},{"speaker":"Alan Smith","startTime":2630.23,"endTime":2632.2999999999997,"body":"sold out yet. High"},{"speaker":"Andy Hart","startTime":2632.2999999999997,"endTime":2636.0499999999997,"body":"variable 15 tickets"},{"speaker":"Andy Hart","startTime":2632.2999999999997,"endTime":2636.0499999999997,"body":"left. So quietly confident we're"},{"speaker":"Andy Hart","startTime":2636.0499999999997,"endTime":2638.66,"body":"gonna sell it actually 15 I'd"},{"speaker":"Andy Hart","startTime":2636.0499999999997,"endTime":2638.66,"body":"maybe cut out the bid when you"},{"speaker":"Andy Hart","startTime":2638.66,"endTime":2643.31,"body":"said the current mr. Lincoln."},{"speaker":"Andy Hart","startTime":2638.66,"endTime":2643.31,"body":"Current mrs. Lincoln, you tell"},{"speaker":"Andy Hart","startTime":2643.31,"endTime":2647.72,"body":"me what to do the work. Don't"},{"speaker":"Andy Hart","startTime":2643.31,"endTime":2647.72,"body":"tell me what to do."},{"speaker":"Carl Widger","startTime":2651.47,"endTime":2653.5699999999997,"body":"That's a recurring"},{"speaker":"Carl Widger","startTime":2651.47,"endTime":2653.5699999999997,"body":"line in our watsapp group. Are"},{"speaker":"Carl Widger","startTime":2653.5699999999997,"endTime":2654.62,"body":"you telling me what to do?"},{"speaker":"Nick Lincoln","startTime":2656.12,"endTime":2659.42,"body":"Introduce,"},{"speaker":"Nick Lincoln","startTime":2656.12,"endTime":2659.42,"body":"introduce me. Okay. So let's"},{"speaker":"Nick Lincoln","startTime":2659.42,"endTime":2662.3599999999997,"body":"move on to what many people call"},{"speaker":"Nick Lincoln","startTime":2659.42,"endTime":2662.3599999999997,"body":"the meat and potatoes of this"},{"speaker":"Nick Lincoln","startTime":2662.39,"endTime":2671.9,"body":"show. St. James's place, we had"},{"speaker":"Nick Lincoln","startTime":2662.39,"endTime":2671.9,"body":"our first long form discussion"},{"speaker":"Nick Lincoln","startTime":2671.9,"endTime":2677.3599999999997,"body":"of St. James's place in Episode"},{"speaker":"Nick Lincoln","startTime":2671.9,"endTime":2677.3599999999997,"body":"15, which was 26 episodes ago."},{"speaker":"Nick Lincoln","startTime":2677.39,"endTime":2680.54,"body":"Now we're releasing episode bi"},{"speaker":"Nick Lincoln","startTime":2677.39,"endTime":2680.54,"body":"weekly. That means every other"},{"speaker":"Nick Lincoln","startTime":2680.54,"endTime":2684.3199999999997,"body":"week ever. So that's 26 times"},{"speaker":"Nick Lincoln","startTime":2680.54,"endTime":2684.3199999999997,"body":"two is exactly a year ago, we"},{"speaker":"Nick Lincoln","startTime":2684.3199999999997,"endTime":2688.1,"body":"had episode 15. And SGP we need"},{"speaker":"Nick Lincoln","startTime":2684.3199999999997,"endTime":2688.1,"body":"to talk about it again. Because"},{"speaker":"Nick Lincoln","startTime":2688.1,"endTime":2692.0,"body":"that brand is in the news for a"},{"speaker":"Nick Lincoln","startTime":2688.1,"endTime":2692.0,"body":"whole host of reasons over the"},{"speaker":"Nick Lincoln","startTime":2692.0,"endTime":2695.06,"body":"last year or so they've they"},{"speaker":"Nick Lincoln","startTime":2692.0,"endTime":2695.06,"body":"firstly came out with the"},{"speaker":"Nick Lincoln","startTime":2695.06,"endTime":2700.52,"body":"reduction in their charging"},{"speaker":"Nick Lincoln","startTime":2695.06,"endTime":2700.52,"body":"schedule and the removal of exit"},{"speaker":"Nick Lincoln","startTime":2700.52,"endTime":2703.8199999999997,"body":"penalties and so forth, which is"},{"speaker":"Nick Lincoln","startTime":2700.52,"endTime":2703.8199999999997,"body":"big news. And that had a direct"},{"speaker":"Nick Lincoln","startTime":2703.8199999999997,"endTime":2705.95,"body":"correlation on the share price."},{"speaker":"Nick Lincoln","startTime":2703.8199999999997,"endTime":2705.95,"body":"And then the last couple of"},{"speaker":"Nick Lincoln","startTime":2705.95,"endTime":2709.5499999999997,"body":"weeks or so. I'm not going to"},{"speaker":"Nick Lincoln","startTime":2705.95,"endTime":2709.5499999999997,"body":"use the word scandal but there's"},{"speaker":"Nick Lincoln","startTime":2709.58,"endTime":2713.63,"body":"there's news is broken about SJP"},{"speaker":"Nick Lincoln","startTime":2709.58,"endTime":2713.63,"body":"doing an internal review"},{"speaker":"Nick Lincoln","startTime":2713.63,"endTime":2719.15,"body":"checking who of their 958,000"},{"speaker":"Nick Lincoln","startTime":2713.63,"endTime":2719.15,"body":"clients is getting an ongoing"},{"speaker":"Nick Lincoln","startTime":2719.15,"endTime":2723.41,"body":"service for which they are all"},{"speaker":"Nick Lincoln","startTime":2719.15,"endTime":2723.41,"body":"paying for and it turns out by"},{"speaker":"Nick Lincoln","startTime":2723.41,"endTime":2725.39,"body":"the way, I'm going to preface"},{"speaker":"Nick Lincoln","startTime":2723.41,"endTime":2725.39,"body":"this there are lots of SJP"},{"speaker":"Nick Lincoln","startTime":2725.39,"endTime":2729.08,"body":"partners who are delivering the"},{"speaker":"Nick Lincoln","startTime":2725.39,"endTime":2729.08,"body":"ongoing service but you know,"},{"speaker":"Nick Lincoln","startTime":2729.14,"endTime":2731.3599999999997,"body":"when when when when that when"},{"speaker":"Nick Lincoln","startTime":2729.14,"endTime":2731.3599999999997,"body":"the shit hits the fan, everyone"},{"speaker":"Nick Lincoln","startTime":2731.3599999999997,"endTime":2734.0299999999997,"body":"gets a little speck of it on"},{"speaker":"Nick Lincoln","startTime":2731.3599999999997,"endTime":2734.0299999999997,"body":"them. And there are a"},{"speaker":"Nick Lincoln","startTime":2734.0299999999997,"endTime":2737.12,"body":"significant cohort of SJP"},{"speaker":"Nick Lincoln","startTime":2734.0299999999997,"endTime":2737.12,"body":"clients who have not been"},{"speaker":"Nick Lincoln","startTime":2737.12,"endTime":2740.5099999999998,"body":"getting their ongoing service"},{"speaker":"Nick Lincoln","startTime":2737.12,"endTime":2740.5099999999998,"body":"for which they are paying. And"},{"speaker":"Nick Lincoln","startTime":2740.5099999999998,"endTime":2743.3599999999997,"body":"no matter how you want to slice"},{"speaker":"Nick Lincoln","startTime":2740.5099999999998,"endTime":2743.3599999999997,"body":"or dice that that is pretty"},{"speaker":"Nick Lincoln","startTime":2743.6,"endTime":2746.2999999999997,"body":"diabolical. You don't need"},{"speaker":"Nick Lincoln","startTime":2743.6,"endTime":2746.2999999999997,"body":"consumer duty to tell you that"},{"speaker":"Nick Lincoln","startTime":2746.2999999999997,"endTime":2750.3199999999997,"body":"if if consumer duty makes you"},{"speaker":"Nick Lincoln","startTime":2746.2999999999997,"endTime":2750.3199999999997,"body":"think that's a bad thing, then"},{"speaker":"Nick Lincoln","startTime":2750.3199999999997,"endTime":2752.27,"body":"you shouldn't be in this thing"},{"speaker":"Nick Lincoln","startTime":2750.3199999999997,"endTime":2752.27,"body":"of ours in the first place. It's"},{"speaker":"Nick Lincoln","startTime":2752.27,"endTime":2754.4,"body":"a bad thing to charge anybody"},{"speaker":"Nick Lincoln","startTime":2752.27,"endTime":2754.4,"body":"and then not deliver on a"},{"speaker":"Nick Lincoln","startTime":2754.4,"endTime":2757.16,"body":"service you said you wouldn't"},{"speaker":"Nick Lincoln","startTime":2754.4,"endTime":2757.16,"body":"deliver on for that fee flat out"},{"speaker":"Nick Lincoln","startTime":2757.16,"endTime":2759.8599999999997,"body":"wrong. So that's driven their"},{"speaker":"Nick Lincoln","startTime":2757.16,"endTime":2759.8599999999997,"body":"share price down even further."},{"speaker":"Nick Lincoln","startTime":2759.8599999999997,"endTime":2765.35,"body":"It was 31st of December 2021."},{"speaker":"Nick Lincoln","startTime":2759.8599999999997,"endTime":2765.35,"body":"The share price is around 1700."},{"speaker":"Nick Lincoln","startTime":2765.68,"endTime":2769.8199999999997,"body":"It's now down to about 470 Pence"},{"speaker":"Nick Lincoln","startTime":2765.68,"endTime":2769.8199999999997,"body":"visuals pence. So a decline of"},{"speaker":"Nick Lincoln","startTime":2769.8199999999997,"endTime":2775.67,"body":"72% in the value of SGP so"},{"speaker":"Nick Lincoln","startTime":2769.8199999999997,"endTime":2775.67,"body":"they've got issues going on. I"},{"speaker":"Nick Lincoln","startTime":2775.67,"endTime":2778.5499999999997,"body":"understand And this is this is a"},{"speaker":"Nick Lincoln","startTime":2775.67,"endTime":2778.5499999999997,"body":"very much a trigger subject for"},{"speaker":"Nick Lincoln","startTime":2778.5499999999997,"endTime":2782.5099999999998,"body":"certain people out there SGP,"},{"speaker":"Nick Lincoln","startTime":2778.5499999999997,"endTime":2782.5099999999998,"body":"the IFA forum that I that I"},{"speaker":"Nick Lincoln","startTime":2782.6,"endTime":2786.0499999999997,"body":"managed the Google group thing."},{"speaker":"Nick Lincoln","startTime":2782.6,"endTime":2786.0499999999997,"body":"There's a guy in there who said"},{"speaker":"Nick Lincoln","startTime":2786.0499999999997,"endTime":2788.33,"body":"he listened to one episode of"},{"speaker":"Nick Lincoln","startTime":2786.0499999999997,"endTime":2788.33,"body":"trap and then said, I'll never"},{"speaker":"Nick Lincoln","startTime":2788.33,"endTime":2791.69,"body":"listen to it again, it was such"},{"speaker":"Nick Lincoln","startTime":2788.33,"endTime":2791.69,"body":"a loving for SJP, or whatever. I"},{"speaker":"Nick Lincoln","startTime":2791.69,"endTime":2793.94,"body":"thought it was quite a balanced"},{"speaker":"Nick Lincoln","startTime":2791.69,"endTime":2793.94,"body":"episode, Episode 15 is Sunday"},{"speaker":"Nick Lincoln","startTime":2793.94,"endTime":2796.94,"body":"our most downloaded one. And we"},{"speaker":"Nick Lincoln","startTime":2793.94,"endTime":2796.94,"body":"know that it went quite high up"},{"speaker":"Nick Lincoln","startTime":2796.94,"endTime":2802.64,"body":"into the echelons at at the the"},{"speaker":"Nick Lincoln","startTime":2796.94,"endTime":2802.64,"body":"SDP management. And there is a"},{"speaker":"Nick Lincoln","startTime":2802.64,"endTime":2805.3399999999997,"body":"view that the SDP model was"},{"speaker":"Nick Lincoln","startTime":2802.64,"endTime":2805.3399999999997,"body":"probably unraveling prior to"},{"speaker":"Nick Lincoln","startTime":2805.3399999999997,"endTime":2808.2799999999997,"body":"this list of revelations, hence"},{"speaker":"Nick Lincoln","startTime":2805.3399999999997,"endTime":2808.2799999999997,"body":"them reducing their charges, and"},{"speaker":"Nick Lincoln","startTime":2808.2799999999997,"endTime":2811.16,"body":"so forth, there seems to be some"},{"speaker":"Nick Lincoln","startTime":2808.2799999999997,"endTime":2811.16,"body":"discontent with a significant"},{"speaker":"Nick Lincoln","startTime":2811.16,"endTime":2815.15,"body":"number of partners within the"},{"speaker":"Nick Lincoln","startTime":2811.16,"endTime":2815.15,"body":"ESTP partner practice model. And"},{"speaker":"Nick Lincoln","startTime":2815.39,"endTime":2817.1,"body":"there's also this other thing"},{"speaker":"Nick Lincoln","startTime":2815.39,"endTime":2817.1,"body":"going on where they're going to"},{"speaker":"Nick Lincoln","startTime":2817.1,"endTime":2820.0699999999997,"body":"make a move to incorporating"},{"speaker":"Nick Lincoln","startTime":2817.1,"endTime":2820.0699999999997,"body":"passives in their business"},{"speaker":"Nick Lincoln","startTime":2820.0699999999997,"endTime":2823.37,"body":"model, not entirely, but they're"},{"speaker":"Nick Lincoln","startTime":2820.0699999999997,"endTime":2823.37,"body":"going to start bringing them in,"},{"speaker":"Nick Lincoln","startTime":2823.49,"endTime":2826.25,"body":"which must be a very interesting"},{"speaker":"Nick Lincoln","startTime":2823.49,"endTime":2826.25,"body":"discussion for a brand that for"},{"speaker":"Nick Lincoln","startTime":2826.25,"endTime":2831.0499999999997,"body":"over 30 years or so, their whole"},{"speaker":"Nick Lincoln","startTime":2826.25,"endTime":2831.0499999999997,"body":"cachet their whole this is what"},{"speaker":"Nick Lincoln","startTime":2831.0499999999997,"endTime":2834.1099999999997,"body":"makes us special was we're going"},{"speaker":"Nick Lincoln","startTime":2831.0499999999997,"endTime":2834.1099999999997,"body":"to pick the very best active"},{"speaker":"Nick Lincoln","startTime":2834.1099999999997,"endTime":2836.93,"body":"managers. And we're going to"},{"speaker":"Nick Lincoln","startTime":2834.1099999999997,"endTime":2836.93,"body":"have an investment committee to"},{"speaker":"Nick Lincoln","startTime":2836.93,"endTime":2839.54,"body":"monitor these managers and make"},{"speaker":"Nick Lincoln","startTime":2836.93,"endTime":2839.54,"body":"sure you Mr. And Mrs. Client are"},{"speaker":"Nick Lincoln","startTime":2839.54,"endTime":2841.97,"body":"getting the very best active"},{"speaker":"Nick Lincoln","startTime":2839.54,"endTime":2841.97,"body":"management you can and now to"},{"speaker":"Nick Lincoln","startTime":2841.97,"endTime":2844.79,"body":"bring impact that passes that'll"},{"speaker":"Nick Lincoln","startTime":2841.97,"endTime":2844.79,"body":"be an interesting thing to see"},{"speaker":"Nick Lincoln","startTime":2844.79,"endTime":2847.52,"body":"how that pans out. So there's"},{"speaker":"Nick Lincoln","startTime":2844.79,"endTime":2847.52,"body":"loads going on with SJP at the"},{"speaker":"Nick Lincoln","startTime":2847.52,"endTime":2850.88,"body":"moment. Why am I why why is this"},{"speaker":"Nick Lincoln","startTime":2847.52,"endTime":2850.88,"body":"of interest to an IFA? Well, the"},{"speaker":"Nick Lincoln","startTime":2850.88,"endTime":2854.63,"body":"couple of things. The main thing"},{"speaker":"Nick Lincoln","startTime":2850.88,"endTime":2854.63,"body":"is don't be too smug about this,"},{"speaker":"Nick Lincoln","startTime":2854.63,"endTime":2858.0499999999997,"body":"okay? If, if these claims firms"},{"speaker":"Nick Lincoln","startTime":2854.63,"endTime":2858.0499999999997,"body":"are going after SJP. Now,"},{"speaker":"Nick Lincoln","startTime":2858.0499999999997,"endTime":2861.14,"body":"because of a lack of ongoing"},{"speaker":"Nick Lincoln","startTime":2858.0499999999997,"endTime":2861.14,"body":"service, which classifiion pay,"},{"speaker":"Nick Lincoln","startTime":2861.47,"endTime":2865.37,"body":"that lighthouse will eventually"},{"speaker":"Nick Lincoln","startTime":2861.47,"endTime":2865.37,"body":"turn his beam on to our sector."},{"speaker":"Nick Lincoln","startTime":2865.43,"endTime":2867.5899999999997,"body":"So you better make sure you're"},{"speaker":"Nick Lincoln","startTime":2865.43,"endTime":2867.5899999999997,"body":"delivering a service to your"},{"speaker":"Nick Lincoln","startTime":2867.5899999999997,"endTime":2869.8399999999997,"body":"clients if if clients are paying"},{"speaker":"Nick Lincoln","startTime":2867.5899999999997,"endTime":2869.8399999999997,"body":"for it. And if you better have"},{"speaker":"Nick Lincoln","startTime":2869.8399999999997,"endTime":2872.33,"body":"evidence that you've, you've"},{"speaker":"Nick Lincoln","startTime":2869.8399999999997,"endTime":2872.33,"body":"gone to those clients every year"},{"speaker":"Nick Lincoln","startTime":2872.33,"endTime":2874.85,"body":"or every six months and offered"},{"speaker":"Nick Lincoln","startTime":2872.33,"endTime":2874.85,"body":"them at least offered them the"},{"speaker":"Nick Lincoln","startTime":2874.85,"endTime":2877.16,"body":"chance of a planning session or"},{"speaker":"Nick Lincoln","startTime":2874.85,"endTime":2877.16,"body":"review service, whatever you"},{"speaker":"Nick Lincoln","startTime":2877.16,"endTime":2880.2799999999997,"body":"call them. If you don't, don't"},{"speaker":"Nick Lincoln","startTime":2877.16,"endTime":2880.2799999999997,"body":"be smug about this because"},{"speaker":"Nick Lincoln","startTime":2880.2799999999997,"endTime":2885.29,"body":"you're going to be in trouble."},{"speaker":"Nick Lincoln","startTime":2880.2799999999997,"endTime":2885.29,"body":"And and I just, it's just very,"},{"speaker":"Nick Lincoln","startTime":2885.29,"endTime":2889.31,"body":"very front of house, and perhaps"},{"speaker":"Nick Lincoln","startTime":2885.29,"endTime":2889.31,"body":"potentially for ifas as well,"},{"speaker":"Nick Lincoln","startTime":2889.31,"endTime":2891.38,"body":"there's a good chance you're"},{"speaker":"Nick Lincoln","startTime":2889.31,"endTime":2891.38,"body":"gonna pick up some SGP business,"},{"speaker":"Nick Lincoln","startTime":2891.38,"endTime":2893.72,"body":"I don't know there must be"},{"speaker":"Nick Lincoln","startTime":2891.38,"endTime":2893.72,"body":"disgruntled SDP clients out"},{"speaker":"Nick Lincoln","startTime":2893.72,"endTime":2897.44,"body":"there who are looking for proper"},{"speaker":"Nick Lincoln","startTime":2893.72,"endTime":2897.44,"body":"full fat financial planning full"},{"speaker":"Nick Lincoln","startTime":2897.44,"endTime":2899.69,"body":"fat financial planning, I'll use"},{"speaker":"Nick Lincoln","startTime":2897.44,"endTime":2899.69,"body":"that phrase again. Because the"},{"speaker":"Nick Lincoln","startTime":2899.69,"endTime":2901.8199999999997,"body":"guy in the IFA forum, he doesn't"},{"speaker":"Nick Lincoln","startTime":2899.69,"endTime":2901.8199999999997,"body":"like that phrase. I'll say it a"},{"speaker":"Nick Lincoln","startTime":2901.8199999999997,"endTime":2904.43,"body":"third time full fat financial"},{"speaker":"Nick Lincoln","startTime":2901.8199999999997,"endTime":2904.43,"body":"planning, you might have the"},{"speaker":"Nick Lincoln","startTime":2904.43,"endTime":2908.69,"body":"chance to pick up some business"},{"speaker":"Nick Lincoln","startTime":2904.43,"endTime":2908.69,"body":"MSTP. So I'm throwing that over"},{"speaker":"Nick Lincoln","startTime":2908.69,"endTime":2913.79,"body":"to the group call stop laughing."},{"speaker":"Nick Lincoln","startTime":2908.69,"endTime":2913.79,"body":"And who am I going to hand over"},{"speaker":"Nick Lincoln","startTime":2913.79,"endTime":2915.3199999999997,"body":"to Mr. Hart? Ultra?"},{"speaker":"Andy Hart","startTime":2915.709,"endTime":2920.149,"body":"Okay. Yeah, I very"},{"speaker":"Andy Hart","startTime":2915.709,"endTime":2920.149,"body":"triggering subject for lots of"},{"speaker":"Andy Hart","startTime":2920.149,"endTime":2923.179,"body":"advisors. And there's lots going"},{"speaker":"Andy Hart","startTime":2920.149,"endTime":2923.179,"body":"on. So first disclosure, yeah, I"},{"speaker":"Andy Hart","startTime":2923.209,"endTime":2926.749,"body":"in my consultancy role I work"},{"speaker":"Andy Hart","startTime":2923.209,"endTime":2926.749,"body":"with sa P and I've had that have"},{"speaker":"Andy Hart","startTime":2926.749,"endTime":2929.299,"body":"done for years, I'm generally"},{"speaker":"Andy Hart","startTime":2926.749,"endTime":2929.299,"body":"helping them implement their"},{"speaker":"Andy Hart","startTime":2929.8689999999997,"endTime":2932.8689999999997,"body":"goal based financial planning,"},{"speaker":"Andy Hart","startTime":2929.8689999999997,"endTime":2932.8689999999997,"body":"I've trained loads of their"},{"speaker":"Andy Hart","startTime":2932.8689999999997,"endTime":2936.109,"body":"partners, lots of them listen to"},{"speaker":"Andy Hart","startTime":2932.8689999999997,"endTime":2936.109,"body":"trap, lots of them come to hum,"},{"speaker":"Andy Hart","startTime":2936.169,"endTime":2939.0789999999997,"body":"you know, so the ones I see are"},{"speaker":"Andy Hart","startTime":2936.169,"endTime":2939.0789999999997,"body":"generally, let's say the good"},{"speaker":"Andy Hart","startTime":2939.0789999999997,"endTime":2941.749,"body":"eggs, the ones that want to"},{"speaker":"Andy Hart","startTime":2939.0789999999997,"endTime":2941.749,"body":"learn, of course, this coaster,"},{"speaker":"Andy Hart","startTime":2941.749,"endTime":2944.359,"body":"I think four and a half 5000"},{"speaker":"Andy Hart","startTime":2941.749,"endTime":2944.359,"body":"advisors, you get a good, you"},{"speaker":"Andy Hart","startTime":2944.359,"endTime":2947.239,"body":"know, big mix. But the latest"},{"speaker":"Andy Hart","startTime":2944.359,"endTime":2947.239,"body":"changes are huge is their"},{"speaker":"Andy Hart","startTime":2947.239,"endTime":2949.3689999999997,"body":"biggest change I've ever gone"},{"speaker":"Andy Hart","startTime":2947.239,"endTime":2949.3689999999997,"body":"through in the history of the"},{"speaker":"Andy Hart","startTime":2949.3689999999997,"endTime":2953.179,"body":"firm. So there is certainly a"},{"speaker":"Andy Hart","startTime":2949.3689999999997,"endTime":2953.179,"body":"lot going on. But I still"},{"speaker":"Andy Hart","startTime":2953.179,"endTime":2955.939,"body":"maintain that predominantly,"},{"speaker":"Andy Hart","startTime":2953.179,"endTime":2955.939,"body":"they're providing financial"},{"speaker":"Andy Hart","startTime":2955.939,"endTime":2960.8889999999997,"body":"advice and investment management"},{"speaker":"Andy Hart","startTime":2955.939,"endTime":2960.8889999999997,"body":"with a human touch. And I think"},{"speaker":"Andy Hart","startTime":2960.8889999999997,"endTime":2964.6389999999997,"body":"they're a high end vanilla firm."},{"speaker":"Andy Hart","startTime":2960.8889999999997,"endTime":2964.6389999999997,"body":"They use funds, you know, yes,"},{"speaker":"Andy Hart","startTime":2964.6389999999997,"endTime":2967.129,"body":"they're not the best performing"},{"speaker":"Andy Hart","startTime":2964.6389999999997,"endTime":2967.129,"body":"funds, you know, compared to"},{"speaker":"Andy Hart","startTime":2967.129,"endTime":2969.859,"body":"some alternatives potentially,"},{"speaker":"Andy Hart","startTime":2967.129,"endTime":2969.859,"body":"but they don't buy individual"},{"speaker":"Andy Hart","startTime":2969.859,"endTime":2973.0389999999998,"body":"stocks. They generally are"},{"speaker":"Andy Hart","startTime":2969.859,"endTime":2973.0389999999998,"body":"looking after pension. So"},{"speaker":"Andy Hart","startTime":2973.0389999999998,"endTime":2975.949,"body":"they're there, they're helping"},{"speaker":"Andy Hart","startTime":2973.0389999999998,"endTime":2975.949,"body":"middle England plan their"},{"speaker":"Andy Hart","startTime":2975.949,"endTime":2979.489,"body":"retirement, which is the biggest"},{"speaker":"Andy Hart","startTime":2975.949,"endTime":2979.489,"body":"financial, you know, societal"},{"speaker":"Andy Hart","startTime":2979.489,"endTime":2981.979,"body":"issue. And out of all the money"},{"speaker":"Andy Hart","startTime":2979.489,"endTime":2981.979,"body":"they look after, they're"},{"speaker":"Andy Hart","startTime":2981.979,"endTime":2984.169,"body":"predominantly global equities,"},{"speaker":"Andy Hart","startTime":2981.979,"endTime":2984.169,"body":"which is, again, something I've"},{"speaker":"Andy Hart","startTime":2984.169,"endTime":2986.8089999999997,"body":"been banging on about for years."},{"speaker":"Andy Hart","startTime":2984.169,"endTime":2986.8089999999997,"body":"And something also I'm very pro,"},{"speaker":"Andy Hart","startTime":2987.199,"endTime":2991.009,"body":"the latest account show that"},{"speaker":"Andy Hart","startTime":2987.199,"endTime":2991.009,"body":"they're 76% in global equities."},{"speaker":"Andy Hart","startTime":2991.459,"endTime":2995.299,"body":"And the numbers are huge, As"},{"speaker":"Andy Hart","startTime":2991.459,"endTime":2995.299,"body":"Nick said, you know, 958,000"},{"speaker":"Andy Hart","startTime":2995.299,"endTime":2999.319,"body":"clients, the close to a million"},{"speaker":"Andy Hart","startTime":2995.299,"endTime":2999.319,"body":"clients, and these clients are"},{"speaker":"Andy Hart","startTime":2999.319,"endTime":3001.959,"body":"not, you know, all idiots if"},{"speaker":"Andy Hart","startTime":2999.319,"endTime":3001.959,"body":"they were getting no service,"},{"speaker":"Andy Hart","startTime":3001.959,"endTime":3005.0789999999997,"body":"they wouldn't be clients as"},{"speaker":"Andy Hart","startTime":3001.959,"endTime":3005.0789999999997,"body":"such. They've got obviously the"},{"speaker":"Andy Hart","startTime":3005.0789999999997,"endTime":3007.659,"body":"Academy, which as well, which is"},{"speaker":"Andy Hart","startTime":3005.0789999999997,"endTime":3007.659,"body":"what we speak about, which is"},{"speaker":"Andy Hart","startTime":3007.689,"endTime":3010.299,"body":"bringing the next generation"},{"speaker":"Andy Hart","startTime":3007.689,"endTime":3010.299,"body":"through and they're doing, I"},{"speaker":"Andy Hart","startTime":3010.299,"endTime":3013.8089999999997,"body":"think, better work in that space"},{"speaker":"Andy Hart","startTime":3010.299,"endTime":3013.8089999999997,"body":"than anyone else I've seen."},{"speaker":"Andy Hart","startTime":3014.049,"endTime":3016.179,"body":"Obviously, people like next gen"},{"speaker":"Andy Hart","startTime":3014.049,"endTime":3016.179,"body":"are doing some great stuff, but"},{"speaker":"Andy Hart","startTime":3016.179,"endTime":3019.899,"body":"that they've got the sort of"},{"speaker":"Andy Hart","startTime":3016.179,"endTime":3019.899,"body":"full service model through and"},{"speaker":"Andy Hart","startTime":3019.899,"endTime":3022.3289999999997,"body":"as I say they do proper"},{"speaker":"Andy Hart","startTime":3019.899,"endTime":3022.3289999999997,"body":"financial planning, tax"},{"speaker":"Andy Hart","startTime":3022.3289999999997,"endTime":3024.7889999999998,"body":"wrappers, getting clients to"},{"speaker":"Andy Hart","startTime":3022.3289999999997,"endTime":3024.7889999999998,"body":"increase their contributions."},{"speaker":"Andy Hart","startTime":3025.0589999999997,"endTime":3028.1189999999997,"body":"They're not selling trash that"},{"speaker":"Andy Hart","startTime":3025.0589999999997,"endTime":3028.1189999999997,"body":"blows up. You know, they're self"},{"speaker":"Andy Hart","startTime":3028.1189999999997,"endTime":3030.7889999999998,"body":"insuring all the stuff that they"},{"speaker":"Andy Hart","startTime":3028.1189999999997,"endTime":3030.7889999999998,"body":"sell, so they want to be clean"},{"speaker":"Andy Hart","startTime":3030.7889999999998,"endTime":3035.1389999999997,"body":"business. Should I continue? The"},{"speaker":"Andy Hart","startTime":3030.7889999999998,"endTime":3035.1389999999997,"body":"people I think there's real"},{"speaker":"Andy Hart","startTime":3035.1389999999997,"endTime":3038.5589999999997,"body":"sharks in this business. A real"},{"speaker":"Andy Hart","startTime":3035.1389999999997,"endTime":3038.5589999999997,"body":"pirates and pinstripes are the D"},{"speaker":"Andy Hart","startTime":3038.5589999999997,"endTime":3043.359,"body":"FM's that just do investment"},{"speaker":"Andy Hart","startTime":3038.5589999999997,"endTime":3043.359,"body":"management not investment."},{"speaker":"Andy Hart","startTime":3050.23,"endTime":3055.0,"body":"Yeah, these some firms charge"},{"speaker":"Andy Hart","startTime":3050.23,"endTime":3055.0,"body":"minimum 1% plus VAT, even higher"},{"speaker":"Andy Hart","startTime":3055.0,"endTime":3058.8399999999997,"body":"one and a half. And all they do"},{"speaker":"Andy Hart","startTime":3055.0,"endTime":3058.8399999999997,"body":"and all these other smoke and"},{"speaker":"Andy Hart","startTime":3058.8399999999997,"endTime":3062.02,"body":"mirrors costs extract value over"},{"speaker":"Andy Hart","startTime":3058.8399999999997,"endTime":3062.02,"body":"time they provide zero financial"},{"speaker":"Andy Hart","startTime":3062.02,"endTime":3065.7999999999997,"body":"planning zero tax strategy, they"},{"speaker":"Andy Hart","startTime":3062.02,"endTime":3065.7999999999997,"body":"overcomplicate for profit, they"},{"speaker":"Andy Hart","startTime":3065.7999999999997,"endTime":3070.81,"body":"hide behind quarterly investment"},{"speaker":"Andy Hart","startTime":3065.7999999999997,"endTime":3070.81,"body":"reshuffles reports, Pinky rings,"},{"speaker":"Andy Hart","startTime":3070.81,"endTime":3075.46,"body":"fancy coffees, I use words like"},{"speaker":"Andy Hart","startTime":3070.81,"endTime":3075.46,"body":"wealth preservation. These are"},{"speaker":"Andy Hart","startTime":3075.46,"endTime":3077.5299999999997,"body":"the firms that bought On my"},{"speaker":"Andy Hart","startTime":3075.46,"endTime":3077.5299999999997,"body":"blog, and some people are paying"},{"speaker":"Andy Hart","startTime":3077.5299999999997,"endTime":3080.7999999999997,"body":"two or 3%, for absolutely"},{"speaker":"Andy Hart","startTime":3077.5299999999997,"endTime":3080.7999999999997,"body":"nothing apart from investment"},{"speaker":"Andy Hart","startTime":3080.7999999999997,"endTime":3083.44,"body":"management, they're certainly"},{"speaker":"Andy Hart","startTime":3080.7999999999997,"endTime":3083.44,"body":"not getting any proper financial"},{"speaker":"Andy Hart","startTime":3083.44,"endTime":3088.18,"body":"planning reviews. So back to"},{"speaker":"Andy Hart","startTime":3083.44,"endTime":3088.18,"body":"SJP. If they're charging, pick a"},{"speaker":"Andy Hart","startTime":3088.18,"endTime":3092.08,"body":"number 2%. But you're getting"},{"speaker":"Andy Hart","startTime":3088.18,"endTime":3092.08,"body":"proper financial advice, getting"},{"speaker":"Andy Hart","startTime":3092.08,"endTime":3095.17,"body":"invested in generally global"},{"speaker":"Andy Hart","startTime":3092.08,"endTime":3095.17,"body":"equities, and your income tax"},{"speaker":"Andy Hart","startTime":3095.17,"endTime":3098.1099999999997,"body":"planning has been added to it. I"},{"speaker":"Andy Hart","startTime":3095.17,"endTime":3098.1099999999997,"body":"think the guns are focused in"},{"speaker":"Andy Hart","startTime":3098.1099999999997,"endTime":3102.43,"body":"the wrong direction. I mean,"},{"speaker":"Andy Hart","startTime":3098.1099999999997,"endTime":3102.43,"body":"ifas lose their mind over, you"},{"speaker":"Andy Hart","startTime":3102.43,"endTime":3105.8199999999997,"body":"know, SJP, for some reason, they"},{"speaker":"Andy Hart","startTime":3102.43,"endTime":3105.8199999999997,"body":"each have their own, but"},{"speaker":"Andy Hart","startTime":3105.94,"endTime":3109.2999999999997,"body":"obviously things slightly"},{"speaker":"Andy Hart","startTime":3105.94,"endTime":3109.2999999999997,"body":"differently. My final point is"},{"speaker":"Andy Hart","startTime":3109.2999999999997,"endTime":3113.71,"body":"on the other end of this market,"},{"speaker":"Andy Hart","startTime":3109.2999999999997,"endTime":3113.71,"body":"you know, the robos on online,"},{"speaker":"Andy Hart","startTime":3113.74,"endTime":3118.15,"body":"there's companies like not make"},{"speaker":"Andy Hart","startTime":3113.74,"endTime":3118.15,"body":"pension be, they charge all in"},{"speaker":"Andy Hart","startTime":3118.15,"endTime":3124.39,"body":"1%, but zero advice, proudly,"},{"speaker":"Andy Hart","startTime":3118.15,"endTime":3124.39,"body":"zero advice. And most of them"},{"speaker":"Andy Hart","startTime":3124.7799999999997,"endTime":3127.15,"body":"get all the asset allocation"},{"speaker":"Andy Hart","startTime":3124.7799999999997,"endTime":3127.15,"body":"wrong. So you're paying for"},{"speaker":"Andy Hart","startTime":3127.15,"endTime":3129.73,"body":"asset Miss allocation, because"},{"speaker":"Andy Hart","startTime":3127.15,"endTime":3129.73,"body":"you fill in some mumbo jumbo"},{"speaker":"Andy Hart","startTime":3129.73,"endTime":3132.04,"body":"questionnaire, and you end up"},{"speaker":"Andy Hart","startTime":3129.73,"endTime":3132.04,"body":"with a portfolio that's not"},{"speaker":"Andy Hart","startTime":3132.04,"endTime":3135.94,"body":"predominantly invested in global"},{"speaker":"Andy Hart","startTime":3132.04,"endTime":3135.94,"body":"equities, no advisor, nobody to"},{"speaker":"Andy Hart","startTime":3135.94,"endTime":3138.85,"body":"call you, or sorry, nobody"},{"speaker":"Andy Hart","startTime":3135.94,"endTime":3138.85,"body":"physical, nobody's doing your"},{"speaker":"Andy Hart","startTime":3138.85,"endTime":3143.38,"body":"situation. So we've got the"},{"speaker":"Andy Hart","startTime":3138.85,"endTime":3143.38,"body":"extreme of robos, charging 1%,"},{"speaker":"Andy Hart","startTime":3143.47,"endTime":3148.15,"body":"the real sharks charging two 3%"},{"speaker":"Andy Hart","startTime":3143.47,"endTime":3148.15,"body":"for wealth extraction, and then"},{"speaker":"Andy Hart","startTime":3148.15,"endTime":3151.21,"body":"we're sort of in the middle, and"},{"speaker":"Andy Hart","startTime":3148.15,"endTime":3151.21,"body":"I put SJP with us, you know,"},{"speaker":"Andy Hart","startTime":3151.21,"endTime":3154.66,"body":"with the human advisor. But"},{"speaker":"Andy Hart","startTime":3151.21,"endTime":3154.66,"body":"yeah, if they have clients that"},{"speaker":"Andy Hart","startTime":3154.66,"endTime":3157.2999999999997,"body":"have been paying for service or"},{"speaker":"Andy Hart","startTime":3154.66,"endTime":3157.2999999999997,"body":"haven't been receiving it, this"},{"speaker":"Andy Hart","startTime":3157.2999999999997,"endTime":3161.92,"body":"is unacceptable. And consumer"},{"speaker":"Andy Hart","startTime":3157.2999999999997,"endTime":3161.92,"body":"Duty has on earth that. But"},{"speaker":"Andy Hart","startTime":3161.92,"endTime":3164.44,"body":"you're right, Nick, it shouldn't"},{"speaker":"Andy Hart","startTime":3161.92,"endTime":3164.44,"body":"take consumer duty to tell a"},{"speaker":"Andy Hart","startTime":3164.44,"endTime":3166.33,"body":"firm that someone's paying for a"},{"speaker":"Andy Hart","startTime":3164.44,"endTime":3166.33,"body":"service, they should be getting"},{"speaker":"Andy Hart","startTime":3166.33,"endTime":3169.96,"body":"something out of it. So there's"},{"speaker":"Andy Hart","startTime":3166.33,"endTime":3169.96,"body":"a few just points there."},{"speaker":"Nick Lincoln","startTime":3171.1,"endTime":3172.54,"body":"I think I think it"},{"speaker":"Nick Lincoln","startTime":3171.1,"endTime":3172.54,"body":"came to light, it wasn't"},{"speaker":"Nick Lincoln","startTime":3172.54,"endTime":3175.7799999999997,"body":"necessarily consumer duty, was"},{"speaker":"Nick Lincoln","startTime":3172.54,"endTime":3175.7799999999997,"body":"it? I think that SJP didn't have"},{"speaker":"Nick Lincoln","startTime":3175.81,"endTime":3178.2999999999997,"body":"a sort of CRM system in place"},{"speaker":"Nick Lincoln","startTime":3175.81,"endTime":3178.2999999999997,"body":"for a number of years, or they"},{"speaker":"Nick Lincoln","startTime":3178.2999999999997,"endTime":3180.88,"body":"had an in house one that just"},{"speaker":"Nick Lincoln","startTime":3178.2999999999997,"endTime":3180.88,"body":"wasn't up to it. And they they"},{"speaker":"Nick Lincoln","startTime":3180.88,"endTime":3185.65,"body":"brought in Salesforce in 2021."},{"speaker":"Nick Lincoln","startTime":3180.88,"endTime":3185.65,"body":"And migrated the clients answer"},{"speaker":"Nick Lincoln","startTime":3185.65,"endTime":3188.68,"body":"there and suddenly they look"},{"speaker":"Nick Lincoln","startTime":3185.65,"endTime":3188.68,"body":"through the past pattern of"},{"speaker":"Nick Lincoln","startTime":3188.77,"endTime":3192.13,"body":"appointments and emails outside"},{"speaker":"Nick Lincoln","startTime":3188.77,"endTime":3192.13,"body":"Do you want? Do you want you"},{"speaker":"Nick Lincoln","startTime":3192.13,"endTime":3193.81,"body":"know, it's time for us to get"},{"speaker":"Nick Lincoln","startTime":3192.13,"endTime":3193.81,"body":"together and throw a hold on"},{"speaker":"Nick Lincoln","startTime":3193.8399999999997,"endTime":3196.87,"body":"there are sways of clients here"},{"speaker":"Nick Lincoln","startTime":3193.8399999999997,"endTime":3196.87,"body":"who haven't even been offered"},{"speaker":"Nick Lincoln","startTime":3196.87,"endTime":3200.3199999999997,"body":"this. So I think maybe maybe"},{"speaker":"Nick Lincoln","startTime":3196.87,"endTime":3200.3199999999997,"body":"conjoined with"},{"speaker":"Andy Hart","startTime":3201.79,"endTime":3205.0899999999997,"body":"my point on the DFM"},{"speaker":"Andy Hart","startTime":3201.79,"endTime":3205.0899999999997,"body":"if the regulator's going to say,"},{"speaker":"Andy Hart","startTime":3205.42,"endTime":3209.3199999999997,"body":"we need activity to show ongoing"},{"speaker":"Andy Hart","startTime":3205.42,"endTime":3209.3199999999997,"body":"service, I understand it, but"},{"speaker":"Andy Hart","startTime":3209.3199999999997,"endTime":3212.44,"body":"what I mean is, it's hard. Okay,"},{"speaker":"Andy Hart","startTime":3209.3199999999997,"endTime":3212.44,"body":"so what's going to happen is"},{"speaker":"Andy Hart","startTime":3212.44,"endTime":3214.45,"body":"they're just going to do"},{"speaker":"Andy Hart","startTime":3212.44,"endTime":3214.45,"body":"quarterly investment reshuffles."},{"speaker":"Andy Hart","startTime":3214.45,"endTime":3217.15,"body":"And so we've done everything,"},{"speaker":"Andy Hart","startTime":3214.45,"endTime":3217.15,"body":"and all they've done is add a"},{"speaker":"Andy Hart","startTime":3217.15,"endTime":3220.06,"body":"shadow Morphe Oh, yeah. But"},{"speaker":"Andy Hart","startTime":3217.15,"endTime":3220.06,"body":"we're sassing the market out and"},{"speaker":"Andy Hart","startTime":3220.15,"endTime":3223.6,"body":"we're keeping an eye out. And"},{"speaker":"Andy Hart","startTime":3220.15,"endTime":3223.6,"body":"we're, we're making tweaks. So"},{"speaker":"Andy Hart","startTime":3223.81,"endTime":3226.72,"body":"again, the regulator, obviously"},{"speaker":"Andy Hart","startTime":3223.81,"endTime":3226.72,"body":"an annual planning review,"},{"speaker":"Andy Hart","startTime":3226.72,"endTime":3228.7599999999998,"body":"that's lifestyle, financial"},{"speaker":"Andy Hart","startTime":3226.72,"endTime":3228.7599999999998,"body":"planning, focus, what's going"},{"speaker":"Andy Hart","startTime":3228.7599999999998,"endTime":3230.83,"body":"on, realize what's changed,"},{"speaker":"Andy Hart","startTime":3228.7599999999998,"endTime":3230.83,"body":"how's the family getting on,"},{"speaker":"Andy Hart","startTime":3230.83,"endTime":3232.39,"body":"that's the good stuff,"},{"speaker":"Andy Hart","startTime":3230.83,"endTime":3232.39,"body":"obviously, that needs to be"},{"speaker":"Andy Hart","startTime":3232.39,"endTime":3235.3599999999997,"body":"recorded. But if the FCA you're"},{"speaker":"Andy Hart","startTime":3232.39,"endTime":3235.3599999999997,"body":"gonna go down on investment"},{"speaker":"Andy Hart","startTime":3235.3599999999997,"endTime":3239.23,"body":"firms to say that we need to see"},{"speaker":"Andy Hart","startTime":3235.3599999999997,"endTime":3239.23,"body":"activity, again, is gonna"},{"speaker":"Andy Hart","startTime":3239.23,"endTime":3243.97,"body":"promote, you know, bad"},{"speaker":"Andy Hart","startTime":3239.23,"endTime":3243.97,"body":"investment behavior. So it's a"},{"speaker":"Andy Hart","startTime":3244.54,"endTime":3246.31,"body":"gray area on that side, just"},{"speaker":"Nick Lincoln","startTime":3246.31,"endTime":3249.37,"body":"before we had also"},{"speaker":"Nick Lincoln","startTime":3246.31,"endTime":3249.37,"body":"been nice. So 958,000 clients"},{"speaker":"Nick Lincoln","startTime":3249.4,"endTime":3252.5499999999997,"body":"with about four and a half 1000"},{"speaker":"Nick Lincoln","startTime":3249.4,"endTime":3252.5499999999997,"body":"partners. Bingo, that's, that's,"},{"speaker":"Nick Lincoln","startTime":3252.88,"endTime":3255.25,"body":"that's all and again, it's an"},{"speaker":"Nick Lincoln","startTime":3252.88,"endTime":3255.25,"body":"average to take this with him."},{"speaker":"Nick Lincoln","startTime":3255.25,"endTime":3259.63,"body":"So that's over 200 clients per"},{"speaker":"Nick Lincoln","startTime":3255.25,"endTime":3259.63,"body":"advisor. It's really hard"},{"speaker":"Nick Lincoln","startTime":3259.66,"endTime":3263.14,"body":"really, really hard to offer an"},{"speaker":"Nick Lincoln","startTime":3259.66,"endTime":3263.14,"body":"ongoing full fat planning"},{"speaker":"Nick Lincoln","startTime":3263.14,"endTime":3265.12,"body":"service if you've got a 212"},{"speaker":"Andy Hart","startTime":3265.15,"endTime":3268.0899999999997,"body":"Nick dischargers to"},{"speaker":"Andy Hart","startTime":3265.15,"endTime":3268.0899999999997,"body":"chip in Remember, a lot of the"},{"speaker":"Andy Hart","startTime":3268.0899999999997,"endTime":3270.7,"body":"admin a lot compliance a lot of"},{"speaker":"Andy Hart","startTime":3268.0899999999997,"endTime":3270.7,"body":"the regulator's stuff is taken"},{"speaker":"Andy Hart","startTime":3270.7,"endTime":3271.87,"body":"care of, you know, are like"},{"speaker":"Nick Lincoln","startTime":3273.16,"endTime":3275.5299999999997,"body":"talking about the"},{"speaker":"Nick Lincoln","startTime":3273.16,"endTime":3275.5299999999997,"body":"emotional stuff. You can form"},{"speaker":"Nick Lincoln","startTime":3275.5299999999997,"endTime":3278.5299999999997,"body":"deep friendships. Well, you Andy"},{"speaker":"Nick Lincoln","startTime":3275.5299999999997,"endTime":3278.5299999999997,"body":"with about three people, me with"},{"speaker":"Nick Lincoln","startTime":3278.5299999999997,"endTime":3282.7,"body":"about two, you have about five"},{"speaker":"Nick Lincoln","startTime":3278.5299999999997,"endTime":3282.7,"body":"and you know, is five, five, too"},{"speaker":"Nick Lincoln","startTime":3282.7,"endTime":3286.81,"body":"many mate if you're, once it"},{"speaker":"Nick Lincoln","startTime":3282.7,"endTime":3286.81,"body":"goes to the thumb on bug, but"},{"speaker":"Nick Lincoln","startTime":3287.35,"endTime":3290.83,"body":"they make about 100 people 125"},{"speaker":"Nick Lincoln","startTime":3287.35,"endTime":3290.83,"body":"people is the number of that you"},{"speaker":"Nick Lincoln","startTime":3290.83,"endTime":3293.62,"body":"could probably maintain some"},{"speaker":"Nick Lincoln","startTime":3290.83,"endTime":3293.62,"body":"kind of emotional relationship."},{"speaker":"Nick Lincoln","startTime":3293.62,"endTime":3296.2599999999998,"body":"So that's what sucked up. Sorry."},{"speaker":"Andy Hart","startTime":3296.2599999999998,"endTime":3298.63,"body":"My final point, the"},{"speaker":"Andy Hart","startTime":3296.2599999999998,"endTime":3298.63,"body":"advice gap is going to grow"},{"speaker":"Andy Hart","startTime":3298.63,"endTime":3302.1099999999997,"body":"after this because obviously,"},{"speaker":"Andy Hart","startTime":3298.63,"endTime":3302.1099999999997,"body":"larger firms are going to"},{"speaker":"Andy Hart","startTime":3302.1099999999997,"endTime":3307.96,"body":"struggle to service smaller"},{"speaker":"Andy Hart","startTime":3302.1099999999997,"endTime":3307.96,"body":"value clients, if they're going"},{"speaker":"Andy Hart","startTime":3307.96,"endTime":3312.43,"body":"to, you know, someone's got a"},{"speaker":"Andy Hart","startTime":3307.96,"endTime":3312.43,"body":"3030 grand pension. Do I need to"},{"speaker":"Andy Hart","startTime":3312.43,"endTime":3316.18,"body":"see them every year? Again, we"},{"speaker":"Andy Hart","startTime":3312.43,"endTime":3316.18,"body":"can argue that all day, or is it"},{"speaker":"Andy Hart","startTime":3316.18,"endTime":3319.6,"body":"just okay that I charge them a"},{"speaker":"Andy Hart","startTime":3316.18,"endTime":3319.6,"body":"small fee that my firm can still"},{"speaker":"Andy Hart","startTime":3319.6,"endTime":3322.69,"body":"be profitable, but we're there"},{"speaker":"Andy Hart","startTime":3319.6,"endTime":3322.69,"body":"if you need us? Again, I'm just"},{"speaker":"Andy Hart","startTime":3322.69,"endTime":3324.73,"body":"throwing out there. I'm not"},{"speaker":"Andy Hart","startTime":3322.69,"endTime":3324.73,"body":"saying it's right or wrong. But"},{"speaker":"Andy Hart","startTime":3324.73,"endTime":3328.27,"body":"I'm saying the advice gap will"},{"speaker":"Andy Hart","startTime":3324.73,"endTime":3328.27,"body":"increase now. And then people"},{"speaker":"Andy Hart","startTime":3328.54,"endTime":3331.8399999999997,"body":"will end up with nutmeg and"},{"speaker":"Andy Hart","startTime":3328.54,"endTime":3331.8399999999997,"body":"pension B or who won't"},{"speaker":"Nick Lincoln","startTime":3333.609,"endTime":3335.709,"body":"get enough the law"},{"speaker":"Nick Lincoln","startTime":3333.609,"endTime":3335.709,"body":"of unintended consequences. My"},{"speaker":"Nick Lincoln","startTime":3335.709,"endTime":3339.519,"body":"friend, storyteller you've been"},{"speaker":"Nick Lincoln","startTime":3335.709,"endTime":3339.519,"body":"you've been? You've been quiet"},{"speaker":"Nick Lincoln","startTime":3339.519,"endTime":3341.8889999999997,"body":"for 15 minutes. I can see the"},{"speaker":"Nick Lincoln","startTime":3339.519,"endTime":3341.8889999999997,"body":"steam coming out of your ears My"},{"speaker":"Nick Lincoln","startTime":3341.8889999999997,"endTime":3342.0989999999997,"body":"friend."},{"speaker":"Alan Smith","startTime":3344.109,"endTime":3347.1389999999997,"body":"Yeah, I mean, it's a"},{"speaker":"Alan Smith","startTime":3344.109,"endTime":3347.1389999999997,"body":"huge subjects and I think"},{"speaker":"Alan Smith","startTime":3347.169,"endTime":3350.409,"body":"obviously you've we started off"},{"speaker":"Alan Smith","startTime":3347.169,"endTime":3350.409,"body":"with looking at SJP but as far"},{"speaker":"Alan Smith","startTime":3350.409,"endTime":3354.819,"body":"for wider than that, SGP share"},{"speaker":"Alan Smith","startTime":3350.409,"endTime":3354.819,"body":"prices collapse, but if you look"},{"speaker":"Alan Smith","startTime":3354.819,"endTime":3360.7889999999998,"body":"at so has Aberdeen so has"},{"speaker":"Alan Smith","startTime":3354.819,"endTime":3360.7889999999998,"body":"rathbones. So how Schroeder's"},{"speaker":"Alan Smith","startTime":3360.7889999999998,"endTime":3365.919,"body":"none to the same extent but the"},{"speaker":"Alan Smith","startTime":3360.7889999999998,"endTime":3365.919,"body":"vol most of the main players in"},{"speaker":"Alan Smith","startTime":3365.919,"endTime":3369.969,"body":"Rita Hargreaves, in retail,"},{"speaker":"Alan Smith","startTime":3365.919,"endTime":3369.969,"body":"financial investment advice,"},{"speaker":"Alan Smith","startTime":3369.969,"endTime":3371.949,"body":"whatever you want to call it,"},{"speaker":"Alan Smith","startTime":3369.969,"endTime":3371.949,"body":"sorry NICK Yes,"},{"speaker":"Nick Lincoln","startTime":3371.98,"endTime":3373.54,"body":"who wants to say"},{"speaker":"Nick Lincoln","startTime":3371.98,"endTime":3373.54,"body":"quilters are looking to they're"},{"speaker":"Nick Lincoln","startTime":3373.54,"endTime":3376.5699999999997,"body":"looking to shed loads of their"},{"speaker":"Nick Lincoln","startTime":3373.54,"endTime":3376.5699999999997,"body":"advice is this this this models"},{"speaker":"Alan Smith","startTime":3378.609,"endTime":3381.0389999999998,"body":"there is a kind of"},{"speaker":"Alan Smith","startTime":3378.609,"endTime":3381.0389999999998,"body":"talking about a talked about"},{"speaker":"Alan Smith","startTime":3381.0389999999998,"endTime":3384.429,"body":"this a bit before there's,"},{"speaker":"Alan Smith","startTime":3381.0389999999998,"endTime":3384.429,"body":"there's a lot more going on"},{"speaker":"Alan Smith","startTime":3384.489,"endTime":3387.519,"body":"underneath the bonnet here"},{"speaker":"Alan Smith","startTime":3384.489,"endTime":3387.519,"body":"loads, the SJP thing came in"},{"speaker":"Alan Smith","startTime":3387.519,"endTime":3390.819,"body":"because of this very specific"},{"speaker":"Alan Smith","startTime":3387.519,"endTime":3390.819,"body":"but that number of advisors,"},{"speaker":"Alan Smith","startTime":3391.209,"endTime":3394.239,"body":"there is a consumer duty related"},{"speaker":"Alan Smith","startTime":3391.209,"endTime":3394.239,"body":"thing yes probably was something"},{"speaker":"Alan Smith","startTime":3394.239,"endTime":3397.089,"body":"about maybe that maybe some of"},{"speaker":"Alan Smith","startTime":3394.239,"endTime":3397.089,"body":"these reviews are being done but"},{"speaker":"Alan Smith","startTime":3397.089,"endTime":3399.3089999999997,"body":"weren't being adequately"},{"speaker":"Alan Smith","startTime":3397.089,"endTime":3399.3089999999997,"body":"recorded. But that's a problem"},{"speaker":"Alan Smith","startTime":3399.3089999999997,"endTime":3403.179,"body":"in and of itself, if you've no"},{"speaker":"Alan Smith","startTime":3399.3089999999997,"endTime":3403.179,"body":"way of evidencing this, this"},{"speaker":"Alan Smith","startTime":3403.179,"endTime":3408.279,"body":"stuff. But hand in hand with"},{"speaker":"Alan Smith","startTime":3403.179,"endTime":3408.279,"body":"this goes, we we talked about"},{"speaker":"Alan Smith","startTime":3408.279,"endTime":3412.419,"body":"this an episode or two ago, this"},{"speaker":"Alan Smith","startTime":3408.279,"endTime":3412.419,"body":"kind of global transition"},{"speaker":"Alan Smith","startTime":3412.419,"endTime":3415.659,"body":"towards low cost, more"},{"speaker":"Alan Smith","startTime":3412.419,"endTime":3415.659,"body":"transparent index type"},{"speaker":"Alan Smith","startTime":3415.659,"endTime":3419.979,"body":"investing, I think we reach this"},{"speaker":"Alan Smith","startTime":3415.659,"endTime":3419.979,"body":"tipping point where passive"},{"speaker":"Alan Smith","startTime":3419.979,"endTime":3423.759,"body":"investments for want of a better"},{"speaker":"Alan Smith","startTime":3419.979,"endTime":3423.759,"body":"description on are more than 50%"},{"speaker":"Alan Smith","startTime":3423.819,"endTime":3428.469,"body":"of the global kind of investment"},{"speaker":"Alan Smith","startTime":3423.819,"endTime":3428.469,"body":"management world. The world is"},{"speaker":"Alan Smith","startTime":3428.469,"endTime":3430.899,"body":"more transparent, people are"},{"speaker":"Alan Smith","startTime":3428.469,"endTime":3430.899,"body":"looking at increasing value for"},{"speaker":"Alan Smith","startTime":3430.899,"endTime":3433.839,"body":"money. We've referred to press"},{"speaker":"Alan Smith","startTime":3430.899,"endTime":3433.839,"body":"and media before, there's lots"},{"speaker":"Alan Smith","startTime":3433.839,"endTime":3437.319,"body":"and lots of press reports on"},{"speaker":"Alan Smith","startTime":3433.839,"endTime":3437.319,"body":"this. So these organizations"},{"speaker":"Alan Smith","startTime":3437.3489999999997,"endTime":3441.8489999999997,"body":"that have historically taken a"},{"speaker":"Alan Smith","startTime":3437.3489999999997,"endTime":3441.8489999999997,"body":"significant margin, from money"},{"speaker":"Alan Smith","startTime":3441.8489999999997,"endTime":3444.609,"body":"management, have been proven,"},{"speaker":"Alan Smith","startTime":3441.8489999999997,"endTime":3444.609,"body":"you know, this is this is not"},{"speaker":"Alan Smith","startTime":3444.609,"endTime":3448.269,"body":"news. This has been around for"},{"speaker":"Alan Smith","startTime":3444.609,"endTime":3448.269,"body":"decades. But you know, I think"},{"speaker":"Alan Smith","startTime":3448.269,"endTime":3451.659,"body":"sometimes things do take years"},{"speaker":"Alan Smith","startTime":3448.269,"endTime":3451.659,"body":"and years and decades to happen."},{"speaker":"Alan Smith","startTime":3452.019,"endTime":3454.449,"body":"And then all of a sudden, the"},{"speaker":"Alan Smith","startTime":3452.019,"endTime":3454.449,"body":"world catches up. And there's a"},{"speaker":"Alan Smith","startTime":3454.449,"endTime":3457.299,"body":"real there's a kind of snowball"},{"speaker":"Alan Smith","startTime":3454.449,"endTime":3457.299,"body":"effect. And it's really"},{"speaker":"Alan Smith","startTime":3457.299,"endTime":3459.909,"body":"impacted. And so more and more"},{"speaker":"Alan Smith","startTime":3457.299,"endTime":3459.909,"body":"people are looking at this."},{"speaker":"Alan Smith","startTime":3460.3289999999997,"endTime":3463.899,"body":"Don't forget, we talked about"},{"speaker":"Alan Smith","startTime":3460.3289999999997,"endTime":3463.899,"body":"this before the FCA have, for"},{"speaker":"Alan Smith","startTime":3463.929,"endTime":3467.1389999999997,"body":"some time now had these value"},{"speaker":"Alan Smith","startTime":3463.929,"endTime":3467.1389999999997,"body":"assessments in place, which"},{"speaker":"Alan Smith","startTime":3467.1389999999997,"endTime":3469.929,"body":"historically were a bit of a"},{"speaker":"Alan Smith","startTime":3467.1389999999997,"endTime":3469.929,"body":"joke, because you got to mark"},{"speaker":"Alan Smith","startTime":3469.929,"endTime":3472.8089999999997,"body":"your own homework and say, yeah,"},{"speaker":"Alan Smith","startTime":3469.929,"endTime":3472.8089999999997,"body":"they're quite good value for"},{"speaker":"Alan Smith","startTime":3472.8089999999997,"endTime":3475.659,"body":"money, even though it's"},{"speaker":"Alan Smith","startTime":3472.8089999999997,"endTime":3475.659,"body":"underperformed the index or the"},{"speaker":"Alan Smith","startTime":3475.659,"endTime":3480.609,"body":"benchmark years out year after"},{"speaker":"Alan Smith","startTime":3475.659,"endTime":3480.609,"body":"year after year. So my kind of"},{"speaker":"Alan Smith","startTime":3480.609,"endTime":3484.899,"body":"just sort of broadening this"},{"speaker":"Alan Smith","startTime":3480.609,"endTime":3484.899,"body":"conversation. I find it very"},{"speaker":"Alan Smith","startTime":3484.899,"endTime":3489.5789999999997,"body":"interesting, I really do there"},{"speaker":"Alan Smith","startTime":3484.899,"endTime":3489.5789999999997,"body":"is there was a book written many"},{"speaker":"Alan Smith","startTime":3489.5789999999997,"endTime":3493.959,"body":"years ago by a Harvard professor"},{"speaker":"Alan Smith","startTime":3489.5789999999997,"endTime":3493.959,"body":"called Clayton Christensen,"},{"speaker":"Alan Smith","startTime":3494.919,"endTime":3497.799,"body":"who's written a lot of books on"},{"speaker":"Alan Smith","startTime":3494.919,"endTime":3497.799,"body":"this sort of subject. But in"},{"speaker":"Alan Smith","startTime":3497.799,"endTime":3502.419,"body":"business in general, it's called"},{"speaker":"Alan Smith","startTime":3497.799,"endTime":3502.419,"body":"The Innovators Dilemma. And it's"},{"speaker":"Alan Smith","startTime":3502.419,"endTime":3507.189,"body":"this idea of large companies and"},{"speaker":"Alan Smith","startTime":3502.419,"endTime":3507.189,"body":"incumbents, they often have a"},{"speaker":"Alan Smith","startTime":3507.189,"endTime":3510.939,"body":"challenge, the very reason that"},{"speaker":"Alan Smith","startTime":3507.189,"endTime":3510.939,"body":"they become successful over time"},{"speaker":"Alan Smith","startTime":3510.939,"endTime":3513.879,"body":"is the very reason they should"},{"speaker":"Alan Smith","startTime":3510.939,"endTime":3513.879,"body":"disrupt themselves. But of"},{"speaker":"Alan Smith","startTime":3513.879,"endTime":3516.489,"body":"course, all these companies that"},{"speaker":"Alan Smith","startTime":3513.879,"endTime":3516.489,"body":"we talked about are listed"},{"speaker":"Alan Smith","startTime":3516.489,"endTime":3518.8889999999997,"body":"businesses, they've got"},{"speaker":"Alan Smith","startTime":3516.489,"endTime":3518.8889999999997,"body":"shareholders. Now, if you're an"},{"speaker":"Alan Smith","startTime":3518.8889999999997,"endTime":3522.429,"body":"SJP, shareholder right now,"},{"speaker":"Alan Smith","startTime":3518.8889999999997,"endTime":3522.429,"body":"you're the least happy of all of"},{"speaker":"Alan Smith","startTime":3522.429,"endTime":3526.509,"body":"them, you know, your clients are"},{"speaker":"Alan Smith","startTime":3522.429,"endTime":3526.509,"body":"some of them are probably"},{"speaker":"Alan Smith","startTime":3526.509,"endTime":3528.939,"body":"unhappy with some of them are"},{"speaker":"Alan Smith","startTime":3526.509,"endTime":3528.939,"body":"perfectly reasonable. A lot of"},{"speaker":"Alan Smith","startTime":3528.939,"endTime":3531.8489999999997,"body":"the advisors they're still doing"},{"speaker":"Alan Smith","startTime":3528.939,"endTime":3531.8489999999997,"body":"okay, but a shareholder having a"},{"speaker":"Alan Smith","startTime":3531.8489999999997,"endTime":3536.649,"body":"70% reversal. In the last few"},{"speaker":"Alan Smith","startTime":3531.8489999999997,"endTime":3536.649,"body":"years, they're probably the"},{"speaker":"Alan Smith","startTime":3536.649,"endTime":3539.859,"body":"least happy of all. So what do"},{"speaker":"Alan Smith","startTime":3536.649,"endTime":3539.859,"body":"you do? Now, again, I'm drawing"},{"speaker":"Alan Smith","startTime":3539.859,"endTime":3543.669,"body":"a few comparisons from the"},{"speaker":"Alan Smith","startTime":3539.859,"endTime":3543.669,"body":"broader world of just commerce,"},{"speaker":"Alan Smith","startTime":3544.0589999999997,"endTime":3546.999,"body":"which I think was the last one,"},{"speaker":"Alan Smith","startTime":3544.0589999999997,"endTime":3546.999,"body":"we talked about Google, for"},{"speaker":"Alan Smith","startTime":3546.999,"endTime":3549.3089999999997,"body":"example. Now they've got a whole"},{"speaker":"Alan Smith","startTime":3546.999,"endTime":3549.3089999999997,"body":"lot of other issues there. But"},{"speaker":"Alan Smith","startTime":3549.3089999999997,"endTime":3553.359,"body":"they're, they've dominated the"},{"speaker":"Alan Smith","startTime":3549.3089999999997,"endTime":3553.359,"body":"search space, again, for years,"},{"speaker":"Alan Smith","startTime":3553.3889999999997,"endTime":3556.209,"body":"all of a sudden, they're coming"},{"speaker":"Alan Smith","startTime":3553.3889999999997,"endTime":3556.209,"body":"under pressure with lots of"},{"speaker":"Alan Smith","startTime":3556.209,"endTime":3560.799,"body":"perplexity, some in some"},{"speaker":"Alan Smith","startTime":3556.209,"endTime":3560.799,"body":"internal cultural issues going"},{"speaker":"Alan Smith","startTime":3560.799,"endTime":3565.749,"body":"on here. So the investors"},{"speaker":"Alan Smith","startTime":3560.799,"endTime":3565.749,"body":"dilemma, that history is"},{"speaker":"Alan Smith","startTime":3565.749,"endTime":3569.8889999999997,"body":"littered with organizations that"},{"speaker":"Alan Smith","startTime":3565.749,"endTime":3569.8889999999997,"body":"dominated for decades and"},{"speaker":"Alan Smith","startTime":3569.8889999999997,"endTime":3572.6189999999997,"body":"decades and decades, until they"},{"speaker":"Alan Smith","startTime":3569.8889999999997,"endTime":3572.6189999999997,"body":"didn't, and the speed at which"},{"speaker":"Alan Smith","startTime":3572.6189999999997,"endTime":3576.189,"body":"they didn't, once it was on"},{"speaker":"Alan Smith","startTime":3572.6189999999997,"endTime":3576.189,"body":"earth happened quite quickly. So"},{"speaker":"Alan Smith","startTime":3576.8489999999997,"endTime":3583.509,"body":"Kodak, Blockbuster, Nokia,"},{"speaker":"Alan Smith","startTime":3576.8489999999997,"endTime":3583.509,"body":"BlackBerry, you name them, these"},{"speaker":"Alan Smith","startTime":3583.509,"endTime":3586.629,"body":"were dominant players, St."},{"speaker":"Alan Smith","startTime":3583.509,"endTime":3586.629,"body":"James's plays a dominant player"},{"speaker":"Alan Smith","startTime":3586.779,"endTime":3590.679,"body":"by a country mile, the largest"},{"speaker":"Alan Smith","startTime":3586.779,"endTime":3590.679,"body":"wealth management company in the"},{"speaker":"Alan Smith","startTime":3590.679,"endTime":3596.979,"body":"UK. The underlying issue here, I"},{"speaker":"Alan Smith","startTime":3590.679,"endTime":3596.979,"body":"think, is cultural. From what I"},{"speaker":"Alan Smith","startTime":3596.979,"endTime":3601.719,"body":"see I've got no inside view"},{"speaker":"Alan Smith","startTime":3596.979,"endTime":3601.719,"body":"whatsoever. I know as we all do,"},{"speaker":"Alan Smith","startTime":3601.749,"endTime":3604.3889999999997,"body":"some people who work there, I"},{"speaker":"Alan Smith","startTime":3601.749,"endTime":3604.3889999999997,"body":"have a few off the record"},{"speaker":"Alan Smith","startTime":3604.3889999999997,"endTime":3607.1189999999997,"body":"conversations, generally"},{"speaker":"Alan Smith","startTime":3604.3889999999997,"endTime":3607.1189999999997,"body":"speaking, positive people,"},{"speaker":"Alan Smith","startTime":3607.1189999999997,"endTime":3611.019,"body":"professional people. But there's"},{"speaker":"Alan Smith","startTime":3607.1189999999997,"endTime":3611.019,"body":"a general view that the culture"},{"speaker":"Alan Smith","startTime":3611.019,"endTime":3613.719,"body":"which was built for the last"},{"speaker":"Alan Smith","startTime":3611.019,"endTime":3613.719,"body":"several decades was"},{"speaker":"Alan Smith","startTime":3613.719,"endTime":3617.739,"body":"predominantly a sales culture. I"},{"speaker":"Alan Smith","startTime":3613.719,"endTime":3617.739,"body":"grew up in a sales culture,"},{"speaker":"Alan Smith","startTime":3617.739,"endTime":3621.189,"body":"nothing wrong with it. But at"},{"speaker":"Alan Smith","startTime":3617.739,"endTime":3621.189,"body":"some point, if you're delivering"},{"speaker":"Alan Smith","startTime":3621.189,"endTime":3623.919,"body":"a service, there's a difference"},{"speaker":"Alan Smith","startTime":3621.189,"endTime":3623.919,"body":"between a sale sales culture out"},{"speaker":"Alan Smith","startTime":3623.919,"endTime":3626.8889999999997,"body":"and out, sales culture was all"},{"speaker":"Alan Smith","startTime":3623.919,"endTime":3626.8889999999997,"body":"about the initial fees, and"},{"speaker":"Alan Smith","startTime":3626.8889999999997,"endTime":3630.429,"body":"gathering assets, and an ongoing"},{"speaker":"Alan Smith","startTime":3626.8889999999997,"endTime":3630.429,"body":"service culture, which is"},{"speaker":"Alan Smith","startTime":3630.429,"endTime":3632.5589999999997,"body":"predominantly about looking"},{"speaker":"Alan Smith","startTime":3630.429,"endTime":3632.5589999999997,"body":"after your existing customers"},{"speaker":"Alan Smith","startTime":3632.5589999999997,"endTime":3636.0389999999998,"body":"and clients and giving them a"},{"speaker":"Alan Smith","startTime":3632.5589999999997,"endTime":3636.0389999999998,"body":"world class service and being"},{"speaker":"Alan Smith","startTime":3636.069,"endTime":3640.419,"body":"rewarded for it. So long story"},{"speaker":"Alan Smith","startTime":3636.069,"endTime":3640.419,"body":"short, there is a fund in the"},{"speaker":"Alan Smith","startTime":3640.419,"endTime":3643.359,"body":"next I think the next two years"},{"speaker":"Alan Smith","startTime":3640.419,"endTime":3643.359,"body":"for some James's place, not just"},{"speaker":"Alan Smith","startTime":3643.359,"endTime":3645.759,"body":"them, but a lot of other"},{"speaker":"Alan Smith","startTime":3643.359,"endTime":3645.759,"body":"organizations who who are in the"},{"speaker":"Alan Smith","startTime":3645.759,"endTime":3649.839,"body":"same boat. It's make or break,"},{"speaker":"Alan Smith","startTime":3645.759,"endTime":3649.839,"body":"they will either get their act"},{"speaker":"Alan Smith","startTime":3649.839,"endTime":3652.8689999999997,"body":"together, they've got a new CEO"},{"speaker":"Alan Smith","startTime":3649.839,"endTime":3652.8689999999997,"body":"in place more I gather, and he's"},{"speaker":"Alan Smith","startTime":3652.8689999999997,"endTime":3655.479,"body":"just and he's getting all the"},{"speaker":"Alan Smith","startTime":3652.8689999999997,"endTime":3655.479,"body":"bad news out there as far as far"},{"speaker":"Alan Smith","startTime":3655.479,"endTime":3659.199,"body":"as he knows, and that's more bad"},{"speaker":"Alan Smith","startTime":3655.479,"endTime":3659.199,"body":"bad news. We don't yet know if"},{"speaker":"Alan Smith","startTime":3659.199,"endTime":3663.069,"body":"there's more. There's a lot of"},{"speaker":"Alan Smith","startTime":3659.199,"endTime":3663.069,"body":"bandwagon jumping these kinds of"},{"speaker":"Alan Smith","startTime":3663.069,"endTime":3666.219,"body":"ambulance chasing as a firm of"},{"speaker":"Alan Smith","startTime":3663.069,"endTime":3666.219,"body":"lawyers who are all over this."},{"speaker":"Alan Smith","startTime":3666.219,"endTime":3668.769,"body":"They their view is something was"},{"speaker":"Alan Smith","startTime":3666.219,"endTime":3668.769,"body":"published recently. I can't"},{"speaker":"Alan Smith","startTime":3668.769,"endTime":3672.3089999999997,"body":"remember the name three letters,"},{"speaker":"Alan Smith","startTime":3668.769,"endTime":3672.3089999999997,"body":"AKC or something like that. But"},{"speaker":"Alan Smith","startTime":3672.3089999999997,"endTime":3676.089,"body":"they really see a bonanza for"},{"speaker":"Alan Smith","startTime":3672.3089999999997,"endTime":3676.089,"body":"the legal profession and"},{"speaker":"Alan Smith","startTime":3676.1189999999997,"endTime":3679.629,"body":"wouldn't stay in the profession,"},{"speaker":"Alan Smith","startTime":3676.1189999999997,"endTime":3679.629,"body":"they have views that 70% of SGP"},{"speaker":"Alan Smith","startTime":3679.629,"endTime":3682.629,"body":"customers are in for some sort"},{"speaker":"Alan Smith","startTime":3679.629,"endTime":3682.629,"body":"of compensation. Obviously, they"},{"speaker":"Alan Smith","startTime":3682.629,"endTime":3686.739,"body":"would say that they're talking"},{"speaker":"Alan Smith","startTime":3682.629,"endTime":3686.739,"body":"their own book. But this is"},{"speaker":"Alan Smith","startTime":3686.739,"endTime":3688.749,"body":"going to, you know, the next"},{"speaker":"Alan Smith","startTime":3686.739,"endTime":3688.749,"body":"couple of years is going to be"},{"speaker":"Alan Smith","startTime":3688.749,"endTime":3690.8489999999997,"body":"clearing out the stables, you"},{"speaker":"Alan Smith","startTime":3688.749,"endTime":3690.8489999999997,"body":"know, they're going to have to"},{"speaker":"Alan Smith","startTime":3690.8489999999997,"endTime":3693.219,"body":"really clear up their act. And"},{"speaker":"Alan Smith","startTime":3690.8489999999997,"endTime":3693.219,"body":"it depends upon if you've been"},{"speaker":"Alan Smith","startTime":3693.219,"endTime":3696.129,"body":"brought up if you're 55 year old"},{"speaker":"Alan Smith","startTime":3693.219,"endTime":3696.129,"body":"advisor, they have been working"},{"speaker":"Alan Smith","startTime":3696.159,"endTime":3699.009,"body":"for 25 years, do you want to be"},{"speaker":"Alan Smith","startTime":3696.159,"endTime":3699.009,"body":"part of the new culture? Do you"},{"speaker":"Alan Smith","startTime":3699.009,"endTime":3700.839,"body":"really want to do that because"},{"speaker":"Alan Smith","startTime":3699.009,"endTime":3700.839,"body":"they're going to have to clean"},{"speaker":"Alan Smith","startTime":3700.839,"endTime":3705.279,"body":"their their ACT UP. And they're"},{"speaker":"Alan Smith","startTime":3700.839,"endTime":3705.279,"body":"going to have to almost"},{"speaker":"Alan Smith","startTime":3705.279,"endTime":3708.249,"body":"cannibalize their business model"},{"speaker":"Alan Smith","startTime":3705.279,"endTime":3708.249,"body":"upon which they become, you"},{"speaker":"Alan Smith","startTime":3708.249,"endTime":3711.999,"body":"know, great at what they are"},{"speaker":"Alan Smith","startTime":3708.249,"endTime":3711.999,"body":"doing. So this is I would say"},{"speaker":"Alan Smith","startTime":3711.999,"endTime":3714.939,"body":"this, this is the blockbuster"},{"speaker":"Alan Smith","startTime":3711.999,"endTime":3714.939,"body":"moment for some James Yeah, base"},{"speaker":"Alan Smith","startTime":3714.969,"endTime":3716.469,"body":"there are, they're either going"},{"speaker":"Alan Smith","startTime":3714.969,"endTime":3716.469,"body":"to have to recognize that"},{"speaker":"Alan Smith","startTime":3716.469,"endTime":3718.839,"body":"Netflix is a new model. And"},{"speaker":"Alan Smith","startTime":3716.469,"endTime":3718.839,"body":"people want to want different"},{"speaker":"Alan Smith","startTime":3718.839,"endTime":3721.959,"body":"services, different value for"},{"speaker":"Alan Smith","startTime":3718.839,"endTime":3721.959,"body":"money, greater transparency, or"},{"speaker":"Alan Smith","startTime":3721.959,"endTime":3724.179,"body":"they're going to stick to their"},{"speaker":"Alan Smith","startTime":3721.959,"endTime":3724.179,"body":"guns and say no, that because of"},{"speaker":"Alan Smith","startTime":3724.179,"endTime":3727.029,"body":"the culture in the business,"},{"speaker":"Alan Smith","startTime":3724.179,"endTime":3727.029,"body":"because the predominant senior"},{"speaker":"Alan Smith","startTime":3727.029,"endTime":3730.149,"body":"people or a lot of the advisors"},{"speaker":"Alan Smith","startTime":3727.029,"endTime":3730.149,"body":"say this is the way that it's"},{"speaker":"Alan Smith","startTime":3730.149,"endTime":3735.009,"body":"worked for me. So I think we're"},{"speaker":"Alan Smith","startTime":3730.149,"endTime":3735.009,"body":"at a really interesting point in"},{"speaker":"Alan Smith","startTime":3735.009,"endTime":3738.459,"body":"history in UK, retail financial"},{"speaker":"Alan Smith","startTime":3735.009,"endTime":3738.459,"body":"services, and the next couple of"},{"speaker":"Alan Smith","startTime":3738.459,"endTime":3740.709,"body":"years is going to determine the"},{"speaker":"Alan Smith","startTime":3738.459,"endTime":3740.709,"body":"direction of travel Andy."},{"speaker":"Andy Hart","startTime":3740.74,"endTime":3742.45,"body":"Yeah, following on"},{"speaker":"Andy Hart","startTime":3740.74,"endTime":3742.45,"body":"from the book, The Innovators"},{"speaker":"Andy Hart","startTime":3742.45,"endTime":3745.0299999999997,"body":"Dilemma, I mean, as a parent"},{"speaker":"Andy Hart","startTime":3742.45,"endTime":3745.0299999999997,"body":"example of disrupting"},{"speaker":"Andy Hart","startTime":3745.0299999999997,"endTime":3747.94,"body":"themselves, this is their"},{"speaker":"Andy Hart","startTime":3745.0299999999997,"endTime":3747.94,"body":"disrupting themselves moment. So"},{"speaker":"Andy Hart","startTime":3747.94,"endTime":3751.18,"body":"you're right, it is make or"},{"speaker":"Andy Hart","startTime":3747.94,"endTime":3751.18,"body":"break for the next block of time"},{"speaker":"Andy Hart","startTime":3751.54,"endTime":3753.64,"body":"over to call? Yeah,"},{"speaker":"Carl Widger","startTime":3753.67,"endTime":3756.7,"body":"I suppose Look, I"},{"speaker":"Carl Widger","startTime":3753.67,"endTime":3756.7,"body":"don't have necessarily skin in"},{"speaker":"Carl Widger","startTime":3756.7,"endTime":3762.43,"body":"this game, because SJP aren't in"},{"speaker":"Carl Widger","startTime":3756.7,"endTime":3762.43,"body":"Ireland. And they're, you know,"},{"speaker":"Carl Widger","startTime":3762.46,"endTime":3765.22,"body":"they're not competitors of mine."},{"speaker":"Carl Widger","startTime":3762.46,"endTime":3765.22,"body":"And I do see, because of this"},{"speaker":"Carl Widger","startTime":3765.22,"endTime":3769.48,"body":"podcast, I'm LinkedIn with tons"},{"speaker":"Carl Widger","startTime":3765.22,"endTime":3769.48,"body":"and tons and tons of UK advisors"},{"speaker":"Carl Widger","startTime":3769.48,"endTime":3774.16,"body":"on I see some particular"},{"speaker":"Carl Widger","startTime":3769.48,"endTime":3774.16,"body":"advisors, you know, all they"},{"speaker":"Carl Widger","startTime":3774.16,"endTime":3777.91,"body":"want to do is posts LinkedIn"},{"speaker":"Carl Widger","startTime":3774.16,"endTime":3777.91,"body":"stuff about how it's return on"},{"speaker":"Carl Widger","startTime":3777.91,"endTime":3782.8599999999997,"body":"the lists. It's tiresome, and"},{"speaker":"Carl Widger","startTime":3777.91,"endTime":3782.8599999999997,"body":"you know, I don't know who"},{"speaker":"Carl Widger","startTime":3782.8599999999997,"endTime":3786.88,"body":"they're aiming that off. Are"},{"speaker":"Carl Widger","startTime":3782.8599999999997,"endTime":3786.88,"body":"they just looking for Pat's in"},{"speaker":"Carl Widger","startTime":3786.88,"endTime":3790.15,"body":"the back from other advisors?"},{"speaker":"Carl Widger","startTime":3786.88,"endTime":3790.15,"body":"Or, I don't know. But if I was a"},{"speaker":"Carl Widger","startTime":3790.15,"endTime":3795.88,"body":"client, looking at somebody just"},{"speaker":"Carl Widger","startTime":3790.15,"endTime":3795.88,"body":"putting out all this detrimental"},{"speaker":"Carl Widger","startTime":3795.88,"endTime":3799.06,"body":"stuff about another firm I'd be,"},{"speaker":"Carl Widger","startTime":3795.88,"endTime":3799.06,"body":"it would become tiresome for me."},{"speaker":"Carl Widger","startTime":3799.24,"endTime":3802.3599999999997,"body":"I think Alan hit the nail on the"},{"speaker":"Carl Widger","startTime":3799.24,"endTime":3802.3599999999997,"body":"head there, right. And Andy has"},{"speaker":"Carl Widger","startTime":3802.3599999999997,"endTime":3806.35,"body":"alluded to it as well, right?"},{"speaker":"Carl Widger","startTime":3802.3599999999997,"endTime":3806.35,"body":"They've, they've, they've"},{"speaker":"Carl Widger","startTime":3806.35,"endTime":3810.91,"body":"identified that this ain't gonna"},{"speaker":"Carl Widger","startTime":3806.35,"endTime":3810.91,"body":"work going forward. And they've"},{"speaker":"Carl Widger","startTime":3810.91,"endTime":3814.93,"body":"said, we are going to have to"},{"speaker":"Carl Widger","startTime":3810.91,"endTime":3814.93,"body":"take some massive, massive pain,"},{"speaker":"Carl Widger","startTime":3815.17,"endTime":3817.69,"body":"we're gonna have to I love what"},{"speaker":"Carl Widger","startTime":3815.17,"endTime":3817.69,"body":"you just said, there, Andy,"},{"speaker":"Carl Widger","startTime":3817.8399999999997,"endTime":3820.69,"body":"we're going to have to disrupt"},{"speaker":"Carl Widger","startTime":3817.8399999999997,"endTime":3820.69,"body":"ourselves. And the one thing I"},{"speaker":"Carl Widger","startTime":3820.69,"endTime":3823.48,"body":"would say, Ireland about, you"},{"speaker":"Carl Widger","startTime":3820.69,"endTime":3823.48,"body":"know, Kodak, or blockbuster,"},{"speaker":"Carl Widger","startTime":3823.48,"endTime":3828.37,"body":"whatever, those those businesses"},{"speaker":"Carl Widger","startTime":3823.48,"endTime":3828.37,"body":"went out of business, because of"},{"speaker":"Carl Widger","startTime":3828.37,"endTime":3832.0,"body":"technological advancements, this"},{"speaker":"Carl Widger","startTime":3828.37,"endTime":3832.0,"body":"actually is a service business."},{"speaker":"Carl Widger","startTime":3832.3599999999997,"endTime":3835.54,"body":"And they've, you know, full fat"},{"speaker":"Carl Widger","startTime":3832.3599999999997,"endTime":3835.54,"body":"financial planning. There we go"},{"speaker":"Carl Widger","startTime":3835.54,"endTime":3839.8599999999997,"body":"again, Nick. Good luck, it's"},{"speaker":"Carl Widger","startTime":3835.54,"endTime":3839.8599999999997,"body":"relatively new. And it's"},{"speaker":"Carl Widger","startTime":3839.8599999999997,"endTime":3845.77,"body":"definitely much newer than SJP."},{"speaker":"Carl Widger","startTime":3839.8599999999997,"endTime":3845.77,"body":"So as JP have figured out, okay,"},{"speaker":"Carl Widger","startTime":3845.98,"endTime":3850.18,"body":"we're going to have to get into"},{"speaker":"Carl Widger","startTime":3845.98,"endTime":3850.18,"body":"doing full financial planning."},{"speaker":"Carl Widger","startTime":3850.5699999999997,"endTime":3853.54,"body":"passive investing is something"},{"speaker":"Carl Widger","startTime":3850.5699999999997,"endTime":3853.54,"body":"that you know, people are"},{"speaker":"Carl Widger","startTime":3853.54,"endTime":3858.1,"body":"looking for. So I applaud the"},{"speaker":"Carl Widger","startTime":3853.54,"endTime":3858.1,"body":"leadership in SJP, to say, we"},{"speaker":"Carl Widger","startTime":3858.1,"endTime":3862.39,"body":"are going to take some serious"},{"speaker":"Carl Widger","startTime":3858.1,"endTime":3862.39,"body":"flak, serious pain on our"},{"speaker":"Carl Widger","startTime":3862.39,"endTime":3866.02,"body":"shareholders get ready, this is"},{"speaker":"Carl Widger","startTime":3862.39,"endTime":3866.02,"body":"going to go pear shaped, but"},{"speaker":"Carl Widger","startTime":3866.29,"endTime":3870.13,"body":"it's not easy scale a business"},{"speaker":"Carl Widger","startTime":3866.29,"endTime":3870.13,"body":"with full fat financial"},{"speaker":"Carl Widger","startTime":3870.13,"endTime":3872.2599999999998,"body":"planning, that's going to be"},{"speaker":"Carl Widger","startTime":3870.13,"endTime":3872.2599999999998,"body":"their challenge, because they"},{"speaker":"Carl Widger","startTime":3872.2599999999998,"endTime":3876.25,"body":"scale the business on selling"},{"speaker":"Carl Widger","startTime":3872.2599999999998,"endTime":3876.25,"body":"funds moving on selling funds"},{"speaker":"Carl Widger","startTime":3876.25,"endTime":3879.3399999999997,"body":"moving on. So it's going to be"},{"speaker":"Carl Widger","startTime":3876.25,"endTime":3879.3399999999997,"body":"interesting to see how it plays"},{"speaker":"Carl Widger","startTime":3879.3399999999997,"endTime":3882.64,"body":"out. I don't invest in"},{"speaker":"Carl Widger","startTime":3879.3399999999997,"endTime":3882.64,"body":"individual stocks. But if I did,"},{"speaker":"Carl Widger","startTime":3883.0299999999997,"endTime":3888.58,"body":"I'd be I'd be investing in SJP."},{"speaker":"Carl Widger","startTime":3883.0299999999997,"endTime":3888.58,"body":"Now, because we know that this"},{"speaker":"Carl Widger","startTime":3888.58,"endTime":3892.54,"body":"business is is broadly speaking"},{"speaker":"Carl Widger","startTime":3888.58,"endTime":3892.54,"body":"really, really, really sticky."},{"speaker":"Carl Widger","startTime":3892.9,"endTime":3897.25,"body":"So I can't see them losing a"},{"speaker":"Carl Widger","startTime":3892.9,"endTime":3897.25,"body":"whole ton percentage wise of"},{"speaker":"Carl Widger","startTime":3897.25,"endTime":3900.91,"body":"their almost million customers,"},{"speaker":"Carl Widger","startTime":3897.25,"endTime":3900.91,"body":"they're going to fix it, or"},{"speaker":"Carl Widger","startTime":3900.91,"endTime":3903.6099999999997,"body":"they're going to at least try,"},{"speaker":"Carl Widger","startTime":3900.91,"endTime":3903.6099999999997,"body":"they will lose some for sure."},{"speaker":"Carl Widger","startTime":3903.64,"endTime":3908.38,"body":"But they'll be in a stronger"},{"speaker":"Carl Widger","startTime":3903.64,"endTime":3908.38,"body":"position going forward. So yeah,"},{"speaker":"Carl Widger","startTime":3908.38,"endTime":3912.5499999999997,"body":"and the other point is, you"},{"speaker":"Carl Widger","startTime":3908.38,"endTime":3912.5499999999997,"body":"know, they, they do do a lot of"},{"speaker":"Carl Widger","startTime":3912.5499999999997,"endTime":3916.87,"body":"good stuff as well. And it is"},{"speaker":"Carl Widger","startTime":3912.5499999999997,"endTime":3916.87,"body":"good. There's loads of good"},{"speaker":"Carl Widger","startTime":3916.87,"endTime":3921.0699999999997,"body":"stuff in there. And yeah, I"},{"speaker":"Carl Widger","startTime":3916.87,"endTime":3921.0699999999997,"body":"would say watch this space,"},{"speaker":"Carl Widger","startTime":3921.0699999999997,"endTime":3924.16,"body":"they're certainly not going"},{"speaker":"Carl Widger","startTime":3921.0699999999997,"endTime":3924.16,"body":"away, because they are taking"},{"speaker":"Carl Widger","startTime":3924.16,"endTime":3927.73,"body":"the pain. It'd be much worse,"},{"speaker":"Carl Widger","startTime":3924.16,"endTime":3927.73,"body":"folks, if they just buried the"},{"speaker":"Carl Widger","startTime":3927.73,"endTime":3930.5499999999997,"body":"head in the sand and said, Let's"},{"speaker":"Carl Widger","startTime":3927.73,"endTime":3930.5499999999997,"body":"just keep going for as long as"},{"speaker":"Carl Widger","startTime":3930.5499999999997,"endTime":3933.04,"body":"we can. They're not doing well,"},{"speaker":"Carl Widger","startTime":3930.5499999999997,"endTime":3933.04,"body":"at least they're trying to make"},{"speaker":"Carl Widger","startTime":3933.04,"endTime":3933.85,"body":"changes. Let's"},{"speaker":"Alan Smith","startTime":3933.88,"endTime":3936.1,"body":"we're not an"},{"speaker":"Alan Smith","startTime":3933.88,"endTime":3936.1,"body":"apologist as part of the"},{"speaker":"Alan Smith","startTime":3936.1,"endTime":3939.22,"body":"organization that definitely we"},{"speaker":"Alan Smith","startTime":3936.1,"endTime":3939.22,"body":"spoke about it as Nick mentioned"},{"speaker":"Alan Smith","startTime":3939.22,"endTime":3943.5099999999998,"body":"already the previous episode,"},{"speaker":"Alan Smith","startTime":3939.22,"endTime":3943.5099999999998,"body":"historically, they are they're"},{"speaker":"Alan Smith","startTime":3943.54,"endTime":3946.33,"body":"they're expensive, their funds"},{"speaker":"Alan Smith","startTime":3943.54,"endTime":3946.33,"body":"are expensive, and as a"},{"speaker":"Alan Smith","startTime":3946.33,"endTime":3948.91,"body":"consequence of that the"},{"speaker":"Alan Smith","startTime":3946.33,"endTime":3948.91,"body":"underperform you know, that's"},{"speaker":"Alan Smith","startTime":3948.91,"endTime":3951.73,"body":"that's the things it's not it's"},{"speaker":"Alan Smith","startTime":3948.91,"endTime":3951.73,"body":"not it's not a great place, you"},{"speaker":"Alan Smith","startTime":3951.73,"endTime":3954.2799999999997,"body":"wouldn't you know, you wouldn't"},{"speaker":"Alan Smith","startTime":3951.73,"endTime":3954.2799999999997,"body":"recommend your friends or family"},{"speaker":"Alan Smith","startTime":3954.2799999999997,"endTime":3955.99,"body":"historically, I certainly"},{"speaker":"Alan Smith","startTime":3954.2799999999997,"endTime":3955.99,"body":"wouldn't recommend friends"},{"speaker":"Alan Smith","startTime":3955.99,"endTime":3960.3399999999997,"body":"family to use them. I have a"},{"speaker":"Alan Smith","startTime":3955.99,"endTime":3960.3399999999997,"body":"high quality independent proper"},{"speaker":"Alan Smith","startTime":3960.3399999999997,"endTime":3965.41,"body":"planning firm, for sure. And"},{"speaker":"Alan Smith","startTime":3960.3399999999997,"endTime":3965.41,"body":"they were a mass market"},{"speaker":"Alan Smith","startTime":3965.41,"endTime":3969.7599999999998,"body":"business. But I think there's a"},{"speaker":"Alan Smith","startTime":3965.41,"endTime":3969.7599999999998,"body":"couple of interesting points"},{"speaker":"Alan Smith","startTime":3969.7599999999998,"endTime":3972.19,"body":"that come out of this. And just"},{"speaker":"Alan Smith","startTime":3969.7599999999998,"endTime":3972.19,"body":"to summarize what a couple of"},{"speaker":"Alan Smith","startTime":3972.19,"endTime":3977.5299999999997,"body":"you have already said the key"},{"speaker":"Alan Smith","startTime":3972.19,"endTime":3977.5299999999997,"body":"issue Hear the starting point is"},{"speaker":"Alan Smith","startTime":3977.5299999999997,"endTime":3980.71,"body":"the delivery of promises, right?"},{"speaker":"Alan Smith","startTime":3977.5299999999997,"endTime":3980.71,"body":"We promise we do an annual"},{"speaker":"Alan Smith","startTime":3980.71,"endTime":3984.13,"body":"review. But the what makes up an"},{"speaker":"Alan Smith","startTime":3980.71,"endTime":3984.13,"body":"annual review is yet to be"},{"speaker":"Alan Smith","startTime":3984.13,"endTime":3986.56,"body":"determined. What does that mean?"},{"speaker":"Alan Smith","startTime":3984.13,"endTime":3986.56,"body":"As Andy already talked about"},{"speaker":"Alan Smith","startTime":3986.56,"endTime":3990.49,"body":"this? Does that mean? I'll send"},{"speaker":"Alan Smith","startTime":3986.56,"endTime":3990.49,"body":"you a letter once a year with a"},{"speaker":"Alan Smith","startTime":3990.49,"endTime":3994.06,"body":"statement of your portfolio and"},{"speaker":"Alan Smith","startTime":3990.49,"endTime":3994.06,"body":"say you're up? 10%? You're down"},{"speaker":"Alan Smith","startTime":3994.06,"endTime":3997.99,"body":"10%? You know, is does that"},{"speaker":"Alan Smith","startTime":3994.06,"endTime":3997.99,"body":"qualify? Because you go from"},{"speaker":"Alan Smith","startTime":3997.99,"endTime":4000.9,"body":"there. It's like quantitative"},{"speaker":"Alan Smith","startTime":3997.99,"endTime":4000.9,"body":"and qualitative. Because you can"},{"speaker":"Alan Smith","startTime":4000.9,"endTime":4004.92,"body":"say we did, we did 100% client"},{"speaker":"Alan Smith","startTime":4000.9,"endTime":4004.92,"body":"reviews this year, therefore,"},{"speaker":"Alan Smith","startTime":4004.92,"endTime":4008.31,"body":"we've justified our fees that"},{"speaker":"Alan Smith","startTime":4004.92,"endTime":4008.31,"body":"we've retained on it. But then"},{"speaker":"Alan Smith","startTime":4008.4,"endTime":4011.3399999999997,"body":"different people want different"},{"speaker":"Alan Smith","startTime":4008.4,"endTime":4011.3399999999997,"body":"things. I've often looked at"},{"speaker":"Alan Smith","startTime":4011.3399999999997,"endTime":4014.19,"body":"when I when I can be bothered to"},{"speaker":"Alan Smith","startTime":4011.3399999999997,"endTime":4014.19,"body":"look at other organizations that"},{"speaker":"Alan Smith","startTime":4014.19,"endTime":4016.17,"body":"are listed business and they"},{"speaker":"Alan Smith","startTime":4014.19,"endTime":4016.17,"body":"published their again, I think"},{"speaker":"Alan Smith","startTime":4016.17,"endTime":4020.7599999999998,"body":"one of the very first episodes"},{"speaker":"Alan Smith","startTime":4016.17,"endTime":4020.7599999999998,"body":"we did was we talked to the SGPs"},{"speaker":"Alan Smith","startTime":4020.7599999999998,"endTime":4023.85,"body":"numbers and there was there for"},{"speaker":"Alan Smith","startTime":4020.7599999999998,"endTime":4023.85,"body":"years they've come in for so"},{"speaker":"Alan Smith","startTime":4023.85,"endTime":4026.7,"body":"much negative publicity, The"},{"speaker":"Alan Smith","startTime":4023.85,"endTime":4026.7,"body":"Times has been a Sunday Times,"},{"speaker":"Alan Smith","startTime":4027.0899999999997,"endTime":4029.88,"body":"what's his name, Ali has seen"},{"speaker":"Alan Smith","startTime":4027.0899999999997,"endTime":4029.88,"body":"had a symptom of a vendetta and"},{"speaker":"Alan Smith","startTime":4029.88,"endTime":4033.99,"body":"it was the first few reports he"},{"speaker":"Alan Smith","startTime":4029.88,"endTime":4033.99,"body":"did were quite interesting and"},{"speaker":"Alan Smith","startTime":4033.99,"endTime":4035.97,"body":"thought, haha, and then"},{"speaker":"Alan Smith","startTime":4033.99,"endTime":4035.97,"body":"eventually got pretty dull,"},{"speaker":"Alan Smith","startTime":4035.97,"endTime":4039.2999999999997,"body":"because week after week after"},{"speaker":"Alan Smith","startTime":4035.97,"endTime":4039.2999999999997,"body":"week, but regardless of that,"},{"speaker":"Alan Smith","startTime":4039.2999999999997,"endTime":4042.39,"body":"they still their numbers were"},{"speaker":"Alan Smith","startTime":4039.2999999999997,"endTime":4042.39,"body":"just they relentlessly grew and"},{"speaker":"Alan Smith","startTime":4042.39,"endTime":4046.2599999999998,"body":"the assets under management that"},{"speaker":"Alan Smith","startTime":4042.39,"endTime":4046.2599999999998,"body":"continued to grow. So clearly"},{"speaker":"Alan Smith","startTime":4046.2599999999998,"endTime":4049.2,"body":"they were they were doing"},{"speaker":"Alan Smith","startTime":4046.2599999999998,"endTime":4049.2,"body":"something right. But there's a"},{"speaker":"Alan Smith","startTime":4049.2,"endTime":4051.69,"body":"whole lot of different things"},{"speaker":"Alan Smith","startTime":4049.2,"endTime":4051.69,"body":"here is if you if you've got 200"},{"speaker":"Alan Smith","startTime":4051.69,"endTime":4054.9,"body":"clients, it's very difficult to"},{"speaker":"Alan Smith","startTime":4051.69,"endTime":4054.9,"body":"do the sort of work we do when I"},{"speaker":"Alan Smith","startTime":4054.9,"endTime":4058.17,"body":"looked at the published accounts"},{"speaker":"Alan Smith","startTime":4054.9,"endTime":4058.17,"body":"of them, I thought, how can this"},{"speaker":"Alan Smith","startTime":4058.17,"endTime":4061.08,"body":"organization be so profitable? I"},{"speaker":"Alan Smith","startTime":4058.17,"endTime":4061.08,"body":"know there's other things about"},{"speaker":"Alan Smith","startTime":4061.08,"endTime":4064.14,"body":"taking margin on funds and"},{"speaker":"Alan Smith","startTime":4061.08,"endTime":4064.14,"body":"everything else. But I see this"},{"speaker":"Alan Smith","startTime":4064.14,"endTime":4066.75,"body":"a lot. And I want to just sort"},{"speaker":"Alan Smith","startTime":4064.14,"endTime":4066.75,"body":"of wrap up my view. And I've got"},{"speaker":"Alan Smith","startTime":4066.75,"endTime":4069.24,"body":"to be very careful what I say,"},{"speaker":"Alan Smith","startTime":4066.75,"endTime":4069.24,"body":"I'm not going to go public on"},{"speaker":"Alan Smith","startTime":4069.24,"endTime":4071.97,"body":"this at all is an ongoing"},{"speaker":"Alan Smith","startTime":4069.24,"endTime":4071.97,"body":"situation that we've gone, I"},{"speaker":"Alan Smith","startTime":4071.97,"endTime":4075.5699999999997,"body":"told you guys offline, but I see"},{"speaker":"Alan Smith","startTime":4071.97,"endTime":4075.5699999999997,"body":"some other stuff out there"},{"speaker":"Alan Smith","startTime":4075.5699999999997,"endTime":4080.04,"body":"nothing to do with SJP just a"},{"speaker":"Alan Smith","startTime":4075.5699999999997,"endTime":4080.04,"body":"rageous ly sharp practice that"},{"speaker":"Alan Smith","startTime":4080.04,"endTime":4083.73,"body":"exists. And it's it relates to"},{"speaker":"Alan Smith","startTime":4080.04,"endTime":4083.73,"body":"people which would Yeah, to the"},{"speaker":"Alan Smith","startTime":4083.73,"endTime":4086.3399999999997,"body":"generic term would be"},{"speaker":"Alan Smith","startTime":4083.73,"endTime":4086.3399999999997,"body":"discretionary fund managers,"},{"speaker":"Alan Smith","startTime":4086.3399999999997,"endTime":4089.73,"body":"discretionary portfolio managers"},{"speaker":"Alan Smith","startTime":4086.3399999999997,"endTime":4089.73,"body":"who are there just to, in"},{"speaker":"Alan Smith","startTime":4089.73,"endTime":4093.0899999999997,"body":"theory, manage money. And when"},{"speaker":"Alan Smith","startTime":4089.73,"endTime":4093.0899999999997,"body":"you do a bit of a deep dive and"},{"speaker":"Alan Smith","startTime":4093.0899999999997,"endTime":4097.89,"body":"analysis, they do really badly."},{"speaker":"Alan Smith","startTime":4093.0899999999997,"endTime":4097.89,"body":"The don't just marginally"},{"speaker":"Alan Smith","startTime":4097.89,"endTime":4101.91,"body":"underperform a benchmark or an"},{"speaker":"Alan Smith","startTime":4097.89,"endTime":4101.91,"body":"index they woefully underperform"},{"speaker":"Alan Smith","startTime":4102.12,"endTime":4106.05,"body":"that buying a lot of individual"},{"speaker":"Alan Smith","startTime":4102.12,"endTime":4106.05,"body":"stocks really, really poor, the"},{"speaker":"Alan Smith","startTime":4106.05,"endTime":4109.9800000000005,"body":"charging like a wounded Rhino"},{"speaker":"Alan Smith","startTime":4106.05,"endTime":4109.9800000000005,"body":"for this service, zero planning"},{"speaker":"Alan Smith","startTime":4110.01,"endTime":4114.96,"body":"zero kind of collaborative, you"},{"speaker":"Alan Smith","startTime":4110.01,"endTime":4114.96,"body":"know, family based experiences,"},{"speaker":"Alan Smith","startTime":4114.96,"endTime":4120.63,"body":"just basic, really bad money"},{"speaker":"Alan Smith","startTime":4114.96,"endTime":4120.63,"body":"management. And those to my mind"},{"speaker":"Alan Smith","startTime":4120.66,"endTime":4123.75,"body":"are the are the ones that should"},{"speaker":"Alan Smith","startTime":4120.66,"endTime":4123.75,"body":"be really worried about their"},{"speaker":"Alan Smith","startTime":4123.78,"endTime":4128.13,"body":"agree that they're totally sure,"},{"speaker":"Alan Smith","startTime":4123.78,"endTime":4128.13,"body":"and they're wandering"},{"speaker":"Andy Hart","startTime":4129.33,"endTime":4132.21,"body":"off the money badly."},{"speaker":"Andy Hart","startTime":4129.33,"endTime":4132.21,"body":"They look badly and extract"},{"speaker":"Andy Hart","startTime":4132.21,"endTime":4134.37,"body":"wealth, at least as JP, telling"},{"speaker":"Carl Widger","startTime":4134.369,"endTime":4137.099,"body":"people that their"},{"speaker":"Carl Widger","startTime":4134.369,"endTime":4137.099,"body":"fees are going to be like, one"},{"speaker":"Carl Widger","startTime":4137.099,"endTime":4139.529,"body":"one and a half percent. And then"},{"speaker":"Carl Widger","startTime":4137.099,"endTime":4139.529,"body":"actually, when you"},{"speaker":"Alan Smith","startTime":4140.91,"endTime":4143.82,"body":"layer upon layer,"},{"speaker":"Alan Smith","startTime":4140.91,"endTime":4143.82,"body":"like non disclosed fees, you"},{"speaker":"Carl Widger","startTime":4143.82,"endTime":4145.14,"body":"said it was going"},{"speaker":"Carl Widger","startTime":4143.82,"endTime":4145.14,"body":"to be one and a half. It's"},{"speaker":"Carl Widger","startTime":4145.14,"endTime":4147.72,"body":"actually 3%. Uh, yeah, like, you"},{"speaker":"Carl Widger","startTime":4145.14,"endTime":4147.72,"body":"know, either way,"},{"speaker":"Alan Smith","startTime":4147.75,"endTime":4150.12,"body":"and all that Yeah."},{"speaker":"Alan Smith","startTime":4147.75,"endTime":4150.12,"body":"And 75 page documents that"},{"speaker":"Alan Smith","startTime":4150.12,"endTime":4154.35,"body":"nobody looks at exactly. And I"},{"speaker":"Alan Smith","startTime":4150.12,"endTime":4154.35,"body":"think if I if I was these"},{"speaker":"Alan Smith","startTime":4154.35,"endTime":4157.2,"body":"organizations, they should be"},{"speaker":"Alan Smith","startTime":4154.35,"endTime":4157.2,"body":"the ones really concerned"},{"speaker":"Alan Smith","startTime":4157.2,"endTime":4159.66,"body":"because we're not we're not here"},{"speaker":"Alan Smith","startTime":4157.2,"endTime":4159.66,"body":"to"},{"speaker":"Andy Hart","startTime":4160.2,"endTime":4162.1500000000005,"body":"be concerned. And and"},{"speaker":"Andy Hart","startTime":4160.2,"endTime":4162.1500000000005,"body":"but I think they've got such a"},{"speaker":"Andy Hart","startTime":4162.1500000000005,"endTime":4166.68,"body":"long runway. Let's say you're a"},{"speaker":"Andy Hart","startTime":4162.1500000000005,"endTime":4166.68,"body":"very bad DFM investment manager,"},{"speaker":"Andy Hart","startTime":4166.68,"endTime":4168.63,"body":"and you're looking after 100"},{"speaker":"Andy Hart","startTime":4166.68,"endTime":4168.63,"body":"billion. There's a lot of them"},{"speaker":"Andy Hart","startTime":4168.63,"endTime":4173.13,"body":"out there. I still think they've"},{"speaker":"Andy Hart","startTime":4168.63,"endTime":4173.13,"body":"got 1015 20 years before it all"},{"speaker":"Andy Hart","startTime":4173.13,"endTime":4176.79,"body":"falls out the boss whom, you"},{"speaker":"Andy Hart","startTime":4173.13,"endTime":4176.79,"body":"know, well, we will we'll see it"},{"speaker":"Andy Hart","startTime":4176.79,"endTime":4180.03,"body":"will be illegal for us to be"},{"speaker":"Andy Hart","startTime":4176.79,"endTime":4180.03,"body":"paid for out of that gravy"},{"speaker":"Andy Hart","startTime":4180.03,"endTime":4180.8099999999995,"body":"train. Yeah."},{"speaker":"Alan Smith","startTime":4181.5289999999995,"endTime":4185.189,"body":"So the FCA have"},{"speaker":"Alan Smith","startTime":4181.5289999999995,"endTime":4185.189,"body":"started clearly with the biggest"},{"speaker":"Alan Smith","startTime":4185.189,"endTime":4188.189,"body":"in the country, right? So"},{"speaker":"Alan Smith","startTime":4185.189,"endTime":4188.189,"body":"they've they've had it's clear"},{"speaker":"Alan Smith","startTime":4188.189,"endTime":4191.999,"body":"that the senior management at"},{"speaker":"Alan Smith","startTime":4188.189,"endTime":4191.999,"body":"St. James's place has been in I"},{"speaker":"Alan Smith","startTime":4191.999,"endTime":4194.2789999999995,"body":"was gonna say Canary Wharf are"},{"speaker":"Alan Smith","startTime":4191.999,"endTime":4194.2789999999995,"body":"the number the FCA move, but"},{"speaker":"Alan Smith","startTime":4194.2789999999995,"endTime":4197.249,"body":"they've been having close"},{"speaker":"Alan Smith","startTime":4194.2789999999995,"endTime":4197.249,"body":"negotiations with the regulator"},{"speaker":"Alan Smith","startTime":4197.249,"endTime":4201.839,"body":"for I would say probably a year"},{"speaker":"Alan Smith","startTime":4197.249,"endTime":4201.839,"body":"maybe longer than this. And then"},{"speaker":"Alan Smith","startTime":4201.959,"endTime":4206.339,"body":"relatively recently, another"},{"speaker":"Alan Smith","startTime":4201.959,"endTime":4206.339,"body":"dear CEO letter went out to the"},{"speaker":"Alan Smith","startTime":4206.339,"endTime":4212.2789999999995,"body":"next 20 The CEOs the next 20,"},{"speaker":"Alan Smith","startTime":4206.339,"endTime":4212.2789999999995,"body":"top wealth manager IFA advice"},{"speaker":"Alan Smith","startTime":4212.309,"endTime":4213.989,"body":"that I have for, you know,"},{"speaker":"Alan Smith","startTime":4212.309,"endTime":4213.989,"body":"advice firms, or some of the"},{"speaker":"Alan Smith","startTime":4213.989,"endTime":4216.3589999999995,"body":"names that we've mentioned"},{"speaker":"Alan Smith","startTime":4213.989,"endTime":4216.3589999999995,"body":"already, whether it's quilter,"},{"speaker":"Alan Smith","startTime":4216.389,"endTime":4219.5689999999995,"body":"open work some of the big the"},{"speaker":"Alan Smith","startTime":4216.389,"endTime":4219.5689999999995,"body":"big, big players. So they're"},{"speaker":"Alan Smith","startTime":4219.5689999999995,"endTime":4224.369,"body":"next in the in the sites, I've"},{"speaker":"Alan Smith","startTime":4219.5689999999995,"endTime":4224.369,"body":"got to assume that in due course"},{"speaker":"Alan Smith","startTime":4224.399,"endTime":4228.269,"body":"the the discretionary managers"},{"speaker":"Alan Smith","startTime":4224.399,"endTime":4228.269,"body":"these underperforming double"},{"speaker":"Alan Smith","startTime":4228.269,"endTime":4230.789,"body":"barreled named people who are"},{"speaker":"Alan Smith","startTime":4228.269,"endTime":4230.789,"body":"just rent seeking they just"},{"speaker":"Alan Smith","startTime":4230.789,"endTime":4233.6089999999995,"body":"basically riding on the back of"},{"speaker":"Alan Smith","startTime":4230.789,"endTime":4233.6089999999995,"body":"the you know, talking the right"},{"speaker":"Alan Smith","startTime":4233.6089999999995,"endTime":4236.999,"body":"language, you know, but never"},{"speaker":"Alan Smith","startTime":4233.6089999999995,"endTime":4236.999,"body":"any deep analysis that has to be"},{"speaker":"Alan Smith","startTime":4236.999,"endTime":4240.509,"body":"next in the gun sights of the"},{"speaker":"Alan Smith","startTime":4236.999,"endTime":4240.509,"body":"regulator. Absolutely. Because"},{"speaker":"Alan Smith","startTime":4240.509,"endTime":4242.969,"body":"it is honestly the things I'm"},{"speaker":"Alan Smith","startTime":4240.509,"endTime":4242.969,"body":"seeing I'll share some things"},{"speaker":"Alan Smith","startTime":4242.969,"endTime":4245.849,"body":"for you guys. It's outrageous."},{"speaker":"Alan Smith","startTime":4242.969,"endTime":4245.849,"body":"It boils my blood it's just"},{"speaker":"Alan Smith","startTime":4245.849,"endTime":4247.829,"body":"complete is borderline criminal,"},{"speaker":"Alan Smith","startTime":4245.849,"endTime":4247.829,"body":"frankly,"},{"speaker":"Andy Hart","startTime":4248.07,"endTime":4249.78,"body":"this white collar"},{"speaker":"Andy Hart","startTime":4248.07,"endTime":4249.78,"body":"crime. Yep, I agree."},{"speaker":"Alan Smith","startTime":4250.979,"endTime":4253.079,"body":"Yeah. Any other"},{"speaker":"Alan Smith","startTime":4250.979,"endTime":4253.079,"body":"thoughts?"},{"speaker":"Nick Lincoln","startTime":4253.11,"endTime":4254.94,"body":"Oh, that said with"},{"speaker":"Nick Lincoln","startTime":4253.11,"endTime":4254.94,"body":"passion. I think we gave I think"},{"speaker":"Nick Lincoln","startTime":4254.94,"endTime":4259.89,"body":"he gave the latest SGP episode a"},{"speaker":"Nick Lincoln","startTime":4254.94,"endTime":4259.89,"body":"pretty decent balanced hearing"},{"speaker":"Nick Lincoln","startTime":4259.89,"endTime":4262.38,"body":"there. So it'll be interesting"},{"speaker":"Nick Lincoln","startTime":4259.89,"endTime":4262.38,"body":"to see how things pan out as"},{"speaker":"Nick Lincoln","startTime":4262.38,"endTime":4265.65,"body":"we've all said in different"},{"speaker":"Nick Lincoln","startTime":4262.38,"endTime":4265.65,"body":"ways. Things are certainly the"},{"speaker":"Nick Lincoln","startTime":4265.65,"endTime":4268.26,"body":"game has changed and things are"},{"speaker":"Nick Lincoln","startTime":4265.65,"endTime":4268.26,"body":"certainly underfoot, changing"},{"speaker":"Nick Lincoln","startTime":4268.29,"endTime":4271.62,"body":"rapidly and it'll be an"},{"speaker":"Nick Lincoln","startTime":4268.29,"endTime":4271.62,"body":"interesting times. May we live"},{"speaker":"Nick Lincoln","startTime":4271.62,"endTime":4274.95,"body":"in interesting times as one of"},{"speaker":"Nick Lincoln","startTime":4271.62,"endTime":4274.95,"body":"those old Johnny's once said,"},{"speaker":"Nick Lincoln","startTime":4275.13,"endTime":4278.22,"body":"Okay, now obviously To my little"},{"speaker":"Nick Lincoln","startTime":4275.13,"endTime":4278.22,"body":"nest camera that postie is"},{"speaker":"Nick Lincoln","startTime":4278.22,"endTime":4280.74,"body":"walking on my drive. She's"},{"speaker":"Nick Lincoln","startTime":4278.22,"endTime":4280.74,"body":"holding a bulging sack over her"},{"speaker":"Nick Lincoln","startTime":4280.74,"endTime":4284.37,"body":"shoulder. And it's a sack full"},{"speaker":"Nick Lincoln","startTime":4280.74,"endTime":4284.37,"body":"of trapeze questions posted by"},{"speaker":"Nick Lincoln","startTime":4284.37,"endTime":4287.58,"body":"you, our beloved audience the"},{"speaker":"Nick Lincoln","startTime":4284.37,"endTime":4287.58,"body":"TRAPPIST audience. If you want"},{"speaker":"Nick Lincoln","startTime":4287.58,"endTime":4290.73,"body":"to send us a question, there's a"},{"speaker":"Nick Lincoln","startTime":4287.58,"endTime":4290.73,"body":"link in the show notes. Click on"},{"speaker":"Nick Lincoln","startTime":4290.73,"endTime":4296.58,"body":"it, we will get to them. I think"},{"speaker":"Nick Lincoln","startTime":4290.73,"endTime":4296.58,"body":"today's question is from the"},{"speaker":"Nick Lincoln","startTime":4296.58,"endTime":4300.66,"body":"tail end of last year, so we are"},{"speaker":"Nick Lincoln","startTime":4296.58,"endTime":4300.66,"body":"gradually gradually getting"},{"speaker":"Nick Lincoln","startTime":4300.66,"endTime":4302.34,"body":"there. Let's have a look and"},{"speaker":"Nick Lincoln","startTime":4300.66,"endTime":4302.34,"body":"open up this envelope and see"},{"speaker":"Nick Lincoln","startTime":4302.34,"endTime":4306.0,"body":"who this one is from. This is"},{"speaker":"Nick Lincoln","startTime":4302.34,"endTime":4306.0,"body":"from a chap who's only given his"},{"speaker":"Nick Lincoln","startTime":4306.0,"endTime":4309.96,"body":"first name will he's got a"},{"speaker":"Nick Lincoln","startTime":4306.0,"endTime":4309.96,"body":"LinkedIn profile though so we'll"},{"speaker":"Nick Lincoln","startTime":4309.99,"endTime":4313.0199999999995,"body":"uh, we'll Bennett Okay, there"},{"speaker":"Nick Lincoln","startTime":4309.99,"endTime":4313.0199999999995,"body":"you go and your profile. Thanks."},{"speaker":"Nick Lincoln","startTime":4313.0199999999995,"endTime":4315.48,"body":"Well, we'll put a link to that"},{"speaker":"Nick Lincoln","startTime":4313.0199999999995,"endTime":4315.48,"body":"in the show. Several trainers"},{"speaker":"Nick Lincoln","startTime":4315.66,"endTime":4318.75,"body":"will say it's not that Jesus wet"},{"speaker":"Nick Lincoln","startTime":4315.66,"endTime":4318.75,"body":"I've got a cold guy here that"},{"speaker":"Nick Lincoln","startTime":4318.75,"endTime":4323.0999999999995,"body":"make this easy. I'm a youngish"},{"speaker":"Nick Lincoln","startTime":4318.75,"endTime":4323.0999999999995,"body":"IFA turning 29 in November get"},{"speaker":"Nick Lincoln","startTime":4323.3099999999995,"endTime":4326.13,"body":"and have been in the industry"},{"speaker":"Nick Lincoln","startTime":4323.3099999999995,"endTime":4326.13,"body":"for seven years or so. I've been"},{"speaker":"Nick Lincoln","startTime":4326.13,"endTime":4328.3499999999995,"body":"listening to the podcast for a"},{"speaker":"Nick Lincoln","startTime":4326.13,"endTime":4328.3499999999995,"body":"while and find it really helpful"},{"speaker":"Nick Lincoln","startTime":4328.3499999999995,"endTime":4331.3499999999995,"body":"to get outside perspective on"},{"speaker":"Nick Lincoln","startTime":4328.3499999999995,"endTime":4331.3499999999995,"body":"financial planning other than"},{"speaker":"Nick Lincoln","startTime":4331.3499999999995,"endTime":4335.49,"body":"those I work directly with. I"},{"speaker":"Nick Lincoln","startTime":4331.3499999999995,"endTime":4335.49,"body":"know you're all advocates of"},{"speaker":"Nick Lincoln","startTime":4335.49,"endTime":4338.22,"body":"passive investment strategies."},{"speaker":"Nick Lincoln","startTime":4335.49,"endTime":4338.22,"body":"And I understand that over a"},{"speaker":"Nick Lincoln","startTime":4338.22,"endTime":4340.83,"body":"long term financial plan, this"},{"speaker":"Nick Lincoln","startTime":4338.22,"endTime":4340.83,"body":"is likely to generate excellent"},{"speaker":"Nick Lincoln","startTime":4340.83,"endTime":4345.99,"body":"returns, arguably more so than"},{"speaker":"Nick Lincoln","startTime":4340.83,"endTime":4345.99,"body":"active managers can provide. But"},{"speaker":"Nick Lincoln","startTime":4345.99,"endTime":4349.11,"body":"in the current climate, it's"},{"speaker":"Nick Lincoln","startTime":4345.99,"endTime":4349.11,"body":"always the current climate. So"},{"speaker":"Nick Lincoln","startTime":4349.11,"endTime":4351.93,"body":"it was the new thing. But in the"},{"speaker":"Nick Lincoln","startTime":4349.11,"endTime":4351.93,"body":"current climate, with advances"},{"speaker":"Nick Lincoln","startTime":4351.93,"endTime":4355.32,"body":"to tech and the availability of"},{"speaker":"Nick Lincoln","startTime":4351.93,"endTime":4355.32,"body":"information, and markets"},{"speaker":"Nick Lincoln","startTime":4355.32,"endTime":4358.8,"body":"becoming more sensitive to"},{"speaker":"Nick Lincoln","startTime":4355.32,"endTime":4358.8,"body":"sentiment, is there an argument"},{"speaker":"Nick Lincoln","startTime":4358.8,"endTime":4361.2,"body":"to explore active strategies and"},{"speaker":"Nick Lincoln","startTime":4358.8,"endTime":4361.2,"body":"the hope of a more comfortable"},{"speaker":"Nick Lincoln","startTime":4361.2,"endTime":4364.71,"body":"journey for clients, possibly at"},{"speaker":"Nick Lincoln","startTime":4361.2,"endTime":4364.71,"body":"the cost of not beating well"},{"speaker":"Nick Lincoln","startTime":4364.71,"endTime":4367.86,"body":"known indices, if you can"},{"speaker":"Nick Lincoln","startTime":4364.71,"endTime":4367.86,"body":"achieve decent long term"},{"speaker":"Nick Lincoln","startTime":4367.86,"endTime":4373.0199999999995,"body":"returns, but have a smoother"},{"speaker":"Nick Lincoln","startTime":4367.86,"endTime":4373.0199999999995,"body":"journey? Is that not what"},{"speaker":"Nick Lincoln","startTime":4373.05,"endTime":4376.95,"body":"clients want? Okay, I'll quickly"},{"speaker":"Nick Lincoln","startTime":4373.05,"endTime":4376.95,"body":"go and then guys you want to"},{"speaker":"Nick Lincoln","startTime":4376.95,"endTime":4380.19,"body":"join in. If you want to smooth"},{"speaker":"Nick Lincoln","startTime":4376.95,"endTime":4380.19,"body":"the journey, if you want to give"},{"speaker":"Nick Lincoln","startTime":4380.19,"endTime":4382.89,"body":"up some of the temporary"},{"speaker":"Nick Lincoln","startTime":4380.19,"endTime":4382.89,"body":"declines, you are going to"},{"speaker":"Nick Lincoln","startTime":4382.89,"endTime":4386.0999999999995,"body":"definitely give up the permanent"},{"speaker":"Nick Lincoln","startTime":4382.89,"endTime":4386.0999999999995,"body":"advance you cannot have one or"},{"speaker":"Nick Lincoln","startTime":4386.0999999999995,"endTime":4390.66,"body":"the other volatility is your"},{"speaker":"Nick Lincoln","startTime":4386.0999999999995,"endTime":4390.66,"body":"friend. And I don't really have"},{"speaker":"Nick Lincoln","startTime":4390.66,"endTime":4391.98,"body":"much to add on that, guys."},{"speaker":"Andy Hart","startTime":4393.599,"endTime":4396.149,"body":"We'll go all in on"},{"speaker":"Andy Hart","startTime":4393.599,"endTime":4396.149,"body":"active management, I'll see you"},{"speaker":"Andy Hart","startTime":4396.149,"endTime":4396.899,"body":"in 10 years."},{"speaker":"Alan Smith","startTime":4399.0,"endTime":4404.73,"body":"Nice fun. The first"},{"speaker":"Alan Smith","startTime":4399.0,"endTime":4404.73,"body":"of all, just this this word,"},{"speaker":"Alan Smith","startTime":4404.76,"endTime":4407.34,"body":"there's there's an undercurrent,"},{"speaker":"Alan Smith","startTime":4404.76,"endTime":4407.34,"body":"Viana here, there's quite a lot"},{"speaker":"Alan Smith","startTime":4407.37,"endTime":4412.68,"body":"about almost said with this"},{"speaker":"Alan Smith","startTime":4407.37,"endTime":4412.68,"body":"tastes passive investing. So"},{"speaker":"Alan Smith","startTime":4412.68,"endTime":4415.62,"body":"let's just be clear, there's no"},{"speaker":"Alan Smith","startTime":4412.68,"endTime":4415.62,"body":"such thing as passive investing."},{"speaker":"Alan Smith","startTime":4415.98,"endTime":4418.32,"body":"You know, everything is a"},{"speaker":"Alan Smith","startTime":4415.98,"endTime":4418.32,"body":"choice, everything's a decision,"},{"speaker":"Alan Smith","startTime":4418.32,"endTime":4421.95,"body":"you got to asset allocate, you"},{"speaker":"Alan Smith","startTime":4418.32,"endTime":4421.95,"body":"got to choose what index to"},{"speaker":"Alan Smith","startTime":4421.95,"endTime":4427.41,"body":"track. So it's not passive at"},{"speaker":"Alan Smith","startTime":4421.95,"endTime":4427.41,"body":"all. I talk about if it just"},{"speaker":"Alan Smith","startTime":4427.41,"endTime":4431.22,"body":"efficient is efficient"},{"speaker":"Alan Smith","startTime":4427.41,"endTime":4431.22,"body":"deployment of capital. So when"},{"speaker":"Alan Smith","startTime":4431.22,"endTime":4434.01,"body":"you when you recognize"},{"speaker":"Alan Smith","startTime":4431.22,"endTime":4434.01,"body":"eventually that the most"},{"speaker":"Alan Smith","startTime":4434.01,"endTime":4437.13,"body":"important thing is this, and he"},{"speaker":"Alan Smith","startTime":4434.01,"endTime":4437.13,"body":"just called it a minute ago,"},{"speaker":"Alan Smith","startTime":4437.13,"endTime":4439.68,"body":"goals based financial planning"},{"speaker":"Alan Smith","startTime":4437.13,"endTime":4439.68,"body":"is recognizing where you are"},{"speaker":"Alan Smith","startTime":4439.68,"endTime":4442.5599999999995,"body":"today, and what a good life"},{"speaker":"Alan Smith","startTime":4439.68,"endTime":4442.5599999999995,"body":"looks like in the future. Once"},{"speaker":"Alan Smith","startTime":4442.5599999999995,"endTime":4446.13,"body":"you once you recognize that has"},{"speaker":"Alan Smith","startTime":4442.5599999999995,"endTime":4446.13,"body":"been the most important part of"},{"speaker":"Alan Smith","startTime":4446.13,"endTime":4449.67,"body":"a financial planners role. The"},{"speaker":"Alan Smith","startTime":4446.13,"endTime":4449.67,"body":"next stage really is to"},{"speaker":"Alan Smith","startTime":4449.67,"endTime":4452.13,"body":"recognize you just need to get"},{"speaker":"Alan Smith","startTime":4449.67,"endTime":4452.13,"body":"there with the most efficient,"},{"speaker":"Alan Smith","startTime":4452.13,"endTime":4455.67,"body":"reliable, low cost, predictable,"},{"speaker":"Alan Smith","startTime":4452.13,"endTime":4455.67,"body":"transparent, blah, blah, blah,"},{"speaker":"Alan Smith","startTime":4455.79,"endTime":4458.8499999999995,"body":"methodology. And you want to"},{"speaker":"Alan Smith","startTime":4455.79,"endTime":4458.8499999999995,"body":"streamline everything and"},{"speaker":"Alan Smith","startTime":4458.8499999999995,"endTime":4462.12,"body":"distill everything down to first"},{"speaker":"Alan Smith","startTime":4458.8499999999995,"endTime":4462.12,"body":"principles. First Principles is"},{"speaker":"Alan Smith","startTime":4462.12,"endTime":4464.4,"body":"just about capturing the returns"},{"speaker":"Alan Smith","startTime":4462.12,"endTime":4464.4,"body":"that are generally available to"},{"speaker":"Alan Smith","startTime":4464.4,"endTime":4467.76,"body":"everyone else out there. All"},{"speaker":"Alan Smith","startTime":4464.4,"endTime":4467.76,"body":"this stuff will but I mean it"},{"speaker":"Alan Smith","startTime":4467.76,"endTime":4470.61,"body":"with love and respect to see"},{"speaker":"Alan Smith","startTime":4467.76,"endTime":4470.61,"body":"because there's more information"},{"speaker":"Alan Smith","startTime":4470.61,"endTime":4473.64,"body":"available, there's more set of"},{"speaker":"Alan Smith","startTime":4470.61,"endTime":4473.64,"body":"market becoming more sensitive"},{"speaker":"Alan Smith","startTime":4473.64,"endTime":4475.92,"body":"to sentiment, that's just a"},{"speaker":"Alan Smith","startTime":4473.64,"endTime":4475.92,"body":"word."},{"speaker":"Unknown","startTime":4477.3,"endTime":4478.26,"body":"Blah, blah, blah."},{"speaker":"Alan Smith","startTime":4480.03,"endTime":4483.21,"body":"And if everything is"},{"speaker":"Alan Smith","startTime":4480.03,"endTime":4483.21,"body":"if there is more tech, you know,"},{"speaker":"Alan Smith","startTime":4483.42,"endTime":4486.03,"body":"information access to"},{"speaker":"Alan Smith","startTime":4483.42,"endTime":4486.03,"body":"information, well, the market"},{"speaker":"Alan Smith","startTime":4486.0599999999995,"endTime":4489.93,"body":"understands it. All I would say"},{"speaker":"Alan Smith","startTime":4486.0599999999995,"endTime":4489.93,"body":"is do your research, listen to"},{"speaker":"Alan Smith","startTime":4489.93,"endTime":4493.68,"body":"past episodes of this podcast."},{"speaker":"Alan Smith","startTime":4489.93,"endTime":4493.68,"body":"Go and meet with the likes of"},{"speaker":"Alan Smith","startTime":4493.68,"endTime":4496.5599999999995,"body":"Vanguard go meet the likes of"},{"speaker":"Alan Smith","startTime":4493.68,"endTime":4496.5599999999995,"body":"dimensional don't sit on their"},{"speaker":"Alan Smith","startTime":4496.5599999999995,"endTime":4498.87,"body":"courses, look at the research,"},{"speaker":"Alan Smith","startTime":4496.5599999999995,"endTime":4498.87,"body":"look at the evidence, look at"},{"speaker":"Alan Smith","startTime":4498.87,"endTime":4502.53,"body":"the facts read SPIEF are the"},{"speaker":"Alan Smith","startTime":4498.87,"endTime":4502.53,"body":"Standard and Poor's index"},{"speaker":"Alan Smith","startTime":4502.53,"endTime":4507.36,"body":"reports that they do. And we"},{"speaker":"Alan Smith","startTime":4502.53,"endTime":4507.36,"body":"just need to move away from this"},{"speaker":"Alan Smith","startTime":4507.51,"endTime":4510.45,"body":"investment industrial complex"},{"speaker":"Alan Smith","startTime":4507.51,"endTime":4510.45,"body":"that makes you ask questions"},{"speaker":"Alan Smith","startTime":4510.48,"endTime":4513.93,"body":"like this because it's kind of"},{"speaker":"Alan Smith","startTime":4510.48,"endTime":4513.93,"body":"irrelevant. You just want to"},{"speaker":"Alan Smith","startTime":4513.93,"endTime":4517.74,"body":"help your clients to live a"},{"speaker":"Alan Smith","startTime":4513.93,"endTime":4517.74,"body":"fulfilled life in the most as I"},{"speaker":"Alan Smith","startTime":4517.74,"endTime":4519.96,"body":"say simple, reliable,"},{"speaker":"Alan Smith","startTime":4517.74,"endTime":4519.96,"body":"predictable manner."},{"speaker":"Andy Hart","startTime":4520.44,"endTime":4524.16,"body":"That's it. So thank"},{"speaker":"Andy Hart","startTime":4520.44,"endTime":4524.16,"body":"the Lord it took me only a year"},{"speaker":"Andy Hart","startTime":4524.37,"endTime":4526.98,"body":"to get out of the investment"},{"speaker":"Andy Hart","startTime":4524.37,"endTime":4526.98,"body":"industrial complex wherever"},{"speaker":"Andy Hart","startTime":4526.98,"endTime":4529.23,"body":"you're talking about and and so"},{"speaker":"Andy Hart","startTime":4526.98,"endTime":4529.23,"body":"for about a year, I was sort of"},{"speaker":"Andy Hart","startTime":4529.23,"endTime":4531.84,"body":"randomly pick and funded another"},{"speaker":"Andy Hart","startTime":4529.23,"endTime":4531.84,"body":"hell what I was doing and then I"},{"speaker":"Andy Hart","startTime":4531.84,"endTime":4535.29,"body":"found the asset class type"},{"speaker":"Andy Hart","startTime":4531.84,"endTime":4535.29,"body":"investing. So thank God it took"},{"speaker":"Andy Hart","startTime":4535.29,"endTime":4538.7699999999995,"body":"me only a year I know obviously,"},{"speaker":"Andy Hart","startTime":4535.29,"endTime":4538.7699999999995,"body":"other people. To me longer to"},{"speaker":"Andy Hart","startTime":4538.7699999999995,"endTime":4542.01,"body":"me, of course, Jimmy will come"},{"speaker":"Andy Hart","startTime":4538.7699999999995,"endTime":4542.01,"body":"it will has come into this"},{"speaker":"Andy Hart","startTime":4542.01,"endTime":4547.3499999999995,"body":"business in 2017. We're abundant"},{"speaker":"Andy Hart","startTime":4542.01,"endTime":4547.3499999999995,"body":"of information. I came into this"},{"speaker":"Andy Hart","startTime":4547.3499999999995,"endTime":4550.5599999999995,"body":"business in 2008. There was a"},{"speaker":"Andy Hart","startTime":4547.3499999999995,"endTime":4550.5599999999995,"body":"lot of information but it wasn't"},{"speaker":"Andy Hart","startTime":4550.59,"endTime":4553.83,"body":"available like it is now. So"},{"speaker":"Andy Hart","startTime":4550.59,"endTime":4553.83,"body":"still seven years in he's"},{"speaker":"Andy Hart","startTime":4553.83,"endTime":4559.0199999999995,"body":"obviously not yet seen the asset"},{"speaker":"Andy Hart","startTime":4553.83,"endTime":4559.0199999999995,"body":"class in investing life, but he"},{"speaker":"Andy Hart","startTime":4559.0199999999995,"endTime":4560.79,"body":"may never do I'm not saying a"},{"speaker":"Andy Hart","startTime":4559.0199999999995,"endTime":4560.79,"body":"lot"},{"speaker":"Alan Smith","startTime":4560.79,"endTime":4564.03,"body":"of that is about I"},{"speaker":"Alan Smith","startTime":4560.79,"endTime":4564.03,"body":"had an offline sort of DM"},{"speaker":"Alan Smith","startTime":4564.03,"endTime":4567.18,"body":"exchange last week with a young"},{"speaker":"Alan Smith","startTime":4564.03,"endTime":4567.18,"body":"advisor wasn't well somebody"},{"speaker":"Alan Smith","startTime":4567.18,"endTime":4570.96,"body":"else. And the issue is you're"},{"speaker":"Alan Smith","startTime":4567.18,"endTime":4570.96,"body":"you are a product of the people"},{"speaker":"Alan Smith","startTime":4570.96,"endTime":4575.13,"body":"you spend the most time with God"},{"speaker":"Alan Smith","startTime":4570.96,"endTime":4575.13,"body":"help us. So that's exactly the"},{"speaker":"Alan Smith","startTime":4575.13,"endTime":4578.25,"body":"world We'll be a bunch of older"},{"speaker":"Alan Smith","startTime":4575.13,"endTime":4578.25,"body":"guys who were just you know,"},{"speaker":"Alan Smith","startTime":4578.25,"endTime":4581.79,"body":"picking up everyone we're always"},{"speaker":"Alan Smith","startTime":4578.25,"endTime":4581.79,"body":"remember that it's like Andy"},{"speaker":"Alan Smith","startTime":4581.79,"endTime":4585.09,"body":"Hart, the casino attendee"},{"speaker":"Alan Smith","startTime":4581.79,"endTime":4585.09,"body":"remembers when he won 1000"},{"speaker":"Alan Smith","startTime":4585.09,"endTime":4587.82,"body":"pounds, but he forgets, forgets"},{"speaker":"Alan Smith","startTime":4585.09,"endTime":4587.82,"body":"the 10. Other times that you"},{"speaker":"Alan Smith","startTime":4587.82,"endTime":4590.22,"body":"lost money, everyone remembers"},{"speaker":"Alan Smith","startTime":4587.82,"endTime":4590.22,"body":"their winners and forgets their"},{"speaker":"Alan Smith","startTime":4590.22,"endTime":4593.88,"body":"losers. So all the people and I"},{"speaker":"Alan Smith","startTime":4590.22,"endTime":4593.88,"body":"used to be around people like"},{"speaker":"Alan Smith","startTime":4593.88,"endTime":4597.09,"body":"that, and it seemed more I put"},{"speaker":"Alan Smith","startTime":4593.88,"endTime":4597.09,"body":"in, I put my money, client's"},{"speaker":"Alan Smith","startTime":4597.09,"endTime":4599.76,"body":"money into Terry Smith 10 years"},{"speaker":"Alan Smith","startTime":4597.09,"endTime":4599.76,"body":"ago, or this fund or that fund,"},{"speaker":"Alan Smith","startTime":4599.94,"endTime":4602.82,"body":"but they forget the 99 other"},{"speaker":"Alan Smith","startTime":4599.94,"endTime":4602.82,"body":"funds that were a disaster. And"},{"speaker":"Alan Smith","startTime":4602.82,"endTime":4605.79,"body":"I think that's, that's the"},{"speaker":"Alan Smith","startTime":4602.82,"endTime":4605.79,"body":"issue. So I've been probably the"},{"speaker":"Alan Smith","startTime":4605.79,"endTime":4608.07,"body":"people that will works with a"},{"speaker":"Alan Smith","startTime":4605.79,"endTime":4608.07,"body":"good good people, but be"},{"speaker":"Alan Smith","startTime":4608.07,"endTime":4610.68,"body":"prepared to challenge the"},{"speaker":"Alan Smith","startTime":4608.07,"endTime":4610.68,"body":"conventional thinking in your"},{"speaker":"Alan Smith","startTime":4610.68,"endTime":4614.55,"body":"organization. Seek information"},{"speaker":"Alan Smith","startTime":4610.68,"endTime":4614.55,"body":"and evidence from outside your"},{"speaker":"Alan Smith","startTime":4614.55,"endTime":4617.37,"body":"immediate circle, because it's"},{"speaker":"Alan Smith","startTime":4614.55,"endTime":4617.37,"body":"likely to be, you know,"},{"speaker":"Alan Smith","startTime":4617.37,"endTime":4621.75,"body":"tarnished with 25 years of"},{"speaker":"Alan Smith","startTime":4617.37,"endTime":4621.75,"body":"thinking, and do your research."},{"speaker":"Alan Smith","startTime":4621.75,"endTime":4625.23,"body":"There's plenty of books,"},{"speaker":"Alan Smith","startTime":4621.75,"endTime":4625.23,"body":"magazines, podcasts, all about"},{"speaker":"Alan Smith","startTime":4625.23,"endTime":4628.92,"body":"this very sort of thing called"},{"speaker":"Alan Smith","startTime":4625.23,"endTime":4628.92,"body":"any further thoughts."},{"speaker":"Carl Widger","startTime":4629.43,"endTime":4631.53,"body":"Not really look at"},{"speaker":"Carl Widger","startTime":4629.43,"endTime":4631.53,"body":"the like, well is 29. So he's"},{"speaker":"Carl Widger","startTime":4631.53,"endTime":4635.4,"body":"still You're not young ish?"},{"speaker":"Carl Widger","startTime":4631.53,"endTime":4635.4,"body":"Well, you're very young, right?"},{"speaker":"Carl Widger","startTime":4635.76,"endTime":4641.0999999999995,"body":"So fantastic that you're"},{"speaker":"Carl Widger","startTime":4635.76,"endTime":4641.0999999999995,"body":"exploring these issues now. And"},{"speaker":"Carl Widger","startTime":4641.94,"endTime":4645.42,"body":"just as Alan said, just be"},{"speaker":"Carl Widger","startTime":4641.94,"endTime":4645.42,"body":"careful, you know, who you're"},{"speaker":"Carl Widger","startTime":4645.42,"endTime":4648.96,"body":"kind of being guided by. And"},{"speaker":"Carl Widger","startTime":4645.42,"endTime":4648.96,"body":"that's much easier said than"},{"speaker":"Carl Widger","startTime":4648.96,"endTime":4651.03,"body":"done. If you're in the firm, and"},{"speaker":"Carl Widger","startTime":4648.96,"endTime":4651.03,"body":"you know, you're hanging around"},{"speaker":"Carl Widger","startTime":4651.03,"endTime":4654.36,"body":"with these people all the time."},{"speaker":"Carl Widger","startTime":4651.03,"endTime":4654.36,"body":"Obviously, you're going to be"},{"speaker":"Carl Widger","startTime":4654.36,"endTime":4658.29,"body":"wondering, are those Trump guys"},{"speaker":"Carl Widger","startTime":4654.36,"endTime":4658.29,"body":"for real? Or are these guys for"},{"speaker":"Carl Widger","startTime":4658.29,"endTime":4661.05,"body":"real? So I would say fair play."},{"speaker":"Carl Widger","startTime":4658.29,"endTime":4661.05,"body":"I think the interesting thing"},{"speaker":"Carl Widger","startTime":4661.05,"endTime":4664.62,"body":"is, a lot of the questions we're"},{"speaker":"Carl Widger","startTime":4661.05,"endTime":4664.62,"body":"getting here are broadly asking"},{"speaker":"Carl Widger","startTime":4664.62,"endTime":4667.59,"body":"the same thing. And that's"},{"speaker":"Carl Widger","startTime":4664.62,"endTime":4667.59,"body":"basically Are you sure lads"},{"speaker":"Carl Widger","startTime":4667.59,"endTime":4671.37,"body":"about this whole passive thing?"},{"speaker":"Carl Widger","startTime":4667.59,"endTime":4671.37,"body":"You know, we've done that we've"},{"speaker":"Carl Widger","startTime":4671.37,"endTime":4672.36,"body":"done our research."},{"speaker":"Andy Hart","startTime":4672.99,"endTime":4675.75,"body":"Like after a full a"},{"speaker":"Andy Hart","startTime":4672.99,"endTime":4675.75,"body":"few pints, we'll be like, You"},{"speaker":"Andy Hart","startTime":4675.75,"endTime":4678.84,"body":"know what, yeah, we don't"},{"speaker":"Andy Hart","startTime":4675.75,"endTime":4678.84,"body":"actually really believe. Yeah."},{"speaker":"Carl Widger","startTime":4680.79,"endTime":4686.13,"body":"Yeah. Yeah, but"},{"speaker":"Carl Widger","startTime":4680.79,"endTime":4686.13,"body":"thank you well, for the question"},{"speaker":"Carl Widger","startTime":4686.16,"endTime":4688.65,"body":"and keep doing great work, I"},{"speaker":"Carl Widger","startTime":4686.16,"endTime":4688.65,"body":"would say"},{"speaker":"Nick Lincoln","startTime":4688.68,"endTime":4690.66,"body":"okay, lovely. And"},{"speaker":"Nick Lincoln","startTime":4688.68,"endTime":4690.66,"body":"I said it before that there were"},{"speaker":"Nick Lincoln","startTime":4690.66,"endTime":4694.44,"body":"scores of advisors for right or"},{"speaker":"Nick Lincoln","startTime":4690.66,"endTime":4694.44,"body":"wrong who have a skewed active"},{"speaker":"Nick Lincoln","startTime":4694.44,"endTime":4697.2,"body":"fund management and gone down"},{"speaker":"Nick Lincoln","startTime":4694.44,"endTime":4697.2,"body":"the sorry, Alan, but the passive"},{"speaker":"Nick Lincoln","startTime":4697.2,"endTime":4701.04,"body":"route, whatever verb you want to"},{"speaker":"Nick Lincoln","startTime":4697.2,"endTime":4701.04,"body":"use. I don't know any of that"},{"speaker":"Nick Lincoln","startTime":4701.16,"endTime":4706.05,"body":"gone the other way they've done"},{"speaker":"Nick Lincoln","startTime":4701.16,"endTime":4706.05,"body":"I miss picking funds, I miss"},{"speaker":"Nick Lincoln","startTime":4706.05,"endTime":4707.94,"body":"being held accountable for the"},{"speaker":"Nick Lincoln","startTime":4706.05,"endTime":4707.94,"body":"fact that fund managers had a"},{"speaker":"Nick Lincoln","startTime":4707.94,"endTime":4712.53,"body":"bad period because the style"},{"speaker":"Nick Lincoln","startTime":4707.94,"endTime":4712.53,"body":"rotation has gone against the"},{"speaker":"Nick Lincoln","startTime":4712.53,"endTime":4715.32,"body":"secular movement of the year"},{"speaker":"Nick Lincoln","startTime":4712.53,"endTime":4715.32,"body":"against the Yang and all that"},{"speaker":"Nick Lincoln","startTime":4715.32,"endTime":4719.46,"body":"other atom, bollocks. Okay,"},{"speaker":"Nick Lincoln","startTime":4715.32,"endTime":4719.46,"body":"let's go one hour 17"},{"speaker":"Carl Widger","startTime":4720.36,"endTime":4722.97,"body":"It's a great point."},{"speaker":"Carl Widger","startTime":4720.36,"endTime":4722.97,"body":"It is right. That actually is a"},{"speaker":"Carl Widger","startTime":4722.97,"endTime":4726.72,"body":"great point. I don't know anyone"},{"speaker":"Carl Widger","startTime":4722.97,"endTime":4726.72,"body":"who has gone the other way."},{"speaker":"Andy Hart","startTime":4728.309,"endTime":4729.3589999999995,"body":"Nobody goes back the"},{"speaker":"Andy Hart","startTime":4728.309,"endTime":4729.3589999999995,"body":"other way."},{"speaker":"Nick Lincoln","startTime":4731.309,"endTime":4733.679,"body":"So we'll, we'll"},{"speaker":"Nick Lincoln","startTime":4731.309,"endTime":4733.679,"body":"take what you will from that my"},{"speaker":"Nick Lincoln","startTime":4733.679,"endTime":4736.769,"body":"friend and thank you for your"},{"speaker":"Nick Lincoln","startTime":4733.679,"endTime":4736.769,"body":"question. Okay, let's move on to"},{"speaker":"Nick Lincoln","startTime":4736.769,"endTime":4737.639,"body":"culture corner."},{"speaker":"Nick Lincoln","startTime":4743.099,"endTime":4745.829,"body":"silence for me over to you who's"},{"speaker":"Nick Lincoln","startTime":4743.099,"endTime":4745.829,"body":"ready to go?"},{"speaker":"Alan Smith","startTime":4746.28,"endTime":4751.08,"body":"I'm ready. Good"},{"speaker":"Alan Smith","startTime":4746.28,"endTime":4751.08,"body":"Mahone born ready. My culture"},{"speaker":"Alan Smith","startTime":4751.08,"endTime":4754.44,"body":"corner is simply a book one book"},{"speaker":"Alan Smith","startTime":4751.08,"endTime":4754.44,"body":"recommendation is called the"},{"speaker":"Alan Smith","startTime":4754.47,"endTime":4762.75,"body":"8020 principle by Richard Kok K"},{"speaker":"Alan Smith","startTime":4754.47,"endTime":4762.75,"body":"Och, just to be precise. You"},{"speaker":"Alan Smith","startTime":4762.75,"endTime":4766.74,"body":"know, what got me into this call"},{"speaker":"Alan Smith","startTime":4762.75,"endTime":4766.74,"body":"mentioned a few episodes ago,"},{"speaker":"Alan Smith","startTime":4766.7699999999995,"endTime":4772.05,"body":"the book, Benjamin something"},{"speaker":"Alan Smith","startTime":4766.7699999999995,"endTime":4772.05,"body":"rather, 10x is easier than to X."},{"speaker":"Alan Smith","startTime":4772.05,"endTime":4774.96,"body":"Yep. So I read that, and it's a"},{"speaker":"Alan Smith","startTime":4772.05,"endTime":4774.96,"body":"great book, and it really gets"},{"speaker":"Alan Smith","startTime":4774.96,"endTime":4779.13,"body":"you thinking. And that then led"},{"speaker":"Alan Smith","startTime":4774.96,"endTime":4779.13,"body":"me on to was probably a bit came"},{"speaker":"Alan Smith","startTime":4779.13,"endTime":4782.04,"body":"up on my Kindle, if you read"},{"speaker":"Alan Smith","startTime":4779.13,"endTime":4782.04,"body":"this, you'll like this. So then"},{"speaker":"Alan Smith","startTime":4782.04,"endTime":4785.25,"body":"I read, um, so just read this,"},{"speaker":"Alan Smith","startTime":4782.04,"endTime":4785.25,"body":"but 8020 principle, now, there's"},{"speaker":"Alan Smith","startTime":4785.25,"endTime":4788.16,"body":"nothing new in it. But the"},{"speaker":"Alan Smith","startTime":4785.25,"endTime":4788.16,"body":"application of it when you begin"},{"speaker":"Alan Smith","startTime":4788.16,"endTime":4791.97,"body":"to really think about an all"},{"speaker":"Alan Smith","startTime":4788.16,"endTime":4791.97,"body":"aspects of your life, that 80%"},{"speaker":"Alan Smith","startTime":4791.97,"endTime":4796.05,"body":"of the rewards that you do, are"},{"speaker":"Alan Smith","startTime":4791.97,"endTime":4796.05,"body":"often been gained from 20% of"},{"speaker":"Alan Smith","startTime":4796.05,"endTime":4798.3,"body":"the activities and various"},{"speaker":"Alan Smith","startTime":4796.05,"endTime":4798.3,"body":"things personal life or"},{"speaker":"Alan Smith","startTime":4798.3,"endTime":4801.63,"body":"professional life, you know,"},{"speaker":"Alan Smith","startTime":4798.3,"endTime":4801.63,"body":"profitability in your business,"},{"speaker":"Alan Smith","startTime":4801.66,"endTime":4806.13,"body":"any number of other things. And"},{"speaker":"Alan Smith","startTime":4801.66,"endTime":4806.13,"body":"the author is very established"},{"speaker":"Alan Smith","startTime":4806.13,"endTime":4808.3499999999995,"body":"kind of management consultant"},{"speaker":"Alan Smith","startTime":4806.13,"endTime":4808.3499999999995,"body":"Bureau who started various"},{"speaker":"Alan Smith","startTime":4808.3499999999995,"endTime":4810.66,"body":"different companies gives you"},{"speaker":"Alan Smith","startTime":4808.3499999999995,"endTime":4810.66,"body":"practical examples of this. And"},{"speaker":"Alan Smith","startTime":4810.66,"endTime":4813.51,"body":"I really think it's relevant to"},{"speaker":"Alan Smith","startTime":4810.66,"endTime":4813.51,"body":"anyone running a well, if you're"},{"speaker":"Alan Smith","startTime":4813.51,"endTime":4815.7,"body":"running a financial planning"},{"speaker":"Alan Smith","startTime":4813.51,"endTime":4815.7,"body":"business, definitely relevant."},{"speaker":"Alan Smith","startTime":4815.94,"endTime":4819.03,"body":"But if you're an advisor running"},{"speaker":"Alan Smith","startTime":4815.94,"endTime":4819.03,"body":"a book of clients, definitely"},{"speaker":"Alan Smith","startTime":4819.03,"endTime":4821.58,"body":"relevant and also relevant to"},{"speaker":"Alan Smith","startTime":4819.03,"endTime":4821.58,"body":"your personal life. So I've"},{"speaker":"Alan Smith","startTime":4821.61,"endTime":4827.4,"body":"really enjoyed reading the 8020"},{"speaker":"Alan Smith","startTime":4821.61,"endTime":4827.4,"body":"principle. Thank you. Nice."},{"speaker":"Andy Hart","startTime":4829.29,"endTime":4831.78,"body":"Call your next. Okay."},{"speaker":"Carl Widger","startTime":4833.01,"endTime":4838.59,"body":"So mine is one of"},{"speaker":"Carl Widger","startTime":4833.01,"endTime":4838.59,"body":"these days I'm gonna be honest,"},{"speaker":"Carl Widger","startTime":4838.89,"endTime":4845.73,"body":"good culture corner. Oh, dear."},{"speaker":"Carl Widger","startTime":4838.89,"endTime":4845.73,"body":"My mind is a reshare that Nick"},{"speaker":"Carl Widger","startTime":4845.91,"endTime":4850.05,"body":"shared this before Christmas so"},{"speaker":"Carl Widger","startTime":4845.91,"endTime":4850.05,"body":"that there's a specific reason"},{"speaker":"Carl Widger","startTime":4850.05,"endTime":4853.53,"body":"or two that I'm actually sharing"},{"speaker":"Carl Widger","startTime":4850.05,"endTime":4853.53,"body":"so number one, because I didn't"},{"speaker":"Carl Widger","startTime":4853.53,"endTime":4857.28,"body":"have anything else but I thought"},{"speaker":"Carl Widger","startTime":4853.53,"endTime":4857.28,"body":"this one was really good. And"},{"speaker":"Carl Widger","startTime":4857.58,"endTime":4861.5999999999995,"body":"it's it's it's an episode of"},{"speaker":"Carl Widger","startTime":4857.58,"endTime":4861.5999999999995,"body":"Patrick O'Shaughnessy is invest"},{"speaker":"Carl Widger","startTime":4861.5999999999995,"endTime":4865.32,"body":"like the best podcast. And it's"},{"speaker":"Carl Widger","startTime":4861.5999999999995,"endTime":4865.32,"body":"John Collison of stripe fame,"},{"speaker":"Carl Widger","startTime":4865.5599999999995,"endTime":4869.76,"body":"interviewing Charlie Munger when"},{"speaker":"Carl Widger","startTime":4865.5599999999995,"endTime":4869.76,"body":"Charlie Munger was 98 So that's"},{"speaker":"Carl Widger","startTime":4869.76,"endTime":4873.96,"body":"a year before he died. It is"},{"speaker":"Carl Widger","startTime":4869.76,"endTime":4873.96,"body":"absolutely fantastic. And it's"},{"speaker":"Carl Widger","startTime":4873.96,"endTime":4877.92,"body":"like the young buck into"},{"speaker":"Carl Widger","startTime":4873.96,"endTime":4877.92,"body":"reviewing the old book and I'm"},{"speaker":"Carl Widger","startTime":4877.95,"endTime":4882.12,"body":"probably somewhere in between."},{"speaker":"Carl Widger","startTime":4877.95,"endTime":4882.12,"body":"So I can kind of try and jump"},{"speaker":"Carl Widger","startTime":4882.12,"endTime":4883.74,"body":"between both points of view"},{"speaker":"Andy Hart","startTime":4883.98,"endTime":4888.0599999999995,"body":"in terms of the"},{"speaker":"Andy Hart","startTime":4883.98,"endTime":4888.0599999999995,"body":"wealth call, but Ireland's"},{"speaker":"Andy Hart","startTime":4888.0599999999995,"endTime":4889.8,"body":"richest man. Now he's"},{"speaker":"Carl Widger","startTime":4889.8,"endTime":4892.83,"body":"not actually but"},{"speaker":"Carl Widger","startTime":4889.8,"endTime":4892.83,"body":"but along with his brother"},{"speaker":"Carl Widger","startTime":4893.0999999999995,"endTime":4897.48,"body":"stripe has been valued at 65"},{"speaker":"Carl Widger","startTime":4893.0999999999995,"endTime":4897.48,"body":"billion only in the last week or"},{"speaker":"Carl Widger","startTime":4897.48,"endTime":4901.98,"body":"two. And a fun fact. John and"},{"speaker":"Carl Widger","startTime":4897.48,"endTime":4901.98,"body":"Patrick Collison went to the"},{"speaker":"Carl Widger","startTime":4901.98,"endTime":4906.8099999999995,"body":"same school that my four kids"},{"speaker":"Carl Widger","startTime":4901.98,"endTime":4906.8099999999995,"body":"are going to. So no pressure,"},{"speaker":"Nick Lincoln","startTime":4907.649,"endTime":4908.579,"body":"there's hope yet."},{"speaker":"Carl Widger","startTime":4909.3,"endTime":4913.53,"body":"The pension plan"},{"speaker":"Carl Widger","startTime":4909.3,"endTime":4913.53,"body":"might actually come through but"},{"speaker":"Carl Widger","startTime":4913.62,"endTime":4917.13,"body":"I thought it was I thought John"},{"speaker":"Carl Widger","startTime":4913.62,"endTime":4917.13,"body":"Collison is absolutely fabulous"},{"speaker":"Carl Widger","startTime":4917.13,"endTime":4920.49,"body":"in the interview, obviously"},{"speaker":"Carl Widger","startTime":4917.13,"endTime":4920.49,"body":"super, super clever guy. He's"},{"speaker":"Carl Widger","startTime":4920.49,"endTime":4924.93,"body":"super respectful, but they"},{"speaker":"Carl Widger","startTime":4920.49,"endTime":4924.93,"body":"actually had a which is one of"},{"speaker":"Carl Widger","startTime":4924.93,"endTime":4927.99,"body":"the one of the reasons I wanted"},{"speaker":"Carl Widger","startTime":4924.93,"endTime":4927.99,"body":"to bring it up. They did have a"},{"speaker":"Carl Widger","startTime":4928.0199999999995,"endTime":4934.86,"body":"slight disagreement about"},{"speaker":"Carl Widger","startTime":4928.0199999999995,"endTime":4934.86,"body":"bitcoin and cryptocurrency but"},{"speaker":"Carl Widger","startTime":4934.86,"endTime":4937.8,"body":"it was it was a really good back"},{"speaker":"Carl Widger","startTime":4934.86,"endTime":4937.8,"body":"and forth. And it was kind of"},{"speaker":"Carl Widger","startTime":4937.8,"endTime":4941.67,"body":"two different views. And yes,"},{"speaker":"Carl Widger","startTime":4937.8,"endTime":4941.67,"body":"I've been one saying you know,"},{"speaker":"Carl Widger","startTime":4941.67,"endTime":4945.69,"body":"cryptocurrency, bad. And then"},{"speaker":"Carl Widger","startTime":4941.67,"endTime":4945.69,"body":"cryptocurrency hits all time"},{"speaker":"Carl Widger","startTime":4945.72,"endTime":4951.2699999999995,"body":"record highs this week. So if"},{"speaker":"Carl Widger","startTime":4945.72,"endTime":4951.2699999999995,"body":"you're interested, you know, but"},{"speaker":"Carl Widger","startTime":4951.2699999999995,"endTime":4954.03,"body":"but at the same time, it will be"},{"speaker":"Carl Widger","startTime":4951.2699999999995,"endTime":4954.03,"body":"remiss of me not to mention that"},{"speaker":"Carl Widger","startTime":4954.03,"endTime":4957.78,"body":"right? If you're interested in"},{"speaker":"Carl Widger","startTime":4954.03,"endTime":4957.78,"body":"kind of a really balanced"},{"speaker":"Carl Widger","startTime":4958.47,"endTime":4962.01,"body":"argument. I think it's I think"},{"speaker":"Carl Widger","startTime":4958.47,"endTime":4962.01,"body":"it's, I think it's really,"},{"speaker":"Carl Widger","startTime":4962.01,"endTime":4965.94,"body":"really good. And just Charlie"},{"speaker":"Carl Widger","startTime":4962.01,"endTime":4965.94,"body":"Munger just comes out with like,"},{"speaker":"Carl Widger","startTime":4965.94,"endTime":4968.58,"body":"just golden. Obviously, like"},{"speaker":"Carl Widger","startTime":4965.94,"endTime":4968.58,"body":"Carlson said, you know, what's"},{"speaker":"Carl Widger","startTime":4968.61,"endTime":4970.98,"body":"one of the secrets to your"},{"speaker":"Carl Widger","startTime":4968.61,"endTime":4970.98,"body":"success? Like, this is one of"},{"speaker":"Carl Widger","startTime":4970.98,"endTime":4974.0999999999995,"body":"the most famous investors of all"},{"speaker":"Carl Widger","startTime":4970.98,"endTime":4974.0999999999995,"body":"time. It's like, just surround"},{"speaker":"Carl Widger","startTime":4974.0999999999995,"endTime":4976.98,"body":"yourself with really great"},{"speaker":"Carl Widger","startTime":4974.0999999999995,"endTime":4976.98,"body":"people who inspire you every"},{"speaker":"Carl Widger","startTime":4976.98,"endTime":4981.78,"body":"day. Like, the rules are simple"},{"speaker":"Carl Widger","startTime":4976.98,"endTime":4981.78,"body":"here, folks, that's really"},{"speaker":"Nick Lincoln","startTime":4981.99,"endTime":4984.48,"body":"wrong. That's"},{"speaker":"Nick Lincoln","startTime":4981.99,"endTime":4984.48,"body":"where we're going. Yeah,"},{"speaker":"Carl Widger","startTime":4984.8099999999995,"endTime":4991.47,"body":"so I'd like to"},{"speaker":"Carl Widger","startTime":4984.8099999999995,"endTime":4991.47,"body":"announce my resignation. But"},{"speaker":"Carl Widger","startTime":4991.47,"endTime":4994.05,"body":"Nick, sorry, I didn't listen to"},{"speaker":"Carl Widger","startTime":4991.47,"endTime":4994.05,"body":"it back when you recommended it,"},{"speaker":"Carl Widger","startTime":4994.05,"endTime":4998.58,"body":"but it's definitely I would say"},{"speaker":"Carl Widger","startTime":4994.05,"endTime":4998.58,"body":"if you're interested in our"},{"speaker":"Carl Widger","startTime":4998.58,"endTime":5002.24,"body":"world at all right investing at"},{"speaker":"Carl Widger","startTime":4998.58,"endTime":5002.24,"body":"all, this is absolutely"},{"speaker":"Carl Widger","startTime":5002.24,"endTime":5004.43,"body":"brilliant and really"},{"speaker":"Carl Widger","startTime":5002.24,"endTime":5004.43,"body":"entertaining actually, as well."},{"speaker":"Carl Widger","startTime":5004.67,"endTime":5005.0599999999995,"body":"So"},{"speaker":"Andy Hart","startTime":5005.0599999999995,"endTime":5006.86,"body":"if you've missed it"},{"speaker":"Andy Hart","startTime":5005.0599999999995,"endTime":5006.86,"body":"this time, I recommend in four"},{"speaker":"Andy Hart","startTime":5006.86,"endTime":5011.2699999999995,"body":"months time just to square that"},{"speaker":"Andy Hart","startTime":5006.86,"endTime":5011.2699999999995,"body":"circle. It's a good podcast, it"},{"speaker":"Alan Smith","startTime":5011.2699999999995,"endTime":5013.82,"body":"wasn't it was"},{"speaker":"Alan Smith","startTime":5011.2699999999995,"endTime":5013.82,"body":"Shaughnessy his podcast really"},{"speaker":"Alan Smith","startTime":5013.82,"endTime":5016.22,"body":"got to be a little bit I have to"},{"speaker":"Alan Smith","startTime":5013.82,"endTime":5016.22,"body":"be a bit selective with some of"},{"speaker":"Alan Smith","startTime":5016.22,"endTime":5019.28,"body":"the deep in the weeds about this"},{"speaker":"Alan Smith","startTime":5016.22,"endTime":5019.28,"body":"and investment stuff, but"},{"speaker":"Alan Smith","startTime":5019.28,"endTime":5021.41,"body":"there's been some really good"},{"speaker":"Alan Smith","startTime":5019.28,"endTime":5021.41,"body":"ones over there. Yeah."},{"speaker":"Nick Lincoln","startTime":5021.83,"endTime":5023.78,"body":"To get Charlie"},{"speaker":"Nick Lincoln","startTime":5021.83,"endTime":5023.78,"body":"Munger just before we dive in, I"},{"speaker":"Nick Lincoln","startTime":5023.78,"endTime":5026.99,"body":"even say a year but you know, 98"},{"speaker":"Nick Lincoln","startTime":5023.78,"endTime":5026.99,"body":"and obviously he's gone now."},{"speaker":"Nick Lincoln","startTime":5026.99,"endTime":5030.11,"body":"That's what uh, yeah, thank"},{"speaker":"Nick Lincoln","startTime":5026.99,"endTime":5030.11,"body":"thank thank the Lord that"},{"speaker":"Nick Lincoln","startTime":5030.11,"endTime":5035.15,"body":"happened. Okay. My my culture"},{"speaker":"Nick Lincoln","startTime":5030.11,"endTime":5035.15,"body":"corner. No, the culture corner"},{"speaker":"Nick Lincoln","startTime":5035.15,"endTime":5038.75,"body":"is a great things we sometimes"},{"speaker":"Nick Lincoln","startTime":5035.15,"endTime":5038.75,"body":"pick on content that we don't"},{"speaker":"Nick Lincoln","startTime":5038.75,"endTime":5042.14,"body":"think is so great. And I Seth"},{"speaker":"Nick Lincoln","startTime":5038.75,"endTime":5042.14,"body":"Godin, I know you guys love him."},{"speaker":"Nick Lincoln","startTime":5042.38,"endTime":5044.63,"body":"I know you guys love him. And I"},{"speaker":"Nick Lincoln","startTime":5042.38,"endTime":5044.63,"body":"really tried. Yeah, the good"},{"speaker":"Nick Lincoln","startTime":5044.63,"endTime":5048.11,"body":"thing about tribes is only 137"},{"speaker":"Nick Lincoln","startTime":5044.63,"endTime":5048.11,"body":"pages. The bad thing about"},{"speaker":"Nick Lincoln","startTime":5048.11,"endTime":5052.22,"body":"tribes is it's still 137 pages."},{"speaker":"Nick Lincoln","startTime":5048.11,"endTime":5052.22,"body":"And I was"},{"speaker":"Alan Smith","startTime":5052.22,"endTime":5053.99,"body":"surprised when I saw"},{"speaker":"Alan Smith","startTime":5052.22,"endTime":5053.99,"body":"this come up on the list. I"},{"speaker":"Alan Smith","startTime":5055.5199999999995,"endTime":5057.98,"body":"finally understood what Seth's"},{"speaker":"Alan Smith","startTime":5055.5199999999995,"endTime":5057.98,"body":"all about."},{"speaker":"Nick Lincoln","startTime":5059.84,"endTime":5063.53,"body":"What not to read."},{"speaker":"Nick Lincoln","startTime":5059.84,"endTime":5063.53,"body":"Kindle has this thing of the 99"},{"speaker":"Nick Lincoln","startTime":5063.53,"endTime":5067.01,"body":"P days, don't they? Yeah, well,"},{"speaker":"Nick Lincoln","startTime":5063.53,"endTime":5067.01,"body":"my birth okay. Sorry. I'll get"},{"speaker":"Nick Lincoln","startTime":5067.01,"endTime":5071.8099999999995,"body":"tribes nice. And I read it. With"},{"speaker":"Nick Lincoln","startTime":5067.01,"endTime":5071.8099999999995,"body":"all these a lot of these people"},{"speaker":"Nick Lincoln","startTime":5071.8099999999995,"endTime":5074.69,"body":"in the Simon Simon and all these"},{"speaker":"Nick Lincoln","startTime":5071.8099999999995,"endTime":5074.69,"body":"people, I really I'm going okay,"},{"speaker":"Nick Lincoln","startTime":5074.69,"endTime":5079.58,"body":"I'm waiting for somebody to"},{"speaker":"Nick Lincoln","startTime":5074.69,"endTime":5079.58,"body":"really not know. What what are"},{"speaker":"Nick Lincoln","startTime":5079.58,"endTime":5085.19,"body":"you telling me? It's just me."},{"speaker":"Nick Lincoln","startTime":5079.58,"endTime":5085.19,"body":"Great. aren't. So I didn't"},{"speaker":"Nick Lincoln","startTime":5086.09,"endTime":5086.57,"body":"example."},{"speaker":"Andy Hart","startTime":5087.14,"endTime":5088.97,"body":"In shipping, getting"},{"speaker":"Andy Hart","startTime":5087.14,"endTime":5088.97,"body":"content out there feeling"},{"speaker":"Andy Hart","startTime":5088.97,"endTime":5093.62,"body":"vulnerable? Ship Your work. This"},{"speaker":"Andy Hart","startTime":5088.97,"endTime":5093.62,"body":"is also ship your"},{"speaker":"Nick Lincoln","startTime":5093.62,"endTime":5095.09,"body":"work? Well,"},{"speaker":"Nick Lincoln","startTime":5093.62,"endTime":5095.09,"body":"there's hardly originals. I"},{"speaker":"Nick Lincoln","startTime":5095.09,"endTime":5098.15,"body":"mean, Steven Pressfield is often"},{"speaker":"Nick Lincoln","startTime":5095.09,"endTime":5098.15,"body":"clear, they'll it's just do the"},{"speaker":"Nick Lincoln","startTime":5098.15,"endTime":5100.8499999999995,"body":"work. But yeah, fine. I think"},{"speaker":"Nick Lincoln","startTime":5098.15,"endTime":5100.8499999999995,"body":"Seth Godin had a one success"},{"speaker":"Nick Lincoln","startTime":5100.8499999999995,"endTime":5102.98,"body":"early on his career, didn't he?"},{"speaker":"Nick Lincoln","startTime":5100.8499999999995,"endTime":5102.98,"body":"And he's kind of morphed off"},{"speaker":"Nick Lincoln","startTime":5102.98,"endTime":5105.74,"body":"that. Really, if that's"},{"speaker":"Nick Lincoln","startTime":5102.98,"endTime":5105.74,"body":"litigious. That was Andy Hart"},{"speaker":"Nick Lincoln","startTime":5105.74,"endTime":5108.74,"body":"saying that. Okay, two more"},{"speaker":"Nick Lincoln","startTime":5105.74,"endTime":5108.74,"body":"points."},{"speaker":"Andy Hart","startTime":5111.47,"endTime":5114.89,"body":"Over time, okay, so"},{"speaker":"Andy Hart","startTime":5111.47,"endTime":5114.89,"body":"my first point is, there's a"},{"speaker":"Andy Hart","startTime":5114.89,"endTime":5119.2699999999995,"body":"daily email a few of these go"},{"speaker":"Andy Hart","startTime":5114.89,"endTime":5119.2699999999995,"body":"around, but this one every time"},{"speaker":"Andy Hart","startTime":5119.2699999999995,"endTime":5122.21,"body":"by the way, I just thought I'd"},{"speaker":"Andy Hart","startTime":5119.2699999999995,"endTime":5122.21,"body":"do too, because you're the rest"},{"speaker":"Andy Hart","startTime":5122.21,"endTime":5125.42,"body":"of them look pretty boring,"},{"speaker":"Andy Hart","startTime":5122.21,"endTime":5125.42,"body":"especially Carl regurgitated"},{"speaker":"Andy Hart","startTime":5125.42,"endTime":5131.9,"body":"Anyway, leave it to me. So the"},{"speaker":"Andy Hart","startTime":5125.42,"endTime":5131.9,"body":"email recommendation is a"},{"speaker":"Andy Hart","startTime":5131.9,"endTime":5137.45,"body":"company called Morning brew"},{"speaker":"Andy Hart","startTime":5131.9,"endTime":5137.45,"body":"daily email. So Google morning"},{"speaker":"Andy Hart","startTime":5137.45,"endTime":5141.74,"body":"brew daily email finance, nerds,"},{"speaker":"Andy Hart","startTime":5137.45,"endTime":5141.74,"body":"investing with nerds will love"},{"speaker":"Andy Hart","startTime":5141.74,"endTime":5145.64,"body":"this one. It's sort of an"},{"speaker":"Andy Hart","startTime":5141.74,"endTime":5145.64,"body":"aggregator of information, as"},{"speaker":"Andy Hart","startTime":5145.97,"endTime":5148.79,"body":"you know, happened the previous"},{"speaker":"Andy Hart","startTime":5145.97,"endTime":5148.79,"body":"day. Really good. My final"},{"speaker":"Andy Hart","startTime":5148.79,"endTime":5152.45,"body":"recommendation is an absolute"},{"speaker":"Andy Hart","startTime":5148.79,"endTime":5152.45,"body":"must watch on Netflix. It's"},{"speaker":"Andy Hart","startTime":5152.48,"endTime":5157.34,"body":"totally insane. This documentary"},{"speaker":"Andy Hart","startTime":5152.48,"endTime":5157.34,"body":"series, three episodes is called"},{"speaker":"Andy Hart","startTime":5157.34,"endTime":5161.99,"body":"the billionaire, the butler and"},{"speaker":"Andy Hart","startTime":5157.34,"endTime":5161.99,"body":"the boyfriend. It's a real story"},{"speaker":"Andy Hart","startTime":5162.0199999999995,"endTime":5165.92,"body":"about the lady who was the"},{"speaker":"Andy Hart","startTime":5162.0199999999995,"endTime":5165.92,"body":"granddaughter sorry, the"},{"speaker":"Andy Hart","startTime":5165.92,"endTime":5169.43,"body":"daughter of the founder of"},{"speaker":"Andy Hart","startTime":5165.92,"endTime":5169.43,"body":"L'Oreal. She was a richest woman"},{"speaker":"Andy Hart","startTime":5169.43,"endTime":5172.8499999999995,"body":"in the world. The richest woman"},{"speaker":"Andy Hart","startTime":5169.43,"endTime":5172.8499999999995,"body":"in the world now is the grand"},{"speaker":"Andy Hart","startTime":5172.88,"endTime":5176.12,"body":"daughter. So the daughter of the"},{"speaker":"Andy Hart","startTime":5172.88,"endTime":5176.12,"body":"daughter of the founder of law"},{"speaker":"Andy Hart","startTime":5176.12,"endTime":5180.62,"body":"Real, she's worth over 100"},{"speaker":"Andy Hart","startTime":5176.12,"endTime":5180.62,"body":"billion. It is insane the amount"},{"speaker":"Andy Hart","startTime":5180.62,"endTime":5183.5,"body":"of money this lady had and"},{"speaker":"Andy Hart","startTime":5180.62,"endTime":5183.5,"body":"people will just swindling her"},{"speaker":"Andy Hart","startTime":5183.5,"endTime":5186.71,"body":"out of money like you wouldn't"},{"speaker":"Andy Hart","startTime":5183.5,"endTime":5186.71,"body":"believe. Financial Advisor. He"},{"speaker":"Andy Hart","startTime":5186.71,"endTime":5190.94,"body":"was up to all sorts. The sort of"},{"speaker":"Andy Hart","startTime":5186.71,"endTime":5190.94,"body":"temporary boyfriend who wasn't"},{"speaker":"Andy Hart","startTime":5190.94,"endTime":5193.58,"body":"quite a boyfriend. He was just"},{"speaker":"Andy Hart","startTime":5190.94,"endTime":5193.58,"body":"into swindling elderly, elderly"},{"speaker":"Andy Hart","startTime":5193.58,"endTime":5199.25,"body":"women don't get any ideas. Nick"},{"speaker":"Andy Hart","startTime":5193.58,"endTime":5199.25,"body":"is just brilliant. This I mean,"},{"speaker":"Andy Hart","startTime":5199.28,"endTime":5202.34,"body":"the cheque she was writing, she"},{"speaker":"Andy Hart","startTime":5199.28,"endTime":5202.34,"body":"paid all of her staff in cash. I"},{"speaker":"Andy Hart","startTime":5202.34,"endTime":5205.91,"body":"mean, they were obviously"},{"speaker":"Andy Hart","startTime":5202.34,"endTime":5205.91,"body":"putting it through for tax but"},{"speaker":"Andy Hart","startTime":5205.91,"endTime":5208.4,"body":"she just paid them in cash. She"},{"speaker":"Andy Hart","startTime":5205.91,"endTime":5208.4,"body":"was paying a gardener like under"},{"speaker":"Andy Hart","startTime":5208.4,"endTime":5211.97,"body":"120 grand a year euros and like"},{"speaker":"Andy Hart","startTime":5208.4,"endTime":5211.97,"body":"the account of foreigners. It's"},{"speaker":"Andy Hart","startTime":5211.97,"endTime":5216.59,"body":"insane that this lady had so"},{"speaker":"Andy Hart","startTime":5211.97,"endTime":5216.59,"body":"much money in the end that this"},{"speaker":"Andy Hart","startTime":5216.59,"endTime":5219.3499999999995,"body":"guy swindled her for a billion"},{"speaker":"Andy Hart","startTime":5216.59,"endTime":5219.3499999999995,"body":"euros didn't even touch the"},{"speaker":"Andy Hart","startTime":5219.3499999999995,"endTime":5223.19,"body":"sides. It's like me, Swindon,"},{"speaker":"Andy Hart","startTime":5219.3499999999995,"endTime":5223.19,"body":"Nick Lincoln for like, six pound"},{"speaker":"Andy Hart","startTime":5223.19,"endTime":5226.82,"body":"50 You know, it wouldn't even"},{"speaker":"Andy Hart","startTime":5223.19,"endTime":5226.82,"body":"touch the sides wouldn't touch"},{"speaker":"Andy Hart","startTime":5226.82,"endTime":5230.78,"body":"the side. So certainly, if"},{"speaker":"Andy Hart","startTime":5226.82,"endTime":5230.78,"body":"you're a financial adviser if"},{"speaker":"Andy Hart","startTime":5230.78,"endTime":5233.69,"body":"you're into money, it's the"},{"speaker":"Andy Hart","startTime":5230.78,"endTime":5233.69,"body":"business story scene that is a"},{"speaker":"Andy Hart","startTime":5233.69,"endTime":5238.22,"body":"new, it's a new one. It's not"},{"speaker":"Andy Hart","startTime":5233.69,"endTime":5238.22,"body":"new. I mean, the daughter of the"},{"speaker":"Andy Hart","startTime":5238.22,"endTime":5241.28,"body":"founder of L'Oreal, she based"},{"speaker":"Andy Hart","startTime":5238.22,"endTime":5241.28,"body":"that outsiders for 10 years, but"},{"speaker":"Andy Hart","startTime":5241.28,"endTime":5245.18,"body":"because she's rich and eccentric"},{"speaker":"Andy Hart","startTime":5241.28,"endTime":5245.18,"body":"and mad, she's sort of okay. And"},{"speaker":"Andy Hart","startTime":5245.18,"endTime":5247.58,"body":"we can just let her do stuff. I"},{"speaker":"Andy Hart","startTime":5245.18,"endTime":5247.58,"body":"mean, people come to and say,"},{"speaker":"Andy Hart","startTime":5247.61,"endTime":5250.7,"body":"oh, you know, my daughter. She"},{"speaker":"Andy Hart","startTime":5247.61,"endTime":5250.7,"body":"needs a new dress. She's like,"},{"speaker":"Andy Hart","startTime":5250.76,"endTime":5254.66,"body":"how much do you need? 200,000"},{"speaker":"Andy Hart","startTime":5250.76,"endTime":5254.66,"body":"euros? It wasn't like a new"},{"speaker":"Andy Hart","startTime":5254.66,"endTime":5259.04,"body":"dress. What is it? 70 Euro? Like"},{"speaker":"Andy Hart","startTime":5254.66,"endTime":5259.04,"body":"every check she wrote was six"},{"speaker":"Andy Hart","startTime":5259.04,"endTime":5259.97,"body":"figures. And it was"},{"speaker":"Carl Widger","startTime":5263.24,"endTime":5264.92,"body":"fabulous. No, we"},{"speaker":"Carl Widger","startTime":5263.24,"endTime":5264.92,"body":"don't have to watch it. You've"},{"speaker":"Carl Widger","startTime":5264.92,"endTime":5265.61,"body":"told us everything."},{"speaker":"Andy Hart","startTime":5268.28,"endTime":5270.95,"body":"The last bit about"},{"speaker":"Andy Hart","startTime":5268.28,"endTime":5270.95,"body":"it. It's just you can't take"},{"speaker":"Andy Hart","startTime":5270.95,"endTime":5271.4,"body":"your eyes."},{"speaker":"Unknown","startTime":5272.93,"endTime":5275.5999999999995,"body":"She does. She does"},{"speaker":"Unknown","startTime":5272.93,"endTime":5275.5999999999995,"body":"unfortunately passed away."},{"speaker":"Andy Hart","startTime":5278.599,"endTime":5280.6089999999995,"body":"strong recommendation"},{"speaker":"Andy Hart","startTime":5278.599,"endTime":5280.6089999999995,"body":"let me know what you think he"},{"speaker":"Andy Hart","startTime":5280.6089999999995,"endTime":5284.299,"body":"came out about a year and a bit"},{"speaker":"Andy Hart","startTime":5280.6089999999995,"endTime":5284.299,"body":"ago. It's, it's, it's wild."},{"speaker":"Unknown","startTime":5285.11,"endTime":5285.95,"body":"All right. Okay,"},{"speaker":"Nick Lincoln","startTime":5285.98,"endTime":5288.65,"body":"cool. Right. One"},{"speaker":"Nick Lincoln","startTime":5285.98,"endTime":5288.65,"body":"hour. 28 minutes. I think the"},{"speaker":"Nick Lincoln","startTime":5288.65,"endTime":5293.15,"body":"Tech has worked. I say"},{"speaker":"Nick Lincoln","startTime":5288.65,"endTime":5293.15,"body":"automatisch work. So we will say"},{"speaker":"Nick Lincoln","startTime":5293.15,"endTime":5295.67,"body":"that's a wrap for this episode."},{"speaker":"Nick Lincoln","startTime":5293.15,"endTime":5295.67,"body":"Thank you, dear Trappists for"},{"speaker":"Nick Lincoln","startTime":5295.67,"endTime":5297.68,"body":"your precious time and your"},{"speaker":"Nick Lincoln","startTime":5295.67,"endTime":5297.68,"body":"input into this show. If you"},{"speaker":"Nick Lincoln","startTime":5297.68,"endTime":5300.68,"body":"listen to the podcast, make sure"},{"speaker":"Nick Lincoln","startTime":5297.68,"endTime":5300.68,"body":"you subscribe to the podcast"},{"speaker":"Nick Lincoln","startTime":5300.68,"endTime":5304.73,"body":"that way every other Thursday."},{"speaker":"Nick Lincoln","startTime":5300.68,"endTime":5304.73,"body":"New episode lands on your phone"},{"speaker":"Nick Lincoln","startTime":5304.76,"endTime":5307.94,"body":"freshly baked it's all done for"},{"speaker":"Nick Lincoln","startTime":5304.76,"endTime":5307.94,"body":"you we got to do is play stick"},{"speaker":"Nick Lincoln","startTime":5307.94,"endTime":5310.73,"body":"your headphones in with all the"},{"speaker":"Nick Lincoln","startTime":5307.94,"endTime":5310.73,"body":"heavy lifting, like and"},{"speaker":"Nick Lincoln","startTime":5310.73,"endTime":5313.91,"body":"subscribe to our YouTube"},{"speaker":"Nick Lincoln","startTime":5310.73,"endTime":5313.91,"body":"channel. 666 the number of the"},{"speaker":"Nick Lincoln","startTime":5313.91,"endTime":5314.36,"body":"beast"},{"speaker":"Andy Hart","startTime":5314.66,"endTime":5317.75,"body":"Allah Allah Allah"},{"speaker":"Andy Hart","startTime":5314.66,"endTime":5317.75,"body":"Allah you tickets if you're"},{"speaker":"Andy Hart","startTime":5317.75,"endTime":5318.2,"body":"still"},{"speaker":"Alan Smith","startTime":5318.2,"endTime":5322.55,"body":"on the fence. 15"},{"speaker":"Alan Smith","startTime":5318.2,"endTime":5322.55,"body":"left gearing is going to be fun."},{"speaker":"Alan Smith","startTime":5323.18,"endTime":5323.69,"body":"Advisor"},{"speaker":"Andy Hart","startTime":5323.69,"endTime":5328.01,"body":"podcast.com The real"},{"speaker":"Andy Hart","startTime":5323.69,"endTime":5328.01,"body":"advisors calm. Exactly. That's"},{"speaker":"Nick Lincoln","startTime":5328.01,"endTime":5331.04,"body":"the place to go to"},{"speaker":"Nick Lincoln","startTime":5328.01,"endTime":5331.04,"body":"get your tickets. Well, many"},{"speaker":"Nick Lincoln","startTime":5331.04,"endTime":5335.33,"body":"people are calling in the event"},{"speaker":"Nick Lincoln","startTime":5331.04,"endTime":5335.33,"body":"of May. Okay, let's go. Lobby"},{"speaker":"Nick Lincoln","startTime":5335.33,"endTime":5336.62,"body":"Lowe's lobby Trappists Goodbye."},{"speaker":"Unknown","startTime":5336.65,"endTime":5340.61,"body":"Take care. Iron Maiden"},{"speaker":"Unknown","startTime":5336.65,"endTime":5340.61,"body":"bye bye bye now number the base"}]}