{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":8.7,"endTime":13.74,"body":"Welcome to The Real"},{"speaker":"Unknown","startTime":8.7,"endTime":13.74,"body":"advisor podcast, t r a p twerp"},{"speaker":"Unknown","startTime":14.13,"endTime":17.34,"body":"please follow us and join in the"},{"speaker":"Unknown","startTime":14.13,"endTime":17.34,"body":"conversation on Twitter at"},{"speaker":"Unknown","startTime":17.34,"endTime":21.09,"body":"advisor podcast where you can"},{"speaker":"Unknown","startTime":17.34,"endTime":21.09,"body":"suggest ideas and themes you'd"},{"speaker":"Unknown","startTime":21.09,"endTime":24.54,"body":"like the track team to discuss."},{"speaker":"Unknown","startTime":21.09,"endTime":24.54,"body":"Also remember to like and"},{"speaker":"Unknown","startTime":24.54,"endTime":28.2,"body":"subscribe to our YouTube channel"},{"speaker":"Unknown","startTime":24.54,"endTime":28.2,"body":"and leave a six out of five star"},{"speaker":"Unknown","startTime":28.2,"endTime":32.16,"body":"review on iTunes. Doing all this"},{"speaker":"Unknown","startTime":28.2,"endTime":32.16,"body":"really really helps us which"},{"speaker":"Unknown","startTime":32.16,"endTime":35.61,"body":"means we can do more to help"},{"speaker":"Unknown","startTime":32.16,"endTime":35.61,"body":"you. Now let's head over to the"},{"speaker":"Unknown","startTime":35.61,"endTime":37.95,"body":"studio for the latest pilot trap"},{"speaker":"Nick Lincoln","startTime":43.5,"endTime":45.87,"body":"yes indeed, dear"},{"speaker":"Nick Lincoln","startTime":43.5,"endTime":45.87,"body":"TRAPPIST, welcome back to what"},{"speaker":"Nick Lincoln","startTime":45.87,"endTime":49.95,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":45.87,"endTime":49.95,"body":"44 of the real advisor podcast"},{"speaker":"Nick Lincoln","startTime":49.95,"endTime":55.11,"body":"T. AP trap. My name is Lincoln"},{"speaker":"Nick Lincoln","startTime":49.95,"endTime":55.11,"body":"and joining me as ever in the"},{"speaker":"Nick Lincoln","startTime":55.14,"endTime":58.35,"body":"digital studio of doom are the"},{"speaker":"Nick Lincoln","startTime":55.14,"endTime":58.35,"body":"four other Horsemen of the"},{"speaker":"Nick Lincoln","startTime":58.35,"endTime":64.86,"body":"Apocalypse. And the ultra hot"},{"speaker":"Nick Lincoln","startTime":58.35,"endTime":64.86,"body":"call deliver the voice wager."},{"speaker":"Nick Lincoln","startTime":65.19,"endTime":69.3,"body":"And Alan the storyteller Smith"},{"speaker":"Nick Lincoln","startTime":65.19,"endTime":69.3,"body":"Now gentlemen, we have a show"},{"speaker":"Nick Lincoln","startTime":69.33,"endTime":74.49,"body":"packed full of salutely nothing"},{"speaker":"Nick Lincoln","startTime":69.33,"endTime":74.49,"body":"so let's start unpacking it"},{"speaker":"Nick Lincoln","startTime":74.49,"endTime":77.25,"body":"straightaway with some more high"},{"speaker":"Nick Lincoln","startTime":74.49,"endTime":77.25,"body":"energy review reads read out by"},{"speaker":"Nick Lincoln","startTime":77.25,"endTime":79.8,"body":"my very good friend the Right"},{"speaker":"Nick Lincoln","startTime":77.25,"endTime":79.8,"body":"Honourable Mr. Andrew Hart."},{"speaker":"Andy Hart","startTime":80.37,"endTime":84.33,"body":"We have just one"},{"speaker":"Andy Hart","startTime":80.37,"endTime":84.33,"body":"review this episode. This is"},{"speaker":"Andy Hart","startTime":84.33,"endTime":87.84,"body":"from Keith boys who runs a great"},{"speaker":"Andy Hart","startTime":84.33,"endTime":87.84,"body":"firm in Scotland entitled An"},{"speaker":"Andy Hart","startTime":87.87,"endTime":91.77,"body":"honest and refreshing unedited"},{"speaker":"Andy Hart","startTime":87.87,"endTime":91.77,"body":"journey five stars, you bring"},{"speaker":"Andy Hart","startTime":91.8,"endTime":95.49,"body":"wisdom to those who are"},{"speaker":"Andy Hart","startTime":91.8,"endTime":95.49,"body":"navigating their own uncertain"},{"speaker":"Andy Hart","startTime":95.49,"endTime":98.85,"body":"path in the world, you bring"},{"speaker":"Andy Hart","startTime":95.49,"endTime":98.85,"body":"reassurance that it's okay not"},{"speaker":"Andy Hart","startTime":98.85,"endTime":101.22,"body":"to have all the answers you"},{"speaker":"Andy Hart","startTime":98.85,"endTime":101.22,"body":"bring peace of mind that it's"},{"speaker":"Andy Hart","startTime":101.22,"endTime":105.15,"body":"okay to make mistakes, and that"},{"speaker":"Andy Hart","startTime":101.22,"endTime":105.15,"body":"you'll be wiser for it you bring"},{"speaker":"Andy Hart","startTime":105.18,"endTime":108.36,"body":"optimism and hope. From your own"},{"speaker":"Andy Hart","startTime":105.18,"endTime":108.36,"body":"achievements, you bring"},{"speaker":"Andy Hart","startTime":108.36,"endTime":112.56,"body":"excitement to me and many others"},{"speaker":"Andy Hart","startTime":108.36,"endTime":112.56,"body":"for what's possible. So thank"},{"speaker":"Andy Hart","startTime":112.56,"endTime":114.93,"body":"you for taking the time to make"},{"speaker":"Andy Hart","startTime":112.56,"endTime":114.93,"body":"a difference to inspire me and"},{"speaker":"Andy Hart","startTime":114.93,"endTime":118.74,"body":"many others. The true impact of"},{"speaker":"Andy Hart","startTime":114.93,"endTime":118.74,"body":"this you'll never know. But I"},{"speaker":"Andy Hart","startTime":118.74,"endTime":122.52,"body":"for 1am hugely grateful. Great"},{"speaker":"Andy Hart","startTime":118.74,"endTime":122.52,"body":"review back to you. But"},{"speaker":"Alan Smith","startTime":122.52,"endTime":124.89,"body":"what a lovely"},{"speaker":"Alan Smith","startTime":122.52,"endTime":124.89,"body":"review. Yeah, well, thank"},{"speaker":"Nick Lincoln","startTime":124.89,"endTime":126.96,"body":"you very much,"},{"speaker":"Nick Lincoln","startTime":124.89,"endTime":126.96,"body":"Keith. That is lovely. Trappists"},{"speaker":"Nick Lincoln","startTime":126.96,"endTime":129.15,"body":"we do we do kind of live and die"},{"speaker":"Nick Lincoln","startTime":126.96,"endTime":129.15,"body":"by these reviews, because we're"},{"speaker":"Nick Lincoln","startTime":129.15,"endTime":132.57,"body":"all shallow and vain. And the"},{"speaker":"Nick Lincoln","startTime":129.15,"endTime":132.57,"body":"ego is unbounded. So please do"},{"speaker":"Nick Lincoln","startTime":132.57,"endTime":135.0,"body":"leave a review on your well I"},{"speaker":"Nick Lincoln","startTime":132.57,"endTime":135.0,"body":"would say your app of choice is"},{"speaker":"Nick Lincoln","startTime":135.0,"endTime":137.16,"body":"going to be iTunes, isn't it?"},{"speaker":"Nick Lincoln","startTime":135.0,"endTime":137.16,"body":"Six out of five stars minimum"},{"speaker":"Nick Lincoln","startTime":137.16,"endTime":140.31,"body":"please. Or give us a zero out of"},{"speaker":"Nick Lincoln","startTime":137.16,"endTime":140.31,"body":"five? We don't want anything in"},{"speaker":"Nick Lincoln","startTime":140.31,"endTime":141.66,"body":"between. Okay, we don't have"},{"speaker":"Andy Hart","startTime":141.66,"endTime":143.49,"body":"a three star and then"},{"speaker":"Alan Smith","startTime":144.39,"endTime":147.81,"body":"three stars. One,"},{"speaker":"Alan Smith","startTime":144.39,"endTime":147.81,"body":"please. 105"},{"speaker":"Nick Lincoln","startTime":147.84,"endTime":149.82,"body":"love us all know"},{"speaker":"Nick Lincoln","startTime":147.84,"endTime":149.82,"body":"this, but nothing in between."},{"speaker":"Nick Lincoln","startTime":150.12,"endTime":150.48,"body":"Okay,"},{"speaker":"Carl Widger","startTime":150.48,"endTime":152.25,"body":"that three, three"},{"speaker":"Carl Widger","startTime":150.48,"endTime":152.25,"body":"star review was very good."},{"speaker":"Carl Widger","startTime":152.25,"endTime":154.32,"body":"Actually. We should definitely"},{"speaker":"Carl Widger","startTime":152.25,"endTime":154.32,"body":"read that out coming out. We"},{"speaker":"Carl Widger","startTime":154.32,"endTime":157.53,"body":"will very essentially it was"},{"speaker":"Carl Widger","startTime":154.32,"endTime":157.53,"body":"very, very, very, very good."},{"speaker":"Andy Hart","startTime":159.54,"endTime":161.79,"body":"You're the only one"},{"speaker":"Andy Hart","startTime":159.54,"endTime":161.79,"body":"paste in so yeah."},{"speaker":"Nick Lincoln","startTime":163.56,"endTime":166.44,"body":"Right. Let's put a"},{"speaker":"Nick Lincoln","startTime":163.56,"endTime":166.44,"body":"topical timestamp on this show"},{"speaker":"Nick Lincoln","startTime":166.44,"endTime":169.5,"body":"with some topical tidbits. So"},{"speaker":"Nick Lincoln","startTime":166.44,"endTime":169.5,"body":"we're getting near the big"},{"speaker":"Nick Lincoln","startTime":169.5,"endTime":172.14,"body":"financial services event of the"},{"speaker":"Nick Lincoln","startTime":169.5,"endTime":172.14,"body":"year now. It's not October No,"},{"speaker":"Nick Lincoln","startTime":172.14,"endTime":176.91,"body":"it's not harm. Yes, it's trapped"},{"speaker":"Nick Lincoln","startTime":172.14,"endTime":176.91,"body":"live at London swinging swinging"},{"speaker":"Nick Lincoln","startTime":177.24,"endTime":180.36,"body":"hippodrome in the heart of"},{"speaker":"Nick Lincoln","startTime":177.24,"endTime":180.36,"body":"Leicester Square. London's"},{"speaker":"Nick Lincoln","startTime":180.36,"endTime":182.7,"body":"equivalent of times Times"},{"speaker":"Nick Lincoln","startTime":180.36,"endTime":182.7,"body":"Square, but it was a shithole."},{"speaker":"Nick Lincoln","startTime":182.82,"endTime":185.46,"body":"But never mind. The Hippodrome"},{"speaker":"Nick Lincoln","startTime":182.82,"endTime":185.46,"body":"is great. And Lola's basement"},{"speaker":"Nick Lincoln","startTime":185.46,"endTime":190.41,"body":"bar is fantastic. And those are"},{"speaker":"Nick Lincoln","startTime":185.46,"endTime":190.41,"body":"coming emails in your inbox"},{"speaker":"Nick Lincoln","startTime":190.59,"endTime":192.69,"body":"telling you about what time it"},{"speaker":"Nick Lincoln","startTime":190.59,"endTime":192.69,"body":"kicks off. There'll be going out"},{"speaker":"Nick Lincoln","startTime":192.69,"endTime":195.27,"body":"shortly. Can't wait to catch up"},{"speaker":"Nick Lincoln","startTime":192.69,"endTime":195.27,"body":"with all the Trappists. That's"},{"speaker":"Nick Lincoln","startTime":195.27,"endTime":198.78,"body":"going to be absolutely great."},{"speaker":"Nick Lincoln","startTime":195.27,"endTime":198.78,"body":"Mr. Smith, you've got some thing"},{"speaker":"Nick Lincoln","startTime":198.78,"endTime":200.22,"body":"you want to talk about. Yeah,"},{"speaker":"Alan Smith","startTime":200.25,"endTime":202.8,"body":"I mean, it is going"},{"speaker":"Alan Smith","startTime":200.25,"endTime":202.8,"body":"to be a fantastic event. And"},{"speaker":"Alan Smith","startTime":202.8,"endTime":205.26,"body":"you're right, as Andy just said,"},{"speaker":"Alan Smith","startTime":202.8,"endTime":205.26,"body":"We three of us went along and"},{"speaker":"Alan Smith","startTime":205.26,"endTime":207.9,"body":"just sort of checked it out the"},{"speaker":"Alan Smith","startTime":205.26,"endTime":207.9,"body":"other day, and it's looking"},{"speaker":"Alan Smith","startTime":207.93,"endTime":212.76,"body":"good, perfect, true story we"},{"speaker":"Alan Smith","startTime":207.93,"endTime":212.76,"body":"have got there are five tickets"},{"speaker":"Alan Smith","startTime":213.42,"endTime":216.93,"body":"remaining. And what we've"},{"speaker":"Alan Smith","startTime":213.42,"endTime":216.93,"body":"decided to do in our wisdom is"},{"speaker":"Alan Smith","startTime":216.93,"endTime":219.6,"body":"to offer them and what we're"},{"speaker":"Alan Smith","startTime":216.93,"endTime":219.6,"body":"going to call scholarship"},{"speaker":"Alan Smith","startTime":219.6,"endTime":224.58,"body":"tickets. So they're designed for"},{"speaker":"Alan Smith","startTime":219.6,"endTime":224.58,"body":"anyone who's early on in their"},{"speaker":"Alan Smith","startTime":224.64,"endTime":227.52,"body":"career early on in their"},{"speaker":"Alan Smith","startTime":224.64,"endTime":227.52,"body":"financial planning journey,"},{"speaker":"Alan Smith","startTime":227.52,"endTime":231.84,"body":"maybe the stretch to get a train"},{"speaker":"Alan Smith","startTime":227.52,"endTime":231.84,"body":"ticket and pay for a ticket,"},{"speaker":"Alan Smith","startTime":231.84,"endTime":233.79,"body":"etc. Might be a little bit too"},{"speaker":"Alan Smith","startTime":231.84,"endTime":233.79,"body":"much. So they're going to be"},{"speaker":"Alan Smith","startTime":233.79,"endTime":238.53,"body":"free. Complimentary, there are"},{"speaker":"Alan Smith","startTime":233.79,"endTime":238.53,"body":"literally five available no more"},{"speaker":"Alan Smith","startTime":239.07,"endTime":242.67,"body":"and no less. And the way you"},{"speaker":"Alan Smith","startTime":239.07,"endTime":242.67,"body":"apply for them is simply get in"},{"speaker":"Alan Smith","startTime":242.67,"endTime":246.48,"body":"touch with me, send me DM me on"},{"speaker":"Alan Smith","startTime":242.67,"endTime":246.48,"body":"Twitter or LinkedIn or via"},{"speaker":"Alan Smith","startTime":246.48,"endTime":249.57,"body":"email, get in touch. It"},{"speaker":"Alan Smith","startTime":246.48,"endTime":249.57,"body":"literally has to be first come"},{"speaker":"Alan Smith","startTime":249.57,"endTime":252.84,"body":"first serve the five first five"},{"speaker":"Alan Smith","startTime":249.57,"endTime":252.84,"body":"people to apply for scholarship"},{"speaker":"Alan Smith","startTime":252.84,"endTime":257.61,"body":"tickets. And we'll have our own"},{"speaker":"Alan Smith","startTime":252.84,"endTime":257.61,"body":"definition of who you know, who"},{"speaker":"Alan Smith","startTime":257.61,"endTime":260.85,"body":"qualifies, but basically anyone"},{"speaker":"Alan Smith","startTime":257.61,"endTime":260.85,"body":"who's younger and early on in"},{"speaker":"Alan Smith","startTime":260.85,"endTime":262.95,"body":"their career, please get in"},{"speaker":"Alan Smith","startTime":260.85,"endTime":262.95,"body":"touch. You'll have a free"},{"speaker":"Alan Smith","startTime":262.95,"endTime":266.13,"body":"complimentary ticket, come along"},{"speaker":"Alan Smith","startTime":262.95,"endTime":266.13,"body":"and we'd love to see you on the"},{"speaker":"Alan Smith","startTime":266.13,"endTime":269.28,"body":"day. Very, very good,"},{"speaker":"Nick Lincoln","startTime":269.28,"endTime":271.65,"body":"how noble we are."},{"speaker":"Nick Lincoln","startTime":269.28,"endTime":271.65,"body":"You see we are a nice kind,"},{"speaker":"Nick Lincoln","startTime":271.65,"endTime":273.99,"body":"caring, compassionate,"},{"speaker":"Nick Lincoln","startTime":271.65,"endTime":273.99,"body":"empathetic people talking to"},{"speaker":"Nick Lincoln","startTime":273.99,"endTime":277.53,"body":"being kind and caring and"},{"speaker":"Nick Lincoln","startTime":273.99,"endTime":277.53,"body":"empathetic. I went to Spain"},{"speaker":"Nick Lincoln","startTime":277.53,"endTime":280.35,"body":"recently to see my parents my"},{"speaker":"Nick Lincoln","startTime":277.53,"endTime":280.35,"body":"dad's recovering from a broken"},{"speaker":"Nick Lincoln","startTime":280.35,"endTime":283.2,"body":"femur. He's doing okay, but"},{"speaker":"Nick Lincoln","startTime":280.35,"endTime":283.2,"body":"they're 85 and 83. So they've"},{"speaker":"Nick Lincoln","startTime":283.2,"endTime":286.26,"body":"got issues, you know, as happens"},{"speaker":"Nick Lincoln","startTime":283.2,"endTime":286.26,"body":"at that age. While I was out in"},{"speaker":"Nick Lincoln","startTime":286.26,"endTime":290.43,"body":"Spain in Iberia, I had a phone"},{"speaker":"Nick Lincoln","startTime":286.26,"endTime":290.43,"body":"call from a client and I"},{"speaker":"Nick Lincoln","startTime":290.43,"endTime":292.11,"body":"couldn't take the call left a"},{"speaker":"Nick Lincoln","startTime":290.43,"endTime":292.11,"body":"message and I called them"},{"speaker":"Nick Lincoln","startTime":292.11,"endTime":293.91,"body":"straight back on WhatsApp"},{"speaker":"Nick Lincoln","startTime":292.11,"endTime":293.91,"body":"because I didn't want him to"},{"speaker":"Nick Lincoln","startTime":293.91,"endTime":296.25,"body":"know that I was abroad he'd need"},{"speaker":"Nick Lincoln","startTime":293.91,"endTime":296.25,"body":"to know I'm in Spain. It's not"},{"speaker":"Nick Lincoln","startTime":296.25,"endTime":299.31,"body":"his concern whatsoever. He's a"},{"speaker":"Nick Lincoln","startTime":296.25,"endTime":299.31,"body":"client he gets a call back and I"},{"speaker":"Nick Lincoln","startTime":299.31,"endTime":301.86,"body":"called him back in This guy, um,"},{"speaker":"Nick Lincoln","startTime":299.31,"endTime":301.86,"body":"no, I know him inside out, like"},{"speaker":"Nick Lincoln","startTime":301.86,"endTime":303.9,"body":"I know all my clients like you"},{"speaker":"Nick Lincoln","startTime":301.86,"endTime":303.9,"body":"guys know all your clients"},{"speaker":"Nick Lincoln","startTime":303.9,"endTime":306.12,"body":"inside out right you know their"},{"speaker":"Nick Lincoln","startTime":303.9,"endTime":306.12,"body":"foibles and what makes them tick"},{"speaker":"Nick Lincoln","startTime":306.12,"endTime":309.33,"body":"and their general situation. And"},{"speaker":"Nick Lincoln","startTime":306.12,"endTime":309.33,"body":"he is like many people, he's"},{"speaker":"Nick Lincoln","startTime":309.33,"endTime":312.42,"body":"been a bike lead investor. He's"},{"speaker":"Nick Lincoln","startTime":309.33,"endTime":312.42,"body":"got other assets, but he's got"},{"speaker":"Nick Lincoln","startTime":312.42,"endTime":315.12,"body":"to bike let's and for the last"},{"speaker":"Nick Lincoln","startTime":312.42,"endTime":315.12,"body":"five years, it's kind of been"},{"speaker":"Nick Lincoln","startTime":315.12,"endTime":318.36,"body":"treading water at best even with"},{"speaker":"Nick Lincoln","startTime":315.12,"endTime":318.36,"body":"mortgage rates have stupidly low"},{"speaker":"Nick Lincoln","startTime":318.36,"endTime":320.67,"body":"rates and now the rates have"},{"speaker":"Nick Lincoln","startTime":318.36,"endTime":320.67,"body":"gone up, of course, he's"},{"speaker":"Nick Lincoln","startTime":320.67,"endTime":323.85,"body":"underwater so he phones me says,"},{"speaker":"Nick Lincoln","startTime":320.67,"endTime":323.85,"body":"Nick, I've got this money in my"},{"speaker":"Nick Lincoln","startTime":323.85,"endTime":326.46,"body":"pension, it leaves a message. If"},{"speaker":"Nick Lincoln","startTime":323.85,"endTime":326.46,"body":"you've got this money, my"},{"speaker":"Nick Lincoln","startTime":326.46,"endTime":328.83,"body":"pension pot, I just remind me"},{"speaker":"Nick Lincoln","startTime":326.46,"endTime":328.83,"body":"again how much I can take out as"},{"speaker":"Nick Lincoln","startTime":328.83,"endTime":331.56,"body":"tax free cash because I need to"},{"speaker":"Nick Lincoln","startTime":328.83,"endTime":331.56,"body":"blah, blah, blah, my mortgages"},{"speaker":"Nick Lincoln","startTime":331.56,"endTime":333.48,"body":"are coming up, I need to"},{"speaker":"Nick Lincoln","startTime":331.56,"endTime":333.48,"body":"refinance, I need some extra"},{"speaker":"Nick Lincoln","startTime":333.48,"endTime":336.6,"body":"cash. So I called him back"},{"speaker":"Nick Lincoln","startTime":333.48,"endTime":336.6,"body":"within about three minutes from"},{"speaker":"Nick Lincoln","startTime":336.6,"endTime":340.32,"body":"leaving a message on my phone. I"},{"speaker":"Nick Lincoln","startTime":336.6,"endTime":340.32,"body":"talked to him in language he"},{"speaker":"Nick Lincoln","startTime":340.32,"endTime":343.26,"body":"understands you never use the"},{"speaker":"Nick Lincoln","startTime":340.32,"endTime":343.26,"body":"word pension pension"},{"speaker":"Nick Lincoln","startTime":343.26,"endTime":346.17,"body":"commencement lump sum with other"},{"speaker":"Nick Lincoln","startTime":343.26,"endTime":346.17,"body":"human beings, that's used by"},{"speaker":"Nick Lincoln","startTime":346.17,"endTime":348.87,"body":"people who have got zero"},{"speaker":"Nick Lincoln","startTime":346.17,"endTime":348.87,"body":"empathy. You never use words"},{"speaker":"Nick Lincoln","startTime":348.87,"endTime":352.02,"body":"like Flexi access, drawdown, or"},{"speaker":"Nick Lincoln","startTime":348.87,"endTime":352.02,"body":"any of this crud with with other"},{"speaker":"Nick Lincoln","startTime":352.02,"endTime":353.91,"body":"human beings, not if you love"},{"speaker":"Nick Lincoln","startTime":352.02,"endTime":353.91,"body":"them, right. And I love my"},{"speaker":"Nick Lincoln","startTime":353.91,"endTime":357.15,"body":"clients. I said, Dave, you got"},{"speaker":"Nick Lincoln","startTime":353.91,"endTime":357.15,"body":"this tax free cash is 25% of"},{"speaker":"Nick Lincoln","startTime":357.15,"endTime":359.94,"body":"your untapped pot, and then"},{"speaker":"Nick Lincoln","startTime":357.15,"endTime":359.94,"body":"you've got the untapped pot, you"},{"speaker":"Nick Lincoln","startTime":359.94,"endTime":362.55,"body":"can always take 25% That's tax"},{"speaker":"Nick Lincoln","startTime":359.94,"endTime":362.55,"body":"free cash in your case, that"},{"speaker":"Nick Lincoln","startTime":362.55,"endTime":364.83,"body":"works out to about 25 grand,"},{"speaker":"Nick Lincoln","startTime":362.55,"endTime":364.83,"body":"conveniently. But that's the"},{"speaker":"Nick Lincoln","startTime":364.83,"endTime":369.66,"body":"case. And once you've done that,"},{"speaker":"Nick Lincoln","startTime":364.83,"endTime":369.66,"body":"the balance 75k will go and join"},{"speaker":"Nick Lincoln","startTime":369.66,"endTime":372.09,"body":"the rest of your tapped fund as"},{"speaker":"Nick Lincoln","startTime":369.66,"endTime":372.09,"body":"the money you've already taken"},{"speaker":"Nick Lincoln","startTime":372.09,"endTime":374.85,"body":"tax free cash out from bear in"},{"speaker":"Nick Lincoln","startTime":372.09,"endTime":374.85,"body":"mind, if you can no longer take"},{"speaker":"Nick Lincoln","startTime":374.85,"endTime":376.74,"body":"any more tax free cash from"},{"speaker":"Nick Lincoln","startTime":374.85,"endTime":376.74,"body":"that, and what's the tax free"},{"speaker":"Nick Lincoln","startTime":376.74,"endTime":379.5,"body":"cash is gone, it's gone, spoke"},{"speaker":"Nick Lincoln","startTime":376.74,"endTime":379.5,"body":"to him in plain English and a"},{"speaker":"Nick Lincoln","startTime":379.5,"endTime":382.26,"body":"language he understood I didn't"},{"speaker":"Nick Lincoln","startTime":379.5,"endTime":382.26,"body":"use any verbiage. And I got back"},{"speaker":"Nick Lincoln","startTime":382.26,"endTime":384.66,"body":"to him within about three"},{"speaker":"Nick Lincoln","startTime":382.26,"endTime":384.66,"body":"minutes from leaving. And the"},{"speaker":"Nick Lincoln","startTime":384.66,"endTime":386.7,"body":"reason I'm going on about this"},{"speaker":"Nick Lincoln","startTime":384.66,"endTime":386.7,"body":"is that I think all four of our"},{"speaker":"Nick Lincoln","startTime":386.7,"endTime":388.59,"body":"businesses and many of the"},{"speaker":"Nick Lincoln","startTime":386.7,"endTime":388.59,"body":"Trappists, who listen to this"},{"speaker":"Nick Lincoln","startTime":388.59,"endTime":393.93,"body":"will have exemplary outstanding"},{"speaker":"Nick Lincoln","startTime":388.59,"endTime":393.93,"body":"service that puts them there's"},{"speaker":"Nick Lincoln","startTime":393.93,"endTime":396.03,"body":"an article in the show notes on"},{"speaker":"Nick Lincoln","startTime":393.93,"endTime":396.03,"body":"LinkedIn about the declining"},{"speaker":"Nick Lincoln","startTime":396.03,"endTime":398.82,"body":"levels of service in the UK and"},{"speaker":"Nick Lincoln","startTime":396.03,"endTime":398.82,"body":"in Ireland as well. I imagine"},{"speaker":"Nick Lincoln","startTime":398.91,"endTime":402.84,"body":"it's just impossible, impossible"},{"speaker":"Nick Lincoln","startTime":398.91,"endTime":402.84,"body":"to get through to anybody at the"},{"speaker":"Nick Lincoln","startTime":402.84,"endTime":404.73,"body":"first phone call, you're leaving"},{"speaker":"Nick Lincoln","startTime":402.84,"endTime":404.73,"body":"messages with these big"},{"speaker":"Nick Lincoln","startTime":404.73,"endTime":408.48,"body":"providers. And it's just an"},{"speaker":"Nick Lincoln","startTime":404.73,"endTime":408.48,"body":"absolute nightmare. And I just"},{"speaker":"Nick Lincoln","startTime":408.48,"endTime":411.27,"body":"want to reiterate that whatever"},{"speaker":"Nick Lincoln","startTime":408.48,"endTime":411.27,"body":"fee your clients are paying you,"},{"speaker":"Nick Lincoln","startTime":412.02,"endTime":414.0,"body":"because this is the subject as"},{"speaker":"Nick Lincoln","startTime":412.02,"endTime":414.0,"body":"you are right this and this was"},{"speaker":"Nick Lincoln","startTime":414.0,"endTime":415.74,"body":"this was the we're going to come"},{"speaker":"Nick Lincoln","startTime":414.0,"endTime":415.74,"body":"back to this over the coming"},{"speaker":"Nick Lincoln","startTime":415.74,"endTime":418.2,"body":"months and years even I think"},{"speaker":"Nick Lincoln","startTime":415.74,"endTime":418.2,"body":"about paying for something and"},{"speaker":"Nick Lincoln","startTime":418.2,"endTime":421.41,"body":"not getting it. But that fee is"},{"speaker":"Nick Lincoln","startTime":418.2,"endTime":421.41,"body":"not just about the annual review"},{"speaker":"Nick Lincoln","startTime":421.41,"endTime":423.36,"body":"or more correctly, the annual"},{"speaker":"Nick Lincoln","startTime":421.41,"endTime":423.36,"body":"planning service, the fee"},{"speaker":"Nick Lincoln","startTime":423.36,"endTime":426.42,"body":"clients are paying us it's for"},{"speaker":"Nick Lincoln","startTime":423.36,"endTime":426.42,"body":"exemplary service. And that's"},{"speaker":"Nick Lincoln","startTime":426.42,"endTime":428.67,"body":"just an example I think of where"},{"speaker":"Nick Lincoln","startTime":426.42,"endTime":428.67,"body":"we can deliver and which already"},{"speaker":"Nick Lincoln","startTime":428.67,"endTime":431.73,"body":"puts us apart. So let's not get"},{"speaker":"Nick Lincoln","startTime":428.67,"endTime":431.73,"body":"too hung up on this, this our"},{"speaker":"Nick Lincoln","startTime":431.73,"endTime":434.4,"body":"fees being just for the annual"},{"speaker":"Nick Lincoln","startTime":431.73,"endTime":434.4,"body":"planning part. That's an element"},{"speaker":"Nick Lincoln","startTime":434.4,"endTime":439.14,"body":"of it. But what sets us apart as"},{"speaker":"Nick Lincoln","startTime":434.4,"endTime":439.14,"body":"owner, business people, our"},{"speaker":"Nick Lincoln","startTime":439.14,"endTime":441.6,"body":"clients being being based about"},{"speaker":"Nick Lincoln","startTime":439.14,"endTime":441.6,"body":"it, where our clients are our"},{"speaker":"Nick Lincoln","startTime":441.6,"endTime":444.3,"body":"income we have, we're not"},{"speaker":"Nick Lincoln","startTime":441.6,"endTime":444.3,"body":"employees, so we're just there"},{"speaker":"Nick Lincoln","startTime":444.3,"endTime":446.31,"body":"for the ride, and then we'll"},{"speaker":"Nick Lincoln","startTime":444.3,"endTime":446.31,"body":"bugger off to the next employer"},{"speaker":"Nick Lincoln","startTime":446.31,"endTime":449.07,"body":"who dangles a bigger bit of fish"},{"speaker":"Nick Lincoln","startTime":446.31,"endTime":449.07,"body":"in front of us. This is our"},{"speaker":"Nick Lincoln","startTime":449.07,"endTime":452.46,"body":"life. And we live and die by"},{"speaker":"Nick Lincoln","startTime":449.07,"endTime":452.46,"body":"service standards and I just"},{"speaker":"Nick Lincoln","startTime":452.46,"endTime":455.64,"body":"want to defend ifas really do a"},{"speaker":"Nick Lincoln","startTime":452.46,"endTime":455.64,"body":"bloody good job because I'll"},{"speaker":"Nick Lincoln","startTime":455.64,"endTime":457.62,"body":"give you a very basic example."},{"speaker":"Nick Lincoln","startTime":455.64,"endTime":457.62,"body":"We've got fitted wardrobes"},{"speaker":"Nick Lincoln","startTime":457.62,"endTime":460.29,"body":"upstairs, they're putting in"},{"speaker":"Nick Lincoln","startTime":457.62,"endTime":460.29,"body":"2019 They've got a 10 year"},{"speaker":"Nick Lincoln","startTime":463.17,"endTime":467.49,"body":"coming off all the wardrobes and"},{"speaker":"Nick Lincoln","startTime":463.17,"endTime":467.49,"body":"I'm in this ongoing battle to"},{"speaker":"Nick Lincoln","startTime":467.49,"endTime":470.22,"body":"get the facial replaced and it's"},{"speaker":"Nick Lincoln","startTime":467.49,"endTime":470.22,"body":"just I send an email and I hear"},{"speaker":"Nick Lincoln","startTime":470.22,"endTime":473.07,"body":"nothing for weeks and weeks to"},{"speaker":"Nick Lincoln","startTime":470.22,"endTime":473.07,"body":"this this wardrobe company. Just"},{"speaker":"Nick Lincoln","startTime":473.07,"endTime":476.01,"body":"a very silly example. I know you"},{"speaker":"Nick Lincoln","startTime":473.07,"endTime":476.01,"body":"know obviously utility companies"},{"speaker":"Nick Lincoln","startTime":476.01,"endTime":480.45,"body":"are rubbish. HMRC is closed down"},{"speaker":"Nick Lincoln","startTime":476.01,"endTime":480.45,"body":"its phone lines. I mean to put"},{"speaker":"Nick Lincoln","startTime":480.45,"endTime":483.45,"body":"the love of Christ what's"},{"speaker":"Nick Lincoln","startTime":480.45,"endTime":483.45,"body":"happening. So well I think we're"},{"speaker":"Nick Lincoln","startTime":483.48,"endTime":487.59,"body":"just saluting other iPhones and"},{"speaker":"Nick Lincoln","startTime":483.48,"endTime":487.59,"body":"our send me because we offer a"},{"speaker":"Nick Lincoln","startTime":487.59,"endTime":489.69,"body":"fantastic service which is a cut"},{"speaker":"Nick Lincoln","startTime":487.59,"endTime":489.69,"body":"above and that's a lot of what"},{"speaker":"Nick Lincoln","startTime":489.69,"endTime":492.54,"body":"your fee is for and people will"},{"speaker":"Nick Lincoln","startTime":489.69,"endTime":492.54,"body":"love you for it. disgruntled"},{"speaker":"Nick Lincoln","startTime":492.54,"endTime":494.97,"body":"glands are the ones that"},{"speaker":"Nick Lincoln","startTime":492.54,"endTime":494.97,"body":"complain happy clients do not"},{"speaker":"Nick Lincoln","startTime":494.97,"endTime":496.86,"body":"complain. Right. So"},{"speaker":"Andy Hart","startTime":498.84,"endTime":501.15,"body":"clinic play for"},{"speaker":"Andy Hart","startTime":498.84,"endTime":501.15,"body":"yourself."},{"speaker":"Nick Lincoln","startTime":503.55,"endTime":506.34,"body":"To get one out"},{"speaker":"Nick Lincoln","startTime":503.55,"endTime":506.34,"body":"from it we can't have to thank"},{"speaker":"Nick Lincoln","startTime":506.34,"endTime":509.76,"body":"you. I appreciate appreciate the"},{"speaker":"Nick Lincoln","startTime":506.34,"endTime":509.76,"body":"sentiments so segue seamlessly."},{"speaker":"Nick Lincoln","startTime":509.85,"endTime":511.62,"body":"Oh, by the way, I've got to"},{"speaker":"Nick Lincoln","startTime":509.85,"endTime":511.62,"body":"think on that so about speedy"},{"speaker":"Nick Lincoln","startTime":511.62,"endTime":514.8,"body":"boarding. So I go into speedy"},{"speaker":"Nick Lincoln","startTime":511.62,"endTime":514.8,"body":"boarding. Yeah, cool. I've"},{"speaker":"Nick Lincoln","startTime":514.8,"endTime":517.71,"body":"worked out what speedy boarding"},{"speaker":"Nick Lincoln","startTime":514.8,"endTime":517.71,"body":"is i I'm going to channel my"},{"speaker":"Nick Lincoln","startTime":517.71,"endTime":522.09,"body":"inner Rory Sutherland here all"},{"speaker":"Nick Lincoln","startTime":517.71,"endTime":522.09,"body":"the way. And if I do that there"},{"speaker":"Nick Lincoln","startTime":522.09,"endTime":524.19,"body":"might be some F bombs in the"},{"speaker":"Nick Lincoln","startTime":522.09,"endTime":524.19,"body":"next 60 seconds. So for those of"},{"speaker":"Nick Lincoln","startTime":524.19,"endTime":526.02,"body":"you that are precious about it,"},{"speaker":"Nick Lincoln","startTime":524.19,"endTime":526.02,"body":"like the lady left the three or"},{"speaker":"Nick Lincoln","startTime":526.02,"endTime":529.08,"body":"five star review and the kids or"},{"speaker":"Nick Lincoln","startTime":526.02,"endTime":529.08,"body":"your children in the car, yeah,"},{"speaker":"Nick Lincoln","startTime":529.26,"endTime":535.86,"body":"now, the car has to go slow."},{"speaker":"Nick Lincoln","startTime":529.26,"endTime":535.86,"body":"Okay, speedy boarding is"},{"speaker":"Nick Lincoln","startTime":535.86,"endTime":538.5,"body":"completely wrongly might say"},{"speaker":"Nick Lincoln","startTime":535.86,"endTime":538.5,"body":"we're always talking about"},{"speaker":"Nick Lincoln","startTime":538.77,"endTime":541.92,"body":"speedy boarding. This is where"},{"speaker":"Nick Lincoln","startTime":538.77,"endTime":541.92,"body":"the advertisers market is gonna"},{"speaker":"Nick Lincoln","startTime":541.92,"endTime":543.99,"body":"completely regret spending money"},{"speaker":"Nick Lincoln","startTime":541.92,"endTime":543.99,"body":"who the one who wants to buy the"},{"speaker":"Nick Lincoln","startTime":543.99,"endTime":546.6,"body":"fucking plane for any longer"},{"speaker":"Nick Lincoln","startTime":543.99,"endTime":546.6,"body":"than normal? Who wants to sit on"},{"speaker":"Nick Lincoln","startTime":546.6,"endTime":549.45,"body":"it for 30 minutes longer next to"},{"speaker":"Nick Lincoln","startTime":546.6,"endTime":549.45,"body":"some corpulent lard ass there's"},{"speaker":"Nick Lincoln","startTime":549.45,"endTime":551.97,"body":"got to be no problem. No, there"},{"speaker":"Nick Lincoln","startTime":549.45,"endTime":551.97,"body":"shouldn't call it speedy"},{"speaker":"Nick Lincoln","startTime":551.97,"endTime":555.39,"body":"boarding it should be called"},{"speaker":"Nick Lincoln","startTime":551.97,"endTime":555.39,"body":"speedy exiting the first five"},{"speaker":"Nick Lincoln","startTime":555.39,"endTime":559.02,"body":"rows get off the plane first"},{"speaker":"Nick Lincoln","startTime":555.39,"endTime":559.02,"body":"only that's what it's all about."},{"speaker":"Nick Lincoln","startTime":559.17,"endTime":561.57,"body":"If you're at the front there,"},{"speaker":"Nick Lincoln","startTime":559.17,"endTime":561.57,"body":"the steps always go to the front"},{"speaker":"Nick Lincoln","startTime":561.57,"endTime":563.64,"body":"because we can't have the dear"},{"speaker":"Nick Lincoln","startTime":561.57,"endTime":563.64,"body":"pilot walking down the fuselage."},{"speaker":"Nick Lincoln","startTime":563.64,"endTime":566.19,"body":"He wants to get out the cockpit"},{"speaker":"Nick Lincoln","startTime":563.64,"endTime":566.19,"body":"turn right and sawed off. You"},{"speaker":"Nick Lincoln","startTime":566.19,"endTime":568.71,"body":"always get off first. If you're"},{"speaker":"Nick Lincoln","startTime":566.19,"endTime":568.71,"body":"in speedy boarding you're"},{"speaker":"Nick Lincoln","startTime":568.71,"endTime":572.64,"body":"surrounded by the infirm people"},{"speaker":"Nick Lincoln","startTime":568.71,"endTime":572.64,"body":"on crutches. People with walking"},{"speaker":"Nick Lincoln","startTime":572.64,"endTime":575.04,"body":"sticks if the old deer in front"},{"speaker":"Nick Lincoln","startTime":572.64,"endTime":575.04,"body":"of you is getting on your nerves"},{"speaker":"Nick Lincoln","startTime":575.04,"endTime":576.99,"body":"as you go through the airport"},{"speaker":"Nick Lincoln","startTime":575.04,"endTime":576.99,"body":"give her a tap on the ankle she"},{"speaker":"Nick Lincoln","startTime":576.99,"endTime":579.78,"body":"tumbles down you clamber over"},{"speaker":"Nick Lincoln","startTime":576.99,"endTime":579.78,"body":"her and you'll first immigration"},{"speaker":"Nick Lincoln","startTime":579.78,"endTime":582.24,"body":"patrol your first out of the"},{"speaker":"Nick Lincoln","startTime":579.78,"endTime":582.24,"body":"airport when you're first in the"},{"speaker":"Nick Lincoln","startTime":582.24,"endTime":585.33,"body":"limousine speedy boarding. I've"},{"speaker":"Nick Lincoln","startTime":582.24,"endTime":585.33,"body":"always resented paying for it"},{"speaker":"Nick Lincoln","startTime":585.33,"endTime":590.1,"body":"right. It's called speedy exit."},{"speaker":"Nick Lincoln","startTime":585.33,"endTime":590.1,"body":"Sign me up and now back to the"},{"speaker":"Nick Lincoln","startTime":590.1,"endTime":595.83,"body":"Track Pack. You're paying for"},{"speaker":"Nick Lincoln","startTime":590.1,"endTime":595.83,"body":"speedy exit as you call it"},{"speaker":"Nick Lincoln","startTime":595.83,"endTime":599.37,"body":"speedy. Excellent. It's just"},{"speaker":"Nick Lincoln","startTime":595.83,"endTime":599.37,"body":"that he wants me to write Sorry,"},{"speaker":"Nick Lincoln","startTime":599.37,"endTime":600.3,"body":"I'm gonna go on good"},{"speaker":"Alan Smith","startTime":603.059,"endTime":605.189,"body":"in the world of the"},{"speaker":"Alan Smith","startTime":603.059,"endTime":605.189,"body":"mundane world of financial"},{"speaker":"Alan Smith","startTime":605.189,"endTime":609.149,"body":"planning, that's very good,"},{"speaker":"Alan Smith","startTime":605.189,"endTime":609.149,"body":"Nick. You've got an alternative"},{"speaker":"Alan Smith","startTime":609.149,"endTime":613.769,"body":"career as a Rory Sutherland"},{"speaker":"Alan Smith","startTime":609.149,"endTime":613.769,"body":"impressionist impersonator. Just"},{"speaker":"Alan Smith","startTime":613.769,"endTime":616.439,"body":"following on from your point"},{"speaker":"Alan Smith","startTime":613.769,"endTime":616.439,"body":"notes, you're absolutely right."},{"speaker":"Alan Smith","startTime":616.469,"endTime":619.619,"body":"The the role in the service that"},{"speaker":"Alan Smith","startTime":616.469,"endTime":619.619,"body":"we provide is a lot more than"},{"speaker":"Alan Smith","startTime":619.619,"endTime":623.309,"body":"this sort of magical mythical"},{"speaker":"Alan Smith","startTime":619.619,"endTime":623.309,"body":"annual review. But that's what"},{"speaker":"Alan Smith","startTime":623.339,"endTime":626.519,"body":"the regulator seems to be"},{"speaker":"Alan Smith","startTime":623.339,"endTime":626.519,"body":"heavily focused upon. I guess a"},{"speaker":"Alan Smith","startTime":626.519,"endTime":629.129,"body":"lot of this is going to come"},{"speaker":"Alan Smith","startTime":626.519,"endTime":629.129,"body":"back to what it says in your"},{"speaker":"Alan Smith","startTime":629.159,"endTime":631.859,"body":"terms of business or your"},{"speaker":"Alan Smith","startTime":629.159,"endTime":631.859,"body":"agreement. There'll be a list of"},{"speaker":"Alan Smith","startTime":631.859,"endTime":635.639,"body":"the we should be a schedule of"},{"speaker":"Alan Smith","startTime":631.859,"endTime":635.639,"body":"services should be. And I think"},{"speaker":"Alan Smith","startTime":635.639,"endTime":639.929,"body":"a lot of financial planners are"},{"speaker":"Alan Smith","startTime":635.639,"endTime":639.929,"body":"urgently reviewing their terms"},{"speaker":"Alan Smith","startTime":640.109,"endTime":642.719,"body":"that you mentioned last time, it"},{"speaker":"Alan Smith","startTime":640.109,"endTime":642.719,"body":"should just I have Yeah, I think"},{"speaker":"Alan Smith","startTime":642.719,"endTime":644.729,"body":"yours, as it was generally, you"},{"speaker":"Alan Smith","startTime":642.719,"endTime":644.729,"body":"said was pretty good. But you"},{"speaker":"Alan Smith","startTime":644.729,"endTime":648.239,"body":"just what did you do? You added"},{"speaker":"Alan Smith","startTime":644.729,"endTime":648.239,"body":"something, say and the"},{"speaker":"Alan Smith","startTime":648.239,"endTime":649.229,"body":"additional services,"},{"speaker":"Nick Lincoln","startTime":649.65,"endTime":651.48,"body":"if you decline,"},{"speaker":"Nick Lincoln","startTime":649.65,"endTime":651.48,"body":"the annual planning rating, and"},{"speaker":"Nick Lincoln","startTime":651.48,"endTime":653.85,"body":"the fees will continue to be"},{"speaker":"Nick Lincoln","startTime":651.48,"endTime":653.85,"body":"taken. But if the situation"},{"speaker":"Nick Lincoln","startTime":653.85,"endTime":655.65,"body":"persists, then the chances are"},{"speaker":"Nick Lincoln","startTime":653.85,"endTime":655.65,"body":"we will terminate the"},{"speaker":"Nick Lincoln","startTime":655.65,"endTime":658.35,"body":"relationship, but the fees will"},{"speaker":"Nick Lincoln","startTime":655.65,"endTime":658.35,"body":"continue to take an even if you"},{"speaker":"Nick Lincoln","startTime":658.35,"endTime":660.57,"body":"don't take the annual planning"},{"speaker":"Nick Lincoln","startTime":658.35,"endTime":660.57,"body":"meeting. Now, whether that holds"},{"speaker":"Nick Lincoln","startTime":660.57,"endTime":662.52,"body":"up or not, I do not know. But I"},{"speaker":"Nick Lincoln","startTime":660.57,"endTime":662.52,"body":"put it in the terms of business"},{"speaker":"Nick Lincoln","startTime":662.52,"endTime":663.27,"body":"and they're signing it. So"},{"speaker":"Alan Smith","startTime":663.839,"endTime":666.209,"body":"yeah. And the"},{"speaker":"Alan Smith","startTime":663.839,"endTime":666.209,"body":"challenge, of course, is that"},{"speaker":"Alan Smith","startTime":666.209,"endTime":669.929,"body":"you're right, we are offering a"},{"speaker":"Alan Smith","startTime":666.209,"endTime":669.929,"body":"sort of comprehensive service,"},{"speaker":"Alan Smith","startTime":669.929,"endTime":673.679,"body":"which includes, like you just"},{"speaker":"Alan Smith","startTime":669.929,"endTime":673.679,"body":"did, being very, very responsive"},{"speaker":"Alan Smith","startTime":673.679,"endTime":676.649,"body":"to client inquiries. Being"},{"speaker":"Alan Smith","startTime":673.679,"endTime":676.649,"body":"proactive being ahead of it"},{"speaker":"Alan Smith","startTime":676.649,"endTime":679.079,"body":"doesn't all revolve around an"},{"speaker":"Alan Smith","startTime":676.649,"endTime":679.079,"body":"annual review. But of course,"},{"speaker":"Alan Smith","startTime":679.079,"endTime":681.899,"body":"the regulator is very, very much"},{"speaker":"Alan Smith","startTime":679.079,"endTime":681.899,"body":"data driven. So they need to"},{"speaker":"Alan Smith","startTime":681.899,"endTime":684.959,"body":"know that's one way they can"},{"speaker":"Alan Smith","startTime":681.899,"endTime":684.959,"body":"determine whether people were"},{"speaker":"Alan Smith","startTime":684.959,"endTime":687.839,"body":"getting this thing and most"},{"speaker":"Alan Smith","startTime":684.959,"endTime":687.839,"body":"obvious key metric here is an"},{"speaker":"Alan Smith","startTime":687.839,"endTime":690.359,"body":"obvious key metric and talking"},{"speaker":"Alan Smith","startTime":687.839,"endTime":690.359,"body":"of key metrics. And what I"},{"speaker":"Alan Smith","startTime":690.359,"endTime":695.099,"body":"wanted to add here was I"},{"speaker":"Alan Smith","startTime":690.359,"endTime":695.099,"body":"attended a seminar conference"},{"speaker":"Alan Smith","startTime":695.099,"endTime":698.429,"body":"thing last week in London. And"},{"speaker":"Alan Smith","startTime":695.099,"endTime":698.429,"body":"it was very interesting, it was"},{"speaker":"Alan Smith","startTime":699.419,"endTime":702.389,"body":"around compliance, there was a"},{"speaker":"Alan Smith","startTime":699.419,"endTime":702.389,"body":"number of sort of compliance"},{"speaker":"Alan Smith","startTime":702.389,"endTime":706.409,"body":"firms and experts. And those"},{"speaker":"Alan Smith","startTime":702.389,"endTime":706.409,"body":"firms have been brought in,"},{"speaker":"Alan Smith","startTime":706.409,"endTime":710.399,"body":"they're all getting very busy"},{"speaker":"Alan Smith","startTime":706.409,"endTime":710.399,"body":"nowadays. And some of the"},{"speaker":"Alan Smith","startTime":710.399,"endTime":713.669,"body":"information that was shared was"},{"speaker":"Alan Smith","startTime":710.399,"endTime":713.669,"body":"quite enlightening. And one of"},{"speaker":"Alan Smith","startTime":713.669,"endTime":716.849,"body":"the things was that, as we all"},{"speaker":"Alan Smith","startTime":713.669,"endTime":716.849,"body":"know, there's been a hell of a"},{"speaker":"Alan Smith","startTime":716.849,"endTime":719.399,"body":"lot of consolidation going on in"},{"speaker":"Alan Smith","startTime":716.849,"endTime":719.399,"body":"the market, the last five, five"},{"speaker":"Alan Smith","startTime":719.399,"endTime":722.039,"body":"or 10 years and lots of firms"},{"speaker":"Alan Smith","startTime":719.399,"endTime":722.039,"body":"have gone out and hoovered up"},{"speaker":"Alan Smith","startTime":722.039,"endTime":726.719,"body":"lots of smaller IFA practices."},{"speaker":"Alan Smith","startTime":722.039,"endTime":726.719,"body":"And none of these firms have got"},{"speaker":"Alan Smith","startTime":726.719,"endTime":730.889,"body":"data in terms of people that"},{"speaker":"Alan Smith","startTime":726.719,"endTime":730.889,"body":"they did reviews for. So whereas"},{"speaker":"Alan Smith","startTime":730.889,"endTime":733.319,"body":"they might well have absolute"},{"speaker":"Alan Smith","startTime":730.889,"endTime":733.319,"body":"shambles, they might well have"},{"speaker":"Alan Smith","startTime":733.319,"endTime":738.179,"body":"done a review. There's nothing"},{"speaker":"Alan Smith","startTime":733.319,"endTime":738.179,"body":"to prove it. So this dear CEO"},{"speaker":"Alan Smith","startTime":738.179,"endTime":741.719,"body":"letter that went out, I think,"},{"speaker":"Alan Smith","startTime":738.179,"endTime":741.719,"body":"to the top 20 firms in the"},{"speaker":"Alan Smith","startTime":741.719,"endTime":744.029,"body":"country that's causing a lot of"},{"speaker":"Alan Smith","startTime":741.719,"endTime":744.029,"body":"consternation. And one of the"},{"speaker":"Alan Smith","startTime":744.029,"endTime":746.909,"body":"reasons a there's not, there's a"},{"speaker":"Alan Smith","startTime":744.029,"endTime":746.909,"body":"certain there's an underlying"},{"speaker":"Alan Smith","startTime":746.909,"endTime":749.999,"body":"belief that these reviews were"},{"speaker":"Alan Smith","startTime":746.909,"endTime":749.999,"body":"carried out, but they can't"},{"speaker":"Alan Smith","startTime":749.999,"endTime":750.869,"body":"prove it. There's"},{"speaker":"Andy Hart","startTime":750.87,"endTime":753.36,"body":"no Can you do a"},{"speaker":"Andy Hart","startTime":750.87,"endTime":753.36,"body":"review without proving it, there"},{"speaker":"Andy Hart","startTime":753.36,"endTime":755.97,"body":"must have been an email to"},{"speaker":"Andy Hart","startTime":753.36,"endTime":755.97,"body":"confirm the meeting, there must"},{"speaker":"Andy Hart","startTime":755.97,"endTime":756.42,"body":"have been some"},{"speaker":"Alan Smith","startTime":756.419,"endTime":758.279,"body":"read, right? So"},{"speaker":"Alan Smith","startTime":756.419,"endTime":758.279,"body":"here's here's the thing, and"},{"speaker":"Andy Hart","startTime":759.33,"endTime":762.21,"body":"this is"},{"speaker":"Andy Hart","startTime":759.33,"endTime":762.21,"body":"contributions, this is like has"},{"speaker":"Andy Hart","startTime":762.21,"endTime":762.72,"body":"to be some say"},{"speaker":"Alan Smith","startTime":762.72,"endTime":764.82,"body":"this can be a"},{"speaker":"Alan Smith","startTime":762.72,"endTime":764.82,"body":"rhetorical you don't have to"},{"speaker":"Alan Smith","startTime":764.82,"endTime":769.17,"body":"answer it. But if you were sent"},{"speaker":"Alan Smith","startTime":764.82,"endTime":769.17,"body":"a request from the regulator and"},{"speaker":"Alan Smith","startTime":769.17,"endTime":773.28,"body":"said, on one, cotton, send us a"},{"speaker":"Alan Smith","startTime":769.17,"endTime":773.28,"body":"spreadsheet, list all your"},{"speaker":"Alan Smith","startTime":773.28,"endTime":776.1,"body":"clients list all the ones who"},{"speaker":"Alan Smith","startTime":773.28,"endTime":776.1,"body":"have contracted for review,"},{"speaker":"Alan Smith","startTime":776.1,"endTime":778.56,"body":"which will be all of them, I"},{"speaker":"Alan Smith","startTime":776.1,"endTime":778.56,"body":"guess, yeah, list all the ones"},{"speaker":"Alan Smith","startTime":778.56,"endTime":781.02,"body":"who had a review and list all"},{"speaker":"Alan Smith","startTime":778.56,"endTime":781.02,"body":"the ones who did hear the"},{"speaker":"Alan Smith","startTime":781.02,"endTime":783.6,"body":"declined or for one reason, or"},{"speaker":"Alan Smith","startTime":781.02,"endTime":783.6,"body":"they weren't able to have a"},{"speaker":"Alan Smith","startTime":783.6,"endTime":787.35,"body":"review. And then for those ones"},{"speaker":"Alan Smith","startTime":783.6,"endTime":787.35,"body":"list, the date at which you"},{"speaker":"Alan Smith","startTime":787.35,"endTime":791.43,"body":"turned off the fee, if at all."},{"speaker":"Alan Smith","startTime":787.35,"endTime":791.43,"body":"The question is, could you"},{"speaker":"Alan Smith","startTime":791.43,"endTime":795.09,"body":"access that? Full disclosure, I"},{"speaker":"Alan Smith","startTime":791.43,"endTime":795.09,"body":"came back to the office and said"},{"speaker":"Alan Smith","startTime":795.09,"endTime":797.88,"body":"to Shereena head of operations,"},{"speaker":"Alan Smith","startTime":795.09,"endTime":797.88,"body":"can we commit to this? She said,"},{"speaker":"Alan Smith","startTime":797.88,"endTime":801.54,"body":"of course, because we can work"},{"speaker":"Alan Smith","startTime":797.88,"endTime":801.54,"body":"straightaway. Yes. Thank God for"},{"speaker":"Alan Smith","startTime":801.54,"endTime":803.55,"body":"that. But there's quite a lot of"},{"speaker":"Alan Smith","startTime":801.54,"endTime":803.55,"body":"firms who would have to"},{"speaker":"Alan Smith","startTime":803.55,"endTime":805.95,"body":"literally go through each client"},{"speaker":"Alan Smith","startTime":803.55,"endTime":805.95,"body":"file one by one, there's no"},{"speaker":"Alan Smith","startTime":805.95,"endTime":810.18,"body":"central source of the greetings"},{"speaker":"Alan Smith","startTime":805.95,"endTime":810.18,"body":"properly."},{"speaker":"Andy Hart","startTime":810.239,"endTime":813.509,"body":"Well, exactly. But"},{"speaker":"Andy Hart","startTime":810.239,"endTime":813.509,"body":"what's happened is service. The"},{"speaker":"Andy Hart","startTime":813.509,"endTime":815.819,"body":"firm is built around sales."},{"speaker":"Andy Hart","startTime":813.509,"endTime":815.819,"body":"Yeah,"},{"speaker":"Alan Smith","startTime":815.85,"endTime":818.58,"body":"exactly. And so the"},{"speaker":"Alan Smith","startTime":815.85,"endTime":818.58,"body":"particularly it's the larger"},{"speaker":"Alan Smith","startTime":818.58,"endTime":822.72,"body":"firms I gather that are really"},{"speaker":"Alan Smith","startTime":818.58,"endTime":822.72,"body":"coming unstuck here because yes,"},{"speaker":"Alan Smith","startTime":822.72,"endTime":824.58,"body":"they can probably find that but"},{"speaker":"Alan Smith","startTime":822.72,"endTime":824.58,"body":"they're literally some of these"},{"speaker":"Alan Smith","startTime":824.58,"endTime":828.75,"body":"have got 10,000 clients more you"},{"speaker":"Alan Smith","startTime":824.58,"endTime":828.75,"body":"know, 50,000 clients to go"},{"speaker":"Alan Smith","startTime":828.75,"endTime":831.6,"body":"through to sort of press the"},{"speaker":"Alan Smith","startTime":828.75,"endTime":831.6,"body":"button give a list of all the"},{"speaker":"Alan Smith","startTime":831.6,"endTime":833.55,"body":"clients and the ones that got"},{"speaker":"Alan Smith","startTime":831.6,"endTime":833.55,"body":"reviews, the ones that did and"},{"speaker":"Alan Smith","startTime":833.55,"endTime":837.63,"body":"the ones where you turned off"},{"speaker":"Alan Smith","startTime":833.55,"endTime":837.63,"body":"the so there is this huge issue"},{"speaker":"Alan Smith","startTime":837.63,"endTime":840.51,"body":"and I gather there's a lot of"},{"speaker":"Alan Smith","startTime":837.63,"endTime":840.51,"body":"worried people are sitting in"},{"speaker":"Alan Smith","startTime":840.51,"endTime":843.45,"body":"boardrooms of large intermediary"},{"speaker":"Alan Smith","startTime":840.51,"endTime":843.45,"body":"firms, particularly those that"},{"speaker":"Alan Smith","startTime":843.45,"endTime":846.63,"body":"are bought 10 2050 firms in the"},{"speaker":"Alan Smith","startTime":843.45,"endTime":846.63,"body":"last little while. I thought"},{"speaker":"Andy Hart","startTime":846.63,"endTime":848.91,"body":"that was so thought"},{"speaker":"Andy Hart","startTime":846.63,"endTime":848.91,"body":"it was interesting. Easiest"},{"speaker":"Andy Hart","startTime":848.91,"endTime":853.17,"body":"gravy train cash cow and now"},{"speaker":"Andy Hart","startTime":848.91,"endTime":853.17,"body":"they're realizing sugar 50% of"},{"speaker":"Andy Hart","startTime":853.17,"endTime":855.96,"body":"this income might be turned off"},{"speaker":"Andy Hart","startTime":853.17,"endTime":855.96,"body":"if we don't up our game. Not"},{"speaker":"Andy Hart","startTime":855.96,"endTime":856.17,"body":"only"},{"speaker":"Alan Smith","startTime":856.35,"endTime":858.36,"body":"you sold off, but"},{"speaker":"Alan Smith","startTime":856.35,"endTime":858.36,"body":"you might have to refund for the"},{"speaker":"Alan Smith","startTime":858.36,"endTime":861.75,"body":"last seven years. We need to up"},{"speaker":"Alan Smith","startTime":858.36,"endTime":861.75,"body":"our game. Yeah. And the refunds"},{"speaker":"Alan Smith","startTime":861.75,"endTime":863.1,"body":"could wipe out the company."},{"speaker":"Alan Smith","startTime":861.75,"endTime":863.1,"body":"Yeah."},{"speaker":"Nick Lincoln","startTime":864.12,"endTime":865.23,"body":"You know, that's"},{"speaker":"Nick Lincoln","startTime":864.12,"endTime":865.23,"body":"alright, because they're just"},{"speaker":"Nick Lincoln","startTime":865.23,"endTime":870.39,"body":"feeding some will pay for it. So"},{"speaker":"Nick Lincoln","startTime":865.23,"endTime":870.39,"body":"Greg. Upset. Sorry. I'm okay"},{"speaker":"Nick Lincoln","startTime":870.39,"endTime":873.27,"body":"with that. Okay. Yeah, good"},{"speaker":"Nick Lincoln","startTime":870.39,"endTime":873.27,"body":"point. Well, it's the ongoing I"},{"speaker":"Nick Lincoln","startTime":873.27,"endTime":876.42,"body":"think it's, I think we all think"},{"speaker":"Nick Lincoln","startTime":873.27,"endTime":876.42,"body":"it's the ongoing next big thing"},{"speaker":"Nick Lincoln","startTime":876.42,"endTime":880.74,"body":"perhaps not so much in your neck"},{"speaker":"Nick Lincoln","startTime":876.42,"endTime":880.74,"body":"of the woods car, but certainly"},{"speaker":"Nick Lincoln","startTime":880.74,"endTime":885.87,"body":"in the UK. Okay. Andrew, budding"},{"speaker":"Nick Lincoln","startTime":880.74,"endTime":885.87,"body":"author, over"},{"speaker":"Andy Hart","startTime":915.91,"endTime":918.8199999999999,"body":"to me. Yeah, so I've"},{"speaker":"Andy Hart","startTime":915.91,"endTime":918.8199999999999,"body":"been threatening to write a book"},{"speaker":"Andy Hart","startTime":918.8199999999999,"endTime":923.11,"body":"for some time. I've gotten"},{"speaker":"Andy Hart","startTime":918.8199999999999,"endTime":923.11,"body":"various different projects with"},{"speaker":"Andy Hart","startTime":923.11,"endTime":925.66,"body":"this. And I'm sure some of the"},{"speaker":"Andy Hart","startTime":923.11,"endTime":925.66,"body":"trappers listening would also be"},{"speaker":"Andy Hart","startTime":925.66,"endTime":929.4399999999999,"body":"thinking about writing a book in"},{"speaker":"Andy Hart","startTime":925.66,"endTime":929.4399999999999,"body":"the niche or niche that they are"},{"speaker":"Andy Hart","startTime":929.4399999999999,"endTime":932.74,"body":"part of As I'm sure Mr."},{"speaker":"Andy Hart","startTime":929.4399999999999,"endTime":932.74,"body":"Storyteller's got a couple of"},{"speaker":"Andy Hart","startTime":932.74,"endTime":936.55,"body":"books, obviously, but that's"},{"speaker":"Andy Hart","startTime":932.74,"endTime":936.55,"body":"another story. So I finally"},{"speaker":"Andy Hart","startTime":936.5799999999999,"endTime":939.4599999999999,"body":"found a sort of Publisher to"},{"speaker":"Andy Hart","startTime":936.5799999999999,"endTime":939.4599999999999,"body":"help me write this book, I just"},{"speaker":"Andy Hart","startTime":939.4599999999999,"endTime":942.8199999999999,"body":"need an accountability partner"},{"speaker":"Andy Hart","startTime":939.4599999999999,"endTime":942.8199999999999,"body":"to, you know, hold my feet to"},{"speaker":"Andy Hart","startTime":942.8199999999999,"endTime":947.38,"body":"the fire. As I put all of these"},{"speaker":"Andy Hart","startTime":942.8199999999999,"endTime":947.38,"body":"chapters together, and launch"},{"speaker":"Andy Hart","startTime":947.38,"endTime":950.56,"body":"the book, I'm using a company,"},{"speaker":"Andy Hart","startTime":947.38,"endTime":950.56,"body":"I've not yet signed the final"},{"speaker":"Andy Hart","startTime":950.56,"endTime":954.4599999999999,"body":"terms, it cost a few quid. It's"},{"speaker":"Andy Hart","startTime":950.56,"endTime":954.4599999999999,"body":"not cheap. But again, they're"},{"speaker":"Andy Hart","startTime":954.4599999999999,"endTime":958.24,"body":"professionals and they're going"},{"speaker":"Andy Hart","startTime":954.4599999999999,"endTime":958.24,"body":"to teach, please publish my book"},{"speaker":"Andy Hart","startTime":958.24,"endTime":963.64,"body":"on.com. I'm paying about 14"},{"speaker":"Andy Hart","startTime":958.24,"endTime":963.64,"body":"grand to get it paid overnight."},{"speaker":"Andy Hart","startTime":963.64,"endTime":964.03,"body":"So I'd be"},{"speaker":"Alan Smith","startTime":964.03,"endTime":965.86,"body":"your accountability"},{"speaker":"Alan Smith","startTime":964.03,"endTime":965.86,"body":"partner for 13."},{"speaker":"Andy Hart","startTime":967.36,"endTime":969.28,"body":"Basically, keep it"},{"speaker":"Andy Hart","startTime":967.36,"endTime":969.28,"body":"simple. I'll be working on the"},{"speaker":"Andy Hart","startTime":969.28,"endTime":971.9499999999999,"body":"project over 14 months, let's"},{"speaker":"Andy Hart","startTime":969.28,"endTime":971.9499999999999,"body":"say so it's a grand a month and"},{"speaker":"Andy Hart","startTime":971.9499999999999,"endTime":973.75,"body":"has different you know,"},{"speaker":"Andy Hart","startTime":971.9499999999999,"endTime":973.75,"body":"timeframes, and there's"},{"speaker":"Andy Hart","startTime":973.75,"endTime":975.52,"body":"different people that work for"},{"speaker":"Andy Hart","startTime":973.75,"endTime":975.52,"body":"me at different points, and it's"},{"speaker":"Andy Hart","startTime":975.52,"endTime":978.1899999999999,"body":"called the editors and the bulk"},{"speaker":"Andy Hart","startTime":975.52,"endTime":978.1899999999999,"body":"gonna be about the book is"},{"speaker":"Andy Hart","startTime":978.1899999999999,"endTime":981.31,"body":"working title is going to be"},{"speaker":"Andy Hart","startTime":978.1899999999999,"endTime":981.31,"body":"called, again, push the kids out"},{"speaker":"Andy Hart","startTime":981.31,"endTime":984.31,"body":"the car, no bullshit financial"},{"speaker":"Andy Hart","startTime":981.31,"endTime":984.31,"body":"advice. That's the working"},{"speaker":"Andy Hart","startTime":984.31,"endTime":988.63,"body":"title. So yeah, if there's other"},{"speaker":"Andy Hart","startTime":984.31,"endTime":988.63,"body":"Trappists, listening to this,"},{"speaker":"Andy Hart","startTime":988.63,"endTime":990.3399999999999,"body":"that thinking about writing a"},{"speaker":"Andy Hart","startTime":988.63,"endTime":990.3399999999999,"body":"book, the company I'm using is"},{"speaker":"Andy Hart","startTime":990.3399999999999,"endTime":993.43,"body":"called the right book."},{"speaker":"Andy Hart","startTime":990.3399999999999,"endTime":993.43,"body":"company.com. Do you know the"},{"speaker":"Andy Hart","startTime":993.43,"endTime":996.52,"body":"lady there called Sue, she was"},{"speaker":"Andy Hart","startTime":993.43,"endTime":996.52,"body":"highly recommended by a good"},{"speaker":"Andy Hart","startTime":996.9399999999999,"endTime":1000.24,"body":"personal friend of our show,"},{"speaker":"Andy Hart","startTime":996.9399999999999,"endTime":1000.24,"body":"Jason Butler. Yeah, so that's"},{"speaker":"Andy Hart","startTime":1000.24,"endTime":1000.5699999999999,"body":"it."},{"speaker":"Alan Smith","startTime":1001.079,"endTime":1002.669,"body":"That's what the"},{"speaker":"Alan Smith","startTime":1001.079,"endTime":1002.669,"body":"world needs. And"},{"speaker":"Andy Hart","startTime":1003.87,"endTime":1005.52,"body":"obviously, they're"},{"speaker":"Andy Hart","startTime":1003.87,"endTime":1005.52,"body":"gonna, they're gonna, they're"},{"speaker":"Andy Hart","startTime":1005.52,"endTime":1007.62,"body":"going to help me with the sort"},{"speaker":"Andy Hart","startTime":1005.52,"endTime":1007.62,"body":"of overall project, but it's"},{"speaker":"Andy Hart","startTime":1007.62,"endTime":1010.92,"body":"that accountability thing. I've"},{"speaker":"Andy Hart","startTime":1007.62,"endTime":1010.92,"body":"gotten to write a couple of"},{"speaker":"Andy Hart","startTime":1010.92,"endTime":1013.53,"body":"books before and I've got"},{"speaker":"Andy Hart","startTime":1010.92,"endTime":1013.53,"body":"chapters coming out my sort of"},{"speaker":"Andy Hart","startTime":1013.53,"endTime":1016.02,"body":"ears and different folders and"},{"speaker":"Andy Hart","startTime":1013.53,"endTime":1016.02,"body":"stuff. But anyway, this is why I"},{"speaker":"Andy Hart","startTime":1016.02,"endTime":1017.6999999999999,"body":"need to just pay the money does"},{"speaker":"Andy Hart","startTime":1016.02,"endTime":1017.6999999999999,"body":"it? Does"},{"speaker":"Nick Lincoln","startTime":1017.6999999999999,"endTime":1019.92,"body":"it come with"},{"speaker":"Nick Lincoln","startTime":1017.6999999999999,"endTime":1019.92,"body":"grants professional? Sorry, come"},{"speaker":"Nick Lincoln","startTime":1020.79,"endTime":1022.29,"body":"coloring in? Yeah, maybe we"},{"speaker":"Nick Lincoln","startTime":1020.79,"endTime":1022.29,"body":"should do"},{"speaker":"Andy Hart","startTime":1022.29,"endTime":1026.34,"body":"that. But does not"},{"speaker":"Andy Hart","startTime":1022.29,"endTime":1026.34,"body":"say by number, by publisher"},{"speaker":"Alan Smith","startTime":1026.34,"endTime":1029.13,"body":"is by global"},{"speaker":"Alan Smith","startTime":1026.34,"endTime":1029.13,"body":"equities, and stare out the"},{"speaker":"Alan Smith","startTime":1029.13,"endTime":1030.69,"body":"window for the next 20 years."},{"speaker":"Nick Lincoln","startTime":1030.689,"endTime":1032.1290000000001,"body":"Because a lot a"},{"speaker":"Nick Lincoln","startTime":1030.689,"endTime":1032.1290000000001,"body":"lot of our critics would say we"},{"speaker":"Nick Lincoln","startTime":1032.1290000000001,"endTime":1034.349,"body":"do paint by numbers, which is"},{"speaker":"Nick Lincoln","startTime":1032.1290000000001,"endTime":1034.349,"body":"actually the knack of it, but"},{"speaker":"Alan Smith","startTime":1034.8890000000001,"endTime":1036.8990000000001,"body":"it's just for you on"},{"speaker":"Alan Smith","startTime":1034.8890000000001,"endTime":1036.8990000000001,"body":"on this there's"},{"speaker":"Andy Hart","startTime":1037.079,"endTime":1039.959,"body":"it's not going to be"},{"speaker":"Andy Hart","startTime":1037.079,"endTime":1039.959,"body":"your normal personal finance BS"},{"speaker":"Andy Hart","startTime":1039.959,"endTime":1043.499,"body":"that's out there. You know, get"},{"speaker":"Andy Hart","startTime":1039.959,"endTime":1043.499,"body":"yourself it's gonna be totally"},{"speaker":"Andy Hart","startTime":1043.499,"endTime":1047.429,"body":"different. Totally refreshing."},{"speaker":"Andy Hart","startTime":1043.499,"endTime":1047.429,"body":"It's gonna be a seminal book"},{"speaker":"Andy Hart","startTime":1047.459,"endTime":1050.489,"body":"that everyone can refer to a"},{"speaker":"Andy Hart","startTime":1047.459,"endTime":1050.489,"body":"best seller, a best seller."},{"speaker":"Andy Hart","startTime":1050.519,"endTime":1051.059,"body":"Exactly."},{"speaker":"Alan Smith","startTime":1052.89,"endTime":1055.8899999999999,"body":"He's got a new"},{"speaker":"Alan Smith","startTime":1052.89,"endTime":1055.8899999999999,"body":"business, I think where the US"},{"speaker":"Alan Smith","startTime":1056.22,"endTime":1061.47,"body":"Ai no magic books.ai Apparently,"},{"speaker":"Alan Smith","startTime":1056.22,"endTime":1061.47,"body":"you'll get you can create a"},{"speaker":"Alan Smith","startTime":1061.47,"endTime":1064.71,"body":"book. Well, far quicker, far"},{"speaker":"Alan Smith","startTime":1061.47,"endTime":1064.71,"body":"better, far lower."},{"speaker":"Andy Hart","startTime":1067.29,"endTime":1069.09,"body":"I'm gonna write every"},{"speaker":"Andy Hart","startTime":1067.29,"endTime":1069.09,"body":"single word and one an old"},{"speaker":"Andy Hart","startTime":1069.09,"endTime":1070.71,"body":"school publisher. But yeah,"},{"speaker":"Andy Hart","startTime":1069.09,"endTime":1070.71,"body":"okay, we"},{"speaker":"Alan Smith","startTime":1070.71,"endTime":1073.47,"body":"want an update every"},{"speaker":"Alan Smith","startTime":1070.71,"endTime":1073.47,"body":"month. How many chapters"},{"speaker":"Nick Lincoln","startTime":1075.27,"endTime":1077.25,"body":"just put some"},{"speaker":"Nick Lincoln","startTime":1075.27,"endTime":1077.25,"body":"money towards the editing side"},{"speaker":"Nick Lincoln","startTime":1077.25,"endTime":1078.3899999999999,"body":"of that budget."},{"speaker":"Carl Widger","startTime":1078.779,"endTime":1082.019,"body":"I was. I was"},{"speaker":"Carl Widger","startTime":1078.779,"endTime":1082.019,"body":"thinking about how can I put"},{"speaker":"Carl Widger","startTime":1082.019,"endTime":1083.639,"body":"that to him? You just"},{"speaker":"Nick Lincoln","startTime":1085.32,"endTime":1090.3,"body":"did. Yeah. Very"},{"speaker":"Nick Lincoln","startTime":1085.32,"endTime":1090.3,"body":"cut. Well, Andy, listen,"},{"speaker":"Nick Lincoln","startTime":1090.3,"endTime":1092.43,"body":"seriously, you're the man in the"},{"speaker":"Nick Lincoln","startTime":1090.3,"endTime":1092.43,"body":"arena on that. Good. Good luck."},{"speaker":"Nick Lincoln","startTime":1092.76,"endTime":1096.21,"body":"And I'm sure I'm sure it'll be"},{"speaker":"Nick Lincoln","startTime":1092.76,"endTime":1096.21,"body":"in. It'll be some call"},{"speaker":"Alan Smith","startTime":1096.21,"endTime":1098.1299999999999,"body":"you and I bought and"},{"speaker":"Alan Smith","startTime":1096.21,"endTime":1098.1299999999999,"body":"his previous book, didn't we?"},{"speaker":"Andy Hart","startTime":1102.21,"endTime":1104.04,"body":"Just author with a"},{"speaker":"Andy Hart","startTime":1102.21,"endTime":1104.04,"body":"five minute money message, the"},{"speaker":"Andy Hart","startTime":1104.04,"endTime":1108.54,"body":"five minute money message. Not"},{"speaker":"Andy Hart","startTime":1104.04,"endTime":1108.54,"body":"too much of a fan of the quality"},{"speaker":"Andy Hart","startTime":1108.54,"endTime":1112.1399999999999,"body":"of the book. But I think it was"},{"speaker":"Andy Hart","startTime":1108.54,"endTime":1112.1399999999999,"body":"missing like a week in August or"},{"speaker":"Andy Hart","startTime":1112.1399999999999,"endTime":1113.1,"body":"something. Other calendar?"},{"speaker":"Carl Widger","startTime":1114.45,"endTime":1117.78,"body":"Yes, it was."},{"speaker":"Carl Widger","startTime":1114.45,"endTime":1117.78,"body":"Anyway."},{"speaker":"Nick Lincoln","startTime":1119.639,"endTime":1121.499,"body":"Listen, you gotta"},{"speaker":"Nick Lincoln","startTime":1119.639,"endTime":1121.499,"body":"be you gotta try pushing stuff"},{"speaker":"Nick Lincoln","startTime":1121.499,"endTime":1123.749,"body":"out there to sometimes not get"},{"speaker":"Nick Lincoln","startTime":1121.499,"endTime":1123.749,"body":"the product perfectly right."},{"speaker":"Carl Widger","startTime":1127.139,"endTime":1130.979,"body":"Definitely. Watch."},{"speaker":"Carl Widger","startTime":1127.139,"endTime":1130.979,"body":"Boy. Yes. Yes."},{"speaker":"Nick Lincoln","startTime":1131.52,"endTime":1133.62,"body":"What are you doing"},{"speaker":"Nick Lincoln","startTime":1131.52,"endTime":1133.62,"body":"that week in part,"},{"speaker":"Carl Widger","startTime":1134.07,"endTime":1136.83,"body":"a partner Cillizza"},{"speaker":"Carl Widger","startTime":1134.07,"endTime":1136.83,"body":"partner, Scylla. is on the Ring"},{"speaker":"Carl Widger","startTime":1136.83,"endTime":1144.36,"body":"of Kerry. Absolutely beautiful"},{"speaker":"Carl Widger","startTime":1136.83,"endTime":1144.36,"body":"part. I went down there."},{"speaker":"Alan Smith","startTime":1146.25,"endTime":1149.01,"body":"It's a beautiful"},{"speaker":"Alan Smith","startTime":1146.25,"endTime":1149.01,"body":"part of the world. Andrew Carey."},{"speaker":"Alan Smith","startTime":1149.01,"endTime":1149.43,"body":"Okay."},{"speaker":"Carl Widger","startTime":1150.69,"endTime":1152.46,"body":"Where are you boys"},{"speaker":"Carl Widger","startTime":1150.69,"endTime":1152.46,"body":"have actually seen where the"},{"speaker":"Carl Widger","startTime":1152.46,"endTime":1158.82,"body":"Trump podcast was launched, if"},{"speaker":"Carl Widger","startTime":1152.46,"endTime":1158.82,"body":"you remember. Yeah. So look, I"},{"speaker":"Carl Widger","startTime":1158.82,"endTime":1161.85,"body":"did this. I've done this last"},{"speaker":"Carl Widger","startTime":1158.82,"endTime":1161.85,"body":"couple of years. And it's really"},{"speaker":"Carl Widger","startTime":1162.54,"endTime":1166.3799999999999,"body":"well spend time. So just to just"},{"speaker":"Carl Widger","startTime":1162.54,"endTime":1166.3799999999999,"body":"get myself away, kind of have a"},{"speaker":"Carl Widger","startTime":1166.56,"endTime":1171.87,"body":"chance to think about to think"},{"speaker":"Carl Widger","startTime":1166.56,"endTime":1171.87,"body":"about the business and where we"},{"speaker":"Carl Widger","startTime":1171.87,"endTime":1174.06,"body":"might go and all that kind of"},{"speaker":"Carl Widger","startTime":1171.87,"endTime":1174.06,"body":"stuff. So look, I would"},{"speaker":"Carl Widger","startTime":1174.06,"endTime":1178.08,"body":"encourage anybody, especially if"},{"speaker":"Carl Widger","startTime":1174.06,"endTime":1178.08,"body":"you're running a team, just get"},{"speaker":"Carl Widger","startTime":1178.08,"endTime":1180.84,"body":"yourself away, spend some time"},{"speaker":"Carl Widger","startTime":1178.08,"endTime":1180.84,"body":"just thinking about the"},{"speaker":"Carl Widger","startTime":1180.84,"endTime":1185.1299999999999,"body":"business. I did. bits and pieces"},{"speaker":"Carl Widger","startTime":1180.84,"endTime":1185.1299999999999,"body":"of work and lots of long walks"},{"speaker":"Carl Widger","startTime":1185.1599999999999,"endTime":1189.93,"body":"and then bits and pieces of"},{"speaker":"Carl Widger","startTime":1185.1599999999999,"endTime":1189.93,"body":"other work. So it was very, very"},{"speaker":"Carl Widger","startTime":1189.93,"endTime":1192.33,"body":"good. And I would recommend"},{"speaker":"Carl Widger","startTime":1189.93,"endTime":1192.33,"body":"everybody does it. No, Ireland"},{"speaker":"Carl Widger","startTime":1192.33,"endTime":1192.6299999999999,"body":"does that"},{"speaker":"Alan Smith","startTime":1192.6299999999999,"endTime":1196.3799999999999,"body":"as well. Yeah. How"},{"speaker":"Alan Smith","startTime":1192.6299999999999,"endTime":1196.3799999999999,"body":"can you do this and I get critic"},{"speaker":"Alan Smith","startTime":1196.74,"endTime":1199.59,"body":"criticism for doing the same"},{"speaker":"Alan Smith","startTime":1196.74,"endTime":1199.59,"body":"couple of times a year and I get"},{"speaker":"Alan Smith","startTime":1199.59,"endTime":1201.33,"body":"just taken apart from my little"},{"speaker":"Nick Lincoln","startTime":1202.4089999999999,"endTime":1203.1589999999999,"body":"because he"},{"speaker":"Nick Lincoln","startTime":1202.4089999999999,"endTime":1203.1589999999999,"body":"changed."},{"speaker":"Andy Hart","startTime":1206.1,"endTime":1208.77,"body":"He that's got no"},{"speaker":"Andy Hart","startTime":1206.1,"endTime":1208.77,"body":"heating, no food and leave your"},{"speaker":"Andy Hart","startTime":1208.77,"endTime":1211.86,"body":"clothes, their car went to a"},{"speaker":"Andy Hart","startTime":1208.77,"endTime":1211.86,"body":"hotel. Some"},{"speaker":"Alan Smith","startTime":1211.86,"endTime":1215.31,"body":"of the above is"},{"speaker":"Alan Smith","startTime":1211.86,"endTime":1215.31,"body":"true. Not all. Yeah, okay. Yeah,"},{"speaker":"Alan Smith","startTime":1215.31,"endTime":1217.92,"body":"it's a good thing to do. I"},{"speaker":"Alan Smith","startTime":1215.31,"endTime":1217.92,"body":"recommend. Highly"},{"speaker":"Carl Widger","startTime":1217.92,"endTime":1219.93,"body":"recommend highly"},{"speaker":"Carl Widger","startTime":1217.92,"endTime":1219.93,"body":"recommend. Okay, I made a"},{"speaker":"Carl Widger","startTime":1219.93,"endTime":1224.04,"body":"mistake this year. I put in lots"},{"speaker":"Carl Widger","startTime":1219.93,"endTime":1224.04,"body":"of video calls. And I shouldn't"},{"speaker":"Carl Widger","startTime":1224.04,"endTime":1227.67,"body":"have done that because it just"},{"speaker":"Carl Widger","startTime":1224.04,"endTime":1227.67,"body":"interrupts the flow of just"},{"speaker":"Carl Widger","startTime":1227.67,"endTime":1230.9099999999999,"body":"trying to actually focus on the"},{"speaker":"Carl Widger","startTime":1227.67,"endTime":1230.9099999999999,"body":"bigger picture stuff. You got"},{"speaker":"Carl Widger","startTime":1230.9099999999999,"endTime":1233.1299999999999,"body":"stuck in the weeds a little"},{"speaker":"Carl Widger","startTime":1230.9099999999999,"endTime":1233.1299999999999,"body":"whereas that we"},{"speaker":"Alan Smith","startTime":1233.1299999999999,"endTime":1236.1599999999999,"body":"don't do the we"},{"speaker":"Alan Smith","startTime":1233.1299999999999,"endTime":1236.1599999999999,"body":"don't take enough time to think"},{"speaker":"Alan Smith","startTime":1236.34,"endTime":1240.6599999999999,"body":"to actually think without a"},{"speaker":"Alan Smith","startTime":1236.34,"endTime":1240.6599999999999,"body":"screen or coal or whatever it is"},{"speaker":"Alan Smith","startTime":1240.6599999999999,"endTime":1244.11,"body":"just remove devices and go for"},{"speaker":"Alan Smith","startTime":1240.6599999999999,"endTime":1244.11,"body":"long walks. You have your best"},{"speaker":"Alan Smith","startTime":1244.11,"endTime":1245.82,"body":"ideas I always find Yeah"},{"speaker":"Carl Widger","startTime":1245.8799999999999,"endTime":1249.06,"body":"100% Yeah, and we"},{"speaker":"Carl Widger","startTime":1245.8799999999999,"endTime":1249.06,"body":"got I got lovely weather so it"},{"speaker":"Carl Widger","startTime":1249.06,"endTime":1252.27,"body":"was really good, really good."},{"speaker":"Carl Widger","startTime":1249.06,"endTime":1252.27,"body":"Brilliant,"},{"speaker":"Nick Lincoln","startTime":1252.36,"endTime":1254.25,"body":"brilliant good for"},{"speaker":"Nick Lincoln","startTime":1252.36,"endTime":1254.25,"body":"you recharge those batteries."},{"speaker":"Nick Lincoln","startTime":1254.37,"endTime":1258.45,"body":"Okay, and I know this year it"},{"speaker":"Nick Lincoln","startTime":1254.37,"endTime":1258.45,"body":"was a big part of your sort of"},{"speaker":"Nick Lincoln","startTime":1258.45,"endTime":1261.18,"body":"overall overall just goals and"},{"speaker":"Nick Lincoln","startTime":1258.45,"endTime":1261.18,"body":"aspirations was to make sure"},{"speaker":"Nick Lincoln","startTime":1261.18,"endTime":1265.23,"body":"that you looked after yourself"},{"speaker":"Nick Lincoln","startTime":1261.18,"endTime":1265.23,"body":"and your your your balance as it"},{"speaker":"Nick Lincoln","startTime":1265.23,"endTime":1265.56,"body":"were."},{"speaker":"Carl Widger","startTime":1265.86,"endTime":1268.44,"body":"100% And I'm"},{"speaker":"Carl Widger","startTime":1265.86,"endTime":1268.44,"body":"actually you know, I am very"},{"speaker":"Carl Widger","startTime":1268.44,"endTime":1271.56,"body":"intentional about that this year"},{"speaker":"Carl Widger","startTime":1268.44,"endTime":1271.56,"body":"and it is working beautifully"},{"speaker":"Carl Widger","startTime":1271.56,"endTime":1273.48,"body":"for me so long may that"},{"speaker":"Carl Widger","startTime":1271.56,"endTime":1273.48,"body":"continue?"},{"speaker":"Nick Lincoln","startTime":1274.17,"endTime":1275.76,"body":"Excellent call"},{"speaker":"Nick Lincoln","startTime":1274.17,"endTime":1275.76,"body":"excellent because we do love"},{"speaker":"Nick Lincoln","startTime":1275.76,"endTime":1277.71,"body":"your voice but you heard about"},{"speaker":"Nick Lincoln","startTime":1275.76,"endTime":1277.71,"body":"three or four at the same time"},{"speaker":"Nick Lincoln","startTime":1277.71,"endTime":1279.8999999999999,"body":"in your head and that must have"},{"speaker":"Nick Lincoln","startTime":1277.71,"endTime":1279.8999999999999,"body":"been quite unsettling at times."},{"speaker":"Nick Lincoln","startTime":1282.78,"endTime":1284.6399999999999,"body":"p IPS Smith."},{"speaker":"Alan Smith","startTime":1286.02,"endTime":1291.3899999999999,"body":"Yes, sir. Pirates"},{"speaker":"Alan Smith","startTime":1286.02,"endTime":1291.3899999999999,"body":"and pinstripes, aka sharks and"},{"speaker":"Alan Smith","startTime":1291.3899999999999,"endTime":1295.95,"body":"suits. Look, we do speak about"},{"speaker":"Alan Smith","startTime":1291.3899999999999,"endTime":1295.95,"body":"this from time to time, when all"},{"speaker":"Alan Smith","startTime":1295.95,"endTime":1298.47,"body":"this other stuffs going on in"},{"speaker":"Alan Smith","startTime":1295.95,"endTime":1298.47,"body":"the financial planning community"},{"speaker":"Alan Smith","startTime":1298.47,"endTime":1301.56,"body":"is getting some criticism about"},{"speaker":"Alan Smith","startTime":1298.47,"endTime":1301.56,"body":"this kind of not delivering some"},{"speaker":"Alan Smith","startTime":1301.59,"endTime":1304.71,"body":"not delivering on annual reviews"},{"speaker":"Alan Smith","startTime":1301.59,"endTime":1304.71,"body":"or whatever. I think it's fair"},{"speaker":"Alan Smith","startTime":1304.71,"endTime":1307.83,"body":"to say that all of us when we"},{"speaker":"Alan Smith","startTime":1304.71,"endTime":1307.83,"body":"discuss this, you know, online"},{"speaker":"Alan Smith","startTime":1307.83,"endTime":1310.8899999999999,"body":"and offline, some of the things"},{"speaker":"Alan Smith","startTime":1307.83,"endTime":1310.8899999999999,"body":"that we sort of come across in"},{"speaker":"Alan Smith","startTime":1310.8899999999999,"endTime":1314.8799999999999,"body":"our, in our jobs, you think that"},{"speaker":"Alan Smith","startTime":1310.8899999999999,"endTime":1314.8799999999999,"body":"really sort of make sure to"},{"speaker":"Alan Smith","startTime":1314.8799999999999,"endTime":1317.7,"body":"pause for thought and say there"},{"speaker":"Alan Smith","startTime":1314.8799999999999,"endTime":1317.7,"body":"are some real you know, people"},{"speaker":"Alan Smith","startTime":1317.7,"endTime":1321.87,"body":"here who have in our opinion the"},{"speaker":"Alan Smith","startTime":1317.7,"endTime":1321.87,"body":"biggest culprits the people who"},{"speaker":"Alan Smith","startTime":1321.87,"endTime":1325.11,"body":"are you know, really challenging"},{"speaker":"Alan Smith","startTime":1321.87,"endTime":1325.11,"body":"in terms of exit a client"},{"speaker":"Alan Smith","startTime":1325.11,"endTime":1327.3,"body":"delivery and client service we"},{"speaker":"Alan Smith","startTime":1325.11,"endTime":1327.3,"body":"kind of most of the people"},{"speaker":"Alan Smith","startTime":1327.3,"endTime":1329.85,"body":"listening to this will know who"},{"speaker":"Alan Smith","startTime":1327.3,"endTime":1329.85,"body":"we mean you'll have come across"},{"speaker":"Alan Smith","startTime":1329.85,"endTime":1334.3799999999999,"body":"them in your new job but just to"},{"speaker":"Alan Smith","startTime":1329.85,"endTime":1334.3799999999999,"body":"brief things that I've come"},{"speaker":"Alan Smith","startTime":1334.3799999999999,"endTime":1336.27,"body":"across recently"},{"speaker":"Alan Smith","startTime":1342.3,"endTime":1345.3899999999999,"body":"do it back back to backdrop,"},{"speaker":"Alan Smith","startTime":1342.3,"endTime":1345.3899999999999,"body":"I've got two very very quick"},{"speaker":"Alan Smith","startTime":1345.3899999999999,"endTime":1351.6299999999999,"body":"stories very quick. Snooze and"},{"speaker":"Unknown","startTime":1357.54,"endTime":1363.0,"body":"grab yourself a drink a"},{"speaker":"Unknown","startTime":1357.54,"endTime":1363.0,"body":"very long drink it Storytime"},{"speaker":"Unknown","startTime":1363.21,"endTime":1364.53,"body":"with Ellen Smith."},{"speaker":"Alan Smith","startTime":1367.56,"endTime":1373.35,"body":"We were referred to"},{"speaker":"Alan Smith","startTime":1367.56,"endTime":1373.35,"body":"a client a few months ago. Her"},{"speaker":"Alan Smith","startTime":1373.59,"endTime":1379.17,"body":"investment portfolio was managed"},{"speaker":"Alan Smith","startTime":1373.59,"endTime":1379.17,"body":"by a firm of discretionary"},{"speaker":"Alan Smith","startTime":1379.17,"endTime":1385.11,"body":"portfolio managers who should"},{"speaker":"Alan Smith","startTime":1379.17,"endTime":1385.11,"body":"who shall remain nameless. There"},{"speaker":"Alan Smith","startTime":1385.11,"endTime":1387.48,"body":"was zero financial planning"},{"speaker":"Alan Smith","startTime":1385.11,"endTime":1387.48,"body":"there was zero sort of"},{"speaker":"Alan Smith","startTime":1387.48,"endTime":1390.81,"body":"consideration of her broader"},{"speaker":"Alan Smith","startTime":1387.48,"endTime":1390.81,"body":"family circumstances what she"},{"speaker":"Alan Smith","startTime":1390.81,"endTime":1394.35,"body":"wanted to achieve today tomorrow"},{"speaker":"Alan Smith","startTime":1390.81,"endTime":1394.35,"body":"in the future out of her life,"},{"speaker":"Alan Smith","startTime":1394.71,"endTime":1399.69,"body":"it was a it was basically a"},{"speaker":"Alan Smith","startTime":1394.71,"endTime":1399.69,"body":"money management facility. So"},{"speaker":"Alan Smith","startTime":1399.72,"endTime":1402.24,"body":"and she was not particularly"},{"speaker":"Alan Smith","startTime":1399.72,"endTime":1402.24,"body":"happy with it so she introduced"},{"speaker":"Alan Smith","startTime":1402.24,"endTime":1404.49,"body":"to us and of course we get"},{"speaker":"Alan Smith","startTime":1402.24,"endTime":1404.49,"body":"through the normal process and"},{"speaker":"Alan Smith","startTime":1404.49,"endTime":1408.57,"body":"we do a deep dive on the"},{"speaker":"Alan Smith","startTime":1404.49,"endTime":1408.57,"body":"portfolio and long story short"},{"speaker":"Alan Smith","startTime":1408.6,"endTime":1410.34,"body":"you know, we make a"},{"speaker":"Alan Smith","startTime":1408.6,"endTime":1410.34,"body":"recommendation that she"},{"speaker":"Alan Smith","startTime":1410.34,"endTime":1415.05,"body":"relocates her her assets across"},{"speaker":"Alan Smith","startTime":1410.34,"endTime":1415.05,"body":"to us and we do a complete you"},{"speaker":"Alan Smith","startTime":1415.05,"endTime":1417.12,"body":"know the usual stuff that all"},{"speaker":"Alan Smith","startTime":1415.05,"endTime":1417.12,"body":"you guys do comprehensive"},{"speaker":"Alan Smith","startTime":1417.12,"endTime":1422.07,"body":"financial planning and take into"},{"speaker":"Alan Smith","startTime":1417.12,"endTime":1422.07,"body":"other family members as well who"},{"speaker":"Alan Smith","startTime":1422.07,"endTime":1426.1499999999999,"body":"are important to her and give"},{"speaker":"Alan Smith","startTime":1422.07,"endTime":1426.1499999999999,"body":"the whole sort of Family"},{"speaker":"Alan Smith","startTime":1426.1499999999999,"endTime":1429.21,"body":"Financial Planning experience"},{"speaker":"Alan Smith","startTime":1426.1499999999999,"endTime":1429.21,"body":"and that's all well and good and"},{"speaker":"Alan Smith","startTime":1429.21,"endTime":1432.06,"body":"she says great like to engage"},{"speaker":"Alan Smith","startTime":1429.21,"endTime":1432.06,"body":"with you guys let's go ahead so"},{"speaker":"Alan Smith","startTime":1432.06,"endTime":1437.43,"body":"we make the arrangements to move"},{"speaker":"Alan Smith","startTime":1432.06,"endTime":1437.43,"body":"the assets from the existing in"},{"speaker":"Alan Smith","startTime":1437.43,"endTime":1442.59,"body":"our previous Portfolio Manager"},{"speaker":"Alan Smith","startTime":1437.43,"endTime":1442.59,"body":"Vega all uppity about it, they"},{"speaker":"Alan Smith","startTime":1442.59,"endTime":1446.52,"body":"write some very blunt emails"},{"speaker":"Alan Smith","startTime":1442.59,"endTime":1446.52,"body":"which we inadvertently get"},{"speaker":"Alan Smith","startTime":1446.52,"endTime":1453.18,"body":"copied into which on the verge"},{"speaker":"Alan Smith","startTime":1446.52,"endTime":1453.18,"body":"of libelous is criticizing our"},{"speaker":"Alan Smith","startTime":1453.18,"endTime":1456.42,"body":"firm which was you know, I felt"},{"speaker":"Alan Smith","startTime":1453.18,"endTime":1456.42,"body":"pretty unprofessional,"},{"speaker":"Alan Smith","startTime":1456.42,"endTime":1459.42,"body":"unnecessary you know, you can't"},{"speaker":"Alan Smith","startTime":1456.42,"endTime":1459.42,"body":"win them all and sometimes"},{"speaker":"Alan Smith","startTime":1459.42,"endTime":1461.8799999999999,"body":"clients do decide to move on and"},{"speaker":"Alan Smith","startTime":1459.42,"endTime":1461.8799999999999,"body":"these were perfectly legitimate"},{"speaker":"Alan Smith","startTime":1461.8799999999999,"endTime":1463.92,"body":"reasons and we were not in any"},{"speaker":"Alan Smith","startTime":1461.8799999999999,"endTime":1463.92,"body":"way critical of them we just"},{"speaker":"Alan Smith","startTime":1463.92,"endTime":1466.5,"body":"said you know, this is a way"},{"speaker":"Alan Smith","startTime":1463.92,"endTime":1466.5,"body":"this is the way we do things"},{"speaker":"Alan Smith","startTime":1466.5,"endTime":1470.49,"body":"this is the way we operate this"},{"speaker":"Alan Smith","startTime":1466.5,"endTime":1470.49,"body":"the way we manage money. So you"},{"speaker":"Alan Smith","startTime":1470.49,"endTime":1473.73,"body":"know, they fought tooth and nail"},{"speaker":"Alan Smith","startTime":1470.49,"endTime":1473.73,"body":"eventually the client insists we"},{"speaker":"Alan Smith","startTime":1473.73,"endTime":1479.07,"body":"go ahead and transfer the assets"},{"speaker":"Alan Smith","startTime":1473.73,"endTime":1479.07,"body":"and this firm wanted about"},{"speaker":"Alan Smith","startTime":1479.07,"endTime":1484.05,"body":"23,000 pounds in effectively"},{"speaker":"Alan Smith","startTime":1479.07,"endTime":1484.05,"body":"exit fees and charges which was"},{"speaker":"Alan Smith","startTime":1484.05,"endTime":1491.37,"body":"their costs effectively for"},{"speaker":"Alan Smith","startTime":1484.05,"endTime":1491.37,"body":"selling the assets now we all"},{"speaker":"Alan Smith","startTime":1491.37,"endTime":1493.83,"body":"know monies are held on"},{"speaker":"Alan Smith","startTime":1491.37,"endTime":1493.83,"body":"platforms this these monies were"},{"speaker":"Alan Smith","startTime":1493.83,"endTime":1497.28,"body":"held on a platform it's an"},{"speaker":"Alan Smith","startTime":1493.83,"endTime":1497.28,"body":"administrative function it takes"},{"speaker":"Alan Smith","startTime":1497.28,"endTime":1502.02,"body":"us you know, minutes really to"},{"speaker":"Alan Smith","startTime":1497.28,"endTime":1502.02,"body":"click a few buttons on a on a"},{"speaker":"Alan Smith","startTime":1502.02,"endTime":1504.6,"body":"platform so we couldn't work out"},{"speaker":"Alan Smith","startTime":1502.02,"endTime":1504.6,"body":"what happened they could"},{"speaker":"Alan Smith","startTime":1504.6,"endTime":1507.75,"body":"possibly justify these"},{"speaker":"Alan Smith","startTime":1504.6,"endTime":1507.75,"body":"outrageous fees as I say well"},{"speaker":"Alan Smith","startTime":1507.75,"endTime":1511.56,"body":"north of 20,000 pounds just to"},{"speaker":"Alan Smith","startTime":1507.75,"endTime":1511.56,"body":"just execute trades and send"},{"speaker":"Alan Smith","startTime":1511.6499999999999,"endTime":1516.3899999999999,"body":"funds to our platform of choice."},{"speaker":"Alan Smith","startTime":1511.6499999999999,"endTime":1516.3899999999999,"body":"We thought that was unreasonable"},{"speaker":"Alan Smith","startTime":1516.3899999999999,"endTime":1519.48,"body":"the client was very upset by the"},{"speaker":"Alan Smith","startTime":1516.3899999999999,"endTime":1519.48,"body":"whole thing the whole they back"},{"speaker":"Alan Smith","startTime":1519.48,"endTime":1521.49,"body":"to your point earlier on Nick"},{"speaker":"Alan Smith","startTime":1519.48,"endTime":1521.49,"body":"about just client customer"},{"speaker":"Alan Smith","startTime":1521.49,"endTime":1524.76,"body":"service and customer experience."},{"speaker":"Alan Smith","startTime":1521.49,"endTime":1524.76,"body":"None of this shows any of us in"},{"speaker":"Alan Smith","startTime":1524.76,"endTime":1526.83,"body":"a good light because clients"},{"speaker":"Alan Smith","startTime":1524.76,"endTime":1526.83,"body":"anything at all goal financial"},{"speaker":"Alan Smith","startTime":1526.83,"endTime":1530.79,"body":"services, you're all blind."},{"speaker":"Alan Smith","startTime":1526.83,"endTime":1530.79,"body":"Yeah, you know our money. So we"},{"speaker":"Alan Smith","startTime":1530.79,"endTime":1535.92,"body":"then embarked upon a fulsome"},{"speaker":"Alan Smith","startTime":1530.79,"endTime":1535.92,"body":"debate, if you like with the"},{"speaker":"Alan Smith","startTime":1535.92,"endTime":1540.84,"body":"ceding advisor and got the"},{"speaker":"Alan Smith","startTime":1535.92,"endTime":1540.84,"body":"client to write, effectively a"},{"speaker":"Alan Smith","startTime":1540.84,"endTime":1543.51,"body":"sort of, I've never, I've never"},{"speaker":"Alan Smith","startTime":1540.84,"endTime":1543.51,"body":"encouraged clients to write"},{"speaker":"Alan Smith","startTime":1543.51,"endTime":1546.18,"body":"complaint letters. But to put it"},{"speaker":"Alan Smith","startTime":1543.51,"endTime":1546.18,"body":"this way to express her"},{"speaker":"Alan Smith","startTime":1546.18,"endTime":1548.76,"body":"dissatisfaction with the way"},{"speaker":"Alan Smith","startTime":1546.18,"endTime":1548.76,"body":"that she was being treated on"},{"speaker":"Alan Smith","startTime":1548.76,"endTime":1552.96,"body":"exiting the portfolio, we"},{"speaker":"Alan Smith","startTime":1548.76,"endTime":1552.96,"body":"managed to win that battle. They"},{"speaker":"Alan Smith","startTime":1552.96,"endTime":1556.62,"body":"eventually renewed the wave this"},{"speaker":"Alan Smith","startTime":1552.96,"endTime":1556.62,"body":"outrageous fee level in the"},{"speaker":"Alan Smith","startTime":1556.62,"endTime":1559.1399999999999,"body":"clients that have reallocated"},{"speaker":"Alan Smith","startTime":1556.62,"endTime":1559.1399999999999,"body":"the funds, and she's not very"},{"speaker":"Alan Smith","startTime":1559.1399999999999,"endTime":1561.96,"body":"happy, she's now with our scope"},{"speaker":"Alan Smith","startTime":1559.1399999999999,"endTime":1561.96,"body":"of the full comprehensive"},{"speaker":"Alan Smith","startTime":1561.96,"endTime":1564.78,"body":"service. But again, it just"},{"speaker":"Alan Smith","startTime":1561.96,"endTime":1564.78,"body":"makes me think you know, that"},{"speaker":"Alan Smith","startTime":1564.78,"endTime":1568.2,"body":"it's just unreasonable,"},{"speaker":"Alan Smith","startTime":1564.78,"endTime":1568.2,"body":"unacceptable and unfair. And if"},{"speaker":"Alan Smith","startTime":1568.2,"endTime":1571.02,"body":"these organizations who are well"},{"speaker":"Alan Smith","startTime":1568.2,"endTime":1571.02,"body":"known companies are are doing"},{"speaker":"Alan Smith","startTime":1571.02,"endTime":1573.78,"body":"this, then there's a lot of"},{"speaker":"Alan Smith","startTime":1571.02,"endTime":1573.78,"body":"other customers and clients who"},{"speaker":"Alan Smith","startTime":1573.78,"endTime":1577.56,"body":"are being poorly served by them."},{"speaker":"Alan Smith","startTime":1573.78,"endTime":1577.56,"body":"And the second one was just"},{"speaker":"Alan Smith","startTime":1577.56,"endTime":1579.57,"body":"another similar situation,"},{"speaker":"Alan Smith","startTime":1577.56,"endTime":1579.57,"body":"someone that we're currently"},{"speaker":"Alan Smith","startTime":1579.57,"endTime":1583.3799999999999,"body":"speaking with. And they'd asked"},{"speaker":"Alan Smith","startTime":1579.57,"endTime":1583.3799999999999,"body":"for some performance data and"},{"speaker":"Alan Smith","startTime":1583.3799999999999,"endTime":1587.25,"body":"asked to look, ask us to"},{"speaker":"Alan Smith","startTime":1583.3799999999999,"endTime":1587.25,"body":"compare, this goes back to the"},{"speaker":"Alan Smith","startTime":1587.25,"endTime":1590.19,"body":"point we've raised before,"},{"speaker":"Alan Smith","startTime":1587.25,"endTime":1590.19,"body":"sometimes people want to know"},{"speaker":"Alan Smith","startTime":1590.19,"endTime":1593.8799999999999,"body":"about performance early on, I'm"},{"speaker":"Alan Smith","startTime":1590.19,"endTime":1593.8799999999999,"body":"kind of resistant on it. But"},{"speaker":"Alan Smith","startTime":1593.8799999999999,"endTime":1596.28,"body":"back to this point, Carl Knight"},{"speaker":"Alan Smith","startTime":1593.8799999999999,"endTime":1596.28,"body":"current isone spoke about this,"},{"speaker":"Alan Smith","startTime":1596.28,"endTime":1598.77,"body":"in the past, meet the customer"},{"speaker":"Alan Smith","startTime":1596.28,"endTime":1598.77,"body":"better meet the potential client"},{"speaker":"Alan Smith","startTime":1598.77,"endTime":1600.69,"body":"where they are, they want to see"},{"speaker":"Alan Smith","startTime":1598.77,"endTime":1600.69,"body":"performance data, because I know"},{"speaker":"Alan Smith","startTime":1600.69,"endTime":1603.27,"body":"our data will be good compared"},{"speaker":"Alan Smith","startTime":1600.69,"endTime":1603.27,"body":"to a lot of these other people."},{"speaker":"Alan Smith","startTime":1603.27,"endTime":1605.46,"body":"So we're happy to do that. And"},{"speaker":"Alan Smith","startTime":1603.27,"endTime":1605.46,"body":"we can run we use Financial"},{"speaker":"Alan Smith","startTime":1605.46,"endTime":1607.62,"body":"Express, we run sort of"},{"speaker":"Alan Smith","startTime":1605.46,"endTime":1607.62,"body":"portfolio managed portfolio"},{"speaker":"Alan Smith","startTime":1607.62,"endTime":1611.22,"body":"charts. And they're all you"},{"speaker":"Alan Smith","startTime":1607.62,"endTime":1611.22,"body":"know, the absolute legitimate,"},{"speaker":"Alan Smith","startTime":1611.22,"endTime":1613.47,"body":"we, you know, make sure we're"},{"speaker":"Alan Smith","startTime":1611.22,"endTime":1613.47,"body":"covering the time period, we're"},{"speaker":"Alan Smith","startTime":1613.47,"endTime":1616.83,"body":"not sort of being selective of"},{"speaker":"Alan Smith","startTime":1613.47,"endTime":1616.83,"body":"the time period. But this one"},{"speaker":"Alan Smith","startTime":1616.83,"endTime":1621.03,"body":"company, again, they use their"},{"speaker":"Alan Smith","startTime":1616.83,"endTime":1621.03,"body":"model portfolio service for the"},{"speaker":"Alan Smith","startTime":1621.03,"endTime":1624.45,"body":"client. I've shared it with you"},{"speaker":"Alan Smith","startTime":1621.03,"endTime":1624.45,"body":"guys. It's not fair for me to"},{"speaker":"Alan Smith","startTime":1624.45,"endTime":1630.09,"body":"share it, you know, give the"},{"speaker":"Alan Smith","startTime":1624.45,"endTime":1630.09,"body":"names, but check. The fee was"},{"speaker":"Alan Smith","startTime":1630.09,"endTime":1634.11,"body":"1.67% annualized, again, nope,"},{"speaker":"Alan Smith","startTime":1630.09,"endTime":1634.11,"body":"is zero planning. This is just"},{"speaker":"Alan Smith","startTime":1634.11,"endTime":1638.79,"body":"for NPs portfolio management"},{"speaker":"Alan Smith","startTime":1634.11,"endTime":1638.79,"body":"1.67. Year, we know you can get"},{"speaker":"Alan Smith","startTime":1638.79,"endTime":1642.54,"body":"that for what 20 basis points."},{"speaker":"Alan Smith","startTime":1638.79,"endTime":1642.54,"body":"So it's a absolute multiple we"},{"speaker":"Alan Smith","startTime":1642.54,"endTime":1649.11,"body":"can get for elsewhere. And you"},{"speaker":"Alan Smith","startTime":1642.54,"endTime":1649.11,"body":"looking at their own portfolio"},{"speaker":"Alan Smith","startTime":1649.11,"endTime":1651.6599999999999,"body":"data sheets, they had"},{"speaker":"Alan Smith","startTime":1649.11,"endTime":1651.6599999999999,"body":"underperformed their own"},{"speaker":"Alan Smith","startTime":1651.6599999999999,"endTime":1655.95,"body":"benchmark, over three months,"},{"speaker":"Alan Smith","startTime":1651.6599999999999,"endTime":1655.95,"body":"six months, 12 months, three"},{"speaker":"Alan Smith","startTime":1655.95,"endTime":1659.7,"body":"years, five years and 10 years,"},{"speaker":"Alan Smith","startTime":1655.95,"endTime":1659.7,"body":"every single data period. And"},{"speaker":"Alan Smith","startTime":1659.7,"endTime":1663.09,"body":"some of them were hugely"},{"speaker":"Alan Smith","startTime":1659.7,"endTime":1663.09,"body":"underperforming. And not"},{"speaker":"Alan Smith","startTime":1663.09,"endTime":1666.6,"body":"surprisingly, this potential"},{"speaker":"Alan Smith","startTime":1663.09,"endTime":1666.6,"body":"client comes to us and says, I'm"},{"speaker":"Alan Smith","startTime":1666.6,"endTime":1668.6399999999999,"body":"just a little bit disappointed"},{"speaker":"Alan Smith","startTime":1666.6,"endTime":1668.6399999999999,"body":"with the performance, you know,"},{"speaker":"Alan Smith","startTime":1668.6399999999999,"endTime":1671.61,"body":"what, what are you what is up"},{"speaker":"Alan Smith","startTime":1668.6399999999999,"endTime":1671.61,"body":"guys, and it was just dreadful."},{"speaker":"Alan Smith","startTime":1671.61,"endTime":1674.61,"body":"And there's quite a quite a few"},{"speaker":"Alan Smith","startTime":1671.61,"endTime":1674.61,"body":"millions, you know, 10s of"},{"speaker":"Alan Smith","startTime":1674.61,"endTime":1678.93,"body":"millions, hundreds of millions"},{"speaker":"Alan Smith","startTime":1674.61,"endTime":1678.93,"body":"in this particular model"},{"speaker":"Alan Smith","startTime":1678.96,"endTime":1681.84,"body":"service. And again, it's just"},{"speaker":"Alan Smith","startTime":1678.96,"endTime":1681.84,"body":"look, it's not all about the"},{"speaker":"Alan Smith","startTime":1681.84,"endTime":1685.08,"body":"lowest cost fund, it's not all"},{"speaker":"Alan Smith","startTime":1681.84,"endTime":1685.08,"body":"about trying to get the best"},{"speaker":"Alan Smith","startTime":1685.23,"endTime":1688.56,"body":"possible performance, we know."},{"speaker":"Alan Smith","startTime":1685.23,"endTime":1688.56,"body":"But this was on a, on a risk"},{"speaker":"Alan Smith","startTime":1688.56,"endTime":1691.11,"body":"adjusted basis. So we're"},{"speaker":"Alan Smith","startTime":1688.56,"endTime":1691.11,"body":"comparing ours, you know,"},{"speaker":"Alan Smith","startTime":1691.1399999999999,"endTime":1693.6,"body":"absolute like for like, you"},{"speaker":"Alan Smith","startTime":1691.1399999999999,"endTime":1693.6,"body":"know, we're only a small"},{"speaker":"Alan Smith","startTime":1693.6,"endTime":1696.42,"body":"business, but our investment for"},{"speaker":"Alan Smith","startTime":1693.6,"endTime":1696.42,"body":"the money that was involved,"},{"speaker":"Alan Smith","startTime":1696.45,"endTime":1700.35,"body":"this client has lost out and"},{"speaker":"Alan Smith","startTime":1696.45,"endTime":1700.35,"body":"about a commerce, hundreds of"},{"speaker":"Alan Smith","startTime":1700.35,"endTime":1703.02,"body":"1000s of pounds over the last"},{"speaker":"Alan Smith","startTime":1700.35,"endTime":1703.02,"body":"number of years, just by being"},{"speaker":"Alan Smith","startTime":1703.02,"endTime":1706.77,"body":"in a suboptimal expensive"},{"speaker":"Alan Smith","startTime":1703.02,"endTime":1706.77,"body":"underperforming investment"},{"speaker":"Alan Smith","startTime":1706.77,"endTime":1707.37,"body":"portfolio,"},{"speaker":"Andy Hart","startTime":1707.729,"endTime":1710.549,"body":"the dangerous risk of"},{"speaker":"Andy Hart","startTime":1707.729,"endTime":1710.549,"body":"low returns, which very few"},{"speaker":"Andy Hart","startTime":1710.549,"endTime":1711.6889999999999,"body":"people talk about, well,"},{"speaker":"Alan Smith","startTime":1711.69,"endTime":1713.85,"body":"that's a whole,"},{"speaker":"Alan Smith","startTime":1711.69,"endTime":1713.85,"body":"that's a slightly other thing."},{"speaker":"Alan Smith","startTime":1713.85,"endTime":1716.34,"body":"But this was just we were just"},{"speaker":"Alan Smith","startTime":1713.85,"endTime":1716.34,"body":"comparing like with like this"},{"speaker":"Alan Smith","startTime":1716.34,"endTime":1719.3999999999999,"body":"was it was a predominantly"},{"speaker":"Alan Smith","startTime":1716.34,"endTime":1719.3999999999999,"body":"equity portfolio, but it was"},{"speaker":"Alan Smith","startTime":1719.3999999999999,"endTime":1721.98,"body":"just dreadful in terms of his"},{"speaker":"Alan Smith","startTime":1719.3999999999999,"endTime":1721.98,"body":"investment returns. And and of"},{"speaker":"Alan Smith","startTime":1721.98,"endTime":1724.26,"body":"course, one of the reasons it"},{"speaker":"Alan Smith","startTime":1721.98,"endTime":1724.26,"body":"was so bad is because the cost"},{"speaker":"Alan Smith","startTime":1724.26,"endTime":1726.84,"body":"was so great. It's so difficult"},{"speaker":"Alan Smith","startTime":1724.26,"endTime":1726.84,"body":"to try to beat the market, if"},{"speaker":"Alan Smith","startTime":1726.84,"endTime":1730.4099999999999,"body":"you charge 1.6% a year, just for"},{"speaker":"Alan Smith","startTime":1726.84,"endTime":1730.4099999999999,"body":"the management, you know, you're"},{"speaker":"Alan Smith","startTime":1730.4099999999999,"endTime":1732.96,"body":"not gonna be able to do that"},{"speaker":"Alan Smith","startTime":1730.4099999999999,"endTime":1732.96,"body":"consistently. And they weren't"},{"speaker":"Alan Smith","startTime":1732.96,"endTime":1735.6299999999999,"body":"able to do it for any single"},{"speaker":"Alan Smith","startTime":1732.96,"endTime":1735.6299999999999,"body":"time period. And yet, there's"},{"speaker":"Alan Smith","startTime":1735.6299999999999,"endTime":1738.87,"body":"millions, so no doubt 1000s of"},{"speaker":"Alan Smith","startTime":1735.6299999999999,"endTime":1738.87,"body":"clients are invested with them."},{"speaker":"Alan Smith","startTime":1739.29,"endTime":1743.7,"body":"They're a well known name quite"},{"speaker":"Alan Smith","startTime":1739.29,"endTime":1743.7,"body":"a posh brand. And it's just"},{"speaker":"Alan Smith","startTime":1743.7,"endTime":1747.03,"body":"disappointing. I'm not, you"},{"speaker":"Alan Smith","startTime":1743.7,"endTime":1747.03,"body":"know, we get some pushback here,"},{"speaker":"Alan Smith","startTime":1747.03,"endTime":1750.8999999999999,"body":"but criticizing other parts of"},{"speaker":"Alan Smith","startTime":1747.03,"endTime":1750.8999999999999,"body":"our sector of our industry, but"},{"speaker":"Alan Smith","startTime":1797.1599999999999,"endTime":1799.8,"body":"I think it's justified, I think"},{"speaker":"Alan Smith","startTime":1797.1599999999999,"endTime":1799.8,"body":"there are just better things out"},{"speaker":"Alan Smith","startTime":1799.8,"endTime":1803.7299999999998,"body":"there for the, for the investing"},{"speaker":"Alan Smith","startTime":1799.8,"endTime":1803.7299999999998,"body":"public. And you know, it's not"},{"speaker":"Alan Smith","startTime":1803.7299999999998,"endTime":1805.6799999999998,"body":"saying that all of us are the"},{"speaker":"Alan Smith","startTime":1803.7299999999998,"endTime":1805.6799999999998,"body":"best thing since sliced bread,"},{"speaker":"Alan Smith","startTime":1805.6799999999998,"endTime":1809.4899999999998,"body":"but ours is generally a very"},{"speaker":"Alan Smith","startTime":1805.6799999999998,"endTime":1809.4899999999998,"body":"simple and very effective and"},{"speaker":"Alan Smith","startTime":1809.4899999999998,"endTime":1812.3999999999999,"body":"generally a lower cost approach."},{"speaker":"Alan Smith","startTime":1809.4899999999998,"endTime":1812.3999999999999,"body":"And there were just two examples"},{"speaker":"Alan Smith","startTime":1812.3999999999999,"endTime":1814.11,"body":"in last couple of weeks. I"},{"speaker":"Alan Smith","startTime":1812.3999999999999,"endTime":1814.11,"body":"thought I thought I'd share I"},{"speaker":"Alan Smith","startTime":1814.11,"endTime":1818.1899999999998,"body":"know we all have them on a"},{"speaker":"Alan Smith","startTime":1814.11,"endTime":1818.1899999999998,"body":"regular basis. But it's yeah,"},{"speaker":"Alan Smith","startTime":1818.2199999999998,"endTime":1821.4599999999998,"body":"it's disappointing. And we can"},{"speaker":"Alan Smith","startTime":1818.2199999999998,"endTime":1821.4599999999998,"body":"we can all do better. Any any"},{"speaker":"Alan Smith","startTime":1821.4599999999998,"endTime":1822.51,"body":"thoughts or should we move on?"},{"speaker":"Nick Lincoln","startTime":1823.8,"endTime":1825.78,"body":"No, I think that's"},{"speaker":"Nick Lincoln","startTime":1823.8,"endTime":1825.78,"body":"that's well said. And I think we"},{"speaker":"Nick Lincoln","startTime":1825.78,"endTime":1829.7099999999998,"body":"all concur with quick on the on"},{"speaker":"Nick Lincoln","startTime":1825.78,"endTime":1829.7099999999998,"body":"the client who was always that"},{"speaker":"Nick Lincoln","startTime":1829.7099999999998,"endTime":1835.08,"body":"lady client, the first example"},{"speaker":"Nick Lincoln","startTime":1829.7099999999998,"endTime":1835.08,"body":"you're muted. Okay. Did she have"},{"speaker":"Nick Lincoln","startTime":1835.32,"endTime":1839.58,"body":"a relationship with anyone at"},{"speaker":"Nick Lincoln","startTime":1835.32,"endTime":1839.58,"body":"the firm and advisor or that"},{"speaker":"Nick Lincoln","startTime":1839.58,"endTime":1842.25,"body":"allows you to push you know, she"},{"speaker":"Nick Lincoln","startTime":1839.58,"endTime":1842.25,"body":"tossed around? No, she"},{"speaker":"Alan Smith","startTime":1842.25,"endTime":1846.36,"body":"does. She believes"},{"speaker":"Alan Smith","startTime":1842.25,"endTime":1846.36,"body":"she had a relationship with with"},{"speaker":"Alan Smith","startTime":1846.36,"endTime":1848.61,"body":"more than once you had a point"},{"speaker":"Alan Smith","startTime":1846.36,"endTime":1848.61,"body":"of contact, but of course, these"},{"speaker":"Alan Smith","startTime":1848.61,"endTime":1852.33,"body":"are portfolio managers, your"},{"speaker":"Alan Smith","startTime":1848.61,"endTime":1852.33,"body":"portfolio manager, Tarquin kind"},{"speaker":"Nick Lincoln","startTime":1852.33,"endTime":1853.9199999999998,"body":"of getting the"},{"speaker":"Nick Lincoln","startTime":1852.33,"endTime":1853.9199999999998,"body":"chair wasn't there wasn't that"},{"speaker":"Nick Lincoln","startTime":1854.1,"endTime":1855.87,"body":"there wasn't that human that"},{"speaker":"Nick Lincoln","startTime":1854.1,"endTime":1855.87,"body":"yeah, there wasn't that it?"},{"speaker":"Nick Lincoln","startTime":1855.87,"endTime":1856.29,"body":"Wasn't that"},{"speaker":"Alan Smith","startTime":1856.29,"endTime":1858.6299999999999,"body":"you this. This is"},{"speaker":"Alan Smith","startTime":1856.29,"endTime":1858.6299999999999,"body":"the thing like this is, as we"},{"speaker":"Alan Smith","startTime":1858.6299999999999,"endTime":1860.6399999999999,"body":"know, it's a lot of"},{"speaker":"Alan Smith","startTime":1858.6299999999999,"endTime":1860.6399999999999,"body":"organizations whose raison"},{"speaker":"Alan Smith","startTime":1860.6399999999999,"endTime":1864.33,"body":"d'etre is money management. So"},{"speaker":"Alan Smith","startTime":1860.6399999999999,"endTime":1864.33,"body":"they will have a range of people"},{"speaker":"Alan Smith","startTime":1864.33,"endTime":1866.8799999999999,"body":"they'll have their portfolio"},{"speaker":"Alan Smith","startTime":1864.33,"endTime":1866.8799999999999,"body":"manager and the assistant fund"},{"speaker":"Alan Smith","startTime":1866.8799999999999,"endTime":1869.4299999999998,"body":"manager and they're, I don't"},{"speaker":"Alan Smith","startTime":1866.8799999999999,"endTime":1869.4299999999998,"body":"know what they're fixed interest"},{"speaker":"Alan Smith","startTime":1869.4599999999998,"endTime":1872.28,"body":"manager and the barber button or"},{"speaker":"Alan Smith","startTime":1869.4599999999998,"endTime":1872.28,"body":"all this sort of thing, but they"},{"speaker":"Alan Smith","startTime":1872.28,"endTime":1876.0,"body":"know practically zero about this"},{"speaker":"Alan Smith","startTime":1872.28,"endTime":1876.0,"body":"client's life that's needed."},{"speaker":"Alan Smith","startTime":1876.0,"endTime":1878.6999999999998,"body":"Just Know how much money she's"},{"speaker":"Alan Smith","startTime":1876.0,"endTime":1878.6999999999998,"body":"got, and what their risk of her"},{"speaker":"Alan Smith","startTime":1878.6999999999998,"endTime":1879.6899999999998,"body":"risk profile is."},{"speaker":"Carl Widger","startTime":1880.2299999999998,"endTime":1882.33,"body":"And that's about"},{"speaker":"Carl Widger","startTime":1880.2299999999998,"endTime":1882.33,"body":"it. They also Island or they"},{"speaker":"Carl Widger","startTime":1882.33,"endTime":1884.76,"body":"know that another thing they"},{"speaker":"Carl Widger","startTime":1882.33,"endTime":1884.76,"body":"know well is that they've"},{"speaker":"Carl Widger","startTime":1884.76,"endTime":1890.07,"body":"underperformed 369137 10"},{"speaker":"Carl Widger","startTime":1884.76,"endTime":1890.07,"body":"Whatever, right? They know this,"},{"speaker":"Carl Widger","startTime":1890.31,"endTime":1894.9599999999998,"body":"but they they confused the"},{"speaker":"Carl Widger","startTime":1890.31,"endTime":1894.9599999999998,"body":"clients by, you know, making the"},{"speaker":"Carl Widger","startTime":1894.9599999999998,"endTime":1899.9099999999999,"body":"whole investment story, a very"},{"speaker":"Carl Widger","startTime":1894.9599999999998,"endTime":1899.9099999999999,"body":"complex issue convoluted. Yeah."},{"speaker":"Carl Widger","startTime":1899.9099999999999,"endTime":1904.56,"body":"And then when if they do come up"},{"speaker":"Carl Widger","startTime":1899.9099999999999,"endTime":1904.56,"body":"against, you know, a capital or"},{"speaker":"Carl Widger","startTime":1904.56,"endTime":1908.3999999999999,"body":"a mattress or whatever, they'll"},{"speaker":"Carl Widger","startTime":1904.56,"endTime":1908.3999999999999,"body":"they'll kind of dis the"},{"speaker":"Carl Widger","startTime":1908.3999999999999,"endTime":1911.3999999999999,"body":"simplicity, simplicity of the"},{"speaker":"Carl Widger","startTime":1908.3999999999999,"endTime":1911.3999999999999,"body":"portfolio."},{"speaker":"Alan Smith","startTime":1912.51,"endTime":1914.34,"body":"Well, this is what"},{"speaker":"Alan Smith","startTime":1912.51,"endTime":1914.34,"body":"this is what the emails were"},{"speaker":"Alan Smith","startTime":1914.34,"endTime":1917.2199999999998,"body":"saying. They've obviously done"},{"speaker":"Alan Smith","startTime":1914.34,"endTime":1917.2199999999998,"body":"their research, they found out"},{"speaker":"Alan Smith","startTime":1917.2199999999998,"endTime":1919.4399999999998,"body":"that we do not have"},{"speaker":"Alan Smith","startTime":1917.2199999999998,"endTime":1919.4399999999998,"body":"discretionary permissions, which"},{"speaker":"Alan Smith","startTime":1919.4399999999998,"endTime":1922.7099999999998,"body":"is very intentional. We explored"},{"speaker":"Alan Smith","startTime":1919.4399999999998,"endTime":1922.7099999999998,"body":"this years ago, should we take"},{"speaker":"Alan Smith","startTime":1922.7099999999998,"endTime":1925.1999999999998,"body":"discretionary permissions, but"},{"speaker":"Alan Smith","startTime":1922.7099999999998,"endTime":1925.1999999999998,"body":"we make very, very few fund"},{"speaker":"Alan Smith","startTime":1925.26,"endTime":1927.87,"body":"switches, it doesn't seem to be"},{"speaker":"Alan Smith","startTime":1925.26,"endTime":1927.87,"body":"any point in doing so it had to"},{"speaker":"Alan Smith","startTime":1927.87,"endTime":1931.02,"body":"NASA that was, that was one of"},{"speaker":"Alan Smith","startTime":1927.87,"endTime":1931.02,"body":"their criticisms towards us. And"},{"speaker":"Alan Smith","startTime":1931.02,"endTime":1935.34,"body":"we and we can't buy single line"},{"speaker":"Alan Smith","startTime":1931.02,"endTime":1935.34,"body":"stock items. Right as if that's"},{"speaker":"Alan Smith","startTime":1935.34,"endTime":1939.4799999999998,"body":"a negative, we can't buy Yeah,"},{"speaker":"Alan Smith","startTime":1935.34,"endTime":1939.4799999999998,"body":"happy day P or Tesco or"},{"speaker":"Alan Smith","startTime":1939.4799999999998,"endTime":1941.79,"body":"whatever, as an individual"},{"speaker":"Alan Smith","startTime":1939.4799999999998,"endTime":1941.79,"body":"stock, whereas they've got that"},{"speaker":"Alan Smith","startTime":1941.82,"endTime":1944.6699999999998,"body":"together with a bunch of other"},{"speaker":"Alan Smith","startTime":1941.82,"endTime":1944.6699999999998,"body":"crap. And well, it"},{"speaker":"Nick Lincoln","startTime":1944.6699999999998,"endTime":1946.1999999999998,"body":"can be layering"},{"speaker":"Nick Lincoln","startTime":1944.6699999999998,"endTime":1946.1999999999998,"body":"guilts, though you could be"},{"speaker":"Nick Lincoln","startTime":1946.1999999999998,"endTime":1950.1899999999998,"body":"layering guilts if you could do"},{"speaker":"Nick Lincoln","startTime":1946.1999999999998,"endTime":1950.1899999999998,"body":"that the income ladder ladders."},{"speaker":"Nick Lincoln","startTime":1950.1899999999998,"endTime":1952.2299999999998,"body":"I mean, if you can't do your"},{"speaker":"Nick Lincoln","startTime":1950.1899999999998,"endTime":1952.2299999999998,"body":"ladders, you're not at the game."},{"speaker":"Nick Lincoln","startTime":1952.62,"endTime":1952.9799999999998,"body":"You can be"},{"speaker":"Andy Hart","startTime":1952.9789999999998,"endTime":1954.629,"body":"buying and selling"},{"speaker":"Andy Hart","startTime":1952.9789999999998,"endTime":1954.629,"body":"structure notes every single"},{"speaker":"Andy Hart","startTime":1954.629,"endTime":1956.099,"body":"day. Oh, the joy."},{"speaker":"Alan Smith","startTime":1956.1599999999999,"endTime":1958.1399999999999,"body":"I know. Yeah,"},{"speaker":"Alan Smith","startTime":1956.1599999999999,"endTime":1958.1399999999999,"body":"exactly. He was quite as quite"},{"speaker":"Alan Smith","startTime":1958.1399999999999,"endTime":1960.36,"body":"revealing. Actually, when you"},{"speaker":"Alan Smith","startTime":1958.1399999999999,"endTime":1960.36,"body":"see an email, which was sent to"},{"speaker":"Alan Smith","startTime":1960.36,"endTime":1962.28,"body":"the client, which she then"},{"speaker":"Alan Smith","startTime":1960.36,"endTime":1962.28,"body":"forwards on to us and you go"},{"speaker":"Alan Smith","startTime":1962.28,"endTime":1966.0,"body":"through the email chain, you"},{"speaker":"Alan Smith","startTime":1962.28,"endTime":1966.0,"body":"think, Oh, interesting. Yeah."},{"speaker":"Alan Smith","startTime":1966.03,"endTime":1966.2099999999998,"body":"While"},{"speaker":"Carl Widger","startTime":1966.2099999999998,"endTime":1967.9499999999998,"body":"you're there, look"},{"speaker":"Carl Widger","startTime":1966.2099999999998,"endTime":1967.9499999999998,"body":"at the email Transact, see all"},{"speaker":"Carl Widger","startTime":1967.9499999999998,"endTime":1971.79,"body":"those weaknesses they've pointed"},{"speaker":"Carl Widger","startTime":1967.9499999999998,"endTime":1971.79,"body":"out? Well, we think they're"},{"speaker":"Carl Widger","startTime":1971.79,"endTime":1974.58,"body":"actually really good for you"},{"speaker":"Carl Widger","startTime":1971.79,"endTime":1974.58,"body":"from a compliance and governance"},{"speaker":"Carl Widger","startTime":1974.58,"endTime":1974.79,"body":"point."},{"speaker":"Andy Hart","startTime":1974.82,"endTime":1976.9499999999998,"body":"Thank you so much for"},{"speaker":"Andy Hart","startTime":1974.82,"endTime":1976.9499999999998,"body":"highlighting an"},{"speaker":"Carl Widger","startTime":1976.9499999999998,"endTime":1979.4699999999998,"body":"extra layer of"},{"speaker":"Carl Widger","startTime":1976.9499999999998,"endTime":1979.4699999999998,"body":"protection for us."},{"speaker":"Alan Smith","startTime":1979.4699999999998,"endTime":1981.2399999999998,"body":"But this is the"},{"speaker":"Alan Smith","startTime":1979.4699999999998,"endTime":1981.2399999999998,"body":"thing they'll call in all"},{"speaker":"Alan Smith","startTime":1981.27,"endTime":1983.61,"body":"honesty, from a client's"},{"speaker":"Alan Smith","startTime":1981.27,"endTime":1983.61,"body":"perspective, they don't know,"},{"speaker":"Alan Smith","startTime":1983.6399999999999,"endTime":1987.57,"body":"right? They someone else, you"},{"speaker":"Alan Smith","startTime":1983.6399999999999,"endTime":1987.57,"body":"know, and worked with for years"},{"speaker":"Alan Smith","startTime":1987.6,"endTime":1990.12,"body":"that says, These are weaknesses"},{"speaker":"Alan Smith","startTime":1987.6,"endTime":1990.12,"body":"in this firm that you're moving"},{"speaker":"Alan Smith","startTime":1990.12,"endTime":1992.7299999999998,"body":"to, they can't do this, they"},{"speaker":"Alan Smith","startTime":1990.12,"endTime":1992.7299999999998,"body":"can't do that. She comes to us"},{"speaker":"Alan Smith","startTime":1992.7299999999998,"endTime":1995.4299999999998,"body":"and said, Well, what do you"},{"speaker":"Alan Smith","startTime":1992.7299999999998,"endTime":1995.4299999999998,"body":"think? And we go, we agreed that"},{"speaker":"Alan Smith","startTime":1995.4299999999998,"endTime":1998.31,"body":"we can't do this very intention,"},{"speaker":"Alan Smith","startTime":1995.4299999999998,"endTime":1998.31,"body":"we could choose to should be"},{"speaker":"Alan Smith","startTime":1998.31,"endTime":2001.1599999999999,"body":"wished or should we? Or should"},{"speaker":"Alan Smith","startTime":1998.31,"endTime":2001.1599999999999,"body":"we think there's a benefit or a"},{"speaker":"Alan Smith","startTime":2001.1599999999999,"endTime":2003.26,"body":"zero benefit, in fact, there's a"},{"speaker":"Alan Smith","startTime":2001.1599999999999,"endTime":2003.26,"body":"negative benefit, there's a"},{"speaker":"Alan Smith","startTime":2003.26,"endTime":2006.83,"body":"minus in doing so. But the"},{"speaker":"Alan Smith","startTime":2003.26,"endTime":2006.83,"body":"client is confused by all this"},{"speaker":"Alan Smith","startTime":2006.86,"endTime":2008.6899999999998,"body":"stuff. So it's often a"},{"speaker":"Alan Smith","startTime":2006.86,"endTime":2008.6899999999998,"body":"challenge. And it's maybe"},{"speaker":"Alan Smith","startTime":2008.6899999999998,"endTime":2011.27,"body":"something we should come back to"},{"speaker":"Alan Smith","startTime":2008.6899999999998,"endTime":2011.27,"body":"is when you're meeting with"},{"speaker":"Alan Smith","startTime":2011.27,"endTime":2015.08,"body":"prospective clients. And they're"},{"speaker":"Alan Smith","startTime":2011.27,"endTime":2015.08,"body":"hearing your proposal, your"},{"speaker":"Alan Smith","startTime":2015.08,"endTime":2017.6299999999999,"body":"thoughts and your ideas, but"},{"speaker":"Alan Smith","startTime":2015.08,"endTime":2017.6299999999999,"body":"they're working with an existing"},{"speaker":"Alan Smith","startTime":2017.87,"endTime":2019.9399999999998,"body":"firm, and they might be working"},{"speaker":"Alan Smith","startTime":2017.87,"endTime":2019.9399999999998,"body":"with them for years, they might"},{"speaker":"Alan Smith","startTime":2019.9399999999998,"endTime":2022.1899999999998,"body":"know the people. Personally,"},{"speaker":"Alan Smith","startTime":2019.9399999999998,"endTime":2022.1899999999998,"body":"I've certainly come across"},{"speaker":"Alan Smith","startTime":2022.1899999999998,"endTime":2025.3999999999999,"body":"instances in the past where the"},{"speaker":"Alan Smith","startTime":2022.1899999999998,"endTime":2025.3999999999999,"body":"client prospective client used"},{"speaker":"Alan Smith","startTime":2025.3999999999999,"endTime":2027.8,"body":"to play golf with them and do"},{"speaker":"Alan Smith","startTime":2025.3999999999999,"endTime":2027.8,"body":"all that sort of stuff. And"},{"speaker":"Alan Smith","startTime":2027.8,"endTime":2029.7199999999998,"body":"you're kind of telling them that"},{"speaker":"Alan Smith","startTime":2027.8,"endTime":2029.7199999999998,"body":"one of their sort of"},{"speaker":"Alan Smith","startTime":2029.7199999999998,"endTime":2033.08,"body":"professional friends is a"},{"speaker":"Alan Smith","startTime":2029.7199999999998,"endTime":2033.08,"body":"bullshitter. Is and it's a"},{"speaker":"Alan Smith","startTime":2033.08,"endTime":2036.1999999999998,"body":"difficult one to to actually get"},{"speaker":"Alan Smith","startTime":2033.08,"endTime":2036.1999999999998,"body":"across in certain circumstances,"},{"speaker":"Alan Smith","startTime":2036.1999999999998,"endTime":2038.51,"body":"the relationship can"},{"speaker":"Alan Smith","startTime":2036.1999999999998,"endTime":2038.51,"body":"historically be quite good. And"},{"speaker":"Alan Smith","startTime":2038.51,"endTime":2041.4799999999998,"body":"you've got to navigate that"},{"speaker":"Alan Smith","startTime":2038.51,"endTime":2041.4799999999998,"body":"quite carefully. I think."},{"speaker":"Carl Widger","startTime":2041.809,"endTime":2044.359,"body":"Yeah, you know,"},{"speaker":"Carl Widger","startTime":2041.809,"endTime":2044.359,"body":"you're so right, we had a"},{"speaker":"Carl Widger","startTime":2044.359,"endTime":2049.549,"body":"client. It's probably last year,"},{"speaker":"Carl Widger","startTime":2044.359,"endTime":2049.549,"body":"maybe the year before, where the"},{"speaker":"Carl Widger","startTime":2049.579,"endTime":2053.239,"body":"annual management charge was"},{"speaker":"Carl Widger","startTime":2049.579,"endTime":2053.239,"body":"quoted as kind of 1% plus VAT."},{"speaker":"Carl Widger","startTime":2053.839,"endTime":2057.289,"body":"And we were reviewing it kind of"},{"speaker":"Carl Widger","startTime":2053.839,"endTime":2057.289,"body":"three years in and we looked"},{"speaker":"Carl Widger","startTime":2057.289,"endTime":2060.919,"body":"down through the all the fees"},{"speaker":"Carl Widger","startTime":2057.289,"endTime":2060.919,"body":"and added up was nearly 3%. to"},{"speaker":"Carl Widger","startTime":2060.919,"endTime":2064.009,"body":"Jesus Christ, we're like, this"},{"speaker":"Carl Widger","startTime":2060.919,"endTime":2064.009,"body":"is slam dunk clients gonna move"},{"speaker":"Carl Widger","startTime":2064.009,"endTime":2067.039,"body":"across and the client is like,"},{"speaker":"Carl Widger","startTime":2064.009,"endTime":2067.039,"body":"yeah, hey, look, I'm gonna have"},{"speaker":"Carl Widger","startTime":2067.039,"endTime":2070.999,"body":"a word with him about that,"},{"speaker":"Carl Widger","startTime":2067.039,"endTime":2070.999,"body":"because that's very bad. But"},{"speaker":"Carl Widger","startTime":2071.059,"endTime":2073.519,"body":"look, I know them really well."},{"speaker":"Carl Widger","startTime":2071.059,"endTime":2073.519,"body":"And, you know, they're big,"},{"speaker":"Carl Widger","startTime":2073.519,"endTime":2077.539,"body":"firm, and whatever. So you're"},{"speaker":"Carl Widger","startTime":2073.519,"endTime":2077.539,"body":"right, you know, it's people,"},{"speaker":"Carl Widger","startTime":2077.869,"endTime":2080.869,"body":"you know, sometimes we'll put up"},{"speaker":"Carl Widger","startTime":2077.869,"endTime":2080.869,"body":"with it, you know, and you gotta"},{"speaker":"Carl Widger","startTime":2081.289,"endTime":2083.239,"body":"be careful how you position it,"},{"speaker":"Carl Widger","startTime":2081.289,"endTime":2083.239,"body":"I suppose."},{"speaker":"Andy Hart","startTime":2083.599,"endTime":2085.429,"body":"And at the end of the"},{"speaker":"Andy Hart","startTime":2083.599,"endTime":2085.429,"body":"day, at the end of the day, it's"},{"speaker":"Andy Hart","startTime":2085.429,"endTime":2087.859,"body":"people's life saving. So they"},{"speaker":"Andy Hart","startTime":2085.429,"endTime":2087.859,"body":"obviously want to make sure it's"},{"speaker":"Andy Hart","startTime":2087.859,"endTime":2091.309,"body":"going to the right new person,"},{"speaker":"Andy Hart","startTime":2087.859,"endTime":2091.309,"body":"if they're switching switches,"},{"speaker":"Andy Hart","startTime":2091.309,"endTime":2093.919,"body":"Eva is ever harder friction than"},{"speaker":"Andy Hart","startTime":2091.309,"endTime":2093.919,"body":"finding the first person in the"},{"speaker":"Andy Hart","startTime":2093.919,"endTime":2096.589,"body":"first place. So they want to"},{"speaker":"Andy Hart","startTime":2093.919,"endTime":2096.589,"body":"make a second mistake is much"},{"speaker":"Alan Smith","startTime":2096.62,"endTime":2098.39,"body":"worse, right? And"},{"speaker":"Alan Smith","startTime":2096.62,"endTime":2098.39,"body":"the challenge you've got, and"},{"speaker":"Alan Smith","startTime":2098.39,"endTime":2100.67,"body":"again, we covered exactly the"},{"speaker":"Alan Smith","startTime":2098.39,"endTime":2100.67,"body":"same thing as you've described."},{"speaker":"Alan Smith","startTime":2101.18,"endTime":2104.39,"body":"Car where they're seeing one"},{"speaker":"Alan Smith","startTime":2101.18,"endTime":2104.39,"body":"hand, let's say it's 1%, we just"},{"speaker":"Alan Smith","startTime":2104.39,"endTime":2107.39,"body":"lift a little, little bit, and"},{"speaker":"Alan Smith","startTime":2104.39,"endTime":2107.39,"body":"now it's two or three times"},{"speaker":"Alan Smith","startTime":2107.69,"endTime":2112.22,"body":"that. And then you've got the"},{"speaker":"Alan Smith","startTime":2107.69,"endTime":2112.22,"body":"client saying, well, they told"},{"speaker":"Alan Smith","startTime":2112.22,"endTime":2115.22,"body":"me that and it proved to be not"},{"speaker":"Alan Smith","startTime":2112.22,"endTime":2115.22,"body":"correct. How do I know that what"},{"speaker":"Alan Smith","startTime":2115.22,"endTime":2117.98,"body":"you're saying is going to be"},{"speaker":"Alan Smith","startTime":2115.22,"endTime":2117.98,"body":"great. How do I know two years"},{"speaker":"Alan Smith","startTime":2117.98,"endTime":2121.46,"body":"from now? And it's a tricky one"},{"speaker":"Alan Smith","startTime":2117.98,"endTime":2121.46,"body":"to deal with."},{"speaker":"Andy Hart","startTime":2121.49,"endTime":2124.01,"body":"Also, I don't know if"},{"speaker":"Andy Hart","startTime":2121.49,"endTime":2124.01,"body":"you guys can remember a few"},{"speaker":"Andy Hart","startTime":2124.01,"endTime":2127.31,"body":"years ago, horrendous example I"},{"speaker":"Andy Hart","startTime":2124.01,"endTime":2127.31,"body":"saw there was there was a firm A"},{"speaker":"Andy Hart","startTime":2127.31,"endTime":2132.08,"body":"very well known firm that was"},{"speaker":"Andy Hart","startTime":2127.31,"endTime":2132.08,"body":"charging 3% on rebalances. Do"},{"speaker":"Andy Hart","startTime":2132.08,"endTime":2135.23,"body":"you remember this one? Yeah. So"},{"speaker":"Andy Hart","startTime":2132.08,"endTime":2135.23,"body":"when they do a rebalance every"},{"speaker":"Andy Hart","startTime":2135.23,"endTime":2139.79,"body":"single year, funny, funny"},{"speaker":"Andy Hart","startTime":2135.23,"endTime":2139.79,"body":"outcome, they've switched all"},{"speaker":"Andy Hart","startTime":2139.79,"endTime":2142.7,"body":"the frickin funds, so it wasn't"},{"speaker":"Andy Hart","startTime":2139.79,"endTime":2142.7,"body":"a minor rebalance have been"},{"speaker":"Andy Hart","startTime":2142.7,"endTime":2147.77,"body":"rebalanced fund switch. Well"},{"speaker":"Andy Hart","startTime":2142.7,"endTime":2147.77,"body":"rebalance funds, which timeout"},{"speaker":"Andy Hart","startTime":2147.77,"endTime":2147.8599999999997,"body":"is"},{"speaker":"Alan Smith","startTime":2147.8599999999997,"endTime":2150.41,"body":"a fun day to fund be"},{"speaker":"Alan Smith","startTime":2147.8599999999997,"endTime":2150.41,"body":"within the portfolio and will"},{"speaker":"Alan Smith","startTime":2150.41,"endTime":2153.8599999999997,"body":"charge I mean, 3% or 3% for"},{"speaker":"Alan Smith","startTime":2150.41,"endTime":2153.8599999999997,"body":"swimming around money"},{"speaker":"Andy Hart","startTime":2153.8599999999997,"endTime":2155.33,"body":"that they already"},{"speaker":"Andy Hart","startTime":2153.8599999999997,"endTime":2155.33,"body":"look after they're already"},{"speaker":"Andy Hart","startTime":2155.33,"endTime":2158.0,"body":"charging on. And it was public"},{"speaker":"Andy Hart","startTime":2155.33,"endTime":2158.0,"body":"on their website, and then all"},{"speaker":"Andy Hart","startTime":2158.0,"endTime":2160.0099999999998,"body":"ifas started plowing in"},{"speaker":"Andy Hart","startTime":2158.0,"endTime":2160.0099999999998,"body":"referring to it, then they"},{"speaker":"Andy Hart","startTime":2160.0099999999998,"endTime":2164.24,"body":"pulled it from their website."},{"speaker":"Andy Hart","startTime":2160.0099999999998,"endTime":2164.24,"body":"Oh, yeah, do it. Yes, white"},{"speaker":"Andy Hart","startTime":2164.24,"endTime":2166.7,"body":"collar crime absolutely is just"},{"speaker":"Andy Hart","startTime":2164.24,"endTime":2166.7,"body":"going through. So it's like"},{"speaker":"Andy Hart","startTime":2166.7,"endTime":2168.35,"body":"let's say someone's got a"},{"speaker":"Andy Hart","startTime":2166.7,"endTime":2168.35,"body":"million quid that have already"},{"speaker":"Andy Hart","startTime":2168.35,"endTime":2170.6,"body":"been invested with that firm for"},{"speaker":"Andy Hart","startTime":2168.35,"endTime":2170.6,"body":"X amount of years and they've"},{"speaker":"Andy Hart","startTime":2170.6,"endTime":2173.0299999999997,"body":"decided to switch all the funds"},{"speaker":"Andy Hart","startTime":2170.6,"endTime":2173.0299999999997,"body":"they're going to be charged 30"},{"speaker":"Andy Hart","startTime":2173.0299999999997,"endTime":2178.52,"body":"grand for a five minute online"},{"speaker":"Andy Hart","startTime":2173.0299999999997,"endTime":2178.52,"body":"at substitution with obviously"},{"speaker":"Andy Hart","startTime":2178.52,"endTime":2181.58,"body":"with a 950 page suitability"},{"speaker":"Andy Hart","startTime":2178.52,"endTime":2181.58,"body":"letter that explains why the"},{"speaker":"Andy Hart","startTime":2181.58,"endTime":2185.69,"body":"moving from crap Japanese fun to"},{"speaker":"Andy Hart","startTime":2181.58,"endTime":2185.69,"body":"crap a Japanese come you know I"},{"speaker":"Andy Hart","startTime":2185.69,"endTime":2186.68,"body":"mean it's insane"},{"speaker":"Alan Smith","startTime":2187.8199999999997,"endTime":2191.5099999999998,"body":"that's the real"},{"speaker":"Alan Smith","startTime":2187.8199999999997,"endTime":2191.5099999999998,"body":"wealth transfer this from the"},{"speaker":"Alan Smith","startTime":2191.5099999999998,"endTime":2193.7,"body":"client so those are the that's"},{"speaker":"Alan Smith","startTime":2191.5099999999998,"endTime":2193.7,"body":"the"},{"speaker":"Nick Lincoln","startTime":2193.7,"endTime":2195.5899999999997,"body":"joke is that my"},{"speaker":"Nick Lincoln","startTime":2193.7,"endTime":2195.5899999999997,"body":"vet my investments put put the"},{"speaker":"Nick Lincoln","startTime":2195.5899999999997,"endTime":2197.75,"body":"children through through public"},{"speaker":"Nick Lincoln","startTime":2195.5899999999997,"endTime":2197.75,"body":"school unfortunately they were"},{"speaker":"Nick Lincoln","startTime":2197.75,"endTime":2202.58,"body":"my stockbrokers till let's"},{"speaker":"Nick Lincoln","startTime":2197.75,"endTime":2202.58,"body":"closing on this you have any all"},{"speaker":"Nick Lincoln","startTime":2202.58,"endTime":2204.29,"body":"alluded to already got to be"},{"speaker":"Nick Lincoln","startTime":2202.58,"endTime":2204.29,"body":"very careful having because if"},{"speaker":"Nick Lincoln","startTime":2204.29,"endTime":2206.0,"body":"you're dissing if you're saying"},{"speaker":"Nick Lincoln","startTime":2204.29,"endTime":2206.0,"body":"somebody's and you've been"},{"speaker":"Nick Lincoln","startTime":2206.0,"endTime":2209.48,"body":"touched by this other firm, the"},{"speaker":"Nick Lincoln","startTime":2206.0,"endTime":2209.48,"body":"personal term that you might"},{"speaker":"Nick Lincoln","startTime":2209.48,"endTime":2213.02,"body":"feel a bit stupid and might feel"},{"speaker":"Nick Lincoln","startTime":2209.48,"endTime":2213.02,"body":"a bit defensive about it. So"},{"speaker":"Nick Lincoln","startTime":2213.02,"endTime":2215.27,"body":"you've got to cut you know, you"},{"speaker":"Nick Lincoln","startTime":2213.02,"endTime":2215.27,"body":"have to be you have to navigate"},{"speaker":"Nick Lincoln","startTime":2215.27,"endTime":2216.3199999999997,"body":"your way through this"},{"speaker":"Nick Lincoln","startTime":2215.27,"endTime":2216.3199999999997,"body":"definitely."},{"speaker":"Alan Smith","startTime":2217.5499999999997,"endTime":2219.17,"body":"You don't want to"},{"speaker":"Alan Smith","startTime":2217.5499999999997,"endTime":2219.17,"body":"say anyway, and I've learned to"},{"speaker":"Alan Smith","startTime":2219.17,"endTime":2221.27,"body":"my costs, and you certainly"},{"speaker":"Alan Smith","startTime":2219.17,"endTime":2221.27,"body":"don't want to say it to a"},{"speaker":"Alan Smith","startTime":2221.27,"endTime":2224.54,"body":"couple. You know, we're a"},{"speaker":"Alan Smith","startTime":2221.27,"endTime":2224.54,"body":"husband and wife. And one of"},{"speaker":"Alan Smith","startTime":2224.54,"endTime":2226.91,"body":"them looks at the other and"},{"speaker":"Alan Smith","startTime":2224.54,"endTime":2226.91,"body":"says, Did you not know this?"},{"speaker":"Alan Smith","startTime":2226.97,"endTime":2230.45,"body":"Have you cost us a lot of money?"},{"speaker":"Alan Smith","startTime":2226.97,"endTime":2230.45,"body":"No, you don't want to shame"},{"speaker":"Alan Smith","startTime":2230.45,"endTime":2232.7,"body":"anyone. There's there's ways and"},{"speaker":"Alan Smith","startTime":2230.45,"endTime":2232.7,"body":"means you got to be delicate"},{"speaker":"Alan Smith","startTime":2232.7,"endTime":2235.73,"body":"around the communication, but"},{"speaker":"Alan Smith","startTime":2232.7,"endTime":2235.73,"body":"you got to do it. I don't know."},{"speaker":"Alan Smith","startTime":2237.41,"endTime":2237.95,"body":"I think me and"},{"speaker":"Carl Widger","startTime":2239.48,"endTime":2241.64,"body":"Bill, who was"},{"speaker":"Carl Widger","startTime":2239.48,"endTime":2241.64,"body":"screwing us all the time."},{"speaker":"Nick Lincoln","startTime":2243.56,"endTime":2248.75,"body":"I never like I"},{"speaker":"Nick Lincoln","startTime":2243.56,"endTime":2248.75,"body":"never like told you. I told you"},{"speaker":"Nick Lincoln","startTime":2248.75,"endTime":2251.48,"body":"potential snafus. Let's move on"},{"speaker":"Nick Lincoln","startTime":2248.75,"endTime":2251.48,"body":"to the next topic, which is a"},{"speaker":"Nick Lincoln","startTime":2251.48,"endTime":2255.29,"body":"snafu that I've got with the FCA"},{"speaker":"Nick Lincoln","startTime":2251.48,"endTime":2255.29,"body":"I don't know if and the landing,"},{"speaker":"Nick Lincoln","startTime":2255.29,"endTime":2257.48,"body":"you've experienced this, but the"},{"speaker":"Nick Lincoln","startTime":2255.29,"endTime":2257.48,"body":"FCA bless them, I've introduced"},{"speaker":"Nick Lincoln","startTime":2257.48,"endTime":2260.54,"body":"two factor authentication on"},{"speaker":"Nick Lincoln","startTime":2257.48,"endTime":2260.54,"body":"their website for the reg beta"},{"speaker":"Nick Lincoln","startTime":2260.54,"endTime":2263.18,"body":"stuff. You can't opt out of it,"},{"speaker":"Nick Lincoln","startTime":2260.54,"endTime":2263.18,"body":"of course, I mean, I'd love"},{"speaker":"Nick Lincoln","startTime":2263.18,"endTime":2265.3399999999997,"body":"someone to hack into the FCA"},{"speaker":"Nick Lincoln","startTime":2263.18,"endTime":2265.3399999999997,"body":"with my credentials and fill out"},{"speaker":"Nick Lincoln","startTime":2265.3399999999997,"endTime":2267.5299999999997,"body":"the shitty returns. It's all"},{"speaker":"Nick Lincoln","startTime":2265.3399999999997,"endTime":2267.5299999999997,"body":"garbage anyway, let someone else"},{"speaker":"Nick Lincoln","startTime":2267.5299999999997,"endTime":2270.35,"body":"make it up. But now they put two"},{"speaker":"Nick Lincoln","startTime":2267.5299999999997,"endTime":2270.35,"body":"factor authentication in I can't"},{"speaker":"Nick Lincoln","startTime":2270.35,"endTime":2271.19,"body":"get into the bloody thing."},{"speaker":"Andy Hart","startTime":2272.0899999999997,"endTime":2274.3399999999997,"body":"Obviously a joke,"},{"speaker":"Andy Hart","startTime":2272.0899999999997,"endTime":2274.3399999999997,"body":"Nick, it's a very serious report"},{"speaker":"Andy Hart","startTime":2274.3399999999997,"endTime":2275.5099999999998,"body":"that you file a very"},{"speaker":"Nick Lincoln","startTime":2275.5099999999998,"endTime":2277.46,"body":"serious report."},{"speaker":"Nick Lincoln","startTime":2275.5099999999998,"endTime":2277.46,"body":"And it's a very, very serious"},{"speaker":"Nick Lincoln","startTime":2277.46,"endTime":2280.46,"body":"report. We don't make it up. Do"},{"speaker":"Nick Lincoln","startTime":2277.46,"endTime":2280.46,"body":"we between us? Whose turn is it"},{"speaker":"Nick Lincoln","startTime":2280.46,"endTime":2283.4,"body":"this year? Am I doing yours up?"},{"speaker":"Nick Lincoln","startTime":2280.46,"endTime":2283.4,"body":"Anyway, the"},{"speaker":"Andy Hart","startTime":2283.4,"endTime":2284.87,"body":"bane of my life Jesus"},{"speaker":"Unknown","startTime":2284.87,"endTime":2285.5299999999997,"body":"two factor"},{"speaker":"Unknown","startTime":2288.7999999999997,"endTime":2292.31,"body":"would like to distance myself. I"},{"speaker":"Unknown","startTime":2288.7999999999997,"endTime":2292.31,"body":"do not know"},{"speaker":"Nick Lincoln","startTime":2295.13,"endTime":2296.6,"body":"depreciation"},{"speaker":"Nick Lincoln","startTime":2295.13,"endTime":2296.6,"body":"cinema can get through. So"},{"speaker":"Nick Lincoln","startTime":2297.08,"endTime":2303.56,"body":"anyway, let's wait for the call."},{"speaker":"Nick Lincoln","startTime":2297.08,"endTime":2303.56,"body":"I can come and go I give up."},{"speaker":"Andy Hart","startTime":2306.2599999999998,"endTime":2308.0299999999997,"body":"Sorry, Nick, haven't"},{"speaker":"Andy Hart","startTime":2306.2599999999998,"endTime":2308.0299999999997,"body":"you got the record for"},{"speaker":"Andy Hart","startTime":2308.0299999999997,"endTime":2311.96,"body":"submitting the FCA return in the"},{"speaker":"Andy Hart","startTime":2308.0299999999997,"endTime":2311.96,"body":"fastest time possible? You"},{"speaker":"Nick Lincoln","startTime":2313.0099999999998,"endTime":2316.43,"body":"you do in the"},{"speaker":"Nick Lincoln","startTime":2313.0099999999998,"endTime":2316.43,"body":"morning. And I do it about I do"},{"speaker":"Nick Lincoln","startTime":2316.43,"endTime":2317.96,"body":"it about at 8am. And"},{"speaker":"Andy Hart","startTime":2318.3199999999997,"endTime":2320.93,"body":"the opening window is"},{"speaker":"Andy Hart","startTime":2318.3199999999997,"endTime":2320.93,"body":"midnight the day before and use"},{"speaker":"Andy Hart","startTime":2320.93,"endTime":2323.7799999999997,"body":"submitted by 7am. They've never"},{"speaker":"Andy Hart","startTime":2320.93,"endTime":2323.7799999999997,"body":"seen this speed."},{"speaker":"Nick Lincoln","startTime":2324.2,"endTime":2325.97,"body":"Well, this is my"},{"speaker":"Nick Lincoln","startTime":2324.2,"endTime":2325.97,"body":"point. Andrew, this is my point."},{"speaker":"Nick Lincoln","startTime":2325.97,"endTime":2329.0899999999997,"body":"So the cadence of the FCA reg"},{"speaker":"Nick Lincoln","startTime":2325.97,"endTime":2329.0899999999997,"body":"data stuff as you all know, UK"},{"speaker":"Nick Lincoln","startTime":2329.0899999999997,"endTime":2333.38,"body":"advisors is every six months,"},{"speaker":"Nick Lincoln","startTime":2329.0899999999997,"endTime":2333.38,"body":"and the 12 month one is the big"},{"speaker":"Nick Lincoln","startTime":2333.38,"endTime":2335.24,"body":"one. But there's every six"},{"speaker":"Nick Lincoln","startTime":2333.38,"endTime":2335.24,"body":"months. And then you get these"},{"speaker":"Nick Lincoln","startTime":2335.24,"endTime":2338.8399999999997,"body":"occasional ones in between which"},{"speaker":"Nick Lincoln","startTime":2335.24,"endTime":2338.8399999999997,"body":"just how much stuff you have,"},{"speaker":"Nick Lincoln","startTime":2338.87,"endTime":2340.91,"body":"how much motor insurance have"},{"speaker":"Nick Lincoln","startTime":2338.87,"endTime":2340.91,"body":"you sold to people of"},{"speaker":"Nick Lincoln","startTime":2340.91,"endTime":2343.3399999999997,"body":"Bangladesh, she just sent her"},{"speaker":"Nick Lincoln","startTime":2340.91,"endTime":2343.3399999999997,"body":"under five foot three, and you"},{"speaker":"Nick Lincoln","startTime":2343.3399999999997,"endTime":2345.44,"body":"got Okay. And you want the end"},{"speaker":"Nick Lincoln","startTime":2343.3399999999997,"endTime":2345.44,"body":"round? Is that decimal points"},{"speaker":"Nick Lincoln","startTime":2345.44,"endTime":2347.8399999999997,"body":"after that or not? And then you"},{"speaker":"Nick Lincoln","startTime":2345.44,"endTime":2347.8399999999997,"body":"find it's not to use all that"},{"speaker":"Nick Lincoln","startTime":2347.8399999999997,"endTime":2350.96,"body":"crap. Anyway. So I've got I've"},{"speaker":"Nick Lincoln","startTime":2347.8399999999997,"endTime":2350.96,"body":"got one of these emails across,"},{"speaker":"Nick Lincoln","startTime":2350.96,"endTime":2352.8199999999997,"body":"okay, I'm not going to do it to"},{"speaker":"Nick Lincoln","startTime":2350.96,"endTime":2352.8199999999997,"body":"get out of my life because I'm a"},{"speaker":"Nick Lincoln","startTime":2352.8199999999997,"endTime":2355.13,"body":"bit like that, and I can't do"},{"speaker":"Nick Lincoln","startTime":2352.8199999999997,"endTime":2355.13,"body":"it. I bought in two factor"},{"speaker":"Nick Lincoln","startTime":2355.13,"endTime":2357.56,"body":"authentication. They won't let"},{"speaker":"Nick Lincoln","startTime":2355.13,"endTime":2357.56,"body":"you use your standard"},{"speaker":"Nick Lincoln","startTime":2357.56,"endTime":2360.44,"body":"authenticator app, you've got to"},{"speaker":"Nick Lincoln","startTime":2357.56,"endTime":2360.44,"body":"use the Salesforce app. So now"},{"speaker":"Nick Lincoln","startTime":2360.44,"endTime":2362.72,"body":"I've got a download as different"},{"speaker":"Nick Lincoln","startTime":2360.44,"endTime":2362.72,"body":"authenticator app which I've now"},{"speaker":"Nick Lincoln","startTime":2362.72,"endTime":2366.1099999999997,"body":"downloaded on my bloody plan."},{"speaker":"Nick Lincoln","startTime":2362.72,"endTime":2366.1099999999997,"body":"And it doesn't recognize the QR"},{"speaker":"Nick Lincoln","startTime":2366.1099999999997,"endTime":2369.44,"body":"code on the PDF guide the FCA"},{"speaker":"Nick Lincoln","startTime":2366.1099999999997,"endTime":2369.44,"body":"put out as to how so I'm in this"},{"speaker":"Nick Lincoln","startTime":2369.44,"endTime":2372.5,"body":"back and forth with them and"},{"speaker":"Nick Lincoln","startTime":2369.44,"endTime":2372.5,"body":"this is just comical ties in"},{"speaker":"Nick Lincoln","startTime":2372.5,"endTime":2375.29,"body":"with my service thing earlier"},{"speaker":"Nick Lincoln","startTime":2372.5,"endTime":2375.29,"body":"on. It's just not. And this PDF"},{"speaker":"Nick Lincoln","startTime":2375.29,"endTime":2377.96,"body":"file the base written by Charles"},{"speaker":"Nick Lincoln","startTime":2375.29,"endTime":2377.96,"body":"doesn't look at the QR code and"},{"speaker":"Nick Lincoln","startTime":2377.96,"endTime":2387.0499999999997,"body":"steps for QR codes in step six."},{"speaker":"Nick Lincoln","startTime":2377.96,"endTime":2387.0499999999997,"body":"To page I figure in PDF classic"},{"speaker":"Nick Lincoln","startTime":2387.0499999999997,"endTime":2389.24,"body":"example of bureaucracy on"},{"speaker":"Nick Lincoln","startTime":2387.0499999999997,"endTime":2389.24,"body":"bloated and just doesn't care"},{"speaker":"Nick Lincoln","startTime":2389.24,"endTime":2390.29,"body":"you're"},{"speaker":"Carl Widger","startTime":2390.5299999999997,"endTime":2391.79,"body":"you're doing okay"},{"speaker":"Carl Widger","startTime":2390.5299999999997,"endTime":2391.79,"body":"about this."},{"speaker":"Nick Lincoln","startTime":2395.2999999999997,"endTime":2396.95,"body":"I wasn't happy"},{"speaker":"Nick Lincoln","startTime":2395.2999999999997,"endTime":2396.95,"body":"having to download the bloody"},{"speaker":"Nick Lincoln","startTime":2396.95,"endTime":2397.2799999999997,"body":"app and"},{"speaker":"Carl Widger","startTime":2398.5099999999998,"endTime":2400.67,"body":"I've shared hotel"},{"speaker":"Carl Widger","startTime":2398.5099999999998,"endTime":2400.67,"body":"rooms with you. I know what"},{"speaker":"Carl Widger","startTime":2400.67,"endTime":2406.5499999999997,"body":"you're like Nick. Can you"},{"speaker":"Carl Widger","startTime":2400.67,"endTime":2406.5499999999997,"body":"imagine Victor Victor Meldrew on"},{"speaker":"Carl Widger","startTime":2406.7599999999998,"endTime":2407.48,"body":"steroids."},{"speaker":"Andy Hart","startTime":2408.95,"endTime":2411.38,"body":"I think you are the"},{"speaker":"Andy Hart","startTime":2408.95,"endTime":2411.38,"body":"fastest person to submit those"},{"speaker":"Andy Hart","startTime":2411.38,"endTime":2414.14,"body":"big returns to the FCA. They"},{"speaker":"Andy Hart","startTime":2411.38,"endTime":2414.14,"body":"should ring you up and say how"},{"speaker":"Andy Hart","startTime":2414.17,"endTime":2418.6099999999997,"body":"do you do this publicly? You"},{"speaker":"Andy Hart","startTime":2414.17,"endTime":2418.6099999999997,"body":"don't look like you're the most"},{"speaker":"Andy Hart","startTime":2418.64,"endTime":2422.42,"body":"honest financial adviser in the"},{"speaker":"Andy Hart","startTime":2418.64,"endTime":2422.42,"body":"UK. You are showing us you are"},{"speaker":"Andy Hart","startTime":2422.45,"endTime":2424.31,"body":"what are you doing? FCA"},{"speaker":"Alan Smith","startTime":2424.3399999999997,"endTime":2427.46,"body":"hold up Nick, as an"},{"speaker":"Alan Smith","startTime":2424.3399999999997,"endTime":2427.46,"body":"example of the post"},{"speaker":"Andy Hart","startTime":2428.2999999999997,"endTime":2429.14,"body":"efficiency"},{"speaker":"Nick Lincoln","startTime":2429.77,"endTime":2431.33,"body":"as a parent that"},{"speaker":"Nick Lincoln","startTime":2429.77,"endTime":2431.33,"body":"whatever it is, you're a one man"},{"speaker":"Nick Lincoln","startTime":2431.33,"endTime":2433.2799999999997,"body":"band, you've got all your"},{"speaker":"Nick Lincoln","startTime":2431.33,"endTime":2433.2799999999997,"body":"accounts in the cloud. So that"},{"speaker":"Nick Lincoln","startTime":2433.31,"endTime":2436.88,"body":"24/7 they're up to date. It's"},{"speaker":"Nick Lincoln","startTime":2433.31,"endTime":2436.88,"body":"that Job's wrong. And I am I am"},{"speaker":"Nick Lincoln","startTime":2436.88,"endTime":2439.13,"body":"very, I mean, Carl, you made my"},{"speaker":"Nick Lincoln","startTime":2436.88,"endTime":2439.13,"body":"plan. Very organized. Right. So"},{"speaker":"Nick Lincoln","startTime":2439.13,"endTime":2441.3199999999997,"body":"I do I can find anything I need"},{"speaker":"Nick Lincoln","startTime":2439.13,"endTime":2441.3199999999997,"body":"like that. That's"},{"speaker":"Andy Hart","startTime":2441.3199999999997,"endTime":2446.27,"body":"one way. Dishwasher"},{"speaker":"Andy Hart","startTime":2441.3199999999997,"endTime":2446.27,"body":"instruct the boiler. All right."},{"speaker":"Andy Hart","startTime":2446.27,"endTime":2446.7799999999997,"body":"Okay."},{"speaker":"Nick Lincoln","startTime":2446.81,"endTime":2448.79,"body":"I'm glad about"},{"speaker":"Nick Lincoln","startTime":2446.81,"endTime":2448.79,"body":"that. Thanks for yeah, thanks"},{"speaker":"Nick Lincoln","startTime":2448.79,"endTime":2451.97,"body":"for the right. Why don't you"},{"speaker":"Nick Lincoln","startTime":2448.79,"endTime":2451.97,"body":"give us another one of your"},{"speaker":"Nick Lincoln","startTime":2451.97,"endTime":2454.16,"body":"investments. It's a recurring"},{"speaker":"Nick Lincoln","startTime":2451.97,"endTime":2454.16,"body":"thing. I'm not saying anything"},{"speaker":"Nick Lincoln","startTime":2454.16,"endTime":2455.8399999999997,"body":"about you or your countrymen but"},{"speaker":"Nick Lincoln","startTime":2454.16,"endTime":2455.8399999999997,"body":"the city"},{"speaker":"Alan Smith","startTime":2456.41,"endTime":2456.77,"body":"friends."},{"speaker":"Carl Widger","startTime":2458.5699999999997,"endTime":2461.33,"body":"So this was I got a"},{"speaker":"Carl Widger","startTime":2458.5699999999997,"endTime":2461.33,"body":"little bit of kickback,"},{"speaker":"Carl Widger","startTime":2461.6,"endTime":2466.64,"body":"privately said the last time"},{"speaker":"Carl Widger","startTime":2461.6,"endTime":2466.64,"body":"whenever I did say, hey, you"},{"speaker":"Carl Widger","startTime":2466.64,"endTime":2468.5899999999997,"body":"know what, you should actually"},{"speaker":"Carl Widger","startTime":2466.64,"endTime":2468.5899999999997,"body":"put that out there in the"},{"speaker":"Carl Widger","startTime":2468.5899999999997,"endTime":2472.19,"body":"public, which I'm brave enough"},{"speaker":"Carl Widger","startTime":2468.5899999999997,"endTime":2472.19,"body":"to do all of the time and I have"},{"speaker":"Carl Widger","startTime":2472.19,"endTime":2476.24,"body":"no problem. Anybody challenging"},{"speaker":"Carl Widger","startTime":2472.19,"endTime":2476.24,"body":"me anybody? Anyway. Yeah. There"},{"speaker":"Carl Widger","startTime":2476.24,"endTime":2479.9,"body":"was a latest report from the"},{"speaker":"Carl Widger","startTime":2476.24,"endTime":2479.9,"body":"guardi which the police here in"},{"speaker":"Carl Widger","startTime":2479.9,"endTime":2483.23,"body":"Ireland, saying that there was"},{"speaker":"Carl Widger","startTime":2479.9,"endTime":2483.23,"body":"25 million or something like"},{"speaker":"Carl Widger","startTime":2483.23,"endTime":2489.08,"body":"that lost in fraudulent"},{"speaker":"Carl Widger","startTime":2483.23,"endTime":2489.08,"body":"investment firms last year. Now"},{"speaker":"Carl Widger","startTime":2489.08,"endTime":2493.49,"body":"it was. So basically what this"},{"speaker":"Carl Widger","startTime":2489.08,"endTime":2493.49,"body":"is, this is you know, scammers"},{"speaker":"Carl Widger","startTime":2493.49,"endTime":2497.21,"body":"basically, you know, cloning"},{"speaker":"Carl Widger","startTime":2493.49,"endTime":2497.21,"body":"websites or pretending that"},{"speaker":"Carl Widger","startTime":2497.21,"endTime":2499.58,"body":"they're dealing in"},{"speaker":"Carl Widger","startTime":2497.21,"endTime":2499.58,"body":"cryptocurrency, whatever. And"},{"speaker":"Carl Widger","startTime":2499.58,"endTime":2503.24,"body":"the interesting thing was that,"},{"speaker":"Carl Widger","startTime":2499.58,"endTime":2503.24,"body":"you know, this is 25 minutes. So"},{"speaker":"Carl Widger","startTime":2503.24,"endTime":2505.5499999999997,"body":"it's not, we're not talking"},{"speaker":"Carl Widger","startTime":2503.24,"endTime":2505.5499999999997,"body":"about massive amount of money,"},{"speaker":"Carl Widger","startTime":2505.5499999999997,"endTime":2509.8399999999997,"body":"and it's thrown a year, but"},{"speaker":"Carl Widger","startTime":2505.5499999999997,"endTime":2509.8399999999997,"body":"we're all like 3040 5060 grand"},{"speaker":"Carl Widger","startTime":2509.8399999999997,"endTime":2511.58,"body":"cases, and there was people"},{"speaker":"Carl Widger","startTime":2509.8399999999997,"endTime":2511.58,"body":"thinking they were buying"},{"speaker":"Carl Widger","startTime":2511.58,"endTime":2514.88,"body":"cryptocurrency are, and we"},{"speaker":"Carl Widger","startTime":2511.58,"endTime":2514.88,"body":"spoken about this before, Alan,"},{"speaker":"Carl Widger","startTime":2514.91,"endTime":2518.5099999999998,"body":"you know, people going in and"},{"speaker":"Carl Widger","startTime":2514.91,"endTime":2518.5099999999998,"body":"cloning websites. So look, I"},{"speaker":"Carl Widger","startTime":2518.5099999999998,"endTime":2521.12,"body":"just put it up from the point of"},{"speaker":"Carl Widger","startTime":2518.5099999999998,"endTime":2521.12,"body":"view, like, I suppose from the"},{"speaker":"Carl Widger","startTime":2521.18,"endTime":2524.15,"body":"clients point of view, they have"},{"speaker":"Carl Widger","startTime":2521.18,"endTime":2524.15,"body":"to be very, very careful who"},{"speaker":"Carl Widger","startTime":2524.15,"endTime":2526.85,"body":"they're who they're choosing to"},{"speaker":"Carl Widger","startTime":2524.15,"endTime":2526.85,"body":"do their business with. But I"},{"speaker":"Carl Widger","startTime":2526.85,"endTime":2530.15,"body":"suppose it is, you know, we do"},{"speaker":"Carl Widger","startTime":2526.85,"endTime":2530.15,"body":"have a responsibility ourselves,"},{"speaker":"Carl Widger","startTime":2530.63,"endTime":2534.3199999999997,"body":"to have some sort of trackers"},{"speaker":"Carl Widger","startTime":2530.63,"endTime":2534.3199999999997,"body":"out there as to you know, are"},{"speaker":"Carl Widger","startTime":2534.3199999999997,"endTime":2537.3199999999997,"body":"people pretending that they're"},{"speaker":"Carl Widger","startTime":2534.3199999999997,"endTime":2537.3199999999997,"body":"mad as Ireland or values"},{"speaker":"Carl Widger","startTime":2537.3199999999997,"endTime":2541.94,"body":"division or whatever, you know,"},{"speaker":"Carl Widger","startTime":2537.3199999999997,"endTime":2541.94,"body":"so I know we do have a tracker,"},{"speaker":"Carl Widger","startTime":2542.15,"endTime":2547.43,"body":"don't ask me how that works. But"},{"speaker":"Carl Widger","startTime":2542.15,"endTime":2547.43,"body":"if anybody does try to, you"},{"speaker":"Carl Widger","startTime":2547.43,"endTime":2549.8599999999997,"body":"know, pretend their metas are in"},{"speaker":"Carl Widger","startTime":2547.43,"endTime":2549.8599999999997,"body":"and will be all over it"},{"speaker":"Carl Widger","startTime":2549.8599999999997,"endTime":2553.25,"body":"straightaway. So I just thought"},{"speaker":"Carl Widger","startTime":2549.8599999999997,"endTime":2553.25,"body":"I'd mention it. Because, like"},{"speaker":"Carl Widger","startTime":2553.25,"endTime":2558.02,"body":"the reputational damage that"},{"speaker":"Carl Widger","startTime":2553.25,"endTime":2558.02,"body":"would occur for your firm, you"},{"speaker":"Carl Widger","startTime":2558.02,"endTime":2561.44,"body":"would have done nothing wrong at"},{"speaker":"Carl Widger","startTime":2558.02,"endTime":2561.44,"body":"all, you know, it is out there."},{"speaker":"Carl Widger","startTime":2561.44,"endTime":2565.64,"body":"So, you know, just be careful."},{"speaker":"Carl Widger","startTime":2561.44,"endTime":2565.64,"body":"And I think this is only kind of"},{"speaker":"Carl Widger","startTime":2565.67,"endTime":2567.83,"body":"getting started. That's only"},{"speaker":"Carl Widger","startTime":2565.67,"endTime":2567.83,"body":"ramble. There's not"},{"speaker":"Alan Smith","startTime":2568.31,"endTime":2571.16,"body":"time you can do I"},{"speaker":"Alan Smith","startTime":2568.31,"endTime":2571.16,"body":"know that both? I think Andy,"},{"speaker":"Alan Smith","startTime":2571.58,"endTime":2575.27,"body":"our websites have been sort of"},{"speaker":"Alan Smith","startTime":2571.58,"endTime":2575.27,"body":"cloned or semi cloned and we've"},{"speaker":"Alan Smith","startTime":2575.42,"endTime":2578.5099999999998,"body":"identified them and you can"},{"speaker":"Alan Smith","startTime":2575.42,"endTime":2578.5099999999998,"body":"communicate, you know, you"},{"speaker":"Alan Smith","startTime":2578.5099999999998,"endTime":2581.5699999999997,"body":"report it to the FCA and"},{"speaker":"Alan Smith","startTime":2578.5099999999998,"endTime":2581.5699999999997,"body":"everyone else you possibly can,"},{"speaker":"Alan Smith","startTime":2581.5699999999997,"endTime":2584.0899999999997,"body":"but ultimately, you know, you're"},{"speaker":"Alan Smith","startTime":2581.5699999999997,"endTime":2584.0899999999997,"body":"in a whole other world. Yes,"},{"speaker":"Alan Smith","startTime":2584.0899999999997,"endTime":2585.68,"body":"there's not a million things you"},{"speaker":"Alan Smith","startTime":2584.0899999999997,"endTime":2585.68,"body":"don't do."},{"speaker":"Carl Widger","startTime":2586.97,"endTime":2589.4,"body":"I suppose being"},{"speaker":"Carl Widger","startTime":2586.97,"endTime":2589.4,"body":"aware of it allows you to make"},{"speaker":"Carl Widger","startTime":2589.4,"endTime":2592.37,"body":"decisions as to what you can or"},{"speaker":"Carl Widger","startTime":2589.4,"endTime":2592.37,"body":"can't Yeah, you know, the worst"},{"speaker":"Carl Widger","startTime":2592.37,"endTime":2595.31,"body":"thing would be if someone is"},{"speaker":"Carl Widger","startTime":2592.37,"endTime":2595.31,"body":"doing this for a period of two"},{"speaker":"Carl Widger","startTime":2595.31,"endTime":2598.46,"body":"or three or four weeks or"},{"speaker":"Carl Widger","startTime":2595.31,"endTime":2598.46,"body":"whatever, you know, then you're"},{"speaker":"Carl Widger","startTime":2598.46,"endTime":2601.64,"body":"kind of going to be reacting as"},{"speaker":"Carl Widger","startTime":2598.46,"endTime":2601.64,"body":"opposed to be being proactive"},{"speaker":"Carl Widger","startTime":2601.64,"endTime":2605.0899999999997,"body":"about it. investment scams are"},{"speaker":"Carl Widger","startTime":2601.64,"endTime":2605.0899999999997,"body":"not sorry. Yeah, they're not"},{"speaker":"Carl Widger","startTime":2605.0899999999997,"endTime":2610.46,"body":"gonna go away. And yeah, don't"},{"speaker":"Carl Widger","startTime":2605.0899999999997,"endTime":2610.46,"body":"an AI is just going to make them"},{"speaker":"Carl Widger","startTime":2610.49,"endTime":2613.13,"body":"more and more and more"},{"speaker":"Carl Widger","startTime":2610.49,"endTime":2613.13,"body":"sophisticated. Human"},{"speaker":"Andy Hart","startTime":2613.13,"endTime":2617.0899999999997,"body":"nature, human nature"},{"speaker":"Andy Hart","startTime":2613.13,"endTime":2617.0899999999997,"body":"and greed, fooling their money,"},{"speaker":"Andy Hart","startTime":2617.15,"endTime":2621.23,"body":"you know, his book, same as ever"},{"speaker":"Andy Hart","startTime":2617.15,"endTime":2621.23,"body":"talks about it in detail. It's"},{"speaker":"Andy Hart","startTime":2621.23,"endTime":2624.5899999999997,"body":"not going away. investment grade"},{"speaker":"Andy Hart","startTime":2621.23,"endTime":2624.5899999999997,"body":"scams are there to stay here to"},{"speaker":"Andy Hart","startTime":2624.5899999999997,"endTime":2627.41,"body":"stay. Unfortunately, folks,"},{"speaker":"Nick Lincoln","startTime":2627.56,"endTime":2630.02,"body":"42 minutes let's"},{"speaker":"Nick Lincoln","startTime":2627.56,"endTime":2630.02,"body":"have a quick tight wrap up Mr."},{"speaker":"Nick Lincoln","startTime":2630.02,"endTime":2632.72,"body":"Smith, excited with a pie"},{"speaker":"Nick Lincoln","startTime":2630.02,"endTime":2632.72,"body":"renewal story."},{"speaker":"Alan Smith","startTime":2633.47,"endTime":2635.42,"body":"Just wanted to"},{"speaker":"Alan Smith","startTime":2633.47,"endTime":2635.42,"body":"update we just read you're in"},{"speaker":"Alan Smith","startTime":2635.42,"endTime":2638.0899999999997,"body":"the process of renewing Scott"},{"speaker":"Alan Smith","startTime":2635.42,"endTime":2638.0899999999997,"body":"always quite interesting when"},{"speaker":"Alan Smith","startTime":2638.18,"endTime":2641.93,"body":"you hear from other advisors,"},{"speaker":"Alan Smith","startTime":2638.18,"endTime":2641.93,"body":"you know, the PII is kind of the"},{"speaker":"Alan Smith","startTime":2641.93,"endTime":2644.48,"body":"bane of all our lives has"},{"speaker":"Alan Smith","startTime":2641.93,"endTime":2644.48,"body":"historically been I mean, to my"},{"speaker":"Alan Smith","startTime":2644.48,"endTime":2648.02,"body":"mind is just expensive, it's"},{"speaker":"Alan Smith","startTime":2644.48,"endTime":2648.02,"body":"unnecessary expense. And it just"},{"speaker":"Alan Smith","startTime":2648.02,"endTime":2652.0699999999997,"body":"got cost beginning to get kind"},{"speaker":"Alan Smith","startTime":2648.02,"endTime":2652.0699999999997,"body":"of outrageous to think all these"},{"speaker":"Alan Smith","startTime":2652.0699999999997,"endTime":2653.9,"body":"other sort of scams, things"},{"speaker":"Alan Smith","startTime":2652.0699999999997,"endTime":2653.9,"body":"we're talking about, what"},{"speaker":"Alan Smith","startTime":2653.9,"endTime":2658.67,"body":"actually happens is the a lot of"},{"speaker":"Alan Smith","startTime":2653.9,"endTime":2658.67,"body":"companies will close down and"},{"speaker":"Alan Smith","startTime":2658.67,"endTime":2660.68,"body":"they've got because of the"},{"speaker":"Alan Smith","startTime":2658.67,"endTime":2660.68,"body":"financial services compensation"},{"speaker":"Alan Smith","startTime":2660.68,"endTime":2662.96,"body":"scheme as part of the thing as a"},{"speaker":"Alan Smith","startTime":2660.68,"endTime":2662.96,"body":"levy that we all pay,"},{"speaker":"Alan Smith","startTime":2663.3199999999997,"endTime":2665.63,"body":"contributing to this kind of"},{"speaker":"Alan Smith","startTime":2663.3199999999997,"endTime":2665.63,"body":"safety net and the cost and the"},{"speaker":"Alan Smith","startTime":2665.63,"endTime":2668.9,"body":"DB pension transfer debacle and"},{"speaker":"Alan Smith","startTime":2665.63,"endTime":2668.9,"body":"all that went on. So as an"},{"speaker":"Alan Smith","startTime":2668.9,"endTime":2671.99,"body":"increasing costs for as of last"},{"speaker":"Alan Smith","startTime":2668.9,"endTime":2671.99,"body":"few years, despite the fact we"},{"speaker":"Alan Smith","startTime":2671.99,"endTime":2675.0499999999997,"body":"run a very sort of tight ship"},{"speaker":"Alan Smith","startTime":2671.99,"endTime":2675.0499999999997,"body":"here. But I just wanted to"},{"speaker":"Alan Smith","startTime":2675.0499999999997,"endTime":2677.3599999999997,"body":"report we're just in the process"},{"speaker":"Alan Smith","startTime":2675.0499999999997,"endTime":2677.3599999999997,"body":"of renewing being quoted, our"},{"speaker":"Alan Smith","startTime":2677.3599999999997,"endTime":2682.2799999999997,"body":"revenue has gone up but our pie"},{"speaker":"Alan Smith","startTime":2677.3599999999997,"endTime":2682.2799999999997,"body":"premium has gone down. It's gone"},{"speaker":"Alan Smith","startTime":2682.2799999999997,"endTime":2685.37,"body":"down a fair it's gone on about"},{"speaker":"Alan Smith","startTime":2682.2799999999997,"endTime":2685.37,"body":"10% which I think is pretty good"},{"speaker":"Alan Smith","startTime":2685.4,"endTime":2687.89,"body":"overall, despite the fact our"},{"speaker":"Alan Smith","startTime":2685.4,"endTime":2687.89,"body":"revenues has gone up and"},{"speaker":"Alan Smith","startTime":2687.89,"endTime":2692.33,"body":"hopefully that is a sign of"},{"speaker":"Alan Smith","startTime":2687.89,"endTime":2692.33,"body":"things to come. Having said that"},{"speaker":"Alan Smith","startTime":2692.3599999999997,"endTime":2695.72,"body":"and talking about administrative"},{"speaker":"Alan Smith","startTime":2692.3599999999997,"endTime":2695.72,"body":"processes the process is a"},{"speaker":"Alan Smith","startTime":2695.72,"endTime":2699.17,"body":"freakin nightmare. If you think"},{"speaker":"Alan Smith","startTime":2695.72,"endTime":2699.17,"body":"the paper forms sort of"},{"speaker":"Alan Smith","startTime":2699.2,"endTime":2701.93,"body":"financial service that we"},{"speaker":"Alan Smith","startTime":2699.2,"endTime":2701.93,"body":"operate in operate in a kind of"},{"speaker":"Alan Smith","startTime":2701.93,"endTime":2705.5299999999997,"body":"the Dark Ages, the sort of the"},{"speaker":"Alan Smith","startTime":2701.93,"endTime":2705.5299999999997,"body":"traditional insurance Lloyd's of"},{"speaker":"Alan Smith","startTime":2705.5299999999997,"endTime":2708.08,"body":"London type professional"},{"speaker":"Alan Smith","startTime":2705.5299999999997,"endTime":2708.08,"body":"indemnity insurance market. And,"},{"speaker":"Alan Smith","startTime":2708.08,"endTime":2711.62,"body":"you know, no disrespect to Dan"},{"speaker":"Alan Smith","startTime":2708.08,"endTime":2711.62,"body":"or broker and all the rest of"},{"speaker":"Alan Smith","startTime":2711.62,"endTime":2714.98,"body":"that it's just the section the"},{"speaker":"Alan Smith","startTime":2711.62,"endTime":2714.98,"body":"sector the work in, you've got"},{"speaker":"Alan Smith","startTime":2714.98,"endTime":2719.8399999999997,"body":"to fill in these 80 page or"},{"speaker":"Alan Smith","startTime":2714.98,"endTime":2719.8399999999997,"body":"Shareen does here or at page"},{"speaker":"Alan Smith","startTime":2720.14,"endTime":2724.46,"body":"application forms kind of by"},{"speaker":"Alan Smith","startTime":2720.14,"endTime":2724.46,"body":"hand or or typing them and it"},{"speaker":"Alan Smith","startTime":2724.46,"endTime":2727.0699999999997,"body":"you can't just say it's all the"},{"speaker":"Alan Smith","startTime":2724.46,"endTime":2727.0699999999997,"body":"same information as last year."},{"speaker":"Alan Smith","startTime":2727.0699999999997,"endTime":2729.08,"body":"Here's the information that"},{"speaker":"Alan Smith","startTime":2727.0699999999997,"endTime":2729.08,"body":"we've got his audition"},{"speaker":"Alan Smith","startTime":2729.14,"endTime":2731.54,"body":"information, everything else"},{"speaker":"Alan Smith","startTime":2729.14,"endTime":2731.54,"body":"remains the same. Got to"},{"speaker":"Alan Smith","startTime":2731.54,"endTime":2734.18,"body":"transfer them all the day, all"},{"speaker":"Alan Smith","startTime":2731.54,"endTime":2734.18,"body":"the information across and it's"},{"speaker":"Alan Smith","startTime":2734.18,"endTime":2737.33,"body":"just it takes it takes the best"},{"speaker":"Alan Smith","startTime":2734.18,"endTime":2737.33,"body":"part of a day to do this"},{"speaker":"Alan Smith","startTime":2737.33,"endTime":2739.64,"body":"process. And then they kind of"},{"speaker":"Alan Smith","startTime":2737.33,"endTime":2739.64,"body":"walk around and speak to the"},{"speaker":"Alan Smith","startTime":2739.64,"endTime":2742.5499999999997,"body":"underwriters. It just seems like"},{"speaker":"Alan Smith","startTime":2739.64,"endTime":2742.5499999999997,"body":"nothing's changed as they're"},{"speaker":"Alan Smith","startTime":2742.5499999999997,"endTime":2745.25,"body":"going to, you know, the 17th"},{"speaker":"Alan Smith","startTime":2742.5499999999997,"endTime":2745.25,"body":"century, the Lloyds of London"},{"speaker":"Alan Smith","startTime":2745.25,"endTime":2748.37,"body":"Coffee shops. There is one"},{"speaker":"Alan Smith","startTime":2745.25,"endTime":2748.37,"body":"company we haven't used them"},{"speaker":"Alan Smith","startTime":2748.37,"endTime":2750.77,"body":"yet, but I heard a couple of"},{"speaker":"Alan Smith","startTime":2748.37,"endTime":2750.77,"body":"Jonathan's positive responses"},{"speaker":"Alan Smith","startTime":2750.7999999999997,"endTime":2755.39,"body":"called bear rock heard about the"},{"speaker":"Alan Smith","startTime":2750.7999999999997,"endTime":2755.39,"body":"look to these. They seem to"},{"speaker":"Alan Smith","startTime":2755.39,"endTime":2758.6,"body":"their website, and again, no"},{"speaker":"Alan Smith","startTime":2755.39,"endTime":2758.6,"body":"idea how good they are good or"},{"speaker":"Alan Smith","startTime":2758.6,"endTime":2760.97,"body":"good or bad they are but the"},{"speaker":"Alan Smith","startTime":2758.6,"endTime":2760.97,"body":"whole process seems I've had a"},{"speaker":"Alan Smith","startTime":2760.97,"endTime":2763.22,"body":"couple of people saying it's"},{"speaker":"Alan Smith","startTime":2760.97,"endTime":2763.22,"body":"really good. Everything's"},{"speaker":"Alan Smith","startTime":2763.22,"endTime":2766.4,"body":"digitized all the data is there"},{"speaker":"Alan Smith","startTime":2763.22,"endTime":2766.4,"body":"and increasing is another thing"},{"speaker":"Alan Smith","startTime":2766.43,"endTime":2769.43,"body":"talking about AI and what have"},{"speaker":"Alan Smith","startTime":2766.43,"endTime":2769.43,"body":"you. More and more of this data"},{"speaker":"Alan Smith","startTime":2769.43,"endTime":2772.1,"body":"will be aggregated will be"},{"speaker":"Alan Smith","startTime":2769.43,"endTime":2772.1,"body":"accessible and I think the"},{"speaker":"Alan Smith","startTime":2772.1,"endTime":2774.68,"body":"better firms will benefit from"},{"speaker":"Alan Smith","startTime":2772.1,"endTime":2774.68,"body":"it because we'll be able to"},{"speaker":"Alan Smith","startTime":2774.68,"endTime":2778.0699999999997,"body":"demonstrate all right tivities"},{"speaker":"Alan Smith","startTime":2774.68,"endTime":2778.0699999999997,"body":"and what we're doing, in order"},{"speaker":"Alan Smith","startTime":2778.0699999999997,"endTime":2780.98,"body":"to secure a better rate, this is"},{"speaker":"Alan Smith","startTime":2778.0699999999997,"endTime":2780.98,"body":"all about risk management, I"},{"speaker":"Alan Smith","startTime":2780.98,"endTime":2783.38,"body":"would like to think we're very"},{"speaker":"Alan Smith","startTime":2780.98,"endTime":2783.38,"body":"low risk business to any"},{"speaker":"Alan Smith","startTime":2783.38,"endTime":2787.04,"body":"insurer, because we do do all"},{"speaker":"Alan Smith","startTime":2783.38,"endTime":2787.04,"body":"the right things. But where's"},{"speaker":"Alan Smith","startTime":2787.04,"endTime":2789.2599999999998,"body":"hard, it's hard necessarily to"},{"speaker":"Alan Smith","startTime":2787.04,"endTime":2789.2599999999998,"body":"prove or to differentiate"},{"speaker":"Alan Smith","startTime":2789.2599999999998,"endTime":2792.95,"body":"yourself. So hopefully,"},{"speaker":"Alan Smith","startTime":2789.2599999999998,"endTime":2792.95,"body":"technology is finally coming to"},{"speaker":"Alan Smith","startTime":2792.95,"endTime":2795.74,"body":"the pie insurance market. And"},{"speaker":"Alan Smith","startTime":2792.95,"endTime":2795.74,"body":"hopefully this time next year,"},{"speaker":"Alan Smith","startTime":2795.8599999999997,"endTime":2798.68,"body":"Shareen won't have to waste a"},{"speaker":"Alan Smith","startTime":2795.8599999999997,"endTime":2798.68,"body":"day filling in a form by hand,"},{"speaker":"Alan Smith","startTime":2798.77,"endTime":2799.19,"body":"Nick."},{"speaker":"Nick Lincoln","startTime":2800.54,"endTime":2803.45,"body":"I've had the same"},{"speaker":"Nick Lincoln","startTime":2800.54,"endTime":2803.45,"body":"PI form, since I've been out on"},{"speaker":"Nick Lincoln","startTime":2803.45,"endTime":2808.46,"body":"my own since 2008. So what's"},{"speaker":"Nick Lincoln","startTime":2803.45,"endTime":2808.46,"body":"that I'm in my 16th year of"},{"speaker":"Nick Lincoln","startTime":2808.46,"endTime":2812.0,"body":"filling out a paper form. It's"},{"speaker":"Nick Lincoln","startTime":2808.46,"endTime":2812.0,"body":"not even an editable PDF, it's a"},{"speaker":"Nick Lincoln","startTime":2812.0,"endTime":2814.37,"body":"PDF you have to print off. And"},{"speaker":"Nick Lincoln","startTime":2812.0,"endTime":2814.37,"body":"as you said, you just add an"},{"speaker":"Nick Lincoln","startTime":2814.37,"endTime":2818.2999999999997,"body":"extra year, and you copy all the"},{"speaker":"Nick Lincoln","startTime":2814.37,"endTime":2818.2999999999997,"body":"previous years over. And my"},{"speaker":"Nick Lincoln","startTime":2818.2999999999997,"endTime":2820.16,"body":"handwriting is bad enough for"},{"speaker":"Nick Lincoln","startTime":2818.2999999999997,"endTime":2820.16,"body":"the best. It's I mean, I should"},{"speaker":"Nick Lincoln","startTime":2820.16,"endTime":2822.74,"body":"have been a doctor. So what I"},{"speaker":"Nick Lincoln","startTime":2820.16,"endTime":2822.74,"body":"did in an idle moment, I've"},{"speaker":"Nick Lincoln","startTime":2822.74,"endTime":2827.0299999999997,"body":"actually created the Google Doc."},{"speaker":"Nick Lincoln","startTime":2822.74,"endTime":2827.0299999999997,"body":"I've replicated the PI form with"},{"speaker":"Nick Lincoln","startTime":2827.0299999999997,"endTime":2829.0099999999998,"body":"the questions, and I'm going to"},{"speaker":"Nick Lincoln","startTime":2827.0299999999997,"endTime":2829.0099999999998,"body":"send that off this year via"},{"speaker":"Nick Lincoln","startTime":2829.0099999999998,"endTime":2832.46,"body":"Docusign. They can America so"},{"speaker":"Nick Lincoln","startTime":2829.0099999999998,"endTime":2832.46,"body":"they can like it or lump it."},{"speaker":"Nick Lincoln","startTime":2832.46,"endTime":2836.15,"body":"I've got if they say no lick we"},{"speaker":"Nick Lincoln","startTime":2832.46,"endTime":2836.15,"body":"need to pay for I'm gonna use it"},{"speaker":"Nick Lincoln","startTime":2836.27,"endTime":2836.99,"body":"because I've got to use"},{"speaker":"Andy Hart","startTime":2839.18,"endTime":2841.04,"body":"the same people."},{"speaker":"Andy Hart","startTime":2839.18,"endTime":2841.04,"body":"Yeah. collegial,"},{"speaker":"Nick Lincoln","startTime":2841.04,"endTime":2842.99,"body":"collegial. Great."},{"speaker":"Nick Lincoln","startTime":2841.04,"endTime":2842.99,"body":"I mean, they fight whenever she"},{"speaker":"Nick Lincoln","startTime":2842.99,"endTime":2845.93,"body":"with me. And my and my PI"},{"speaker":"Nick Lincoln","startTime":2842.99,"endTime":2845.93,"body":"insurance has gone down as well"},{"speaker":"Nick Lincoln","startTime":2845.96,"endTime":2848.69,"body":"with despite increased turnover."},{"speaker":"Nick Lincoln","startTime":2845.96,"endTime":2848.69,"body":"That's that's all lovely. But it"},{"speaker":"Nick Lincoln","startTime":2848.69,"endTime":2851.21,"body":"is it is just going back on the"},{"speaker":"Nick Lincoln","startTime":2848.69,"endTime":2851.21,"body":"arc. Isn't that incredible?"},{"speaker":"Andy Hart","startTime":2851.24,"endTime":2853.16,"body":"There's a couple of"},{"speaker":"Andy Hart","startTime":2851.24,"endTime":2853.16,"body":"extra questions. I wasn't there,"},{"speaker":"Andy Hart","startTime":2853.16,"endTime":2854.5699999999997,"body":"Nick, but one or two every year?"},{"speaker":"Nick Lincoln","startTime":2855.71,"endTime":2858.0499999999997,"body":"I just say yes to"},{"speaker":"Nick Lincoln","startTime":2855.71,"endTime":2858.0499999999997,"body":"one note to the other. I think"},{"speaker":"Nick Lincoln","startTime":2858.0499999999997,"endTime":2860.18,"body":"as long as you say yes to half"},{"speaker":"Nick Lincoln","startTime":2858.0499999999997,"endTime":2860.18,"body":"of them and no to the other."},{"speaker":"Nick Lincoln","startTime":2860.21,"endTime":2863.54,"body":"You're okay. Just just jumble up"},{"speaker":"Nick Lincoln","startTime":2860.21,"endTime":2863.54,"body":"the sequence to have three years"},{"speaker":"Nick Lincoln","startTime":2863.54,"endTime":2863.75,"body":"to"},{"speaker":"Carl Widger","startTime":2863.75,"endTime":2865.43,"body":"no risk profile"},{"speaker":"Carl Widger","startTime":2863.75,"endTime":2865.43,"body":"questionnaire."},{"speaker":"Andy Hart","startTime":2865.58,"endTime":2873.77,"body":"Yeah. Can you just"},{"speaker":"Andy Hart","startTime":2865.58,"endTime":2873.77,"body":"slightly different the"},{"speaker":"Nick Lincoln","startTime":2874.43,"endTime":2876.5899999999997,"body":"I think the FCA"},{"speaker":"Nick Lincoln","startTime":2874.43,"endTime":2876.5899999999997,"body":"and the PR and their PR insurers"},{"speaker":"Nick Lincoln","startTime":2876.5899999999997,"endTime":2880.49,"body":"are enjoying this episode that"},{"speaker":"Nick Lincoln","startTime":2876.5899999999997,"endTime":2880.49,"body":"Nick Lincoln, capital. That's my"},{"speaker":"Nick Lincoln","startTime":2880.49,"endTime":2883.4,"body":"phone, and I'm based in"},{"speaker":"Nick Lincoln","startTime":2880.49,"endTime":2883.4,"body":"Manhattan."},{"speaker":"Carl Widger","startTime":2884.5699999999997,"endTime":2886.25,"body":"We are meant as"},{"speaker":"Carl Widger","startTime":2884.5699999999997,"endTime":2886.25,"body":"Ireland."},{"speaker":"Nick Lincoln","startTime":2888.62,"endTime":2890.99,"body":"Go to Ireland."},{"speaker":"Nick Lincoln","startTime":2888.62,"endTime":2890.99,"body":"That's what it is. Okay, look,"},{"speaker":"Nick Lincoln","startTime":2891.02,"endTime":2896.0899999999997,"body":"47 minutes shoot me. Let's move"},{"speaker":"Nick Lincoln","startTime":2891.02,"endTime":2896.0899999999997,"body":"on to the meat and potatoes of"},{"speaker":"Nick Lincoln","startTime":2896.12,"endTime":2903.5899999999997,"body":"the show. And it's that holy old"},{"speaker":"Nick Lincoln","startTime":2896.12,"endTime":2903.5899999999997,"body":"subject of property. people"},{"speaker":"Nick Lincoln","startTime":2903.5899999999997,"endTime":2906.77,"body":"either love it or not. I"},{"speaker":"Nick Lincoln","startTime":2903.5899999999997,"endTime":2906.77,"body":"wouldn't say people loathe it,"},{"speaker":"Nick Lincoln","startTime":2906.77,"endTime":2908.96,"body":"but people generally love it."},{"speaker":"Nick Lincoln","startTime":2906.77,"endTime":2908.96,"body":"Especially in the UK. Specially"},{"speaker":"Nick Lincoln","startTime":2908.96,"endTime":2911.5099999999998,"body":"in Ireland. We're all obsessed"},{"speaker":"Nick Lincoln","startTime":2908.96,"endTime":2911.5099999999998,"body":"with property prices. There's"},{"speaker":"Nick Lincoln","startTime":2911.5099999999998,"endTime":2913.6099999999997,"body":"not a day goes by when you're"},{"speaker":"Nick Lincoln","startTime":2911.5099999999998,"endTime":2913.6099999999997,"body":"not on Rightmove, looking at"},{"speaker":"Nick Lincoln","startTime":2913.6099999999997,"endTime":2916.3399999999997,"body":"that property can't quite afford"},{"speaker":"Nick Lincoln","startTime":2913.6099999999997,"endTime":2916.3399999999997,"body":"but enjoying the drone videos of"},{"speaker":"Nick Lincoln","startTime":2916.3399999999997,"endTime":2920.99,"body":"a garden that's too big, and"},{"speaker":"Nick Lincoln","startTime":2916.3399999999997,"endTime":2920.99,"body":"you'll never own. It seems a bit"},{"speaker":"Nick Lincoln","startTime":2920.99,"endTime":2923.2999999999997,"body":"of an obsession. So we're going"},{"speaker":"Nick Lincoln","startTime":2920.99,"endTime":2923.2999999999997,"body":"to start off with a session"},{"speaker":"Nick Lincoln","startTime":2923.2999999999997,"endTime":2926.9,"body":"around property. I'm going to"},{"speaker":"Nick Lincoln","startTime":2923.2999999999997,"endTime":2926.9,"body":"start off with Maven Ultras"},{"speaker":"Andy Hart","startTime":2926.9,"endTime":2931.64,"body":"fairy aspiration of"},{"speaker":"Andy Hart","startTime":2926.9,"endTime":2931.64,"body":"UNIQ will, as you well know, I'm"},{"speaker":"Andy Hart","startTime":2931.88,"endTime":2935.45,"body":"an ex polyester suit wearing"},{"speaker":"Andy Hart","startTime":2931.88,"endTime":2935.45,"body":"slightly smelling of desperation"},{"speaker":"Andy Hart","startTime":2935.45,"endTime":2940.31,"body":"mortgage broker. This is true."},{"speaker":"Andy Hart","startTime":2935.45,"endTime":2940.31,"body":"So I am heavily involved in"},{"speaker":"Andy Hart","startTime":2940.31,"endTime":2943.5499999999997,"body":"mortgages and the property"},{"speaker":"Andy Hart","startTime":2940.31,"endTime":2943.5499999999997,"body":"buying process. And from the age"},{"speaker":"Andy Hart","startTime":2943.5499999999997,"endTime":2949.43,"body":"of I think 22 to 28, I was in"},{"speaker":"Andy Hart","startTime":2943.5499999999997,"endTime":2949.43,"body":"the mortgage business was today"},{"speaker":"Andy Hart","startTime":2949.43,"endTime":2952.22,"body":"I'm going to just sort of open"},{"speaker":"Andy Hart","startTime":2949.43,"endTime":2952.22,"body":"up and sort of widen the"},{"speaker":"Andy Hart","startTime":2952.22,"endTime":2956.0299999999997,"body":"conversation around our personal"},{"speaker":"Andy Hart","startTime":2952.22,"endTime":2956.0299999999997,"body":"thoughts, thoughts on property,"},{"speaker":"Andy Hart","startTime":2956.0299999999997,"endTime":2960.65,"body":"the various different flavors of"},{"speaker":"Andy Hart","startTime":2956.0299999999997,"endTime":2960.65,"body":"it, but mainly clients and their"},{"speaker":"Andy Hart","startTime":2960.74,"endTime":2965.69,"body":"obsessions or not with property."},{"speaker":"Andy Hart","startTime":2960.74,"endTime":2965.69,"body":"So as a wealth creation"},{"speaker":"Andy Hart","startTime":2965.69,"endTime":2969.0499999999997,"body":"strategy, which were in the"},{"speaker":"Andy Hart","startTime":2965.69,"endTime":2969.0499999999997,"body":"wealth creation, business, I'm"},{"speaker":"Andy Hart","startTime":2969.0499999999997,"endTime":2973.7599999999998,"body":"pro individuals owning, or"},{"speaker":"Andy Hart","startTime":2969.0499999999997,"endTime":2973.7599999999998,"body":"individuals or companies owning"},{"speaker":"Andy Hart","startTime":2973.7599999999998,"endTime":2977.18,"body":"physical property, any other"},{"speaker":"Andy Hart","startTime":2973.7599999999998,"endTime":2977.18,"body":"flavors of property, property,"},{"speaker":"Andy Hart","startTime":2977.18,"endTime":2981.23,"body":"funds, syndicates, commercial"},{"speaker":"Andy Hart","startTime":2977.18,"endTime":2981.23,"body":"properties, student led all this"},{"speaker":"Andy Hart","startTime":2981.23,"endTime":2983.87,"body":"stuff that have just been"},{"speaker":"Andy Hart","startTime":2981.23,"endTime":2983.87,"body":"devised by people, I'm not a fan"},{"speaker":"Andy Hart","startTime":2983.87,"endTime":2987.14,"body":"of I put that in the financial"},{"speaker":"Andy Hart","startTime":2983.87,"endTime":2987.14,"body":"trash bucket. But you buying a"},{"speaker":"Andy Hart","startTime":2987.14,"endTime":2990.71,"body":"single family home for x"},{"speaker":"Andy Hart","startTime":2987.14,"endTime":2990.71,"body":"100 1000s, getting a mortgage,"},{"speaker":"Andy Hart","startTime":2990.71,"endTime":2993.44,"body":"put it deposit down and renting"},{"speaker":"Andy Hart","startTime":2990.71,"endTime":2993.44,"body":"out, I'm sort of a fan of that"},{"speaker":"Andy Hart","startTime":2993.89,"endTime":2997.73,"body":"wealth creation strategy, you"},{"speaker":"Andy Hart","startTime":2993.89,"endTime":2997.73,"body":"know, provides a rising income"},{"speaker":"Andy Hart","startTime":2997.73,"endTime":3000.52,"body":"through rising rents. And when"},{"speaker":"Andy Hart","startTime":2997.73,"endTime":3000.52,"body":"something provides a rising"},{"speaker":"Andy Hart","startTime":3000.52,"endTime":3004.0299999999997,"body":"income, like physical property"},{"speaker":"Andy Hart","startTime":3000.52,"endTime":3004.0299999999997,"body":"and global equities, as a result"},{"speaker":"Andy Hart","startTime":3004.0299999999997,"endTime":3007.5699999999997,"body":"of the rising income, you have"},{"speaker":"Andy Hart","startTime":3004.0299999999997,"endTime":3007.5699999999997,"body":"rising capital value. And what"},{"speaker":"Andy Hart","startTime":3007.5699999999997,"endTime":3011.23,"body":"most people do is the property,"},{"speaker":"Andy Hart","startTime":3007.5699999999997,"endTime":3011.23,"body":"keep it simple doubles in 20"},{"speaker":"Andy Hart","startTime":3011.23,"endTime":3015.3399999999997,"body":"years, or pick a timeframe. They"},{"speaker":"Andy Hart","startTime":3011.23,"endTime":3015.3399999999997,"body":"re mortgage or buy another one."},{"speaker":"Andy Hart","startTime":3015.3399999999997,"endTime":3018.13,"body":"And this sort of creates this"},{"speaker":"Andy Hart","startTime":3015.3399999999997,"endTime":3018.13,"body":"sort of wealth foundings"},{"speaker":"Andy Hart","startTime":3018.16,"endTime":3022.5699999999997,"body":"fountain situation so mainly to"},{"speaker":"Andy Hart","startTime":3018.16,"endTime":3022.5699999999997,"body":"younger clients. So I have taken"},{"speaker":"Andy Hart","startTime":3022.5699999999997,"endTime":3024.49,"body":"on various different clients"},{"speaker":"Andy Hart","startTime":3022.5699999999997,"endTime":3024.49,"body":"that have been that have been"},{"speaker":"Andy Hart","startTime":3024.52,"endTime":3028.99,"body":"involved in the property game,"},{"speaker":"Andy Hart","startTime":3024.52,"endTime":3028.99,"body":"to a minor or major extent."},{"speaker":"Andy Hart","startTime":3029.5,"endTime":3032.0499999999997,"body":"Younger advisors sometimes get a"},{"speaker":"Andy Hart","startTime":3029.5,"endTime":3032.0499999999997,"body":"bit excited when they come"},{"speaker":"Andy Hart","startTime":3032.0499999999997,"endTime":3035.23,"body":"across a portfolio land or with"},{"speaker":"Andy Hart","startTime":3032.0499999999997,"endTime":3035.23,"body":"a shedload of property. And the"},{"speaker":"Andy Hart","startTime":3035.23,"endTime":3038.71,"body":"numbers seem quite big. And the"},{"speaker":"Andy Hart","startTime":3035.23,"endTime":3038.71,"body":"net worth seems quite high. But"},{"speaker":"Andy Hart","startTime":3038.71,"endTime":3041.62,"body":"they generally make really bad"},{"speaker":"Andy Hart","startTime":3038.71,"endTime":3041.62,"body":"financial planning clients. You"},{"speaker":"Andy Hart","startTime":3041.62,"endTime":3044.23,"body":"know, we work with the people"},{"speaker":"Andy Hart","startTime":3041.62,"endTime":3044.23,"body":"that sort of had enough of the"},{"speaker":"Andy Hart","startTime":3044.23,"endTime":3046.45,"body":"property again, they realize"},{"speaker":"Andy Hart","startTime":3044.23,"endTime":3046.45,"body":"it's a high hassle factor, high"},{"speaker":"Andy Hart","startTime":3046.45,"endTime":3049.96,"body":"tax environment. And they now"},{"speaker":"Andy Hart","startTime":3046.45,"endTime":3049.96,"body":"want to sort of get involved in"},{"speaker":"Andy Hart","startTime":3049.96,"endTime":3052.93,"body":"traditional wealth creation"},{"speaker":"Andy Hart","startTime":3049.96,"endTime":3052.93,"body":"routes, which is investing in"},{"speaker":"Andy Hart","startTime":3052.93,"endTime":3059.2599999999998,"body":"global equities via tax wrappers"},{"speaker":"Andy Hart","startTime":3052.93,"endTime":3059.2599999999998,"body":"typically, so yeah, you can"},{"speaker":"Andy Hart","startTime":3059.3199999999997,"endTime":3063.91,"body":"waste your time with portfolio"},{"speaker":"Andy Hart","startTime":3059.3199999999997,"endTime":3063.91,"body":"landlords as a financial"},{"speaker":"Andy Hart","startTime":3063.91,"endTime":3067.0299999999997,"body":"planner. And then you realize"},{"speaker":"Andy Hart","startTime":3063.91,"endTime":3067.0299999999997,"body":"actually they're not my people"},{"speaker":"Andy Hart","startTime":3067.0299999999997,"endTime":3070.33,"body":"on a focus on some other people."},{"speaker":"Andy Hart","startTime":3067.0299999999997,"endTime":3070.33,"body":"Most of my clients have one or"},{"speaker":"Andy Hart","startTime":3070.33,"endTime":3072.4,"body":"two properties in the"},{"speaker":"Andy Hart","startTime":3070.33,"endTime":3072.4,"body":"background. Some have property"},{"speaker":"Andy Hart","startTime":3072.4,"endTime":3075.19,"body":"companies with with more"},{"speaker":"Andy Hart","startTime":3072.4,"endTime":3075.19,"body":"properties inside them, but"},{"speaker":"Andy Hart","startTime":3075.19,"endTime":3077.74,"body":"early on, I want to sort of"},{"speaker":"Andy Hart","startTime":3075.19,"endTime":3077.74,"body":"Gage, are you just going to"},{"speaker":"Andy Hart","startTime":3077.74,"endTime":3080.68,"body":"continually, you know, on the"},{"speaker":"Andy Hart","startTime":3077.74,"endTime":3080.68,"body":"quest of buying more and more"},{"speaker":"Andy Hart","startTime":3080.68,"endTime":3083.2,"body":"properties anytime you get a"},{"speaker":"Andy Hart","startTime":3080.68,"endTime":3083.2,"body":"small amount of money nice as"},{"speaker":"Andy Hart","startTime":3083.2,"endTime":3086.41,"body":"you can just going to, you know,"},{"speaker":"Andy Hart","startTime":3083.2,"endTime":3086.41,"body":"buy another property, etc. So I"},{"speaker":"Andy Hart","startTime":3086.41,"endTime":3091.99,"body":"really try and sort of screen"},{"speaker":"Andy Hart","startTime":3086.41,"endTime":3091.99,"body":"the clients early on to work"},{"speaker":"Andy Hart","startTime":3091.99,"endTime":3094.24,"body":"out, are they just property mad?"},{"speaker":"Andy Hart","startTime":3091.99,"endTime":3094.24,"body":"Are they going to be"},{"speaker":"Andy Hart","startTime":3094.24,"endTime":3096.79,"body":"programmatic forever? Or are"},{"speaker":"Andy Hart","startTime":3094.24,"endTime":3096.79,"body":"they going to just sort of"},{"speaker":"Andy Hart","startTime":3096.8199999999997,"endTime":3100.21,"body":"diversify now and move away from"},{"speaker":"Andy Hart","startTime":3096.8199999999997,"endTime":3100.21,"body":"the physical property asset"},{"speaker":"Andy Hart","startTime":3100.21,"endTime":3104.44,"body":"class and build up traditional"},{"speaker":"Andy Hart","startTime":3100.21,"endTime":3104.44,"body":"wealth. So that's my starter for"},{"speaker":"Andy Hart","startTime":3104.47,"endTime":3109.96,"body":"10. I'm pro property, you being"},{"speaker":"Andy Hart","startTime":3104.47,"endTime":3109.96,"body":"the owner of it, any other"},{"speaker":"Andy Hart","startTime":3109.96,"endTime":3113.7999999999997,"body":"flavor of it, I'm not a fan of"},{"speaker":"Andy Hart","startTime":3109.96,"endTime":3113.7999999999997,"body":"and I know, and I've seen it"},{"speaker":"Andy Hart","startTime":3113.7999999999997,"endTime":3116.38,"body":"work. I've also seen some horror"},{"speaker":"Andy Hart","startTime":3113.7999999999997,"endTime":3116.38,"body":"stories. I've been a landlord"},{"speaker":"Andy Hart","startTime":3116.38,"endTime":3119.23,"body":"myself, I'm a landlord myself."},{"speaker":"Andy Hart","startTime":3116.38,"endTime":3119.23,"body":"And I also understand"},{"speaker":"Andy Hart","startTime":3119.2599999999998,"endTime":3122.44,"body":"traditional ways of building"},{"speaker":"Andy Hart","startTime":3119.2599999999998,"endTime":3122.44,"body":"wealth, which is, you know, via"},{"speaker":"Andy Hart","startTime":3122.44,"endTime":3126.88,"body":"tax reps and global equities. So"},{"speaker":"Andy Hart","startTime":3122.44,"endTime":3126.88,"body":"that's where I sit with it over"},{"speaker":"Andy Hart","startTime":3126.88,"endTime":3129.3399999999997,"body":"to you, Nick, who has a slightly"},{"speaker":"Andy Hart","startTime":3126.88,"endTime":3129.3399999999997,"body":"different opinion."},{"speaker":"Nick Lincoln","startTime":3130.5099999999998,"endTime":3133.75,"body":"Yes, I mean, I'm"},{"speaker":"Nick Lincoln","startTime":3130.5099999999998,"endTime":3133.75,"body":"obviously in favor of, of"},{"speaker":"Nick Lincoln","startTime":3133.99,"endTime":3137.65,"body":"property as your home. owning"},{"speaker":"Nick Lincoln","startTime":3133.99,"endTime":3137.65,"body":"property ever renting it to me"},{"speaker":"Nick Lincoln","startTime":3137.65,"endTime":3139.72,"body":"seems, does seem a bit of a no"},{"speaker":"Nick Lincoln","startTime":3137.65,"endTime":3139.72,"body":"brainer. I know. I mean, other"},{"speaker":"Nick Lincoln","startTime":3139.72,"endTime":3143.71,"body":"European countries, the Germans"},{"speaker":"Nick Lincoln","startTime":3139.72,"endTime":3143.71,"body":"they rent far, far, far more"},{"speaker":"Nick Lincoln","startTime":3143.71,"endTime":3148.3599999999997,"body":"than we do here. Maybe it works"},{"speaker":"Nick Lincoln","startTime":3143.71,"endTime":3148.3599999999997,"body":"there. I don't know. I you know,"},{"speaker":"Nick Lincoln","startTime":3148.3599999999997,"endTime":3150.7,"body":"I've talked about this before"},{"speaker":"Nick Lincoln","startTime":3148.3599999999997,"endTime":3150.7,"body":"with with your point, Andy,"},{"speaker":"Nick Lincoln","startTime":3150.7,"endTime":3153.85,"body":"about you. Younger advisors"},{"speaker":"Nick Lincoln","startTime":3150.7,"endTime":3153.85,"body":"might take on clients with"},{"speaker":"Nick Lincoln","startTime":3153.85,"endTime":3156.25,"body":"property portfolios and think"},{"speaker":"Nick Lincoln","startTime":3153.85,"endTime":3156.25,"body":"well, over time, I can probably"},{"speaker":"Nick Lincoln","startTime":3156.2799999999997,"endTime":3159.43,"body":"persuade them to you know, to"},{"speaker":"Nick Lincoln","startTime":3156.2799999999997,"endTime":3159.43,"body":"diversify and divest some of"},{"speaker":"Nick Lincoln","startTime":3159.43,"endTime":3161.83,"body":"them and, and invest the"},{"speaker":"Nick Lincoln","startTime":3159.43,"endTime":3161.83,"body":"proceeds perhaps in other assets"},{"speaker":"Nick Lincoln","startTime":3161.83,"endTime":3165.85,"body":"because look, good luck."},{"speaker":"Nick Lincoln","startTime":3161.83,"endTime":3165.85,"body":"Exactly. It's never happened"},{"speaker":"Nick Lincoln","startTime":3165.88,"endTime":3167.83,"body":"once people get there unless"},{"speaker":"Nick Lincoln","startTime":3165.88,"endTime":3167.83,"body":"they have a really bad"},{"speaker":"Nick Lincoln","startTime":3167.83,"endTime":3170.65,"body":"experience that most people get"},{"speaker":"Nick Lincoln","startTime":3167.83,"endTime":3170.65,"body":"the property bug, they just,"},{"speaker":"Nick Lincoln","startTime":3170.68,"endTime":3173.8599999999997,"body":"they're just immersed in it. And"},{"speaker":"Nick Lincoln","startTime":3170.68,"endTime":3173.8599999999997,"body":"it's all time consuming. Or"},{"speaker":"Nick Lincoln","startTime":3173.8599999999997,"endTime":3177.58,"body":"being a battle Atlanta, I'm just"},{"speaker":"Nick Lincoln","startTime":3173.8599999999997,"endTime":3177.58,"body":"not a fan. I just I you know,"},{"speaker":"Nick Lincoln","startTime":3177.58,"endTime":3181.87,"body":"very prosaic example, I I sold"},{"speaker":"Nick Lincoln","startTime":3177.58,"endTime":3181.87,"body":"my last house in 2018. I'd been"},{"speaker":"Nick Lincoln","startTime":3181.87,"endTime":3187.69,"body":"there for 18 years. What"},{"speaker":"Nick Lincoln","startTime":3181.87,"endTime":3187.69,"body":"property suffers from is this"},{"speaker":"Nick Lincoln","startTime":3187.81,"endTime":3192.0099999999998,"body":"perception, this time perception"},{"speaker":"Nick Lincoln","startTime":3187.81,"endTime":3192.0099999999998,"body":"kind of fog, this fog, because"},{"speaker":"Nick Lincoln","startTime":3192.0099999999998,"endTime":3193.99,"body":"you don't get the property"},{"speaker":"Nick Lincoln","startTime":3192.0099999999998,"endTime":3193.99,"body":"valued every day the same way,"},{"speaker":"Nick Lincoln","startTime":3193.99,"endTime":3196.27,"body":"the way companies are valued,"},{"speaker":"Nick Lincoln","startTime":3193.99,"endTime":3196.27,"body":"you only get value when you come"},{"speaker":"Nick Lincoln","startTime":3196.27,"endTime":3197.95,"body":"to sell it really you might get"},{"speaker":"Nick Lincoln","startTime":3196.27,"endTime":3197.95,"body":"the value, you might get the"},{"speaker":"Nick Lincoln","startTime":3197.95,"endTime":3199.75,"body":"stage around to give you a"},{"speaker":"Nick Lincoln","startTime":3197.95,"endTime":3199.75,"body":"valuation, but you never know"},{"speaker":"Nick Lincoln","startTime":3199.75,"endTime":3201.67,"body":"what you're gonna get until you"},{"speaker":"Nick Lincoln","startTime":3199.75,"endTime":3201.67,"body":"sell it. And because we need to"},{"speaker":"Nick Lincoln","startTime":3202.06,"endTime":3205.63,"body":"sell our family homes for"},{"speaker":"Nick Lincoln","startTime":3202.06,"endTime":3205.63,"body":"example, every 510 1520 30 even"},{"speaker":"Nick Lincoln","startTime":3205.63,"endTime":3208.9,"body":"longer time period isn't that we"},{"speaker":"Nick Lincoln","startTime":3205.63,"endTime":3208.9,"body":"think, Oh, we bought it for"},{"speaker":"Nick Lincoln","startTime":3208.9,"endTime":3211.63,"body":"that. And that's this. Look how"},{"speaker":"Nick Lincoln","startTime":3208.9,"endTime":3211.63,"body":"much has gone up. So my property"},{"speaker":"Nick Lincoln","startTime":3211.63,"endTime":3215.1099999999997,"body":"I had it for 18 years and"},{"speaker":"Nick Lincoln","startTime":3211.63,"endTime":3215.1099999999997,"body":"they've gone up by 90%. Nine 0%."},{"speaker":"Nick Lincoln","startTime":3215.1099999999997,"endTime":3215.74,"body":"Over that time."},{"speaker":"Andy Hart","startTime":3215.98,"endTime":3218.5,"body":"Is there a blue black"},{"speaker":"Andy Hart","startTime":3215.98,"endTime":3218.5,"body":"outside this previous Lincoln"},{"speaker":"Andy Hart","startTime":3218.5,"endTime":3220.0,"body":"Taos? He'll"},{"speaker":"Nick Lincoln","startTime":3220.0,"endTime":3225.49,"body":"is Victor Meldrew."},{"speaker":"Nick Lincoln","startTime":3220.0,"endTime":3225.49,"body":"2000 To 2018 You'll have a"},{"speaker":"Nick Lincoln","startTime":3225.49,"endTime":3232.06,"body":"plaque of your house soon Wait"},{"speaker":"Nick Lincoln","startTime":3225.49,"endTime":3232.06,"body":"no matter where you live? So you"},{"speaker":"Nick Lincoln","startTime":3232.06,"endTime":3235.5099999999998,"body":"think, Okay, well, I think the"},{"speaker":"Nick Lincoln","startTime":3232.06,"endTime":3235.5099999999998,"body":"sounds condescending, I probably"},{"speaker":"Nick Lincoln","startTime":3235.5099999999998,"endTime":3237.85,"body":"would, you know, 90%"},{"speaker":"Nick Lincoln","startTime":3235.5099999999998,"endTime":3237.85,"body":"appreciation in the asset class,"},{"speaker":"Nick Lincoln","startTime":3237.85,"endTime":3239.5899999999997,"body":"that's really good. And I want"},{"speaker":"Nick Lincoln","startTime":3237.85,"endTime":3239.5899999999997,"body":"properties and their brain"},{"speaker":"Nick Lincoln","startTime":3239.5899999999997,"endTime":3244.18,"body":"rashes, not that any 3.6% annual"},{"speaker":"Nick Lincoln","startTime":3239.5899999999997,"endTime":3244.18,"body":"return on my house was a new"},{"speaker":"Nick Lincoln","startTime":3244.18,"endTime":3246.88,"body":"build. So you pay a bit of that"},{"speaker":"Nick Lincoln","startTime":3244.18,"endTime":3246.88,"body":"in 2000, CFA, you pay a bit of a"},{"speaker":"Nick Lincoln","startTime":3246.88,"endTime":3250.45,"body":"premium for that. Sure. But it"},{"speaker":"Nick Lincoln","startTime":3246.88,"endTime":3250.45,"body":"won't be that much. 3.6%"},{"speaker":"Nick Lincoln","startTime":3250.45,"endTime":3252.85,"body":"compounded return is not"},{"speaker":"Nick Lincoln","startTime":3250.45,"endTime":3252.85,"body":"exciting. That's nominal, you"},{"speaker":"Nick Lincoln","startTime":3252.85,"endTime":3255.46,"body":"knock off inflation, which is"},{"speaker":"Nick Lincoln","startTime":3252.85,"endTime":3255.46,"body":"running at 2.8%. You've got an"},{"speaker":"Nick Lincoln","startTime":3255.46,"endTime":3259.45,"body":"asset that's grown by nought"},{"speaker":"Nick Lincoln","startTime":3255.46,"endTime":3259.45,"body":"point 8% per annum over 18"},{"speaker":"Nick Lincoln","startTime":3259.45,"endTime":3261.49,"body":"years, and you haven't even"},{"speaker":"Nick Lincoln","startTime":3259.45,"endTime":3261.49,"body":"looked at mortgages and"},{"speaker":"Nick Lincoln","startTime":3261.49,"endTime":3264.31,"body":"everything else. Now, I know the"},{"speaker":"Nick Lincoln","startTime":3261.49,"endTime":3264.31,"body":"title, let people are screaming"},{"speaker":"Nick Lincoln","startTime":3264.31,"endTime":3268.45,"body":"at me now say, Nick, you're"},{"speaker":"Nick Lincoln","startTime":3264.31,"endTime":3268.45,"body":"ignoring rental income, you"},{"speaker":"Nick Lincoln","startTime":3268.45,"endTime":3273.22,"body":"know, that I would give me a"},{"speaker":"Nick Lincoln","startTime":3268.45,"endTime":3273.22,"body":"maybe whatever. But rental"},{"speaker":"Nick Lincoln","startTime":3273.22,"endTime":3276.49,"body":"income. Okay, I know that yes,"},{"speaker":"Nick Lincoln","startTime":3273.22,"endTime":3276.49,"body":"you are undergoing wrinkling"},{"speaker":"Nick Lincoln","startTime":3276.52,"endTime":3279.31,"body":"income. And it obviously is a"},{"speaker":"Nick Lincoln","startTime":3276.52,"endTime":3279.31,"body":"big component. But rental income"},{"speaker":"Nick Lincoln","startTime":3279.31,"endTime":3281.2,"body":"typically goes and just paying"},{"speaker":"Nick Lincoln","startTime":3279.31,"endTime":3281.2,"body":"the mortgage. That alone not a"},{"speaker":"Nick Lincoln","startTime":3281.2,"endTime":3284.02,"body":"lot of the the advisors, clients"},{"speaker":"Nick Lincoln","startTime":3281.2,"endTime":3284.02,"body":"I've spoken with who have bike,"},{"speaker":"Nick Lincoln","startTime":3284.02,"endTime":3285.94,"body":"let's say over the last 20 years"},{"speaker":"Nick Lincoln","startTime":3284.02,"endTime":3285.94,"body":"have been buying for capital"},{"speaker":"Nick Lincoln","startTime":3285.94,"endTime":3288.73,"body":"gains. And I think there are"},{"speaker":"Nick Lincoln","startTime":3285.94,"endTime":3288.73,"body":"losery, these capital gains,"},{"speaker":"Nick Lincoln","startTime":3288.73,"endTime":3292.5699999999997,"body":"they're just really not there to"},{"speaker":"Nick Lincoln","startTime":3288.73,"endTime":3292.5699999999997,"body":"any great degree. And you know,"},{"speaker":"Nick Lincoln","startTime":3292.5699999999997,"endTime":3295.48,"body":"and you've got the you've got"},{"speaker":"Nick Lincoln","startTime":3292.5699999999997,"endTime":3295.48,"body":"the utilities, you've got the"},{"speaker":"Nick Lincoln","startTime":3295.48,"endTime":3298.5099999999998,"body":"rates, you've got the"},{"speaker":"Nick Lincoln","startTime":3295.48,"endTime":3298.5099999999998,"body":"replacement of white goods. If"},{"speaker":"Nick Lincoln","startTime":3298.5099999999998,"endTime":3301.0,"body":"you have a property for 18"},{"speaker":"Nick Lincoln","startTime":3298.5099999999998,"endTime":3301.0,"body":"years, most of my property"},{"speaker":"Nick Lincoln","startTime":3301.0,"endTime":3303.7,"body":"wasn't my hand, but a bike led"},{"speaker":"Nick Lincoln","startTime":3301.0,"endTime":3303.7,"body":"over 18 years. I don't know what"},{"speaker":"Nick Lincoln","startTime":3303.7,"endTime":3306.13,"body":"the average tenancy is, would"},{"speaker":"Nick Lincoln","startTime":3303.7,"endTime":3306.13,"body":"you get maybe three to three"},{"speaker":"Nick Lincoln","startTime":3306.13,"endTime":3308.44,"body":"tenants in there, but that times"},{"speaker":"Nick Lincoln","startTime":3306.13,"endTime":3308.44,"body":"I feel about every six years or"},{"speaker":"Nick Lincoln","startTime":3308.44,"endTime":3311.5299999999997,"body":"so. So every six years, you have"},{"speaker":"Nick Lincoln","startTime":3308.44,"endTime":3311.5299999999997,"body":"a deep clean, you've got to"},{"speaker":"Nick Lincoln","startTime":3311.74,"endTime":3314.77,"body":"revamp the place more sunk"},{"speaker":"Nick Lincoln","startTime":3311.74,"endTime":3314.77,"body":"costs, you're going to have void"},{"speaker":"Nick Lincoln","startTime":3314.77,"endTime":3319.21,"body":"periods. Back let landlords are"},{"speaker":"Nick Lincoln","startTime":3314.77,"endTime":3319.21,"body":"making money just about I think"},{"speaker":"Nick Lincoln","startTime":3319.21,"endTime":3322.0899999999997,"body":"during the time of stupidly low"},{"speaker":"Nick Lincoln","startTime":3319.21,"endTime":3322.0899999999997,"body":"interest rates, well, those days"},{"speaker":"Nick Lincoln","startTime":3322.0899999999997,"endTime":3325.54,"body":"are gone. And interest rates now"},{"speaker":"Nick Lincoln","startTime":3322.0899999999997,"endTime":3325.54,"body":"are only where they've"},{"speaker":"Nick Lincoln","startTime":3325.54,"endTime":3328.5699999999997,"body":"historically typically been in"},{"speaker":"Nick Lincoln","startTime":3325.54,"endTime":3328.5699999999997,"body":"the UK. So this clamor to get"},{"speaker":"Nick Lincoln","startTime":3328.5699999999997,"endTime":3332.2,"body":"them cut and cut quickly though"},{"speaker":"Nick Lincoln","startTime":3328.5699999999997,"endTime":3332.2,"body":"don't bank on that four or 5%"},{"speaker":"Nick Lincoln","startTime":3332.62,"endTime":3336.1,"body":"is, is typically where they sit"},{"speaker":"Nick Lincoln","startTime":3332.62,"endTime":3336.1,"body":"and battle and landlords now are"},{"speaker":"Nick Lincoln","startTime":3336.1,"endTime":3338.5899999999997,"body":"really struggling and yes, the"},{"speaker":"Nick Lincoln","startTime":3336.1,"endTime":3338.5899999999997,"body":"tax situation has changed. But"},{"speaker":"Nick Lincoln","startTime":3338.5899999999997,"endTime":3341.0499999999997,"body":"that's you know, that's the way"},{"speaker":"Nick Lincoln","startTime":3338.5899999999997,"endTime":3341.0499999999997,"body":"governments work you do"},{"speaker":"Nick Lincoln","startTime":3341.0499999999997,"endTime":3343.24,"body":"something and they change the"},{"speaker":"Nick Lincoln","startTime":3341.0499999999997,"endTime":3343.24,"body":"rules. I mean, just you've got"},{"speaker":"Nick Lincoln","startTime":3343.24,"endTime":3347.8599999999997,"body":"to suck it up. So I am I think I"},{"speaker":"Nick Lincoln","startTime":3343.24,"endTime":3347.8599999999997,"body":"just share with you guys on"},{"speaker":"Nick Lincoln","startTime":3347.8599999999997,"endTime":3350.2,"body":"WhatsApp, I declined a client"},{"speaker":"Nick Lincoln","startTime":3347.8599999999997,"endTime":3350.2,"body":"recently a prospect was referred"},{"speaker":"Nick Lincoln","startTime":3350.2,"endTime":3353.56,"body":"to me by an accountant primarily"},{"speaker":"Nick Lincoln","startTime":3350.2,"endTime":3353.56,"body":"because the clients had a lot of"},{"speaker":"Nick Lincoln","startTime":3353.56,"endTime":3358.0899999999997,"body":"money in in in vita let's and I"},{"speaker":"Nick Lincoln","startTime":3353.56,"endTime":3358.0899999999997,"body":"just I just, you know, we can do"},{"speaker":"Nick Lincoln","startTime":3358.0899999999997,"endTime":3361.3599999999997,"body":"the voyance we can do the cash"},{"speaker":"Nick Lincoln","startTime":3358.0899999999997,"endTime":3361.3599999999997,"body":"flow for sure. But intuitively"},{"speaker":"Nick Lincoln","startTime":3361.3599999999997,"endTime":3364.0299999999997,"body":"we know is as experienced real"},{"speaker":"Nick Lincoln","startTime":3361.3599999999997,"endTime":3364.0299999999997,"body":"financial advisors, you look at"},{"speaker":"Nick Lincoln","startTime":3364.0299999999997,"endTime":3366.2799999999997,"body":"a client's assets on a bit of"},{"speaker":"Nick Lincoln","startTime":3364.0299999999997,"endTime":3366.2799999999997,"body":"pipe and you can kind of work it"},{"speaker":"Nick Lincoln","startTime":3366.2799999999997,"endTime":3367.75,"body":"they're going to be you know,"},{"speaker":"Nick Lincoln","startTime":3366.2799999999997,"endTime":3367.75,"body":"there's just not enough"},{"speaker":"Nick Lincoln","startTime":3367.75,"endTime":3370.27,"body":"intention so there's not enough"},{"speaker":"Nick Lincoln","startTime":3367.75,"endTime":3370.27,"body":"liquid stuff. This client's"},{"speaker":"Nick Lincoln","startTime":3370.27,"endTime":3371.89,"body":"gonna be it's gonna be a"},{"speaker":"Nick Lincoln","startTime":3370.27,"endTime":3371.89,"body":"nightmare. She's gonna have to"},{"speaker":"Nick Lincoln","startTime":3371.89,"endTime":3375.22,"body":"sell her battle let's which you"},{"speaker":"Nick Lincoln","startTime":3371.89,"endTime":3375.22,"body":"won't want to do. Capital Gains"},{"speaker":"Nick Lincoln","startTime":3375.22,"endTime":3378.1,"body":"Tax, not the right Don't tell me"},{"speaker":"Nick Lincoln","startTime":3375.22,"endTime":3378.1,"body":"you got the wrong type of"},{"speaker":"Nick Lincoln","startTime":3378.19,"endTime":3380.41,"body":"whatever you know that this is"},{"speaker":"Nick Lincoln","startTime":3378.19,"endTime":3380.41,"body":"all the stuff that goes with"},{"speaker":"Nick Lincoln","startTime":3380.41,"endTime":3384.25,"body":"property it's I just find it a"},{"speaker":"Nick Lincoln","startTime":3380.41,"endTime":3384.25,"body":"nightmare I, I don't understand"},{"speaker":"Nick Lincoln","startTime":3384.25,"endTime":3386.95,"body":"the love with it. I've never"},{"speaker":"Nick Lincoln","startTime":3384.25,"endTime":3386.95,"body":"been attracted to it. I used to"},{"speaker":"Nick Lincoln","startTime":3386.95,"endTime":3389.62,"body":"have it in my client portfolios"},{"speaker":"Nick Lincoln","startTime":3386.95,"endTime":3389.62,"body":"because I worked for Zurich, the"},{"speaker":"Nick Lincoln","startTime":3389.62,"endTime":3392.23,"body":"IFA division X ally Dunbar as"},{"speaker":"Nick Lincoln","startTime":3389.62,"endTime":3392.23,"body":"was and the one thing we had"},{"speaker":"Nick Lincoln","startTime":3392.23,"endTime":3395.35,"body":"that was close to with profits"},{"speaker":"Nick Lincoln","startTime":3392.23,"endTime":3395.35,"body":"was the Allied Dunbar property"},{"speaker":"Nick Lincoln","startTime":3395.35,"endTime":3397.63,"body":"for the commercial bricks and"},{"speaker":"Nick Lincoln","startTime":3395.35,"endTime":3397.63,"body":"mortar property fund. So you'd"},{"speaker":"Nick Lincoln","startTime":3397.63,"endTime":3399.91,"body":"sell that because it was an"},{"speaker":"Nick Lincoln","startTime":3397.63,"endTime":3399.91,"body":"alternative to equities. And it"},{"speaker":"Nick Lincoln","startTime":3399.91,"endTime":3402.4,"body":"was a, it was okay, but I"},{"speaker":"Nick Lincoln","startTime":3399.91,"endTime":3402.4,"body":"haven't used haven't used those"},{"speaker":"Nick Lincoln","startTime":3402.4,"endTime":3405.37,"body":"kinds of funds for ever since"},{"speaker":"Nick Lincoln","startTime":3402.4,"endTime":3405.37,"body":"the credit crunch. When those"},{"speaker":"Nick Lincoln","startTime":3405.37,"endTime":3408.49,"body":"funds became highly illiquid and"},{"speaker":"Nick Lincoln","startTime":3405.37,"endTime":3408.49,"body":"redemptions, were cancelled. I"},{"speaker":"Nick Lincoln","startTime":3408.49,"endTime":3411.64,"body":"then used REITs, for a little"},{"speaker":"Nick Lincoln","startTime":3408.49,"endTime":3411.64,"body":"while in my client portfolios."},{"speaker":"Nick Lincoln","startTime":3411.64,"endTime":3415.66,"body":"But I think as Carl will agree"},{"speaker":"Nick Lincoln","startTime":3411.64,"endTime":3415.66,"body":"to, they don't actually add much"},{"speaker":"Nick Lincoln","startTime":3415.66,"endTime":3418.54,"body":"diversification at all. So I"},{"speaker":"Nick Lincoln","startTime":3415.66,"endTime":3418.54,"body":"don't I don't like property in"},{"speaker":"Nick Lincoln","startTime":3418.54,"endTime":3422.8599999999997,"body":"any shape or form. And I've"},{"speaker":"Nick Lincoln","startTime":3418.54,"endTime":3422.8599999999997,"body":"never, I haven't got the bug."},{"speaker":"Nick Lincoln","startTime":3422.89,"endTime":3425.77,"body":"And I know that I know people do"},{"speaker":"Nick Lincoln","startTime":3422.89,"endTime":3425.77,"body":"have the bug and that just that"},{"speaker":"Nick Lincoln","startTime":3425.77,"endTime":3427.69,"body":"bug has never gotten me, Alan,"},{"speaker":"Nick Lincoln","startTime":3425.77,"endTime":3427.69,"body":"your digital rose."},{"speaker":"Alan Smith","startTime":3428.92,"endTime":3432.16,"body":"Yeah, I think this,"},{"speaker":"Alan Smith","startTime":3428.92,"endTime":3432.16,"body":"there's at least two different"},{"speaker":"Alan Smith","startTime":3432.31,"endTime":3434.95,"body":"conversations here when talk"},{"speaker":"Alan Smith","startTime":3432.31,"endTime":3434.95,"body":"about property because property"},{"speaker":"Alan Smith","startTime":3434.95,"endTime":3437.8599999999997,"body":"means a lot of different things"},{"speaker":"Alan Smith","startTime":3434.95,"endTime":3437.8599999999997,"body":"that you both kind of mentioned"},{"speaker":"Alan Smith","startTime":3437.8599999999997,"endTime":3440.44,"body":"or alluded to that one of the"},{"speaker":"Alan Smith","startTime":3437.8599999999997,"endTime":3440.44,"body":"reasons people are attracted to"},{"speaker":"Alan Smith","startTime":3440.44,"endTime":3444.67,"body":"it. And listen to colleagues, I"},{"speaker":"Alan Smith","startTime":3440.44,"endTime":3444.67,"body":"know that historically, what"},{"speaker":"Alan Smith","startTime":3444.67,"endTime":3446.65,"body":"I've known about the Irish"},{"speaker":"Alan Smith","startTime":3444.67,"endTime":3446.65,"body":"market is Irish love it but the"},{"speaker":"Alan Smith","startTime":3446.65,"endTime":3449.41,"body":"British love it as well, British"},{"speaker":"Alan Smith","startTime":3446.65,"endTime":3449.41,"body":"love property historically,"},{"speaker":"Alan Smith","startTime":3449.44,"endTime":3452.83,"body":"although absolutely seeing lots"},{"speaker":"Alan Smith","startTime":3449.44,"endTime":3452.83,"body":"and lots of signs that that love"},{"speaker":"Alan Smith","startTime":3452.83,"endTime":3455.77,"body":"affair is waning somewhat for"},{"speaker":"Alan Smith","startTime":3452.83,"endTime":3455.77,"body":"all sorts of different reasons,"},{"speaker":"Alan Smith","startTime":3456.0699999999997,"endTime":3459.73,"body":"not least of all, the golden,"},{"speaker":"Alan Smith","startTime":3456.0699999999997,"endTime":3459.73,"body":"golden obviously, and interest"},{"speaker":"Alan Smith","startTime":3459.73,"endTime":3463.9,"body":"rates, but they do love it,"},{"speaker":"Alan Smith","startTime":3459.73,"endTime":3463.9,"body":"there's a sense of it's"},{"speaker":"Alan Smith","startTime":3463.9,"endTime":3466.96,"body":"tangible, isn't it, I can see"},{"speaker":"Alan Smith","startTime":3463.9,"endTime":3466.96,"body":"that I own these three flats,"},{"speaker":"Alan Smith","startTime":3466.96,"endTime":3469.5099999999998,"body":"and that block over there, I own"},{"speaker":"Alan Smith","startTime":3466.96,"endTime":3469.5099999999998,"body":"this building. So I can show my"},{"speaker":"Alan Smith","startTime":3469.54,"endTime":3472.7799999999997,"body":"friends I can talk to about the"},{"speaker":"Alan Smith","startTime":3469.54,"endTime":3472.7799999999997,"body":"the area, the location, it's a"},{"speaker":"Alan Smith","startTime":3472.7799999999997,"endTime":3476.35,"body":"kind of middle class dinner"},{"speaker":"Alan Smith","startTime":3472.7799999999997,"endTime":3476.35,"body":"party type conversation, versus"},{"speaker":"Alan Smith","startTime":3476.71,"endTime":3479.14,"body":"I got this really dull"},{"speaker":"Alan Smith","startTime":3476.71,"endTime":3479.14,"body":"investment portfolio that just"},{"speaker":"Alan Smith","startTime":3479.14,"endTime":3481.5699999999997,"body":"kind of, you know, I can't"},{"speaker":"Alan Smith","startTime":3479.14,"endTime":3481.5699999999997,"body":"really talk about it. And it's"},{"speaker":"Alan Smith","startTime":3481.5699999999997,"endTime":3483.97,"body":"not very tangible. So there's"},{"speaker":"Alan Smith","startTime":3481.5699999999997,"endTime":3483.97,"body":"definitely some behavioral stuff"},{"speaker":"Alan Smith","startTime":3483.97,"endTime":3487.18,"body":"going on there people like to"},{"speaker":"Alan Smith","startTime":3483.97,"endTime":3487.18,"body":"discuss it like to talk about"},{"speaker":"Alan Smith","startTime":3487.18,"endTime":3489.91,"body":"it. Next point is absolutely"},{"speaker":"Alan Smith","startTime":3487.18,"endTime":3489.91,"body":"spot on, they're looking at"},{"speaker":"Alan Smith","startTime":3489.91,"endTime":3493.12,"body":"their their property, the value"},{"speaker":"Alan Smith","startTime":3489.91,"endTime":3493.12,"body":"of the property portfolio, you"},{"speaker":"Alan Smith","startTime":3493.12,"endTime":3496.18,"body":"know, most once a year, if your"},{"speaker":"Alan Smith","startTime":3493.12,"endTime":3496.18,"body":"own property if you get a"},{"speaker":"Alan Smith","startTime":3496.18,"endTime":3501.3399999999997,"body":"valuation, probably once every"},{"speaker":"Alan Smith","startTime":3496.18,"endTime":3501.3399999999997,"body":"few years, versus by the hour by"},{"speaker":"Alan Smith","startTime":3501.3399999999997,"endTime":3504.2799999999997,"body":"the day, and everything else. So"},{"speaker":"Alan Smith","startTime":3501.3399999999997,"endTime":3504.2799999999997,"body":"there's a much greater sense of"},{"speaker":"Alan Smith","startTime":3504.6099999999997,"endTime":3509.1099999999997,"body":"smoothing that exists"},{"speaker":"Alan Smith","startTime":3504.6099999999997,"endTime":3509.1099999999997,"body":"historically. And and you've"},{"speaker":"Alan Smith","startTime":3509.1099999999997,"endTime":3511.63,"body":"made the point as well. I mean,"},{"speaker":"Alan Smith","startTime":3509.1099999999997,"endTime":3511.63,"body":"I've come from a background of"},{"speaker":"Alan Smith","startTime":3511.63,"endTime":3514.87,"body":"fat father family very into"},{"speaker":"Alan Smith","startTime":3511.63,"endTime":3514.87,"body":"property, but my dad is a"},{"speaker":"Alan Smith","startTime":3514.87,"endTime":3518.3199999999997,"body":"property developer. And it's all"},{"speaker":"Alan Smith","startTime":3514.87,"endTime":3518.3199999999997,"body":"about as you say, it's about"},{"speaker":"Alan Smith","startTime":3518.35,"endTime":3523.5099999999998,"body":"leverage borrowing against the"},{"speaker":"Alan Smith","startTime":3518.35,"endTime":3523.5099999999998,"body":"asset, high risk, but high"},{"speaker":"Alan Smith","startTime":3523.5099999999998,"endTime":3526.0,"body":"return if you know what you're"},{"speaker":"Alan Smith","startTime":3523.5099999999998,"endTime":3526.0,"body":"doing, that's an entirely"},{"speaker":"Alan Smith","startTime":3526.0,"endTime":3528.91,"body":"different thing to a DIY"},{"speaker":"Alan Smith","startTime":3526.0,"endTime":3528.91,"body":"landlord doesn't know what"},{"speaker":"Alan Smith","startTime":3528.91,"endTime":3533.44,"body":"they're doing the buying kind of"},{"speaker":"Alan Smith","startTime":3528.91,"endTime":3533.44,"body":"off off the page kind of your"},{"speaker":"Alan Smith","startTime":3533.44,"endTime":3536.29,"body":"new builds and what have you"},{"speaker":"Alan Smith","startTime":3533.44,"endTime":3536.29,"body":"whether the valuation is kind of"},{"speaker":"Alan Smith","startTime":3536.29,"endTime":3539.2,"body":"made up by the developers at the"},{"speaker":"Alan Smith","startTime":3536.29,"endTime":3539.2,"body":"time so it's entirely different"},{"speaker":"Alan Smith","startTime":3539.2,"endTime":3546.6099999999997,"body":"thing. And not to be compared"},{"speaker":"Alan Smith","startTime":3539.2,"endTime":3546.6099999999997,"body":"Nick talking about investment"},{"speaker":"Alan Smith","startTime":3546.6099999999997,"endTime":3550.54,"body":"funds. And I think this is a"},{"speaker":"Alan Smith","startTime":3546.6099999999997,"endTime":3550.54,"body":"huge thing of course my days are"},{"speaker":"Alan Smith","startTime":3550.54,"endTime":3553.45,"body":"they we haven't had this for a"},{"speaker":"Alan Smith","startTime":3550.54,"endTime":3553.45,"body":"long time Nick might in my day"},{"speaker":"Alan Smith","startTime":3553.45,"endTime":3559.0299999999997,"body":"back at Standard Life, shall we"},{"speaker":"Alan Smith","startTime":3553.45,"endTime":3559.0299999999997,"body":"save it? Will save it but when I"},{"speaker":"Alan Smith","startTime":3559.0299999999997,"endTime":3562.45,"body":"was drunk in charge of a"},{"speaker":"Alan Smith","startTime":3559.0299999999997,"endTime":3562.45,"body":"wheelbarrow up and down when the"},{"speaker":"Alan Smith","startTime":3562.45,"endTime":3564.6099999999997,"body":"high road and alperton Oh, come"},{"speaker":"Alan Smith","startTime":3562.45,"endTime":3564.6099999999997,"body":"on"},{"speaker":"Alan Smith","startTime":3574.5699999999997,"endTime":3587.14,"body":"I can see my wheelbarrow with"},{"speaker":"Alan Smith","startTime":3574.5699999999997,"endTime":3587.14,"body":"props signed by the week. I was"},{"speaker":"Alan Smith","startTime":3587.14,"endTime":3596.62,"body":"21. And the rest I owed out what"},{"speaker":"Alan Smith","startTime":3587.14,"endTime":3596.62,"body":"a tune what a tuner. I love that"},{"speaker":"Alan Smith","startTime":3596.65,"endTime":3599.95,"body":"any excuse to play that and that"},{"speaker":"Alan Smith","startTime":3596.65,"endTime":3599.95,"body":"you must play that at Trent live"},{"speaker":"Alan Smith","startTime":3600.19,"endTime":3605.2599999999998,"body":"to get the whole audience along."},{"speaker":"Alan Smith","startTime":3600.19,"endTime":3605.2599999999998,"body":"We saw the wheelbarrow was full"},{"speaker":"Alan Smith","startTime":3605.2599999999998,"endTime":3608.5899999999997,"body":"full of props for the property"},{"speaker":"Alan Smith","startTime":3605.2599999999998,"endTime":3608.5899999999997,"body":"fund, because it was the one"},{"speaker":"Alan Smith","startTime":3608.5899999999997,"endTime":3611.17,"body":"that sort of seemed to steadily"},{"speaker":"Alan Smith","startTime":3608.5899999999997,"endTime":3611.17,"body":"go up. Now of course, they all"},{"speaker":"Alan Smith","startTime":3611.17,"endTime":3614.92,"body":"came unstuck later on because"},{"speaker":"Alan Smith","startTime":3611.17,"endTime":3614.92,"body":"they are classic open ended"},{"speaker":"Alan Smith","startTime":3614.92,"endTime":3619.27,"body":"investments. With an illiquid"},{"speaker":"Alan Smith","startTime":3614.92,"endTime":3619.27,"body":"asset they own office blocks and"},{"speaker":"Alan Smith","startTime":3619.27,"endTime":3621.37,"body":"shopping centers and everything"},{"speaker":"Alan Smith","startTime":3619.27,"endTime":3621.37,"body":"else and all of a sudden, if"},{"speaker":"Alan Smith","startTime":3621.37,"endTime":3624.49,"body":"everyone wants their money out,"},{"speaker":"Alan Smith","startTime":3621.37,"endTime":3624.49,"body":"you can't do it. And of course,"},{"speaker":"Alan Smith","startTime":3624.52,"endTime":3627.79,"body":"it has been now demonstrated"},{"speaker":"Alan Smith","startTime":3624.52,"endTime":3627.79,"body":"largely I think a lot of them"},{"speaker":"Alan Smith","startTime":3627.79,"endTime":3630.85,"body":"have since closed because during"},{"speaker":"Alan Smith","startTime":3627.79,"endTime":3630.85,"body":"that time you had all these"},{"speaker":"Alan Smith","startTime":3630.85,"endTime":3633.8199999999997,"body":"lockups didn't you people wanted"},{"speaker":"Alan Smith","startTime":3630.85,"endTime":3633.8199999999997,"body":"to get the money out G one, the"},{"speaker":"Alan Smith","startTime":3633.8199999999997,"endTime":3638.44,"body":"M and G ones just closed that"},{"speaker":"Alan Smith","startTime":3633.8199999999997,"endTime":3638.44,"body":"was a big one. But loads of them"},{"speaker":"Alan Smith","startTime":3638.44,"endTime":3641.1099999999997,"body":"if you just at the time when if"},{"speaker":"Alan Smith","startTime":3638.44,"endTime":3641.1099999999997,"body":"people weren't I mean in some"},{"speaker":"Alan Smith","startTime":3641.1099999999997,"endTime":3643.21,"body":"ways, that's the other thing was"},{"speaker":"Alan Smith","startTime":3641.1099999999997,"endTime":3643.21,"body":"in a way it was quite good"},{"speaker":"Alan Smith","startTime":3643.21,"endTime":3645.91,"body":"because it locked people in. But"},{"speaker":"Alan Smith","startTime":3643.21,"endTime":3645.91,"body":"it we obviously failed to"},{"speaker":"Alan Smith","startTime":3645.91,"endTime":3647.83,"body":"deliver and what people wanted,"},{"speaker":"Alan Smith","startTime":3645.91,"endTime":3647.83,"body":"which is get access to the"},{"speaker":"Alan Smith","startTime":3647.83,"endTime":3651.0699999999997,"body":"capital in this kind of so"},{"speaker":"Alan Smith","startTime":3647.83,"endTime":3651.0699999999997,"body":"called low volatility type fund."},{"speaker":"Alan Smith","startTime":3651.79,"endTime":3655.5099999999998,"body":"And so they're not really the"},{"speaker":"Alan Smith","startTime":3651.79,"endTime":3655.5099999999998,"body":"right asset class for these open"},{"speaker":"Alan Smith","startTime":3655.5099999999998,"endTime":3659.5899999999997,"body":"ended type investments. Now, in"},{"speaker":"Alan Smith","startTime":3655.5099999999998,"endTime":3659.5899999999997,"body":"our portfolios, we do have"},{"speaker":"Alan Smith","startTime":3659.5899999999997,"endTime":3663.46,"body":"allocation to Reese and"},{"speaker":"Alan Smith","startTime":3659.5899999999997,"endTime":3663.46,"body":"everything that we do. And I"},{"speaker":"Alan Smith","startTime":3663.46,"endTime":3667.15,"body":"guess you guys as well is"},{"speaker":"Alan Smith","startTime":3663.46,"endTime":3667.15,"body":"thought through is evidence"},{"speaker":"Alan Smith","startTime":3667.15,"endTime":3670.33,"body":"based is research base. There is"},{"speaker":"Alan Smith","startTime":3667.15,"endTime":3670.33,"body":"lots of evidence that says"},{"speaker":"Alan Smith","startTime":3670.81,"endTime":3675.52,"body":"owning global REITs is a"},{"speaker":"Alan Smith","startTime":3670.81,"endTime":3675.52,"body":"diversify it does show some"},{"speaker":"Alan Smith","startTime":3675.5499999999997,"endTime":3679.24,"body":"noncom will indicate heart"},{"speaker":"Alan Smith","startTime":3675.5499999999997,"endTime":3679.24,"body":"shaking his head. You know, it's"},{"speaker":"Alan Smith","startTime":3679.24,"endTime":3681.97,"body":"a fact I can share the data with"},{"speaker":"Alan Smith","startTime":3679.24,"endTime":3681.97,"body":"you. So it does show,"},{"speaker":"Alan Smith","startTime":3682.24,"endTime":3685.8399999999997,"body":"particularly when you had real"},{"speaker":"Alan Smith","startTime":3682.24,"endTime":3685.8399999999997,"body":"because of global market tension"},{"speaker":"Alan Smith","startTime":3685.8399999999997,"endTime":3690.79,"body":"2007 2009 global REITs actually"},{"speaker":"Alan Smith","startTime":3685.8399999999997,"endTime":3690.79,"body":"performed reasonably well the"},{"speaker":"Alan Smith","startTime":3690.79,"endTime":3696.67,"body":"held up pretty well over time,"},{"speaker":"Alan Smith","startTime":3690.79,"endTime":3696.67,"body":"if you have funds, which own you"},{"speaker":"Alan Smith","startTime":3696.67,"endTime":3699.0699999999997,"body":"know, data centers shopping"},{"speaker":"Alan Smith","startTime":3696.67,"endTime":3699.0699999999997,"body":"center, you know, whatever it is"},{"speaker":"Alan Smith","startTime":3699.0699999999997,"endTime":3700.72,"body":"sort of thing, they're"},{"speaker":"Alan Smith","startTime":3699.0699999999997,"endTime":3700.72,"body":"definitely shown to have more"},{"speaker":"Alan Smith","startTime":3700.72,"endTime":3704.44,"body":"resilience during times of"},{"speaker":"Alan Smith","startTime":3700.72,"endTime":3704.44,"body":"global crisis. And actually,"},{"speaker":"Alan Smith","startTime":3704.44,"endTime":3708.6099999999997,"body":"there is data to show that they"},{"speaker":"Alan Smith","startTime":3704.44,"endTime":3708.6099999999997,"body":"do provide a small uplift to"},{"speaker":"Alan Smith","startTime":3708.6099999999997,"endTime":3714.7599999999998,"body":"your expected returns versus"},{"speaker":"Alan Smith","startTime":3708.6099999999997,"endTime":3714.7599999999998,"body":"completely 100% equities. So as"},{"speaker":"Alan Smith","startTime":3714.7599999999998,"endTime":3718.63,"body":"a as a growth engine, having"},{"speaker":"Alan Smith","startTime":3714.7599999999998,"endTime":3718.63,"body":"maybe a 10% allocation to global"},{"speaker":"Alan Smith","startTime":3718.63,"endTime":3723.49,"body":"REITs has proven to be both"},{"speaker":"Alan Smith","startTime":3718.63,"endTime":3723.49,"body":"helpful in terms of dampening"},{"speaker":"Alan Smith","startTime":3723.49,"endTime":3726.88,"body":"volatility during extreme"},{"speaker":"Alan Smith","startTime":3723.49,"endTime":3726.88,"body":"periods of extreme market"},{"speaker":"Alan Smith","startTime":3726.91,"endTime":3730.45,"body":"tension, and giving a small"},{"speaker":"Alan Smith","startTime":3726.91,"endTime":3730.45,"body":"uplift to the investment returns"},{"speaker":"Alan Smith","startTime":3730.45,"endTime":3735.16,"body":"as a fact. So we do have an"},{"speaker":"Alan Smith","startTime":3730.45,"endTime":3735.16,"body":"allocation. There actually are a"},{"speaker":"Alan Smith","startTime":3735.16,"endTime":3739.24,"body":"limited number of index funds."},{"speaker":"Alan Smith","startTime":3735.16,"endTime":3739.24,"body":"It's another area by the way,"},{"speaker":"Alan Smith","startTime":3739.24,"endTime":3743.02,"body":"we're sort of global active REIT"},{"speaker":"Alan Smith","startTime":3739.24,"endTime":3743.02,"body":"funds, every single one of them"},{"speaker":"Alan Smith","startTime":3743.2,"endTime":3747.04,"body":"underperforms the market so"},{"speaker":"Alan Smith","startTime":3743.2,"endTime":3747.04,"body":"buying active refunds is pretty"},{"speaker":"Alan Smith","startTime":3747.04,"endTime":3751.06,"body":"disastrous. But you can buy"},{"speaker":"Alan Smith","startTime":3747.04,"endTime":3751.06,"body":"index funds has plenty of REIT"},{"speaker":"Alan Smith","startTime":3751.0899999999997,"endTime":3755.14,"body":"global reach indices and you can"},{"speaker":"Alan Smith","startTime":3751.0899999999997,"endTime":3755.14,"body":"buy funds, very low cost there's"},{"speaker":"Alan Smith","startTime":3755.14,"endTime":3757.15,"body":"not a load of them. That's the"},{"speaker":"Alan Smith","startTime":3755.14,"endTime":3757.15,"body":"thing. There's not like there"},{"speaker":"Alan Smith","startTime":3757.15,"endTime":3759.94,"body":"are with equity funds. There's"},{"speaker":"Alan Smith","startTime":3757.15,"endTime":3759.94,"body":"hundreds of them. There is a"},{"speaker":"Alan Smith","startTime":3759.94,"endTime":3761.08,"body":"handful. How"},{"speaker":"Carl Widger","startTime":3761.08,"endTime":3763.63,"body":"does that work?"},{"speaker":"Carl Widger","startTime":3761.08,"endTime":3763.63,"body":"Alan, how do you have a passive"},{"speaker":"Carl Widger","startTime":3764.5299999999997,"endTime":3765.79,"body":"refund? I"},{"speaker":"Andy Hart","startTime":3765.79,"endTime":3770.1099999999997,"body":"think what you used"},{"speaker":"Andy Hart","startTime":3765.79,"endTime":3770.1099999999997,"body":"to be invested in the Blackboard"},{"speaker":"Andy Hart","startTime":3770.1099999999997,"endTime":3771.88,"body":"one I just thought we're just"},{"speaker":"Andy Hart","startTime":3770.1099999999997,"endTime":3771.88,"body":"over complicating, just"},{"speaker":"Andy Hart","startTime":3771.88,"endTime":3772.7799999999997,"body":"confusing. So"},{"speaker":"Alan Smith","startTime":3772.81,"endTime":3775.5099999999998,"body":"you just buy fun?"},{"speaker":"Alan Smith","startTime":3772.81,"endTime":3775.5099999999998,"body":"Well, it's same as equity fund"},{"speaker":"Alan Smith","startTime":3775.5099999999998,"endTime":3778.87,"body":"you buy fund which tracks the"},{"speaker":"Alan Smith","startTime":3775.5099999999998,"endTime":3778.87,"body":"whatever the global real estate"},{"speaker":"Alan Smith","startTime":3778.87,"endTime":3781.8399999999997,"body":"investment trust index is and"},{"speaker":"Alan Smith","startTime":3778.87,"endTime":3781.8399999999997,"body":"there are several of them but"},{"speaker":"Alan Smith","startTime":3781.8399999999997,"endTime":3784.69,"body":"you buy them you Blackrock is"},{"speaker":"Alan Smith","startTime":3781.8399999999997,"endTime":3784.69,"body":"the one we use. There are, there"},{"speaker":"Alan Smith","startTime":3784.69,"endTime":3789.3399999999997,"body":"are others. They are they do"},{"speaker":"Alan Smith","startTime":3784.69,"endTime":3789.3399999999997,"body":"make you somewhat skewed to us"},{"speaker":"Alan Smith","startTime":3789.37,"endTime":3793.06,"body":"real estate, and funnily enough,"},{"speaker":"Alan Smith","startTime":3789.37,"endTime":3793.06,"body":"Japan actually is big. So you've"},{"speaker":"Alan Smith","startTime":3793.06,"endTime":3796.87,"body":"got more, I mean, UK property is"},{"speaker":"Alan Smith","startTime":3793.06,"endTime":3796.87,"body":"tiny, like it is with equities"},{"speaker":"Alan Smith","startTime":3796.87,"endTime":3800.23,"body":"in terms of the global reach"},{"speaker":"Alan Smith","startTime":3796.87,"endTime":3800.23,"body":"market. But the actual, the"},{"speaker":"Alan Smith","startTime":3800.23,"endTime":3805.0299999999997,"body":"value of global real estate is"},{"speaker":"Alan Smith","startTime":3800.23,"endTime":3805.0299999999997,"body":"just vast. It's just, I believe"},{"speaker":"Alan Smith","startTime":3805.0299999999997,"endTime":3807.7599999999998,"body":"it, there's not as much as"},{"speaker":"Alan Smith","startTime":3805.0299999999997,"endTime":3807.7599999999998,"body":"equities, it's, it's as close to"},{"speaker":"Alan Smith","startTime":3807.7599999999998,"endTime":3812.5299999999997,"body":"it if not more, it is a huge"},{"speaker":"Alan Smith","startTime":3807.7599999999998,"endTime":3812.5299999999997,"body":"asset class. Lots of data"},{"speaker":"Alan Smith","startTime":3812.5299999999997,"endTime":3816.31,"body":"suggests research suggests that"},{"speaker":"Alan Smith","startTime":3812.5299999999997,"endTime":3816.31,"body":"as I say, it does add a small"},{"speaker":"Alan Smith","startTime":3816.31,"endTime":3819.37,"body":"uplift. And it does dampen"},{"speaker":"Alan Smith","startTime":3816.31,"endTime":3819.37,"body":"volatility during periods of"},{"speaker":"Alan Smith","startTime":3819.37,"endTime":3823.06,"body":"market stress. So we have I"},{"speaker":"Alan Smith","startTime":3819.37,"endTime":3823.06,"body":"think, broadly now in our growth"},{"speaker":"Alan Smith","startTime":3823.06,"endTime":3827.68,"body":"portfolios, I think 10%"},{"speaker":"Alan Smith","startTime":3823.06,"endTime":3827.68,"body":"allocated to global reach. So it"},{"speaker":"Alan Smith","startTime":3827.68,"endTime":3831.7,"body":"can add value, you know, does it"},{"speaker":"Alan Smith","startTime":3827.68,"endTime":3831.7,"body":"are you better off just"},{"speaker":"Alan Smith","startTime":3831.7,"endTime":3835.39,"body":"simplifying? Maybe, maybe you"},{"speaker":"Alan Smith","startTime":3831.7,"endTime":3835.39,"body":"are, but our view is you can do"},{"speaker":"Alan Smith","startTime":3835.6,"endTime":3839.5,"body":"and of course, that's very, very"},{"speaker":"Alan Smith","startTime":3835.6,"endTime":3839.5,"body":"different to somebody who's got"},{"speaker":"Alan Smith","startTime":3839.5299999999997,"endTime":3841.48,"body":"you know, about I owe my"},{"speaker":"Alan Smith","startTime":3839.5299999999997,"endTime":3841.48,"body":"property, my own home or"},{"speaker":"Alan Smith","startTime":3841.48,"endTime":3845.98,"body":"something, you know, UK,"},{"speaker":"Alan Smith","startTime":3841.48,"endTime":3845.98,"body":"domestic property is entirely"},{"speaker":"Alan Smith","startTime":3845.98,"endTime":3849.46,"body":"different asset class, to global"},{"speaker":"Alan Smith","startTime":3845.98,"endTime":3849.46,"body":"commercial real estate."},{"speaker":"Andy Hart","startTime":3850.42,"endTime":3852.16,"body":"Can you share a"},{"speaker":"Andy Hart","startTime":3850.42,"endTime":3852.16,"body":"little bit about your experience"},{"speaker":"Andy Hart","startTime":3852.16,"endTime":3854.62,"body":"with dealing with clients that"},{"speaker":"Andy Hart","startTime":3852.16,"endTime":3854.62,"body":"are either property mad or not"},{"speaker":"Andy Hart","startTime":3854.74,"endTime":3856.66,"body":"for the somewhat younger"},{"speaker":"Andy Hart","startTime":3854.74,"endTime":3856.66,"body":"listeners?"},{"speaker":"Alan Smith","startTime":3857.68,"endTime":3860.17,"body":"Again, I think if"},{"speaker":"Alan Smith","startTime":3857.68,"endTime":3860.17,"body":"they are property mad, they're"},{"speaker":"Alan Smith","startTime":3860.17,"endTime":3862.45,"body":"unlikely to really to want to"},{"speaker":"Alan Smith","startTime":3860.17,"endTime":3862.45,"body":"engage with us. And I've met"},{"speaker":"Alan Smith","startTime":3862.45,"endTime":3864.67,"body":"plenty people over the years"},{"speaker":"Alan Smith","startTime":3862.45,"endTime":3864.67,"body":"that are exactly that. And they"},{"speaker":"Alan Smith","startTime":3864.67,"endTime":3867.67,"body":"just say, Well, why I'd invest"},{"speaker":"Alan Smith","startTime":3864.67,"endTime":3867.67,"body":"in you guys, I'm always I would"},{"speaker":"Alan Smith","startTime":3867.67,"endTime":3871.2999999999997,"body":"outperform your equity"},{"speaker":"Alan Smith","startTime":3867.67,"endTime":3871.2999999999997,"body":"portfolio. So you tend not to"},{"speaker":"Alan Smith","startTime":3871.66,"endTime":3876.19,"body":"engage? Got certainly got"},{"speaker":"Alan Smith","startTime":3871.66,"endTime":3876.19,"body":"clients. And as you know, a lot"},{"speaker":"Alan Smith","startTime":3876.19,"endTime":3878.56,"body":"of roads lead back to meet the"},{"speaker":"Alan Smith","startTime":3876.19,"endTime":3878.56,"body":"prospective client where they"},{"speaker":"Alan Smith","startTime":3878.56,"endTime":3880.5099999999998,"body":"are. Sometimes we'll meet people"},{"speaker":"Alan Smith","startTime":3878.56,"endTime":3880.5099999999998,"body":"and say, Look, I do like"},{"speaker":"Alan Smith","startTime":3880.5099999999998,"endTime":3883.12,"body":"property, I've got five by two,"},{"speaker":"Alan Smith","startTime":3880.5099999999998,"endTime":3883.12,"body":"let's or whatever it might be."},{"speaker":"Alan Smith","startTime":3883.7799999999997,"endTime":3886.3599999999997,"body":"I'm never I'm never gonna say"},{"speaker":"Alan Smith","startTime":3883.7799999999997,"endTime":3886.3599999999997,"body":"more that case, you can't become"},{"speaker":"Alan Smith","startTime":3886.3599999999997,"endTime":3889.66,"body":"a client of ours. I'll say,"},{"speaker":"Alan Smith","startTime":3886.3599999999997,"endTime":3889.66,"body":"interesting. Okay, that's fine."},{"speaker":"Alan Smith","startTime":3889.66,"endTime":3892.48,"body":"Happy to work with you happy to"},{"speaker":"Alan Smith","startTime":3889.66,"endTime":3892.48,"body":"talk to you about that. What"},{"speaker":"Alan Smith","startTime":3892.48,"endTime":3895.54,"body":"we're not going to necessarily"},{"speaker":"Alan Smith","startTime":3892.48,"endTime":3895.54,"body":"do I don't think we've ever done"},{"speaker":"Alan Smith","startTime":3895.54,"endTime":3898.5699999999997,"body":"is take on a client that's only"},{"speaker":"Alan Smith","startTime":3895.54,"endTime":3898.5699999999997,"body":"got those sort of assets. I"},{"speaker":"Alan Smith","startTime":3898.5699999999997,"endTime":3901.6,"body":"think over time, like a lot of"},{"speaker":"Alan Smith","startTime":3898.5699999999997,"endTime":3901.6,"body":"things you begin to you can't"},{"speaker":"Alan Smith","startTime":3901.6,"endTime":3904.42,"body":"you have good conversations you"},{"speaker":"Alan Smith","startTime":3901.6,"endTime":3904.42,"body":"educate you look at things and"},{"speaker":"Alan Smith","startTime":3904.42,"endTime":3909.22,"body":"you begin to unravel this love"},{"speaker":"Alan Smith","startTime":3904.42,"endTime":3909.22,"body":"affair for property. And I think"},{"speaker":"Alan Smith","startTime":3909.22,"endTime":3911.71,"body":"one of the biggest things really"},{"speaker":"Alan Smith","startTime":3909.22,"endTime":3911.71,"body":"is a particularly we speak to"},{"speaker":"Alan Smith","startTime":3911.71,"endTime":3915.04,"body":"clients as they get older. As"},{"speaker":"Alan Smith","startTime":3911.71,"endTime":3915.04,"body":"they go into retirement. And"},{"speaker":"Alan Smith","startTime":3915.04,"endTime":3918.5499999999997,"body":"they've got this view, there is"},{"speaker":"Alan Smith","startTime":3915.04,"endTime":3918.5499999999997,"body":"a sort of a, there is a view out"},{"speaker":"Alan Smith","startTime":3918.5499999999997,"endTime":3921.0699999999997,"body":"there. There's lots of media and"},{"speaker":"Alan Smith","startTime":3918.5499999999997,"endTime":3921.0699999999997,"body":"companies selling this stuff"},{"speaker":"Alan Smith","startTime":3921.1,"endTime":3923.89,"body":"about creating a passive income"},{"speaker":"Alan Smith","startTime":3921.1,"endTime":3923.89,"body":"stream on property as a passive"},{"speaker":"Alan Smith","startTime":3923.89,"endTime":3928.0299999999997,"body":"income stream as we know it is"},{"speaker":"Alan Smith","startTime":3923.89,"endTime":3928.0299999999997,"body":"the least passive income stream"},{"speaker":"Alan Smith","startTime":3928.33,"endTime":3931.48,"body":"you could ever have. And I talk"},{"speaker":"Alan Smith","startTime":3928.33,"endTime":3931.48,"body":"about this, these various"},{"speaker":"Alan Smith","startTime":3931.6,"endTime":3936.19,"body":"factors of why do you invest in"},{"speaker":"Alan Smith","startTime":3931.6,"endTime":3936.19,"body":"the first place, and"},{"speaker":"Alan Smith","startTime":3936.19,"endTime":3938.41,"body":"particularly as you get older, I"},{"speaker":"Alan Smith","startTime":3936.19,"endTime":3938.41,"body":"just call it the hassle factor."},{"speaker":"Alan Smith","startTime":3938.65,"endTime":3942.3399999999997,"body":"Again, like you guys have"},{"speaker":"Alan Smith","startTime":3938.65,"endTime":3942.3399999999997,"body":"mentioned, I'm a buy to let"},{"speaker":"Alan Smith","startTime":3942.3399999999997,"endTime":3945.0699999999997,"body":"landlord as well. I mean, one of"},{"speaker":"Alan Smith","startTime":3942.3399999999997,"endTime":3945.0699999999997,"body":"my tenants is my mother in law,"},{"speaker":"Alan Smith","startTime":3945.0699999999997,"endTime":3948.22,"body":"which causes a whole set of"},{"speaker":"Alan Smith","startTime":3945.0699999999997,"endTime":3948.22,"body":"other complexities and"},{"speaker":"Alan Smith","startTime":3948.22,"endTime":3953.17,"body":"challenges. But there is no"},{"speaker":"Alan Smith","startTime":3948.22,"endTime":3953.17,"body":"there is no doubt there is a"},{"speaker":"Alan Smith","startTime":3953.17,"endTime":3955.81,"body":"hassle factor. And I say to"},{"speaker":"Alan Smith","startTime":3953.17,"endTime":3955.81,"body":"those clients who own"},{"speaker":"Alan Smith","startTime":3955.81,"endTime":3958.69,"body":"properties, so it depends how"},{"speaker":"Alan Smith","startTime":3955.81,"endTime":3958.69,"body":"active you want to be involved"},{"speaker":"Alan Smith","startTime":3958.69,"endTime":3961.66,"body":"because and they say, well, I'll"},{"speaker":"Alan Smith","startTime":3958.69,"endTime":3961.66,"body":"pay an agent and we'll finally"},{"speaker":"Alan Smith","startTime":3961.66,"endTime":3965.23,"body":"get another 10% of your yield or"},{"speaker":"Alan Smith","startTime":3961.66,"endTime":3965.23,"body":"your income going out the door."},{"speaker":"Alan Smith","startTime":3965.23,"endTime":3969.94,"body":"And if you net net net that all"},{"speaker":"Alan Smith","startTime":3965.23,"endTime":3969.94,"body":"down. Plus, you may well be able"},{"speaker":"Alan Smith","startTime":3969.94,"endTime":3973.0899999999997,"body":"to outsource a staff to get if"},{"speaker":"Alan Smith","startTime":3969.94,"endTime":3973.0899999999997,"body":"somebody if there's a burst pipe"},{"speaker":"Alan Smith","startTime":3973.0899999999997,"endTime":3974.92,"body":"in the middle of the night you"},{"speaker":"Alan Smith","startTime":3973.0899999999997,"endTime":3974.92,"body":"might be able to outsource that."},{"speaker":"Alan Smith","startTime":3975.31,"endTime":3978.49,"body":"But you've got it takes up"},{"speaker":"Alan Smith","startTime":3975.31,"endTime":3978.49,"body":"mental headspace you're thinking"},{"speaker":"Alan Smith","startTime":3978.49,"endTime":3980.74,"body":"about it, you get emails about"},{"speaker":"Alan Smith","startTime":3978.49,"endTime":3980.74,"body":"it, you get updates and what"},{"speaker":"Alan Smith","startTime":3980.74,"endTime":3983.62,"body":"have you. And particularly as"},{"speaker":"Alan Smith","startTime":3980.74,"endTime":3983.62,"body":"you get if you're young, and"},{"speaker":"Alan Smith","startTime":3983.62,"endTime":3986.2599999999998,"body":"you've got the energy, you want"},{"speaker":"Alan Smith","startTime":3983.62,"endTime":3986.2599999999998,"body":"to do it. And some people really"},{"speaker":"Alan Smith","startTime":3986.2599999999998,"endTime":3987.16,"body":"are passionate about it."},{"speaker":"Nick Lincoln","startTime":3987.16,"endTime":3989.38,"body":"Some people like"},{"speaker":"Nick Lincoln","startTime":3987.16,"endTime":3989.38,"body":"that though, I think some people"},{"speaker":"Nick Lincoln","startTime":3989.74,"endTime":3991.15,"body":"they like, and it"},{"speaker":"Alan Smith","startTime":3991.15,"endTime":3994.0899999999997,"body":"becomes a part time"},{"speaker":"Alan Smith","startTime":3991.15,"endTime":3994.0899999999997,"body":"job for you if you want to do"},{"speaker":"Alan Smith","startTime":3994.0899999999997,"endTime":3996.4,"body":"that fine. But I say to this"},{"speaker":"Alan Smith","startTime":3994.0899999999997,"endTime":3996.4,"body":"club, gently going into"},{"speaker":"Alan Smith","startTime":3996.4,"endTime":3999.0099999999998,"body":"retirement, you want to be you"},{"speaker":"Alan Smith","startTime":3996.4,"endTime":3999.0099999999998,"body":"know, often your travels, you"},{"speaker":"Alan Smith","startTime":3999.0099999999998,"endTime":4001.5299999999997,"body":"know, playing your tennis, your"},{"speaker":"Alan Smith","startTime":3999.0099999999998,"endTime":4001.5299999999997,"body":"golf, or on your cruise, or"},{"speaker":"Alan Smith","startTime":4001.5299999999997,"endTime":4004.44,"body":"whatever it is that you want to"},{"speaker":"Alan Smith","startTime":4001.5299999999997,"endTime":4004.44,"body":"do, the last thing you need is"},{"speaker":"Alan Smith","startTime":4004.44,"endTime":4007.62,"body":"to get a phone call about this"},{"speaker":"Alan Smith","startTime":4004.44,"endTime":4007.62,"body":"stuff. So the hassle factors to"},{"speaker":"Alan Smith","startTime":4007.62,"endTime":4010.08,"body":"start, and that'd be fine. If"},{"speaker":"Alan Smith","startTime":4007.62,"endTime":4010.08,"body":"you're getting like double the"},{"speaker":"Alan Smith","startTime":4010.08,"endTime":4012.2999999999997,"body":"returns or something else, you"},{"speaker":"Alan Smith","startTime":4010.08,"endTime":4012.2999999999997,"body":"might be able to be prepared to"},{"speaker":"Alan Smith","startTime":4012.2999999999997,"endTime":4014.5499999999997,"body":"pay for it. But the data says"},{"speaker":"Alan Smith","startTime":4012.2999999999997,"endTime":4014.5499999999997,"body":"you're actually getting"},{"speaker":"Alan Smith","startTime":4014.5499999999997,"endTime":4017.3399999999997,"body":"particularly on bricks and"},{"speaker":"Alan Smith","startTime":4014.5499999999997,"endTime":4017.3399999999997,"body":"mortar domestic property, you're"},{"speaker":"Alan Smith","startTime":4017.3399999999997,"endTime":4020.5499999999997,"body":"getting a lower return than a"},{"speaker":"Alan Smith","startTime":4017.3399999999997,"endTime":4020.5499999999997,"body":"comparative sort of global"},{"speaker":"Alan Smith","startTime":4020.5499999999997,"endTime":4025.2599999999998,"body":"equity type portfolio. So yeah,"},{"speaker":"Alan Smith","startTime":4020.5499999999997,"endTime":4025.2599999999998,"body":"not a fan, I believe it does"},{"speaker":"Alan Smith","startTime":4025.2599999999998,"endTime":4028.47,"body":"have a place in but in the sort"},{"speaker":"Alan Smith","startTime":4025.2599999999998,"endTime":4028.47,"body":"of real estate investment trust"},{"speaker":"Alan Smith","startTime":4028.47,"endTime":4031.38,"body":"do have a place in diversified"},{"speaker":"Alan Smith","startTime":4028.47,"endTime":4031.38,"body":"portfolios, low cost index"},{"speaker":"Alan Smith","startTime":4031.38,"endTime":4035.94,"body":"based, but beyond that, no, not"},{"speaker":"Alan Smith","startTime":4031.38,"endTime":4035.94,"body":"a fan. Looking forward to the"},{"speaker":"Alan Smith","startTime":4035.94,"endTime":4037.2599999999998,"body":"view from Limerick."},{"speaker":"Nick Lincoln","startTime":4038.7,"endTime":4040.7999999999997,"body":"Well, let's go"},{"speaker":"Nick Lincoln","startTime":4038.7,"endTime":4040.7999999999997,"body":"over to call us because we in"},{"speaker":"Nick Lincoln","startTime":4040.7999999999997,"endTime":4042.7799999999997,"body":"the UK, well, globally, we"},{"speaker":"Nick Lincoln","startTime":4040.7999999999997,"endTime":4042.7799999999997,"body":"suffered in the credit crunch"},{"speaker":"Nick Lincoln","startTime":4042.7799999999997,"endTime":4045.5099999999998,"body":"didn't all of us did. But"},{"speaker":"Nick Lincoln","startTime":4042.7799999999997,"endTime":4045.5099999999998,"body":"Ireland especially didn't it,"},{"speaker":"Carl Widger","startTime":4046.47,"endTime":4051.33,"body":"Tiger. Yeah. So"},{"speaker":"Carl Widger","startTime":4046.47,"endTime":4051.33,"body":"look, I've kind of a couple of"},{"speaker":"Carl Widger","startTime":4051.33,"endTime":4054.81,"body":"points to make on this. And"},{"speaker":"Carl Widger","startTime":4051.33,"endTime":4054.81,"body":"maybe a couple of counter points"},{"speaker":"Carl Widger","startTime":4054.81,"endTime":4057.54,"body":"to what kind of parts have been"},{"speaker":"Carl Widger","startTime":4054.81,"endTime":4057.54,"body":"said already. But I will I will"},{"speaker":"Carl Widger","startTime":4057.54,"endTime":4060.21,"body":"then finish about how we deal"},{"speaker":"Carl Widger","startTime":4057.54,"endTime":4060.21,"body":"with clients, because obviously,"},{"speaker":"Carl Widger","startTime":4060.24,"endTime":4063.54,"body":"the Irish love their property."},{"speaker":"Carl Widger","startTime":4060.24,"endTime":4063.54,"body":"So to be madness for us to be"},{"speaker":"Carl Widger","startTime":4063.54,"endTime":4066.0,"body":"turning everyone away. If you if"},{"speaker":"Carl Widger","startTime":4063.54,"endTime":4066.0,"body":"you love property, we wouldn't"},{"speaker":"Carl Widger","startTime":4066.0,"endTime":4068.8199999999997,"body":"have any clients. Right. So I'll"},{"speaker":"Carl Widger","startTime":4066.0,"endTime":4068.8199999999997,"body":"finish on that point. First"},{"speaker":"Carl Widger","startTime":4068.8199999999997,"endTime":4072.96,"body":"thing to say is, it doesn't"},{"speaker":"Carl Widger","startTime":4068.8199999999997,"endTime":4072.96,"body":"automatically follow the Irish"},{"speaker":"Carl Widger","startTime":4072.96,"endTime":4076.71,"body":"experience, my personal"},{"speaker":"Carl Widger","startTime":4072.96,"endTime":4076.71,"body":"experience, that rising rents"},{"speaker":"Carl Widger","startTime":4076.71,"endTime":4081.42,"body":"equals rising capital values and"},{"speaker":"Carl Widger","startTime":4076.71,"endTime":4081.42,"body":"over 1820 year period, that you"},{"speaker":"Carl Widger","startTime":4081.42,"endTime":4084.6,"body":"know, you will have capital"},{"speaker":"Carl Widger","startTime":4081.42,"endTime":4084.6,"body":"appreciation, I can prove that"},{"speaker":"Carl Widger","startTime":4084.6,"endTime":4088.92,"body":"because I have a an apartment in"},{"speaker":"Carl Widger","startTime":4084.6,"endTime":4088.92,"body":"my pension fund that I bought in"},{"speaker":"Carl Widger","startTime":4088.92,"endTime":4093.8399999999997,"body":"2006. And only this year, has"},{"speaker":"Carl Widger","startTime":4088.92,"endTime":4093.8399999999997,"body":"the capital value gone ahead of"},{"speaker":"Carl Widger","startTime":4093.8399999999997,"endTime":4101.25,"body":"where it was at in 2006. Okay,"},{"speaker":"Carl Widger","startTime":4093.8399999999997,"endTime":4101.25,"body":"so that's, yeah, correct. The"},{"speaker":"Carl Widger","startTime":4101.25,"endTime":4105.72,"body":"rent has gone, you know, maybe"},{"speaker":"Carl Widger","startTime":4101.25,"endTime":4105.72,"body":"50%, over that period of time,"},{"speaker":"Carl Widger","startTime":4105.72,"endTime":4111.18,"body":"but it's modest enough, right."},{"speaker":"Carl Widger","startTime":4105.72,"endTime":4111.18,"body":"So. So there's one good example"},{"speaker":"Carl Widger","startTime":4111.21,"endTime":4116.46,"body":"of the, you know, the the the"},{"speaker":"Carl Widger","startTime":4111.21,"endTime":4116.46,"body":"amateur landlord, who all I"},{"speaker":"Carl Widger","startTime":4116.49,"endTime":4120.93,"body":"displace, I know that it will be"},{"speaker":"Carl Widger","startTime":4116.49,"endTime":4120.93,"body":"value and, you know, right, that"},{"speaker":"Carl Widger","startTime":4120.93,"endTime":4125.16,"body":"tends to backfire spectacularly"},{"speaker":"Carl Widger","startTime":4120.93,"endTime":4125.16,"body":"aren't enough, it tends to it"},{"speaker":"Carl Widger","startTime":4125.16,"endTime":4129.06,"body":"can and I can prove that, I also"},{"speaker":"Carl Widger","startTime":4125.16,"endTime":4129.06,"body":"have that that apartment is in"},{"speaker":"Carl Widger","startTime":4129.06,"endTime":4134.28,"body":"my pension fund. So all of the"},{"speaker":"Carl Widger","startTime":4129.06,"endTime":4134.28,"body":"craft going on about you know,"},{"speaker":"Carl Widger","startTime":4134.9400000000005,"endTime":4139.53,"body":"you know, the liquidity and the"},{"speaker":"Carl Widger","startTime":4134.9400000000005,"endTime":4139.53,"body":"charges and how you have to now"},{"speaker":"Carl Widger","startTime":4139.53,"endTime":4142.71,"body":"have a professional manager"},{"speaker":"Carl Widger","startTime":4139.53,"endTime":4142.71,"body":"taking though I think it's 8%,"},{"speaker":"Carl Widger","startTime":4142.71,"endTime":4148.32,"body":"or whatever. So it's just, I can"},{"speaker":"Carl Widger","startTime":4142.71,"endTime":4148.32,"body":"honestly, just tell people my"},{"speaker":"Carl Widger","startTime":4148.32,"endTime":4151.71,"body":"story, if they come in and say I"},{"speaker":"Carl Widger","startTime":4148.32,"endTime":4151.71,"body":"want to buy an apartment in my"},{"speaker":"Carl Widger","startTime":4151.71,"endTime":4155.7,"body":"venture for New Zealand, you"},{"speaker":"Carl Widger","startTime":4151.71,"endTime":4155.7,"body":"can, we're not the place for you"},{"speaker":"Carl Widger","startTime":4155.7,"endTime":4159.18,"body":"to do that, if that's all you"},{"speaker":"Carl Widger","startTime":4155.7,"endTime":4159.18,"body":"want to do. But here's my story."},{"speaker":"Carl Widger","startTime":4159.21,"endTime":4161.76,"body":"So that's the first thing to"},{"speaker":"Carl Widger","startTime":4159.21,"endTime":4161.76,"body":"say. The second thing to say"},{"speaker":"Carl Widger","startTime":4161.76,"endTime":4166.92,"body":"then is on the rates, Allen,"},{"speaker":"Carl Widger","startTime":4161.76,"endTime":4166.92,"body":"like you're kind of pointing out"},{"speaker":"Carl Widger","startTime":4166.92,"endTime":4169.83,"body":"that on the one hand on the"},{"speaker":"Carl Widger","startTime":4166.92,"endTime":4169.83,"body":"downside, you get protected, and"},{"speaker":"Carl Widger","startTime":4169.83,"endTime":4174.87,"body":"on the upside, and it's going to"},{"speaker":"Carl Widger","startTime":4169.83,"endTime":4174.87,"body":"give you more so like I think"},{"speaker":"Carl Widger","startTime":4175.47,"endTime":4177.96,"body":"perhaps there's some middle"},{"speaker":"Carl Widger","startTime":4175.47,"endTime":4177.96,"body":"ground in there."},{"speaker":"Andy Hart","startTime":4179.28,"endTime":4180.87,"body":"It'll be out of him"},{"speaker":"Andy Hart","startTime":4179.28,"endTime":4180.87,"body":"and a couple of years down the"},{"speaker":"Andy Hart","startTime":4180.87,"endTime":4181.5599999999995,"body":"road. But"},{"speaker":"Alan Smith","startTime":4183.599,"endTime":4186.749,"body":"anything that we do"},{"speaker":"Alan Smith","startTime":4183.599,"endTime":4186.749,"body":"is facts and evidence based and"},{"speaker":"Alan Smith","startTime":4186.749,"endTime":4188.789,"body":"be I mean, there's no there's no"},{"speaker":"Alan Smith","startTime":4186.749,"endTime":4188.789,"body":"guarantee that that will repeat"},{"speaker":"Alan Smith","startTime":4188.789,"endTime":4193.3189999999995,"body":"in the future. But certainly"},{"speaker":"Alan Smith","startTime":4188.789,"endTime":4193.3189999999995,"body":"during 2007 Nine global crisis,"},{"speaker":"Alan Smith","startTime":4193.349,"endTime":4198.3589999999995,"body":"they did provide a dampener to"},{"speaker":"Alan Smith","startTime":4193.349,"endTime":4198.3589999999995,"body":"the extreme down swings of"},{"speaker":"Alan Smith","startTime":4198.419,"endTime":4201.809,"body":"traditional equities. And yes,"},{"speaker":"Alan Smith","startTime":4198.419,"endTime":4201.809,"body":"there is data to show that"},{"speaker":"Alan Smith","startTime":4201.809,"endTime":4206.8189999999995,"body":"something like a 10% allocation"},{"speaker":"Alan Smith","startTime":4201.809,"endTime":4206.8189999999995,"body":"can historically has given you a"},{"speaker":"Alan Smith","startTime":4206.8189999999995,"endTime":4209.399,"body":"small kicker to the"},{"speaker":"Alan Smith","startTime":4206.8189999999995,"endTime":4209.399,"body":"outperformance again, it's just"},{"speaker":"Alan Smith","startTime":4209.399,"endTime":4211.499,"body":"I'm not making this up. But you"},{"speaker":"Alan Smith","startTime":4209.399,"endTime":4211.499,"body":"know, we take this stuff very,"},{"speaker":"Alan Smith","startTime":4211.499,"endTime":4212.579,"body":"very seriously. No, I"},{"speaker":"Carl Widger","startTime":4212.58,"endTime":4214.59,"body":"know that I know"},{"speaker":"Carl Widger","startTime":4212.58,"endTime":4214.59,"body":"that I was I was I was gonna I"},{"speaker":"Carl Widger","startTime":4214.59,"endTime":4217.65,"body":"was gonna just finish my point"},{"speaker":"Carl Widger","startTime":4214.59,"endTime":4217.65,"body":"on my my experience of REITs is"},{"speaker":"Carl Widger","startTime":4217.65,"endTime":4221.34,"body":"on the Irish REITs. Right. So"},{"speaker":"Carl Widger","startTime":4217.65,"endTime":4221.34,"body":"and that, that that dream is"},{"speaker":"Carl Widger","startTime":4221.34,"endTime":4226.68,"body":"definitely boasting apart at the"},{"speaker":"Carl Widger","startTime":4221.34,"endTime":4226.68,"body":"moment, right? So they were kind"},{"speaker":"Carl Widger","startTime":4226.68,"endTime":4229.05,"body":"of a lot of those were put"},{"speaker":"Carl Widger","startTime":4226.68,"endTime":4229.05,"body":"together at post financial"},{"speaker":"Carl Widger","startTime":4229.05,"endTime":4232.17,"body":"crash, right. So it was a it was"},{"speaker":"Carl Widger","startTime":4229.05,"endTime":4232.17,"body":"a new way of investing and there"},{"speaker":"Carl Widger","startTime":4232.17,"endTime":4237.57,"body":"wasn't gearing and blah, blah,"},{"speaker":"Carl Widger","startTime":4232.17,"endTime":4237.57,"body":"blah. So, but those funds tended"},{"speaker":"Carl Widger","startTime":4237.57,"endTime":4241.29,"body":"to act like the stock market, as"},{"speaker":"Carl Widger","startTime":4237.57,"endTime":4241.29,"body":"opposed to the property market."},{"speaker":"Carl Widger","startTime":4242.13,"endTime":4245.37,"body":"Now, those funds are struggling"},{"speaker":"Carl Widger","startTime":4242.13,"endTime":4245.37,"body":"now because office rents and"},{"speaker":"Carl Widger","startTime":4245.37,"endTime":4248.07,"body":"prices, whatever, but I will"},{"speaker":"Carl Widger","startTime":4245.37,"endTime":4248.07,"body":"admit that my experience of"},{"speaker":"Carl Widger","startTime":4248.07,"endTime":4250.11,"body":"REITs that I've looked at is the"},{"speaker":"Carl Widger","startTime":4248.07,"endTime":4250.11,"body":"Irish"},{"speaker":"Alan Smith","startTime":4250.14,"endTime":4252.03,"body":"Yeah, we're talking"},{"speaker":"Alan Smith","startTime":4250.14,"endTime":4252.03,"body":"something very specific. I'm"},{"speaker":"Alan Smith","startTime":4252.03,"endTime":4254.76,"body":"open to global commercial"},{"speaker":"Alan Smith","startTime":4252.03,"endTime":4254.76,"body":"property being you know, you"},{"speaker":"Alan Smith","startTime":4254.76,"endTime":4258.09,"body":"would own it. They're listed"},{"speaker":"Alan Smith","startTime":4254.76,"endTime":4258.09,"body":"company, obviously, they're real"},{"speaker":"Alan Smith","startTime":4258.09,"endTime":4261.3,"body":"estate companies, you know, some"},{"speaker":"Alan Smith","startTime":4258.09,"endTime":4261.3,"body":"New York real estate companies."},{"speaker":"Alan Smith","startTime":4261.3,"endTime":4264.0599999999995,"body":"I'm talking about real estate at"},{"speaker":"Alan Smith","startTime":4261.3,"endTime":4264.0599999999995,"body":"the owns, yeah, billions of"},{"speaker":"Alan Smith","startTime":4264.0599999999995,"endTime":4266.5199999999995,"body":"dollars worth of these"},{"speaker":"Alan Smith","startTime":4264.0599999999995,"endTime":4266.5199999999995,"body":"companies. So it's quite"},{"speaker":"Alan Smith","startTime":4266.5199999999995,"endTime":4270.51,"body":"different to I guess, to an"},{"speaker":"Alan Smith","startTime":4266.5199999999995,"endTime":4270.51,"body":"Irish local REIT, which would be"},{"speaker":"Alan Smith","startTime":4270.54,"endTime":4273.3,"body":"which was effectively actively"},{"speaker":"Alan Smith","startTime":4270.54,"endTime":4273.3,"body":"managed, I think, by the sounds"},{"speaker":"Alan Smith","startTime":4273.3,"endTime":4273.96,"body":"of it anyway."},{"speaker":"Carl Widger","startTime":4276.12,"endTime":4281.58,"body":"100 100% But look,"},{"speaker":"Carl Widger","startTime":4276.12,"endTime":4281.58,"body":"this Derrick kind of, that's my"},{"speaker":"Carl Widger","startTime":4281.58,"endTime":4285.18,"body":"experience and kind of my"},{"speaker":"Carl Widger","startTime":4281.58,"endTime":4285.18,"body":"thoughts on it. But so how do we"},{"speaker":"Carl Widger","startTime":4285.18,"endTime":4288.87,"body":"deal with? So after all this is"},{"speaker":"Carl Widger","startTime":4285.18,"endTime":4288.87,"body":"this is a show for financial"},{"speaker":"Carl Widger","startTime":4288.87,"endTime":4293.5199999999995,"body":"advisors. So how do we deal with"},{"speaker":"Carl Widger","startTime":4288.87,"endTime":4293.5199999999995,"body":"every single client who walks in"},{"speaker":"Carl Widger","startTime":4293.5199999999995,"endTime":4297.12,"body":"and says, Oh, I've got an order"},{"speaker":"Carl Widger","startTime":4293.5199999999995,"endTime":4297.12,"body":"property right? And so the first"},{"speaker":"Carl Widger","startTime":4297.12,"endTime":4301.2,"body":"thing to say is if we've got an"},{"speaker":"Carl Widger","startTime":4297.12,"endTime":4301.2,"body":"I have had those people out and"},{"speaker":"Carl Widger","startTime":4301.2,"endTime":4305.49,"body":"who owe the property will will"},{"speaker":"Carl Widger","startTime":4301.2,"endTime":4305.49,"body":"always be global equities. And"},{"speaker":"Carl Widger","startTime":4305.49,"endTime":4310.32,"body":"your funds can can't possibly"},{"speaker":"Carl Widger","startTime":4305.49,"endTime":4310.32,"body":"beat me. I was like, Well, sure,"},{"speaker":"Carl Widger","startTime":4310.44,"endTime":4312.9,"body":"the very best to look and shake"},{"speaker":"Carl Widger","startTime":4310.44,"endTime":4312.9,"body":"hands and move on, right?"},{"speaker":"Carl Widger","startTime":4312.9,"endTime":4316.05,"body":"Because there is absolutely no"},{"speaker":"Carl Widger","startTime":4312.9,"endTime":4316.05,"body":"point in talking those people"},{"speaker":"Carl Widger","startTime":4316.05,"endTime":4319.47,"body":"around. But they're thin"},{"speaker":"Carl Widger","startTime":4316.05,"endTime":4319.47,"body":"underground now. Right. So that"},{"speaker":"Carl Widger","startTime":4319.47,"endTime":4321.99,"body":"was the great thing about the"},{"speaker":"Carl Widger","startTime":4319.47,"endTime":4321.99,"body":"financial crisis in Ireland that"},{"speaker":"Carl Widger","startTime":4322.14,"endTime":4325.7699999999995,"body":"people realize the really"},{"speaker":"Carl Widger","startTime":4322.14,"endTime":4325.7699999999995,"body":"successful property developers."},{"speaker":"Carl Widger","startTime":4326.22,"endTime":4329.07,"body":"And a lot of them were clients"},{"speaker":"Carl Widger","startTime":4326.22,"endTime":4329.07,"body":"of mine, right. So I knew them"},{"speaker":"Carl Widger","startTime":4329.3099999999995,"endTime":4331.68,"body":"really well. And they were"},{"speaker":"Carl Widger","startTime":4329.3099999999995,"endTime":4331.68,"body":"really good at what they did."},{"speaker":"Carl Widger","startTime":4331.71,"endTime":4334.47,"body":"And they just got caught,"},{"speaker":"Carl Widger","startTime":4331.71,"endTime":4334.47,"body":"because they just went into one"},{"speaker":"Carl Widger","startTime":4334.47,"endTime":4338.25,"body":"too many of the next deals and"},{"speaker":"Carl Widger","startTime":4334.47,"endTime":4338.25,"body":"leveraging gearing and all of"},{"speaker":"Carl Widger","startTime":4338.25,"endTime":4343.3499999999995,"body":"that kind of stuff, right? So"},{"speaker":"Carl Widger","startTime":4338.25,"endTime":4343.3499999999995,"body":"even those guys now have their"},{"speaker":"Carl Widger","startTime":4343.3499999999995,"endTime":4345.96,"body":"max out their pension funds. And"},{"speaker":"Carl Widger","startTime":4343.3499999999995,"endTime":4345.96,"body":"it tends to be in global"},{"speaker":"Carl Widger","startTime":4345.96,"endTime":4350.22,"body":"equities, right, or something"},{"speaker":"Carl Widger","startTime":4345.96,"endTime":4350.22,"body":"like that. So I think, as a"},{"speaker":"Carl Widger","startTime":4350.22,"endTime":4353.16,"body":"nation, we did learn our lesson,"},{"speaker":"Carl Widger","startTime":4350.22,"endTime":4353.16,"body":"we're still madly in love with"},{"speaker":"Carl Widger","startTime":4353.16,"endTime":4357.96,"body":"property, though. So I think,"},{"speaker":"Carl Widger","startTime":4353.16,"endTime":4357.96,"body":"you know, if you got a client in"},{"speaker":"Carl Widger","startTime":4357.96,"endTime":4361.8,"body":"who's willing to maybe fund"},{"speaker":"Carl Widger","startTime":4357.96,"endTime":4361.8,"body":"their pension and do it your"},{"speaker":"Carl Widger","startTime":4361.8,"endTime":4365.94,"body":"way, but have all the other"},{"speaker":"Carl Widger","startTime":4361.8,"endTime":4365.94,"body":"stuff, right? Your software,"},{"speaker":"Carl Widger","startTime":4365.97,"endTime":4368.76,"body":"your financial planning software"},{"speaker":"Carl Widger","startTime":4365.97,"endTime":4368.76,"body":"is where it's all about, right?"},{"speaker":"Carl Widger","startTime":4368.79,"endTime":4371.73,"body":"where it's all at. And you can"},{"speaker":"Carl Widger","startTime":4368.79,"endTime":4371.73,"body":"bring the client on a journey"},{"speaker":"Carl Widger","startTime":4371.73,"endTime":4375.36,"body":"over a period of time. And this"},{"speaker":"Carl Widger","startTime":4371.73,"endTime":4375.36,"body":"is, this is going back to the"},{"speaker":"Carl Widger","startTime":4375.36,"endTime":4378.15,"body":"Alan has said it twice, I think"},{"speaker":"Carl Widger","startTime":4375.36,"endTime":4378.15,"body":"today meeting the client where"},{"speaker":"Carl Widger","startTime":4378.15,"endTime":4381.69,"body":"they're at, and frankly, being"},{"speaker":"Carl Widger","startTime":4378.15,"endTime":4381.69,"body":"commercial about it, right. So"},{"speaker":"Carl Widger","startTime":4381.69,"endTime":4386.34,"body":"to say, Well, yeah, it we it"},{"speaker":"Carl Widger","startTime":4381.69,"endTime":4386.34,"body":"would be commercially viable for"},{"speaker":"Carl Widger","startTime":4386.34,"endTime":4388.32,"body":"us to take on a client who's"},{"speaker":"Carl Widger","startTime":4386.34,"endTime":4388.32,"body":"going to max out their pension"},{"speaker":"Carl Widger","startTime":4388.32,"endTime":4392.34,"body":"fund, 2 million quid and you go"},{"speaker":"Carl Widger","startTime":4388.32,"endTime":4392.34,"body":"through your your cash flow"},{"speaker":"Carl Widger","startTime":4392.34,"endTime":4395.91,"body":"modeling, and then you hit the"},{"speaker":"Carl Widger","startTime":4392.34,"endTime":4395.91,"body":"assets. And you go through the"},{"speaker":"Carl Widger","startTime":4395.91,"endTime":4398.04,"body":"assets button, and you go on,"},{"speaker":"Carl Widger","startTime":4395.91,"endTime":4398.04,"body":"here's your liquid assets,"},{"speaker":"Carl Widger","startTime":4398.04,"endTime":4400.2,"body":"that's your pension and your"},{"speaker":"Carl Widger","startTime":4398.04,"endTime":4400.2,"body":"little bit of cash and your"},{"speaker":"Carl Widger","startTime":4400.2,"endTime":4402.8099999999995,"body":"investments. And here's your"},{"speaker":"Carl Widger","startTime":4400.2,"endTime":4402.8099999999995,"body":"illiquid, here's the property."},{"speaker":"Carl Widger","startTime":4403.26,"endTime":4407.64,"body":"And by the way, Mr. or Mrs."},{"speaker":"Carl Widger","startTime":4403.26,"endTime":4407.64,"body":"Client, you know, you're you're"},{"speaker":"Carl Widger","startTime":4407.67,"endTime":4411.8099999999995,"body":"the liquidity is going to strike"},{"speaker":"Carl Widger","startTime":4407.67,"endTime":4411.8099999999995,"body":"when you're heading towards"},{"speaker":"Carl Widger","startTime":4411.87,"endTime":4415.44,"body":"nursing home fees are maybe you"},{"speaker":"Carl Widger","startTime":4411.87,"endTime":4415.44,"body":"want to start passing money on"},{"speaker":"Carl Widger","startTime":4415.44,"endTime":4418.3499999999995,"body":"to the kids and all that kind of"},{"speaker":"Carl Widger","startTime":4415.44,"endTime":4418.3499999999995,"body":"stuff. And you can sell a window"},{"speaker":"Carl Widger","startTime":4418.3499999999995,"endTime":4422.7,"body":"out of the house. Right? So, you"},{"speaker":"Carl Widger","startTime":4418.3499999999995,"endTime":4422.7,"body":"know, this is the, this is the"},{"speaker":"Carl Widger","startTime":4422.7,"endTime":4426.24,"body":"journey, you you're trying to"},{"speaker":"Carl Widger","startTime":4422.7,"endTime":4426.24,"body":"bring the client on to say, No,"},{"speaker":"Carl Widger","startTime":4426.57,"endTime":4429.24,"body":"it's the best advice for the"},{"speaker":"Carl Widger","startTime":4426.57,"endTime":4429.24,"body":"client, let's start with us."},{"speaker":"Carl Widger","startTime":4429.2699999999995,"endTime":4432.57,"body":"This is the best advice for the"},{"speaker":"Carl Widger","startTime":4429.2699999999995,"endTime":4432.57,"body":"client to diversify their"},{"speaker":"Carl Widger","startTime":4432.57,"endTime":4436.11,"body":"property portfolio over time to"},{"speaker":"Carl Widger","startTime":4432.57,"endTime":4436.11,"body":"make sure number one, they don't"},{"speaker":"Carl Widger","startTime":4436.11,"endTime":4439.5599999999995,"body":"run out of money. Because you"},{"speaker":"Carl Widger","startTime":4436.11,"endTime":4439.5599999999995,"body":"can have a property, it's"},{"speaker":"Carl Widger","startTime":4439.5599999999995,"endTime":4442.29,"body":"illiquid. So you can't sell the"},{"speaker":"Carl Widger","startTime":4439.5599999999995,"endTime":4442.29,"body":"window out of the house. But"},{"speaker":"Carl Widger","startTime":4442.29,"endTime":4444.84,"body":"also, maybe you haven't got the"},{"speaker":"Carl Widger","startTime":4442.29,"endTime":4444.84,"body":"property rented out at a"},{"speaker":"Carl Widger","startTime":4444.84,"endTime":4447.42,"body":"particular point in time. So"},{"speaker":"Carl Widger","startTime":4444.84,"endTime":4447.42,"body":"your rents have dried up as"},{"speaker":"Carl Widger","startTime":4447.42,"endTime":4451.59,"body":"well, or whatever. So you bring"},{"speaker":"Carl Widger","startTime":4447.42,"endTime":4451.59,"body":"them on the journey. And you try"},{"speaker":"Carl Widger","startTime":4451.59,"endTime":4455.04,"body":"and make that mix of colors. I"},{"speaker":"Carl Widger","startTime":4451.59,"endTime":4455.04,"body":"always say to everyone who"},{"speaker":"Carl Widger","startTime":4455.04,"endTime":4457.95,"body":"matters, get the mix of colors,"},{"speaker":"Carl Widger","startTime":4455.04,"endTime":4457.95,"body":"right? Okay, because that has"},{"speaker":"Carl Widger","startTime":4457.98,"endTime":4460.47,"body":"those quarters have to be"},{"speaker":"Carl Widger","startTime":4457.98,"endTime":4460.47,"body":"diversified. That means you have"},{"speaker":"Carl Widger","startTime":4460.47,"endTime":4464.4,"body":"a piece of everything. And it's"},{"speaker":"Carl Widger","startTime":4460.47,"endTime":4464.4,"body":"perfectly fine. And it's gonna"},{"speaker":"Carl Widger","startTime":4464.4,"endTime":4466.89,"body":"happen in Ireland that you'll"},{"speaker":"Carl Widger","startTime":4464.4,"endTime":4466.89,"body":"have a lot in your or you'll"},{"speaker":"Carl Widger","startTime":4466.89,"endTime":4469.83,"body":"have a significant portion, the"},{"speaker":"Carl Widger","startTime":4466.89,"endTime":4469.83,"body":"liquid part, but bring the"},{"speaker":"Carl Widger","startTime":4469.83,"endTime":4472.5599999999995,"body":"clients on the journey because"},{"speaker":"Carl Widger","startTime":4469.83,"endTime":4472.5599999999995,"body":"they're not stupid, they're"},{"speaker":"Carl Widger","startTime":4472.5599999999995,"endTime":4475.98,"body":"gonna realize, yeah, this is"},{"speaker":"Carl Widger","startTime":4472.5599999999995,"endTime":4475.98,"body":"actually this makes total"},{"speaker":"Carl Widger","startTime":4476.04,"endTime":4479.43,"body":"logical sense. So that's, that"},{"speaker":"Carl Widger","startTime":4476.04,"endTime":4479.43,"body":"makes"},{"speaker":"Alan Smith","startTime":4479.43,"endTime":4483.09,"body":"a lot of sense. And"},{"speaker":"Alan Smith","startTime":4479.43,"endTime":4483.09,"body":"as a war, I'm seeing more of the"},{"speaker":"Alan Smith","startTime":4483.09,"endTime":4486.09,"body":"last few years as you take"},{"speaker":"Alan Smith","startTime":4483.09,"endTime":4486.09,"body":"client on. And you're right, the"},{"speaker":"Alan Smith","startTime":4486.09,"endTime":4489.03,"body":"property is part of the family"},{"speaker":"Alan Smith","startTime":4486.09,"endTime":4489.03,"body":"balance sheet, right, the own"},{"speaker":"Alan Smith","startTime":4489.03,"endTime":4491.3099999999995,"body":"it's part of their assets and"},{"speaker":"Alan Smith","startTime":4489.03,"endTime":4491.3099999999995,"body":"all the issues around liquidity"},{"speaker":"Alan Smith","startTime":4491.3099999999995,"endTime":4494.88,"body":"and income generation and tax"},{"speaker":"Alan Smith","startTime":4491.3099999999995,"endTime":4494.88,"body":"efficiency and all that. A lot"},{"speaker":"Alan Smith","startTime":4494.88,"endTime":4497.88,"body":"of people I've spoken to, they"},{"speaker":"Alan Smith","startTime":4494.88,"endTime":4497.88,"body":"do want to divest, but they"},{"speaker":"Alan Smith","startTime":4497.88,"endTime":4500.07,"body":"don't want to sell it all"},{"speaker":"Alan Smith","startTime":4497.88,"endTime":4500.07,"body":"tomorrow, this huge tax issues."},{"speaker":"Alan Smith","startTime":4500.07,"endTime":4503.37,"body":"And it's just loaded up this"},{"speaker":"Alan Smith","startTime":4500.07,"endTime":4503.37,"body":"tenant said, Yeah, but you work"},{"speaker":"Alan Smith","startTime":4503.37,"endTime":4507.9,"body":"together with them over a period"},{"speaker":"Alan Smith","startTime":4503.37,"endTime":4507.9,"body":"of time. I like the term, but"},{"speaker":"Alan Smith","startTime":4507.9,"endTime":4510.24,"body":"you just work it out. You say"},{"speaker":"Alan Smith","startTime":4507.9,"endTime":4510.24,"body":"let's over the next 10 years,"},{"speaker":"Alan Smith","startTime":4510.24,"endTime":4513.36,"body":"let's work out you've got six"},{"speaker":"Alan Smith","startTime":4510.24,"endTime":4513.36,"body":"properties, let's just work out"},{"speaker":"Alan Smith","startTime":4513.36,"endTime":4516.45,"body":"let's build the strategy. This"},{"speaker":"Alan Smith","startTime":4513.36,"endTime":4516.45,"body":"is what a lot of the real value"},{"speaker":"Alan Smith","startTime":4516.45,"endTime":4519.09,"body":"that we deliver is project"},{"speaker":"Alan Smith","startTime":4516.45,"endTime":4519.09,"body":"management strategy. Where are"},{"speaker":"Alan Smith","startTime":4519.09,"endTime":4521.7,"body":"we say? Where would you like to"},{"speaker":"Alan Smith","startTime":4519.09,"endTime":4521.7,"body":"be 10 years from now? And often"},{"speaker":"Alan Smith","startTime":4521.7,"endTime":4524.19,"body":"is said, You know what, what I'm"},{"speaker":"Alan Smith","startTime":4521.7,"endTime":4524.19,"body":"what I am fully retired or when"},{"speaker":"Alan Smith","startTime":4524.19,"endTime":4526.5,"body":"I'm doing something else. And"},{"speaker":"Alan Smith","startTime":4524.19,"endTime":4526.5,"body":"you don't want to have any of"},{"speaker":"Alan Smith","startTime":4526.5,"endTime":4530.16,"body":"them. Because I just want a"},{"speaker":"Alan Smith","startTime":4526.5,"endTime":4530.16,"body":"simple life. But I can't do it."},{"speaker":"Alan Smith","startTime":4530.19,"endTime":4532.26,"body":"I can't do it tomorrow. So Fine."},{"speaker":"Alan Smith","startTime":4530.19,"endTime":4532.26,"body":"We'll build the model, we'll"},{"speaker":"Alan Smith","startTime":4532.26,"endTime":4535.05,"body":"build a plan, and every year or"},{"speaker":"Alan Smith","startTime":4532.26,"endTime":4535.05,"body":"so depends on prevailing market"},{"speaker":"Alan Smith","startTime":4535.05,"endTime":4537.72,"body":"conditions and the plans will"},{"speaker":"Alan Smith","startTime":4535.05,"endTime":4537.72,"body":"change. But you got to"},{"speaker":"Alan Smith","startTime":4537.72,"endTime":4538.17,"body":"strategies"},{"speaker":"Carl Widger","startTime":4538.2,"endTime":4540.99,"body":"and tax strategies"},{"speaker":"Carl Widger","startTime":4538.2,"endTime":4540.99,"body":"as well. Does that strategies as"},{"speaker":"Carl Widger","startTime":4540.99,"endTime":4543.8099999999995,"body":"well? And so you can you can"},{"speaker":"Carl Widger","startTime":4540.99,"endTime":4543.8099999999995,"body":"manage your tax bills along the"},{"speaker":"Carl Widger","startTime":4543.8099999999995,"endTime":4548.55,"body":"way. So like I do think genuine,"},{"speaker":"Carl Widger","startTime":4543.8099999999995,"endTime":4548.55,"body":"you can have, you know, you can"},{"speaker":"Carl Widger","startTime":4548.55,"endTime":4553.05,"body":"add significant value, and the"},{"speaker":"Carl Widger","startTime":4548.55,"endTime":4553.05,"body":"clients will see it. Now, in my"},{"speaker":"Carl Widger","startTime":4553.05,"endTime":4554.97,"body":"experience. I don't know if this"},{"speaker":"Carl Widger","startTime":4553.05,"endTime":4554.97,"body":"is your experience Island,"},{"speaker":"Carl Widger","startTime":4554.97,"endTime":4559.11,"body":"right? That it might take two or"},{"speaker":"Carl Widger","startTime":4554.97,"endTime":4559.11,"body":"three years to build up the"},{"speaker":"Carl Widger","startTime":4559.11,"endTime":4562.29,"body":"trust so that the client starts"},{"speaker":"Carl Widger","startTime":4559.11,"endTime":4562.29,"body":"to come on the journey with you."},{"speaker":"Carl Widger","startTime":4562.8,"endTime":4564.24,"body":"That's fine. We're not"},{"speaker":"Alan Smith","startTime":4564.24,"endTime":4567.72,"body":"here to take you"},{"speaker":"Alan Smith","startTime":4564.24,"endTime":4567.72,"body":"come to that you're not and"},{"speaker":"Alan Smith","startTime":4567.72,"endTime":4570.72,"body":"we're not as being completely"},{"speaker":"Alan Smith","startTime":4567.72,"endTime":4570.72,"body":"anti property. It's good thing"},{"speaker":"Alan Smith","startTime":4570.72,"endTime":4573.75,"body":"Tell me your own story. Like we"},{"speaker":"Alan Smith","startTime":4570.72,"endTime":4573.75,"body":"can all tell our own personal"},{"speaker":"Alan Smith","startTime":4573.75,"endTime":4576.54,"body":"background. We've all shared"},{"speaker":"Alan Smith","startTime":4573.75,"endTime":4576.54,"body":"some stuff, too. Don't you tell"},{"speaker":"Alan Smith","startTime":4576.54,"endTime":4579.51,"body":"your own joy to say that I'm,"},{"speaker":"Alan Smith","startTime":4576.54,"endTime":4579.51,"body":"I'm broadly neutral about it,"},{"speaker":"Alan Smith","startTime":4579.51,"endTime":4581.4,"body":"you know, so it's an asset"},{"speaker":"Alan Smith","startTime":4579.51,"endTime":4581.4,"body":"class, but I think there are"},{"speaker":"Alan Smith","startTime":4581.4,"endTime":4585.51,"body":"better ways. But if you come"},{"speaker":"Alan Smith","startTime":4581.4,"endTime":4585.51,"body":"across and say, the property is"},{"speaker":"Alan Smith","startTime":4585.51,"endTime":4587.73,"body":"rubbish equities are the only"},{"speaker":"Alan Smith","startTime":4585.51,"endTime":4587.73,"body":"place to be, then immediately"},{"speaker":"Alan Smith","startTime":4587.73,"endTime":4589.95,"body":"you're coming across as a"},{"speaker":"Alan Smith","startTime":4587.73,"endTime":4589.95,"body":"salesman, because you've got"},{"speaker":"Alan Smith","startTime":4589.95,"endTime":4592.83,"body":"your toolkit, which has got"},{"speaker":"Alan Smith","startTime":4589.95,"endTime":4592.83,"body":"equities in it, and you haven't"},{"speaker":"Alan Smith","startTime":4592.83,"endTime":4596.46,"body":"got you don't sell bricks and"},{"speaker":"Alan Smith","startTime":4592.83,"endTime":4596.46,"body":"mortar property. And it sounds a"},{"speaker":"Alan Smith","startTime":4596.46,"endTime":4598.95,"body":"bit confrontational, but to say,"},{"speaker":"Alan Smith","startTime":4596.46,"endTime":4598.95,"body":"No, it's fine. Of course, it's"},{"speaker":"Alan Smith","startTime":4598.95,"endTime":4601.05,"body":"got a place and you know, how do"},{"speaker":"Alan Smith","startTime":4598.95,"endTime":4601.05,"body":"you feel about it? Do you want"},{"speaker":"Alan Smith","startTime":4601.05,"endTime":4604.05,"body":"to keep it and hold it forever?"},{"speaker":"Alan Smith","startTime":4601.05,"endTime":4604.05,"body":"Have you got a strategy? How are"},{"speaker":"Alan Smith","startTime":4604.05,"endTime":4605.73,"body":"you going to generate your"},{"speaker":"Alan Smith","startTime":4604.05,"endTime":4605.73,"body":"income? How, what's your tax"},{"speaker":"Alan Smith","startTime":4605.73,"endTime":4608.25,"body":"strategy for this? You want to"},{"speaker":"Alan Smith","startTime":4605.73,"endTime":4608.25,"body":"still be looking after this when"},{"speaker":"Alan Smith","startTime":4608.25,"endTime":4612.09,"body":"you're 75 years old, etc, etc,"},{"speaker":"Alan Smith","startTime":4608.25,"endTime":4612.09,"body":"and have those? I agree, and"},{"speaker":"Alan Smith","startTime":4612.09,"endTime":4614.46,"body":"like Nick's point earlier on,"},{"speaker":"Alan Smith","startTime":4612.09,"endTime":4614.46,"body":"there are some that you just got"},{"speaker":"Alan Smith","startTime":4614.46,"endTime":4616.83,"body":"to say, look, it's probably not"},{"speaker":"Alan Smith","startTime":4614.46,"endTime":4616.83,"body":"going to work for us. We've got"},{"speaker":"Alan Smith","startTime":4616.83,"endTime":4620.22,"body":"a slightly different philosophy"},{"speaker":"Alan Smith","startTime":4616.83,"endTime":4620.22,"body":"towards it. We're not anti"},{"speaker":"Alan Smith","startTime":4620.22,"endTime":4622.95,"body":"property, but we've got a"},{"speaker":"Alan Smith","startTime":4620.22,"endTime":4622.95,"body":"different strategy and a"},{"speaker":"Alan Smith","startTime":4622.95,"endTime":4625.5599999999995,"body":"different approach. But most"},{"speaker":"Alan Smith","startTime":4622.95,"endTime":4625.5599999999995,"body":"people you can have a you know,"},{"speaker":"Alan Smith","startTime":4625.5599999999995,"endTime":4628.26,"body":"healthy conversation and just,"},{"speaker":"Alan Smith","startTime":4625.5599999999995,"endTime":4628.26,"body":"it's all about getting people"},{"speaker":"Alan Smith","startTime":4628.26,"endTime":4630.0599999999995,"body":"from where they are to where"},{"speaker":"Alan Smith","startTime":4628.26,"endTime":4630.0599999999995,"body":"they want to be in the future."},{"speaker":"Alan Smith","startTime":4630.66,"endTime":4633.5999999999995,"body":"In the simplest, most tax"},{"speaker":"Alan Smith","startTime":4630.66,"endTime":4633.5999999999995,"body":"efficient, most reliable, low"},{"speaker":"Alan Smith","startTime":4633.5999999999995,"endTime":4635.91,"body":"cost efficient way, Nick,"},{"speaker":"Nick Lincoln","startTime":4636.63,"endTime":4639.3,"body":"okay. I'm"},{"speaker":"Nick Lincoln","startTime":4636.63,"endTime":4639.3,"body":"conscious of time where 78"},{"speaker":"Nick Lincoln","startTime":4639.3,"endTime":4641.79,"body":"minutes in and Andy, how do you"},{"speaker":"Nick Lincoln","startTime":4639.3,"endTime":4641.79,"body":"think arose? Fellas? I'm just"},{"speaker":"Andy Hart","startTime":4641.79,"endTime":4644.49,"body":"gonna say again,"},{"speaker":"Andy Hart","startTime":4641.79,"endTime":4644.49,"body":"bringing this back to listeners"},{"speaker":"Andy Hart","startTime":4644.49,"endTime":4649.83,"body":"and younger listeners. I'd also"},{"speaker":"Andy Hart","startTime":4644.49,"endTime":4649.83,"body":"say sorry, excuse me. Three"},{"speaker":"Nick Lincoln","startTime":4650.43,"endTime":4653.64,"body":"for the frog in"},{"speaker":"Nick Lincoln","startTime":4650.43,"endTime":4653.64,"body":"your throat"},{"speaker":"Andy Hart","startTime":4653.67,"endTime":4658.8,"body":"I do say to exactly."},{"speaker":"Andy Hart","startTime":4653.67,"endTime":4658.8,"body":"Young man is in"},{"speaker":"Unknown","startTime":4658.8,"endTime":4660.2699999999995,"body":"his throat. What's in"},{"speaker":"Unknown","startTime":4658.8,"endTime":4660.2699999999995,"body":"his throat?"},{"speaker":"Andy Hart","startTime":4661.11,"endTime":4664.3499999999995,"body":"Okay, crikey. Crikey."},{"speaker":"Andy Hart","startTime":4661.11,"endTime":4664.3499999999995,"body":"Okay, so Yeah, bring it back to"},{"speaker":"Andy Hart","startTime":4664.3499999999995,"endTime":4668.67,"body":"the listeners I do say to new"},{"speaker":"Andy Hart","startTime":4664.3499999999995,"endTime":4668.67,"body":"ish financial advisors coming"},{"speaker":"Andy Hart","startTime":4668.67,"endTime":4671.07,"body":"into this business that didn't"},{"speaker":"Andy Hart","startTime":4668.67,"endTime":4671.07,"body":"come through the same route as"},{"speaker":"Andy Hart","startTime":4671.07,"endTime":4674.04,"body":"me as in mortgages and property."},{"speaker":"Andy Hart","startTime":4671.07,"endTime":4674.04,"body":"I said look, you do want to get"},{"speaker":"Andy Hart","startTime":4674.04,"endTime":4676.83,"body":"your head around because it is"},{"speaker":"Andy Hart","startTime":4674.04,"endTime":4676.83,"body":"an integral part of a lot of"},{"speaker":"Andy Hart","startTime":4677.04,"endTime":4681.8099999999995,"body":"people's financial situations."},{"speaker":"Andy Hart","startTime":4677.04,"endTime":4681.8099999999995,"body":"So just saying oh, I've never"},{"speaker":"Andy Hart","startTime":4681.84,"endTime":4683.7,"body":"researched mortgages I don't"},{"speaker":"Andy Hart","startTime":4681.84,"endTime":4683.7,"body":"know anything about them I just"},{"speaker":"Andy Hart","startTime":4683.7,"endTime":4686.73,"body":"focus on the investments and"},{"speaker":"Andy Hart","startTime":4683.7,"endTime":4686.73,"body":"pensions I think there's a hole"},{"speaker":"Andy Hart","startTime":4686.73,"endTime":4691.17,"body":"in your arsenal as a full"},{"speaker":"Andy Hart","startTime":4686.73,"endTime":4691.17,"body":"rounded real financial planner a"},{"speaker":"Andy Hart","startTime":4691.17,"endTime":4697.47,"body":"hole in your arsenal Okay. A gap"},{"speaker":"Andy Hart","startTime":4691.17,"endTime":4697.47,"body":"a Qing particularly Rama"},{"speaker":"Unknown","startTime":4701.25,"endTime":4702.24,"body":"please just quit."},{"speaker":"Andy Hart","startTime":4704.25,"endTime":4708.39,"body":"So, I think it is"},{"speaker":"Andy Hart","startTime":4704.25,"endTime":4708.39,"body":"important to understand how the"},{"speaker":"Andy Hart","startTime":4708.39,"endTime":4711.39,"body":"mortgage business and the"},{"speaker":"Andy Hart","startTime":4708.39,"endTime":4711.39,"body":"property game work. So I do tell"},{"speaker":"Andy Hart","startTime":4711.39,"endTime":4714.36,"body":"advisors, younger advisors"},{"speaker":"Andy Hart","startTime":4711.39,"endTime":4714.36,"body":"coming through to focus on it a"},{"speaker":"Andy Hart","startTime":4714.36,"endTime":4717.36,"body":"little bit. Because it does crop"},{"speaker":"Andy Hart","startTime":4714.36,"endTime":4717.36,"body":"up you know that a client will"},{"speaker":"Andy Hart","startTime":4717.36,"endTime":4720.0599999999995,"body":"say, Well, I've got this"},{"speaker":"Andy Hart","startTime":4717.36,"endTime":4720.0599999999995,"body":"property and the mortgage is up"},{"speaker":"Andy Hart","startTime":4720.0599999999995,"endTime":4723.12,"body":"for renewal at certain point."},{"speaker":"Andy Hart","startTime":4720.0599999999995,"endTime":4723.12,"body":"And then again, they'll say"},{"speaker":"Andy Hart","startTime":4723.12,"endTime":4725.3099999999995,"body":"well, what are my options they"},{"speaker":"Andy Hart","startTime":4723.12,"endTime":4725.3099999999995,"body":"sometimes they don't even know"},{"speaker":"Andy Hart","startTime":4725.3099999999995,"endTime":4727.26,"body":"that they can remove it with the"},{"speaker":"Andy Hart","startTime":4725.3099999999995,"endTime":4727.26,"body":"current lender, you know, some"},{"speaker":"Andy Hart","startTime":4727.26,"endTime":4730.14,"body":"really basic stuff that you you"},{"speaker":"Andy Hart","startTime":4727.26,"endTime":4730.14,"body":"know, I've literally sat at the"},{"speaker":"Andy Hart","startTime":4730.14,"endTime":4732.03,"body":"client said no, you just remove"},{"speaker":"Andy Hart","startTime":4730.14,"endTime":4732.03,"body":"the current lender. They said I"},{"speaker":"Andy Hart","startTime":4732.03,"endTime":4733.83,"body":"didn't know I could do that. And"},{"speaker":"Andy Hart","startTime":4732.03,"endTime":4733.83,"body":"I've saved them 600 grand a"},{"speaker":"Andy Hart","startTime":4733.83,"endTime":4736.29,"body":"month for the next five years."},{"speaker":"Andy Hart","startTime":4733.83,"endTime":4736.29,"body":"You know, there's like massive"},{"speaker":"Andy Hart","startTime":4736.29,"endTime":4738.63,"body":"immediate wins around around"},{"speaker":"Andy Hart","startTime":4736.29,"endTime":4738.63,"body":"mortgages and property just"},{"speaker":"Andy Hart","startTime":4738.63,"endTime":4741.78,"body":"understanding roughly how it"},{"speaker":"Andy Hart","startTime":4738.63,"endTime":4741.78,"body":"works because clients have often"},{"speaker":"Andy Hart","startTime":4742.32,"endTime":4746.76,"body":"you know, not got much idea at"},{"speaker":"Andy Hart","startTime":4742.32,"endTime":4746.76,"body":"all. So my word of warning to"},{"speaker":"Andy Hart","startTime":4746.76,"endTime":4750.69,"body":"younger advisors don't totally"},{"speaker":"Andy Hart","startTime":4746.76,"endTime":4750.69,"body":"neglect and discard mortgages"},{"speaker":"Andy Hart","startTime":4750.69,"endTime":4753.99,"body":"and property if you want to be a"},{"speaker":"Andy Hart","startTime":4750.69,"endTime":4753.99,"body":"full rounded financial planner"},{"speaker":"Andy Hart","startTime":4754.0199999999995,"endTime":4755.97,"body":"that yeah, and the last and last"},{"speaker":"Andy Hart","startTime":4754.0199999999995,"endTime":4755.97,"body":"point"},{"speaker":"Alan Smith","startTime":4755.97,"endTime":4758.43,"body":"before we move on is"},{"speaker":"Alan Smith","startTime":4755.97,"endTime":4758.43,"body":"aren't we? I think I've talked"},{"speaker":"Alan Smith","startTime":4758.43,"endTime":4761.13,"body":"about this in the past about"},{"speaker":"Alan Smith","startTime":4758.43,"endTime":4761.13,"body":"having you kind of your advisors"},{"speaker":"Alan Smith","startTime":4761.13,"endTime":4764.4,"body":"BlackBook every financial"},{"speaker":"Alan Smith","startTime":4761.13,"endTime":4764.4,"body":"planner needs to have at least"},{"speaker":"Alan Smith","startTime":4764.4,"endTime":4767.79,"body":"one really good mortgage"},{"speaker":"Alan Smith","startTime":4764.4,"endTime":4767.79,"body":"specialist one if you don't do"},{"speaker":"Alan Smith","startTime":4767.79,"endTime":4771.99,"body":"it in house salutely Yeah, we've"},{"speaker":"Alan Smith","startTime":4767.79,"endTime":4771.99,"body":"got one we got a couple and"},{"speaker":"Alan Smith","startTime":4772.68,"endTime":4777.63,"body":"yeah, because holiday home comes"},{"speaker":"Alan Smith","startTime":4772.68,"endTime":4777.63,"body":"to property buying complex"},{"speaker":"Alan Smith","startTime":4777.63,"endTime":4779.97,"body":"things and you want to buy it"},{"speaker":"Alan Smith","startTime":4777.63,"endTime":4779.97,"body":"through a company so nothing's I"},{"speaker":"Alan Smith","startTime":4779.97,"endTime":4782.01,"body":"don't know, it's too"},{"speaker":"Alan Smith","startTime":4779.97,"endTime":4782.01,"body":"complicated, but I know a team"},{"speaker":"Alan Smith","startTime":4782.01,"endTime":4784.26,"body":"of people who are really really"},{"speaker":"Alan Smith","startTime":4782.01,"endTime":4784.26,"body":"good at that and you can add"},{"speaker":"Alan Smith","startTime":4784.44,"endTime":4785.7,"body":"value by referring them on"},{"speaker":"Nick Lincoln","startTime":4788.04,"endTime":4790.92,"body":"okay, we've given"},{"speaker":"Nick Lincoln","startTime":4788.04,"endTime":4790.92,"body":"that subject a damn good"},{"speaker":"Nick Lincoln","startTime":4790.92,"endTime":4793.71,"body":"thrashing hopefully we won't"},{"speaker":"Nick Lincoln","startTime":4790.92,"endTime":4793.71,"body":"revisit property and texture for"},{"speaker":"Nick Lincoln","startTime":4793.71,"endTime":4796.5599999999995,"body":"quite a while but hope TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4793.71,"endTime":4796.5599999999995,"body":"you got some nuggets from that"},{"speaker":"Nick Lincoln","startTime":4796.5599999999995,"endTime":4800.01,"body":"especially the younger advisors"},{"speaker":"Nick Lincoln","startTime":4796.5599999999995,"endTime":4800.01,"body":"for the reasons that ultra laid"},{"speaker":"Nick Lincoln","startTime":4800.01,"endTime":4804.03,"body":"out. Okay, now on my ultra swish"},{"speaker":"Nick Lincoln","startTime":4800.01,"endTime":4804.03,"body":"nest camera thingy, I can see"},{"speaker":"Nick Lincoln","startTime":4804.03,"endTime":4808.59,"body":"that Posty is traipsing up the"},{"speaker":"Nick Lincoln","startTime":4804.03,"endTime":4808.59,"body":"drive to Lincoln Lodge and she's"},{"speaker":"Nick Lincoln","startTime":4808.62,"endTime":4811.38,"body":"dragging the bulging sack of"},{"speaker":"Nick Lincoln","startTime":4808.62,"endTime":4811.38,"body":"TRAPPIST questions tracklists if"},{"speaker":"Nick Lincoln","startTime":4811.38,"endTime":4815.04,"body":"you want us to answer a question"},{"speaker":"Nick Lincoln","startTime":4811.38,"endTime":4815.04,"body":"submit via the link in the"},{"speaker":"Nick Lincoln","startTime":4815.04,"endTime":4818.04,"body":"pinned tweet or in the link in"},{"speaker":"Nick Lincoln","startTime":4815.04,"endTime":4818.04,"body":"the so called shownotes. We will"},{"speaker":"Nick Lincoln","startTime":4818.04,"endTime":4821.73,"body":"get to your to your questions."},{"speaker":"Nick Lincoln","startTime":4818.04,"endTime":4821.73,"body":"We're running a bit behind as"},{"speaker":"Nick Lincoln","startTime":4821.73,"endTime":4826.86,"body":"ever. Let's see who we've got"},{"speaker":"Nick Lincoln","startTime":4821.73,"endTime":4826.86,"body":"today right Patrick Dugan"},{"speaker":"Nick Lincoln","startTime":4827.01,"endTime":4831.36,"body":"brackets South Africa four times"},{"speaker":"Nick Lincoln","startTime":4827.01,"endTime":4831.36,"body":"Rugby World Cup champions yes"},{"speaker":"Nick Lincoln","startTime":4831.36,"endTime":4835.86,"body":"okay Patrick your Springbok?"},{"speaker":"Nick Lincoln","startTime":4831.36,"endTime":4835.86,"body":"Social handle Yes, you say"},{"speaker":"Nick Lincoln","startTime":4835.86,"endTime":4837.84,"body":"Patrick Dugan is your social"},{"speaker":"Nick Lincoln","startTime":4835.86,"endTime":4837.84,"body":"handle? That's just your name"},{"speaker":"Nick Lincoln","startTime":4837.84,"endTime":4840.0,"body":"Patrick so you might have won"},{"speaker":"Nick Lincoln","startTime":4837.84,"endTime":4840.0,"body":"World Cups but you're struggling"},{"speaker":"Nick Lincoln","startTime":4840.0,"endTime":4843.96,"body":"with just basic communication"},{"speaker":"Nick Lincoln","startTime":4840.0,"endTime":4843.96,"body":"skills so that's minus five and"},{"speaker":"Nick Lincoln","startTime":4843.96,"endTime":4846.5999999999995,"body":"they That's right. That's"},{"speaker":"Andy Hart","startTime":4846.5999999999995,"endTime":4849.21,"body":"another battery in"},{"speaker":"Andy Hart","startTime":4846.5999999999995,"endTime":4849.21,"body":"his armor. Shinken"},{"speaker":"Nick Lincoln","startTime":4849.21,"endTime":4851.37,"body":"Exactly. Patrick"},{"speaker":"Nick Lincoln","startTime":4849.21,"endTime":4851.37,"body":"my good for if you're coming"},{"speaker":"Nick Lincoln","startTime":4851.37,"endTime":4853.53,"body":"home in his arsenal probably"},{"speaker":"Nick Lincoln","startTime":4851.37,"endTime":4853.53,"body":"quite big in South Africa. Don't"},{"speaker":"Nick Lincoln","startTime":4853.53,"endTime":4856.8,"body":"hit me. Hit somebody else. Okay."},{"speaker":"Nick Lincoln","startTime":4853.53,"endTime":4856.8,"body":"Firstly, thank you for an"},{"speaker":"Nick Lincoln","startTime":4856.8,"endTime":4859.38,"body":"excellent podcast, then and"},{"speaker":"Nick Lincoln","startTime":4856.8,"endTime":4859.38,"body":"apologies if you've covered the"},{"speaker":"Nick Lincoln","startTime":4859.38,"endTime":4861.9,"body":"topic in a previous episode, I'd"},{"speaker":"Nick Lincoln","startTime":4859.38,"endTime":4861.9,"body":"like to hear the trap teams"},{"speaker":"Nick Lincoln","startTime":4861.9,"endTime":4864.93,"body":"thoughts, experiences with"},{"speaker":"Nick Lincoln","startTime":4861.9,"endTime":4864.93,"body":"regard to structured notes which"},{"speaker":"Nick Lincoln","startTime":4864.93,"endTime":4868.17,"body":"are becoming increasingly"},{"speaker":"Nick Lincoln","startTime":4864.93,"endTime":4868.17,"body":"popular given their capital"},{"speaker":"Nick Lincoln","startTime":4868.17,"endTime":4873.09,"body":"protection and return profiles."},{"speaker":"Nick Lincoln","startTime":4868.17,"endTime":4873.09,"body":"Also, any thoughts on other"},{"speaker":"Nick Lincoln","startTime":4873.09,"endTime":4876.33,"body":"alternative investments such as"},{"speaker":"Nick Lincoln","startTime":4873.09,"endTime":4876.33,"body":"private debt, thank you. Thank"},{"speaker":"Nick Lincoln","startTime":4876.33,"endTime":4880.47,"body":"you. Whoosh. I don't think we've"},{"speaker":"Nick Lincoln","startTime":4876.33,"endTime":4880.47,"body":"covered this directly. But we've"},{"speaker":"Nick Lincoln","startTime":4880.47,"endTime":4883.08,"body":"given our opinions on these"},{"speaker":"Nick Lincoln","startTime":4880.47,"endTime":4883.08,"body":"kinds of things. Haven't we"},{"speaker":"Nick Lincoln","startTime":4883.08,"endTime":4883.44,"body":"didn't want"},{"speaker":"Andy Hart","startTime":4884.639,"endTime":4887.939,"body":"to avoid these my"},{"speaker":"Andy Hart","startTime":4884.639,"endTime":4887.939,"body":"clients pay me to avoid these"},{"speaker":"Andy Hart","startTime":4887.969,"endTime":4891.719,"body":"haidilao. I wouldn't go near"},{"speaker":"Andy Hart","startTime":4887.969,"endTime":4891.719,"body":"them with a bargepole, that"},{"speaker":"Andy Hart","startTime":4891.719,"endTime":4893.159,"body":"Roger voice over and done"},{"speaker":"Alan Smith","startTime":4893.22,"endTime":4898.08,"body":"structured notes,"},{"speaker":"Alan Smith","startTime":4893.22,"endTime":4898.08,"body":"private alternatives. Some, the"},{"speaker":"Alan Smith","startTime":4898.08,"endTime":4903.33,"body":"biggest question is, why? Why"},{"speaker":"Alan Smith","startTime":4898.08,"endTime":4903.33,"body":"why do you why do you allocate?"},{"speaker":"Alan Smith","startTime":4903.33,"endTime":4906.36,"body":"Why do you invest? I mean, he"},{"speaker":"Alan Smith","startTime":4903.33,"endTime":4906.36,"body":"has mentioned it about becoming"},{"speaker":"Alan Smith","startTime":4906.39,"endTime":4909.39,"body":"increasingly popular due to"},{"speaker":"Alan Smith","startTime":4906.39,"endTime":4909.39,"body":"capital protection. Again, all"},{"speaker":"Alan Smith","startTime":4909.39,"endTime":4915.78,"body":"these words are dangerous, and"},{"speaker":"Alan Smith","startTime":4909.39,"endTime":4915.78,"body":"just mixed messages. You know,"},{"speaker":"Alan Smith","startTime":4915.78,"endTime":4918.24,"body":"all we talk about this week"},{"speaker":"Alan Smith","startTime":4915.78,"endTime":4918.24,"body":"comes up from time to time, and"},{"speaker":"Alan Smith","startTime":4918.24,"endTime":4920.88,"body":"it will come up forever,"},{"speaker":"Alan Smith","startTime":4918.24,"endTime":4920.88,"body":"probably because there's always"},{"speaker":"Alan Smith","startTime":4920.88,"endTime":4923.58,"body":"a new thing, isn't it? There's"},{"speaker":"Alan Smith","startTime":4920.88,"endTime":4923.58,"body":"no as a new investments, a new"},{"speaker":"Alan Smith","startTime":4923.58,"endTime":4928.0199999999995,"body":"fad, or a new idea. All roads"},{"speaker":"Alan Smith","startTime":4923.58,"endTime":4928.0199999999995,"body":"lead back to having a very"},{"speaker":"Alan Smith","startTime":4928.0199999999995,"endTime":4931.53,"body":"thought through investment"},{"speaker":"Alan Smith","startTime":4928.0199999999995,"endTime":4931.53,"body":"philosophy. We believe in this"},{"speaker":"Alan Smith","startTime":4931.53,"endTime":4934.47,"body":"because and you need to really,"},{"speaker":"Alan Smith","startTime":4931.53,"endTime":4934.47,"body":"really spend time and break it"},{"speaker":"Alan Smith","startTime":4934.47,"endTime":4938.91,"body":"down. Again, data evidence based"},{"speaker":"Alan Smith","startTime":4934.47,"endTime":4938.91,"body":"research base, What is your"},{"speaker":"Alan Smith","startTime":4938.91,"endTime":4942.48,"body":"reason for using any of these"},{"speaker":"Alan Smith","startTime":4938.91,"endTime":4942.48,"body":"alternative products? What role"},{"speaker":"Alan Smith","startTime":4942.48,"endTime":4947.49,"body":"do they perform, that either"},{"speaker":"Alan Smith","startTime":4942.48,"endTime":4947.49,"body":"equities or bonds or cash can't"},{"speaker":"Alan Smith","startTime":4947.5199999999995,"endTime":4952.0199999999995,"body":"do over time. And if you are a"},{"speaker":"Alan Smith","startTime":4947.5199999999995,"endTime":4952.0199999999995,"body":"real financial planner, this"},{"speaker":"Alan Smith","startTime":4952.0199999999995,"endTime":4955.3499999999995,"body":"sort of capital protection stuff"},{"speaker":"Alan Smith","startTime":4952.0199999999995,"endTime":4955.3499999999995,"body":"is irrelevant. It's a nonsense,"},{"speaker":"Alan Smith","startTime":4955.38,"endTime":4957.54,"body":"you don't need capital"},{"speaker":"Alan Smith","startTime":4955.38,"endTime":4957.54,"body":"protection, whatever that means."},{"speaker":"Alan Smith","startTime":4957.54,"endTime":4961.05,"body":"You've got capital protection"},{"speaker":"Alan Smith","startTime":4957.54,"endTime":4961.05,"body":"and form of inflation proof"},{"speaker":"Alan Smith","startTime":4961.05,"endTime":4963.2699999999995,"body":"growth through using equities,"},{"speaker":"Alan Smith","startTime":4961.05,"endTime":4963.2699999999995,"body":"and you've got short term"},{"speaker":"Alan Smith","startTime":4963.2699999999995,"endTime":4968.25,"body":"liquidity through cash or short"},{"speaker":"Alan Smith","startTime":4963.2699999999995,"endTime":4968.25,"body":"dated bonds. So I would just say"},{"speaker":"Alan Smith","startTime":4968.25,"endTime":4970.62,"body":"to anyone who's considering"},{"speaker":"Alan Smith","startTime":4968.25,"endTime":4970.62,"body":"these things is just go back to"},{"speaker":"Alan Smith","startTime":4970.62,"endTime":4973.41,"body":"your fundamental ask yourself"},{"speaker":"Alan Smith","startTime":4970.62,"endTime":4973.41,"body":"some very, very basic questions"},{"speaker":"Alan Smith","startTime":4973.41,"endTime":4977.25,"body":"as to why and what role they"},{"speaker":"Alan Smith","startTime":4973.41,"endTime":4977.25,"body":"will play in a portfolio that"},{"speaker":"Alan Smith","startTime":4977.25,"endTime":4980.58,"body":"existing mainstream asset"},{"speaker":"Alan Smith","startTime":4977.25,"endTime":4980.58,"body":"classes can't provide."},{"speaker":"Nick Lincoln","startTime":4982.26,"endTime":4983.88,"body":"Perfect, great"},{"speaker":"Nick Lincoln","startTime":4982.26,"endTime":4983.88,"body":"culture opinion."},{"speaker":"Carl Widger","startTime":4984.57,"endTime":4990.21,"body":"Yeah, they do. They"},{"speaker":"Carl Widger","startTime":4984.57,"endTime":4990.21,"body":"are illiquid. They pay very high"},{"speaker":"Carl Widger","startTime":4990.21,"endTime":4997.23,"body":"commissions to the ifs. They are"},{"speaker":"Carl Widger","startTime":4990.21,"endTime":4997.23,"body":"complex instruments designed by"},{"speaker":"Carl Widger","startTime":4997.26,"endTime":5002.57,"body":"salesmen. They are absolutely"},{"speaker":"Carl Widger","startTime":4997.26,"endTime":5002.57,"body":"rubbish. Nobody should go near"},{"speaker":"Carl Widger","startTime":5002.57,"endTime":5007.76,"body":"them. And I would say any IFA"},{"speaker":"Carl Widger","startTime":5002.57,"endTime":5007.76,"body":"considering distributing these"},{"speaker":"Carl Widger","startTime":5007.76,"endTime":5011.75,"body":"to his clients needs to look"},{"speaker":"Carl Widger","startTime":5007.76,"endTime":5011.75,"body":"themselves in the mirror and ask"},{"speaker":"Carl Widger","startTime":5011.75,"endTime":5015.8,"body":"him or herself, why actually,"},{"speaker":"Carl Widger","startTime":5011.75,"endTime":5015.8,"body":"are we doing it? Is my client?"},{"speaker":"Carl Widger","startTime":5015.8,"endTime":5019.49,"body":"Is this the best advice for my"},{"speaker":"Carl Widger","startTime":5015.8,"endTime":5019.49,"body":"client? Is my client going to"},{"speaker":"Carl Widger","startTime":5019.49,"endTime":5022.8499999999995,"body":"benefit from having this"},{"speaker":"Carl Widger","startTime":5019.49,"endTime":5022.8499999999995,"body":"instrument in their portfolio?"},{"speaker":"Carl Widger","startTime":5023.09,"endTime":5024.17,"body":"The answer is no. What do"},{"speaker":"Alan Smith","startTime":5024.17,"endTime":5026.57,"body":"you really think?"},{"speaker":"Alan Smith","startTime":5024.17,"endTime":5026.57,"body":"point would you really think"},{"speaker":"Andy Hart","startTime":5028.3099999999995,"endTime":5031.73,"body":"just the point,"},{"speaker":"Andy Hart","startTime":5028.3099999999995,"endTime":5031.73,"body":"Patrick's a smart dude, I do"},{"speaker":"Andy Hart","startTime":5031.73,"endTime":5035.24,"body":"know him. So I know he's"},{"speaker":"Andy Hart","startTime":5031.73,"endTime":5035.24,"body":"probably referring to a certain"},{"speaker":"Andy Hart","startTime":5035.2699999999995,"endTime":5037.7,"body":"type of structure note so I need"},{"speaker":"Andy Hart","startTime":5035.2699999999995,"endTime":5037.7,"body":"to maybe have a conversation"},{"speaker":"Andy Hart","startTime":5037.7,"endTime":5040.04,"body":"when we get some further"},{"speaker":"Andy Hart","startTime":5037.7,"endTime":5040.04,"body":"information about it, but he's a"},{"speaker":"Andy Hart","startTime":5040.43,"endTime":5043.5199999999995,"body":"he's a smart cookie. Back to you"},{"speaker":"Andy Hart","startTime":5040.43,"endTime":5043.5199999999995,"body":"boss. Okay,"},{"speaker":"Nick Lincoln","startTime":5043.55,"endTime":5045.92,"body":"I'll just close on"},{"speaker":"Nick Lincoln","startTime":5043.55,"endTime":5045.92,"body":"this I just looking at the 10"},{"speaker":"Nick Lincoln","startTime":5045.92,"endTime":5048.11,"body":"year figures for our preferred"},{"speaker":"Nick Lincoln","startTime":5045.92,"endTime":5048.11,"body":"global equity solution which has"},{"speaker":"Nick Lincoln","startTime":5048.11,"endTime":5051.83,"body":"returned 10% A year compound"},{"speaker":"Nick Lincoln","startTime":5048.11,"endTime":5051.83,"body":"over the last decade despite the"},{"speaker":"Nick Lincoln","startTime":5051.83,"endTime":5055.79,"body":"fact that's what that's the"},{"speaker":"Nick Lincoln","startTime":5051.83,"endTime":5055.79,"body":"Wuhan LED. Lovely bedwetting is"},{"speaker":"Nick Lincoln","startTime":5055.79,"endTime":5058.73,"body":"the seventh of October last year"},{"speaker":"Nick Lincoln","startTime":5055.79,"endTime":5058.73,"body":"it's crippling inflation double"},{"speaker":"Nick Lincoln","startTime":5058.73,"endTime":5062.0,"body":"digit inflation for the first"},{"speaker":"Nick Lincoln","startTime":5058.73,"endTime":5062.0,"body":"time in 40 years. And it's still"},{"speaker":"Nick Lincoln","startTime":5062.0,"endTime":5065.36,"body":"returned 10% per annum over 10"},{"speaker":"Nick Lincoln","startTime":5062.0,"endTime":5065.36,"body":"years that is life changing"},{"speaker":"Nick Lincoln","startTime":5065.39,"endTime":5070.25,"body":"wealth creating the elixir of"},{"speaker":"Nick Lincoln","startTime":5065.39,"endTime":5070.25,"body":"financial planning Why would you"},{"speaker":"Nick Lincoln","startTime":5070.25,"endTime":5072.53,"body":"go anywhere else? Why would you"},{"speaker":"Nick Lincoln","startTime":5070.25,"endTime":5072.53,"body":"pay some of that away to some"},{"speaker":"Nick Lincoln","startTime":5072.53,"endTime":5075.59,"body":"third party through a dreadful"},{"speaker":"Nick Lincoln","startTime":5072.53,"endTime":5075.59,"body":"concocted structured notes or"},{"speaker":"Nick Lincoln","startTime":5075.59,"endTime":5078.95,"body":"what have you my I think they're"},{"speaker":"Nick Lincoln","startTime":5075.59,"endTime":5078.95,"body":"old school and you know, I think"},{"speaker":"Nick Lincoln","startTime":5078.98,"endTime":5081.92,"body":"the advice these in the UK I"},{"speaker":"Nick Lincoln","startTime":5078.98,"endTime":5081.92,"body":"can't speak for UK but the UK"},{"speaker":"Nick Lincoln","startTime":5081.92,"endTime":5085.04,"body":"tends to be advisors of a"},{"speaker":"Nick Lincoln","startTime":5081.92,"endTime":5085.04,"body":"certain generation who just for"},{"speaker":"Nick Lincoln","startTime":5085.04,"endTime":5087.11,"body":"whatever reason fell in love"},{"speaker":"Nick Lincoln","startTime":5085.04,"endTime":5087.11,"body":"with these things 25 years ago"},{"speaker":"Nick Lincoln","startTime":5087.11,"endTime":5090.95,"body":"and can't fall out of love with"},{"speaker":"Nick Lincoln","startTime":5087.11,"endTime":5090.95,"body":"them. But they're not and"},{"speaker":"Andy Hart","startTime":5090.95,"endTime":5093.29,"body":"they'll they'll"},{"speaker":"Andy Hart","startTime":5090.95,"endTime":5093.29,"body":"they'll keep creating them"},{"speaker":"Andy Hart","startTime":5093.32,"endTime":5094.01,"body":"they'll still"},{"speaker":"Nick Lincoln","startTime":5095.45,"endTime":5097.55,"body":"be somebody but"},{"speaker":"Nick Lincoln","startTime":5095.45,"endTime":5097.55,"body":"they're yeah if you if you"},{"speaker":"Nick Lincoln","startTime":5097.55,"endTime":5099.98,"body":"imbibe the Nick Murray kind of"},{"speaker":"Nick Lincoln","startTime":5097.55,"endTime":5099.98,"body":"ethos about the you know, the"},{"speaker":"Nick Lincoln","startTime":5100.01,"endTime":5102.86,"body":"declines are temporary and the"},{"speaker":"Nick Lincoln","startTime":5100.01,"endTime":5102.86,"body":"advance is permanent then why"},{"speaker":"Nick Lincoln","startTime":5102.86,"endTime":5104.42,"body":"are you protecting in some of"},{"speaker":"Nick Lincoln","startTime":5102.86,"endTime":5104.42,"body":"this? That's temporary you're"},{"speaker":"Nick Lincoln","startTime":5104.42,"endTime":5106.43,"body":"giving up so much the permanent"},{"speaker":"Nick Lincoln","startTime":5104.42,"endTime":5106.43,"body":"advance to mask against the"},{"speaker":"Nick Lincoln","startTime":5106.43,"endTime":5110.99,"body":"temporary declines in sanity on"},{"speaker":"Nick Lincoln","startTime":5106.43,"endTime":5110.99,"body":"stilts, Patrick but each to"},{"speaker":"Nick Lincoln","startTime":5110.99,"endTime":5114.32,"body":"their own each to their own"},{"speaker":"Nick Lincoln","startTime":5110.99,"endTime":5114.32,"body":"right, come on. Let's do it. At"},{"speaker":"Nick Lincoln","startTime":5114.32,"endTime":5118.91,"body":"four minutes. Shoot me let's go"},{"speaker":"Nick Lincoln","startTime":5114.32,"endTime":5118.91,"body":"on to what many people call. Oh,"},{"speaker":"Nick Lincoln","startTime":5118.91,"endTime":5121.07,"body":"and Don will do your question."},{"speaker":"Nick Lincoln","startTime":5118.91,"endTime":5121.07,"body":"Next Don Spalding friend of the"},{"speaker":"Nick Lincoln","startTime":5121.07,"endTime":5123.53,"body":"show, good guy, or think"},{"speaker":"Nick Lincoln","startTime":5121.07,"endTime":5123.53,"body":"Jonathan is actually the better"},{"speaker":"Nick Lincoln","startTime":5123.53,"endTime":5127.3099999999995,"body":"advisor. better human being but"},{"speaker":"Nick Lincoln","startTime":5123.53,"endTime":5127.3099999999995,"body":"they're both both. Okay. What"},{"speaker":"Nick Lincoln","startTime":5127.3099999999995,"endTime":5134.63,"body":"are your question next time now?"},{"speaker":"Nick Lincoln","startTime":5127.3099999999995,"endTime":5134.63,"body":"Let's move on to Coca Cola Okay,"},{"speaker":"Nick Lincoln","startTime":5134.63,"endTime":5137.12,"body":"and I'm kicking off here. I'm"},{"speaker":"Nick Lincoln","startTime":5134.63,"endTime":5137.12,"body":"going to just introduce an AI"},{"speaker":"Nick Lincoln","startTime":5137.15,"endTime":5139.46,"body":"podcast from another IFA I"},{"speaker":"Nick Lincoln","startTime":5137.15,"endTime":5139.46,"body":"haven't heard much about the guy"},{"speaker":"Nick Lincoln","startTime":5139.46,"endTime":5141.44,"body":"actually. But I looked into his"},{"speaker":"Nick Lincoln","startTime":5139.46,"endTime":5141.44,"body":"website and his podcasts. It's"},{"speaker":"Nick Lincoln","startTime":5141.44,"endTime":5143.84,"body":"quite sound Pete Bridlington."},{"speaker":"Nick Lincoln","startTime":5141.44,"endTime":5143.84,"body":"And if Andy, you've heard him,"},{"speaker":"Nick Lincoln","startTime":5143.84,"endTime":5146.48,"body":"it's on your dailies. You see,"},{"speaker":"Nick Lincoln","startTime":5143.84,"endTime":5146.48,"body":"it's quite switched on guy. He's"},{"speaker":"Nick Lincoln","startTime":5146.48,"endTime":5149.66,"body":"also got this you can advise"},{"speaker":"Nick Lincoln","startTime":5146.48,"endTime":5149.66,"body":"Yeah, this year, this brand does"},{"speaker":"Nick Lincoln","startTime":5149.66,"endTime":5152.36,"body":"look, he's doing this tech thing"},{"speaker":"Nick Lincoln","startTime":5149.66,"endTime":5152.36,"body":"as well another IFA building the"},{"speaker":"Nick Lincoln","startTime":5152.39,"endTime":5154.46,"body":"sort of back office system. And"},{"speaker":"Nick Lincoln","startTime":5152.39,"endTime":5154.46,"body":"now he's got a podcast called"},{"speaker":"Nick Lincoln","startTime":5154.82,"endTime":5157.43,"body":"advice, amplified podcasts were"},{"speaker":"Nick Lincoln","startTime":5154.82,"endTime":5157.43,"body":"secure enough in our skins on"},{"speaker":"Nick Lincoln","startTime":5157.43,"endTime":5160.8499999999995,"body":"track that we recommend the"},{"speaker":"Nick Lincoln","startTime":5157.43,"endTime":5160.8499999999995,"body":"podcasts of other advisors. And"},{"speaker":"Nick Lincoln","startTime":5160.8499999999995,"endTime":5164.33,"body":"his most recent episode is with"},{"speaker":"Nick Lincoln","startTime":5160.8499999999995,"endTime":5164.33,"body":"a guy called TASH Singh, who's"},{"speaker":"Nick Lincoln","startTime":5164.33,"endTime":5167.87,"body":"an property evangelist and he"},{"speaker":"Nick Lincoln","startTime":5164.33,"endTime":5167.87,"body":"loves it and is raving on about"},{"speaker":"Nick Lincoln","startTime":5167.87,"endTime":5170.2699999999995,"body":"it and I was listening to it and"},{"speaker":"Nick Lincoln","startTime":5167.87,"endTime":5170.2699999999995,"body":"I was screaming in my gut. This"},{"speaker":"Nick Lincoln","startTime":5170.33,"endTime":5172.3099999999995,"body":"is what he's talking about, you"},{"speaker":"Nick Lincoln","startTime":5170.33,"endTime":5172.3099999999995,"body":"know, yeah, he had to get up and"},{"speaker":"Nick Lincoln","startTime":5172.3099999999995,"endTime":5175.01,"body":"go to the Knights Unblocker you"},{"speaker":"Nick Lincoln","startTime":5172.3099999999995,"endTime":5175.01,"body":"Ben and all this kind of stuff,"},{"speaker":"Nick Lincoln","startTime":5175.01,"endTime":5178.37,"body":"but you know, I was just going,"},{"speaker":"Nick Lincoln","startTime":5175.01,"endTime":5178.37,"body":"but if you want a perspective on"},{"speaker":"Nick Lincoln","startTime":5178.37,"endTime":5181.46,"body":"why people go into property, and"},{"speaker":"Nick Lincoln","startTime":5178.37,"endTime":5181.46,"body":"why people will never be"},{"speaker":"Nick Lincoln","startTime":5181.46,"endTime":5183.3499999999995,"body":"switched off from the love from"},{"speaker":"Nick Lincoln","startTime":5181.46,"endTime":5183.3499999999995,"body":"it, I would listen to that"},{"speaker":"Nick Lincoln","startTime":5183.3499999999995,"endTime":5186.47,"body":"podcast Lincoln so called Gen X"},{"speaker":"Nick Lincoln","startTime":5183.3499999999995,"endTime":5186.47,"body":"very quickly. friend of the show"},{"speaker":"Nick Lincoln","startTime":5186.47,"endTime":5190.61,"body":"John Doyle who's on Twitter as"},{"speaker":"Nick Lincoln","startTime":5186.47,"endTime":5190.61,"body":"Juniper underscore, John good"},{"speaker":"Nick Lincoln","startTime":5190.61,"endTime":5194.8099999999995,"body":"guy. Good firm. I've just"},{"speaker":"Nick Lincoln","startTime":5190.61,"endTime":5194.8099999999995,"body":"switched my password management"},{"speaker":"Nick Lincoln","startTime":5194.8099999999995,"endTime":5197.9,"body":"software from last pass to keep"},{"speaker":"Nick Lincoln","startTime":5194.8099999999995,"endTime":5197.9,"body":"a security on his"},{"speaker":"Nick Lincoln","startTime":5197.9,"endTime":5200.42,"body":"recommendation. Last Pass has"},{"speaker":"Nick Lincoln","startTime":5197.9,"endTime":5200.42,"body":"had a few security breaches"},{"speaker":"Nick Lincoln","startTime":5200.42,"endTime":5203.45,"body":"recently, which gives me the app"},{"speaker":"Nick Lincoln","startTime":5200.42,"endTime":5203.45,"body":"jobs and my first experiences of"},{"speaker":"Nick Lincoln","startTime":5203.45,"endTime":5207.38,"body":"keeper security as a past all in"},{"speaker":"Nick Lincoln","startTime":5203.45,"endTime":5207.38,"body":"one password manager. Look it up"},{"speaker":"Nick Lincoln","startTime":5207.38,"endTime":5211.37,"body":"Alan, very positive, right on to"},{"speaker":"Nick Lincoln","startTime":5207.38,"endTime":5211.37,"body":"the next culture corner."},{"speaker":"Andy Hart","startTime":5215.09,"endTime":5219.08,"body":"Right diary of the"},{"speaker":"Andy Hart","startTime":5215.09,"endTime":5219.08,"body":"CEO, Jimmy cars back, Jimmy Carr"},{"speaker":"Andy Hart","startTime":5219.08,"endTime":5222.74,"body":"is a turning into modern day"},{"speaker":"Andy Hart","startTime":5219.08,"endTime":5222.74,"body":"philosopher. Got some really,"},{"speaker":"Andy Hart","startTime":5222.74,"endTime":5225.5,"body":"really insightful stuff to"},{"speaker":"Andy Hart","startTime":5222.74,"endTime":5225.5,"body":"share. So do check it out. Hi,"},{"speaker":"Andy Hart","startTime":5226.16,"endTime":5228.98,"body":"YouTube. He's also got a show"},{"speaker":"Andy Hart","startTime":5226.16,"endTime":5228.98,"body":"out on Netflix. I can't remember"},{"speaker":"Andy Hart","startTime":5228.98,"endTime":5231.68,"body":"his call. But I'll recommend"},{"speaker":"Andy Hart","startTime":5228.98,"endTime":5231.68,"body":"that once I've watched it. I've"},{"speaker":"Andy Hart","startTime":5231.68,"endTime":5234.74,"body":"listened to this podcast. Thank"},{"speaker":"Andy Hart","startTime":5231.68,"endTime":5234.74,"body":"you very much over and out."},{"speaker":"Nick Lincoln","startTime":5235.5199999999995,"endTime":5237.11,"body":"Okay, good stuff."},{"speaker":"Nick Lincoln","startTime":5235.5199999999995,"endTime":5237.11,"body":"And I listened to Jimmy Carr on"},{"speaker":"Nick Lincoln","startTime":5237.11,"endTime":5239.87,"body":"the trigonometry podcast. So"},{"speaker":"Nick Lincoln","startTime":5237.11,"endTime":5239.87,"body":"he's obviously touting his"},{"speaker":"Nick Lincoln","startTime":5239.87,"endTime":5242.03,"body":"Netflix special. He's an"},{"speaker":"Nick Lincoln","startTime":5239.87,"endTime":5242.03,"body":"interesting guy. I mean, I'm not"},{"speaker":"Nick Lincoln","startTime":5242.3,"endTime":5244.73,"body":"it's humorous to leave it but"},{"speaker":"Nick Lincoln","startTime":5242.3,"endTime":5244.73,"body":"he's, he's a he's a rounded"},{"speaker":"Nick Lincoln","startTime":5244.73,"endTime":5246.95,"body":"individual. He does think about"},{"speaker":"Nick Lincoln","startTime":5244.73,"endTime":5246.95,"body":"things. It doesn't just take the"},{"speaker":"Nick Lincoln","startTime":5246.95,"endTime":5250.73,"body":"wrote the script, so dominates"},{"speaker":"Nick Lincoln","startTime":5246.95,"endTime":5250.73,"body":"the entertainment industry."},{"speaker":"Nick Lincoln","startTime":5250.88,"endTime":5251.84,"body":"Okay, next point."},{"speaker":"Carl Widger","startTime":5253.22,"endTime":5257.87,"body":"David McWilliams"},{"speaker":"Carl Widger","startTime":5253.22,"endTime":5257.87,"body":"podcasts. Get in on row two in a"},{"speaker":"Carl Widger","startTime":5257.9,"endTime":5261.29,"body":"row. Yeah, David McWilliams"},{"speaker":"Carl Widger","startTime":5257.9,"endTime":5261.29,"body":"podcasts are really actually"},{"speaker":"Carl Widger","startTime":5261.29,"endTime":5266.36,"body":"good. And this particular one,"},{"speaker":"Carl Widger","startTime":5261.29,"endTime":5266.36,"body":"he's interviewing Michael Lewis,"},{"speaker":"Carl Widger","startTime":5266.63,"endTime":5271.3099999999995,"body":"who's talking about his book, I"},{"speaker":"Carl Widger","startTime":5266.63,"endTime":5271.3099999999995,"body":"think the SPF book that you"},{"speaker":"Carl Widger","startTime":5271.3099999999995,"endTime":5276.95,"body":"recommended before Andy going"},{"speaker":"Carl Widger","startTime":5271.3099999999995,"endTime":5276.95,"body":"in. Yeah, but it's just really"},{"speaker":"Carl Widger","startTime":5276.95,"endTime":5279.32,"body":"interesting to kind of wrap up"},{"speaker":"Carl Widger","startTime":5276.95,"endTime":5279.32,"body":"with a kind of synopsis at the"},{"speaker":"Carl Widger","startTime":5279.32,"endTime":5283.0999999999995,"body":"end I just thought was really"},{"speaker":"Carl Widger","startTime":5279.32,"endTime":5283.0999999999995,"body":"interesting. good insights. And"},{"speaker":"Carl Widger","startTime":5283.79,"endTime":5290.63,"body":"who's using David he's kind of"},{"speaker":"Carl Widger","startTime":5283.79,"endTime":5290.63,"body":"an Irish of well known Irish"},{"speaker":"Carl Widger","startTime":5290.99,"endTime":5295.25,"body":"economist he used to work and"},{"speaker":"Carl Widger","startTime":5290.99,"endTime":5295.25,"body":"trader and that kind of stuff."},{"speaker":"Carl Widger","startTime":5295.25,"endTime":5295.55,"body":"But he's,"},{"speaker":"Andy Hart","startTime":5295.7,"endTime":5298.16,"body":"he's a successful"},{"speaker":"Andy Hart","startTime":5295.7,"endTime":5298.16,"body":"post. Alan, you would know much"},{"speaker":"Andy Hart","startTime":5298.16,"endTime":5298.82,"body":"about him. He's one"},{"speaker":"Nick Lincoln","startTime":5298.82,"endTime":5302.12,"body":"of the 85 Yeah."},{"speaker":"Nick Lincoln","startTime":5298.82,"endTime":5302.12,"body":"For a GA."},{"speaker":"Carl Widger","startTime":5303.17,"endTime":5305.39,"body":"Anyway, that's an"},{"speaker":"Carl Widger","startTime":5303.17,"endTime":5305.39,"body":"in joke. We'll move swiftly"},{"speaker":"Carl Widger","startTime":5305.39,"endTime":5307.01,"body":"along. Yeah. Listen to it. It's"},{"speaker":"Carl Widger","startTime":5305.39,"endTime":5307.01,"body":"good."},{"speaker":"Nick Lincoln","startTime":5307.88,"endTime":5308.2699999999995,"body":"Okay."},{"speaker":"Alan Smith","startTime":5309.5599999999995,"endTime":5313.25,"body":"I'd like to mention"},{"speaker":"Alan Smith","startTime":5309.5599999999995,"endTime":5313.25,"body":"someone that we have mentioned"},{"speaker":"Alan Smith","startTime":5313.28,"endTime":5317.45,"body":"on this podcast in the past. He"},{"speaker":"Alan Smith","startTime":5313.28,"endTime":5317.45,"body":"is a close personal friend of"},{"speaker":"Alan Smith","startTime":5317.45,"endTime":5322.55,"body":"mine. I'm, I've got I'm having"},{"speaker":"Alan Smith","startTime":5317.45,"endTime":5322.55,"body":"dinner with them tonight. But it"},{"speaker":"Carl Widger","startTime":5324.11,"endTime":5327.5599999999995,"body":"is so so he pays"},{"speaker":"Carl Widger","startTime":5324.11,"endTime":5327.5599999999995,"body":"for the dinner, you'll be able"},{"speaker":"Carl Widger","startTime":5327.5599999999995,"endTime":5329.96,"body":"to say I will indeed"},{"speaker":"Andy Hart","startTime":5329.96,"endTime":5332.9,"body":"today. We said no."},{"speaker":"Andy Hart","startTime":5329.96,"endTime":5332.9,"body":"Coincidence, you're breaking the"},{"speaker":"Andy Hart","startTime":5332.9,"endTime":5333.3499999999995,"body":"rules you're"},{"speaker":"Alan Smith","startTime":5333.3499999999995,"endTime":5336.14,"body":"breaking. I'm sure"},{"speaker":"Alan Smith","startTime":5333.3499999999995,"endTime":5336.14,"body":"I'll be paying a lot of trap."},{"speaker":"Alan Smith","startTime":5336.17,"endTime":5339.92,"body":"You're the only one that I've"},{"speaker":"Alan Smith","startTime":5336.17,"endTime":5339.92,"body":"ever let pay for me, Andrew. Oh,"},{"speaker":"Alan Smith","startTime":5339.92,"endTime":5344.48,"body":"yeah, rye bread, bread. Bread is"},{"speaker":"Alan Smith","startTime":5339.92,"endTime":5344.48,"body":"a consultant to financial"},{"speaker":"Alan Smith","startTime":5344.48,"endTime":5348.95,"body":"planning. He is for those who"},{"speaker":"Alan Smith","startTime":5344.48,"endTime":5348.95,"body":"know him. He's He's well known."},{"speaker":"Alan Smith","startTime":5348.95,"endTime":5351.14,"body":"But there's a lot of people who"},{"speaker":"Alan Smith","startTime":5348.95,"endTime":5351.14,"body":"I don't think who do"},{"speaker":"Andy Hart","startTime":5352.3099999999995,"endTime":5353.9,"body":"classically but isn't"},{"speaker":"Andy Hart","startTime":5352.3099999999995,"endTime":5353.9,"body":"laughing"},{"speaker":"Alan Smith","startTime":5353.9,"endTime":5357.68,"body":"myself. But Brett"},{"speaker":"Alan Smith","startTime":5353.9,"endTime":5357.68,"body":"Brett Davidson, he puts out his"},{"speaker":"Alan Smith","startTime":5357.92,"endTime":5361.19,"body":"blog is regular sort of updates"},{"speaker":"Alan Smith","startTime":5357.92,"endTime":5361.19,"body":"and newsletters and every I must"},{"speaker":"Alan Smith","startTime":5361.19,"endTime":5364.94,"body":"say every time I read it, I just"},{"speaker":"Alan Smith","startTime":5361.19,"endTime":5364.94,"body":"kind of nod my head. It's almost"},{"speaker":"Alan Smith","startTime":5364.94,"endTime":5367.16,"body":"like he's, you know, he"},{"speaker":"Alan Smith","startTime":5364.94,"endTime":5367.16,"body":"understands the zeitgeist. He"},{"speaker":"Alan Smith","startTime":5367.16,"endTime":5369.29,"body":"understands what financial"},{"speaker":"Alan Smith","startTime":5367.16,"endTime":5369.29,"body":"planners are thinking about the"},{"speaker":"Alan Smith","startTime":5369.29,"endTime":5372.44,"body":"issues, their challenges, their"},{"speaker":"Alan Smith","startTime":5369.29,"endTime":5372.44,"body":"opportunities, and if you"},{"speaker":"Alan Smith","startTime":5372.44,"endTime":5376.8499999999995,"body":"haven't subscribed, it's called"},{"speaker":"Alan Smith","startTime":5372.44,"endTime":5376.8499999999995,"body":"F p f of Freddie, Peter Peter, F"},{"speaker":"Alan Smith","startTime":5376.8499999999995,"endTime":5383.48,"body":"it cycle advance. Brett Davidson"},{"speaker":"Alan Smith","startTime":5376.8499999999995,"endTime":5383.48,"body":"subscribe to his newsletter puts"},{"speaker":"Alan Smith","startTime":5383.48,"endTime":5385.88,"body":"out a lot of content and"},{"speaker":"Alan Smith","startTime":5383.48,"endTime":5385.88,"body":"honestly, I think it's really"},{"speaker":"Alan Smith","startTime":5385.88,"endTime":5389.2699999999995,"body":"really good. So I want to give a"},{"speaker":"Alan Smith","startTime":5385.88,"endTime":5389.2699999999995,"body":"shout out to Brett"},{"speaker":"Andy Hart","startTime":5390.32,"endTime":5392.09,"body":"he also does a really"},{"speaker":"Andy Hart","startTime":5390.32,"endTime":5392.09,"body":"good course I know a lot of"},{"speaker":"Andy Hart","startTime":5392.09,"endTime":5394.88,"body":"people have gone on uncover your"},{"speaker":"Andy Hart","startTime":5392.09,"endTime":5394.88,"body":"business that you they take in"},{"speaker":"Andy Hart","startTime":5394.88,"endTime":5395.69,"body":"sort of a"},{"speaker":"Alan Smith","startTime":5395.69,"endTime":5398.0599999999995,"body":"three year coaching"},{"speaker":"Alan Smith","startTime":5395.69,"endTime":5398.0599999999995,"body":"program and it has transformed a"},{"speaker":"Alan Smith","startTime":5398.0599999999995,"endTime":5401.84,"body":"lot of businesses recur, who you"},{"speaker":"Alan Smith","startTime":5398.0599999999995,"endTime":5401.84,"body":"know, looking to improve get"},{"speaker":"Alan Smith","startTime":5401.84,"endTime":5404.45,"body":"better. So now Brett is"},{"speaker":"Alan Smith","startTime":5401.84,"endTime":5404.45,"body":"definitely one of the good guys."},{"speaker":"Alan Smith","startTime":5404.8099999999995,"endTime":5408.86,"body":"And he's what they call straight"},{"speaker":"Alan Smith","startTime":5404.8099999999995,"endTime":5408.86,"body":"talking Ozzy, isn't he does if"},{"speaker":"Carl Widger","startTime":5408.89,"endTime":5411.38,"body":"you're worried"},{"speaker":"Carl Widger","startTime":5408.89,"endTime":5411.38,"body":"about EF f but the best thing"},{"speaker":"Alan Smith","startTime":5412.49,"endTime":5414.3499999999995,"body":"if you'd like if"},{"speaker":"Alan Smith","startTime":5412.49,"endTime":5414.3499999999995,"body":"you'd like it, yeah, you know,"},{"speaker":"Alan Smith","startTime":5414.3499999999995,"endTime":5417.59,"body":"said as it is then listen to"},{"speaker":"Alan Smith","startTime":5414.3499999999995,"endTime":5417.59,"body":"what he's got to say."},{"speaker":"Alan Smith","startTime":5417.62,"endTime":5419.0,"body":"Definitely. He's"},{"speaker":"Andy Hart","startTime":5419.0,"endTime":5421.3099999999995,"body":"no BS, which is"},{"speaker":"Andy Hart","startTime":5419.0,"endTime":5421.3099999999995,"body":"great. Yeah. Yeah, he's"},{"speaker":"Nick Lincoln","startTime":5421.34,"endTime":5424.0999999999995,"body":"very, very direct."},{"speaker":"Nick Lincoln","startTime":5421.34,"endTime":5424.0999999999995,"body":"I do like to like Brett. Okay,"},{"speaker":"Nick Lincoln","startTime":5424.0999999999995,"endTime":5427.88,"body":"fantastic. Look at that. It's"},{"speaker":"Nick Lincoln","startTime":5424.0999999999995,"endTime":5427.88,"body":"almost exactly 90 minutes of our"},{"speaker":"Nick Lincoln","startTime":5427.88,"endTime":5431.2699999999995,"body":"lives that will never ever get"},{"speaker":"Nick Lincoln","startTime":5427.88,"endTime":5431.2699999999995,"body":"back. That's a wrap for this"},{"speaker":"Nick Lincoln","startTime":5431.2699999999995,"endTime":5434.03,"body":"episode. Dear Trappist. Thank"},{"speaker":"Nick Lincoln","startTime":5431.2699999999995,"endTime":5434.03,"body":"you for your precious time and"},{"speaker":"Nick Lincoln","startTime":5434.03,"endTime":5437.21,"body":"your input because it's your"},{"speaker":"Nick Lincoln","startTime":5434.03,"endTime":5437.21,"body":"show as much as ours. Please do"},{"speaker":"Nick Lincoln","startTime":5437.21,"endTime":5440.42,"body":"rate us and leave a six out of"},{"speaker":"Nick Lincoln","startTime":5437.21,"endTime":5440.42,"body":"five stars on iTunes. Remember"},{"speaker":"Nick Lincoln","startTime":5440.42,"endTime":5442.91,"body":"to subscribe that way the"},{"speaker":"Nick Lincoln","startTime":5440.42,"endTime":5442.91,"body":"podcast lands freshly baked on"},{"speaker":"Nick Lincoln","startTime":5442.91,"endTime":5446.63,"body":"your phone every other Thursday."},{"speaker":"Nick Lincoln","startTime":5442.91,"endTime":5446.63,"body":"And do the same with our YouTube"},{"speaker":"Nick Lincoln","startTime":5446.63,"endTime":5448.46,"body":"channel. A surprising number of"},{"speaker":"Nick Lincoln","startTime":5446.63,"endTime":5448.46,"body":"people like to look at us"},{"speaker":"Nick Lincoln","startTime":5448.46,"endTime":5451.97,"body":"gormless to bronies. And we're"},{"speaker":"Nick Lincoln","startTime":5448.46,"endTime":5451.97,"body":"around 800 subscribers now on"},{"speaker":"Nick Lincoln","startTime":5451.97,"endTime":5455.5999999999995,"body":"there, which is really, really"},{"speaker":"Nick Lincoln","startTime":5451.97,"endTime":5455.5999999999995,"body":"good. But until next time, folks"},{"speaker":"Nick Lincoln","startTime":5455.5999999999995,"endTime":5458.42,"body":"take care out there and EOS and"},{"speaker":"Nick Lincoln","startTime":5455.5999999999995,"endTime":5458.42,"body":"we look forward to seeing so"},{"speaker":"Nick Lincoln","startTime":5458.42,"endTime":5463.79,"body":"many of you live at trap live on"},{"speaker":"Nick Lincoln","startTime":5458.42,"endTime":5463.79,"body":"May the ninth it's coming up and"},{"speaker":"Nick Lincoln","startTime":5463.79,"endTime":5465.41,"body":"then you can meet the lovely"},{"speaker":"Nick Lincoln","startTime":5463.79,"endTime":5465.41,"body":"Penelope it's just leave one"},{"speaker":"Nick Lincoln","startTime":5465.41,"endTime":5467.36,"body":"more time with this blooper"},{"speaker":"Nick Lincoln","startTime":5465.41,"endTime":5467.36,"body":"which I never play again if"},{"speaker":"Nick Lincoln","startTime":5467.36,"endTime":5470.12,"body":"you've got kids in the car"},{"speaker":"Nick Lincoln","startTime":5467.36,"endTime":5470.12,"body":"through the window now."},{"speaker":"Unknown","startTime":5473.42,"endTime":5477.92,"body":"Hello, dear Trappist."},{"speaker":"Unknown","startTime":5473.42,"endTime":5477.92,"body":"This details including a link to"},{"speaker":"Unknown","startTime":5477.92,"endTime":5479.12,"body":"the purchase tickets"},{"speaker":"Alan Smith","startTime":5483.14,"endTime":5484.58,"body":"goodbye traffic bye"},{"speaker":"Alan Smith","startTime":5483.14,"endTime":5484.58,"body":"now"}]}