{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":6.72,"endTime":10.86,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":6.72,"endTime":10.86,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":10.86,"endTime":14.64,"body":"P, trap. Please follow us and"},{"speaker":"Unknown","startTime":10.86,"endTime":14.64,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":14.64,"endTime":18.84,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":14.64,"endTime":18.84,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":18.84,"endTime":22.4,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":18.84,"endTime":22.4,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":22.4,"endTime":25.64,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":22.4,"endTime":25.64,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":25.64,"endTime":29.18,"body":"out of five star review on"},{"speaker":"Unknown","startTime":25.64,"endTime":29.18,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":29.18,"endTime":32.84,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":29.18,"endTime":32.84,"body":"can do more to help you. Now,"},{"speaker":"Unknown","startTime":32.84,"endTime":36.26,"body":"let's head over to the studio"},{"speaker":"Unknown","startTime":32.84,"endTime":36.26,"body":"for the latest pile of trap yes,"},{"speaker":"Nick Lincoln","startTime":41.0,"endTime":42.88,"body":"indeed, dear"},{"speaker":"Nick Lincoln","startTime":41.0,"endTime":42.88,"body":"trappers, welcome back to what"},{"speaker":"Nick Lincoln","startTime":42.88,"endTime":45.4,"body":"many people are calling the"},{"speaker":"Nick Lincoln","startTime":42.88,"endTime":45.4,"body":"second attempt to record episode"},{"speaker":"Nick Lincoln","startTime":45.4,"endTime":50.08,"body":"54 of the real advisor podcast,"},{"speaker":"Nick Lincoln","startTime":45.4,"endTime":50.08,"body":"tr AP trap. My name is lick"},{"speaker":"Nick Lincoln","startTime":50.08,"endTime":54.34,"body":"nincom, joining me as ever in"},{"speaker":"Nick Lincoln","startTime":50.08,"endTime":54.34,"body":"the digital studio of doom, of"},{"speaker":"Nick Lincoln","startTime":54.34,"endTime":59.32,"body":"the three other Horsemen of the"},{"speaker":"Nick Lincoln","startTime":54.34,"endTime":59.32,"body":"Apocalypse. Carl della vocci,"},{"speaker":"Nick Lincoln","startTime":59.32,"endTime":64.38,"body":"the voice width Alan, the"},{"speaker":"Nick Lincoln","startTime":59.32,"endTime":64.38,"body":"storyteller, Smith and and the"},{"speaker":"Nick Lincoln","startTime":64.44,"endTime":68.16,"body":"ultra heart. Now, gentlemen, we"},{"speaker":"Nick Lincoln","startTime":64.44,"endTime":68.16,"body":"have a show packed full of app"},{"speaker":"Nick Lincoln","startTime":69.6,"endTime":74.7,"body":"salutely Nothing, so let's start"},{"speaker":"Nick Lincoln","startTime":69.6,"endTime":74.7,"body":"packing it yet again with some"},{"speaker":"Nick Lincoln","startTime":74.7,"endTime":77.64,"body":"high energy review reads, read"},{"speaker":"Nick Lincoln","startTime":74.7,"endTime":77.64,"body":"out by my good friend, Mr."},{"speaker":"Nick Lincoln","startTime":77.64,"endTime":82.4,"body":"Andrew Hart, who didn't pause,"},{"speaker":"Nick Lincoln","startTime":77.64,"endTime":82.4,"body":"stutter or stumble, first time"},{"speaker":"Nick Lincoln","startTime":82.4,"endTime":82.76,"body":"round."},{"speaker":"Andy Hart","startTime":82.94,"endTime":86.0,"body":"Thank you very much."},{"speaker":"Andy Hart","startTime":82.94,"endTime":86.0,"body":"Nicholas, okay, my first review"},{"speaker":"Andy Hart","startTime":86.0,"endTime":89.78,"body":"is from tiny wings, entitled"},{"speaker":"Andy Hart","startTime":86.0,"endTime":89.78,"body":"must for financial planners."},{"speaker":"Andy Hart","startTime":89.78,"endTime":93.86,"body":"Five stars. Great podcast, guys"},{"speaker":"Andy Hart","startTime":89.78,"endTime":93.86,"body":"and the episode 48 section on"},{"speaker":"Andy Hart","startTime":93.86,"endTime":97.46,"body":"how pension members, advisors"},{"speaker":"Andy Hart","startTime":93.86,"endTime":97.46,"body":"and clients are blindsided by"},{"speaker":"Andy Hart","startTime":97.46,"endTime":100.36,"body":"the wording given and the"},{"speaker":"Andy Hart","startTime":97.46,"endTime":100.36,"body":"adherence to the answers given"},{"speaker":"Andy Hart","startTime":100.36,"endTime":104.14,"body":"by the tick box methodology of a"},{"speaker":"Andy Hart","startTime":100.36,"endTime":104.14,"body":"risk profiling questionnaire."},{"speaker":"Andy Hart","startTime":104.38,"endTime":108.28,"body":"Final reviews from Brooks Jr"},{"speaker":"Andy Hart","startTime":104.38,"endTime":108.28,"body":"entitled A positive for the"},{"speaker":"Andy Hart","startTime":108.28,"endTime":111.88,"body":"profession, five stars, great"},{"speaker":"Andy Hart","startTime":108.28,"endTime":111.88,"body":"show. 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So this podcast has been"},{"speaker":"Andy Hart","startTime":126.36,"endTime":129.78,"body":"absolute gold for me, and ticks"},{"speaker":"Andy Hart","startTime":126.36,"endTime":129.78,"body":"every box given that advisors"},{"speaker":"Andy Hart","startTime":129.78,"endTime":133.56,"body":"and retail listeners, investors"},{"speaker":"Andy Hart","startTime":129.78,"endTime":133.56,"body":"listen to this, I think having"},{"speaker":"Andy Hart","startTime":133.56,"endTime":137.4,"body":"these guys discuss topics openly"},{"speaker":"Andy Hart","startTime":133.56,"endTime":137.4,"body":"with balanced views is a real"},{"speaker":"Andy Hart","startTime":137.4,"endTime":139.8,"body":"positive for the profession,"},{"speaker":"Andy Hart","startTime":137.4,"endTime":139.8,"body":"thanks to the commitment"},{"speaker":"Andy Hart","startTime":139.8,"endTime":142.46,"body":"delivering high quality, high"},{"speaker":"Andy Hart","startTime":139.8,"endTime":142.46,"body":"value content for us all to"},{"speaker":"Andy Hart","startTime":142.46,"endTime":146.18,"body":"consume. Keep it up. Dean"},{"speaker":"Andy Hart","startTime":142.46,"endTime":146.18,"body":"Brooks, back to you. Nicholas,"},{"speaker":"Nick Lincoln","startTime":147.02,"endTime":149.78,"body":"thank you Andrew"},{"speaker":"Nick Lincoln","startTime":147.02,"endTime":149.78,"body":"and thank you TRAPPIST for those"},{"speaker":"Nick Lincoln","startTime":149.78,"endTime":152.06,"body":"lovely reviews. 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So"},{"speaker":"Nick Lincoln","startTime":184.8,"endTime":188.28,"body":"now, in place of that, we have"},{"speaker":"Nick Lincoln","startTime":188.28,"endTime":191.52,"body":"one link in the so called show"},{"speaker":"Nick Lincoln","startTime":188.28,"endTime":191.52,"body":"notes, which links to a Google"},{"speaker":"Nick Lincoln","startTime":191.52,"endTime":194.64,"body":"document which will have all the"},{"speaker":"Nick Lincoln","startTime":191.52,"endTime":194.64,"body":"so called show notes and all the"},{"speaker":"Nick Lincoln","startTime":194.64,"endTime":198.48,"body":"links from Episode 53 onwards."},{"speaker":"Nick Lincoln","startTime":194.64,"endTime":198.48,"body":"And it'll be a working, live"},{"speaker":"Nick Lincoln","startTime":198.48,"endTime":200.96,"body":"document. Over time, it'll"},{"speaker":"Nick Lincoln","startTime":198.48,"endTime":200.96,"body":"become like a repository, a"},{"speaker":"Nick Lincoln","startTime":200.96,"endTime":204.02,"body":"Wikipedia of the very best of"},{"speaker":"Nick Lincoln","startTime":200.96,"endTime":204.02,"body":"financial services. I think it"},{"speaker":"Nick Lincoln","startTime":204.02,"endTime":206.18,"body":"will supplant them the Magna"},{"speaker":"Nick Lincoln","startTime":204.02,"endTime":206.18,"body":"Carta in terms of its"},{"speaker":"Nick Lincoln","startTime":206.18,"endTime":209.54,"body":"importance. So that's just to"},{"speaker":"Nick Lincoln","startTime":206.18,"endTime":209.54,"body":"let you know, and it makes the"},{"speaker":"Nick Lincoln","startTime":209.54,"endTime":212.3,"body":"also makes the podcast look a"},{"speaker":"Nick Lincoln","startTime":209.54,"endTime":212.3,"body":"bit neater on your phone. It"},{"speaker":"Nick Lincoln","startTime":212.3,"endTime":215.06,"body":"doesn't ramble on, you've got to"},{"speaker":"Nick Lincoln","startTime":212.3,"endTime":215.06,"body":"scroll down and scroll down,"},{"speaker":"Nick Lincoln","startTime":215.06,"endTime":218.36,"body":"okay, Andrew, you've been to a"},{"speaker":"Nick Lincoln","startTime":215.06,"endTime":218.36,"body":"former colony. How did it go?"},{"speaker":"Andy Hart","startTime":219.2,"endTime":222.16,"body":"Very well. Nicholas,"},{"speaker":"Andy Hart","startTime":219.2,"endTime":222.16,"body":"very well. So last Tuesday, I"},{"speaker":"Andy Hart","startTime":222.16,"endTime":227.14,"body":"hosted the our fourth live event"},{"speaker":"Andy Hart","startTime":222.16,"endTime":227.14,"body":"in Cape Town, South Africa,"},{"speaker":"Andy Hart","startTime":227.2,"endTime":232.48,"body":"sixth event in total, in the"},{"speaker":"Andy Hart","startTime":227.2,"endTime":232.48,"body":"Alan gray VNA waterfront, whom"},{"speaker":"Andy Hart","startTime":232.48,"endTime":236.44,"body":"both of Nick or lick and"},{"speaker":"Andy Hart","startTime":232.48,"endTime":236.44,"body":"storyteller have been to Carl,"},{"speaker":"Andy Hart","startTime":236.44,"endTime":241.44,"body":"is yet to grace the shores of"},{"speaker":"Andy Hart","startTime":236.44,"endTime":241.44,"body":"Cape Town for hum. Sa, so it was"},{"speaker":"Andy Hart","startTime":241.44,"endTime":242.76,"body":"a wonderful day. I've,"},{"speaker":"Carl Widger","startTime":242.76,"endTime":245.1,"body":"I've just to, just"},{"speaker":"Carl Widger","startTime":242.76,"endTime":245.1,"body":"to clarify, I've yet to be"},{"speaker":"Carl Widger","startTime":245.1,"endTime":247.86,"body":"invited. Yeah, sure. Continue."},{"speaker":"Carl Widger","startTime":245.1,"endTime":247.86,"body":"Andrew,"},{"speaker":"Andy Hart","startTime":248.16,"endTime":250.68,"body":"there's a long list,"},{"speaker":"Andy Hart","startTime":248.16,"endTime":250.68,"body":"my friend, all the speakers"},{"speaker":"Andy Hart","startTime":250.68,"endTime":254.82,"body":"bought the a game is about 250,"},{"speaker":"Andy Hart","startTime":250.68,"endTime":254.82,"body":"people in the arena. So far, the"},{"speaker":"Andy Hart","startTime":254.82,"endTime":258.72,"body":"score out of 10 is 9.03 which"},{"speaker":"Andy Hart","startTime":254.82,"endTime":258.72,"body":"might be the highest we've ever"},{"speaker":"Andy Hart","startTime":258.72,"endTime":262.16,"body":"had at hum, final couple of"},{"speaker":"Andy Hart","startTime":258.72,"endTime":262.16,"body":"points. The organizers who"},{"speaker":"Andy Hart","startTime":262.16,"endTime":265.22,"body":"helped me put it on are Rob"},{"speaker":"Andy Hart","startTime":262.16,"endTime":265.22,"body":"McDonald, who quite a few of you"},{"speaker":"Andy Hart","startTime":265.22,"endTime":268.16,"body":"have met, Pierre talilla And"},{"speaker":"Andy Hart","startTime":265.22,"endTime":268.16,"body":"Carrie Bendle, and a massive"},{"speaker":"Andy Hart","startTime":268.16,"endTime":273.02,"body":"thanks to two UK financial"},{"speaker":"Andy Hart","startTime":268.16,"endTime":273.02,"body":"advisors who are also TRAPPIST,"},{"speaker":"Andy Hart","startTime":273.08,"endTime":277.16,"body":"Mr. Warren chute and Mr."},{"speaker":"Andy Hart","startTime":273.08,"endTime":277.16,"body":"Paulworth. They flew out with"},{"speaker":"Andy Hart","startTime":277.16,"endTime":281.02,"body":"me. So we I stayed with them for"},{"speaker":"Andy Hart","startTime":277.16,"endTime":281.02,"body":"four or five days, so they had a"},{"speaker":"Andy Hart","startTime":281.38,"endTime":285.64,"body":"strong old dose of me, not a"},{"speaker":"Andy Hart","startTime":281.38,"endTime":285.64,"body":"strong old dose of them. But it"},{"speaker":"Andy Hart","startTime":285.64,"endTime":290.68,"body":"was all good, all good spirits."},{"speaker":"Andy Hart","startTime":285.64,"endTime":290.68,"body":"All panned out. Well, nothing to"},{"speaker":"Andy Hart","startTime":290.68,"endTime":293.8,"body":"complain. We had a final day in"},{"speaker":"Andy Hart","startTime":290.68,"endTime":293.8,"body":"the vineyard that was amazing."},{"speaker":"Andy Hart","startTime":294.1,"endTime":296.86,"body":"But my final thank you is"},{"speaker":"Andy Hart","startTime":294.1,"endTime":296.86,"body":"obviously to the get delegates,"},{"speaker":"Andy Hart","startTime":296.86,"endTime":299.5,"body":"the people that turned up so we"},{"speaker":"Andy Hart","startTime":296.86,"endTime":299.5,"body":"couldn't put on the show"},{"speaker":"Andy Hart","startTime":299.5,"endTime":303.18,"body":"without. Out. You the people"},{"speaker":"Andy Hart","startTime":299.5,"endTime":303.18,"body":"make the party and onwards to"},{"speaker":"Andy Hart","startTime":303.18,"endTime":306.3,"body":"hum, Cape Town. 2025 back to"},{"speaker":"Andy Hart","startTime":303.18,"endTime":306.3,"body":"you. Nicholas,"},{"speaker":"Nick Lincoln","startTime":306.66,"endTime":308.46,"body":"brilliant. Well"},{"speaker":"Nick Lincoln","startTime":306.66,"endTime":308.46,"body":"done. Fell out. I'm glad it was"},{"speaker":"Nick Lincoln","startTime":308.46,"endTime":313.14,"body":"a such a success. And it must be"},{"speaker":"Nick Lincoln","startTime":308.46,"endTime":313.14,"body":"the season for conferences."},{"speaker":"Nick Lincoln","startTime":313.14,"endTime":316.56,"body":"We've got the sissy conference"},{"speaker":"Nick Lincoln","startTime":313.14,"endTime":316.56,"body":"coming up in October in"},{"speaker":"Nick Lincoln","startTime":316.56,"endTime":320.04,"body":"Manchester, Old Trafford, and"},{"speaker":"Nick Lincoln","startTime":316.56,"endTime":320.04,"body":"Nick Murray has just had his"},{"speaker":"Nick Lincoln","startTime":320.04,"endTime":322.94,"body":"annual shindig in in Manhattan."},{"speaker":"Nick Lincoln","startTime":320.04,"endTime":322.94,"body":"So I wanted to give a quick"},{"speaker":"Nick Lincoln","startTime":322.94,"endTime":327.2,"body":"shout out to a good, close"},{"speaker":"Nick Lincoln","startTime":322.94,"endTime":327.2,"body":"personal friend of the show, Ian"},{"speaker":"Nick Lincoln","startTime":327.2,"endTime":331.64,"body":"Farah, who went to the Nick"},{"speaker":"Nick Lincoln","startTime":327.2,"endTime":331.64,"body":"Murray conference, and while he"},{"speaker":"Nick Lincoln","startTime":331.64,"endTime":335.12,"body":"was there, just having breakfast"},{"speaker":"Nick Lincoln","startTime":331.64,"endTime":335.12,"body":"first thing in the morning. Yes,"},{"speaker":"Nick Lincoln","startTime":335.12,"endTime":337.52,"body":"I'm sorry about the close"},{"speaker":"Nick Lincoln","startTime":335.12,"endTime":337.52,"body":"personal friend Bell taking"},{"speaker":"Nick Lincoln","startTime":337.52,"endTime":339.62,"body":"forever the media board is"},{"speaker":"Nick Lincoln","startTime":337.52,"endTime":339.62,"body":"playing up, dear trapper. So"},{"speaker":"Nick Lincoln","startTime":339.62,"endTime":343.48,"body":"bear with me. Ian Farah having"},{"speaker":"Nick Lincoln","startTime":339.62,"endTime":343.48,"body":"breakfast, and an American guy"},{"speaker":"Nick Lincoln","startTime":343.48,"endTime":345.58,"body":"comes over to him and says, Are"},{"speaker":"Nick Lincoln","startTime":343.48,"endTime":345.58,"body":"you one of these trapped? Are"},{"speaker":"Nick Lincoln","startTime":345.58,"endTime":349.3,"body":"you familiar with trapped? Do"},{"speaker":"Nick Lincoln","startTime":345.58,"endTime":349.3,"body":"you involve a trap? And there"},{"speaker":"Nick Lincoln","startTime":349.3,"endTime":351.7,"body":"you go. We have a Trappist in"},{"speaker":"Nick Lincoln","startTime":349.3,"endTime":351.7,"body":"America. The guy's name is Phil"},{"speaker":"Nick Lincoln","startTime":351.7,"endTime":354.88,"body":"stats. He wanted a shout out."},{"speaker":"Nick Lincoln","startTime":351.7,"endTime":354.88,"body":"He's the founder and an advisor"},{"speaker":"Nick Lincoln","startTime":354.88,"endTime":358.12,"body":"at insight Advisor Group, which"},{"speaker":"Nick Lincoln","startTime":354.88,"endTime":358.12,"body":"looks like quite a decent, quite"},{"speaker":"Nick Lincoln","startTime":358.12,"endTime":360.66,"body":"decent setup. So Phil, thank you"},{"speaker":"Nick Lincoln","startTime":358.12,"endTime":360.66,"body":"for your little video message"},{"speaker":"Nick Lincoln","startTime":360.66,"endTime":363.3,"body":"giving us a Philip from"},{"speaker":"Nick Lincoln","startTime":360.66,"endTime":363.3,"body":"Manhattan, great to see that"},{"speaker":"Nick Lincoln","startTime":363.3,"endTime":366.3,"body":"you're picking up this. This,"},{"speaker":"Nick Lincoln","startTime":363.3,"endTime":366.3,"body":"this trip that we put out there."},{"speaker":"Nick Lincoln","startTime":366.3,"endTime":368.94,"body":"Please do spread the word with"},{"speaker":"Nick Lincoln","startTime":366.3,"endTime":368.94,"body":"your fellow Americans and the"},{"speaker":"Nick Lincoln","startTime":368.94,"endTime":371.94,"body":"good people of Illinois and get"},{"speaker":"Nick Lincoln","startTime":368.94,"endTime":371.94,"body":"trap going stateside. So there"},{"speaker":"Nick Lincoln","startTime":371.94,"endTime":374.88,"body":"you go, Phil stats, and you have"},{"speaker":"Nick Lincoln","startTime":371.94,"endTime":374.88,"body":"a nice time"},{"speaker":"Alan Smith","startTime":375.539,"endTime":379.079,"body":"on that. Just to"},{"speaker":"Alan Smith","startTime":375.539,"endTime":379.079,"body":"correct one thing I was it was"},{"speaker":"Alan Smith","startTime":379.079,"endTime":381.979,"body":"brilliant to get a message, and"},{"speaker":"Alan Smith","startTime":379.079,"endTime":381.979,"body":"thanks to Ian for actually"},{"speaker":"Alan Smith","startTime":381.979,"endTime":384.859,"body":"recording it on his phone, this"},{"speaker":"Alan Smith","startTime":381.979,"endTime":384.859,"body":"video message and sending around"},{"speaker":"Alan Smith","startTime":385.219,"endTime":391.519,"body":"to us, just to be a little bit"},{"speaker":"Alan Smith","startTime":385.219,"endTime":391.519,"body":"pedantic, he's a Trappist. He"},{"speaker":"Alan Smith","startTime":391.519,"endTime":395.479,"body":"referred to fellow Trappists as"},{"speaker":"Alan Smith","startTime":391.519,"endTime":395.479,"body":"trappers. Trappers is a"},{"speaker":"Alan Smith","startTime":395.479,"endTime":400.459,"body":"different thing altogether. This"},{"speaker":"Alan Smith","startTime":395.479,"endTime":400.459,"body":"is the TRAPPIST community. Bit"},{"speaker":"Alan Smith","startTime":400.519,"endTime":404.439,"body":"like the TRAPPIST, right? One"},{"speaker":"Alan Smith","startTime":400.519,"endTime":404.439,"body":"other quick thing, whilst it was"},{"speaker":"Alan Smith","startTime":404.439,"endTime":404.679,"body":"a bit"},{"speaker":"Nick Lincoln","startTime":404.8,"endTime":406.9,"body":"it was a private"},{"speaker":"Nick Lincoln","startTime":404.8,"endTime":406.9,"body":"video. I don't think we need to"},{"speaker":"Nick Lincoln","startTime":406.9,"endTime":409.06,"body":"reference the fact they made a"},{"speaker":"Nick Lincoln","startTime":406.9,"endTime":409.06,"body":"mistake with it. No,"},{"speaker":"Alan Smith","startTime":409.059,"endTime":411.279,"body":"no, we're just"},{"speaker":"Alan Smith","startTime":409.059,"endTime":411.279,"body":"clarifying this TRAPPIST and"},{"speaker":"Alan Smith","startTime":411.279,"endTime":414.099,"body":"TRAPPIST, but we had, I had a"},{"speaker":"Alan Smith","startTime":411.279,"endTime":414.099,"body":"sent to you as well. There was a"},{"speaker":"Alan Smith","startTime":414.099,"endTime":418.359,"body":"message from a lady advisor in"},{"speaker":"Alan Smith","startTime":414.099,"endTime":418.359,"body":"Singapore. She's coming back to"},{"speaker":"Alan Smith","startTime":418.359,"endTime":421.739,"body":"the UK soon, and she, as well,"},{"speaker":"Alan Smith","startTime":418.359,"endTime":421.739,"body":"was explaining that she was an"},{"speaker":"Alan Smith","startTime":421.739,"endTime":424.799,"body":"avid listener. So it's great"},{"speaker":"Alan Smith","startTime":421.739,"endTime":424.799,"body":"that we are going international"},{"speaker":"Alan Smith","startTime":424.799,"endTime":428.579,"body":"now with carrying this message"},{"speaker":"Alan Smith","startTime":424.799,"endTime":428.579,"body":"around the world. So thank you"},{"speaker":"Alan Smith","startTime":428.579,"endTime":429.299,"body":"for everyone. I"},{"speaker":"Andy Hart","startTime":429.3,"endTime":432.36,"body":"bumped into, sorry."},{"speaker":"Andy Hart","startTime":429.3,"endTime":432.36,"body":"Final point, I bumped into load"},{"speaker":"Andy Hart","startTime":432.36,"endTime":436.56,"body":"of Trappists in the hum coketown"},{"speaker":"Andy Hart","startTime":432.36,"endTime":436.56,"body":"event. There was one guy listens"},{"speaker":"Andy Hart","startTime":436.56,"endTime":439.98,"body":"to trap he's been in the"},{"speaker":"Andy Hart","startTime":436.56,"endTime":439.98,"body":"business only a year. He's taken"},{"speaker":"Andy Hart","startTime":439.98,"endTime":442.94,"body":"over his dad's business. I sent"},{"speaker":"Andy Hart","startTime":439.98,"endTime":442.94,"body":"you boys a video, and then he"},{"speaker":"Andy Hart","startTime":442.94,"endTime":446.42,"body":"obviously rocked up live in"},{"speaker":"Andy Hart","startTime":442.94,"endTime":446.42,"body":"person. So it's amazing how"},{"speaker":"Andy Hart","startTime":446.42,"endTime":449.48,"body":"these things work. You know,"},{"speaker":"Andy Hart","startTime":446.42,"endTime":449.48,"body":"speaking in our empty rooms,"},{"speaker":"Andy Hart","startTime":449.48,"endTime":452.3,"body":"being beamed around the world,"},{"speaker":"Andy Hart","startTime":449.48,"endTime":452.3,"body":"and then real life stuff happens"},{"speaker":"Andy Hart","startTime":452.3,"endTime":455.24,"body":"as a result of it. So it's, it's"},{"speaker":"Andy Hart","startTime":452.3,"endTime":455.24,"body":"absolutely amazing, yeah, sorry"},{"speaker":"Andy Hart","startTime":455.24,"endTime":457.82,"body":"I forgot about that. Very good."},{"speaker":"Andy Hart","startTime":455.24,"endTime":457.82,"body":"Very,"},{"speaker":"Nick Lincoln","startTime":457.819,"endTime":461.019,"body":"very good. Lovely."},{"speaker":"Nick Lincoln","startTime":457.819,"endTime":461.019,"body":"Okay, let's get on to some nitty"},{"speaker":"Nick Lincoln","startTime":461.019,"endTime":464.979,"body":"gritty and storyteller, this"},{"speaker":"Nick Lincoln","startTime":461.019,"endTime":464.979,"body":"Wow, gone enlighten us cash"},{"speaker":"Nick Lincoln","startTime":464.979,"endTime":467.319,"body":"management platforms. I'm"},{"speaker":"Andy Hart","startTime":467.979,"endTime":470.439,"body":"just, I'm just"},{"speaker":"Andy Hart","startTime":467.979,"endTime":470.439,"body":"before. Storyteller, sorry, it's"},{"speaker":"Andy Hart","startTime":470.439,"endTime":470.979,"body":"following. Oh, you"},{"speaker":"Nick Lincoln","startTime":470.98,"endTime":471.82,"body":"are sorry. Sorry."},{"speaker":"Andy Hart","startTime":471.879,"endTime":472.959,"body":"It's following on the"},{"speaker":"Alan Smith","startTime":472.959,"endTime":474.579,"body":"salute. Shambles,"},{"speaker":"Andy Hart","startTime":477.1,"endTime":480.54,"body":"there's a link show"},{"speaker":"Andy Hart","startTime":477.1,"endTime":480.54,"body":"now. Absolute shambles, super"},{"speaker":"Andy Hart","startTime":480.54,"endTime":485.88,"body":"link. It's a Nick Murray podcast"},{"speaker":"Andy Hart","startTime":480.54,"endTime":485.88,"body":"on YouTube. Nick Murray does few"},{"speaker":"Andy Hart","startTime":485.88,"endTime":489.24,"body":"and far between of these types"},{"speaker":"Andy Hart","startTime":485.88,"endTime":489.24,"body":"of interviews, but he's on with"},{"speaker":"Andy Hart","startTime":489.24,"endTime":494.4,"body":"a guy called David banson, who's"},{"speaker":"Andy Hart","startTime":489.24,"endTime":494.4,"body":"a super fan"},{"speaker":"Nick Lincoln","startTime":495.54,"endTime":496.26,"body":"August bank,"},{"speaker":"Andy Hart","startTime":496.439,"endTime":499.499,"body":"but you look at an"},{"speaker":"Andy Hart","startTime":496.439,"endTime":499.499,"body":"August bank, he sort of bangs on"},{"speaker":"Andy Hart","startTime":499.499,"endTime":502.879,"body":"for about 15 minutes before the"},{"speaker":"Andy Hart","startTime":499.499,"endTime":502.879,"body":"interview gets started, which is"},{"speaker":"Andy Hart","startTime":502.879,"endTime":505.879,"body":"somewhat interesting, but I'd"},{"speaker":"Andy Hart","startTime":502.879,"endTime":505.879,"body":"probably nod on from that. So"},{"speaker":"Andy Hart","startTime":505.879,"endTime":508.819,"body":"there's a Lincoln cycle show"},{"speaker":"Andy Hart","startTime":505.879,"endTime":508.819,"body":"notes. It's entitled, trust"},{"speaker":"Andy Hart","startTime":508.819,"endTime":513.619,"body":"comes from trustworthiness."},{"speaker":"Andy Hart","startTime":508.819,"endTime":513.619,"body":"David banson and Nick Murray."},{"speaker":"Andy Hart","startTime":513.799,"endTime":515.239,"body":"Back to you, storyteller,"},{"speaker":"Alan Smith","startTime":547.02,"endTime":550.3399999999999,"body":"yeah, I watched"},{"speaker":"Alan Smith","startTime":547.02,"endTime":550.3399999999999,"body":"that. It's it's a great I love"},{"speaker":"Alan Smith","startTime":550.3399999999999,"endTime":552.98,"body":"the way Nick Murray"},{"speaker":"Alan Smith","startTime":550.3399999999999,"endTime":552.98,"body":"communicates. It's just slow,"},{"speaker":"Alan Smith","startTime":553.3399999999999,"endTime":556.76,"body":"paced, intentional, you know,"},{"speaker":"Alan Smith","startTime":553.3399999999999,"endTime":556.76,"body":"quite quiet, really."},{"speaker":"Carl Widger","startTime":558.26,"endTime":559.4599999999999,"body":"Did he stand the"},{"speaker":"Carl Widger","startTime":558.26,"endTime":559.4599999999999,"body":"note?"},{"speaker":"Alan Smith","startTime":559.88,"endTime":561.8,"body":"He did. Well,"},{"speaker":"Alan Smith","startTime":559.88,"endTime":561.8,"body":"there's new to me. New to me."},{"speaker":"Alan Smith","startTime":561.8,"endTime":564.1999999999999,"body":"Anyway, you should, you should,"},{"speaker":"Alan Smith","startTime":561.8,"endTime":564.1999999999999,"body":"you should watch it or listen to"},{"speaker":"Alan Smith","startTime":564.1999999999999,"endTime":567.68,"body":"it. He did say something new,"},{"speaker":"Alan Smith","startTime":564.1999999999999,"endTime":567.68,"body":"which was around, kind of the"},{"speaker":"Alan Smith","startTime":567.68,"endTime":570.8199999999999,"body":"idea of prospecting for new"},{"speaker":"Alan Smith","startTime":567.68,"endTime":570.8199999999999,"body":"clients he had. I mean, I think"},{"speaker":"Alan Smith","startTime":570.8199999999999,"endTime":573.0999999999999,"body":"I've read that before somewhere,"},{"speaker":"Alan Smith","startTime":570.8199999999999,"endTime":573.0999999999999,"body":"but I've forgotten about it."},{"speaker":"Alan Smith","startTime":573.0999999999999,"endTime":576.6999999999999,"body":"About this kind of, probably one"},{"speaker":"Alan Smith","startTime":573.0999999999999,"endTime":576.6999999999999,"body":"of his newsletters formula that"},{"speaker":"Alan Smith","startTime":576.6999999999999,"endTime":580.06,"body":"he's got. It's always useful to"},{"speaker":"Alan Smith","startTime":576.6999999999999,"endTime":580.06,"body":"be reminded again, Mr. Widget,"},{"speaker":"Alan Smith","startTime":580.06,"endTime":580.78,"body":"Mr. Noel,"},{"speaker":"Carl Widger","startTime":581.98,"endTime":585.04,"body":"being facetious and"},{"speaker":"Carl Widger","startTime":581.98,"endTime":585.04,"body":"being facetious talking on"},{"speaker":"Carl Widger","startTime":585.0999999999999,"endTime":589.66,"body":"conferences before you, you jump"},{"speaker":"Carl Widger","startTime":585.0999999999999,"endTime":589.66,"body":"on like you had to like"},{"speaker":"Carl Widger","startTime":589.7199999999999,"endTime":592.5,"body":"different different things work"},{"speaker":"Carl Widger","startTime":589.7199999999999,"endTime":592.5,"body":"for different people, I guess."},{"speaker":"Carl Widger","startTime":592.5,"endTime":595.4399999999999,"body":"Yeah, we saw the pictures from"},{"speaker":"Carl Widger","startTime":592.5,"endTime":595.4399999999999,"body":"the Nick Murray Conference,"},{"speaker":"Carl Widger","startTime":595.4399999999999,"endTime":598.92,"body":"which, as you said, Andy before,"},{"speaker":"Carl Widger","startTime":595.4399999999999,"endTime":598.92,"body":"is as bland as you can get it."},{"speaker":"Carl Widger","startTime":599.2199999999999,"endTime":602.64,"body":"At the same time, the future"},{"speaker":"Carl Widger","startTime":599.2199999999999,"endTime":602.64,"body":"proof conference was happening"},{"speaker":"Carl Widger","startTime":602.64,"endTime":606.18,"body":"in Huntington's beach, I think"},{"speaker":"Carl Widger","startTime":602.64,"endTime":606.18,"body":"kind of looking pretty amazing,"},{"speaker":"Carl Widger","startTime":606.18,"endTime":608.6999999999999,"body":"to be fair. So yeah, it's"},{"speaker":"Andy Hart","startTime":609.06,"endTime":611.3,"body":"amazing. Maybe we're"},{"speaker":"Andy Hart","startTime":609.06,"endTime":611.3,"body":"gonna get, maybe we were gonna"},{"speaker":"Andy Hart","startTime":611.3,"endTime":614.18,"body":"get a group of us to go to"},{"speaker":"Andy Hart","startTime":611.3,"endTime":614.18,"body":"future proof next year. A few"},{"speaker":"Andy Hart","startTime":614.18,"endTime":617.7199999999999,"body":"people that went too good"},{"speaker":"Andy Hart","startTime":614.18,"endTime":617.7199999999999,"body":"mentioned an interest. So, yeah,"},{"speaker":"Andy Hart","startTime":617.9,"endTime":621.3199999999999,"body":"right, we could get probably"},{"speaker":"Andy Hart","startTime":617.9,"endTime":621.3199999999999,"body":"about 10 of us out there. So"},{"speaker":"Andy Hart","startTime":622.5799999999999,"endTime":624.86,"body":"watch this space. TRAPPIST, we"},{"speaker":"Andy Hart","startTime":622.5799999999999,"endTime":624.86,"body":"might have an announcement."},{"speaker":"Carl Widger","startTime":625.699,"endTime":627.679,"body":"Exactly. Sorry for"},{"speaker":"Carl Widger","startTime":625.699,"endTime":627.679,"body":"the interruption. Alan,"},{"speaker":"Carl Widger","startTime":627.7389999999999,"endTime":629.059,"body":"continue, my friend. Look"},{"speaker":"Alan Smith","startTime":629.06,"endTime":632.26,"body":"forward to it. Try."},{"speaker":"Alan Smith","startTime":629.06,"endTime":632.26,"body":"App tour 25 that's got a good"},{"speaker":"Alan Smith","startTime":632.26,"endTime":633.5799999999999,"body":"ring to it, right? We're"},{"speaker":"Nick Lincoln","startTime":633.579,"endTime":635.379,"body":"10 minutes in, and"},{"speaker":"Nick Lincoln","startTime":633.579,"endTime":635.379,"body":"we're like, four points down."},{"speaker":"Nick Lincoln","startTime":635.379,"endTime":636.639,"body":"The topical tidbits, just"},{"speaker":"Alan Smith","startTime":637.66,"endTime":639.52,"body":"saying, I got a"},{"speaker":"Alan Smith","startTime":637.66,"endTime":639.52,"body":"message to share with you guys"},{"speaker":"Alan Smith","startTime":639.52,"endTime":641.8,"body":"from I won't mention his name"},{"speaker":"Alan Smith","startTime":639.52,"endTime":641.8,"body":"right now, but again, another"},{"speaker":"Alan Smith","startTime":641.8,"endTime":645.88,"body":"avid listener asking what our"},{"speaker":"Alan Smith","startTime":641.8,"endTime":645.88,"body":"thoughts or views were on these"},{"speaker":"Alan Smith","startTime":645.88,"endTime":649.36,"body":"cash management platforms. I"},{"speaker":"Alan Smith","startTime":645.88,"endTime":649.36,"body":"think we're all familiar with"},{"speaker":"Alan Smith","startTime":649.36,"endTime":652.68,"body":"them. There's a few names a lot"},{"speaker":"Alan Smith","startTime":649.36,"endTime":652.68,"body":"of advisors seem to like and to"},{"speaker":"Alan Smith","startTime":652.68,"endTime":657.48,"body":"use, and he was expressing some"},{"speaker":"Alan Smith","startTime":652.68,"endTime":657.48,"body":"I gotta put a concern maybe. He"},{"speaker":"Alan Smith","startTime":657.48,"endTime":663.7199999999999,"body":"said he's attempted to do some"},{"speaker":"Alan Smith","startTime":657.48,"endTime":663.7199999999999,"body":"robust diligence on these trust"},{"speaker":"Alan Smith","startTime":663.7199999999999,"endTime":666.3,"body":"structures that operate behind"},{"speaker":"Alan Smith","startTime":663.7199999999999,"endTime":666.3,"body":"the scenes of these platforms."},{"speaker":"Alan Smith","startTime":666.3,"endTime":670.64,"body":"And he said it was always a bit"},{"speaker":"Alan Smith","startTime":666.3,"endTime":670.64,"body":"of waffle and flannel didn't"},{"speaker":"Alan Smith","startTime":670.64,"endTime":674.18,"body":"really get into the the heart of"},{"speaker":"Alan Smith","startTime":670.64,"endTime":674.18,"body":"the questions. He was trying to"},{"speaker":"Alan Smith","startTime":674.18,"endTime":676.88,"body":"ascertain. It wasn't 100% clear."},{"speaker":"Alan Smith","startTime":674.18,"endTime":676.88,"body":"And I just thought it was"},{"speaker":"Alan Smith","startTime":676.88,"endTime":679.4,"body":"interesting, because they do"},{"speaker":"Alan Smith","startTime":676.88,"endTime":679.4,"body":"seem to be very popular. I can,"},{"speaker":"Alan Smith","startTime":679.4,"endTime":682.76,"body":"you know, fully disclose, we"},{"speaker":"Alan Smith","startTime":679.4,"endTime":682.76,"body":"don't use them at our firm"},{"speaker":"Alan Smith","startTime":682.76,"endTime":688.6999999999999,"body":"where, where cash is required to"},{"speaker":"Alan Smith","startTime":682.76,"endTime":688.6999999999999,"body":"be held on deposit. Often, we"},{"speaker":"Alan Smith","startTime":688.6999999999999,"endTime":691.06,"body":"often find it where there's"},{"speaker":"Alan Smith","startTime":688.6999999999999,"endTime":691.06,"body":"somebody has sold a business,"},{"speaker":"Alan Smith","startTime":691.12,"endTime":694.7199999999999,"body":"and they've got lot of cash, and"},{"speaker":"Alan Smith","startTime":691.12,"endTime":694.7199999999999,"body":"they've got a big tax bill to"},{"speaker":"Alan Smith","startTime":694.7199999999999,"endTime":697.78,"body":"pay probably a year away. So"},{"speaker":"Alan Smith","startTime":694.7199999999999,"endTime":697.78,"body":"it's a year to 18 months of cash"},{"speaker":"Alan Smith","startTime":697.78,"endTime":700.3,"body":"deposits. They can't take any"},{"speaker":"Alan Smith","startTime":697.78,"endTime":700.3,"body":"risks with it, and they'd rather"},{"speaker":"Alan Smith","startTime":700.3,"endTime":703.48,"body":"get a return on it. We've always"},{"speaker":"Alan Smith","startTime":700.3,"endTime":703.48,"body":"recommended national savings as"},{"speaker":"Alan Smith","startTime":703.48,"endTime":706.9599999999999,"body":"being the most secure place. Ns"},{"speaker":"Alan Smith","startTime":703.48,"endTime":706.9599999999999,"body":"and I secure base. It pays over"},{"speaker":"Alan Smith","startTime":706.9599999999999,"endTime":711.54,"body":"4% right now. It's as secure as"},{"speaker":"Alan Smith","startTime":706.9599999999999,"endTime":711.54,"body":"he as it gets, backed by the UK"},{"speaker":"Alan Smith","startTime":711.54,"endTime":715.5,"body":"treasury, UK Government. And,"},{"speaker":"Alan Smith","startTime":711.54,"endTime":715.5,"body":"you know, I just when I've"},{"speaker":"Alan Smith","startTime":715.5,"endTime":717.78,"body":"looked at some of the rates"},{"speaker":"Alan Smith","startTime":715.5,"endTime":717.78,"body":"available as well elsewhere in"},{"speaker":"Alan Smith","startTime":717.78,"endTime":721.1999999999999,"body":"these cash platforms, once they"},{"speaker":"Alan Smith","startTime":717.78,"endTime":721.1999999999999,"body":"take their bite of the cherry, I"},{"speaker":"Alan Smith","startTime":721.62,"endTime":724.38,"body":"understand also some advisors"},{"speaker":"Alan Smith","startTime":721.62,"endTime":724.38,"body":"charge on it as well, you know,"},{"speaker":"Alan Smith","startTime":724.4399999999999,"endTime":728.3399999999999,"body":"25 basis points or something for"},{"speaker":"Alan Smith","startTime":724.4399999999999,"endTime":728.3399999999999,"body":"accessing it. So, net, net,"},{"speaker":"Alan Smith","startTime":728.3399999999999,"endTime":731.42,"body":"you're not, I don't think an"},{"speaker":"Alan Smith","startTime":728.3399999999999,"endTime":731.42,"body":"awful lot better off than just"},{"speaker":"Alan Smith","startTime":731.42,"endTime":735.4399999999999,"body":"going to an NS and I type of"},{"speaker":"Alan Smith","startTime":731.42,"endTime":735.4399999999999,"body":"account. Just wonder what you"},{"speaker":"Alan Smith","startTime":735.4399999999999,"endTime":739.8199999999999,"body":"guys did or used. I don't think"},{"speaker":"Alan Smith","startTime":735.4399999999999,"endTime":739.8199999999999,"body":"you use the cash platform. So in"},{"speaker":"Alan Smith","startTime":739.9399999999999,"endTime":742.9399999999999,"body":"talking the UK Andy, Nick, Nick,"},{"speaker":"Alan Smith","startTime":739.9399999999999,"endTime":742.9399999999999,"body":"what are your thoughts? Yeah,"},{"speaker":"Alan Smith","startTime":742.9399999999999,"endTime":744.1999999999999,"body":"I'm not gonna"},{"speaker":"Nick Lincoln","startTime":744.199,"endTime":746.059,"body":"mention brand"},{"speaker":"Nick Lincoln","startTime":744.199,"endTime":746.059,"body":"name. I did look at a couple of"},{"speaker":"Nick Lincoln","startTime":746.059,"endTime":749.4789999999999,"body":"them last year, just, just sort"},{"speaker":"Nick Lincoln","startTime":746.059,"endTime":749.4789999999999,"body":"of kicking the tires very, very"},{"speaker":"Nick Lincoln","startTime":749.4789999999999,"endTime":753.699,"body":"loosely. I wasn't totally"},{"speaker":"Nick Lincoln","startTime":749.4789999999999,"endTime":753.699,"body":"comfortable with it, with their"},{"speaker":"Nick Lincoln","startTime":753.699,"endTime":757.8389999999999,"body":"structure, as you said, but I"},{"speaker":"Nick Lincoln","startTime":753.699,"endTime":757.8389999999999,"body":"just also, I don't know, I don't"},{"speaker":"Nick Lincoln","startTime":757.8389999999999,"endTime":761.799,"body":"think I want to be involved as a"},{"speaker":"Nick Lincoln","startTime":757.8389999999999,"endTime":761.799,"body":"cash manager for my clients. I"},{"speaker":"Nick Lincoln","startTime":761.799,"endTime":764.6189999999999,"body":"think there's Google for that."},{"speaker":"Nick Lincoln","startTime":761.799,"endTime":764.6189999999999,"body":"It's just a just search the rate"},{"speaker":"Nick Lincoln","startTime":764.6189999999999,"endTime":767.379,"body":"and over to you. All of a"},{"speaker":"Nick Lincoln","startTime":764.6189999999999,"endTime":767.379,"body":"sudden, you're struggling this"},{"speaker":"Nick Lincoln","startTime":767.379,"endTime":769.779,"body":"thing. Are you giving advice"},{"speaker":"Nick Lincoln","startTime":767.379,"endTime":769.779,"body":"then or not? Is this a regulated"},{"speaker":"Nick Lincoln","startTime":769.779,"endTime":772.559,"body":"activity in a sense, because if"},{"speaker":"Nick Lincoln","startTime":769.779,"endTime":772.559,"body":"you're pointing them towards it,"},{"speaker":"Nick Lincoln","startTime":772.679,"endTime":775.139,"body":"and this is thing about giving"},{"speaker":"Nick Lincoln","startTime":772.679,"endTime":775.139,"body":"steers to people, isn't aren't"},{"speaker":"Nick Lincoln","startTime":775.139,"endTime":777.659,"body":"they? You know, we get that. I"},{"speaker":"Nick Lincoln","startTime":775.139,"endTime":777.659,"body":"think we all do it to a degree."},{"speaker":"Nick Lincoln","startTime":777.659,"endTime":779.759,"body":"You give you might say, well, if"},{"speaker":"Nick Lincoln","startTime":777.659,"endTime":779.759,"body":"I was in your shoes, I might go"},{"speaker":"Nick Lincoln","startTime":779.759,"endTime":782.459,"body":"with XYZ. You don't put it in"},{"speaker":"Nick Lincoln","startTime":779.759,"endTime":782.459,"body":"right? You know, you're just"},{"speaker":"Nick Lincoln","startTime":782.459,"endTime":785.459,"body":"talking, I think you know, you"},{"speaker":"Nick Lincoln","startTime":782.459,"endTime":785.459,"body":"could be talking significant"},{"speaker":"Nick Lincoln","startTime":785.459,"endTime":787.919,"body":"sums of money here. And what's"},{"speaker":"Nick Lincoln","startTime":785.459,"endTime":787.919,"body":"the upside? It does go wrong,"},{"speaker":"Nick Lincoln","startTime":787.919,"endTime":792.019,"body":"nothing at all. And you're going"},{"speaker":"Nick Lincoln","startTime":787.919,"endTime":792.019,"body":"to take 15 basis but 25 basis"},{"speaker":"Nick Lincoln","startTime":792.019,"endTime":795.079,"body":"points, as you'll read for if"},{"speaker":"Nick Lincoln","startTime":792.019,"endTime":795.079,"body":"you take any fee at all, I just"},{"speaker":"Nick Lincoln","startTime":795.139,"endTime":798.7389999999999,"body":"so I kind of, I kind of walked"},{"speaker":"Nick Lincoln","startTime":795.139,"endTime":798.7389999999999,"body":"away from it. So that was my"},{"speaker":"Nick Lincoln","startTime":798.7389999999999,"endTime":801.139,"body":"Name, which I just didn't"},{"speaker":"Nick Lincoln","startTime":798.7389999999999,"endTime":801.139,"body":"understand quite how it worked."},{"speaker":"Nick Lincoln","startTime":801.259,"endTime":803.659,"body":"And I got a very small brain, so"},{"speaker":"Nick Lincoln","startTime":801.259,"endTime":803.659,"body":"that's probably on me, rather"},{"speaker":"Nick Lincoln","startTime":803.659,"endTime":806.419,"body":"than the brands involved. But I"},{"speaker":"Nick Lincoln","startTime":803.659,"endTime":806.419,"body":"didn't just take it any further."},{"speaker":"Nick Lincoln","startTime":806.419,"endTime":806.7189999999999,"body":"Yeah,"},{"speaker":"Andy Hart","startTime":806.7199999999999,"endTime":808.9399999999999,"body":"I'll just close this"},{"speaker":"Andy Hart","startTime":806.7199999999999,"endTime":808.9399999999999,"body":"up. I'm happy to mention brand"},{"speaker":"Andy Hart","startTime":808.9399999999999,"endTime":812.0799999999999,"body":"names. I think insignis are the"},{"speaker":"Andy Hart","startTime":808.9399999999999,"endTime":812.0799999999999,"body":"biggest, and flagstone, sorry,"},{"speaker":"Andy Hart","startTime":812.0799999999999,"endTime":816.3399999999999,"body":"insignisa, or a name I'm aware"},{"speaker":"Andy Hart","startTime":812.0799999999999,"endTime":816.3399999999999,"body":"of, and flagstone, I believe,"},{"speaker":"Andy Hart","startTime":816.3399999999999,"endTime":818.92,"body":"might be the biggest. Again,"},{"speaker":"Andy Hart","startTime":816.3399999999999,"endTime":818.92,"body":"I've got that maybe got the"},{"speaker":"Andy Hart","startTime":818.92,"endTime":821.38,"body":"wrong I don't know the space"},{"speaker":"Andy Hart","startTime":818.92,"endTime":821.38,"body":"well enough. I just want to try"},{"speaker":"Andy Hart","startTime":821.38,"endTime":824.74,"body":"and remove extra layers between"},{"speaker":"Andy Hart","startTime":821.38,"endTime":824.74,"body":"my clients and their cash. So if"},{"speaker":"Andy Hart","startTime":824.74,"endTime":828.0999999999999,"body":"I can take a small haircut and"},{"speaker":"Andy Hart","startTime":824.74,"endTime":828.0999999999999,"body":"get, not maybe the best"},{"speaker":"Andy Hart","startTime":828.0999999999999,"endTime":830.5799999999999,"body":"performing rate on the market,"},{"speaker":"Andy Hart","startTime":828.0999999999999,"endTime":830.5799999999999,"body":"but at least they're directly,"},{"speaker":"Andy Hart","startTime":831.18,"endTime":833.52,"body":"you know, accessing the"},{"speaker":"Andy Hart","startTime":831.18,"endTime":833.52,"body":"financial institution. Then"},{"speaker":"Andy Hart","startTime":833.52,"endTime":836.2199999999999,"body":"I'll, I'll sort of take that,"},{"speaker":"Andy Hart","startTime":833.52,"endTime":836.2199999999999,"body":"yeah, there. I think they are"},{"speaker":"Andy Hart","startTime":836.3399999999999,"endTime":840.18,"body":"quite convoluted. Ns, and I, I'm"},{"speaker":"Andy Hart","startTime":836.3399999999999,"endTime":840.18,"body":"a big fan of, I do have a chunk"},{"speaker":"Andy Hart","startTime":840.18,"endTime":842.88,"body":"of cash on transact platform."},{"speaker":"Andy Hart","startTime":840.18,"endTime":842.88,"body":"They're paying high rates, and"},{"speaker":"Andy Hart","startTime":842.88,"endTime":845.6999999999999,"body":"I'm just a bit more comfortable"},{"speaker":"Andy Hart","startTime":842.88,"endTime":845.6999999999999,"body":"with them doing stuff in the"},{"speaker":"Andy Hart","startTime":845.6999999999999,"endTime":848.8199999999999,"body":"background. I don't want there"},{"speaker":"Andy Hart","startTime":845.6999999999999,"endTime":848.8199999999999,"body":"to be a massive blow up with one"},{"speaker":"Andy Hart","startTime":848.8199999999999,"endTime":852.98,"body":"of these companies, which then"},{"speaker":"Andy Hart","startTime":848.8199999999999,"endTime":852.98,"body":"exactly what be one day. Yeah,"},{"speaker":"Andy Hart","startTime":852.98,"endTime":853.0999999999999,"body":"the"},{"speaker":"Carl Widger","startTime":853.0999999999999,"endTime":855.56,"body":"security, I think,"},{"speaker":"Carl Widger","startTime":853.0999999999999,"endTime":855.56,"body":"of the provider, is really,"},{"speaker":"Carl Widger","startTime":855.56,"endTime":856.88,"body":"really, really important."},{"speaker":"Andy Hart","startTime":856.9399999999999,"endTime":859.8199999999999,"body":"There's lots of,"},{"speaker":"Andy Hart","startTime":856.9399999999999,"endTime":859.8199999999999,"body":"actually, there's lots of layers"},{"speaker":"Andy Hart","startTime":859.8199999999999,"endTime":862.4599999999999,"body":"of the onion, and we're as"},{"speaker":"Andy Hart","startTime":859.8199999999999,"endTime":862.4599999999999,"body":"strong as the weakest link, the"},{"speaker":"Andy Hart","startTime":862.4599999999999,"endTime":867.38,"body":"usual sort of, yeah. And for"},{"speaker":"Andy Hart","startTime":862.4599999999999,"endTime":867.38,"body":"tread, very carefully, you know,"},{"speaker":"Andy Hart","startTime":867.4399999999999,"endTime":870.68,"body":"my clients pay me to help them"},{"speaker":"Andy Hart","startTime":867.4399999999999,"endTime":870.68,"body":"avoid this sort of stuff. I'm"},{"speaker":"Andy Hart","startTime":870.68,"endTime":873.4599999999999,"body":"not saying what advisors are"},{"speaker":"Andy Hart","startTime":870.68,"endTime":873.4599999999999,"body":"doing using these platforms at"},{"speaker":"Andy Hart","startTime":873.4599999999999,"endTime":876.04,"body":"the moment, is anything"},{"speaker":"Andy Hart","startTime":873.4599999999999,"endTime":876.04,"body":"untoward, and they've obviously"},{"speaker":"Andy Hart","startTime":876.04,"endTime":879.52,"body":"done their own due diligence,"},{"speaker":"Andy Hart","startTime":876.04,"endTime":879.52,"body":"but personally, for me, again,"},{"speaker":"Andy Hart","startTime":879.52,"endTime":882.0999999999999,"body":"it's another layer that I could"},{"speaker":"Andy Hart","startTime":879.52,"endTime":882.0999999999999,"body":"do without. So yeah, I generally"},{"speaker":"Andy Hart","startTime":882.16,"endTime":884.5,"body":"use them at the moment. Very"},{"speaker":"Alan Smith","startTime":885.04,"endTime":888.16,"body":"diplomatic there."},{"speaker":"Alan Smith","startTime":885.04,"endTime":888.16,"body":"Andrew, makes sense. The upside"},{"speaker":"Alan Smith","startTime":888.16,"endTime":891.5999999999999,"body":"to me is potentially, is there,"},{"speaker":"Alan Smith","startTime":888.16,"endTime":891.5999999999999,"body":"but it's marginal, and the"},{"speaker":"Alan Smith","startTime":891.5999999999999,"endTime":897.12,"body":"downside is catastrophic. It's"},{"speaker":"Alan Smith","startTime":891.5999999999999,"endTime":897.12,"body":"one of these bets that, in my"},{"speaker":"Alan Smith","startTime":897.12,"endTime":900.5999999999999,"body":"opinion, isn't worth it. And the"},{"speaker":"Alan Smith","startTime":897.12,"endTime":900.5999999999999,"body":"same to me goes for cash funds."},{"speaker":"Alan Smith","startTime":900.66,"endTime":902.6999999999999,"body":"It's kind of treasury type funds"},{"speaker":"Alan Smith","startTime":900.66,"endTime":902.6999999999999,"body":"you can buy"},{"speaker":"Andy Hart","startTime":903.5989999999999,"endTime":906.299,"body":"where you can money"},{"speaker":"Andy Hart","startTime":903.5989999999999,"endTime":906.299,"body":"market funds. They're a bit"},{"speaker":"Andy Hart","startTime":906.299,"endTime":907.7389999999999,"body":"sketchy. Yeah, they're sketchy"},{"speaker":"Carl Widger","startTime":909.48,"endTime":914.8399999999999,"body":"you're operating"},{"speaker":"Carl Widger","startTime":909.48,"endTime":914.8399999999999,"body":"in. Yeah, it's different. No,"},{"speaker":"Alan Smith","startTime":914.8389999999999,"endTime":916.639,"body":"I'm just talking"},{"speaker":"Alan Smith","startTime":914.8389999999999,"endTime":916.639,"body":"about UK mark. I don't know the"},{"speaker":"Alan Smith","startTime":916.639,"endTime":918.6189999999999,"body":"Irish market at all, but in the"},{"speaker":"Carl Widger","startTime":918.62,"endTime":921.62,"body":"UK, institutional"},{"speaker":"Carl Widger","startTime":918.62,"endTime":921.62,"body":"investor can get very low"},{"speaker":"Carl Widger","startTime":921.74,"endTime":927.5,"body":"deposit rates here. So it's kind"},{"speaker":"Carl Widger","startTime":921.74,"endTime":927.5,"body":"of, we have to be looking at"},{"speaker":"Carl Widger","startTime":927.5,"endTime":930.64,"body":"maybe money market funds, maybe"},{"speaker":"Carl Widger","startTime":927.5,"endTime":930.64,"body":"it's looking at buying. Direct"},{"speaker":"Carl Widger","startTime":930.88,"endTime":934.9,"body":"government bonds, that kind of"},{"speaker":"Carl Widger","startTime":930.88,"endTime":934.9,"body":"stuff. So it is a thing here. We"},{"speaker":"Carl Widger","startTime":934.9,"endTime":938.26,"body":"certainly don't have the perfect"},{"speaker":"Carl Widger","startTime":934.9,"endTime":938.26,"body":"solution, but it is something"},{"speaker":"Carl Widger","startTime":938.26,"endTime":940.66,"body":"that we're trying to work on"},{"speaker":"Carl Widger","startTime":938.26,"endTime":940.66,"body":"here. So it is something we're"},{"speaker":"Carl Widger","startTime":940.66,"endTime":941.92,"body":"looking into."},{"speaker":"Nick Lincoln","startTime":942.2199999999999,"endTime":944.86,"body":"Okay, as you might"},{"speaker":"Nick Lincoln","startTime":942.2199999999999,"endTime":944.86,"body":"recall, the last I think, was"},{"speaker":"Nick Lincoln","startTime":944.86,"endTime":948.52,"body":"the episode 53 we were talking"},{"speaker":"Nick Lincoln","startTime":944.86,"endTime":948.52,"body":"about the what if there is"},{"speaker":"Nick Lincoln","startTime":948.52,"endTime":951.9599999999999,"body":"around the upcoming budget, and"},{"speaker":"Nick Lincoln","startTime":948.52,"endTime":951.9599999999999,"body":"I had a client who needed to get"},{"speaker":"Nick Lincoln","startTime":951.9599999999999,"endTime":954.9,"body":"a million quid of readies from"},{"speaker":"Nick Lincoln","startTime":951.9599999999999,"endTime":954.9,"body":"their portfolios, and we were"},{"speaker":"Nick Lincoln","startTime":954.9,"endTime":958.56,"body":"deciding which pot to access"},{"speaker":"Nick Lincoln","startTime":954.9,"endTime":958.56,"body":"pension, Gia or ISA. I had the"},{"speaker":"Nick Lincoln","startTime":958.56,"endTime":961.56,"body":"meeting with the clients, and I"},{"speaker":"Nick Lincoln","startTime":958.56,"endTime":961.56,"body":"gave them my advice, which for"},{"speaker":"Nick Lincoln","startTime":961.56,"endTime":963.78,"body":"them, I think is the best thing"},{"speaker":"Nick Lincoln","startTime":961.56,"endTime":963.78,"body":"is to access the GIA. And the"},{"speaker":"Nick Lincoln","startTime":963.78,"endTime":966.18,"body":"next question they put, they"},{"speaker":"Nick Lincoln","startTime":963.78,"endTime":966.18,"body":"said, Well, where do we put this"},{"speaker":"Nick Lincoln","startTime":966.18,"endTime":968.5799999999999,"body":"million quid? And I said, Well,"},{"speaker":"Nick Lincoln","startTime":966.18,"endTime":968.5799999999999,"body":"between you me and the fence"},{"speaker":"Nick Lincoln","startTime":968.5799999999999,"endTime":971.06,"body":"post, I would probably just look"},{"speaker":"Nick Lincoln","startTime":968.5799999999999,"endTime":971.06,"body":"at this thing called nsni,"},{"speaker":"Nick Lincoln","startTime":971.06,"endTime":974.5999999999999,"body":"because you can put a million"},{"speaker":"Nick Lincoln","startTime":971.06,"endTime":974.5999999999999,"body":"quid in their direct the direct"},{"speaker":"Nick Lincoln","startTime":974.5999999999999,"endTime":977.66,"body":"saver thing, and it's paying,"},{"speaker":"Nick Lincoln","startTime":974.5999999999999,"endTime":977.66,"body":"yeah, 4% I think, and it's"},{"speaker":"Nick Lincoln","startTime":977.66,"endTime":980.8399999999999,"body":"obviously underwritten by you,"},{"speaker":"Nick Lincoln","startTime":977.66,"endTime":980.8399999999999,"body":"me and Uncle Tom Cobley, it's"},{"speaker":"Nick Lincoln","startTime":980.8399999999999,"endTime":982.4599999999999,"body":"the one it won't go bust."},{"speaker":"Andy Hart","startTime":984.079,"endTime":986.1189999999999,"body":"I'm probably gonna be"},{"speaker":"Andy Hart","startTime":984.079,"endTime":986.1189999999999,"body":"slightly out with the numbers."},{"speaker":"Andy Hart","startTime":986.1189999999999,"endTime":988.639,"body":"But I remember when I was"},{"speaker":"Andy Hart","startTime":986.1189999999999,"endTime":988.639,"body":"speaking to the NS and I people,"},{"speaker":"Andy Hart","startTime":988.639,"endTime":991.899,"body":"I think a couple can have if"},{"speaker":"Andy Hart","startTime":988.639,"endTime":991.899,"body":"they utilize all the pots,"},{"speaker":"Andy Hart","startTime":992.319,"endTime":996.579,"body":"somewhere close to 12 million"},{"speaker":"Andy Hart","startTime":992.319,"endTime":996.579,"body":"with NS and I in total. But"},{"speaker":"Andy Hart","startTime":996.579,"endTime":998.8589999999999,"body":"again, I might be slightly out"},{"speaker":"Andy Hart","startTime":996.579,"endTime":998.8589999999999,"body":"with the numbers. But yeah,"},{"speaker":"Nick Lincoln","startTime":999.52,"endTime":1001.98,"body":"yeah, I'm nearly"},{"speaker":"Nick Lincoln","startTime":999.52,"endTime":1001.98,"body":"there now, so I've got to look"},{"speaker":"Nick Lincoln","startTime":1001.98,"endTime":1007.1999999999999,"body":"at other providers. Okay, you"},{"speaker":"Nick Lincoln","startTime":1001.98,"endTime":1007.1999999999999,"body":"and let's now move on to me. Oh,"},{"speaker":"Nick Lincoln","startTime":1007.1999999999999,"endTime":1010.4,"body":"me, me and I can talk. Okay,"},{"speaker":"Nick Lincoln","startTime":1007.1999999999999,"endTime":1010.4,"body":"very quickly, the state pension"},{"speaker":"Nick Lincoln","startTime":1010.4,"endTime":1015.0799999999999,"body":"is going to go up by 460 quid a"},{"speaker":"Nick Lincoln","startTime":1010.4,"endTime":1015.0799999999999,"body":"year next year, to 11,960 quid."},{"speaker":"Nick Lincoln","startTime":1015.1999999999999,"endTime":1019.76,"body":"Let's call it 12 grand from"},{"speaker":"Nick Lincoln","startTime":1015.1999999999999,"endTime":1019.76,"body":"April 2025, and in this article"},{"speaker":"Nick Lincoln","startTime":1019.76,"endTime":1021.92,"body":"in money marketing, it said that"},{"speaker":"Nick Lincoln","startTime":1019.76,"endTime":1021.92,"body":"will mean that 340,000"},{"speaker":"Nick Lincoln","startTime":1023.42,"endTime":1026.96,"body":"pensioners. That's a significant"},{"speaker":"Nick Lincoln","startTime":1023.42,"endTime":1026.96,"body":"number. 340,000 pensioners are"},{"speaker":"Nick Lincoln","startTime":1026.96,"endTime":1030.4,"body":"going to start paying tax for"},{"speaker":"Nick Lincoln","startTime":1026.96,"endTime":1030.4,"body":"the first time, and a lot of"},{"speaker":"Nick Lincoln","startTime":1030.4,"endTime":1033.76,"body":"those will be paying tax just"},{"speaker":"Nick Lincoln","startTime":1030.4,"endTime":1033.76,"body":"through their state pension."},{"speaker":"Nick Lincoln","startTime":1033.94,"endTime":1036.82,"body":"They won't have any other"},{"speaker":"Nick Lincoln","startTime":1033.94,"endTime":1036.82,"body":"income. They'll have a state"},{"speaker":"Nick Lincoln","startTime":1036.82,"endTime":1039.46,"body":"pension plus SERP, so they can"},{"speaker":"Nick Lincoln","startTime":1036.82,"endTime":1039.46,"body":"be paying that. They could be on"},{"speaker":"Nick Lincoln","startTime":1039.46,"endTime":1042.88,"body":"12 a half 13 grand of state"},{"speaker":"Nick Lincoln","startTime":1039.46,"endTime":1042.88,"body":"pension. Andy, your fingers"},{"speaker":"Nick Lincoln","startTime":1042.88,"endTime":1043.24,"body":"raised."},{"speaker":"Andy Hart","startTime":1043.3,"endTime":1045.46,"body":"Do they have the"},{"speaker":"Andy Hart","startTime":1043.3,"endTime":1045.46,"body":"facility via the state pension"},{"speaker":"Andy Hart","startTime":1045.46,"endTime":1047.26,"body":"to take the tax? I don't think"},{"speaker":"Andy Hart","startTime":1045.46,"endTime":1047.26,"body":"they do. Thank you,"},{"speaker":"Nick Lincoln","startTime":1047.26,"endTime":1049.24,"body":"Andy, thank you."},{"speaker":"Nick Lincoln","startTime":1047.26,"endTime":1049.24,"body":"You may continue with my point"},{"speaker":"Nick Lincoln","startTime":1049.24,"endTime":1052.26,"body":"if you want to, the state"},{"speaker":"Nick Lincoln","startTime":1049.24,"endTime":1052.26,"body":"pension is paid gross. Of"},{"speaker":"Nick Lincoln","startTime":1052.26,"endTime":1056.22,"body":"course, it's paid gross. So"},{"speaker":"Nick Lincoln","startTime":1052.26,"endTime":1056.22,"body":"suddenly, a whole cadre of"},{"speaker":"Nick Lincoln","startTime":1056.22,"endTime":1058.68,"body":"pensioners, most of whom, I'm"},{"speaker":"Nick Lincoln","startTime":1056.22,"endTime":1058.68,"body":"guessing, if state pension there"},{"speaker":"Nick Lincoln","startTime":1058.68,"endTime":1062.04,"body":"is, there any income, might not"},{"speaker":"Nick Lincoln","startTime":1058.68,"endTime":1062.04,"body":"be the most technically enabled"},{"speaker":"Nick Lincoln","startTime":1062.04,"endTime":1064.44,"body":"people in the world and have"},{"speaker":"Nick Lincoln","startTime":1062.04,"endTime":1064.44,"body":"never had a government gateway"},{"speaker":"Nick Lincoln","startTime":1064.44,"endTime":1067.1399999999999,"body":"account will be paying, will be"},{"speaker":"Nick Lincoln","startTime":1064.44,"endTime":1067.1399999999999,"body":"getting a gross income on which"},{"speaker":"Nick Lincoln","startTime":1067.1399999999999,"endTime":1070.6399999999999,"body":"tax is due. So we interested to"},{"speaker":"Nick Lincoln","startTime":1067.1399999999999,"endTime":1070.6399999999999,"body":"see how that is going to pan"},{"speaker":"Nick Lincoln","startTime":1070.6399999999999,"endTime":1072.68,"body":"out, because it's good, it could"},{"speaker":"Nick Lincoln","startTime":1070.6399999999999,"endTime":1072.68,"body":"be a right show. Obviously,"},{"speaker":"Nick Lincoln","startTime":1072.68,"endTime":1075.32,"body":"we've got budgets coming up, and"},{"speaker":"Nick Lincoln","startTime":1072.68,"endTime":1075.32,"body":"maybe they'll bring in a special"},{"speaker":"Nick Lincoln","startTime":1075.32,"endTime":1078.44,"body":"allowance for who knows what"},{"speaker":"Nick Lincoln","startTime":1075.32,"endTime":1078.44,"body":"they're going to do, but it's"},{"speaker":"Nick Lincoln","startTime":1078.44,"endTime":1081.26,"body":"the first time when people just"},{"speaker":"Nick Lincoln","startTime":1078.44,"endTime":1081.26,"body":"on a state pension. An awful lot"},{"speaker":"Nick Lincoln","startTime":1081.26,"endTime":1083.84,"body":"of them are going to be liable"},{"speaker":"Nick Lincoln","startTime":1081.26,"endTime":1083.84,"body":"for tax, and they won't even"},{"speaker":"Nick Lincoln","startTime":1083.84,"endTime":1089.0,"body":"know it. There you go. Okay, any"},{"speaker":"Nick Lincoln","startTime":1083.84,"endTime":1089.0,"body":"thoughts on that? No, okay."},{"speaker":"Nick Lincoln","startTime":1090.26,"endTime":1095.2,"body":"Watch the apple tart debacle,"},{"speaker":"Nick Lincoln","startTime":1090.26,"endTime":1095.2,"body":"Apple tax debacle."},{"speaker":"Carl Widger","startTime":1095.74,"endTime":1098.86,"body":"Yeah, you couldn't"},{"speaker":"Carl Widger","startTime":1095.74,"endTime":1098.86,"body":"make this up, right? So this,"},{"speaker":"Carl Widger","startTime":1098.86,"endTime":1103.78,"body":"this is a case that's going on"},{"speaker":"Carl Widger","startTime":1098.86,"endTime":1103.78,"body":"for a decade where the EU were"},{"speaker":"Carl Widger","startTime":1104.26,"endTime":1108.1,"body":"bringing Apple to court to say"},{"speaker":"Carl Widger","startTime":1104.26,"endTime":1108.1,"body":"that you owe Ireland's tax."},{"speaker":"Carl Widger","startTime":1108.94,"endTime":1114.06,"body":"Ireland, we're talking about 14"},{"speaker":"Carl Widger","startTime":1108.94,"endTime":1114.06,"body":"billion euros in tax, and"},{"speaker":"Carl Widger","startTime":1114.06,"endTime":1117.12,"body":"Ireland going, No, they don't."},{"speaker":"Carl Widger","startTime":1114.06,"endTime":1117.12,"body":"They don't. So Ireland, we're"},{"speaker":"Carl Widger","startTime":1117.12,"endTime":1124.1399999999999,"body":"siding with Apple. The EU have"},{"speaker":"Carl Widger","startTime":1117.12,"endTime":1124.1399999999999,"body":"said, No, we've decided, once"},{"speaker":"Carl Widger","startTime":1124.1399999999999,"endTime":1128.3999999999999,"body":"and for all, you got to pay it."},{"speaker":"Carl Widger","startTime":1124.1399999999999,"endTime":1128.3999999999999,"body":"So now Ireland have to take,"},{"speaker":"Carl Widger","startTime":1128.46,"endTime":1132.8,"body":"have to take the money that they"},{"speaker":"Carl Widger","startTime":1128.46,"endTime":1132.8,"body":"didn't want from Apple. So look"},{"speaker":"Carl Widger","startTime":1133.1599999999999,"endTime":1139.1599999999999,"body":"much bigger story, much bigger"},{"speaker":"Carl Widger","startTime":1133.1599999999999,"endTime":1139.1599999999999,"body":"picture. Here is what happens to"},{"speaker":"Carl Widger","startTime":1139.1599999999999,"endTime":1143.06,"body":"Ireland and the cozy corporation"},{"speaker":"Carl Widger","startTime":1139.1599999999999,"endTime":1143.06,"body":"tax we've done for all these"},{"speaker":"Carl Widger","startTime":1143.24,"endTime":1146.18,"body":"massive multinationals who run"},{"speaker":"Carl Widger","startTime":1143.24,"endTime":1146.18,"body":"their profits through Ireland."},{"speaker":"Carl Widger","startTime":1146.84,"endTime":1150.02,"body":"It drives me insane, because we"},{"speaker":"Carl Widger","startTime":1146.84,"endTime":1150.02,"body":"have an obsession with these"},{"speaker":"Carl Widger","startTime":1150.02,"endTime":1153.1,"body":"multinationals, instead of"},{"speaker":"Carl Widger","startTime":1150.02,"endTime":1153.1,"body":"actually, why don't we support"},{"speaker":"Carl Widger","startTime":1153.1,"endTime":1156.1599999999999,"body":"our own so when they have all"},{"speaker":"Carl Widger","startTime":1153.1,"endTime":1156.1599999999999,"body":"these job announcements here,"},{"speaker":"Carl Widger","startTime":1156.7,"endTime":1161.44,"body":"they're all supported, paid for"},{"speaker":"Carl Widger","startTime":1156.7,"endTime":1161.44,"body":"by the Irish government, whereas"},{"speaker":"Carl Widger","startTime":1161.5,"endTime":1166.42,"body":"little old Mr. And Mrs. SME get"},{"speaker":"Carl Widger","startTime":1161.5,"endTime":1166.42,"body":"no support at all. Anyway, I"},{"speaker":"Carl Widger","startTime":1166.42,"endTime":1169.72,"body":"also thought it was interesting"},{"speaker":"Carl Widger","startTime":1166.42,"endTime":1169.72,"body":"that the week after the ruling"},{"speaker":"Carl Widger","startTime":1169.72,"endTime":1172.98,"body":"from the EU, some very senior"},{"speaker":"Carl Widger","startTime":1169.72,"endTime":1172.98,"body":"person from Apple was over going"},{"speaker":"Carl Widger","startTime":1173.22,"endTime":1177.06,"body":"the infrastructure is terrible"},{"speaker":"Carl Widger","startTime":1173.22,"endTime":1177.06,"body":"for people around our cork"},{"speaker":"Carl Widger","startTime":1177.06,"endTime":1179.76,"body":"office, so you need to build"},{"speaker":"Carl Widger","startTime":1177.06,"endTime":1179.76,"body":"roads and whatever. And I just"},{"speaker":"Carl Widger","startTime":1179.76,"endTime":1182.6399999999999,"body":"thought, you know, like, come"},{"speaker":"Carl Widger","startTime":1179.76,"endTime":1182.6399999999999,"body":"on, Ireland, time to grow up. A"},{"speaker":"Carl Widger","startTime":1182.6399999999999,"endTime":1185.82,"body":"multinational coming across"},{"speaker":"Carl Widger","startTime":1182.6399999999999,"endTime":1185.82,"body":"here, we're siding with them so"},{"speaker":"Carl Widger","startTime":1185.82,"endTime":1188.22,"body":"they don't have to pay us 14"},{"speaker":"Carl Widger","startTime":1185.82,"endTime":1188.22,"body":"billion in tax. Then when that"},{"speaker":"Carl Widger","startTime":1188.22,"endTime":1191.18,"body":"we do? When they are told by the"},{"speaker":"Carl Widger","startTime":1188.22,"endTime":1191.18,"body":"EU they have to pay 14 billion"},{"speaker":"Carl Widger","startTime":1191.18,"endTime":1194.54,"body":"in tax. They start telling us"},{"speaker":"Carl Widger","startTime":1191.18,"endTime":1194.54,"body":"what to do with the 14 billion"},{"speaker":"Carl Widger","startTime":1194.54,"endTime":1199.6399999999999,"body":"in tax on by the way, the budget"},{"speaker":"Carl Widger","startTime":1194.54,"endTime":1199.6399999999999,"body":"next week, lo and behold, lots"},{"speaker":"Carl Widger","startTime":1199.6399999999999,"endTime":1203.12,"body":"of the 14 billion will be used"},{"speaker":"Carl Widger","startTime":1199.6399999999999,"endTime":1203.12,"body":"to buy lots of different votes,"},{"speaker":"Carl Widger","startTime":1203.12,"endTime":1208.04,"body":"whereas it should go into large"},{"speaker":"Carl Widger","startTime":1203.12,"endTime":1208.04,"body":"infrastructure projects anyway."},{"speaker":"Carl Widger","startTime":1208.58,"endTime":1210.7,"body":"Rant over car"},{"speaker":"Nick Lincoln","startTime":1211.18,"endTime":1213.82,"body":"probably continue."},{"speaker":"Nick Lincoln","startTime":1211.18,"endTime":1213.82,"body":"You can get, you can get the odd"},{"speaker":"Nick Lincoln","startTime":1214.36,"endTime":1218.02,"body":"motorway built to Cork, but"},{"speaker":"Nick Lincoln","startTime":1214.36,"endTime":1218.02,"body":"nothing else. Hang"},{"speaker":"Carl Widger","startTime":1218.019,"endTime":1220.719,"body":"on, but we have the"},{"speaker":"Carl Widger","startTime":1218.019,"endTime":1220.719,"body":"motorway built cork, but, but"},{"speaker":"Carl Widger","startTime":1221.619,"endTime":1224.079,"body":"our infrastructure isn't bad,"},{"speaker":"Carl Widger","startTime":1221.619,"endTime":1224.079,"body":"but, like, there's a few key"},{"speaker":"Carl Widger","startTime":1224.079,"endTime":1226.359,"body":"ones that we should absolutely"},{"speaker":"Carl Widger","startTime":1224.079,"endTime":1226.359,"body":"do, like, when you get a when"},{"speaker":"Carl Widger","startTime":1226.359,"endTime":1229.719,"body":"you've got boys fly into Shannon"},{"speaker":"Carl Widger","startTime":1226.359,"endTime":1229.719,"body":"or Dublin, you can't get a"},{"speaker":"Carl Widger","startTime":1229.719,"endTime":1234.059,"body":"train. Into town, like, come on,"},{"speaker":"Carl Widger","startTime":1229.719,"endTime":1234.059,"body":"the airport, you go, that's what"},{"speaker":"Carl Widger","startTime":1234.059,"endTime":1237.4189999999999,"body":"we should be spending. Is"},{"speaker":"Carl Widger","startTime":1234.059,"endTime":1237.4189999999999,"body":"brilliant. But like, you're"},{"speaker":"Carl Widger","startTime":1237.4189999999999,"endTime":1239.9389999999999,"body":"stuck there. You have to,"},{"speaker":"Carl Widger","startTime":1237.4189999999999,"endTime":1239.9389999999999,"body":"there's no, there's very little"},{"speaker":"Carl Widger","startTime":1239.9389999999999,"endTime":1240.4189999999999,"body":"bus"},{"speaker":"Alan Smith","startTime":1240.6599999999999,"endTime":1243.54,"body":"up. That's"},{"speaker":"Carl Widger","startTime":1244.8,"endTime":1247.2,"body":"I have done, yeah,"},{"speaker":"Carl Widger","startTime":1244.8,"endTime":1247.2,"body":"once is it"},{"speaker":"Alan Smith","startTime":1247.2,"endTime":1251.0,"body":"just, just a thought"},{"speaker":"Alan Smith","startTime":1247.2,"endTime":1251.0,"body":"on that? Because every big US"},{"speaker":"Alan Smith","startTime":1251.0,"endTime":1254.6599999999999,"body":"tech company has their European"},{"speaker":"Alan Smith","startTime":1251.0,"endTime":1254.6599999999999,"body":"headquarters in Ireland, whether"},{"speaker":"Alan Smith","startTime":1254.6599999999999,"endTime":1257.42,"body":"it's Amazon meta, you name it,"},{"speaker":"Alan Smith","startTime":1254.6599999999999,"endTime":1257.42,"body":"so is, there's going to be a"},{"speaker":"Alan Smith","startTime":1257.42,"endTime":1262.22,"body":"continual windfall of billions"},{"speaker":"Alan Smith","startTime":1257.42,"endTime":1262.22,"body":"heading your way. Because, yeah,"},{"speaker":"Alan Smith","startTime":1262.22,"endTime":1262.34,"body":"we"},{"speaker":"Carl Widger","startTime":1262.34,"endTime":1263.96,"body":"don't have a one"},{"speaker":"Carl Widger","startTime":1262.34,"endTime":1263.96,"body":"off for Apple, and we don't,"},{"speaker":"Carl Widger","startTime":1264.2,"endTime":1267.3799999999999,"body":"yeah, but, like, there's lots of"},{"speaker":"Carl Widger","startTime":1264.2,"endTime":1267.3799999999999,"body":"reasons for, clearly, the"},{"speaker":"Carl Widger","startTime":1267.3799999999999,"endTime":1270.52,"body":"corporation tax cozy deals,"},{"speaker":"Carl Widger","startTime":1267.3799999999999,"endTime":1270.52,"body":"right? Which are, which are"},{"speaker":"Carl Widger","startTime":1270.52,"endTime":1274.84,"body":"being, which are being diluted."},{"speaker":"Carl Widger","startTime":1270.52,"endTime":1274.84,"body":"Those those benefits, they're"},{"speaker":"Carl Widger","startTime":1274.84,"endTime":1277.48,"body":"being, they're not gone, but"},{"speaker":"Carl Widger","startTime":1274.84,"endTime":1277.48,"body":"they're diluted. We're English"},{"speaker":"Carl Widger","startTime":1277.48,"endTime":1282.82,"body":"speaking, right? We have a very"},{"speaker":"Carl Widger","startTime":1277.48,"endTime":1282.82,"body":"educated workforce, but, but I"},{"speaker":"Carl Widger","startTime":1282.82,"endTime":1286.12,"body":"just hate the fact that we"},{"speaker":"Carl Widger","startTime":1282.82,"endTime":1286.12,"body":"pander and pander and pander and"},{"speaker":"Carl Widger","startTime":1286.12,"endTime":1289.6,"body":"pander and I'm like, can we"},{"speaker":"Carl Widger","startTime":1286.12,"endTime":1289.6,"body":"please start looking after our"},{"speaker":"Carl Widger","startTime":1289.6,"endTime":1292.2,"body":"own? Yeah, I'm just saying we're"},{"speaker":"Carl Widger","startTime":1289.6,"endTime":1292.2,"body":"in a position. This is not"},{"speaker":"Carl Widger","startTime":1292.2,"endTime":1292.74,"body":"money. Yeah,"},{"speaker":"Alan Smith","startTime":1292.74,"endTime":1295.2,"body":"it's gonna, there's"},{"speaker":"Alan Smith","startTime":1292.74,"endTime":1295.2,"body":"gonna be"},{"speaker":"Andy Hart","startTime":1295.2,"endTime":1297.18,"body":"many more of these."},{"speaker":"Andy Hart","startTime":1295.2,"endTime":1297.18,"body":"How much he's coming? You get"},{"speaker":"Andy Hart","startTime":1297.18,"endTime":1298.08,"body":"100 billion,"},{"speaker":"Alan Smith","startTime":1298.74,"endTime":1301.3799999999999,"body":"the wealthiest"},{"speaker":"Alan Smith","startTime":1298.74,"endTime":1301.3799999999999,"body":"country in Europe by the age by"},{"speaker":"Alan Smith","startTime":1301.3799999999999,"endTime":1302.22,"body":"the year end. No,"},{"speaker":"Carl Widger","startTime":1302.22,"endTime":1304.1399999999999,"body":"I don't think"},{"speaker":"Carl Widger","startTime":1302.22,"endTime":1304.1399999999999,"body":"there's more cases coming"},{"speaker":"Carl Widger","startTime":1304.1399999999999,"endTime":1308.28,"body":"through, is it not? I could be"},{"speaker":"Carl Widger","startTime":1304.1399999999999,"endTime":1308.28,"body":"wrong in that, but, but, um, but"},{"speaker":"Carl Widger","startTime":1308.28,"endTime":1311.18,"body":"the corporation tax ain't gonna"},{"speaker":"Carl Widger","startTime":1308.28,"endTime":1311.18,"body":"stop just because of this,"},{"speaker":"Carl Widger","startTime":1311.18,"endTime":1314.84,"body":"because it's, it's gonna take,"},{"speaker":"Carl Widger","startTime":1311.18,"endTime":1314.84,"body":"it'll take an awful lot for them"},{"speaker":"Carl Widger","startTime":1314.84,"endTime":1319.1599999999999,"body":"to move their headquarters. But"},{"speaker":"Carl Widger","startTime":1314.84,"endTime":1319.1599999999999,"body":"I just thought, yeah, sorry, no,"},{"speaker":"Carl Widger","startTime":1319.58,"endTime":1319.76,"body":"it's"},{"speaker":"Nick Lincoln","startTime":1319.76,"endTime":1322.82,"body":"okay. But your,"},{"speaker":"Nick Lincoln","startTime":1319.76,"endTime":1322.82,"body":"your corporation tax that Apple"},{"speaker":"Nick Lincoln","startTime":1322.82,"endTime":1326.72,"body":"Pay in Ireland is the same"},{"speaker":"Nick Lincoln","startTime":1322.82,"endTime":1326.72,"body":"corporation tax that Mrs. Mrs."},{"speaker":"Nick Lincoln","startTime":1326.84,"endTime":1329.6,"body":"Mr. Mrs. O'Reilly and their"},{"speaker":"Nick Lincoln","startTime":1326.84,"endTime":1329.6,"body":"startup limited company pay,"},{"speaker":"Nick Lincoln","startTime":1329.6,"endTime":1331.48,"body":"right? You mean the rates of"},{"speaker":"Nick Lincoln","startTime":1329.6,"endTime":1331.48,"body":"percentages, is"},{"speaker":"Andy Hart","startTime":1331.72,"endTime":1332.32,"body":"it 12? I"},{"speaker":"Carl Widger","startTime":1332.32,"endTime":1335.56,"body":"think, I actually"},{"speaker":"Carl Widger","startTime":1332.32,"endTime":1335.56,"body":"think I'm not brilliant on"},{"speaker":"Carl Widger","startTime":1335.62,"endTime":1339.22,"body":"multinational tax rules, right?"},{"speaker":"Carl Widger","startTime":1335.62,"endTime":1339.22,"body":"I'll be honest, your strong"},{"speaker":"Carl Widger","startTime":1339.22,"endTime":1343.18,"body":"point, no, but, uh, but I think"},{"speaker":"Carl Widger","startTime":1339.22,"endTime":1343.18,"body":"it has been increased recently,"},{"speaker":"Carl Widger","startTime":1343.18,"endTime":1347.32,"body":"actually. So to be fair, but 12%"},{"speaker":"Carl Widger","startTime":1343.18,"endTime":1347.32,"body":"wasn't it"},{"speaker":"Alan Smith","startTime":1347.32,"endTime":1349.78,"body":"called, yeah, the"},{"speaker":"Alan Smith","startTime":1347.32,"endTime":1349.78,"body":"ultra crepidarian would come in."},{"speaker":"Alan Smith","startTime":1349.78,"endTime":1351.8999999999999,"body":"He's an expert on Irish"},{"speaker":"Alan Smith","startTime":1349.78,"endTime":1351.8999999999999,"body":"Corporation."},{"speaker":"Carl Widger","startTime":1353.28,"endTime":1357.0,"body":"No, that's, that's"},{"speaker":"Carl Widger","startTime":1353.28,"endTime":1357.0,"body":"your you. That's for normal"},{"speaker":"Carl Widger","startTime":1357.0,"endTime":1359.34,"body":"companies. I do think the"},{"speaker":"Carl Widger","startTime":1357.0,"endTime":1359.34,"body":"multinationals have to pay a"},{"speaker":"Carl Widger","startTime":1359.34,"endTime":1364.26,"body":"little bit extra as of recently."},{"speaker":"Carl Widger","startTime":1359.34,"endTime":1364.26,"body":"Do not, do not take me apart in"},{"speaker":"Carl Widger","startTime":1364.26,"endTime":1366.3,"body":"social media. If that's"},{"speaker":"Carl Widger","startTime":1364.26,"endTime":1366.3,"body":"incorrect, I have"},{"speaker":"Nick Lincoln","startTime":1367.1399999999999,"endTime":1369.12,"body":"I'm confused. Are"},{"speaker":"Nick Lincoln","startTime":1367.1399999999999,"endTime":1369.12,"body":"you saying you don't want apple"},{"speaker":"Nick Lincoln","startTime":1369.12,"endTime":1371.84,"body":"to pay the 14 billion, or they"},{"speaker":"Nick Lincoln","startTime":1369.12,"endTime":1371.84,"body":"should pay it. And should always"},{"speaker":"Nick Lincoln","startTime":1371.84,"endTime":1372.1399999999999,"body":"have been,"},{"speaker":"Carl Widger","startTime":1372.1399999999999,"endTime":1373.58,"body":"oh, they should"},{"speaker":"Carl Widger","startTime":1372.1399999999999,"endTime":1373.58,"body":"have paid it. And what were we"},{"speaker":"Carl Widger","startTime":1373.58,"endTime":1376.04,"body":"doing? Saying, Oh, we don't want"},{"speaker":"Carl Widger","startTime":1373.58,"endTime":1376.04,"body":"it like we should have went, Oh,"},{"speaker":"Carl Widger","startTime":1376.04,"endTime":1378.62,"body":"well, the court is the court."},{"speaker":"Carl Widger","startTime":1376.04,"endTime":1378.62,"body":"Let the court decide, instead of"},{"speaker":"Carl Widger","startTime":1378.62,"endTime":1382.04,"body":"kind of, you know, saying, Oh,"},{"speaker":"Carl Widger","startTime":1378.62,"endTime":1382.04,"body":"no, companies are"},{"speaker":"Nick Lincoln","startTime":1382.04,"endTime":1384.08,"body":"very fluid, and we"},{"speaker":"Nick Lincoln","startTime":1382.04,"endTime":1384.08,"body":"can. We've got another hour this"},{"speaker":"Nick Lincoln","startTime":1384.26,"endTime":1387.1399999999999,"body":"show by the end, if you want to."},{"speaker":"Nick Lincoln","startTime":1384.26,"endTime":1387.1399999999999,"body":"You know that the list of great"},{"speaker":"Nick Lincoln","startTime":1387.1399999999999,"endTime":1390.3799999999999,"body":"European tech startup successes"},{"speaker":"Nick Lincoln","startTime":1387.1399999999999,"endTime":1390.3799999999999,"body":"over the last 20 years stands at"},{"speaker":"Nick Lincoln","startTime":1390.3799999999999,"endTime":1393.04,"body":"precisely zero, as far as I can"},{"speaker":"Nick Lincoln","startTime":1390.3799999999999,"endTime":1393.04,"body":"tell. And there is a reason for"},{"speaker":"Nick Lincoln","startTime":1393.04,"endTime":1393.8799999999999,"body":"that. This"},{"speaker":"Andy Hart","startTime":1393.8799999999999,"endTime":1395.86,"body":"is just a total"},{"speaker":"Andy Hart","startTime":1393.8799999999999,"endTime":1395.86,"body":"random offshoot, but there was a"},{"speaker":"Andy Hart","startTime":1395.86,"endTime":1398.92,"body":"court case. Again, I'm not gonna"},{"speaker":"Andy Hart","startTime":1395.86,"endTime":1398.92,"body":"be 100% right between Apple and"},{"speaker":"Andy Hart","startTime":1398.92,"endTime":1401.5,"body":"Samsung, I think. And the one"},{"speaker":"Andy Hart","startTime":1398.92,"endTime":1401.5,"body":"that lost had to pay the other"},{"speaker":"Andy Hart","startTime":1401.5,"endTime":1403.84,"body":"one a billion dollars. And then"},{"speaker":"Andy Hart","startTime":1401.5,"endTime":1403.84,"body":"the one that lost sent the"},{"speaker":"Andy Hart","startTime":1403.84,"endTime":1406.84,"body":"billion dollars to them in"},{"speaker":"Andy Hart","startTime":1403.84,"endTime":1406.84,"body":"coins. So when lorry arrived,"},{"speaker":"Andy Hart","startTime":1406.84,"endTime":1410.46,"body":"because it didn't stipulate how"},{"speaker":"Andy Hart","startTime":1406.84,"endTime":1410.46,"body":"the money is paid, so um, Apple"},{"speaker":"Andy Hart","startTime":1456.54,"endTime":1459.4199999999998,"body":"might pay Ireland in that coin"},{"speaker":"Andy Hart","startTime":1456.54,"endTime":1459.4199999999998,"body":"that must"},{"speaker":"Alan Smith","startTime":1459.4199999999998,"endTime":1460.7399999999998,"body":"be in a pro the"},{"speaker":"Carl Widger","startTime":1461.2189999999998,"endTime":1463.4989999999998,"body":"money escrow"},{"speaker":"Carl Widger","startTime":1461.2189999999998,"endTime":1463.4989999999998,"body":"account for the last five years."},{"speaker":"Carl Widger","startTime":1463.4989999999998,"endTime":1467.6989999999998,"body":"So Apple this, this won't do."},{"speaker":"Carl Widger","startTime":1463.4989999999998,"endTime":1467.6989999999998,"body":"This won't dent their accounts"},{"speaker":"Carl Widger","startTime":1467.6989999999998,"endTime":1470.4589999999998,"body":"at all. This is, like, you know,"},{"speaker":"Carl Widger","startTime":1467.6989999999998,"endTime":1470.4589999999998,"body":"it's a rounding out, a bit of a"},{"speaker":"Carl Widger","startTime":1470.4589999999998,"endTime":1475.4389999999999,"body":"problem. But yeah, for Apple,"},{"speaker":"Carl Widger","startTime":1470.4589999999998,"endTime":1475.4389999999999,"body":"yeah, yeah. Okay. Anyway, my"},{"speaker":"Carl Widger","startTime":1475.4389999999999,"endTime":1478.579,"body":"big, my big point, just to be"},{"speaker":"Carl Widger","startTime":1475.4389999999999,"endTime":1478.579,"body":"clear, is, hello, Ireland, can"},{"speaker":"Carl Widger","startTime":1478.579,"endTime":1481.4589999999998,"body":"we look after ourselves? Please?"},{"speaker":"Carl Widger","startTime":1478.579,"endTime":1481.4589999999998,"body":"Never mind these multinationals"},{"speaker":"Carl Widger","startTime":1481.4589999999998,"endTime":1483.4389999999999,"body":"that will serve us best in the"},{"speaker":"Carl Widger","startTime":1481.4589999999998,"endTime":1483.4389999999999,"body":"long term."},{"speaker":"Andy Hart","startTime":1484.6999999999998,"endTime":1485.9599999999998,"body":"I think the money"},{"speaker":"Andy Hart","startTime":1484.6999999999998,"endTime":1485.9599999999998,"body":"coming"},{"speaker":"Nick Lincoln","startTime":1487.2189999999998,"endTime":1490.4589999999998,"body":"in, you haven't"},{"speaker":"Nick Lincoln","startTime":1487.2189999999998,"endTime":1490.4589999999998,"body":"got any tax and you haven't got"},{"speaker":"Nick Lincoln","startTime":1490.4589999999998,"endTime":1490.639,"body":"any"},{"speaker":"Andy Hart","startTime":1490.6399999999999,"endTime":1492.7399999999998,"body":"employment from a"},{"speaker":"Andy Hart","startTime":1490.6399999999999,"endTime":1492.7399999999998,"body":"massive benefit. You got a"},{"speaker":"Andy Hart","startTime":1492.7399999999998,"endTime":1495.8,"body":"massive budget surplus at the"},{"speaker":"Andy Hart","startTime":1492.7399999999998,"endTime":1495.8,"body":"moment, first time in years"},{"speaker":"Carl Widger","startTime":1496.1599999999999,"endTime":1499.6,"body":"which we do not"},{"speaker":"Carl Widger","startTime":1496.1599999999999,"endTime":1499.6,"body":"need to accentuate any further."},{"speaker":"Carl Widger","startTime":1499.6,"endTime":1503.6799999999998,"body":"I'm not saying push them away. I"},{"speaker":"Carl Widger","startTime":1499.6,"endTime":1503.6799999999998,"body":"am saying, please support"},{"speaker":"Carl Widger","startTime":1504.1,"endTime":1508.8999999999999,"body":"indigenous Irish business, not"},{"speaker":"Carl Widger","startTime":1504.1,"endTime":1508.8999999999999,"body":"just the startups. 98% of the"},{"speaker":"Carl Widger","startTime":1508.8999999999999,"endTime":1513.2199999999998,"body":"businesses in Ireland are SMEs."},{"speaker":"Carl Widger","startTime":1508.8999999999999,"endTime":1513.2199999999998,"body":"70% of the employees in Ireland"},{"speaker":"Carl Widger","startTime":1513.28,"endTime":1518.3999999999999,"body":"are employed by SMEs. Please,"},{"speaker":"Carl Widger","startTime":1513.28,"endTime":1518.3999999999999,"body":"please, Christ, please look"},{"speaker":"Carl Widger","startTime":1518.3999999999999,"endTime":1521.58,"body":"after the SMEs. I'll talk about"},{"speaker":"Carl Widger","startTime":1518.3999999999999,"endTime":1521.58,"body":"something else where they're not"},{"speaker":"Carl Widger","startTime":1521.58,"endTime":1524.1,"body":"going to look after the SMEs."},{"speaker":"Carl Widger","startTime":1521.58,"endTime":1524.1,"body":"They're going to look after the"},{"speaker":"Carl Widger","startTime":1524.1,"endTime":1529.4399999999998,"body":"civil servants in a second. Wow."},{"speaker":"Carl Widger","startTime":1524.1,"endTime":1529.4399999999998,"body":"United in Kingdom and Ireland"},{"speaker":"Nick Lincoln","startTime":1529.4399999999998,"endTime":1531.4199999999998,"body":"are becoming"},{"speaker":"Nick Lincoln","startTime":1529.4399999999998,"endTime":1531.4199999999998,"body":"interchangeable in many ways,"},{"speaker":"Nick Lincoln","startTime":1531.4199999999998,"endTime":1533.82,"body":"not many of them good, sadly."},{"speaker":"Nick Lincoln","startTime":1531.4199999999998,"endTime":1533.82,"body":"And talking of that, actually,"},{"speaker":"Nick Lincoln","startTime":1533.82,"endTime":1536.34,"body":"hangover from the last"},{"speaker":"Nick Lincoln","startTime":1533.82,"endTime":1536.34,"body":"ridiculous government, I think"},{"speaker":"Nick Lincoln","startTime":1536.34,"endTime":1539.4199999999998,"body":"national conscription, national"},{"speaker":"Nick Lincoln","startTime":1536.34,"endTime":1539.4199999999998,"body":"service, has gone down the pan"},{"speaker":"Nick Lincoln","startTime":1539.4199999999998,"endTime":1542.36,"body":"with with Rishi Sunak, but also"},{"speaker":"Nick Lincoln","startTime":1539.4199999999998,"endTime":1542.36,"body":"has the British isa idea. The"},{"speaker":"Nick Lincoln","startTime":1542.36,"endTime":1545.4199999999998,"body":"last episode we recorded do"},{"speaker":"Nick Lincoln","startTime":1542.36,"endTime":1545.4199999999998,"body":"TRAPPIST, Episode 53 feels like"},{"speaker":"Nick Lincoln","startTime":1545.4199999999998,"endTime":1547.8799999999999,"body":"ages ago. We had to record it"},{"speaker":"Nick Lincoln","startTime":1545.4199999999998,"endTime":1547.8799999999999,"body":"way ahead of the show going out."},{"speaker":"Nick Lincoln","startTime":1547.8799999999999,"endTime":1550.34,"body":"And then as soon as we recorded"},{"speaker":"Nick Lincoln","startTime":1547.8799999999999,"endTime":1550.34,"body":"it, the announcement came, the"},{"speaker":"Nick Lincoln","startTime":1550.34,"endTime":1552.9799999999998,"body":"British Isa was being scrapped"},{"speaker":"Nick Lincoln","startTime":1550.34,"endTime":1552.9799999999998,"body":"by the new administration, and"},{"speaker":"Nick Lincoln","startTime":1552.9799999999998,"endTime":1555.6799999999998,"body":"credit to them for doing it. So"},{"speaker":"Nick Lincoln","startTime":1552.9799999999998,"endTime":1555.6799999999998,"body":"Goodbye and good riddance to"},{"speaker":"Nick Lincoln","startTime":1555.6799999999998,"endTime":1560.7399999999998,"body":"that. And what a ridiculous What"},{"speaker":"Nick Lincoln","startTime":1555.6799999999998,"endTime":1560.7399999999998,"body":"a ridiculous idea. It was, okay."},{"speaker":"Nick Lincoln","startTime":1561.52,"endTime":1563.4399999999998,"body":"Oh, in the weeds now with Ultra."},{"speaker":"Andy Hart","startTime":1563.7389999999998,"endTime":1566.139,"body":"Yeah, I'll try and"},{"speaker":"Andy Hart","startTime":1563.7389999999998,"endTime":1566.139,"body":"keep this brief. This is a CGT"},{"speaker":"Andy Hart","startTime":1566.139,"endTime":1568.4789999999998,"body":"strategy that I've heard from"},{"speaker":"Andy Hart","startTime":1566.139,"endTime":1568.4789999999998,"body":"other financial advisors. I"},{"speaker":"Andy Hart","startTime":1568.4789999999998,"endTime":1571.059,"body":"won't mention their names for"},{"speaker":"Andy Hart","startTime":1568.4789999999998,"endTime":1571.059,"body":"obvious reasons, but I'll just"},{"speaker":"Andy Hart","startTime":1571.059,"endTime":1574.839,"body":"share it with the Trappists you"},{"speaker":"Andy Hart","startTime":1571.059,"endTime":1574.839,"body":"may wish to employ it. So if you"},{"speaker":"Andy Hart","startTime":1574.839,"endTime":1577.9189999999999,"body":"have, let's say, very simple. A"},{"speaker":"Andy Hart","startTime":1574.839,"endTime":1577.9189999999999,"body":"unit trust portfolio that has"},{"speaker":"Andy Hart","startTime":1577.9189999999999,"endTime":1582.4789999999998,"body":"got X 100,000 pounds worth of"},{"speaker":"Andy Hart","startTime":1577.9189999999999,"endTime":1582.4789999999998,"body":"gains before the budget comes"},{"speaker":"Andy Hart","startTime":1582.4789999999998,"endTime":1585.839,"body":"out at the end of October, let's"},{"speaker":"Andy Hart","startTime":1582.4789999999998,"endTime":1585.839,"body":"say, five to 10 days before the"},{"speaker":"Andy Hart","startTime":1585.839,"endTime":1591.119,"body":"budget, you crystallize and you"},{"speaker":"Andy Hart","startTime":1585.839,"endTime":1591.119,"body":"crystallize that gain at, keep"},{"speaker":"Andy Hart","startTime":1591.119,"endTime":1595.139,"body":"it simple, 20% if there's no"},{"speaker":"Andy Hart","startTime":1591.119,"endTime":1595.139,"body":"change in the budget, you then"},{"speaker":"Andy Hart","startTime":1595.139,"endTime":1599.059,"body":"repurchase back the same units,"},{"speaker":"Andy Hart","startTime":1595.139,"endTime":1599.059,"body":"and you almost trip yourself up"},{"speaker":"Andy Hart","startTime":1599.059,"endTime":1602.839,"body":"with the bed and breakfast 30"},{"speaker":"Andy Hart","startTime":1599.059,"endTime":1602.839,"body":"day rule. If there is a change"},{"speaker":"Andy Hart","startTime":1602.839,"endTime":1606.559,"body":"in the budget and the CGT goes"},{"speaker":"Andy Hart","startTime":1602.839,"endTime":1606.559,"body":"up, then obviously you stick and"},{"speaker":"Andy Hart","startTime":1606.559,"endTime":1610.6989999999998,"body":"crystallize your gain of 20% if"},{"speaker":"Andy Hart","startTime":1606.559,"endTime":1610.6989999999998,"body":"there is no change and you"},{"speaker":"Andy Hart","startTime":1610.6989999999998,"endTime":1613.4589999999998,"body":"repurchase back the same units,"},{"speaker":"Andy Hart","startTime":1610.6989999999998,"endTime":1613.4589999999998,"body":"you're back in the same position"},{"speaker":"Andy Hart","startTime":1613.4589999999998,"endTime":1616.599,"body":"you were. So you trip yourself"},{"speaker":"Andy Hart","startTime":1613.4589999999998,"endTime":1616.599,"body":"up with the with the 30 day"},{"speaker":"Andy Hart","startTime":1616.599,"endTime":1620.2589999999998,"body":"rule. That's a strategy that I"},{"speaker":"Andy Hart","startTime":1616.599,"endTime":1620.2589999999998,"body":"know quite a few advisors are"},{"speaker":"Andy Hart","startTime":1620.2589999999998,"endTime":1623.9189999999999,"body":"potentially going to implement."},{"speaker":"Andy Hart","startTime":1620.2589999999998,"endTime":1623.9189999999999,"body":"The the caveats are obviously"},{"speaker":"Andy Hart","startTime":1623.9189999999999,"endTime":1627.639,"body":"CDT rates changing. That's that."},{"speaker":"Andy Hart","startTime":1623.9189999999999,"endTime":1627.639,"body":"That's not the issue. The issue"},{"speaker":"Andy Hart","startTime":1627.639,"endTime":1630.399,"body":"is, is she going to meddle and"},{"speaker":"Andy Hart","startTime":1627.639,"endTime":1630.399,"body":"fiddle with the bed and"},{"speaker":"Andy Hart","startTime":1630.399,"endTime":1634.119,"body":"breakfast 30 day rule? I think"},{"speaker":"Andy Hart","startTime":1630.399,"endTime":1634.119,"body":"the chances of that are low. The"},{"speaker":"Andy Hart","startTime":1634.119,"endTime":1637.2389999999998,"body":"chance of CGT and going up are"},{"speaker":"Andy Hart","startTime":1634.119,"endTime":1637.2389999999998,"body":"high. Advisors who are listening"},{"speaker":"Andy Hart","startTime":1637.2389999999998,"endTime":1640.079,"body":"to this understand what I'm"},{"speaker":"Andy Hart","startTime":1637.2389999999998,"endTime":1640.079,"body":"trying to say. So that's it"},{"speaker":"Andy Hart","startTime":1640.079,"endTime":1642.119,"body":"really. Any questions on that,"},{"speaker":"Andy Hart","startTime":1640.079,"endTime":1642.119,"body":"Nick or Alan,"},{"speaker":"Alan Smith","startTime":1643.7389999999998,"endTime":1645.4189999999999,"body":"are you saying, if"},{"speaker":"Alan Smith","startTime":1643.7389999999998,"endTime":1645.4189999999999,"body":"you, if you died, that if you"},{"speaker":"Alan Smith","startTime":1645.4189999999999,"endTime":1650.399,"body":"trip yourself up kind of half so"},{"speaker":"Alan Smith","startTime":1645.4189999999999,"endTime":1650.399,"body":"almost intentionally on the bed"},{"speaker":"Alan Smith","startTime":1650.399,"endTime":1655.859,"body":"and breakfast, you are exactly"},{"speaker":"Alan Smith","startTime":1650.399,"endTime":1655.859,"body":"seeing the original position, so"},{"speaker":"Alan Smith","startTime":1655.859,"endTime":1659.4789999999998,"body":"you haven't seen you okay? You"},{"speaker":"Alan Smith","startTime":1655.859,"endTime":1659.4789999999998,"body":"saying you haven't triggered a"},{"speaker":"Alan Smith","startTime":1659.4789999999998,"endTime":1661.579,"body":"crystallization, a CGT event?"},{"speaker":"Andy Hart","startTime":1662.6599999999999,"endTime":1665.36,"body":"No, if you buy back"},{"speaker":"Andy Hart","startTime":1662.6599999999999,"endTime":1665.36,"body":"the same units within 30 days."},{"speaker":"Andy Hart","startTime":1665.36,"endTime":1667.4599999999998,"body":"So if it's just so they just"},{"speaker":"Andy Hart","startTime":1665.36,"endTime":1667.4599999999998,"body":"assume that it hasn't"},{"speaker":"Alan Smith","startTime":1667.4599999999998,"endTime":1669.86,"body":"happened."},{"speaker":"Alan Smith","startTime":1667.4599999999998,"endTime":1669.86,"body":"Effectively, they say, is it"},{"speaker":"Alan Smith","startTime":1669.86,"endTime":1670.34,"body":"active?"},{"speaker":"Andy Hart","startTime":1671.12,"endTime":1673.8799999999999,"body":"You buy the exact"},{"speaker":"Andy Hart","startTime":1671.12,"endTime":1673.8799999999999,"body":"same unit straight back after"},{"speaker":"Andy Hart","startTime":1673.8799999999999,"endTime":1676.8999999999999,"body":"the budget, if it's going to be"},{"speaker":"Andy Hart","startTime":1673.8799999999999,"endTime":1676.8999999999999,"body":"20% and you say, the same units?"},{"speaker":"Alan Smith","startTime":1676.8999999999999,"endTime":1678.6999999999998,"body":"Do you literally"},{"speaker":"Alan Smith","startTime":1676.8999999999999,"endTime":1678.6999999999998,"body":"have to have it? It's got, like,"},{"speaker":"Alan Smith","startTime":1678.6999999999998,"endTime":1681.82,"body":"1754 units of XYZ, five you"},{"speaker":"Andy Hart","startTime":1681.82,"endTime":1684.8799999999999,"body":"need to buy the same"},{"speaker":"Andy Hart","startTime":1681.82,"endTime":1684.8799999999999,"body":"units, the same exact same"},{"speaker":"Andy Hart","startTime":1684.8799999999999,"endTime":1686.62,"body":"purchase. You're tripping"},{"speaker":"Andy Hart","startTime":1684.8799999999999,"endTime":1686.62,"body":"yourself up"},{"speaker":"Alan Smith","startTime":1686.8,"endTime":1690.28,"body":"on the markets would"},{"speaker":"Alan Smith","startTime":1686.8,"endTime":1690.28,"body":"have moved in that time period."},{"speaker":"Alan Smith","startTime":1690.6999999999998,"endTime":1691.6,"body":"Is"},{"speaker":"Andy Hart","startTime":1691.6,"endTime":1694.3,"body":"a secondary issue."},{"speaker":"Andy Hart","startTime":1691.6,"endTime":1694.3,"body":"But yes, the market movement"},{"speaker":"Andy Hart","startTime":1694.3,"endTime":1697.56,"body":"Well, thing maybe meddling and"},{"speaker":"Andy Hart","startTime":1694.3,"endTime":1697.56,"body":"fiddling with the 30 day rule,"},{"speaker":"Andy Hart","startTime":1698.34,"endTime":1702.78,"body":"and then, obviously, potentially"},{"speaker":"Andy Hart","startTime":1698.34,"endTime":1702.78,"body":"down, try to do that across an"},{"speaker":"Andy Hart","startTime":1702.84,"endTime":1704.4599999999998,"body":"entire client. Ones are liable"},{"speaker":"Andy Hart","startTime":1702.84,"endTime":1704.4599999999998,"body":"for."},{"speaker":"Alan Smith","startTime":1704.52,"endTime":1705.78,"body":"CGT is just"},{"speaker":"Andy Hart","startTime":1705.78,"endTime":1709.26,"body":"client that's pre if"},{"speaker":"Andy Hart","startTime":1705.78,"endTime":1709.26,"body":"you got one client get pregnant"},{"speaker":"Andy Hart","startTime":1709.26,"endTime":1713.34,"body":"with an enormous amount of"},{"speaker":"Andy Hart","startTime":1709.26,"endTime":1713.34,"body":"gains, you might you decide you"},{"speaker":"Andy Hart","startTime":1713.34,"endTime":1721.6999999999998,"body":"and the client. Yeah. Caveat,"},{"speaker":"Andy Hart","startTime":1713.34,"endTime":1721.6999999999998,"body":"etc. Usually trying to work"},{"speaker":"Andy Hart","startTime":1721.6999999999998,"endTime":1723.8,"body":"around the 30 day rule. And not"},{"speaker":"Andy Hart","startTime":1721.6999999999998,"endTime":1723.8,"body":"true. I"},{"speaker":"Alan Smith","startTime":1723.799,"endTime":1726.4389999999999,"body":"get yourself up with"},{"speaker":"Alan Smith","startTime":1723.799,"endTime":1726.4389999999999,"body":"it this way. This one. You're"},{"speaker":"Alan Smith","startTime":1726.4389999999999,"endTime":1729.9189999999999,"body":"tripping yourself up with it"},{"speaker":"Alan Smith","startTime":1726.4389999999999,"endTime":1729.9189999999999,"body":"potentially. But if the rate"},{"speaker":"Alan Smith","startTime":1730.039,"endTime":1733.339,"body":"goes up, you execute. And just"},{"speaker":"Alan Smith","startTime":1730.039,"endTime":1733.339,"body":"say, I've got to take the 20."},{"speaker":"Andy Hart","startTime":1733.4599999999998,"endTime":1735.4399999999998,"body":"If rate goes up, you"},{"speaker":"Andy Hart","startTime":1733.4599999999998,"endTime":1735.4399999999998,"body":"stay where you are, yeah,"},{"speaker":"Andy Hart","startTime":1735.4399999999998,"endTime":1738.52,"body":"crystallize the gain at a lower"},{"speaker":"Andy Hart","startTime":1735.4399999999998,"endTime":1738.52,"body":"number, the rate stays the same."},{"speaker":"Andy Hart","startTime":1738.52,"endTime":1741.2199999999998,"body":"You repurchase back the same"},{"speaker":"Andy Hart","startTime":1738.52,"endTime":1741.2199999999998,"body":"units to trip yourself up with"},{"speaker":"Andy Hart","startTime":1741.2199999999998,"endTime":1743.8,"body":"the bed and breakfast rule."},{"speaker":"Andy Hart","startTime":1741.2199999999998,"endTime":1743.8,"body":"Yeah, breakfast rule gets"},{"speaker":"Andy Hart","startTime":1743.8,"endTime":1746.6799999999998,"body":"switched. You've got another"},{"speaker":"Andy Hart","startTime":1743.8,"endTime":1746.6799999999998,"body":"problem. The market has got to"},{"speaker":"Andy Hart","startTime":1746.6799999999998,"endTime":1749.9799999999998,"body":"be people who are planning to"},{"speaker":"Andy Hart","startTime":1746.6799999999998,"endTime":1749.9799999999998,"body":"sell the funds"},{"speaker":"Alan Smith","startTime":1751.06,"endTime":1753.52,"body":"in the in well, in a"},{"speaker":"Alan Smith","startTime":1751.06,"endTime":1753.52,"body":"relatively short if you mean,"},{"speaker":"Alan Smith","startTime":1753.52,"endTime":1757.32,"body":"you're triggered CGT, unless you"},{"speaker":"Alan Smith","startTime":1753.52,"endTime":1757.32,"body":"crystallize funds, right?"},{"speaker":"Andy Hart","startTime":1758.28,"endTime":1763.6799999999998,"body":"It depends. It"},{"speaker":"Andy Hart","startTime":1758.28,"endTime":1763.6799999999998,"body":"depends. Anyway,"},{"speaker":"Nick Lincoln","startTime":1765.78,"endTime":1768.1799999999998,"body":"Jesus, okay, are"},{"speaker":"Nick Lincoln","startTime":1765.78,"endTime":1768.1799999999998,"body":"we done? Yes, okay."},{"speaker":"Nick Lincoln","startTime":1777.12,"endTime":1779.4199999999998,"body":"Thank God. We can put capital"},{"speaker":"Nick Lincoln","startTime":1777.12,"endTime":1779.4199999999998,"body":"gains tax behind this. And move"},{"speaker":"Nick Lincoln","startTime":1779.4199999999998,"endTime":1782.4799999999998,"body":"on to a brand new topic, from"},{"speaker":"Nick Lincoln","startTime":1779.4199999999998,"endTime":1782.4799999999998,"body":"storyteller, capital gains tax."},{"speaker":"Alan Smith","startTime":1785.2389999999998,"endTime":1787.6989999999998,"body":"I thought this is"},{"speaker":"Alan Smith","startTime":1785.2389999999998,"endTime":1787.6989999999998,"body":"quite a good one, actually, that"},{"speaker":"Alan Smith","startTime":1787.6989999999998,"endTime":1791.9589999999998,"body":"Well, you guys, this is, this is"},{"speaker":"Alan Smith","startTime":1787.6989999999998,"endTime":1791.9589999999998,"body":"core to this, you know, some"},{"speaker":"Alan Smith","startTime":1791.9589999999998,"endTime":1795.139,"body":"aspects of proper financial"},{"speaker":"Alan Smith","startTime":1791.9589999999998,"endTime":1795.139,"body":"planning and adding value. I So,"},{"speaker":"Alan Smith","startTime":1795.139,"endTime":1799.839,"body":"yeah, we just drew by these"},{"speaker":"Alan Smith","startTime":1795.139,"endTime":1799.839,"body":"other two Philistines who don't"},{"speaker":"Alan Smith","startTime":1799.839,"endTime":1803.079,"body":"understand this stuff. There was"},{"speaker":"Alan Smith","startTime":1799.839,"endTime":1803.079,"body":"just a follow up to this, which"},{"speaker":"Alan Smith","startTime":1803.079,"endTime":1807.9389999999999,"body":"was an interesting article."},{"speaker":"Alan Smith","startTime":1803.079,"endTime":1807.9389999999999,"body":"Model portfolio services have"},{"speaker":"Alan Smith","startTime":1807.9389999999999,"endTime":1812.7389999999998,"body":"got increasingly more popular."},{"speaker":"Alan Smith","startTime":1807.9389999999999,"endTime":1812.7389999999998,"body":"Carl, we listened to your"},{"speaker":"Alan Smith","startTime":1812.7389999999998,"endTime":1816.039,"body":"corporate bloody Irish tax"},{"speaker":"Alan Smith","startTime":1812.7389999999998,"endTime":1816.039,"body":"season for about half an hour."},{"speaker":"Alan Smith","startTime":1816.039,"endTime":1817.9189999999999,"body":"So pay attention for two minutes"},{"speaker":"Andy Hart","startTime":1818.3999999999999,"endTime":1821.04,"body":"complaining about"},{"speaker":"Andy Hart","startTime":1818.3999999999999,"endTime":1821.04,"body":"receiving billions of dollars."},{"speaker":"Andy Hart","startTime":1821.4599999999998,"endTime":1828.4199999999998,"body":"He's reading a magazine. Now,"},{"speaker":"Andy Hart","startTime":1821.4599999999998,"endTime":1828.4199999999998,"body":"what's your reading? Explore."},{"speaker":"Andy Hart","startTime":1828.4199999999998,"endTime":1829.62,"body":"What"},{"speaker":"Alan Smith","startTime":1829.62,"endTime":1830.3999999999999,"body":"is that"},{"speaker":"Nick Lincoln","startTime":1830.52,"endTime":1832.02,"body":"still going right?"},{"speaker":"Alan Smith","startTime":1833.52,"endTime":1836.04,"body":"Right? No model."},{"speaker":"Alan Smith","startTime":1833.52,"endTime":1836.04,"body":"Portfolio services have become"},{"speaker":"Alan Smith","startTime":1836.58,"endTime":1839.2399999999998,"body":"increasingly popular. This is"},{"speaker":"Alan Smith","startTime":1836.58,"endTime":1839.2399999999998,"body":"where it is, a little bit in the"},{"speaker":"Alan Smith","startTime":1839.2399999999998,"endTime":1842.7199999999998,"body":"weeds. Again, if you outsource"},{"speaker":"Alan Smith","startTime":1839.2399999999998,"endTime":1842.7199999999998,"body":"to a model portfolio service"},{"speaker":"Alan Smith","startTime":1842.7199999999998,"endTime":1845.4199999999998,"body":"which buys a lot of individual"},{"speaker":"Alan Smith","startTime":1842.7199999999998,"endTime":1845.4199999999998,"body":"funds and they do automatic"},{"speaker":"Alan Smith","startTime":1845.4199999999998,"endTime":1849.9799999999998,"body":"rebalancing, then you're going"},{"speaker":"Alan Smith","startTime":1845.4199999999998,"endTime":1849.9799999999998,"body":"to trigger a capital gains tax"},{"speaker":"Alan Smith","startTime":1850.04,"endTime":1855.9799999999998,"body":"charge, kind of by default. If"},{"speaker":"Alan Smith","startTime":1850.04,"endTime":1855.9799999999998,"body":"you outsource to a what you call"},{"speaker":"Alan Smith","startTime":1855.9799999999998,"endTime":1858.76,"body":"it like a fund of funds, like a"},{"speaker":"Alan Smith","startTime":1855.9799999999998,"endTime":1858.76,"body":"Vanguard life strategy, for"},{"speaker":"Alan Smith","startTime":1858.76,"endTime":1863.1399999999999,"body":"example, is a is also a multi"},{"speaker":"Alan Smith","startTime":1858.76,"endTime":1863.1399999999999,"body":"asset portfolio, fund type"},{"speaker":"Alan Smith","startTime":1863.1399999999999,"endTime":1865.7199999999998,"body":"thing, but they're all kind of"},{"speaker":"Alan Smith","startTime":1863.1399999999999,"endTime":1865.7199999999998,"body":"in house, part of a fund, so"},{"speaker":"Alan Smith","startTime":1865.7199999999998,"endTime":1870.1,"body":"they do their automatic"},{"speaker":"Alan Smith","startTime":1865.7199999999998,"endTime":1870.1,"body":"rebalancing, no CGT. So I mean,"},{"speaker":"Alan Smith","startTime":1870.2199999999998,"endTime":1872.3799999999999,"body":"over the years, I don't if you"},{"speaker":"Alan Smith","startTime":1870.2199999999998,"endTime":1872.3799999999999,"body":"guys have come across when we"},{"speaker":"Alan Smith","startTime":1872.3799999999999,"endTime":1875.8,"body":"picked up portfolios from"},{"speaker":"Alan Smith","startTime":1872.3799999999999,"endTime":1875.8,"body":"traditional, some traditional"},{"speaker":"Alan Smith","startTime":1875.8,"endTime":1878.6399999999999,"body":"disc. Discretionary portfolio"},{"speaker":"Alan Smith","startTime":1875.8,"endTime":1878.6399999999999,"body":"managers. They would be"},{"speaker":"Alan Smith","startTime":1878.6399999999999,"endTime":1881.34,"body":"rebalancing left, right and"},{"speaker":"Alan Smith","startTime":1878.6399999999999,"endTime":1881.34,"body":"center, triggering capital gains"},{"speaker":"Alan Smith","startTime":1881.34,"endTime":1884.8799999999999,"body":"tax all over the place, and then"},{"speaker":"Alan Smith","startTime":1881.34,"endTime":1884.8799999999999,"body":"we would raise this as an issue."},{"speaker":"Alan Smith","startTime":1885.6599999999999,"endTime":1889.7399999999998,"body":"And they were investments. We're"},{"speaker":"Alan Smith","startTime":1885.6599999999999,"endTime":1889.7399999999998,"body":"portfolio managers, we're not"},{"speaker":"Alan Smith","startTime":1889.7399999999998,"endTime":1892.3799999999999,"body":"tax advisors. And so they just"},{"speaker":"Alan Smith","startTime":1889.7399999999998,"endTime":1892.3799999999999,"body":"did it, executed it, issued a"},{"speaker":"Alan Smith","startTime":1892.3799999999999,"endTime":1895.62,"body":"tax certificate, client paid a"},{"speaker":"Alan Smith","startTime":1892.3799999999999,"endTime":1895.62,"body":"tax, and it was all unnecessary."},{"speaker":"Alan Smith","startTime":1895.62,"endTime":1898.6999999999998,"body":"Didn't need to be done. So the"},{"speaker":"Alan Smith","startTime":1895.62,"endTime":1898.6999999999998,"body":"point of what I'm saying, Yeah,"},{"speaker":"Alan Smith","startTime":1898.6999999999998,"endTime":1903.1999999999998,"body":"a little bit more very focused"},{"speaker":"Alan Smith","startTime":1898.6999999999998,"endTime":1903.1999999999998,"body":"time, all the time that would"},{"speaker":"Alan Smith","startTime":1903.5,"endTime":1903.8,"body":"happen"},{"speaker":"Carl Widger","startTime":1903.8,"endTime":1906.02,"body":"to do it on the"},{"speaker":"Carl Widger","startTime":1903.8,"endTime":1906.02,"body":"rebalance unnecessary clients"},{"speaker":"Andy Hart","startTime":1907.2189999999998,"endTime":1909.1989999999998,"body":"didn't really know."},{"speaker":"Andy Hart","startTime":1907.2189999999998,"endTime":1909.1989999999998,"body":"They just"},{"speaker":"Carl Widger","startTime":1909.1999999999998,"endTime":1911.6,"body":"said, oh, there's"},{"speaker":"Carl Widger","startTime":1909.1999999999998,"endTime":1911.6,"body":"some tax to pay in your"},{"speaker":"Alan Smith","startTime":1911.9599999999998,"endTime":1916.6399999999999,"body":"portfolio this year."},{"speaker":"Alan Smith","startTime":1911.9599999999998,"endTime":1916.6399999999999,"body":"He's a tax certificate. We would"},{"speaker":"Alan Smith","startTime":1916.6399999999999,"endTime":1918.82,"body":"go, Well, hang on a minute. You"},{"speaker":"Alan Smith","startTime":1916.6399999999999,"endTime":1918.82,"body":"didn't have to pay all they"},{"speaker":"Alan Smith","startTime":1918.82,"endTime":1922.7199999999998,"body":"shouldn't. It wasn't legal or"},{"speaker":"Alan Smith","startTime":1918.82,"endTime":1922.7199999999998,"body":"illegal not to rebalance at this"},{"speaker":"Alan Smith","startTime":1922.7199999999998,"endTime":1924.9399999999998,"body":"time, or to pay a bit more"},{"speaker":"Alan Smith","startTime":1922.7199999999998,"endTime":1924.9399999999998,"body":"attention to the rebalancing"},{"speaker":"Alan Smith","startTime":1924.9399999999998,"endTime":1927.04,"body":"process and maybe sell down"},{"speaker":"Alan Smith","startTime":1924.9399999999998,"endTime":1927.04,"body":"funds that had, you know,"},{"speaker":"Alan Smith","startTime":1927.04,"endTime":1931.06,"body":"underperformed being a bit more"},{"speaker":"Alan Smith","startTime":1927.04,"endTime":1931.06,"body":"specific around the rebalancing"},{"speaker":"Alan Smith","startTime":1931.06,"endTime":1933.82,"body":"process or any sort of fund"},{"speaker":"Alan Smith","startTime":1931.06,"endTime":1933.82,"body":"switch type thing. But yeah,"},{"speaker":"Alan Smith","startTime":1933.82,"endTime":1936.3,"body":"that happened very, very often."},{"speaker":"Alan Smith","startTime":1933.82,"endTime":1936.3,"body":"So it remains the case. If"},{"speaker":"Alan Smith","startTime":1936.3,"endTime":1938.58,"body":"you're outsourcing to model"},{"speaker":"Alan Smith","startTime":1936.3,"endTime":1938.58,"body":"portfolios, you do have to pay"},{"speaker":"Alan Smith","startTime":1938.58,"endTime":1942.1799999999998,"body":"attention. The point being here,"},{"speaker":"Alan Smith","startTime":1938.58,"endTime":1942.1799999999998,"body":"and is more being fiddly, is"},{"speaker":"Alan Smith","startTime":1942.1799999999998,"endTime":1945.1799999999998,"body":"that you have got, obviously,"},{"speaker":"Alan Smith","startTime":1942.1799999999998,"endTime":1945.1799999999998,"body":"your ISA and pension wrappers."},{"speaker":"Alan Smith","startTime":1945.1799999999998,"endTime":1947.82,"body":"This doesn't apply. So"},{"speaker":"Alan Smith","startTime":1945.1799999999998,"endTime":1947.82,"body":"rebalancing, you know, knock"},{"speaker":"Alan Smith","startTime":1947.82,"endTime":1950.6399999999999,"body":"yourself out, go ahead. But"},{"speaker":"Alan Smith","startTime":1947.82,"endTime":1950.6399999999999,"body":"anything in GIA type accounts or"},{"speaker":"Alan Smith","startTime":1950.6399999999999,"endTime":1952.7399999999998,"body":"other accounts, you probably do"},{"speaker":"Alan Smith","startTime":1950.6399999999999,"endTime":1952.7399999999998,"body":"need to pay a bit more"},{"speaker":"Alan Smith","startTime":1952.7399999999998,"endTime":1957.02,"body":"attention. CGT, historically,"},{"speaker":"Alan Smith","startTime":1952.7399999999998,"endTime":1957.02,"body":"you know, when we had higher,"},{"speaker":"Alan Smith","startTime":1957.02,"endTime":1961.52,"body":"higher allowances and reason"},{"speaker":"Alan Smith","startTime":1957.02,"endTime":1961.52,"body":"reasonable tax rates. It wasn't"},{"speaker":"Alan Smith","startTime":1961.52,"endTime":1964.9399999999998,"body":"so much of an issue. Now got"},{"speaker":"Alan Smith","startTime":1961.52,"endTime":1964.9399999999998,"body":"negligible allowances and"},{"speaker":"Alan Smith","startTime":1964.9399999999998,"endTime":1967.82,"body":"possibly much higher tax rates."},{"speaker":"Alan Smith","startTime":1964.9399999999998,"endTime":1967.82,"body":"So it's another thing to pay"},{"speaker":"Alan Smith","startTime":1967.82,"endTime":1970.9399999999998,"body":"attention to in this, and the"},{"speaker":"Alan Smith","startTime":1967.82,"endTime":1970.9399999999998,"body":"last thing when I'm wrapping up"},{"speaker":"Alan Smith","startTime":1970.9399999999998,"endTime":1974.78,"body":"model portfolio, services and"},{"speaker":"Alan Smith","startTime":1970.9399999999998,"endTime":1974.78,"body":"tax and relating it to other"},{"speaker":"Alan Smith","startTime":1974.78,"endTime":1977.56,"body":"alternatives which are out"},{"speaker":"Alan Smith","startTime":1974.78,"endTime":1977.56,"body":"there, was a report recently"},{"speaker":"Alan Smith","startTime":1977.56,"endTime":1983.08,"body":"which confirmed that HMRC has"},{"speaker":"Alan Smith","startTime":1977.56,"endTime":1983.08,"body":"agreed that VAT is not"},{"speaker":"Alan Smith","startTime":1983.08,"endTime":1986.26,"body":"applicable to be charged on"},{"speaker":"Alan Smith","startTime":1983.08,"endTime":1986.26,"body":"model portfolio services. So"},{"speaker":"Alan Smith","startTime":1986.32,"endTime":1990.34,"body":"that's a plus for anyone who is"},{"speaker":"Alan Smith","startTime":1986.32,"endTime":1990.34,"body":"using those so no additional 20%"},{"speaker":"Alan Smith","startTime":1990.82,"endTime":1994.3,"body":"and it's so therefore it's"},{"speaker":"Alan Smith","startTime":1990.82,"endTime":1994.3,"body":"creating broader daylight"},{"speaker":"Alan Smith","startTime":1994.3,"endTime":1998.58,"body":"between model portfolios,"},{"speaker":"Alan Smith","startTime":1994.3,"endTime":1998.58,"body":"advisor type portfolios, the"},{"speaker":"Alan Smith","startTime":1998.58,"endTime":2003.5,"body":"ones that we build in house,"},{"speaker":"Alan Smith","startTime":1998.58,"endTime":2003.5,"body":"etc, and and creating daylight"},{"speaker":"Alan Smith","startTime":2003.5,"endTime":2007.3999999999999,"body":"between those and those, again,"},{"speaker":"Alan Smith","startTime":2003.5,"endTime":2007.3999999999999,"body":"traditional discretionary fund"},{"speaker":"Alan Smith","startTime":2007.3999999999999,"endTime":2012.5,"body":"managers, who tend to charge 20%"},{"speaker":"Alan Smith","startTime":2007.3999999999999,"endTime":2012.5,"body":"on their portfolios. So there's"},{"speaker":"Alan Smith","startTime":2012.5,"endTime":2015.1999999999998,"body":"this. There's quite a big impact"},{"speaker":"Alan Smith","startTime":2012.5,"endTime":2015.1999999999998,"body":"that that will apply now for"},{"speaker":"Alan Smith","startTime":2015.1999999999998,"endTime":2017.8,"body":"anyone who's using and"},{"speaker":"Alan Smith","startTime":2015.1999999999998,"endTime":2017.8,"body":"outsourcing to the, you know,"},{"speaker":"Alan Smith","startTime":2017.8,"endTime":2020.8,"body":"the usual suspects that we've"},{"speaker":"Alan Smith","startTime":2017.8,"endTime":2020.8,"body":"talked about in the past."},{"speaker":"Alan Smith","startTime":2021.3999999999999,"endTime":2021.82,"body":"Andrew,"},{"speaker":"Andy Hart","startTime":2022.0,"endTime":2025.2399999999998,"body":"couple of points on"},{"speaker":"Andy Hart","startTime":2022.0,"endTime":2025.2399999999998,"body":"that. So obviously, any"},{"speaker":"Andy Hart","startTime":2025.36,"endTime":2029.86,"body":"portfolios outside rappers need"},{"speaker":"Andy Hart","startTime":2025.36,"endTime":2029.86,"body":"to be flagged for no automatic"},{"speaker":"Andy Hart","startTime":2029.86,"endTime":2033.1,"body":"rebalancing. You know, a lot of"},{"speaker":"Andy Hart","startTime":2029.86,"endTime":2033.1,"body":"thinking needs to be done before"},{"speaker":"Andy Hart","startTime":2033.1,"endTime":2036.04,"body":"we pull the trigger on that. The"},{"speaker":"Andy Hart","startTime":2033.1,"endTime":2036.04,"body":"session point you mentioned,"},{"speaker":"Andy Hart","startTime":2036.04,"endTime":2040.02,"body":"you've got two points, the MPs"},{"speaker":"Andy Hart","startTime":2036.04,"endTime":2040.02,"body":"now no longer charging VAT, and"},{"speaker":"Andy Hart","startTime":2040.02,"endTime":2043.56,"body":"DFMS no longer charging VAT both"},{"speaker":"Andy Hart","startTime":2040.02,"endTime":2043.56,"body":"Alan, no"},{"speaker":"Alan Smith","startTime":2043.56,"endTime":2047.1599999999999,"body":"specifically what"},{"speaker":"Alan Smith","startTime":2043.56,"endTime":2047.1599999999999,"body":"are defined as model portfolio"},{"speaker":"Alan Smith","startTime":2047.1599999999999,"endTime":2050.76,"body":"services, the run, as opposed to"},{"speaker":"Alan Smith","startTime":2047.1599999999999,"endTime":2050.76,"body":"a discretionary services for,"},{"speaker":"Alan Smith","startTime":2050.88,"endTime":2053.34,"body":"you know, traditional"},{"speaker":"Alan Smith","startTime":2050.88,"endTime":2053.34,"body":"discretionary portfolio, buying"},{"speaker":"Alan Smith","startTime":2053.34,"endTime":2056.72,"body":"and selling. And they still"},{"speaker":"Alan Smith","startTime":2053.34,"endTime":2056.72,"body":"charge funds. They have to"},{"speaker":"Alan Smith","startTime":2056.72,"endTime":2060.08,"body":"charge that? Yeah, they're still"},{"speaker":"Alan Smith","startTime":2056.72,"endTime":2060.08,"body":"charging whatever it is the"},{"speaker":"Alan Smith","startTime":2060.08,"endTime":2063.14,"body":"clients of those firms are"},{"speaker":"Alan Smith","startTime":2060.08,"endTime":2063.14,"body":"paying whatever their fees are,"},{"speaker":"Alan Smith","startTime":2063.98,"endTime":2066.8,"body":"possibly not getting as much"},{"speaker":"Alan Smith","startTime":2063.98,"endTime":2066.8,"body":"attention paid to detail on the"},{"speaker":"Alan Smith","startTime":2066.8,"endTime":2072.32,"body":"CGT planning around rebalancing"},{"speaker":"Alan Smith","startTime":2066.8,"endTime":2072.32,"body":"and paying 20% VAT on top, just"},{"speaker":"Andy Hart","startTime":2072.32,"endTime":2074.12,"body":"on the rebalancing,"},{"speaker":"Andy Hart","startTime":2072.32,"endTime":2074.12,"body":"because Nick looks quite"},{"speaker":"Andy Hart","startTime":2074.12,"endTime":2077.98,"body":"confused about it. So this is"},{"speaker":"Andy Hart","startTime":2074.12,"endTime":2077.98,"body":"happening pretty much to today."},{"speaker":"Andy Hart","startTime":2077.98,"endTime":2080.74,"body":"There's large asset managers"},{"speaker":"Andy Hart","startTime":2077.98,"endTime":2080.74,"body":"that, you know, Nick, they'll do"},{"speaker":"Andy Hart","startTime":2080.74,"endTime":2082.18,"body":"a I'm"},{"speaker":"Nick Lincoln","startTime":2082.42,"endTime":2084.94,"body":"just amazed. I'm"},{"speaker":"Nick Lincoln","startTime":2082.42,"endTime":2084.94,"body":"just amazed that it goes on,"},{"speaker":"Nick Lincoln","startTime":2084.94,"endTime":2088.18,"body":"especially when if CGT rates 45%"},{"speaker":"Nick Lincoln","startTime":2084.94,"endTime":2088.18,"body":"because,"},{"speaker":"Andy Hart","startTime":2088.18,"endTime":2091.42,"body":"yeah, so the"},{"speaker":"Andy Hart","startTime":2088.18,"endTime":2091.42,"body":"investment team will make a"},{"speaker":"Andy Hart","startTime":2091.42,"endTime":2094.66,"body":"decision that they're going to"},{"speaker":"Andy Hart","startTime":2091.42,"endTime":2094.66,"body":"move portfolio of five to three"},{"speaker":"Andy Hart","startTime":2094.66,"endTime":2098.04,"body":"different funds. They literally"},{"speaker":"Andy Hart","startTime":2094.66,"endTime":2098.04,"body":"just pull the trigger. Pensions"},{"speaker":"Andy Hart","startTime":2098.04,"endTime":2101.1,"body":"ISIS immediately happens, and"},{"speaker":"Andy Hart","startTime":2098.04,"endTime":2101.1,"body":"then the GIA happens as well."},{"speaker":"Andy Hart","startTime":2101.22,"endTime":2104.22,"body":"And the advisor of that client"},{"speaker":"Andy Hart","startTime":2101.22,"endTime":2104.22,"body":"says, I'm sorry, our investment"},{"speaker":"Andy Hart","startTime":2104.22,"endTime":2108.12,"body":"team's made a decision here on"},{"speaker":"Andy Hart","startTime":2104.22,"endTime":2108.12,"body":"the old rules. You've got a four"},{"speaker":"Andy Hart","startTime":2108.12,"endTime":2110.76,"body":"and a half grand tax bill that"},{"speaker":"Andy Hart","startTime":2108.12,"endTime":2110.76,"body":"you've got to declare at the end"},{"speaker":"Andy Hart","startTime":2110.76,"endTime":2114.3,"body":"of the year. On the new rules."},{"speaker":"Andy Hart","startTime":2110.76,"endTime":2114.3,"body":"You've got, who knows, 10 grand,"},{"speaker":"Andy Hart","startTime":2114.36,"endTime":2118.7,"body":"12 and a half grand. Why have"},{"speaker":"Andy Hart","startTime":2114.36,"endTime":2118.7,"body":"you done that? And they're going"},{"speaker":"Andy Hart","startTime":2118.7,"endTime":2120.5,"body":"to say, ah, because our"},{"speaker":"Andy Hart","startTime":2118.7,"endTime":2120.5,"body":"investment team and their"},{"speaker":"Andy Hart","startTime":2120.5,"endTime":2123.5,"body":"strategic thinking have now done"},{"speaker":"Andy Hart","startTime":2120.5,"endTime":2123.5,"body":"a tactical change, you know,"},{"speaker":"Andy Hart","startTime":2123.5,"endTime":2125.2999999999997,"body":"bsbs, Bs, terms of"},{"speaker":"Alan Smith","startTime":2125.9,"endTime":2127.88,"body":"business. They'll"},{"speaker":"Alan Smith","startTime":2125.9,"endTime":2127.88,"body":"just say, this is what we do. We"},{"speaker":"Alan Smith","startTime":2127.88,"endTime":2131.3599999999997,"body":"manage on a beat, on regular"},{"speaker":"Alan Smith","startTime":2127.88,"endTime":2131.3599999999997,"body":"basis, whatever it"},{"speaker":"Unknown","startTime":2132.62,"endTime":2134.9,"body":"might be. Sorry,"},{"speaker":"Nick Lincoln","startTime":2134.9,"endTime":2138.16,"body":"Nick, we only"},{"speaker":"Nick Lincoln","startTime":2134.9,"endTime":2138.16,"body":"charge 3% on the switched funds,"},{"speaker":"Nick Lincoln","startTime":2138.4,"endTime":2143.2599999999998,"body":"and when you charge an ongoing"},{"speaker":"Nick Lincoln","startTime":2138.4,"endTime":2143.2599999999998,"body":"fee of 1% a year, yes, and,"},{"speaker":"Carl Widger","startTime":2143.44,"endTime":2145.9,"body":"and, and,"},{"speaker":"Carl Widger","startTime":2143.44,"endTime":2145.9,"body":"unfortunately, does"},{"speaker":"Nick Lincoln","startTime":2145.9,"endTime":2150.7,"body":"that posh boy here"},{"speaker":"Nick Lincoln","startTime":2145.9,"endTime":2150.7,"body":"some nasty rumors that we're"},{"speaker":"Nick Lincoln","startTime":2150.7,"endTime":2154.12,"body":"viewed as nothing more than a"},{"speaker":"Nick Lincoln","startTime":2150.7,"endTime":2154.12,"body":"bunch of cheap Grifters. I'll"},{"speaker":"Nick Lincoln","startTime":2154.12,"endTime":2158.3399999999997,"body":"have you know we're not cheap,"},{"speaker":"Nick Lincoln","startTime":2154.12,"endTime":2158.3399999999997,"body":"posh. There we go, perennial,"},{"speaker":"Unknown","startTime":2158.7599999999998,"endTime":2163.2599999999998,"body":"perennial. Your Money,"},{"speaker":"Unknown","startTime":2158.7599999999998,"endTime":2163.2599999999998,"body":"our future posh event, doing"},{"speaker":"Unknown","startTime":2163.2599999999998,"endTime":2163.62,"body":"that well"},{"speaker":"Nick Lincoln","startTime":2163.62,"endTime":2165.6,"body":"that is that will"},{"speaker":"Nick Lincoln","startTime":2163.62,"endTime":2165.6,"body":"be a thing. There's more."},{"speaker":"Andy Hart","startTime":2169.68,"endTime":2172.92,"body":"Okay, thank you for"},{"speaker":"Andy Hart","startTime":2169.68,"endTime":2172.92,"body":"jingle. Pass us all Nick, that's"},{"speaker":"Andy Hart","startTime":2172.92,"endTime":2173.7599999999998,"body":"fine. We are"},{"speaker":"Nick Lincoln","startTime":2173.7599999999998,"endTime":2178.2799999999997,"body":"35 minutes in. I."},{"speaker":"Nick Lincoln","startTime":2173.7599999999998,"endTime":2178.2799999999997,"body":"And we still got loads to go. So"},{"speaker":"Nick Lincoln","startTime":2178.2799999999997,"endTime":2183.2,"body":"what voice tell about J,"},{"speaker":"Nick Lincoln","startTime":2178.2799999999997,"endTime":2183.2,"body":"pension, F, SFT."},{"speaker":"Carl Widger","startTime":2183.62,"endTime":2186.98,"body":"SFT, very quickly."},{"speaker":"Carl Widger","startTime":2183.62,"endTime":2186.98,"body":"Budget is next week. As I"},{"speaker":"Carl Widger","startTime":2187.04,"endTime":2189.74,"body":"alluded to before, they kind of"},{"speaker":"Carl Widger","startTime":2187.04,"endTime":2189.74,"body":"leak this stuff out. They"},{"speaker":"Carl Widger","startTime":2189.74,"endTime":2193.1,"body":"haven't decided to leak this"},{"speaker":"Carl Widger","startTime":2189.74,"endTime":2193.1,"body":"out. The minister come out and"},{"speaker":"Carl Widger","startTime":2193.16,"endTime":2196.72,"body":"said, This is what we're doing"},{"speaker":"Carl Widger","startTime":2193.16,"endTime":2196.72,"body":"next week. So the SFT standard"},{"speaker":"Carl Widger","startTime":2196.72,"endTime":2199.6,"body":"fund threshold is going to"},{"speaker":"Carl Widger","startTime":2196.72,"endTime":2199.6,"body":"increase. Is going to get to 2.8"},{"speaker":"Carl Widger","startTime":2200.56,"endTime":2206.14,"body":"million by 2029 it's currently"},{"speaker":"Carl Widger","startTime":2200.56,"endTime":2206.14,"body":"at 2 million. It's actually 2.1"},{"speaker":"Carl Widger","startTime":2206.62,"endTime":2210.88,"body":"5 million. But anyway, a real"},{"speaker":"Carl Widger","startTime":2206.62,"endTime":2210.88,"body":"civil servant jobby here because"},{"speaker":"Carl Widger","startTime":2210.88,"endTime":2213.7599999999998,"body":"they've decided not to increase"},{"speaker":"Carl Widger","startTime":2210.88,"endTime":2213.7599999999998,"body":"the lump sums coming from it."},{"speaker":"Carl Widger","startTime":2214.06,"endTime":2216.2999999999997,"body":"They just had to solve their"},{"speaker":"Carl Widger","startTime":2214.06,"endTime":2216.2999999999997,"body":"problems for their friends in"},{"speaker":"Carl Widger","startTime":2216.2999999999997,"endTime":2220.8599999999997,"body":"the civil servants service whose"},{"speaker":"Carl Widger","startTime":2216.2999999999997,"endTime":2220.8599999999997,"body":"defined benefit schemes were"},{"speaker":"Carl Widger","startTime":2222.06,"endTime":2229.74,"body":"being calculated as over the"},{"speaker":"Carl Widger","startTime":2222.06,"endTime":2229.74,"body":"SFT. Right back to my point"},{"speaker":"Carl Widger","startTime":2229.74,"endTime":2232.98,"body":"earlier, that will you just look"},{"speaker":"Carl Widger","startTime":2229.74,"endTime":2232.98,"body":"after the people who are running"},{"speaker":"Carl Widger","startTime":2232.98,"endTime":2235.5,"body":"the bloody businesses in"},{"speaker":"Carl Widger","startTime":2232.98,"endTime":2235.5,"body":"Ireland? Please. They're the"},{"speaker":"Carl Widger","startTime":2235.5,"endTime":2236.8399999999997,"body":"biggest employer by a mile."},{"speaker":"Nick Lincoln","startTime":2237.92,"endTime":2240.02,"body":"Welcome to your"},{"speaker":"Nick Lincoln","startTime":2237.92,"endTime":2240.02,"body":"new world. Welcome to our world."},{"speaker":"Nick Lincoln","startTime":2240.08,"endTime":2240.3199999999997,"body":"Yeah,"},{"speaker":"Carl Widger","startTime":2241.4,"endTime":2245.06,"body":"relief is only a"},{"speaker":"Carl Widger","startTime":2241.4,"endTime":2245.06,"body":"million quid, so give us a"},{"speaker":"Carl Widger","startTime":2245.06,"endTime":2248.66,"body":"break. Increase the tax, the"},{"speaker":"Carl Widger","startTime":2245.06,"endTime":2248.66,"body":"lump sum that's coming out of"},{"speaker":"Carl Widger","startTime":2248.66,"endTime":2253.46,"body":"these pensions, please. I It is"},{"speaker":"Carl Widger","startTime":2248.66,"endTime":2253.46,"body":"to be welcomed a little bit like"},{"speaker":"Carl Widger","startTime":2253.46,"endTime":2257.54,"body":"the 14 billion. But come on, not"},{"speaker":"Nick Lincoln","startTime":2257.54,"endTime":2259.24,"body":"not to look up. I"},{"speaker":"Nick Lincoln","startTime":2257.54,"endTime":2259.24,"body":"mean, there's a in the which is"},{"speaker":"Nick Lincoln","startTime":2259.24,"endTime":2262.0,"body":"the equivalent of you, of your"},{"speaker":"Nick Lincoln","startTime":2259.24,"endTime":2262.0,"body":"SRT, really, and labor when it"},{"speaker":"Nick Lincoln","startTime":2262.0,"endTime":2265.72,"body":"when the previous government got"},{"speaker":"Nick Lincoln","startTime":2262.0,"endTime":2265.72,"body":"rid of it. So we're going to"},{"speaker":"Nick Lincoln","startTime":2265.72,"endTime":2268.66,"body":"bring it back. We're going to"},{"speaker":"Nick Lincoln","startTime":2265.72,"endTime":2268.66,"body":"bring it back. Blah blah. Now,"},{"speaker":"Nick Lincoln","startTime":2268.66,"endTime":2270.8199999999997,"body":"they quietly dropped it, but"},{"speaker":"Nick Lincoln","startTime":2268.66,"endTime":2270.8199999999997,"body":"there's still parts of me"},{"speaker":"Nick Lincoln","startTime":2270.88,"endTime":2273.16,"body":"dreading Rachel, we've sit"},{"speaker":"Nick Lincoln","startTime":2270.88,"endTime":2273.16,"body":"getting up on the 30th of"},{"speaker":"Nick Lincoln","startTime":2273.16,"endTime":2275.38,"body":"October and saying we're"},{"speaker":"Nick Lincoln","startTime":2273.16,"endTime":2275.38,"body":"bringing back the lifetime"},{"speaker":"Nick Lincoln","startTime":2275.38,"endTime":2277.7799999999997,"body":"allowance, but we're going to"},{"speaker":"Nick Lincoln","startTime":2275.38,"endTime":2277.7799999999997,"body":"bring in a carving for the NHS"},{"speaker":"Nick Lincoln","startTime":2277.7799999999997,"endTime":2280.08,"body":"because of the last time"},{"speaker":"Nick Lincoln","startTime":2277.7799999999997,"endTime":2280.08,"body":"announced was dropped nominally"},{"speaker":"Nick Lincoln","startTime":2280.08,"endTime":2283.44,"body":"was because doctors and dentists"},{"speaker":"Nick Lincoln","startTime":2280.08,"endTime":2283.44,"body":"and surgeons were just leaving"},{"speaker":"Nick Lincoln","startTime":2283.44,"endTime":2286.02,"body":"the NHS and drove so they didn't"},{"speaker":"Nick Lincoln","startTime":2283.44,"endTime":2286.02,"body":"want to pay the tax on the"},{"speaker":"Nick Lincoln","startTime":2286.02,"endTime":2291.18,"body":"excess and the labor and the"},{"speaker":"Nick Lincoln","startTime":2286.02,"endTime":2291.18,"body":"NHS. It's, it's, it's a very"},{"speaker":"Nick Lincoln","startTime":2292.02,"endTime":2293.64,"body":"similar relationship."},{"speaker":"Carl Widger","startTime":2294.48,"endTime":2297.2,"body":"Similar, yeah,"},{"speaker":"Carl Widger","startTime":2294.48,"endTime":2297.2,"body":"okay,"},{"speaker":"Nick Lincoln","startTime":2297.3199999999997,"endTime":2299.42,"body":"this is a good"},{"speaker":"Nick Lincoln","startTime":2297.3199999999997,"endTime":2299.42,"body":"one. Yeah. I looked at the link."},{"speaker":"Nick Lincoln","startTime":2299.42,"endTime":2301.52,"body":"I looked at this one"},{"speaker":"Nick Lincoln","startTime":2299.42,"endTime":2301.52,"body":"storyteller, the other comments"},{"speaker":"Nick Lincoln","startTime":2301.52,"endTime":2304.1,"body":"and the LinkedIn thing about"},{"speaker":"Nick Lincoln","startTime":2301.52,"endTime":2304.1,"body":"another risk profiler, shit"},{"speaker":"Nick Lincoln","startTime":2304.1,"endTime":2305.7799999999997,"body":"show, yeah,"},{"speaker":"Alan Smith","startTime":2306.2,"endTime":2309.38,"body":"as I've described,"},{"speaker":"Alan Smith","startTime":2306.2,"endTime":2309.38,"body":"this was, this was an article"},{"speaker":"Alan Smith","startTime":2309.38,"endTime":2312.56,"body":"which originally appeared in The"},{"speaker":"Alan Smith","startTime":2309.38,"endTime":2312.56,"body":"Telegraph last week in their"},{"speaker":"Alan Smith","startTime":2312.56,"endTime":2315.68,"body":"Money Makeover section. And then"},{"speaker":"Alan Smith","startTime":2312.56,"endTime":2315.68,"body":"the journalist Ruby Hinchcliffe"},{"speaker":"Andy Hart","startTime":2317.48,"endTime":2320.7999999999997,"body":"posted, I was"},{"speaker":"Andy Hart","startTime":2317.48,"endTime":2320.7999999999997,"body":"personal friend. Yeah,"},{"speaker":"Alan Smith","startTime":2320.7999999999997,"endTime":2323.08,"body":"I guess so"},{"speaker":"Alan Smith","startTime":2320.7999999999997,"endTime":2323.08,"body":"journalists go, she's a guru. I"},{"speaker":"Alan Smith","startTime":2323.08,"endTime":2327.7,"body":"speak to her now and again."},{"speaker":"Alan Smith","startTime":2323.08,"endTime":2327.7,"body":"She's, she's one of the good"},{"speaker":"Alan Smith","startTime":2327.7,"endTime":2331.7799999999997,"body":"ones. And she posted on LinkedIn"},{"speaker":"Alan Smith","startTime":2327.7,"endTime":2331.7799999999997,"body":"saying, you know, any, any"},{"speaker":"Alan Smith","startTime":2331.7799999999997,"endTime":2336.3599999999997,"body":"comments, and that the headline"},{"speaker":"Alan Smith","startTime":2331.7799999999997,"endTime":2336.3599999999997,"body":"of the article is, and I quote,"},{"speaker":"Alan Smith","startTime":2336.3599999999997,"endTime":2340.2599999999998,"body":"this is from the reader."},{"speaker":"Alan Smith","startTime":2336.3599999999997,"endTime":2340.2599999999998,"body":"Reader's questions, I've paid"},{"speaker":"Alan Smith","startTime":2340.3199999999997,"endTime":2346.5,"body":"11,000 pounds in fees for 1600"},{"speaker":"Alan Smith","startTime":2340.3199999999997,"endTime":2346.5,"body":"pension growth. Is this normal?"},{"speaker":"Alan Smith","startTime":2346.5,"endTime":2349.44,"body":"So that was the thing. So the"},{"speaker":"Alan Smith","startTime":2346.5,"endTime":2349.44,"body":"issue question was about fees."},{"speaker":"Alan Smith","startTime":2349.44,"endTime":2352.44,"body":"And just say, you know, these"},{"speaker":"Alan Smith","startTime":2349.44,"endTime":2352.44,"body":"fees must be outrageous to pay"},{"speaker":"Alan Smith","startTime":2352.56,"endTime":2356.7799999999997,"body":"7000 pounds in fees and only had"},{"speaker":"Alan Smith","startTime":2352.56,"endTime":2356.7799999999997,"body":"116 100 pounds in growth. But if"},{"speaker":"Alan Smith","startTime":2356.7799999999997,"endTime":2360.74,"body":"you open the article and read"},{"speaker":"Alan Smith","startTime":2356.7799999999997,"endTime":2360.74,"body":"it, there's more here than"},{"speaker":"Alan Smith","startTime":2360.74,"endTime":2363.14,"body":"initially meets the eye. The"},{"speaker":"Alan Smith","startTime":2360.74,"endTime":2363.14,"body":"fees quoted, and I think it's in"},{"speaker":"Alan Smith","startTime":2363.14,"endTime":2365.66,"body":"the order, I can't remember"},{"speaker":"Alan Smith","startTime":2363.14,"endTime":2365.66,"body":"exactly. It's about 1.6%"},{"speaker":"Alan Smith","startTime":2366.92,"endTime":2371.06,"body":"annualized fee, kind of all in"},{"speaker":"Alan Smith","startTime":2366.92,"endTime":2371.06,"body":"for everything, which isn't"},{"speaker":"Alan Smith","startTime":2371.06,"endTime":2374.8399999999997,"body":"outrageous. It's roughly"},{"speaker":"Alan Smith","startTime":2371.06,"endTime":2374.8399999999997,"body":"ballpark market, I think, for"},{"speaker":"Alan Smith","startTime":2375.08,"endTime":2377.74,"body":"investment, if you got, if he's"},{"speaker":"Alan Smith","startTime":2375.08,"endTime":2377.74,"body":"getting, you know, proper"},{"speaker":"Alan Smith","startTime":2377.74,"endTime":2380.56,"body":"financial planning advice,"},{"speaker":"Alan Smith","startTime":2377.74,"endTime":2380.56,"body":"because he has gone through an"},{"speaker":"Alan Smith","startTime":2380.56,"endTime":2383.92,"body":"intermediary advisor. If he's"},{"speaker":"Alan Smith","startTime":2380.56,"endTime":2383.92,"body":"getting an investment portfolio,"},{"speaker":"Alan Smith","startTime":2383.92,"endTime":2387.4,"body":"it sits on a custody, custody or"},{"speaker":"Alan Smith","startTime":2383.92,"endTime":2387.4,"body":"a platform, so that's what he's"},{"speaker":"Alan Smith","startTime":2387.4,"endTime":2389.7999999999997,"body":"paying. So I didn't think that"},{"speaker":"Alan Smith","startTime":2387.4,"endTime":2389.7999999999997,"body":"was sort of way, way, way out of"},{"speaker":"Alan Smith","startTime":2389.7999999999997,"endTime":2393.46,"body":"line. But then you sort of dig"},{"speaker":"Alan Smith","startTime":2389.7999999999997,"endTime":2393.46,"body":"into the article, and you read"},{"speaker":"Alan Smith","startTime":2393.94,"endTime":2397.24,"body":"that this guy, who's, I think"},{"speaker":"Alan Smith","startTime":2393.94,"endTime":2397.24,"body":"he's recently retired. He's 64,"},{"speaker":"Alan Smith","startTime":2397.42,"endTime":2401.3399999999997,"body":"years old. He set this up a"},{"speaker":"Alan Smith","startTime":2397.42,"endTime":2401.3399999999997,"body":"couple of years ago with his"},{"speaker":"Alan Smith","startTime":2401.3399999999997,"endTime":2404.7,"body":"advisor, and he's currently"},{"speaker":"Alan Smith","startTime":2401.3399999999997,"endTime":2404.7,"body":"sitting in his portfolio of 52%"},{"speaker":"Alan Smith","startTime":2405.54,"endTime":2409.2,"body":"government bonds. Now, it"},{"speaker":"Alan Smith","startTime":2405.54,"endTime":2409.2,"body":"wouldn't have helped him in"},{"speaker":"Alan Smith","startTime":2409.2,"endTime":2411.72,"body":"terms of his timing, because I"},{"speaker":"Alan Smith","startTime":2409.2,"endTime":2411.72,"body":"think he invested just at the"},{"speaker":"Alan Smith","startTime":2411.72,"endTime":2415.2,"body":"time when there was, they sort"},{"speaker":"Alan Smith","startTime":2411.72,"endTime":2415.2,"body":"of had an almighty crash in"},{"speaker":"Alan Smith","startTime":2415.2,"endTime":2419.0,"body":"terms of the gilts as an"},{"speaker":"Alan Smith","startTime":2415.2,"endTime":2419.0,"body":"investment in, certainly UK"},{"speaker":"Alan Smith","startTime":2419.0,"endTime":2421.3399999999997,"body":"Government guilt, or actually"},{"speaker":"Alan Smith","startTime":2419.0,"endTime":2421.3399999999997,"body":"around the world. So he would"},{"speaker":"Alan Smith","startTime":2421.3399999999997,"endTime":2425.42,"body":"have taken a haircut on that,"},{"speaker":"Alan Smith","startTime":2421.3399999999997,"endTime":2425.42,"body":"for sure. So Tommy wasn't ideal,"},{"speaker":"Alan Smith","startTime":2425.42,"endTime":2428.9,"body":"but it just, it just smacked of"},{"speaker":"Alan Smith","startTime":2425.42,"endTime":2428.9,"body":"one of these situations where he"},{"speaker":"Alan Smith","startTime":2428.9,"endTime":2431.18,"body":"said, I'm about to go into"},{"speaker":"Alan Smith","startTime":2428.9,"endTime":2431.18,"body":"retirement. He would have been"},{"speaker":"Alan Smith","startTime":2431.18,"endTime":2434.42,"body":"asked about is, are you a"},{"speaker":"Alan Smith","startTime":2431.18,"endTime":2434.42,"body":"cautious, balanced, aggressive,"},{"speaker":"Alan Smith","startTime":2434.42,"endTime":2437.3199999999997,"body":"adventurous, all these crazy"},{"speaker":"Alan Smith","startTime":2434.42,"endTime":2437.3199999999997,"body":"words that people use, and they"},{"speaker":"Alan Smith","startTime":2437.3199999999997,"endTime":2441.1,"body":"plugged them into a cautious"},{"speaker":"Alan Smith","startTime":2437.3199999999997,"endTime":2441.1,"body":"portfolio, which is more than"},{"speaker":"Alan Smith","startTime":2441.1,"endTime":2444.58,"body":"half invested for somebody who's"},{"speaker":"Alan Smith","startTime":2441.1,"endTime":2444.58,"body":"in the early 60s with a"},{"speaker":"Alan Smith","startTime":2444.58,"endTime":2448.24,"body":"reasonable expectation of up to"},{"speaker":"Alan Smith","startTime":2444.58,"endTime":2448.24,"body":"three decades of future life to"},{"speaker":"Alan Smith","startTime":2448.24,"endTime":2451.72,"body":"support No wonder he hasn't gone"},{"speaker":"Alan Smith","startTime":2448.24,"endTime":2451.72,"body":"very far with his investment"},{"speaker":"Alan Smith","startTime":2451.72,"endTime":2454.24,"body":"portfolio. Meantime, equity"},{"speaker":"Alan Smith","startTime":2451.72,"endTime":2454.24,"body":"markets have raged away, not"},{"speaker":"Alan Smith","startTime":2454.24,"endTime":2457.18,"body":"saying he should be 100%"},{"speaker":"Alan Smith","startTime":2454.24,"endTime":2457.18,"body":"equities in his situation, but a"},{"speaker":"Alan Smith","startTime":2457.18,"endTime":2460.02,"body":"proper planner would have"},{"speaker":"Alan Smith","startTime":2457.18,"endTime":2460.02,"body":"allocated that properly. So it's"},{"speaker":"Alan Smith","startTime":2460.02,"endTime":2464.3399999999997,"body":"more as I say, the fees are not"},{"speaker":"Alan Smith","startTime":2460.02,"endTime":2464.3399999999997,"body":"unreasonable overall. It's the"},{"speaker":"Alan Smith","startTime":2464.3399999999997,"endTime":2468.18,"body":"investment approach, the risk"},{"speaker":"Alan Smith","startTime":2464.3399999999997,"endTime":2468.18,"body":"profiler, the a client"},{"speaker":"Alan Smith","startTime":2468.18,"endTime":2470.58,"body":"expressing that they're fairly"},{"speaker":"Alan Smith","startTime":2468.18,"endTime":2470.58,"body":"cautious because they're just"},{"speaker":"Alan Smith","startTime":2470.58,"endTime":2475.02,"body":"going to retirement and arriving"},{"speaker":"Alan Smith","startTime":2470.58,"endTime":2475.02,"body":"at this situation, which is sub"},{"speaker":"Alan Smith","startTime":2475.02,"endTime":2477.56,"body":"optimal to say. Be the least."},{"speaker":"Alan Smith","startTime":2475.02,"endTime":2477.56,"body":"Andrew, couple"},{"speaker":"Andy Hart","startTime":2478.64,"endTime":2481.88,"body":"of points on this."},{"speaker":"Andy Hart","startTime":2478.64,"endTime":2481.88,"body":"Well, all financial advisors, at"},{"speaker":"Andy Hart","startTime":2481.94,"endTime":2485.54,"body":"a certain point in their client"},{"speaker":"Andy Hart","startTime":2481.94,"endTime":2485.54,"body":"relationship will be charging"},{"speaker":"Andy Hart","startTime":2485.54,"endTime":2490.16,"body":"fees, be it percentage or"},{"speaker":"Andy Hart","startTime":2485.54,"endTime":2490.16,"body":"agreed, and at a certain point"},{"speaker":"Andy Hart","startTime":2490.94,"endTime":2494.7799999999997,"body":"they'll be temporarily, you"},{"speaker":"Andy Hart","startTime":2490.94,"endTime":2494.7799999999997,"body":"know, underwater, there'll be"},{"speaker":"Andy Hart","startTime":2494.7799999999997,"endTime":2500.7999999999997,"body":"temporary declines. So we're all"},{"speaker":"Andy Hart","startTime":2494.7799999999997,"endTime":2500.7999999999997,"body":"guilty of charging at times when"},{"speaker":"Andy Hart","startTime":2500.7999999999997,"endTime":2503.44,"body":"a client is temporarily losing"},{"speaker":"Andy Hart","startTime":2500.7999999999997,"endTime":2503.44,"body":"money. We know long term the"},{"speaker":"Andy Hart","startTime":2503.44,"endTime":2507.2799999999997,"body":"market's up 75% of the time and"},{"speaker":"Andy Hart","startTime":2503.44,"endTime":2507.2799999999997,"body":"down 25% of times. That's one"},{"speaker":"Andy Hart","startTime":2507.2799999999997,"endTime":2509.8599999999997,"body":"point based on the numbers you"},{"speaker":"Andy Hart","startTime":2507.2799999999997,"endTime":2509.8599999999997,"body":"mentioned. Is this client has"},{"speaker":"Andy Hart","startTime":2509.8599999999997,"endTime":2514.66,"body":"got around 700,000 if he's"},{"speaker":"Andy Hart","startTime":2509.8599999999997,"endTime":2514.66,"body":"paying those fees at 1.6 my"},{"speaker":"Andy Hart","startTime":2514.66,"endTime":2517.56,"body":"final statement really is when"},{"speaker":"Andy Hart","startTime":2514.66,"endTime":2517.56,"body":"you combine an investing"},{"speaker":"Andy Hart","startTime":2517.56,"endTime":2520.7999999999997,"body":"illiterate financial advisor"},{"speaker":"Andy Hart","startTime":2517.56,"endTime":2520.7999999999997,"body":"with an investing illiterate"},{"speaker":"Andy Hart","startTime":2520.7999999999997,"endTime":2525.48,"body":"client, the result is a multi"},{"speaker":"Andy Hart","startTime":2520.7999999999997,"endTime":2525.48,"body":"asset, low returning mess, but"},{"speaker":"Andy Hart","startTime":2525.48,"endTime":2529.02,"body":"very compliant and truly arse"},{"speaker":"Andy Hart","startTime":2525.48,"endTime":2529.02,"body":"covering, you know. Thank you,"},{"speaker":"Andy Hart","startTime":2529.02,"endTime":2531.96,"body":"regulation. There's 1000s of"},{"speaker":"Andy Hart","startTime":2529.02,"endTime":2531.96,"body":"clients out there in this"},{"speaker":"Andy Hart","startTime":2531.96,"endTime":2535.3199999999997,"body":"situation, gray hair equals low"},{"speaker":"Andy Hart","startTime":2531.96,"endTime":2535.3199999999997,"body":"returning portfolios. This needs"},{"speaker":"Andy Hart","startTime":2535.3199999999997,"endTime":2536.6,"body":"to change. Yeah,"},{"speaker":"Carl Widger","startTime":2537.14,"endTime":2544.7,"body":"yeah, yeah."},{"speaker":"Carl Widger","startTime":2537.14,"endTime":2544.7,"body":"Brilliant, brilliant, love it."},{"speaker":"Carl Widger","startTime":2544.7,"endTime":2544.94,"body":"Andy,"},{"speaker":"Nick Lincoln","startTime":2546.38,"endTime":2549.02,"body":"okay, our work is"},{"speaker":"Nick Lincoln","startTime":2546.38,"endTime":2549.02,"body":"never done, as we all say"},{"speaker":"Nick Lincoln","startTime":2549.2599999999998,"endTime":2552.14,"body":"continually to each other and to"},{"speaker":"Nick Lincoln","startTime":2549.2599999999998,"endTime":2552.14,"body":"the world, and sometimes that"},{"speaker":"Nick Lincoln","startTime":2552.14,"endTime":2555.62,"body":"feels like you're screaming into"},{"speaker":"Nick Lincoln","startTime":2552.14,"endTime":2555.62,"body":"the void. Podcasts as a source"},{"speaker":"Nick Lincoln","startTime":2555.62,"endTime":2559.72,"body":"of CPD, so I subscribe to"},{"speaker":"Nick Lincoln","startTime":2555.62,"endTime":2559.72,"body":"various financial advice related"},{"speaker":"Nick Lincoln","startTime":2559.72,"endTime":2562.72,"body":"podcasts. Some are good, some"},{"speaker":"Nick Lincoln","startTime":2559.72,"endTime":2562.72,"body":"are less so. And one of them"},{"speaker":"Nick Lincoln","startTime":2562.72,"endTime":2565.8399999999997,"body":"that I do subscribe to, I don't"},{"speaker":"Nick Lincoln","startTime":2562.72,"endTime":2565.8399999999997,"body":"listen to every episode. I don't"},{"speaker":"Nick Lincoln","startTime":2565.8399999999997,"endTime":2568.9,"body":"listen to many episodes, just"},{"speaker":"Nick Lincoln","startTime":2565.8399999999997,"endTime":2568.9,"body":"the financial advisor one. But"},{"speaker":"Nick Lincoln","startTime":2568.9,"endTime":2571.54,"body":"interestingly, in the notes for"},{"speaker":"Nick Lincoln","startTime":2568.9,"endTime":2571.54,"body":"the latest episode, it said,"},{"speaker":"Nick Lincoln","startTime":2571.54,"endTime":2573.94,"body":"This qualifies this listen."},{"speaker":"Nick Lincoln","startTime":2571.54,"endTime":2573.94,"body":"Listening to this podcast"},{"speaker":"Nick Lincoln","startTime":2574.24,"endTime":2578.4,"body":"qualifies as. CPD, now this is"},{"speaker":"Nick Lincoln","startTime":2574.24,"endTime":2578.4,"body":"interesting. I don't know. I"},{"speaker":"Nick Lincoln","startTime":2578.4,"endTime":2581.1,"body":"mean, obviously it's got to be"},{"speaker":"Nick Lincoln","startTime":2578.4,"endTime":2581.1,"body":"unstructured, because you can't"},{"speaker":"Nick Lincoln","startTime":2581.1,"endTime":2583.8599999999997,"body":"very you can't be tested on it,"},{"speaker":"Nick Lincoln","startTime":2581.1,"endTime":2583.8599999999997,"body":"and what you learn, there's no"},{"speaker":"Nick Lincoln","startTime":2583.8599999999997,"endTime":2585.72,"body":"there's no sort of"},{"speaker":"Nick Lincoln","startTime":2583.8599999999997,"endTime":2585.72,"body":"accountability, what have you."},{"speaker":"Nick Lincoln","startTime":2585.72,"endTime":2588.48,"body":"But I mean, I listen to loads of"},{"speaker":"Nick Lincoln","startTime":2585.72,"endTime":2588.48,"body":"enough stuff through my years, I"},{"speaker":"Nick Lincoln","startTime":2588.48,"endTime":2591.18,"body":"think would get me my 21 years"},{"speaker":"Nick Lincoln","startTime":2588.48,"endTime":2591.18,"body":"of unstructured just to"},{"speaker":"Nick Lincoln","startTime":2591.18,"endTime":2593.7,"body":"listening to to podcasts. I"},{"speaker":"Nick Lincoln","startTime":2591.18,"endTime":2593.7,"body":"don't know quite how. I don't"},{"speaker":"Nick Lincoln","startTime":2593.7,"endTime":2596.16,"body":"know if people practice when you"},{"speaker":"Nick Lincoln","startTime":2593.7,"endTime":2596.16,"body":"listen to this and you put it"},{"speaker":"Nick Lincoln","startTime":2596.16,"endTime":2598.2799999999997,"body":"down as unstructured CPD."},{"speaker":"Nick Lincoln","startTime":2596.16,"endTime":2598.2799999999997,"body":"There's"},{"speaker":"Andy Hart","startTime":2598.2799999999997,"endTime":2601.04,"body":"a bit of a Freudian"},{"speaker":"Andy Hart","startTime":2598.2799999999997,"endTime":2601.04,"body":"slip. Then you said 21 years."},{"speaker":"Andy Hart","startTime":2601.04,"endTime":2603.14,"body":"You mean 21 hours? Yeah,"},{"speaker":"Nick Lincoln","startTime":2603.14,"endTime":2605.48,"body":"exactly. There was"},{"speaker":"Nick Lincoln","startTime":2603.14,"endTime":2605.48,"body":"fraud. It feels like 21 years,"},{"speaker":"Nick Lincoln","startTime":2605.48,"endTime":2608.12,"body":"but thank you, my friend. Yeah,"},{"speaker":"Nick Lincoln","startTime":2605.48,"endTime":2608.12,"body":"absolute fraud and slip, 21"},{"speaker":"Nick Lincoln","startTime":2608.2999999999997,"endTime":2614.2999999999997,"body":"hours. Sorry, of of, is it 21 of"},{"speaker":"Nick Lincoln","startTime":2608.2999999999997,"endTime":2614.2999999999997,"body":"structured track or whatever? So"},{"speaker":"Nick Lincoln","startTime":2614.2999999999997,"endTime":2617.2,"body":"if you're listening to stuff as"},{"speaker":"Nick Lincoln","startTime":2614.2999999999997,"endTime":2617.2,"body":"podcasts, you may be able to get"},{"speaker":"Nick Lincoln","startTime":2617.2,"endTime":2620.38,"body":"it by your compliance officer."},{"speaker":"Nick Lincoln","startTime":2617.2,"endTime":2620.38,"body":"This is CPD, in which case,"},{"speaker":"Nick Lincoln","startTime":2620.62,"endTime":2623.44,"body":"happy days for those of us that"},{"speaker":"Nick Lincoln","startTime":2620.62,"endTime":2623.44,"body":"consume reasonable amounts of"},{"speaker":"Nick Lincoln","startTime":2623.44,"endTime":2624.3399999999997,"body":"it. Nick,"},{"speaker":"Alan Smith","startTime":2624.64,"endTime":2627.16,"body":"you were appointed"},{"speaker":"Alan Smith","startTime":2624.64,"endTime":2627.16,"body":"as the compliance officer for"},{"speaker":"Alan Smith","startTime":2627.16,"endTime":2629.98,"body":"trap. Weren't you initially when"},{"speaker":"Alan Smith","startTime":2627.16,"endTime":2629.98,"body":"we set up? So could you get this"},{"speaker":"Alan Smith","startTime":2629.98,"endTime":2633.64,"body":"approved for CPD for all the"},{"speaker":"Alan Smith","startTime":2629.98,"endTime":2633.64,"body":"lists? Yes, thanks. Yeah, yeah,"},{"speaker":"Alan Smith","startTime":2633.64,"endTime":2634.66,"body":"yeah, just"},{"speaker":"Nick Lincoln","startTime":2635.68,"endTime":2638.2799999999997,"body":"tick this box"},{"speaker":"Nick Lincoln","startTime":2635.68,"endTime":2638.2799999999997,"body":"here. Yeah, done, done,"},{"speaker":"Alan Smith","startTime":2638.3399999999997,"endTime":2639.6,"body":"well done, mate,"},{"speaker":"Alan Smith","startTime":2638.3399999999997,"endTime":2639.6,"body":"well done, and"},{"speaker":"Nick Lincoln","startTime":2641.16,"endTime":2649.68,"body":"your compliance"},{"speaker":"Nick Lincoln","startTime":2641.16,"endTime":2649.68,"body":"for the years, complete. Mr."},{"speaker":"Nick Lincoln","startTime":2649.74,"endTime":2652.3199999999997,"body":"Smith, done, okay, what is it?"},{"speaker":"Nick Lincoln","startTime":2649.74,"endTime":2652.3199999999997,"body":"Don't"},{"speaker":"Carl Widger","startTime":2652.98,"endTime":2657.7999999999997,"body":"know what to call"},{"speaker":"Carl Widger","startTime":2652.98,"endTime":2657.7999999999997,"body":"it. Anyway, I purposely have not"},{"speaker":"Carl Widger","startTime":2657.7999999999997,"endTime":2662.24,"body":"put a link to them in the show"},{"speaker":"Carl Widger","startTime":2657.7999999999997,"endTime":2662.24,"body":"notes, because I don't want to"},{"speaker":"Carl Widger","startTime":2662.24,"endTime":2666.92,"body":"be drawing any body's attention"},{"speaker":"Carl Widger","startTime":2662.24,"endTime":2666.92,"body":"to this firm. But Troy, from"},{"speaker":"Carl Widger","startTime":2666.98,"endTime":2670.1,"body":"Moneda, I'm going to call him"},{"speaker":"Carl Widger","startTime":2666.98,"endTime":2670.1,"body":"capital, has emailed me three"},{"speaker":"Carl Widger","startTime":2670.1,"endTime":2673.88,"body":"times in the last 10 days to"},{"speaker":"Carl Widger","startTime":2670.1,"endTime":2673.88,"body":"say, Come on. Are you not"},{"speaker":"Carl Widger","startTime":2673.88,"endTime":2680.08,"body":"interested in guaranteed returns"},{"speaker":"Carl Widger","startTime":2673.88,"endTime":2680.08,"body":"of between 4.3% and 10% per"},{"speaker":"Carl Widger","startTime":2680.08,"endTime":2684.7,"body":"annum. I'm not Troy, because I"},{"speaker":"Carl Widger","startTime":2680.08,"endTime":2684.7,"body":"wouldn't believe it,"},{"speaker":"Carl Widger","startTime":2684.7599999999998,"endTime":2690.58,"body":"unfortunately and you can now"},{"speaker":"Carl Widger","startTime":2684.7599999999998,"endTime":2690.58,"body":"stop emailing me. Our work is"},{"speaker":"Carl Widger","startTime":2690.58,"endTime":2694.9,"body":"never done. As you just said,"},{"speaker":"Carl Widger","startTime":2690.58,"endTime":2694.9,"body":"it's amazing. I think you might"},{"speaker":"Carl Widger","startTime":2694.9,"endTime":2697.92,"body":"have put this up on social media"},{"speaker":"Carl Widger","startTime":2694.9,"endTime":2697.92,"body":"somewhere. Nick and somebody"},{"speaker":"Carl Widger","startTime":2697.92,"endTime":2700.98,"body":"came back and went, important to"},{"speaker":"Carl Widger","startTime":2697.92,"endTime":2700.98,"body":"note that this firm is not"},{"speaker":"Carl Widger","startTime":2700.98,"endTime":2703.92,"body":"regulated by the FCA. David"},{"speaker":"Carl Widger","startTime":2700.98,"endTime":2703.92,"body":"Hahn, yeah, said that, yeah,"},{"speaker":"Carl Widger","startTime":2704.16,"endTime":2708.2999999999997,"body":"yeah. And look, there's just so"},{"speaker":"Carl Widger","startTime":2704.16,"endTime":2708.2999999999997,"body":"many of these firms out there."},{"speaker":"Carl Widger","startTime":2708.3599999999997,"endTime":2712.8599999999997,"body":"Our work will never be done. And"},{"speaker":"Carl Widger","startTime":2708.3599999999997,"endTime":2712.8599999999997,"body":"it's, you know, unfortunately, a"},{"speaker":"Carl Widger","startTime":2712.8599999999997,"endTime":2715.74,"body":"battle we're going to keep on"},{"speaker":"Carl Widger","startTime":2712.8599999999997,"endTime":2715.74,"body":"having to fight with our clients"},{"speaker":"Carl Widger","startTime":2715.7999999999997,"endTime":2719.0,"body":"receiving these kind of emails"},{"speaker":"Carl Widger","startTime":2715.7999999999997,"endTime":2719.0,"body":"all of the time, and I could"},{"speaker":"Carl Widger","startTime":2719.0,"endTime":2722.06,"body":"see, if I didn't know any"},{"speaker":"Carl Widger","startTime":2719.0,"endTime":2722.06,"body":"different, how that might be"},{"speaker":"Carl Widger","startTime":2722.06,"endTime":2725.06,"body":"actually very attractive, and"},{"speaker":"Carl Widger","startTime":2722.06,"endTime":2725.06,"body":"you might go down a rabbit hole"},{"speaker":"Carl Widger","startTime":2725.06,"endTime":2728.54,"body":"with this firm or any other"},{"speaker":"Carl Widger","startTime":2725.06,"endTime":2728.54,"body":"firm. So yeah, I just thought"},{"speaker":"Carl Widger","startTime":2728.54,"endTime":2731.06,"body":"I'd point it out. But, uh, Troy,"},{"speaker":"Carl Widger","startTime":2728.54,"endTime":2731.06,"body":"don't stop emailing me."},{"speaker":"Nick Lincoln","startTime":2731.42,"endTime":2733.16,"body":"Well done, fella."},{"speaker":"Nick Lincoln","startTime":2731.42,"endTime":2733.16,"body":"Well, I know that we had a chat"},{"speaker":"Nick Lincoln","startTime":2733.16,"endTime":2736.72,"body":"about this with me online about"},{"speaker":"Nick Lincoln","startTime":2733.16,"endTime":2736.72,"body":"if they're offering guaranteed"},{"speaker":"Nick Lincoln","startTime":2736.7799999999997,"endTime":2740.5,"body":"returns are between 4.3 to 10%"},{"speaker":"Nick Lincoln","startTime":2736.7799999999997,"endTime":2740.5,"body":"Why would we never go for the"},{"speaker":"Nick Lincoln","startTime":2740.5,"endTime":2746.14,"body":"4.3 if the 10% is guaranteed, I"},{"speaker":"Nick Lincoln","startTime":2740.5,"endTime":2746.14,"body":"have the 10 please. 20. I want"},{"speaker":"Nick Lincoln","startTime":2746.14,"endTime":2747.16,"body":"some of that as well."},{"speaker":"Andy Hart","startTime":2748.54,"endTime":2750.64,"body":"Yeah, when it's"},{"speaker":"Andy Hart","startTime":2748.54,"endTime":2750.64,"body":"guaranteed, there should ever be"},{"speaker":"Andy Hart","startTime":2750.64,"endTime":2751.12,"body":"a range."},{"speaker":"Unknown","startTime":2752.14,"endTime":2752.92,"body":"Yeah,"},{"speaker":"Carl Widger","startTime":2754.24,"endTime":2756.54,"body":"I literally read"},{"speaker":"Carl Widger","startTime":2754.24,"endTime":2756.54,"body":"the email, because I kept one of"},{"speaker":"Carl Widger","startTime":2756.54,"endTime":2759.8399999999997,"body":"them. It's in my junk now,"},{"speaker":"Carl Widger","startTime":2756.54,"endTime":2759.8399999999997,"body":"right? So, but I'm gonna go, I'm"},{"speaker":"Carl Widger","startTime":2759.8399999999997,"endTime":2760.2,"body":"gonna go"},{"speaker":"Nick Lincoln","startTime":2760.2,"endTime":2762.8399999999997,"body":"for the 4.3"},{"speaker":"Nick Lincoln","startTime":2760.2,"endTime":2762.8399999999997,"body":"because that'd be lower risk,"},{"speaker":"Nick Lincoln","startTime":2762.8399999999997,"endTime":2763.14,"body":"yeah? But"},{"speaker":"Andy Hart","startTime":2763.2,"endTime":2765.7799999999997,"body":"it's guaranteed. The"},{"speaker":"Andy Hart","startTime":2763.2,"endTime":2765.7799999999997,"body":"arrangements guaranteed. There's"},{"speaker":"Andy Hart","startTime":2765.7799999999997,"endTime":2766.38,"body":"one number,"},{"speaker":"Alan Smith","startTime":2767.22,"endTime":2767.88,"body":"yeah, this one"},{"speaker":"Carl Widger","startTime":2769.2,"endTime":2773.1,"body":"on Tuesday or"},{"speaker":"Carl Widger","startTime":2769.2,"endTime":2773.1,"body":"Wednesday to talk through how we"},{"speaker":"Carl Widger","startTime":2773.1,"endTime":2776.3599999999997,"body":"can help you grow your wealth."},{"speaker":"Carl Widger","startTime":2773.1,"endTime":2776.3599999999997,"body":"He's assuming he's paying. Get a"},{"speaker":"Carl Widger","startTime":2776.3599999999997,"endTime":2779.9,"body":"big assumption there anyway and"},{"speaker":"Carl Widger","startTime":2776.3599999999997,"endTime":2779.9,"body":"deliver guaranteed fixed returns"},{"speaker":"Carl Widger","startTime":2779.9,"endTime":2781.94,"body":"of between 4.3% and 10%"},{"speaker":"Alan Smith","startTime":2783.3199999999997,"endTime":2786.02,"body":"guaranteed fixed"},{"speaker":"Alan Smith","startTime":2783.3199999999997,"endTime":2786.02,"body":"returns. That sounds very"},{"speaker":"Alan Smith","startTime":2786.02,"endTime":2789.38,"body":"appealing. That's ticking all"},{"speaker":"Alan Smith","startTime":2786.02,"endTime":2789.38,"body":"the boxes. Yeah, yeah, exactly."},{"speaker":"Alan Smith","startTime":2789.38,"endTime":2791.7799999999997,"body":"Well, the bottom line, with all"},{"speaker":"Alan Smith","startTime":2789.38,"endTime":2791.7799999999997,"body":"these things,"},{"speaker":"Nick Lincoln","startTime":2791.7799999999997,"endTime":2794.12,"body":"if someone's"},{"speaker":"Nick Lincoln","startTime":2791.7799999999997,"endTime":2794.12,"body":"offering a 10% guaranteed return"},{"speaker":"Nick Lincoln","startTime":2794.12,"endTime":2796.8399999999997,"body":"and thinking, Well, why aren't"},{"speaker":"Nick Lincoln","startTime":2794.12,"endTime":2796.8399999999997,"body":"you keeping it to yourself, if"},{"speaker":"Nick Lincoln","startTime":2796.8399999999997,"endTime":2799.2999999999997,"body":"it's so great, why are you"},{"speaker":"Nick Lincoln","startTime":2796.8399999999997,"endTime":2799.2999999999997,"body":"punting this out there? You"},{"speaker":"Nick Lincoln","startTime":2799.2999999999997,"endTime":2803.8599999999997,"body":"know, you keep it to yourself"},{"speaker":"Nick Lincoln","startTime":2799.2999999999997,"endTime":2803.8599999999997,"body":"and make billions. Okay, we're"},{"speaker":"Nick Lincoln","startTime":2803.8599999999997,"endTime":2807.16,"body":"at crikey three quarters of an"},{"speaker":"Nick Lincoln","startTime":2803.8599999999997,"endTime":2807.16,"body":"hour. We've got one last topical"},{"speaker":"Nick Lincoln","startTime":2807.16,"endTime":2810.4,"body":"tidbit, TRAPPIST, and this is"},{"speaker":"Nick Lincoln","startTime":2807.16,"endTime":2810.4,"body":"from storyteller. I"},{"speaker":"Alan Smith","startTime":2810.4,"endTime":2814.06,"body":"just wanted to round"},{"speaker":"Alan Smith","startTime":2810.4,"endTime":2814.06,"body":"up this episode's topical"},{"speaker":"Alan Smith","startTime":2814.06,"endTime":2817.2599999999998,"body":"tidbits on just I think this is"},{"speaker":"Alan Smith","startTime":2814.06,"endTime":2817.2599999999998,"body":"just sort of anecdotal"},{"speaker":"Alan Smith","startTime":2817.2599999999998,"endTime":2819.9,"body":"storytelling, but just really"},{"speaker":"Alan Smith","startTime":2817.2599999999998,"endTime":2819.9,"body":"positive. During the course of"},{"speaker":"Alan Smith","startTime":2819.9,"endTime":2824.7,"body":"the last week, I attended"},{"speaker":"Alan Smith","startTime":2819.9,"endTime":2824.7,"body":"various events. The initial one"},{"speaker":"Alan Smith","startTime":2824.7,"endTime":2829.44,"body":"was run by good friend of the"},{"speaker":"Alan Smith","startTime":2824.7,"endTime":2829.44,"body":"trackpack, Dave Ferguson, at the"},{"speaker":"Alan Smith","startTime":2829.44,"endTime":2834.54,"body":"CEO of seql, brilliant"},{"speaker":"Alan Smith","startTime":2829.44,"endTime":2834.54,"body":"presentation. They've written,"},{"speaker":"Alan Smith","startTime":2834.54,"endTime":2838.1,"body":"they've just produced a new"},{"speaker":"Alan Smith","startTime":2834.54,"endTime":2838.1,"body":"paper. The whole thing is"},{"speaker":"Alan Smith","startTime":2838.1,"endTime":2841.94,"body":"called, gradually, then"},{"speaker":"Alan Smith","startTime":2838.1,"endTime":2841.94,"body":"suddenly, talking about tech"},{"speaker":"Alan Smith","startTime":2841.94,"endTime":2844.22,"body":"innovation across the sector, a"},{"speaker":"Alan Smith","startTime":2841.94,"endTime":2844.22,"body":"lot of what they're doing. I've"},{"speaker":"Alan Smith","startTime":2844.22,"endTime":2847.64,"body":"posted a link to that paper in"},{"speaker":"Alan Smith","startTime":2844.22,"endTime":2847.64,"body":"our show notes, if anyone wants"},{"speaker":"Alan Smith","startTime":2847.64,"endTime":2852.44,"body":"to go directly to it, download"},{"speaker":"Alan Smith","startTime":2847.64,"endTime":2852.44,"body":"it. It is a good read. I left"},{"speaker":"Alan Smith","startTime":2852.44,"endTime":2856.66,"body":"that and went to an event held"},{"speaker":"Alan Smith","startTime":2852.44,"endTime":2856.66,"body":"by the founder of close personal"},{"speaker":"Alan Smith","startTime":2856.66,"endTime":2859.3599999999997,"body":"friend previously mentioned on"},{"speaker":"Alan Smith","startTime":2856.66,"endTime":2859.3599999999997,"body":"here, forensic, who are doing"},{"speaker":"Alan Smith","startTime":2859.3599999999997,"endTime":2863.2,"body":"these, the democratizing"},{"speaker":"Alan Smith","startTime":2859.3599999999997,"endTime":2863.2,"body":"Lombard, lending, borrowing"},{"speaker":"Alan Smith","startTime":2863.2,"endTime":2866.08,"body":"against your portfolio, again."},{"speaker":"Alan Smith","startTime":2863.2,"endTime":2866.08,"body":"CGT, planning, more and more"},{"speaker":"Alan Smith","startTime":2866.08,"endTime":2868.42,"body":"interesting if you need more"},{"speaker":"Alan Smith","startTime":2866.08,"endTime":2868.42,"body":"money, sort of short term"},{"speaker":"Alan Smith","startTime":2868.42,"endTime":2871.06,"body":"anyway, there was a fabulous"},{"speaker":"Alan Smith","startTime":2868.42,"endTime":2871.06,"body":"event held by him and his"},{"speaker":"Alan Smith","startTime":2871.06,"endTime":2873.04,"body":"colleagues, and it was a bunch"},{"speaker":"Alan Smith","startTime":2871.06,"endTime":2873.04,"body":"of other kind of tech"},{"speaker":"Alan Smith","startTime":2873.04,"endTime":2875.68,"body":"entrepreneur people in the room."},{"speaker":"Alan Smith","startTime":2873.04,"endTime":2875.68,"body":"A bunch of conversations with"},{"speaker":"Alan Smith","startTime":2875.68,"endTime":2880.5,"body":"them. Really, really exciting. I"},{"speaker":"Alan Smith","startTime":2875.68,"endTime":2880.5,"body":"went along and also met up with"},{"speaker":"Alan Smith","startTime":2880.5,"endTime":2883.74,"body":"Nikki previously mentioned,"},{"speaker":"Alan Smith","startTime":2880.5,"endTime":2883.74,"body":"Nikki Seville from woven advice,"},{"speaker":"Alan Smith","startTime":2883.74,"endTime":2886.62,"body":"who's also doing some good, good"},{"speaker":"Alan Smith","startTime":2883.74,"endTime":2886.62,"body":"stuff. And a couple of days"},{"speaker":"Alan Smith","startTime":2886.62,"endTime":2891.96,"body":"later, I showed up at the"},{"speaker":"Alan Smith","startTime":2886.62,"endTime":2891.96,"body":"timeline event. So Abraham and"},{"speaker":"Alan Smith","startTime":2891.96,"endTime":2895.08,"body":"his colleagues were hosting an"},{"speaker":"Alan Smith","startTime":2891.96,"endTime":2895.08,"body":"event there. And as I said, it"},{"speaker":"Alan Smith","startTime":2895.08,"endTime":2898.3399999999997,"body":"was just a series of really"},{"speaker":"Alan Smith","startTime":2895.08,"endTime":2898.3399999999997,"body":"positive, optimistic"},{"speaker":"Alan Smith","startTime":2898.3399999999997,"endTime":2901.04,"body":"conversations with a whole bunch"},{"speaker":"Alan Smith","startTime":2898.3399999999997,"endTime":2901.04,"body":"of people. You know, some are"},{"speaker":"Alan Smith","startTime":2901.04,"endTime":2904.3399999999997,"body":"working for these organizations,"},{"speaker":"Alan Smith","startTime":2901.04,"endTime":2904.3399999999997,"body":"some are customers and clients"},{"speaker":"Alan Smith","startTime":2904.3399999999997,"endTime":2907.4,"body":"of them, and it was a real sense"},{"speaker":"Alan Smith","startTime":2904.3399999999997,"endTime":2907.4,"body":"of optimism in all the various"},{"speaker":"Alan Smith","startTime":2907.4,"endTime":2910.1,"body":"places that I went and really"},{"speaker":"Alan Smith","startTime":2907.4,"endTime":2910.1,"body":"positive conversations. It just"},{"speaker":"Alan Smith","startTime":2910.1,"endTime":2912.14,"body":"feels that I've been running, as"},{"speaker":"Alan Smith","startTime":2910.1,"endTime":2912.14,"body":"you know, been running this"},{"speaker":"Alan Smith","startTime":2912.14,"endTime":2916.16,"body":"company 20 years. Always try to"},{"speaker":"Alan Smith","startTime":2912.14,"endTime":2916.16,"body":"innovate and try to capture new"},{"speaker":"Alan Smith","startTime":2916.16,"endTime":2920.56,"body":"ideas, new technology. And"},{"speaker":"Alan Smith","startTime":2916.16,"endTime":2920.56,"body":"another one worth mentioning"},{"speaker":"Alan Smith","startTime":2920.56,"endTime":2923.2,"body":"before I forget as well, and"},{"speaker":"Alan Smith","startTime":2920.56,"endTime":2923.2,"body":"they were out at Future Proof is"},{"speaker":"Alan Smith","startTime":2923.2,"endTime":2931.18,"body":"the guys from the AI company,"},{"speaker":"Alan Smith","startTime":2923.2,"endTime":2931.18,"body":"Saturn, Saturn, yeah, Saturn AI,"},{"speaker":"Alan Smith","startTime":2931.18,"endTime":2933.7599999999998,"body":"who are also I spoke with, I"},{"speaker":"Alan Smith","startTime":2931.18,"endTime":2933.7599999999998,"body":"spoke with them again during the"},{"speaker":"Alan Smith","startTime":2933.7599999999998,"endTime":2935.98,"body":"course of the last week, and"},{"speaker":"Alan Smith","startTime":2933.7599999999998,"endTime":2935.98,"body":"they just got a whole new set of"},{"speaker":"Alan Smith","startTime":2935.98,"endTime":2938.46,"body":"tools, which are being rolled"},{"speaker":"Alan Smith","startTime":2935.98,"endTime":2938.46,"body":"out, literally, I think, this"},{"speaker":"Alan Smith","startTime":2938.46,"endTime":2942.42,"body":"week, next week. So all of a"},{"speaker":"Alan Smith","startTime":2938.46,"endTime":2942.42,"body":"sudden, just to summarize, you"},{"speaker":"Alan Smith","startTime":2942.42,"endTime":2945.0,"body":"know, Dave Ferguson's paper,"},{"speaker":"Alan Smith","startTime":2942.42,"endTime":2945.0,"body":"gradually, then suddenly, you"},{"speaker":"Alan Smith","startTime":2945.0,"endTime":2947.3399999999997,"body":"know, they're waiting 20 years"},{"speaker":"Alan Smith","startTime":2945.0,"endTime":2947.3399999999997,"body":"for this, and it seems that this"},{"speaker":"Alan Smith","startTime":2947.3399999999997,"endTime":2949.8599999999997,"body":"is arrived, and the stuff, and a"},{"speaker":"Alan Smith","startTime":2947.3399999999997,"endTime":2949.8599999999997,"body":"lot of this stuff all speaks to"},{"speaker":"Alan Smith","startTime":2949.8599999999997,"endTime":2951.96,"body":"each other. And it's just"},{"speaker":"Alan Smith","startTime":2949.8599999999997,"endTime":2951.96,"body":"there's a kind of, there's a new"},{"speaker":"Alan Smith","startTime":2951.96,"endTime":2954.8399999999997,"body":"sense of optimism for people who"},{"speaker":"Alan Smith","startTime":2951.96,"endTime":2954.8399999999997,"body":"are embracing this stuff. The"},{"speaker":"Alan Smith","startTime":2954.8399999999997,"endTime":2958.58,"body":"point being here, if it just"},{"speaker":"Alan Smith","startTime":2954.8399999999997,"endTime":2958.58,"body":"makes all of our lives simpler"},{"speaker":"Alan Smith","startTime":2958.88,"endTime":2963.14,"body":"easier, all connected, less"},{"speaker":"Alan Smith","startTime":2958.88,"endTime":2963.14,"body":"issues, less complexity and less"},{"speaker":"Alan Smith","startTime":2963.14,"endTime":2966.14,"body":"cost, it enables us to deliver"},{"speaker":"Alan Smith","startTime":2963.14,"endTime":2966.14,"body":"better quality services to a"},{"speaker":"Alan Smith","startTime":2966.14,"endTime":2970.7599999999998,"body":"wider audience of our clients."},{"speaker":"Alan Smith","startTime":2966.14,"endTime":2970.7599999999998,"body":"So I just wanted to say that be"},{"speaker":"Alan Smith","startTime":2970.7599999999998,"endTime":2973.46,"body":"optimistic and be positive about"},{"speaker":"Alan Smith","startTime":2970.7599999999998,"endTime":2973.46,"body":"the future because of all these"},{"speaker":"Alan Smith","startTime":2973.52,"endTime":2975.8599999999997,"body":"innovations that are coming down"},{"speaker":"Alan Smith","startTime":2973.52,"endTime":2975.8599999999997,"body":"the line. Andy, I'm"},{"speaker":"Andy Hart","startTime":2977.18,"endTime":2979.18,"body":"going to steal one of"},{"speaker":"Andy Hart","startTime":2977.18,"endTime":2979.18,"body":"your quotes here, which is a"},{"speaker":"Andy Hart","startTime":2979.18,"endTime":2982.96,"body":"rarity. I've never been to a bad"},{"speaker":"Andy Hart","startTime":2979.18,"endTime":2982.96,"body":"tech presentation. That's what"},{"speaker":"Andy Hart","startTime":2982.96,"endTime":2985.72,"body":"you told me years ago, which is,"},{"speaker":"Andy Hart","startTime":2982.96,"endTime":2985.72,"body":"right, always looks fantastic"},{"speaker":"Andy Hart","startTime":2985.72,"endTime":2987.88,"body":"when they're presenting their"},{"speaker":"Andy Hart","startTime":2985.72,"endTime":2987.88,"body":"new tools, absolutely"},{"speaker":"Andy Hart","startTime":2987.88,"endTime":2990.52,"body":"implemented into the business."},{"speaker":"Andy Hart","startTime":2987.88,"endTime":2990.52,"body":"This is a different story. So"},{"speaker":"Andy Hart","startTime":2990.52,"endTime":2993.4,"body":"last week, you only went to 14"},{"speaker":"Andy Hart","startTime":2990.52,"endTime":2993.4,"body":"events. How many events you got"},{"speaker":"Andy Hart","startTime":2993.4,"endTime":2994.54,"body":"this week? I've"},{"speaker":"Alan Smith","startTime":2994.54,"endTime":2997.3199999999997,"body":"just I've got 12"},{"speaker":"Alan Smith","startTime":2994.54,"endTime":2997.3199999999997,"body":"this week. What else? What else"},{"speaker":"Alan Smith","startTime":2997.3199999999997,"endTime":3001.4,"body":"can I do? What else can I do? So"},{"speaker":"Alan Smith","startTime":2997.3199999999997,"endTime":3001.4,"body":"that's good, but that's but"},{"speaker":"Alan Smith","startTime":3001.4,"endTime":3003.68,"body":"that's the point. No, but it is."},{"speaker":"Alan Smith","startTime":3001.4,"endTime":3003.68,"body":"It is. I've been to so many of"},{"speaker":"Alan Smith","startTime":3003.68,"endTime":3006.92,"body":"these events over the years and"},{"speaker":"Alan Smith","startTime":3003.68,"endTime":3006.92,"body":"promised, but there's almost"},{"speaker":"Alan Smith","startTime":3006.92,"endTime":3009.56,"body":"like the difference in in time."},{"speaker":"Alan Smith","startTime":3006.92,"endTime":3009.56,"body":"If you speak to some of these"},{"speaker":"Alan Smith","startTime":3010.2799999999997,"endTime":3014.66,"body":"unnamed tech providers, to ifas"},{"speaker":"Alan Smith","startTime":3010.2799999999997,"endTime":3014.66,"body":"in the past, they would say,"},{"speaker":"Alan Smith","startTime":3014.66,"endTime":3016.8199999999997,"body":"you'd ask, Well, what about"},{"speaker":"Alan Smith","startTime":3014.66,"endTime":3016.8199999999997,"body":"this? It'd be great if we could"},{"speaker":"Alan Smith","startTime":3016.8199999999997,"endTime":3019.42,"body":"have x. And they say, yeah,"},{"speaker":"Alan Smith","startTime":3016.8199999999997,"endTime":3019.42,"body":"that's on our roadmap. Right"},{"speaker":"Alan Smith","startTime":3019.42,"endTime":3022.66,"body":"right now. Where we're speaking"},{"speaker":"Alan Smith","startTime":3019.42,"endTime":3022.66,"body":"in September, they'd say that"},{"speaker":"Alan Smith","startTime":3022.66,"endTime":3025.8399999999997,"body":"would be q2 next year. And you"},{"speaker":"Alan Smith","startTime":3022.66,"endTime":3025.8399999999997,"body":"go, Oh, okay, fine. And then q2"},{"speaker":"Alan Smith","startTime":3025.96,"endTime":3027.94,"body":"would roll around. They say,"},{"speaker":"Alan Smith","startTime":3025.96,"endTime":3027.94,"body":"Well, we haven't quite done it's"},{"speaker":"Alan Smith","startTime":3027.94,"endTime":3030.22,"body":"more like by the end of the"},{"speaker":"Alan Smith","startTime":3027.94,"endTime":3030.22,"body":"year, and it's like months, and"},{"speaker":"Alan Smith","startTime":3030.22,"endTime":3032.5,"body":"in some cases, years, and"},{"speaker":"Alan Smith","startTime":3030.22,"endTime":3032.5,"body":"sometimes this stuff never"},{"speaker":"Alan Smith","startTime":3032.5,"endTime":3035.74,"body":"happened. The sense of urgency,"},{"speaker":"Alan Smith","startTime":3032.5,"endTime":3035.74,"body":"the speed that I'm embracing"},{"speaker":"Alan Smith","startTime":3035.74,"endTime":3038.2799999999997,"body":"now. So I would just say"},{"speaker":"Alan Smith","startTime":3035.74,"endTime":3038.2799999999997,"body":"something, is this available?"},{"speaker":"Alan Smith","startTime":3038.2799999999997,"endTime":3041.4,"body":"That's that's available now, or"},{"speaker":"Alan Smith","startTime":3038.2799999999997,"endTime":3041.4,"body":"this is coming, literally, by"},{"speaker":"Alan Smith","startTime":3041.4,"endTime":3043.38,"body":"November, that would say"},{"speaker":"Alan Smith","startTime":3041.4,"endTime":3043.38,"body":"guaranteed, for sure on the"},{"speaker":"Alan Smith","startTime":3043.38,"endTime":3046.5,"body":"delivering so the speed at which"},{"speaker":"Alan Smith","startTime":3043.38,"endTime":3046.5,"body":"things are changing is fast."},{"speaker":"Alan Smith","startTime":3046.62,"endTime":3046.98,"body":"Yeah,"},{"speaker":"Carl Widger","startTime":3046.98,"endTime":3050.7,"body":"I think Alan part,"},{"speaker":"Carl Widger","startTime":3046.98,"endTime":3050.7,"body":"part of that is, I share your"},{"speaker":"Carl Widger","startTime":3050.7,"endTime":3054.0,"body":"optimism, by the way, and I've"},{"speaker":"Carl Widger","startTime":3050.7,"endTime":3054.0,"body":"had some of those discussions as"},{"speaker":"Carl Widger","startTime":3054.0,"endTime":3058.22,"body":"well. I really think we're on"},{"speaker":"Carl Widger","startTime":3054.0,"endTime":3058.22,"body":"the the cusp of something great."},{"speaker":"Carl Widger","startTime":3058.2799999999997,"endTime":3062.72,"body":"Of I think as well as you know,"},{"speaker":"Carl Widger","startTime":3058.2799999999997,"endTime":3062.72,"body":"all the systems talking to each"},{"speaker":"Carl Widger","startTime":3062.72,"endTime":3066.08,"body":"other, it will make us slicker"},{"speaker":"Carl Widger","startTime":3062.72,"endTime":3066.08,"body":"and make us look better, and,"},{"speaker":"Carl Widger","startTime":3066.08,"endTime":3070.3399999999997,"body":"you know, just make us look more"},{"speaker":"Carl Widger","startTime":3066.08,"endTime":3070.3399999999997,"body":"professional. After all, that's"},{"speaker":"Carl Widger","startTime":3070.3399999999997,"endTime":3073.64,"body":"what we're trying to do. But I"},{"speaker":"Carl Widger","startTime":3070.3399999999997,"endTime":3073.64,"body":"think part of the reason for"},{"speaker":"Carl Widger","startTime":3073.64,"endTime":3077.98,"body":"this is the incumbents are. And"},{"speaker":"Carl Widger","startTime":3073.64,"endTime":3077.98,"body":"are gonna, actually, some of"},{"speaker":"Carl Widger","startTime":3077.98,"endTime":3080.02,"body":"them are going to be left"},{"speaker":"Carl Widger","startTime":3077.98,"endTime":3080.02,"body":"behind, because that's what"},{"speaker":"Carl Widger","startTime":3080.02,"endTime":3082.7799999999997,"body":"you're talking about. Oh, yeah,"},{"speaker":"Carl Widger","startTime":3080.02,"endTime":3082.7799999999997,"body":"we look at it in q4 next year or"},{"speaker":"Carl Widger","startTime":3082.7799999999997,"endTime":3086.08,"body":"whatever, right? We now have"},{"speaker":"Carl Widger","startTime":3082.7799999999997,"endTime":3086.08,"body":"disruptors, yeah, who are, who"},{"speaker":"Carl Widger","startTime":3086.08,"endTime":3090.3399999999997,"body":"are coming in and going, this"},{"speaker":"Carl Widger","startTime":3086.08,"endTime":3090.3399999999997,"body":"works? Yeah, here's here we are."},{"speaker":"Carl Widger","startTime":3090.3399999999997,"endTime":3091.24,"body":"We're ready. Let's"},{"speaker":"Andy Hart","startTime":3091.2999999999997,"endTime":3092.5,"body":"implement a"},{"speaker":"Alan Smith","startTime":3092.92,"endTime":3095.44,"body":"lot quicker. Some of"},{"speaker":"Alan Smith","startTime":3092.92,"endTime":3095.44,"body":"the incumbents call it's just,"},{"speaker":"Alan Smith","startTime":3095.44,"endTime":3098.58,"body":"it's literally impossible for"},{"speaker":"Alan Smith","startTime":3095.44,"endTime":3098.58,"body":"them to change because of the"},{"speaker":"Alan Smith","startTime":3098.58,"endTime":3101.3399999999997,"body":"kind of legacy technology that I"},{"speaker":"Alan Smith","startTime":3098.58,"endTime":3101.3399999999997,"body":"built the entire world, the"},{"speaker":"Alan Smith","startTime":3101.3399999999997,"endTime":3103.92,"body":"entire platforms are based on,"},{"speaker":"Alan Smith","startTime":3101.3399999999997,"endTime":3103.92,"body":"unless they scrap it and start"},{"speaker":"Alan Smith","startTime":3103.92,"endTime":3106.8599999999997,"body":"again. I mean, I'm no expert,"},{"speaker":"Alan Smith","startTime":3103.92,"endTime":3106.8599999999997,"body":"but I've had a few chats with"},{"speaker":"Alan Smith","startTime":3106.8599999999997,"endTime":3110.52,"body":"people who can know about stuff."},{"speaker":"Alan Smith","startTime":3106.8599999999997,"endTime":3110.52,"body":"They just doing it even best"},{"speaker":"Carl Widger","startTime":3110.64,"endTime":3112.62,"body":"will in the world."},{"speaker":"Carl Widger","startTime":3110.64,"endTime":3112.62,"body":"They couldn't Yeah,"},{"speaker":"Alan Smith","startTime":3114.0,"endTime":3117.68,"body":"just Yeah, it's"},{"speaker":"Alan Smith","startTime":3114.0,"endTime":3117.68,"body":"good. All good, good stuff. Yes,"},{"speaker":"Alan Smith","startTime":3117.74,"endTime":3120.5,"body":"US ridiculous. Moving on hockey."},{"speaker":"Nick Lincoln","startTime":3120.5,"endTime":3122.6,"body":"Docky, good, good"},{"speaker":"Nick Lincoln","startTime":3120.5,"endTime":3122.6,"body":"one to end on there. Adam, thank"},{"speaker":"Nick Lincoln","startTime":3122.6,"endTime":3125.9,"body":"you for that. Okay, so we're at"},{"speaker":"Nick Lincoln","startTime":3122.6,"endTime":3125.9,"body":"51 minutes. Christ on a bike."},{"speaker":"Nick Lincoln","startTime":3126.44,"endTime":3131.12,"body":"Let's move on to the meat and"},{"speaker":"Nick Lincoln","startTime":3126.44,"endTime":3131.12,"body":"potatoes of episode 54 of the"},{"speaker":"Nick Lincoln","startTime":3131.12,"endTime":3137.14,"body":"award winning real advisor"},{"speaker":"Nick Lincoln","startTime":3131.12,"endTime":3137.14,"body":"podcast, and this one is about"},{"speaker":"Nick Lincoln","startTime":3137.44,"endTime":3144.3399999999997,"body":"breaking bad news. Breaking Bad"},{"speaker":"Nick Lincoln","startTime":3137.44,"endTime":3144.3399999999997,"body":"news to clients. If you are a"},{"speaker":"Nick Lincoln","startTime":3144.3399999999997,"endTime":3148.42,"body":"real financial advisor, you need"},{"speaker":"Nick Lincoln","startTime":3144.3399999999997,"endTime":3148.42,"body":"to be, and you will find"},{"speaker":"Nick Lincoln","startTime":3148.42,"endTime":3152.7999999999997,"body":"yourself having to break bad"},{"speaker":"Nick Lincoln","startTime":3148.42,"endTime":3152.7999999999997,"body":"news, perhaps more often than"},{"speaker":"Nick Lincoln","startTime":3152.7999999999997,"endTime":3155.74,"body":"you like, because we're here to"},{"speaker":"Nick Lincoln","startTime":3152.7999999999997,"endTime":3155.74,"body":"tell the truth, and it's not"},{"speaker":"Nick Lincoln","startTime":3155.74,"endTime":3159.9,"body":"always pleasant voice. You had"},{"speaker":"Nick Lincoln","startTime":3155.74,"endTime":3159.9,"body":"an experience of that recently"},{"speaker":"Nick Lincoln","startTime":3159.9,"endTime":3163.3199999999997,"body":"as a real financial advisor,"},{"speaker":"Nick Lincoln","startTime":3159.9,"endTime":3163.3199999999997,"body":"talk to the dear TRAPPIST about"},{"speaker":"Nick Lincoln","startTime":3163.3199999999997,"endTime":3164.22,"body":"your experience."},{"speaker":"Carl Widger","startTime":3165.06,"endTime":3169.2599999999998,"body":"Yeah, I we chatted"},{"speaker":"Carl Widger","startTime":3165.06,"endTime":3169.2599999999998,"body":"about this privately, and I kind"},{"speaker":"Carl Widger","startTime":3169.2599999999998,"endTime":3172.62,"body":"of just told you the story. I'm"},{"speaker":"Carl Widger","startTime":3169.2599999999998,"endTime":3172.62,"body":"gonna probably skirt around some"},{"speaker":"Carl Widger","startTime":3172.62,"endTime":3176.66,"body":"of the details, if that's okay."},{"speaker":"Carl Widger","startTime":3172.62,"endTime":3176.66,"body":"But part of our our contract"},{"speaker":"Carl Widger","startTime":3176.66,"endTime":3178.88,"body":"with you that I might have"},{"speaker":"Carl Widger","startTime":3176.66,"endTime":3178.88,"body":"mentioned before. You know, one"},{"speaker":"Carl Widger","startTime":3178.88,"endTime":3183.74,"body":"of them is, we will tell you the"},{"speaker":"Carl Widger","startTime":3178.88,"endTime":3183.74,"body":"truth about your money. And I"},{"speaker":"Carl Widger","startTime":3183.74,"endTime":3186.56,"body":"know when I was setting up and"},{"speaker":"Carl Widger","startTime":3183.74,"endTime":3186.56,"body":"started my business, I would"},{"speaker":"Carl Widger","startTime":3186.56,"endTime":3190.04,"body":"have been probably, number one,"},{"speaker":"Carl Widger","startTime":3186.56,"endTime":3190.04,"body":"afraid to tell people the truth"},{"speaker":"Carl Widger","startTime":3190.04,"endTime":3192.92,"body":"about their money. And number"},{"speaker":"Carl Widger","startTime":3190.04,"endTime":3192.92,"body":"two, secondly, thinking about"},{"speaker":"Carl Widger","startTime":3192.92,"endTime":3195.3199999999997,"body":"myself, I would have been afraid"},{"speaker":"Carl Widger","startTime":3192.92,"endTime":3195.3199999999997,"body":"of not being able to get"},{"speaker":"Carl Widger","startTime":3195.3199999999997,"endTime":3197.7999999999997,"body":"business out of that person if I"},{"speaker":"Carl Widger","startTime":3195.3199999999997,"endTime":3197.7999999999997,"body":"told them the truth about their"},{"speaker":"Carl Widger","startTime":3197.7999999999997,"endTime":3201.7599999999998,"body":"money, but I do think is really,"},{"speaker":"Carl Widger","startTime":3197.7999999999997,"endTime":3201.7599999999998,"body":"really important, because I had"},{"speaker":"Carl Widger","startTime":3201.7599999999998,"endTime":3205.7799999999997,"body":"a husband and wife, um, this"},{"speaker":"Carl Widger","startTime":3201.7599999999998,"endTime":3205.7799999999997,"body":"only happened in the last week"},{"speaker":"Carl Widger","startTime":3205.7799999999997,"endTime":3208.9,"body":"or two, who I've known for a"},{"speaker":"Carl Widger","startTime":3205.7799999999997,"endTime":3208.9,"body":"good while, but they haven't"},{"speaker":"Carl Widger","startTime":3208.9,"endTime":3215.92,"body":"really ever engaged, and he's"},{"speaker":"Carl Widger","startTime":3208.9,"endTime":3215.92,"body":"got a fairly serious,"},{"speaker":"Carl Widger","startTime":3215.92,"endTime":3222.18,"body":"significant job that's really"},{"speaker":"Carl Widger","startTime":3215.92,"endTime":3222.18,"body":"well paid but has probably not"},{"speaker":"Carl Widger","startTime":3222.18,"endTime":3226.14,"body":"controlled, is spending much"},{"speaker":"Carl Widger","startTime":3222.18,"endTime":3226.14,"body":"over the last couple of decades"},{"speaker":"Carl Widger","startTime":3226.62,"endTime":3230.7599999999998,"body":"and is now mid to late 50s, and"},{"speaker":"Carl Widger","startTime":3226.62,"endTime":3230.7599999999998,"body":"is what right? When can we"},{"speaker":"Carl Widger","startTime":3230.7599999999998,"endTime":3234.24,"body":"retire? We're probably, I'm"},{"speaker":"Carl Widger","startTime":3230.7599999999998,"endTime":3234.24,"body":"probably looking at maybe a year"},{"speaker":"Carl Widger","startTime":3234.24,"endTime":3238.88,"body":"or 18 months do the financial"},{"speaker":"Carl Widger","startTime":3234.24,"endTime":3238.88,"body":"plan, and unfortunately, that's"},{"speaker":"Carl Widger","startTime":3238.88,"endTime":3242.18,"body":"not going to be possible. And I"},{"speaker":"Carl Widger","startTime":3238.88,"endTime":3242.18,"body":"would say this serious and well"},{"speaker":"Carl Widger","startTime":3242.18,"endTime":3245.12,"body":"paid job is also highly"},{"speaker":"Carl Widger","startTime":3242.18,"endTime":3245.12,"body":"pressurized. And I'd say he's"},{"speaker":"Carl Widger","startTime":3245.12,"endTime":3250.3399999999997,"body":"coming to the end of his tether."},{"speaker":"Carl Widger","startTime":3245.12,"endTime":3250.3399999999997,"body":"And he, number one, didn't like"},{"speaker":"Carl Widger","startTime":3250.3399999999997,"endTime":3253.46,"body":"the news, but his wife was"},{"speaker":"Carl Widger","startTime":3250.3399999999997,"endTime":3253.46,"body":"devastated with the news. And"},{"speaker":"Carl Widger","startTime":3255.3199999999997,"endTime":3260.38,"body":"look, sometimes we just gotta"},{"speaker":"Carl Widger","startTime":3255.3199999999997,"endTime":3260.38,"body":"front up and just tell them. And"},{"speaker":"Carl Widger","startTime":3260.62,"endTime":3266.38,"body":"I probably reflecting back on"},{"speaker":"Carl Widger","startTime":3260.62,"endTime":3266.38,"body":"the relationship I was in and I"},{"speaker":"Carl Widger","startTime":3266.38,"endTime":3269.68,"body":"was out, kind of thing with"},{"speaker":"Carl Widger","startTime":3266.38,"endTime":3269.68,"body":"these, with these folks, I"},{"speaker":"Carl Widger","startTime":3269.68,"endTime":3272.98,"body":"probably should have been way"},{"speaker":"Carl Widger","startTime":3269.68,"endTime":3272.98,"body":"stronger with my message,"},{"speaker":"Carl Widger","startTime":3273.04,"endTime":3277.7999999999997,"body":"although I delivered my message"},{"speaker":"Carl Widger","startTime":3273.04,"endTime":3277.7999999999997,"body":"back then, right? I should have"},{"speaker":"Carl Widger","startTime":3277.7999999999997,"endTime":3281.16,"body":"probably been much, much"},{"speaker":"Carl Widger","startTime":3277.7999999999997,"endTime":3281.16,"body":"stronger, and then, you know,"},{"speaker":"Carl Widger","startTime":3281.16,"endTime":3284.4,"body":"that's that's reflecting on that"},{"speaker":"Carl Widger","startTime":3281.16,"endTime":3284.4,"body":"one and happy to kind of tease"},{"speaker":"Carl Widger","startTime":3284.4,"endTime":3289.62,"body":"that one out and talk it"},{"speaker":"Carl Widger","startTime":3284.4,"endTime":3289.62,"body":"through. But last year, had a a"},{"speaker":"Carl Widger","startTime":3289.62,"endTime":3293.7599999999998,"body":"husband and wife team who ran a"},{"speaker":"Carl Widger","startTime":3289.62,"endTime":3293.7599999999998,"body":"business together, sold their"},{"speaker":"Carl Widger","startTime":3293.7599999999998,"endTime":3297.98,"body":"business and made probably just"},{"speaker":"Carl Widger","startTime":3293.7599999999998,"endTime":3297.98,"body":"about enough to see themselves"},{"speaker":"Carl Widger","startTime":3297.98,"endTime":3302.48,"body":"through, but maybe a little bit"},{"speaker":"Carl Widger","startTime":3297.98,"endTime":3302.48,"body":"of consulting work or something"},{"speaker":"Carl Widger","startTime":3302.48,"endTime":3305.06,"body":"like that over a period of time"},{"speaker":"Carl Widger","startTime":3302.48,"endTime":3305.06,"body":"would have just added that"},{"speaker":"Carl Widger","startTime":3305.06,"endTime":3308.8399999999997,"body":"little bit of layer of comfort"},{"speaker":"Carl Widger","startTime":3305.06,"endTime":3308.8399999999997,"body":"that they would have needed. But"},{"speaker":"Carl Widger","startTime":3309.44,"endTime":3312.8599999999997,"body":"what did they do? They wanted"},{"speaker":"Carl Widger","startTime":3309.44,"endTime":3312.8599999999997,"body":"to, well, one of the parties of"},{"speaker":"Carl Widger","startTime":3312.8599999999997,"endTime":3315.98,"body":"the husband and wife team,"},{"speaker":"Carl Widger","startTime":3312.8599999999997,"endTime":3315.98,"body":"wanted to go back and invest in"},{"speaker":"Carl Widger","startTime":3315.98,"endTime":3319.66,"body":"another small kind of business"},{"speaker":"Carl Widger","startTime":3315.98,"endTime":3319.66,"body":"that could have gone great, but"},{"speaker":"Carl Widger","startTime":3319.9,"endTime":3323.98,"body":"it was going to lock the money"},{"speaker":"Carl Widger","startTime":3319.9,"endTime":3323.98,"body":"up or whatever. And I was very"},{"speaker":"Carl Widger","startTime":3323.98,"endTime":3327.8199999999997,"body":"strong last year, right? And"},{"speaker":"Carl Widger","startTime":3323.98,"endTime":3327.8199999999997,"body":"this is what I wished I was much"},{"speaker":"Carl Widger","startTime":3327.8199999999997,"endTime":3330.7,"body":"stronger with the previous"},{"speaker":"Carl Widger","startTime":3327.8199999999997,"endTime":3330.7,"body":"couple I spoke about, and I"},{"speaker":"Carl Widger","startTime":3330.7,"endTime":3333.64,"body":"went, that will be a terrible"},{"speaker":"Carl Widger","startTime":3330.7,"endTime":3333.64,"body":"idea. And if you want to do"},{"speaker":"Carl Widger","startTime":3333.64,"endTime":3337.5,"body":"that, I'm not sure that we're"},{"speaker":"Carl Widger","startTime":3333.64,"endTime":3337.5,"body":"the right fit for you. And he"},{"speaker":"Carl Widger","startTime":3337.5,"endTime":3342.42,"body":"didn't do business, and he got a"},{"speaker":"Carl Widger","startTime":3337.5,"endTime":3342.42,"body":"bit cross with me, and perhaps"},{"speaker":"Carl Widger","startTime":3342.42,"endTime":3345.42,"body":"called me a few names or"},{"speaker":"Carl Widger","startTime":3342.42,"endTime":3345.42,"body":"whatever, right? And I just"},{"speaker":"Carl Widger","startTime":3345.42,"endTime":3347.8199999999997,"body":"went, look, it's, we're just not"},{"speaker":"Carl Widger","startTime":3345.42,"endTime":3347.8199999999997,"body":"for you. Let's just be"},{"speaker":"Carl Widger","startTime":3347.8199999999997,"endTime":3350.4,"body":"professional about it and just"},{"speaker":"Carl Widger","startTime":3347.8199999999997,"endTime":3350.4,"body":"walk away from each other. So"},{"speaker":"Carl Widger","startTime":3350.4,"endTime":3355.7999999999997,"body":"look, I just, I just thought,"},{"speaker":"Carl Widger","startTime":3350.4,"endTime":3355.7999999999997,"body":"because I set out in the in the"},{"speaker":"Carl Widger","startTime":3355.7999999999997,"endTime":3360.3199999999997,"body":"first story, I said, because I"},{"speaker":"Carl Widger","startTime":3355.7999999999997,"endTime":3360.3199999999997,"body":"set my stall out probably 10 or"},{"speaker":"Carl Widger","startTime":3360.3199999999997,"endTime":3363.2,"body":"12 years ago with these people,"},{"speaker":"Carl Widger","startTime":3360.3199999999997,"endTime":3363.2,"body":"and I was a little bit softly,"},{"speaker":"Carl Widger","startTime":3363.2,"endTime":3366.38,"body":"softly, and I was trying, you"},{"speaker":"Carl Widger","startTime":3363.2,"endTime":3366.38,"body":"know, over a long period of time"},{"speaker":"Carl Widger","startTime":3366.38,"endTime":3370.88,"body":"to, you know, be more firm with"},{"speaker":"Carl Widger","startTime":3366.38,"endTime":3370.88,"body":"with them, and tell them the"},{"speaker":"Carl Widger","startTime":3370.88,"endTime":3374.7799999999997,"body":"truth about their money. Because"},{"speaker":"Carl Widger","startTime":3370.88,"endTime":3374.7799999999997,"body":"I set my stall out poorly at the"},{"speaker":"Carl Widger","startTime":3374.7799999999997,"endTime":3378.58,"body":"start. It made it difficult."},{"speaker":"Carl Widger","startTime":3374.7799999999997,"endTime":3378.58,"body":"From my message to land at all."},{"speaker":"Carl Widger","startTime":3379.06,"endTime":3382.12,"body":"And I would just encourage you"},{"speaker":"Carl Widger","startTime":3379.06,"endTime":3382.12,"body":"know, I know that there's tons"},{"speaker":"Carl Widger","startTime":3382.12,"endTime":3386.56,"body":"and tons of younger advisors."},{"speaker":"Carl Widger","startTime":3382.12,"endTime":3386.56,"body":"Most of the reviews we read out"},{"speaker":"Carl Widger","startTime":3386.56,"endTime":3389.5,"body":"are from younger advisors"},{"speaker":"Carl Widger","startTime":3386.56,"endTime":3389.5,"body":"saying, Wow, this is great. So"},{"speaker":"Carl Widger","startTime":3389.5,"endTime":3392.68,"body":"look, if I could just say one"},{"speaker":"Carl Widger","startTime":3389.5,"endTime":3392.68,"body":"thing to the younger advisors,"},{"speaker":"Carl Widger","startTime":3392.74,"endTime":3396.3399999999997,"body":"if, if they're not going to"},{"speaker":"Carl Widger","startTime":3392.74,"endTime":3396.3399999999997,"body":"listen to you, if it just feels"},{"speaker":"Carl Widger","startTime":3396.4,"endTime":3400.44,"body":"off from the off. Just don't go"},{"speaker":"Carl Widger","startTime":3396.4,"endTime":3400.44,"body":"there, because it's just going"},{"speaker":"Carl Widger","startTime":3400.44,"endTime":3403.92,"body":"to cause it actually does the"},{"speaker":"Carl Widger","startTime":3400.44,"endTime":3403.92,"body":"client no favors, right? So for"},{"speaker":"Carl Widger","startTime":3403.92,"endTime":3406.7999999999997,"body":"always about the client number"},{"speaker":"Carl Widger","startTime":3403.92,"endTime":3406.7999999999997,"body":"one, it does the client no"},{"speaker":"Carl Widger","startTime":3406.7999999999997,"endTime":3409.5,"body":"favors if they're not going to"},{"speaker":"Carl Widger","startTime":3406.7999999999997,"endTime":3409.5,"body":"listen to you, but it certainly"},{"speaker":"Carl Widger","startTime":3409.5,"endTime":3411.9,"body":"does you and your firm,"},{"speaker":"Carl Widger","startTime":3409.5,"endTime":3411.9,"body":"hopefully that you're going to"},{"speaker":"Carl Widger","startTime":3411.9,"endTime":3415.3199999999997,"body":"build it does you no favors as"},{"speaker":"Carl Widger","startTime":3411.9,"endTime":3415.3199999999997,"body":"well. So I just thought I put it"},{"speaker":"Carl Widger","startTime":3415.3199999999997,"endTime":3419.48,"body":"out there as a topic for"},{"speaker":"Carl Widger","startTime":3415.3199999999997,"endTime":3419.48,"body":"discussion, because I've had a"},{"speaker":"Carl Widger","startTime":3419.48,"endTime":3422.8399999999997,"body":"few challenges in the last"},{"speaker":"Carl Widger","startTime":3419.48,"endTime":3422.8399999999997,"body":"couple of weeks. And, you know,"},{"speaker":"Carl Widger","startTime":3422.9,"endTime":3427.04,"body":"as I I've been very honest with"},{"speaker":"Carl Widger","startTime":3422.9,"endTime":3427.04,"body":"you guys about them. It ain't"},{"speaker":"Carl Widger","startTime":3427.04,"endTime":3430.16,"body":"all, it ain't all plain sailing."},{"speaker":"Carl Widger","startTime":3427.04,"endTime":3430.16,"body":"Guys, you know, running a"},{"speaker":"Carl Widger","startTime":3430.16,"endTime":3433.22,"body":"business is difficult, and this"},{"speaker":"Carl Widger","startTime":3430.16,"endTime":3433.22,"body":"financial planning game, talking"},{"speaker":"Carl Widger","startTime":3433.22,"endTime":3435.44,"body":"about people and their life"},{"speaker":"Carl Widger","startTime":3433.22,"endTime":3435.44,"body":"savings and their goals and"},{"speaker":"Carl Widger","startTime":3435.44,"endTime":3438.16,"body":"their dreams and their"},{"speaker":"Carl Widger","startTime":3435.44,"endTime":3438.16,"body":"aspirations, absolutely, not all"},{"speaker":"Carl Widger","startTime":3438.16,"endTime":3439.12,"body":"very straightforward,"},{"speaker":"Nick Lincoln","startTime":3439.96,"endTime":3442.6,"body":"absolutely,"},{"speaker":"Nick Lincoln","startTime":3439.96,"endTime":3442.6,"body":"absolutely, who was I'm happy to"},{"speaker":"Nick Lincoln","startTime":3442.6,"endTime":3445.6,"body":"go next on this, because I've"},{"speaker":"Nick Lincoln","startTime":3442.6,"endTime":3445.6,"body":"got quite strong feelings about"},{"speaker":"Nick Lincoln","startTime":3445.6,"endTime":3451.18,"body":"this particular subject. I"},{"speaker":"Nick Lincoln","startTime":3445.6,"endTime":3451.18,"body":"think, I think if you're not"},{"speaker":"Nick Lincoln","startTime":3451.18,"endTime":3457.02,"body":"breaking bad news on a fairly"},{"speaker":"Nick Lincoln","startTime":3451.18,"endTime":3457.02,"body":"regular basis. Are you"},{"speaker":"Nick Lincoln","startTime":3457.02,"endTime":3461.52,"body":"throughout the year, you're"},{"speaker":"Nick Lincoln","startTime":3457.02,"endTime":3461.52,"body":"probably not doing the job that"},{"speaker":"Nick Lincoln","startTime":3461.52,"endTime":3464.58,"body":"we that I think you should be"},{"speaker":"Nick Lincoln","startTime":3461.52,"endTime":3464.58,"body":"doing, that we we all confess to"},{"speaker":"Nick Lincoln","startTime":3464.58,"endTime":3470.16,"body":"be doing. As real financial"},{"speaker":"Nick Lincoln","startTime":3464.58,"endTime":3470.16,"body":"planners, people come to us and"},{"speaker":"Nick Lincoln","startTime":3470.16,"endTime":3474.12,"body":"they want to be told the truth,"},{"speaker":"Nick Lincoln","startTime":3470.16,"endTime":3474.12,"body":"okay? Specifically, they want"},{"speaker":"Nick Lincoln","startTime":3474.12,"endTime":3476.42,"body":"to. They want the answers to the"},{"speaker":"Nick Lincoln","startTime":3474.12,"endTime":3476.42,"body":"eternal question, are we going"},{"speaker":"Nick Lincoln","startTime":3476.42,"endTime":3481.1,"body":"to be okay. And I think a lot of"},{"speaker":"Nick Lincoln","startTime":3476.42,"endTime":3481.1,"body":"advisors who profess to doing"},{"speaker":"Nick Lincoln","startTime":3481.1,"endTime":3485.6,"body":"cash flow modeling pay it lip"},{"speaker":"Nick Lincoln","startTime":3481.1,"endTime":3485.6,"body":"service, and they're not in a"},{"speaker":"Nick Lincoln","startTime":3485.6,"endTime":3488.0,"body":"position to tell their clients"},{"speaker":"Nick Lincoln","startTime":3485.6,"endTime":3488.0,"body":"the truth about their money"},{"speaker":"Nick Lincoln","startTime":3488.0,"endTime":3491.6,"body":"because they don't do the cash"},{"speaker":"Nick Lincoln","startTime":3488.0,"endTime":3491.6,"body":"flow. And without the cash flow,"},{"speaker":"Nick Lincoln","startTime":3491.96,"endTime":3497.56,"body":"you can't tell clients good news"},{"speaker":"Nick Lincoln","startTime":3491.96,"endTime":3497.56,"body":"or bad news. You want to be able"},{"speaker":"Nick Lincoln","startTime":3497.56,"endTime":3500.7999999999997,"body":"to break great news to clients,"},{"speaker":"Nick Lincoln","startTime":3497.56,"endTime":3500.7999999999997,"body":"but you have to be there also to"},{"speaker":"Nick Lincoln","startTime":3500.7999999999997,"endTime":3503.62,"body":"tell them the bad news, to tell"},{"speaker":"Nick Lincoln","startTime":3500.7999999999997,"endTime":3503.62,"body":"them the truth, so at least they"},{"speaker":"Nick Lincoln","startTime":3503.62,"endTime":3507.88,"body":"can do something about it. Out"},{"speaker":"Nick Lincoln","startTime":3503.62,"endTime":3507.88,"body":"of control, spending is a"},{"speaker":"Nick Lincoln","startTime":3507.88,"endTime":3510.1,"body":"horrible one, isn't it? Because,"},{"speaker":"Nick Lincoln","startTime":3507.88,"endTime":3510.1,"body":"just like you know, you're an"},{"speaker":"Nick Lincoln","startTime":3510.1,"endTime":3514.06,"body":"adult, you're talking to adult"},{"speaker":"Nick Lincoln","startTime":3510.1,"endTime":3514.06,"body":"adults, maybe typically older"},{"speaker":"Nick Lincoln","startTime":3514.06,"endTime":3516.16,"body":"than news people who have"},{"speaker":"Nick Lincoln","startTime":3514.06,"endTime":3516.16,"body":"achieved some success in life."},{"speaker":"Nick Lincoln","startTime":3516.16,"endTime":3519.06,"body":"But as soon as you think there's"},{"speaker":"Nick Lincoln","startTime":3516.16,"endTime":3519.06,"body":"a spending pattern is that"},{"speaker":"Nick Lincoln","startTime":3519.06,"endTime":3521.46,"body":"control, you've got to tell them"},{"speaker":"Nick Lincoln","startTime":3519.06,"endTime":3521.46,"body":"the way, that's pretty nice, and"},{"speaker":"Nick Lincoln","startTime":3521.46,"endTime":3523.44,"body":"say, Listen, you know, we"},{"speaker":"Nick Lincoln","startTime":3521.46,"endTime":3523.44,"body":"engaged on this basis you're"},{"speaker":"Nick Lincoln","startTime":3523.44,"endTime":3525.96,"body":"spending at that basis, your"},{"speaker":"Nick Lincoln","startTime":3523.44,"endTime":3525.96,"body":"pots are going to run out unless"},{"speaker":"Nick Lincoln","startTime":3525.96,"endTime":3528.24,"body":"something changes here. So, you"},{"speaker":"Nick Lincoln","startTime":3525.96,"endTime":3528.24,"body":"know, let's, let's just review"},{"speaker":"Nick Lincoln","startTime":3528.24,"endTime":3530.22,"body":"this and in a year's time see"},{"speaker":"Nick Lincoln","startTime":3528.24,"endTime":3530.22,"body":"how things go. But you the"},{"speaker":"Nick Lincoln","startTime":3530.22,"endTime":3532.8599999999997,"body":"moment you think the spending is"},{"speaker":"Nick Lincoln","startTime":3530.22,"endTime":3532.8599999999997,"body":"out of control, there are always"},{"speaker":"Nick Lincoln","startTime":3532.8599999999997,"endTime":3535.02,"body":"one off expenses, right? There's"},{"speaker":"Nick Lincoln","startTime":3532.8599999999997,"endTime":3535.02,"body":"always going to be the"},{"speaker":"Nick Lincoln","startTime":3535.02,"endTime":3537.54,"body":"extension, there's always going"},{"speaker":"Nick Lincoln","startTime":3535.02,"endTime":3537.54,"body":"to be the replacement car."},{"speaker":"Nick Lincoln","startTime":3537.54,"endTime":3539.7799999999997,"body":"There's going to be a special on"},{"speaker":"Nick Lincoln","startTime":3537.54,"endTime":3539.7799999999997,"body":"the boat. Was gonna be"},{"speaker":"Nick Lincoln","startTime":3539.7799999999997,"endTime":3542.3599999999997,"body":"discussion about but, but if"},{"speaker":"Nick Lincoln","startTime":3539.7799999999997,"endTime":3542.3599999999997,"body":"that becomes a set in habit that"},{"speaker":"Nick Lincoln","startTime":3542.3599999999997,"endTime":3545.72,"body":"actually those, those sort of a"},{"speaker":"Nick Lincoln","startTime":3542.3599999999997,"endTime":3545.72,"body":"gratuitous expenditure, become"},{"speaker":"Nick Lincoln","startTime":3545.72,"endTime":3548.7799999999997,"body":"part of the regular expenditure,"},{"speaker":"Nick Lincoln","startTime":3545.72,"endTime":3548.7799999999997,"body":"you've just got to you're doing"},{"speaker":"Nick Lincoln","startTime":3548.7799999999997,"endTime":3551.06,"body":"them a favor. You're doing"},{"speaker":"Nick Lincoln","startTime":3548.7799999999997,"endTime":3551.06,"body":"you're treating them as human"},{"speaker":"Nick Lincoln","startTime":3551.06,"endTime":3553.46,"body":"beings. You're you're speaking"},{"speaker":"Nick Lincoln","startTime":3551.06,"endTime":3553.46,"body":"to them the way you would want"},{"speaker":"Nick Lincoln","startTime":3553.46,"endTime":3556.42,"body":"to be spoken to. You might not"},{"speaker":"Nick Lincoln","startTime":3553.46,"endTime":3556.42,"body":"want to hear it, but you've got"},{"speaker":"Nick Lincoln","startTime":3556.42,"endTime":3558.7599999999998,"body":"to get it out there early on."},{"speaker":"Nick Lincoln","startTime":3556.42,"endTime":3558.7599999999998,"body":"Nick,"},{"speaker":"Carl Widger","startTime":3559.7799999999997,"endTime":3561.94,"body":"yeah, and I just"},{"speaker":"Carl Widger","startTime":3559.7799999999997,"endTime":3561.94,"body":"jump in on that particular Just"},{"speaker":"Carl Widger","startTime":3561.94,"endTime":3567.22,"body":"on that point, because I have"},{"speaker":"Carl Widger","startTime":3561.94,"endTime":3567.22,"body":"tried to deliver that news in"},{"speaker":"Carl Widger","startTime":3567.22,"endTime":3570.52,"body":"two ways right. Number one is"},{"speaker":"Carl Widger","startTime":3567.22,"endTime":3570.52,"body":"the way you just said there,"},{"speaker":"Carl Widger","startTime":3570.52,"endTime":3575.08,"body":"which is Mr. And Mrs. Client,"},{"speaker":"Carl Widger","startTime":3570.52,"endTime":3575.08,"body":"you're spending too much this."},{"speaker":"Carl Widger","startTime":3575.08,"endTime":3577.92,"body":"You're going to run out of"},{"speaker":"Carl Widger","startTime":3575.08,"endTime":3577.92,"body":"money. If you can reframe this"},{"speaker":"Carl Widger","startTime":3577.92,"endTime":3582.06,"body":"slightly, I think the message"},{"speaker":"Carl Widger","startTime":3577.92,"endTime":3582.06,"body":"will land much, much better,"},{"speaker":"Carl Widger","startTime":3582.12,"endTime":3586.7999999999997,"body":"okay? Or it'll maybe be taken on"},{"speaker":"Carl Widger","startTime":3582.12,"endTime":3586.7999999999997,"body":"board. So what I will say in"},{"speaker":"Carl Widger","startTime":3586.7999999999997,"endTime":3590.7599999999998,"body":"that scenario is, I'll go, this"},{"speaker":"Carl Widger","startTime":3586.7999999999997,"endTime":3590.7599999999998,"body":"is not a budgeting service. What"},{"speaker":"Carl Widger","startTime":3590.7599999999998,"endTime":3593.7,"body":"I'm going to do is I'm going to"},{"speaker":"Carl Widger","startTime":3590.7599999999998,"endTime":3593.7,"body":"take what your your lifestyle"},{"speaker":"Carl Widger","startTime":3593.7,"endTime":3596.4,"body":"expenses are, and I'm going to"},{"speaker":"Carl Widger","startTime":3593.7,"endTime":3596.4,"body":"put them into the plan, and I'm"},{"speaker":"Carl Widger","startTime":3596.4,"endTime":3598.52,"body":"going to tell you if you're"},{"speaker":"Carl Widger","startTime":3596.4,"endTime":3598.52,"body":"going to have enough money to"},{"speaker":"Carl Widger","startTime":3598.52,"endTime":3603.98,"body":"see you out or otherwise. So by"},{"speaker":"Carl Widger","startTime":3598.52,"endTime":3603.98,"body":"by, by reframing just very"},{"speaker":"Carl Widger","startTime":3603.98,"endTime":3607.4,"body":"slightly to you're spending too"},{"speaker":"Carl Widger","startTime":3603.98,"endTime":3607.4,"body":"much. To this is not a budgeting"},{"speaker":"Carl Widger","startTime":3607.4,"endTime":3611.42,"body":"service. I'm just going to put"},{"speaker":"Carl Widger","startTime":3607.4,"endTime":3611.42,"body":"the real, the real spend in and"},{"speaker":"Carl Widger","startTime":3611.42,"endTime":3614.12,"body":"tell you when you're going to"},{"speaker":"Carl Widger","startTime":3611.42,"endTime":3614.12,"body":"run out of money, if at all. I"},{"speaker":"Carl Widger","startTime":3614.12,"endTime":3617.98,"body":"think that very subtle change"},{"speaker":"Carl Widger","startTime":3614.12,"endTime":3617.98,"body":"will help any financial planner"},{"speaker":"Carl Widger","startTime":3617.98,"endTime":3621.8199999999997,"body":"deliver they overspend"},{"speaker":"Carl Widger","startTime":3617.98,"endTime":3621.8199999999997,"body":"discussion with clients, because"},{"speaker":"Carl Widger","startTime":3621.8199999999997,"endTime":3623.02,"body":"it can be a real difficult"},{"speaker":"Andy Hart","startTime":3623.02,"endTime":3624.88,"body":"I think you're I"},{"speaker":"Andy Hart","startTime":3623.02,"endTime":3624.88,"body":"think you're right there, Carl,"},{"speaker":"Andy Hart","startTime":3624.88,"endTime":3625.48,"body":"and"},{"speaker":"Alan Smith","startTime":3625.48,"endTime":3627.94,"body":"by the way, it's not"},{"speaker":"Alan Smith","startTime":3625.48,"endTime":3627.94,"body":"binary. It shouldn't necessarily"},{"speaker":"Alan Smith","startTime":3627.94,"endTime":3631.48,"body":"be. You're going to run out of"},{"speaker":"Alan Smith","startTime":3627.94,"endTime":3631.48,"body":"money. You're spending too much."},{"speaker":"Alan Smith","startTime":3631.48,"endTime":3634.12,"body":"Are you positioning it like this"},{"speaker":"Alan Smith","startTime":3631.48,"endTime":3634.12,"body":"is a collaborative process."},{"speaker":"Alan Smith","startTime":3634.12,"endTime":3637.2,"body":"Let's work together to run"},{"speaker":"Alan Smith","startTime":3634.12,"endTime":3637.2,"body":"through some of the options."},{"speaker":"Alan Smith","startTime":3637.2,"endTime":3639.72,"body":"There's always options you"},{"speaker":"Alan Smith","startTime":3637.2,"endTime":3639.72,"body":"could, if you, if you literally"},{"speaker":"Alan Smith","startTime":3639.72,"endTime":3646.38,"body":"cannot spend any less well. Some"},{"speaker":"Alan Smith","startTime":3639.72,"endTime":3646.38,"body":"of the plans could also could"},{"speaker":"Alan Smith","startTime":3646.44,"endTime":3649.92,"body":"change. Do you want to, you"},{"speaker":"Alan Smith","startTime":3646.44,"endTime":3649.92,"body":"know, what is the investment"},{"speaker":"Alan Smith","startTime":3649.92,"endTime":3652.5,"body":"portfolio? Is there an"},{"speaker":"Alan Smith","startTime":3649.92,"endTime":3652.5,"body":"opportunity to get a higher rate"},{"speaker":"Alan Smith","startTime":3652.5,"endTime":3655.2,"body":"of return longer term, or be it"},{"speaker":"Alan Smith","startTime":3652.5,"endTime":3655.2,"body":"that might come with a little"},{"speaker":"Alan Smith","startTime":3655.2,"endTime":3660.08,"body":"bit more volatility? Are there"},{"speaker":"Alan Smith","startTime":3655.2,"endTime":3660.08,"body":"plans to, you know, gift assets"},{"speaker":"Alan Smith","startTime":3660.08,"endTime":3662.3599999999997,"body":"to children that might need to"},{"speaker":"Alan Smith","startTime":3660.08,"endTime":3662.3599999999997,"body":"be curtailed, any number of"},{"speaker":"Alan Smith","startTime":3662.3599999999997,"endTime":3664.58,"body":"different variables. And I think"},{"speaker":"Alan Smith","startTime":3662.3599999999997,"endTime":3664.58,"body":"the idea of working"},{"speaker":"Alan Smith","startTime":3664.58,"endTime":3666.8599999999997,"body":"collaboratively with your"},{"speaker":"Alan Smith","startTime":3664.58,"endTime":3666.8599999999997,"body":"client. See, how can we solve"},{"speaker":"Alan Smith","startTime":3666.8599999999997,"endTime":3672.74,"body":"this challenge 100% that we've"},{"speaker":"Alan Smith","startTime":3666.8599999999997,"endTime":3672.74,"body":"got rather than but at some"},{"speaker":"Alan Smith","startTime":3672.74,"endTime":3675.62,"body":"point you might exhaust all. If"},{"speaker":"Alan Smith","startTime":3672.74,"endTime":3675.62,"body":"there's no, we're not going to"},{"speaker":"Alan Smith","startTime":3675.62,"endTime":3679.0,"body":"change that. Not going to do"},{"speaker":"Alan Smith","startTime":3675.62,"endTime":3679.0,"body":"this, or at some point that"},{"speaker":"Alan Smith","startTime":3679.0,"endTime":3681.1,"body":"comes, you have to, yeah, you"},{"speaker":"Alan Smith","startTime":3679.0,"endTime":3681.1,"body":"have to sort of stick to the"},{"speaker":"Alan Smith","startTime":3681.1,"endTime":3683.38,"body":"plan. And just say, we can't"},{"speaker":"Alan Smith","startTime":3681.1,"endTime":3683.38,"body":"probably help you any further"},{"speaker":"Alan Smith","startTime":3683.38,"endTime":3685.54,"body":"than this. But Nick, you want to"},{"speaker":"Alan Smith","startTime":3683.38,"endTime":3685.54,"body":"carry, I'll"},{"speaker":"Nick Lincoln","startTime":3685.54,"endTime":3688.54,"body":"just, I'll just"},{"speaker":"Nick Lincoln","startTime":3685.54,"endTime":3688.54,"body":"close my mind the moment hand"},{"speaker":"Nick Lincoln","startTime":3688.54,"endTime":3689.2,"body":"over to Ultra. I"},{"speaker":"Carl Widger","startTime":3689.2,"endTime":3690.52,"body":"mean, sorry, sorry."},{"speaker":"Carl Widger","startTime":3689.2,"endTime":3690.52,"body":"Nick, no, no, it's"},{"speaker":"Nick Lincoln","startTime":3690.52,"endTime":3692.38,"body":"quite great. It's"},{"speaker":"Nick Lincoln","startTime":3690.52,"endTime":3692.38,"body":"got to, otherwise it becomes a"},{"speaker":"Nick Lincoln","startTime":3692.38,"endTime":3694.66,"body":"monolog. So thank you for the"},{"speaker":"Nick Lincoln","startTime":3692.38,"endTime":3694.66,"body":"interjection. I would say that,"},{"speaker":"Nick Lincoln","startTime":3694.66,"endTime":3696.88,"body":"and I just want to have this"},{"speaker":"Nick Lincoln","startTime":3694.66,"endTime":3696.88,"body":"back then, if you're not"},{"speaker":"Nick Lincoln","startTime":3696.88,"endTime":3699.48,"body":"breaking bad news, you're not,"},{"speaker":"Nick Lincoln","startTime":3696.88,"endTime":3699.48,"body":"probably not probably not doing"},{"speaker":"Nick Lincoln","startTime":3699.48,"endTime":3701.7,"body":"the job. You're not doing the"},{"speaker":"Nick Lincoln","startTime":3699.48,"endTime":3701.7,"body":"job properly. You're not doing"},{"speaker":"Nick Lincoln","startTime":3701.7,"endTime":3703.7999999999997,"body":"the job well enough, most of the"},{"speaker":"Nick Lincoln","startTime":3701.7,"endTime":3703.7999999999997,"body":"time, you'll be giving good"},{"speaker":"Nick Lincoln","startTime":3703.7999999999997,"endTime":3705.8399999999997,"body":"news. But you can't just be"},{"speaker":"Nick Lincoln","startTime":3703.7999999999997,"endTime":3705.8399999999997,"body":"giving good news without"},{"speaker":"Nick Lincoln","startTime":3705.8399999999997,"endTime":3708.3599999999997,"body":"something's coming across a case"},{"speaker":"Nick Lincoln","startTime":3705.8399999999997,"endTime":3708.3599999999997,"body":"where you're giving break bad"},{"speaker":"Nick Lincoln","startTime":3708.3599999999997,"endTime":3711.18,"body":"news to somebody. Okay? But the"},{"speaker":"Nick Lincoln","startTime":3708.3599999999997,"endTime":3711.18,"body":"fact is, if you're doing proper"},{"speaker":"Nick Lincoln","startTime":3711.42,"endTime":3714.7799999999997,"body":"financial advice, if you're"},{"speaker":"Nick Lincoln","startTime":3711.42,"endTime":3714.7799999999997,"body":"building a bespoke, meaningful"},{"speaker":"Nick Lincoln","startTime":3714.7799999999997,"endTime":3717.7999999999997,"body":"cash flow that's really aligned"},{"speaker":"Nick Lincoln","startTime":3714.7799999999997,"endTime":3717.7999999999997,"body":"a couple's goals and aspirations"},{"speaker":"Nick Lincoln","startTime":3717.7999999999997,"endTime":3720.62,"body":"with their money, then you are"},{"speaker":"Nick Lincoln","startTime":3717.7999999999997,"endTime":3720.62,"body":"the one person in this world who"},{"speaker":"Nick Lincoln","startTime":3720.62,"endTime":3722.96,"body":"can tell them the truth about"},{"speaker":"Nick Lincoln","startTime":3720.62,"endTime":3722.96,"body":"their money. Yes, it's based on"},{"speaker":"Nick Lincoln","startTime":3722.96,"endTime":3725.12,"body":"a whole range of assumptions and"},{"speaker":"Nick Lincoln","startTime":3722.96,"endTime":3725.12,"body":"what have you. But there are"},{"speaker":"Nick Lincoln","startTime":3725.12,"endTime":3727.88,"body":"many financial advisors who just"},{"speaker":"Nick Lincoln","startTime":3725.12,"endTime":3727.88,"body":"want to shuffle bits of paper,"},{"speaker":"Nick Lincoln","startTime":3727.88,"endTime":3731.18,"body":"look at projections from pension"},{"speaker":"Nick Lincoln","startTime":3727.88,"endTime":3731.18,"body":"companies and so forth, and just"},{"speaker":"Nick Lincoln","startTime":3731.18,"endTime":3733.7,"body":"charge their take their clip and"},{"speaker":"Nick Lincoln","startTime":3731.18,"endTime":3733.7,"body":"then and push away, and they'll"},{"speaker":"Nick Lincoln","startTime":3733.7,"endTime":3735.5,"body":"never answer the question,"},{"speaker":"Nick Lincoln","startTime":3733.7,"endTime":3735.5,"body":"because they're not in a"},{"speaker":"Nick Lincoln","startTime":3735.5,"endTime":3738.2799999999997,"body":"position to answer the question."},{"speaker":"Nick Lincoln","startTime":3735.5,"endTime":3738.2799999999997,"body":"And if it's not lying, but it's"},{"speaker":"Nick Lincoln","startTime":3738.2799999999997,"endTime":3742.72,"body":"lying by a mission, it's lying"},{"speaker":"Nick Lincoln","startTime":3738.2799999999997,"endTime":3742.72,"body":"by admission. Our job is to tell"},{"speaker":"Nick Lincoln","startTime":3742.72,"endTime":3745.0,"body":"people the truth about their"},{"speaker":"Nick Lincoln","startTime":3742.72,"endTime":3745.0,"body":"money and to answer the one key"},{"speaker":"Nick Lincoln","startTime":3745.0,"endTime":3747.7599999999998,"body":"question, and that will involve"},{"speaker":"Nick Lincoln","startTime":3745.0,"endTime":3747.7599999999998,"body":"Breaking Bad news. And if you're"},{"speaker":"Nick Lincoln","startTime":3747.7599999999998,"endTime":3751.12,"body":"a younger advisor, suck it up."},{"speaker":"Nick Lincoln","startTime":3747.7599999999998,"endTime":3751.12,"body":"It's part of the job. As I said,"},{"speaker":"Nick Lincoln","startTime":3751.12,"endTime":3753.8199999999997,"body":"the great thing about breaking"},{"speaker":"Nick Lincoln","startTime":3751.12,"endTime":3753.8199999999997,"body":"bad news is, most of the time"},{"speaker":"Nick Lincoln","startTime":3753.8199999999997,"endTime":3756.48,"body":"you're delivering great news,"},{"speaker":"Nick Lincoln","startTime":3753.8199999999997,"endTime":3756.48,"body":"sometimes you've got to deliver"},{"speaker":"Nick Lincoln","startTime":3756.48,"endTime":3758.16,"body":"the bad news, right, right?"},{"speaker":"Nick Lincoln","startTime":3756.48,"endTime":3758.16,"body":"Ultra"},{"speaker":"Andy Hart","startTime":3759.48,"endTime":3761.4,"body":"Awesome. Great"},{"speaker":"Andy Hart","startTime":3759.48,"endTime":3761.4,"body":"points. So far, I got a few"},{"speaker":"Andy Hart","startTime":3761.4,"endTime":3764.94,"body":"points to throw in the mix Carl"},{"speaker":"Andy Hart","startTime":3761.4,"endTime":3764.94,"body":"was alluding to earlier on. It's"},{"speaker":"Andy Hart","startTime":3764.94,"endTime":3768.12,"body":"a sort of trait I look for in"},{"speaker":"Andy Hart","startTime":3764.94,"endTime":3768.12,"body":"clients. Is their teachability?"},{"speaker":"Andy Hart","startTime":3768.3599999999997,"endTime":3771.18,"body":"Certainly in the early stages"},{"speaker":"Andy Hart","startTime":3768.3599999999997,"endTime":3771.18,"body":"you're discussing various"},{"speaker":"Andy Hart","startTime":3771.18,"endTime":3773.7,"body":"points, are they open to these"},{"speaker":"Andy Hart","startTime":3771.18,"endTime":3773.7,"body":"new ideas? Are they just pushing"},{"speaker":"Andy Hart","startTime":3773.7,"endTime":3776.4,"body":"back immediately? So"},{"speaker":"Andy Hart","startTime":3773.7,"endTime":3776.4,"body":"teachability is a trait that I"},{"speaker":"Andy Hart","startTime":3776.4,"endTime":3779.72,"body":"look for in clients subtly the"},{"speaker":"Andy Hart","startTime":3776.4,"endTime":3779.72,"body":"other points, yeah, we're here"},{"speaker":"Andy Hart","startTime":3779.72,"endTime":3782.8399999999997,"body":"to deliver the unvarnished"},{"speaker":"Andy Hart","startTime":3779.72,"endTime":3782.8399999999997,"body":"truth. At times it can appear"},{"speaker":"Andy Hart","startTime":3782.8399999999997,"endTime":3785.54,"body":"like tough financial love. When"},{"speaker":"Andy Hart","startTime":3782.8399999999997,"endTime":3785.54,"body":"I was putting some notes"},{"speaker":"Andy Hart","startTime":3785.54,"endTime":3788.42,"body":"together for this earlier today,"},{"speaker":"Andy Hart","startTime":3785.54,"endTime":3788.42,"body":"the two key words that came to"},{"speaker":"Andy Hart","startTime":3788.42,"endTime":3792.56,"body":"me were competence and"},{"speaker":"Andy Hart","startTime":3788.42,"endTime":3792.56,"body":"confidence. When we first start"},{"speaker":"Andy Hart","startTime":3792.56,"endTime":3795.68,"body":"out in this business, clients"},{"speaker":"Andy Hart","startTime":3792.56,"endTime":3795.68,"body":"can dictate the direction of"},{"speaker":"Andy Hart","startTime":3795.68,"endTime":3798.94,"body":"travel how we're going to"},{"speaker":"Andy Hart","startTime":3795.68,"endTime":3798.94,"body":"provide advice. The more"},{"speaker":"Andy Hart","startTime":3798.94,"endTime":3802.18,"body":"competent you become, obviously,"},{"speaker":"Andy Hart","startTime":3798.94,"endTime":3802.18,"body":"then leads to more confidence."},{"speaker":"Andy Hart","startTime":3802.18,"endTime":3807.46,"body":"So now most of us have shrunk"},{"speaker":"Andy Hart","startTime":3802.18,"endTime":3807.46,"body":"our circular competence, and we"},{"speaker":"Andy Hart","startTime":3807.46,"endTime":3810.94,"body":"know the right thing for"},{"speaker":"Andy Hart","startTime":3807.46,"endTime":3810.94,"body":"clients. So yeah, we're now we"},{"speaker":"Andy Hart","startTime":3810.94,"endTime":3814.7799999999997,"body":"deliver, you know, radical cat"},{"speaker":"Andy Hart","startTime":3810.94,"endTime":3814.7799999999997,"body":"can radical candor delivered"},{"speaker":"Andy Hart","startTime":3814.7799999999997,"endTime":3818.4,"body":"with, you know, kindness, let's"},{"speaker":"Andy Hart","startTime":3814.7799999999997,"endTime":3818.4,"body":"say, and also we deal with Andy"},{"speaker":"Carl Widger","startTime":3818.4,"endTime":3820.44,"body":"just on that point,"},{"speaker":"Carl Widger","startTime":3818.4,"endTime":3820.44,"body":"before you go on to the next"},{"speaker":"Carl Widger","startTime":3820.44,"endTime":3824.94,"body":"one, like the younger advisors"},{"speaker":"Carl Widger","startTime":3820.44,"endTime":3824.94,"body":"who buy into that will thank"},{"speaker":"Carl Widger","startTime":3824.94,"endTime":3828.66,"body":"themselves in the future, I"},{"speaker":"Carl Widger","startTime":3824.94,"endTime":3828.66,"body":"promise you. And it's hard to do"},{"speaker":"Carl Widger","startTime":3828.7799999999997,"endTime":3831.2999999999997,"body":"when you're when you're when"},{"speaker":"Carl Widger","startTime":3828.7799999999997,"endTime":3831.2999999999997,"body":"you're setting out. So just just"},{"speaker":"Carl Widger","startTime":3831.2999999999997,"endTime":3832.2599999999998,"body":"to say that, no,"},{"speaker":"Andy Hart","startTime":3832.2599999999998,"endTime":3834.66,"body":"thank you, mate,"},{"speaker":"Andy Hart","startTime":3832.2599999999998,"endTime":3834.66,"body":"thank you. You know, I've often"},{"speaker":"Andy Hart","startTime":3834.66,"endTime":3836.9,"body":"said to clients along the years."},{"speaker":"Andy Hart","startTime":3834.66,"endTime":3836.9,"body":"You know, I don't want to be a"},{"speaker":"Andy Hart","startTime":3836.9,"endTime":3841.16,"body":"co pilot to a financial sinking"},{"speaker":"Andy Hart","startTime":3836.9,"endTime":3841.16,"body":"ship. The main thing is running"},{"speaker":"Andy Hart","startTime":3841.16,"endTime":3844.46,"body":"out of money. And Nick has"},{"speaker":"Andy Hart","startTime":3841.16,"endTime":3844.46,"body":"alluded to you can only tell"},{"speaker":"Andy Hart","startTime":3844.46,"endTime":3846.92,"body":"someone if they're potentially"},{"speaker":"Andy Hart","startTime":3844.46,"endTime":3846.92,"body":"going to run out of money or not"},{"speaker":"Andy Hart","startTime":3846.92,"endTime":3849.98,"body":"if you've done a financial"},{"speaker":"Andy Hart","startTime":3846.92,"endTime":3849.98,"body":"forecast with all the caveats of"},{"speaker":"Andy Hart","startTime":3849.98,"endTime":3852.5,"body":"anything can happen. We've got"},{"speaker":"Andy Hart","startTime":3849.98,"endTime":3852.5,"body":"loads of financial levers to"},{"speaker":"Andy Hart","startTime":3852.5,"endTime":3854.7799999999997,"body":"pull. Obviously, the experts"},{"speaker":"Andy Hart","startTime":3852.5,"endTime":3854.7799999999997,"body":"know that we've built hundreds"},{"speaker":"Andy Hart","startTime":3854.7799999999997,"endTime":3857.38,"body":"of 1000s of plans of real"},{"speaker":"Andy Hart","startTime":3854.7799999999997,"endTime":3857.38,"body":"clients, year in, year out."},{"speaker":"Andy Hart","startTime":3857.8599999999997,"endTime":3861.1,"body":"Also, wealthy people are often"},{"speaker":"Andy Hart","startTime":3857.8599999999997,"endTime":3861.1,"body":"surrounded by yes people, you"},{"speaker":"Andy Hart","startTime":3861.1,"endTime":3863.68,"body":"know, successful business"},{"speaker":"Andy Hart","startTime":3861.1,"endTime":3863.68,"body":"people, yes, yes, yes, yes, yes,"},{"speaker":"Andy Hart","startTime":3863.68,"endTime":3866.8599999999997,"body":"yes. We come along, go, No, you"},{"speaker":"Andy Hart","startTime":3863.68,"endTime":3866.8599999999997,"body":"can't do that. That's wrong."},{"speaker":"Andy Hart","startTime":3866.92,"endTime":3870.4,"body":"That's bad. Change that. What"},{"speaker":"Andy Hart","startTime":3866.92,"endTime":3870.4,"body":"you're doing here, some people"},{"speaker":"Andy Hart","startTime":3870.4,"endTime":3873.7,"body":"take to that, and some people"},{"speaker":"Andy Hart","startTime":3870.4,"endTime":3873.7,"body":"push back against that. I found"},{"speaker":"Andy Hart","startTime":3873.7,"endTime":3876.2999999999997,"body":"the sort of smarter, wiser"},{"speaker":"Andy Hart","startTime":3873.7,"endTime":3876.2999999999997,"body":"business people over the years,"},{"speaker":"Andy Hart","startTime":3876.2999999999997,"endTime":3879.3599999999997,"body":"they take to that sort of no"},{"speaker":"Andy Hart","startTime":3876.2999999999997,"endTime":3879.3599999999997,"body":"person. I'm happy to be"},{"speaker":"Andy Hart","startTime":3879.3599999999997,"endTime":3882.54,"body":"people's, believe it or not, I'm"},{"speaker":"Andy Hart","startTime":3879.3599999999997,"endTime":3882.54,"body":"a no person, and when I come"},{"speaker":"Andy Hart","startTime":3882.54,"endTime":3884.22,"body":"into their lives, sorry,"},{"speaker":"Nick Lincoln","startTime":3885.54,"endTime":3887.3399999999997,"body":"you're spot on."},{"speaker":"Nick Lincoln","startTime":3885.54,"endTime":3887.3399999999997,"body":"You're spot on with that. I"},{"speaker":"Nick Lincoln","startTime":3887.3399999999997,"endTime":3890.22,"body":"mean, we are really. We break"},{"speaker":"Nick Lincoln","startTime":3887.3399999999997,"endTime":3890.22,"body":"bad news from the get go, don't"},{"speaker":"Nick Lincoln","startTime":3890.22,"endTime":3893.4,"body":"we, you know, Mr. Klein, Mr. Mr."},{"speaker":"Nick Lincoln","startTime":3890.22,"endTime":3893.4,"body":"Prospect. Well, you know, what's"},{"speaker":"Nick Lincoln","startTime":3893.4,"endTime":3895.8599999999997,"body":"your economic prognostications?"},{"speaker":"Nick Lincoln","startTime":3893.4,"endTime":3895.8599999999997,"body":"How do you review what's"},{"speaker":"Nick Lincoln","startTime":3895.8599999999997,"endTime":3898.3399999999997,"body":"happening with the markets?"},{"speaker":"Nick Lincoln","startTime":3895.8599999999997,"endTime":3898.3399999999997,"body":"Well, we don't. Well, how do you"},{"speaker":"Nick Lincoln","startTime":3898.3399999999997,"endTime":3901.16,"body":"time the markets? We don't. How"},{"speaker":"Nick Lincoln","startTime":3898.3399999999997,"endTime":3901.16,"body":"do you pick your active fund"},{"speaker":"Nick Lincoln","startTime":3901.16,"endTime":3904.22,"body":"managers? Well, we don't."},{"speaker":"Nick Lincoln","startTime":3901.16,"endTime":3904.22,"body":"Everything they want. We're"},{"speaker":"Nick Lincoln","startTime":3904.22,"endTime":3905.96,"body":"taking yes to we say,"},{"speaker":"Andy Hart","startTime":3907.52,"endTime":3909.68,"body":"yeah, yeah. I say"},{"speaker":"Andy Hart","startTime":3907.52,"endTime":3909.68,"body":"that, if you actually end up"},{"speaker":"Andy Hart","startTime":3909.68,"endTime":3912.44,"body":"becoming a client of mine,"},{"speaker":"Andy Hart","startTime":3909.68,"endTime":3912.44,"body":"you've heard no sort of, you"},{"speaker":"Andy Hart","startTime":3912.44,"endTime":3915.3199999999997,"body":"know, 25 times along the way. So"},{"speaker":"Andy Hart","startTime":3912.44,"endTime":3915.3199999999997,"body":"if you actually are at the end"},{"speaker":"Andy Hart","startTime":3915.3199999999997,"endTime":3918.7599999999998,"body":"of that no ladder, you're here"},{"speaker":"Andy Hart","startTime":3915.3199999999997,"endTime":3918.7599999999998,"body":"forever, because a lot of people"},{"speaker":"Andy Hart","startTime":3918.7599999999998,"endTime":3921.46,"body":"fall by the wayside along the"},{"speaker":"Andy Hart","startTime":3918.7599999999998,"endTime":3921.46,"body":"way. And the other thing is,"},{"speaker":"Andy Hart","startTime":3921.46,"endTime":3924.88,"body":"yeah, wealthy individuals, it"},{"speaker":"Andy Hart","startTime":3921.46,"endTime":3924.88,"body":"can be isolating, like they"},{"speaker":"Andy Hart","startTime":3924.88,"endTime":3927.58,"body":"can't talk to their mates, they"},{"speaker":"Andy Hart","startTime":3924.88,"endTime":3927.58,"body":"can't talk to their family, so"},{"speaker":"Andy Hart","startTime":3927.58,"endTime":3931.72,"body":"speaking to us is quite a"},{"speaker":"Andy Hart","startTime":3927.58,"endTime":3931.72,"body":"rarity, so only if you're quite"},{"speaker":"Andy Hart","startTime":3931.72,"endTime":3935.68,"body":"young and financially"},{"speaker":"Andy Hart","startTime":3931.72,"endTime":3935.68,"body":"successful. You know the sort of"},{"speaker":"Andy Hart","startTime":3935.68,"endTime":3938.8199999999997,"body":"challenges of middle class"},{"speaker":"Andy Hart","startTime":3935.68,"endTime":3938.8199999999997,"body":"millionaires, let's say so."},{"speaker":"Andy Hart","startTime":3938.8199999999997,"endTime":3944.8199999999997,"body":"Yeah, it's quite an interesting"},{"speaker":"Andy Hart","startTime":3938.8199999999997,"endTime":3944.8199999999997,"body":"subject. My final point on my"},{"speaker":"Andy Hart","startTime":3944.8199999999997,"endTime":3947.52,"body":"situation, most of the clients I"},{"speaker":"Andy Hart","startTime":3944.8199999999997,"endTime":3947.52,"body":"take on now, I'm pretty sure I'm"},{"speaker":"Andy Hart","startTime":3947.52,"endTime":3950.1,"body":"not really going to run out of"},{"speaker":"Andy Hart","startTime":3947.52,"endTime":3950.1,"body":"money, just sort of the level I"},{"speaker":"Andy Hart","startTime":3950.1,"endTime":3953.22,"body":"am the clients I take on, but"},{"speaker":"Andy Hart","startTime":3950.1,"endTime":3953.22,"body":"I've got a historical client"},{"speaker":"Andy Hart","startTime":3953.22,"endTime":3956.54,"body":"bank that there's a few people"},{"speaker":"Andy Hart","startTime":3953.22,"endTime":3956.54,"body":"that are quite close to the line"},{"speaker":"Unknown","startTime":3960.3199999999997,"endTime":3965.12,"body":"took repertoire in"},{"speaker":"Unknown","startTime":3960.3199999999997,"endTime":3965.12,"body":"Andy. He knows about everything,"},{"speaker":"Unknown","startTime":3965.12,"endTime":3971.2999999999997,"body":"and he can't be told anything."},{"speaker":"Unknown","startTime":3965.12,"endTime":3971.2999999999997,"body":"His name is Andrew Hart. Andrew"},{"speaker":"Unknown","startTime":3971.2999999999997,"endTime":3971.54,"body":"Hart,"},{"speaker":"Andy Hart","startTime":3974.48,"endTime":3977.44,"body":"yeah, my final point."},{"speaker":"Andy Hart","startTime":3974.48,"endTime":3977.44,"body":"Is, I'm sure there's lots of"},{"speaker":"Andy Hart","startTime":3977.44,"endTime":3980.08,"body":"people listening to this who"},{"speaker":"Andy Hart","startTime":3977.44,"endTime":3980.08,"body":"are, who are a certain point in"},{"speaker":"Andy Hart","startTime":3980.08,"endTime":3983.8599999999997,"body":"their career, that the new"},{"speaker":"Andy Hart","startTime":3980.08,"endTime":3983.8599999999997,"body":"clients they take on probably"},{"speaker":"Andy Hart","startTime":3984.1,"endTime":3987.3399999999997,"body":"wealthy and unlikely to run out"},{"speaker":"Andy Hart","startTime":3984.1,"endTime":3987.3399999999997,"body":"of money, but they've got a"},{"speaker":"Andy Hart","startTime":3987.3399999999997,"endTime":3989.7999999999997,"body":"historical client, Bank of"},{"speaker":"Andy Hart","startTime":3987.3399999999997,"endTime":3989.7999999999997,"body":"clients that are close to the"},{"speaker":"Andy Hart","startTime":3989.7999999999997,"endTime":3993.04,"body":"line. But we feel an obligation"},{"speaker":"Andy Hart","startTime":3989.7999999999997,"endTime":3993.04,"body":"to look after these people,"},{"speaker":"Andy Hart","startTime":3993.04,"endTime":3995.44,"body":"because they, you know, came"},{"speaker":"Andy Hart","startTime":3993.04,"endTime":3995.44,"body":"with us when we started our"},{"speaker":"Andy Hart","startTime":3995.44,"endTime":3998.46,"body":"businesses, you know,"},{"speaker":"Andy Hart","startTime":3995.44,"endTime":3998.46,"body":"originally, so they're the"},{"speaker":"Andy Hart","startTime":3998.46,"endTime":4002.24,"body":"clients that we have to have a,"},{"speaker":"Andy Hart","startTime":3998.46,"endTime":4002.24,"body":"you know, a louder word in their"},{"speaker":"Andy Hart","startTime":4002.24,"endTime":4004.8199999999997,"body":"ear. Anyway, that's my final"},{"speaker":"Andy Hart","startTime":4002.24,"endTime":4004.8199999999997,"body":"point."},{"speaker":"Alan Smith","startTime":4006.7999999999997,"endTime":4008.48,"body":"I'll tell you one"},{"speaker":"Alan Smith","startTime":4006.7999999999997,"endTime":4008.48,"body":"thing about this. Maybe this"},{"speaker":"Alan Smith","startTime":4008.8399999999997,"endTime":4021.16,"body":"gone. Then Nick, go. Go. Was my"},{"speaker":"Alan Smith","startTime":4008.8399999999997,"endTime":4021.16,"body":"turn. Now. Thanks there's one."},{"speaker":"Alan Smith","startTime":4021.7,"endTime":4024.46,"body":"There's one thing about this,"},{"speaker":"Alan Smith","startTime":4021.7,"endTime":4024.46,"body":"this group, the four of us in"},{"speaker":"Alan Smith","startTime":4024.46,"endTime":4029.14,"body":"our private WhatsApp chat,"},{"speaker":"Alan Smith","startTime":4024.46,"endTime":4029.14,"body":"there's some radical panda going"},{"speaker":"Alan Smith","startTime":4029.14,"endTime":4031.8399999999997,"body":"on in there. I can tell you,"},{"speaker":"Alan Smith","startTime":4029.14,"endTime":4031.8399999999997,"body":"there's, there's no beating"},{"speaker":"Alan Smith","startTime":4031.8399999999997,"endTime":4036.16,"body":"about the bush in that"},{"speaker":"Alan Smith","startTime":4031.8399999999997,"endTime":4036.16,"body":"particular group, telling the"},{"speaker":"Alan Smith","startTime":4036.16,"endTime":4043.3199999999997,"body":"truth really, really important"},{"speaker":"Alan Smith","startTime":4036.16,"endTime":4043.3199999999997,"body":"to me and my company and"},{"speaker":"Alan Smith","startTime":4043.3199999999997,"endTime":4048.66,"body":"colleagues, so much so that it's"},{"speaker":"Alan Smith","startTime":4043.3199999999997,"endTime":4048.66,"body":"one of our five core values,"},{"speaker":"Alan Smith","startTime":4048.66,"endTime":4052.38,"body":"five C's, which includes"},{"speaker":"Alan Smith","startTime":4048.66,"endTime":4052.38,"body":"collaboration, creativity and"},{"speaker":"Alan Smith","startTime":4052.38,"endTime":4056.96,"body":"candor, and actually, it works"},{"speaker":"Alan Smith","startTime":4052.38,"endTime":4056.96,"body":"both externally and internally."},{"speaker":"Alan Smith","startTime":4057.08,"endTime":4059.72,"body":"Telling the truth to your"},{"speaker":"Alan Smith","startTime":4057.08,"endTime":4059.72,"body":"colleagues as well, even when"},{"speaker":"Alan Smith","startTime":4059.72,"endTime":4063.08,"body":"you've got a point you disagree"},{"speaker":"Alan Smith","startTime":4059.72,"endTime":4063.08,"body":"with. I think it's really"},{"speaker":"Alan Smith","startTime":4063.08,"endTime":4066.74,"body":"important. There's books written"},{"speaker":"Alan Smith","startTime":4063.08,"endTime":4066.74,"body":"on this subject. There's so many"},{"speaker":"Alan Smith","startTime":4066.74,"endTime":4070.8199999999997,"body":"businesses that struggle because"},{"speaker":"Alan Smith","startTime":4066.74,"endTime":4070.8199999999997,"body":"people aren't prepared to"},{"speaker":"Alan Smith","startTime":4070.8199999999997,"endTime":4073.7599999999998,"body":"confront leaders, colleagues or"},{"speaker":"Alan Smith","startTime":4070.8199999999997,"endTime":4073.7599999999998,"body":"anything else. They've got a"},{"speaker":"Alan Smith","startTime":4073.7599999999998,"endTime":4075.98,"body":"different view, different"},{"speaker":"Alan Smith","startTime":4073.7599999999998,"endTime":4075.98,"body":"different opinion, but they"},{"speaker":"Alan Smith","startTime":4075.98,"endTime":4079.72,"body":"think, just keep it to myself. I"},{"speaker":"Alan Smith","startTime":4075.98,"endTime":4079.72,"body":"don't need to add any aggro in"},{"speaker":"Alan Smith","startTime":4079.72,"endTime":4082.18,"body":"my life. I just think it's"},{"speaker":"Alan Smith","startTime":4079.72,"endTime":4082.18,"body":"really important we do our best"},{"speaker":"Alan Smith","startTime":4082.18,"endTime":4084.58,"body":"in my business to try to always"},{"speaker":"Alan Smith","startTime":4082.18,"endTime":4084.58,"body":"tell the truth. Do it"},{"speaker":"Alan Smith","startTime":4084.58,"endTime":4088.0,"body":"professionally, do it politely,"},{"speaker":"Alan Smith","startTime":4084.58,"endTime":4088.0,"body":"but tell the truth to each"},{"speaker":"Alan Smith","startTime":4088.0,"endTime":4091.12,"body":"other. And of course, that"},{"speaker":"Alan Smith","startTime":4088.0,"endTime":4091.12,"body":"applies to our relationships"},{"speaker":"Alan Smith","startTime":4091.12,"endTime":4095.38,"body":"with clients. When we when I"},{"speaker":"Alan Smith","startTime":4091.12,"endTime":4095.38,"body":"knew we're going to talk about"},{"speaker":"Alan Smith","startTime":4095.38,"endTime":4098.9400000000005,"body":"this, I sort of reflected back"},{"speaker":"Alan Smith","startTime":4095.38,"endTime":4098.9400000000005,"body":"on where we'd had challenges"},{"speaker":"Alan Smith","startTime":4098.9400000000005,"endTime":4102.6,"body":"with clients, and some have"},{"speaker":"Alan Smith","startTime":4098.9400000000005,"endTime":4102.6,"body":"worked by telling the truth and"},{"speaker":"Alan Smith","startTime":4102.6,"endTime":4106.68,"body":"some haven't. It was a client we"},{"speaker":"Alan Smith","startTime":4102.6,"endTime":4106.68,"body":"were speaking with a few years"},{"speaker":"Alan Smith","startTime":4106.68,"endTime":4110.16,"body":"ago who was exactly in that"},{"speaker":"Alan Smith","startTime":4106.68,"endTime":4110.16,"body":"thing, absolutely on track to"},{"speaker":"Alan Smith","startTime":4110.16,"endTime":4114.24,"body":"run out of money relatively"},{"speaker":"Alan Smith","startTime":4110.16,"endTime":4114.24,"body":"early, and would not stop his"},{"speaker":"Alan Smith","startTime":4114.24,"endTime":4119.3,"body":"spending habits. Used to bring"},{"speaker":"Alan Smith","startTime":4114.24,"endTime":4119.3,"body":"his wife into the meetings, and"},{"speaker":"Alan Smith","startTime":4119.3,"endTime":4122.78,"body":"all of a sudden she stopped"},{"speaker":"Alan Smith","startTime":4119.3,"endTime":4122.78,"body":"appearing. And there's a dilemma"},{"speaker":"Alan Smith","startTime":4122.78,"endTime":4126.5,"body":"there as well for us as the"},{"speaker":"Alan Smith","startTime":4122.78,"endTime":4126.5,"body":"family, does the couple? Does"},{"speaker":"Alan Smith","startTime":4126.5,"endTime":4129.62,"body":"the other half know that they"},{"speaker":"Alan Smith","startTime":4126.5,"endTime":4129.62,"body":"are heading for financial"},{"speaker":"Alan Smith","startTime":4129.62,"endTime":4134.0,"body":"catastrophe 10 years from now,"},{"speaker":"Alan Smith","startTime":4129.62,"endTime":4134.0,"body":"if they carry on like this, and"},{"speaker":"Alan Smith","startTime":4134.4800000000005,"endTime":4138.58,"body":"it was really awkward, and to"},{"speaker":"Alan Smith","startTime":4134.4800000000005,"endTime":4138.58,"body":"the extent that we had a kind"},{"speaker":"Alan Smith","startTime":4138.58,"endTime":4142.12,"body":"of, just a fight, a meeting,"},{"speaker":"Alan Smith","startTime":4138.58,"endTime":4142.12,"body":"saying we can't, in all you"},{"speaker":"Alan Smith","startTime":4142.12,"endTime":4144.82,"body":"know, good conscious, carry on"},{"speaker":"Alan Smith","startTime":4142.12,"endTime":4144.82,"body":"and advise you. We're telling"},{"speaker":"Alan Smith","startTime":4144.82,"endTime":4148.12,"body":"you you're getting for a slow"},{"speaker":"Alan Smith","startTime":4144.82,"endTime":4148.12,"body":"motion car crash every year, we"},{"speaker":"Alan Smith","startTime":4148.12,"endTime":4151.24,"body":"engage, we update. And by the"},{"speaker":"Alan Smith","startTime":4148.12,"endTime":4151.24,"body":"way, this was in the back of"},{"speaker":"Alan Smith","startTime":4151.3,"endTime":4155.32,"body":"fantastic investment markets and"},{"speaker":"Alan Smith","startTime":4151.3,"endTime":4155.32,"body":"investment returns. Had you gone"},{"speaker":"Alan Smith","startTime":4155.32,"endTime":4158.16,"body":"through, which could have done,"},{"speaker":"Alan Smith","startTime":4155.32,"endTime":4158.16,"body":"at any time, a real, significant"},{"speaker":"Alan Smith","startTime":4158.16,"endTime":4161.46,"body":"market correction, which is, you"},{"speaker":"Alan Smith","startTime":4158.16,"endTime":4161.46,"body":"know, not only possible, but not"},{"speaker":"Alan Smith","startTime":4161.46,"endTime":4164.9400000000005,"body":"only probable, but guaranteed,"},{"speaker":"Alan Smith","startTime":4161.46,"endTime":4164.9400000000005,"body":"it would have been much, much"},{"speaker":"Alan Smith","startTime":4164.9400000000005,"endTime":4169.14,"body":"worse. So I was constantly"},{"speaker":"Alan Smith","startTime":4164.9400000000005,"endTime":4169.14,"body":"thinking, this is a real problem"},{"speaker":"Alan Smith","startTime":4169.2,"endTime":4171.72,"body":"for us. And we said, at one"},{"speaker":"Alan Smith","startTime":4169.2,"endTime":4171.72,"body":"point it was a kind of"},{"speaker":"Alan Smith","startTime":4171.72,"endTime":4175.98,"body":"ultimatum, we are going to have"},{"speaker":"Alan Smith","startTime":4171.72,"endTime":4175.98,"body":"to resign from managing your"},{"speaker":"Alan Smith","startTime":4175.98,"endTime":4179.5999999999995,"body":"account. We call all sorts of"},{"speaker":"Alan Smith","startTime":4175.98,"endTime":4179.5999999999995,"body":"alternatives and solutions and"},{"speaker":"Alan Smith","startTime":4179.5999999999995,"endTime":4182.0599999999995,"body":"things in terms of how he could,"},{"speaker":"Alan Smith","startTime":4179.5999999999995,"endTime":4182.0599999999995,"body":"you know, manage the situation,"},{"speaker":"Alan Smith","startTime":4182.0599999999995,"endTime":4185.18,"body":"and at the point of us just"},{"speaker":"Alan Smith","startTime":4182.0599999999995,"endTime":4185.18,"body":"stepping away so we can't carry"},{"speaker":"Alan Smith","startTime":4185.18,"endTime":4189.26,"body":"on, he said, No, fine. And it"},{"speaker":"Alan Smith","startTime":4185.18,"endTime":4189.26,"body":"took that for him to change his"},{"speaker":"Alan Smith","startTime":4189.26,"endTime":4192.92,"body":"spending habits. It was a lot of"},{"speaker":"Alan Smith","startTime":4189.26,"endTime":4192.92,"body":"extra expense in terms of, you"},{"speaker":"Alan Smith","startTime":4192.92,"endTime":4196.36,"body":"know, quite expensive holidays,"},{"speaker":"Alan Smith","startTime":4192.92,"endTime":4196.36,"body":"changing cars quite more"},{"speaker":"Alan Smith","startTime":4196.36,"endTime":4200.74,"body":"regularly they needed to do. And"},{"speaker":"Alan Smith","startTime":4196.36,"endTime":4200.74,"body":"he's still a client now, and"},{"speaker":"Alan Smith","startTime":4200.74,"endTime":4205.48,"body":"he's pretty much back on track."},{"speaker":"Alan Smith","startTime":4200.74,"endTime":4205.48,"body":"Yeah, he downgraded his"},{"speaker":"Alan Smith","startTime":4205.48,"endTime":4206.62,"body":"lifestyle. Moved to"},{"speaker":"Carl Widger","startTime":4208.119,"endTime":4209.199,"body":"North Watford. He"},{"speaker":"Carl Widger","startTime":4208.119,"endTime":4209.199,"body":"wasn't"},{"speaker":"Alan Smith","startTime":4212.92,"endTime":4215.68,"body":"ready to compromise"},{"speaker":"Alan Smith","startTime":4212.92,"endTime":4215.68,"body":"on that, that sort of lifestyle."},{"speaker":"Alan Smith","startTime":4215.68,"endTime":4219.54,"body":"I don't know who would Oh, and"},{"speaker":"Alan Smith","startTime":4215.68,"endTime":4219.54,"body":"yet the other one, which didn't"},{"speaker":"Alan Smith","startTime":4219.54,"endTime":4223.0199999999995,"body":"work out so well, which other"},{"speaker":"Alan Smith","startTime":4219.54,"endTime":4223.0199999999995,"body":"example of telling the truth was"},{"speaker":"Alan Smith","startTime":4223.2,"endTime":4226.5599999999995,"body":"2020, we all cast our minds back"},{"speaker":"Alan Smith","startTime":4223.2,"endTime":4226.5599999999995,"body":"to that markets absolutely fall"},{"speaker":"Alan Smith","startTime":4226.5599999999995,"endTime":4230.94,"body":"off a cliff. One particular"},{"speaker":"Alan Smith","startTime":4226.5599999999995,"endTime":4230.94,"body":"client comes and says that one"},{"speaker":"Alan Smith","startTime":4230.94,"endTime":4233.46,"body":"that you alluded to a minute"},{"speaker":"Alan Smith","startTime":4230.94,"endTime":4233.46,"body":"ago. Nick, what are you guys"},{"speaker":"Alan Smith","startTime":4233.46,"endTime":4236.28,"body":"doing about it? What are you"},{"speaker":"Alan Smith","startTime":4233.46,"endTime":4236.28,"body":"doing about it? And we said"},{"speaker":"Alan Smith","startTime":4236.58,"endTime":4241.22,"body":"nothing. It will recover. It's"},{"speaker":"Alan Smith","startTime":4236.58,"endTime":4241.22,"body":"in the plan keep going. And it"},{"speaker":"Alan Smith","startTime":4241.22,"endTime":4244.0999999999995,"body":"just didn't like it. It just,"},{"speaker":"Alan Smith","startTime":4241.22,"endTime":4244.0999999999995,"body":"you know, we did our best to you"},{"speaker":"Alan Smith","startTime":4244.0999999999995,"endTime":4246.5599999999995,"body":"know, you constantly, you repeat"},{"speaker":"Alan Smith","startTime":4244.0999999999995,"endTime":4246.5599999999995,"body":"yourself, you look back, should,"},{"speaker":"Alan Smith","startTime":4246.5599999999995,"endTime":4250.34,"body":"were we not strong enough when"},{"speaker":"Alan Smith","startTime":4246.5599999999995,"endTime":4250.34,"body":"we took the client on? And you"},{"speaker":"Alan Smith","startTime":4250.34,"endTime":4252.98,"body":"think, well, there's not a lot"},{"speaker":"Alan Smith","startTime":4250.34,"endTime":4252.98,"body":"more that we could have done"},{"speaker":"Alan Smith","startTime":4253.04,"endTime":4253.64,"body":"initially,"},{"speaker":"Andy Hart","startTime":4254.479,"endTime":4257.3189999999995,"body":"in our early days, it"},{"speaker":"Andy Hart","startTime":4254.479,"endTime":4257.3189999999995,"body":"wasn't teachable. It wasn't"},{"speaker":"Alan Smith","startTime":4258.159,"endTime":4261.159,"body":"wanted action and"},{"speaker":"Alan Smith","startTime":4258.159,"endTime":4261.159,"body":"activity. Just, do you know, do"},{"speaker":"Alan Smith","startTime":4261.159,"endTime":4265.419,"body":"something I said we are doing,"},{"speaker":"Alan Smith","startTime":4261.159,"endTime":4265.419,"body":"and it was just, and eventually,"},{"speaker":"Alan Smith","startTime":4265.419,"endTime":4269.979,"body":"he just sent an email say, I'm"},{"speaker":"Alan Smith","startTime":4265.419,"endTime":4269.979,"body":"sorry. I found another advisor."},{"speaker":"Alan Smith","startTime":4269.979,"endTime":4273.879,"body":"I won't mention the name, well"},{"speaker":"Alan Smith","startTime":4269.979,"endTime":4273.879,"body":"known national actively trading"},{"speaker":"Alan Smith","startTime":4273.879,"endTime":4276.599,"body":"manager that send out weekly"},{"speaker":"Alan Smith","startTime":4273.879,"endTime":4276.599,"body":"portfolio update. It's about"},{"speaker":"Alan Smith","startTime":4276.599,"endTime":4279.059,"body":"worrying, you know, what the"},{"speaker":"Alan Smith","startTime":4276.599,"endTime":4279.059,"body":"dollar is going to do, and the"},{"speaker":"Alan Smith","startTime":4279.059,"endTime":4282.539,"body":"yen trade and all that sort of"},{"speaker":"Alan Smith","startTime":4279.059,"endTime":4282.539,"body":"stuff. So he was, you know,"},{"speaker":"Alan Smith","startTime":4283.079,"endTime":4286.199,"body":"intellectually satisfied with"},{"speaker":"Alan Smith","startTime":4283.079,"endTime":4286.199,"body":"that, because somebody appeared"},{"speaker":"Alan Smith","startTime":4286.199,"endTime":4291.059,"body":"to be doing something. And we"},{"speaker":"Alan Smith","startTime":4286.199,"endTime":4291.059,"body":"lost that battles in his life."},{"speaker":"Alan Smith","startTime":4291.239,"endTime":4295.259,"body":"Yeah, we lost that battle. I"},{"speaker":"Alan Smith","startTime":4291.239,"endTime":4295.259,"body":"regretted that, because he was a"},{"speaker":"Alan Smith","startTime":4295.259,"endTime":4299.299,"body":"good guy, good client, good"},{"speaker":"Alan Smith","startTime":4295.259,"endTime":4299.299,"body":"family. And I know, and it's,"},{"speaker":"Alan Smith","startTime":4299.299,"endTime":4302.719,"body":"this is a bold statement. I know"},{"speaker":"Alan Smith","startTime":4299.299,"endTime":4302.719,"body":"he'd be worse off long term, 10"},{"speaker":"Alan Smith","startTime":4302.719,"endTime":4304.759,"body":"years, 20 years down the line,"},{"speaker":"Alan Smith","startTime":4302.719,"endTime":4304.759,"body":"knowing"},{"speaker":"Carl Widger","startTime":4306.62,"endTime":4309.92,"body":"he's worse off now,"},{"speaker":"Carl Widger","startTime":4306.62,"endTime":4309.92,"body":"yeah, if he stayed with you for"},{"speaker":"Carl Widger","startTime":4309.92,"endTime":4312.0199999999995,"body":"the last four years, you"},{"speaker":"Carl Widger","startTime":4309.92,"endTime":4312.0199999999995,"body":"wouldn't you don't have to wait"},{"speaker":"Carl Widger","startTime":4312.0199999999995,"endTime":4312.32,"body":"10. You"},{"speaker":"Nick Lincoln","startTime":4312.32,"endTime":4314.12,"body":"lost that battle"},{"speaker":"Nick Lincoln","startTime":4312.32,"endTime":4314.12,"body":"something, but you're going to"},{"speaker":"Nick Lincoln","startTime":4314.12,"endTime":4316.16,"body":"win the war by sticking,"},{"speaker":"Nick Lincoln","startTime":4314.12,"endTime":4316.16,"body":"pleading to you, cleaving to"},{"speaker":"Nick Lincoln","startTime":4316.16,"endTime":4317.0199999999995,"body":"your beliefs. Got"},{"speaker":"Alan Smith","startTime":4317.0199999999995,"endTime":4318.76,"body":"to and it would have"},{"speaker":"Alan Smith","startTime":4317.0199999999995,"endTime":4318.76,"body":"been easy for us to say, look,"},{"speaker":"Alan Smith","startTime":4318.76,"endTime":4322.24,"body":"okay, well, you know, to keep"},{"speaker":"Alan Smith","startTime":4318.76,"endTime":4322.24,"body":"the client, keep the fee. We can"},{"speaker":"Alan Smith","startTime":4322.24,"endTime":4324.34,"body":"say we'll move you to a"},{"speaker":"Alan Smith","startTime":4322.24,"endTime":4324.34,"body":"discretionary manager. They'll"},{"speaker":"Alan Smith","startTime":4324.34,"endTime":4326.74,"body":"take they'll up, give you daily"},{"speaker":"Alan Smith","startTime":4324.34,"endTime":4326.74,"body":"updates if you want them"},{"speaker":"Alan Smith","startTime":4326.74,"endTime":4329.98,"body":"portfolio. But we can't, you"},{"speaker":"Alan Smith","startTime":4326.74,"endTime":4329.98,"body":"know, you've got ideals, you've"},{"speaker":"Alan Smith","startTime":4329.98,"endTime":4332.26,"body":"got values, you've got what you"},{"speaker":"Alan Smith","startTime":4329.98,"endTime":4332.26,"body":"believe in, you've got your"},{"speaker":"Alan Smith","startTime":4332.26,"endTime":4335.44,"body":"north and you've got to stick to"},{"speaker":"Alan Smith","startTime":4332.26,"endTime":4335.44,"body":"a principle, stick to it through"},{"speaker":"Alan Smith","startTime":4335.44,"endTime":4338.76,"body":"thick and thin, and you will"},{"speaker":"Alan Smith","startTime":4335.44,"endTime":4338.76,"body":"lose clients as a result, and"},{"speaker":"Alan Smith","startTime":4338.76,"endTime":4341.82,"body":"you can't win them all, yeah,"},{"speaker":"Alan Smith","startTime":4338.76,"endTime":4341.82,"body":"but they tend to be replaced"},{"speaker":"Alan Smith","startTime":4341.82,"endTime":4344.28,"body":"quite quickly as well. Someone"},{"speaker":"Alan Smith","startTime":4341.82,"endTime":4344.28,"body":"comes and,"},{"speaker":"Andy Hart","startTime":4345.899,"endTime":4348.179,"body":"sorry, I was at a"},{"speaker":"Andy Hart","startTime":4345.899,"endTime":4348.179,"body":"barbecue barbecue once, and a"},{"speaker":"Andy Hart","startTime":4348.179,"endTime":4350.699,"body":"guy there, I know he's got a few"},{"speaker":"Andy Hart","startTime":4348.179,"endTime":4350.699,"body":"quid, he come up to me and said,"},{"speaker":"Andy Hart","startTime":4350.699,"endTime":4353.639,"body":"Andy, I want to have a meeting"},{"speaker":"Andy Hart","startTime":4350.699,"endTime":4353.639,"body":"with you. I've had five"},{"speaker":"Andy Hart","startTime":4353.639,"endTime":4357.259,"body":"philanthrovisors, and they've"},{"speaker":"Andy Hart","startTime":4353.639,"endTime":4357.259,"body":"all been terrible. I'm thinking"},{"speaker":"Andy Hart","startTime":4357.259,"endTime":4363.919,"body":"as if I'm going to be the"},{"speaker":"Andy Hart","startTime":4357.259,"endTime":4363.919,"body":"freaking red flag. Yeah, all"},{"speaker":"Andy Hart","startTime":4363.919,"endTime":4366.379,"body":"five of them have been terrible."},{"speaker":"Andy Hart","startTime":4363.919,"endTime":4366.379,"body":"Not his name."},{"speaker":"Nick Lincoln","startTime":4366.62,"endTime":4368.36,"body":"Thank God you told"},{"speaker":"Nick Lincoln","startTime":4366.62,"endTime":4368.36,"body":"me before I wasted"},{"speaker":"Andy Hart","startTime":4368.36,"endTime":4370.46,"body":"much time with you."},{"speaker":"Andy Hart","startTime":4368.36,"endTime":4370.46,"body":"Yeah, that's the best thing you"},{"speaker":"Andy Hart","startTime":4370.46,"endTime":4372.74,"body":"could ever say to me in the"},{"speaker":"Andy Hart","startTime":4370.46,"endTime":4372.74,"body":"opening line next year's"},{"speaker":"Carl Widger","startTime":4372.74,"endTime":4375.62,"body":"barbecue I had, I"},{"speaker":"Carl Widger","startTime":4372.74,"endTime":4375.62,"body":"had Andy Hart as my advisor."},{"speaker":"Carl Widger","startTime":4375.62,"endTime":4378.94,"body":"Jesus. He isn't a clue what he's"},{"speaker":"Carl Widger","startTime":4375.62,"endTime":4378.94,"body":"doing. Oh, he's awful, but you"},{"speaker":"Carl Widger","startTime":4378.94,"endTime":4379.54,"body":"could it's just"},{"speaker":"Alan Smith","startTime":4379.9,"endTime":4385.12,"body":"my seventh financial"},{"speaker":"Alan Smith","startTime":4379.9,"endTime":4385.12,"body":"advisor. Yeah. Look, you've kind"},{"speaker":"Alan Smith","startTime":4385.12,"endTime":4388.9,"body":"of mentioned it before. Andy, we"},{"speaker":"Alan Smith","startTime":4385.12,"endTime":4388.9,"body":"act. One of our roles is"},{"speaker":"Alan Smith","startTime":4388.9,"endTime":4391.78,"body":"accountability coach, both in"},{"speaker":"Alan Smith","startTime":4388.9,"endTime":4391.78,"body":"terms of encouraging people to"},{"speaker":"Alan Smith","startTime":4391.78,"endTime":4395.62,"body":"save money, invest, stick to the"},{"speaker":"Alan Smith","startTime":4391.78,"endTime":4395.62,"body":"program and all that. And that's"},{"speaker":"Alan Smith","startTime":4395.62,"endTime":4400.14,"body":"what we are called to do for"},{"speaker":"Alan Smith","startTime":4395.62,"endTime":4400.14,"body":"these people, and it is easier"},{"speaker":"Alan Smith","startTime":4400.62,"endTime":4403.8,"body":"to give people what they want as"},{"speaker":"Alan Smith","startTime":4400.62,"endTime":4403.8,"body":"opposed to what they need. So"},{"speaker":"Alan Smith","startTime":4403.8,"endTime":4407.5199999999995,"body":"you stick to your guns. You act"},{"speaker":"Alan Smith","startTime":4403.8,"endTime":4407.5199999999995,"body":"as the accountability coach. It"},{"speaker":"Alan Smith","startTime":4407.5199999999995,"endTime":4410.7,"body":"is referenced in detail Nick I"},{"speaker":"Alan Smith","startTime":4407.5199999999995,"endTime":4410.7,"body":"think you might be mentioning it"},{"speaker":"Alan Smith","startTime":4410.7,"endTime":4414.24,"body":"later. But the book that I"},{"speaker":"Alan Smith","startTime":4410.7,"endTime":4414.24,"body":"mentioned before, David Baker"},{"speaker":"Alan Smith","startTime":4414.42,"endTime":4419.42,"body":"and his book, he talks about"},{"speaker":"Alan Smith","startTime":4414.42,"endTime":4419.42,"body":"order takers versus truth"},{"speaker":"Alan Smith","startTime":4419.42,"endTime":4422.72,"body":"tellers. Are you an order taker"},{"speaker":"Alan Smith","startTime":4419.42,"endTime":4422.72,"body":"or are you a truth teller? And"},{"speaker":"Alan Smith","startTime":4422.72,"endTime":4426.38,"body":"he said, truth telling takes"},{"speaker":"Alan Smith","startTime":4422.72,"endTime":4426.38,"body":"courage, and not everyone's got"},{"speaker":"Alan Smith","startTime":4426.38,"endTime":4430.04,"body":"it, but if you've got courage"},{"speaker":"Alan Smith","startTime":4426.38,"endTime":4430.04,"body":"and you tell the truth, you will"},{"speaker":"Alan Smith","startTime":4430.04,"endTime":4432.92,"body":"lose some of the battles, but"},{"speaker":"Alan Smith","startTime":4430.04,"endTime":4432.92,"body":"you will always win the war, and"},{"speaker":"Alan Smith","startTime":4432.92,"endTime":4435.2,"body":"you'll have integrity. And you"},{"speaker":"Alan Smith","startTime":4432.92,"endTime":4435.2,"body":"look yourself in the mirror, you"},{"speaker":"Alan Smith","startTime":4435.2,"endTime":4438.46,"body":"say, I'm doing the right thing"},{"speaker":"Alan Smith","startTime":4435.2,"endTime":4438.46,"body":"by my clients, by myself, by my"},{"speaker":"Alan Smith","startTime":4438.46,"endTime":4442.3,"body":"firm. So I rest my case, you're"},{"speaker":"Alan Smith","startTime":4438.46,"endTime":4442.3,"body":"Mitch."},{"speaker":"Carl Widger","startTime":4442.3,"endTime":4446.68,"body":"Mitch, Mitch,"},{"speaker":"Carl Widger","startTime":4442.3,"endTime":4446.68,"body":"Anthony's phrase, our job is to"},{"speaker":"Carl Widger","startTime":4446.68,"endTime":4451.66,"body":"hold our clients feet to the"},{"speaker":"Carl Widger","startTime":4446.68,"endTime":4451.66,"body":"fire of their best intentions."},{"speaker":"Nick Lincoln","startTime":4453.22,"endTime":4455.86,"body":"Okay, very good,"},{"speaker":"Nick Lincoln","startTime":4453.22,"endTime":4455.86,"body":"very good. We gave that damn"},{"speaker":"Nick Lincoln","startTime":4455.86,"endTime":4459.0,"body":"good thrashing, that meat and"},{"speaker":"Nick Lincoln","startTime":4455.86,"endTime":4459.0,"body":"potatoes, and I hope, dear"},{"speaker":"Nick Lincoln","startTime":4459.0,"endTime":4461.82,"body":"TRAPPIST, you and you enjoyed"},{"speaker":"Nick Lincoln","startTime":4459.0,"endTime":4461.82,"body":"that as much as I did listening"},{"speaker":"Nick Lincoln","startTime":4461.82,"endTime":4465.9,"body":"to the Mr. Trap pack. Okay,"},{"speaker":"Nick Lincoln","startTime":4461.82,"endTime":4465.9,"body":"Tempus is fugitting at a rapid"},{"speaker":"Nick Lincoln","startTime":4465.9,"endTime":4469.5,"body":"click. It's 73 minutes in, and"},{"speaker":"Nick Lincoln","startTime":4465.9,"endTime":4469.5,"body":"we haven't even yet got to"},{"speaker":"Nick Lincoln","startTime":4469.5,"endTime":4472.2,"body":"TRAPPIST questions. But luckily,"},{"speaker":"Nick Lincoln","startTime":4469.5,"endTime":4472.2,"body":"I can see posters at the front"},{"speaker":"Nick Lincoln","startTime":4472.2,"endTime":4475.08,"body":"door, and she's hauling the"},{"speaker":"Nick Lincoln","startTime":4472.2,"endTime":4475.08,"body":"bulging sack of TRAPPIST"},{"speaker":"Nick Lincoln","startTime":4475.08,"endTime":4479.12,"body":"questions up my driveway. You"},{"speaker":"Nick Lincoln","startTime":4475.08,"endTime":4479.12,"body":"can leave a question via the"},{"speaker":"Nick Lincoln","startTime":4479.5999999999995,"endTime":4485.12,"body":"link in the pinned tweet. Also,"},{"speaker":"Nick Lincoln","startTime":4479.5999999999995,"endTime":4485.12,"body":"there will be a link to that in"},{"speaker":"Nick Lincoln","startTime":4485.12,"endTime":4487.04,"body":"the so called show notes, and"},{"speaker":"Nick Lincoln","startTime":4485.12,"endTime":4487.04,"body":"we're getting through them"},{"speaker":"Nick Lincoln","startTime":4487.04,"endTime":4491.78,"body":"gradually, but we've still got"},{"speaker":"Nick Lincoln","startTime":4487.04,"endTime":4491.78,"body":"quite a few to go. So let's see"},{"speaker":"Nick Lincoln","startTime":4491.78,"endTime":4495.5599999999995,"body":"who the first one is from. Let"},{"speaker":"Nick Lincoln","startTime":4491.78,"endTime":4495.5599999999995,"body":"me open up this letter here."},{"speaker":"Nick Lincoln","startTime":4495.5599999999995,"endTime":4502.42,"body":"This is from Darren F. Now"},{"speaker":"Nick Lincoln","startTime":4495.5599999999995,"endTime":4502.42,"body":"Darren F, I don't know if you"},{"speaker":"Nick Lincoln","startTime":4502.42,"endTime":4505.24,"body":"wanted to remain anonymous or"},{"speaker":"Nick Lincoln","startTime":4502.42,"endTime":4505.24,"body":"not, but sadly, you also put"},{"speaker":"Nick Lincoln","startTime":4505.24,"endTime":4507.58,"body":"your LinkedIn profile in there,"},{"speaker":"Nick Lincoln","startTime":4505.24,"endTime":4507.58,"body":"so I know your name is Darren"},{"speaker":"Nick Lincoln","startTime":4507.58,"endTime":4510.94,"body":"Ford, and as I want to put the"},{"speaker":"Nick Lincoln","startTime":4507.58,"endTime":4510.94,"body":"LinkedIn link in the so called"},{"speaker":"Nick Lincoln","startTime":4510.94,"endTime":4513.76,"body":"show notes, it's out there in"},{"speaker":"Nick Lincoln","startTime":4510.94,"endTime":4513.76,"body":"the public domain. Hi, guys. I'm"},{"speaker":"Nick Lincoln","startTime":4513.76,"endTime":4516.76,"body":"a newly qualified IFA, I know"},{"speaker":"Nick Lincoln","startTime":4513.76,"endTime":4516.76,"body":"you're all pro global equities,"},{"speaker":"Nick Lincoln","startTime":4516.76,"endTime":4519.84,"body":"but wanted to hear your thoughts"},{"speaker":"Nick Lincoln","startTime":4516.76,"endTime":4519.84,"body":"on shifting client monies into"},{"speaker":"Nick Lincoln","startTime":4519.84,"endTime":4522.12,"body":"mainly dividend paying funds"},{"speaker":"Nick Lincoln","startTime":4519.84,"endTime":4522.12,"body":"when they're close to"},{"speaker":"Nick Lincoln","startTime":4522.12,"endTime":4524.76,"body":"retirement, and whether you"},{"speaker":"Nick Lincoln","startTime":4522.12,"endTime":4524.76,"body":"think this could be beneficial"},{"speaker":"Nick Lincoln","startTime":4524.76,"endTime":4529.0199999999995,"body":"for particular clients, slash"},{"speaker":"Nick Lincoln","startTime":4524.76,"endTime":4529.0199999999995,"body":"circumstances, right? Della"},{"speaker":"Nick Lincoln","startTime":4529.0199999999995,"endTime":4531.66,"body":"vocci has turned off his camera"},{"speaker":"Nick Lincoln","startTime":4529.0199999999995,"endTime":4531.66,"body":"and his microphone, so he's just"},{"speaker":"Nick Lincoln","startTime":4531.66,"endTime":4534.0599999999995,"body":"gone out. Sorry for cigarette."},{"speaker":"Nick Lincoln","startTime":4531.66,"endTime":4534.0599999999995,"body":"Probably I'm happy to run off"},{"speaker":"Nick Lincoln","startTime":4534.0599999999995,"endTime":4536.66,"body":"with this one initially. I"},{"speaker":"Nick Lincoln","startTime":4534.0599999999995,"endTime":4536.66,"body":"think, I think I think"},{"speaker":"Nick Lincoln","startTime":4536.66,"endTime":4539.24,"body":"historically, it's a it's a good"},{"speaker":"Nick Lincoln","startTime":4536.66,"endTime":4539.24,"body":"question. Darren from especially"},{"speaker":"Nick Lincoln","startTime":4539.24,"endTime":4541.7,"body":"if you're new to the profession,"},{"speaker":"Nick Lincoln","startTime":4539.24,"endTime":4541.7,"body":"that would have been the way to"},{"speaker":"Nick Lincoln","startTime":4541.7,"endTime":4543.68,"body":"do it. That's probably the way"},{"speaker":"Nick Lincoln","startTime":4541.7,"endTime":4543.68,"body":"you're taught to do it in"},{"speaker":"Nick Lincoln","startTime":4543.68,"endTime":4549.26,"body":"textbooks. I guess I would avoid"},{"speaker":"Nick Lincoln","startTime":4543.68,"endTime":4549.26,"body":"clients in income class, in"},{"speaker":"Nick Lincoln","startTime":4549.26,"endTime":4553.4,"body":"retirement going to income based"},{"speaker":"Nick Lincoln","startTime":4549.26,"endTime":4553.4,"body":"funds, if only because dividends"},{"speaker":"Nick Lincoln","startTime":4553.4,"endTime":4557.14,"body":"are lumpy. They're irregular and"},{"speaker":"Nick Lincoln","startTime":4553.4,"endTime":4557.14,"body":"and it's your fault if the"},{"speaker":"Nick Lincoln","startTime":4557.14,"endTime":4560.86,"body":"dividend is not at least as much"},{"speaker":"Nick Lincoln","startTime":4557.14,"endTime":4560.86,"body":"as it was the previous quarter,"},{"speaker":"Nick Lincoln","startTime":4560.92,"endTime":4565.78,"body":"six months ago, I go for a total"},{"speaker":"Nick Lincoln","startTime":4560.92,"endTime":4565.78,"body":"return, a total return kind of"},{"speaker":"Nick Lincoln","startTime":4565.78,"endTime":4567.88,"body":"approach, if. And this is that."},{"speaker":"Nick Lincoln","startTime":4565.78,"endTime":4567.88,"body":"This is the reason why. And"},{"speaker":"Nick Lincoln","startTime":4567.88,"endTime":4570.16,"body":"this, whilst the penny dropped"},{"speaker":"Nick Lincoln","startTime":4567.88,"endTime":4570.16,"body":"on this, it became bloody"},{"speaker":"Nick Lincoln","startTime":4570.16,"endTime":4573.64,"body":"obvious, if you've got 100"},{"speaker":"Nick Lincoln","startTime":4570.16,"endTime":4573.64,"body":"pounds in a stock and it"},{"speaker":"Nick Lincoln","startTime":4573.64,"endTime":4577.8,"body":"announces a 5% dividend, it pays"},{"speaker":"Nick Lincoln","startTime":4573.64,"endTime":4577.8,"body":"out five. Five pounds, the"},{"speaker":"Nick Lincoln","startTime":4577.8,"endTime":4580.5599999999995,"body":"dividend, the share price, drops"},{"speaker":"Nick Lincoln","startTime":4577.8,"endTime":4580.5599999999995,"body":"by that equivalent amount"},{"speaker":"Nick Lincoln","startTime":4580.5599999999995,"endTime":4584.64,"body":"immediately. So your shares are"},{"speaker":"Nick Lincoln","startTime":4580.5599999999995,"endTime":4584.64,"body":"now worth 95 pounds. So once,"},{"speaker":"Nick Lincoln","startTime":4584.64,"endTime":4586.62,"body":"just take the five pounds, not"},{"speaker":"Andy Hart","startTime":4586.68,"endTime":4589.8,"body":"it's not that cut and"},{"speaker":"Andy Hart","startTime":4586.68,"endTime":4589.8,"body":"dry, but no, it's that cut and"},{"speaker":"Andy Hart","startTime":4589.8,"endTime":4593.46,"body":"dry. It's not it's that cut and"},{"speaker":"Andy Hart","startTime":4589.8,"endTime":4593.46,"body":"dry. Okay, otherwise, people"},{"speaker":"Andy Hart","startTime":4593.46,"endTime":4595.5,"body":"gain the system. It is"},{"speaker":"Andy Hart","startTime":4593.46,"endTime":4595.5,"body":"absolutely that cut you're"},{"speaker":"Andy Hart","startTime":4595.5,"endTime":4597.74,"body":"smart, and I'm right and should"},{"speaker":"Andy Hart","startTime":4595.5,"endTime":4597.74,"body":"relate you realize I'm right."},{"speaker":"Nick Lincoln","startTime":4597.739,"endTime":4600.139,"body":"Okay, right? Andy,"},{"speaker":"Nick Lincoln","startTime":4597.739,"endTime":4600.139,"body":"okay, then go and go and go and"},{"speaker":"Nick Lincoln","startTime":4600.199,"endTime":4602.479,"body":"work on that and be a"},{"speaker":"Nick Lincoln","startTime":4600.199,"endTime":4602.479,"body":"millionaire and work the edges."},{"speaker":"Nick Lincoln","startTime":4602.479,"endTime":4605.059,"body":"It's absolutely that cut and"},{"speaker":"Nick Lincoln","startTime":4602.479,"endTime":4605.059,"body":"dry, the share price drops by"},{"speaker":"Nick Lincoln","startTime":4605.059,"endTime":4608.179,"body":"the amount of the dividend. So"},{"speaker":"Nick Lincoln","startTime":4605.059,"endTime":4608.179,"body":"why not just take a slice of the"},{"speaker":"Nick Lincoln","startTime":4608.179,"endTime":4609.979,"body":"total value of the share"},{"speaker":"Nick Lincoln","startTime":4608.179,"endTime":4609.979,"body":"portfolio? You know,"},{"speaker":"Nick Lincoln","startTime":4609.979,"endTime":4612.259,"body":"accumulation units work out."},{"speaker":"Nick Lincoln","startTime":4609.979,"endTime":4612.259,"body":"What's the sustainable"},{"speaker":"Nick Lincoln","startTime":4612.259,"endTime":4614.479,"body":"withdrawal rate? Obviously,"},{"speaker":"Nick Lincoln","startTime":4612.259,"endTime":4614.479,"body":"there is no such thing as a 4%"},{"speaker":"Nick Lincoln","startTime":4614.839,"endTime":4617.019,"body":"withdrawal rate, because that"},{"speaker":"Nick Lincoln","startTime":4614.839,"endTime":4617.019,"body":"seems we're all exactly the"},{"speaker":"Nick Lincoln","startTime":4617.019,"endTime":4619.239,"body":"same, and we'll have exactly the"},{"speaker":"Nick Lincoln","startTime":4617.019,"endTime":4619.239,"body":"same life. So we don't know."},{"speaker":"Nick Lincoln","startTime":4619.299,"endTime":4621.759,"body":"Again, with the cash flow coming"},{"speaker":"Nick Lincoln","startTime":4619.299,"endTime":4621.759,"body":"back to the meat and potatoes"},{"speaker":"Nick Lincoln","startTime":4621.759,"endTime":4623.8589999999995,"body":"part of this program. If you're"},{"speaker":"Nick Lincoln","startTime":4621.759,"endTime":4623.8589999999995,"body":"doing the cash flow for"},{"speaker":"Nick Lincoln","startTime":4623.8589999999995,"endTime":4626.019,"body":"everybody, you work out a"},{"speaker":"Nick Lincoln","startTime":4623.8589999999995,"endTime":4626.019,"body":"sustainable rate of income"},{"speaker":"Nick Lincoln","startTime":4626.019,"endTime":4628.659,"body":"across a client's income across"},{"speaker":"Nick Lincoln","startTime":4626.019,"endTime":4628.659,"body":"the class portfolios, rather,"},{"speaker":"Nick Lincoln","startTime":4628.659,"endTime":4631.7789999999995,"body":"and you take that rate, but you"},{"speaker":"Nick Lincoln","startTime":4628.659,"endTime":4631.7789999999995,"body":"take it as a total return thing."},{"speaker":"Nick Lincoln","startTime":4631.7789999999995,"endTime":4633.759,"body":"That's how I would approach it."},{"speaker":"Nick Lincoln","startTime":4631.7789999999995,"endTime":4633.759,"body":"Guys, your thoughts,"},{"speaker":"Andy Hart","startTime":4634.84,"endTime":4637.5,"body":"I agree with you. Top"},{"speaker":"Andy Hart","startTime":4634.84,"endTime":4637.5,"body":"return the just to answer his"},{"speaker":"Andy Hart","startTime":4637.5,"endTime":4640.0199999999995,"body":"question directly, I think, I"},{"speaker":"Andy Hart","startTime":4637.5,"endTime":4640.0199999999995,"body":"think there's a couple of points"},{"speaker":"Andy Hart","startTime":4640.0199999999995,"endTime":4643.44,"body":"here. I'm maybe assuming. He's"},{"speaker":"Andy Hart","startTime":4640.0199999999995,"endTime":4643.44,"body":"assuming, because that client is"},{"speaker":"Andy Hart","startTime":4643.44,"endTime":4646.68,"body":"now in retirement, therefore"},{"speaker":"Andy Hart","startTime":4643.44,"endTime":4646.68,"body":"they need income to fund their"},{"speaker":"Andy Hart","startTime":4646.68,"endTime":4649.8,"body":"lifestyle. So therefore we need"},{"speaker":"Andy Hart","startTime":4646.68,"endTime":4649.8,"body":"to create income in the"},{"speaker":"Andy Hart","startTime":4649.8,"endTime":4653.22,"body":"investment portfolio, which we"},{"speaker":"Andy Hart","startTime":4649.8,"endTime":4653.22,"body":"do in a slightly different way."},{"speaker":"Andy Hart","startTime":4653.22,"endTime":4655.38,"body":"I've done a bit of background"},{"speaker":"Andy Hart","startTime":4653.22,"endTime":4655.38,"body":"research to this question."},{"speaker":"Andy Hart","startTime":4655.38,"endTime":4659.12,"body":"Actually, there is a well known"},{"speaker":"Andy Hart","startTime":4655.38,"endTime":4659.12,"body":"fund manager that has a high"},{"speaker":"Andy Hart","startTime":4659.12,"endTime":4662.5999999999995,"body":"income dividend global equity"},{"speaker":"Andy Hart","startTime":4659.12,"endTime":4662.5999999999995,"body":"portfolio, the yield at the"},{"speaker":"Andy Hart","startTime":4662.5999999999995,"endTime":4667.04,"body":"moment is 2.97 let's just round"},{"speaker":"Andy Hart","startTime":4662.5999999999995,"endTime":4667.04,"body":"up and say three. I think our"},{"speaker":"Andy Hart","startTime":4667.0999999999995,"endTime":4672.0199999999995,"body":"100% global equity portfolio is"},{"speaker":"Andy Hart","startTime":4667.0999999999995,"endTime":4672.0199999999995,"body":"around one, 1.2 1.3 so the"},{"speaker":"Andy Hart","startTime":4672.0199999999995,"endTime":4676.48,"body":"discrepancy is high in terms of"},{"speaker":"Andy Hart","startTime":4672.0199999999995,"endTime":4676.48,"body":"percentage, but in terms of"},{"speaker":"Andy Hart","startTime":4676.48,"endTime":4679.78,"body":"overall return, nothing really"},{"speaker":"Andy Hart","startTime":4676.48,"endTime":4679.78,"body":"to shout about. I know you can"},{"speaker":"Andy Hart","startTime":4679.78,"endTime":4682.42,"body":"get, obviously high dividend"},{"speaker":"Andy Hart","startTime":4679.78,"endTime":4682.42,"body":"paying funds that are probably"},{"speaker":"Andy Hart","startTime":4682.42,"endTime":4686.14,"body":"paying five, six, and individual"},{"speaker":"Andy Hart","startTime":4682.42,"endTime":4686.14,"body":"stocks that are paying 678, you"},{"speaker":"Andy Hart","startTime":4686.14,"endTime":4690.0999999999995,"body":"know, pick a big number. But no"},{"speaker":"Andy Hart","startTime":4686.14,"endTime":4690.0999999999995,"body":"in terms of managing the cash"},{"speaker":"Andy Hart","startTime":4690.0999999999995,"endTime":4693.82,"body":"flow for the client, I'm happy"},{"speaker":"Andy Hart","startTime":4690.0999999999995,"endTime":4693.82,"body":"with total returns for various"},{"speaker":"Andy Hart","startTime":4693.82,"endTime":4698.46,"body":"different reasons. That's it."},{"speaker":"Andy Hart","startTime":4693.82,"endTime":4698.46,"body":"Over to you. Alan,"},{"speaker":"Alan Smith","startTime":4700.2,"endTime":4703.68,"body":"yeah, I think this"},{"speaker":"Alan Smith","startTime":4700.2,"endTime":4703.68,"body":"has become, this is a bit old"},{"speaker":"Alan Smith","startTime":4703.68,"endTime":4707.7,"body":"fashioned. This, this idea of"},{"speaker":"Alan Smith","startTime":4703.68,"endTime":4707.7,"body":"investing in dividend paying"},{"speaker":"Alan Smith","startTime":4707.7,"endTime":4710.7,"body":"stocks to generate an income,"},{"speaker":"Alan Smith","startTime":4707.7,"endTime":4710.7,"body":"and what are you going to live"},{"speaker":"Alan Smith","startTime":4710.7,"endTime":4714.3,"body":"on? The natural income, the"},{"speaker":"Alan Smith","startTime":4710.7,"endTime":4714.3,"body":"yield that are that is provided"},{"speaker":"Alan Smith","startTime":4714.3,"endTime":4716.72,"body":"that's sort of, that's the horse"},{"speaker":"Alan Smith","startTime":4714.3,"endTime":4716.72,"body":"before the cart. Let's just say,"},{"speaker":"Alan Smith","startTime":4716.72,"endTime":4719.42,"body":"whatever income I get, then I'll"},{"speaker":"Alan Smith","startTime":4716.72,"endTime":4719.42,"body":"have to live according to that."},{"speaker":"Alan Smith","startTime":4719.42,"endTime":4723.44,"body":"This has been largely superseded"},{"speaker":"Alan Smith","startTime":4719.42,"endTime":4723.44,"body":"by people doing real financial"},{"speaker":"Alan Smith","startTime":4723.44,"endTime":4725.66,"body":"planning, where you sit down"},{"speaker":"Alan Smith","startTime":4723.44,"endTime":4725.66,"body":"with a client, you work at what"},{"speaker":"Alan Smith","startTime":4725.66,"endTime":4728.18,"body":"their lifestyle looks like, what"},{"speaker":"Alan Smith","startTime":4725.66,"endTime":4728.18,"body":"their income requirements are,"},{"speaker":"Alan Smith","startTime":4728.18,"endTime":4732.08,"body":"then you optimize for that"},{"speaker":"Alan Smith","startTime":4728.18,"endTime":4732.08,"body":"across all asset classes as"},{"speaker":"Alan Smith","startTime":4732.08,"endTime":4735.98,"body":"appropriate, and you keep a"},{"speaker":"Alan Smith","startTime":4732.08,"endTime":4735.98,"body":"healthy cash buffer to fund your"},{"speaker":"Alan Smith","startTime":4735.98,"endTime":4738.28,"body":"known expenses for the next,"},{"speaker":"Alan Smith","startTime":4735.98,"endTime":4738.28,"body":"whatever, year, two years, three"},{"speaker":"Alan Smith","startTime":4738.28,"endTime":4741.7,"body":"years, etc. It's getting into"},{"speaker":"Alan Smith","startTime":4738.28,"endTime":4741.7,"body":"the weeds. It sounds like, as a"},{"speaker":"Alan Smith","startTime":4741.7,"endTime":4745.3,"body":"new advisor, he's, I don't know,"},{"speaker":"Alan Smith","startTime":4741.7,"endTime":4745.3,"body":"he's read a test textbook or"},{"speaker":"Alan Smith","startTime":4745.3,"endTime":4749.86,"body":"been told by a senior or someone"},{"speaker":"Alan Smith","startTime":4745.3,"endTime":4749.86,"body":"else. I mean, honestly, in the"},{"speaker":"Alan Smith","startTime":4749.86,"endTime":4753.82,"body":"1980s or 90s, it should be get"},{"speaker":"Alan Smith","startTime":4749.86,"endTime":4753.82,"body":"talked about quite a lot, and"},{"speaker":"Alan Smith","startTime":4753.82,"endTime":4757.38,"body":"not, you know. And it still is"},{"speaker":"Alan Smith","startTime":4753.82,"endTime":4757.38,"body":"talked about. And it's like a"},{"speaker":"Alan Smith","startTime":4757.38,"endTime":4760.2,"body":"Warren Buffett, isn't it? Isn't"},{"speaker":"Alan Smith","startTime":4757.38,"endTime":4760.2,"body":"it? It's kind of value stocks"},{"speaker":"Alan Smith","startTime":4760.2,"endTime":4763.44,"body":"Gen income, generated, etc, but"},{"speaker":"Alan Smith","startTime":4760.2,"endTime":4763.44,"body":"it's, that's, that's a slightly"},{"speaker":"Alan Smith","startTime":4763.44,"endTime":4766.86,"body":"different um, conversation, no,"},{"speaker":"Alan Smith","startTime":4763.44,"endTime":4766.86,"body":"this. The answer, according to"},{"speaker":"Alan Smith","startTime":4766.86,"endTime":4772.98,"body":"us, is, by is expect, look for"},{"speaker":"Alan Smith","startTime":4766.86,"endTime":4772.98,"body":"total return in terms of capital"},{"speaker":"Alan Smith","startTime":4772.98,"endTime":4776.54,"body":"growth and or income, and then"},{"speaker":"Alan Smith","startTime":4772.98,"endTime":4776.54,"body":"work out what your client needs."},{"speaker":"Alan Smith","startTime":4776.84,"endTime":4781.22,"body":"Build a model, build a plan,"},{"speaker":"Alan Smith","startTime":4776.84,"endTime":4781.22,"body":"apply your cash buffer"},{"speaker":"Alan Smith","startTime":4781.22,"endTime":4785.18,"body":"allowance, and you know, deliver"},{"speaker":"Alan Smith","startTime":4781.22,"endTime":4785.18,"body":"the client. Client needs when"},{"speaker":"Alan Smith","startTime":4785.18,"endTime":4788.36,"body":"they need it. So hope that"},{"speaker":"Alan Smith","startTime":4785.18,"endTime":4788.36,"body":"answers the question,"},{"speaker":"Nick Lincoln","startTime":4789.439,"endTime":4790.8189999999995,"body":"yeah. Carl,"},{"speaker":"Nick Lincoln","startTime":4789.439,"endTime":4790.8189999999995,"body":"anything to"},{"speaker":"Carl Widger","startTime":4792.26,"endTime":4796.16,"body":"add? I shocked that"},{"speaker":"Carl Widger","startTime":4792.26,"endTime":4796.16,"body":"it took three goals to answer"},{"speaker":"Carl Widger","startTime":4796.16,"endTime":4800.0199999999995,"body":"the question financial planning"},{"speaker":"Carl Widger","startTime":4796.16,"endTime":4800.0199999999995,"body":"is a process. And you plan each"},{"speaker":"Carl Widger","startTime":4800.0199999999995,"endTime":4802.84,"body":"year, how much do you need in"},{"speaker":"Carl Widger","startTime":4800.0199999999995,"endTime":4802.84,"body":"the short term for cash, and you"},{"speaker":"Carl Widger","startTime":4802.84,"endTime":4806.14,"body":"draw that out of your"},{"speaker":"Carl Widger","startTime":4802.84,"endTime":4806.14,"body":"portfolios. For me, as you know,"},{"speaker":"Carl Widger","startTime":4806.14,"endTime":4810.04,"body":"it's first three years, then"},{"speaker":"Carl Widger","startTime":4806.14,"endTime":4810.04,"body":"it's three to kind of eight,"},{"speaker":"Carl Widger","startTime":4810.04,"endTime":4813.0999999999995,"body":"nine years, and then it's longer"},{"speaker":"Carl Widger","startTime":4810.04,"endTime":4813.0999999999995,"body":"term. It's 100% equities. So you"},{"speaker":"Carl Widger","startTime":4813.0999999999995,"endTime":4815.5599999999995,"body":"can decide where you're going to"},{"speaker":"Carl Widger","startTime":4813.0999999999995,"endTime":4815.5599999999995,"body":"pull the money out of, and what"},{"speaker":"Carl Widger","startTime":4815.5599999999995,"endTime":4818.34,"body":"parts you're going to pull the"},{"speaker":"Carl Widger","startTime":4815.5599999999995,"endTime":4818.34,"body":"money out of it's financial"},{"speaker":"Carl Widger","startTime":4818.34,"endTime":4821.82,"body":"planning. You don't need"},{"speaker":"Carl Widger","startTime":4818.34,"endTime":4821.82,"body":"dividend income, and that goes"},{"speaker":"Carl Widger","startTime":4821.82,"endTime":4825.72,"body":"back to this 4% and the"},{"speaker":"Carl Widger","startTime":4821.82,"endTime":4825.72,"body":"guardrails. And it's all a lot"},{"speaker":"Carl Widger","startTime":4825.72,"endTime":4826.32,"body":"of all shite."},{"speaker":"Andy Hart","startTime":4827.88,"endTime":4830.58,"body":"It works on a"},{"speaker":"Andy Hart","startTime":4827.88,"endTime":4830.58,"body":"spreadsheet, on real life. Yeah,"},{"speaker":"Andy Hart","startTime":4830.58,"endTime":4830.82,"body":"it's"},{"speaker":"Carl Widger","startTime":4830.82,"endTime":4834.0599999999995,"body":"a lot of crap. I'm"},{"speaker":"Carl Widger","startTime":4830.82,"endTime":4834.0599999999995,"body":"sorry. It is financial planning."},{"speaker":"Carl Widger","startTime":4834.0599999999995,"endTime":4837.44,"body":"And take decide, you know in"},{"speaker":"Carl Widger","startTime":4834.0599999999995,"endTime":4837.44,"body":"advance and what you need for"},{"speaker":"Carl Widger","startTime":4837.44,"endTime":4839.78,"body":"the next two or three years."},{"speaker":"Carl Widger","startTime":4837.44,"endTime":4839.78,"body":"That's where you get your income"},{"speaker":"Carl Widger","startTime":4839.78,"endTime":4841.22,"body":"from noggins,"},{"speaker":"Nick Lincoln","startTime":4844.46,"endTime":4847.64,"body":"1994 Opus. I mean,"},{"speaker":"Nick Lincoln","startTime":4844.46,"endTime":4847.64,"body":"it's essential reading if you're"},{"speaker":"Nick Lincoln","startTime":4847.64,"endTime":4848.9,"body":"dealing with human beings. But"},{"speaker":"Carl Widger","startTime":4848.9,"endTime":4851.36,"body":"it's not, it's not"},{"speaker":"Carl Widger","startTime":4848.9,"endTime":4851.36,"body":"it's not a, it's not a, it's not"},{"speaker":"Carl Widger","startTime":4851.36,"endTime":4855.0199999999995,"body":"an old fashioned or a stupid"},{"speaker":"Carl Widger","startTime":4851.36,"endTime":4855.0199999999995,"body":"question from whoever the our"},{"speaker":"Carl Widger","startTime":4855.0199999999995,"endTime":4859.12,"body":"listener. Because this still"},{"speaker":"Carl Widger","startTime":4855.0199999999995,"endTime":4859.12,"body":"prevails in"},{"speaker":"Alan Smith","startTime":4860.26,"endTime":4863.14,"body":"our business, saying"},{"speaker":"Alan Smith","startTime":4860.26,"endTime":4863.14,"body":"he's he's been somewhere"},{"speaker":"Alan Smith","startTime":4863.5,"endTime":4867.34,"body":"Exactly. It's legacy thinking"},{"speaker":"Alan Smith","startTime":4863.5,"endTime":4867.34,"body":"from a different era. There's no"},{"speaker":"Andy Hart","startTime":4867.34,"endTime":4871.0,"body":"such thing as a"},{"speaker":"Andy Hart","startTime":4867.34,"endTime":4871.0,"body":"stupid question, only stupid"},{"speaker":"Andy Hart","startTime":4871.0,"endTime":4871.36,"body":"person."},{"speaker":"Carl Widger","startTime":4873.58,"endTime":4875.5599999999995,"body":"Yeah, right. Good"},{"speaker":"Carl Widger","startTime":4873.58,"endTime":4875.5599999999995,"body":"cliche there. Andrew,"},{"speaker":"Nick Lincoln","startTime":4875.799,"endTime":4878.999,"body":"yeah. That's okay."},{"speaker":"Nick Lincoln","startTime":4875.799,"endTime":4878.999,"body":"I'm tempted to play the Andy"},{"speaker":"Nick Lincoln","startTime":4878.999,"endTime":4882.059,"body":"Ultra one again, but I don't do"},{"speaker":"Nick Lincoln","startTime":4878.999,"endTime":4882.059,"body":"Okay, so let's so there you go,"},{"speaker":"Nick Lincoln","startTime":4882.059,"endTime":4886.499,"body":"Darren F known on LinkedIn as"},{"speaker":"Nick Lincoln","startTime":4882.059,"endTime":4886.499,"body":"Darren Ford. Hope that answered"},{"speaker":"Nick Lincoln","startTime":4886.499,"endTime":4889.079,"body":"your question, and I hope you"},{"speaker":"Nick Lincoln","startTime":4886.499,"endTime":4889.079,"body":"enjoy this mighty profession,"},{"speaker":"Nick Lincoln","startTime":4889.079,"endTime":4891.299,"body":"this thing of ours that you've"},{"speaker":"Nick Lincoln","startTime":4889.079,"endTime":4891.299,"body":"entered. Once you're in, you"},{"speaker":"Nick Lincoln","startTime":4891.299,"endTime":4896.599,"body":"can't get out. Okay, let's move"},{"speaker":"Nick Lincoln","startTime":4891.299,"endTime":4896.599,"body":"on to culture corner."},{"speaker":"Alan Smith","startTime":4901.939,"endTime":4906.379,"body":"Quick one. Nick's"},{"speaker":"Alan Smith","startTime":4901.939,"endTime":4906.379,"body":"close personal friend Josh"},{"speaker":"Alan Smith","startTime":4906.379,"endTime":4911.479,"body":"Brown, who runs a podcast for"},{"speaker":"Alan Smith","startTime":4906.379,"endTime":4911.479,"body":"advisors in the US called the"},{"speaker":"Alan Smith","startTime":4911.479,"endTime":4913.999,"body":"compound. Believe it's called"},{"speaker":"Alan Smith","startTime":4911.479,"endTime":4913.999,"body":"compound and friends, something"},{"speaker":"Alan Smith","startTime":4913.999,"endTime":4918.519,"body":"like that. He runs about 20"},{"speaker":"Alan Smith","startTime":4913.999,"endTime":4918.519,"body":"podcasts. Yeah, he does, but he"},{"speaker":"Alan Smith","startTime":4918.519,"endTime":4922.419,"body":"is, he did, as is being"},{"speaker":"Alan Smith","startTime":4918.519,"endTime":4922.419,"body":"mentioned already on this"},{"speaker":"Alan Smith","startTime":4922.419,"endTime":4926.259,"body":"conversation, he's very much"},{"speaker":"Alan Smith","startTime":4922.419,"endTime":4926.259,"body":"part of the future proof"},{"speaker":"Alan Smith","startTime":4926.799,"endTime":4930.639,"body":"festival in California, and as"},{"speaker":"Alan Smith","startTime":4926.799,"endTime":4930.639,"body":"part of that, I saw he"},{"speaker":"Alan Smith","startTime":4930.639,"endTime":4933.459,"body":"interviewed. We've also"},{"speaker":"Alan Smith","startTime":4930.639,"endTime":4933.459,"body":"mentioned this guy before, Peter"},{"speaker":"Alan Smith","startTime":4933.459,"endTime":4939.299,"body":"maluk, creative wealth planning"},{"speaker":"Alan Smith","startTime":4933.459,"endTime":4939.299,"body":"in Kansas City. It's a great"},{"speaker":"Alan Smith","startTime":4939.299,"endTime":4942.299,"body":"interview. I never tire of"},{"speaker":"Alan Smith","startTime":4939.299,"endTime":4942.299,"body":"hearing Peter malouk. He's very"},{"speaker":"Alan Smith","startTime":4942.299,"endTime":4948.899,"body":"modest, very humble. He is at"},{"speaker":"Alan Smith","startTime":4942.299,"endTime":4948.899,"body":"his firm is at over $300 billion"},{"speaker":"Alan Smith","startTime":4949.559,"endTime":4952.259,"body":"in assets under management, so"},{"speaker":"Alan Smith","startTime":4949.559,"endTime":4952.259,"body":"like nearly double the size of"},{"speaker":"Alan Smith","startTime":4952.259,"endTime":4954.3589999999995,"body":"St James's place in this"},{"speaker":"Alan Smith","startTime":4952.259,"endTime":4954.3589999999995,"body":"country. And they're an"},{"speaker":"Alan Smith","startTime":4954.3589999999995,"endTime":4958.579,"body":"independent fee based use low"},{"speaker":"Alan Smith","startTime":4954.3589999999995,"endTime":4958.579,"body":"cost index. I believe they're a"},{"speaker":"Alan Smith","startTime":4958.579,"endTime":4962.539,"body":"big dimensional user as well,"},{"speaker":"Alan Smith","startTime":4958.579,"endTime":4962.539,"body":"but that's what they do. So, you"},{"speaker":"Alan Smith","startTime":4962.539,"endTime":4965.179,"body":"know, don't tell me you can't"},{"speaker":"Alan Smith","startTime":4962.539,"endTime":4965.179,"body":"scale financial"},{"speaker":"Carl Widger","startTime":4965.48,"endTime":4966.32,"body":"financial planning,"},{"speaker":"Alan Smith","startTime":4968.599,"endTime":4971.959,"body":"financial Yeah, they"},{"speaker":"Alan Smith","startTime":4968.599,"endTime":4971.959,"body":"have. They have done something"},{"speaker":"Alan Smith","startTime":4971.959,"endTime":4976.7789999999995,"body":"like 37% compound annual growth"},{"speaker":"Alan Smith","startTime":4971.959,"endTime":4976.7789999999995,"body":"for the last decade. I think"},{"speaker":"Alan Smith","startTime":4976.7789999999995,"endTime":4980.559,"body":"it's just extraordinary what he"},{"speaker":"Alan Smith","startTime":4976.7789999999995,"endTime":4980.559,"body":"says. And it just seems, you"},{"speaker":"Alan Smith","startTime":4980.559,"endTime":4983.3189999999995,"body":"know, quite a humble guy, quite"},{"speaker":"Alan Smith","startTime":4980.559,"endTime":4983.3189999999995,"body":"down to earth. And he just"},{"speaker":"Alan Smith","startTime":4984.039,"endTime":4987.039,"body":"explains a lot of how he's done"},{"speaker":"Alan Smith","startTime":4984.039,"endTime":4987.039,"body":"it. He talks about, you know,"},{"speaker":"Alan Smith","startTime":4987.039,"endTime":4989.439,"body":"the metrics that he tracks. He"},{"speaker":"Alan Smith","startTime":4987.039,"endTime":4989.439,"body":"doesn't really like, as, I don't"},{"speaker":"Alan Smith","startTime":4989.439,"endTime":4992.8589999999995,"body":"really love AUM as a measure,"},{"speaker":"Alan Smith","startTime":4989.439,"endTime":4992.8589999999995,"body":"because he was just making the"},{"speaker":"Alan Smith","startTime":4992.8589999999995,"endTime":4995.679,"body":"point about helping families. We"},{"speaker":"Alan Smith","startTime":4992.8589999999995,"endTime":4995.679,"body":"just want to help more and more,"},{"speaker":"Alan Smith","startTime":4995.679,"endTime":4998.8189999999995,"body":"more and more families. But AUM"},{"speaker":"Alan Smith","startTime":4995.679,"endTime":4998.8189999999995,"body":"is a measure that the industry"},{"speaker":"Alan Smith","startTime":4998.879,"endTime":5003.559,"body":"focuses on. But it was, it was,"},{"speaker":"Alan Smith","startTime":4998.879,"endTime":5003.559,"body":"it's 37 minutes long, well worth"},{"speaker":"Alan Smith","startTime":5003.559,"endTime":5006.979,"body":"listening to or watching um,"},{"speaker":"Alan Smith","startTime":5003.559,"endTime":5006.979,"body":"because he's full of little"},{"speaker":"Alan Smith","startTime":5006.979,"endTime":5009.799,"body":"gems. And there's wisdom for all"},{"speaker":"Alan Smith","startTime":5006.979,"endTime":5009.799,"body":"of us. Whether you're new to the"},{"speaker":"Alan Smith","startTime":5009.799,"endTime":5013.519,"body":"business or you've been doing"},{"speaker":"Alan Smith","startTime":5009.799,"endTime":5013.519,"body":"this stuff for decades, it's"},{"speaker":"Alan Smith","startTime":5013.759,"endTime":5015.199,"body":"excellent, I would suggest."},{"speaker":"Nick Lincoln","startTime":5016.64,"endTime":5019.36,"body":"Thank you. Okay,"},{"speaker":"Nick Lincoln","startTime":5016.64,"endTime":5019.36,"body":"yep. Love Peter maloo, as does a"},{"speaker":"Nick Lincoln","startTime":5019.36,"endTime":5023.0199999999995,"body":"long time. Listen to the show"},{"speaker":"Nick Lincoln","startTime":5019.36,"endTime":5023.0199999999995,"body":"and friend of ours, Sam slomer,"},{"speaker":"Nick Lincoln","startTime":5023.0199999999995,"endTime":5025.3,"body":"so Sam, if you listen to this,"},{"speaker":"Nick Lincoln","startTime":5023.0199999999995,"endTime":5025.3,"body":"there's your Peter maluk"},{"speaker":"Nick Lincoln","startTime":5025.3,"endTime":5029.86,"body":"reference for the episode 54 of"},{"speaker":"Nick Lincoln","startTime":5025.3,"endTime":5029.86,"body":"track, okay? Me, yes, referring"},{"speaker":"Nick Lincoln","startTime":5029.86,"endTime":5032.68,"body":"back to a book that storyteller"},{"speaker":"Nick Lincoln","startTime":5029.86,"endTime":5032.68,"body":"mentioned earlier, David Baker's"},{"speaker":"Nick Lincoln","startTime":5032.68,"endTime":5036.36,"body":"secret trade craft of elite"},{"speaker":"Nick Lincoln","startTime":5032.68,"endTime":5036.36,"body":"advisors. It's not, it's not"},{"speaker":"Nick Lincoln","startTime":5036.36,"endTime":5039.54,"body":"directly written to financial"},{"speaker":"Nick Lincoln","startTime":5036.36,"endTime":5039.54,"body":"advice advisory people or"},{"speaker":"Nick Lincoln","startTime":5039.54,"endTime":5042.0599999999995,"body":"financial advisory firms, but"},{"speaker":"Nick Lincoln","startTime":5039.54,"endTime":5042.0599999999995,"body":"the lessons you read from the"},{"speaker":"Nick Lincoln","startTime":5042.0599999999995,"endTime":5045.18,"body":"book can be easily used in"},{"speaker":"Nick Lincoln","startTime":5042.0599999999995,"endTime":5045.18,"body":"building a really good financial"},{"speaker":"Nick Lincoln","startTime":5045.18,"endTime":5048.0,"body":"advisory process. And as Alan"},{"speaker":"Nick Lincoln","startTime":5045.18,"endTime":5048.0,"body":"mentioned earlier, you want to"},{"speaker":"Nick Lincoln","startTime":5048.0,"endTime":5050.82,"body":"be the person that tells the"},{"speaker":"Nick Lincoln","startTime":5048.0,"endTime":5050.82,"body":"truth. You do not want to be an"},{"speaker":"Nick Lincoln","startTime":5050.82,"endTime":5053.28,"body":"order taker in this business."},{"speaker":"Nick Lincoln","startTime":5050.82,"endTime":5053.28,"body":"And if you get nothing else from"},{"speaker":"Nick Lincoln","startTime":5053.28,"endTime":5056.16,"body":"this book, get that but he"},{"speaker":"Nick Lincoln","startTime":5053.28,"endTime":5056.16,"body":"writes in a very, very direct,"},{"speaker":"Nick Lincoln","startTime":5056.16,"endTime":5058.5599999999995,"body":"pithy style. He's American, but"},{"speaker":"Nick Lincoln","startTime":5056.16,"endTime":5058.5599999999995,"body":"he's got some of the Brett"},{"speaker":"Nick Lincoln","startTime":5058.5599999999995,"endTime":5062.18,"body":"Davidson, in him and in the way"},{"speaker":"Nick Lincoln","startTime":5058.5599999999995,"endTime":5062.18,"body":"he writes. So I was just to get"},{"speaker":"Nick Lincoln","startTime":5062.18,"endTime":5065.12,"body":"the secret trade craft of elite"},{"speaker":"Nick Lincoln","startTime":5062.18,"endTime":5065.12,"body":"advisors, and then I've got two"},{"speaker":"Nick Lincoln","startTime":5065.3,"endTime":5068.84,"body":"quick very quickly, Rory"},{"speaker":"Nick Lincoln","startTime":5065.3,"endTime":5068.84,"body":"Sutherland, who is, of course, a"},{"speaker":"Nick Lincoln","startTime":5068.84,"endTime":5073.22,"body":"close personal friend of the"},{"speaker":"Nick Lincoln","startTime":5068.84,"endTime":5073.22,"body":"show his podcast, he had"},{"speaker":"Nick Lincoln","startTime":5073.28,"endTime":5076.84,"body":"Samson's head of marketing in"},{"speaker":"Nick Lincoln","startTime":5073.28,"endTime":5076.84,"body":"Europe, a guy called Benjamin"},{"speaker":"Nick Lincoln","startTime":5076.96,"endTime":5079.72,"body":"Braun on his show recently, and"},{"speaker":"Nick Lincoln","startTime":5076.96,"endTime":5079.72,"body":"it's really, really interesting"},{"speaker":"Nick Lincoln","startTime":5079.72,"endTime":5082.96,"body":"interview. Benjamin brawn not"},{"speaker":"Nick Lincoln","startTime":5079.72,"endTime":5082.96,"body":"like your typical high ranking C"},{"speaker":"Nick Lincoln","startTime":5082.96,"endTime":5087.64,"body":"suite executive. He's very just"},{"speaker":"Nick Lincoln","startTime":5082.96,"endTime":5087.64,"body":"Yeah, makes sense. He's"},{"speaker":"Nick Lincoln","startTime":5087.64,"endTime":5090.34,"body":"entertaining. And this is how"},{"speaker":"Nick Lincoln","startTime":5087.64,"endTime":5090.34,"body":"good he was as a speaker and how"},{"speaker":"Nick Lincoln","startTime":5090.34,"endTime":5093.64,"body":"he was listening to Rory didn't"},{"speaker":"Nick Lincoln","startTime":5090.34,"endTime":5093.64,"body":"dominate him in terms of how"},{"speaker":"Nick Lincoln","startTime":5093.64,"endTime":5096.28,"body":"much time Rory was speaking for."},{"speaker":"Nick Lincoln","startTime":5093.64,"endTime":5096.28,"body":"So listen to that. There's link"},{"speaker":"Nick Lincoln","startTime":5096.28,"endTime":5098.32,"body":"to that so called show notes."},{"speaker":"Nick Lincoln","startTime":5096.28,"endTime":5098.32,"body":"Okay,"},{"speaker":"Andy Hart","startTime":5098.98,"endTime":5102.12,"body":"you okay. This is my"},{"speaker":"Andy Hart","startTime":5098.98,"endTime":5102.12,"body":"book recommendation. This is"},{"speaker":"Andy Hart","startTime":5102.12,"endTime":5106.0199999999995,"body":"from Robert Greene. I listened"},{"speaker":"Andy Hart","startTime":5102.12,"endTime":5106.0199999999995,"body":"to this book, originally called"},{"speaker":"Andy Hart","startTime":5106.0199999999995,"endTime":5109.0199999999995,"body":"the laws of human nature, but I"},{"speaker":"Andy Hart","startTime":5106.0199999999995,"endTime":5109.0199999999995,"body":"bought it online the other day,"},{"speaker":"Andy Hart","startTime":5109.0199999999995,"endTime":5112.92,"body":"and it's a slight tweak to the"},{"speaker":"Andy Hart","startTime":5109.0199999999995,"endTime":5112.92,"body":"title, the concise laws of human"},{"speaker":"Andy Hart","startTime":5112.92,"endTime":5115.2,"body":"nature. So the book is actually"},{"speaker":"Andy Hart","startTime":5112.92,"endTime":5115.2,"body":"half the size. This is like the"},{"speaker":"Andy Hart","startTime":5115.2,"endTime":5118.22,"body":"size of an iPhone. I quite like"},{"speaker":"Andy Hart","startTime":5115.2,"endTime":5118.22,"body":"these books. I've gone back to"},{"speaker":"Andy Hart","startTime":5118.22,"endTime":5121.4,"body":"physical books, and the smaller"},{"speaker":"Andy Hart","startTime":5118.22,"endTime":5121.4,"body":"the better. So if anyone is"},{"speaker":"Andy Hart","startTime":5121.4,"endTime":5125.3,"body":"listening to this, we've got any"},{"speaker":"Andy Hart","startTime":5121.4,"endTime":5125.3,"body":"recommendations for small books"},{"speaker":"Andy Hart","startTime":5125.5999999999995,"endTime":5131.12,"body":"that are physical, concise color"},{"speaker":"Andy Hart","startTime":5125.5999999999995,"endTime":5131.12,"body":"red. Yes, we've got a great set"},{"speaker":"Andy Hart","startTime":5131.12,"endTime":5134.42,"body":"of crayons with it. Yeah. Please"},{"speaker":"Andy Hart","startTime":5131.12,"endTime":5134.42,"body":"do let me know"},{"speaker":"Alan Smith","startTime":5135.2,"endTime":5137.68,"body":"I think your four"},{"speaker":"Alan Smith","startTime":5135.2,"endTime":5137.68,"body":"year old twins have got some"},{"speaker":"Alan Smith","startTime":5137.68,"endTime":5140.32,"body":"books, some small books you"},{"speaker":"Alan Smith","startTime":5137.68,"endTime":5140.32,"body":"could read as well. It's"},{"speaker":"Alan Smith","startTime":5140.62,"endTime":5141.16,"body":"brilliant. I"},{"speaker":"Andy Hart","startTime":5141.159,"endTime":5143.199,"body":"love these books."},{"speaker":"Andy Hart","startTime":5141.159,"endTime":5143.199,"body":"They're just like, so handy"},{"speaker":"Andy Hart","startTime":5143.3189999999995,"endTime":5143.679,"body":"anyway,"},{"speaker":"Nick Lincoln","startTime":5144.76,"endTime":5147.5199999999995,"body":"on ones, isn't it?"},{"speaker":"Nick Lincoln","startTime":5144.76,"endTime":5147.5199999999995,"body":"Show your work? Are they all"},{"speaker":"Nick Lincoln","startTime":5147.5199999999995,"endTime":5151.36,"body":"quite six? Yeah, dinky, yeah."},{"speaker":"Nick Lincoln","startTime":5147.5199999999995,"endTime":5151.36,"body":"Anyone"},{"speaker":"Andy Hart","startTime":5151.36,"endTime":5153.16,"body":"got any"},{"speaker":"Andy Hart","startTime":5151.36,"endTime":5153.16,"body":"recommendation for basics books?"},{"speaker":"Andy Hart","startTime":5153.22,"endTime":5154.5999999999995,"body":"Let me know."},{"speaker":"Nick Lincoln","startTime":5155.74,"endTime":5158.76,"body":"Thank you. Carl,"},{"speaker":"Nick Lincoln","startTime":5155.74,"endTime":5158.76,"body":"IKEA wardrobe. Yes, sorry. Go"},{"speaker":"Nick Lincoln","startTime":5159.66,"endTime":5160.98,"body":"on, almost embarrassed"},{"speaker":"Carl Widger","startTime":5160.98,"endTime":5163.62,"body":"to say that I've"},{"speaker":"Carl Widger","startTime":5160.98,"endTime":5163.62,"body":"only just finished the"},{"speaker":"Carl Widger","startTime":5163.62,"endTime":5167.88,"body":"psychology of money by Morgan"},{"speaker":"Carl Widger","startTime":5163.62,"endTime":5167.88,"body":"Housel, here's the thing, right?"},{"speaker":"Carl Widger","startTime":5167.88,"endTime":5172.08,"body":"I don't know what bias got into"},{"speaker":"Carl Widger","startTime":5167.88,"endTime":5172.08,"body":"my head that I decided I didn't"},{"speaker":"Carl Widger","startTime":5172.32,"endTime":5175.74,"body":"like Morgan Housel, I would like"},{"speaker":"Carl Widger","startTime":5172.32,"endTime":5175.74,"body":"to publicly apologize to Morgan"},{"speaker":"Carl Widger","startTime":5175.74,"endTime":5180.86,"body":"Housel. Yeah, the book is"},{"speaker":"Carl Widger","startTime":5175.74,"endTime":5180.86,"body":"absolutely superb, so good, in"},{"speaker":"Carl Widger","startTime":5180.86,"endTime":5184.64,"body":"fact, that I bought a few hard"},{"speaker":"Carl Widger","startTime":5180.86,"endTime":5184.64,"body":"copies to give to clients. If"},{"speaker":"Carl Widger","startTime":5184.64,"endTime":5189.08,"body":"you haven't like me, and you're"},{"speaker":"Carl Widger","startTime":5184.64,"endTime":5189.08,"body":"embarrassing yourself like me,"},{"speaker":"Carl Widger","startTime":5189.08,"endTime":5191.36,"body":"that you haven't read it yet,"},{"speaker":"Carl Widger","startTime":5189.08,"endTime":5191.36,"body":"and you're in financial"},{"speaker":"Carl Widger","startTime":5191.36,"endTime":5194.72,"body":"planning, then you need to go"},{"speaker":"Carl Widger","startTime":5191.36,"endTime":5194.72,"body":"and get it, please. It's superb."},{"speaker":"Carl Widger","startTime":5194.72,"endTime":5194.9,"body":"It's"},{"speaker":"Andy Hart","startTime":5194.9,"endTime":5198.16,"body":"brilliant. Yes, 20"},{"speaker":"Andy Hart","startTime":5194.9,"endTime":5198.16,"body":"chances, which is great, 20"},{"speaker":"Andy Hart","startTime":5198.16,"endTime":5200.08,"body":"amazing stories. Yeah, it's"},{"speaker":"Andy Hart","startTime":5198.16,"endTime":5200.08,"body":"really good. Actually,"},{"speaker":"Alan Smith","startTime":5200.08,"endTime":5202.9,"body":"it would be fair to"},{"speaker":"Alan Smith","startTime":5200.08,"endTime":5202.9,"body":"say that Morgan Housel is a"},{"speaker":"Alan Smith","startTime":5202.9,"endTime":5209.2,"body":"close personal friend of Andy"},{"speaker":"Alan Smith","startTime":5202.9,"endTime":5209.2,"body":"and I isn't that, right? We five"},{"speaker":"Alan Smith","startTime":5209.2,"endTime":5212.62,"body":"almost. That's another. That's a"},{"speaker":"Alan Smith","startTime":5209.2,"endTime":5212.62,"body":"whole other story."},{"speaker":"Andy Hart","startTime":5212.68,"endTime":5214.36,"body":"We'll move on from"},{"speaker":"Andy Hart","startTime":5212.68,"endTime":5214.36,"body":"that story. Yeah,"},{"speaker":"Nick Lincoln","startTime":5215.139,"endTime":5216.8189999999995,"body":"yeah. I think"},{"speaker":"Nick Lincoln","startTime":5215.139,"endTime":5216.8189999999995,"body":"close and personal. I think"},{"speaker":"Nick Lincoln","startTime":5216.8189999999995,"endTime":5218.8589999999995,"body":"actually, friend is pushing on"},{"speaker":"Nick Lincoln","startTime":5216.8189999999995,"endTime":5218.8589999999995,"body":"all three counts. But, uh,"},{"speaker":"Nick Lincoln","startTime":5218.8589999999995,"endTime":5222.7789999999995,"body":"counts. But there you go. He's a"},{"speaker":"Nick Lincoln","startTime":5218.8589999999995,"endTime":5222.7789999999995,"body":"very well regarded writer. I'm"},{"speaker":"Nick Lincoln","startTime":5222.7789999999995,"endTime":5225.839,"body":"not totally it looks a bit like,"},{"speaker":"Nick Lincoln","startTime":5222.7789999999995,"endTime":5225.839,"body":"for those who don't know, if you"},{"speaker":"Nick Lincoln","startTime":5225.839,"endTime":5228.719,"body":"never see Andy Kaufman and"},{"speaker":"Nick Lincoln","startTime":5225.839,"endTime":5228.719,"body":"Morgan Housel in the same room"},{"speaker":"Nick Lincoln","startTime":5228.719,"endTime":5231.839,"body":"at the same time, he looks like"},{"speaker":"Nick Lincoln","startTime":5228.719,"endTime":5231.839,"body":"LAFCO off taxi. There you go."},{"speaker":"Nick Lincoln","startTime":5231.839,"endTime":5234.959,"body":"And that's, that's who Morgan"},{"speaker":"Nick Lincoln","startTime":5231.839,"endTime":5234.959,"body":"Housel resembles. Okay, dear"},{"speaker":"Nick Lincoln","startTime":5234.959,"endTime":5237.539,"body":"Trappist. That is now Andy. I"},{"speaker":"Nick Lincoln","startTime":5234.959,"endTime":5237.539,"body":"will do my closing Spiel now. So"},{"speaker":"Nick Lincoln","startTime":5237.539,"endTime":5239.479,"body":"do you want to talk over me"},{"speaker":"Nick Lincoln","startTime":5237.539,"endTime":5239.479,"body":"halfway through? Want to talk"},{"speaker":"Nick Lincoln","startTime":5239.479,"endTime":5242.539,"body":"over me halfway through it?"},{"speaker":"Nick Lincoln","startTime":5239.479,"endTime":5242.539,"body":"That's okay, great stuff. That's"},{"speaker":"Nick Lincoln","startTime":5242.539,"endTime":5244.699,"body":"a wrap for this episode. Dear"},{"speaker":"Nick Lincoln","startTime":5242.539,"endTime":5244.699,"body":"Travis, thank you for your"},{"speaker":"Nick Lincoln","startTime":5244.699,"endTime":5246.979,"body":"precious time and input to the"},{"speaker":"Nick Lincoln","startTime":5244.699,"endTime":5246.979,"body":"show. Please do leave a rating"},{"speaker":"Nick Lincoln","startTime":5246.979,"endTime":5249.259,"body":"on iTunes or whatever app you"},{"speaker":"Nick Lincoln","startTime":5246.979,"endTime":5249.259,"body":"can that lets you leave a"},{"speaker":"Nick Lincoln","startTime":5249.259,"endTime":5252.199,"body":"rating. Six out of five stars is"},{"speaker":"Nick Lincoln","startTime":5249.259,"endTime":5252.199,"body":"a minimum. You know it also like"},{"speaker":"Nick Lincoln","startTime":5252.199,"endTime":5254.539,"body":"and subscribe to our YouTube"},{"speaker":"Nick Lincoln","startTime":5252.199,"endTime":5254.539,"body":"channel. That way, you'll get an"},{"speaker":"Nick Lincoln","startTime":5254.539,"endTime":5257.499,"body":"annoying notification on your"},{"speaker":"Nick Lincoln","startTime":5254.539,"endTime":5257.499,"body":"device of choice whenever a"},{"speaker":"Nick Lincoln","startTime":5257.499,"endTime":5261.159,"body":"fresh part of trap drops out of"},{"speaker":"Nick Lincoln","startTime":5257.499,"endTime":5261.159,"body":"the sluice. But until the next"},{"speaker":"Nick Lincoln","startTime":5261.159,"endTime":5264.339,"body":"episode TRAPPIST, it's adios."},{"speaker":"Nick Lincoln","startTime":5261.159,"endTime":5264.339,"body":"Take care out there, and we'll"},{"speaker":"Nick Lincoln","startTime":5264.339,"endTime":5268.959,"body":"see you on the other side."},{"speaker":"Nick Lincoln","startTime":5264.339,"endTime":5268.959,"body":"Goodbye, goodbye."},{"speaker":"Unknown","startTime":5269.14,"endTime":5269.62,"body":"Bye, y'all."},{"speaker":"Unknown","startTime":5278.979,"endTime":5280.3189999999995,"body":"How All right, what's that book?"}]}