{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":6.9,"endTime":11.04,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":6.9,"endTime":11.04,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":11.04,"endTime":14.88,"body":"P, trap. Please follow us and"},{"speaker":"Unknown","startTime":11.04,"endTime":14.88,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":14.88,"endTime":19.02,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":14.88,"endTime":19.02,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":19.02,"endTime":22.58,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":19.02,"endTime":22.58,"body":"to discuss. Also, remember to"},{"speaker":"Unknown","startTime":22.58,"endTime":25.82,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":22.58,"endTime":25.82,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":25.82,"endTime":29.36,"body":"out of five star review on"},{"speaker":"Unknown","startTime":25.82,"endTime":29.36,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":29.36,"endTime":33.02,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":29.36,"endTime":33.02,"body":"can do more to help you. Now,"},{"speaker":"Unknown","startTime":33.02,"endTime":36.26,"body":"let's head over to the studio"},{"speaker":"Unknown","startTime":33.02,"endTime":36.26,"body":"for the latest pile of trap."},{"speaker":"Nick Lincoln","startTime":42.32,"endTime":44.62,"body":"Yes, indeed, dear"},{"speaker":"Nick Lincoln","startTime":42.32,"endTime":44.62,"body":"TRAPPIST, welcome back to what"},{"speaker":"Nick Lincoln","startTime":44.62,"endTime":48.58,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":44.62,"endTime":48.58,"body":"55 of the real advisor podcast,"},{"speaker":"Nick Lincoln","startTime":48.58,"endTime":53.02,"body":"T, R, A, P, Trapp. My name is"},{"speaker":"Nick Lincoln","startTime":48.58,"endTime":53.02,"body":"lick nincom. Joining me as ever"},{"speaker":"Nick Lincoln","startTime":53.02,"endTime":55.9,"body":"in the digital studio of doom"},{"speaker":"Nick Lincoln","startTime":53.02,"endTime":55.9,"body":"are the three other Horsemen of"},{"speaker":"Nick Lincoln","startTime":55.9,"endTime":62.4,"body":"the Apocalypse and the ultra"},{"speaker":"Nick Lincoln","startTime":55.9,"endTime":62.4,"body":"heart. Carl delabot widget and"},{"speaker":"Nick Lincoln","startTime":62.4,"endTime":65.76,"body":"Alan the storyteller. Smith,"},{"speaker":"Nick Lincoln","startTime":62.4,"endTime":65.76,"body":"Now, gentlemen, we have a show"},{"speaker":"Nick Lincoln","startTime":65.82,"endTime":69.84,"body":"packed full of app, absolutely"},{"speaker":"Nick Lincoln","startTime":65.82,"endTime":69.84,"body":"nothing. So let's start"},{"speaker":"Nick Lincoln","startTime":69.84,"endTime":72.9,"body":"unpacking it straight away with"},{"speaker":"Nick Lincoln","startTime":69.84,"endTime":72.9,"body":"some more high energy review"},{"speaker":"Nick Lincoln","startTime":72.9,"endTime":75.48,"body":"reads, read out by my very good"},{"speaker":"Nick Lincoln","startTime":72.9,"endTime":75.48,"body":"friend the right time rogue Mr."},{"speaker":"Nick Lincoln","startTime":75.48,"endTime":76.02,"body":"Andrew Hart,"},{"speaker":"Andy Hart","startTime":76.319,"endTime":78.239,"body":"thank you very much."},{"speaker":"Andy Hart","startTime":76.319,"endTime":78.239,"body":"Nicholas, the first review is"},{"speaker":"Andy Hart","startTime":78.239,"endTime":82.099,"body":"from Hamish Monroe entitled"},{"speaker":"Andy Hart","startTime":78.239,"endTime":82.099,"body":"fantastic five stars as a"},{"speaker":"Andy Hart","startTime":82.099,"endTime":85.039,"body":"relatively new entrant and"},{"speaker":"Andy Hart","startTime":82.099,"endTime":85.039,"body":"second career as the podcast is"},{"speaker":"Andy Hart","startTime":85.039,"endTime":88.219,"body":"invaluable. Plenty, plenty of"},{"speaker":"Andy Hart","startTime":85.039,"endTime":88.219,"body":"takeaways from every episode,"},{"speaker":"Andy Hart","startTime":88.219,"endTime":90.739,"body":"and plenty of cutting through"},{"speaker":"Andy Hart","startTime":88.219,"endTime":90.739,"body":"the proverbial rubbish. This"},{"speaker":"Andy Hart","startTime":90.739,"endTime":95.179,"body":"profession gets embroiled in"},{"speaker":"Andy Hart","startTime":90.739,"endTime":95.179,"body":"decades of stories, UPS, downs,"},{"speaker":"Andy Hart","startTime":95.179,"endTime":98.239,"body":"jingles and close personal"},{"speaker":"Andy Hart","startTime":95.179,"endTime":98.239,"body":"friends make it an engaging"},{"speaker":"Andy Hart","startTime":98.239,"endTime":102.579,"body":"listen. Final review is entitled"},{"speaker":"Andy Hart","startTime":98.239,"endTime":102.579,"body":"just what our profession needs."},{"speaker":"Andy Hart","startTime":102.579,"endTime":105.759,"body":"Five stars. As a seasoned"},{"speaker":"Andy Hart","startTime":102.579,"endTime":105.759,"body":"financial advisor, I have to say"},{"speaker":"Andy Hart","startTime":105.759,"endTime":109.119,"body":"the real advisor podcast is a"},{"speaker":"Andy Hart","startTime":105.759,"endTime":109.119,"body":"gem. Having only listened to a"},{"speaker":"Andy Hart","startTime":109.119,"endTime":112.539,"body":"couple of episodes, I was quick"},{"speaker":"Andy Hart","startTime":109.119,"endTime":112.539,"body":"to share this with all our team"},{"speaker":"Andy Hart","startTime":112.539,"endTime":114.759,"body":"of younger advisors and"},{"speaker":"Andy Hart","startTime":112.539,"endTime":114.759,"body":"encourage them to listen on a"},{"speaker":"Andy Hart","startTime":114.759,"endTime":118.479,"body":"regular basis. The topics are"},{"speaker":"Andy Hart","startTime":114.759,"endTime":118.479,"body":"relevant, the messaging is spot"},{"speaker":"Andy Hart","startTime":118.479,"endTime":122.219,"body":"on and just what our profession"},{"speaker":"Andy Hart","startTime":118.479,"endTime":122.219,"body":"needs. Highly recommended. Mike"},{"speaker":"Andy Hart","startTime":122.399,"endTime":124.439,"body":"Mullen Hughes back to you. Nick,"},{"speaker":"Alan Smith","startTime":125.879,"endTime":128.279,"body":"can I just say, Wow,"},{"speaker":"Alan Smith","startTime":125.879,"endTime":128.279,"body":"lovely. Can I just say? One"},{"speaker":"Alan Smith","startTime":128.279,"endTime":134.039,"body":"quick thing watch is, we really,"},{"speaker":"Alan Smith","startTime":128.279,"endTime":134.039,"body":"really appreciate these reviews."},{"speaker":"Alan Smith","startTime":134.039,"endTime":139.919,"body":"These the reviews which go up on"},{"speaker":"Alan Smith","startTime":134.039,"endTime":139.919,"body":"what Apple podcasts. Yeah, we"},{"speaker":"Alan Smith","startTime":139.979,"endTime":143.059,"body":"and, as you know, because we all"},{"speaker":"Alan Smith","startTime":139.979,"endTime":143.059,"body":"share them amongst ourselves, we"},{"speaker":"Alan Smith","startTime":143.059,"endTime":145.939,"body":"also get, like, private"},{"speaker":"Alan Smith","startTime":143.059,"endTime":145.939,"body":"messages, DMS and stuff on"},{"speaker":"Alan Smith","startTime":145.999,"endTime":150.259,"body":"LinkedIn that are fantastic as"},{"speaker":"Alan Smith","startTime":145.999,"endTime":150.259,"body":"well. And I encourage anyone"},{"speaker":"Alan Smith","startTime":150.259,"endTime":152.719,"body":"who's just thinking of sending"},{"speaker":"Alan Smith","startTime":150.259,"endTime":152.719,"body":"us a private message, could you"},{"speaker":"Alan Smith","startTime":152.719,"endTime":156.859,"body":"please just post it on the Apple"},{"speaker":"Alan Smith","startTime":152.719,"endTime":156.859,"body":"podcast platform, because it"},{"speaker":"Alan Smith","startTime":156.859,"endTime":159.859,"body":"helps with our helps with our"},{"speaker":"Alan Smith","startTime":156.859,"endTime":159.859,"body":"reach, and it helps the podcast"},{"speaker":"Alan Smith","startTime":160.099,"endTime":161.679,"body":"in general. So just what I"},{"speaker":"Alan Smith","startTime":160.099,"endTime":161.679,"body":"thought I'd"},{"speaker":"Andy Hart","startTime":161.68,"endTime":163.48,"body":"say that just to"},{"speaker":"Andy Hart","startTime":161.68,"endTime":163.48,"body":"reiterate, just to just to"},{"speaker":"Andy Hart","startTime":163.48,"endTime":165.88,"body":"reiterate the apple thing. If"},{"speaker":"Andy Hart","startTime":163.48,"endTime":165.88,"body":"you don't have an Apple iPhone,"},{"speaker":"Andy Hart","startTime":166.66,"endTime":169.84,"body":"you know, your partner might,"},{"speaker":"Andy Hart","startTime":166.66,"endTime":169.84,"body":"your children might. So just get"},{"speaker":"Andy Hart","startTime":169.84,"endTime":172.9,"body":"onto the apple podcast app"},{"speaker":"Andy Hart","startTime":169.84,"endTime":172.9,"body":"platform and leave a review."},{"speaker":"Andy Hart","startTime":172.9,"endTime":173.74,"body":"It'd be great. Thank"},{"speaker":"Unknown","startTime":175.3,"endTime":175.84,"body":"you. Yeah, yeah,"},{"speaker":"Nick Lincoln","startTime":175.84,"endTime":177.88,"body":"absolutely"},{"speaker":"Nick Lincoln","startTime":175.84,"endTime":177.88,"body":"fantastic. Really, we're getting"},{"speaker":"Nick Lincoln","startTime":178.0,"endTime":181.38,"body":"loads of nice things said about"},{"speaker":"Nick Lincoln","startTime":178.0,"endTime":181.38,"body":"us at the minute. I'm sure it'll"},{"speaker":"Nick Lincoln","startTime":181.44,"endTime":184.56,"body":"revert to the mean at some"},{"speaker":"Nick Lincoln","startTime":181.44,"endTime":184.56,"body":"stage, but it said it does give"},{"speaker":"Nick Lincoln","startTime":184.56,"endTime":187.98,"body":"all four of us a shot in the"},{"speaker":"Nick Lincoln","startTime":184.56,"endTime":187.98,"body":"arm. Okay, so episode 55 somehow"},{"speaker":"Nick Lincoln","startTime":187.98,"endTime":193.32,"body":"made it through 54 episodes to"},{"speaker":"Nick Lincoln","startTime":187.98,"endTime":193.32,"body":"date, and we're on to 55 and"},{"speaker":"Nick Lincoln","startTime":193.32,"endTime":197.16,"body":"let's give 55 a timestamp with"},{"speaker":"Nick Lincoln","startTime":193.32,"endTime":197.16,"body":"some topical tidbits. What's"},{"speaker":"Nick Lincoln","startTime":197.16,"endTime":200.04,"body":"going on in this great thing of"},{"speaker":"Nick Lincoln","startTime":197.16,"endTime":200.04,"body":"ours? Uh, Smithy, you're"},{"speaker":"Nick Lincoln","startTime":200.04,"endTime":200.72,"body":"starting off,"},{"speaker":"Alan Smith","startTime":202.34,"endTime":207.56,"body":"I saw a an update of"},{"speaker":"Alan Smith","startTime":202.34,"endTime":207.56,"body":"recent report created by"},{"speaker":"Alan Smith","startTime":207.62,"endTime":212.42,"body":"Morningstar, and it's called,"},{"speaker":"Alan Smith","startTime":207.62,"endTime":212.42,"body":"you know, mind, the gap this."},{"speaker":"Alan Smith","startTime":212.42,"endTime":215.36,"body":"This is an up. This is something"},{"speaker":"Alan Smith","startTime":212.42,"endTime":215.36,"body":"they produce quite regularly,"},{"speaker":"Alan Smith","startTime":216.26,"endTime":223.6,"body":"and it's what it does is it"},{"speaker":"Alan Smith","startTime":216.26,"endTime":223.6,"body":"analyzes, in quite some detail"},{"speaker":"Alan Smith","startTime":223.66,"endTime":226.9,"body":"the actual investment returns"},{"speaker":"Alan Smith","startTime":223.66,"endTime":226.9,"body":"received. It's a bit different"},{"speaker":"Alan Smith","startTime":226.9,"endTime":229.3,"body":"to the DALBAR one, which is a"},{"speaker":"Alan Smith","startTime":226.9,"endTime":229.3,"body":"different one, which we can talk"},{"speaker":"Alan Smith","startTime":229.3,"endTime":233.56,"body":"about separately, but this is"},{"speaker":"Alan Smith","startTime":229.3,"endTime":233.56,"body":"one that tracks money flows in"},{"speaker":"Alan Smith","startTime":233.56,"endTime":237.82,"body":"and out of mutual funds. It is"},{"speaker":"Alan Smith","startTime":233.56,"endTime":237.82,"body":"in the US, but same rules would"},{"speaker":"Alan Smith","startTime":237.82,"endTime":241.86,"body":"apply in the UK, Ireland and"},{"speaker":"Alan Smith","startTime":237.82,"endTime":241.86,"body":"around the world, I'm sure, and"},{"speaker":"Alan Smith","startTime":241.86,"endTime":244.74,"body":"what they indicate, and it's a"},{"speaker":"Alan Smith","startTime":241.86,"endTime":244.74,"body":"number of different factors that"},{"speaker":"Alan Smith","startTime":244.74,"endTime":248.34,"body":"arrive at it, but effectively,"},{"speaker":"Alan Smith","startTime":244.74,"endTime":248.34,"body":"they say most retail investors"},{"speaker":"Alan Smith","startTime":249.24,"endTime":253.86,"body":"underperform, not the market,"},{"speaker":"Alan Smith","startTime":249.24,"endTime":253.86,"body":"but the funds that they invest"},{"speaker":"Alan Smith","startTime":253.86,"endTime":259.38,"body":"in, by about 15% and why that"},{"speaker":"Alan Smith","startTime":253.86,"endTime":259.38,"body":"is, is because People will move"},{"speaker":"Alan Smith","startTime":259.62,"endTime":264.44,"body":"into funds often after they have"},{"speaker":"Alan Smith","startTime":259.62,"endTime":264.44,"body":"experienced an uptick in their"},{"speaker":"Alan Smith","startTime":264.44,"endTime":269.42,"body":"performance, and they'll move"},{"speaker":"Alan Smith","startTime":264.44,"endTime":269.42,"body":"out if there's a temporary"},{"speaker":"Alan Smith","startTime":269.48,"endTime":272.84,"body":"decline. So there's quite a lot"},{"speaker":"Alan Smith","startTime":269.48,"endTime":272.84,"body":"of movement across different"},{"speaker":"Alan Smith","startTime":272.84,"endTime":275.78,"body":"funds. So say you chose a"},{"speaker":"Alan Smith","startTime":272.84,"endTime":275.78,"body":"particular fund, and it, you"},{"speaker":"Alan Smith","startTime":275.78,"endTime":278.78,"body":"know, it showed you there on"},{"speaker":"Alan Smith","startTime":275.78,"endTime":278.78,"body":"their marketing materials, it"},{"speaker":"Alan Smith","startTime":278.78,"endTime":282.76,"body":"showed they've done 12% a year"},{"speaker":"Alan Smith","startTime":278.78,"endTime":282.76,"body":"or something most investors, and"},{"speaker":"Alan Smith","startTime":282.76,"endTime":285.58,"body":"it doesn't really determine"},{"speaker":"Alan Smith","startTime":282.76,"endTime":285.58,"body":"whether they're advised or non"},{"speaker":"Alan Smith","startTime":285.58,"endTime":289.18,"body":"advised, but a lot of investors"},{"speaker":"Alan Smith","startTime":285.58,"endTime":289.18,"body":"will trail those returns simply"},{"speaker":"Alan Smith","startTime":289.18,"endTime":293.56,"body":"do due to market timing. And"},{"speaker":"Alan Smith","startTime":289.18,"endTime":293.56,"body":"what it says is those that are"},{"speaker":"Alan Smith","startTime":293.56,"endTime":296.92,"body":"likely to actually receive the"},{"speaker":"Alan Smith","startTime":293.56,"endTime":296.92,"body":"returns that the fund itself"},{"speaker":"Alan Smith","startTime":297.34,"endTime":300.9,"body":"creates are those that tend to"},{"speaker":"Alan Smith","startTime":297.34,"endTime":300.9,"body":"stick with the fund so. And so"},{"speaker":"Alan Smith","startTime":300.9,"endTime":306.3,"body":"therefore it's another positive"},{"speaker":"Alan Smith","startTime":300.9,"endTime":306.3,"body":"for those who effectively Buy"},{"speaker":"Alan Smith","startTime":306.3,"endTime":310.74,"body":"and buy and hold, build your"},{"speaker":"Alan Smith","startTime":306.3,"endTime":310.74,"body":"rolls, Royce engine, build your"},{"speaker":"Alan Smith","startTime":310.74,"endTime":315.72,"body":"investment structure, investment"},{"speaker":"Alan Smith","startTime":310.74,"endTime":315.72,"body":"portfolio. Sure, rebalance and"},{"speaker":"Alan Smith","startTime":315.72,"endTime":317.94,"body":"do all those things, but don't"},{"speaker":"Alan Smith","startTime":315.72,"endTime":317.94,"body":"be chopping and changing and"},{"speaker":"Alan Smith","startTime":317.94,"endTime":320.36,"body":"moving from one fund to the"},{"speaker":"Alan Smith","startTime":317.94,"endTime":320.36,"body":"other simply because maybe"},{"speaker":"Alan Smith","startTime":320.36,"endTime":322.46,"body":"there's a period of"},{"speaker":"Alan Smith","startTime":320.36,"endTime":322.46,"body":"underperformance, or there's"},{"speaker":"Alan Smith","startTime":322.46,"endTime":324.62,"body":"been some super, super"},{"speaker":"Alan Smith","startTime":322.46,"endTime":324.62,"body":"performance, and you're trying"},{"speaker":"Alan Smith","startTime":324.62,"endTime":327.74,"body":"to sort of trim your your"},{"speaker":"Alan Smith","startTime":324.62,"endTime":327.74,"body":"winnings, as you sometimes say"},{"speaker":"Alan Smith","startTime":328.1,"endTime":331.04,"body":"so. And the other thing,"},{"speaker":"Alan Smith","startTime":328.1,"endTime":331.04,"body":"sometimes these reports do get"},{"speaker":"Alan Smith","startTime":331.04,"endTime":334.76,"body":"come in for some criticism from"},{"speaker":"Alan Smith","startTime":331.04,"endTime":334.76,"body":"the usual suspects. We all know"},{"speaker":"Alan Smith","startTime":334.76,"endTime":338.9,"body":"who they are. I would say"},{"speaker":"Alan Smith","startTime":334.76,"endTime":338.9,"body":"Morningstar as a research house,"},{"speaker":"Alan Smith","startTime":338.9,"endTime":344.08,"body":"really are one of the best"},{"speaker":"Alan Smith","startTime":338.9,"endTime":344.08,"body":"variable. We've got some to me"},{"speaker":"Alan Smith","startTime":344.08,"endTime":346.12,"body":"anyway. I've read a lot of the"},{"speaker":"Alan Smith","startTime":344.08,"endTime":346.12,"body":"stuff that comes out of"},{"speaker":"Alan Smith","startTime":346.12,"endTime":350.74,"body":"Morningstar, based in Chicago,"},{"speaker":"Alan Smith","startTime":346.12,"endTime":350.74,"body":"and they just seem to be very"},{"speaker":"Alan Smith","startTime":350.74,"endTime":354.22,"body":"robust with their research and"},{"speaker":"Alan Smith","startTime":350.74,"endTime":354.22,"body":"with the analysis of markets."},{"speaker":"Alan Smith","startTime":354.22,"endTime":357.88,"body":"And so we've posted a link to"},{"speaker":"Alan Smith","startTime":354.22,"endTime":357.88,"body":"this report. It is helpful to"},{"speaker":"Alan Smith","startTime":357.88,"endTime":360.78,"body":"those who are advising clients."},{"speaker":"Alan Smith","startTime":357.88,"endTime":360.78,"body":"Carl, did you have a point?"},{"speaker":"Carl Widger","startTime":362.64,"endTime":365.52,"body":"Yeah, just so you"},{"speaker":"Carl Widger","startTime":362.64,"endTime":365.52,"body":"mentioned the DALBAR study,"},{"speaker":"Carl Widger","startTime":365.52,"endTime":369.96,"body":"which is kind of similar, as you"},{"speaker":"Carl Widger","startTime":365.52,"endTime":369.96,"body":"say. But my favorite study on"},{"speaker":"Carl Widger","startTime":369.96,"endTime":374.46,"body":"this topic was fidelity. Did a"},{"speaker":"Carl Widger","startTime":369.96,"endTime":374.46,"body":"study many years ago at this"},{"speaker":"Carl Widger","startTime":374.46,"endTime":377.28,"body":"stage, and I think it's kind of"},{"speaker":"Carl Widger","startTime":374.46,"endTime":377.28,"body":"infamous now, at this stage"},{"speaker":"Carl Widger","startTime":377.4,"endTime":381.2,"body":"within the financial planning"},{"speaker":"Carl Widger","startTime":377.4,"endTime":381.2,"body":"profession. So they did a study"},{"speaker":"Carl Widger","startTime":381.2,"endTime":385.82,"body":"on who the most successful"},{"speaker":"Carl Widger","startTime":381.2,"endTime":385.82,"body":"investors were. So the most"},{"speaker":"Carl Widger","startTime":385.82,"endTime":389.3,"body":"successful investors were those"},{"speaker":"Carl Widger","startTime":385.82,"endTime":389.3,"body":"that were dead."},{"speaker":"Alan Smith","startTime":390.14,"endTime":393.74,"body":"So that's right, you"},{"speaker":"Alan Smith","startTime":390.14,"endTime":393.74,"body":"can't, yeah, you"},{"speaker":"Carl Widger","startTime":393.74,"endTime":396.74,"body":"can't, obviously do"},{"speaker":"Carl Widger","startTime":393.74,"endTime":396.74,"body":"anything to your portfolio if"},{"speaker":"Carl Widger","startTime":396.74,"endTime":400.36,"body":"you've passed away. And the"},{"speaker":"Carl Widger","startTime":396.74,"endTime":400.36,"body":"second most successful bunch of"},{"speaker":"Carl Widger","startTime":400.36,"endTime":405.76,"body":"investors were those who forgot"},{"speaker":"Carl Widger","startTime":400.36,"endTime":405.76,"body":"about their plans, who forgot"},{"speaker":"Carl Widger","startTime":405.76,"endTime":410.2,"body":"that they existed, and then by a"},{"speaker":"Carl Widger","startTime":405.76,"endTime":410.2,"body":"distant third, was everybody"},{"speaker":"Carl Widger","startTime":410.2,"endTime":414.64,"body":"else. So look, people can say"},{"speaker":"Carl Widger","startTime":410.2,"endTime":414.64,"body":"what they want about these"},{"speaker":"Carl Widger","startTime":414.64,"endTime":420.04,"body":"studies, if you just give no"},{"speaker":"Carl Widger","startTime":414.64,"endTime":420.04,"body":"matter. This isn't about active"},{"speaker":"Carl Widger","startTime":420.04,"endTime":423.24,"body":"or passive, or, you know what"},{"speaker":"Carl Widger","startTime":420.04,"endTime":423.24,"body":"fund you're in, just leave. And"},{"speaker":"Carl Widger","startTime":423.24,"endTime":425.82,"body":"I think that's the point about"},{"speaker":"Carl Widger","startTime":423.24,"endTime":425.82,"body":"the Morning Star, isn't it, that"},{"speaker":"Carl Widger","startTime":425.82,"endTime":429.96,"body":"it's like you actually got 15%"},{"speaker":"Carl Widger","startTime":425.82,"endTime":429.96,"body":"less than than the fund"},{"speaker":"Carl Widger","startTime":429.96,"endTime":433.02,"body":"returned. It's just leave the"},{"speaker":"Carl Widger","startTime":429.96,"endTime":433.02,"body":"bloody thing alone in the long"},{"speaker":"Carl Widger","startTime":433.02,"endTime":436.68,"body":"term. And the market has a hap"},{"speaker":"Carl Widger","startTime":433.02,"endTime":436.68,"body":"has a habit of doing its thing."},{"speaker":"Carl Widger","startTime":437.04,"endTime":439.5,"body":"So it does, but it but shout out"},{"speaker":"Carl Widger","startTime":437.04,"endTime":439.5,"body":"there. Alan,"},{"speaker":"Alan Smith","startTime":439.74,"endTime":442.88,"body":"yeah, I have to say,"},{"speaker":"Alan Smith","startTime":439.74,"endTime":442.88,"body":"before we get bombarded with"},{"speaker":"Alan Smith","startTime":442.88,"endTime":447.38,"body":"various people, that dead"},{"speaker":"Alan Smith","startTime":442.88,"endTime":447.38,"body":"person's survey is is"},{"speaker":"Alan Smith","startTime":447.38,"endTime":450.26,"body":"questionable. I think no one's"},{"speaker":"Alan Smith","startTime":447.38,"endTime":450.26,"body":"been able to actually find the"},{"speaker":"Alan Smith","startTime":450.26,"endTime":453.14,"body":"original source, as far as I can"},{"speaker":"Alan Smith","startTime":450.26,"endTime":453.14,"body":"see. But it is talked about"},{"speaker":"Alan Smith","startTime":453.44,"endTime":456.56,"body":"quite a lot, but there's no"},{"speaker":"Alan Smith","startTime":453.44,"endTime":456.56,"body":"question. There is no question"},{"speaker":"Alan Smith","startTime":456.56,"endTime":459.14,"body":"that you know, holding for the"},{"speaker":"Alan Smith","startTime":456.56,"endTime":459.14,"body":"long term. But as I think this"},{"speaker":"Alan Smith","startTime":459.14,"endTime":462.64,"body":"is a bit more subtle than people"},{"speaker":"Alan Smith","startTime":459.14,"endTime":462.64,"body":"just moving out and moving to"},{"speaker":"Alan Smith","startTime":462.64,"endTime":465.22,"body":"cash. This is, you know, they're"},{"speaker":"Alan Smith","startTime":462.64,"endTime":465.22,"body":"still in the funds. They're"},{"speaker":"Alan Smith","startTime":465.22,"endTime":467.68,"body":"still largely invested, but"},{"speaker":"Alan Smith","startTime":465.22,"endTime":467.68,"body":"they're kind of chopping and"},{"speaker":"Alan Smith","startTime":467.68,"endTime":470.92,"body":"changing the waiting for returns"},{"speaker":"Alan Smith","startTime":467.68,"endTime":470.92,"body":"to have a three year performance"},{"speaker":"Alan Smith","startTime":470.98,"endTime":473.86,"body":"track record something before"},{"speaker":"Alan Smith","startTime":470.98,"endTime":473.86,"body":"they buy them. And similarly so,"},{"speaker":"Alan Smith","startTime":473.86,"endTime":478.54,"body":"it's slightly more nuanced, and"},{"speaker":"Alan Smith","startTime":473.86,"endTime":478.54,"body":"it does challenge the kind of,"},{"speaker":"Alan Smith","startTime":479.02,"endTime":482.46,"body":"if you like, the discretionary"},{"speaker":"Alan Smith","startTime":479.02,"endTime":482.46,"body":"portfolio managers, that kind of"},{"speaker":"Alan Smith","startTime":482.46,"endTime":485.22,"body":"approach which does exactly that"},{"speaker":"Alan Smith","startTime":482.46,"endTime":485.22,"body":"is sort of identity, tries to"},{"speaker":"Alan Smith","startTime":485.22,"endTime":488.04,"body":"identify the good funds, God"},{"speaker":"Alan Smith","startTime":485.22,"endTime":488.04,"body":"knows what, it's based upon past"},{"speaker":"Alan Smith","startTime":488.04,"endTime":490.8,"body":"performance, and then moves the"},{"speaker":"Alan Smith","startTime":488.04,"endTime":490.8,"body":"funds around. That is their kind"},{"speaker":"Alan Smith","startTime":490.8,"endTime":493.68,"body":"of value proposition. Will chop"},{"speaker":"Alan Smith","startTime":490.8,"endTime":493.68,"body":"and change, will buy and sell,"},{"speaker":"Alan Smith","startTime":493.68,"endTime":497.04,"body":"depending on our view of future"},{"speaker":"Alan Smith","startTime":493.68,"endTime":497.04,"body":"markets. So it questions that as"},{"speaker":"Alan Smith","startTime":497.04,"endTime":499.2,"body":"a basic strategy. Lick nincom,"},{"speaker":"Alan Smith","startTime":497.04,"endTime":499.2,"body":"yes."},{"speaker":"Nick Lincoln","startTime":531.28,"endTime":532.38,"body":"Thank you,"},{"speaker":"Nick Lincoln","startTime":531.28,"endTime":532.38,"body":"storyteller. And for those who"},{"speaker":"Nick Lincoln","startTime":532.38,"endTime":534.78,"body":"watch you on YouTube, and if you"},{"speaker":"Nick Lincoln","startTime":532.38,"endTime":534.78,"body":"happen to be an employee of"},{"speaker":"Nick Lincoln","startTime":534.78,"endTime":537.54,"body":"Riverside, you've got this"},{"speaker":"Nick Lincoln","startTime":534.78,"endTime":537.54,"body":"fantastic high tech platform. We"},{"speaker":"Nick Lincoln","startTime":537.54,"endTime":540.78,"body":"used to record the podcast, but"},{"speaker":"Nick Lincoln","startTime":537.54,"endTime":540.78,"body":"if one of us wants to speak, we"},{"speaker":"Nick Lincoln","startTime":540.78,"endTime":543.06,"body":"actually have to hold up our"},{"speaker":"Nick Lincoln","startTime":540.78,"endTime":543.06,"body":"fingers physically, like"},{"speaker":"Nick Lincoln","startTime":543.06,"endTime":546.36,"body":"cretically, surely must be like"},{"speaker":"Nick Lincoln","startTime":543.06,"endTime":546.36,"body":"a reaction button, the same way"},{"speaker":"Nick Lincoln","startTime":546.36,"endTime":548.88,"body":"the Zoom has where you can just"},{"speaker":"Nick Lincoln","startTime":546.36,"endTime":548.88,"body":"say, Listen, I want to go next."},{"speaker":"Nick Lincoln","startTime":548.9399999999999,"endTime":551.8399999999999,"body":"Anyway, that's by the by, I"},{"speaker":"Nick Lincoln","startTime":548.9399999999999,"endTime":551.8399999999999,"body":"think the classic example of"},{"speaker":"Nick Lincoln","startTime":551.8399999999999,"endTime":555.74,"body":"what you've just mentioned there"},{"speaker":"Nick Lincoln","startTime":551.8399999999999,"endTime":555.74,"body":"Alan is the is the cathwood arc"},{"speaker":"Nick Lincoln","startTime":555.74,"endTime":561.1999999999999,"body":"Fund, which, which, which had"},{"speaker":"Nick Lincoln","startTime":555.74,"endTime":561.1999999999999,"body":"that just amazing performance."},{"speaker":"Nick Lincoln","startTime":561.1999999999999,"endTime":564.4399999999999,"body":"It really was amazing. But there"},{"speaker":"Nick Lincoln","startTime":561.1999999999999,"endTime":564.4399999999999,"body":"are other charts showing funding"},{"speaker":"Nick Lincoln","startTime":564.4399999999999,"endTime":569.06,"body":"flows going in just as the"},{"speaker":"Nick Lincoln","startTime":564.4399999999999,"endTime":569.06,"body":"performance craters off a cliff."},{"speaker":"Nick Lincoln","startTime":569.06,"endTime":571.78,"body":"You know, people chasing past"},{"speaker":"Nick Lincoln","startTime":569.06,"endTime":571.78,"body":"performance, people who went"},{"speaker":"Nick Lincoln","startTime":571.78,"endTime":574.12,"body":"from what probably the vast"},{"speaker":"Nick Lincoln","startTime":571.78,"endTime":574.12,"body":"amount money going to Kathy"},{"speaker":"Nick Lincoln","startTime":574.12,"endTime":576.5799999999999,"body":"Woods bum was from other funds,"},{"speaker":"Nick Lincoln","startTime":574.12,"endTime":576.5799999999999,"body":"people selling out of funds,"},{"speaker":"Nick Lincoln","startTime":576.5799999999999,"endTime":578.98,"body":"looking at the performance and"},{"speaker":"Nick Lincoln","startTime":576.5799999999999,"endTime":578.98,"body":"thinking, I want some of that"},{"speaker":"Nick Lincoln","startTime":578.98,"endTime":581.14,"body":"going into it at just the wrong"},{"speaker":"Nick Lincoln","startTime":578.98,"endTime":581.14,"body":"time, of course. And they'll"},{"speaker":"Nick Lincoln","startTime":581.14,"endTime":583.54,"body":"probably, when we see the next"},{"speaker":"Nick Lincoln","startTime":581.14,"endTime":583.54,"body":"iteration of those graphs,"},{"speaker":"Nick Lincoln","startTime":583.54,"endTime":586.48,"body":"you'll see all the outflows will"},{"speaker":"Nick Lincoln","startTime":583.54,"endTime":586.48,"body":"be right at the bottom of her of"},{"speaker":"Nick Lincoln","startTime":586.48,"endTime":591.24,"body":"her plummet. So it's human"},{"speaker":"Nick Lincoln","startTime":586.48,"endTime":591.24,"body":"beings, it's, it's, it's, it's"},{"speaker":"Nick Lincoln","startTime":591.24,"endTime":594.54,"body":"never, never going to be"},{"speaker":"Nick Lincoln","startTime":591.24,"endTime":594.54,"body":"resolved. Thank goodness for us."},{"speaker":"Nick Lincoln","startTime":594.5999999999999,"endTime":598.1999999999999,"body":"Okay, I think we can go on to"},{"speaker":"Nick Lincoln","startTime":594.5999999999999,"endTime":598.1999999999999,"body":"the next topic, and that is,"},{"speaker":"Nick Lincoln","startTime":598.5,"endTime":600.66,"body":"that is ultra okay."},{"speaker":"Andy Hart","startTime":600.66,"endTime":603.9599999999999,"body":"So this one is from"},{"speaker":"Andy Hart","startTime":600.66,"endTime":603.9599999999999,"body":"tax policy associates. This"},{"speaker":"Andy Hart","startTime":603.9599999999999,"endTime":607.5,"body":"sounds dreadfully boring. This"},{"speaker":"Andy Hart","startTime":603.9599999999999,"endTime":607.5,"body":"is a real deep dive about 32"},{"speaker":"Andy Hart","startTime":607.68,"endTime":611.06,"body":"ways Rachel Reeve could raise"},{"speaker":"Andy Hart","startTime":607.68,"endTime":611.06,"body":"this 22 billion that she's"},{"speaker":"Andy Hart","startTime":611.06,"endTime":614.78,"body":"talking about. If you're into"},{"speaker":"Andy Hart","startTime":611.06,"endTime":614.78,"body":"sort of deep dive information,"},{"speaker":"Andy Hart","startTime":614.78,"endTime":618.8,"body":"all about tax, then I recommend"},{"speaker":"Andy Hart","startTime":614.78,"endTime":618.8,"body":"you check it out. It lays out"},{"speaker":"Andy Hart","startTime":618.8,"endTime":621.38,"body":"all the current taxes and what"},{"speaker":"Andy Hart","startTime":618.8,"endTime":621.38,"body":"they're bringing in, in terms of"},{"speaker":"Andy Hart","startTime":621.38,"endTime":625.28,"body":"revenue in the UK, and then"},{"speaker":"Andy Hart","startTime":621.38,"endTime":625.28,"body":"possible proposals that she can"},{"speaker":"Andy Hart","startTime":626.3,"endTime":630.28,"body":"implement. There's a guy on"},{"speaker":"Andy Hart","startTime":626.3,"endTime":630.28,"body":"Twitter, Dan needle is. Guys"},{"speaker":"Andy Hart","startTime":630.28,"endTime":633.8199999999999,"body":"follow him. He's very, very"},{"speaker":"Andy Hart","startTime":630.28,"endTime":633.8199999999999,"body":"outspoken about, yeah, got some"},{"speaker":"Andy Hart","startTime":633.8199999999999,"endTime":637.7199999999999,"body":"good information. So, yeah, it's"},{"speaker":"Andy Hart","startTime":633.8199999999999,"endTime":637.7199999999999,"body":"worth checking out what they've"},{"speaker":"Andy Hart","startTime":637.7199999999999,"endTime":640.9599999999999,"body":"just put out in relation to"},{"speaker":"Andy Hart","startTime":637.7199999999999,"endTime":640.9599999999999,"body":"this. He's got 169,000 followers"},{"speaker":"Andy Hart","startTime":640.9599999999999,"endTime":645.64,"body":"on on x, so he knows his stuff."},{"speaker":"Andy Hart","startTime":640.9599999999999,"endTime":645.64,"body":"Yeah, that's it really, yeah."},{"speaker":"Andy Hart","startTime":645.64,"endTime":648.04,"body":"Check out the links and just"},{"speaker":"Alan Smith","startTime":648.04,"endTime":652.68,"body":"on, just on that"},{"speaker":"Alan Smith","startTime":648.04,"endTime":652.68,"body":"subject, on the other award"},{"speaker":"Alan Smith","startTime":652.68,"endTime":656.76,"body":"winning podcast and as the"},{"speaker":"Alan Smith","startTime":652.68,"endTime":656.76,"body":"bulletproof entrepreneur. A few"},{"speaker":"Alan Smith","startTime":656.76,"endTime":661.1999999999999,"body":"days ago, I spoke with Nimesh"},{"speaker":"Alan Smith","startTime":656.76,"endTime":661.1999999999999,"body":"Shah, who's the CEO of Blick"},{"speaker":"Alan Smith","startTime":661.1999999999999,"endTime":665.3399999999999,"body":"Rothenberg. He was one of the"},{"speaker":"Alan Smith","startTime":661.1999999999999,"endTime":665.3399999999999,"body":"top tax advisors in the country,"},{"speaker":"Alan Smith","startTime":665.88,"endTime":668.9399999999999,"body":"and he said, he said, lots of"},{"speaker":"Alan Smith","startTime":665.88,"endTime":668.9399999999999,"body":"interesting things, I think a"},{"speaker":"Alan Smith","startTime":668.9399999999999,"endTime":673.4599999999999,"body":"lot relevant to advisors. 22"},{"speaker":"Alan Smith","startTime":668.9399999999999,"endTime":673.4599999999999,"body":"billion is such. It's such an"},{"speaker":"Alan Smith","startTime":673.4599999999999,"endTime":677.78,"body":"irrelevant sum in relation to"},{"speaker":"Alan Smith","startTime":673.4599999999999,"endTime":677.78,"body":"the 800 billion that's raised"},{"speaker":"Alan Smith","startTime":677.78,"endTime":680.48,"body":"every year, heading towards a"},{"speaker":"Alan Smith","startTime":677.78,"endTime":680.48,"body":"trillion pounds, which is"},{"speaker":"Alan Smith","startTime":680.48,"endTime":684.62,"body":"collected from taxpayers in the"},{"speaker":"Alan Smith","startTime":680.48,"endTime":684.62,"body":"UK. It's a very, very small"},{"speaker":"Alan Smith","startTime":684.62,"endTime":688.04,"body":"rounding error. And, yeah, it's"},{"speaker":"Alan Smith","startTime":684.62,"endTime":688.04,"body":"quite interesting, where a lot"},{"speaker":"Alan Smith","startTime":688.04,"endTime":691.5999999999999,"body":"of things he says, So do check"},{"speaker":"Alan Smith","startTime":688.04,"endTime":691.5999999999999,"body":"it out. Good conversation."},{"speaker":"Nick Lincoln","startTime":691.5999999999999,"endTime":693.4,"body":"That's it's not"},{"speaker":"Nick Lincoln","startTime":691.5999999999999,"endTime":693.4,"body":"it's not the it's not the tax,"},{"speaker":"Nick Lincoln","startTime":693.4,"endTime":695.5,"body":"it's not the money coming in."},{"speaker":"Nick Lincoln","startTime":693.4,"endTime":695.5,"body":"That's the problem. They've"},{"speaker":"Nick Lincoln","startTime":695.5,"endTime":697.8399999999999,"body":"never had so much money coming"},{"speaker":"Nick Lincoln","startTime":695.5,"endTime":697.8399999999999,"body":"in fact, they can't stop the"},{"speaker":"Nick Lincoln","startTime":697.8399999999999,"endTime":700.54,"body":"money going out. That doesn't"},{"speaker":"Nick Lincoln","startTime":697.8399999999999,"endTime":700.54,"body":"seem to be ever on the table"},{"speaker":"Nick Lincoln","startTime":700.9599999999999,"endTime":704.68,"body":"until we go broke. And I said"},{"speaker":"Nick Lincoln","startTime":700.9599999999999,"endTime":704.68,"body":"this budget is is, and all the"},{"speaker":"Nick Lincoln","startTime":704.68,"endTime":707.98,"body":"budgets I've known in my time"},{"speaker":"Nick Lincoln","startTime":704.68,"endTime":707.98,"body":"being an advisor, this is the"},{"speaker":"Nick Lincoln","startTime":707.98,"endTime":711.4599999999999,"body":"one that's hanging the most over"},{"speaker":"Nick Lincoln","startTime":707.98,"endTime":711.4599999999999,"body":"the voiceover and done with so"},{"speaker":"Nick Lincoln","startTime":711.4599999999999,"endTime":713.8199999999999,"body":"we can move on how the land"},{"speaker":"Nick Lincoln","startTime":711.4599999999999,"endTime":713.8199999999999,"body":"land's gonna lie. There's so"},{"speaker":"Nick Lincoln","startTime":713.8199999999999,"endTime":717.5999999999999,"body":"much conjecture. People are,"},{"speaker":"Nick Lincoln","startTime":713.8199999999999,"endTime":717.5999999999999,"body":"people are, yeah, people are"},{"speaker":"Nick Lincoln","startTime":717.5999999999999,"endTime":719.64,"body":"more nervous, I think, now, than"},{"speaker":"Nick Lincoln","startTime":717.5999999999999,"endTime":719.64,"body":"they have been for a long time"},{"speaker":"Nick Lincoln","startTime":719.64,"endTime":722.3399999999999,"body":"with this budget. But it'll be"},{"speaker":"Nick Lincoln","startTime":719.64,"endTime":722.3399999999999,"body":"what it will be. And Carl, later"},{"speaker":"Nick Lincoln","startTime":722.3399999999999,"endTime":724.68,"body":"on, topical tips, you're gonna"},{"speaker":"Nick Lincoln","startTime":722.3399999999999,"endTime":724.68,"body":"tell us about your Well, do you"},{"speaker":"Nick Lincoln","startTime":724.68,"endTime":727.0799999999999,"body":"wanna do now? Car is that"},{"speaker":"Nick Lincoln","startTime":724.68,"endTime":727.0799999999999,"body":"natural segue into your, your"},{"speaker":"Nick Lincoln","startTime":727.0799999999999,"endTime":729.7199999999999,"body":"your appearance? Well, I'm not"},{"speaker":"Nick Lincoln","startTime":727.0799999999999,"endTime":729.7199999999999,"body":"really, but"},{"speaker":"Carl Widger","startTime":729.7199999999999,"endTime":732.86,"body":"yeah, yeah. So we"},{"speaker":"Carl Widger","startTime":729.7199999999999,"endTime":732.86,"body":"had our book."},{"speaker":"Unknown","startTime":735.14,"endTime":738.56,"body":"I'm joking. You're"},{"speaker":"Unknown","startTime":735.14,"endTime":738.56,"body":"never ready. I"},{"speaker":"Carl Widger","startTime":740.36,"endTime":742.9399999999999,"body":"wasn't ready for"},{"speaker":"Carl Widger","startTime":740.36,"endTime":742.9399999999999,"body":"the radio interview either. But"},{"speaker":"Carl Widger","startTime":742.9399999999999,"endTime":748.9399999999999,"body":"anyway, so I was on the patchet"},{"speaker":"Carl Widger","startTime":742.9399999999999,"endTime":748.9399999999999,"body":"show talking about the kind of"},{"speaker":"Carl Widger","startTime":748.9399999999999,"endTime":752.68,"body":"financial planning, pensions"},{"speaker":"Carl Widger","startTime":748.9399999999999,"endTime":752.68,"body":"implications from the budget. So"},{"speaker":"Carl Widger","startTime":752.68,"endTime":758.98,"body":"we had the greatest ever Irish"},{"speaker":"Carl Widger","startTime":752.68,"endTime":758.98,"body":"giveaway budget. And it won't be"},{"speaker":"Carl Widger","startTime":758.98,"endTime":762.6999999999999,"body":"surprising to lots of people"},{"speaker":"Carl Widger","startTime":758.98,"endTime":762.6999999999999,"body":"that there's an election due"},{"speaker":"Carl Widger","startTime":762.6999999999999,"endTime":767.3199999999999,"body":"here very shortly. However,"},{"speaker":"Carl Widger","startTime":762.6999999999999,"endTime":767.3199999999999,"body":"however, to be fair, there was"},{"speaker":"Carl Widger","startTime":767.3199999999999,"endTime":771.9,"body":"some long term stuff in the"},{"speaker":"Carl Widger","startTime":767.3199999999999,"endTime":771.9,"body":"budget which, to be fair, the"},{"speaker":"Carl Widger","startTime":771.9,"endTime":776.64,"body":"government should be commended"},{"speaker":"Carl Widger","startTime":771.9,"endTime":776.64,"body":"for that. So the increase in the"},{"speaker":"Carl Widger","startTime":776.64,"endTime":780.8399999999999,"body":"thresholds and the pensions was"},{"speaker":"Carl Widger","startTime":776.64,"endTime":780.8399999999999,"body":"basically they put out a"},{"speaker":"Carl Widger","startTime":780.8399999999999,"endTime":784.02,"body":"document on that prior to the"},{"speaker":"Carl Widger","startTime":780.8399999999999,"endTime":784.02,"body":"budget. So that wasn't really in"},{"speaker":"Carl Widger","startTime":784.02,"endTime":791.42,"body":"the budget, they introduced an"},{"speaker":"Carl Widger","startTime":784.02,"endTime":791.42,"body":"increase of 65,000 euros on the"},{"speaker":"Carl Widger","startTime":791.42,"endTime":795.14,"body":"income or on the inheritance tax"},{"speaker":"Carl Widger","startTime":791.42,"endTime":795.14,"body":"thresholds which is to be"},{"speaker":"Carl Widger","startTime":795.14,"endTime":797.78,"body":"welcomed. So now parent to"},{"speaker":"Carl Widger","startTime":795.14,"endTime":797.78,"body":"child, it's about four. It's not"},{"speaker":"Carl Widger","startTime":797.78,"endTime":803.36,"body":"about it is 400 grand prsas have"},{"speaker":"Carl Widger","startTime":797.78,"endTime":803.36,"body":"remained unchanged, which is the"},{"speaker":"Carl Widger","startTime":803.66,"endTime":808.52,"body":"pension product. We can put it"},{"speaker":"Carl Widger","startTime":803.66,"endTime":808.52,"body":"via company as much as you want,"},{"speaker":"Carl Widger","startTime":808.52,"endTime":813.04,"body":"in for an employee which is to"},{"speaker":"Carl Widger","startTime":808.52,"endTime":813.04,"body":"be welcomed. There was chat that"},{"speaker":"Carl Widger","startTime":813.04,"endTime":815.74,"body":"that might, might have been"},{"speaker":"Carl Widger","startTime":813.04,"endTime":815.74,"body":"changed. Unfortunately, no"},{"speaker":"Carl Widger","startTime":815.74,"endTime":819.52,"body":"change in the eggs attacks,"},{"speaker":"Carl Widger","startTime":815.74,"endTime":819.52,"body":"which we will be discussing,"},{"speaker":"Carl Widger","startTime":819.52,"endTime":822.9399999999999,"body":"that that's that's important for"},{"speaker":"Carl Widger","startTime":819.52,"endTime":822.9399999999999,"body":"the the meat and potatoes"},{"speaker":"Carl Widger","startTime":822.9399999999999,"endTime":826.3,"body":"discussion we're going to have"},{"speaker":"Carl Widger","startTime":822.9399999999999,"endTime":826.3,"body":"later on. And then they brought"},{"speaker":"Carl Widger","startTime":826.3,"endTime":829.9599999999999,"body":"in this mansions tax, which"},{"speaker":"Carl Widger","startTime":826.3,"endTime":829.9599999999999,"body":"means the stamp duty for"},{"speaker":"Carl Widger","startTime":829.9599999999999,"endTime":836.76,"body":"properties over one and a half"},{"speaker":"Carl Widger","startTime":829.9599999999999,"endTime":836.76,"body":"million is going from 2% to so"},{"speaker":"Nick Lincoln","startTime":838.5,"endTime":840.5999999999999,"body":"going from what go"},{"speaker":"Nick Lincoln","startTime":838.5,"endTime":840.5999999999999,"body":"from two to six,"},{"speaker":"Carl Widger","startTime":840.9,"endTime":843.78,"body":"yeah, but it's only"},{"speaker":"Carl Widger","startTime":840.9,"endTime":843.78,"body":"on the amount over and above 1.5"},{"speaker":"Carl Widger","startTime":844.68,"endTime":847.86,"body":"graduation. And so it's not"},{"speaker":"Carl Widger","startTime":844.68,"endTime":847.86,"body":"actually going to have the"},{"speaker":"Carl Widger","startTime":847.86,"endTime":852.14,"body":"impact that people and it's"},{"speaker":"Carl Widger","startTime":847.86,"endTime":852.14,"body":"definitely a kind of, I don't"},{"speaker":"Carl Widger","startTime":852.14,"endTime":855.0799999999999,"body":"know, it's, you know, let's get"},{"speaker":"Carl Widger","startTime":852.14,"endTime":855.0799999999999,"body":"the fat cats kind of thing, you"},{"speaker":"Carl Widger","startTime":855.0799999999999,"endTime":860.42,"body":"know. And it's not going to have"},{"speaker":"Carl Widger","startTime":855.0799999999999,"endTime":860.42,"body":"much of an impact, albeit,"},{"speaker":"Carl Widger","startTime":860.5999999999999,"endTime":863.54,"body":"people are saying it is, but"},{"speaker":"Carl Widger","startTime":860.5999999999999,"endTime":863.54,"body":"it's actually not really, in my"},{"speaker":"Carl Widger","startTime":863.54,"endTime":867.26,"body":"view. Like, if you on a 2"},{"speaker":"Carl Widger","startTime":863.54,"endTime":867.26,"body":"million property, it's an extra"},{"speaker":"Carl Widger","startTime":867.26,"endTime":871.24,"body":"20 grand. You're not making a"},{"speaker":"Carl Widger","startTime":867.26,"endTime":871.24,"body":"decision on buying a 2 million"},{"speaker":"Carl Widger","startTime":871.24,"endTime":874.8399999999999,"body":"property on 20 grand. That's"},{"speaker":"Carl Widger","startTime":871.24,"endTime":874.8399999999999,"body":"That's what I think. So"},{"speaker":"Andy Hart","startTime":876.04,"endTime":878.68,"body":"it's after tax money"},{"speaker":"Andy Hart","startTime":876.04,"endTime":878.68,"body":"in 20 grand a year. I"},{"speaker":"Nick Lincoln","startTime":878.74,"endTime":880.9599999999999,"body":"mean, that might"},{"speaker":"Nick Lincoln","startTime":878.74,"endTime":880.9599999999999,"body":"be your experience. Might feel"},{"speaker":"Nick Lincoln","startTime":881.5,"endTime":882.16,"body":"differently."},{"speaker":"Carl Widger","startTime":882.64,"endTime":885.64,"body":"It's not 20 grand a"},{"speaker":"Carl Widger","startTime":882.64,"endTime":885.64,"body":"year. It's 20 grand once off"},{"speaker":"Alan Smith","startTime":886.66,"endTime":889.24,"body":"when you pay them"},{"speaker":"Alan Smith","startTime":886.66,"endTime":889.24,"body":"buy it, or when you sell it."},{"speaker":"Alan Smith","startTime":889.5999999999999,"endTime":892.1999999999999,"body":"Yeah, when you buy it, when you"},{"speaker":"Alan Smith","startTime":889.5999999999999,"endTime":892.1999999999999,"body":"buy it, was"},{"speaker":"Andy Hart","startTime":892.1999999999999,"endTime":894.9599999999999,"body":"an ongoing, it's an"},{"speaker":"Andy Hart","startTime":892.1999999999999,"endTime":894.9599999999999,"body":"extra wealth tax."},{"speaker":"Nick Lincoln","startTime":895.26,"endTime":897.06,"body":"That's, that's,"},{"speaker":"Nick Lincoln","startTime":895.26,"endTime":897.06,"body":"that's, yeah, that's, that's,"},{"speaker":"Nick Lincoln","startTime":897.06,"endTime":897.3,"body":"that's"},{"speaker":"Carl Widger","startTime":898.68,"endTime":901.74,"body":"gonna have very"},{"speaker":"Carl Widger","startTime":898.68,"endTime":901.74,"body":"little impact on anybody is"},{"speaker":"Carl Widger","startTime":901.74,"endTime":904.74,"body":"going to bring in very, very"},{"speaker":"Carl Widger","startTime":901.74,"endTime":904.74,"body":"little. It's a total another"},{"speaker":"Carl Widger","startTime":905.16,"endTime":906.54,"body":"political it's"},{"speaker":"Nick Lincoln","startTime":906.54,"endTime":910.5799999999999,"body":"signaling, it's"},{"speaker":"Nick Lincoln","startTime":906.54,"endTime":910.5799999999999,"body":"signaling, yeah, by the way,"},{"speaker":"Nick Lincoln","startTime":910.5799999999999,"endTime":912.98,"body":"section of your party? Yeah, I"},{"speaker":"Alan Smith","startTime":913.4599999999999,"endTime":916.04,"body":"listened to, I think"},{"speaker":"Alan Smith","startTime":913.4599999999999,"endTime":916.04,"body":"we all did listen to your"},{"speaker":"Alan Smith","startTime":916.4,"endTime":920.36,"body":"interview. Carl, very good. I"},{"speaker":"Alan Smith","startTime":916.4,"endTime":920.36,"body":"thought it's very good. I'm"},{"speaker":"Alan Smith","startTime":920.36,"endTime":923.5999999999999,"body":"still astounded by the fact that"},{"speaker":"Alan Smith","startTime":920.36,"endTime":923.5999999999999,"body":"you guys have got this,"},{"speaker":"Alan Smith","startTime":923.5999999999999,"endTime":927.56,"body":"effectively withdrawal tax, or"},{"speaker":"Alan Smith","startTime":923.5999999999999,"endTime":927.56,"body":"whatever you call it, but it"},{"speaker":"Alan Smith","startTime":927.56,"endTime":929.9599999999999,"body":"applies even if you don't take"},{"speaker":"Alan Smith","startTime":927.56,"endTime":929.9599999999999,"body":"money out of your investments."},{"speaker":"Alan Smith","startTime":930.04,"endTime":933.04,"body":"Applies to everyone, like, like,"},{"speaker":"Alan Smith","startTime":930.04,"endTime":933.04,"body":"we like capital gains tax we've"},{"speaker":"Alan Smith","startTime":933.04,"endTime":937.12,"body":"got in the UK. But even if you"},{"speaker":"Alan Smith","startTime":933.04,"endTime":937.12,"body":"just invest like, you're still"},{"speaker":"Alan Smith","startTime":937.12,"endTime":940.06,"body":"getting hit by leave it alone."},{"speaker":"Alan Smith","startTime":937.12,"endTime":940.06,"body":"Yeah, it's like, just leave it"},{"speaker":"Alan Smith","startTime":940.06,"endTime":943.12,"body":"long term. What is it 30"},{"speaker":"Alan Smith","startTime":940.06,"endTime":943.12,"body":"something percent or something?"},{"speaker":"Alan Smith","startTime":943.18,"endTime":944.1999999999999,"body":"Well, it's just seems,"},{"speaker":"Carl Widger","startTime":944.26,"endTime":950.28,"body":"no, it's not. What"},{"speaker":"Carl Widger","startTime":944.26,"endTime":950.28,"body":"is CGT is 33 exit tax is 41 and"},{"speaker":"Carl Widger","startTime":950.28,"endTime":953.6999999999999,"body":"you must pay it on the gain in"},{"speaker":"Carl Widger","startTime":950.28,"endTime":953.6999999999999,"body":"your investment after eight"},{"speaker":"Carl Widger","startTime":953.6999999999999,"endTime":957.06,"body":"years, even if you do not"},{"speaker":"Carl Widger","startTime":953.6999999999999,"endTime":957.06,"body":"withdraw the money, it's 41%"},{"speaker":"Alan Smith","startTime":957.78,"endTime":960.9599999999999,"body":"of the gain you've"},{"speaker":"Alan Smith","startTime":957.78,"endTime":960.9599999999999,"body":"made, so nearly half the amount"},{"speaker":"Alan Smith","startTime":960.9599999999999,"endTime":964.8,"body":"you've made, even though you"},{"speaker":"Alan Smith","startTime":960.9599999999999,"endTime":964.8,"body":"haven't touched it. That seems"},{"speaker":"Alan Smith","startTime":964.8,"endTime":967.14,"body":"Yes, yes, incredible."},{"speaker":"Nick Lincoln","startTime":968.9399999999999,"endTime":971.78,"body":"Yeah, two screams"},{"speaker":"Nick Lincoln","startTime":968.9399999999999,"endTime":971.78,"body":"in, but that's unbelievable,"},{"speaker":"Nick Lincoln","startTime":971.78,"endTime":972.38,"body":"yeah,"},{"speaker":"Carl Widger","startTime":972.86,"endTime":975.14,"body":"and my argument is,"},{"speaker":"Carl Widger","startTime":972.86,"endTime":975.14,"body":"you know that that's so if you"},{"speaker":"Carl Widger","startTime":975.14,"endTime":978.1999999999999,"body":"go buy a bunch of individual"},{"speaker":"Carl Widger","startTime":975.14,"endTime":978.1999999999999,"body":"shares, you're paying 33% and"},{"speaker":"Carl Widger","startTime":978.3199999999999,"endTime":981.4399999999999,"body":"you only have to pay it when you"},{"speaker":"Carl Widger","startTime":978.3199999999999,"endTime":981.4399999999999,"body":"take it out, and CGT dies with"},{"speaker":"Carl Widger","startTime":981.4399999999999,"endTime":986.3,"body":"you. So you know, what they're"},{"speaker":"Carl Widger","startTime":981.4399999999999,"endTime":986.3,"body":"encouraging people to do is to"},{"speaker":"Carl Widger","startTime":986.3,"endTime":989.48,"body":"do investing all wrong. However,"},{"speaker":"Carl Widger","startTime":986.3,"endTime":989.48,"body":"they're not actually encouraging"},{"speaker":"Carl Widger","startTime":989.48,"endTime":992.14,"body":"anybody to do anything, because"},{"speaker":"Carl Widger","startTime":989.48,"endTime":992.14,"body":"people are just, you know,"},{"speaker":"Carl Widger","startTime":992.1999999999999,"endTime":994.8399999999999,"body":"they're just staying away from"},{"speaker":"Carl Widger","startTime":992.1999999999999,"endTime":994.8399999999999,"body":"it, which is a topic we're going"},{"speaker":"Carl Widger","startTime":994.8399999999999,"endTime":999.2199999999999,"body":"to discuss in more detail later"},{"speaker":"Carl Widger","startTime":994.8399999999999,"endTime":999.2199999999999,"body":"on. It is if they have said it"},{"speaker":"Carl Widger","startTime":999.2199999999999,"endTime":1005.76,"body":"is on the agenda. So do be fair"},{"speaker":"Carl Widger","startTime":999.2199999999999,"endTime":1005.76,"body":"to I'm a political as you know,"},{"speaker":"Carl Widger","startTime":1005.76,"endTime":1009.0,"body":"right? But this government have,"},{"speaker":"Carl Widger","startTime":1005.76,"endTime":1009.0,"body":"they've done all the buying of"},{"speaker":"Carl Widger","startTime":1009.0,"endTime":1011.66,"body":"votes through the great"},{"speaker":"Carl Widger","startTime":1009.0,"endTime":1011.66,"body":"giveaway, right? We did 20 with"},{"speaker":"Carl Widger","startTime":1011.66,"endTime":1015.68,"body":"the 25 billion surplus this"},{"speaker":"Carl Widger","startTime":1011.66,"endTime":1015.68,"body":"year. And that's just politics,"},{"speaker":"Carl Widger","startTime":1015.68,"endTime":1019.16,"body":"I guess, but they have done some"},{"speaker":"Carl Widger","startTime":1015.68,"endTime":1019.16,"body":"longer term things. So I would"},{"speaker":"Carl Widger","startTime":1019.16,"endTime":1022.5799999999999,"body":"have always said that budgets"},{"speaker":"Carl Widger","startTime":1019.16,"endTime":1022.5799999999999,"body":"are introducing three and four"},{"speaker":"Carl Widger","startTime":1022.5799999999999,"endTime":1026.66,"body":"year stuff at best, sometimes"},{"speaker":"Carl Widger","startTime":1022.5799999999999,"endTime":1026.66,"body":"one and two year stuff, but, but"},{"speaker":"Carl Widger","startTime":1026.66,"endTime":1030.52,"body":"this government have actually"},{"speaker":"Carl Widger","startTime":1026.66,"endTime":1030.52,"body":"done some longer term thinking."},{"speaker":"Carl Widger","startTime":1030.88,"endTime":1035.68,"body":"And I hope then that the longer"},{"speaker":"Carl Widger","startTime":1030.88,"endTime":1035.68,"body":"term thinking is extended. If"},{"speaker":"Carl Widger","startTime":1036.34,"endTime":1041.02,"body":"they do get into government next"},{"speaker":"Carl Widger","startTime":1036.34,"endTime":1041.02,"body":"year, you know, what they might"},{"speaker":"Carl Widger","startTime":1041.02,"endTime":1044.44,"body":"look at is reducing this exit"},{"speaker":"Carl Widger","startTime":1041.02,"endTime":1044.44,"body":"tax. And actually, when you do"},{"speaker":"Carl Widger","startTime":1044.44,"endTime":1047.56,"body":"the numbers, you don't need the"},{"speaker":"Carl Widger","startTime":1044.44,"endTime":1047.56,"body":"41 to match the 33 you just need"},{"speaker":"Carl Widger","startTime":1047.56,"endTime":1051.1200000000001,"body":"it to come some of the way there"},{"speaker":"Carl Widger","startTime":1047.56,"endTime":1051.1200000000001,"body":"for it to make a significant"},{"speaker":"Carl Widger","startTime":1051.1200000000001,"endTime":1051.6,"body":"difference."},{"speaker":"Andy Hart","startTime":1051.66,"endTime":1053.88,"body":"How does it work? So"},{"speaker":"Andy Hart","startTime":1051.66,"endTime":1053.88,"body":"I put an investment now eight"},{"speaker":"Andy Hart","startTime":1099.96,"endTime":1103.8,"body":"years later, it's 100k 100,000"},{"speaker":"Andy Hart","startTime":1099.96,"endTime":1103.8,"body":"euro gain. How do then they take"},{"speaker":"Andy Hart","startTime":1103.8,"endTime":1106.1999999999998,"body":"that money? Have I got to sell"},{"speaker":"Andy Hart","startTime":1103.8,"endTime":1106.1999999999998,"body":"the funds and do it? Or the"},{"speaker":"Andy Hart","startTime":1106.1999999999998,"endTime":1108.3,"body":"platform does it automatically?"},{"speaker":"Andy Hart","startTime":1106.1999999999998,"endTime":1108.3,"body":"Or how does it"},{"speaker":"Carl Widger","startTime":1108.299,"endTime":1110.1589999999999,"body":"work? So if you're"},{"speaker":"Carl Widger","startTime":1108.299,"endTime":1110.1589999999999,"body":"on a platform, you have to do it"},{"speaker":"Carl Widger","startTime":1110.2189999999998,"endTime":1112.9789999999998,"body":"yourself. So you'll get kind of"},{"speaker":"Carl Widger","startTime":1110.2189999999998,"endTime":1112.9789999999998,"body":"tax packs from the platform to"},{"speaker":"Carl Widger","startTime":1112.9789999999998,"endTime":1116.039,"body":"tell you exactly how much you"},{"speaker":"Carl Widger","startTime":1112.9789999999998,"endTime":1116.039,"body":"owe if you're doing it on an"},{"speaker":"Carl Widger","startTime":1116.039,"endTime":1118.6989999999998,"body":"insured basis. So via an"},{"speaker":"Carl Widger","startTime":1116.039,"endTime":1118.6989999999998,"body":"insurance company, the insurance"},{"speaker":"Carl Widger","startTime":1118.6989999999998,"endTime":1121.7589999999998,"body":"company pays the tax, it just"},{"speaker":"Carl Widger","startTime":1118.6989999999998,"endTime":1121.7589999999998,"body":"gets deducted, and it's paid"},{"speaker":"Carl Widger","startTime":1121.7589999999998,"endTime":1122.839,"body":"directly to the revenue. Oh,"},{"speaker":"Andy Hart","startTime":1122.84,"endTime":1125.6599999999999,"body":"so it's easier that"},{"speaker":"Andy Hart","startTime":1122.84,"endTime":1125.6599999999999,"body":"way. So you admit is doing this"},{"speaker":"Andy Hart","startTime":1125.6599999999999,"endTime":1129.62,"body":"all the time with clients, or"},{"speaker":"Andy Hart","startTime":1125.6599999999999,"endTime":1129.62,"body":"quite regularly, like, Well,"},{"speaker":"Carl Widger","startTime":1129.62,"endTime":1132.8,"body":"yeah, so obviously"},{"speaker":"Carl Widger","startTime":1129.62,"endTime":1132.8,"body":"we've most of the business. Most"},{"speaker":"Carl Widger","startTime":1132.8,"endTime":1135.56,"body":"of our business is actually on a"},{"speaker":"Carl Widger","startTime":1132.8,"endTime":1135.56,"body":"platform, so we have to be, you"},{"speaker":"Carl Widger","startTime":1135.56,"endTime":1139.6,"body":"know, these are items for"},{"speaker":"Carl Widger","startTime":1135.56,"endTime":1139.6,"body":"discussion every year at our"},{"speaker":"Carl Widger","startTime":1139.6,"endTime":1140.8,"body":"planning meetings. But"},{"speaker":"Alan Smith","startTime":1140.8,"endTime":1142.9599999999998,"body":"you have to sell"},{"speaker":"Alan Smith","startTime":1140.8,"endTime":1142.9599999999998,"body":"refunds to meet the taxi. You"},{"speaker":"Alan Smith","startTime":1142.9599999999998,"endTime":1145.6599999999999,"body":"got to meet the tax liability."},{"speaker":"Alan Smith","startTime":1142.9599999999998,"endTime":1145.6599999999999,"body":"Where you going to get the"},{"speaker":"Alan Smith","startTime":1145.6599999999999,"endTime":1147.6999999999998,"body":"money. You got to sell the"},{"speaker":"Alan Smith","startTime":1145.6599999999999,"endTime":1147.6999999999998,"body":"funds. Yeah?"},{"speaker":"Carl Widger","startTime":1149.1989999999998,"endTime":1151.6589999999999,"body":"Well, you have to"},{"speaker":"Carl Widger","startTime":1149.1989999999998,"endTime":1151.6589999999999,"body":"sell the funds. That's what you"},{"speaker":"Carl Widger","startTime":1151.6589999999999,"endTime":1153.2189999999998,"body":"Yeah, yeah. That's what people"},{"speaker":"Nick Lincoln","startTime":1154.36,"endTime":1157.26,"body":"do. Yeah,"},{"speaker":"Nick Lincoln","startTime":1154.36,"endTime":1157.26,"body":"different, different to hear."},{"speaker":"Nick Lincoln","startTime":1157.26,"endTime":1160.5,"body":"That's for sure. I hope Rachel"},{"speaker":"Nick Lincoln","startTime":1157.26,"endTime":1160.5,"body":"Reeves is not listening to this"},{"speaker":"Nick Lincoln","startTime":1160.5,"endTime":1160.9799999999998,"body":"podcast"},{"speaker":"Unknown","startTime":1162.2389999999998,"endTime":1163.619,"body":"she usually does."},{"speaker":"Unknown","startTime":1162.2389999999998,"endTime":1163.619,"body":"Moving"},{"speaker":"Nick Lincoln","startTime":1164.28,"endTime":1170.6999999999998,"body":"on this, this,"},{"speaker":"Nick Lincoln","startTime":1164.28,"endTime":1170.6999999999998,"body":"yeah, the meaty potatoes, this,"},{"speaker":"Nick Lincoln","startTime":1170.6999999999998,"endTime":1173.76,"body":"this, this next topical tidbit"},{"speaker":"Nick Lincoln","startTime":1170.6999999999998,"endTime":1173.76,"body":"is kind of again tied to that,"},{"speaker":"Nick Lincoln","startTime":1173.76,"endTime":1176.8999999999999,"body":"and just the lack of the sort of"},{"speaker":"Nick Lincoln","startTime":1173.76,"endTime":1176.8999999999999,"body":"apathy of UK stores."},{"speaker":"Andy Hart","startTime":1178.6989999999998,"endTime":1180.4389999999999,"body":"Yeah, sorry, Nick, go"},{"speaker":"Andy Hart","startTime":1178.6989999999998,"endTime":1180.4389999999999,"body":"on. No, no. You"},{"speaker":"Nick Lincoln","startTime":1180.4399999999998,"endTime":1182.4199999999998,"body":"started now. So"},{"speaker":"Nick Lincoln","startTime":1180.4399999999998,"endTime":1182.4199999999998,"body":"you got one crack on. You"},{"speaker":"Andy Hart","startTime":1182.4199999999998,"endTime":1183.7399999999998,"body":"started so"},{"speaker":"Andy Hart","startTime":1182.4199999999998,"endTime":1183.7399999999998,"body":"interesting."},{"speaker":"Carl Widger","startTime":1183.7389999999998,"endTime":1188.7189999999998,"body":"Sounds you made"},{"speaker":"Carl Widger","startTime":1183.7389999999998,"endTime":1188.7189999999998,"body":"there, yeah. What you doing? Oh,"},{"speaker":"Carl Widger","startTime":1188.7189999999998,"endTime":1190.039,"body":"I heard that somewhere before."},{"speaker":"Andy Hart","startTime":1194.2389999999998,"endTime":1197.079,"body":"Can we get back on"},{"speaker":"Andy Hart","startTime":1194.2389999999998,"endTime":1197.079,"body":"the serious topic of lysis."},{"speaker":"Andy Hart","startTime":1197.379,"endTime":1200.7389999999998,"body":"Okay. Nices are a form of ICER,"},{"speaker":"Andy Hart","startTime":1197.379,"endTime":1200.7389999999998,"body":"and you can only take them out"},{"speaker":"Andy Hart","startTime":1200.9189999999999,"endTime":1204.579,"body":"when you're under 40. Anyway, in"},{"speaker":"Andy Hart","startTime":1200.9189999999999,"endTime":1204.579,"body":"the Times this week they came"},{"speaker":"Andy Hart","startTime":1204.579,"endTime":1207.039,"body":"out with their day is"},{"speaker":"Nick Lincoln","startTime":1207.04,"endTime":1211.4199999999998,"body":"my point next"},{"speaker":"Nick Lincoln","startTime":1207.04,"endTime":1211.4199999999998,"body":"happening? Yes, point sorry,"},{"speaker":"Nick Lincoln","startTime":1212.02,"endTime":1218.82,"body":"it's alright. Sorry, it's all"},{"speaker":"Nick Lincoln","startTime":1212.02,"endTime":1218.82,"body":"right. So the meaty potatoes is"},{"speaker":"Nick Lincoln","startTime":1218.82,"endTime":1222.84,"body":"about, is about how our UK"},{"speaker":"Nick Lincoln","startTime":1218.82,"endTime":1222.84,"body":"public, Joe Public, are so"},{"speaker":"Nick Lincoln","startTime":1223.1999999999998,"endTime":1225.9599999999998,"body":"disassociated from the stock"},{"speaker":"Nick Lincoln","startTime":1223.1999999999998,"endTime":1225.9599999999998,"body":"market and investing and just"},{"speaker":"Nick Lincoln","startTime":1225.9599999999998,"endTime":1228.3,"body":"don't really want to take any"},{"speaker":"Nick Lincoln","startTime":1225.9599999999998,"endTime":1228.3,"body":"interest in their financial"},{"speaker":"Nick Lincoln","startTime":1228.3,"endTime":1230.9399999999998,"body":"future. And there's an article"},{"speaker":"Nick Lincoln","startTime":1228.3,"endTime":1230.9399999999998,"body":"about this bloody remember child"},{"speaker":"Nick Lincoln","startTime":1230.9399999999998,"endTime":1234.4199999999998,"body":"trust funds and other dreadful"},{"speaker":"Nick Lincoln","startTime":1230.9399999999998,"endTime":1234.4199999999998,"body":"invention plonks on the British"},{"speaker":"Nick Lincoln","startTime":1234.6,"endTime":1239.4199999999998,"body":"public by Gordon Brown in 2005"},{"speaker":"Nick Lincoln","startTime":1234.6,"endTime":1239.4199999999998,"body":"they were stuck in microwave,"},{"speaker":"Nick Lincoln","startTime":1239.4199999999998,"endTime":1242.06,"body":"because if your baby was born"},{"speaker":"Nick Lincoln","startTime":1239.4199999999998,"endTime":1242.06,"body":"first of September, 2002"},{"speaker":"Nick Lincoln","startTime":1243.1999999999998,"endTime":1245.6,"body":"onwards, the government would"},{"speaker":"Nick Lincoln","startTime":1243.1999999999998,"endTime":1245.6,"body":"give you a bung, or would give"},{"speaker":"Nick Lincoln","startTime":1245.6599999999999,"endTime":1248.3,"body":"your child a bang of 250 quid."},{"speaker":"Nick Lincoln","startTime":1245.6599999999999,"endTime":1248.3,"body":"My son was born in that year,"},{"speaker":"Nick Lincoln","startTime":1248.3,"endTime":1251.06,"body":"but before the first of"},{"speaker":"Nick Lincoln","startTime":1248.3,"endTime":1251.06,"body":"September, so capricious policy,"},{"speaker":"Nick Lincoln","startTime":1251.06,"endTime":1253.3999999999999,"body":"he didn't get a bung from the"},{"speaker":"Nick Lincoln","startTime":1251.06,"endTime":1253.3999999999999,"body":"government. Anyway, this child,"},{"speaker":"Nick Lincoln","startTime":1253.4599999999998,"endTime":1257.3799999999999,"body":"CTFs brought in 2005 they were"},{"speaker":"Nick Lincoln","startTime":1253.4599999999998,"endTime":1257.3799999999999,"body":"scrapped in 2011 another"},{"speaker":"Nick Lincoln","startTime":1257.3799999999999,"endTime":1261.1599999999999,"body":"disastrous waste of our money."},{"speaker":"Nick Lincoln","startTime":1257.3799999999999,"endTime":1261.1599999999999,"body":"But there are, there's, there's"},{"speaker":"Nick Lincoln","startTime":1261.2199999999998,"endTime":1265.6,"body":"loads and loads of money, over a"},{"speaker":"Nick Lincoln","startTime":1261.2199999999998,"endTime":1265.6,"body":"billion pounds in unclaimed"},{"speaker":"Nick Lincoln","startTime":1266.1399999999999,"endTime":1269.02,"body":"children or child trust funds in"},{"speaker":"Nick Lincoln","startTime":1266.1399999999999,"endTime":1269.02,"body":"the UK, because people have"},{"speaker":"Nick Lincoln","startTime":1269.02,"endTime":1271.54,"body":"just, obviously just forgotten"},{"speaker":"Nick Lincoln","startTime":1269.02,"endTime":1271.54,"body":"about them, have taken no"},{"speaker":"Nick Lincoln","startTime":1271.54,"endTime":1274.12,"body":"interest. Imagine most of that"},{"speaker":"Nick Lincoln","startTime":1271.54,"endTime":1274.12,"body":"money is sitting in cash like an"},{"speaker":"Nick Lincoln","startTime":1274.12,"endTime":1276.6599999999999,"body":"ice you could put the money to"},{"speaker":"Nick Lincoln","startTime":1274.12,"endTime":1276.6599999999999,"body":"investments if you. Wanted to."},{"speaker":"Nick Lincoln","startTime":1277.62,"endTime":1283.86,"body":"And there are 667,000 unclaimed"},{"speaker":"Nick Lincoln","startTime":1277.62,"endTime":1283.86,"body":"CTF funds in the UK just"},{"speaker":"Nick Lincoln","startTime":1283.9199999999998,"endTime":1286.3799999999999,"body":"somewhere. There's a policy"},{"speaker":"Nick Lincoln","startTime":1283.9199999999998,"endTime":1286.3799999999999,"body":"document, there's a there's an"},{"speaker":"Nick Lincoln","startTime":1286.3799999999999,"endTime":1288.9599999999998,"body":"email address that's been"},{"speaker":"Nick Lincoln","startTime":1286.3799999999999,"endTime":1288.9599999999998,"body":"changed as a password being"},{"speaker":"Nick Lincoln","startTime":1288.9599999999998,"endTime":1291.6599999999999,"body":"forgotten, and people just don't"},{"speaker":"Nick Lincoln","startTime":1288.9599999999998,"endTime":1291.6599999999999,"body":"have any interest in just"},{"speaker":"Nick Lincoln","startTime":1291.6599999999999,"endTime":1294.3,"body":"looking after financial affairs."},{"speaker":"Nick Lincoln","startTime":1291.6599999999999,"endTime":1294.3,"body":"And it's just endemic. I think,"},{"speaker":"Nick Lincoln","startTime":1294.3,"endTime":1298.9399999999998,"body":"of the malaise of the UK"},{"speaker":"Nick Lincoln","startTime":1294.3,"endTime":1298.9399999999998,"body":"investment. The UK population's"},{"speaker":"Nick Lincoln","startTime":1298.9399999999998,"endTime":1301.34,"body":"investment approach. Go"},{"speaker":"Nick Lincoln","startTime":1298.9399999999998,"endTime":1301.34,"body":"storytelling. Your digit was"},{"speaker":"Nick Lincoln","startTime":1301.34,"endTime":1303.26,"body":"raised. I think it was"},{"speaker":"Alan Smith","startTime":1304.4589999999998,"endTime":1309.079,"body":"this reminds me. It"},{"speaker":"Alan Smith","startTime":1304.4589999999998,"endTime":1309.079,"body":"reminds me of a quick story I"},{"speaker":"Alan Smith","startTime":1309.079,"endTime":1314.839,"body":"went many, many years ago, when"},{"speaker":"Alan Smith","startTime":1309.079,"endTime":1314.839,"body":"these things first came out. I"},{"speaker":"Alan Smith","startTime":1314.839,"endTime":1315.079,"body":"went"},{"speaker":"Unknown","startTime":1318.5,"endTime":1323.9199999999998,"body":"grab yourself a drink,"},{"speaker":"Unknown","startTime":1318.5,"endTime":1323.9199999999998,"body":"a very long drink. Story. Time"},{"speaker":"Unknown","startTime":1324.1599999999999,"endTime":1325.4199999999998,"body":"with Alan Smith."},{"speaker":"Alan Smith","startTime":1327.76,"endTime":1331.54,"body":"I did think it was a"},{"speaker":"Alan Smith","startTime":1327.76,"endTime":1331.54,"body":"while since we had that drop, so"},{"speaker":"Alan Smith","startTime":1331.54,"endTime":1335.6799999999998,"body":"I managed to shoehorn You just"},{"speaker":"Alan Smith","startTime":1331.54,"endTime":1335.6799999999998,"body":"reminded me the subtle hint,"},{"speaker":"Alan Smith","startTime":1335.6799999999998,"endTime":1340.26,"body":"yeah, no, come on, come on. I've"},{"speaker":"Alan Smith","startTime":1335.6799999999998,"endTime":1340.26,"body":"got a story. It is a brief"},{"speaker":"Alan Smith","startTime":1340.26,"endTime":1343.1399999999999,"body":"story. But funnily enough, you I"},{"speaker":"Alan Smith","startTime":1340.26,"endTime":1343.1399999999999,"body":"didn't know you're going to"},{"speaker":"Alan Smith","startTime":1343.1399999999999,"endTime":1345.54,"body":"mention that today, and I've"},{"speaker":"Alan Smith","startTime":1343.1399999999999,"endTime":1345.54,"body":"been thinking about that over"},{"speaker":"Alan Smith","startTime":1345.54,"endTime":1347.76,"body":"the weekend when I was posting"},{"speaker":"Alan Smith","startTime":1345.54,"endTime":1347.76,"body":"something about which will"},{"speaker":"Alan Smith","startTime":1347.76,"endTime":1351.36,"body":"become the meat potatoes later"},{"speaker":"Alan Smith","startTime":1347.76,"endTime":1351.36,"body":"on. Exactly that these child"},{"speaker":"Alan Smith","startTime":1351.4199999999998,"endTime":1355.6799999999998,"body":"trust funds. So in, when did he"},{"speaker":"Alan Smith","startTime":1351.4199999999998,"endTime":1355.6799999999998,"body":"come out? When did they first"},{"speaker":"Alan Smith","startTime":1355.6799999999998,"endTime":1357.1999999999998,"body":"get launched"},{"speaker":"Nick Lincoln","startTime":1357.1989999999998,"endTime":1360.139,"body":"again. They"},{"speaker":"Nick Lincoln","startTime":1357.1989999999998,"endTime":1360.139,"body":"introduced in 2005 for children"},{"speaker":"Nick Lincoln","startTime":1360.139,"endTime":1362.7189999999998,"body":"born first of September, 2002"},{"speaker":"Nick Lincoln","startTime":1360.139,"endTime":1362.7189999999998,"body":"onwards,"},{"speaker":"Alan Smith","startTime":1363.559,"endTime":1365.9589999999998,"body":"right? So I so"},{"speaker":"Alan Smith","startTime":1363.559,"endTime":1365.9589999999998,"body":"these, they were up for a couple"},{"speaker":"Alan Smith","startTime":1365.9589999999998,"endTime":1369.619,"body":"of years, and I remember I went"},{"speaker":"Alan Smith","startTime":1365.9589999999998,"endTime":1369.619,"body":"to see some new clients. And"},{"speaker":"Alan Smith","startTime":1369.619,"endTime":1372.7389999999998,"body":"these were so I went to their"},{"speaker":"Alan Smith","startTime":1369.619,"endTime":1372.7389999999998,"body":"house, nice, big house up in"},{"speaker":"Alan Smith","startTime":1372.7389999999998,"endTime":1376.2189999999998,"body":"Hampstead, or somewhere like"},{"speaker":"Alan Smith","startTime":1372.7389999999998,"endTime":1376.2189999999998,"body":"that. Um, pretty well to do"},{"speaker":"Alan Smith","startTime":1376.2189999999998,"endTime":1379.7189999999998,"body":"professionals. And they were"},{"speaker":"Alan Smith","startTime":1376.2189999999998,"endTime":1379.7189999999998,"body":"telling me how old their"},{"speaker":"Alan Smith","startTime":1379.7189999999998,"endTime":1381.819,"body":"children were. So I thought, oh,"},{"speaker":"Alan Smith","startTime":1379.7189999999998,"endTime":1381.819,"body":"that means they'll have"},{"speaker":"Alan Smith","startTime":1381.819,"endTime":1384.5189999999998,"body":"qualified, that both of their"},{"speaker":"Alan Smith","startTime":1381.819,"endTime":1384.5189999999998,"body":"children would have qualified"},{"speaker":"Alan Smith","startTime":1384.5189999999998,"endTime":1386.9789999999998,"body":"for these child trust fund"},{"speaker":"Alan Smith","startTime":1384.5189999999998,"endTime":1386.9789999999998,"body":"things. So I mentioned it to"},{"speaker":"Alan Smith","startTime":1386.9789999999998,"endTime":1391.359,"body":"them. I said, so did you get"},{"speaker":"Alan Smith","startTime":1386.9789999999998,"endTime":1391.359,"body":"because if you well, you won't"},{"speaker":"Alan Smith","startTime":1391.359,"endTime":1395.139,"body":"know Nick, because Luke missed"},{"speaker":"Alan Smith","startTime":1391.359,"endTime":1395.139,"body":"out, or you missed out on behalf"},{"speaker":"Alan Smith","startTime":1395.139,"endTime":1397.7389999999998,"body":"of him, but you actually got it"},{"speaker":"Alan Smith","startTime":1395.139,"endTime":1397.7389999999998,"body":"wasn't. It was what happened was"},{"speaker":"Alan Smith","startTime":1397.7389999999998,"endTime":1401.4589999999998,"body":"because my kids, at least one of"},{"speaker":"Alan Smith","startTime":1397.7389999999998,"endTime":1401.4589999999998,"body":"them, qualified, and we got a,"},{"speaker":"Alan Smith","startTime":1401.5189999999998,"endTime":1404.4589999999998,"body":"you get a certificate in the"},{"speaker":"Alan Smith","startTime":1401.5189999999998,"endTime":1404.4589999999998,"body":"post. You get literally a piece"},{"speaker":"Alan Smith","startTime":1404.4589999999998,"endTime":1408.059,"body":"of paper. That's what happened"},{"speaker":"Alan Smith","startTime":1404.4589999999998,"endTime":1408.059,"body":"at the time in the post. And you"},{"speaker":"Alan Smith","startTime":1408.059,"endTime":1410.6989999999998,"body":"were expected then to go to,"},{"speaker":"Alan Smith","startTime":1408.059,"endTime":1410.6989999999998,"body":"there was a list of approved"},{"speaker":"Alan Smith","startTime":1410.6989999999998,"endTime":1413.4589999999998,"body":"providers, and you had to go and"},{"speaker":"Alan Smith","startTime":1410.6989999999998,"endTime":1413.4589999999998,"body":"then open an account. And it"},{"speaker":"Alan Smith","startTime":1413.4589999999998,"endTime":1415.6789999999999,"body":"could have been a cash version,"},{"speaker":"Alan Smith","startTime":1413.4589999999998,"endTime":1415.6789999999999,"body":"or it could have been a stocks"},{"speaker":"Alan Smith","startTime":1415.6789999999999,"endTime":1418.279,"body":"and shares version, so kind of"},{"speaker":"Alan Smith","startTime":1415.6789999999999,"endTime":1418.279,"body":"like ISIS, but, but the point"},{"speaker":"Alan Smith","startTime":1418.339,"endTime":1420.7389999999998,"body":"was, there was so much friction,"},{"speaker":"Alan Smith","startTime":1418.339,"endTime":1420.7389999999998,"body":"because you got this letter in"},{"speaker":"Alan Smith","startTime":1420.7389999999998,"endTime":1423.139,"body":"the post and then you got the"},{"speaker":"Alan Smith","startTime":1420.7389999999998,"endTime":1423.139,"body":"certificate, and you to get out"},{"speaker":"Alan Smith","startTime":1423.139,"endTime":1425.779,"body":"and find a provider. And"},{"speaker":"Alan Smith","startTime":1423.139,"endTime":1425.779,"body":"ridiculous. So anyway, I went to"},{"speaker":"Alan Smith","startTime":1425.779,"endTime":1427.819,"body":"see these people. I remember"},{"speaker":"Alan Smith","startTime":1425.779,"endTime":1427.819,"body":"sitting in their kitchen"},{"speaker":"Alan Smith","startTime":1427.819,"endTime":1430.039,"body":"chatting through all, all sorts"},{"speaker":"Alan Smith","startTime":1427.819,"endTime":1430.039,"body":"of different things. I said, Oh,"},{"speaker":"Alan Smith","startTime":1430.039,"endTime":1433.4589999999998,"body":"and child Trust Fund. What did"},{"speaker":"Alan Smith","startTime":1430.039,"endTime":1433.4589999999998,"body":"you do with it? Did you? Did you"},{"speaker":"Alan Smith","startTime":1433.4589999999998,"endTime":1436.039,"body":"open an account and then, well,"},{"speaker":"Alan Smith","startTime":1433.4589999999998,"endTime":1436.039,"body":"I don't know you're talking"},{"speaker":"Alan Smith","startTime":1436.039,"endTime":1440.619,"body":"about. And they went through."},{"speaker":"Alan Smith","startTime":1436.039,"endTime":1440.619,"body":"And then the Mrs. The wife, went"},{"speaker":"Alan Smith","startTime":1440.619,"endTime":1442.779,"body":"over to, you know, in every"},{"speaker":"Alan Smith","startTime":1440.619,"endTime":1442.779,"body":"kitchen, most people have got"},{"speaker":"Alan Smith","startTime":1442.779,"endTime":1446.2589999999998,"body":"these drawers full of bloody"},{"speaker":"Alan Smith","startTime":1442.779,"endTime":1446.2589999999998,"body":"screwdrivers and bits and pieces"},{"speaker":"Alan Smith","startTime":1446.2589999999998,"endTime":1449.9789999999998,"body":"and paperwork you never looked"},{"speaker":"Alan Smith","startTime":1446.2589999999998,"endTime":1449.9789999999998,"body":"at absolutely, absolutely"},{"speaker":"Alan Smith","startTime":1450.819,"endTime":1454.539,"body":"everyone's got one. And as this"},{"speaker":"Alan Smith","startTime":1450.819,"endTime":1454.539,"body":"couple did as well. And so they"},{"speaker":"Alan Smith","startTime":1454.539,"endTime":1457.139,"body":"she went rifling through this"},{"speaker":"Alan Smith","startTime":1454.539,"endTime":1457.139,"body":"drawer full of all sorts of"},{"speaker":"Alan Smith","startTime":1457.139,"endTime":1460.4989999999998,"body":"stuff and junk mail and pizza,"},{"speaker":"Alan Smith","startTime":1457.139,"endTime":1460.4989999999998,"body":"you know, delivery"},{"speaker":"Alan Smith","startTime":1460.4989999999998,"endTime":1462.899,"body":"notifications, all sorts of"},{"speaker":"Alan Smith","startTime":1460.4989999999998,"endTime":1462.899,"body":"things. She goes, Oh, hang on"},{"speaker":"Alan Smith","startTime":1462.899,"endTime":1464.099,"body":"there. I remember getting this"},{"speaker":"Nick Lincoln","startTime":1465.12,"endTime":1467.82,"body":"ages ago. Yeah,"},{"speaker":"Nick Lincoln","startTime":1465.12,"endTime":1467.82,"body":"she"},{"speaker":"Alan Smith","startTime":1467.819,"endTime":1470.279,"body":"brings it out. She"},{"speaker":"Alan Smith","startTime":1467.819,"endTime":1470.279,"body":"fishes through opens. And"},{"speaker":"Alan Smith","startTime":1470.279,"endTime":1474.7189999999998,"body":"they're enough, sure enough,"},{"speaker":"Alan Smith","startTime":1470.279,"endTime":1474.7189999999998,"body":"there was this child Trust Fund"},{"speaker":"Alan Smith","startTime":1474.7189999999998,"endTime":1477.559,"body":"voucher, which she never opened"},{"speaker":"Alan Smith","startTime":1474.7189999999998,"endTime":1477.559,"body":"so and I said, oh, you should"},{"speaker":"Alan Smith","startTime":1477.9789999999998,"endTime":1480.9789999999998,"body":"have opened an account. And I"},{"speaker":"Alan Smith","startTime":1477.9789999999998,"endTime":1480.9789999999998,"body":"think, I think they managed to"},{"speaker":"Alan Smith","startTime":1480.9789999999998,"endTime":1483.799,"body":"do it. The point of this was,"},{"speaker":"Alan Smith","startTime":1480.9789999999998,"endTime":1483.799,"body":"there was, and this was a, you"},{"speaker":"Alan Smith","startTime":1483.799,"endTime":1486.6789999999999,"body":"know, serious, professional"},{"speaker":"Alan Smith","startTime":1483.799,"endTime":1486.6789999999999,"body":"couple, you know, there were"},{"speaker":"Alan Smith","startTime":1486.6789999999999,"endTime":1490.039,"body":"sensible people, and they have"},{"speaker":"Alan Smith","startTime":1486.6789999999999,"endTime":1490.039,"body":"just so disengaged with it was"},{"speaker":"Alan Smith","startTime":1490.039,"endTime":1492.6789999999999,"body":"another piece of friction in"},{"speaker":"Alan Smith","startTime":1490.039,"endTime":1492.6789999999999,"body":"their busy lives, and had no one"},{"speaker":"Alan Smith","startTime":1492.6789999999999,"endTime":1496.2189999999998,"body":"at the time or the energy to do"},{"speaker":"Alan Smith","startTime":1492.6789999999999,"endTime":1496.2189999999998,"body":"this. And so it's, your point is"},{"speaker":"Alan Smith","startTime":1496.2189999999998,"endTime":1499.839,"body":"well made. And to to think"},{"speaker":"Alan Smith","startTime":1496.2189999999998,"endTime":1499.839,"body":"there's still a billion pounds"},{"speaker":"Alan Smith","startTime":1499.839,"endTime":1503.799,"body":"of unclaimed amounts, complete"},{"speaker":"Alan Smith","startTime":1499.839,"endTime":1503.799,"body":"waste of so many people's time,"},{"speaker":"Alan Smith","startTime":1503.799,"endTime":1505.9589999999998,"body":"and it's one of the issues,"},{"speaker":"Alan Smith","startTime":1503.799,"endTime":1505.9589999999998,"body":"that's"},{"speaker":"Nick Lincoln","startTime":1506.4399999999998,"endTime":1506.9799999999998,"body":"that,"},{"speaker":"Alan Smith","startTime":1507.5189999999998,"endTime":1508.4789999999998,"body":"yeah, that's"},{"speaker":"Nick Lincoln","startTime":1508.4789999999998,"endTime":1510.339,"body":"250 pounds"},{"speaker":"Nick Lincoln","startTime":1508.4789999999998,"endTime":1510.339,"body":"certificate. I think how many"},{"speaker":"Nick Lincoln","startTime":1510.339,"endTime":1513.339,"body":"hands I had to get through to"},{"speaker":"Nick Lincoln","startTime":1510.339,"endTime":1513.339,"body":"get to the recipient? You know,"},{"speaker":"Nick Lincoln","startTime":1513.339,"endTime":1515.559,"body":"the civil servants that devised"},{"speaker":"Nick Lincoln","startTime":1513.339,"endTime":1515.559,"body":"the thing, yeah, the whole"},{"speaker":"Nick Lincoln","startTime":1515.559,"endTime":1518.819,"body":"bureaucracy, you know, sending"},{"speaker":"Nick Lincoln","startTime":1515.559,"endTime":1518.819,"body":"it out in the mail. I mean, it's"},{"speaker":"Nick Lincoln","startTime":1518.819,"endTime":1519.6589999999999,"body":"just like, No, well,"},{"speaker":"Andy Hart","startTime":1520.7389999999998,"endTime":1523.319,"body":"additional 250 Yeah,"},{"speaker":"Alan Smith","startTime":1523.3799999999999,"endTime":1526.9199999999998,"body":"they did, some did,"},{"speaker":"Alan Smith","startTime":1523.3799999999999,"endTime":1526.9199999999998,"body":"but this was the, this is the"},{"speaker":"Alan Smith","startTime":1526.9199999999998,"endTime":1529.4399999999998,"body":"thing, if you're going to get"},{"speaker":"Alan Smith","startTime":1526.9199999999998,"endTime":1529.4399999999998,"body":"the general public to engage,"},{"speaker":"Alan Smith","startTime":1529.4399999999998,"endTime":1532.62,"body":"certainly at this kind of low"},{"speaker":"Alan Smith","startTime":1529.4399999999998,"endTime":1532.62,"body":"level entry, you know, 250 quid"},{"speaker":"Alan Smith","startTime":1532.62,"endTime":1535.3799999999999,"body":"open account, it has got to be"},{"speaker":"Alan Smith","startTime":1532.62,"endTime":1535.3799999999999,"body":"frictionless. They've got to"},{"speaker":"Alan Smith","startTime":1535.3799999999999,"endTime":1539.2399999999998,"body":"default. Just open the account,"},{"speaker":"Alan Smith","startTime":1535.3799999999999,"endTime":1539.2399999999998,"body":"just get a government created"},{"speaker":"Alan Smith","startTime":1539.3,"endTime":1541.58,"body":"account start in the first"},{"speaker":"Alan Smith","startTime":1539.3,"endTime":1541.58,"body":"place, and then you've got to,"},{"speaker":"Alan Smith","startTime":1541.58,"endTime":1543.8,"body":"you know, the idea you had to"},{"speaker":"Alan Smith","startTime":1541.58,"endTime":1543.8,"body":"opt out if you don't want it,"},{"speaker":"Alan Smith","startTime":1543.8,"endTime":1546.08,"body":"then you've got to, you know,"},{"speaker":"Alan Smith","startTime":1543.8,"endTime":1546.08,"body":"have a bit of friction to opt"},{"speaker":"Alan Smith","startTime":1546.08,"endTime":1548.4199999999998,"body":"out that they have for auto"},{"speaker":"Alan Smith","startTime":1546.08,"endTime":1548.4199999999998,"body":"enrollment, for pensions. That's"},{"speaker":"Alan Smith","startTime":1548.54,"endTime":1551.6,"body":"the strategy, not sending pieces"},{"speaker":"Alan Smith","startTime":1548.54,"endTime":1551.6,"body":"of paper in the post and hoping"},{"speaker":"Alan Smith","startTime":1551.6,"endTime":1554.54,"body":"someone's going to take a load"},{"speaker":"Alan Smith","startTime":1551.6,"endTime":1554.54,"body":"of action anyway. That was it."},{"speaker":"Alan Smith","startTime":1554.6,"endTime":1555.56,"body":"Good point. Nick,"},{"speaker":"Nick Lincoln","startTime":1557.3,"endTime":1558.04,"body":"thank you very"},{"speaker":"Carl Widger","startTime":1559.36,"endTime":1562.8999999999999,"body":"the budget here"},{"speaker":"Carl Widger","startTime":1559.36,"endTime":1562.8999999999999,"body":"just introduced the they're"},{"speaker":"Carl Widger","startTime":1562.9599999999998,"endTime":1565.84,"body":"giving a double whammy on the"},{"speaker":"Carl Widger","startTime":1562.9599999999998,"endTime":1565.84,"body":"children's allowance in November"},{"speaker":"Carl Widger","startTime":1565.84,"endTime":1569.3799999999999,"body":"and December this year, and"},{"speaker":"Carl Widger","startTime":1565.84,"endTime":1569.3799999999999,"body":"they're also paying a lump sum"},{"speaker":"Carl Widger","startTime":1569.3799999999999,"endTime":1574.12,"body":"of, I think, 420 quid if you"},{"speaker":"Carl Widger","startTime":1569.3799999999999,"endTime":1574.12,"body":"have a child born sometime soon."},{"speaker":"Carl Widger","startTime":1574.12,"endTime":1577.9199999999998,"body":"So it's like talking. Know,"},{"speaker":"Carl Widger","startTime":1574.12,"endTime":1577.9199999999998,"body":"buying votes is like, we're"},{"speaker":"Carl Widger","startTime":1577.9199999999998,"endTime":1581.76,"body":"going to have an election. We're"},{"speaker":"Carl Widger","startTime":1577.9199999999998,"endTime":1581.76,"body":"not sure when. It'll probably be"},{"speaker":"Carl Widger","startTime":1581.76,"endTime":1585.6599999999999,"body":"November, just when the first"},{"speaker":"Carl Widger","startTime":1581.76,"endTime":1585.6599999999999,"body":"double whammy of the children's"},{"speaker":"Carl Widger","startTime":1585.6599999999999,"endTime":1588.7199999999998,"body":"allowance is coming in, and"},{"speaker":"Carl Widger","startTime":1585.6599999999999,"endTime":1588.7199999999998,"body":"we're going to cover this off by"},{"speaker":"Carl Widger","startTime":1588.7199999999998,"endTime":1592.7399999999998,"body":"calling it a cost of living"},{"speaker":"Carl Widger","startTime":1588.7199999999998,"endTime":1592.7399999999998,"body":"allowance. So yeah,"},{"speaker":"Andy Hart","startTime":1593.639,"endTime":1596.099,"body":"what to do with the"},{"speaker":"Andy Hart","startTime":1593.639,"endTime":1596.099,"body":"money in Ireland? Or"},{"speaker":"Carl Widger","startTime":1596.1,"endTime":1597.56,"body":"literally, just"},{"speaker":"Carl Widger","startTime":1596.1,"endTime":1597.56,"body":"like a slight."},{"speaker":"Unknown","startTime":1597.9199999999998,"endTime":1598.58,"body":"Thank you. Thank"},{"speaker":"Unknown","startTime":1599.12,"endTime":1599.2399999999998,"body":"you"},{"speaker":"Unknown","startTime":1599.3,"endTime":1600.56,"body":"Google. Thank you meta,"},{"speaker":"Carl Widger","startTime":1601.6989999999998,"endTime":1603.4989999999998,"body":"but, uh, but I"},{"speaker":"Carl Widger","startTime":1601.6989999999998,"endTime":1603.4989999999998,"body":"suppose the point is it's"},{"speaker":"Carl Widger","startTime":1603.4989999999998,"endTime":1606.7389999999998,"body":"somewhere in between where that"},{"speaker":"Carl Widger","startTime":1603.4989999999998,"endTime":1606.7389999999998,"body":"just lands money into people's"},{"speaker":"Carl Widger","startTime":1606.7389999999998,"endTime":1609.559,"body":"accounts. And what you're"},{"speaker":"Carl Widger","startTime":1606.7389999999998,"endTime":1609.559,"body":"talking about is, you know, you"},{"speaker":"Carl Widger","startTime":1609.559,"endTime":1613.039,"body":"had to go and invest it, or"},{"speaker":"Carl Widger","startTime":1609.559,"endTime":1613.039,"body":"whatever the solution is,"},{"speaker":"Carl Widger","startTime":1613.039,"endTime":1616.539,"body":"somewhere in between the two,"},{"speaker":"Carl Widger","startTime":1613.039,"endTime":1616.539,"body":"the two scenarios, I guess. But,"},{"speaker":"Carl Widger","startTime":1616.6589999999999,"endTime":1616.9589999999998,"body":"just"},{"speaker":"Nick Lincoln","startTime":1617.7389999999998,"endTime":1620.9789999999998,"body":"Okay, thank you."},{"speaker":"Nick Lincoln","startTime":1617.7389999999998,"endTime":1620.9789999999998,"body":"Thanks. Thanks for the thoughts"},{"speaker":"Nick Lincoln","startTime":1620.9789999999998,"endTime":1623.1989999999998,"body":"on that. And just just as"},{"speaker":"Nick Lincoln","startTime":1620.9789999999998,"endTime":1623.1989999999998,"body":"everything we're talking about"},{"speaker":"Nick Lincoln","startTime":1623.1989999999998,"endTime":1626.379,"body":"here, TRAPPIST, there's a link"},{"speaker":"Nick Lincoln","startTime":1623.1989999999998,"endTime":1626.379,"body":"to it in the Google Doc, which"},{"speaker":"Nick Lincoln","startTime":1626.379,"endTime":1628.9589999999998,"body":"is our master document with all"},{"speaker":"Nick Lincoln","startTime":1626.379,"endTime":1628.9589999999998,"body":"the episode links, which is in"},{"speaker":"Nick Lincoln","startTime":1628.9589999999998,"endTime":1632.799,"body":"the show notes. Now, Ultra, you"},{"speaker":"Nick Lincoln","startTime":1628.9589999999998,"endTime":1632.799,"body":"can now go with your story."},{"speaker":"Andy Hart","startTime":1633.1599999999999,"endTime":1635.32,"body":"Oh yeah, sorry for"},{"speaker":"Andy Hart","startTime":1633.1599999999999,"endTime":1635.32,"body":"tuning in. Nick Yeah. So this is"},{"speaker":"Andy Hart","startTime":1635.5,"endTime":1640.62,"body":"information came out by the time"},{"speaker":"Andy Hart","startTime":1635.5,"endTime":1640.62,"body":"Sunday Times this week, 75"},{"speaker":"Andy Hart","startTime":1640.9199999999998,"endTime":1644.52,"body":"million has been paid in penalty"},{"speaker":"Andy Hart","startTime":1640.9199999999998,"endTime":1644.52,"body":"charges people withdrawing money"},{"speaker":"Andy Hart","startTime":1644.52,"endTime":1648.54,"body":"out of their license before the"},{"speaker":"Andy Hart","startTime":1644.52,"endTime":1648.54,"body":"required time. You can only set"},{"speaker":"Andy Hart","startTime":1648.54,"endTime":1653.76,"body":"up a licer under the age of 40,"},{"speaker":"Andy Hart","startTime":1648.54,"endTime":1653.76,"body":"and the money needs to be used"},{"speaker":"Andy Hart","startTime":1653.76,"endTime":1658.3999999999999,"body":"to buy a property, because it's"},{"speaker":"Andy Hart","startTime":1653.76,"endTime":1658.3999999999999,"body":"to help you buy a house, if you"},{"speaker":"Andy Hart","startTime":1658.3999999999999,"endTime":1661.3999999999999,"body":"don't use the money, you can"},{"speaker":"Andy Hart","startTime":1658.3999999999999,"endTime":1661.3999999999999,"body":"access it, I think post age 60,"},{"speaker":"Andy Hart","startTime":1661.3999999999999,"endTime":1664.58,"body":"and it is some win and wacky"},{"speaker":"Andy Hart","startTime":1661.3999999999999,"endTime":1664.58,"body":"rules, so quite encouraging,"},{"speaker":"Andy Hart","startTime":1664.58,"endTime":1668.36,"body":"though. What's happened is, this"},{"speaker":"Andy Hart","startTime":1664.58,"endTime":1668.36,"body":"year's this last tax year, 75"},{"speaker":"Andy Hart","startTime":1668.54,"endTime":1671.12,"body":"million was paid. The previous"},{"speaker":"Andy Hart","startTime":1668.54,"endTime":1671.12,"body":"year was 54 million. The"},{"speaker":"Andy Hart","startTime":1671.12,"endTime":1673.8799999999999,"body":"previous year was 33 million."},{"speaker":"Andy Hart","startTime":1671.12,"endTime":1673.8799999999999,"body":"What I mean is the amount that's"},{"speaker":"Andy Hart","startTime":1673.8799999999999,"endTime":1677.26,"body":"being paid as a penalty is"},{"speaker":"Andy Hart","startTime":1673.8799999999999,"endTime":1677.26,"body":"increasing, which means, you"},{"speaker":"Andy Hart","startTime":1677.26,"endTime":1680.9199999999998,"body":"know, lots of people have taken"},{"speaker":"Andy Hart","startTime":1677.26,"endTime":1680.9199999999998,"body":"out these products, and it's not"},{"speaker":"Andy Hart","startTime":1680.9799999999998,"endTime":1683.86,"body":"the end of the world. I worked"},{"speaker":"Andy Hart","startTime":1680.9799999999998,"endTime":1683.86,"body":"it out roughly. If you put 100"},{"speaker":"Andy Hart","startTime":1684.1599999999999,"endTime":1688.54,"body":"quid into a to a lyser, it needs"},{"speaker":"Andy Hart","startTime":1684.1599999999999,"endTime":1688.54,"body":"to go up, and they give you 25"},{"speaker":"Andy Hart","startTime":1688.8999999999999,"endTime":1692.9199999999998,"body":"as a bonus. Like 125 quid goes"},{"speaker":"Andy Hart","startTime":1688.8999999999999,"endTime":1692.9199999999998,"body":"in. If you get about 6% return,"},{"speaker":"Andy Hart","startTime":1692.9199999999998,"endTime":1696.4199999999998,"body":"then you get a 25% hit. You end"},{"speaker":"Andy Hart","startTime":1692.9199999999998,"endTime":1696.4199999999998,"body":"up in the same place. So it's"},{"speaker":"Andy Hart","startTime":1696.6599999999999,"endTime":1699.36,"body":"not the end of the world. It's a"},{"speaker":"Andy Hart","startTime":1696.6599999999999,"endTime":1699.36,"body":"relatively minor point. But it"},{"speaker":"Andy Hart","startTime":1699.36,"endTime":1701.9399999999998,"body":"looks like a lot of people have"},{"speaker":"Andy Hart","startTime":1699.36,"endTime":1701.9399999999998,"body":"taken out these products, and"},{"speaker":"Andy Hart","startTime":1701.9399999999998,"endTime":1705.4199999999998,"body":"the penalties are getting more"},{"speaker":"Andy Hart","startTime":1701.9399999999998,"endTime":1705.4199999999998,"body":"and more. But nothing too"},{"speaker":"Andy Hart","startTime":1705.4199999999998,"endTime":1707.28,"body":"exciting. Any questions they"},{"speaker":"Alan Smith","startTime":1707.28,"endTime":1708.4199999999998,"body":"suspended it during"},{"speaker":"Nick Lincoln","startTime":1708.4189999999999,"endTime":1711.7189999999998,"body":"covid whether,"},{"speaker":"Nick Lincoln","startTime":1708.4189999999999,"endTime":1711.7189999999998,"body":"whether people are taking money"},{"speaker":"Nick Lincoln","startTime":1711.7189999999998,"endTime":1714.7189999999998,"body":"out for for out of ignorance, or"},{"speaker":"Nick Lincoln","startTime":1711.7189999999998,"endTime":1714.7189999999998,"body":"they just need the money. You"},{"speaker":"Nick Lincoln","startTime":1714.7189999999998,"endTime":1716.6589999999999,"body":"know, some people won't even"},{"speaker":"Nick Lincoln","startTime":1714.7189999999998,"endTime":1716.6589999999999,"body":"realize that. You know, they're"},{"speaker":"Nick Lincoln","startTime":1716.6589999999999,"endTime":1717.0189999999998,"body":"gonna pay,"},{"speaker":"Andy Hart","startTime":1717.5,"endTime":1719.8999999999999,"body":"I'm gonna pay taxes."},{"speaker":"Andy Hart","startTime":1717.5,"endTime":1719.8999999999999,"body":"They just need the money. I"},{"speaker":"Andy Hart","startTime":1719.8999999999999,"endTime":1722.6,"body":"don't quite know what they I"},{"speaker":"Andy Hart","startTime":1719.8999999999999,"endTime":1722.6,"body":"mean. Just to give you some"},{"speaker":"Andy Hart","startTime":1722.6,"endTime":1725.8999999999999,"body":"context, I set one up with 100"},{"speaker":"Andy Hart","startTime":1722.6,"endTime":1725.8999999999999,"body":"quid before I was 40, just to"},{"speaker":"Andy Hart","startTime":1726.1999999999998,"endTime":1729.32,"body":"get, get it, you know, get it"},{"speaker":"Andy Hart","startTime":1726.1999999999998,"endTime":1729.32,"body":"over the line. As it were, my"},{"speaker":"Andy Hart","startTime":1729.7399999999998,"endTime":1733.3999999999999,"body":"100 quid turned into 125 it's"},{"speaker":"Andy Hart","startTime":1729.7399999999998,"endTime":1733.3999999999999,"body":"invested, obviously, correctly."},{"speaker":"Andy Hart","startTime":1733.3999999999999,"endTime":1737.5,"body":"Now it's got 150 quid in it. So"},{"speaker":"Andy Hart","startTime":1733.3999999999999,"endTime":1737.5,"body":"I've just got it there if I want"},{"speaker":"Andy Hart","startTime":1737.5,"endTime":1738.9399999999998,"body":"to, if I want to use it. But"},{"speaker":"Andy Hart","startTime":1737.5,"endTime":1738.9399999999998,"body":"anyway,"},{"speaker":"Nick Lincoln","startTime":1739.9589999999998,"endTime":1742.119,"body":"that's that's"},{"speaker":"Nick Lincoln","startTime":1739.9589999999998,"endTime":1742.119,"body":"absolutely fascinating."},{"speaker":"Andy Hart","startTime":1742.12,"endTime":1744.1599999999999,"body":"Thank you for that"},{"speaker":"Andy Hart","startTime":1742.12,"endTime":1744.1599999999999,"body":"nugget. Thank you. Keep it"},{"speaker":"Andy Hart","startTime":1744.1599999999999,"endTime":1748.84,"body":"going. Keep it going. It's a"},{"speaker":"Andy Hart","startTime":1744.1599999999999,"endTime":1748.84,"body":"cracker. Watch. Stop"},{"speaker":"Nick Lincoln","startTime":1748.84,"endTime":1750.04,"body":"laughing, stop"},{"speaker":"Nick Lincoln","startTime":1748.84,"endTime":1750.04,"body":"talking."},{"speaker":"Carl Widger","startTime":1752.32,"endTime":1754.54,"body":"What's this one?"},{"speaker":"Carl Widger","startTime":1752.32,"endTime":1754.54,"body":"No, I'm all over the place. What"},{"speaker":"Carl Widger","startTime":1754.54,"endTime":1755.08,"body":"is this?"},{"speaker":"Nick Lincoln","startTime":1755.6799999999998,"endTime":1757.4399999999998,"body":"Kathleen"},{"speaker":"Nick Lincoln","startTime":1755.6799999999998,"endTime":1757.4399999999998,"body":"Gallagher, Oh, yeah."},{"speaker":"Carl Widger","startTime":1757.559,"endTime":1760.7389999999998,"body":"So there's a lady"},{"speaker":"Carl Widger","startTime":1757.559,"endTime":1760.7389999999998,"body":"called there's a lady called"},{"speaker":"Carl Widger","startTime":1761.099,"endTime":1764.6989999999998,"body":"Katherine. Gallagher is kind of"},{"speaker":"Carl Widger","startTime":1761.099,"endTime":1764.6989999999998,"body":"writing about markets and funds"},{"speaker":"Carl Widger","startTime":1764.6989999999998,"endTime":1769.559,"body":"in the business post, and it's"},{"speaker":"Carl Widger","startTime":1764.6989999999998,"endTime":1769.559,"body":"kind of a new thing that they're"},{"speaker":"Carl Widger","startTime":1769.559,"endTime":1772.6789999999999,"body":"doing in the business post is"},{"speaker":"Carl Widger","startTime":1769.559,"endTime":1772.6789999999999,"body":"really, really good. And she did"},{"speaker":"Carl Widger","startTime":1772.7389999999998,"endTime":1779.2389999999998,"body":"an article basically calling out"},{"speaker":"Carl Widger","startTime":1772.7389999999998,"endTime":1779.2389999999998,"body":"the various wealth managers and"},{"speaker":"Carl Widger","startTime":1779.299,"endTime":1784.6989999999998,"body":"what they're comparing their"},{"speaker":"Carl Widger","startTime":1779.299,"endTime":1784.6989999999998,"body":"various portfolios to, and then"},{"speaker":"Carl Widger","startTime":1784.7589999999998,"endTime":1787.6989999999998,"body":"basically that they're picking"},{"speaker":"Carl Widger","startTime":1784.7589999999998,"endTime":1787.6989999999998,"body":"particular dates to compare"},{"speaker":"Carl Widger","startTime":1787.6989999999998,"endTime":1790.639,"body":"their portfolios to, whatever"},{"speaker":"Carl Widger","startTime":1787.6989999999998,"endTime":1790.639,"body":"benchmark they've decided is the"},{"speaker":"Carl Widger","startTime":1790.639,"endTime":1794.359,"body":"best one. So look, it's she was"},{"speaker":"Carl Widger","startTime":1790.639,"endTime":1794.359,"body":"doing, like general market stuff"},{"speaker":"Carl Widger","startTime":1794.359,"endTime":1799.119,"body":"as well, which I would think is"},{"speaker":"Carl Widger","startTime":1794.359,"endTime":1799.119,"body":"less helpful, but she has"},{"speaker":"Carl Widger","startTime":1799.119,"endTime":1801.5189999999998,"body":"written some really decent"},{"speaker":"Carl Widger","startTime":1799.119,"endTime":1801.5189999999998,"body":"articles. And I would, I would"},{"speaker":"Carl Widger","startTime":1801.5189999999998,"endTime":1804.639,"body":"encourage everybody, because"},{"speaker":"Carl Widger","startTime":1801.5189999999998,"endTime":1804.639,"body":"this is the kind of stuff that"},{"speaker":"Carl Widger","startTime":1804.639,"endTime":1808.2389999999998,"body":"we need in the in the mainstream"},{"speaker":"Carl Widger","startTime":1804.639,"endTime":1808.2389999999998,"body":"media, which is basically, you"},{"speaker":"Carl Widger","startTime":1808.2389999999998,"endTime":1812.1989999999998,"body":"know, calling out some of the"},{"speaker":"Carl Widger","startTime":1808.2389999999998,"endTime":1812.1989999999998,"body":"questionable practice, shall we"},{"speaker":"Carl Widger","startTime":1812.1989999999998,"endTime":1816.839,"body":"say, in terms of, you know, how"},{"speaker":"Carl Widger","startTime":1812.1989999999998,"endTime":1816.839,"body":"funds are, you know, it's not"},{"speaker":"Carl Widger","startTime":1816.839,"endTime":1820.139,"body":"morning star stuff. It's, it's"},{"speaker":"Carl Widger","startTime":1816.839,"endTime":1820.139,"body":"deciding themselves what their"},{"speaker":"Carl Widger","startTime":1820.139,"endTime":1823.319,"body":"benchmark is and what time"},{"speaker":"Carl Widger","startTime":1820.139,"endTime":1823.319,"body":"frames they're going to compare"},{"speaker":"Carl Widger","startTime":1823.319,"endTime":1827.5189999999998,"body":"themselves all this kind of"},{"speaker":"Carl Widger","startTime":1823.319,"endTime":1827.5189999999998,"body":"stuff. Yeah, but it was, it was,"},{"speaker":"Carl Widger","startTime":1827.5189999999998,"endTime":1831.2389999999998,"body":"it's really good that it's in"},{"speaker":"Carl Widger","startTime":1827.5189999999998,"endTime":1831.2389999999998,"body":"the mainstream media business"},{"speaker":"Carl Widger","startTime":1831.2389999999998,"endTime":1834.2389999999998,"body":"posters, yeah, it's, there's"},{"speaker":"Carl Widger","startTime":1831.2389999999998,"endTime":1834.2389999999998,"body":"some really good stuff from"},{"speaker":"Carl Widger","startTime":1834.2389999999998,"endTime":1836.7189999999998,"body":"there. So it's, you have to"},{"speaker":"Carl Widger","startTime":1834.2389999999998,"endTime":1836.7189999999998,"body":"subscribe. But I would encourage"},{"speaker":"Carl Widger","startTime":1836.7189999999998,"endTime":1841.9389999999999,"body":"anybody who's interested in in"},{"speaker":"Carl Widger","startTime":1836.7189999999998,"endTime":1841.9389999999999,"body":"business and investing to get"},{"speaker":"Carl Widger","startTime":1841.9389999999999,"endTime":1844.639,"body":"your subscription going. But"},{"speaker":"Carl Widger","startTime":1841.9389999999999,"endTime":1844.639,"body":"fair play and well done. To"},{"speaker":"Carl Widger","startTime":1844.639,"endTime":1846.319,"body":"Kathleen Gallagher, I would say,"},{"speaker":"Nick Lincoln","startTime":1847.34,"endTime":1848.9599999999998,"body":"good, good. Well,"},{"speaker":"Nick Lincoln","startTime":1847.34,"endTime":1848.9599999999998,"body":"I'm going to read that. That's"},{"speaker":"Nick Lincoln","startTime":1848.9599999999998,"endTime":1852.26,"body":"that's interesting. Thank you"},{"speaker":"Nick Lincoln","startTime":1848.9599999999998,"endTime":1852.26,"body":"very much. De la voce, okay,"},{"speaker":"Nick Lincoln","startTime":1852.26,"endTime":1856.3,"body":"storyteller, uh, close personal"},{"speaker":"Nick Lincoln","startTime":1852.26,"endTime":1856.3,"body":"friend of the show, Keith"},{"speaker":"Nick Lincoln","startTime":1856.3,"endTime":1858.82,"body":"button, what is he doing?"},{"speaker":"Alan Smith","startTime":1859.2399999999998,"endTime":1863.4399999999998,"body":"Yeah, close personal"},{"speaker":"Alan Smith","startTime":1859.2399999999998,"endTime":1863.4399999999998,"body":"friend, legendary financial"},{"speaker":"Alan Smith","startTime":1863.4399999999998,"endTime":1866.8,"body":"planner, Keith button, who,"},{"speaker":"Alan Smith","startTime":1863.4399999999998,"endTime":1866.8,"body":"together with his son, Josh,"},{"speaker":"Alan Smith","startTime":1867.1599999999999,"endTime":1870.4599999999998,"body":"runs an excellent financial"},{"speaker":"Alan Smith","startTime":1867.1599999999999,"endTime":1870.4599999999998,"body":"planning company called Boost"},{"speaker":"Alan Smith","startTime":1871.12,"endTime":1876.4199999999998,"body":"worth I think Double T, double"},{"speaker":"Alan Smith","startTime":1871.12,"endTime":1876.4199999999998,"body":"O, double T, but Keith. Got in"},{"speaker":"Alan Smith","startTime":1876.4199999999998,"endTime":1881.6999999999998,"body":"touch with me recently to say"},{"speaker":"Alan Smith","startTime":1876.4199999999998,"endTime":1881.6999999999998,"body":"that he's launching a free"},{"speaker":"Alan Smith","startTime":1881.6999999999998,"endTime":1885.54,"body":"complimentary series,"},{"speaker":"Alan Smith","startTime":1881.6999999999998,"endTime":1885.54,"body":"masterclass series. He did this"},{"speaker":"Alan Smith","startTime":1885.6,"endTime":1890.76,"body":"in 2020, to great success. And"},{"speaker":"Alan Smith","startTime":1885.6,"endTime":1890.76,"body":"so he's he's going doing it"},{"speaker":"Alan Smith","startTime":1890.76,"endTime":1895.6799999999998,"body":"again really well for everyone,"},{"speaker":"Alan Smith","startTime":1890.76,"endTime":1895.6799999999998,"body":"really but particularly focused"},{"speaker":"Alan Smith","startTime":1895.6799999999998,"endTime":1900.32,"body":"at relatively early stage"},{"speaker":"Alan Smith","startTime":1895.6799999999998,"endTime":1900.32,"body":"financial planners. He's running"},{"speaker":"Alan Smith","startTime":1900.32,"endTime":1906.6799999999998,"body":"it on Saturday mornings on the"},{"speaker":"Alan Smith","startTime":1900.32,"endTime":1906.6799999999998,"body":"basis, I like that. That's that,"},{"speaker":"Alan Smith","startTime":1906.8,"endTime":1910.82,"body":"yeah, it's a good time Saturday"},{"speaker":"Alan Smith","startTime":1906.8,"endTime":1910.82,"body":"morning for most people, on the"},{"speaker":"Alan Smith","startTime":1910.82,"endTime":1913.6999999999998,"body":"basis that some of these people"},{"speaker":"Alan Smith","startTime":1910.82,"endTime":1913.6999999999998,"body":"in careers, they may not be able"},{"speaker":"Alan Smith","startTime":1913.6999999999998,"endTime":1918.04,"body":"to get time off their bosses or"},{"speaker":"Alan Smith","startTime":1913.6999999999998,"endTime":1918.04,"body":"whatever, you know, have them"},{"speaker":"Alan Smith","startTime":1918.04,"endTime":1920.32,"body":"nose to the grindstone not"},{"speaker":"Alan Smith","startTime":1918.04,"endTime":1920.32,"body":"working all day long or"},{"speaker":"Alan Smith","startTime":1920.32,"endTime":1923.1399999999999,"body":"something, and so the so this"},{"speaker":"Alan Smith","startTime":1920.32,"endTime":1923.1399999999999,"body":"sort of stuff can be done in"},{"speaker":"Alan Smith","startTime":1923.1399999999999,"endTime":1928.7199999999998,"body":"your own time at the weekend. So"},{"speaker":"Alan Smith","startTime":1923.1399999999999,"endTime":1928.7199999999998,"body":"posted a link to access it."},{"speaker":"Alan Smith","startTime":1929.1399999999999,"endTime":1933.2199999999998,"body":"Follow Keith on LinkedIn, great"},{"speaker":"Alan Smith","startTime":1929.1399999999999,"endTime":1933.2199999999998,"body":"guy, very experienced. And I"},{"speaker":"Alan Smith","startTime":1933.52,"endTime":1936.2399999999998,"body":"just love what Keith does,"},{"speaker":"Alan Smith","startTime":1933.52,"endTime":1936.2399999999998,"body":"because he does, like we try to"},{"speaker":"Alan Smith","startTime":1936.2399999999998,"endTime":1939.0,"body":"do, gives a lot back to the"},{"speaker":"Alan Smith","startTime":1936.2399999999998,"endTime":1939.0,"body":"profession. He's got a lot of"},{"speaker":"Alan Smith","startTime":1939.0,"endTime":1942.6,"body":"experience. He won't mind me"},{"speaker":"Alan Smith","startTime":1939.0,"endTime":1942.6,"body":"saying, like me, he's got a few"},{"speaker":"Alan Smith","startTime":1942.6,"endTime":1946.3799999999999,"body":"miles on the clock, and he's"},{"speaker":"Alan Smith","startTime":1942.6,"endTime":1946.3799999999999,"body":"happy to share with lots of"},{"speaker":"Alan Smith","startTime":1946.3799999999999,"endTime":1949.8,"body":"other people. So check out"},{"speaker":"Alan Smith","startTime":1946.3799999999999,"endTime":1949.8,"body":"Keith's masterclass program,"},{"speaker":"Alan Smith","startTime":1949.8,"endTime":1952.1399999999999,"body":"starting this coming Saturday"},{"speaker":"Alan Smith","startTime":1949.8,"endTime":1952.1399999999999,"body":"morning."},{"speaker":"Nick Lincoln","startTime":1955.62,"endTime":1957.1799999999998,"body":"Great stuff. As"},{"speaker":"Nick Lincoln","startTime":1955.62,"endTime":1957.1799999999998,"body":"you were talking, and I was"},{"speaker":"Nick Lincoln","startTime":1957.1799999999998,"endTime":1959.12,"body":"listening to you as well. I'm"},{"speaker":"Nick Lincoln","startTime":1957.1799999999998,"endTime":1959.12,"body":"actually registered, listening"},{"speaker":"Nick Lincoln","startTime":1959.12,"endTime":1962.06,"body":"to you as well, and but I'm"},{"speaker":"Nick Lincoln","startTime":1959.12,"endTime":1962.06,"body":"actually registering for that"},{"speaker":"Nick Lincoln","startTime":1962.06,"endTime":1964.9399999999998,"body":"event. So Keith, I should be, I"},{"speaker":"Nick Lincoln","startTime":1962.06,"endTime":1964.9399999999998,"body":"should be going to your event on"},{"speaker":"Nick Lincoln","startTime":1965.0,"endTime":1970.4599999999998,"body":"the 19th of October. Okay, we've"},{"speaker":"Nick Lincoln","startTime":1965.0,"endTime":1970.4599999999998,"body":"done, yes, you've done your bit"},{"speaker":"Nick Lincoln","startTime":1970.4599999999998,"endTime":1973.1,"body":"on the budget, Carl, and your"},{"speaker":"Nick Lincoln","startTime":1970.4599999999998,"endTime":1973.1,"body":"appearance, your as a media"},{"speaker":"Nick Lincoln","startTime":1973.1,"endTime":1976.58,"body":"mogul. So back to me. So"},{"speaker":"Nick Lincoln","startTime":1973.1,"endTime":1976.58,"body":"Morningstar is gradually"},{"speaker":"Nick Lincoln","startTime":1976.58,"endTime":1979.4199999999998,"body":"becoming more and more an"},{"speaker":"Nick Lincoln","startTime":1976.58,"endTime":1979.4199999999998,"body":"impressive brand. It's, it's"},{"speaker":"Nick Lincoln","startTime":1979.6599999999999,"endTime":1983.08,"body":"always been known for the fund,"},{"speaker":"Nick Lincoln","startTime":1979.6599999999999,"endTime":1983.08,"body":"the fund analytics and all that"},{"speaker":"Nick Lincoln","startTime":1983.08,"endTime":1986.62,"body":"kind of stuff. And it's, um,"},{"speaker":"Nick Lincoln","startTime":1983.08,"endTime":1986.62,"body":"it's portfolio software, but"},{"speaker":"Nick Lincoln","startTime":1986.62,"endTime":1989.32,"body":"it's solid. It's, it's getting"},{"speaker":"Nick Lincoln","startTime":1986.62,"endTime":1989.32,"body":"more it's putting out more good"},{"speaker":"Nick Lincoln","startTime":1989.32,"endTime":1991.9599999999998,"body":"content around the behavioral"},{"speaker":"Nick Lincoln","startTime":1989.32,"endTime":1991.9599999999998,"body":"stuff. And Christine Benz is the"},{"speaker":"Nick Lincoln","startTime":1991.9599999999998,"endTime":1994.9599999999998,"body":"lady who works for Morningstar."},{"speaker":"Nick Lincoln","startTime":1991.9599999999998,"endTime":1994.9599999999998,"body":"I can't remember exact title,"},{"speaker":"Nick Lincoln","startTime":1994.9599999999998,"endTime":1997.4399999999998,"body":"but she's like a content she's"},{"speaker":"Nick Lincoln","startTime":1994.9599999999998,"endTime":1997.4399999999998,"body":"director of content for"},{"speaker":"Nick Lincoln","startTime":1997.4399999999998,"endTime":2002.12,"body":"Morningstar, and there's a very"},{"speaker":"Nick Lincoln","startTime":1997.4399999999998,"endTime":2002.12,"body":"good article in it about online"},{"speaker":"Nick Lincoln","startTime":2002.12,"endTime":2004.6399999999999,"body":"in which Christine Benz is"},{"speaker":"Nick Lincoln","startTime":2002.12,"endTime":2004.6399999999999,"body":"talking about the bucket"},{"speaker":"Nick Lincoln","startTime":2004.6399999999999,"endTime":2008.9599999999998,"body":"approach, and her discussions"},{"speaker":"Nick Lincoln","startTime":2004.6399999999999,"endTime":2008.9599999999998,"body":"with advisors in the US about"},{"speaker":"Nick Lincoln","startTime":2008.9599999999998,"endTime":2012.8,"body":"whether you're better off having"},{"speaker":"Nick Lincoln","startTime":2008.9599999999998,"endTime":2012.8,"body":"buckets, you know, so the"},{"speaker":"Nick Lincoln","startTime":2012.8,"endTime":2015.86,"body":"classic thing we have two years"},{"speaker":"Nick Lincoln","startTime":2012.8,"endTime":2015.86,"body":"worth of withdrawals in short"},{"speaker":"Nick Lincoln","startTime":2015.86,"endTime":2018.52,"body":"dated bonds or cash, and the"},{"speaker":"Nick Lincoln","startTime":2015.86,"endTime":2018.52,"body":"rest of your money invested, or"},{"speaker":"Nick Lincoln","startTime":2018.52,"endTime":2021.82,"body":"you just have a diversified"},{"speaker":"Nick Lincoln","startTime":2018.52,"endTime":2021.82,"body":"portfolio like a 6040 or 8020"},{"speaker":"Nick Lincoln","startTime":2022.4199999999998,"endTime":2026.1399999999999,"body":"and just roll with the punches."},{"speaker":"Nick Lincoln","startTime":2022.4199999999998,"endTime":2026.1399999999999,"body":"And you know, depending how you"},{"speaker":"Nick Lincoln","startTime":2026.1399999999999,"endTime":2029.8,"body":"slice and which time period you"},{"speaker":"Nick Lincoln","startTime":2026.1399999999999,"endTime":2029.8,"body":"look at, you know, the 6040 can"},{"speaker":"Nick Lincoln","startTime":2029.8,"endTime":2032.5,"body":"can look appealing, but again,"},{"speaker":"Nick Lincoln","startTime":2029.8,"endTime":2032.5,"body":"of course, in 2022 it didn't"},{"speaker":"Nick Lincoln","startTime":2032.5,"endTime":2034.78,"body":"look at all appealing because,"},{"speaker":"Nick Lincoln","startTime":2032.5,"endTime":2034.78,"body":"because bonds of nearly all"},{"speaker":"Nick Lincoln","startTime":2034.78,"endTime":2038.04,"body":"durations fell through the"},{"speaker":"Nick Lincoln","startTime":2034.78,"endTime":2038.04,"body":"floor, and Christine Benz's view"},{"speaker":"Nick Lincoln","startTime":2038.04,"endTime":2040.32,"body":"is the bucket approach works,"},{"speaker":"Nick Lincoln","startTime":2038.04,"endTime":2040.32,"body":"and this is what I found really"},{"speaker":"Nick Lincoln","startTime":2040.32,"endTime":2043.32,"body":"interesting. It's nothing to do"},{"speaker":"Nick Lincoln","startTime":2040.32,"endTime":2043.32,"body":"with the maths. The bucket"},{"speaker":"Nick Lincoln","startTime":2043.32,"endTime":2045.4799999999998,"body":"approach works because,"},{"speaker":"Nick Lincoln","startTime":2043.32,"endTime":2045.4799999999998,"body":"according to her research with"},{"speaker":"Nick Lincoln","startTime":2045.4799999999998,"endTime":2049.08,"body":"us, advisors, clients get it."},{"speaker":"Nick Lincoln","startTime":2045.4799999999998,"endTime":2049.08,"body":"They just understand the"},{"speaker":"Nick Lincoln","startTime":2049.08,"endTime":2051.06,"body":"simplicity of the bucket"},{"speaker":"Nick Lincoln","startTime":2049.08,"endTime":2051.06,"body":"approach. They know that if,"},{"speaker":"Nick Lincoln","startTime":2051.06,"endTime":2053.76,"body":"when the markets have a"},{"speaker":"Nick Lincoln","startTime":2051.06,"endTime":2053.76,"body":"temporary decline, within their"},{"speaker":"Nick Lincoln","startTime":2053.76,"endTime":2057.08,"body":"portfolio, there is, whatever,"},{"speaker":"Nick Lincoln","startTime":2053.76,"endTime":2057.08,"body":"you know, two to three to four"},{"speaker":"Nick Lincoln","startTime":2057.08,"endTime":2059.78,"body":"years worth of withdrawals, not"},{"speaker":"Nick Lincoln","startTime":2057.08,"endTime":2059.78,"body":"living expenses, but"},{"speaker":"Nick Lincoln","startTime":2059.78,"endTime":2062.06,"body":"withdrawals, and I'll just"},{"speaker":"Nick Lincoln","startTime":2059.78,"endTime":2062.06,"body":"clarify that in a minute. And"},{"speaker":"Nick Lincoln","startTime":2062.06,"endTime":2063.98,"body":"they know, therefore, that"},{"speaker":"Nick Lincoln","startTime":2062.06,"endTime":2063.98,"body":"cruise next year is going to"},{"speaker":"Nick Lincoln","startTime":2063.98,"endTime":2066.14,"body":"happen. They know that they can"},{"speaker":"Nick Lincoln","startTime":2063.98,"endTime":2066.14,"body":"put the grandchildren through"},{"speaker":"Nick Lincoln","startTime":2066.14,"endTime":2068.42,"body":"university for the next three"},{"speaker":"Nick Lincoln","startTime":2066.14,"endTime":2068.42,"body":"years, regardless of what"},{"speaker":"Nick Lincoln","startTime":2068.42,"endTime":2071.12,"body":"happens to the markets, and it"},{"speaker":"Nick Lincoln","startTime":2068.42,"endTime":2071.12,"body":"helps people stick to the plan."},{"speaker":"Nick Lincoln","startTime":2071.12,"endTime":2073.58,"body":"So that was my key takeaway from"},{"speaker":"Nick Lincoln","startTime":2071.12,"endTime":2073.58,"body":"reading the article, that the"},{"speaker":"Nick Lincoln","startTime":2073.58,"endTime":2076.22,"body":"bucket approach, anything that"},{"speaker":"Nick Lincoln","startTime":2073.58,"endTime":2076.22,"body":"helps our clients stick to the"},{"speaker":"Nick Lincoln","startTime":2076.22,"endTime":2078.46,"body":"plan is a good thing, right? And"},{"speaker":"Nick Lincoln","startTime":2076.22,"endTime":2078.46,"body":"the bucket approach is so simple"},{"speaker":"Nick Lincoln","startTime":2078.46,"endTime":2081.7,"body":"and so to me, it's always been"},{"speaker":"Nick Lincoln","startTime":2078.46,"endTime":2081.7,"body":"intuitive, it makes sense, and"},{"speaker":"Nick Lincoln","startTime":2082.06,"endTime":2084.82,"body":"it helps people do the right"},{"speaker":"Nick Lincoln","startTime":2082.06,"endTime":2084.82,"body":"thing. And just to clarify my"},{"speaker":"Nick Lincoln","startTime":2084.82,"endTime":2086.98,"body":"point there, often, when you"},{"speaker":"Nick Lincoln","startTime":2084.82,"endTime":2086.98,"body":"read these articles, they often"},{"speaker":"Nick Lincoln","startTime":2086.98,"endTime":2089.2,"body":"say, Well, you have a bucket to"},{"speaker":"Nick Lincoln","startTime":2086.98,"endTime":2089.2,"body":"cover two years worth of living"},{"speaker":"Nick Lincoln","startTime":2089.2,"endTime":2091.42,"body":"expenses. No, you don't. That's"},{"speaker":"Nick Lincoln","startTime":2089.2,"endTime":2091.42,"body":"not right at all. You have two"},{"speaker":"Nick Lincoln","startTime":2091.42,"endTime":2094.6,"body":"years. You have a bucket to"},{"speaker":"Nick Lincoln","startTime":2091.42,"endTime":2094.6,"body":"cover however many years of"},{"speaker":"Nick Lincoln","startTime":2094.96,"endTime":2098.64,"body":"expected income payments from"},{"speaker":"Nick Lincoln","startTime":2094.96,"endTime":2098.64,"body":"that wrapper. If a client's got"},{"speaker":"Nick Lincoln","startTime":2098.64,"endTime":2101.64,"body":"a living expense, so they've got"},{"speaker":"Nick Lincoln","startTime":2098.64,"endTime":2101.64,"body":"a living expense of 60k a year"},{"speaker":"Nick Lincoln","startTime":2101.64,"endTime":2105.24,"body":"that'll be coming from various"},{"speaker":"Nick Lincoln","startTime":2101.64,"endTime":2105.24,"body":"different sources, a bunch of"},{"speaker":"Nick Lincoln","startTime":2105.24,"endTime":2107.7,"body":"state pensions, maybe a bit of"},{"speaker":"Nick Lincoln","startTime":2105.24,"endTime":2107.7,"body":"DB stuff. Maybe they've got"},{"speaker":"Nick Lincoln","startTime":2107.7,"endTime":2110.04,"body":"rental property, and you might"},{"speaker":"Nick Lincoln","startTime":2107.7,"endTime":2110.04,"body":"have a personal pension"},{"speaker":"Nick Lincoln","startTime":2110.04,"endTime":2112.68,"body":"investor, but that that that"},{"speaker":"Nick Lincoln","startTime":2110.04,"endTime":2112.68,"body":"pot, that cash pot, it's just"},{"speaker":"Nick Lincoln","startTime":2112.68,"endTime":2115.02,"body":"for the shortfall in their"},{"speaker":"Nick Lincoln","startTime":2112.68,"endTime":2115.02,"body":"overall expenses. There's not"},{"speaker":"Nick Lincoln","startTime":2115.02,"endTime":2117.44,"body":"two years worth of living"},{"speaker":"Nick Lincoln","startTime":2115.02,"endTime":2117.44,"body":"expenses that makes a massive"},{"speaker":"Nick Lincoln","startTime":2117.44,"endTime":2119.84,"body":"difference to how much you're"},{"speaker":"Nick Lincoln","startTime":2117.44,"endTime":2119.84,"body":"going to set aside. So a good a"},{"speaker":"Nick Lincoln","startTime":2119.84,"endTime":2122.06,"body":"good article. There any thoughts"},{"speaker":"Nick Lincoln","startTime":2119.84,"endTime":2122.06,"body":"on that? Folks can move on."},{"speaker":"Nick Lincoln","startTime":2123.02,"endTime":2123.5,"body":"Christine"},{"speaker":"Andy Hart","startTime":2123.5,"endTime":2125.54,"body":"Benz has just come"},{"speaker":"Andy Hart","startTime":2123.5,"endTime":2125.54,"body":"out of the new book. Though, if"},{"speaker":"Andy Hart","startTime":2125.54,"endTime":2127.4,"body":"you've seen it, probably a"},{"speaker":"Andy Hart","startTime":2125.54,"endTime":2127.4,"body":"couple of you have how to"},{"speaker":"Andy Hart","startTime":2127.4,"endTime":2131.0,"body":"retire, 20 lessons for a happy,"},{"speaker":"Andy Hart","startTime":2127.4,"endTime":2131.0,"body":"successful and wealthy"},{"speaker":"Andy Hart","startTime":2131.0,"endTime":2133.2799999999997,"body":"retirement. I've not yet read"},{"speaker":"Andy Hart","startTime":2131.0,"endTime":2133.2799999999997,"body":"it, but I've heard good things"},{"speaker":"Andy Hart","startTime":2133.2799999999997,"endTime":2136.8399999999997,"body":"for people that have so I'm sure"},{"speaker":"Andy Hart","startTime":2133.2799999999997,"endTime":2136.8399999999997,"body":"it'll be a culture corner at"},{"speaker":"Andy Hart","startTime":2136.8399999999997,"endTime":2139.18,"body":"some point down the line. But"},{"speaker":"Andy Hart","startTime":2136.8399999999997,"endTime":2139.18,"body":"yeah, she's also written a book."},{"speaker":"Nick Lincoln","startTime":2139.5989999999997,"endTime":2141.519,"body":"Just got the book."},{"speaker":"Nick Lincoln","startTime":2139.5989999999997,"endTime":2141.519,"body":"Andy,"},{"speaker":"Andy Hart","startTime":2142.839,"endTime":2145.479,"body":"no, I've heard good"},{"speaker":"Andy Hart","startTime":2142.839,"endTime":2145.479,"body":"thing about it. Okay,"},{"speaker":"Nick Lincoln","startTime":2146.62,"endTime":2147.4,"body":"sorry, go on just,"},{"speaker":"Alan Smith","startTime":2147.46,"endTime":2151.42,"body":"just back to your"},{"speaker":"Alan Smith","startTime":2147.46,"endTime":2151.42,"body":"your point shared with you. I"},{"speaker":"Alan Smith","startTime":2151.42,"endTime":2154.72,"body":"won't mention it his name at"},{"speaker":"Alan Smith","startTime":2151.42,"endTime":2154.72,"body":"this stage, but there was a"},{"speaker":"Alan Smith","startTime":2154.72,"endTime":2161.22,"body":"message I got from a Trappist"},{"speaker":"Alan Smith","startTime":2154.72,"endTime":2161.22,"body":"trap listener on LinkedIn the"},{"speaker":"Alan Smith","startTime":2161.22,"endTime":2164.94,"body":"other day talking about exactly"},{"speaker":"Alan Smith","startTime":2161.22,"endTime":2164.94,"body":"this, this idea of, you know,"},{"speaker":"Alan Smith","startTime":2164.94,"endTime":2170.46,"body":"buckets and, or allocating funds"},{"speaker":"Alan Smith","startTime":2164.94,"endTime":2170.46,"body":"and, or cash, I think, like you"},{"speaker":"Alan Smith","startTime":2170.46,"endTime":2172.8599999999997,"body":"into detail, same message. It"},{"speaker":"Alan Smith","startTime":2170.46,"endTime":2172.8599999999997,"body":"must be from the same chat,"},{"speaker":"Alan Smith","startTime":2172.8599999999997,"endTime":2177.14,"body":"yeah, yeah. But his hit the firm"},{"speaker":"Alan Smith","startTime":2172.8599999999997,"endTime":2177.14,"body":"that he works for. So, as he"},{"speaker":"Alan Smith","startTime":2177.14,"endTime":2181.04,"body":"said, seem to be attempting to"},{"speaker":"Alan Smith","startTime":2177.14,"endTime":2181.04,"body":"defy science, but in their their"},{"speaker":"Alan Smith","startTime":2181.04,"endTime":2183.56,"body":"approach, the outsource to"},{"speaker":"Alan Smith","startTime":2181.04,"endTime":2183.56,"body":"discretionary managers, and"},{"speaker":"Alan Smith","startTime":2183.56,"endTime":2187.22,"body":"they've got this whole kind of"},{"speaker":"Alan Smith","startTime":2183.56,"endTime":2187.22,"body":"retirement strat, income"},{"speaker":"Alan Smith","startTime":2187.22,"endTime":2190.88,"body":"optimizing strategy, blah, blah,"},{"speaker":"Alan Smith","startTime":2187.22,"endTime":2190.88,"body":"and he was looking for just a"},{"speaker":"Alan Smith","startTime":2190.88,"endTime":2193.58,"body":"bit of a bit of feedback and"},{"speaker":"Alan Smith","startTime":2190.88,"endTime":2193.58,"body":"guidance. And the only thing I"},{"speaker":"Alan Smith","startTime":2193.58,"endTime":2197.56,"body":"could really say to back to the"},{"speaker":"Alan Smith","startTime":2193.58,"endTime":2197.56,"body":"the oft repeated statement on"},{"speaker":"Alan Smith","startTime":2197.56,"endTime":2200.98,"body":"this podcast, that it's an art"},{"speaker":"Alan Smith","startTime":2197.56,"endTime":2200.98,"body":"as well as a science, and"},{"speaker":"Alan Smith","startTime":2200.98,"endTime":2203.7999999999997,"body":"whether it's buckets, blended"},{"speaker":"Alan Smith","startTime":2200.98,"endTime":2203.7999999999997,"body":"portfolios or whatever it is,"},{"speaker":"Alan Smith","startTime":2203.7999999999997,"endTime":2206.8599999999997,"body":"not the spreadsheet doesn't"},{"speaker":"Alan Smith","startTime":2203.7999999999997,"endTime":2206.8599999999997,"body":"decide the spreadsheet or the"},{"speaker":"Alan Smith","startTime":2206.92,"endTime":2210.64,"body":"calculator, whatever. Can give"},{"speaker":"Alan Smith","startTime":2206.92,"endTime":2210.64,"body":"you a framework. But this is the"},{"speaker":"Alan Smith","startTime":2210.64,"endTime":2213.22,"body":"real value of the of the"},{"speaker":"Alan Smith","startTime":2210.64,"endTime":2213.22,"body":"financial planning, the"},{"speaker":"Alan Smith","startTime":2213.22,"endTime":2216.1,"body":"experienced financial planner,"},{"speaker":"Alan Smith","startTime":2213.22,"endTime":2216.1,"body":"to be able to know the client"},{"speaker":"Alan Smith","startTime":2216.1,"endTime":2218.7,"body":"situation and exactly as you"},{"speaker":"Alan Smith","startTime":2216.1,"endTime":2218.7,"body":"were saying, Nick to understand"},{"speaker":"Alan Smith","startTime":2218.7,"endTime":2221.3399999999997,"body":"all the other sources of income"},{"speaker":"Alan Smith","startTime":2218.7,"endTime":2221.3399999999997,"body":"guaranteed, and otherwise"},{"speaker":"Alan Smith","startTime":2221.3399999999997,"endTime":2226.08,"body":"they've got and create this"},{"speaker":"Alan Smith","startTime":2221.3399999999997,"endTime":2226.08,"body":"artistic blend that resolves it."},{"speaker":"Alan Smith","startTime":2226.08,"endTime":2229.14,"body":"But I do like that point that"},{"speaker":"Alan Smith","startTime":2226.08,"endTime":2229.14,"body":"behaviorally, clients get the"},{"speaker":"Alan Smith","startTime":2229.14,"endTime":2232.38,"body":"bucket approach. They can, they"},{"speaker":"Alan Smith","startTime":2229.14,"endTime":2232.38,"body":"can understand that quite, quite"},{"speaker":"Alan Smith","startTime":2232.38,"endTime":2234.48,"body":"clearly. It's a good point that"},{"speaker":"Alan Smith","startTime":2232.38,"endTime":2234.48,"body":"Christine makes."},{"speaker":"Nick Lincoln","startTime":2236.1,"endTime":2239.18,"body":"Yeah, indeed."},{"speaker":"Nick Lincoln","startTime":2236.1,"endTime":2239.18,"body":"Okay, ultra"},{"speaker":"Andy Hart","startTime":2239.6,"endTime":2242.3599999999997,"body":"Well, it's morning"},{"speaker":"Andy Hart","startTime":2239.6,"endTime":2242.3599999999997,"body":"star's show at the moment. This"},{"speaker":"Andy Hart","startTime":2242.3599999999997,"endTime":2245.66,"body":"is the third morning star link."},{"speaker":"Andy Hart","startTime":2242.3599999999997,"endTime":2245.66,"body":"This one is called, Why do"},{"speaker":"Andy Hart","startTime":2245.66,"endTime":2248.8399999999997,"body":"clients think advisors are"},{"speaker":"Andy Hart","startTime":2245.66,"endTime":2248.8399999999997,"body":"valuable? Again, they've done"},{"speaker":"Andy Hart","startTime":2248.8399999999997,"endTime":2252.2599999999998,"body":"quite a few extensive studies on"},{"speaker":"Andy Hart","startTime":2248.8399999999997,"endTime":2252.2599999999998,"body":"this. The four main things"},{"speaker":"Andy Hart","startTime":2252.5,"endTime":2256.22,"body":"investors value and advisors."},{"speaker":"Andy Hart","startTime":2252.5,"endTime":2256.22,"body":"Here they are, advice I can rely"},{"speaker":"Andy Hart","startTime":2256.22,"endTime":2259.2999999999997,"body":"on. Obviously, that's a very"},{"speaker":"Andy Hart","startTime":2256.22,"endTime":2259.2999999999997,"body":"wide remit, I suppose, helps me"},{"speaker":"Andy Hart","startTime":2259.2999999999997,"endTime":2261.7599999999998,"body":"achieve my financial goals,"},{"speaker":"Andy Hart","startTime":2259.2999999999997,"endTime":2261.7599999999998,"body":"keeps me on track. The fourth"},{"speaker":"Andy Hart","startTime":2261.94,"endTime":2265.66,"body":"one I'm going to talk about is"},{"speaker":"Andy Hart","startTime":2261.94,"endTime":2265.66,"body":"maximize maximizes my returns."},{"speaker":"Andy Hart","startTime":2266.56,"endTime":2269.68,"body":"Again, I think quite a few"},{"speaker":"Andy Hart","startTime":2266.56,"endTime":2269.68,"body":"advisors shy away from this"},{"speaker":"Andy Hart","startTime":2269.68,"endTime":2274.3599999999997,"body":"returns issue. I'm proud that,"},{"speaker":"Andy Hart","startTime":2269.68,"endTime":2274.3599999999997,"body":"you know, I want to get the best"},{"speaker":"Andy Hart","startTime":2274.3599999999997,"endTime":2276.72,"body":"return to my clients. Create"},{"speaker":"Andy Hart","startTime":2274.3599999999997,"endTime":2276.72,"body":"wealth. Wealth is freedom."},{"speaker":"Andy Hart","startTime":2276.72,"endTime":2280.62,"body":"Freedom's opportunity. I know we"},{"speaker":"Andy Hart","startTime":2276.72,"endTime":2280.62,"body":"don't want them to over focus on"},{"speaker":"Andy Hart","startTime":2280.62,"endTime":2283.02,"body":"that and the other things are"},{"speaker":"Andy Hart","startTime":2280.62,"endTime":2283.02,"body":"more important. The portfolio"},{"speaker":"Andy Hart","startTime":2283.02,"endTime":2285.42,"body":"funds, the financial plan, what"},{"speaker":"Andy Hart","startTime":2283.02,"endTime":2285.42,"body":"do you want to do? What's the"},{"speaker":"Andy Hart","startTime":2285.42,"endTime":2288.0,"body":"reason behind the money? But"},{"speaker":"Andy Hart","startTime":2285.42,"endTime":2288.0,"body":"getting a good return for your"},{"speaker":"Andy Hart","startTime":2288.0,"endTime":2290.46,"body":"clients compared to all the"},{"speaker":"Andy Hart","startTime":2288.0,"endTime":2290.46,"body":"other gut that's out there? I've"},{"speaker":"Andy Hart","startTime":2290.46,"endTime":2294.18,"body":"got no problem with it. But they"},{"speaker":"Andy Hart","startTime":2290.46,"endTime":2294.18,"body":"also, yes, they speak quite"},{"speaker":"Andy Hart","startTime":2294.18,"endTime":2298.94,"body":"extensively about, you know,"},{"speaker":"Andy Hart","startTime":2294.18,"endTime":2298.94,"body":"what investors value in the"},{"speaker":"Andy Hart","startTime":2298.94,"endTime":2302.24,"body":"advisors they work with. So"},{"speaker":"Andy Hart","startTime":2298.94,"endTime":2302.24,"body":"again, it's in the show notes,"},{"speaker":"Andy Hart","startTime":2302.24,"endTime":2304.58,"body":"and they've got quite a nice"},{"speaker":"Andy Hart","startTime":2302.24,"endTime":2304.58,"body":"little visual for it as well"},{"speaker":"Andy Hart","startTime":2304.58,"endTime":2307.64,"body":"that sort of maps out all the"},{"speaker":"Andy Hart","startTime":2304.58,"endTime":2307.64,"body":"different moving parts. Any"},{"speaker":"Andy Hart","startTime":2307.64,"endTime":2308.18,"body":"questions?"},{"speaker":"Carl Widger","startTime":2309.92,"endTime":2313.22,"body":"No, I think that's"},{"speaker":"Carl Widger","startTime":2309.92,"endTime":2313.22,"body":"a really well made point, and"},{"speaker":"Carl Widger","startTime":2313.2799999999997,"endTime":2317.68,"body":"I've mentioned it a good few"},{"speaker":"Carl Widger","startTime":2313.2799999999997,"endTime":2317.68,"body":"times before. You know, if"},{"speaker":"Carl Widger","startTime":2317.68,"endTime":2321.2799999999997,"body":"that's what the investors what,"},{"speaker":"Carl Widger","startTime":2317.68,"endTime":2321.2799999999997,"body":"if that's what our clients want,"},{"speaker":"Carl Widger","startTime":2321.64,"endTime":2326.02,"body":"then, you know, you've got to be"},{"speaker":"Carl Widger","startTime":2321.64,"endTime":2326.02,"body":"talking to them about exactly"},{"speaker":"Carl Widger","startTime":2326.02,"endTime":2329.2,"body":"that topic. So I think really"},{"speaker":"Carl Widger","startTime":2326.02,"endTime":2329.2,"body":"well made point and good"},{"speaker":"Carl Widger","startTime":2329.5,"endTime":2331.42,"body":"supporting evidence, yeah,"},{"speaker":"Carl Widger","startTime":2329.5,"endTime":2331.42,"body":"because"},{"speaker":"Andy Hart","startTime":2331.42,"endTime":2333.4,"body":"some people get so"},{"speaker":"Andy Hart","startTime":2331.42,"endTime":2333.4,"body":"into lifestyle, financial"},{"speaker":"Andy Hart","startTime":2333.4,"endTime":2335.7999999999997,"body":"planning that they just sort of"},{"speaker":"Andy Hart","startTime":2333.4,"endTime":2335.7999999999997,"body":"poo poo the investment thing. I"},{"speaker":"Andy Hart","startTime":2335.7999999999997,"endTime":2337.92,"body":"said, just put that aside."},{"speaker":"Andy Hart","startTime":2335.7999999999997,"endTime":2337.92,"body":"That's easy. We'll sort that out"},{"speaker":"Andy Hart","startTime":2337.92,"endTime":2341.7599999999998,"body":"later on, but you do need to"},{"speaker":"Andy Hart","startTime":2337.92,"endTime":2341.7599999999998,"body":"make it front and center times"},{"speaker":"Andy Hart","startTime":2341.8199999999997,"endTime":2343.3199999999997,"body":"during the client relationship,"},{"speaker":"Carl Widger","startTime":2343.679,"endTime":2347.0989999999997,"body":"100% Guilty as"},{"speaker":"Carl Widger","startTime":2343.679,"endTime":2347.0989999999997,"body":"charged. And it was our client"},{"speaker":"Carl Widger","startTime":2347.0989999999997,"endTime":2351.179,"body":"advisory panel who said to us,"},{"speaker":"Carl Widger","startTime":2347.0989999999997,"endTime":2351.179,"body":"or said directly to me, stop"},{"speaker":"Carl Widger","startTime":2351.179,"endTime":2353.6389999999997,"body":"doing that. You need to talk"},{"speaker":"Carl Widger","startTime":2351.179,"endTime":2353.6389999999997,"body":"about the investments. So yeah,"},{"speaker":"Carl Widger","startTime":2353.6389999999997,"endTime":2354.779,"body":"it's a really well made point."},{"speaker":"Alan Smith","startTime":2355.499,"endTime":2357.679,"body":"Just Just following"},{"speaker":"Alan Smith","startTime":2355.499,"endTime":2357.679,"body":"up interesting interest,"},{"speaker":"Alan Smith","startTime":2357.679,"endTime":2363.979,"body":"following up on that a little"},{"speaker":"Alan Smith","startTime":2357.679,"endTime":2363.979,"body":"bit. Andy often will partially."},{"speaker":"Alan Smith","startTime":2364.0389999999998,"endTime":2367.159,"body":"A lot of people, I think, who"},{"speaker":"Alan Smith","startTime":2364.0389999999998,"endTime":2367.159,"body":"embrace the Evidence Based"},{"speaker":"Alan Smith","startTime":2367.159,"endTime":2370.879,"body":"Investing approach sort of shy"},{"speaker":"Alan Smith","startTime":2367.159,"endTime":2370.879,"body":"away from it a bit and just talk"},{"speaker":"Alan Smith","startTime":2370.879,"endTime":2373.759,"body":"about capturing market returns"},{"speaker":"Alan Smith","startTime":2370.879,"endTime":2373.759,"body":"and speak a bit less about"},{"speaker":"Alan Smith","startTime":2373.759,"endTime":2376.399,"body":"investment, trying to, you know,"},{"speaker":"Alan Smith","startTime":2373.759,"endTime":2376.399,"body":"beat the market and what have"},{"speaker":"Alan Smith","startTime":2376.399,"endTime":2378.939,"body":"you. But, and again, it's maybe"},{"speaker":"Alan Smith","startTime":2376.399,"endTime":2378.939,"body":"the subject of a for another"},{"speaker":"Alan Smith","startTime":2378.939,"endTime":2383.499,"body":"conversation later on, in more"},{"speaker":"Alan Smith","startTime":2378.939,"endTime":2383.499,"body":"detail. But if you sort of track"},{"speaker":"Alan Smith","startTime":2383.499,"endTime":2386.739,"body":"that through what I get, a lot"},{"speaker":"Alan Smith","startTime":2383.499,"endTime":2386.739,"body":"of you know, when you get"},{"speaker":"Alan Smith","startTime":2386.739,"endTime":2390.219,"body":"negative feedback about anything"},{"speaker":"Alan Smith","startTime":2386.739,"endTime":2390.219,"body":"you might post online, etc, is,"},{"speaker":"Alan Smith","startTime":2390.519,"endTime":2393.999,"body":"but why would I accept beneath"},{"speaker":"Alan Smith","startTime":2390.519,"endTime":2393.999,"body":"market returns as guaranteed in"},{"speaker":"Alan Smith","startTime":2393.999,"endTime":2396.939,"body":"terms of, you know, tracking"},{"speaker":"Alan Smith","startTime":2393.999,"endTime":2396.939,"body":"index, you're just going to get"},{"speaker":"Alan Smith","startTime":2396.939,"endTime":2400.5589999999997,"body":"the index return minus the"},{"speaker":"Alan Smith","startTime":2396.939,"endTime":2400.5589999999997,"body":"costs. But the maths, when you"},{"speaker":"Alan Smith","startTime":2400.5589999999997,"endTime":2404.879,"body":"work it out, determines that if"},{"speaker":"Alan Smith","startTime":2400.5589999999997,"endTime":2404.879,"body":"you buy an in an index type"},{"speaker":"Alan Smith","startTime":2404.879,"endTime":2409.499,"body":"fund, low cost index fund, over"},{"speaker":"Alan Smith","startTime":2404.879,"endTime":2409.499,"body":"the long term, they tend to,"},{"speaker":"Alan Smith","startTime":2409.499,"endTime":2412.859,"body":"pretty much always end up in the"},{"speaker":"Alan Smith","startTime":2409.499,"endTime":2412.859,"body":"top quartile of all investment"},{"speaker":"Alan Smith","startTime":2412.859,"endTime":2415.979,"body":"funds, which kind of goes"},{"speaker":"Alan Smith","startTime":2412.859,"endTime":2415.979,"body":"against your initial thoughts or"},{"speaker":"Alan Smith","startTime":2415.979,"endTime":2418.519,"body":"understanding. The reason for"},{"speaker":"Alan Smith","startTime":2415.979,"endTime":2418.519,"body":"that is cause all the other"},{"speaker":"Alan Smith","startTime":2418.519,"endTime":2421.459,"body":"active funds, buying and selling"},{"speaker":"Alan Smith","startTime":2418.519,"endTime":2421.459,"body":"and trading will drop out, so"},{"speaker":"Alan Smith","startTime":2421.459,"endTime":2426.499,"body":"probably over 10 years plus a"},{"speaker":"Alan Smith","startTime":2421.459,"endTime":2426.499,"body":"typical Vanguard style fund ends"},{"speaker":"Alan Smith","startTime":2426.499,"endTime":2430.159,"body":"up as being a top quartile fund."},{"speaker":"Alan Smith","startTime":2426.499,"endTime":2430.159,"body":"And so you can begin to create a"},{"speaker":"Alan Smith","startTime":2430.159,"endTime":2430.519,"body":"very"},{"speaker":"Andy Hart","startTime":2430.7599999999998,"endTime":2433.94,"body":"strong narrative."},{"speaker":"Andy Hart","startTime":2430.7599999999998,"endTime":2433.94,"body":"Alanis is even stronger than"},{"speaker":"Andy Hart","startTime":2433.94,"endTime":2437.08,"body":"that. The further you drag the"},{"speaker":"Andy Hart","startTime":2433.94,"endTime":2437.08,"body":"time frame up, the higher up the"},{"speaker":"Andy Hart","startTime":2437.08,"endTime":2440.2599999999998,"body":"rankings they become, right? If"},{"speaker":"Andy Hart","startTime":2437.08,"endTime":2440.2599999999998,"body":"you drank it out of 100 years,"},{"speaker":"Andy Hart","startTime":2440.44,"endTime":2443.44,"body":"index funds beat everybody."},{"speaker":"Andy Hart","startTime":2440.44,"endTime":2443.44,"body":"They're not top quarter, the top"},{"speaker":"Andy Hart","startTime":2443.44,"endTime":2446.44,"body":"one, so yeah, over a 10 year"},{"speaker":"Andy Hart","startTime":2443.44,"endTime":2446.44,"body":"period, they might be quartile."},{"speaker":"Andy Hart","startTime":2446.44,"endTime":2449.2599999999998,"body":"20 year period, they're in the"},{"speaker":"Andy Hart","startTime":2446.44,"endTime":2449.2599999999998,"body":"top 530, they're in the top two."},{"speaker":"Andy Hart","startTime":2449.3199999999997,"endTime":2452.5,"body":"Like, yeah, the longer you drank"},{"speaker":"Andy Hart","startTime":2449.3199999999997,"endTime":2452.5,"body":"that time period out, the higher"},{"speaker":"Andy Hart","startTime":2452.5,"endTime":2455.2,"body":"they climb up the ranking."},{"speaker":"Andy Hart","startTime":2452.5,"endTime":2455.2,"body":"Which? Pure math? Pure math."},{"speaker":"Andy Hart","startTime":2455.2,"endTime":2456.22,"body":"Yeah, exactly which"},{"speaker":"Carl Widger","startTime":2456.22,"endTime":2458.1,"body":"is, which is"},{"speaker":"Carl Widger","startTime":2456.22,"endTime":2458.1,"body":"totally relevant. But then, if"},{"speaker":"Carl Widger","startTime":2458.1,"endTime":2461.04,"body":"you talk to your clients, like"},{"speaker":"Carl Widger","startTime":2458.1,"endTime":2461.04,"body":"talking to your clients, about"},{"speaker":"Carl Widger","startTime":2461.04,"endTime":2465.48,"body":"30 year returns, are even 20"},{"speaker":"Carl Widger","startTime":2461.04,"endTime":2465.48,"body":"year returns, you've lost, but"},{"speaker":"Alan Smith","startTime":2466.5,"endTime":2468.42,"body":"you could make, you"},{"speaker":"Alan Smith","startTime":2466.5,"endTime":2468.42,"body":"could make a good if your"},{"speaker":"Alan Smith","startTime":2468.42,"endTime":2470.94,"body":"clients aren't prepared to"},{"speaker":"Alan Smith","startTime":2468.42,"endTime":2470.94,"body":"invest for a decade, then"},{"speaker":"Alan Smith","startTime":2470.94,"endTime":2473.16,"body":"they're, they're not the right"},{"speaker":"Alan Smith","startTime":2470.94,"endTime":2473.16,"body":"type of clients. This is always,"},{"speaker":"Alan Smith","startTime":2474.2999999999997,"endTime":2477.44,"body":"I think. But I think you. You"},{"speaker":"Alan Smith","startTime":2474.2999999999997,"endTime":2477.44,"body":"could be making a strong case"},{"speaker":"Alan Smith","startTime":2477.44,"endTime":2480.98,"body":"for another thing is this is"},{"speaker":"Alan Smith","startTime":2477.44,"endTime":2480.98,"body":"highly predictable. Your ability"},{"speaker":"Alan Smith","startTime":2480.98,"endTime":2484.16,"body":"to select the fund, the the"},{"speaker":"Alan Smith","startTime":2480.98,"endTime":2484.16,"body":"active fund, that will be top,"},{"speaker":"Alan Smith","startTime":2484.22,"endTime":2487.58,"body":"top, even top quartile in 10"},{"speaker":"Alan Smith","startTime":2484.22,"endTime":2487.58,"body":"years. Good luck with that."},{"speaker":"Alan Smith","startTime":2487.64,"endTime":2490.3399999999997,"body":"You've got little and no chance"},{"speaker":"Alan Smith","startTime":2487.64,"endTime":2490.3399999999997,"body":"there is. There is no evidence"},{"speaker":"Alan Smith","startTime":2490.3399999999997,"endTime":2493.4,"body":"of consistency of our"},{"speaker":"Alan Smith","startTime":2490.3399999999997,"endTime":2493.4,"body":"performance of the very of the"},{"speaker":"Alan Smith","startTime":2493.4,"endTime":2496.3599999999997,"body":"one year, the top quarter of a"},{"speaker":"Alan Smith","startTime":2493.4,"endTime":2496.3599999999997,"body":"one year, highly unlikely to be"},{"speaker":"Alan Smith","startTime":2496.3599999999997,"endTime":2500.2,"body":"the same fund talk quarter after"},{"speaker":"Alan Smith","startTime":2496.3599999999997,"endTime":2500.2,"body":"10, whereas index funds will"},{"speaker":"Alan Smith","startTime":2500.2599999999998,"endTime":2503.2599999999998,"body":"will end up there. We'll be so"},{"speaker":"Alan Smith","startTime":2500.2599999999998,"endTime":2503.2599999999998,"body":"to say I'm superior"},{"speaker":"Andy Hart","startTime":2503.2599999999998,"endTime":2506.02,"body":"returns. Yes,"},{"speaker":"Andy Hart","startTime":2503.2599999999998,"endTime":2506.02,"body":"superior returns of index fund"},{"speaker":"Andy Hart","startTime":2506.02,"endTime":2509.44,"body":"and asset class investing is"},{"speaker":"Andy Hart","startTime":2506.02,"endTime":2509.44,"body":"inevitable. It's just the time"},{"speaker":"Andy Hart","startTime":2509.44,"endTime":2512.08,"body":"frame, you know, is sometimes"},{"speaker":"Andy Hart","startTime":2509.44,"endTime":2512.08,"body":"I'm just saying correct in"},{"speaker":"Andy Hart","startTime":2512.08,"endTime":2516.1,"body":"saying you're invested for 3040,"},{"speaker":"Andy Hart","startTime":2512.08,"endTime":2516.1,"body":"5060, years, it's going to your"},{"speaker":"Andy Hart","startTime":2516.16,"endTime":2518.92,"body":"kids, your grandkids. But"},{"speaker":"Andy Hart","startTime":2516.16,"endTime":2518.92,"body":"sometimes they don't want to"},{"speaker":"Andy Hart","startTime":2518.92,"endTime":2521.52,"body":"hear don't want to hear that. So"},{"speaker":"Andy Hart","startTime":2518.92,"endTime":2521.52,"body":"we have to play a short term"},{"speaker":"Andy Hart","startTime":2521.52,"endTime":2523.3199999999997,"body":"game, but, but again, we're not,"},{"speaker":"Andy Hart","startTime":2521.52,"endTime":2523.3199999999997,"body":"well,"},{"speaker":"Unknown","startTime":2523.3199999999997,"endTime":2524.64,"body":"shorter short term."},{"speaker":"Alan Smith","startTime":2525.2999999999997,"endTime":2528.24,"body":"I'm just, I think"},{"speaker":"Alan Smith","startTime":2525.2999999999997,"endTime":2528.24,"body":"I'm making a point that don't"},{"speaker":"Alan Smith","startTime":2528.2999999999997,"endTime":2531.3599999999997,"body":"accept. When you get pushback,"},{"speaker":"Alan Smith","startTime":2528.2999999999997,"endTime":2531.3599999999997,"body":"either from clients or from"},{"speaker":"Alan Smith","startTime":2531.3599999999997,"endTime":2534.0,"body":"anyone else out there, you're"},{"speaker":"Alan Smith","startTime":2531.3599999999997,"endTime":2534.0,"body":"just going to get sub market"},{"speaker":"Alan Smith","startTime":2534.0,"endTime":2537.08,"body":"returns. Well, you're going to"},{"speaker":"Alan Smith","startTime":2534.0,"endTime":2537.08,"body":"get above, just put above"},{"speaker":"Alan Smith","startTime":2537.08,"endTime":2540.2,"body":"average, or it'd be interesting"},{"speaker":"Alan Smith","startTime":2537.08,"endTime":2540.2,"body":"to see the mass and what the"},{"speaker":"Alan Smith","startTime":2540.2,"endTime":2543.56,"body":"data says. I haven't seen it in"},{"speaker":"Alan Smith","startTime":2540.2,"endTime":2543.56,"body":"terms of what is, what is above"},{"speaker":"Alan Smith","startTime":2543.56,"endTime":2546.5,"body":"average returns, and what time"},{"speaker":"Alan Smith","startTime":2543.56,"endTime":2546.5,"body":"period is probably as short as"},{"speaker":"Alan Smith","startTime":2546.5,"endTime":2550.04,"body":"five years, maybe even less. So"},{"speaker":"Alan Smith","startTime":2546.5,"endTime":2550.04,"body":"above average returns compared"},{"speaker":"Alan Smith","startTime":2550.04,"endTime":2552.7999999999997,"body":"to the market, and then top"},{"speaker":"Alan Smith","startTime":2550.04,"endTime":2552.7999999999997,"body":"quartile returns, when you push"},{"speaker":"Alan Smith","startTime":2552.7999999999997,"endTime":2555.02,"body":"it further up. So in other"},{"speaker":"Alan Smith","startTime":2552.7999999999997,"endTime":2555.02,"body":"words, you make a strong case"},{"speaker":"Alan Smith","startTime":2555.02,"endTime":2558.2799999999997,"body":"for having excellent investment"},{"speaker":"Alan Smith","startTime":2555.02,"endTime":2558.2799999999997,"body":"returns compared with all your"},{"speaker":"Alan Smith","startTime":2558.2799999999997,"endTime":2562.0,"body":"other peers and all the other"},{"speaker":"Alan Smith","startTime":2558.2799999999997,"endTime":2562.0,"body":"players in the marketplace, more"},{"speaker":"Alan Smith","startTime":2562.0,"endTime":2567.1,"body":"proactive and positive about the"},{"speaker":"Alan Smith","startTime":2562.0,"endTime":2567.1,"body":"investment strategy that you"},{"speaker":"Alan Smith","startTime":2567.1,"endTime":2569.92,"body":"deploy, as opposed to just"},{"speaker":"Alan Smith","startTime":2567.1,"endTime":2569.92,"body":"saying you guarantee to get"},{"speaker":"Alan Smith","startTime":2569.92,"endTime":2571.0,"body":"mediocre returns."},{"speaker":"Andy Hart","startTime":2572.44,"endTime":2574.2999999999997,"body":"And then here's,"},{"speaker":"Andy Hart","startTime":2572.44,"endTime":2574.2999999999997,"body":"here's the other thing, everyone"},{"speaker":"Andy Hart","startTime":2574.2999999999997,"endTime":2578.16,"body":"else that gets involved in"},{"speaker":"Andy Hart","startTime":2574.2999999999997,"endTime":2578.16,"body":"terrible investments that blow"},{"speaker":"Andy Hart","startTime":2578.16,"endTime":2581.1,"body":"up, that don't have any returns,"},{"speaker":"Andy Hart","startTime":2578.16,"endTime":2581.1,"body":"massive, high fees. You know,"},{"speaker":"Andy Hart","startTime":2581.1,"endTime":2585.6,"body":"we're comparing ourselves to the"},{"speaker":"Andy Hart","startTime":2581.1,"endTime":2585.6,"body":"most purest returns ever, like"},{"speaker":"Andy Hart","startTime":2585.8399999999997,"endTime":2589.02,"body":"an index with no costs. You"},{"speaker":"Andy Hart","startTime":2585.8399999999997,"endTime":2589.02,"body":"know, we're stressed that we're"},{"speaker":"Andy Hart","startTime":2589.5,"endTime":2592.98,"body":"point 751, percent dragging"},{"speaker":"Andy Hart","startTime":2589.5,"endTime":2592.98,"body":"against the index long term. And"},{"speaker":"Andy Hart","startTime":2592.98,"endTime":2596.22,"body":"then there's sharks out there"},{"speaker":"Andy Hart","startTime":2592.98,"endTime":2596.22,"body":"that are just, you know, giving"},{"speaker":"Andy Hart","startTime":2596.22,"endTime":2600.2,"body":"zero returns on terrible, you"},{"speaker":"Andy Hart","startTime":2596.22,"endTime":2600.2,"body":"know, portfolios and investment"},{"speaker":"Andy Hart","startTime":2600.2,"endTime":2603.44,"body":"funds. So sometimes we beat"},{"speaker":"Andy Hart","startTime":2600.2,"endTime":2603.44,"body":"ourselves up, but we're still,"},{"speaker":"Andy Hart","startTime":2604.3399999999997,"endTime":2607.52,"body":"you know, providing, you know,"},{"speaker":"Andy Hart","startTime":2604.3399999999997,"endTime":2607.52,"body":"decent returns compared to, you"},{"speaker":"Andy Hart","startTime":2607.52,"endTime":2608.12,"body":"know, yeah, the"},{"speaker":"Nick Lincoln","startTime":2608.12,"endTime":2611.06,"body":"FCA should change"},{"speaker":"Nick Lincoln","startTime":2608.12,"endTime":2611.06,"body":"its warning. Shouldn't say short"},{"speaker":"Nick Lincoln","startTime":2611.06,"endTime":2613.88,"body":"term past performance is no"},{"speaker":"Nick Lincoln","startTime":2611.06,"endTime":2613.88,"body":"guarantee of future returns."},{"speaker":"Nick Lincoln","startTime":2614.06,"endTime":2617.5,"body":"Yes, because long term"},{"speaker":"Nick Lincoln","startTime":2614.06,"endTime":2617.5,"body":"performance repeats, repeats,"},{"speaker":"Nick Lincoln","startTime":2617.5,"endTime":2620.62,"body":"repeats, okay. And while the"},{"speaker":"Nick Lincoln","startTime":2617.5,"endTime":2620.62,"body":"buttons are tearing their hair"},{"speaker":"Nick Lincoln","startTime":2620.62,"endTime":2622.9,"body":"out, Keith and Josh, we will get"},{"speaker":"Nick Lincoln","startTime":2620.62,"endTime":2622.9,"body":"the correct spelling of your"},{"speaker":"Nick Lincoln","startTime":2622.9,"endTime":2627.4,"body":"brand. Boost is spelt, bravo,"},{"speaker":"Nick Lincoln","startTime":2622.9,"endTime":2627.4,"body":"October, October, Sierra,"},{"speaker":"Nick Lincoln","startTime":2627.4,"endTime":2628.6,"body":"Sierra, Tango,"},{"speaker":"Andy Hart","startTime":2629.38,"endTime":2630.2799999999997,"body":"Oscar,"},{"speaker":"Nick Lincoln","startTime":2630.879,"endTime":2634.179,"body":"Oscar. Thank you."},{"speaker":"Nick Lincoln","startTime":2630.879,"endTime":2634.179,"body":"That was it okay. Let's crack"},{"speaker":"Nick Lincoln","startTime":2634.179,"endTime":2637.499,"body":"on. We're getting what are we"},{"speaker":"Nick Lincoln","startTime":2634.179,"endTime":2637.499,"body":"at? Jesus wept. 42 minutes,"},{"speaker":"Nick Lincoln","startTime":2637.919,"endTime":2641.0389999999998,"body":"right? Smithy adviser, conflicts"},{"speaker":"Nick Lincoln","startTime":2637.919,"endTime":2641.0389999999998,"body":"of interest with no link to"},{"speaker":"Nick Lincoln","startTime":2641.0389999999998,"endTime":2641.459,"body":"anything,"},{"speaker":"Alan Smith","startTime":2643.5,"endTime":2646.14,"body":"yeah. Well, this is"},{"speaker":"Alan Smith","startTime":2643.5,"endTime":2646.14,"body":"an interesting one, wasn't it?"},{"speaker":"Alan Smith","startTime":2646.14,"endTime":2651.8399999999997,"body":"We talked about this. So the"},{"speaker":"Alan Smith","startTime":2646.14,"endTime":2651.8399999999997,"body":"Track Pack, particularly myself"},{"speaker":"Alan Smith","startTime":2652.2,"endTime":2655.38,"body":"and my learned colleague, Mr."},{"speaker":"Alan Smith","startTime":2652.2,"endTime":2655.38,"body":"Andrew Hart, were front page"},{"speaker":"Alan Smith","startTime":2655.38,"endTime":2662.2999999999997,"body":"news last week in in our trade"},{"speaker":"Alan Smith","startTime":2655.38,"endTime":2662.2999999999997,"body":"magazine, new model advisors,"},{"speaker":"Alan Smith","startTime":2662.2999999999997,"endTime":2666.62,"body":"city wire, new model advisor."},{"speaker":"Alan Smith","startTime":2662.2999999999997,"endTime":2666.62,"body":"And the story was around"},{"speaker":"Alan Smith","startTime":2666.62,"endTime":2671.6,"body":"potential conflicts of interest"},{"speaker":"Alan Smith","startTime":2666.62,"endTime":2671.6,"body":"and the backtracking that public"},{"speaker":"Alan Smith","startTime":2671.6,"endTime":2675.5,"body":"information. They've they've"},{"speaker":"Alan Smith","startTime":2671.6,"endTime":2675.5,"body":"written about this before. Andy"},{"speaker":"Alan Smith","startTime":2675.5,"endTime":2679.96,"body":"and I are investors in timeline,"},{"speaker":"Alan Smith","startTime":2675.5,"endTime":2679.96,"body":"which obviously is a piece of"},{"speaker":"Alan Smith","startTime":2679.96,"endTime":2683.14,"body":"software for advisors, also runs"},{"speaker":"Alan Smith","startTime":2679.96,"endTime":2683.14,"body":"investment portfolios, model"},{"speaker":"Alan Smith","startTime":2683.14,"endTime":2688.2999999999997,"body":"portfolios for advisors. And you"},{"speaker":"Alan Smith","startTime":2683.14,"endTime":2688.2999999999997,"body":"know the press, as is their"},{"speaker":"Alan Smith","startTime":2688.2999999999997,"endTime":2691.72,"body":"want, saw an angle there and"},{"speaker":"Alan Smith","startTime":2688.2999999999997,"endTime":2691.72,"body":"thought, well, hang on a minute"},{"speaker":"Alan Smith","startTime":2691.72,"endTime":2699.66,"body":"and refer to us as gurus, if"},{"speaker":"Alan Smith","startTime":2691.72,"endTime":2699.66,"body":"only they knew. And here we go,"},{"speaker":"Nick Lincoln","startTime":2707.1,"endTime":2709.14,"body":"gurus, Jesus,"},{"speaker":"Nick Lincoln","startTime":2707.1,"endTime":2709.14,"body":"right? So,"},{"speaker":"Alan Smith","startTime":2709.1389999999997,"endTime":2711.959,"body":"so we're not on down"},{"speaker":"Alan Smith","startTime":2709.1389999999997,"endTime":2711.959,"body":"that particular track that you"},{"speaker":"Alan Smith","startTime":2711.959,"endTime":2715.199,"body":"know, we are people who"},{"speaker":"Alan Smith","startTime":2711.959,"endTime":2715.199,"body":"influence. And to be fair, there"},{"speaker":"Alan Smith","startTime":2715.199,"endTime":2719.419,"body":"was not one, but two, you know,"},{"speaker":"Alan Smith","startTime":2715.199,"endTime":2719.419,"body":"mentions and links to the trap"},{"speaker":"Alan Smith","startTime":2719.419,"endTime":2722.1189999999997,"body":"podcast and say, you know, a lot"},{"speaker":"Alan Smith","startTime":2719.419,"endTime":2722.1189999999997,"body":"of people listen to the trap"},{"speaker":"Alan Smith","startTime":2722.1189999999997,"endTime":2726.379,"body":"podcast, do you feel you've got"},{"speaker":"Alan Smith","startTime":2722.1189999999997,"endTime":2726.379,"body":"a conflict of interest? So I"},{"speaker":"Alan Smith","startTime":2726.379,"endTime":2729.439,"body":"spoke with the journalists who"},{"speaker":"Alan Smith","startTime":2726.379,"endTime":2729.439,"body":"was really good, very fair. I"},{"speaker":"Alan Smith","startTime":2729.439,"endTime":2731.5389999999998,"body":"think, in the end, I think"},{"speaker":"Alan Smith","startTime":2729.439,"endTime":2731.5389999999998,"body":"overall, it ended up being a"},{"speaker":"Alan Smith","startTime":2731.5389999999998,"endTime":2734.5389999999998,"body":"fairly balanced article, but it"},{"speaker":"Alan Smith","startTime":2731.5389999999998,"endTime":2734.5389999999998,"body":"did throw up lots of other"},{"speaker":"Alan Smith","startTime":2734.5389999999998,"endTime":2738.699,"body":"interesting conversations. Then"},{"speaker":"Alan Smith","startTime":2734.5389999999998,"endTime":2738.699,"body":"they do refer to them in this"},{"speaker":"Alan Smith","startTime":2738.699,"endTime":2743.859,"body":"article. You guys remember when"},{"speaker":"Alan Smith","startTime":2738.699,"endTime":2743.859,"body":"platforms such as transact and"},{"speaker":"Alan Smith","startTime":2743.859,"endTime":2746.739,"body":"nucleus were early days, a lot"},{"speaker":"Alan Smith","startTime":2743.859,"endTime":2746.739,"body":"of advisors who adopted them."},{"speaker":"Alan Smith","startTime":2746.919,"endTime":2750.219,"body":"Some, I think, were gifted"},{"speaker":"Alan Smith","startTime":2746.919,"endTime":2750.219,"body":"shares. Not, I wouldn't, I'm"},{"speaker":"Alan Smith","startTime":2750.219,"endTime":2752.979,"body":"not, not necessarily gospel."},{"speaker":"Alan Smith","startTime":2750.219,"endTime":2752.979,"body":"Some certainly were given the"},{"speaker":"Alan Smith","startTime":2752.979,"endTime":2756.779,"body":"opportunity to buy shares at"},{"speaker":"Alan Smith","startTime":2752.979,"endTime":2756.779,"body":"launch at a sort of discounted"},{"speaker":"Alan Smith","startTime":2756.779,"endTime":2760.799,"body":"price, and so this whole aspect"},{"speaker":"Alan Smith","startTime":2756.779,"endTime":2760.799,"body":"of are the conflicts of"},{"speaker":"Alan Smith","startTime":2760.799,"endTime":2763.0789999999997,"body":"interest, if you've got, if"},{"speaker":"Alan Smith","startTime":2760.799,"endTime":2763.0789999999997,"body":"you've actually got your own"},{"speaker":"Alan Smith","startTime":2763.0789999999997,"endTime":2767.339,"body":"personal money invested in"},{"speaker":"Alan Smith","startTime":2763.0789999999997,"endTime":2767.339,"body":"something, platform, a service,"},{"speaker":"Alan Smith","startTime":2767.339,"endTime":2771.839,"body":"a company that you actually use,"},{"speaker":"Alan Smith","startTime":2767.339,"endTime":2771.839,"body":"and you speak highly of it"},{"speaker":"Alan Smith","startTime":2771.959,"endTime":2776.5989999999997,"body":"publicly, you know is that an"},{"speaker":"Alan Smith","startTime":2771.959,"endTime":2776.5989999999997,"body":"issue? There was? One"},{"speaker":"Alan Smith","startTime":2776.5989999999997,"endTime":2780.919,"body":"commentator, Anthony Morrow, I"},{"speaker":"Alan Smith","startTime":2776.5989999999997,"endTime":2780.919,"body":"think his name is, got the"},{"speaker":"Alan Smith","startTime":2780.919,"endTime":2783.979,"body":"article in front of me. He said"},{"speaker":"Alan Smith","startTime":2780.919,"endTime":2783.979,"body":"it. He summed it up to me,"},{"speaker":"Alan Smith","startTime":2783.979,"endTime":2786.439,"body":"really, really well. I said,"},{"speaker":"Alan Smith","startTime":2783.979,"endTime":2786.439,"body":"we've got bigger things to worry"},{"speaker":"Alan Smith","startTime":2786.439,"endTime":2789.499,"body":"about. When you've got"},{"speaker":"Alan Smith","startTime":2786.439,"endTime":2789.499,"body":"consolidators who build their in"},{"speaker":"Alan Smith","startTime":2789.499,"endTime":2793.6389999999997,"body":"house discretionary service to"},{"speaker":"Alan Smith","startTime":2789.499,"endTime":2793.6389999999997,"body":"take a margin on that portfolio,"},{"speaker":"Alan Smith","startTime":2794.179,"endTime":2796.419,"body":"there's more conflicts of"},{"speaker":"Alan Smith","startTime":2794.179,"endTime":2796.419,"body":"interest there some of these"},{"speaker":"Alan Smith","startTime":2796.419,"endTime":2799.479,"body":"very large organizations that"},{"speaker":"Alan Smith","startTime":2796.419,"endTime":2799.479,"body":"build their in house models that"},{"speaker":"Alan Smith","startTime":2799.5389999999998,"endTime":2801.819,"body":"you know, the rest of the"},{"speaker":"Alan Smith","startTime":2799.5389999999998,"endTime":2801.819,"body":"independent market would never,"},{"speaker":"Alan Smith","startTime":2801.819,"endTime":2803.859,"body":"ever use. But it was an"},{"speaker":"Alan Smith","startTime":2801.819,"endTime":2803.859,"body":"interesting one. I think"},{"speaker":"Alan Smith","startTime":2803.859,"endTime":2807.399,"body":"overall, it was fair. Andy, you"},{"speaker":"Alan Smith","startTime":2803.859,"endTime":2807.399,"body":"were mentioned a couple of times"},{"speaker":"Alan Smith","startTime":2807.399,"endTime":2810.6389999999997,"body":"in detail. What are your"},{"speaker":"Alan Smith","startTime":2807.399,"endTime":2810.6389999999997,"body":"thoughts of conflict of interest"},{"speaker":"Alan Smith","startTime":2810.6389999999997,"endTime":2813.999,"body":"as they apply to you being a"},{"speaker":"Alan Smith","startTime":2810.6389999999997,"endTime":2813.999,"body":"serial angel investor, of"},{"speaker":"Alan Smith","startTime":2813.999,"endTime":2814.479,"body":"course,"},{"speaker":"Unknown","startTime":2815.14,"endTime":2816.4,"body":"hospital pass,"},{"speaker":"Andy Hart","startTime":2816.52,"endTime":2820.38,"body":"except that hospital"},{"speaker":"Andy Hart","startTime":2816.52,"endTime":2820.38,"body":"drag me into this? No, I did"},{"speaker":"Andy Hart","startTime":2820.38,"endTime":2822.7799999999997,"body":"read the article. It's been"},{"speaker":"Andy Hart","startTime":2820.38,"endTime":2822.7799999999997,"body":"something that's been bubbling"},{"speaker":"Andy Hart","startTime":2822.7799999999997,"endTime":2825.66,"body":"for a couple of weeks. I'm very"},{"speaker":"Andy Hart","startTime":2822.7799999999997,"endTime":2825.66,"body":"aware of the conflicts of"},{"speaker":"Andy Hart","startTime":2825.66,"endTime":2828.72,"body":"interest, and I need to give it"},{"speaker":"Andy Hart","startTime":2825.66,"endTime":2828.72,"body":"the respect it deserves. I mean,"},{"speaker":"Andy Hart","startTime":2829.2,"endTime":2831.8399999999997,"body":"our integrity is the only thing"},{"speaker":"Andy Hart","startTime":2829.2,"endTime":2831.8399999999997,"body":"we got in this thing of ours."},{"speaker":"Andy Hart","startTime":2832.2,"endTime":2834.9,"body":"But I don't really have anything"},{"speaker":"Andy Hart","startTime":2832.2,"endTime":2834.9,"body":"further to add. I mean, I work"},{"speaker":"Andy Hart","startTime":2834.9,"endTime":2837.56,"body":"with lots of various different"},{"speaker":"Andy Hart","startTime":2834.9,"endTime":2837.56,"body":"companies. I've used lots of"},{"speaker":"Andy Hart","startTime":2837.56,"endTime":2838.4,"body":"various different"},{"speaker":"Nick Lincoln","startTime":2838.4,"endTime":2841.04,"body":"companies. My"},{"speaker":"Nick Lincoln","startTime":2838.4,"endTime":2841.04,"body":"lawyer has advised me not to say"},{"speaker":"Nick Lincoln","startTime":2841.04,"endTime":2841.4,"body":"anything."},{"speaker":"Andy Hart","startTime":2842.0,"endTime":2844.64,"body":"It's a line that I"},{"speaker":"Andy Hart","startTime":2842.0,"endTime":2844.64,"body":"need to straddle. But I think"},{"speaker":"Andy Hart","startTime":2844.64,"endTime":2848.3599999999997,"body":"the article is very fair."},{"speaker":"Andy Hart","startTime":2844.64,"endTime":2848.3599999999997,"body":"Actually, she did mention the"},{"speaker":"Andy Hart","startTime":2848.54,"endTime":2853.3399999999997,"body":"the beast of conflicts of"},{"speaker":"Andy Hart","startTime":2848.54,"endTime":2853.3399999999997,"body":"interest, which, as you say, was"},{"speaker":"Andy Hart","startTime":2853.3399999999997,"endTime":2856.9,"body":"the launching of the platforms I"},{"speaker":"Andy Hart","startTime":2853.3399999999997,"endTime":2856.9,"body":"transact, the nucleus, where"},{"speaker":"Andy Hart","startTime":2856.96,"endTime":2860.62,"body":"they had to disclose that to"},{"speaker":"Andy Hart","startTime":2856.96,"endTime":2860.62,"body":"their clients, so that was dealt"},{"speaker":"Andy Hart","startTime":2860.62,"endTime":2864.88,"body":"with in the correct way. And I'm"},{"speaker":"Andy Hart","startTime":2860.62,"endTime":2864.88,"body":"again, knowing this situation"},{"speaker":"Andy Hart","startTime":2864.88,"endTime":2870.8199999999997,"body":"from the inside. They weren't"},{"speaker":"Andy Hart","startTime":2864.88,"endTime":2870.8199999999997,"body":"swayed by having a shareholder,"},{"speaker":"Andy Hart","startTime":2870.8199999999997,"endTime":2873.16,"body":"and they still wanted to offer a"},{"speaker":"Andy Hart","startTime":2870.8199999999997,"endTime":2873.16,"body":"decent service for their firm"},{"speaker":"Andy Hart","startTime":2873.16,"endTime":2876.66,"body":"and their clients. But again, I"},{"speaker":"Andy Hart","startTime":2873.16,"endTime":2876.66,"body":"can understand that there's a"},{"speaker":"Andy Hart","startTime":2876.66,"endTime":2878.94,"body":"conflict there. So nothing"},{"speaker":"Andy Hart","startTime":2876.66,"endTime":2878.94,"body":"further to add. Carl, over to"},{"speaker":"Andy Hart","startTime":2878.94,"endTime":2879.18,"body":"you, my"},{"speaker":"Carl Widger","startTime":2879.18,"endTime":2883.2599999999998,"body":"friend. I don't"},{"speaker":"Carl Widger","startTime":2879.18,"endTime":2883.2599999999998,"body":"have anything to add other than"},{"speaker":"Carl Widger","startTime":2883.92,"endTime":2887.04,"body":"I was mentioned in the article."},{"speaker":"Carl Widger","startTime":2883.92,"endTime":2887.04,"body":"I have no such conflicts of"},{"speaker":"Carl Widger","startTime":2887.04,"endTime":2891.42,"body":"interest at all. To be fair to"},{"speaker":"Carl Widger","startTime":2887.04,"endTime":2891.42,"body":"you guys, right? I like the"},{"speaker":"Carl Widger","startTime":2891.54,"endTime":2895.2,"body":"shareholding is teeny tiny. I"},{"speaker":"Carl Widger","startTime":2891.54,"endTime":2895.2,"body":"don't think there's a conflict"},{"speaker":"Carl Widger","startTime":2895.2,"endTime":2900.02,"body":"of interest, but I think it is"},{"speaker":"Carl Widger","startTime":2895.2,"endTime":2900.02,"body":"worth saying that, you know, in"},{"speaker":"Carl Widger","startTime":2900.14,"endTime":2903.3199999999997,"body":"as you just said, Andy,"},{"speaker":"Carl Widger","startTime":2900.14,"endTime":2903.3199999999997,"body":"integrity is all we've got. So"},{"speaker":"Carl Widger","startTime":2904.04,"endTime":2908.66,"body":"should we shy away from from"},{"speaker":"Carl Widger","startTime":2904.04,"endTime":2908.66,"body":"such articles? Absolutely not. I"},{"speaker":"Carl Widger","startTime":2908.66,"endTime":2911.54,"body":"think it's totally okay. And I"},{"speaker":"Carl Widger","startTime":2908.66,"endTime":2911.54,"body":"thought, as Alan said earlier"},{"speaker":"Carl Widger","startTime":2911.54,"endTime":2915.44,"body":"on, I thought the article was"},{"speaker":"Carl Widger","startTime":2911.54,"endTime":2915.44,"body":"very balanced, to be fair, and"},{"speaker":"Carl Widger","startTime":2915.44,"endTime":2917.38,"body":"very well researched to be fair."},{"speaker":"Andy Hart","startTime":2918.64,"endTime":2921.4,"body":"So it was, yeah, it"},{"speaker":"Andy Hart","startTime":2918.64,"endTime":2921.4,"body":"was a huge, huge promotion of"},{"speaker":"Andy Hart","startTime":2921.4,"endTime":2925.2999999999997,"body":"trap as well, which is what was"},{"speaker":"Andy Hart","startTime":2921.4,"endTime":2925.2999999999997,"body":"not intended. But we'll take"},{"speaker":"Andy Hart","startTime":2925.2999999999997,"endTime":2927.88,"body":"that. I'm sure we'll get a few"},{"speaker":"Andy Hart","startTime":2925.2999999999997,"endTime":2927.88,"body":"more listeners from it in a"},{"speaker":"Andy Hart","startTime":2927.88,"endTime":2929.92,"body":"weird kind of way. One of the"},{"speaker":"Alan Smith","startTime":2929.92,"endTime":2934.0,"body":"things was just to"},{"speaker":"Alan Smith","startTime":2929.92,"endTime":2934.0,"body":"me. Anyway, this is where this"},{"speaker":"Alan Smith","startTime":2934.0,"endTime":2937.14,"body":"whole thing first bubbled up."},{"speaker":"Alan Smith","startTime":2934.0,"endTime":2937.14,"body":"You'll be, you'll remember, one"},{"speaker":"Alan Smith","startTime":2937.14,"endTime":2940.38,"body":"of the biggest podcasters in the"},{"speaker":"Alan Smith","startTime":2937.14,"endTime":2940.38,"body":"world, Stephen Bartlett. He got"},{"speaker":"Alan Smith","startTime":2940.38,"endTime":2943.02,"body":"into trouble with Advertising"},{"speaker":"Alan Smith","startTime":2940.38,"endTime":2943.02,"body":"Standards Authority because,"},{"speaker":"Alan Smith","startTime":2943.02,"endTime":2947.7599999999998,"body":"turns out, I didn't know this,"},{"speaker":"Alan Smith","startTime":2943.02,"endTime":2947.7599999999998,"body":"but he is a, you know, not a"},{"speaker":"Alan Smith","startTime":2947.7599999999998,"endTime":2952.56,"body":"0.03% but a 20% I believe,"},{"speaker":"Alan Smith","startTime":2947.7599999999998,"endTime":2952.56,"body":"shareholder in Huell. He's also"},{"speaker":"Alan Smith","startTime":2952.98,"endTime":2957.44,"body":"sits in the board of directors."},{"speaker":"Alan Smith","startTime":2952.98,"endTime":2957.44,"body":"Yeah, of Hue and is it Zoe one"},{"speaker":"Alan Smith","startTime":2957.44,"endTime":2961.22,"body":"of the other things that he and"},{"speaker":"Alan Smith","startTime":2957.44,"endTime":2961.22,"body":"he advertises them, you know,"},{"speaker":"Alan Smith","startTime":2961.52,"endTime":2965.0,"body":"every week on his podcast,"},{"speaker":"Alan Smith","startTime":2961.52,"endTime":2965.0,"body":"without disclosing and so that"},{"speaker":"Alan Smith","startTime":2965.0,"endTime":2967.58,"body":"is a bit naughty, probably, to"},{"speaker":"Alan Smith","startTime":2965.0,"endTime":2967.58,"body":"say that this is wonderful. It's"},{"speaker":"Alan Smith","startTime":2967.58,"endTime":2970.46,"body":"a great product. I use it"},{"speaker":"Alan Smith","startTime":2967.58,"endTime":2970.46,"body":"myself. Oh, by the way, what you"},{"speaker":"Alan Smith","startTime":2970.46,"endTime":2974.06,"body":"don't know is, I own 20% of the"},{"speaker":"Alan Smith","startTime":2970.46,"endTime":2974.06,"body":"company, and I'm a, you know,"},{"speaker":"Carl Widger","startTime":2974.12,"endTime":2978.1,"body":"I listen, I listen"},{"speaker":"Carl Widger","startTime":2974.12,"endTime":2978.1,"body":"to his podcast all the time like"},{"speaker":"Carl Widger","startTime":2978.1,"endTime":2981.8199999999997,"body":"and I was under no illusion"},{"speaker":"Carl Widger","startTime":2978.1,"endTime":2981.8199999999997,"body":"whatsoever that he was involved"},{"speaker":"Carl Widger","startTime":2981.8199999999997,"endTime":2985.54,"body":"with those companies. I think"},{"speaker":"Carl Widger","startTime":2981.8199999999997,"endTime":2985.54,"body":"only someone who's very naive"},{"speaker":"Carl Widger","startTime":2985.54,"endTime":2988.12,"body":"would think that he'd be doing"},{"speaker":"Carl Widger","startTime":2985.54,"endTime":2988.12,"body":"that just out of the goodness of"},{"speaker":"Carl Widger","startTime":2988.12,"endTime":2989.2,"body":"his heart. But anyway,"},{"speaker":"Alan Smith","startTime":2989.2,"endTime":2990.52,"body":"well, they might"},{"speaker":"Alan Smith","startTime":2989.2,"endTime":2990.52,"body":"have, they might have been"},{"speaker":"Alan Smith","startTime":2990.52,"endTime":2993.46,"body":"paying for it. Might be paying"},{"speaker":"Alan Smith","startTime":2990.52,"endTime":2993.46,"body":"for advertisers, not that he"},{"speaker":"Alan Smith","startTime":2993.46,"endTime":2997.14,"body":"actually owned a huge chunk of"},{"speaker":"Alan Smith","startTime":2993.46,"endTime":2997.14,"body":"it, which is somewhat so maybe"},{"speaker":"Alan Smith","startTime":2997.14,"endTime":2999.72,"body":"that's where the whole sort of"},{"speaker":"Alan Smith","startTime":2997.14,"endTime":2999.72,"body":"story began to bubble up. And"},{"speaker":"Alan Smith","startTime":2999.72,"endTime":3004.1,"body":"then they look for other other"},{"speaker":"Alan Smith","startTime":2999.72,"endTime":3004.1,"body":"angles. There, there are. Yeah,"},{"speaker":"Alan Smith","startTime":3004.58,"endTime":3008.24,"body":"it's hard to avoid conflicts of"},{"speaker":"Alan Smith","startTime":3004.58,"endTime":3008.24,"body":"interest in in life in general,"},{"speaker":"Alan Smith","startTime":3008.24,"endTime":3011.2999999999997,"body":"but I think if you're aware of"},{"speaker":"Alan Smith","startTime":3008.24,"endTime":3011.2999999999997,"body":"them, at least if you do what's"},{"speaker":"Alan Smith","startTime":3011.2999999999997,"endTime":3014.9,"body":"necessary, if you, if you're"},{"speaker":"Alan Smith","startTime":3011.2999999999997,"endTime":3014.9,"body":"prepared to disclose them, where"},{"speaker":"Alan Smith","startTime":3014.9,"endTime":3018.46,"body":"it where it appears, where it's"},{"speaker":"Alan Smith","startTime":3014.9,"endTime":3018.46,"body":"relevant. No, the journalist was"},{"speaker":"Alan Smith","startTime":3018.46,"endTime":3020.8599999999997,"body":"Vicki Bell, and she did a great"},{"speaker":"Alan Smith","startTime":3018.46,"endTime":3020.8599999999997,"body":"job. She's a she's a great"},{"speaker":"Alan Smith","startTime":3020.8599999999997,"endTime":3023.14,"body":"journalist, actually. And as you"},{"speaker":"Alan Smith","startTime":3020.8599999999997,"endTime":3023.14,"body":"say, she took quite a while to"},{"speaker":"Alan Smith","startTime":3023.14,"endTime":3025.7799999999997,"body":"put that article together. She"},{"speaker":"Alan Smith","startTime":3023.14,"endTime":3025.7799999999997,"body":"did mention it to me before she"},{"speaker":"Alan Smith","startTime":3025.7799999999997,"endTime":3029.74,"body":"published it. So that's what we"},{"speaker":"Alan Smith","startTime":3025.7799999999997,"endTime":3029.74,"body":"want, more honest journalism."},{"speaker":"Alan Smith","startTime":3030.1,"endTime":3032.92,"body":"And because I think there's a"},{"speaker":"Alan Smith","startTime":3030.1,"endTime":3032.92,"body":"fair more stories that they"},{"speaker":"Alan Smith","startTime":3032.92,"endTime":3037.08,"body":"could they start digging deep."},{"speaker":"Alan Smith","startTime":3032.92,"endTime":3037.08,"body":"Could find across our sector,"},{"speaker":"Alan Smith","startTime":3037.08,"endTime":3040.8599999999997,"body":"should they choose to so? But it"},{"speaker":"Alan Smith","startTime":3037.08,"endTime":3040.8599999999997,"body":"was good, as you say, great"},{"speaker":"Alan Smith","startTime":3040.8599999999997,"endTime":3042.48,"body":"advertisement for this podcast."},{"speaker":"Carl Widger","startTime":3044.279,"endTime":3044.999,"body":"Careful now,"},{"speaker":"Nick Lincoln","startTime":3045.12,"endTime":3047.4,"body":"well done. Well"},{"speaker":"Nick Lincoln","startTime":3045.12,"endTime":3047.4,"body":"done. It's nice to, nice to see"},{"speaker":"Nick Lincoln","startTime":3047.4,"endTime":3050.04,"body":"that. Very nice to see that. And"},{"speaker":"Nick Lincoln","startTime":3047.4,"endTime":3050.04,"body":"I'm a, you know, I'm a pretty"},{"speaker":"Nick Lincoln","startTime":3050.04,"endTime":3052.62,"body":"vocal critic, critic of the"},{"speaker":"Nick Lincoln","startTime":3050.04,"endTime":3052.62,"body":"legacy media, but that's, that's"},{"speaker":"Nick Lincoln","startTime":3052.62,"endTime":3055.98,"body":"a shining example of it done."},{"speaker":"Nick Lincoln","startTime":3052.62,"endTime":3055.98,"body":"Well, okay, the final topical"},{"speaker":"Nick Lincoln","startTime":3056.04,"endTime":3059.18,"body":"tip here. Oh, ultra nice."},{"speaker":"Andy Hart","startTime":3059.18,"endTime":3061.7599999999998,"body":"Is back to me. We"},{"speaker":"Andy Hart","startTime":3059.18,"endTime":3061.7599999999998,"body":"spoke about cash management"},{"speaker":"Andy Hart","startTime":3061.7599999999998,"endTime":3064.3399999999997,"body":"services the other day, and I"},{"speaker":"Andy Hart","startTime":3061.7599999999998,"endTime":3064.3399999999997,"body":"can't even not come across this"},{"speaker":"Andy Hart","startTime":3064.3399999999997,"endTime":3067.8199999999997,"body":"before, but HL always lands down"},{"speaker":"Andy Hart","startTime":3064.3399999999997,"endTime":3067.8199999999997,"body":"the biggest DIY platform in the"},{"speaker":"Andy Hart","startTime":3067.8199999999997,"endTime":3073.8199999999997,"body":"UK. I think they've got this"},{"speaker":"Andy Hart","startTime":3067.8199999999997,"endTime":3073.8199999999997,"body":"awesome offering called active"},{"speaker":"Andy Hart","startTime":3073.88,"endTime":3076.42,"body":"savings, and they've got 10"},{"speaker":"Andy Hart","startTime":3073.88,"endTime":3076.42,"body":"billion quid already. In it."},{"speaker":"Andy Hart","startTime":3078.22,"endTime":3082.2999999999997,"body":"It's cash management. Basically,"},{"speaker":"Andy Hart","startTime":3078.22,"endTime":3082.2999999999997,"body":"they pull the money between a"},{"speaker":"Andy Hart","startTime":3082.2999999999997,"endTime":3086.14,"body":"whole host of different banks,"},{"speaker":"Andy Hart","startTime":3082.2999999999997,"endTime":3086.14,"body":"like loads of them. So they,"},{"speaker":"Andy Hart","startTime":3086.2,"endTime":3088.96,"body":"they're doing all the, you know,"},{"speaker":"Andy Hart","startTime":3086.2,"endTime":3088.96,"body":"the plumbing and the heavy"},{"speaker":"Andy Hart","startTime":3088.96,"endTime":3091.96,"body":"lifting in the back end. They're"},{"speaker":"Andy Hart","startTime":3088.96,"endTime":3091.96,"body":"easy access. At the moment, it's"},{"speaker":"Andy Hart","startTime":3091.96,"endTime":3099.06,"body":"4.6 that's pretty awesome. Six"},{"speaker":"Andy Hart","startTime":3091.96,"endTime":3099.06,"body":"months, 4.851 year, what? 4.7 so"},{"speaker":"Andy Hart","startTime":3099.06,"endTime":3101.94,"body":"I think a lot more platforms are"},{"speaker":"Andy Hart","startTime":3099.06,"endTime":3101.94,"body":"going to be getting on this"},{"speaker":"Andy Hart","startTime":3101.94,"endTime":3106.44,"body":"bandwagon, because cash now is"},{"speaker":"Andy Hart","startTime":3101.94,"endTime":3106.44,"body":"not useless, and it's paying"},{"speaker":"Andy Hart","startTime":3106.44,"endTime":3109.2,"body":"about, you know, four and a half"},{"speaker":"Andy Hart","startTime":3106.44,"endTime":3109.2,"body":"5% so we're gonna see a lot more"},{"speaker":"Andy Hart","startTime":3109.2,"endTime":3113.2799999999997,"body":"innovation in this space. So I"},{"speaker":"Andy Hart","startTime":3109.2,"endTime":3113.2799999999997,"body":"think this is an example of cash"},{"speaker":"Andy Hart","startTime":3113.2799999999997,"endTime":3117.56,"body":"management pulled against,"},{"speaker":"Andy Hart","startTime":3113.2799999999997,"endTime":3117.56,"body":"sorry, the money's pulled. The"},{"speaker":"Nick Lincoln","startTime":3117.56,"endTime":3122.3599999999997,"body":"website, yeah. Is"},{"speaker":"Nick Lincoln","startTime":3117.56,"endTime":3122.3599999999997,"body":"this a bit the"},{"speaker":"Alan Smith","startTime":3122.54,"endTime":3123.56,"body":"flag stove,"},{"speaker":"Andy Hart","startTime":3123.98,"endTime":3127.16,"body":"basically competing"},{"speaker":"Andy Hart","startTime":3123.98,"endTime":3127.16,"body":"directly with flags, the ones"},{"speaker":"Andy Hart","startTime":3128.0,"endTime":3131.6,"body":"that we know, yeah, yeah. See"},{"speaker":"Andy Hart","startTime":3128.0,"endTime":3131.6,"body":"our latest rates, how it works,"},{"speaker":"Andy Hart","startTime":3131.6,"endTime":3135.68,"body":"all the all the banks that they"},{"speaker":"Andy Hart","startTime":3131.6,"endTime":3135.68,"body":"use, like it's, I think, and"},{"speaker":"Andy Hart","startTime":3135.68,"endTime":3139.2999999999997,"body":"being HL, I think the tech will"},{"speaker":"Andy Hart","startTime":3135.68,"endTime":3139.2999999999997,"body":"be awesome. Yeah, yeah. We"},{"speaker":"Nick Lincoln","startTime":3139.2999999999997,"endTime":3141.88,"body":"slick as anything."},{"speaker":"Nick Lincoln","startTime":3139.2999999999997,"endTime":3141.88,"body":"You'll be able to move money."},{"speaker":"Nick Lincoln","startTime":3142.2999999999997,"endTime":3143.68,"body":"And then I"},{"speaker":"Andy Hart","startTime":3143.68,"endTime":3145.72,"body":"think this is theirs"},{"speaker":"Andy Hart","startTime":3143.68,"endTime":3145.72,"body":"for the taking, if they get this"},{"speaker":"Andy Hart","startTime":3145.72,"endTime":3151.24,"body":"right, yeah. So, yeah, quite"},{"speaker":"Andy Hart","startTime":3145.72,"endTime":3151.24,"body":"interesting innovation. Any"},{"speaker":"Andy Hart","startTime":3151.24,"endTime":3153.94,"body":"questions? Card, I don't think"},{"speaker":"Andy Hart","startTime":3151.24,"endTime":3153.94,"body":"you've seen this in Ireland"},{"speaker":"Andy Hart","startTime":3153.94,"endTime":3156.8399999999997,"body":"quite yet. This type of pool, no"},{"speaker":"Andy Hart","startTime":3153.94,"endTime":3156.8399999999997,"body":"money, cash,"},{"speaker":"Carl Widger","startTime":3157.92,"endTime":3162.12,"body":"but we need it"},{"speaker":"Carl Widger","startTime":3157.92,"endTime":3162.12,"body":"badly. I'll talk about I'll talk"},{"speaker":"Carl Widger","startTime":3162.12,"endTime":3164.7,"body":"about that probably in our end"},{"speaker":"Carl Widger","startTime":3162.12,"endTime":3164.7,"body":"the meat and potatoes, because"},{"speaker":"Carl Widger","startTime":3164.7,"endTime":3164.94,"body":"it's"},{"speaker":"Nick Lincoln","startTime":3166.319,"endTime":3169.679,"body":"cute. Carl's bi"},{"speaker":"Nick Lincoln","startTime":3166.319,"endTime":3169.679,"body":"weekly rants about the state of"},{"speaker":"Nick Lincoln","startTime":3170.879,"endTime":3172.679,"body":"the art bank. I"},{"speaker":"Carl Widger","startTime":3172.68,"endTime":3175.02,"body":"had two articles of"},{"speaker":"Carl Widger","startTime":3172.68,"endTime":3175.02,"body":"the topic of tippets, and I said"},{"speaker":"Carl Widger","startTime":3175.02,"endTime":3178.2799999999997,"body":"I'm taking them out. I'm just"},{"speaker":"Carl Widger","startTime":3175.02,"endTime":3178.2799999999997,"body":"gonna be positive current today,"},{"speaker":"Carl Widger","startTime":3178.2799999999997,"endTime":3182.06,"body":"there's going to be no fraud, no"},{"speaker":"Carl Widger","startTime":3178.2799999999997,"endTime":3182.06,"body":"scandals, nothing for me today."},{"speaker":"Carl Widger","startTime":3182.06,"endTime":3182.7799999999997,"body":"I love it. You're"},{"speaker":"Alan Smith","startTime":3182.7799999999997,"endTime":3184.1,"body":"not going to upset"},{"speaker":"Alan Smith","startTime":3182.7799999999997,"endTime":3184.1,"body":"anyone,"},{"speaker":"Nick Lincoln","startTime":3184.16,"endTime":3188.48,"body":"right? So"},{"speaker":"Nick Lincoln","startTime":3184.16,"endTime":3188.48,"body":"TRAPPIST, thanks. We're at 5052"},{"speaker":"Nick Lincoln","startTime":3189.08,"endTime":3192.08,"body":"minutes. So I think we can, we"},{"speaker":"Nick Lincoln","startTime":3189.08,"endTime":3192.08,"body":"can move on to the meat and"},{"speaker":"Nick Lincoln","startTime":3192.08,"endTime":3198.46,"body":"potatoes of episode 55 and this"},{"speaker":"Nick Lincoln","startTime":3192.08,"endTime":3198.46,"body":"is based around a LinkedIn post"},{"speaker":"Nick Lincoln","startTime":3198.46,"endTime":3202.9,"body":"that storyteller put out in the"},{"speaker":"Nick Lincoln","startTime":3198.46,"endTime":3202.9,"body":"last week or so, in which he"},{"speaker":"Nick Lincoln","startTime":3202.9,"endTime":3206.38,"body":"referenced a Financial Times"},{"speaker":"Nick Lincoln","startTime":3202.9,"endTime":3206.38,"body":"article about basically just a"},{"speaker":"Nick Lincoln","startTime":3206.38,"endTime":3209.7999999999997,"body":"lack the lack of interaction"},{"speaker":"Nick Lincoln","startTime":3206.38,"endTime":3209.7999999999997,"body":"between the British public and"},{"speaker":"Nick Lincoln","startTime":3209.7999999999997,"endTime":3213.22,"body":"and the great companies of the"},{"speaker":"Nick Lincoln","startTime":3209.7999999999997,"endTime":3213.22,"body":"UK, that the apathy around"},{"speaker":"Nick Lincoln","startTime":3213.22,"endTime":3218.22,"body":"investing, the ignorance And the"},{"speaker":"Nick Lincoln","startTime":3213.22,"endTime":3218.22,"body":"misconceptions that so many of"},{"speaker":"Nick Lincoln","startTime":3218.22,"endTime":3221.1,"body":"Joe Public seem to hold, and"},{"speaker":"Nick Lincoln","startTime":3218.22,"endTime":3221.1,"body":"which, if anything, have got"},{"speaker":"Nick Lincoln","startTime":3221.1,"endTime":3224.3399999999997,"body":"worse over the last 30 years,"},{"speaker":"Nick Lincoln","startTime":3221.1,"endTime":3224.3399999999997,"body":"since we had that privatization"},{"speaker":"Nick Lincoln","startTime":3224.3399999999997,"endTime":3227.52,"body":"boom of the sort of 1980s and"},{"speaker":"Nick Lincoln","startTime":3224.3399999999997,"endTime":3227.52,"body":"the tel Sid campaign. Anyway,"},{"speaker":"Nick Lincoln","startTime":3227.52,"endTime":3230.94,"body":"storyteller, I don't take away"},{"speaker":"Nick Lincoln","startTime":3227.52,"endTime":3230.94,"body":"all your thunder. Talk to us."},{"speaker":"Alan Smith","startTime":3232.74,"endTime":3236.22,"body":"Thanks. Yeah, this."},{"speaker":"Alan Smith","startTime":3232.74,"endTime":3236.22,"body":"This was originally I looked at"},{"speaker":"Alan Smith","startTime":3236.22,"endTime":3240.38,"body":"the Financial Times at the"},{"speaker":"Alan Smith","startTime":3236.22,"endTime":3240.38,"body":"weekend. And despite, I think,"},{"speaker":"Alan Smith","startTime":3240.38,"endTime":3243.5,"body":"our common misgivings about what"},{"speaker":"Alan Smith","startTime":3240.38,"endTime":3243.5,"body":"we call the legacy press, I do"},{"speaker":"Alan Smith","startTime":3243.5,"endTime":3245.8399999999997,"body":"think that ft does put up,"},{"speaker":"Alan Smith","startTime":3243.5,"endTime":3245.8399999999997,"body":"particularly in the personal"},{"speaker":"Alan Smith","startTime":3245.8399999999997,"endTime":3248.72,"body":"finance section and particularly"},{"speaker":"Alan Smith","startTime":3245.8399999999997,"endTime":3248.72,"body":"in the weekend, ft does put out"},{"speaker":"Alan Smith","startTime":3248.72,"endTime":3252.2,"body":"some pretty good articles and"},{"speaker":"Alan Smith","startTime":3248.72,"endTime":3252.2,"body":"some decent journalism, and they"},{"speaker":"Alan Smith","startTime":3252.2,"endTime":3257.02,"body":"reported a number of, I think I"},{"speaker":"Alan Smith","startTime":3252.2,"endTime":3257.02,"body":"was gonna say startling facts. I"},{"speaker":"Alan Smith","startTime":3257.02,"endTime":3259.66,"body":"think we all inherently know"},{"speaker":"Alan Smith","startTime":3257.02,"endTime":3259.66,"body":"this stuff, but when you see it"},{"speaker":"Alan Smith","startTime":3259.66,"endTime":3263.74,"body":"written in it's gonna say black"},{"speaker":"Alan Smith","startTime":3259.66,"endTime":3263.74,"body":"and white, in pink and black. It"},{"speaker":"Alan Smith","startTime":3263.74,"endTime":3267.88,"body":"is, it is. It is quite eye"},{"speaker":"Alan Smith","startTime":3263.74,"endTime":3267.88,"body":"opening. I just quote a number"},{"speaker":"Alan Smith","startTime":3267.88,"endTime":3272.02,"body":"of of the stats that they refer"},{"speaker":"Alan Smith","startTime":3267.88,"endTime":3272.02,"body":"to. UK savers have over 430"},{"speaker":"Alan Smith","startTime":3272.8599999999997,"endTime":3277.74,"body":"billion held in cash amounts. So"},{"speaker":"Alan Smith","startTime":3272.8599999999997,"endTime":3277.74,"body":"nearly half a trillion in cash."},{"speaker":"Alan Smith","startTime":3277.74,"endTime":3281.58,"body":"Just in the UK alone, 3 million"},{"speaker":"Alan Smith","startTime":3277.74,"endTime":3281.58,"body":"people have more than 20,000 in"},{"speaker":"Alan Smith","startTime":3281.58,"endTime":3286.14,"body":"cash. Isas 8.6 million have more"},{"speaker":"Alan Smith","startTime":3281.58,"endTime":3286.14,"body":"than 10,000 in cash deposit"},{"speaker":"Alan Smith","startTime":3286.14,"endTime":3291.96,"body":"accounts. When asked why, 20%"},{"speaker":"Alan Smith","startTime":3286.14,"endTime":3291.96,"body":"were worried about losing money,"},{"speaker":"Alan Smith","startTime":3292.56,"endTime":3300.2599999999998,"body":"25% believe that investing is"},{"speaker":"Alan Smith","startTime":3292.56,"endTime":3300.2599999999998,"body":"too complicated. Only 23% of"},{"speaker":"Alan Smith","startTime":3300.2599999999998,"endTime":3303.7999999999997,"body":"people in the UK invest at all"},{"speaker":"Alan Smith","startTime":3300.2599999999998,"endTime":3303.7999999999997,"body":"in the stock market, so less"},{"speaker":"Alan Smith","startTime":3303.7999999999997,"endTime":3308.48,"body":"than a quarter less invest in"},{"speaker":"Alan Smith","startTime":3303.7999999999997,"endTime":3308.48,"body":"the stock market, versus 61% in"},{"speaker":"Alan Smith","startTime":3308.48,"endTime":3313.1,"body":"the US. And about half of people"},{"speaker":"Alan Smith","startTime":3308.48,"endTime":3313.1,"body":"believe that financial advice is"},{"speaker":"Alan Smith","startTime":3313.1,"endTime":3318.8199999999997,"body":"only for the wealthy. So I know"},{"speaker":"Alan Smith","startTime":3313.1,"endTime":3318.8199999999997,"body":"that keeping cash cash balances"},{"speaker":"Alan Smith","startTime":3318.8199999999997,"endTime":3321.3399999999997,"body":"healthy, and having rainy day"},{"speaker":"Alan Smith","startTime":3318.8199999999997,"endTime":3321.3399999999997,"body":"money and emergency money is"},{"speaker":"Alan Smith","startTime":3321.3399999999997,"endTime":3324.16,"body":"really important. But when you"},{"speaker":"Alan Smith","startTime":3321.3399999999997,"endTime":3324.16,"body":"look at this data, I mean, one"},{"speaker":"Alan Smith","startTime":3324.16,"endTime":3327.7599999999998,"body":"of the other stats that I think"},{"speaker":"Alan Smith","startTime":3324.16,"endTime":3327.7599999999998,"body":"this actually came from the FCA"},{"speaker":"Alan Smith","startTime":3327.7599999999998,"endTime":3330.64,"body":"was that was the original source"},{"speaker":"Alan Smith","startTime":3327.7599999999998,"endTime":3330.64,"body":"that all of these people with"},{"speaker":"Alan Smith","startTime":3330.64,"endTime":3335.56,"body":"the billions and billions kept"},{"speaker":"Alan Smith","startTime":3330.64,"endTime":3335.56,"body":"on cash deposits, at least half"},{"speaker":"Alan Smith","startTime":3335.56,"endTime":3338.88,"body":"of them based on the FCA"},{"speaker":"Alan Smith","startTime":3335.56,"endTime":3338.88,"body":"interpretation of the data. When"},{"speaker":"Alan Smith","startTime":3338.88,"endTime":3343.02,"body":"the survey people could afford"},{"speaker":"Alan Smith","startTime":3338.88,"endTime":3343.02,"body":"to invest those in in the"},{"speaker":"Alan Smith","startTime":3343.02,"endTime":3347.3399999999997,"body":"markets, they quote something"},{"speaker":"Alan Smith","startTime":3343.02,"endTime":3347.3399999999997,"body":"else. Now they quoted the just"},{"speaker":"Alan Smith","startTime":3347.3399999999997,"endTime":3351.66,"body":"as the past, past historical"},{"speaker":"Alan Smith","startTime":3347.3399999999997,"endTime":3351.66,"body":"returns, a 1000 pound investment"},{"speaker":"Alan Smith","startTime":3351.66,"endTime":3356.3399999999997,"body":"in the iShares, 100 so the FTSE,"},{"speaker":"Alan Smith","startTime":3351.66,"endTime":3356.3399999999997,"body":"basically, which hasn't exactly"},{"speaker":"Alan Smith","startTime":3356.3399999999997,"endTime":3359.42,"body":"been established for the last"},{"speaker":"Alan Smith","startTime":3356.3399999999997,"endTime":3359.42,"body":"decade, but even 1000 pounds"},{"speaker":"Alan Smith","startTime":3359.42,"endTime":3362.6,"body":"invested in the FTSE 10 years"},{"speaker":"Alan Smith","startTime":3359.42,"endTime":3362.6,"body":"ago would now be worth 1851"},{"speaker":"Alan Smith","startTime":3364.16,"endTime":3371.7799999999997,"body":"pounds, compared to 1130 1137"},{"speaker":"Alan Smith","startTime":3364.16,"endTime":3371.7799999999997,"body":"pounds generated by the average"},{"speaker":"Alan Smith","startTime":3371.8399999999997,"endTime":3375.2599999999998,"body":"cash ISA, not quite double, but"},{"speaker":"Alan Smith","startTime":3371.8399999999997,"endTime":3375.2599999999998,"body":"heading towards that in a"},{"speaker":"Alan Smith","startTime":3375.2599999999998,"endTime":3378.46,"body":"decade. And actually. Compared"},{"speaker":"Alan Smith","startTime":3375.2599999999998,"endTime":3378.46,"body":"with the FTSE 100 which had you"},{"speaker":"Alan Smith","startTime":3378.46,"endTime":3380.8599999999997,"body":"compared to maybe a global"},{"speaker":"Alan Smith","startTime":3378.46,"endTime":3380.8599999999997,"body":"equity market, would be"},{"speaker":"Alan Smith","startTime":3380.8599999999997,"endTime":3385.24,"body":"significantly different. So as I"},{"speaker":"Alan Smith","startTime":3380.8599999999997,"endTime":3385.24,"body":"titled that LinkedIn post, it's"},{"speaker":"Alan Smith","startTime":3385.24,"endTime":3388.48,"body":"that slow motion wealth"},{"speaker":"Alan Smith","startTime":3385.24,"endTime":3388.48,"body":"destruction in real time."},{"speaker":"Alan Smith","startTime":3388.72,"endTime":3392.14,"body":"There's a fundamental issue at"},{"speaker":"Alan Smith","startTime":3388.72,"endTime":3392.14,"body":"heart in the UK. I think it was"},{"speaker":"Alan Smith","startTime":3392.14,"endTime":3394.8399999999997,"body":"a few people from Ireland also"},{"speaker":"Alan Smith","startTime":3392.14,"endTime":3394.8399999999997,"body":"commented Carl to say, it's"},{"speaker":"Alan Smith","startTime":3394.8399999999997,"endTime":3399.18,"body":"exactly the same over here. And"},{"speaker":"Alan Smith","startTime":3394.8399999999997,"endTime":3399.18,"body":"I'm just I thought it was a good"},{"speaker":"Alan Smith","startTime":3399.18,"endTime":3401.7,"body":"point, because this is the stuff"},{"speaker":"Alan Smith","startTime":3399.18,"endTime":3401.7,"body":"we all try to do. We try to"},{"speaker":"Alan Smith","startTime":3401.7599999999998,"endTime":3405.12,"body":"educate our clients. We try to"},{"speaker":"Alan Smith","startTime":3401.7599999999998,"endTime":3405.12,"body":"sort of translate this"},{"speaker":"Alan Smith","startTime":3405.12,"endTime":3408.54,"body":"information and explain that"},{"speaker":"Alan Smith","startTime":3405.12,"endTime":3408.54,"body":"it's not about risk, and there's"},{"speaker":"Alan Smith","startTime":3408.54,"endTime":3411.8399999999997,"body":"a different set of risks that"},{"speaker":"Alan Smith","startTime":3408.54,"endTime":3411.8399999999997,"body":"you are exposing yourself to if"},{"speaker":"Alan Smith","startTime":3411.8399999999997,"endTime":3415.7999999999997,"body":"you keep high cash balances. But"},{"speaker":"Alan Smith","startTime":3411.8399999999997,"endTime":3415.7999999999997,"body":"seeing those numbers was"},{"speaker":"Alan Smith","startTime":3416.16,"endTime":3418.8199999999997,"body":"actually quite startling, and"},{"speaker":"Alan Smith","startTime":3416.16,"endTime":3418.8199999999997,"body":"the post got a lot of engagement"},{"speaker":"Alan Smith","startTime":3419.12,"endTime":3422.48,"body":"from other people. So who wants"},{"speaker":"Alan Smith","startTime":3419.12,"endTime":3422.48,"body":"to go next in terms of your"},{"speaker":"Alan Smith","startTime":3422.48,"endTime":3426.08,"body":"actual thoughts on on the"},{"speaker":"Alan Smith","startTime":3422.48,"endTime":3426.08,"body":"subject? I'll go"},{"speaker":"Carl Widger","startTime":3426.0789999999997,"endTime":3429.019,"body":"just to kind of"},{"speaker":"Carl Widger","startTime":3426.0789999999997,"endTime":3429.019,"body":"segue into the Irish experience"},{"speaker":"Carl Widger","startTime":3429.019,"endTime":3432.499,"body":"is even more salon, I would say,"},{"speaker":"Carl Widger","startTime":3429.019,"endTime":3432.499,"body":"because at least there were some"},{"speaker":"Carl Widger","startTime":3432.499,"endTime":3437.499,"body":"kind of deposit returns coming"},{"speaker":"Carl Widger","startTime":3432.499,"endTime":3437.499,"body":"via the UK cash accounts,"},{"speaker":"Carl Widger","startTime":3437.859,"endTime":3442.479,"body":"whereas here the pillar banks"},{"speaker":"Carl Widger","startTime":3437.859,"endTime":3442.479,"body":"were, you know, giving the"},{"speaker":"Carl Widger","startTime":3442.479,"endTime":3446.319,"body":"pillar banks, being Bank of"},{"speaker":"Carl Widger","startTime":3442.479,"endTime":3446.319,"body":"Ireland and AIB, all the other"},{"speaker":"Carl Widger","startTime":3446.319,"endTime":3450.5789999999997,"body":"banks left. So we're left with"},{"speaker":"Carl Widger","startTime":3446.319,"endTime":3450.5789999999997,"body":"those two and permanent TSB, and"},{"speaker":"Carl Widger","startTime":3450.5789999999997,"endTime":3454.959,"body":"there basically were not giving"},{"speaker":"Carl Widger","startTime":3450.5789999999997,"endTime":3454.959,"body":"any returns at all, to the"},{"speaker":"Carl Widger","startTime":3454.959,"endTime":3457.979,"body":"extent that their latest profit"},{"speaker":"Carl Widger","startTime":3454.959,"endTime":3457.979,"body":"numbers that they announced"},{"speaker":"Carl Widger","startTime":3457.979,"endTime":3461.339,"body":"during the summer, they admitted"},{"speaker":"Carl Widger","startTime":3457.979,"endTime":3461.339,"body":"that basically, yes, we have"},{"speaker":"Carl Widger","startTime":3461.339,"endTime":3464.879,"body":"some term deposit rates, but"},{"speaker":"Carl Widger","startTime":3461.339,"endTime":3464.879,"body":"people aren't transferring over"},{"speaker":"Carl Widger","startTime":3464.879,"endTime":3469.499,"body":"to them. So you have this"},{"speaker":"Carl Widger","startTime":3464.879,"endTime":3469.499,"body":"general apathy to go and do"},{"speaker":"Carl Widger","startTime":3469.499,"endTime":3470.279,"body":"stuff. Yeah, because they"},{"speaker":"Andy Hart","startTime":3470.2799999999997,"endTime":3472.2,"body":"were given zero"},{"speaker":"Andy Hart","startTime":3470.2799999999997,"endTime":3472.2,"body":"returns. You know, incentives"},{"speaker":"Andy Hart","startTime":3472.2,"endTime":3474.72,"body":"drive behavior. Did that not"},{"speaker":"Andy Hart","startTime":3472.2,"endTime":3474.72,"body":"then have a knock on effect."},{"speaker":"Andy Hart","startTime":3474.72,"endTime":3477.2,"body":"People saying, Well, I'm getting"},{"speaker":"Andy Hart","startTime":3474.72,"endTime":3477.2,"body":"bugger all returning my cash."},{"speaker":"Andy Hart","startTime":3477.38,"endTime":3480.08,"body":"What else can I do? Oh, is this"},{"speaker":"Andy Hart","startTime":3477.38,"endTime":3480.08,"body":"thing called the stock market"},{"speaker":"Andy Hart","startTime":3480.08,"endTime":3483.44,"body":"I'm going to invest? Or did it"},{"speaker":"Andy Hart","startTime":3480.08,"endTime":3483.44,"body":"have, like, no impact? I"},{"speaker":"Carl Widger","startTime":3483.44,"endTime":3485.7799999999997,"body":"would say zero"},{"speaker":"Carl Widger","startTime":3483.44,"endTime":3485.7799999999997,"body":"impact. And that's proven in the"},{"speaker":"Carl Widger","startTime":3485.7799999999997,"endTime":3487.3399999999997,"body":"numbers. So the amount, that's"},{"speaker":"Andy Hart","startTime":3487.3399999999997,"endTime":3491.06,"body":"why it's telling even"},{"speaker":"Andy Hart","startTime":3487.3399999999997,"endTime":3491.06,"body":"when it's most extreme, there's"},{"speaker":"Andy Hart","startTime":3491.06,"endTime":3494.0,"body":"no change in behavior. So yeah,"},{"speaker":"Andy Hart","startTime":3491.06,"endTime":3494.0,"body":"hence we have a fundamental"},{"speaker":"Andy Hart","startTime":3494.0,"endTime":3494.72,"body":"problem, yeah, yeah."},{"speaker":"Carl Widger","startTime":3494.72,"endTime":3496.54,"body":"So there's, there's"},{"speaker":"Carl Widger","startTime":3494.72,"endTime":3496.54,"body":"a couple of reasons for that"},{"speaker":"Carl Widger","startTime":3496.54,"endTime":3501.16,"body":"right. Number one is, you guys"},{"speaker":"Carl Widger","startTime":3496.54,"endTime":3501.16,"body":"have no idea what the financial"},{"speaker":"Carl Widger","startTime":3501.16,"endTime":3504.58,"body":"crisis did to Ireland, right?"},{"speaker":"Carl Widger","startTime":3501.16,"endTime":3504.58,"body":"And we were just all loaded up"},{"speaker":"Carl Widger","startTime":3504.58,"endTime":3508.6,"body":"with masses and masses and"},{"speaker":"Carl Widger","startTime":3504.58,"endTime":3508.6,"body":"masses of debt. So there has"},{"speaker":"Carl Widger","startTime":3508.6,"endTime":3512.74,"body":"been a massive cultural shift"},{"speaker":"Carl Widger","startTime":3508.6,"endTime":3512.74,"body":"that if we have a financial"},{"speaker":"Carl Widger","startTime":3512.74,"endTime":3515.7999999999997,"body":"crisis or recessions or whatever"},{"speaker":"Carl Widger","startTime":3512.74,"endTime":3515.7999999999997,"body":"coming down, we're going to be"},{"speaker":"Carl Widger","startTime":3515.7999999999997,"endTime":3519.12,"body":"in much better shape because"},{"speaker":"Carl Widger","startTime":3515.7999999999997,"endTime":3519.12,"body":"people have gone don't think"},{"speaker":"Carl Widger","startTime":3519.12,"endTime":3522.7799999999997,"body":"that that thing, you know, it's,"},{"speaker":"Carl Widger","startTime":3519.12,"endTime":3522.7799999999997,"body":"it's very recent history."},{"speaker":"Carl Widger","startTime":3522.7799999999997,"endTime":3526.38,"body":"There's a number of people in"},{"speaker":"Carl Widger","startTime":3522.7799999999997,"endTime":3526.38,"body":"business who were affected by it"},{"speaker":"Carl Widger","startTime":3526.38,"endTime":3531.3599999999997,"body":"and will never make the mistakes"},{"speaker":"Carl Widger","startTime":3526.38,"endTime":3531.3599999999997,"body":"again, me included. So I think"},{"speaker":"Carl Widger","startTime":3531.3599999999997,"endTime":3534.18,"body":"that that's one, one of the"},{"speaker":"Carl Widger","startTime":3531.3599999999997,"endTime":3534.18,"body":"reasons for it. And then another"},{"speaker":"Carl Widger","startTime":3534.18,"endTime":3538.94,"body":"reason is, well, okay, I can"},{"speaker":"Carl Widger","startTime":3534.18,"endTime":3538.94,"body":"access better returns in cash."},{"speaker":"Carl Widger","startTime":3538.94,"endTime":3542.3599999999997,"body":"So I'll get on to the investing"},{"speaker":"Carl Widger","startTime":3538.94,"endTime":3542.3599999999997,"body":"piece in a sec, but I can via"},{"speaker":"Carl Widger","startTime":3542.42,"endTime":3545.3599999999997,"body":"European banks, because we're"},{"speaker":"Carl Widger","startTime":3542.42,"endTime":3545.3599999999997,"body":"all part of the EU right? But"},{"speaker":"Carl Widger","startTime":3545.6,"endTime":3548.24,"body":"Jesus, if I haven't heard of the"},{"speaker":"Carl Widger","startTime":3545.6,"endTime":3548.24,"body":"bank, if I don't know the name"},{"speaker":"Carl Widger","startTime":3548.24,"endTime":3551.3599999999997,"body":"of the bank, I'm not going to do"},{"speaker":"Carl Widger","startTime":3548.24,"endTime":3551.3599999999997,"body":"it so that that's kind of led to"},{"speaker":"Carl Widger","startTime":3551.6,"endTime":3556.3599999999997,"body":"the money just sitting there."},{"speaker":"Carl Widger","startTime":3551.6,"endTime":3556.3599999999997,"body":"But I think we've a long road to"},{"speaker":"Carl Widger","startTime":3556.3599999999997,"endTime":3561.3399999999997,"body":"go to educate people in terms of"},{"speaker":"Carl Widger","startTime":3556.3599999999997,"endTime":3561.3399999999997,"body":"investing and investing for the"},{"speaker":"Carl Widger","startTime":3561.3399999999997,"endTime":3565.66,"body":"long term. And I know my kids"},{"speaker":"Carl Widger","startTime":3561.3399999999997,"endTime":3565.66,"body":"are interested in this, but they"},{"speaker":"Carl Widger","startTime":3565.66,"endTime":3570.4,"body":"do not do anything about it in"},{"speaker":"Carl Widger","startTime":3565.66,"endTime":3570.4,"body":"school at all, at all, at all."},{"speaker":"Carl Widger","startTime":3570.58,"endTime":3573.58,"body":"So this goes back to the"},{"speaker":"Carl Widger","startTime":3570.58,"endTime":3573.58,"body":"curriculums at school, first and"},{"speaker":"Carl Widger","startTime":3573.58,"endTime":3576.54,"body":"foremost, and and try and"},{"speaker":"Carl Widger","startTime":3573.58,"endTime":3576.54,"body":"generate. And I know Alan,"},{"speaker":"Carl Widger","startTime":3576.54,"endTime":3579.6,"body":"you've spoken about, you know,"},{"speaker":"Carl Widger","startTime":3576.54,"endTime":3579.6,"body":"talking to your kids about,"},{"speaker":"Carl Widger","startTime":3579.7799999999997,"endTime":3582.6,"body":"well, what do you use? You use,"},{"speaker":"Carl Widger","startTime":3579.7799999999997,"endTime":3582.6,"body":"you know, you have an Apple"},{"speaker":"Carl Widger","startTime":3582.6,"endTime":3585.66,"body":"iPhone. So, like, why don't we"},{"speaker":"Carl Widger","startTime":3582.6,"endTime":3585.66,"body":"invest in Apple stuff like that"},{"speaker":"Carl Widger","startTime":3585.66,"endTime":3588.2999999999997,"body":"is really, really good to get"},{"speaker":"Carl Widger","startTime":3585.66,"endTime":3588.2999999999997,"body":"engagement and to look at kind"},{"speaker":"Carl Widger","startTime":3588.2999999999997,"endTime":3592.08,"body":"of investing in over the long"},{"speaker":"Carl Widger","startTime":3588.2999999999997,"endTime":3592.08,"body":"term. And of course, we have"},{"speaker":"Carl Widger","startTime":3592.08,"endTime":3595.92,"body":"this massive problem here that"},{"speaker":"Carl Widger","startTime":3592.08,"endTime":3595.92,"body":"the younger folks can't get on"},{"speaker":"Carl Widger","startTime":3595.92,"endTime":3598.88,"body":"the property ladder. So if we"},{"speaker":"Carl Widger","startTime":3595.92,"endTime":3598.88,"body":"can, you know, start this"},{"speaker":"Carl Widger","startTime":3598.88,"endTime":3604.22,"body":"culture of investing, as opposed"},{"speaker":"Carl Widger","startTime":3598.88,"endTime":3604.22,"body":"to the culture of saving, well,"},{"speaker":"Carl Widger","startTime":3604.22,"endTime":3607.22,"body":"then that. But we need to take a"},{"speaker":"Carl Widger","startTime":3604.22,"endTime":3607.22,"body":"very long term view on this"},{"speaker":"Carl Widger","startTime":3607.22,"endTime":3611.66,"body":"right. That's a 1015, 20 years"},{"speaker":"Carl Widger","startTime":3607.22,"endTime":3611.66,"body":"down the line. We would, of"},{"speaker":"Carl Widger","startTime":3611.66,"endTime":3616.6,"body":"course, you know, see the the"},{"speaker":"Carl Widger","startTime":3611.66,"endTime":3616.6,"body":"fruits of the labor, in terms of"},{"speaker":"Carl Widger","startTime":3616.6,"endTime":3620.38,"body":"the education, if we could get"},{"speaker":"Carl Widger","startTime":3616.6,"endTime":3620.38,"body":"people to invest, we don't have,"},{"speaker":"Carl Widger","startTime":3620.62,"endTime":3624.7,"body":"you mentioned Elisa earlier on,"},{"speaker":"Carl Widger","startTime":3620.62,"endTime":3624.7,"body":"Andy, I never actually heard of"},{"speaker":"Carl Widger","startTime":3624.7,"endTime":3627.94,"body":"that. But, you know, we have"},{"speaker":"Carl Widger","startTime":3624.7,"endTime":3627.94,"body":"nothing like that. But we did"},{"speaker":"Carl Widger","startTime":3627.94,"endTime":3631.42,"body":"before it was called the ssia."},{"speaker":"Carl Widger","startTime":3627.94,"endTime":3631.42,"body":"You put in 200 quid and the"},{"speaker":"Carl Widger","startTime":3631.42,"endTime":3635.92,"body":"government topped it up by 25%"},{"speaker":"Carl Widger","startTime":3631.42,"endTime":3635.92,"body":"that's exactly, yeah, the whole"},{"speaker":"Carl Widger","startTime":3635.92,"endTime":3639.6,"body":"country had an ssia. Now, you"},{"speaker":"Carl Widger","startTime":3635.92,"endTime":3639.6,"body":"could have an investing one, or"},{"speaker":"Carl Widger","startTime":3639.6,"endTime":3643.2,"body":"you could have a cash one, but I"},{"speaker":"Carl Widger","startTime":3639.6,"endTime":3643.2,"body":"think the vast majority were"},{"speaker":"Carl Widger","startTime":3643.2,"endTime":3647.1,"body":"investing ones. I was a broker"},{"speaker":"Carl Widger","startTime":3643.2,"endTime":3647.1,"body":"consultant for an insurance"},{"speaker":"Carl Widger","startTime":3647.1,"endTime":3649.98,"body":"company back in those days, and"},{"speaker":"Carl Widger","startTime":3647.1,"endTime":3649.98,"body":"I was literally going around"},{"speaker":"Carl Widger","startTime":3649.98,"endTime":3652.5,"body":"with wheelbarrows, like saying,"},{"speaker":"Carl Widger","startTime":3649.98,"endTime":3652.5,"body":"Yeah, load them up there. Let's"},{"speaker":"Carl Widger","startTime":3652.5,"endTime":3656.7799999999997,"body":"go and I and it did help people,"},{"speaker":"Carl Widger","startTime":3652.5,"endTime":3656.7799999999997,"body":"but it was for us a particular"},{"speaker":"Carl Widger","startTime":3656.7799999999997,"endTime":3659.12,"body":"period of time, and then it"},{"speaker":"Carl Widger","startTime":3656.7799999999997,"endTime":3659.12,"body":"stopped, and we didn't go back."},{"speaker":"Carl Widger","startTime":3659.12,"endTime":3663.2599999999998,"body":"Probably financial crisis kind"},{"speaker":"Carl Widger","startTime":3659.12,"endTime":3663.2599999999998,"body":"of put an end to a lot of that"},{"speaker":"Carl Widger","startTime":3663.2599999999998,"endTime":3667.16,"body":"potentially reoccurring. But"},{"speaker":"Carl Widger","startTime":3663.2599999999998,"endTime":3667.16,"body":"now, when we're awash with"},{"speaker":"Carl Widger","startTime":3667.16,"endTime":3672.02,"body":"money, and the banks have so"},{"speaker":"Carl Widger","startTime":3667.16,"endTime":3672.02,"body":"much money in on deposit, like"},{"speaker":"Carl Widger","startTime":3672.02,"endTime":3676.42,"body":"we're talking, I would say the"},{"speaker":"Carl Widger","startTime":3672.02,"endTime":3676.42,"body":"per per head numbers are. Are"},{"speaker":"Carl Widger","startTime":3676.42,"endTime":3680.62,"body":"here in terms of cash being held"},{"speaker":"Carl Widger","startTime":3676.42,"endTime":3680.62,"body":"that this is the time now to"},{"speaker":"Carl Widger","startTime":3680.62,"endTime":3683.92,"body":"strike, and this is the time to"},{"speaker":"Carl Widger","startTime":3680.62,"endTime":3683.92,"body":"introduce it. And I had"},{"speaker":"Carl Widger","startTime":3683.92,"endTime":3687.2799999999997,"body":"advocated for something like"},{"speaker":"Carl Widger","startTime":3683.92,"endTime":3687.2799999999997,"body":"this a couple of times pre"},{"speaker":"Carl Widger","startTime":3687.2799999999997,"endTime":3692.38,"body":"budget. It didn't get much"},{"speaker":"Carl Widger","startTime":3687.2799999999997,"endTime":3692.38,"body":"traction, because these are"},{"speaker":"Carl Widger","startTime":3692.38,"endTime":3695.62,"body":"longer term measures, but this"},{"speaker":"Carl Widger","startTime":3692.38,"endTime":3695.62,"body":"is the kind of stuff that we"},{"speaker":"Carl Widger","startTime":3695.62,"endTime":3700.44,"body":"need to introduce. And, you"},{"speaker":"Carl Widger","startTime":3695.62,"endTime":3700.44,"body":"know, I hearing about the"},{"speaker":"Carl Widger","startTime":3700.5,"endTime":3704.88,"body":"Hargreeves Lansdown cash"},{"speaker":"Carl Widger","startTime":3700.5,"endTime":3704.88,"body":"management tool, etc. These are"},{"speaker":"Carl Widger","startTime":3704.88,"endTime":3708.9,"body":"the kind of innovations that we"},{"speaker":"Carl Widger","startTime":3704.88,"endTime":3708.9,"body":"need. And unfortunately, the big"},{"speaker":"Carl Widger","startTime":3708.9,"endTime":3711.9,"body":"problem we have here is, if"},{"speaker":"Carl Widger","startTime":3708.9,"endTime":3711.9,"body":"there's very little innovation"},{"speaker":"Carl Widger","startTime":3711.96,"endTime":3715.68,"body":"and very little competition,"},{"speaker":"Carl Widger","startTime":3711.96,"endTime":3715.68,"body":"well, there's not much incentive"},{"speaker":"Carl Widger","startTime":3715.68,"endTime":3719.66,"body":"for the people who are here at"},{"speaker":"Carl Widger","startTime":3715.68,"endTime":3719.66,"body":"the moment to make any changes,"},{"speaker":"Carl Widger","startTime":3719.66,"endTime":3723.38,"body":"because they're making shed"},{"speaker":"Carl Widger","startTime":3719.66,"endTime":3723.38,"body":"loads of money. The pillar banks"},{"speaker":"Carl Widger","startTime":3723.38,"endTime":3726.92,"body":"just call it straight. They're"},{"speaker":"Carl Widger","startTime":3723.38,"endTime":3726.92,"body":"making absolutely tons and tons"},{"speaker":"Carl Widger","startTime":3726.92,"endTime":3731.96,"body":"of money in terms of profits by"},{"speaker":"Carl Widger","startTime":3726.92,"endTime":3731.96,"body":"not encouraging anybody to do"},{"speaker":"Carl Widger","startTime":3732.02,"endTime":3736.42,"body":"anything at all. So yeah, we've"},{"speaker":"Carl Widger","startTime":3732.02,"endTime":3736.42,"body":"lots to do. Obviously, the exit"},{"speaker":"Carl Widger","startTime":3736.42,"endTime":3739.6,"body":"tax that we spoke about earlier"},{"speaker":"Carl Widger","startTime":3736.42,"endTime":3739.6,"body":"on, that's also a big problem."},{"speaker":"Carl Widger","startTime":3740.68,"endTime":3744.1,"body":"So I think there's, there's"},{"speaker":"Carl Widger","startTime":3740.68,"endTime":3744.1,"body":"really quick wins to have a"},{"speaker":"Carl Widger","startTime":3744.1,"endTime":3749.2,"body":"really serious long term impact"},{"speaker":"Carl Widger","startTime":3744.1,"endTime":3749.2,"body":"and make this a better country"},{"speaker":"Carl Widger","startTime":3749.2,"endTime":3750.88,"body":"for everybody in the long term."},{"speaker":"Andy Hart","startTime":3753.4,"endTime":3757.06,"body":"Okay, I'll throw in a"},{"speaker":"Andy Hart","startTime":3753.4,"endTime":3757.06,"body":"couple of points. There's a lot"},{"speaker":"Andy Hart","startTime":3757.06,"endTime":3760.2599999999998,"body":"of moving parts of this."},{"speaker":"Andy Hart","startTime":3757.06,"endTime":3760.2599999999998,"body":"Financial education is a is a"},{"speaker":"Andy Hart","startTime":3760.2599999999998,"endTime":3763.5,"body":"real issue. But the thing is,"},{"speaker":"Andy Hart","startTime":3760.2599999999998,"endTime":3763.5,"body":"financial information is"},{"speaker":"Andy Hart","startTime":3763.5,"endTime":3767.64,"body":"abundant. Now, you know,"},{"speaker":"Andy Hart","startTime":3763.5,"endTime":3767.64,"body":"YouTube, podcasts, blogs, is"},{"speaker":"Andy Hart","startTime":3767.64,"endTime":3770.7,"body":"more than enough information."},{"speaker":"Andy Hart","startTime":3767.64,"endTime":3770.7,"body":"People is just not interested in"},{"speaker":"Andy Hart","startTime":3770.7,"endTime":3773.2799999999997,"body":"it. People just don't care about"},{"speaker":"Andy Hart","startTime":3770.7,"endTime":3773.2799999999997,"body":"money investing. They find it"},{"speaker":"Andy Hart","startTime":3773.2799999999997,"endTime":3776.3399999999997,"body":"just too boring. Most people,"},{"speaker":"Andy Hart","startTime":3773.2799999999997,"endTime":3776.3399999999997,"body":"those who are interested in it,"},{"speaker":"Andy Hart","startTime":3776.3399999999997,"endTime":3778.7599999999998,"body":"there's loads of information"},{"speaker":"Andy Hart","startTime":3776.3399999999997,"endTime":3778.7599999999998,"body":"they can find out about it. And"},{"speaker":"Andy Hart","startTime":3778.94,"endTime":3781.1,"body":"the people that do find out"},{"speaker":"Andy Hart","startTime":3778.94,"endTime":3781.1,"body":"about it, and they find out"},{"speaker":"Andy Hart","startTime":3781.1,"endTime":3784.52,"body":"about investing, you know, they"},{"speaker":"Andy Hart","startTime":3781.1,"endTime":3784.52,"body":"do get rich slowly. The"},{"speaker":"Andy Hart","startTime":3784.52,"endTime":3787.1,"body":"interesting thing, auto"},{"speaker":"Andy Hart","startTime":3784.52,"endTime":3787.1,"body":"enrolment for pensions, I think,"},{"speaker":"Andy Hart","startTime":3787.1,"endTime":3791.2999999999997,"body":"has had a superb impact in the"},{"speaker":"Andy Hart","startTime":3787.1,"endTime":3791.2999999999997,"body":"UK. So most people, by default,"},{"speaker":"Andy Hart","startTime":3791.2999999999997,"endTime":3794.8399999999997,"body":"now become investors the moment"},{"speaker":"Andy Hart","startTime":3791.2999999999997,"endTime":3794.8399999999997,"body":"they get their first job. And"},{"speaker":"Andy Hart","startTime":3794.8399999999997,"endTime":3798.94,"body":"auto enrolment builds up wealth"},{"speaker":"Andy Hart","startTime":3794.8399999999997,"endTime":3798.94,"body":"very slowly, in the background,"},{"speaker":"Andy Hart","startTime":3798.94,"endTime":3801.94,"body":"and over time, people become"},{"speaker":"Andy Hart","startTime":3798.94,"endTime":3801.94,"body":"more and more interested in this"},{"speaker":"Andy Hart","startTime":3801.94,"endTime":3806.8599999999997,"body":"thing called their pension. You"},{"speaker":"Andy Hart","startTime":3801.94,"endTime":3806.8599999999997,"body":"said about 23% of the people in"},{"speaker":"Andy Hart","startTime":3806.8599999999997,"endTime":3809.2599999999998,"body":"the UK invest in the stock"},{"speaker":"Andy Hart","startTime":3806.8599999999997,"endTime":3809.2599999999998,"body":"market. Alan, well, if they're"},{"speaker":"Andy Hart","startTime":3809.2599999999998,"endTime":3811.42,"body":"invested in all time,"},{"speaker":"Andy Hart","startTime":3809.2599999999998,"endTime":3811.42,"body":"enrollment, which must be more"},{"speaker":"Andy Hart","startTime":3811.42,"endTime":3815.8599999999997,"body":"than 23% of adults, that doesn't"},{"speaker":"Andy Hart","startTime":3811.42,"endTime":3815.8599999999997,"body":"quite make sense. Again, that's"},{"speaker":"Andy Hart","startTime":3815.8599999999997,"endTime":3819.18,"body":"just people. I think, probably"},{"speaker":"Andy Hart","startTime":3815.8599999999997,"endTime":3819.18,"body":"invest in this. Yeah,"},{"speaker":"Alan Smith","startTime":3819.18,"endTime":3821.1,"body":"I think that"},{"speaker":"Alan Smith","startTime":3819.18,"endTime":3821.1,"body":"excludes auto enrollment."},{"speaker":"Andy Hart","startTime":3823.98,"endTime":3826.14,"body":"Okay, it's directly"},{"speaker":"Andy Hart","startTime":3823.98,"endTime":3826.14,"body":"investing in the stock market,"},{"speaker":"Andy Hart","startTime":3826.14,"endTime":3830.04,"body":"outside of a pension. Yeah, all"},{"speaker":"Andy Hart","startTime":3826.14,"endTime":3830.04,"body":"right, yeah. Not, not, not too"},{"speaker":"Andy Hart","startTime":3830.04,"endTime":3834.9,"body":"much more to to add. As I say,"},{"speaker":"Andy Hart","startTime":3830.04,"endTime":3834.9,"body":"if people are interested in this"},{"speaker":"Andy Hart","startTime":3834.9,"endTime":3837.2599999999998,"body":"stuff, there's more than enough"},{"speaker":"Andy Hart","startTime":3834.9,"endTime":3837.2599999999998,"body":"information for them to get"},{"speaker":"Andy Hart","startTime":3837.2599999999998,"endTime":3839.9,"body":"their teeth into, be it"},{"speaker":"Andy Hart","startTime":3837.2599999999998,"endTime":3839.9,"body":"podcasts, be it YouTube, be it"},{"speaker":"Andy Hart","startTime":3839.9,"endTime":3844.2799999999997,"body":"blogs, be it books. The point"},{"speaker":"Andy Hart","startTime":3839.9,"endTime":3844.2799999999997,"body":"about investing financial advice"},{"speaker":"Andy Hart","startTime":3844.2799999999997,"endTime":3847.7599999999998,"body":"for the wealthy, I'm sort of in"},{"speaker":"Andy Hart","startTime":3844.2799999999997,"endTime":3847.7599999999998,"body":"agreement with that the ongoing"},{"speaker":"Andy Hart","startTime":3847.7599999999998,"endTime":3851.9,"body":"fees for financial advice is"},{"speaker":"Andy Hart","startTime":3847.7599999999998,"endTime":3851.9,"body":"typically around 1500 2000"},{"speaker":"Andy Hart","startTime":3852.2,"endTime":3854.48,"body":"pounds a year. So you need to"},{"speaker":"Andy Hart","startTime":3852.2,"endTime":3854.48,"body":"have a certain amount of wealth"},{"speaker":"Andy Hart","startTime":3854.48,"endTime":3856.7599999999998,"body":"to fall into that bucket. I know"},{"speaker":"Andy Hart","startTime":3854.48,"endTime":3856.7599999999998,"body":"there are different services"},{"speaker":"Andy Hart","startTime":3856.7599999999998,"endTime":3858.7599999999998,"body":"that are a bit more light touch,"},{"speaker":"Andy Hart","startTime":3856.7599999999998,"endTime":3858.7599999999998,"body":"bit more light touch, a bit more"},{"speaker":"Andy Hart","startTime":3858.7599999999998,"endTime":3861.2799999999997,"body":"subscription based, but again,"},{"speaker":"Andy Hart","startTime":3858.7599999999998,"endTime":3861.2799999999997,"body":"they struggle to scale. As we've"},{"speaker":"Andy Hart","startTime":3861.2799999999997,"endTime":3863.98,"body":"spoken about a lot in the UK,"},{"speaker":"Andy Hart","startTime":3861.2799999999997,"endTime":3863.98,"body":"sorry, as you spoke about a lot"},{"speaker":"Andy Hart","startTime":3863.98,"endTime":3869.98,"body":"on this podcast. Nick, any final"},{"speaker":"Andy Hart","startTime":3863.98,"endTime":3869.98,"body":"thoughts on this subject? It's"},{"speaker":"Nick Lincoln","startTime":3869.98,"endTime":3871.66,"body":"an ongoing"},{"speaker":"Nick Lincoln","startTime":3869.98,"endTime":3871.66,"body":"tragedy, isn't it? I mean, I"},{"speaker":"Nick Lincoln","startTime":3871.66,"endTime":3873.94,"body":"think Alan, you said the slow"},{"speaker":"Nick Lincoln","startTime":3871.66,"endTime":3873.94,"body":"motion wealth destruction. I"},{"speaker":"Nick Lincoln","startTime":3873.94,"endTime":3877.74,"body":"think that'll be the title of"},{"speaker":"Nick Lincoln","startTime":3873.94,"endTime":3877.74,"body":"this episode, 55 just, I just"},{"speaker":"Nick Lincoln","startTime":3877.74,"endTime":3880.14,"body":"scrolling down the comments"},{"speaker":"Nick Lincoln","startTime":3877.74,"endTime":3880.14,"body":"under your LinkedIn article,"},{"speaker":"Nick Lincoln","startTime":3880.14,"endTime":3883.62,"body":"storyteller, and because Carly"},{"speaker":"Nick Lincoln","startTime":3880.14,"endTime":3883.62,"body":"mentioned, it's not taught in"},{"speaker":"Nick Lincoln","startTime":3883.62,"endTime":3887.7599999999998,"body":"schools this kind of stuff. And"},{"speaker":"Nick Lincoln","startTime":3883.62,"endTime":3887.7599999999998,"body":"absolutely it should be a couple"},{"speaker":"Nick Lincoln","startTime":3887.7599999999998,"endTime":3890.04,"body":"of points there. I mean, this is"},{"speaker":"Nick Lincoln","startTime":3887.7599999999998,"endTime":3890.04,"body":"not knocking the entire"},{"speaker":"Nick Lincoln","startTime":3890.04,"endTime":3892.8599999999997,"body":"profession, but teachers are not"},{"speaker":"Nick Lincoln","startTime":3890.04,"endTime":3892.8599999999997,"body":"generally the most financially."},{"speaker":"Nick Lincoln","startTime":3892.8599999999997,"endTime":3895.3199999999997,"body":"They're not interested in"},{"speaker":"Nick Lincoln","startTime":3892.8599999999997,"endTime":3895.3199999999997,"body":"particularly they've, they've"},{"speaker":"Nick Lincoln","startTime":3895.3199999999997,"endTime":3900.02,"body":"got defined benefit pensions. So"},{"speaker":"Nick Lincoln","startTime":3895.3199999999997,"endTime":3900.02,"body":"it's, I don't think it's front"},{"speaker":"Nick Lincoln","startTime":3900.02,"endTime":3903.14,"body":"of mind for them. And this Ian"},{"speaker":"Nick Lincoln","startTime":3900.02,"endTime":3903.14,"body":"Battersby, batter B said in the"},{"speaker":"Nick Lincoln","startTime":3903.14,"endTime":3905.7799999999997,"body":"comment, I did some work with"},{"speaker":"Nick Lincoln","startTime":3903.14,"endTime":3905.7799999999997,"body":"the personal finance society"},{"speaker":"Nick Lincoln","startTime":3905.7799999999997,"endTime":3909.92,"body":"last year, delivering sessions"},{"speaker":"Nick Lincoln","startTime":3905.7799999999997,"endTime":3909.92,"body":"in schools. I gave up after one"},{"speaker":"Nick Lincoln","startTime":3909.92,"endTime":3912.68,"body":"school kept counseling on me and"},{"speaker":"Nick Lincoln","startTime":3909.92,"endTime":3912.68,"body":"kept pushing out the dates. I"},{"speaker":"Nick Lincoln","startTime":3912.68,"endTime":3915.56,"body":"think it was three times. In the"},{"speaker":"Nick Lincoln","startTime":3912.68,"endTime":3915.56,"body":"end, it was hard work trying to"},{"speaker":"Nick Lincoln","startTime":3915.56,"endTime":3918.4,"body":"speak to the schools and trying"},{"speaker":"Nick Lincoln","startTime":3915.56,"endTime":3918.4,"body":"to get something booked in. It's"},{"speaker":"Nick Lincoln","startTime":3918.4,"endTime":3921.7599999999998,"body":"really not on top of their list"},{"speaker":"Nick Lincoln","startTime":3918.4,"endTime":3921.7599999999998,"body":"of things to do, even when it's"},{"speaker":"Nick Lincoln","startTime":3921.7599999999998,"endTime":3924.46,"body":"well intentioned and well"},{"speaker":"Nick Lincoln","startTime":3921.7599999999998,"endTime":3924.46,"body":"qualified volunteers are given"},{"speaker":"Nick Lincoln","startTime":3924.46,"endTime":3926.38,"body":"their time through they I"},{"speaker":"Nick Lincoln","startTime":3924.46,"endTime":3926.38,"body":"couldn't convince them it was"},{"speaker":"Nick Lincoln","startTime":3926.38,"endTime":3929.3199999999997,"body":"worth doing, which is a real"},{"speaker":"Nick Lincoln","startTime":3926.38,"endTime":3929.3199999999997,"body":"bloody tragedy. The whole, the"},{"speaker":"Nick Lincoln","startTime":3929.3199999999997,"endTime":3931.6,"body":"whole thing is this thing that"},{"speaker":"Nick Lincoln","startTime":3929.3199999999997,"endTime":3931.6,"body":"we always talk about, it's this,"},{"speaker":"Nick Lincoln","startTime":3931.6,"endTime":3934.96,"body":"this, this perception of is this"},{"speaker":"Nick Lincoln","startTime":3931.6,"endTime":3934.96,"body":"confusion of risk with"},{"speaker":"Nick Lincoln","startTime":3934.96,"endTime":3937.8599999999997,"body":"volatility, you know, and"},{"speaker":"Nick Lincoln","startTime":3934.96,"endTime":3937.8599999999997,"body":"volatile markets means you're"},{"speaker":"Nick Lincoln","startTime":3937.8599999999997,"endTime":3940.62,"body":"going to see yourself wiped out."},{"speaker":"Nick Lincoln","startTime":3937.8599999999997,"endTime":3940.62,"body":"Therefore, was everything stems"},{"speaker":"Nick Lincoln","startTime":3940.62,"endTime":3943.62,"body":"from that. And when we stay in"},{"speaker":"Nick Lincoln","startTime":3940.62,"endTime":3943.62,"body":"cash, because it's safe. And"},{"speaker":"Nick Lincoln","startTime":3943.98,"endTime":3946.7999999999997,"body":"this, this, this"},{"speaker":"Nick Lincoln","startTime":3943.98,"endTime":3946.7999999999997,"body":"misunderstanding, how terrible"},{"speaker":"Nick Lincoln","startTime":3946.7999999999997,"endTime":3949.56,"body":"inflation is, how that's the"},{"speaker":"Nick Lincoln","startTime":3946.7999999999997,"endTime":3949.56,"body":"real risk to people's real"},{"speaker":"Nick Lincoln","startTime":3949.62,"endTime":3951.96,"body":"wealth in terms of purchasing"},{"speaker":"Nick Lincoln","startTime":3949.62,"endTime":3951.96,"body":"power, which is all the money is"},{"speaker":"Nick Lincoln","startTime":3951.96,"endTime":3954.54,"body":"purchasing power, right? If it"},{"speaker":"Nick Lincoln","startTime":3951.96,"endTime":3954.54,"body":"loses its purchasing power, you"},{"speaker":"Nick Lincoln","startTime":3954.54,"endTime":3957.06,"body":"might have a million quid in the"},{"speaker":"Nick Lincoln","startTime":3954.54,"endTime":3957.06,"body":"bank, but if it can't buy you,"},{"speaker":"Nick Lincoln","startTime":3957.06,"endTime":3960.44,"body":"jack shit, it is worthless. And"},{"speaker":"Nick Lincoln","startTime":3957.06,"endTime":3960.44,"body":"it just stems from that. How we"},{"speaker":"Nick Lincoln","startTime":3960.44,"endTime":3964.7599999999998,"body":"crack it, I do not know. And the"},{"speaker":"Nick Lincoln","startTime":3960.44,"endTime":3964.7599999999998,"body":"fact that, you know, in the"},{"speaker":"Nick Lincoln","startTime":3964.7599999999998,"endTime":3967.88,"body":"1980s we had all the private I"},{"speaker":"Nick Lincoln","startTime":3964.7599999999998,"endTime":3967.88,"body":"don't think you had the same"},{"speaker":"Nick Lincoln","startTime":3967.88,"endTime":3969.98,"body":"thing in Ireland, car, but you"},{"speaker":"Nick Lincoln","startTime":3967.88,"endTime":3969.98,"body":"know, correct me if I'm wrong."},{"speaker":"Nick Lincoln","startTime":3969.98,"endTime":3972.92,"body":"But in the UK, we had all these"},{"speaker":"Nick Lincoln","startTime":3969.98,"endTime":3972.92,"body":"privatizations, the tel Sid"},{"speaker":"Nick Lincoln","startTime":3972.92,"endTime":3975.44,"body":"campaign for BT, I still"},{"speaker":"Nick Lincoln","startTime":3972.92,"endTime":3975.44,"body":"remember the adverts they were."},{"speaker":"Nick Lincoln","startTime":3975.44,"endTime":3978.88,"body":"That's good. And. And we did"},{"speaker":"Nick Lincoln","startTime":3975.44,"endTime":3978.88,"body":"have large numbers of people"},{"speaker":"Nick Lincoln","startTime":3978.88,"endTime":3980.3199999999997,"body":"going, now"},{"speaker":"Alan Smith","startTime":3980.739,"endTime":3983.979,"body":"you were like,"},{"speaker":"Alan Smith","startTime":3980.739,"endTime":3983.979,"body":"younger live in those days."},{"speaker":"Alan Smith","startTime":3983.979,"endTime":3984.159,"body":"Could"},{"speaker":"Andy Hart","startTime":3984.16,"endTime":3986.38,"body":"you expand for the"},{"speaker":"Andy Hart","startTime":3984.16,"endTime":3986.38,"body":"younger listeners? Nick, what"},{"speaker":"Andy Hart","startTime":3986.38,"endTime":3987.7,"body":"this campaign was about? Well,"},{"speaker":"Andy Hart","startTime":3986.38,"endTime":3987.7,"body":"it"},{"speaker":"Nick Lincoln","startTime":3987.7,"endTime":3990.1,"body":"would privatize in"},{"speaker":"Nick Lincoln","startTime":3987.7,"endTime":3990.1,"body":"85 Andrew, so you were four"},{"speaker":"Nick Lincoln","startTime":3990.1,"endTime":3991.42,"body":"years old, far too young"},{"speaker":"Andy Hart","startTime":3992.08,"endTime":3994.0,"body":"for this. But explain"},{"speaker":"Andy Hart","startTime":3992.08,"endTime":3994.0,"body":"what happened."},{"speaker":"Nick Lincoln","startTime":3995.5,"endTime":3998.2799999999997,"body":"Well, the"},{"speaker":"Nick Lincoln","startTime":3995.5,"endTime":3998.2799999999997,"body":"nationalized companies such as"},{"speaker":"Nick Lincoln","startTime":3998.2799999999997,"endTime":4001.04,"body":"British Telecom, British Gas and"},{"speaker":"Nick Lincoln","startTime":3998.2799999999997,"endTime":4001.04,"body":"so forth, were sold off, were"},{"speaker":"Nick Lincoln","startTime":4001.04,"endTime":4004.8199999999997,"body":"sold back to the public, and at"},{"speaker":"Nick Lincoln","startTime":4001.04,"endTime":4004.8199999999997,"body":"discounts, marked discounts to"},{"speaker":"Nick Lincoln","startTime":4004.8199999999997,"endTime":4007.58,"body":"what the likely profits were"},{"speaker":"Nick Lincoln","startTime":4004.8199999999997,"endTime":4007.58,"body":"going to be in the in the real"},{"speaker":"Nick Lincoln","startTime":4007.58,"endTime":4010.7599999999998,"body":"world and Thatcher's government."},{"speaker":"Nick Lincoln","startTime":4007.58,"endTime":4010.7599999999998,"body":"And there were loads that were"},{"speaker":"Nick Lincoln","startTime":4010.7599999999998,"endTime":4013.7599999999998,"body":"just advertising campaigns,"},{"speaker":"Nick Lincoln","startTime":4010.7599999999998,"endTime":4013.7599999999998,"body":"probably run by Saatchi, and"},{"speaker":"Nick Lincoln","startTime":4013.7599999999998,"endTime":4017.74,"body":"Saatchi who did the brilliant"},{"speaker":"Nick Lincoln","startTime":4013.7599999999998,"endTime":4017.74,"body":"conservative parliamentary"},{"speaker":"Nick Lincoln","startTime":4018.1,"endTime":4021.58,"body":"electoral campaigns in the 80s"},{"speaker":"Nick Lincoln","startTime":4018.1,"endTime":4021.58,"body":"and and people just gotten,"},{"speaker":"Nick Lincoln","startTime":4021.58,"endTime":4024.7,"body":"people just got hooked on it,"},{"speaker":"Nick Lincoln","startTime":4021.58,"endTime":4024.7,"body":"and they did it."},{"speaker":"Andy Hart","startTime":4024.7,"endTime":4027.3399999999997,"body":"Sorry. Nick did, did"},{"speaker":"Andy Hart","startTime":4024.7,"endTime":4027.3399999999997,"body":"I just write off a subscription"},{"speaker":"Andy Hart","startTime":4027.3399999999997,"endTime":4028.2999999999997,"body":"or write a check? Yeah,"},{"speaker":"Alan Smith","startTime":4030.279,"endTime":4032.319,"body":"yeah, anyone could"},{"speaker":"Alan Smith","startTime":4030.279,"endTime":4032.319,"body":"have bought any shares. There"},{"speaker":"Alan Smith","startTime":4032.319,"endTime":4034.5389999999998,"body":"were. It was, I remember it. It"},{"speaker":"Alan Smith","startTime":4032.319,"endTime":4034.5389999999998,"body":"was"},{"speaker":"Andy Hart","startTime":4034.54,"endTime":4036.54,"body":"just lots of families"},{"speaker":"Andy Hart","startTime":4034.54,"endTime":4036.54,"body":"all loaded up. Did they?"},{"speaker":"Nick Lincoln","startTime":4036.72,"endTime":4040.7999999999997,"body":"Yep, it was, you"},{"speaker":"Nick Lincoln","startTime":4036.72,"endTime":4040.7999999999997,"body":"know, yeah,"},{"speaker":"Unknown","startTime":4040.8599999999997,"endTime":4042.18,"body":"okay, okay, yeah."},{"speaker":"Nick Lincoln","startTime":4043.68,"endTime":4044.64,"body":"And it really,"},{"speaker":"Nick Lincoln","startTime":4043.68,"endTime":4044.64,"body":"what"},{"speaker":"Alan Smith","startTime":4044.64,"endTime":4047.7,"body":"I've I've seen some"},{"speaker":"Alan Smith","startTime":4044.64,"endTime":4047.7,"body":"stats. I can't remember the"},{"speaker":"Alan Smith","startTime":4047.7,"endTime":4051.24,"body":"numbers, but had you have done"},{"speaker":"Alan Smith","startTime":4047.7,"endTime":4051.24,"body":"that, that invested in the in"},{"speaker":"Alan Smith","startTime":4051.24,"endTime":4054.96,"body":"the newly privatized is British"},{"speaker":"Alan Smith","startTime":4051.24,"endTime":4054.96,"body":"Gas that I saw, and they've had"},{"speaker":"Alan Smith","startTime":4054.96,"endTime":4058.64,"body":"various, what are they morphed"},{"speaker":"Alan Smith","startTime":4054.96,"endTime":4058.64,"body":"into centricanos, old stock"},{"speaker":"Alan Smith","startTime":4058.64,"endTime":4062.48,"body":"splits and stuff. You know, 100"},{"speaker":"Alan Smith","startTime":4058.64,"endTime":4062.48,"body":"quid invested in that would be"},{"speaker":"Alan Smith","startTime":4062.48,"endTime":4065.8399999999997,"body":"worth quite a few 1000, you"},{"speaker":"Alan Smith","startTime":4062.48,"endTime":4065.8399999999997,"body":"know, 20,000 or something. Don't"},{"speaker":"Alan Smith","startTime":4065.8399999999997,"endTime":4068.7799999999997,"body":"quote me on that, but a lot, in"},{"speaker":"Alan Smith","startTime":4065.8399999999997,"endTime":4068.7799999999997,"body":"other words, relative to what"},{"speaker":"Alan Smith","startTime":4068.7799999999997,"endTime":4072.08,"body":"you might have done elsewhere."},{"speaker":"Alan Smith","startTime":4068.7799999999997,"endTime":4072.08,"body":"And I think that's, that's the"},{"speaker":"Alan Smith","startTime":4072.08,"endTime":4076.04,"body":"point. And I did put that in the"},{"speaker":"Alan Smith","startTime":4072.08,"endTime":4076.04,"body":"in the piece as well. I mean,"},{"speaker":"Alan Smith","startTime":4076.04,"endTime":4078.8199999999997,"body":"maybe, just there isn't"},{"speaker":"Alan Smith","startTime":4076.04,"endTime":4078.8199999999997,"body":"incentives enough from"},{"speaker":"Alan Smith","startTime":4078.8199999999997,"endTime":4084.46,"body":"government. But underlying this"},{"speaker":"Alan Smith","startTime":4078.8199999999997,"endTime":4084.46,"body":"is there are social issues"},{"speaker":"Alan Smith","startTime":4084.46,"endTime":4087.94,"body":"there, around in the UK, Ireland"},{"speaker":"Alan Smith","startTime":4084.46,"endTime":4087.94,"body":"and around the world, there's an"},{"speaker":"Alan Smith","startTime":4087.94,"endTime":4091.6,"body":"increasing them and us. You"},{"speaker":"Alan Smith","startTime":4087.94,"endTime":4091.6,"body":"know, the super rich get richer"},{"speaker":"Alan Smith","startTime":4091.6,"endTime":4096.4000000000005,"body":"and richer if you own assets,"},{"speaker":"Alan Smith","startTime":4091.6,"endTime":4096.4000000000005,"body":"proper assets, property and"},{"speaker":"Alan Smith","startTime":4096.4000000000005,"endTime":4100.26,"body":"equities. Inflation is less, has"},{"speaker":"Alan Smith","startTime":4096.4000000000005,"endTime":4100.26,"body":"less of an impact on you,"},{"speaker":"Alan Smith","startTime":4100.26,"endTime":4103.14,"body":"doesn't have zero impact, but"},{"speaker":"Alan Smith","startTime":4100.26,"endTime":4103.14,"body":"has less of an impact. And they"},{"speaker":"Alan Smith","startTime":4103.14,"endTime":4105.0,"body":"tend to be, you know, the"},{"speaker":"Alan Smith","startTime":4103.14,"endTime":4105.0,"body":"wealthier people, that's how"},{"speaker":"Alan Smith","startTime":4105.0,"endTime":4109.14,"body":"they own their assets. And the"},{"speaker":"Alan Smith","startTime":4105.0,"endTime":4109.14,"body":"rest of the people tend to do"},{"speaker":"Alan Smith","startTime":4109.14,"endTime":4111.42,"body":"what we're talking about here."},{"speaker":"Alan Smith","startTime":4109.14,"endTime":4111.42,"body":"They may own their property, but"},{"speaker":"Alan Smith","startTime":4111.42,"endTime":4115.5,"body":"they want to keep safe and keep"},{"speaker":"Alan Smith","startTime":4111.42,"endTime":4115.5,"body":"money in cash, so that financial"},{"speaker":"Alan Smith","startTime":4115.5,"endTime":4119.36,"body":"currency, yeah. Well, that gap"},{"speaker":"Alan Smith","startTime":4115.5,"endTime":4119.36,"body":"widens. That gap widens over"},{"speaker":"Alan Smith","startTime":4119.36,"endTime":4122.3,"body":"time. So, you know, you could,"},{"speaker":"Alan Smith","startTime":4119.36,"endTime":4122.3,"body":"you can imagine that just, you"},{"speaker":"Alan Smith","startTime":4122.3,"endTime":4125.24,"body":"know, more and more kind of"},{"speaker":"Alan Smith","startTime":4122.3,"endTime":4125.24,"body":"social unrest, them and us,"},{"speaker":"Alan Smith","startTime":4125.9000000000005,"endTime":4129.86,"body":"dissatisfaction, and so there, I"},{"speaker":"Alan Smith","startTime":4125.9000000000005,"endTime":4129.86,"body":"do think there is almost,"},{"speaker":"Alan Smith","startTime":4129.92,"endTime":4135.5,"body":"there's a strong argument from"},{"speaker":"Alan Smith","startTime":4129.92,"endTime":4135.5,"body":"us, from government to one"},{"speaker":"Alan Smith","startTime":4135.5,"endTime":4140.26,"body":"another, or a series of other"},{"speaker":"Alan Smith","startTime":4135.5,"endTime":4140.26,"body":"kind of like the the marketing"},{"speaker":"Alan Smith","startTime":4140.26,"endTime":4143.38,"body":"campaigns they did all those"},{"speaker":"Alan Smith","startTime":4140.26,"endTime":4143.38,"body":"years ago, which brought so many"},{"speaker":"Alan Smith","startTime":4143.38,"endTime":4146.8,"body":"people who had never invested in"},{"speaker":"Alan Smith","startTime":4143.38,"endTime":4146.8,"body":"shares before in their life into"},{"speaker":"Alan Smith","startTime":4146.8,"endTime":4150.28,"body":"being shareholders and equity"},{"speaker":"Alan Smith","startTime":4146.8,"endTime":4150.28,"body":"owners and owners of businesses"},{"speaker":"Alan Smith","startTime":4150.28,"endTime":4153.64,"body":"and companies, and in doing so,"},{"speaker":"Alan Smith","startTime":4150.28,"endTime":4153.64,"body":"by allocating a small amount, by"},{"speaker":"Alan Smith","startTime":4153.64,"endTime":4157.2,"body":"explaining to the mass"},{"speaker":"Alan Smith","startTime":4153.64,"endTime":4157.2,"body":"population the difference"},{"speaker":"Alan Smith","startTime":4157.2,"endTime":4159.84,"body":"between risk and short term"},{"speaker":"Alan Smith","startTime":4157.2,"endTime":4159.84,"body":"volatility that if you are able"},{"speaker":"Alan Smith","startTime":4159.84,"endTime":4162.12,"body":"to allocate, and I'm talking"},{"speaker":"Alan Smith","startTime":4159.84,"endTime":4162.12,"body":"about 100 quid a month or"},{"speaker":"Alan Smith","startTime":4162.12,"endTime":4165.84,"body":"something into savings plans"},{"speaker":"Alan Smith","startTime":4162.12,"endTime":4165.84,"body":"allocated to equities over the"},{"speaker":"Alan Smith","startTime":4165.84,"endTime":4169.38,"body":"next 1020, 30 years, you're most"},{"speaker":"Alan Smith","startTime":4165.84,"endTime":4169.38,"body":"likely to do better off and"},{"speaker":"Alan Smith","startTime":4169.38,"endTime":4171.42,"body":"explaining and articulating it,"},{"speaker":"Andy Hart","startTime":4172.5,"endTime":4175.44,"body":"but they don't know"},{"speaker":"Andy Hart","startTime":4172.5,"endTime":4175.44,"body":"themselves. You have 111, area"},{"speaker":"Andy Hart","startTime":4175.44,"endTime":4177.68,"body":"of the government saying,"},{"speaker":"Andy Hart","startTime":4175.44,"endTime":4177.68,"body":"invest, it's amazing. And then"},{"speaker":"Andy Hart","startTime":4177.68,"endTime":4180.86,"body":"you're going to get the person"},{"speaker":"Andy Hart","startTime":4177.68,"endTime":4180.86,"body":"down that down the hallway"},{"speaker":"Andy Hart","startTime":4180.86,"endTime":4183.14,"body":"saying your capital's at risk,"},{"speaker":"Andy Hart","startTime":4180.86,"endTime":4183.14,"body":"and you're going to lose all"},{"speaker":"Andy Hart","startTime":4183.14,"endTime":4185.24,"body":"your money, and they're going,"},{"speaker":"Andy Hart","startTime":4183.14,"endTime":4185.24,"body":"oh, hold up. What's going on"},{"speaker":"Andy Hart","startTime":4185.24,"endTime":4187.22,"body":"here? We're trying to promote it"},{"speaker":"Andy Hart","startTime":4185.24,"endTime":4187.22,"body":"in the line this,"},{"speaker":"Nick Lincoln","startTime":4187.22,"endTime":4189.8,"body":"just to underline"},{"speaker":"Nick Lincoln","startTime":4187.22,"endTime":4189.8,"body":"this. And this is not a"},{"speaker":"Nick Lincoln","startTime":4189.8,"endTime":4192.5,"body":"political point, it's just a"},{"speaker":"Nick Lincoln","startTime":4189.8,"endTime":4192.5,"body":"fact. And the previous"},{"speaker":"Nick Lincoln","startTime":4192.5,"endTime":4194.78,"body":"administration were awful as"},{"speaker":"Nick Lincoln","startTime":4192.5,"endTime":4194.78,"body":"well. There's not a single"},{"speaker":"Nick Lincoln","startTime":4194.78,"endTime":4196.96,"body":"member of the cabinet that's"},{"speaker":"Nick Lincoln","startTime":4194.78,"endTime":4196.96,"body":"ever worked in the private"},{"speaker":"Nick Lincoln","startTime":4196.96,"endTime":4201.82,"body":"sector, but they're at the top"},{"speaker":"Nick Lincoln","startTime":4196.96,"endTime":4201.82,"body":"of our government, and they've"},{"speaker":"Nick Lincoln","startTime":4201.82,"endTime":4205.96,"body":"never worked in the private"},{"speaker":"Nick Lincoln","startTime":4201.82,"endTime":4205.96,"body":"sector. It's like talking double"},{"speaker":"Nick Lincoln","startTime":4205.96,"endTime":4207.64,"body":"dutch to them. They wouldn't"},{"speaker":"Nick Lincoln","startTime":4205.96,"endTime":4207.64,"body":"have interesting"},{"speaker":"Andy Hart","startTime":4207.82,"endTime":4210.46,"body":"in the article that"},{"speaker":"Andy Hart","startTime":4207.82,"endTime":4210.46,"body":"you've quoted Alan if they did"},{"speaker":"Andy Hart","startTime":4210.46,"endTime":4215.74,"body":"mention a comparison of"},{"speaker":"Andy Hart","startTime":4210.46,"endTime":4215.74,"body":"investing in 100% UK equities"},{"speaker":"Andy Hart","startTime":4215.74,"endTime":4218.82,"body":"versus cash. Yeah. And then if"},{"speaker":"Andy Hart","startTime":4215.74,"endTime":4218.82,"body":"we put a client at 100% UK"},{"speaker":"Andy Hart","startTime":4218.82,"endTime":4222.42,"body":"equities, they'd have kittens."},{"speaker":"Andy Hart","startTime":4218.82,"endTime":4222.42,"body":"And it's like, okay, well,"},{"speaker":"Andy Hart","startTime":4222.48,"endTime":4224.04,"body":"you're using that as a proxy."},{"speaker":"Alan Smith","startTime":4224.28,"endTime":4226.32,"body":"Well, that's just,"},{"speaker":"Alan Smith","startTime":4224.28,"endTime":4226.32,"body":"that's just an empty article to"},{"speaker":"Alan Smith","startTime":4226.32,"endTime":4228.84,"body":"give you a comparison of what"},{"speaker":"Alan Smith","startTime":4226.32,"endTime":4228.84,"body":"you might have, let's have a"},{"speaker":"Alan Smith","startTime":4228.84,"endTime":4232.44,"body":"look at what you could have won."},{"speaker":"Alan Smith","startTime":4228.84,"endTime":4232.44,"body":"And I think that's the, I think"},{"speaker":"Alan Smith","startTime":4232.44,"endTime":4236.9,"body":"you make the point. Well, Nick,"},{"speaker":"Alan Smith","startTime":4232.44,"endTime":4236.9,"body":"because, and again, as I also"},{"speaker":"Alan Smith","startTime":4236.9,"endTime":4240.0199999999995,"body":"mentioned, you know, if you can"},{"speaker":"Alan Smith","startTime":4236.9,"endTime":4240.0199999999995,"body":"point fingers at who's to blame,"},{"speaker":"Alan Smith","startTime":4240.5599999999995,"endTime":4243.08,"body":"there's this, and I'm not, we"},{"speaker":"Alan Smith","startTime":4240.5599999999995,"endTime":4243.08,"body":"don't have the time or energy to"},{"speaker":"Alan Smith","startTime":4243.08,"endTime":4246.32,"body":"go into this, because it comes"},{"speaker":"Alan Smith","startTime":4243.08,"endTime":4246.32,"body":"up so regularly. But it's this"},{"speaker":"Alan Smith","startTime":4246.32,"endTime":4251.24,"body":"huge, you know, monstrous"},{"speaker":"Alan Smith","startTime":4246.32,"endTime":4251.24,"body":"compliance industry, regulatory"},{"speaker":"Alan Smith","startTime":4251.24,"endTime":4256.66,"body":"industry, that just misses the"},{"speaker":"Alan Smith","startTime":4251.24,"endTime":4256.66,"body":"effing point on the whole thing"},{"speaker":"Alan Smith","startTime":4256.66,"endTime":4260.14,"body":"that just does not understand"},{"speaker":"Alan Smith","startTime":4256.66,"endTime":4260.14,"body":"this and continues to smash it"},{"speaker":"Alan Smith","startTime":4260.14,"endTime":4264.22,"body":"down even experienced, qualified"},{"speaker":"Alan Smith","startTime":4260.14,"endTime":4264.22,"body":"professionals, and tells"},{"speaker":"Alan Smith","startTime":4264.46,"endTime":4267.16,"body":"advisors up and down the"},{"speaker":"Alan Smith","startTime":4264.46,"endTime":4267.16,"body":"country, you know, your clients"},{"speaker":"Alan Smith","startTime":4267.16,"endTime":4270.58,"body":"are cautious investors, but you"},{"speaker":"Alan Smith","startTime":4267.16,"endTime":4270.58,"body":"know, give them cash in boxes."},{"speaker":"Alan Smith","startTime":4270.88,"endTime":4276.04,"body":"It's just, it's heartbreaking"},{"speaker":"Alan Smith","startTime":4270.88,"endTime":4276.04,"body":"when you see this all we could."},{"speaker":"Alan Smith","startTime":4276.12,"endTime":4280.14,"body":"Do us for and through our"},{"speaker":"Alan Smith","startTime":4276.12,"endTime":4280.14,"body":"influence and speaking to other"},{"speaker":"Alan Smith","startTime":4280.14,"endTime":4282.42,"body":"advisors is try to educate."},{"speaker":"Alan Smith","startTime":4280.14,"endTime":4282.42,"body":"You're not going to flip a"},{"speaker":"Alan Smith","startTime":4282.42,"endTime":4284.64,"body":"switch and change people"},{"speaker":"Alan Smith","startTime":4282.42,"endTime":4284.64,"body":"overnight, but if we can just"},{"speaker":"Alan Smith","startTime":4284.64,"endTime":4287.4,"body":"make an impact and so that some"},{"speaker":"Alan Smith","startTime":4284.64,"endTime":4287.4,"body":"other advisors sitting somewhere"},{"speaker":"Alan Smith","startTime":4287.88,"endTime":4290.82,"body":"can have a healthy, positive"},{"speaker":"Alan Smith","startTime":4287.88,"endTime":4290.82,"body":"conversation with their client"},{"speaker":"Alan Smith","startTime":4290.88,"endTime":4293.82,"body":"and articulate the difference"},{"speaker":"Alan Smith","startTime":4290.88,"endTime":4293.82,"body":"between short term volatility"},{"speaker":"Alan Smith","startTime":4294.3,"endTime":4297.5,"body":"long term security. Biggest risk"},{"speaker":"Alan Smith","startTime":4294.3,"endTime":4297.5,"body":"is running out of money. Biggest"},{"speaker":"Alan Smith","startTime":4297.5,"endTime":4301.16,"body":"risk is erosion of your wealth,"},{"speaker":"Alan Smith","startTime":4297.5,"endTime":4301.16,"body":"then we've done a good job."},{"speaker":"Alan Smith","startTime":4301.16,"endTime":4305.18,"body":"Obviously wishful thinking for"},{"speaker":"Alan Smith","startTime":4301.16,"endTime":4305.18,"body":"me to hope that any government,"},{"speaker":"Alan Smith","startTime":4305.24,"endTime":4308.78,"body":"let alone this one, would embark"},{"speaker":"Alan Smith","startTime":4305.24,"endTime":4308.78,"body":"upon some sort of education for"},{"speaker":"Alan Smith","startTime":4308.78,"endTime":4310.4,"body":"the masses. Not going to happen."},{"speaker":"Andy Hart","startTime":4310.4,"endTime":4312.38,"body":"You need to change"},{"speaker":"Andy Hart","startTime":4310.4,"endTime":4312.38,"body":"the risk warning. They need to"},{"speaker":"Andy Hart","startTime":4312.38,"endTime":4314.9,"body":"change the risk one on the stock"},{"speaker":"Andy Hart","startTime":4312.38,"endTime":4314.9,"body":"market. The risk in the stock"},{"speaker":"Andy Hart","startTime":4314.9,"endTime":4317.26,"body":"market is not being in it. Yep,"},{"speaker":"Nick Lincoln","startTime":4317.26,"endTime":4319.24,"body":"yep. Okay, we're"},{"speaker":"Nick Lincoln","startTime":4317.26,"endTime":4319.24,"body":"at 70 minutes. I mean, so I"},{"speaker":"Nick Lincoln","startTime":4319.24,"endTime":4322.24,"body":"think the conclusion, and I'll"},{"speaker":"Nick Lincoln","startTime":4319.24,"endTime":4322.24,"body":"just quickly finish on this as"},{"speaker":"Nick Lincoln","startTime":4322.24,"endTime":4324.58,"body":"well, my final comment on this,"},{"speaker":"Nick Lincoln","startTime":4322.24,"endTime":4324.58,"body":"the real tragedy is that"},{"speaker":"Nick Lincoln","startTime":4324.58,"endTime":4328.24,"body":"compared to the 1980s it's never"},{"speaker":"Nick Lincoln","startTime":4324.58,"endTime":4328.24,"body":"been easier or cheaper to own"},{"speaker":"Nick Lincoln","startTime":4328.24,"endTime":4330.76,"body":"the great companies of the"},{"speaker":"Nick Lincoln","startTime":4328.24,"endTime":4330.76,"body":"world. It's just sitting there"},{"speaker":"Nick Lincoln","startTime":4330.88,"endTime":4334.42,"body":"basically, really, basically"},{"speaker":"Nick Lincoln","startTime":4330.88,"endTime":4334.42,"body":"free, basically free. In the"},{"speaker":"Nick Lincoln","startTime":4334.42,"endTime":4337.08,"body":"1980s there were shocks left,"},{"speaker":"Nick Lincoln","startTime":4334.42,"endTime":4337.08,"body":"right and center, and the"},{"speaker":"Nick Lincoln","startTime":4337.08,"endTime":4340.44,"body":"charges were prohibitive on"},{"speaker":"Nick Lincoln","startTime":4337.08,"endTime":4340.44,"body":"savings contracts, and now it's"},{"speaker":"Nick Lincoln","startTime":4340.44,"endTime":4343.86,"body":"just there and we're not"},{"speaker":"Nick Lincoln","startTime":4340.44,"endTime":4343.86,"body":"touching it. I think we all"},{"speaker":"Nick Lincoln","startTime":4343.86,"endTime":4347.04,"body":"recognize the problem, and none"},{"speaker":"Nick Lincoln","startTime":4343.86,"endTime":4347.04,"body":"of us have a solution, and I"},{"speaker":"Nick Lincoln","startTime":4347.04,"endTime":4349.92,"body":"just can't see it not ever being"},{"speaker":"Nick Lincoln","startTime":4347.04,"endTime":4349.92,"body":"the case, certainly in our"},{"speaker":"Nick Lincoln","startTime":4349.92,"endTime":4353.04,"body":"professional the span of our"},{"speaker":"Nick Lincoln","startTime":4349.92,"endTime":4353.04,"body":"professional lives. Okay, let's"},{"speaker":"Nick Lincoln","startTime":4353.0999999999995,"endTime":4358.28,"body":"move on to the next section of"},{"speaker":"Nick Lincoln","startTime":4353.0999999999995,"endTime":4358.28,"body":"the show because I can see Posty"},{"speaker":"Nick Lincoln","startTime":4358.46,"endTime":4361.22,"body":"hauling the bulging sack of"},{"speaker":"Nick Lincoln","startTime":4358.46,"endTime":4361.22,"body":"TRAPPIST questions up my"},{"speaker":"Nick Lincoln","startTime":4361.22,"endTime":4364.58,"body":"driveway. If you want to leave a"},{"speaker":"Nick Lincoln","startTime":4361.22,"endTime":4364.58,"body":"question for one or the trap"},{"speaker":"Nick Lincoln","startTime":4364.58,"endTime":4367.4,"body":"pack to answer, please do so."},{"speaker":"Nick Lincoln","startTime":4364.58,"endTime":4367.4,"body":"You can find a link in the"},{"speaker":"Nick Lincoln","startTime":4367.4,"endTime":4371.42,"body":"pinned tweet at advisor podcast."},{"speaker":"Nick Lincoln","startTime":4367.4,"endTime":4371.42,"body":"Also, there's a recurring link"},{"speaker":"Nick Lincoln","startTime":4371.42,"endTime":4374.96,"body":"in the so called show notes, and"},{"speaker":"Nick Lincoln","startTime":4371.42,"endTime":4374.96,"body":"we will get to your questions."},{"speaker":"Nick Lincoln","startTime":4374.96,"endTime":4377.62,"body":"We do them in chronological"},{"speaker":"Nick Lincoln","startTime":4374.96,"endTime":4377.62,"body":"order, not an easy word for"},{"speaker":"Nick Lincoln","startTime":4377.62,"endTime":4381.16,"body":"someone with a brain my size to"},{"speaker":"Nick Lincoln","startTime":4377.62,"endTime":4381.16,"body":"say. And we will come to yours"},{"speaker":"Nick Lincoln","startTime":4381.16,"endTime":4384.58,"body":"in good in good time. But let's"},{"speaker":"Nick Lincoln","startTime":4381.16,"endTime":4384.58,"body":"see whose question we are"},{"speaker":"Nick Lincoln","startTime":4384.58,"endTime":4392.92,"body":"answering today. Very nice"},{"speaker":"Nick Lincoln","startTime":4384.58,"endTime":4392.92,"body":"envelope, quality Manila, and"},{"speaker":"Nick Lincoln","startTime":4392.92,"endTime":4396.5999999999995,"body":"nice cartridge paper as well."},{"speaker":"Nick Lincoln","startTime":4392.92,"endTime":4396.5999999999995,"body":"This is from Adam. Now I'm going"},{"speaker":"Nick Lincoln","startTime":4396.5999999999995,"endTime":4400.5599999999995,"body":"to butcher your surname, Eli E,"},{"speaker":"Nick Lincoln","startTime":4396.5999999999995,"endTime":4400.5599999999995,"body":"Double L, U, L, E, L, Adam Elon"},{"speaker":"Nick Lincoln","startTime":4401.0999999999995,"endTime":4403.8,"body":"and your LinkedIn profiles on"},{"speaker":"Nick Lincoln","startTime":4401.0999999999995,"endTime":4403.8,"body":"there as well. So we'll put that"},{"speaker":"Nick Lincoln","startTime":4403.8,"endTime":4405.84,"body":"in the so called show notes."},{"speaker":"Nick Lincoln","startTime":4403.8,"endTime":4405.84,"body":"Okay, this is Adam speaking."},{"speaker":"Nick Lincoln","startTime":4405.84,"endTime":4409.8,"body":"Now. Background, I'm a 21 year"},{"speaker":"Nick Lincoln","startTime":4405.84,"endTime":4409.8,"body":"old just started my progression"},{"speaker":"Nick Lincoln","startTime":4409.8,"endTime":4412.5,"body":"towards becoming a qualified"},{"speaker":"Nick Lincoln","startTime":4409.8,"endTime":4412.5,"body":"financial advisor, so forgive me"},{"speaker":"Nick Lincoln","startTime":4412.5,"endTime":4415.08,"body":"if this is a stupid question."},{"speaker":"Nick Lincoln","startTime":4412.5,"endTime":4415.08,"body":"No, no. Questions are stupid"},{"speaker":"Nick Lincoln","startTime":4415.2,"endTime":4419.0,"body":"when you guys use voyant cash"},{"speaker":"Nick Lincoln","startTime":4415.2,"endTime":4419.0,"body":"flow modeling. Do you consider"},{"speaker":"Nick Lincoln","startTime":4419.0,"endTime":4422.24,"body":"the risks of potential tax rate"},{"speaker":"Nick Lincoln","startTime":4419.0,"endTime":4422.24,"body":"increases in the future and the"},{"speaker":"Nick Lincoln","startTime":4422.24,"endTime":4424.58,"body":"knock on effects it would have"},{"speaker":"Nick Lincoln","startTime":4422.24,"endTime":4424.58,"body":"in regards to the plan as a"},{"speaker":"Nick Lincoln","startTime":4424.58,"endTime":4428.36,"body":"whole? I know Ultra will have a"},{"speaker":"Nick Lincoln","startTime":4424.58,"endTime":4428.36,"body":"thought on this. I will quickly"},{"speaker":"Nick Lincoln","startTime":4428.36,"endTime":4432.14,"body":"go first. No, I mean, we, you"},{"speaker":"Nick Lincoln","startTime":4428.36,"endTime":4432.14,"body":"know, in terms of the tax"},{"speaker":"Nick Lincoln","startTime":4432.14,"endTime":4434.48,"body":"allowances within voyant or with"},{"speaker":"Nick Lincoln","startTime":4432.14,"endTime":4434.48,"body":"any cash flow software,"},{"speaker":"Nick Lincoln","startTime":4434.48,"endTime":4437.14,"body":"hopefully you could, you have"},{"speaker":"Nick Lincoln","startTime":4434.48,"endTime":4437.14,"body":"scope to say how much they go up"},{"speaker":"Nick Lincoln","startTime":4437.14,"endTime":4440.68,"body":"by each year, and I generally"},{"speaker":"Nick Lincoln","startTime":4437.14,"endTime":4440.68,"body":"say half the rate of inflation."},{"speaker":"Nick Lincoln","startTime":4440.68,"endTime":4443.8,"body":"But in terms of actually"},{"speaker":"Nick Lincoln","startTime":4440.68,"endTime":4443.8,"body":"building in plans, because CGT"},{"speaker":"Nick Lincoln","startTime":4443.8,"endTime":4446.32,"body":"might go through the roof, or"},{"speaker":"Nick Lincoln","startTime":4443.8,"endTime":4446.32,"body":"inheritance tax might be this,"},{"speaker":"Nick Lincoln","startTime":4446.32,"endTime":4449.8,"body":"or pension tax free cash might"},{"speaker":"Nick Lincoln","startTime":4446.32,"endTime":4449.8,"body":"be that, absolutely not you"},{"speaker":"Nick Lincoln","startTime":4449.8,"endTime":4452.98,"body":"would drop you'll drive yourself"},{"speaker":"Nick Lincoln","startTime":4449.8,"endTime":4452.98,"body":"insane, Adam. You can only plan"},{"speaker":"Nick Lincoln","startTime":4452.98,"endTime":4455.44,"body":"with what we know to be the"},{"speaker":"Nick Lincoln","startTime":4452.98,"endTime":4455.44,"body":"facts today. You have to make"},{"speaker":"Nick Lincoln","startTime":4455.44,"endTime":4458.22,"body":"assumptions going forward and"},{"speaker":"Nick Lincoln","startTime":4455.44,"endTime":4458.22,"body":"back to the art and science"},{"speaker":"Nick Lincoln","startTime":4458.22,"endTime":4460.5599999999995,"body":"thing. Most of what we do"},{"speaker":"Nick Lincoln","startTime":4458.22,"endTime":4460.5599999999995,"body":"really, is really informed in"},{"speaker":"Nick Lincoln","startTime":4460.62,"endTime":4463.08,"body":"assumptions, but it really"},{"speaker":"Nick Lincoln","startTime":4460.62,"endTime":4463.08,"body":"informed guesswork. But it's,"},{"speaker":"Nick Lincoln","startTime":4463.08,"endTime":4466.0199999999995,"body":"that's as good as it gets. It's"},{"speaker":"Nick Lincoln","startTime":4463.08,"endTime":4466.0199999999995,"body":"informed guesswork. So no, do"},{"speaker":"Nick Lincoln","startTime":4466.0199999999995,"endTime":4468.36,"body":"not build plans around what how"},{"speaker":"Nick Lincoln","startTime":4466.0199999999995,"endTime":4468.36,"body":"might happen to tax and so"},{"speaker":"Nick Lincoln","startTime":4468.36,"endTime":4470.76,"body":"forth, because you're going to"},{"speaker":"Nick Lincoln","startTime":4468.36,"endTime":4470.76,"body":"you're going to drive yourself"},{"speaker":"Nick Lincoln","startTime":4470.88,"endTime":4473.94,"body":"do Lali, you're not going to"},{"speaker":"Nick Lincoln","startTime":4470.88,"endTime":4473.94,"body":"help the clients. You're adding"},{"speaker":"Nick Lincoln","startTime":4473.94,"endTime":4475.08,"body":"no value. Ultra,"},{"speaker":"Andy Hart","startTime":4476.0999999999995,"endTime":4478.32,"body":"I think you've nailed"},{"speaker":"Andy Hart","startTime":4476.0999999999995,"endTime":4478.32,"body":"it. Nick, but it's quite an"},{"speaker":"Andy Hart","startTime":4478.32,"endTime":4482.66,"body":"interesting question. Nick, the"},{"speaker":"Andy Hart","startTime":4478.32,"endTime":4482.66,"body":"amount of hours that we've"},{"speaker":"Andy Hart","startTime":4482.66,"endTime":4489.0199999999995,"body":"discussed voyant in rooms with"},{"speaker":"Andy Hart","startTime":4482.66,"endTime":4489.0199999999995,"body":"other advisors, the this issue's"},{"speaker":"Andy Hart","startTime":4489.0199999999995,"endTime":4492.5,"body":"not really been raised that"},{"speaker":"Andy Hart","startTime":4489.0199999999995,"endTime":4492.5,"body":"frequently has it. Unlike you, I"},{"speaker":"Andy Hart","startTime":4492.5,"endTime":4496.46,"body":"escalate my tax bands in the"},{"speaker":"Andy Hart","startTime":4492.5,"endTime":4496.46,"body":"future, uh, below inflation. So"},{"speaker":"Andy Hart","startTime":4496.46,"endTime":4500.08,"body":"I've been harsher to my clients,"},{"speaker":"Andy Hart","startTime":4496.46,"endTime":4500.08,"body":"giving them less net money. So"},{"speaker":"Andy Hart","startTime":4500.08,"endTime":4503.0199999999995,"body":"I'm being cautious from that"},{"speaker":"Andy Hart","startTime":4500.08,"endTime":4503.0199999999995,"body":"point of view. But I don't, for"},{"speaker":"Andy Hart","startTime":4503.0199999999995,"endTime":4506.62,"body":"example, if I believe, let's"},{"speaker":"Andy Hart","startTime":4503.0199999999995,"endTime":4506.62,"body":"just say, for example, thought"},{"speaker":"Andy Hart","startTime":4506.62,"endTime":4510.22,"body":"experiment, CDT was going to"},{"speaker":"Andy Hart","startTime":4506.62,"endTime":4510.22,"body":"double in 10 years time. I don't"},{"speaker":"Andy Hart","startTime":4510.22,"endTime":4512.86,"body":"factor that into the model."},{"speaker":"Andy Hart","startTime":4510.22,"endTime":4512.86,"body":"Firstly, because the system"},{"speaker":"Andy Hart","startTime":4512.86,"endTime":4517.14,"body":"can't do it. Secondly, back to"},{"speaker":"Andy Hart","startTime":4512.86,"endTime":4517.14,"body":"your point, Nick, I'd just be"},{"speaker":"Andy Hart","startTime":4517.14,"endTime":4521.76,"body":"guessing out, you know, guessing"},{"speaker":"Andy Hart","startTime":4517.14,"endTime":4521.76,"body":"blind. So no, don't overthink"},{"speaker":"Andy Hart","startTime":4521.76,"endTime":4526.32,"body":"it. Use what voin set any of the"},{"speaker":"Andy Hart","startTime":4521.76,"endTime":4526.32,"body":"known tax changes are set in"},{"speaker":"Andy Hart","startTime":4526.32,"endTime":4530.34,"body":"voyant the escalation rate in"},{"speaker":"Andy Hart","startTime":4526.32,"endTime":4530.34,"body":"the advanced settings. Just do"},{"speaker":"Andy Hart","startTime":4530.34,"endTime":4532.8,"body":"it a little bit less than your"},{"speaker":"Andy Hart","startTime":4530.34,"endTime":4532.8,"body":"inflation rate. And then you're"},{"speaker":"Andy Hart","startTime":4532.8,"endTime":4535.74,"body":"being cautious to your clients."},{"speaker":"Andy Hart","startTime":4532.8,"endTime":4535.74,"body":"But it is a good question. It"},{"speaker":"Andy Hart","startTime":4535.74,"endTime":4539.24,"body":"doesn't come up that much with"},{"speaker":"Andy Hart","startTime":4535.74,"endTime":4539.24,"body":"advisors discussing it. Vaness"},{"speaker":"Andy Hart","startTime":4539.24,"endTime":4540.8,"body":"Carnell, have got anything else"},{"speaker":"Andy Hart","startTime":4539.24,"endTime":4540.8,"body":"to add?"},{"speaker":"Carl Widger","startTime":4541.82,"endTime":4545.18,"body":"No, I just say it"},{"speaker":"Carl Widger","startTime":4541.82,"endTime":4545.18,"body":"is a good question. And Adam, at"},{"speaker":"Carl Widger","startTime":4545.18,"endTime":4552.38,"body":"21 to be delving into the weeds"},{"speaker":"Carl Widger","startTime":4545.18,"endTime":4552.38,"body":"on violent like that is superb,"},{"speaker":"Carl Widger","startTime":4552.38,"endTime":4555.68,"body":"my friend, keep doing what"},{"speaker":"Carl Widger","startTime":4552.38,"endTime":4555.68,"body":"you're doing. Keep trying to"},{"speaker":"Carl Widger","startTime":4555.68,"endTime":4559.48,"body":"learn it as best as you possibly"},{"speaker":"Carl Widger","startTime":4555.68,"endTime":4559.48,"body":"can, and a superb career is"},{"speaker":"Carl Widger","startTime":4559.48,"endTime":4559.96,"body":"ahead of you"},{"speaker":"Alan Smith","startTime":4561.34,"endTime":4564.7,"body":"all, I would say"},{"speaker":"Alan Smith","startTime":4561.34,"endTime":4564.7,"body":"just for the Renaults, hang on."},{"speaker":"Alan Smith","startTime":4565.36,"endTime":4567.4,"body":"Yeah, go on. Go on. He's brought"},{"speaker":"Alan Smith","startTime":4565.36,"endTime":4567.4,"body":"nice"},{"speaker":"Andy Hart","startTime":4567.4,"endTime":4568.9,"body":"to a gun fight, this"},{"speaker":"Andy Hart","startTime":4567.4,"endTime":4568.9,"body":"guy,"},{"speaker":"Alan Smith","startTime":4571.3,"endTime":4574.0599999999995,"body":"first of all, other"},{"speaker":"Alan Smith","startTime":4571.3,"endTime":4574.0599999999995,"body":"cash flow modeling software"},{"speaker":"Alan Smith","startTime":4574.0599999999995,"endTime":4578.7,"body":"tools do exist. Okay? Void. Sure"},{"speaker":"Alan Smith","startTime":4574.0599999999995,"endTime":4578.7,"body":"voids, very good other tools."},{"speaker":"Alan Smith","startTime":4579.3,"endTime":4582.96,"body":"But yeah, we, we have kind of"},{"speaker":"Alan Smith","startTime":4579.3,"endTime":4582.96,"body":"vaguely talked about this in the"},{"speaker":"Alan Smith","startTime":4582.96,"endTime":4586.98,"body":"past, in that there are so many"},{"speaker":"Alan Smith","startTime":4582.96,"endTime":4586.98,"body":"variables that could change, tax"},{"speaker":"Alan Smith","startTime":4586.98,"endTime":4592.08,"body":"is only one of them, health, I"},{"speaker":"Alan Smith","startTime":4586.98,"endTime":4592.08,"body":"often think is another one, God"},{"speaker":"Alan Smith","startTime":4592.08,"endTime":4595.62,"body":"forbid, divorce and multiple"},{"speaker":"Alan Smith","startTime":4592.08,"endTime":4595.62,"body":"other things could happen to the"},{"speaker":"Alan Smith","startTime":4596.7,"endTime":4601.28,"body":"variables will will inevitably"},{"speaker":"Alan Smith","startTime":4596.7,"endTime":4601.28,"body":"happen the the plan that you"},{"speaker":"Alan Smith","startTime":4601.28,"endTime":4604.7,"body":"agree. Nick Lincoln often says"},{"speaker":"Alan Smith","startTime":4601.28,"endTime":4604.7,"body":"this, the plan agreed one thing"},{"speaker":"Alan Smith","startTime":4604.7,"endTime":4607.28,"body":"for certain, it will be out of"},{"speaker":"Alan Smith","startTime":4604.7,"endTime":4607.28,"body":"date almost the minute the"},{"speaker":"Alan Smith","startTime":4607.28,"endTime":4611.66,"body":"meeting is over, is the point."},{"speaker":"Alan Smith","startTime":4607.28,"endTime":4611.66,"body":"The plan is designed as a map of"},{"speaker":"Alan Smith","startTime":4611.66,"endTime":4614.18,"body":"the terrain. It's not a"},{"speaker":"Alan Smith","startTime":4611.66,"endTime":4614.18,"body":"guarantee. Way this is how"},{"speaker":"Alan Smith","startTime":4614.18,"endTime":4617.86,"body":"things will work out. But it's"},{"speaker":"Alan Smith","startTime":4614.18,"endTime":4617.86,"body":"better to be approximately right"},{"speaker":"Alan Smith","startTime":4618.22,"endTime":4622.18,"body":"than totally wrong, or to be"},{"speaker":"Alan Smith","startTime":4618.22,"endTime":4622.18,"body":"without any guidance or map at"},{"speaker":"Alan Smith","startTime":4622.18,"endTime":4625.78,"body":"all. So good question. Adam,"},{"speaker":"Alan Smith","startTime":4622.18,"endTime":4625.78,"body":"wish you all the best of luck"},{"speaker":"Alan Smith","startTime":4625.78,"endTime":4627.16,"body":"your future career. Absolutely."},{"speaker":"Andy Hart","startTime":4627.58,"endTime":4629.86,"body":"Yeah, the planning"},{"speaker":"Andy Hart","startTime":4627.58,"endTime":4629.86,"body":"trumps the plan and and"},{"speaker":"Nick Lincoln","startTime":4629.86,"endTime":4631.9,"body":"just to, just to,"},{"speaker":"Nick Lincoln","startTime":4629.86,"endTime":4631.9,"body":"just to clarify, as we have"},{"speaker":"Nick Lincoln","startTime":4631.9,"endTime":4635.5599999999995,"body":"mentioned once a few times, I"},{"speaker":"Nick Lincoln","startTime":4631.9,"endTime":4635.5599999999995,"body":"don't have any shares in void. I"},{"speaker":"Nick Lincoln","startTime":4635.5599999999995,"endTime":4638.4,"body":"can't comment upon Mr. Hart's"},{"speaker":"Nick Lincoln","startTime":4635.5599999999995,"endTime":4638.4,"body":"position or Mr. Witch position,"},{"speaker":"Nick Lincoln","startTime":4638.58,"endTime":4639.66,"body":"but I have no shares."},{"speaker":"Carl Widger","startTime":4641.94,"endTime":4645.78,"body":"Okay, neither do I."},{"speaker":"Carl Widger","startTime":4641.94,"endTime":4645.78,"body":"Just for anybody that might be"},{"speaker":"Carl Widger","startTime":4645.84,"endTime":4647.04,"body":"interested out there."},{"speaker":"Andy Hart","startTime":4647.16,"endTime":4649.44,"body":"What's the journalist"},{"speaker":"Andy Hart","startTime":4647.16,"endTime":4649.44,"body":"name? Alan, just to clarify"},{"speaker":"Andy Hart","startTime":4649.44,"endTime":4649.86,"body":"things."},{"speaker":"Nick Lincoln","startTime":4650.7,"endTime":4651.66,"body":"Victoria Bell,"},{"speaker":"Andy Hart","startTime":4651.72,"endTime":4654.18,"body":"I think. Victoria,"},{"speaker":"Andy Hart","startTime":4651.72,"endTime":4654.18,"body":"okay, I don't own chairs in"},{"speaker":"Andy Hart","startTime":4654.18,"endTime":4654.54,"body":"warning,"},{"speaker":"Unknown","startTime":4655.0199999999995,"endTime":4655.32,"body":"right?"},{"speaker":"Nick Lincoln","startTime":4655.5599999999995,"endTime":4658.22,"body":"Let's crack on"},{"speaker":"Nick Lincoln","startTime":4655.5599999999995,"endTime":4658.22,"body":"with the final segment of the"},{"speaker":"Nick Lincoln","startTime":4658.22,"endTime":4665.36,"body":"show, which is, of course,"},{"speaker":"Nick Lincoln","startTime":4658.22,"endTime":4665.36,"body":"culture caller, and I'm going to"},{"speaker":"Nick Lincoln","startTime":4665.36,"endTime":4669.62,"body":"go first on this one. So my one,"},{"speaker":"Nick Lincoln","startTime":4665.36,"endTime":4669.62,"body":"it's not really, it's not"},{"speaker":"Nick Lincoln","startTime":4669.62,"endTime":4672.5,"body":"related to this thing of ours,"},{"speaker":"Nick Lincoln","startTime":4669.62,"endTime":4672.5,"body":"but it is around money, and it's"},{"speaker":"Nick Lincoln","startTime":4672.5,"endTime":4676.72,"body":"a fascinating tale, and it's a"},{"speaker":"Nick Lincoln","startTime":4672.5,"endTime":4676.72,"body":"short offer duration. So the"},{"speaker":"Nick Lincoln","startTime":4676.72,"endTime":4681.22,"body":"book casino by Nicholas palegi"},{"speaker":"Nick Lincoln","startTime":4676.72,"endTime":4681.22,"body":"is on sale on Kindle for 90 9p"},{"speaker":"Nick Lincoln","startTime":4681.88,"endTime":4686.26,"body":"it was made into a fabulous film"},{"speaker":"Nick Lincoln","startTime":4681.88,"endTime":4686.26,"body":"in the mid 1990s with Robert De"},{"speaker":"Nick Lincoln","startTime":4686.26,"endTime":4689.38,"body":"Niro and Joe Pesci and an"},{"speaker":"Nick Lincoln","startTime":4686.26,"endTime":4689.38,"body":"absolutely sizzling Sharon"},{"speaker":"Nick Lincoln","startTime":4689.38,"endTime":4692.62,"body":"Stone. And it's a really good I"},{"speaker":"Nick Lincoln","startTime":4689.38,"endTime":4692.62,"body":"read it years ago and lost the"},{"speaker":"Nick Lincoln","startTime":4692.62,"endTime":4695.32,"body":"physical book, so I'm going to"},{"speaker":"Nick Lincoln","startTime":4692.62,"endTime":4695.32,"body":"get that on Casino. Nicholas"},{"speaker":"Nick Lincoln","startTime":4695.32,"endTime":4697.8,"body":"palegi is also the guy who wrote"},{"speaker":"Nick Lincoln","startTime":4695.32,"endTime":4697.8,"body":"Goodfellas, which became the"},{"speaker":"Nick Lincoln","startTime":4697.8,"endTime":4702.48,"body":"film of the same name as well."},{"speaker":"Nick Lincoln","startTime":4697.8,"endTime":4702.48,"body":"So you know that he and the"},{"speaker":"Nick Lincoln","startTime":4702.84,"endTime":4705.54,"body":"Goodfellas might be my favorite"},{"speaker":"Nick Lincoln","startTime":4702.84,"endTime":4705.54,"body":"film, but the book is almost as"},{"speaker":"Nick Lincoln","startTime":4705.54,"endTime":4708.42,"body":"good as the film and Casino. The"},{"speaker":"Nick Lincoln","startTime":4705.54,"endTime":4708.42,"body":"book will be as good as casinos."},{"speaker":"Nick Lincoln","startTime":4708.42,"endTime":4712.62,"body":"Have a nice 9p get a fascinating"},{"speaker":"Nick Lincoln","startTime":4708.42,"endTime":4712.62,"body":"read into a world long gone"},{"speaker":"Nick Lincoln","startTime":4712.92,"endTime":4715.68,"body":"focused around money and casinos"},{"speaker":"Nick Lincoln","startTime":4712.92,"endTime":4715.68,"body":"and the skim and so forth. So it"},{"speaker":"Nick Lincoln","startTime":4715.68,"endTime":4718.08,"body":"should be of interest to people"},{"speaker":"Nick Lincoln","startTime":4715.68,"endTime":4718.08,"body":"who are involved in this thing"},{"speaker":"Nick Lincoln","startTime":4718.08,"endTime":4720.38,"body":"of ours. Of ours. Of course,"},{"speaker":"Nick Lincoln","startTime":4718.08,"endTime":4720.38,"body":"this thing of ours is shorthand"},{"speaker":"Nick Lincoln","startTime":4720.38,"endTime":4722.96,"body":"for the mafia, so I'm getting"},{"speaker":"Nick Lincoln","startTime":4720.38,"endTime":4722.96,"body":"myself into a hole here, right?"},{"speaker":"Nick Lincoln","startTime":4722.96,"endTime":4725.36,"body":"Let's move on to the next one."},{"speaker":"Nick Lincoln","startTime":4722.96,"endTime":4725.36,"body":"That's"},{"speaker":"Carl Widger","startTime":4725.36,"endTime":4729.92,"body":"me Nicholas. I"},{"speaker":"Carl Widger","startTime":4725.36,"endTime":4729.92,"body":"would like to recommend the Mel"},{"speaker":"Carl Widger","startTime":4729.92,"endTime":4734.18,"body":"Robbins podcast and a particular"},{"speaker":"Carl Widger","startTime":4729.92,"endTime":4734.18,"body":"the latest episode, which is"},{"speaker":"Carl Widger","startTime":4734.42,"endTime":4740.2,"body":"billionaire life hacks. I just,"},{"speaker":"Carl Widger","startTime":4734.42,"endTime":4740.2,"body":"I really like this podcast. She"},{"speaker":"Carl Widger","startTime":4740.5599999999995,"endTime":4745.5999999999995,"body":"is very upbeat. She's very"},{"speaker":"Carl Widger","startTime":4740.5599999999995,"endTime":4745.5999999999995,"body":"positive. And they're short and"},{"speaker":"Carl Widger","startTime":4745.5999999999995,"endTime":4748.78,"body":"sharp. These episodes, she goes"},{"speaker":"Carl Widger","startTime":4745.5999999999995,"endTime":4748.78,"body":"through kind of life hacks from"},{"speaker":"Carl Widger","startTime":4748.84,"endTime":4752.32,"body":"billionaires that she talks"},{"speaker":"Carl Widger","startTime":4748.84,"endTime":4752.32,"body":"about, Warren Buffett, Taylor"},{"speaker":"Carl Widger","startTime":4752.32,"endTime":4756.48,"body":"Swift, LeBron, James, it's"},{"speaker":"Carl Widger","startTime":4752.32,"endTime":4756.48,"body":"really good nick you'd, I don't"},{"speaker":"Carl Widger","startTime":4756.48,"endTime":4759.72,"body":"think you'd enjoy it. I think"},{"speaker":"Carl Widger","startTime":4756.48,"endTime":4759.72,"body":"this will be Marmite for people."},{"speaker":"Carl Widger","startTime":4760.2,"endTime":4762.24,"body":"I just enjoy listening"},{"speaker":"Unknown","startTime":4762.48,"endTime":4762.5999999999995,"body":"to,"},{"speaker":"Nick Lincoln","startTime":4762.66,"endTime":4763.8,"body":"who's LeBron"},{"speaker":"Nick Lincoln","startTime":4762.66,"endTime":4763.8,"body":"Swift,"},{"speaker":"Carl Widger","startTime":4766.8,"endTime":4768.84,"body":"uh, moving swiftly"},{"speaker":"Carl Widger","startTime":4766.8,"endTime":4768.84,"body":"along. Who's Max nameless."},{"speaker":"Andy Hart","startTime":4770.5199999999995,"endTime":4772.5,"body":"Have you got a shake"},{"speaker":"Andy Hart","startTime":4770.5199999999995,"endTime":4772.5,"body":"all the good life hacks, but"},{"speaker":"Andy Hart","startTime":4772.5599999999995,"endTime":4773.76,"body":"we've got this to the podcast."},{"speaker":"Carl Widger","startTime":4775.44,"endTime":4777.62,"body":"Uh, it's very"},{"speaker":"Carl Widger","startTime":4775.44,"endTime":4777.62,"body":"short, like, I mean, Warren"},{"speaker":"Carl Widger","startTime":4777.62,"endTime":4780.68,"body":"Buffett's one is, read, read,"},{"speaker":"Carl Widger","startTime":4777.62,"endTime":4780.68,"body":"read. Taylor Swift says, you"},{"speaker":"Carl Widger","startTime":4780.68,"endTime":4784.28,"body":"know, taking notes along the"},{"speaker":"Carl Widger","startTime":4780.68,"endTime":4784.28,"body":"way. LeBron James is Sleep,"},{"speaker":"Carl Widger","startTime":4784.28,"endTime":4792.26,"body":"sleep, sleep. So we don't"},{"speaker":"Carl Widger","startTime":4784.28,"endTime":4792.26,"body":"already know,"},{"speaker":"Alan Smith","startTime":4792.86,"endTime":4797.26,"body":"no, but there's"},{"speaker":"Alan Smith","startTime":4792.86,"endTime":4797.26,"body":"nothing that we don't Yeah, it's"},{"speaker":"Alan Smith","startTime":4797.26,"endTime":4799.96,"body":"not one for you. Okay, I just"},{"speaker":"Alan Smith","startTime":4797.26,"endTime":4799.96,"body":"stand by ready"},{"speaker":"Carl Widger","startTime":4799.96,"endTime":4801.0999999999995,"body":"to tear apart and"},{"speaker":"Andy Hart","startTime":4806.68,"endTime":4813.46,"body":"above your station"},{"speaker":"Andy Hart","startTime":4806.68,"endTime":4813.46,"body":"mate. So mine is the Chris"},{"speaker":"Andy Hart","startTime":4813.46,"endTime":4818.22,"body":"Williamson podcast again, Derek"},{"speaker":"Andy Hart","startTime":4813.46,"endTime":4818.22,"body":"Sivers, who set up CD. Baby"},{"speaker":"Andy Hart","startTime":4818.22,"endTime":4820.62,"body":"sold. It's quite a good thinker."},{"speaker":"Andy Hart","startTime":4818.22,"endTime":4820.62,"body":"It's called the unstoppable"},{"speaker":"Andy Hart","startTime":4820.62,"endTime":4823.68,"body":"power of reframing, reframing"},{"speaker":"Andy Hart","startTime":4820.62,"endTime":4823.68,"body":"your experiences a couple of"},{"speaker":"Andy Hart","startTime":4823.68,"endTime":4826.2,"body":"hours long, and I'm going to"},{"speaker":"Andy Hart","startTime":4823.68,"endTime":4826.2,"body":"finally mention it's totally"},{"speaker":"Andy Hart","startTime":4826.2,"endTime":4829.32,"body":"unrelated to this thing of ours,"},{"speaker":"Andy Hart","startTime":4826.2,"endTime":4829.32,"body":"but monsters on Netflix. I"},{"speaker":"Andy Hart","startTime":4829.32,"endTime":4834.9,"body":"finished it at the weekend. It's"},{"speaker":"Andy Hart","startTime":4829.32,"endTime":4834.9,"body":"a pretty brutal series, so yeah,"},{"speaker":"Andy Hart","startTime":4834.9,"endTime":4835.86,"body":"check that out as well."},{"speaker":"Carl Widger","startTime":4835.92,"endTime":4838.22,"body":"Is that the"},{"speaker":"Carl Widger","startTime":4835.92,"endTime":4838.22,"body":"Menendez brothers, brothers,"},{"speaker":"Andy Hart","startTime":4838.22,"endTime":4841.28,"body":"yeah, it's brutal,"},{"speaker":"Andy Hart","startTime":4838.22,"endTime":4841.28,"body":"brutal. I've I'm three"},{"speaker":"Carl Widger","startTime":4841.28,"endTime":4845.5999999999995,"body":"episodes in that it"},{"speaker":"Carl Widger","startTime":4841.28,"endTime":4845.5999999999995,"body":"is brutal, scary. And, yeah,"},{"speaker":"Andy Hart","startTime":4845.5999999999995,"endTime":4846.32,"body":"it's not, it's"},{"speaker":"Nick Lincoln","startTime":4846.32,"endTime":4848.66,"body":"not. What was"},{"speaker":"Nick Lincoln","startTime":4846.32,"endTime":4848.66,"body":"that? Was that other series that"},{"speaker":"Nick Lincoln","startTime":4848.66,"endTime":4852.2,"body":"your father recommended, Carl,"},{"speaker":"Nick Lincoln","startTime":4848.66,"endTime":4852.2,"body":"that you we shouldn't watch."},{"speaker":"Andy Hart","startTime":4853.64,"endTime":4856.3,"body":"It's on Apple TV,"},{"speaker":"Andy Hart","startTime":4853.64,"endTime":4856.3,"body":"apparently. Yeah. Oh. Over"},{"speaker":"Carl Widger","startTime":4860.08,"endTime":4861.64,"body":"to you. Yeah,"},{"speaker":"Alan Smith","startTime":4863.5,"endTime":4866.32,"body":"yeah. And Derek"},{"speaker":"Alan Smith","startTime":4863.5,"endTime":4866.32,"body":"simmers is fabulous if you've"},{"speaker":"Alan Smith","startTime":4866.8,"endTime":4870.5199999999995,"body":"heard that podcast, but previous"},{"speaker":"Alan Smith","startTime":4866.8,"endTime":4870.5199999999995,"body":"stuff that he's done, he's just"},{"speaker":"Alan Smith","startTime":4870.7,"endTime":4875.2,"body":"quite like I thought he up your"},{"speaker":"Alan Smith","startTime":4870.7,"endTime":4875.2,"body":"street, Nick there, so, but he's"},{"speaker":"Alan Smith","startTime":4875.2,"endTime":4877.0199999999995,"body":"very kind of under. Status. He's"},{"speaker":"Nick Lincoln","startTime":4877.0199999999995,"endTime":4879.5999999999995,"body":"one of these guys"},{"speaker":"Nick Lincoln","startTime":4877.0199999999995,"endTime":4879.5999999999995,"body":"who no one ever challenges him."},{"speaker":"Nick Lincoln","startTime":4879.5999999999995,"endTime":4882.9,"body":"He just talks and he says things"},{"speaker":"Nick Lincoln","startTime":4879.5999999999995,"endTime":4882.9,"body":"I think he will push back. It's"},{"speaker":"Nick Lincoln","startTime":4882.9,"endTime":4885.78,"body":"just, it's like a lot of it's"},{"speaker":"Nick Lincoln","startTime":4882.9,"endTime":4885.78,"body":"bullshit, I think, sorry, there"},{"speaker":"Nick Lincoln","startTime":4885.78,"endTime":4886.14,"body":"you go."},{"speaker":"Unknown","startTime":4887.5199999999995,"endTime":4888.66,"body":"Okay, okay."},{"speaker":"Alan Smith","startTime":4890.4,"endTime":4894.0599999999995,"body":"My suggestion this"},{"speaker":"Alan Smith","startTime":4890.4,"endTime":4894.0599999999995,"body":"time around is a podcast called"},{"speaker":"Alan Smith","startTime":4894.0599999999995,"endTime":4899.12,"body":"Business Made Simple."},{"speaker":"Alan Smith","startTime":4894.0599999999995,"endTime":4899.12,"body":"Originally, this whole thing set"},{"speaker":"Alan Smith","startTime":4899.12,"endTime":4901.34,"body":"up was the guy called Donald"},{"speaker":"Alan Smith","startTime":4899.12,"endTime":4901.34,"body":"Miller. Don't know if anyone's"},{"speaker":"Alan Smith","startTime":4901.34,"endTime":4904.04,"body":"come across Donald Miller, he's"},{"speaker":"Alan Smith","startTime":4901.34,"endTime":4904.04,"body":"got this whole again, could be"},{"speaker":"Alan Smith","startTime":4904.04,"endTime":4908.78,"body":"conversation for another time."},{"speaker":"Alan Smith","startTime":4904.04,"endTime":4908.78,"body":"This whole kind of podcast and"},{"speaker":"Alan Smith","startTime":4908.78,"endTime":4913.28,"body":"book and series called Story"},{"speaker":"Alan Smith","startTime":4908.78,"endTime":4913.28,"body":"brand. Building your story"},{"speaker":"Alan Smith","startTime":4913.28,"endTime":4916.4,"body":"brand. This is an offshoot from"},{"speaker":"Alan Smith","startTime":4913.28,"endTime":4916.4,"body":"this business made simple"},{"speaker":"Alan Smith","startTime":4916.46,"endTime":4920.26,"body":"podcast, so it's not"},{"speaker":"Alan Smith","startTime":4916.46,"endTime":4920.26,"body":"specifically related to this"},{"speaker":"Alan Smith","startTime":4920.26,"endTime":4922.24,"body":"thing of ours financial"},{"speaker":"Alan Smith","startTime":4920.26,"endTime":4922.24,"body":"planning, but it's, it is"},{"speaker":"Alan Smith","startTime":4922.24,"endTime":4924.82,"body":"related to anyone running a"},{"speaker":"Alan Smith","startTime":4922.24,"endTime":4924.82,"body":"small business, and it's very"},{"speaker":"Alan Smith","startTime":4924.82,"endTime":4929.26,"body":"focused on marketing and growing"},{"speaker":"Alan Smith","startTime":4924.82,"endTime":4929.26,"body":"your business. And the podcast"},{"speaker":"Alan Smith","startTime":4930.0999999999995,"endTime":4932.62,"body":"that they had the interview"},{"speaker":"Alan Smith","startTime":4930.0999999999995,"endTime":4932.62,"body":"recently was a guy called Marcus"},{"speaker":"Alan Smith","startTime":4932.62,"endTime":4935.14,"body":"Sheridan. Now, I read Marcus"},{"speaker":"Alan Smith","startTime":4932.62,"endTime":4935.14,"body":"Sheridan's book quite some time"},{"speaker":"Alan Smith","startTime":4935.14,"endTime":4939.54,"body":"ago, one of the real elevators"},{"speaker":"Alan Smith","startTime":4935.14,"endTime":4939.54,"body":"on content creation. Wrote a"},{"speaker":"Alan Smith","startTime":4939.54,"endTime":4944.28,"body":"book some years ago. They ask"},{"speaker":"Alan Smith","startTime":4939.54,"endTime":4944.28,"body":"you answer, and of course,"},{"speaker":"Alan Smith","startTime":4944.28,"endTime":4946.74,"body":"obviously, he's appearing and"},{"speaker":"Alan Smith","startTime":4944.28,"endTime":4946.74,"body":"he's doing the podcast circuit"},{"speaker":"Alan Smith","startTime":4946.74,"endTime":4949.2,"body":"because he's got the latest and"},{"speaker":"Alan Smith","startTime":4946.74,"endTime":4949.2,"body":"updated version of it, which"},{"speaker":"Alan Smith","startTime":4949.2,"endTime":4952.5,"body":"incorporates all new"},{"speaker":"Alan Smith","startTime":4949.2,"endTime":4952.5,"body":"technologies and AI, etc, but"},{"speaker":"Alan Smith","startTime":4952.5,"endTime":4957.68,"body":"it's a 30 minute listen or"},{"speaker":"Alan Smith","startTime":4952.5,"endTime":4957.68,"body":"watch. And really good, you"},{"speaker":"Alan Smith","startTime":4957.68,"endTime":4962.3,"body":"know, half a dozen practical"},{"speaker":"Alan Smith","startTime":4957.68,"endTime":4962.3,"body":"ideas that you can implement in"},{"speaker":"Alan Smith","startTime":4962.3,"endTime":4965.36,"body":"terms of, you know, growing your"},{"speaker":"Alan Smith","startTime":4962.3,"endTime":4965.36,"body":"business, marketing and"},{"speaker":"Alan Smith","startTime":4965.36,"endTime":4969.44,"body":"innovation. So link, as always,"},{"speaker":"Alan Smith","startTime":4965.36,"endTime":4969.44,"body":"in the show what I did, like"},{"speaker":"Alan Smith","startTime":4969.44,"endTime":4974.66,"body":"covid. I know I'm gonna leave"},{"speaker":"Alan Smith","startTime":4969.44,"endTime":4974.66,"body":"you to put you in charge, but I"},{"speaker":"Alan Smith","startTime":4974.66,"endTime":4977.0199999999995,"body":"tell you, I'll tell you the one,"},{"speaker":"Alan Smith","startTime":4974.66,"endTime":4977.0199999999995,"body":"the one idea is, and I'm going"},{"speaker":"Alan Smith","startTime":4977.0199999999995,"endTime":4979.24,"body":"to leave this because you"},{"speaker":"Alan Smith","startTime":4977.0199999999995,"endTime":4979.24,"body":"probably know already Andy, but"},{"speaker":"Alan Smith","startTime":4979.24,"endTime":4982.5999999999995,"body":"he talks about the big five. Get"},{"speaker":"Alan Smith","startTime":4979.24,"endTime":4982.5999999999995,"body":"into the big five. You want to,"},{"speaker":"Alan Smith","startTime":4982.5999999999995,"endTime":4986.5,"body":"if you want to create content,"},{"speaker":"Alan Smith","startTime":4982.5999999999995,"endTime":4986.5,"body":"write about the Big Five, or"},{"speaker":"Alan Smith","startTime":4986.5,"endTime":4988.96,"body":"make a video about the big five."},{"speaker":"Alan Smith","startTime":4986.5,"endTime":4988.96,"body":"And it's nothing to do with"},{"speaker":"Alan Smith","startTime":4988.96,"endTime":4993.7,"body":"going in Safari. Boom, boom,"},{"speaker":"Alan Smith","startTime":4988.96,"endTime":4993.7,"body":"right. Let's do this. Finish it."},{"speaker":"Alan Smith","startTime":4994.42,"endTime":4994.84,"body":"Okay,"},{"speaker":"Nick Lincoln","startTime":4994.84,"endTime":4997.86,"body":"on that, on that,"},{"speaker":"Nick Lincoln","startTime":4994.84,"endTime":4997.86,"body":"on that group again. Then on"},{"speaker":"Nick Lincoln","startTime":4997.86,"endTime":5000.98,"body":"that note, I think we have"},{"speaker":"Nick Lincoln","startTime":4997.86,"endTime":5000.98,"body":"reached a wrap for this episode."},{"speaker":"Nick Lincoln","startTime":5000.98,"endTime":5003.74,"body":"82 minutes in, we're still"},{"speaker":"Nick Lincoln","startTime":5000.98,"endTime":5003.74,"body":"friends just about so thank you,"},{"speaker":"Nick Lincoln","startTime":5003.74,"endTime":5007.82,"body":"Dick TRAPPIST for your time and"},{"speaker":"Nick Lincoln","startTime":5003.74,"endTime":5007.82,"body":"for your input on the show. Do"},{"speaker":"Nick Lincoln","startTime":5007.82,"endTime":5011.24,"body":"rate us to leave a review on"},{"speaker":"Nick Lincoln","startTime":5007.82,"endTime":5011.24,"body":"iTunes or however you do it"},{"speaker":"Nick Lincoln","startTime":5011.24,"endTime":5014.0599999999995,"body":"within the APO and the apple and"},{"speaker":"Nick Lincoln","startTime":5011.24,"endTime":5014.0599999999995,"body":"the Apple world, that'll be"},{"speaker":"Nick Lincoln","startTime":5014.0599999999995,"endTime":5016.36,"body":"great. Six out of five stars."},{"speaker":"Nick Lincoln","startTime":5014.0599999999995,"endTime":5016.36,"body":"Like and subscribe to our"},{"speaker":"Nick Lincoln","startTime":5016.36,"endTime":5018.82,"body":"YouTube channel. We seriously"},{"speaker":"Nick Lincoln","startTime":5016.36,"endTime":5018.82,"body":"are not that far now from 1000"},{"speaker":"Nick Lincoln","startTime":5019.24,"endTime":5022.9,"body":"subscribers, which still blows"},{"speaker":"Nick Lincoln","startTime":5019.24,"endTime":5022.9,"body":"my mind, really, but so until"},{"speaker":"Nick Lincoln","startTime":5022.9,"endTime":5025.96,"body":"the next time from the Track"},{"speaker":"Nick Lincoln","startTime":5022.9,"endTime":5025.96,"body":"Pack it is Adios, take care out"},{"speaker":"Nick Lincoln","startTime":5025.96,"endTime":5028.72,"body":"of there, folks, and we will see"},{"speaker":"Nick Lincoln","startTime":5025.96,"endTime":5028.72,"body":"you in a couple of weeks time."},{"speaker":"Nick Lincoln","startTime":5028.72,"endTime":5031.96,"body":"Goodbye. Bye, bye,"},{"speaker":"Carl Widger","startTime":5032.5,"endTime":5039.0,"body":"bye, descended into"},{"speaker":"Carl Widger","startTime":5032.5,"endTime":5039.0,"body":"chaos. That"},{"speaker":"Nick Lincoln","startTime":5040.14,"endTime":5041.28,"body":"was all right."},{"speaker":"Nick Lincoln","startTime":5040.14,"endTime":5041.28,"body":"That was good. I."}]}