{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":8.58,"endTime":12.78,"body":"Music, welcome to the"},{"speaker":"Unknown","startTime":8.58,"endTime":12.78,"body":"real advisor podcast, T, R, A,"},{"speaker":"Unknown","startTime":12.78,"endTime":16.56,"body":"P, trap. Please follow us and"},{"speaker":"Unknown","startTime":12.78,"endTime":16.56,"body":"join in the conversation on"},{"speaker":"Unknown","startTime":16.56,"endTime":20.78,"body":"Twitter at advisor podcast,"},{"speaker":"Unknown","startTime":16.56,"endTime":20.78,"body":"where you can suggest ideas and"},{"speaker":"Unknown","startTime":20.78,"endTime":24.32,"body":"themes you'd like the trap team"},{"speaker":"Unknown","startTime":20.78,"endTime":24.32,"body":"to discuss. Also remember to"},{"speaker":"Unknown","startTime":24.32,"endTime":27.5,"body":"like and subscribe to our"},{"speaker":"Unknown","startTime":24.32,"endTime":27.5,"body":"YouTube channel and leave a six"},{"speaker":"Unknown","startTime":27.5,"endTime":31.1,"body":"out of five star review on"},{"speaker":"Unknown","startTime":27.5,"endTime":31.1,"body":"iTunes. Doing all this really,"},{"speaker":"Unknown","startTime":31.1,"endTime":34.76,"body":"really helps us, which means we"},{"speaker":"Unknown","startTime":31.1,"endTime":34.76,"body":"can do more to help you. Now,"},{"speaker":"Unknown","startTime":34.76,"endTime":38.12,"body":"let's head over to the studio"},{"speaker":"Unknown","startTime":34.76,"endTime":38.12,"body":"for the latest pile of trap you"},{"speaker":"Unknown","startTime":40.0,"endTime":40.36,"body":"music,"},{"speaker":"Nick Lincoln","startTime":44.38,"endTime":46.36,"body":"yes, indeed, dear"},{"speaker":"Nick Lincoln","startTime":44.38,"endTime":46.36,"body":"TRAPPIST, welcome back to what"},{"speaker":"Nick Lincoln","startTime":46.36,"endTime":50.08,"body":"many people are calling episode"},{"speaker":"Nick Lincoln","startTime":46.36,"endTime":50.08,"body":"58 of the real advisor podcast,"},{"speaker":"Nick Lincoln","startTime":50.08,"endTime":54.4,"body":"T, R, A, P, trap. My name is"},{"speaker":"Nick Lincoln","startTime":50.08,"endTime":54.4,"body":"Lincoln, and joining me, as ever"},{"speaker":"Nick Lincoln","startTime":54.4,"endTime":58.54,"body":"in the digital studio of doom,"},{"speaker":"Nick Lincoln","startTime":54.4,"endTime":58.54,"body":"are the three other members of"},{"speaker":"Nick Lincoln","startTime":58.54,"endTime":63.24,"body":"the trap back the three other"},{"speaker":"Nick Lincoln","startTime":58.54,"endTime":63.24,"body":"Horsemen of the Apocalypse. Carl"},{"speaker":"Nick Lincoln","startTime":63.24,"endTime":69.18,"body":"delachi, the voice widget. Alan"},{"speaker":"Nick Lincoln","startTime":63.24,"endTime":69.18,"body":"the storyteller, Smith and and"},{"speaker":"Nick Lincoln","startTime":69.18,"endTime":73.32,"body":"the ultra heart. Now, gentlemen,"},{"speaker":"Nick Lincoln","startTime":69.18,"endTime":73.32,"body":"we have a show packed full of"},{"speaker":"Nick Lincoln","startTime":73.32,"endTime":77.76,"body":"app, absolutely nothing, so"},{"speaker":"Nick Lincoln","startTime":73.32,"endTime":77.76,"body":"let's start packing it straight"},{"speaker":"Nick Lincoln","startTime":77.76,"endTime":80.66,"body":"away with some more high energy"},{"speaker":"Nick Lincoln","startTime":77.76,"endTime":80.66,"body":"review reads, read out by my"},{"speaker":"Nick Lincoln","startTime":80.66,"endTime":83.48,"body":"very good friend, the right"},{"speaker":"Nick Lincoln","startTime":80.66,"endTime":83.48,"body":"honorable Mr. Andrew Hart."},{"speaker":"Andy Hart","startTime":84.32,"endTime":86.66,"body":"Thank you very much."},{"speaker":"Andy Hart","startTime":84.32,"endTime":86.66,"body":"Nicholas, the first review is"},{"speaker":"Andy Hart","startTime":86.66,"endTime":91.16,"body":"from Bob W N entitled, thank"},{"speaker":"Andy Hart","startTime":86.66,"endTime":91.16,"body":"you. Great podcast. Five stars"},{"speaker":"Andy Hart","startTime":91.58,"endTime":94.28,"body":"on the whole great podcast,"},{"speaker":"Andy Hart","startTime":91.58,"endTime":94.28,"body":"which has been great for our"},{"speaker":"Andy Hart","startTime":94.28,"endTime":97.16,"body":"profession. I wonder if the"},{"speaker":"Andy Hart","startTime":94.28,"endTime":97.16,"body":"format could be tweaked with the"},{"speaker":"Andy Hart","startTime":97.16,"endTime":100.78,"body":"occasional guests coming on"},{"speaker":"Andy Hart","startTime":97.16,"endTime":100.78,"body":"after 50 odd episodes, content"},{"speaker":"Andy Hart","startTime":100.78,"endTime":105.64,"body":"is still decent and relevant."},{"speaker":"Andy Hart","startTime":100.78,"endTime":105.64,"body":"Next is j m from Wan bruh,"},{"speaker":"Andy Hart","startTime":106.12,"endTime":109.36,"body":"mandatory listing five stars."},{"speaker":"Andy Hart","startTime":106.12,"endTime":109.36,"body":"I'm 38 years into this"},{"speaker":"Andy Hart","startTime":109.36,"endTime":112.66,"body":"profession and 16 years as an"},{"speaker":"Andy Hart","startTime":109.36,"endTime":112.66,"body":"owner advisor. I love this"},{"speaker":"Andy Hart","startTime":112.66,"endTime":115.72,"body":"podcast, topical, relevant and"},{"speaker":"Andy Hart","startTime":112.66,"endTime":115.72,"body":"straight talking. Laugh Out"},{"speaker":"Andy Hart","startTime":115.72,"endTime":118.42,"body":"Loud, funny at times. It's a"},{"speaker":"Andy Hart","startTime":115.72,"endTime":118.42,"body":"serious podcast. If you care"},{"speaker":"Andy Hart","startTime":118.42,"endTime":122.28,"body":"about our profession, I must"},{"speaker":"Andy Hart","startTime":118.42,"endTime":122.28,"body":"listen. Thanks, chaps. Back to"},{"speaker":"Andy Hart","startTime":122.28,"endTime":124.08,"body":"you boss. Great"},{"speaker":"Nick Lincoln","startTime":124.08,"endTime":125.94,"body":"stuff. Thank you"},{"speaker":"Nick Lincoln","startTime":124.08,"endTime":125.94,"body":"TRAPPIST for those reviews. They"},{"speaker":"Nick Lincoln","startTime":125.94,"endTime":128.46,"body":"give us a shot in the arm. And"},{"speaker":"Nick Lincoln","startTime":125.94,"endTime":128.46,"body":"as to the first review, yeah,"},{"speaker":"Nick Lincoln","startTime":128.46,"endTime":131.58,"body":"good point. We did have our"},{"speaker":"Nick Lincoln","startTime":128.46,"endTime":131.58,"body":"first guest on last the last"},{"speaker":"Nick Lincoln","startTime":131.58,"endTime":134.52,"body":"episode 57 James shack,"},{"speaker":"Nick Lincoln","startTime":131.58,"endTime":134.52,"body":"trademark, James shackle, to"},{"speaker":"Nick Lincoln","startTime":134.52,"endTime":137.28,"body":"give him his correct name, and"},{"speaker":"Nick Lincoln","startTime":134.52,"endTime":137.28,"body":"that went over very well. So we"},{"speaker":"Nick Lincoln","startTime":137.28,"endTime":139.5,"body":"hope, we hope we give James the"},{"speaker":"Nick Lincoln","startTime":137.28,"endTime":139.5,"body":"boost he needs to get his"},{"speaker":"Nick Lincoln","startTime":139.5,"endTime":142.22,"body":"YouTube channel off the ground."},{"speaker":"Nick Lincoln","startTime":139.5,"endTime":142.22,"body":"Okay, let's move on. And"},{"speaker":"Alan Smith","startTime":142.939,"endTime":147.199,"body":"anyone's got any,"},{"speaker":"Alan Smith","startTime":142.939,"endTime":147.199,"body":"any suggestions for great guests"},{"speaker":"Alan Smith","startTime":147.259,"endTime":151.039,"body":"who think we'd add value to the"},{"speaker":"Alan Smith","startTime":147.259,"endTime":151.039,"body":"the audience, please do get in"},{"speaker":"Alan Smith","startTime":151.039,"endTime":152.959,"body":"touch with Lincoln,"},{"speaker":"Andy Hart","startTime":153.68,"endTime":156.2,"body":"yeah, well, ABC, ABC"},{"speaker":"Nick Lincoln","startTime":157.099,"endTime":159.259,"body":"always be close."},{"speaker":"Nick Lincoln","startTime":157.099,"endTime":159.259,"body":"Okay, let's put some, let's,"},{"speaker":"Nick Lincoln","startTime":159.679,"endTime":163.179,"body":"let's put a time stamp on this"},{"speaker":"Nick Lincoln","startTime":159.679,"endTime":163.179,"body":"episode with some topical tit"},{"speaker":"Nick Lincoln","startTime":163.539,"endTime":166.419,"body":"bits, stuff that's going on in"},{"speaker":"Nick Lincoln","startTime":163.539,"endTime":166.419,"body":"this thing of ours. Now, Andrew,"},{"speaker":"Nick Lincoln","startTime":166.419,"endTime":170.199,"body":"you had some sort of shindig"},{"speaker":"Nick Lincoln","startTime":166.419,"endTime":170.199,"body":"recently, some conference. Yes,"},{"speaker":"Andy Hart","startTime":170.199,"endTime":172.899,"body":"the UK's premier"},{"speaker":"Andy Hart","startTime":170.199,"endTime":172.899,"body":"financial planning conference."},{"speaker":"Andy Hart","startTime":172.899,"endTime":176.919,"body":"He was under management London."},{"speaker":"Andy Hart","startTime":172.899,"endTime":176.919,"body":"Was two weeks ago. Two of you"},{"speaker":"Andy Hart","startTime":177.159,"endTime":180.179,"body":"boys attended, obviously, Carl,"},{"speaker":"Andy Hart","startTime":177.159,"endTime":180.179,"body":"it's a big effort, but he's been"},{"speaker":"Andy Hart","startTime":180.179,"endTime":182.879,"body":"there before, yeah. Firstly,"},{"speaker":"Andy Hart","startTime":180.179,"endTime":182.879,"body":"massive. Thank you to all the"},{"speaker":"Andy Hart","startTime":182.879,"endTime":188.159,"body":"delegates for coming. I sold"},{"speaker":"Andy Hart","startTime":182.879,"endTime":188.159,"body":"about 333, 40 tickets in total,"},{"speaker":"Andy Hart","startTime":188.159,"endTime":192.299,"body":"a couple of drop offs, but the"},{"speaker":"Andy Hart","startTime":188.159,"endTime":192.299,"body":"room was absolutely packed. So"},{"speaker":"Andy Hart","startTime":192.299,"endTime":196.139,"body":"far. The score for the rate the"},{"speaker":"Andy Hart","startTime":192.299,"endTime":196.139,"body":"conference out of 10 is 8.8 so"},{"speaker":"Andy Hart","startTime":196.139,"endTime":198.539,"body":"very high. Very pleased with"},{"speaker":"Andy Hart","startTime":196.139,"endTime":198.539,"body":"that. And the average speaker"},{"speaker":"Andy Hart","startTime":198.539,"endTime":202.879,"body":"scores are coming in that 8.36"},{"speaker":"Andy Hart","startTime":198.539,"endTime":202.879,"body":"the top speaker was David"},{"speaker":"Andy Hart","startTime":202.879,"endTime":206.779,"body":"swannick from dimensional fund"},{"speaker":"Andy Hart","startTime":202.879,"endTime":206.779,"body":"advisors. Who you few of you may"},{"speaker":"Andy Hart","startTime":206.779,"endTime":211.939,"body":"know listen to this. He got 9.2"},{"speaker":"Andy Hart","startTime":206.779,"endTime":211.939,"body":"Yeah, good vibe. No strikes."},{"speaker":"Andy Hart","startTime":212.119,"endTime":215.419,"body":"Everyone was on a good form."},{"speaker":"Andy Hart","startTime":212.119,"endTime":215.419,"body":"Yeah, couldn't have asked them"},{"speaker":"Andy Hart","startTime":215.419,"endTime":219.199,"body":"all. So yeah, over to you boys"},{"speaker":"Andy Hart","startTime":215.419,"endTime":219.199,"body":"who are who attended? Well, Alan"},{"speaker":"Andy Hart","startTime":219.259,"endTime":222.639,"body":"attended properly, Nick. Nick."},{"speaker":"Andy Hart","startTime":219.259,"endTime":222.639,"body":"Nick showed his face as it were."},{"speaker":"Andy Hart","startTime":223.419,"endTime":224.919,"body":"Went to the pub and ready. He"},{"speaker":"Andy Hart","startTime":223.419,"endTime":224.919,"body":"was he"},{"speaker":"Alan Smith","startTime":224.919,"endTime":227.799,"body":"was there for most"},{"speaker":"Alan Smith","startTime":224.919,"endTime":227.799,"body":"you were there for the morning,"},{"speaker":"Alan Smith","startTime":227.799,"endTime":230.079,"body":"Nick, weren't you most of the"},{"speaker":"Alan Smith","startTime":227.799,"endTime":230.079,"body":"morning, he was there. He"},{"speaker":"Andy Hart","startTime":230.08,"endTime":232.96,"body":"was there. He was"},{"speaker":"Andy Hart","startTime":230.08,"endTime":232.96,"body":"there. Yeah, yeah. I can't"},{"speaker":"Andy Hart","startTime":232.96,"endTime":237.16,"body":"spirit anyway. Thoughts on the"},{"speaker":"Andy Hart","startTime":232.96,"endTime":237.16,"body":"conference guys."},{"speaker":"Alan Smith","startTime":238.18,"endTime":241.62,"body":"If he's there in"},{"speaker":"Alan Smith","startTime":238.18,"endTime":241.62,"body":"spirits, it was, it was good."},{"speaker":"Alan Smith","startTime":242.04,"endTime":244.98,"body":"Andrew, I gather you're going"},{"speaker":"Alan Smith","startTime":242.04,"endTime":244.98,"body":"for a bigger venue next year."},{"speaker":"Alan Smith","startTime":245.1,"endTime":246.06,"body":"Yes to demand,"},{"speaker":"Andy Hart","startTime":247.319,"endTime":249.959,"body":"yes. So three sorry,"},{"speaker":"Andy Hart","startTime":247.319,"endTime":249.959,"body":"yeah, 300 this year. Next year,"},{"speaker":"Andy Hart","startTime":249.959,"endTime":250.859,"body":"it's going to be 450"},{"speaker":"Alan Smith","startTime":253.08,"endTime":255.48,"body":"Very good. Well"},{"speaker":"Alan Smith","startTime":253.08,"endTime":255.48,"body":"done. It was a good day."},{"speaker":"Andy Hart","startTime":255.899,"endTime":256.619,"body":"Thank you. Yes, it"},{"speaker":"Nick Lincoln","startTime":256.62,"endTime":258.6,"body":"was a good vibe."},{"speaker":"Nick Lincoln","startTime":256.62,"endTime":258.6,"body":"We met some lovely TRAPPIST"},{"speaker":"Nick Lincoln","startTime":258.6,"endTime":260.6,"body":"there as well. That was nice."},{"speaker":"Nick Lincoln","startTime":258.6,"endTime":260.6,"body":"They were very kind to us,"},{"speaker":"Andy Hart","startTime":260.6,"endTime":264.5,"body":"you made it to the"},{"speaker":"Andy Hart","startTime":260.6,"endTime":264.5,"body":"Indian restaurant, didn't you?"},{"speaker":"Andy Hart","startTime":264.5,"endTime":266.78,"body":"Nick, just, just, just"},{"speaker":"Nick Lincoln","startTime":266.78,"endTime":269.72,"body":"about, I was"},{"speaker":"Nick Lincoln","startTime":266.78,"endTime":269.72,"body":"running on fumes by then. Yeah,"},{"speaker":"Nick Lincoln","startTime":270.62,"endTime":275.0,"body":"okay, right. So let's move on."},{"speaker":"Nick Lincoln","startTime":270.62,"endTime":275.0,"body":"So what's the next thing? Okay,"},{"speaker":"Nick Lincoln","startTime":275.0,"endTime":278.54,"body":"on the docket, as as Calacanis"},{"speaker":"Nick Lincoln","startTime":275.0,"endTime":278.54,"body":"says, and that rip off show that"},{"speaker":"Nick Lincoln","startTime":278.54,"endTime":281.0,"body":"copies us. Risk tolerance"},{"speaker":"Nick Lincoln","startTime":278.54,"endTime":281.0,"body":"remains static over time. Okay,"},{"speaker":"Nick Lincoln","startTime":281.0,"endTime":283.36,"body":"this is me. So this is an"},{"speaker":"Nick Lincoln","startTime":281.0,"endTime":283.36,"body":"article in morning. Article in"},{"speaker":"Nick Lincoln","startTime":283.36,"endTime":285.76,"body":"Morningstar. Morning stars, I"},{"speaker":"Nick Lincoln","startTime":283.36,"endTime":285.76,"body":"said before they do show notes"},{"speaker":"Nick Lincoln","startTime":285.76,"endTime":288.1,"body":"with good stuff, and there'll be"},{"speaker":"Nick Lincoln","startTime":285.76,"endTime":288.1,"body":"a link to this in the circle"},{"speaker":"Nick Lincoln","startTime":288.1,"endTime":290.44,"body":"show notes. The article is"},{"speaker":"Nick Lincoln","startTime":288.1,"endTime":290.44,"body":"entitled, does risk tolerance?"},{"speaker":"Nick Lincoln","startTime":290.44,"endTime":293.38,"body":"Sorry, just tolerance for risk"},{"speaker":"Nick Lincoln","startTime":290.44,"endTime":293.38,"body":"change in retirement, and it's"},{"speaker":"Nick Lincoln","startTime":293.38,"endTime":297.34,"body":"an American all threats. But she"},{"speaker":"Nick Lincoln","startTime":293.38,"endTime":297.34,"body":"writes on the first paragraph A"},{"speaker":"Nick Lincoln","startTime":297.34,"endTime":300.66,"body":"recent review of income, sorry,"},{"speaker":"Nick Lincoln","startTime":297.34,"endTime":300.66,"body":"a recent review. Of retirement"},{"speaker":"Nick Lincoln","startTime":300.66,"endTime":303.12,"body":"income advice by the UK's"},{"speaker":"Nick Lincoln","startTime":300.66,"endTime":303.12,"body":"Financial Conduct Authority"},{"speaker":"Nick Lincoln","startTime":303.12,"endTime":306.24,"body":"found no difference in how most"},{"speaker":"Nick Lincoln","startTime":303.12,"endTime":306.24,"body":"firms handle risk profiling"},{"speaker":"Nick Lincoln","startTime":306.24,"endTime":311.1,"body":"between the accumulation and"},{"speaker":"Nick Lincoln","startTime":306.24,"endTime":311.1,"body":"decum decumulation stages. Well,"},{"speaker":"Nick Lincoln","startTime":311.1,"endTime":314.76,"body":"that's good news, because I'm"},{"speaker":"Nick Lincoln","startTime":311.1,"endTime":314.76,"body":"sure the four of us are pretty"},{"speaker":"Nick Lincoln","startTime":314.76,"endTime":317.94,"body":"much agreed on this, that you"},{"speaker":"Nick Lincoln","startTime":314.76,"endTime":317.94,"body":"shouldn't really change the"},{"speaker":"Nick Lincoln","startTime":317.94,"endTime":320.24,"body":"retirement income advice from"},{"speaker":"Nick Lincoln","startTime":317.94,"endTime":320.24,"body":"the accumulation to the"},{"speaker":"Nick Lincoln","startTime":320.24,"endTime":323.06,"body":"decumulation from the saving to"},{"speaker":"Nick Lincoln","startTime":320.24,"endTime":323.06,"body":"the spending stage. And then"},{"speaker":"Nick Lincoln","startTime":323.06,"endTime":325.28,"body":"scrolling down the article,"},{"speaker":"Nick Lincoln","startTime":323.06,"endTime":325.28,"body":"there's a there's a brilliant"},{"speaker":"Nick Lincoln","startTime":325.28,"endTime":327.56,"body":"graph, because Morningstar have"},{"speaker":"Nick Lincoln","startTime":325.28,"endTime":327.56,"body":"their own risk assessment"},{"speaker":"Nick Lincoln","startTime":327.56,"endTime":330.02,"body":"questionnaire, their own mumbo"},{"speaker":"Nick Lincoln","startTime":327.56,"endTime":330.02,"body":"jumbo questionnaire, and they've"},{"speaker":"Nick Lincoln","startTime":330.02,"endTime":333.02,"body":"got 1000s and 1000s of responses"},{"speaker":"Nick Lincoln","startTime":330.02,"endTime":333.02,"body":"building up in this thing over"},{"speaker":"Nick Lincoln","startTime":333.02,"endTime":336.38,"body":"time. And there's this graph"},{"speaker":"Nick Lincoln","startTime":333.02,"endTime":336.38,"body":"showing how people's risk"},{"speaker":"Nick Lincoln","startTime":336.44,"endTime":340.18,"body":"tolerance remains the same over"},{"speaker":"Nick Lincoln","startTime":336.44,"endTime":340.18,"body":"time. And behind it is the S,"},{"speaker":"Nick Lincoln","startTime":340.18,"endTime":343.78,"body":"p5, 100 from January, 2008 to"},{"speaker":"Nick Lincoln","startTime":340.18,"endTime":343.78,"body":"now. And of course, the whole"},{"speaker":"Nick Lincoln","startTime":343.84,"endTime":348.34,"body":"you know, that was the financial"},{"speaker":"Nick Lincoln","startTime":343.84,"endTime":348.34,"body":"crisis, everything you know, the"},{"speaker":"Nick Lincoln","startTime":348.34,"endTime":351.76,"body":"the Wuhan lab leak, bed wetting,"},{"speaker":"Nick Lincoln","startTime":348.34,"endTime":351.76,"body":"the inflation, the inflation"},{"speaker":"Nick Lincoln","startTime":351.76,"endTime":354.28,"body":"scare, the markets going up and"},{"speaker":"Nick Lincoln","startTime":351.76,"endTime":354.28,"body":"down, but the average score is"},{"speaker":"Nick Lincoln","startTime":354.28,"endTime":356.98,"body":"just almost a flat line. So it"},{"speaker":"Nick Lincoln","startTime":354.28,"endTime":356.98,"body":"just proves that risk tolerance"},{"speaker":"Nick Lincoln","startTime":356.98,"endTime":359.32,"body":"is kind of an immutable"},{"speaker":"Nick Lincoln","startTime":356.98,"endTime":359.32,"body":"characteristic that doesn't"},{"speaker":"Nick Lincoln","startTime":359.32,"endTime":361.68,"body":"really change over time. So it"},{"speaker":"Nick Lincoln","startTime":359.32,"endTime":361.68,"body":"doesn't make you wonder why"},{"speaker":"Nick Lincoln","startTime":361.68,"endTime":365.1,"body":"certain firms, I think they"},{"speaker":"Nick Lincoln","startTime":361.68,"endTime":365.1,"body":"prescribe their advice is to do"},{"speaker":"Nick Lincoln","startTime":365.1,"endTime":367.14,"body":"the risk assessment"},{"speaker":"Nick Lincoln","startTime":365.1,"endTime":367.14,"body":"questionnaire every year with"},{"speaker":"Nick Lincoln","startTime":367.14,"endTime":369.96,"body":"their clients, and they also try"},{"speaker":"Nick Lincoln","startTime":367.14,"endTime":369.96,"body":"and badge it as a value add."},{"speaker":"Nick Lincoln","startTime":370.32,"endTime":371.4,"body":"What do you think, gents,"},{"speaker":"Carl Widger","startTime":374.16,"endTime":376.2,"body":"well, I think, I"},{"speaker":"Carl Widger","startTime":374.16,"endTime":376.2,"body":"think doing it every year is"},{"speaker":"Carl Widger","startTime":376.26,"endTime":381.44,"body":"pretty pointless exercise. Nick"},{"speaker":"Carl Widger","startTime":376.26,"endTime":381.44,"body":"and you know, risk tolerance,"},{"speaker":"Carl Widger","startTime":381.5,"endTime":386.78,"body":"you know, should be done as part"},{"speaker":"Carl Widger","startTime":381.5,"endTime":386.78,"body":"of a compliance measure, as part"},{"speaker":"Carl Widger","startTime":386.78,"endTime":389.78,"body":"of the financial plan. However,"},{"speaker":"Carl Widger","startTime":386.78,"endTime":389.78,"body":"there are, there are some"},{"speaker":"Carl Widger","startTime":389.78,"endTime":392.54,"body":"regulations there that you do"},{"speaker":"Carl Widger","startTime":389.78,"endTime":392.54,"body":"need to update it, especially if"},{"speaker":"Carl Widger","startTime":392.54,"endTime":395.78,"body":"you're doing, you know, new"},{"speaker":"Carl Widger","startTime":392.54,"endTime":395.78,"body":"investments, or new pension top"},{"speaker":"Carl Widger","startTime":395.78,"endTime":399.92,"body":"ups, that kind of stuff. So I"},{"speaker":"Carl Widger","startTime":395.78,"endTime":399.92,"body":"guess for regulation purposes,"},{"speaker":"Carl Widger","startTime":399.92,"endTime":405.16,"body":"there's going to be this just"},{"speaker":"Carl Widger","startTime":399.92,"endTime":405.16,"body":"has to be done. And I think if"},{"speaker":"Carl Widger","startTime":405.16,"endTime":408.1,"body":"you're doing rock solid"},{"speaker":"Carl Widger","startTime":405.16,"endTime":408.1,"body":"financial planning, long term"},{"speaker":"Carl Widger","startTime":408.1,"endTime":412.3,"body":"financial planning, you can have"},{"speaker":"Carl Widger","startTime":408.1,"endTime":412.3,"body":"grown up conversations with your"},{"speaker":"Carl Widger","startTime":412.3,"endTime":416.2,"body":"clients about it, and I suppose,"},{"speaker":"Carl Widger","startTime":412.3,"endTime":416.2,"body":"coach them, mentor them, educate"},{"speaker":"Carl Widger","startTime":416.2,"endTime":421.2,"body":"them through through the through"},{"speaker":"Carl Widger","startTime":416.2,"endTime":421.2,"body":"the entire process. So yeah,"},{"speaker":"Carl Widger","startTime":421.26,"endTime":424.44,"body":"pretty pointless doing it year"},{"speaker":"Carl Widger","startTime":421.26,"endTime":424.44,"body":"on year. But I think for"},{"speaker":"Carl Widger","startTime":424.44,"endTime":427.02,"body":"regulation purposes, you're"},{"speaker":"Carl Widger","startTime":424.44,"endTime":427.02,"body":"going to have to have your file"},{"speaker":"Carl Widger","startTime":427.02,"endTime":428.28,"body":"updated along the way."},{"speaker":"Andy Hart","startTime":429.96,"endTime":432.6,"body":"Yeah, our regulation"},{"speaker":"Andy Hart","startTime":429.96,"endTime":432.6,"body":"is requiring it yearly. Now,"},{"speaker":"Andy Hart","startTime":433.68,"endTime":436.08,"body":"again, they're quite loose on"},{"speaker":"Andy Hart","startTime":433.68,"endTime":436.08,"body":"the language they use, but"},{"speaker":"Andy Hart","startTime":436.38,"endTime":439.74,"body":"discussed, are they right? Yeah,"},{"speaker":"Andy Hart","startTime":436.38,"endTime":439.74,"body":"yeah, that's"},{"speaker":"Alan Smith","startTime":439.74,"endTime":443.42,"body":"part of your annual"},{"speaker":"Alan Smith","startTime":439.74,"endTime":443.42,"body":"review, letter, whatever, just"},{"speaker":"Alan Smith","startTime":443.42,"endTime":448.1,"body":"check. But it might just be, has"},{"speaker":"Alan Smith","startTime":443.42,"endTime":448.1,"body":"anything changed? So nothing it"},{"speaker":"Alan Smith","startTime":448.1,"endTime":450.62,"body":"depends on, certainly,"},{"speaker":"Alan Smith","startTime":448.1,"endTime":450.62,"body":"certainly, certainly, life. Life"},{"speaker":"Alan Smith","startTime":450.62,"endTime":454.04,"body":"events may have an impact. Let's"},{"speaker":"Alan Smith","startTime":450.62,"endTime":454.04,"body":"say you lost a spouse or"},{"speaker":"Alan Smith","startTime":454.04,"endTime":456.8,"body":"something material. You got you"},{"speaker":"Alan Smith","startTime":454.04,"endTime":456.8,"body":"lost your job, you got divorced."},{"speaker":"Alan Smith","startTime":457.04,"endTime":461.56,"body":"I agree with you. Nick the"},{"speaker":"Alan Smith","startTime":457.04,"endTime":461.56,"body":"fundamental kind of philosophy,"},{"speaker":"Alan Smith","startTime":461.68,"endTime":466.0,"body":"tolerance. Thing doesn't really"},{"speaker":"Alan Smith","startTime":461.68,"endTime":466.0,"body":"change much, but it's almost"},{"speaker":"Alan Smith","startTime":466.0,"endTime":469.06,"body":"just a check in with a client."},{"speaker":"Alan Smith","startTime":466.0,"endTime":469.06,"body":"Is not it's not the end of the"},{"speaker":"Alan Smith","startTime":469.06,"endTime":471.58,"body":"world just to check there. I"},{"speaker":"Alan Smith","startTime":469.06,"endTime":471.58,"body":"think the more interesting point"},{"speaker":"Alan Smith","startTime":471.58,"endTime":475.24,"body":"there is the pre and post"},{"speaker":"Alan Smith","startTime":471.58,"endTime":475.24,"body":"retirement investment"},{"speaker":"Alan Smith","startTime":475.24,"endTime":479.2,"body":"philosophy. I've seen so many"},{"speaker":"Alan Smith","startTime":475.24,"endTime":479.2,"body":"things about this in the last"},{"speaker":"Alan Smith","startTime":479.2,"endTime":481.5,"body":"couple of years that you"},{"speaker":"Alan Smith","startTime":479.2,"endTime":481.5,"body":"there's, there seems to be sort"},{"speaker":"Alan Smith","startTime":481.5,"endTime":484.02,"body":"of underlying expectation that"},{"speaker":"Alan Smith","startTime":481.5,"endTime":484.02,"body":"you change your investment"},{"speaker":"Alan Smith","startTime":484.92,"endTime":488.46,"body":"strategy or philosophy post"},{"speaker":"Alan Smith","startTime":484.92,"endTime":488.46,"body":"retirement, which I think is a"},{"speaker":"Alan Smith","startTime":488.46,"endTime":491.22,"body":"nonsense. You may well change"},{"speaker":"Alan Smith","startTime":488.46,"endTime":491.22,"body":"the strategy and the planning"},{"speaker":"Alan Smith","startTime":491.22,"endTime":495.54,"body":"around it, and the kind of,"},{"speaker":"Alan Smith","startTime":491.22,"endTime":495.54,"body":"yeah, if you know you are now in"},{"speaker":"Alan Smith","startTime":495.72,"endTime":498.54,"body":"drawdown, you're taking income,"},{"speaker":"Alan Smith","startTime":495.72,"endTime":498.54,"body":"and all the various things"},{"speaker":"Alan Smith","startTime":498.54,"endTime":501.32,"body":"that's that's reasonable, but"},{"speaker":"Alan Smith","startTime":498.54,"endTime":501.32,"body":"the underlying investment"},{"speaker":"Alan Smith","startTime":501.32,"endTime":504.2,"body":"strategy doesn't change ever. I"},{"speaker":"Alan Smith","startTime":501.32,"endTime":504.2,"body":"don't think, yeah,"},{"speaker":"Carl Widger","startTime":504.2,"endTime":506.12,"body":"I will talk a"},{"speaker":"Carl Widger","startTime":504.2,"endTime":506.12,"body":"little bit more about this in"},{"speaker":"Carl Widger","startTime":506.12,"endTime":509.0,"body":"the meat and potatoes today,"},{"speaker":"Carl Widger","startTime":506.12,"endTime":509.0,"body":"Alan, because that's, that's a"},{"speaker":"Carl Widger","startTime":509.06,"endTime":511.34,"body":"that's a massive point. It"},{"speaker":"Carl Widger","startTime":509.06,"endTime":511.34,"body":"doesn't, and shouldn't change,"},{"speaker":"Carl Widger","startTime":511.34,"endTime":515.0,"body":"especially with them. I know"},{"speaker":"Carl Widger","startTime":511.34,"endTime":515.0,"body":"you've you guys have got pension"},{"speaker":"Carl Widger","startTime":515.0,"endTime":518.24,"body":"freedoms over there now, and we,"},{"speaker":"Carl Widger","startTime":515.0,"endTime":518.24,"body":"you know. So you, the vast"},{"speaker":"Carl Widger","startTime":518.24,"endTime":522.58,"body":"majority people, if you're doing"},{"speaker":"Carl Widger","startTime":518.24,"endTime":522.58,"body":"well, okay, but if you are doing"},{"speaker":"Carl Widger","startTime":522.58,"endTime":525.46,"body":"rock solid financial planning,"},{"speaker":"Carl Widger","startTime":522.58,"endTime":525.46,"body":"as I say, you know, you're,"},{"speaker":"Carl Widger","startTime":525.46,"endTime":529.0,"body":"you're it's just, it's a, it's a"},{"speaker":"Carl Widger","startTime":525.46,"endTime":529.0,"body":"reviewable process every year."},{"speaker":"Carl Widger","startTime":529.06,"endTime":532.78,"body":"And that does not mean that your"},{"speaker":"Carl Widger","startTime":529.06,"endTime":532.78,"body":"investment philosophy should"},{"speaker":"Carl Widger","startTime":532.78,"endTime":535.96,"body":"change and and certainly for the"},{"speaker":"Carl Widger","startTime":532.78,"endTime":535.96,"body":"higher net worth clients, you"},{"speaker":"Carl Widger","startTime":535.96,"endTime":539.2,"body":"can demonstrate very clearly in"},{"speaker":"Carl Widger","startTime":535.96,"endTime":539.2,"body":"financial planning, through cash"},{"speaker":"Carl Widger","startTime":539.2,"endTime":543.18,"body":"flow modeling that they're going"},{"speaker":"Carl Widger","startTime":539.2,"endTime":543.18,"body":"to be 50 year investors. That's"},{"speaker":"Carl Widger","startTime":543.36,"endTime":546.6,"body":"what should dictate. What your"},{"speaker":"Carl Widger","startTime":543.36,"endTime":546.6,"body":"investment philosophy is, not"},{"speaker":"Carl Widger","startTime":546.6,"endTime":550.08,"body":"that you've now retired or semi"},{"speaker":"Carl Widger","startTime":546.6,"endTime":550.08,"body":"retired, or whatever. It's a"},{"speaker":"Carl Widger","startTime":550.08,"endTime":551.82,"body":"nonsense, a total nonsense."},{"speaker":"Nick Lincoln","startTime":557.64,"endTime":561.02,"body":"Okay, well, that's"},{"speaker":"Nick Lincoln","startTime":557.64,"endTime":561.02,"body":"what I just want to ask. I just"},{"speaker":"Alan Smith","startTime":562.34,"endTime":565.1,"body":"wanted to just, just"},{"speaker":"Alan Smith","startTime":562.34,"endTime":565.1,"body":"add to that. And we've we this"},{"speaker":"Alan Smith","startTime":565.1,"endTime":569.36,"body":"comes up from time to time. And"},{"speaker":"Alan Smith","startTime":565.1,"endTime":569.36,"body":"in summary, this, this"},{"speaker":"Alan Smith","startTime":569.36,"endTime":572.84,"body":"conversation represents our"},{"speaker":"Alan Smith","startTime":569.36,"endTime":572.84,"body":"understanding of real financial"},{"speaker":"Alan Smith","startTime":572.84,"endTime":577.28,"body":"planning, and some of the stuff"},{"speaker":"Alan Smith","startTime":572.84,"endTime":577.28,"body":"I read confirms industry"},{"speaker":"Alan Smith","startTime":577.28,"endTime":580.34,"body":"commentators, if you like, other"},{"speaker":"Alan Smith","startTime":577.28,"endTime":580.34,"body":"people's misunderstanding."},{"speaker":"Alan Smith","startTime":580.34,"endTime":583.96,"body":"Because I keep seeing this thing"},{"speaker":"Alan Smith","startTime":580.34,"endTime":583.96,"body":"come coming up. Yeah, Carl, they"},{"speaker":"Alan Smith","startTime":583.96,"endTime":586.3,"body":"were just people aren't"},{"speaker":"Alan Smith","startTime":583.96,"endTime":586.3,"body":"investing for 30 years or 50"},{"speaker":"Alan Smith","startTime":586.3,"endTime":588.28,"body":"years. People are now in"},{"speaker":"Alan Smith","startTime":586.3,"endTime":588.28,"body":"retirement. They need their"},{"speaker":"Alan Smith","startTime":588.28,"endTime":591.1,"body":"money next year and the year"},{"speaker":"Alan Smith","startTime":588.28,"endTime":591.1,"body":"after. And we said, of course,"},{"speaker":"Alan Smith","startTime":591.1,"endTime":594.94,"body":"they do. Hence the kind of core"},{"speaker":"Alan Smith","startTime":591.1,"endTime":594.94,"body":"philosophy of real financial"},{"speaker":"Alan Smith","startTime":594.94,"endTime":598.48,"body":"planning, which manages income,"},{"speaker":"Alan Smith","startTime":594.94,"endTime":598.48,"body":"expenditure, caps, CAPEX"},{"speaker":"Alan Smith","startTime":598.48,"endTime":601.02,"body":"expenditure, all that stuff"},{"speaker":"Alan Smith","startTime":598.48,"endTime":601.02,"body":"that. The essence of it. That's"},{"speaker":"Alan Smith","startTime":601.02,"endTime":604.32,"body":"why it's a highly personalized"},{"speaker":"Alan Smith","startTime":601.02,"endTime":604.32,"body":"process and experience. And"},{"speaker":"Alan Smith","startTime":604.32,"endTime":607.02,"body":"anyone who says, you know, my"},{"speaker":"Alan Smith","startTime":604.32,"endTime":607.02,"body":"clients will need the money"},{"speaker":"Alan Smith","startTime":607.02,"endTime":609.72,"body":"within the next five years,"},{"speaker":"Alan Smith","startTime":607.02,"endTime":609.72,"body":"therefore we've got a different"},{"speaker":"Alan Smith","startTime":609.72,"endTime":613.02,"body":"investment strategy, clearly"},{"speaker":"Alan Smith","startTime":609.72,"endTime":613.02,"body":"doesn't understand the core"},{"speaker":"Alan Smith","startTime":613.02,"endTime":614.1,"body":"aspects of financial"},{"speaker":"Nick Lincoln","startTime":614.94,"endTime":618.0,"body":"planning. I would"},{"speaker":"Nick Lincoln","startTime":614.94,"endTime":618.0,"body":"agree with that. Okay, thank"},{"speaker":"Nick Lincoln","startTime":618.0,"endTime":622.82,"body":"you, gentlemen. Voice crypto, go"},{"speaker":"Nick Lincoln","startTime":618.0,"endTime":622.82,"body":"on, have at it."},{"speaker":"Carl Widger","startTime":624.019,"endTime":626.659,"body":"Well, I just"},{"speaker":"Carl Widger","startTime":624.019,"endTime":626.659,"body":"thought, you know, we should"},{"speaker":"Carl Widger","startTime":626.659,"endTime":630.079,"body":"mention the fact that markets,"},{"speaker":"Carl Widger","startTime":626.659,"endTime":630.079,"body":"Trump was elected, markets are"},{"speaker":"Carl Widger","startTime":630.079,"endTime":635.539,"body":"at all time highs. Crypto is an"},{"speaker":"Carl Widger","startTime":630.079,"endTime":635.539,"body":"all time high, and inevitably,"},{"speaker":"Carl Widger","startTime":635.539,"endTime":638.359,"body":"then you'll get questions from"},{"speaker":"Carl Widger","startTime":635.539,"endTime":638.359,"body":"clients. Oh, well, maybe I"},{"speaker":"Carl Widger","startTime":638.359,"endTime":641.499,"body":"should kind of hold off and wait"},{"speaker":"Carl Widger","startTime":638.359,"endTime":641.499,"body":"for a correction and then go in."},{"speaker":"Carl Widger","startTime":642.519,"endTime":646.719,"body":"So I Yeah, but, but, look, I do"},{"speaker":"Carl Widger","startTime":642.519,"endTime":646.719,"body":"you know what? We know that"},{"speaker":"Carl Widger","startTime":646.719,"endTime":650.859,"body":"that's the, you know, when is"},{"speaker":"Carl Widger","startTime":646.719,"endTime":650.859,"body":"the best time to invest is, you"},{"speaker":"Carl Widger","startTime":650.859,"endTime":654.099,"body":"know, if not five years ago,"},{"speaker":"Carl Widger","startTime":650.859,"endTime":654.099,"body":"it's today, right? But having"},{"speaker":"Carl Widger","startTime":654.099,"endTime":657.519,"body":"said that, from a client's point"},{"speaker":"Carl Widger","startTime":654.099,"endTime":657.519,"body":"of view, it's a valid question."},{"speaker":"Carl Widger","startTime":657.579,"endTime":660.959,"body":"It really is. So it's how you"},{"speaker":"Carl Widger","startTime":657.579,"endTime":660.959,"body":"deal with those questions and"},{"speaker":"Carl Widger","startTime":660.959,"endTime":664.739,"body":"how you deal with those"},{"speaker":"Carl Widger","startTime":660.959,"endTime":664.739,"body":"concerns. And I came across a"},{"speaker":"Carl Widger","startTime":664.739,"endTime":669.779,"body":"video from Charlie Bill ello and"},{"speaker":"Carl Widger","startTime":664.739,"endTime":669.779,"body":"Peter maluc. We've mentioned"},{"speaker":"Carl Widger","startTime":669.779,"endTime":673.679,"body":"both before, by the way, Charlie"},{"speaker":"Carl Widger","startTime":669.779,"endTime":673.679,"body":"below is, I think I'm"},{"speaker":"Carl Widger","startTime":673.679,"endTime":678.119,"body":"pronouncing his surname, right,"},{"speaker":"Carl Widger","startTime":673.679,"endTime":678.119,"body":"B, I, L, E, L, L, O, is"},{"speaker":"Carl Widger","startTime":678.119,"endTime":680.959,"body":"definitely worth following. He"},{"speaker":"Carl Widger","startTime":678.119,"endTime":680.959,"body":"puts up some really brilliant"},{"speaker":"Carl Widger","startTime":680.959,"endTime":684.139,"body":"content, but the conversation"},{"speaker":"Carl Widger","startTime":680.959,"endTime":684.139,"body":"was kind of about right Trump's"},{"speaker":"Carl Widger","startTime":684.139,"endTime":687.619,"body":"in. So what can we expect? And"},{"speaker":"Carl Widger","startTime":684.139,"endTime":687.619,"body":"there was some stuff about"},{"speaker":"Carl Widger","startTime":687.619,"endTime":691.339,"body":"tariffs and that kind of stuff"},{"speaker":"Carl Widger","startTime":687.619,"endTime":691.339,"body":"in the first part of the"},{"speaker":"Carl Widger","startTime":691.759,"endTime":695.599,"body":"podcast, but Peter Malou kind of"},{"speaker":"Carl Widger","startTime":691.759,"endTime":695.599,"body":"wraps it up at the end, and it"},{"speaker":"Carl Widger","startTime":695.599,"endTime":699.979,"body":"gives kind of a nice summary as"},{"speaker":"Carl Widger","startTime":695.599,"endTime":699.979,"body":"to, you know why you should be"},{"speaker":"Carl Widger","startTime":699.979,"endTime":704.259,"body":"investing now. And he just makes"},{"speaker":"Carl Widger","startTime":699.979,"endTime":704.259,"body":"one comment towards the end, you"},{"speaker":"Carl Widger","startTime":704.259,"endTime":707.199,"body":"know, if you think that the"},{"speaker":"Carl Widger","startTime":704.259,"endTime":707.199,"body":"price of everything is going to"},{"speaker":"Carl Widger","startTime":707.199,"endTime":710.439,"body":"increase over the next five to"},{"speaker":"Carl Widger","startTime":707.199,"endTime":710.439,"body":"10 years, you need to be"},{"speaker":"Carl Widger","startTime":710.439,"endTime":713.319,"body":"invested in an equity portfolio."},{"speaker":"Carl Widger","startTime":710.439,"endTime":713.319,"body":"And I thought it was a beautiful"},{"speaker":"Carl Widger","startTime":713.319,"endTime":717.699,"body":"little summary as how, you know"},{"speaker":"Carl Widger","startTime":713.319,"endTime":717.699,"body":"you can help your clients make"},{"speaker":"Carl Widger","startTime":717.699,"endTime":721.079,"body":"those decisions, because people"},{"speaker":"Carl Widger","startTime":717.699,"endTime":721.079,"body":"will be nervous that, well, if"},{"speaker":"Carl Widger","startTime":721.079,"endTime":723.239,"body":"things are at an all time high,"},{"speaker":"Carl Widger","startTime":721.079,"endTime":723.239,"body":"there's only one way they can"},{"speaker":"Carl Widger","startTime":723.239,"endTime":727.499,"body":"go, and really it's up to us to"},{"speaker":"Carl Widger","startTime":723.239,"endTime":727.499,"body":"coach them through. You know,"},{"speaker":"Carl Widger","startTime":727.499,"endTime":731.159,"body":"well, you know, history tells"},{"speaker":"Carl Widger","startTime":727.499,"endTime":731.159,"body":"us, if you take a medium to long"},{"speaker":"Carl Widger","startTime":731.159,"endTime":735.479,"body":"term view, you know, the trend"},{"speaker":"Carl Widger","startTime":731.159,"endTime":735.479,"body":"is upwards, therefore you should"},{"speaker":"Carl Widger","startTime":735.479,"endTime":739.259,"body":"be invested. And then you look"},{"speaker":"Carl Widger","startTime":735.479,"endTime":739.259,"body":"out the window and do nothing so"},{"speaker":"Carl Widger","startTime":739.559,"endTime":745.879,"body":"interesting. I shared The below"},{"speaker":"Carl Widger","startTime":739.559,"endTime":745.879,"body":"video because, because I thought"},{"speaker":"Carl Widger","startTime":745.879,"endTime":749.119,"body":"that was interesting, but also"},{"speaker":"Carl Widger","startTime":745.879,"endTime":749.119,"body":"just to remind me to just share"},{"speaker":"Carl Widger","startTime":749.119,"endTime":751.639,"body":"with everybody that Charlie"},{"speaker":"Carl Widger","startTime":749.119,"endTime":751.639,"body":"below is definitely worth"},{"speaker":"Carl Widger","startTime":751.639,"endTime":753.739,"body":"following if you're not already,"},{"speaker":"Alan Smith","startTime":754.46,"endTime":758.0,"body":"there's quite a lot"},{"speaker":"Alan Smith","startTime":754.46,"endTime":758.0,"body":"of data out there about"},{"speaker":"Alan Smith","startTime":758.0,"endTime":760.58,"body":"historically, had you invested"},{"speaker":"Alan Smith","startTime":758.0,"endTime":760.58,"body":"at market, all time high. I'm"},{"speaker":"Alan Smith","startTime":760.58,"endTime":763.72,"body":"talking about things like, you"},{"speaker":"Alan Smith","startTime":760.58,"endTime":763.72,"body":"know, equity markets, s, p, etc,"},{"speaker":"Alan Smith","startTime":764.5,"endTime":768.4,"body":"and the the experience of anyone"},{"speaker":"Alan Smith","startTime":764.5,"endTime":768.4,"body":"who's done that in times and in"},{"speaker":"Alan Smith","startTime":768.76,"endTime":771.46,"body":"years gone by. You know, if you"},{"speaker":"Alan Smith","startTime":768.76,"endTime":771.46,"body":"take a medium to long term view,"},{"speaker":"Alan Smith","startTime":771.46,"endTime":774.16,"body":"has always been positive. Pretty"},{"speaker":"Alan Smith","startTime":771.46,"endTime":774.16,"body":"much the vast majority of time"},{"speaker":"Alan Smith","startTime":774.16,"endTime":776.98,"body":"has always been positive. It's"},{"speaker":"Alan Smith","startTime":774.16,"endTime":776.98,"body":"never the right time, other than"},{"speaker":"Alan Smith","startTime":776.98,"endTime":781.32,"body":"now. But your other point about"},{"speaker":"Alan Smith","startTime":776.98,"endTime":781.32,"body":"Bitcoin again every time it"},{"speaker":"Alan Smith","startTime":781.32,"endTime":783.78,"body":"reaches the market high, you"},{"speaker":"Alan Smith","startTime":781.32,"endTime":783.78,"body":"know, people start talking about"},{"speaker":"Alan Smith","startTime":783.78,"endTime":786.3,"body":"it again and wish they'd"},{"speaker":"Alan Smith","startTime":783.78,"endTime":786.3,"body":"invested before and didn't, and"},{"speaker":"Alan Smith","startTime":786.3,"endTime":789.12,"body":"then you wait for a market"},{"speaker":"Alan Smith","startTime":786.3,"endTime":789.12,"body":"correction, which may or may not"},{"speaker":"Alan Smith","startTime":789.12,"endTime":791.76,"body":"happen. I'm still of the"},{"speaker":"Alan Smith","startTime":789.12,"endTime":791.76,"body":"philosophy that in your"},{"speaker":"Alan Smith","startTime":791.76,"endTime":794.94,"body":"investment playpen, it's not the"},{"speaker":"Alan Smith","startTime":791.76,"endTime":794.94,"body":"end of the world to have a small"},{"speaker":"Alan Smith","startTime":794.94,"endTime":797.58,"body":"allocation towards something"},{"speaker":"Alan Smith","startTime":794.94,"endTime":797.58,"body":"like that, like, like it might"},{"speaker":"Alan Smith","startTime":797.58,"endTime":801.98,"body":"be to a tech startup or any"},{"speaker":"Alan Smith","startTime":797.58,"endTime":801.98,"body":"other number of things, the kind"},{"speaker":"Alan Smith","startTime":801.98,"endTime":804.86,"body":"of money you can afford to lose,"},{"speaker":"Alan Smith","startTime":801.98,"endTime":804.86,"body":"just as a bit of a pump, not the"},{"speaker":"Alan Smith","startTime":804.86,"endTime":805.64,"body":"end of the world to"},{"speaker":"Carl Widger","startTime":837.24,"endTime":839.2199999999999,"body":"have that. Yeah, I"},{"speaker":"Carl Widger","startTime":837.24,"endTime":839.2199999999999,"body":"would agree. Good points. Good"},{"speaker":"Nick Lincoln","startTime":839.2199999999999,"endTime":842.8199999999999,"body":"point. Excellent"},{"speaker":"Nick Lincoln","startTime":839.2199999999999,"endTime":842.8199999999999,"body":"stuff. Okay, who's next? It is"},{"speaker":"Nick Lincoln","startTime":842.8199999999999,"endTime":847.14,"body":"me. Okay, so, yeah, the budget,"},{"speaker":"Nick Lincoln","startTime":842.8199999999999,"endTime":847.14,"body":"our budget, the changes to"},{"speaker":"Nick Lincoln","startTime":847.14,"endTime":849.54,"body":"pensions, we're still as an"},{"speaker":"Nick Lincoln","startTime":847.14,"endTime":849.54,"body":"advisory community, feeling our"},{"speaker":"Nick Lincoln","startTime":849.54,"endTime":851.4499999999999,"body":"way through this, I think, and"},{"speaker":"Nick Lincoln","startTime":849.54,"endTime":851.4499999999999,"body":"there's a heck of a lot of"},{"speaker":"Nick Lincoln","startTime":851.4499999999999,"endTime":853.9699999999999,"body":"uncertainty, and it's not"},{"speaker":"Nick Lincoln","startTime":851.4499999999999,"endTime":853.9699999999999,"body":"sitting well on our shoulders, I"},{"speaker":"Nick Lincoln","startTime":853.9699999999999,"endTime":856.6999999999999,"body":"think, because, and this is,"},{"speaker":"Nick Lincoln","startTime":853.9699999999999,"endTime":856.6999999999999,"body":"again, a stereotype, but broadly"},{"speaker":"Nick Lincoln","startTime":856.6999999999999,"endTime":859.2199999999999,"body":"the advisor personality, I think"},{"speaker":"Nick Lincoln","startTime":856.6999999999999,"endTime":859.2199999999999,"body":"we kind of can do people who"},{"speaker":"Nick Lincoln","startTime":859.2199999999999,"endTime":861.5899999999999,"body":"like to go to our clients with"},{"speaker":"Nick Lincoln","startTime":859.2199999999999,"endTime":861.5899999999999,"body":"solutions. This is what we can"},{"speaker":"Nick Lincoln","startTime":861.5899999999999,"endTime":863.54,"body":"do, take my advice and just do"},{"speaker":"Nick Lincoln","startTime":861.5899999999999,"endTime":863.54,"body":"it. But at the minute, we're in"},{"speaker":"Nick Lincoln","startTime":863.54,"endTime":866.15,"body":"this kind of holding pattern"},{"speaker":"Nick Lincoln","startTime":863.54,"endTime":866.15,"body":"with pensions. We got this"},{"speaker":"Nick Lincoln","startTime":866.15,"endTime":869.6899999999999,"body":"consultation phase through to"},{"speaker":"Nick Lincoln","startTime":866.15,"endTime":869.6899999999999,"body":"next January. It's not coming in"},{"speaker":"Nick Lincoln","startTime":869.6899999999999,"endTime":873.2199999999999,"body":"until April, 2027 I was speaking"},{"speaker":"Nick Lincoln","startTime":869.6899999999999,"endTime":873.2199999999999,"body":"to advisors at hum Andy about"},{"speaker":"Nick Lincoln","startTime":873.2199999999999,"endTime":875.14,"body":"this, and they're all thinking,"},{"speaker":"Nick Lincoln","startTime":873.2199999999999,"endTime":875.14,"body":"you know, what are we telling"},{"speaker":"Nick Lincoln","startTime":875.14,"endTime":877.54,"body":"our clients? And so forth, so"},{"speaker":"Nick Lincoln","startTime":875.14,"endTime":877.54,"body":"we're just kind of working"},{"speaker":"Nick Lincoln","startTime":877.54,"endTime":880.12,"body":"through the ramifications. But I"},{"speaker":"Nick Lincoln","startTime":877.54,"endTime":880.12,"body":"just did a this, a real life"},{"speaker":"Nick Lincoln","startTime":880.12,"endTime":884.38,"body":"client, a husband and wife, and"},{"speaker":"Nick Lincoln","startTime":880.12,"endTime":884.38,"body":"he's taking, he's got income,"},{"speaker":"Nick Lincoln","startTime":884.5,"endTime":887.3199999999999,"body":"state income, and then an"},{"speaker":"Nick Lincoln","startTime":884.5,"endTime":887.3199999999999,"body":"annuity income of about 25k a"},{"speaker":"Nick Lincoln","startTime":887.3199999999999,"endTime":890.8199999999999,"body":"year, gross. And so I just"},{"speaker":"Nick Lincoln","startTime":887.3199999999999,"endTime":890.8199999999999,"body":"looked at it on on voyeur, what"},{"speaker":"Nick Lincoln","startTime":890.8199999999999,"endTime":893.76,"body":"if we take out and he's got a"},{"speaker":"Nick Lincoln","startTime":890.8199999999999,"endTime":893.76,"body":"pension part that he's not"},{"speaker":"Nick Lincoln","startTime":893.76,"endTime":896.16,"body":"touched because he wanted to"},{"speaker":"Nick Lincoln","startTime":893.76,"endTime":896.16,"body":"pass it down to his children for"},{"speaker":"Nick Lincoln","startTime":896.16,"endTime":898.56,"body":"him, inheritance tax? Well,"},{"speaker":"Nick Lincoln","startTime":896.16,"endTime":898.56,"body":"that's gone now. So we thought,"},{"speaker":"Nick Lincoln","startTime":898.56,"endTime":901.92,"body":"Okay, what if we just take out"},{"speaker":"Nick Lincoln","startTime":898.56,"endTime":901.92,"body":"25k a year gross. That takes him"},{"speaker":"Nick Lincoln","startTime":901.92,"endTime":907.02,"body":"up to the 50k band. So he only"},{"speaker":"Nick Lincoln","startTime":901.92,"endTime":907.02,"body":"paid 20k 20% tax on on that"},{"speaker":"Nick Lincoln","startTime":907.02,"endTime":910.5799999999999,"body":"25,000 pounds, and he can either"},{"speaker":"Nick Lincoln","startTime":907.02,"endTime":910.5799999999999,"body":"gift it away to the children."},{"speaker":"Nick Lincoln","startTime":910.5799999999999,"endTime":913.4599999999999,"body":"Get it outside of the estate."},{"speaker":"Nick Lincoln","startTime":910.5799999999999,"endTime":913.4599999999999,"body":"Get the seven year clock ticket."},{"speaker":"Nick Lincoln","startTime":913.4599999999999,"endTime":916.76,"body":"But it's not even the seven year"},{"speaker":"Nick Lincoln","startTime":913.4599999999999,"endTime":916.76,"body":"clock, because income payments"},{"speaker":"Nick Lincoln","startTime":916.76,"endTime":919.52,"body":"from fad, from flex access, draw"},{"speaker":"Nick Lincoln","startTime":916.76,"endTime":919.52,"body":"down regular income payments."},{"speaker":"Nick Lincoln","startTime":919.52,"endTime":921.92,"body":"You can gift them away to the"},{"speaker":"Nick Lincoln","startTime":919.52,"endTime":921.92,"body":"children, and they're treated as"},{"speaker":"Nick Lincoln","startTime":921.92,"endTime":925.16,"body":"income. You've given out taxable"},{"speaker":"Nick Lincoln","startTime":921.92,"endTime":925.16,"body":"income, and they fall"},{"speaker":"Nick Lincoln","startTime":925.16,"endTime":927.56,"body":"immediately outside of the"},{"speaker":"Nick Lincoln","startTime":925.16,"endTime":927.56,"body":"estate. So that's one thing you"},{"speaker":"Nick Lincoln","startTime":927.56,"endTime":930.52,"body":"could just start doing. But the"},{"speaker":"Nick Lincoln","startTime":927.56,"endTime":930.52,"body":"other thing i. Looked at as"},{"speaker":"Nick Lincoln","startTime":930.52,"endTime":933.52,"body":"well, was okay that if he takes"},{"speaker":"Nick Lincoln","startTime":930.52,"endTime":933.52,"body":"25k a year, gross, that's,"},{"speaker":"Nick Lincoln","startTime":933.52,"endTime":937.18,"body":"that's 20k I think, net, or 1700"},{"speaker":"Nick Lincoln","startTime":933.52,"endTime":937.18,"body":"pounds a month. Net, you put"},{"speaker":"Nick Lincoln","startTime":937.18,"endTime":939.3399999999999,"body":"that into a joint life, whole of"},{"speaker":"Nick Lincoln","startTime":937.18,"endTime":939.3399999999999,"body":"death. And it's amazing,"},{"speaker":"Nick Lincoln","startTime":939.3399999999999,"endTime":941.62,"body":"actually, how much,"},{"speaker":"Nick Lincoln","startTime":939.3399999999999,"endTime":941.62,"body":"theoretically, you can get for"},{"speaker":"Nick Lincoln","startTime":941.62,"endTime":943.7199999999999,"body":"this. I mean, there's this,"},{"speaker":"Nick Lincoln","startTime":941.62,"endTime":943.7199999999999,"body":"there's 71 next"},{"speaker":"Alan Smith","startTime":943.7199999999999,"endTime":945.0999999999999,"body":"hall of death, whole"},{"speaker":"Alan Smith","startTime":943.7199999999999,"endTime":945.0999999999999,"body":"of life."},{"speaker":"Nick Lincoln","startTime":946.54,"endTime":948.28,"body":"Sorry, hold of"},{"speaker":"Nick Lincoln","startTime":946.54,"endTime":948.28,"body":"death. This, this bizarre thing"},{"speaker":"Nick Lincoln","startTime":948.9399999999999,"endTime":952.62,"body":"in life, when you go to when you"},{"speaker":"Nick Lincoln","startTime":948.9399999999999,"endTime":952.62,"body":"go to when you meet somebody,"},{"speaker":"Nick Lincoln","startTime":952.62,"endTime":954.66,"body":"and you're just chatting with"},{"speaker":"Nick Lincoln","startTime":952.62,"endTime":954.66,"body":"me, say, by the way, how old are"},{"speaker":"Nick Lincoln","startTime":954.66,"endTime":956.8199999999999,"body":"you there? They said, Well, I'm"},{"speaker":"Nick Lincoln","startTime":954.66,"endTime":956.8199999999999,"body":"70 years old. But when you"},{"speaker":"Nick Lincoln","startTime":956.8199999999999,"endTime":958.98,"body":"entered Life Assurance, world"},{"speaker":"Nick Lincoln","startTime":956.8199999999999,"endTime":958.98,"body":"said something, how old are you"},{"speaker":"Nick Lincoln","startTime":958.98,"endTime":961.86,"body":"go, Well, I'm 71 next birthday."},{"speaker":"Nick Lincoln","startTime":958.98,"endTime":961.86,"body":"Who talks like that? But in life"},{"speaker":"Nick Lincoln","startTime":961.86,"endTime":964.02,"body":"assurance, they do. And this"},{"speaker":"Nick Lincoln","startTime":961.86,"endTime":964.02,"body":"couple, who are both going to be"},{"speaker":"Nick Lincoln","startTime":964.02,"endTime":967.86,"body":"71 next birthday, 1700 pounds a"},{"speaker":"Nick Lincoln","startTime":964.02,"endTime":967.86,"body":"month, theoretically buys them a"},{"speaker":"Nick Lincoln","startTime":967.86,"endTime":970.0799999999999,"body":"joint life, second death, whole"},{"speaker":"Nick Lincoln","startTime":967.86,"endTime":970.0799999999999,"body":"of life. Policy guaranteed"},{"speaker":"Nick Lincoln","startTime":970.0799999999999,"endTime":974.06,"body":"premiums of just under a million"},{"speaker":"Nick Lincoln","startTime":970.0799999999999,"endTime":974.06,"body":"quid. Now it's a heck of a"},{"speaker":"Nick Lincoln","startTime":974.06,"endTime":976.9399999999999,"body":"hassle to get these parties on"},{"speaker":"Nick Lincoln","startTime":974.06,"endTime":976.9399999999999,"body":"the books, because joint life"},{"speaker":"Nick Lincoln","startTime":976.9399999999999,"endTime":979.28,"body":"second death are for a certain"},{"speaker":"Nick Lincoln","startTime":976.9399999999999,"endTime":979.28,"body":"demographic, age demographic,"},{"speaker":"Nick Lincoln","startTime":979.28,"endTime":981.4399999999999,"body":"and they're normally higher sums"},{"speaker":"Nick Lincoln","startTime":979.28,"endTime":981.4399999999999,"body":"assured. So you're looking at"},{"speaker":"Nick Lincoln","startTime":981.4399999999999,"endTime":985.04,"body":"Mars mes question after"},{"speaker":"Nick Lincoln","startTime":981.4399999999999,"endTime":985.04,"body":"questionnaire, but just a"},{"speaker":"Nick Lincoln","startTime":985.04,"endTime":988.16,"body":"thought, they create a million"},{"speaker":"Nick Lincoln","startTime":985.04,"endTime":988.16,"body":"prepaid Trust Fund of a million"},{"speaker":"Nick Lincoln","startTime":988.16,"endTime":991.18,"body":"quid, taking the income from"},{"speaker":"Nick Lincoln","startTime":988.16,"endTime":991.18,"body":"your pension pot, paying 20%"},{"speaker":"Nick Lincoln","startTime":991.54,"endTime":993.76,"body":"tax, and it's the gifts are"},{"speaker":"Nick Lincoln","startTime":991.54,"endTime":993.76,"body":"straight outside of your estate"},{"speaker":"Nick Lincoln","startTime":993.76,"endTime":996.6999999999999,"body":"as well. So just, just just"},{"speaker":"Nick Lincoln","startTime":993.76,"endTime":996.6999999999999,"body":"playing around with things that"},{"speaker":"Nick Lincoln","startTime":996.6999999999999,"endTime":997.5999999999999,"body":"and you could, yeah,"},{"speaker":"Alan Smith","startTime":997.5989999999999,"endTime":1000.899,"body":"I think these, I"},{"speaker":"Alan Smith","startTime":997.5989999999999,"endTime":1000.899,"body":"think it's all of life, joint"},{"speaker":"Alan Smith","startTime":1000.899,"endTime":1004.4989999999999,"body":"life, second death, are going to"},{"speaker":"Alan Smith","startTime":1000.899,"endTime":1004.4989999999999,"body":"be back in vogue again. People"},{"speaker":"Alan Smith","startTime":1004.4989999999999,"endTime":1008.579,"body":"used to do a lot of them. And"},{"speaker":"Alan Smith","startTime":1004.4989999999999,"endTime":1008.579,"body":"obviously when,"},{"speaker":"Nick Lincoln","startTime":1008.64,"endTime":1012.0799999999999,"body":"yeah, in the bad"},{"speaker":"Nick Lincoln","startTime":1008.64,"endTime":1012.0799999999999,"body":"old days, the Wild West days, it"},{"speaker":"Nick Lincoln","startTime":1012.0799999999999,"endTime":1014.54,"body":"was, it was like whole of life"},{"speaker":"Nick Lincoln","startTime":1012.0799999999999,"endTime":1014.54,"body":"written on a maxi cover basis,"},{"speaker":"Nick Lincoln","startTime":1014.54,"endTime":1016.6999999999999,"body":"you know. And after 10 years,"},{"speaker":"Nick Lincoln","startTime":1014.54,"endTime":1016.6999999999999,"body":"you know, basically the client"},{"speaker":"Nick Lincoln","startTime":1016.6999999999999,"endTime":1019.16,"body":"was stuffed, and the premium"},{"speaker":"Nick Lincoln","startTime":1016.6999999999999,"endTime":1019.16,"body":"would just go up and up and up."},{"speaker":"Nick Lincoln","startTime":1019.16,"endTime":1021.62,"body":"But this guaranteed premium, I"},{"speaker":"Nick Lincoln","startTime":1019.16,"endTime":1021.62,"body":"mean, the caveat is, of course,"},{"speaker":"Nick Lincoln","startTime":1021.62,"endTime":1024.02,"body":"you got to only get any value"},{"speaker":"Nick Lincoln","startTime":1021.62,"endTime":1024.02,"body":"when you die. You've got to keep"},{"speaker":"Nick Lincoln","startTime":1024.08,"endTime":1026.66,"body":"these things going through to"},{"speaker":"Nick Lincoln","startTime":1024.08,"endTime":1026.66,"body":"second death. There's never any"},{"speaker":"Nick Lincoln","startTime":1026.66,"endTime":1029.3600000000001,"body":"cash in value if the client's"},{"speaker":"Nick Lincoln","startTime":1026.66,"endTime":1029.3600000000001,"body":"happy with that. And you get a"},{"speaker":"Nick Lincoln","startTime":1029.3600000000001,"endTime":1032.38,"body":"letter signed from the client"},{"speaker":"Nick Lincoln","startTime":1029.3600000000001,"endTime":1032.38,"body":"saying that, yes, we understand"},{"speaker":"Nick Lincoln","startTime":1032.38,"endTime":1034.6,"body":"this Nick. And you put that on"},{"speaker":"Nick Lincoln","startTime":1032.38,"endTime":1034.6,"body":"file with the suitability"},{"speaker":"Nick Lincoln","startTime":1034.9,"endTime":1037.42,"body":"letter. I think, I think you"},{"speaker":"Nick Lincoln","startTime":1034.9,"endTime":1037.42,"body":"know that's, there's going to be"},{"speaker":"Nick Lincoln","startTime":1037.42,"endTime":1039.52,"body":"a need, there's going to be a"},{"speaker":"Nick Lincoln","startTime":1037.42,"endTime":1039.52,"body":"call them in this new in this"},{"speaker":"Nick Lincoln","startTime":1039.52,"endTime":1040.96,"body":"new world, Royal"},{"speaker":"Carl Widger","startTime":1040.959,"endTime":1043.479,"body":"London. Have a"},{"speaker":"Carl Widger","startTime":1040.959,"endTime":1043.479,"body":"really cool version of that"},{"speaker":"Carl Widger","startTime":1043.479,"endTime":1049.059,"body":"product here in Ireland, whereby"},{"speaker":"Carl Widger","startTime":1043.479,"endTime":1049.059,"body":"it is joint life second death"},{"speaker":"Carl Widger","startTime":1049.059,"endTime":1052.859,"body":"life policy. It's under Section"},{"speaker":"Carl Widger","startTime":1049.059,"endTime":1052.859,"body":"72 so it's to pay inheritance"},{"speaker":"Carl Widger","startTime":1052.859,"endTime":1057.719,"body":"tax. But because the experience"},{"speaker":"Carl Widger","startTime":1052.859,"endTime":1057.719,"body":"is a lot of the time that you"},{"speaker":"Carl Widger","startTime":1057.719,"endTime":1060.4189999999999,"body":"got to either keep paying or"},{"speaker":"Carl Widger","startTime":1057.719,"endTime":1060.4189999999999,"body":"it's you've wasted your money."},{"speaker":"Carl Widger","startTime":1060.4189999999999,"endTime":1063.959,"body":"They've they've brought in these"},{"speaker":"Carl Widger","startTime":1060.4189999999999,"endTime":1063.959,"body":"kind of there's three options,"},{"speaker":"Carl Widger","startTime":1063.959,"endTime":1067.4389999999999,"body":"after you've paid the premiums"},{"speaker":"Carl Widger","startTime":1063.959,"endTime":1067.4389999999999,"body":"for 15 years, where you can"},{"speaker":"Carl Widger","startTime":1067.4389999999999,"endTime":1071.6589999999999,"body":"market kind of paid up with a"},{"speaker":"Carl Widger","startTime":1067.4389999999999,"endTime":1071.6589999999999,"body":"much reduced level of cover. You"},{"speaker":"Carl Widger","startTime":1071.6589999999999,"endTime":1076.039,"body":"can withdraw some of your money."},{"speaker":"Carl Widger","startTime":1071.6589999999999,"endTime":1076.039,"body":"You can you can say, I want"},{"speaker":"Carl Widger","startTime":1076.039,"endTime":1079.699,"body":"money back. So basically it'll"},{"speaker":"Carl Widger","startTime":1076.039,"endTime":1079.699,"body":"be about 70% of the money that"},{"speaker":"Carl Widger","startTime":1079.699,"endTime":1082.459,"body":"you paid in. So kind of 30% was"},{"speaker":"Carl Widger","startTime":1079.699,"endTime":1082.459,"body":"paying for the life insurance"},{"speaker":"Carl Widger","startTime":1082.459,"endTime":1085.879,"body":"bit. You can get 70% back. Or"},{"speaker":"Carl Widger","startTime":1082.459,"endTime":1085.879,"body":"alternatively, you can just keep"},{"speaker":"Carl Widger","startTime":1085.879,"endTime":1091.119,"body":"going. And I think that's a"},{"speaker":"Carl Widger","startTime":1085.879,"endTime":1091.119,"body":"really nice way of being able"},{"speaker":"Carl Widger","startTime":1091.119,"endTime":1094.539,"body":"to, you know, say that, you"},{"speaker":"Carl Widger","startTime":1091.119,"endTime":1094.539,"body":"know, from an advisory point of"},{"speaker":"Carl Widger","startTime":1094.539,"endTime":1097.719,"body":"view, if, if legislation"},{"speaker":"Carl Widger","startTime":1094.539,"endTime":1097.719,"body":"changes, or something changes"},{"speaker":"Carl Widger","startTime":1097.719,"endTime":1101.859,"body":"down the line, well, we do have"},{"speaker":"Carl Widger","startTime":1097.719,"endTime":1101.859,"body":"a kind of an out, and you're now"},{"speaker":"Carl Widger","startTime":1101.859,"endTime":1104.859,"body":"asking the client to sign up to"},{"speaker":"Carl Widger","startTime":1101.859,"endTime":1104.859,"body":"say, I'm definitely going to pay"},{"speaker":"Carl Widger","startTime":1104.859,"endTime":1108.519,"body":"for 15 full years, and that"},{"speaker":"Carl Widger","startTime":1104.859,"endTime":1108.519,"body":"guarantees me this optionality."},{"speaker":"Carl Widger","startTime":1108.759,"endTime":1113.1589999999999,"body":"So, uh, interesting to see what,"},{"speaker":"Carl Widger","startTime":1108.759,"endTime":1113.1589999999999,"body":"you know, I think Royal London,"},{"speaker":"Carl Widger","startTime":1113.639,"endTime":1115.979,"body":"if you guys are facing this kind"},{"speaker":"Carl Widger","startTime":1113.639,"endTime":1115.979,"body":"of stuff, you know, maybe"},{"speaker":"Carl Widger","startTime":1115.979,"endTime":1119.1589999999999,"body":"they'll introduce that kind of a"},{"speaker":"Carl Widger","startTime":1115.979,"endTime":1119.1589999999999,"body":"product in the UK, because I"},{"speaker":"Carl Widger","startTime":1119.1589999999999,"endTime":1123.899,"body":"think we've certainly seen a big"},{"speaker":"Carl Widger","startTime":1119.1589999999999,"endTime":1123.899,"body":"uptake in that over the last"},{"speaker":"Carl Widger","startTime":1123.899,"endTime":1124.6789999999999,"body":"couple of years."},{"speaker":"Andy Hart","startTime":1125.8799999999999,"endTime":1128.8799999999999,"body":"Couple of more"},{"speaker":"Andy Hart","startTime":1125.8799999999999,"endTime":1128.8799999999999,"body":"points, relatively minor point"},{"speaker":"Andy Hart","startTime":1128.8799999999999,"endTime":1131.24,"body":"you mentioned, Alan. It should"},{"speaker":"Andy Hart","startTime":1128.8799999999999,"endTime":1131.24,"body":"be called death insurance. The"},{"speaker":"Andy Hart","startTime":1131.24,"endTime":1133.94,"body":"person that called it life"},{"speaker":"Andy Hart","startTime":1131.24,"endTime":1133.94,"body":"insurance is a marketing genius."},{"speaker":"Andy Hart","startTime":1136.7,"endTime":1139.3999999999999,"body":"I think they they talk about it"},{"speaker":"Andy Hart","startTime":1136.7,"endTime":1139.3999999999999,"body":"quite a bit, ndrt and stuff,"},{"speaker":"Andy Hart","startTime":1139.7,"endTime":1143.72,"body":"yeah, this, this bringing"},{"speaker":"Andy Hart","startTime":1139.7,"endTime":1143.72,"body":"pensions into the inherited"},{"speaker":"Andy Hart","startTime":1143.78,"endTime":1147.68,"body":"inheritance tax estate,"},{"speaker":"Andy Hart","startTime":1143.78,"endTime":1147.68,"body":"especially for post 75 is an"},{"speaker":"Andy Hart","startTime":1147.68,"endTime":1151.6,"body":"absolute the biggest change I've"},{"speaker":"Andy Hart","startTime":1147.68,"endTime":1151.6,"body":"seen in financial planning point"},{"speaker":"Andy Hart","startTime":1151.6,"endTime":1154.54,"body":"of view for the spending"},{"speaker":"Andy Hart","startTime":1151.6,"endTime":1154.54,"body":"strategies. Now, there's no"},{"speaker":"Andy Hart","startTime":1154.54,"endTime":1157.54,"body":"clear answer with clients. Every"},{"speaker":"Andy Hart","startTime":1154.54,"endTime":1157.54,"body":"single client is going to be on"},{"speaker":"Andy Hart","startTime":1157.54,"endTime":1160.54,"body":"an individual basis. We're gonna"},{"speaker":"Andy Hart","startTime":1157.54,"endTime":1160.54,"body":"have to ask ridiculous questions"},{"speaker":"Andy Hart","startTime":1160.54,"endTime":1165.6399999999999,"body":"like, what tax rate your"},{"speaker":"Andy Hart","startTime":1160.54,"endTime":1165.6399999999999,"body":"grandkids pay? Just, just the"},{"speaker":"Andy Hart","startTime":1166.06,"endTime":1170.82,"body":"the, the, it's a hyper complex"},{"speaker":"Andy Hart","startTime":1166.06,"endTime":1170.82,"body":"problem now. And yeah, As Nick"},{"speaker":"Andy Hart","startTime":1170.82,"endTime":1174.78,"body":"said, There is nothing now to go"},{"speaker":"Andy Hart","startTime":1170.82,"endTime":1174.78,"body":"back to clients with, with clear"},{"speaker":"Andy Hart","startTime":1174.78,"endTime":1178.2,"body":"answers. There's no rules of"},{"speaker":"Andy Hart","startTime":1174.78,"endTime":1178.2,"body":"thumb, none of that. It's it's"},{"speaker":"Andy Hart","startTime":1178.2,"endTime":1181.32,"body":"heavy financial plan in every"},{"speaker":"Andy Hart","startTime":1178.2,"endTime":1181.32,"body":"single client. Yeah. Go on Nick,"},{"speaker":"Andy Hart","startTime":1182.22,"endTime":1182.34,"body":"as"},{"speaker":"Nick Lincoln","startTime":1182.34,"endTime":1183.96,"body":"I said the last"},{"speaker":"Nick Lincoln","startTime":1182.34,"endTime":1183.96,"body":"episode, if cash flow isn't"},{"speaker":"Nick Lincoln","startTime":1183.96,"endTime":1186.54,"body":"front and center in your"},{"speaker":"Nick Lincoln","startTime":1183.96,"endTime":1186.54,"body":"business now, by God, it better"},{"speaker":"Nick Lincoln","startTime":1186.54,"endTime":1191.22,"body":"be it sleep at night without"},{"speaker":"Nick Lincoln","startTime":1186.54,"endTime":1191.22,"body":"doing cash flow for every client"},{"speaker":"Nick Lincoln","startTime":1191.22,"endTime":1194.84,"body":"in this new world where world"},{"speaker":"Nick Lincoln","startTime":1191.22,"endTime":1194.84,"body":"where we're entering into I"},{"speaker":"Nick Lincoln","startTime":1195.5,"endTime":1197.78,"body":"really just one quick thing."},{"speaker":"Nick Lincoln","startTime":1195.5,"endTime":1197.78,"body":"This is, this is a ticketing. If"},{"speaker":"Nick Lincoln","startTime":1197.78,"endTime":1200.06,"body":"you don't know that's fine. Why"},{"speaker":"Nick Lincoln","startTime":1197.78,"endTime":1200.06,"body":"have the light? Why have the"},{"speaker":"Nick Lincoln","startTime":1200.06,"endTime":1203.18,"body":"pension providers got to pay the"},{"speaker":"Nick Lincoln","startTime":1200.06,"endTime":1203.18,"body":"IHT is that's a real pain in the"},{"speaker":"Nick Lincoln","startTime":1203.18,"endTime":1205.58,"body":"ass, bringing them into thing"},{"speaker":"Nick Lincoln","startTime":1203.18,"endTime":1205.58,"body":"that they're bringing them into"},{"speaker":"Nick Lincoln","startTime":1205.58,"endTime":1208.1,"body":"the whole probate business. And"},{"speaker":"Nick Lincoln","startTime":1205.58,"endTime":1208.1,"body":"why? Why can't the pension funds"},{"speaker":"Nick Lincoln","startTime":1208.1,"endTime":1210.6399999999999,"body":"be paid out to the estate, which"},{"speaker":"Nick Lincoln","startTime":1208.1,"endTime":1210.6399999999999,"body":"then declares it on the form"},{"speaker":"Nick Lincoln","startTime":1210.6399999999999,"endTime":1213.58,"body":"that you send off to HMRC, and"},{"speaker":"Nick Lincoln","startTime":1210.6399999999999,"endTime":1213.58,"body":"they're the 40% that comes off."},{"speaker":"Nick Lincoln","startTime":1213.58,"endTime":1213.76,"body":"That"},{"speaker":"Andy Hart","startTime":1213.76,"endTime":1215.8,"body":"might be the case"},{"speaker":"Andy Hart","startTime":1213.76,"endTime":1215.8,"body":"when it all comes in Nick who"},{"speaker":"Andy Hart","startTime":1216.46,"endTime":1217.42,"body":"consultation."},{"speaker":"Alan Smith","startTime":1217.48,"endTime":1219.94,"body":"It's, it's much"},{"speaker":"Alan Smith","startTime":1217.48,"endTime":1219.94,"body":"easier for HMRC. If that"},{"speaker":"Alan Smith","startTime":1219.94,"endTime":1224.32,"body":"happens, it's got a big"},{"speaker":"Alan Smith","startTime":1219.94,"endTime":1224.32,"body":"institution. It's just person's"},{"speaker":"Alan Smith","startTime":1224.32,"endTime":1227.86,"body":"dead paid the tax out. But"},{"speaker":"Alan Smith","startTime":1224.32,"endTime":1227.86,"body":"actually, yeah, companies, I"},{"speaker":"Alan Smith","startTime":1228.1,"endTime":1229.3,"body":"can't remember the"},{"speaker":"Andy Hart","startTime":1229.3,"endTime":1231.48,"body":"exact number. But"},{"speaker":"Andy Hart","startTime":1229.3,"endTime":1231.48,"body":"some clients can be caught by"},{"speaker":"Andy Hart","startTime":1231.48,"endTime":1237.42,"body":"like a 90, 92% tax people that"},{"speaker":"Andy Hart","startTime":1231.48,"endTime":1237.42,"body":"residential, no rate band, and"},{"speaker":"Andy Hart","startTime":1237.42,"endTime":1241.44,"body":"then it's just insane. What is"},{"speaker":"Andy Hart","startTime":1237.42,"endTime":1241.44,"body":"going to come in down the line"},{"speaker":"Andy Hart","startTime":1241.44,"endTime":1245.94,"body":"if this gets implemented, as per"},{"speaker":"Andy Hart","startTime":1241.44,"endTime":1245.94,"body":"we think now, it's it's a total"},{"speaker":"Andy Hart","startTime":1245.94,"endTime":1249.8999999999999,"body":"mess for financial planners. But"},{"speaker":"Andy Hart","startTime":1245.94,"endTime":1249.8999999999999,"body":"as you say, and labor budget"},{"speaker":"Andy Hart","startTime":1249.8999999999999,"endTime":1252.8,"body":"sort of the bad news for us"},{"speaker":"Andy Hart","startTime":1249.8999999999999,"endTime":1252.8,"body":"personally, good news for us"},{"speaker":"Andy Hart","startTime":1252.86,"endTime":1256.04,"body":"business wise. But it's going to"},{"speaker":"Andy Hart","startTime":1252.86,"endTime":1256.04,"body":"be messy. The compliance point"},{"speaker":"Andy Hart","startTime":1256.04,"endTime":1258.26,"body":"of view is also going to be a"},{"speaker":"Andy Hart","startTime":1256.04,"endTime":1258.26,"body":"complete joke, because we're"},{"speaker":"Andy Hart","startTime":1258.26,"endTime":1260.6599999999999,"body":"gonna have to do like, full"},{"speaker":"Andy Hart","startTime":1258.26,"endTime":1260.6599999999999,"body":"advice for every single tiny"},{"speaker":"Andy Hart","startTime":1260.6599999999999,"endTime":1264.1399999999999,"body":"withdrawal. It's gonna be, oh my"},{"speaker":"Andy Hart","startTime":1260.6599999999999,"endTime":1264.1399999999999,"body":"god, I'm really not looking"},{"speaker":"Andy Hart","startTime":1264.1399999999999,"endTime":1266.36,"body":"forward to it anyway. We will"},{"speaker":"Andy Hart","startTime":1264.1399999999999,"endTime":1266.36,"body":"see,"},{"speaker":"Unknown","startTime":1266.6599999999999,"endTime":1268.22,"body":"right? Let's, let's,"},{"speaker":"Unknown","startTime":1266.6599999999999,"endTime":1268.22,"body":"let's see. Let's"},{"speaker":"Nick Lincoln","startTime":1268.22,"endTime":1270.08,"body":"back up the moon."},{"speaker":"Nick Lincoln","startTime":1268.22,"endTime":1270.08,"body":"I'm sorry, that's my point, and"},{"speaker":"Nick Lincoln","startTime":1270.08,"endTime":1272.86,"body":"I seem to brought nothing down."},{"speaker":"Nick Lincoln","startTime":1270.08,"endTime":1272.86,"body":"So Carl, give us a shot. Give us"},{"speaker":"Nick Lincoln","startTime":1272.86,"endTime":1275.56,"body":"a shot in the arm. Give us some"},{"speaker":"Nick Lincoln","startTime":1272.86,"endTime":1275.56,"body":"excitement. Give us some pep and"},{"speaker":"Nick Lincoln","startTime":1275.56,"endTime":1278.32,"body":"burp. Talk about a new health"},{"speaker":"Nick Lincoln","startTime":1275.56,"endTime":1278.32,"body":"insurance company? Yeah,"},{"speaker":"Carl Widger","startTime":1278.32,"endTime":1281.26,"body":"new private health"},{"speaker":"Carl Widger","startTime":1278.32,"endTime":1281.26,"body":"insurance in Ireland, which is"},{"speaker":"Carl Widger","startTime":1281.32,"endTime":1286.3,"body":"always I do love seeing this,"},{"speaker":"Carl Widger","startTime":1281.32,"endTime":1286.3,"body":"because we suffer from a serious"},{"speaker":"Carl Widger","startTime":1286.3,"endTime":1291.84,"body":"lack of competition across the"},{"speaker":"Carl Widger","startTime":1286.3,"endTime":1291.84,"body":"board here. So level health have"},{"speaker":"Carl Widger","startTime":1291.84,"endTime":1295.32,"body":"launched in Ireland, backed by"},{"speaker":"Carl Widger","startTime":1291.84,"endTime":1295.32,"body":"Aviva, so they have the funding."},{"speaker":"Carl Widger","startTime":1295.3799999999999,"endTime":1300.12,"body":"So it seems they've launched"},{"speaker":"Carl Widger","startTime":1295.3799999999999,"endTime":1300.12,"body":"with kind of four very kind of"},{"speaker":"Carl Widger","startTime":1300.12,"endTime":1303.84,"body":"simple plans. It's absolutely"},{"speaker":"Carl Widger","startTime":1300.12,"endTime":1303.84,"body":"brilliant, because the private"},{"speaker":"Carl Widger","startTime":1303.84,"endTime":1307.62,"body":"health insurance market here,"},{"speaker":"Carl Widger","startTime":1303.84,"endTime":1307.62,"body":"the premiums have just gone up"},{"speaker":"Carl Widger","startTime":1307.62,"endTime":1312.62,"body":"and up and up and up. So look,"},{"speaker":"Carl Widger","startTime":1307.62,"endTime":1312.62,"body":"it's a really welcome thing to"},{"speaker":"Carl Widger","startTime":1312.62,"endTime":1318.32,"body":"see. And, yeah, I think that"},{"speaker":"Carl Widger","startTime":1312.62,"endTime":1318.32,"body":"that there's maybe question"},{"speaker":"Carl Widger","startTime":1318.32,"endTime":1322.82,"body":"marks about the culture, maybe"},{"speaker":"Carl Widger","startTime":1318.32,"endTime":1322.82,"body":"in certainly, one of the"},{"speaker":"Carl Widger","startTime":1322.82,"endTime":1329.12,"body":"providers here. So I think new"},{"speaker":"Carl Widger","startTime":1322.82,"endTime":1329.12,"body":"provider in doing something new,"},{"speaker":"Carl Widger","startTime":1329.18,"endTime":1332.62,"body":"keeping it simple, for sure,"},{"speaker":"Carl Widger","startTime":1329.18,"endTime":1332.62,"body":"they won't be charging more, so"},{"speaker":"Carl Widger","startTime":1332.62,"endTime":1335.08,"body":"that will drive premiums down."},{"speaker":"Carl Widger","startTime":1332.62,"endTime":1335.08,"body":"So it's really, really good"},{"speaker":"Carl Widger","startTime":1335.08,"endTime":1335.56,"body":"expand"},{"speaker":"Andy Hart","startTime":1335.56,"endTime":1337.3,"body":"on this culture."},{"speaker":"Andy Hart","startTime":1335.56,"endTime":1337.3,"body":"Point car, what's"},{"speaker":"Unknown","startTime":1337.8999999999999,"endTime":1338.68,"body":"I want?"},{"speaker":"Alan Smith","startTime":1340.8999999999999,"endTime":1343.72,"body":"He's spoken to our"},{"speaker":"Alan Smith","startTime":1340.8999999999999,"endTime":1343.72,"body":"legal department more than"},{"speaker":"Alan Smith","startTime":1343.72,"endTime":1344.02,"body":"later,"},{"speaker":"Carl Widger","startTime":1347.62,"endTime":1349.6,"body":"and they'll also,"},{"speaker":"Carl Widger","startTime":1347.62,"endTime":1349.6,"body":"they'll also see that I was"},{"speaker":"Carl Widger","startTime":1349.6,"endTime":1352.56,"body":"deeply uncomfortable with the"},{"speaker":"Carl Widger","startTime":1349.6,"endTime":1352.56,"body":"content of some of today's"},{"speaker":"Carl Widger","startTime":1353.6399999999999,"endTime":1358.32,"body":"podcast, owing to the Irish"},{"speaker":"Carl Widger","startTime":1353.6399999999999,"endTime":1358.32,"body":"versus UK cultural differences."},{"speaker":"Andy Hart","startTime":1365.04,"endTime":1367.62,"body":"Sorry, sorry, sorry,"},{"speaker":"Andy Hart","startTime":1365.04,"endTime":1367.62,"body":"sorry. Before we continue, it"},{"speaker":"Andy Hart","startTime":1367.62,"endTime":1369.84,"body":"was a football game on"},{"speaker":"Andy Hart","startTime":1367.62,"endTime":1369.84,"body":"yesterday, wasn't there? Carl,"},{"speaker":"Andy Hart","startTime":1369.84,"endTime":1371.3999999999999,"body":"did you? Did you manage to catch"},{"speaker":"Andy Hart","startTime":1369.84,"endTime":1371.3999999999999,"body":"it? Oh, God."},{"speaker":"Alan Smith","startTime":1372.8999999999999,"endTime":1376.46,"body":"I it was on it was"},{"speaker":"Alan Smith","startTime":1372.8999999999999,"endTime":1376.46,"body":"on Sunday, last Sunday. Last"},{"speaker":"Andy Hart","startTime":1376.46,"endTime":1378.68,"body":"Sunday. Yeah, last"},{"speaker":"Andy Hart","startTime":1376.46,"endTime":1378.68,"body":"Sunday. Days ago."},{"speaker":"Carl Widger","startTime":1378.74,"endTime":1381.32,"body":"Oh, that one where"},{"speaker":"Carl Widger","startTime":1378.74,"endTime":1381.32,"body":"Ireland were totally screwed and"},{"speaker":"Carl Widger","startTime":1381.32,"endTime":1384.1399999999999,"body":"should have had two penalties in"},{"speaker":"Carl Widger","startTime":1381.32,"endTime":1384.1399999999999,"body":"the first half, absolute rock"},{"speaker":"Carl Widger","startTime":1384.1399999999999,"endTime":1385.1599999999999,"body":"solid penalties. Yeah,"},{"speaker":"Unknown","startTime":1385.1599999999999,"endTime":1386.54,"body":"yeah, yeah, yeah,"},{"speaker":"Carl Widger","startTime":1386.6,"endTime":1388.22,"body":"I did. I didn't"},{"speaker":"Carl Widger","startTime":1386.6,"endTime":1388.22,"body":"catch the second half, though,"},{"speaker":"Carl Widger","startTime":1388.22,"endTime":1388.94,"body":"unfortunately,"},{"speaker":"Alan Smith","startTime":1388.94,"endTime":1390.8799999999999,"body":"was, was the best"},{"speaker":"Alan Smith","startTime":1388.94,"endTime":1390.8799999999999,"body":"Irish bit on the pitch Declan"},{"speaker":"Alan Smith","startTime":1390.8799999999999,"endTime":1391.42,"body":"rice,"},{"speaker":"Carl Widger","startTime":1394.6599999999999,"endTime":1398.1399999999999,"body":"I don't know. I"},{"speaker":"Carl Widger","startTime":1394.6599999999999,"endTime":1398.1399999999999,"body":"don't even explain. I think. No,"},{"speaker":"Carl Widger","startTime":1398.26,"endTime":1402.22,"body":"the two Irish men, Grealish and"},{"speaker":"Carl Widger","startTime":1398.26,"endTime":1402.22,"body":"rice, were all injured. So they"},{"speaker":"Carl Widger","startTime":1402.22,"endTime":1405.7,"body":"were England. That would be why"},{"speaker":"Carl Widger","startTime":1402.22,"endTime":1405.7,"body":"your man, Morgan plays to the"},{"speaker":"Carl Widger","startTime":1405.7,"endTime":1407.2,"body":"cricket team. Anyway. Go on. Let"},{"speaker":"Alan Smith","startTime":1407.3799999999999,"endTime":1410.1399999999999,"body":"me ask you a quick"},{"speaker":"Alan Smith","startTime":1407.3799999999999,"endTime":1410.1399999999999,"body":"question on that and bringing"},{"speaker":"Alan Smith","startTime":1410.1399999999999,"endTime":1413.8799999999999,"body":"the others as well. So, Carl, do"},{"speaker":"Alan Smith","startTime":1410.1399999999999,"endTime":1413.8799999999999,"body":"you? Do you? Does your firm"},{"speaker":"Alan Smith","startTime":1413.8799999999999,"endTime":1417.18,"body":"recommend health insurance for"},{"speaker":"Alan Smith","startTime":1413.8799999999999,"endTime":1417.18,"body":"clients? Private Medical, no."},{"speaker":"Alan Smith","startTime":1417.36,"endTime":1418.1399999999999,"body":"Private Medical,"},{"speaker":"Carl Widger","startTime":1418.2,"endTime":1421.3799999999999,"body":"no, no, no, we"},{"speaker":"Carl Widger","startTime":1418.2,"endTime":1421.3799999999999,"body":"don't. But it's like, obviously,"},{"speaker":"Carl Widger","startTime":1421.56,"endTime":1424.92,"body":"something that all of our"},{"speaker":"Carl Widger","startTime":1421.56,"endTime":1424.92,"body":"clients have. So, you know, it's"},{"speaker":"Carl Widger","startTime":1424.92,"endTime":1425.6399999999999,"body":"important. So"},{"speaker":"Alan Smith","startTime":1425.6399999999999,"endTime":1428.76,"body":"what? What it's,"},{"speaker":"Alan Smith","startTime":1425.6399999999999,"endTime":1428.76,"body":"it's, it's an issue for a lot of"},{"speaker":"Alan Smith","startTime":1428.76,"endTime":1431.96,"body":"our clients, particularly as"},{"speaker":"Alan Smith","startTime":1428.76,"endTime":1431.96,"body":"they get older. It's a classic"},{"speaker":"Alan Smith","startTime":1431.96,"endTime":1434.78,"body":"sort of insurance, like most"},{"speaker":"Alan Smith","startTime":1431.96,"endTime":1434.78,"body":"insurance, as as you get older,"},{"speaker":"Alan Smith","startTime":1434.78,"endTime":1437.78,"body":"when you need it more, the costs"},{"speaker":"Alan Smith","startTime":1434.78,"endTime":1437.78,"body":"go up, and they grow up quite"},{"speaker":"Alan Smith","startTime":1437.78,"endTime":1440.36,"body":"significantly, and they go up"},{"speaker":"Alan Smith","startTime":1437.78,"endTime":1440.36,"body":"way ahead of the prevailing rate"},{"speaker":"Alan Smith","startTime":1440.36,"endTime":1442.76,"body":"of inflation, which is another"},{"speaker":"Alan Smith","startTime":1440.36,"endTime":1442.76,"body":"thing. And I keep coming back to"},{"speaker":"Alan Smith","startTime":1442.76,"endTime":1445.6399999999999,"body":"my point, your personal rate of"},{"speaker":"Alan Smith","startTime":1442.76,"endTime":1445.6399999999999,"body":"inflation tends to be a lot"},{"speaker":"Alan Smith","startTime":1445.6399999999999,"endTime":1449.06,"body":"different to the government's"},{"speaker":"Alan Smith","startTime":1445.6399999999999,"endTime":1449.06,"body":"stated CPI. Oh yeah. And"},{"speaker":"Alan Smith","startTime":1450.44,"endTime":1453.22,"body":"particularly for our clients,"},{"speaker":"Alan Smith","startTime":1450.44,"endTime":1453.22,"body":"for the wealthy clients, for the"},{"speaker":"Alan Smith","startTime":1453.76,"endTime":1458.5,"body":"who are aging. And it's so so we"},{"speaker":"Alan Smith","startTime":1453.76,"endTime":1458.5,"body":"it's a regular point for us and"},{"speaker":"Alan Smith","startTime":1458.5,"endTime":1462.1599999999999,"body":"for our clients, and it is an"},{"speaker":"Alan Smith","startTime":1458.5,"endTime":1462.1599999999999,"body":"absolute minefield of, you know,"},{"speaker":"Alan Smith","startTime":1462.1599999999999,"endTime":1464.86,"body":"understanding levels of cover"},{"speaker":"Alan Smith","startTime":1462.1599999999999,"endTime":1464.86,"body":"and what's covered and what's"},{"speaker":"Alan Smith","startTime":1465.1,"endTime":1467.08,"body":"not, yeah. So I don't know what"},{"speaker":"Alan Smith","startTime":1465.1,"endTime":1467.08,"body":"you other guys do, but we"},{"speaker":"Alan Smith","startTime":1467.08,"endTime":1471.46,"body":"outsource. We've got a really"},{"speaker":"Alan Smith","startTime":1467.08,"endTime":1471.46,"body":"good firm that we just refer on"},{"speaker":"Alan Smith","startTime":1471.52,"endTime":1475.74,"body":"to, I must say, they're called"},{"speaker":"Alan Smith","startTime":1471.52,"endTime":1475.74,"body":"independent healthcare services,"},{"speaker":"Alan Smith","startTime":1476.28,"endTime":1478.5,"body":"and they've been found, as you"},{"speaker":"Alan Smith","startTime":1476.28,"endTime":1478.5,"body":"know, there's quite a few firms"},{"speaker":"Alan Smith","startTime":1478.5,"endTime":1480.84,"body":"around who specialize in this,"},{"speaker":"Alan Smith","startTime":1478.5,"endTime":1480.84,"body":"and that's all they do. And"},{"speaker":"Alan Smith","startTime":1480.84,"endTime":1484.2,"body":"they're experts, and are kind of"},{"speaker":"Alan Smith","startTime":1480.84,"endTime":1484.2,"body":"rearranging for group cover and"},{"speaker":"Alan Smith","startTime":1484.2,"endTime":1487.2,"body":"everything else they're, you"},{"speaker":"Alan Smith","startTime":1484.2,"endTime":1487.2,"body":"know, you know, we've had some"},{"speaker":"Alan Smith","startTime":1487.2,"endTime":1490.02,"body":"great feedback from clients on"},{"speaker":"Alan Smith","startTime":1487.2,"endTime":1490.02,"body":"that. So do you guys get"},{"speaker":"Alan Smith","startTime":1490.02,"endTime":1495.5,"body":"involved or refer on. Nick,"},{"speaker":"Alan Smith","startTime":1490.02,"endTime":1495.5,"body":"Andrew, just say, I don't do"},{"speaker":"Alan Smith","startTime":1495.5,"endTime":1496.76,"body":"this. No, I refer."},{"speaker":"Nick Lincoln","startTime":1497.8999999999999,"endTime":1500.12,"body":"I don't get asked."},{"speaker":"Nick Lincoln","startTime":1497.8999999999999,"endTime":1500.12,"body":"I don't get asked. So you"},{"speaker":"Alan Smith","startTime":1500.12,"endTime":1502.28,"body":"get asked if people"},{"speaker":"Alan Smith","startTime":1500.12,"endTime":1502.28,"body":"have got their, you know, Bucha"},{"speaker":"Alan Smith","startTime":1502.28,"endTime":1504.68,"body":"or AXA or something, and say,"},{"speaker":"Alan Smith","startTime":1502.28,"endTime":1504.68,"body":"God, my premiums are doubling"},{"speaker":"Alan Smith","startTime":1504.68,"endTime":1507.8,"body":"this year. Any thoughts? Nick,"},{"speaker":"Alan Smith","startTime":1504.68,"endTime":1507.8,"body":"don't you don't get asked. It"},{"speaker":"Alan Smith","startTime":1507.8,"endTime":1510.7,"body":"just, well, no, I say, I really"},{"speaker":"Alan Smith","startTime":1507.8,"endTime":1510.7,"body":"know your response."},{"speaker":"Carl Widger","startTime":1511.3,"endTime":1513.1,"body":"There's a website"},{"speaker":"Carl Widger","startTime":1511.3,"endTime":1513.1,"body":"here, which I'm trying to"},{"speaker":"Carl Widger","startTime":1513.1,"endTime":1517.6,"body":"remember, I think it's called"},{"speaker":"Carl Widger","startTime":1513.1,"endTime":1517.6,"body":"insurance page, I QA or"},{"speaker":"Carl Widger","startTime":1517.6,"endTime":1520.78,"body":"something like that. But there's"},{"speaker":"Carl Widger","startTime":1517.6,"endTime":1520.78,"body":"a that might be incorrect, but,"},{"speaker":"Carl Widger","startTime":1520.78,"endTime":1523.24,"body":"but you can kind of compare all"},{"speaker":"Carl Widger","startTime":1520.78,"endTime":1523.24,"body":"of the plans in the market"},{"speaker":"Carl Widger","startTime":1523.24,"endTime":1526.0,"body":"there. So you know"},{"speaker":"Alan Smith","startTime":1527.1399999999999,"endTime":1528.6399999999999,"body":"that's regularly. I"},{"speaker":"Nick Lincoln","startTime":1528.6399999999999,"endTime":1530.58,"body":"can say it's not"},{"speaker":"Nick Lincoln","startTime":1528.6399999999999,"endTime":1530.58,"body":"that it shows. Like, car"},{"speaker":"Nick Lincoln","startTime":1530.58,"endTime":1534.12,"body":"insurance, isn't it? There's so"},{"speaker":"Nick Lincoln","startTime":1530.58,"endTime":1534.12,"body":"many variations. It's like,"},{"speaker":"Nick Lincoln","startTime":1534.12,"endTime":1535.08,"body":"geez, comparing."},{"speaker":"Andy Hart","startTime":1535.44,"endTime":1540.6599999999999,"body":"So yeah, I refer onto"},{"speaker":"Andy Hart","startTime":1535.44,"endTime":1540.6599999999999,"body":"a firm that just does private"},{"speaker":"Andy Hart","startTime":1540.6599999999999,"endTime":1543.24,"body":"medical insurance, and I get"},{"speaker":"Andy Hart","startTime":1540.6599999999999,"endTime":1543.24,"body":"great feedback from clients."},{"speaker":"Andy Hart","startTime":1543.24,"endTime":1544.62,"body":"Yeah, I don't get involved"},{"speaker":"Andy Hart","startTime":1543.24,"endTime":1544.62,"body":"myself."},{"speaker":"Unknown","startTime":1545.34,"endTime":1546.3,"body":"Yeah, yeah, okay,"},{"speaker":"Nick Lincoln","startTime":1547.2,"endTime":1550.2,"body":"okay, well, that's"},{"speaker":"Nick Lincoln","startTime":1547.2,"endTime":1550.2,"body":"a good move in the Irish market."},{"speaker":"Nick Lincoln","startTime":1550.2,"endTime":1554.84,"body":"Moving on to the next thing,"},{"speaker":"Nick Lincoln","startTime":1550.2,"endTime":1554.84,"body":"ultra money visuals."},{"speaker":"Andy Hart","startTime":1555.26,"endTime":1557.78,"body":"Okay, a couple of"},{"speaker":"Andy Hart","startTime":1555.26,"endTime":1557.78,"body":"points packed into this. I don't"},{"speaker":"Andy Hart","startTime":1557.78,"endTime":1560.0,"body":"know if we spoke about it"},{"speaker":"Andy Hart","startTime":1557.78,"endTime":1560.0,"body":"before, but there's a company"},{"speaker":"Andy Hart","startTime":1560.0,"endTime":1563.72,"body":"online or a business website in"},{"speaker":"Andy Hart","startTime":1560.0,"endTime":1563.72,"body":"America called Money visuals,"},{"speaker":"Andy Hart","startTime":1563.72,"endTime":1567.08,"body":"ran by a guy called Ashby"},{"speaker":"Andy Hart","startTime":1563.72,"endTime":1567.08,"body":"Daniels, who's a close personal"},{"speaker":"Andy Hart","startTime":1567.08,"endTime":1573.6399999999999,"body":"friend of mine. Money visuals is"},{"speaker":"Andy Hart","startTime":1567.08,"endTime":1573.6399999999999,"body":"decent. He does sort of offers."},{"speaker":"Carl Widger","startTime":1576.04,"endTime":1578.32,"body":"He's got an Advisor"},{"speaker":"Carl Widger","startTime":1576.04,"endTime":1578.32,"body":"newsletter,"},{"speaker":"Andy Hart","startTime":1578.98,"endTime":1581.86,"body":"newsletter and a"},{"speaker":"Andy Hart","startTime":1578.98,"endTime":1581.86,"body":"client newsletter. His latest"},{"speaker":"Andy Hart","startTime":1581.86,"endTime":1585.04,"body":"one, I've got a link in the so"},{"speaker":"Andy Hart","startTime":1581.86,"endTime":1585.04,"body":"called show notes, the rational"},{"speaker":"Andy Hart","startTime":1585.04,"endTime":1591.0,"body":"investor edition number 41 he's"},{"speaker":"Andy Hart","startTime":1585.04,"endTime":1591.0,"body":"also a massive fan of Howard"},{"speaker":"Andy Hart","startTime":1591.0,"endTime":1596.1599999999999,"body":"Marks, who's we've spoken about"},{"speaker":"Andy Hart","startTime":1591.0,"endTime":1596.1599999999999,"body":"here, oak tree capital, who does"},{"speaker":"Andy Hart","startTime":1596.1599999999999,"endTime":1599.8799999999999,"body":"memos. But in there's a new book"},{"speaker":"Andy Hart","startTime":1596.1599999999999,"endTime":1599.8799999999999,"body":"out. I believe it's a new book"},{"speaker":"Andy Hart","startTime":1599.8799999999999,"endTime":1603.42,"body":"called The most important thing"},{"speaker":"Andy Hart","startTime":1599.8799999999999,"endTime":1603.42,"body":"illuminated by Howard Marks. In"},{"speaker":"Andy Hart","startTime":1603.42,"endTime":1606.12,"body":"it, he talks about volatility,"},{"speaker":"Andy Hart","startTime":1603.42,"endTime":1606.12,"body":"and I'm going to very briefly"},{"speaker":"Andy Hart","startTime":1606.72,"endTime":1609.48,"body":"mention a couple of words on"},{"speaker":"Andy Hart","startTime":1606.72,"endTime":1609.48,"body":"that. So here's Howard Marks on"},{"speaker":"Andy Hart","startTime":1609.48,"endTime":1613.1599999999999,"body":"why volatility is not risk."},{"speaker":"Andy Hart","startTime":1609.48,"endTime":1613.1599999999999,"body":"According to the academics who"},{"speaker":"Andy Hart","startTime":1613.1599999999999,"endTime":1616.28,"body":"developed capital market theory,"},{"speaker":"Andy Hart","startTime":1613.1599999999999,"endTime":1616.28,"body":"risk equals volatility because"},{"speaker":"Andy Hart","startTime":1616.28,"endTime":1619.76,"body":"volatility indicates that"},{"speaker":"Andy Hart","startTime":1616.28,"endTime":1619.76,"body":"unreliability of an investment."},{"speaker":"Andy Hart","startTime":1620.0,"endTime":1623.42,"body":"I take great issue with this"},{"speaker":"Andy Hart","startTime":1620.0,"endTime":1623.42,"body":"definition of risk. It's my view"},{"speaker":"Andy Hart","startTime":1623.42,"endTime":1626.6,"body":"that knowingly or unknowingly,"},{"speaker":"Andy Hart","startTime":1623.42,"endTime":1626.6,"body":"academics settled on volatility"},{"speaker":"Andy Hart","startTime":1626.6,"endTime":1629.36,"body":"as a proxy for risk as a matter"},{"speaker":"Andy Hart","startTime":1626.6,"endTime":1629.36,"body":"of convenience. They needed a"},{"speaker":"Andy Hart","startTime":1629.36,"endTime":1632.3799999999999,"body":"number of their calculations"},{"speaker":"Andy Hart","startTime":1629.36,"endTime":1632.3799999999999,"body":"that was objective and could be"},{"speaker":"Andy Hart","startTime":1632.3799999999999,"endTime":1635.02,"body":"ascertained historically and"},{"speaker":"Andy Hart","startTime":1632.3799999999999,"endTime":1635.02,"body":"extrapolated into the future."},{"speaker":"Andy Hart","startTime":1635.1399999999999,"endTime":1638.56,"body":"Volatility fits the bill, and"},{"speaker":"Andy Hart","startTime":1635.1399999999999,"endTime":1638.56,"body":"most of the other types of risk"},{"speaker":"Andy Hart","startTime":1638.56,"endTime":1641.32,"body":"do not. And he goes on about"},{"speaker":"Andy Hart","startTime":1638.56,"endTime":1641.32,"body":"various other things. So yeah,"},{"speaker":"Andy Hart","startTime":1641.32,"endTime":1645.8799999999999,"body":"he's very eloquent about his"},{"speaker":"Andy Hart","startTime":1641.32,"endTime":1645.8799999999999,"body":"disdain for risk being"},{"speaker":"Andy Hart","startTime":1645.8799999999999,"endTime":1650.62,"body":"classified as volatility. But"},{"speaker":"Andy Hart","startTime":1645.8799999999999,"endTime":1650.62,"body":"also, check out money visuals,"},{"speaker":"Andy Hart","startTime":1650.68,"endTime":1653.34,"body":"which is a decent company,"},{"speaker":"Andy Hart","startTime":1650.68,"endTime":1653.34,"body":"provide a lot of good stuff for"},{"speaker":"Andy Hart","startTime":1653.34,"endTime":1654.24,"body":"advice."},{"speaker":"Alan Smith","startTime":1654.24,"endTime":1656.52,"body":"You're mentioning"},{"speaker":"Alan Smith","startTime":1654.24,"endTime":1656.52,"body":"them the quite the direct"},{"speaker":"Alan Smith","startTime":1656.52,"endTime":1658.74,"body":"competition to Home Premium."},{"speaker":"Alan Smith","startTime":1656.52,"endTime":1658.74,"body":"Yeah,"},{"speaker":"Andy Hart","startTime":1658.8,"endTime":1662.1599999999999,"body":"they are. We run a"},{"speaker":"Andy Hart","startTime":1658.8,"endTime":1662.1599999999999,"body":"very similar business. We"},{"speaker":"Andy Hart","startTime":1662.1599999999999,"endTime":1664.68,"body":"provide content for advisors for"},{"speaker":"Andy Hart","startTime":1662.1599999999999,"endTime":1664.68,"body":"a monthly fee. They"},{"speaker":"Alan Smith","startTime":1664.68,"endTime":1667.92,"body":"have the price,"},{"speaker":"Alan Smith","startTime":1664.68,"endTime":1667.92,"body":"though, yeah, yeah, interesting."},{"speaker":"Alan Smith","startTime":1668.1599999999999,"endTime":1668.3999999999999,"body":"Well,"},{"speaker":"Andy Hart","startTime":1668.7,"endTime":1670.62,"body":"you get what you pay"},{"speaker":"Andy Hart","startTime":1668.7,"endTime":1670.62,"body":"for. You know, you know the"},{"speaker":"Andy Hart","startTime":1670.62,"endTime":1673.22,"body":"rules. But no, he's a decent"},{"speaker":"Andy Hart","startTime":1670.62,"endTime":1673.22,"body":"guy, good friend of mine. I'm"},{"speaker":"Andy Hart","startTime":1673.22,"endTime":1676.1,"body":"Ashby Daniels, so money visuals"},{"speaker":"Andy Hart","startTime":1673.22,"endTime":1676.1,"body":"is decent, and I'm probably"},{"speaker":"Andy Hart","startTime":1676.1,"endTime":1678.98,"body":"going to buy this new book and"},{"speaker":"Andy Hart","startTime":1676.1,"endTime":1678.98,"body":"from how marks or maybe report"},{"speaker":"Andy Hart","startTime":1678.98,"endTime":1682.7,"body":"back once I've read it. But"},{"speaker":"Andy Hart","startTime":1678.98,"endTime":1682.7,"body":"yeah, I agree with all how Mark"},{"speaker":"Andy Hart","startTime":1682.7,"endTime":1686.3,"body":"says about volatility not being"},{"speaker":"Andy Hart","startTime":1682.7,"endTime":1686.3,"body":"the real risk. Back to you,"},{"speaker":"Andy Hart","startTime":1686.3,"endTime":1686.8999999999999,"body":"boss."},{"speaker":"Nick Lincoln","startTime":1688.1,"endTime":1690.6399999999999,"body":"Back to you, my"},{"speaker":"Nick Lincoln","startTime":1688.1,"endTime":1690.6399999999999,"body":"friend. Labor backs Fox to me."},{"speaker":"Andy Hart","startTime":1691.36,"endTime":1695.3799999999999,"body":"Okay, so labor is in"},{"speaker":"Andy Hart","startTime":1691.36,"endTime":1695.3799999999999,"body":"consultation about potentially"},{"speaker":"Andy Hart","startTime":1695.3799999999999,"endTime":1698.92,"body":"charging claims management"},{"speaker":"Andy Hart","startTime":1695.3799999999999,"endTime":1698.92,"body":"companies a small fee to lodge"},{"speaker":"Andy Hart","startTime":1698.92,"endTime":1701.98,"body":"complaints with the regulator,"},{"speaker":"Andy Hart","startTime":1698.92,"endTime":1701.98,"body":"or sorry, the ombudsman,"},{"speaker":"Andy Hart","startTime":1702.76,"endTime":1705.3999999999999,"body":"basically, the government has"},{"speaker":"Andy Hart","startTime":1702.76,"endTime":1705.3999999999999,"body":"concerns. There are some"},{"speaker":"Andy Hart","startTime":1705.3999999999999,"endTime":1708.34,"body":"professional representatives who"},{"speaker":"Andy Hart","startTime":1705.3999999999999,"endTime":1708.34,"body":"are bringing significant numbers"},{"speaker":"Andy Hart","startTime":1708.34,"endTime":1712.08,"body":"of poorly evidenced or templated"},{"speaker":"Andy Hart","startTime":1708.34,"endTime":1712.08,"body":"responses to the ombudsman with"},{"speaker":"Andy Hart","startTime":1712.08,"endTime":1716.04,"body":"no financial disincentive for"},{"speaker":"Andy Hart","startTime":1712.08,"endTime":1716.04,"body":"doing so. So this is good news."},{"speaker":"Andy Hart","startTime":1716.04,"endTime":1719.6399999999999,"body":"Yeah, claims management"},{"speaker":"Andy Hart","startTime":1716.04,"endTime":1719.6399999999999,"body":"companies just throw as much,"},{"speaker":"Andy Hart","startTime":1720.84,"endTime":1725.3999999999999,"body":"you know, whatever, against the"},{"speaker":"Andy Hart","startTime":1720.84,"endTime":1725.3999999999999,"body":"wall to try and get a couple of"},{"speaker":"Andy Hart","startTime":1725.3999999999999,"endTime":1728.22,"body":"these claims to stick. So it's"},{"speaker":"Andy Hart","startTime":1725.3999999999999,"endTime":1728.22,"body":"good that there's going to be a"},{"speaker":"Andy Hart","startTime":1728.22,"endTime":1730.28,"body":"minimal fee. I think they're"},{"speaker":"Andy Hart","startTime":1728.22,"endTime":1730.28,"body":"going to charge them, I think,"},{"speaker":"Andy Hart","startTime":1730.34,"endTime":1737.12,"body":"250 pounds a case. It's"},{"speaker":"Andy Hart","startTime":1730.34,"endTime":1737.12,"body":"challenging for any ombudsman to"},{"speaker":"Andy Hart","startTime":1737.12,"endTime":1741.44,"body":"lodge a fee against people"},{"speaker":"Andy Hart","startTime":1737.12,"endTime":1741.44,"body":"complaining, but the same time,"},{"speaker":"Andy Hart","startTime":1741.98,"endTime":1745.94,"body":"you know, sort of uphold"},{"speaker":"Andy Hart","startTime":1741.98,"endTime":1745.94,"body":"standards within the industries."},{"speaker":"Andy Hart","startTime":1746.48,"endTime":1749.12,"body":"So, for example, they say that,"},{"speaker":"Andy Hart","startTime":1746.48,"endTime":1749.12,"body":"let's say they're they, they're"},{"speaker":"Andy Hart","startTime":1749.12,"endTime":1753.1599999999999,"body":"going for a 50,000 pounds claim"},{"speaker":"Andy Hart","startTime":1749.12,"endTime":1753.1599999999999,"body":"from, you know, a water company,"},{"speaker":"Andy Hart","startTime":1753.1599999999999,"endTime":1757.96,"body":"a telecom company, a financial"},{"speaker":"Andy Hart","startTime":1753.1599999999999,"endTime":1757.96,"body":"advisor. Should there be a 5% if"},{"speaker":"Andy Hart","startTime":1757.96,"endTime":1763.12,"body":"you lose this, you pay 5% of it,"},{"speaker":"Andy Hart","startTime":1757.96,"endTime":1763.12,"body":"or 1% of it, or every failed"},{"speaker":"Andy Hart","startTime":1763.12,"endTime":1766.84,"body":"claim, there's a 500 pound fee."},{"speaker":"Andy Hart","startTime":1763.12,"endTime":1766.84,"body":"I don't quite know it's a"},{"speaker":"Andy Hart","startTime":1766.84,"endTime":1768.1599999999999,"body":"challenge for Ombudsman's."},{"speaker":"Alan Smith","startTime":1769.06,"endTime":1772.5,"body":"Thing is the the"},{"speaker":"Alan Smith","startTime":1769.06,"endTime":1772.5,"body":"ombudsman service, last time I"},{"speaker":"Alan Smith","startTime":1772.5,"endTime":1776.8799999999999,"body":"heard is running at least a year"},{"speaker":"Alan Smith","startTime":1772.5,"endTime":1776.8799999999999,"body":"behind with dealing with"},{"speaker":"Alan Smith","startTime":1777.36,"endTime":1782.52,"body":"complaints so and so. They are"},{"speaker":"Alan Smith","startTime":1777.36,"endTime":1782.52,"body":"the volume of complaints versus"},{"speaker":"Alan Smith","startTime":1782.52,"endTime":1785.04,"body":"the resources they've got, and"},{"speaker":"Alan Smith","startTime":1782.52,"endTime":1785.04,"body":"they've hired lots and lots of"},{"speaker":"Alan Smith","startTime":1785.04,"endTime":1788.6399999999999,"body":"people over the last two or"},{"speaker":"Alan Smith","startTime":1785.04,"endTime":1788.6399999999999,"body":"three years. It seems it's a no"},{"speaker":"Alan Smith","startTime":1788.6399999999999,"endTime":1792.6,"body":"lose situation. You might not"},{"speaker":"Alan Smith","startTime":1788.6399999999999,"endTime":1792.6,"body":"you might need to lose by"},{"speaker":"Alan Smith","startTime":1792.6,"endTime":1796.46,"body":"sending a company, there's a lot"},{"speaker":"Alan Smith","startTime":1792.6,"endTime":1796.46,"body":"of behavioral studies, so even"},{"speaker":"Alan Smith","startTime":1796.46,"endTime":1799.22,"body":"if you put the slightest they"},{"speaker":"Alan Smith","startTime":1796.46,"endTime":1799.22,"body":"make it 10 pounds a claim, or"},{"speaker":"Alan Smith","startTime":1799.22,"endTime":1802.6399999999999,"body":"something like that, the numbers"},{"speaker":"Alan Smith","startTime":1799.22,"endTime":1802.6399999999999,"body":"would decrease significantly."},{"speaker":"Alan Smith","startTime":1802.6399999999999,"endTime":1802.94,"body":"Yeah,"},{"speaker":"Andy Hart","startTime":1802.94,"endTime":1804.86,"body":"there should. There"},{"speaker":"Andy Hart","startTime":1802.94,"endTime":1804.86,"body":"should be a sort of level of"},{"speaker":"Andy Hart","startTime":1804.86,"endTime":1807.2,"body":"friction, and some"},{"speaker":"Alan Smith","startTime":1807.8,"endTime":1810.08,"body":"maybe you get it"},{"speaker":"Alan Smith","startTime":1807.8,"endTime":1810.08,"body":"back if it's uphill. But of"},{"speaker":"Alan Smith","startTime":1810.08,"endTime":1813.76,"body":"course, claims management"},{"speaker":"Alan Smith","startTime":1810.08,"endTime":1813.76,"body":"companies, and they've sprung up"},{"speaker":"Alan Smith","startTime":1814.18,"endTime":1815.86,"body":"all over the place. I mean,"},{"speaker":"Alan Smith","startTime":1814.18,"endTime":1815.86,"body":"there's some"},{"speaker":"Andy Hart","startTime":1817.48,"endTime":1819.94,"body":"x they should"},{"speaker":"Andy Hart","startTime":1817.48,"endTime":1819.94,"body":"introduce a charge for email."},{"speaker":"Andy Hart","startTime":1819.94,"endTime":1823.18,"body":"Every email is a 2p to send. Our"},{"speaker":"Andy Hart","startTime":1819.94,"endTime":1823.18,"body":"email traffic will go down"},{"speaker":"Andy Hart","startTime":1823.24,"endTime":1825.8799999999999,"body":"massively. Can't wait. Yeah,"},{"speaker":"Andy Hart","startTime":1823.24,"endTime":1825.8799999999999,"body":"I've said that before. When I"},{"speaker":"Andy Hart","startTime":1825.8799999999999,"endTime":1828.8799999999999,"body":"get to power, the day I get to"},{"speaker":"Andy Hart","startTime":1825.8799999999999,"endTime":1828.8799999999999,"body":"power, emails will be charged at"},{"speaker":"Andy Hart","startTime":1828.8799999999999,"endTime":1830.1599999999999,"body":"2pm an email to. Yeah,"},{"speaker":"Nick Lincoln","startTime":1831.96,"endTime":1834.06,"body":"as well, if you've"},{"speaker":"Nick Lincoln","startTime":1831.96,"endTime":1834.06,"body":"got it, if you got a claim going"},{"speaker":"Nick Lincoln","startTime":1834.06,"endTime":1837.24,"body":"through, and say you're the"},{"speaker":"Nick Lincoln","startTime":1834.06,"endTime":1837.24,"body":"advisor or the claimant, a year"},{"speaker":"Nick Lincoln","startTime":1837.24,"endTime":1839.34,"body":"of that hanging over your life."},{"speaker":"Nick Lincoln","startTime":1837.24,"endTime":1839.34,"body":"I mean, you're just, you know"},{"speaker":"Nick Lincoln","startTime":1839.34,"endTime":1841.68,"body":"what? I mean, that's, that's,"},{"speaker":"Nick Lincoln","startTime":1839.34,"endTime":1841.68,"body":"that's, that's a lot of minutes,"},{"speaker":"Nick Lincoln","startTime":1841.68,"endTime":1841.86,"body":"and"},{"speaker":"Alan Smith","startTime":1841.86,"endTime":1843.78,"body":"that's when you"},{"speaker":"Alan Smith","startTime":1841.86,"endTime":1843.78,"body":"first get to look at it, gee, as"},{"speaker":"Alan Smith","startTime":1843.78,"endTime":1845.94,"body":"far as get to look at it, and"},{"speaker":"Alan Smith","startTime":1843.78,"endTime":1845.94,"body":"then you might ask for more"},{"speaker":"Alan Smith","startTime":1845.94,"endTime":1848.94,"body":"information and get this, it"},{"speaker":"Alan Smith","startTime":1845.94,"endTime":1848.94,"body":"could, it could last two years"},{"speaker":"Alan Smith","startTime":1848.94,"endTime":1852.74,"body":"comfortably from the point of"},{"speaker":"Alan Smith","startTime":1848.94,"endTime":1852.74,"body":"sending in a letter. So I think"},{"speaker":"Alan Smith","startTime":1852.74,"endTime":1854.6599999999999,"body":"it's quite good. So I think"},{"speaker":"Alan Smith","startTime":1852.74,"endTime":1854.6599999999999,"body":"that's I think it's good."},{"speaker":"Andy Hart","startTime":1854.6599999999999,"endTime":1857.0,"body":"I'm sure the traffic,"},{"speaker":"Andy Hart","startTime":1854.6599999999999,"endTime":1857.0,"body":"I think management companies"},{"speaker":"Andy Hart","startTime":1857.0,"endTime":1859.76,"body":"will go down massively again. I"},{"speaker":"Andy Hart","startTime":1857.0,"endTime":1859.76,"body":"don't know. I'm just picking"},{"speaker":"Andy Hart","startTime":1859.76,"endTime":1863.12,"body":"around percentage, but probably"},{"speaker":"Andy Hart","startTime":1859.76,"endTime":1863.12,"body":"way over 50% if they charge 250"},{"speaker":"Andy Hart","startTime":1863.48,"endTime":1866.54,"body":"pounds for a claim that's only"},{"speaker":"Andy Hart","startTime":1863.48,"endTime":1866.54,"body":"going to pay them whatever"},{"speaker":"Andy Hart","startTime":1866.6,"endTime":1867.2,"body":"anyway. Well, the"},{"speaker":"Alan Smith","startTime":1867.2,"endTime":1869.06,"body":"problem is, they'll"},{"speaker":"Alan Smith","startTime":1867.2,"endTime":1869.06,"body":"pass it on to they'll pass it on"},{"speaker":"Alan Smith","startTime":1869.06,"endTime":1871.48,"body":"to the clock, the customer."},{"speaker":"Alan Smith","startTime":1869.06,"endTime":1871.48,"body":"They'll say, in order for us to"},{"speaker":"Alan Smith","startTime":1871.48,"endTime":1874.06,"body":"do this, just send us a check"},{"speaker":"Alan Smith","startTime":1871.48,"endTime":1874.06,"body":"for shorty pounds or whatever."},{"speaker":"Alan Smith","startTime":1874.06,"endTime":1874.42,"body":"And it"},{"speaker":"Nick Lincoln","startTime":1874.72,"endTime":1876.52,"body":"will again,"},{"speaker":"Nick Lincoln","startTime":1874.72,"endTime":1876.52,"body":"that'll cut down on the number"},{"speaker":"Nick Lincoln","startTime":1876.58,"endTime":1879.34,"body":"of Yeah. They're called"},{"speaker":"Nick Lincoln","startTime":1876.58,"endTime":1879.34,"body":"vexatious claims. Andrew, yes,"},{"speaker":"Nick Lincoln","startTime":1879.34,"endTime":1882.76,"body":"and anything that cuts down on"},{"speaker":"Nick Lincoln","startTime":1879.34,"endTime":1882.76,"body":"that kind of stuff will be well"},{"speaker":"Nick Lincoln","startTime":1882.76,"endTime":1883.6,"body":"received"},{"speaker":"Andy Hart","startTime":1883.72,"endTime":1885.7,"body":"claims. Alan, okay,"},{"speaker":"Unknown","startTime":1888.8799999999999,"endTime":1891.78,"body":"okay, got it. Got it"},{"speaker":"Unknown","startTime":1888.8799999999999,"endTime":1891.78,"body":"story."},{"speaker":"Nick Lincoln","startTime":1892.3799999999999,"endTime":1895.56,"body":"You've been"},{"speaker":"Nick Lincoln","startTime":1892.3799999999999,"endTime":1895.56,"body":"relatively mute so far. So now"},{"speaker":"Nick Lincoln","startTime":1896.94,"endTime":1898.74,"body":"entertain us with some"},{"speaker":"Nick Lincoln","startTime":1896.94,"endTime":1898.74,"body":"resources."},{"speaker":"Alan Smith","startTime":1899.82,"endTime":1901.98,"body":"Just wanted to share"},{"speaker":"Alan Smith","startTime":1899.82,"endTime":1901.98,"body":"this something I came across"},{"speaker":"Alan Smith","startTime":1901.98,"endTime":1904.74,"body":"recently Canada life, they've"},{"speaker":"Alan Smith","startTime":1901.98,"endTime":1904.74,"body":"got a whole thing. It's called"},{"speaker":"Alan Smith","startTime":1904.74,"endTime":1910.56,"body":"the 100 plus hub. And the 100"},{"speaker":"Alan Smith","startTime":1904.74,"endTime":1910.56,"body":"refers to, you know, Centennial"},{"speaker":"Alan Smith","startTime":1910.56,"endTime":1913.58,"body":"Sentinel. How do you say"},{"speaker":"Alan Smith","startTime":1910.56,"endTime":1913.58,"body":"centenarians reach 100"},{"speaker":"Andy Hart","startTime":1913.8799999999999,"endTime":1914.6,"body":"centurions,"},{"speaker":"Alan Smith","startTime":1915.08,"endTime":1919.34,"body":"Centurions? No, it's"},{"speaker":"Alan Smith","startTime":1915.08,"endTime":1919.34,"body":"not that I saw so gladiator too"},{"speaker":"Alan Smith","startTime":1919.46,"endTime":1920.72,"body":"the other day. It's great film."},{"speaker":"Carl Widger","startTime":1922.52,"endTime":1924.02,"body":"It's not It's"},{"speaker":"Carl Widger","startTime":1922.52,"endTime":1924.02,"body":"terrible."},{"speaker":"Alan Smith","startTime":1924.2,"endTime":1925.7,"body":"I think it's pretty"},{"speaker":"Alan Smith","startTime":1924.2,"endTime":1925.7,"body":"good,"},{"speaker":"Nick Lincoln","startTime":1926.84,"endTime":1927.86,"body":"like men in law"},{"speaker":"Nick Lincoln","startTime":1926.84,"endTime":1927.86,"body":"anyway,"},{"speaker":"Carl Widger","startTime":1929.96,"endTime":1932.68,"body":"sharks going around"},{"speaker":"Carl Widger","startTime":1929.96,"endTime":1932.68,"body":"to the Coliseum. Are you joking?"},{"speaker":"Carl Widger","startTime":1932.68,"endTime":1933.22,"body":"That's where they"},{"speaker":"Andy Hart","startTime":1933.22,"endTime":1934.96,"body":"used to do a big"},{"speaker":"Andy Hart","startTime":1933.22,"endTime":1934.96,"body":"Rhino. Yeah."},{"speaker":"Carl Widger","startTime":1935.1399999999999,"endTime":1939.6399999999999,"body":"Put Yeah, rhino in"},{"speaker":"Carl Widger","startTime":1935.1399999999999,"endTime":1939.6399999999999,"body":"it. Yeah. Anyways, Gladiators,"},{"speaker":"Nick Lincoln","startTime":1939.8799999999999,"endTime":1943.06,"body":"the gladiators and"},{"speaker":"Nick Lincoln","startTime":1939.8799999999999,"endTime":1943.06,"body":"Vaseline podcast. Let's move"},{"speaker":"Nick Lincoln","startTime":1943.06,"endTime":1945.28,"body":"back to the right. So"},{"speaker":"Alan Smith","startTime":1945.6399999999999,"endTime":1948.7,"body":"bottom line is,"},{"speaker":"Alan Smith","startTime":1945.6399999999999,"endTime":1948.7,"body":"people are living longer and"},{"speaker":"Alan Smith","startTime":1948.7,"endTime":1951.72,"body":"longer. As we all know, calendar"},{"speaker":"Alan Smith","startTime":1948.7,"endTime":1951.72,"body":"life have created. It's just a"},{"speaker":"Alan Smith","startTime":1951.72,"endTime":1954.48,"body":"lovely hub with lots of"},{"speaker":"Alan Smith","startTime":1951.72,"endTime":1954.48,"body":"information, with with graphs,"},{"speaker":"Alan Smith","startTime":1954.54,"endTime":1957.48,"body":"charts, calculators, life"},{"speaker":"Alan Smith","startTime":1954.54,"endTime":1957.48,"body":"expectancy calculators, tax"},{"speaker":"Alan Smith","startTime":1957.48,"endTime":1960.12,"body":"calculators, pension"},{"speaker":"Alan Smith","startTime":1957.48,"endTime":1960.12,"body":"calculators, infographics, stuff"},{"speaker":"Alan Smith","startTime":1960.12,"endTime":1963.96,"body":"that you could use in client"},{"speaker":"Alan Smith","startTime":1960.12,"endTime":1963.96,"body":"meetings. One interesting stat"},{"speaker":"Alan Smith","startTime":1963.96,"endTime":1966.78,"body":"that comes from their research"},{"speaker":"Alan Smith","startTime":1963.96,"endTime":1966.78,"body":"and their studies is people are"},{"speaker":"Alan Smith","startTime":1966.78,"endTime":1970.8799999999999,"body":"getting older and where they go"},{"speaker":"Alan Smith","startTime":1966.78,"endTime":1970.8799999999999,"body":"to seek advice from number one"},{"speaker":"Alan Smith","startTime":1970.94,"endTime":1977.42,"body":"you might expect, family, then"},{"speaker":"Alan Smith","startTime":1970.94,"endTime":1977.42,"body":"it's family, friends, the"},{"speaker":"Alan Smith","startTime":1977.42,"endTime":1982.22,"body":"internet, Martin Lewis website"},{"speaker":"Alan Smith","startTime":1977.42,"endTime":1982.22,"body":"is that is right up there, and"},{"speaker":"Alan Smith","startTime":1982.34,"endTime":1986.0,"body":"ifas and advisors are way, way,"},{"speaker":"Alan Smith","startTime":1982.34,"endTime":1986.0,"body":"way down the list. Again, as you"},{"speaker":"Alan Smith","startTime":1986.0,"endTime":1990.3999999999999,"body":"might expect, interesting isn't"},{"speaker":"Alan Smith","startTime":1986.0,"endTime":1990.3999999999999,"body":"as we know, there's still a very"},{"speaker":"Alan Smith","startTime":1990.3999999999999,"endTime":1993.58,"body":"small percentage of, you know,"},{"speaker":"Alan Smith","startTime":1990.3999999999999,"endTime":1993.58,"body":"customers, people, human beings"},{"speaker":"Alan Smith","startTime":1994.12,"endTime":1996.3999999999999,"body":"in the UK, Ireland and around"},{"speaker":"Alan Smith","startTime":1994.12,"endTime":1996.3999999999999,"body":"the world, who actually seek the"},{"speaker":"Alan Smith","startTime":1996.3999999999999,"endTime":1999.28,"body":"advice of financial planners. I"},{"speaker":"Alan Smith","startTime":1996.3999999999999,"endTime":1999.28,"body":"think you know, referring back"},{"speaker":"Alan Smith","startTime":1999.28,"endTime":2002.1,"body":"to the earlier conversation"},{"speaker":"Alan Smith","startTime":1999.28,"endTime":2002.1,"body":"about the increased complexity,"},{"speaker":"Alan Smith","startTime":2002.7,"endTime":2005.1599999999999,"body":"particularly for these people as"},{"speaker":"Alan Smith","startTime":2002.7,"endTime":2005.1599999999999,"body":"you know, the people that who"},{"speaker":"Alan Smith","startTime":2005.1599999999999,"endTime":2008.8799999999999,"body":"are the focus of this, this"},{"speaker":"Alan Smith","startTime":2005.1599999999999,"endTime":2008.8799999999999,"body":"content hub that Canada life"},{"speaker":"Alan Smith","startTime":2008.8799999999999,"endTime":2011.8999999999999,"body":"have created, which is the more"},{"speaker":"Alan Smith","startTime":2008.8799999999999,"endTime":2011.8999999999999,"body":"older people going through this"},{"speaker":"Alan Smith","startTime":2011.8999999999999,"endTime":2014.8999999999999,"body":"normal kind of intergenerational"},{"speaker":"Alan Smith","startTime":2011.8999999999999,"endTime":2014.8999999999999,"body":"planning, and what have you the"},{"speaker":"Alan Smith","startTime":2014.96,"endTime":2017.8999999999999,"body":"I would like to see that number."},{"speaker":"Alan Smith","startTime":2014.96,"endTime":2017.8999999999999,"body":"Like to expect that that number"},{"speaker":"Alan Smith","startTime":2017.96,"endTime":2021.02,"body":"of people who are seeking advice"},{"speaker":"Alan Smith","startTime":2017.96,"endTime":2021.02,"body":"from advisors will increase, but"},{"speaker":"Alan Smith","startTime":2021.02,"endTime":2025.1,"body":"it's a much lower number than"},{"speaker":"Alan Smith","startTime":2021.02,"endTime":2025.1,"body":"anything else. And Martin Lewis"},{"speaker":"Alan Smith","startTime":2025.1,"endTime":2028.22,"body":"is by far the most impactful."},{"speaker":"Alan Smith","startTime":2025.1,"endTime":2028.22,"body":"He's pretty good, I would say,"},{"speaker":"Alan Smith","startTime":2074.3,"endTime":2076.96,"body":"overall, pretty accurate with"},{"speaker":"Alan Smith","startTime":2074.3,"endTime":2076.96,"body":"his information, but it's"},{"speaker":"Alan Smith","startTime":2076.96,"endTime":2079.54,"body":"generic. It's not advice, is"},{"speaker":"Alan Smith","startTime":2076.96,"endTime":2079.54,"body":"it's generic information, and"},{"speaker":"Alan Smith","startTime":2079.54,"endTime":2082.6,"body":"it's not specific to the"},{"speaker":"Alan Smith","startTime":2079.54,"endTime":2082.6,"body":"circumstances. Anyway, there's a"},{"speaker":"Alan Smith","startTime":2082.6,"endTime":2085.36,"body":"link to that Canada life thing"},{"speaker":"Alan Smith","startTime":2082.6,"endTime":2085.36,"body":"in the show notes. I might lose"},{"speaker":"Andy Hart","startTime":2085.36,"endTime":2087.58,"body":"his website. It's a"},{"speaker":"Andy Hart","startTime":2085.36,"endTime":2087.58,"body":"good starting point. You know,"},{"speaker":"Andy Hart","startTime":2087.58,"endTime":2090.52,"body":"often find myself buried in some"},{"speaker":"Andy Hart","startTime":2087.58,"endTime":2090.52,"body":"of the forums when I'm looking"},{"speaker":"Andy Hart","startTime":2090.52,"endTime":2093.1,"body":"for something, something winner,"},{"speaker":"Andy Hart","startTime":2090.52,"endTime":2093.1,"body":"wacky. He's definitely a"},{"speaker":"Andy Hart","startTime":2093.1,"endTime":2095.26,"body":"consumer champion. He's done,"},{"speaker":"Andy Hart","startTime":2093.1,"endTime":2095.26,"body":"you know, a lot of good with"},{"speaker":"Andy Hart","startTime":2095.26,"endTime":2098.4,"body":"this well, but yeah, getting"},{"speaker":"Andy Hart","startTime":2095.26,"endTime":2098.4,"body":"proper financial planning advice"},{"speaker":"Andy Hart","startTime":2098.4,"endTime":2100.92,"body":"via the website, obviously is"},{"speaker":"Andy Hart","startTime":2098.4,"endTime":2100.92,"body":"not gonna, not gonna cut it."},{"speaker":"Andy Hart","startTime":2101.46,"endTime":2102.06,"body":"Nicholas,"},{"speaker":"Nick Lincoln","startTime":2103.44,"endTime":2108.9,"body":"hoki, Doki de la"},{"speaker":"Nick Lincoln","startTime":2103.44,"endTime":2108.9,"body":"Bucha, Norges investment bank,"},{"speaker":"Carl Widger","startTime":2110.4,"endTime":2112.08,"body":"yeah, we've"},{"speaker":"Carl Widger","startTime":2110.4,"endTime":2112.08,"body":"mentioned this before. So"},{"speaker":"Carl Widger","startTime":2112.08,"endTime":2118.1,"body":"Nikolai kangen is the host of"},{"speaker":"Carl Widger","startTime":2112.08,"endTime":2118.1,"body":"the this particular podcast. And"},{"speaker":"Carl Widger","startTime":2118.1,"endTime":2120.68,"body":"I came across, I don't know, I"},{"speaker":"Carl Widger","startTime":2118.1,"endTime":2120.68,"body":"think it was watching something"},{"speaker":"Carl Widger","startTime":2120.68,"endTime":2125.66,"body":"else. And then this came up. He"},{"speaker":"Carl Widger","startTime":2120.68,"endTime":2125.66,"body":"interviews Sam Altman of chat,"},{"speaker":"Carl Widger","startTime":2125.8399999999997,"endTime":2131.66,"body":"GPT open AI, and it's a really"},{"speaker":"Carl Widger","startTime":2125.8399999999997,"endTime":2131.66,"body":"good interview in terms of kind"},{"speaker":"Carl Widger","startTime":2131.66,"endTime":2135.38,"body":"of looking forward as to where"},{"speaker":"Carl Widger","startTime":2131.66,"endTime":2135.38,"body":"this is going to bring us. And,"},{"speaker":"Carl Widger","startTime":2135.5,"endTime":2138.58,"body":"you know, people being spooked"},{"speaker":"Carl Widger","startTime":2135.5,"endTime":2138.58,"body":"by it. I think, watch this"},{"speaker":"Carl Widger","startTime":2138.58,"endTime":2140.74,"body":"interview. I think it's, it's,"},{"speaker":"Carl Widger","startTime":2138.58,"endTime":2140.74,"body":"it's really, really good."},{"speaker":"Carl Widger","startTime":2140.98,"endTime":2143.68,"body":"Interestingly. Andy, when I was"},{"speaker":"Carl Widger","startTime":2140.98,"endTime":2143.68,"body":"going through the kind of back"},{"speaker":"Carl Widger","startTime":2143.68,"endTime":2146.5,"body":"catalog of this, I think he does"},{"speaker":"Carl Widger","startTime":2143.68,"endTime":2146.5,"body":"an interview with Howard Marks"},{"speaker":"Carl Widger","startTime":2146.5,"endTime":2149.56,"body":"as well. How does he who you,"},{"speaker":"Carl Widger","startTime":2146.5,"endTime":2149.56,"body":"who you just mentioned earlier"},{"speaker":"Carl Widger","startTime":2149.56,"endTime":2154.7799999999997,"body":"on, yeah, but he just, he just"},{"speaker":"Carl Widger","startTime":2149.56,"endTime":2154.7799999999997,"body":"has an amazing, I don't know,"},{"speaker":"Carl Widger","startTime":2154.7799999999997,"endTime":2159.24,"body":"his just his interviewing"},{"speaker":"Carl Widger","startTime":2154.7799999999997,"endTime":2159.24,"body":"skills. He like he doesn't. He's"},{"speaker":"Carl Widger","startTime":2159.24,"endTime":2161.88,"body":"not afraid of pauses. Do you"},{"speaker":"Carl Widger","startTime":2159.24,"endTime":2161.88,"body":"know so many people who are"},{"speaker":"Carl Widger","startTime":2161.88,"endTime":2165.6,"body":"afraid of pauses and will jump"},{"speaker":"Carl Widger","startTime":2161.88,"endTime":2165.6,"body":"in because Sam Altman isn't the"},{"speaker":"Carl Widger","startTime":2165.6,"endTime":2170.22,"body":"most articulate, the most"},{"speaker":"Carl Widger","startTime":2165.6,"endTime":2170.22,"body":"articulate guy in the world, but"},{"speaker":"Carl Widger","startTime":2170.22,"endTime":2175.38,"body":"he just lets him think about his"},{"speaker":"Carl Widger","startTime":2170.22,"endTime":2175.38,"body":"answers and and, you know, gives"},{"speaker":"Carl Widger","startTime":2175.38,"endTime":2178.16,"body":"him the time. To give it, give"},{"speaker":"Carl Widger","startTime":2175.38,"endTime":2178.16,"body":"the answers. I thought it was"},{"speaker":"Carl Widger","startTime":2178.16,"endTime":2181.2799999999997,"body":"really, really good. And"},{"speaker":"Carl Widger","startTime":2178.16,"endTime":2181.2799999999997,"body":"basically his view, of course,"},{"speaker":"Carl Widger","startTime":2181.2799999999997,"endTime":2184.16,"body":"he is going to say it AI is"},{"speaker":"Carl Widger","startTime":2181.2799999999997,"endTime":2184.16,"body":"good, but he's basically saying"},{"speaker":"Carl Widger","startTime":2184.46,"endTime":2187.94,"body":"AI is not going to necessarily"},{"speaker":"Carl Widger","startTime":2184.46,"endTime":2187.94,"body":"replace work. It's going to"},{"speaker":"Carl Widger","startTime":2187.94,"endTime":2192.98,"body":"change work, but AI is going to"},{"speaker":"Carl Widger","startTime":2187.94,"endTime":2192.98,"body":"be best for the less fortunate."},{"speaker":"Carl Widger","startTime":2193.1,"endTime":2194.06,"body":"Sorry. Nicholas,"},{"speaker":"Unknown","startTime":2194.48,"endTime":2195.08,"body":"no, no, no. I"},{"speaker":"Nick Lincoln","startTime":2195.08,"endTime":2197.2599999999998,"body":"just say Nikolai."},{"speaker":"Nick Lincoln","startTime":2195.08,"endTime":2197.2599999999998,"body":"Tangent. He is. He is an"},{"speaker":"Nick Lincoln","startTime":2197.2599999999998,"endTime":2199.66,"body":"intriguing interview. And I'm"},{"speaker":"Nick Lincoln","startTime":2197.2599999999998,"endTime":2199.66,"body":"wondering if it's because"},{"speaker":"Nick Lincoln","startTime":2200.02,"endTime":2202.54,"body":"English is his second language"},{"speaker":"Nick Lincoln","startTime":2200.02,"endTime":2202.54,"body":"and that just gives him a"},{"speaker":"Nick Lincoln","startTime":2202.54,"endTime":2206.08,"body":"different way of just thinking"},{"speaker":"Nick Lincoln","startTime":2202.54,"endTime":2206.08,"body":"and the pausing and what have"},{"speaker":"Nick Lincoln","startTime":2206.08,"endTime":2207.4,"body":"you. He's an engaging interview."},{"speaker":"Alan Smith","startTime":2209.08,"endTime":2211.72,"body":"He could, in theory,"},{"speaker":"Alan Smith","startTime":2209.08,"endTime":2211.72,"body":"he can get anyone he wants on"},{"speaker":"Alan Smith","startTime":2211.72,"endTime":2214.3599999999997,"body":"his podcast. You know? What have"},{"speaker":"Alan Smith","startTime":2211.72,"endTime":2214.3599999999997,"body":"they got? Trillions of assets"},{"speaker":"Alan Smith","startTime":2214.6,"endTime":2217.7999999999997,"body":"they own, every company I'd"},{"speaker":"Alan Smith","startTime":2214.6,"endTime":2217.7999999999997,"body":"like, the CEO of whoever. Come"},{"speaker":"Alan Smith","startTime":2217.7999999999997,"endTime":2217.98,"body":"on,"},{"speaker":"Carl Widger","startTime":2219.0,"endTime":2223.56,"body":"yeah, yeah. He had,"},{"speaker":"Carl Widger","startTime":2219.0,"endTime":2223.56,"body":"he had Elon Musk as well, um,"},{"speaker":"Carl Widger","startTime":2223.8599999999997,"endTime":2229.92,"body":"because, yeah, but that was a"},{"speaker":"Carl Widger","startTime":2223.8599999999997,"endTime":2229.92,"body":"kind of a live on x in down with"},{"speaker":"Carl Widger","startTime":2229.92,"endTime":2230.64,"body":"x. Anyway,"},{"speaker":"Andy Hart","startTime":2231.48,"endTime":2233.64,"body":"we've spoken about it"},{"speaker":"Andy Hart","startTime":2231.48,"endTime":2233.64,"body":"before, but he also had Mike"},{"speaker":"Andy Hart","startTime":2233.64,"endTime":2235.92,"body":"O'Leary on from Ryanair. That's,"},{"speaker":"Andy Hart","startTime":2233.64,"endTime":2235.92,"body":"yeah, that"},{"speaker":"Nick Lincoln","startTime":2236.8199999999997,"endTime":2239.0,"body":"was a good one."},{"speaker":"Nick Lincoln","startTime":2236.8199999999997,"endTime":2239.0,"body":"Yeah, really brilliant. Andy,"},{"speaker":"Nick Lincoln","startTime":2239.0,"endTime":2241.7599999999998,"body":"you've got a follow on point to"},{"speaker":"Nick Lincoln","startTime":2239.0,"endTime":2241.7599999999998,"body":"Carl's. Yeah,"},{"speaker":"Andy Hart","startTime":2241.7599999999998,"endTime":2245.2999999999997,"body":"I've got a following"},{"speaker":"Andy Hart","startTime":2241.7599999999998,"endTime":2245.2999999999997,"body":"point. Obviously, the Norwegian"},{"speaker":"Andy Hart","startTime":2245.2999999999997,"endTime":2249.2,"body":"sovereign wealth fund that I've"},{"speaker":"Andy Hart","startTime":2245.2999999999997,"endTime":2249.2,"body":"spoken about a bit and advisors"},{"speaker":"Andy Hart","startTime":2249.2,"endTime":2252.08,"body":"know, the government pension"},{"speaker":"Andy Hart","startTime":2249.2,"endTime":2252.08,"body":"fund in Norway, they had their"},{"speaker":"Andy Hart","startTime":2252.14,"endTime":2256.7799999999997,"body":"quarterly results that came in."},{"speaker":"Andy Hart","startTime":2252.14,"endTime":2256.7799999999997,"body":"They just returned 75 billion in"},{"speaker":"Andy Hart","startTime":2256.7799999999997,"endTime":2263.44,"body":"the last quarter. But my main"},{"speaker":"Andy Hart","startTime":2256.7799999999997,"endTime":2263.44,"body":"point was they've been named the"},{"speaker":"Andy Hart","startTime":2263.44,"endTime":2266.8599999999997,"body":"most transparent fund in the"},{"speaker":"Andy Hart","startTime":2263.44,"endTime":2266.8599999999997,"body":"world, the most transparent"},{"speaker":"Andy Hart","startTime":2266.8599999999997,"endTime":2269.2,"body":"sovereign wealth fund in the"},{"speaker":"Andy Hart","startTime":2266.8599999999997,"endTime":2269.2,"body":"world. The score that they got"},{"speaker":"Andy Hart","startTime":2269.2,"endTime":2271.48,"body":"out of 100 Guess what? It was?"},{"speaker":"Alan Smith","startTime":2272.2599999999998,"endTime":2272.8599999999997,"body":"90 904."},{"speaker":"Unknown","startTime":2274.6,"endTime":2277.08,"body":"Perfect. I was in on"},{"speaker":"Unknown","startTime":2274.6,"endTime":2277.08,"body":"185"},{"speaker":"Andy Hart","startTime":2278.7,"endTime":2282.72,"body":"question checklist"},{"speaker":"Andy Hart","startTime":2278.7,"endTime":2282.72,"body":"thing, whoever's whatever, the"},{"speaker":"Andy Hart","startTime":2282.72,"endTime":2287.04,"body":"second place person fund was the"},{"speaker":"Andy Hart","startTime":2282.72,"endTime":2287.04,"body":"Canadian, Canadian wellness"},{"speaker":"Andy Hart","startTime":2287.04,"endTime":2290.94,"body":"that's sovereign wealth funds in"},{"speaker":"Andy Hart","startTime":2287.04,"endTime":2290.94,"body":"Canada. So, yeah, it's and"},{"speaker":"Andy Hart","startTime":2290.94,"endTime":2294.48,"body":"obviously Nicholas can't"},{"speaker":"Andy Hart","startTime":2290.94,"endTime":2294.48,"body":"remember his surname. Is the"},{"speaker":"Andy Hart","startTime":2294.54,"endTime":2300.5,"body":"tangent, is the is the CIO"},{"speaker":"Andy Hart","startTime":2294.54,"endTime":2300.5,"body":"because Nikolai. Nikolai is"},{"speaker":"Nick Lincoln","startTime":2301.88,"endTime":2303.2599999999998,"body":"back, Norges,"},{"speaker":"Nick Lincoln","startTime":2301.88,"endTime":2303.2599999999998,"body":"getting"},{"speaker":"Andy Hart","startTime":2303.56,"endTime":2306.38,"body":"transparent, amazing"},{"speaker":"Andy Hart","startTime":2303.56,"endTime":2306.38,"body":"paid. He gets"},{"speaker":"Carl Widger","startTime":2306.38,"endTime":2310.1,"body":"paid something like"},{"speaker":"Carl Widger","startTime":2306.38,"endTime":2310.1,"body":"250 grand a year, as opposed to,"},{"speaker":"Carl Widger","startTime":2310.1,"endTime":2312.44,"body":"you know, these hedge fund"},{"speaker":"Carl Widger","startTime":2310.1,"endTime":2312.44,"body":"managers who are getting paid"},{"speaker":"Carl Widger","startTime":2312.8599999999997,"endTime":2316.54,"body":"hundreds of millions a year."},{"speaker":"Carl Widger","startTime":2312.8599999999997,"endTime":2316.54,"body":"Yeah, and keeps the few times"},{"speaker":"Carl Widger","startTime":2316.54,"endTime":2319.24,"body":"I've listened to him like, I"},{"speaker":"Carl Widger","startTime":2316.54,"endTime":2319.24,"body":"love my job. I just want my job"},{"speaker":"Carl Widger","startTime":2319.24,"endTime":2319.7799999999997,"body":"to go. I think,"},{"speaker":"Nick Lincoln","startTime":2320.5,"endTime":2322.24,"body":"yeah, he sounds"},{"speaker":"Nick Lincoln","startTime":2320.5,"endTime":2322.24,"body":"the autistic. I"},{"speaker":"Andy Hart","startTime":2322.24,"endTime":2326.62,"body":"think it's 40 people"},{"speaker":"Andy Hart","startTime":2322.24,"endTime":2326.62,"body":"in the office looking after this"},{"speaker":"Andy Hart","startTime":2326.62,"endTime":2327.52,"body":"one. Yeah,"},{"speaker":"Alan Smith","startTime":2328.24,"endTime":2331.18,"body":"a truly, well, I"},{"speaker":"Alan Smith","startTime":2328.24,"endTime":2331.18,"body":"think we'll come on to that to"},{"speaker":"Alan Smith","startTime":2331.18,"endTime":2334.2999999999997,"body":"some degree in the meat"},{"speaker":"Alan Smith","startTime":2331.18,"endTime":2334.2999999999997,"body":"potatoes, okay, the"},{"speaker":"Nick Lincoln","startTime":2334.2999999999997,"endTime":2336.7,"body":"world's most"},{"speaker":"Nick Lincoln","startTime":2334.2999999999997,"endTime":2336.7,"body":"transparent fund. We're going to"},{"speaker":"Nick Lincoln","startTime":2336.7,"endTime":2340.56,"body":"be talking about some of the"},{"speaker":"Nick Lincoln","startTime":2336.7,"endTime":2340.56,"body":"world's most not ill, opaque,"},{"speaker":"Nick Lincoln","startTime":2340.56,"endTime":2346.62,"body":"less better by Okay, talking for"},{"speaker":"Nick Lincoln","startTime":2340.56,"endTime":2346.62,"body":"the world, the world's most"},{"speaker":"Nick Lincoln","startTime":2346.62,"endTime":2349.7999999999997,"body":"transparent fund, we're going to"},{"speaker":"Nick Lincoln","startTime":2346.62,"endTime":2349.7999999999997,"body":"talk about one of the world's"},{"speaker":"Nick Lincoln","startTime":2349.7999999999997,"endTime":2353.88,"body":"most transparent fund managers,"},{"speaker":"Nick Lincoln","startTime":2349.7999999999997,"endTime":2353.88,"body":"the ever direct. Was he a guest"},{"speaker":"Nick Lincoln","startTime":2353.88,"endTime":2357.02,"body":"on your podcast, Andrew, I"},{"speaker":"Nick Lincoln","startTime":2353.88,"endTime":2357.02,"body":"forget you talked through Terry"},{"speaker":"Andy Hart","startTime":2357.2599999999998,"endTime":2361.22,"body":"my podcast on the"},{"speaker":"Andy Hart","startTime":2357.2599999999998,"endTime":2361.22,"body":"street. So now he's a close"},{"speaker":"Andy Hart","startTime":2361.22,"endTime":2362.54,"body":"personal friend of mine."},{"speaker":"Nick Lincoln","startTime":2363.56,"endTime":2364.2799999999997,"body":"Quick, quick."},{"speaker":"Andy Hart","startTime":2367.7599999999998,"endTime":2373.58,"body":"Terry Smith is one of"},{"speaker":"Andy Hart","startTime":2367.7599999999998,"endTime":2373.58,"body":"the, I think, best or well known"},{"speaker":"Andy Hart","startTime":2373.64,"endTime":2377.38,"body":"active fund managers in the UK."},{"speaker":"Andy Hart","startTime":2373.64,"endTime":2377.38,"body":"He runs a fund called fund"},{"speaker":"Andy Hart","startTime":2377.38,"endTime":2381.3399999999997,"body":"Smith, named after himself. He"},{"speaker":"Andy Hart","startTime":2377.38,"endTime":2381.3399999999997,"body":"had his annual shareholders"},{"speaker":"Andy Hart","startTime":2381.3399999999997,"endTime":2385.8399999999997,"body":"meeting, and they stream it"},{"speaker":"Andy Hart","startTime":2381.3399999999997,"endTime":2385.8399999999997,"body":"live. I think this passed me by,"},{"speaker":"Andy Hart","startTime":2385.8399999999997,"endTime":2391.9,"body":"but I watched it last week, the"},{"speaker":"Andy Hart","startTime":2385.8399999999997,"endTime":2391.9,"body":"2024 meeting. And he is smart,"},{"speaker":"Andy Hart","startTime":2391.96,"endTime":2396.6,"body":"direct, well informed. Always"},{"speaker":"Andy Hart","startTime":2391.96,"endTime":2396.6,"body":"talks about investing, as in"},{"speaker":"Andy Hart","startTime":2396.6,"endTime":2399.9,"body":"investing in businesses and"},{"speaker":"Andy Hart","startTime":2396.6,"endTime":2399.9,"body":"companies. You know, he's been,"},{"speaker":"Andy Hart","startTime":2399.9,"endTime":2403.62,"body":"been sort of quoted as the UK is"},{"speaker":"Andy Hart","startTime":2399.9,"endTime":2403.62,"body":"Warren Buffett, and he's got his"},{"speaker":"Andy Hart","startTime":2404.7599999999998,"endTime":2408.96,"body":"Charlie Munger partner, who His"},{"speaker":"Andy Hart","startTime":2404.7599999999998,"endTime":2408.96,"body":"name has alluded me now, but"},{"speaker":"Andy Hart","startTime":2408.96,"endTime":2411.12,"body":"yeah, it's definitely worth"},{"speaker":"Andy Hart","startTime":2408.96,"endTime":2411.12,"body":"watching it. So do check it out."},{"speaker":"Andy Hart","startTime":2411.12,"endTime":2413.46,"body":"And he talks about the return to"},{"speaker":"Andy Hart","startTime":2411.12,"endTime":2413.46,"body":"the fund and what, what"},{"speaker":"Andy Hart","startTime":2413.46,"endTime":2415.74,"body":"companies have added to the"},{"speaker":"Andy Hart","startTime":2413.46,"endTime":2415.74,"body":"returns, what companies have"},{"speaker":"Andy Hart","startTime":2415.74,"endTime":2419.8399999999997,"body":"detracted for the return So"},{"speaker":"Andy Hart","startTime":2415.74,"endTime":2419.8399999999997,"body":"Terry Smith, fun Smith on"},{"speaker":"Andy Hart","startTime":2419.8399999999997,"endTime":2422.12,"body":"YouTube. Link in the show notes,"},{"speaker":"Andy Hart","startTime":2419.8399999999997,"endTime":2422.12,"body":"that's it. Did"},{"speaker":"Alan Smith","startTime":2422.12,"endTime":2426.08,"body":"he explain why he's"},{"speaker":"Alan Smith","startTime":2422.12,"endTime":2426.08,"body":"underperformed the last five"},{"speaker":"Alan Smith","startTime":2426.08,"endTime":2426.7999999999997,"body":"years? This is"},{"speaker":"Nick Lincoln","startTime":2426.7999999999997,"endTime":2428.96,"body":"coming. I knew"},{"speaker":"Nick Lincoln","startTime":2426.7999999999997,"endTime":2428.96,"body":"this. I"},{"speaker":"Andy Hart","startTime":2428.96,"endTime":2431.06,"body":"don't quite know, but"},{"speaker":"Andy Hart","startTime":2428.96,"endTime":2431.06,"body":"I think since inception, he's"},{"speaker":"Andy Hart","startTime":2431.06,"endTime":2432.2599999999998,"body":"done very well."},{"speaker":"Alan Smith","startTime":2432.74,"endTime":2433.52,"body":"It's done well."},{"speaker":"Andy Hart","startTime":2433.64,"endTime":2435.92,"body":"I don't get too much"},{"speaker":"Andy Hart","startTime":2433.64,"endTime":2435.92,"body":"into the weeds about that,"},{"speaker":"Andy Hart","startTime":2435.92,"endTime":2437.98,"body":"because I'm not really too"},{"speaker":"Andy Hart","startTime":2435.92,"endTime":2437.98,"body":"bothered about that. I'm more a"},{"speaker":"Andy Hart","startTime":2437.98,"endTime":2440.74,"body":"fan of him, rather than the"},{"speaker":"Andy Hart","startTime":2437.98,"endTime":2440.74,"body":"funding returns. And obviously I"},{"speaker":"Andy Hart","startTime":2440.74,"endTime":2443.44,"body":"don't have any money in it. My"},{"speaker":"Andy Hart","startTime":2440.74,"endTime":2443.44,"body":"clients have no money in it, but"},{"speaker":"Andy Hart","startTime":2443.44,"endTime":2446.2599999999998,"body":"I'm a huge fan of him. And the"},{"speaker":"Andy Hart","startTime":2443.44,"endTime":2446.2599999999998,"body":"way he talks, I agree. I agree."},{"speaker":"Alan Smith","startTime":2446.2599999999998,"endTime":2449.02,"body":"He's very he's very"},{"speaker":"Alan Smith","startTime":2446.2599999999998,"endTime":2449.02,"body":"straight talking. Yeah, he"},{"speaker":"Alan Smith","startTime":2449.02,"endTime":2451.12,"body":"writes very well. It's the old"},{"speaker":"Nick Lincoln","startTime":2452.2,"endTime":2454.0,"body":"it's the old"},{"speaker":"Nick Lincoln","startTime":2452.2,"endTime":2454.0,"body":"story. It's like Matt, you know,"},{"speaker":"Nick Lincoln","startTime":2454.0,"endTime":2460.92,"body":"boy meets girl falls in love"},{"speaker":"Nick Lincoln","startTime":2454.0,"endTime":2460.92,"body":"another bloke they you know, he"},{"speaker":"Nick Lincoln","startTime":2460.92,"endTime":2463.2,"body":"becomes a trans person. You"},{"speaker":"Nick Lincoln","startTime":2460.92,"endTime":2463.2,"body":"know, all these classic love"},{"speaker":"Nick Lincoln","startTime":2463.56,"endTime":2467.8199999999997,"body":"stories do really well cash"},{"speaker":"Nick Lincoln","startTime":2463.56,"endTime":2467.8199999999997,"body":"pause in they get after they've"},{"speaker":"Nick Lincoln","startTime":2467.8199999999997,"endTime":2470.04,"body":"done well, really, really hard."},{"speaker":"Nick Lincoln","startTime":2467.8199999999997,"endTime":2470.04,"body":"It's really after done well,"},{"speaker":"Nick Lincoln","startTime":2470.04,"endTime":2472.44,"body":"it's really, really hard. It's"},{"speaker":"Nick Lincoln","startTime":2470.04,"endTime":2472.44,"body":"just rinse and repeat. You know,"},{"speaker":"Nick Lincoln","startTime":2472.44,"endTime":2474.54,"body":"this is just the nature of"},{"speaker":"Nick Lincoln","startTime":2472.44,"endTime":2474.54,"body":"active fund management."},{"speaker":"Andy Hart","startTime":2474.54,"endTime":2477.44,"body":"But in terms of. The"},{"speaker":"Andy Hart","startTime":2474.54,"endTime":2477.44,"body":"money that they're looking"},{"speaker":"Andy Hart","startTime":2477.44,"endTime":2480.68,"body":"after. The funds only worth 25"},{"speaker":"Andy Hart","startTime":2477.44,"endTime":2480.68,"body":"billion. I mean, that's not a"},{"speaker":"Andy Hart","startTime":2480.68,"endTime":2483.56,"body":"lot of capital to allocate these"},{"speaker":"Andy Hart","startTime":2480.68,"endTime":2483.56,"body":"days, you know. But buffet"},{"speaker":"Andy Hart","startTime":2483.56,"endTime":2486.92,"body":"Buffett has a little bit of a"},{"speaker":"Andy Hart","startTime":2483.56,"endTime":2486.92,"body":"challenge with his hundreds of"},{"speaker":"Andy Hart","startTime":2486.92,"endTime":2490.46,"body":"billions to allocate. But Terry"},{"speaker":"Andy Hart","startTime":2486.92,"endTime":2490.46,"body":"Smith, I mean, even crap"},{"speaker":"Andy Hart","startTime":2490.46,"endTime":2493.52,"body":"companies these days have got"},{"speaker":"Andy Hart","startTime":2490.46,"endTime":2493.52,"body":"market caps of 5 billion. So, I"},{"speaker":"Andy Hart","startTime":2493.7599999999998,"endTime":2495.7999999999997,"body":"mean, the amount of money"},{"speaker":"Andy Hart","startTime":2493.7599999999998,"endTime":2495.7999999999997,"body":"swashing around there's, uh,"},{"speaker":"Andy Hart","startTime":2495.7999999999997,"endTime":2500.98,"body":"insane. So he is restricted by"},{"speaker":"Andy Hart","startTime":2495.7999999999997,"endTime":2500.98,"body":"their size. No, no,"},{"speaker":"Alan Smith","startTime":2501.52,"endTime":2504.16,"body":"I agree with you."},{"speaker":"Alan Smith","startTime":2501.52,"endTime":2504.16,"body":"He's great. I read most things"},{"speaker":"Alan Smith","startTime":2504.16,"endTime":2507.04,"body":"that he publishes. I'll catch up"},{"speaker":"Alan Smith","startTime":2504.16,"endTime":2507.04,"body":"with that video. I like I've"},{"speaker":"Alan Smith","startTime":2507.04,"endTime":2509.98,"body":"watched him in the past. I like"},{"speaker":"Alan Smith","startTime":2507.04,"endTime":2509.98,"body":"his straight talking. I like"},{"speaker":"Alan Smith","startTime":2509.98,"endTime":2512.8599999999997,"body":"that. He's his, kind of, his own"},{"speaker":"Alan Smith","startTime":2509.98,"endTime":2512.8599999999997,"body":"personal stories, a bit of a"},{"speaker":"Alan Smith","startTime":2512.8599999999997,"endTime":2516.6,"body":"kind of East End boy done well,"},{"speaker":"Alan Smith","startTime":2512.8599999999997,"endTime":2516.6,"body":"but, you know, very, very smart,"},{"speaker":"Alan Smith","startTime":2516.6,"endTime":2520.68,"body":"but it is, but fundamentally,"},{"speaker":"Alan Smith","startTime":2516.6,"endTime":2520.68,"body":"for a in the world that we live"},{"speaker":"Alan Smith","startTime":2520.68,"endTime":2524.7599999999998,"body":"in, and there was always these"},{"speaker":"Alan Smith","startTime":2520.68,"endTime":2524.7599999999998,"body":"times when, whether it's Lincoln"},{"speaker":"Alan Smith","startTime":2524.7599999999998,"endTime":2528.42,"body":"train as the other one, Nick"},{"speaker":"Alan Smith","startTime":2524.7599999999998,"endTime":2528.42,"body":"train, Terry Smith, and you"},{"speaker":"Alan Smith","startTime":2528.42,"endTime":2531.6,"body":"know, throughout history, there"},{"speaker":"Alan Smith","startTime":2528.42,"endTime":2531.6,"body":"are always out the the nature of"},{"speaker":"Alan Smith","startTime":2531.6,"endTime":2534.66,"body":"market means there are funds"},{"speaker":"Alan Smith","startTime":2531.6,"endTime":2534.66,"body":"that will out outperform"},{"speaker":"Alan Smith","startTime":2534.66,"endTime":2537.2599999999998,"body":"everyone else, and they'll do it"},{"speaker":"Alan Smith","startTime":2534.66,"endTime":2537.2599999999998,"body":"for quite a long period of time,"},{"speaker":"Alan Smith","startTime":2537.8599999999997,"endTime":2540.3199999999997,"body":"but pretty much everything that"},{"speaker":"Alan Smith","startTime":2537.8599999999997,"endTime":2540.3199999999997,"body":"I've seen eventually, it might"},{"speaker":"Alan Smith","startTime":2540.3199999999997,"endTime":2542.24,"body":"be five years, might be seven"},{"speaker":"Alan Smith","startTime":2540.3199999999997,"endTime":2542.24,"body":"years, might be 10 years."},{"speaker":"Alan Smith","startTime":2542.24,"endTime":2545.24,"body":"There's a reversion to mean, and"},{"speaker":"Alan Smith","startTime":2542.24,"endTime":2545.24,"body":"you're still paying, I don't"},{"speaker":"Alan Smith","startTime":2545.24,"endTime":2548.0,"body":"know what the fees are, but the"},{"speaker":"Alan Smith","startTime":2545.24,"endTime":2548.0,"body":"chunky, you know, for the 1%"},{"speaker":"Carl Widger","startTime":2548.72,"endTime":2549.8599999999997,"body":"happy wood"},{"speaker":"Alan Smith","startTime":2551.06,"endTime":2554.2999999999997,"body":"ultimate of this"},{"speaker":"Alan Smith","startTime":2551.06,"endTime":2554.2999999999997,"body":"stuff, there is this neon"},{"speaker":"Carl Widger","startTime":2554.2999999999997,"endTime":2556.3399999999997,"body":"Woodford. Neon"},{"speaker":"Carl Widger","startTime":2554.2999999999997,"endTime":2556.3399999999997,"body":"Woodford, yeah, yeah."},{"speaker":"Andy Hart","startTime":2558.2,"endTime":2562.24,"body":"He's just buying very"},{"speaker":"Andy Hart","startTime":2558.2,"endTime":2562.24,"body":"well known public equity"},{"speaker":"Andy Hart","startTime":2562.24,"endTime":2566.44,"body":"company. Yeah, they are moats,"},{"speaker":"Andy Hart","startTime":2562.24,"endTime":2566.44,"body":"but yeah,"},{"speaker":"Alan Smith","startTime":2568.54,"endTime":2570.88,"body":"they've avoided a"},{"speaker":"Alan Smith","startTime":2568.54,"endTime":2570.88,"body":"lot of the tech companies, which"},{"speaker":"Alan Smith","startTime":2570.88,"endTime":2572.3199999999997,"body":"is one of the things they"},{"speaker":"Alan Smith","startTime":2570.88,"endTime":2572.3199999999997,"body":"bought. So"},{"speaker":"Andy Hart","startTime":2572.3199999999997,"endTime":2574.3599999999997,"body":"their biggest, their"},{"speaker":"Andy Hart","startTime":2572.3199999999997,"endTime":2574.3599999999997,"body":"biggest performing fund that"},{"speaker":"Andy Hart","startTime":2574.3599999999997,"endTime":2578.3399999999997,"body":"they own is Microsoft, all"},{"speaker":"Andy Hart","startTime":2574.3599999999997,"endTime":2578.3399999999997,"body":"right, yeah, they didn't buy"},{"speaker":"Alan Smith","startTime":2578.3399999999997,"endTime":2580.7999999999997,"body":"in video, for"},{"speaker":"Alan Smith","startTime":2578.3399999999997,"endTime":2580.7999999999997,"body":"example. But so you get into the"},{"speaker":"Alan Smith","startTime":2580.7999999999997,"endTime":2583.5,"body":"needs of someone's decision as"},{"speaker":"Alan Smith","startTime":2580.7999999999997,"endTime":2583.5,"body":"to whether the owning this"},{"speaker":"Alan Smith","startTime":2583.5,"endTime":2586.08,"body":"company is better than something"},{"speaker":"Alan Smith","startTime":2583.5,"endTime":2586.08,"body":"else. But the data tells you"},{"speaker":"Alan Smith","startTime":2586.08,"endTime":2588.3599999999997,"body":"that there's no underperform for"},{"speaker":"Alan Smith","startTime":2586.08,"endTime":2588.3599999999997,"body":"several years, they might come"},{"speaker":"Alan Smith","startTime":2588.3599999999997,"endTime":2593.3399999999997,"body":"back. But the point being, for"},{"speaker":"Alan Smith","startTime":2588.3599999999997,"endTime":2593.3399999999997,"body":"99% of people, you know, buying"},{"speaker":"Alan Smith","startTime":2593.3399999999997,"endTime":2596.42,"body":"a, you know, a global equity"},{"speaker":"Alan Smith","startTime":2593.3399999999997,"endTime":2596.42,"body":"diversified portfolio is likely"},{"speaker":"Alan Smith","startTime":2596.42,"endTime":2600.62,"body":"to be bingo, more rewarding"},{"speaker":"Alan Smith","startTime":2596.42,"endTime":2600.62,"body":"totally. But as we'll come on to"},{"speaker":"Alan Smith","startTime":2600.68,"endTime":2602.7799999999997,"body":"it's a bit boring, right? Next."},{"speaker":"Nick Lincoln","startTime":2604.16,"endTime":2606.74,"body":"Okay, good. Good"},{"speaker":"Nick Lincoln","startTime":2604.16,"endTime":2606.74,"body":"discussion. Good back and forth."},{"speaker":"Nick Lincoln","startTime":2606.7999999999997,"endTime":2610.22,"body":"There, right. Last thing on the"},{"speaker":"Nick Lincoln","startTime":2606.7999999999997,"endTime":2610.22,"body":"topical tip bit section, yes, I"},{"speaker":"Nick Lincoln","startTime":2610.22,"endTime":2613.16,"body":"got an email from AJ Bell"},{"speaker":"Nick Lincoln","startTime":2610.22,"endTime":2613.16,"body":"telling me that on, they've got"},{"speaker":"Nick Lincoln","startTime":2613.16,"endTime":2615.5,"body":"various platforms, so I don't"},{"speaker":"Nick Lincoln","startTime":2613.16,"endTime":2615.5,"body":"know quite which one this is,"},{"speaker":"Nick Lincoln","startTime":2615.5,"endTime":2617.66,"body":"but on, maybe it's the same"},{"speaker":"Nick Lincoln","startTime":2615.5,"endTime":2617.66,"body":"across all their platforms,"},{"speaker":"Nick Lincoln","startTime":2617.66,"endTime":2620.5,"body":"they're paying cash of 2% Well,"},{"speaker":"Nick Lincoln","startTime":2617.66,"endTime":2620.5,"body":"paying cash of 2% they haven't"},{"speaker":"Nick Lincoln","startTime":2620.5,"endTime":2623.62,"body":"they've got advisor focused one"},{"speaker":"Nick Lincoln","startTime":2620.5,"endTime":2623.62,"body":"they got the client. They're"},{"speaker":"Nick Lincoln","startTime":2623.68,"endTime":2629.74,"body":"paying cash on their platform of"},{"speaker":"Nick Lincoln","startTime":2623.68,"endTime":2629.74,"body":"2% and Okay, fair enough. But"},{"speaker":"Nick Lincoln","startTime":2629.74,"endTime":2633.2799999999997,"body":"transact paying 4.7% at least."},{"speaker":"Nick Lincoln","startTime":2629.74,"endTime":2633.2799999999997,"body":"They were in October. And this"},{"speaker":"Nick Lincoln","startTime":2633.2799999999997,"endTime":2636.8399999999997,"body":"is things still this is massive"},{"speaker":"Nick Lincoln","startTime":2633.2799999999997,"endTime":2636.8399999999997,"body":"disparity between the interest"},{"speaker":"Nick Lincoln","startTime":2636.8399999999997,"endTime":2639.9,"body":"that is paid to the customer,"},{"speaker":"Nick Lincoln","startTime":2636.8399999999997,"endTime":2639.9,"body":"the end customer, on these"},{"speaker":"Nick Lincoln","startTime":2639.9,"endTime":2642.24,"body":"platforms. Now I know that AJ"},{"speaker":"Nick Lincoln","startTime":2639.9,"endTime":2642.24,"body":"Bell, and I'm sure AJ Bell have"},{"speaker":"Nick Lincoln","startTime":2642.24,"endTime":2644.52,"body":"cleared up their thing, and they"},{"speaker":"Nick Lincoln","startTime":2642.24,"endTime":2644.52,"body":"now disclose the fact they keep"},{"speaker":"Nick Lincoln","startTime":2644.52,"endTime":2646.92,"body":"some interest, whereas perhaps"},{"speaker":"Nick Lincoln","startTime":2644.52,"endTime":2646.92,"body":"in the past, they didn't, but it"},{"speaker":"Nick Lincoln","startTime":2646.92,"endTime":2649.2599999999998,"body":"does make me wonder about these"},{"speaker":"Nick Lincoln","startTime":2646.92,"endTime":2649.2599999999998,"body":"you know, we all have to produce"},{"speaker":"Nick Lincoln","startTime":2649.2599999999998,"endTime":2651.9,"body":"these illustrations for clients,"},{"speaker":"Nick Lincoln","startTime":2649.2599999999998,"endTime":2651.9,"body":"and we will have to justify"},{"speaker":"Nick Lincoln","startTime":2651.9,"endTime":2654.06,"body":"while we're switching platforms,"},{"speaker":"Nick Lincoln","startTime":2651.9,"endTime":2654.06,"body":"and do product charge"},{"speaker":"Nick Lincoln","startTime":2654.06,"endTime":2657.38,"body":"comparisons. If one platform is"},{"speaker":"Nick Lincoln","startTime":2654.06,"endTime":2657.38,"body":"paying 2% cash and the other is"},{"speaker":"Nick Lincoln","startTime":2657.38,"endTime":2660.92,"body":"paying 4.7% cash. It makes these"},{"speaker":"Nick Lincoln","startTime":2657.38,"endTime":2660.92,"body":"illustrations a complete waste"},{"speaker":"Nick Lincoln","startTime":2660.92,"endTime":2663.7999999999997,"body":"of time. You know and transact."},{"speaker":"Nick Lincoln","startTime":2660.92,"endTime":2663.7999999999997,"body":"Have done the numbers. The"},{"speaker":"Nick Lincoln","startTime":2663.7999999999997,"endTime":2667.22,"body":"average client holding cash on"},{"speaker":"Nick Lincoln","startTime":2663.7999999999997,"endTime":2667.22,"body":"their platform is about six and"},{"speaker":"Nick Lincoln","startTime":2667.22,"endTime":2669.74,"body":"a half percent. That covers"},{"speaker":"Nick Lincoln","startTime":2667.22,"endTime":2669.74,"body":"their costs. You're getting a"},{"speaker":"Nick Lincoln","startTime":2669.74,"endTime":2672.44,"body":"free platform with them paying"},{"speaker":"Nick Lincoln","startTime":2669.74,"endTime":2672.44,"body":"back that amount of cash,"},{"speaker":"Nick Lincoln","startTime":2672.44,"endTime":2675.14,"body":"interest to their customers and"},{"speaker":"Nick Lincoln","startTime":2672.44,"endTime":2675.14,"body":"interest rates, whatever they"},{"speaker":"Nick Lincoln","startTime":2675.14,"endTime":2677.3199999999997,"body":"are now, four and a half"},{"speaker":"Nick Lincoln","startTime":2675.14,"endTime":2677.3199999999997,"body":"percent. I don't really keep up"},{"speaker":"Nick Lincoln","startTime":2677.3199999999997,"endTime":2680.74,"body":"with as much as that's that's"},{"speaker":"Nick Lincoln","startTime":2677.3199999999997,"endTime":2680.74,"body":"UK. Long term historical trend"},{"speaker":"Nick Lincoln","startTime":2680.74,"endTime":2682.96,"body":"is about four and a half"},{"speaker":"Nick Lincoln","startTime":2680.74,"endTime":2682.96,"body":"percent. You're going to get a"},{"speaker":"Nick Lincoln","startTime":2682.96,"endTime":2686.08,"body":"free platform with transact if"},{"speaker":"Nick Lincoln","startTime":2682.96,"endTime":2686.08,"body":"you keep the average amount in"},{"speaker":"Nick Lincoln","startTime":2686.08,"endTime":2689.38,"body":"cash. You know, again, all"},{"speaker":"Nick Lincoln","startTime":2686.08,"endTime":2689.38,"body":"compliance culture we have,"},{"speaker":"Andy Hart","startTime":2689.8599999999997,"endTime":2692.44,"body":"they've been insanely"},{"speaker":"Andy Hart","startTime":2689.8599999999997,"endTime":2692.44,"body":"transparent with this. They"},{"speaker":"Andy Hart","startTime":2692.44,"endTime":2694.9,"body":"would have earned hundreds of"},{"speaker":"Andy Hart","startTime":2692.44,"endTime":2694.9,"body":"millions if they were skimming"},{"speaker":"Andy Hart","startTime":2694.9,"endTime":2698.4,"body":"off cash on the other platforms."},{"speaker":"Andy Hart","startTime":2694.9,"endTime":2698.4,"body":"Yeah. So congratulations to them"},{"speaker":"Andy Hart","startTime":2698.4,"endTime":2701.22,"body":"that they can still run a very"},{"speaker":"Andy Hart","startTime":2698.4,"endTime":2701.22,"body":"profitable business and not do"},{"speaker":"Andy Hart","startTime":2701.22,"endTime":2703.56,"body":"this. It shows how efficient"},{"speaker":"Andy Hart","startTime":2701.22,"endTime":2703.56,"body":"they are compared to the other"},{"speaker":"Andy Hart","startTime":2703.56,"endTime":2704.22,"body":"platforms."},{"speaker":"Alan Smith","startTime":2705.3599999999997,"endTime":2708.06,"body":"And to me, without"},{"speaker":"Alan Smith","startTime":2705.3599999999997,"endTime":2708.06,"body":"getting too controversial, I"},{"speaker":"Alan Smith","startTime":2708.06,"endTime":2710.4,"body":"think it tells you a lot about"},{"speaker":"Alan Smith","startTime":2708.06,"endTime":2710.4,"body":"the culture of a business"},{"speaker":"Alan Smith","startTime":2710.46,"endTime":2714.0,"body":"transact. Culture is good. It is"},{"speaker":"Alan Smith","startTime":2710.46,"endTime":2714.0,"body":"very client focused, very"},{"speaker":"Alan Smith","startTime":2714.0,"endTime":2718.22,"body":"advisor focused. Others may not"},{"speaker":"Alan Smith","startTime":2714.0,"endTime":2718.22,"body":"be quite so much,"},{"speaker":"Nick Lincoln","startTime":2719.06,"endTime":2720.98,"body":"but if you just,"},{"speaker":"Nick Lincoln","startTime":2719.06,"endTime":2720.98,"body":"just, just to one, if you have"},{"speaker":"Nick Lincoln","startTime":2720.98,"endTime":2723.68,"body":"shares in the holding company,"},{"speaker":"Nick Lincoln","startTime":2720.98,"endTime":2723.68,"body":"Intergraph in life, I'm speaking"},{"speaker":"Nick Lincoln","startTime":2723.68,"endTime":2727.64,"body":"at transact, connect day on the"},{"speaker":"Nick Lincoln","startTime":2723.68,"endTime":2727.64,"body":"27th of November in London. So"},{"speaker":"Nick Lincoln","startTime":2727.64,"endTime":2731.42,"body":"you might want to short those,"},{"speaker":"Nick Lincoln","startTime":2727.64,"endTime":2731.42,"body":"those shares on that day. It's a"},{"speaker":"Nick Lincoln","startTime":2731.42,"endTime":2735.7999999999997,"body":"platform debate. But there we"},{"speaker":"Nick Lincoln","startTime":2731.42,"endTime":2735.7999999999997,"body":"go, on the cash question. So I"},{"speaker":"Nick Lincoln","startTime":2735.7999999999997,"endTime":2739.96,"body":"should be my normal polite self,"},{"speaker":"Nick Lincoln","startTime":2735.7999999999997,"endTime":2739.96,"body":"I won't dis anybody will be done"},{"speaker":"Nick Lincoln","startTime":2739.96,"endTime":2740.98,"body":"for libel yet again. I"},{"speaker":"Andy Hart","startTime":2740.98,"endTime":2742.66,"body":"wonder if we'd be"},{"speaker":"Andy Hart","startTime":2740.98,"endTime":2742.66,"body":"invited back, or should we"},{"speaker":"Andy Hart","startTime":2742.66,"endTime":2743.44,"body":"cross? Well, there's"},{"speaker":"Nick Lincoln","startTime":2743.44,"endTime":2746.2599999999998,"body":"a certain man once"},{"speaker":"Nick Lincoln","startTime":2743.44,"endTime":2746.2599999999998,"body":"said, it's not unusual for me to"},{"speaker":"Nick Lincoln","startTime":2746.2599999999998,"endTime":2749.14,"body":"be asked to speak, but it's very"},{"speaker":"Nick Lincoln","startTime":2746.2599999999998,"endTime":2749.14,"body":"unusual for me to ever be asked"},{"speaker":"Nick Lincoln","startTime":2749.14,"endTime":2754.06,"body":"back. Hum, being a point in"},{"speaker":"Nick Lincoln","startTime":2749.14,"endTime":2754.06,"body":"case. Okay, let's move on to the"},{"speaker":"Nick Lincoln","startTime":2754.06,"endTime":2757.56,"body":"next part of the show, because"},{"speaker":"Nick Lincoln","startTime":2754.06,"endTime":2757.56,"body":"we're at about 45 minutes. Let's"},{"speaker":"Nick Lincoln","startTime":2757.56,"endTime":2760.8599999999997,"body":"move on to the meat and"},{"speaker":"Nick Lincoln","startTime":2757.56,"endTime":2760.8599999999997,"body":"potatoes. And this is one that"},{"speaker":"Nick Lincoln","startTime":2760.8599999999997,"endTime":2764.52,"body":"was brought for the Track Pack"},{"speaker":"Nick Lincoln","startTime":2760.8599999999997,"endTime":2764.52,"body":"to discuss by by the voice, by"},{"speaker":"Nick Lincoln","startTime":2764.52,"endTime":2769.3199999999997,"body":"delace, completely unnecessary"},{"speaker":"Nick Lincoln","startTime":2764.52,"endTime":2769.3199999999997,"body":"complications, or cuck, C, U, C,"},{"speaker":"Nick Lincoln","startTime":2769.56,"endTime":2772.14,"body":"I was going to call them"},{"speaker":"Nick Lincoln","startTime":2769.56,"endTime":2772.14,"body":"completely odious complications,"},{"speaker":"Nick Lincoln","startTime":2772.14,"endTime":2774.3599999999997,"body":"but that would be cock. And if"},{"speaker":"Nick Lincoln","startTime":2772.14,"endTime":2774.3599999999997,"body":"someone sort of joined the"},{"speaker":"Nick Lincoln","startTime":2774.3599999999997,"endTime":2776.8399999999997,"body":"podcast a bit late, we just"},{"speaker":"Nick Lincoln","startTime":2774.3599999999997,"endTime":2776.8399999999997,"body":"heard us talk. Cock, it could be"},{"speaker":"Nick Lincoln","startTime":2776.8399999999997,"endTime":2779.48,"body":"somewhat confusing, if not a bit"},{"speaker":"Nick Lincoln","startTime":2776.8399999999997,"endTime":2779.48,"body":"alarming. So we're talking about"},{"speaker":"Nick Lincoln","startTime":2779.48,"endTime":2783.38,"body":"completely unnecessary"},{"speaker":"Nick Lincoln","startTime":2779.48,"endTime":2783.38,"body":"complications. Cuck, C, U C,"},{"speaker":"Nick Lincoln","startTime":2783.38,"endTime":2786.74,"body":"cuck, watch, what are your take"},{"speaker":"Nick Lincoln","startTime":2783.38,"endTime":2786.74,"body":"on this? What is your take on"},{"speaker":"Nick Lincoln","startTime":2786.74,"endTime":2787.04,"body":"this?"},{"speaker":"Carl Widger","startTime":2787.7599999999998,"endTime":2790.16,"body":"My first take on"},{"speaker":"Carl Widger","startTime":2787.7599999999998,"endTime":2790.16,"body":"this is that I did not name it."},{"speaker":"Carl Widger","startTime":2790.3399999999997,"endTime":2794.3599999999997,"body":"I was going to call it the"},{"speaker":"Carl Widger","startTime":2790.3399999999997,"endTime":2794.3599999999997,"body":"illusion of of productivity."},{"speaker":"Carl Widger","startTime":2794.72,"endTime":2798.88,"body":"Anyway. Look, there's, this is"},{"speaker":"Carl Widger","startTime":2794.72,"endTime":2798.88,"body":"kind of a wide ranging"},{"speaker":"Carl Widger","startTime":2798.88,"endTime":2805.12,"body":"discussion, because there's so"},{"speaker":"Carl Widger","startTime":2798.88,"endTime":2805.12,"body":"many things that could be said"},{"speaker":"Carl Widger","startTime":2805.18,"endTime":2809.14,"body":"about what's what's becoming"},{"speaker":"Carl Widger","startTime":2805.18,"endTime":2809.14,"body":"kind of more mainstream or"},{"speaker":"Carl Widger","startTime":2809.14,"endTime":2814.3599999999997,"body":"acceptable, or what's been sold"},{"speaker":"Carl Widger","startTime":2809.14,"endTime":2814.3599999999997,"body":"to clients or proposed to"},{"speaker":"Carl Widger","startTime":2814.3599999999997,"endTime":2819.2999999999997,"body":"clients. Um, in terms of making"},{"speaker":"Carl Widger","startTime":2814.3599999999997,"endTime":2819.2999999999997,"body":"what should be very simple"},{"speaker":"Carl Widger","startTime":2819.2999999999997,"endTime":2827.3399999999997,"body":"Financial Solutions very, very"},{"speaker":"Carl Widger","startTime":2819.2999999999997,"endTime":2827.3399999999997,"body":"complex. So I've reviewed, to be"},{"speaker":"Carl Widger","startTime":2827.3399999999997,"endTime":2830.58,"body":"a little bit careful of this"},{"speaker":"Carl Widger","startTime":2827.3399999999997,"endTime":2830.58,"body":"one, right? But I've reviewed a"},{"speaker":"Carl Widger","startTime":2831.06,"endTime":2835.7999999999997,"body":"significant high net worth"},{"speaker":"Carl Widger","startTime":2831.06,"endTime":2835.7999999999997,"body":"clients portfolio from a"},{"speaker":"Carl Widger","startTime":2835.7999999999997,"endTime":2840.8599999999997,"body":"discretionary fund manager, and"},{"speaker":"Carl Widger","startTime":2835.7999999999997,"endTime":2840.8599999999997,"body":"you would not actually believe"},{"speaker":"Carl Widger","startTime":2840.8599999999997,"endTime":2845.2999999999997,"body":"what is in this particular"},{"speaker":"Carl Widger","startTime":2840.8599999999997,"endTime":2845.2999999999997,"body":"portfolio. Would there is stuff"},{"speaker":"Carl Widger","startTime":2845.2999999999997,"endTime":2845.96,"body":"in there?"},{"speaker":"Andy Hart","startTime":2846.56,"endTime":2849.38,"body":"What is not in the"},{"speaker":"Andy Hart","startTime":2846.56,"endTime":2849.38,"body":"portfolio? You mean? Is it"},{"speaker":"Andy Hart","startTime":2849.38,"endTime":2850.52,"body":"everything? No, there's"},{"speaker":"Carl Widger","startTime":2850.52,"endTime":2857.98,"body":"way too, way, way,"},{"speaker":"Carl Widger","startTime":2850.52,"endTime":2857.98,"body":"way too. Yeah, and, and so"},{"speaker":"Carl Widger","startTime":2858.04,"endTime":2862.8399999999997,"body":"there's about about half of it"},{"speaker":"Carl Widger","startTime":2858.04,"endTime":2862.8399999999997,"body":"in their kind of multi asset"},{"speaker":"Carl Widger","startTime":2862.8399999999997,"endTime":2866.8599999999997,"body":"portfolios, right, where, so,"},{"speaker":"Carl Widger","startTime":2862.8399999999997,"endTime":2866.8599999999997,"body":"straight off, off the bat, on"},{"speaker":"Carl Widger","startTime":2866.8599999999997,"endTime":2871.9,"body":"that big, big charges, right,"},{"speaker":"Carl Widger","startTime":2866.8599999999997,"endTime":2871.9,"body":"that are not being disclosed,"},{"speaker":"Carl Widger","startTime":2871.96,"endTime":2877.44,"body":"and, and, and then you the"},{"speaker":"Carl Widger","startTime":2871.96,"endTime":2877.44,"body":"question is, well, let's have a"},{"speaker":"Carl Widger","startTime":2877.56,"endTime":2880.92,"body":"so if you, if you absolutely"},{"speaker":"Carl Widger","startTime":2877.56,"endTime":2880.92,"body":"believe that this is the best"},{"speaker":"Carl Widger","startTime":2880.92,"endTime":2885.24,"body":"place for the client to be going"},{"speaker":"Carl Widger","startTime":2880.92,"endTime":2885.24,"body":"forward, surely you'd be"},{"speaker":"Carl Widger","startTime":2885.24,"endTime":2888.24,"body":"confident about what has"},{"speaker":"Carl Widger","startTime":2885.24,"endTime":2888.24,"body":"happened before. And if you look"},{"speaker":"Carl Widger","startTime":2888.24,"endTime":2893.4,"body":"back over 12345, I think we can"},{"speaker":"Carl Widger","startTime":2888.24,"endTime":2893.4,"body":"go back six years. Every single"},{"speaker":"Carl Widger","startTime":2893.4,"endTime":2897.74,"body":"year it has underperformed a"},{"speaker":"Carl Widger","startTime":2893.4,"endTime":2897.74,"body":"Vanguard or a DFA equity"},{"speaker":"Carl Widger","startTime":2897.74,"endTime":2906.02,"body":"portfolio every single period."},{"speaker":"Carl Widger","startTime":2897.74,"endTime":2906.02,"body":"So that's where half of the"},{"speaker":"Carl Widger","startTime":2906.02,"endTime":2909.14,"body":"portfolio is. And then you've"},{"speaker":"Carl Widger","startTime":2906.02,"endTime":2909.14,"body":"got, like, private equity stuff"},{"speaker":"Carl Widger","startTime":2909.14,"endTime":2913.4,"body":"that, you know, there's, there's"},{"speaker":"Carl Widger","startTime":2909.14,"endTime":2913.4,"body":"a there's there's capital calls"},{"speaker":"Carl Widger","startTime":2913.4,"endTime":2916.66,"body":"down the line coming, then"},{"speaker":"Carl Widger","startTime":2913.4,"endTime":2916.66,"body":"you've got direct shares, then"},{"speaker":"Carl Widger","startTime":2916.66,"endTime":2921.4,"body":"you've got, like green"},{"speaker":"Carl Widger","startTime":2916.66,"endTime":2921.4,"body":"investment funds. It is just an"},{"speaker":"Carl Widger","startTime":2921.4,"endTime":2925.96,"body":"absolute another car crash. The"},{"speaker":"Carl Widger","startTime":2921.4,"endTime":2925.96,"body":"difficulty I have found is that"},{"speaker":"Carl Widger","startTime":2926.38,"endTime":2929.74,"body":"you know, talking to a client"},{"speaker":"Carl Widger","startTime":2926.38,"endTime":2929.74,"body":"who's who's significantly"},{"speaker":"Carl Widger","startTime":2929.74,"endTime":2936.22,"body":"wealthy, an unbelievably clever"},{"speaker":"Carl Widger","startTime":2929.74,"endTime":2936.22,"body":"couple know their stuff, and"},{"speaker":"Carl Widger","startTime":2936.22,"endTime":2941.7599999999998,"body":"telling trying to put it nicely,"},{"speaker":"Carl Widger","startTime":2936.22,"endTime":2941.7599999999998,"body":"that look, this is not fit for"},{"speaker":"Carl Widger","startTime":2941.7599999999998,"endTime":2947.88,"body":"purpose, that that big brand"},{"speaker":"Carl Widger","startTime":2941.7599999999998,"endTime":2947.88,"body":"that you have chosen to invest"},{"speaker":"Carl Widger","startTime":2947.88,"endTime":2952.74,"body":"your family's fortunes into have"},{"speaker":"Carl Widger","startTime":2947.88,"endTime":2952.74,"body":"done you a disservice. It's"},{"speaker":"Carl Widger","startTime":2952.74,"endTime":2956.9,"body":"difficult, it's it's difficult"},{"speaker":"Carl Widger","startTime":2952.74,"endTime":2956.9,"body":"to actually, to try and put that"},{"speaker":"Carl Widger","startTime":2956.9,"endTime":2961.2799999999997,"body":"in a way that doesn't sound"},{"speaker":"Carl Widger","startTime":2956.9,"endTime":2961.2799999999997,"body":"salesy, or you never want to be"},{"speaker":"Carl Widger","startTime":2961.2799999999997,"endTime":2965.24,"body":"saying that you know, talking"},{"speaker":"Carl Widger","startTime":2961.2799999999997,"endTime":2965.24,"body":"about the competitor and and"},{"speaker":"Carl Widger","startTime":2965.24,"endTime":2969.14,"body":"kind of dissing them. But there"},{"speaker":"Carl Widger","startTime":2965.24,"endTime":2969.14,"body":"is nothing only dissing them is"},{"speaker":"Carl Widger","startTime":2969.14,"endTime":2974.7799999999997,"body":"what you can do. The one problem"},{"speaker":"Carl Widger","startTime":2969.14,"endTime":2974.7799999999997,"body":"we have is okay if you if you"},{"speaker":"Carl Widger","startTime":2974.7799999999997,"endTime":2978.52,"body":"want to move over, and I'm still"},{"speaker":"Carl Widger","startTime":2974.7799999999997,"endTime":2978.52,"body":"hoping that this particular"},{"speaker":"Carl Widger","startTime":2978.52,"endTime":2985.0,"body":"family do move to Meadows. The"},{"speaker":"Carl Widger","startTime":2978.52,"endTime":2985.0,"body":"unwind of that complex portfolio"},{"speaker":"Carl Widger","startTime":2985.6,"endTime":2992.98,"body":"comes with tax problems, and now"},{"speaker":"Carl Widger","startTime":2985.6,"endTime":2992.98,"body":"you've got to look at, is it"},{"speaker":"Carl Widger","startTime":2992.98,"endTime":2997.44,"body":"worth unwinding this crap? And"},{"speaker":"Carl Widger","startTime":2992.98,"endTime":2997.44,"body":"if you take a very long term"},{"speaker":"Carl Widger","startTime":2997.44,"endTime":3001.94,"body":"view, it is, but do you take"},{"speaker":"Carl Widger","startTime":2997.44,"endTime":3001.94,"body":"short term pain and, and, what"},{"speaker":"Carl Widger","startTime":3001.94,"endTime":3005.6,"body":"if you're well, well matters"},{"speaker":"Carl Widger","startTime":3001.94,"endTime":3005.6,"body":"Ireland. What if you're actually"},{"speaker":"Carl Widger","startTime":3005.6,"endTime":3010.52,"body":"wrong? What if this, these"},{"speaker":"Carl Widger","startTime":3005.6,"endTime":3010.52,"body":"particular strategies, it's a"},{"speaker":"Carl Widger","startTime":3010.52,"endTime":3016.3599999999997,"body":"toughie, you know? And, and"},{"speaker":"Carl Widger","startTime":3010.52,"endTime":3016.3599999999997,"body":"it's, you know, so, so on the"},{"speaker":"Carl Widger","startTime":3016.3599999999997,"endTime":3019.7799999999997,"body":"one hand, I have that particular"},{"speaker":"Carl Widger","startTime":3016.3599999999997,"endTime":3019.7799999999997,"body":"issue going on at the moment,"},{"speaker":"Carl Widger","startTime":3019.7799999999997,"endTime":3023.02,"body":"and then on the other hand, I am"},{"speaker":"Carl Widger","startTime":3019.7799999999997,"endTime":3023.02,"body":"probably, because of this"},{"speaker":"Carl Widger","startTime":3023.02,"endTime":3025.8399999999997,"body":"podcast, I'm kind of listening"},{"speaker":"Carl Widger","startTime":3023.02,"endTime":3025.8399999999997,"body":"to stuff that might be"},{"speaker":"Carl Widger","startTime":3025.8399999999997,"endTime":3031.18,"body":"interesting. And mainstream"},{"speaker":"Carl Widger","startTime":3025.8399999999997,"endTime":3031.18,"body":"media, both print and audio and"},{"speaker":"Carl Widger","startTime":3031.18,"endTime":3036.8399999999997,"body":"YouTube, has, you know, as a as"},{"speaker":"Carl Widger","startTime":3031.18,"endTime":3036.8399999999997,"body":"a matter of fact, that target"},{"speaker":"Carl Widger","startTime":3036.8399999999997,"endTime":3039.8399999999997,"body":"date funds. You know, pick your"},{"speaker":"Carl Widger","startTime":3036.8399999999997,"endTime":3039.8399999999997,"body":"retirement age, that target date"},{"speaker":"Carl Widger","startTime":3039.8399999999997,"endTime":3042.9,"body":"funds is the way to go. And I'm"},{"speaker":"Carl Widger","startTime":3039.8399999999997,"endTime":3042.9,"body":"going, this makes no sense at"},{"speaker":"Carl Widger","startTime":3042.9,"endTime":3045.96,"body":"all. For the vast majority of"},{"speaker":"Carl Widger","startTime":3042.9,"endTime":3045.96,"body":"people, there are a couple of"},{"speaker":"Carl Widger","startTime":3046.02,"endTime":3049.08,"body":"scenarios, perhaps, where target"},{"speaker":"Carl Widger","startTime":3046.02,"endTime":3049.08,"body":"date funds are appropriate, I"},{"speaker":"Carl Widger","startTime":3049.08,"endTime":3052.98,"body":"will say that. But for the vast"},{"speaker":"Carl Widger","startTime":3049.08,"endTime":3052.98,"body":"majority of clients that the"},{"speaker":"Carl Widger","startTime":3052.98,"endTime":3055.8599999999997,"body":"families that we look after have"},{"speaker":"Carl Widger","startTime":3052.98,"endTime":3055.8599999999997,"body":"significant wealth, and they're"},{"speaker":"Carl Widger","startTime":3055.8599999999997,"endTime":3059.66,"body":"going to be very, very long term"},{"speaker":"Carl Widger","startTime":3055.8599999999997,"endTime":3059.66,"body":"investors. And I heard something"},{"speaker":"Carl Widger","startTime":3059.66,"endTime":3063.98,"body":"recently, you know, that it was"},{"speaker":"Carl Widger","startTime":3059.66,"endTime":3063.98,"body":"just said by an influencer,"},{"speaker":"Carl Widger","startTime":3063.98,"endTime":3067.7,"body":"right? So someone who, people"},{"speaker":"Carl Widger","startTime":3063.98,"endTime":3067.7,"body":"would say, would know their"},{"speaker":"Carl Widger","startTime":3067.7,"endTime":3070.58,"body":"stuff, saying, you know, if you"},{"speaker":"Carl Widger","startTime":3067.7,"endTime":3070.58,"body":"want to retire early, then pick"},{"speaker":"Carl Widger","startTime":3070.58,"endTime":3074.96,"body":"your date at age 50, and just do"},{"speaker":"Carl Widger","startTime":3070.58,"endTime":3074.96,"body":"a Vanguard target date fund"},{"speaker":"Carl Widger","startTime":3074.96,"endTime":3079.3599999999997,"body":"there, right? So. Yeah, it was"},{"speaker":"Carl Widger","startTime":3074.96,"endTime":3079.3599999999997,"body":"nearly really good advice, but"},{"speaker":"Carl Widger","startTime":3079.3599999999997,"endTime":3083.56,"body":"actually it was terrible advice,"},{"speaker":"Carl Widger","startTime":3079.3599999999997,"endTime":3083.56,"body":"and it will, you know, get more"},{"speaker":"Carl Widger","startTime":3083.56,"endTime":3086.08,"body":"conservative as you approach,"},{"speaker":"Carl Widger","startTime":3083.56,"endTime":3086.08,"body":"and that'll protect your money"},{"speaker":"Carl Widger","startTime":3086.08,"endTime":3089.7999999999997,"body":"and blah, blah and again, just"},{"speaker":"Carl Widger","startTime":3086.08,"endTime":3089.7999999999997,"body":"to say, I appreciate there are,"},{"speaker":"Carl Widger","startTime":3089.7999999999997,"endTime":3093.22,"body":"there are some specific"},{"speaker":"Carl Widger","startTime":3089.7999999999997,"endTime":3093.22,"body":"scenarios where it might be"},{"speaker":"Carl Widger","startTime":3093.22,"endTime":3096.8399999999997,"body":"appropriate, but that's the"},{"speaker":"Carl Widger","startTime":3093.22,"endTime":3096.8399999999997,"body":"beauty of financial planning and"},{"speaker":"Carl Widger","startTime":3096.8399999999997,"endTime":3100.14,"body":"cash flow modeling, where you"},{"speaker":"Carl Widger","startTime":3096.8399999999997,"endTime":3100.14,"body":"actually do the specific"},{"speaker":"Carl Widger","startTime":3100.14,"endTime":3104.4,"body":"planning and the specific"},{"speaker":"Carl Widger","startTime":3100.14,"endTime":3104.4,"body":"modeling. So, you know, it's"},{"speaker":"Carl Widger","startTime":3104.4,"endTime":3108.0,"body":"just, it's driving me insane."},{"speaker":"Carl Widger","startTime":3104.4,"endTime":3108.0,"body":"You guys know it's driving me"},{"speaker":"Carl Widger","startTime":3108.0,"endTime":3110.94,"body":"insane because I've told you all"},{"speaker":"Carl Widger","startTime":3108.0,"endTime":3110.94,"body":"in our in our WhatsApp group,"},{"speaker":"Carl Widger","startTime":3111.48,"endTime":3117.56,"body":"it's, it's, it's actually quite"},{"speaker":"Carl Widger","startTime":3111.48,"endTime":3117.56,"body":"difficult to we know. And I"},{"speaker":"Carl Widger","startTime":3117.56,"endTime":3121.16,"body":"suppose the reason I know is"},{"speaker":"Carl Widger","startTime":3117.56,"endTime":3121.16,"body":"because I grew up in the world"},{"speaker":"Carl Widger","startTime":3121.16,"endTime":3124.8199999999997,"body":"where I was taught how to do it"},{"speaker":"Carl Widger","startTime":3121.16,"endTime":3124.8199999999997,"body":"the wrong way. So I worked for"},{"speaker":"Carl Widger","startTime":3124.8199999999997,"endTime":3128.96,"body":"one of the big banks. I, you"},{"speaker":"Carl Widger","startTime":3124.8199999999997,"endTime":3128.96,"body":"know, I was a product seller. I"},{"speaker":"Carl Widger","startTime":3128.96,"endTime":3131.9,"body":"have made all the mistakes. So"},{"speaker":"Carl Widger","startTime":3128.96,"endTime":3131.9,"body":"I'm not saying that I haven't"},{"speaker":"Carl Widger","startTime":3131.9,"endTime":3137.2,"body":"been there and done Poor things,"},{"speaker":"Carl Widger","startTime":3131.9,"endTime":3137.2,"body":"because I was also affected by"},{"speaker":"Carl Widger","startTime":3137.2,"endTime":3141.22,"body":"the brainwashing. And I suppose"},{"speaker":"Carl Widger","startTime":3137.2,"endTime":3141.22,"body":"in in a in the product selling"},{"speaker":"Carl Widger","startTime":3141.22,"endTime":3143.56,"body":"words, you've got the provider,"},{"speaker":"Carl Widger","startTime":3141.22,"endTime":3143.56,"body":"number one, the insurance"},{"speaker":"Carl Widger","startTime":3143.56,"endTime":3146.68,"body":"company, you've got the broker,"},{"speaker":"Carl Widger","startTime":3143.56,"endTime":3146.68,"body":"the intermediary, number two,"},{"speaker":"Carl Widger","startTime":3146.68,"endTime":3149.74,"body":"and then you've got the client"},{"speaker":"Carl Widger","startTime":3146.68,"endTime":3149.74,"body":"is way, way further down. And"},{"speaker":"Carl Widger","startTime":3149.74,"endTime":3152.08,"body":"that's why we set up men as"},{"speaker":"Carl Widger","startTime":3149.74,"endTime":3152.08,"body":"Ireland, which was to flip it"},{"speaker":"Carl Widger","startTime":3152.08,"endTime":3155.2,"body":"and put the client at the top"},{"speaker":"Carl Widger","startTime":3152.08,"endTime":3155.2,"body":"all the time, but, but it's"},{"speaker":"Carl Widger","startTime":3155.2,"endTime":3159.06,"body":"difficult when you're out there"},{"speaker":"Carl Widger","startTime":3155.2,"endTime":3159.06,"body":"on your own, saying Not, not on"},{"speaker":"Carl Widger","startTime":3159.06,"endTime":3162.48,"body":"not on our own. There are plenty"},{"speaker":"Carl Widger","startTime":3159.06,"endTime":3162.48,"body":"of other really good firms doing"},{"speaker":"Carl Widger","startTime":3162.48,"endTime":3167.7599999999998,"body":"it, but you've got these massive"},{"speaker":"Carl Widger","startTime":3162.48,"endTime":3167.7599999999998,"body":"brands who who are just trying"},{"speaker":"Carl Widger","startTime":3167.7599999999998,"endTime":3172.74,"body":"to cream massive fees of high"},{"speaker":"Carl Widger","startTime":3167.7599999999998,"endTime":3172.74,"body":"net worth individuals. And these"},{"speaker":"Carl Widger","startTime":3172.74,"endTime":3175.2,"body":"high net worth individuals,"},{"speaker":"Carl Widger","startTime":3172.74,"endTime":3175.2,"body":"number one, don't know what"},{"speaker":"Carl Widger","startTime":3175.2,"endTime":3177.8599999999997,"body":"they're paying, and number two,"},{"speaker":"Carl Widger","startTime":3175.2,"endTime":3177.8599999999997,"body":"believe that they're being"},{"speaker":"Carl Widger","startTime":3177.92,"endTime":3181.8199999999997,"body":"offered the best possible"},{"speaker":"Carl Widger","startTime":3177.92,"endTime":3181.8199999999997,"body":"advice. And I'm beginning to"},{"speaker":"Carl Widger","startTime":3181.8199999999997,"endTime":3189.08,"body":"feel that sometimes perhaps"},{"speaker":"Carl Widger","startTime":3181.8199999999997,"endTime":3189.08,"body":"people know that this is not the"},{"speaker":"Carl Widger","startTime":3189.08,"endTime":3193.7599999999998,"body":"best thing for their clients."},{"speaker":"Carl Widger","startTime":3189.08,"endTime":3193.7599999999998,"body":"That's a ball. And,"},{"speaker":"Nick Lincoln","startTime":3193.7599999999998,"endTime":3196.42,"body":"um Yeah, no, no,"},{"speaker":"Nick Lincoln","startTime":3193.7599999999998,"endTime":3196.42,"body":"no, no. It's amazing what a"},{"speaker":"Nick Lincoln","startTime":3196.42,"endTime":3199.42,"body":"mammal believers. I wonder also,"},{"speaker":"Nick Lincoln","startTime":3196.42,"endTime":3199.42,"body":"whatever they call,"},{"speaker":"Alan Smith","startTime":3199.42,"endTime":3202.42,"body":"how much of this,"},{"speaker":"Alan Smith","startTime":3199.42,"endTime":3202.42,"body":"this stuff, that it's the kind"},{"speaker":"Alan Smith","startTime":3202.42,"endTime":3205.06,"body":"of effectively locked in, or"},{"speaker":"Alan Smith","startTime":3202.42,"endTime":3205.06,"body":"there's big tax consequences. I"},{"speaker":"Alan Smith","startTime":3205.06,"endTime":3207.58,"body":"wonder how much of that is done"},{"speaker":"Alan Smith","startTime":3205.06,"endTime":3207.58,"body":"intentionally, just to make"},{"speaker":"Alan Smith","startTime":3207.58,"endTime":3209.8599999999997,"body":"these assets sticky, just to"},{"speaker":"Alan Smith","startTime":3207.58,"endTime":3209.8599999999997,"body":"make as many barriers as"},{"speaker":"Alan Smith","startTime":3209.8599999999997,"endTime":3212.3199999999997,"body":"possible. You know, how much of"},{"speaker":"Alan Smith","startTime":3209.8599999999997,"endTime":3212.3199999999997,"body":"it is a core part of their"},{"speaker":"Alan Smith","startTime":3212.3199999999997,"endTime":3214.6,"body":"investment philosophy? We"},{"speaker":"Alan Smith","startTime":3212.3199999999997,"endTime":3214.6,"body":"believe in all the private"},{"speaker":"Alan Smith","startTime":3214.6,"endTime":3217.74,"body":"equities thing, and how much is"},{"speaker":"Alan Smith","startTime":3214.6,"endTime":3217.74,"body":"it? Yeah, but no one can get out"},{"speaker":"Alan Smith","startTime":3217.74,"endTime":3219.7799999999997,"body":"of this for five years or"},{"speaker":"Alan Smith","startTime":3217.74,"endTime":3219.7799999999997,"body":"whatever."},{"speaker":"Nick Lincoln","startTime":3219.8399999999997,"endTime":3223.02,"body":"I think there's"},{"speaker":"Nick Lincoln","startTime":3219.8399999999997,"endTime":3223.02,"body":"floating rate notes and stuff."},{"speaker":"Nick Lincoln","startTime":3223.02,"endTime":3223.7999999999997,"body":"They're locked in. It's"},{"speaker":"Alan Smith","startTime":3223.7999999999997,"endTime":3225.8399999999997,"body":"yeah, structure,"},{"speaker":"Alan Smith","startTime":3223.7999999999997,"endTime":3225.8399999999997,"body":"structure products we come up"},{"speaker":"Alan Smith","startTime":3225.8399999999997,"endTime":3228.0,"body":"against all the time. I've got"},{"speaker":"Alan Smith","startTime":3225.8399999999997,"endTime":3228.0,"body":"this for another three years,"},{"speaker":"Alan Smith","startTime":3228.0,"endTime":3230.64,"body":"and if I can't take it out now,"},{"speaker":"Alan Smith","startTime":3228.0,"endTime":3230.64,"body":"it's huge penalties and tickets."},{"speaker":"Alan Smith","startTime":3230.64,"endTime":3233.64,"body":"Let's just leave that in for the"},{"speaker":"Alan Smith","startTime":3230.64,"endTime":3233.64,"body":"10. It's just they would say, we"},{"speaker":"Alan Smith","startTime":3233.64,"endTime":3234.6,"body":"believe in this as"},{"speaker":"Carl Widger","startTime":3235.2599999999998,"endTime":3237.62,"body":"a call them. You"},{"speaker":"Carl Widger","startTime":3235.2599999999998,"endTime":3237.62,"body":"call them something. You call"},{"speaker":"Carl Widger","startTime":3237.62,"endTime":3241.64,"body":"them something much sexier than"},{"speaker":"Carl Widger","startTime":3237.62,"endTime":3241.64,"body":"just to call them auto callable."},{"speaker":"Carl Widger","startTime":3241.7,"endTime":3245.8399999999997,"body":"Yeah, I'm in a complex"},{"speaker":"Carl Widger","startTime":3241.7,"endTime":3245.8399999999997,"body":"investment product, and I think"},{"speaker":"Carl Widger","startTime":3245.8399999999997,"endTime":3248.72,"body":"it's a really good idea, yeah."},{"speaker":"Carl Widger","startTime":3245.8399999999997,"endTime":3248.72,"body":"Whereas, you know, go back to"},{"speaker":"Carl Widger","startTime":3248.72,"endTime":3250.7,"body":"keeping it simple stupid, it's"},{"speaker":"Carl Widger","startTime":3248.72,"endTime":3250.7,"body":"like, no,"},{"speaker":"Andy Hart","startTime":3250.7,"endTime":3252.98,"body":"no, that's that."},{"speaker":"Andy Hart","startTime":3250.7,"endTime":3252.98,"body":"That's the rub. This whole"},{"speaker":"Andy Hart","startTime":3252.98,"endTime":3258.04,"body":"thing. Complexity, weirdly, is"},{"speaker":"Andy Hart","startTime":3252.98,"endTime":3258.04,"body":"easy to sell. Simplicity is"},{"speaker":"Andy Hart","startTime":3258.04,"endTime":3261.16,"body":"incredibly hard to sell in this"},{"speaker":"Andy Hart","startTime":3258.04,"endTime":3261.16,"body":"business. Just think about a"},{"speaker":"Andy Hart","startTime":3261.16,"endTime":3264.2799999999997,"body":"thought experiment. Someone just"},{"speaker":"Andy Hart","startTime":3261.16,"endTime":3264.2799999999997,"body":"sold the business. 10 million"},{"speaker":"Andy Hart","startTime":3264.2799999999997,"endTime":3266.98,"body":"pounds. 20 million pounds. I go"},{"speaker":"Andy Hart","startTime":3264.2799999999997,"endTime":3266.98,"body":"and see a private bank. They"},{"speaker":"Andy Hart","startTime":3266.98,"endTime":3270.2799999999997,"body":"literally do a three hour"},{"speaker":"Andy Hart","startTime":3266.98,"endTime":3270.2799999999997,"body":"presentation of complete guff"},{"speaker":"Andy Hart","startTime":3270.2799999999997,"endTime":3274.2999999999997,"body":"create a multi asset mess."},{"speaker":"Andy Hart","startTime":3270.2799999999997,"endTime":3274.2999999999997,"body":"Sounds amazing. 28 different"},{"speaker":"Andy Hart","startTime":3274.2999999999997,"endTime":3277.14,"body":"lines, items like they can't You"},{"speaker":"Andy Hart","startTime":3274.2999999999997,"endTime":3277.14,"body":"can't see the wood for the"},{"speaker":"Andy Hart","startTime":3277.14,"endTime":3279.54,"body":"trees. They leave and go, yeah,"},{"speaker":"Andy Hart","startTime":3277.14,"endTime":3279.54,"body":"that seems like it's okay,"},{"speaker":"Andy Hart","startTime":3279.54,"endTime":3281.58,"body":"darling. They go and see one of"},{"speaker":"Andy Hart","startTime":3279.54,"endTime":3281.58,"body":"us, and we go, here's the"},{"speaker":"Andy Hart","startTime":3281.58,"endTime":3284.04,"body":"solution. Put your 10 million"},{"speaker":"Andy Hart","startTime":3281.58,"endTime":3284.04,"body":"pound in that one fund. It's"},{"speaker":"Andy Hart","startTime":3284.04,"endTime":3286.2,"body":"super cheap. He's going to do"},{"speaker":"Andy Hart","startTime":3284.04,"endTime":3286.2,"body":"everything you want over the"},{"speaker":"Andy Hart","startTime":3286.2,"endTime":3290.2799999999997,"body":"next 50 years, and it's a two"},{"speaker":"Andy Hart","startTime":3286.2,"endTime":3290.2799999999997,"body":"minute pitch. Complexity is"},{"speaker":"Andy Hart","startTime":3290.4,"endTime":3293.2799999999997,"body":"weirdly easy to sell in this"},{"speaker":"Andy Hart","startTime":3290.4,"endTime":3293.2799999999997,"body":"business, simplicity is very"},{"speaker":"Andy Hart","startTime":3293.2799999999997,"endTime":3298.4,"body":"hard to sell. 100 100% the multi"},{"speaker":"Andy Hart","startTime":3293.2799999999997,"endTime":3298.4,"body":"asset thing crops up a lot. I"},{"speaker":"Andy Hart","startTime":3298.4,"endTime":3300.98,"body":"call them the multi asset mess."},{"speaker":"Andy Hart","startTime":3298.4,"endTime":3300.98,"body":"People call them the multi Asset"},{"speaker":"Andy Hart","startTime":3300.98,"endTime":3303.68,"body":"Fund. They're a multi asset"},{"speaker":"Andy Hart","startTime":3300.98,"endTime":3303.68,"body":"mess. The longer you're in this"},{"speaker":"Andy Hart","startTime":3303.68,"endTime":3306.8599999999997,"body":"business, the more you"},{"speaker":"Andy Hart","startTime":3303.68,"endTime":3306.8599999999997,"body":"understand how Investment"},{"speaker":"Andy Hart","startTime":3306.8599999999997,"endTime":3309.68,"body":"Management works. And basically"},{"speaker":"Andy Hart","startTime":3306.8599999999997,"endTime":3309.68,"body":"you try and simplify, simplify,"},{"speaker":"Andy Hart","startTime":3309.68,"endTime":3312.3199999999997,"body":"simplify. So I believe the only"},{"speaker":"Andy Hart","startTime":3309.68,"endTime":3312.3199999999997,"body":"two asset classes a client"},{"speaker":"Andy Hart","startTime":3312.3199999999997,"endTime":3315.98,"body":"should have is global equities"},{"speaker":"Andy Hart","startTime":3312.3199999999997,"endTime":3315.98,"body":"and global bonds. Ideally way"},{"speaker":"Andy Hart","startTime":3315.98,"endTime":3319.6,"body":"more global equities. Yeah, we"},{"speaker":"Andy Hart","startTime":3315.98,"endTime":3319.6,"body":"see it all the time, the DFMS,"},{"speaker":"Andy Hart","startTime":3319.6,"endTime":3321.8199999999997,"body":"the people that have these, but"},{"speaker":"Andy Hart","startTime":3319.6,"endTime":3321.8199999999997,"body":"that's all they that's their"},{"speaker":"Andy Hart","startTime":3321.8199999999997,"endTime":3324.7599999999998,"body":"whole remit. They don't do any"},{"speaker":"Andy Hart","startTime":3321.8199999999997,"endTime":3324.7599999999998,"body":"financial planning, they don't"},{"speaker":"Andy Hart","startTime":3324.7599999999998,"endTime":3328.06,"body":"do any behavioral coaching. So"},{"speaker":"Andy Hart","startTime":3324.7599999999998,"endTime":3328.06,"body":"all you are paying them for is"},{"speaker":"Andy Hart","startTime":3328.06,"endTime":3331.54,"body":"investment management. So by"},{"speaker":"Andy Hart","startTime":3328.06,"endTime":3331.54,"body":"default, they're going to create"},{"speaker":"Andy Hart","startTime":3331.54,"endTime":3334.9,"body":"something that is very"},{"speaker":"Andy Hart","startTime":3331.54,"endTime":3334.9,"body":"convoluted and obviously has"},{"speaker":"Andy Hart","startTime":3334.9,"endTime":3338.58,"body":"high charging fees applied to"},{"speaker":"Andy Hart","startTime":3334.9,"endTime":3338.58,"body":"it, and yeah, the stickier it is"},{"speaker":"Andy Hart","startTime":3338.58,"endTime":3342.24,"body":"to the firm, the better. Back to"},{"speaker":"Andy Hart","startTime":3338.58,"endTime":3342.24,"body":"Alan's point. So it's hard for"},{"speaker":"Andy Hart","startTime":3342.24,"endTime":3346.98,"body":"them to move clients. It's the"},{"speaker":"Andy Hart","startTime":3342.24,"endTime":3346.98,"body":"IKEA effect. They did the"},{"speaker":"Andy Hart","startTime":3346.98,"endTime":3349.62,"body":"thinking and chose the person,"},{"speaker":"Andy Hart","startTime":3346.98,"endTime":3349.62,"body":"then they want to stick to them."},{"speaker":"Andy Hart","startTime":3349.74,"endTime":3353.1,"body":"You rock up and say, That was a"},{"speaker":"Andy Hart","startTime":3349.74,"endTime":3353.1,"body":"terrible mistake. They've just"},{"speaker":"Andy Hart","startTime":3353.1,"endTime":3356.2999999999997,"body":"absolutely hammered your wealth"},{"speaker":"Andy Hart","startTime":3353.1,"endTime":3356.2999999999997,"body":"for the last five years. The"},{"speaker":"Andy Hart","startTime":3356.2999999999997,"endTime":3360.02,"body":"portfolio they've created is"},{"speaker":"Andy Hart","startTime":3356.2999999999997,"endTime":3360.02,"body":"just full of low returns, you"},{"speaker":"Andy Hart","startTime":3360.02,"endTime":3362.3599999999997,"body":"know. Again, they don't want to"},{"speaker":"Andy Hart","startTime":3360.02,"endTime":3362.3599999999997,"body":"feel feel silly. Again, that's"},{"speaker":"Andy Hart","startTime":3362.3599999999997,"endTime":3364.2799999999997,"body":"the point that you're"},{"speaker":"Andy Hart","startTime":3362.3599999999997,"endTime":3364.2799999999997,"body":"mentioning. Carl, you find it"},{"speaker":"Andy Hart","startTime":3364.2799999999997,"endTime":3368.42,"body":"hard to basically say what these"},{"speaker":"Andy Hart","startTime":3364.2799999999997,"endTime":3368.42,"body":"jokers have created is just a"},{"speaker":"Andy Hart","startTime":3368.42,"endTime":3371.66,"body":"load of crap, and now we need to"},{"speaker":"Andy Hart","startTime":3368.42,"endTime":3371.66,"body":"try and unravel it. So, yeah,"},{"speaker":"Andy Hart","startTime":3371.66,"endTime":3374.18,"body":"there's many moving parts of it."},{"speaker":"Andy Hart","startTime":3371.66,"endTime":3374.18,"body":"Nicholas,"},{"speaker":"Nick Lincoln","startTime":3375.8599999999997,"endTime":3378.46,"body":"yeah. I mean, not"},{"speaker":"Nick Lincoln","startTime":3375.8599999999997,"endTime":3378.46,"body":"all DFMS are created equal. So"},{"speaker":"Nick Lincoln","startTime":3378.46,"endTime":3379.96,"body":"just a quick word from our"},{"speaker":"Nick Lincoln","startTime":3378.46,"endTime":3379.96,"body":"sponsor."},{"speaker":"Unknown","startTime":3381.7599999999998,"endTime":3385.66,"body":"I think. Hello, Quinton"},{"speaker":"Unknown","startTime":3381.7599999999998,"endTime":3385.66,"body":"posh boy, here, listen, I've"},{"speaker":"Unknown","startTime":3385.66,"endTime":3388.72,"body":"been hearing some nasty rumors"},{"speaker":"Unknown","startTime":3385.66,"endTime":3388.72,"body":"that we're viewed as nothing"},{"speaker":"Unknown","startTime":3388.72,"endTime":3392.2,"body":"more than a bunch of cheap"},{"speaker":"Unknown","startTime":3388.72,"endTime":3392.2,"body":"Grifters. I'll have you know,"},{"speaker":"Unknown","startTime":3392.56,"endTime":3393.7,"body":"we're not cheap"},{"speaker":"Unknown","startTime":3394.06,"endTime":3399.12,"body":"posh DFM your money our future?"},{"speaker":"Nick Lincoln","startTime":3404.3399999999997,"endTime":3409.08,"body":"Yes, I just,"},{"speaker":"Nick Lincoln","startTime":3404.3399999999997,"endTime":3409.08,"body":"funnily enough, and this, this"},{"speaker":"Nick Lincoln","startTime":3409.08,"endTime":3411.2999999999997,"body":"does segue into the next section"},{"speaker":"Nick Lincoln","startTime":3409.08,"endTime":3411.2999999999997,"body":"of the show, the TRAPPIST"},{"speaker":"Nick Lincoln","startTime":3411.2999999999997,"endTime":3414.8399999999997,"body":"question. So I was compiling"},{"speaker":"Nick Lincoln","startTime":3411.2999999999997,"endTime":3414.8399999999997,"body":"these show notes today, and I"},{"speaker":"Nick Lincoln","startTime":3414.8399999999997,"endTime":3418.58,"body":"read the TRAPPIST question, and"},{"speaker":"Nick Lincoln","startTime":3414.8399999999997,"endTime":3418.58,"body":"he was talking about that in his"},{"speaker":"Nick Lincoln","startTime":3418.58,"endTime":3420.68,"body":"firm, but I don't really give it"},{"speaker":"Nick Lincoln","startTime":3418.58,"endTime":3420.68,"body":"away anyway, he they have a"},{"speaker":"Nick Lincoln","startTime":3420.68,"endTime":3422.66,"body":"range of funds they can"},{"speaker":"Nick Lincoln","startTime":3420.68,"endTime":3422.66,"body":"recommend. So I have, I thought"},{"speaker":"Nick Lincoln","startTime":3422.66,"endTime":3426.3199999999997,"body":"I would look at these funds that"},{"speaker":"Nick Lincoln","startTime":3422.66,"endTime":3426.3199999999997,"body":"they recommend, and it's called"},{"speaker":"Nick Lincoln","startTime":3426.3199999999997,"endTime":3431.2999999999997,"body":"the ominous, multi manager"},{"speaker":"Nick Lincoln","startTime":3426.3199999999997,"endTime":3431.2999999999997,"body":"adventurous fund. And it's"},{"speaker":"Nick Lincoln","startTime":3431.2999999999997,"endTime":3436.88,"body":"basically tracker funds. It's"},{"speaker":"Nick Lincoln","startTime":3431.2999999999997,"endTime":3436.88,"body":"about the top 10 holdings are 10"},{"speaker":"Nick Lincoln","startTime":3437.12,"endTime":3443.08,"body":"tracker funds. There are four UK"},{"speaker":"Nick Lincoln","startTime":3437.12,"endTime":3443.08,"body":"tracker funds in this fund of"},{"speaker":"Nick Lincoln","startTime":3443.08,"endTime":3446.92,"body":"funds, four UK trackers. You"},{"speaker":"Nick Lincoln","startTime":3443.08,"endTime":3446.92,"body":"talk about over layering and"},{"speaker":"Nick Lincoln","startTime":3446.92,"endTime":3452.2,"body":"duplication of stock holdings."},{"speaker":"Nick Lincoln","startTime":3446.92,"endTime":3452.2,"body":"And this fund is charging 97"},{"speaker":"Nick Lincoln","startTime":3452.98,"endTime":3457.3199999999997,"body":"bips point nine, seven of a"},{"speaker":"Nick Lincoln","startTime":3452.98,"endTime":3457.3199999999997,"body":"percent. Okay. To get into"},{"speaker":"Nick Lincoln","startTime":3457.3199999999997,"endTime":3460.2,"body":"tracker funds, you've got to add"},{"speaker":"Nick Lincoln","startTime":3457.3199999999997,"endTime":3460.2,"body":"on the advisor charge. I'm sure"},{"speaker":"Nick Lincoln","startTime":3460.2,"endTime":3462.6,"body":"you've got to add on a platform"},{"speaker":"Nick Lincoln","startTime":3460.2,"endTime":3462.6,"body":"charge. On top of that as well,"},{"speaker":"Nick Lincoln","startTime":3462.72,"endTime":3467.58,"body":"the top holding in this fund"},{"speaker":"Nick Lincoln","startTime":3462.72,"endTime":3467.58,"body":"charges seven basis points. And"},{"speaker":"Nick Lincoln","startTime":3467.58,"endTime":3471.54,"body":"you can get it through ominous"},{"speaker":"Nick Lincoln","startTime":3467.58,"endTime":3471.54,"body":"for 97 basis points. And on the"},{"speaker":"Nick Lincoln","startTime":3471.54,"endTime":3474.7799999999997,"body":"Fun Fact Sheet, they've got a"},{"speaker":"Nick Lincoln","startTime":3471.54,"endTime":3474.7799999999997,"body":"nice chap in a suit and tie,"},{"speaker":"Nick Lincoln","startTime":3474.8399999999997,"endTime":3477.62,"body":"who's the multi fund manager,"},{"speaker":"Nick Lincoln","startTime":3474.8399999999997,"endTime":3477.62,"body":"who apparently picks these"},{"speaker":"Nick Lincoln","startTime":3477.62,"endTime":3481.16,"body":"funds, and it's part of their"},{"speaker":"Nick Lincoln","startTime":3477.62,"endTime":3481.16,"body":"blur. It's just infuriating."},{"speaker":"Nick Lincoln","startTime":3481.94,"endTime":3485.6,"body":"It's just wrong as part of their"},{"speaker":"Nick Lincoln","startTime":3481.94,"endTime":3485.6,"body":"blurb. So this is a fund of"},{"speaker":"Nick Lincoln","startTime":3485.6,"endTime":3488.7799999999997,"body":"funds that's totally based on"},{"speaker":"Nick Lincoln","startTime":3485.6,"endTime":3488.7799999999997,"body":"track of funds as part of their"},{"speaker":"Nick Lincoln","startTime":3488.7799999999997,"endTime":3492.2,"body":"blurb. The investment approach"},{"speaker":"Nick Lincoln","startTime":3488.7799999999997,"endTime":3492.2,"body":"taken by pine bridge, also known"},{"speaker":"Nick Lincoln","startTime":3492.2,"endTime":3495.8599999999997,"body":"as fund of funds, offers this"},{"speaker":"Nick Lincoln","startTime":3492.2,"endTime":3495.8599999999997,"body":"benefit. The pine bridge team"},{"speaker":"Nick Lincoln","startTime":3496.88,"endTime":3499.6,"body":"choose only funds that are"},{"speaker":"Nick Lincoln","startTime":3496.88,"endTime":3499.6,"body":"managed by very high quality and"},{"speaker":"Nick Lincoln","startTime":3499.6,"endTime":3503.02,"body":"expert fund managers. So your"},{"speaker":"Nick Lincoln","startTime":3499.6,"endTime":3503.02,"body":"money is under the control of a"},{"speaker":"Nick Lincoln","startTime":3503.02,"endTime":3507.16,"body":"large number of highly talented"},{"speaker":"Nick Lincoln","startTime":3503.02,"endTime":3507.16,"body":"individuals. There are no"},{"speaker":"Nick Lincoln","startTime":3507.16,"endTime":3510.16,"body":"individuals involved in the"},{"speaker":"Nick Lincoln","startTime":3507.16,"endTime":3510.16,"body":"funds running those portfolios"},{"speaker":"Nick Lincoln","startTime":3510.16,"endTime":3515.2599999999998,"body":"their computer algorithms. So"},{"speaker":"Nick Lincoln","startTime":3510.16,"endTime":3515.2599999999998,"body":"that, to me, has a very oblique"},{"speaker":"Nick Lincoln","startTime":3515.3199999999997,"endTime":3518.94,"body":"reference to the truth TRAPPIST,"},{"speaker":"Nick Lincoln","startTime":3515.3199999999997,"endTime":3518.94,"body":"you do? You take it as you see"},{"speaker":"Nick Lincoln","startTime":3518.94,"endTime":3523.3199999999997,"body":"it. But this absolutely enrages"},{"speaker":"Nick Lincoln","startTime":3518.94,"endTime":3523.3199999999997,"body":"me. And it's, look at the"},{"speaker":"Nick Lincoln","startTime":3523.3199999999997,"endTime":3523.98,"body":"layering of"},{"speaker":"Alan Smith","startTime":3523.98,"endTime":3527.2799999999997,"body":"cost. You've got"},{"speaker":"Alan Smith","startTime":3523.98,"endTime":3527.2799999999997,"body":"this, right? Omnis, omnis, who"},{"speaker":"Alan Smith","startTime":3527.2799999999997,"endTime":3529.7999999999997,"body":"are something, and then he"},{"speaker":"Alan Smith","startTime":3527.2799999999997,"endTime":3529.7999999999997,"body":"appointed someone called Pine"},{"speaker":"Alan Smith","startTime":3529.7999999999997,"endTime":3532.8599999999997,"body":"bridge, who started and who they"},{"speaker":"Alan Smith","startTime":3529.7999999999997,"endTime":3532.8599999999997,"body":"are, so fund manager or"},{"speaker":"Alan Smith","startTime":3532.8599999999997,"endTime":3535.92,"body":"something, who, in turn, go out"},{"speaker":"Alan Smith","startTime":3532.8599999999997,"endTime":3535.92,"body":"and select a bunch of index"},{"speaker":"Alan Smith","startTime":3535.92,"endTime":3540.7999999999997,"body":"funds and for which you could"},{"speaker":"Alan Smith","startTime":3535.92,"endTime":3540.7999999999997,"body":"buy directly for seven basis"},{"speaker":"Alan Smith","startTime":3540.7999999999997,"endTime":3545.06,"body":"points, but buy through them for"},{"speaker":"Alan Smith","startTime":3540.7999999999997,"endTime":3545.06,"body":"all these layers of people and"},{"speaker":"Alan Smith","startTime":3545.12,"endTime":3549.08,"body":"stuff and goo and gunk for 97"},{"speaker":"Alan Smith","startTime":3545.12,"endTime":3549.08,"body":"basis points. But"},{"speaker":"Andy Hart","startTime":3549.08,"endTime":3551.54,"body":"just think what's"},{"speaker":"Andy Hart","startTime":3549.08,"endTime":3551.54,"body":"happened that real people's life"},{"speaker":"Andy Hart","startTime":3551.54,"endTime":3556.46,"body":"savings, the returns are 40%"},{"speaker":"Andy Hart","startTime":3551.54,"endTime":3556.46,"body":"less compared to drives me nuts."},{"speaker":"Andy Hart","startTime":3557.6,"endTime":3562.12,"body":"Compound, that's that that's"},{"speaker":"Andy Hart","startTime":3557.6,"endTime":3562.12,"body":"only over five years. If we were"},{"speaker":"Andy Hart","startTime":3562.12,"endTime":3564.94,"body":"going over 10 years, it would be"},{"speaker":"Andy Hart","startTime":3562.12,"endTime":3564.94,"body":"close to half their wealth has"},{"speaker":"Andy Hart","startTime":3564.94,"endTime":3569.08,"body":"been curtailed just by adding on"},{"speaker":"Andy Hart","startTime":3564.94,"endTime":3569.08,"body":"all of this over complexity. It"},{"speaker":"Andy Hart","startTime":3569.08,"endTime":3572.92,"body":"was the investment. What's the"},{"speaker":"Andy Hart","startTime":3569.08,"endTime":3572.92,"body":"investment performance Nick is"},{"speaker":"Andy Hart","startTime":3572.92,"endTime":3579.06,"body":"got on the Fun Fact Sheet? The"},{"speaker":"Andy Hart","startTime":3572.92,"endTime":3579.06,"body":"benchmarks done 39% over five"},{"speaker":"Andy Hart","startTime":3579.06,"endTime":3582.72,"body":"years. And this thing has done"},{"speaker":"Andy Hart","startTime":3579.06,"endTime":3582.72,"body":"24 so it's 40% less. So real"},{"speaker":"Andy Hart","startTime":3582.72,"endTime":3583.3199999999997,"body":"family, 40%"},{"speaker":"Nick Lincoln","startTime":3583.68,"endTime":3585.96,"body":"I looked at the,"},{"speaker":"Nick Lincoln","startTime":3583.68,"endTime":3585.96,"body":"you know, the one fund that I"},{"speaker":"Nick Lincoln","startTime":3585.96,"endTime":3589.02,"body":"use my clients in terms of"},{"speaker":"Nick Lincoln","startTime":3585.96,"endTime":3589.02,"body":"electric exposure, has done just"},{"speaker":"Nick Lincoln","startTime":3589.3199999999997,"endTime":3592.38,"body":"80% over that time. And that's,"},{"speaker":"Nick Lincoln","startTime":3589.3199999999997,"endTime":3592.38,"body":"that's just me, just saying"},{"speaker":"Nick Lincoln","startTime":3592.38,"endTime":3594.18,"body":"we're going with this fund."},{"speaker":"Nick Lincoln","startTime":3592.38,"endTime":3594.18,"body":"We're not Fanny around. We're"},{"speaker":"Nick Lincoln","startTime":3594.18,"endTime":3596.1,"body":"not say that 10% versus"},{"speaker":"Alan Smith","startTime":3596.16,"endTime":3596.8399999999997,"body":"what's this fund"},{"speaker":"Nick Lincoln","startTime":3596.8399999999997,"endTime":3599.96,"body":"done? 25 period,"},{"speaker":"Nick Lincoln","startTime":3596.8399999999997,"endTime":3599.96,"body":"24 25% No,"},{"speaker":"Alan Smith","startTime":3601.1,"endTime":3603.62,"body":"at the same time."},{"speaker":"Alan Smith","startTime":3601.1,"endTime":3603.62,"body":"Let's be clear on that. Is it 40"},{"speaker":"Alan Smith","startTime":3603.62,"endTime":3604.04,"body":"or sorry,"},{"speaker":"Andy Hart","startTime":3605.3599999999997,"endTime":3609.14,"body":"Nick's one fund to"},{"speaker":"Andy Hart","startTime":3605.3599999999997,"endTime":3609.14,"body":"rule all funds that Nick calls"},{"speaker":"Andy Hart","startTime":3609.14,"endTime":3613.2799999999997,"body":"has done 80% the benchmarks done"},{"speaker":"Andy Hart","startTime":3609.14,"endTime":3613.2799999999997,"body":"40, to keep it simple. And this"},{"speaker":"Andy Hart","startTime":3613.2799999999997,"endTime":3615.7999999999997,"body":"funds done 25 so 8040 so"},{"speaker":"Alan Smith","startTime":3615.92,"endTime":3619.42,"body":"25 versus 80 or I"},{"speaker":"Alan Smith","startTime":3615.92,"endTime":3619.42,"body":"know past performance is no"},{"speaker":"Alan Smith","startTime":3619.9,"endTime":3621.58,"body":"guarantee that we're slacking"},{"speaker":"Nick Lincoln","startTime":3621.58,"endTime":3624.8199999999997,"body":"off. The fund that"},{"speaker":"Nick Lincoln","startTime":3621.58,"endTime":3624.8199999999997,"body":"we're slacking off is 40% in the"},{"speaker":"Nick Lincoln","startTime":3624.8199999999997,"endTime":3627.8199999999997,"body":"UK, again, they makes it makes a"},{"speaker":"Nick Lincoln","startTime":3624.8199999999997,"endTime":3627.8199999999997,"body":"big asset allocation call as"},{"speaker":"Nick Lincoln","startTime":3627.8199999999997,"endTime":3630.3399999999997,"body":"well. And of course, the UK,"},{"speaker":"Nick Lincoln","startTime":3627.8199999999997,"endTime":3630.3399999999997,"body":"right, is a shrinking part of"},{"speaker":"Nick Lincoln","startTime":3630.3399999999997,"endTime":3633.52,"body":"the global capitalization, going"},{"speaker":"Nick Lincoln","startTime":3630.3399999999997,"endTime":3633.52,"body":"down from 4% shortly, probably,"},{"speaker":"Nick Lincoln","startTime":3633.52,"endTime":3638.52,"body":"to sub 3% so that's nice. It"},{"speaker":"Nick Lincoln","startTime":3633.52,"endTime":3638.52,"body":"will never be. It'll never be"},{"speaker":"Nick Lincoln","startTime":3638.52,"endTime":3640.68,"body":"funds. You know, because,"},{"speaker":"Nick Lincoln","startTime":3638.52,"endTime":3640.68,"body":"because of the cost you're"},{"speaker":"Nick Lincoln","startTime":3640.68,"endTime":3643.62,"body":"carrying, basically 1% cost,"},{"speaker":"Nick Lincoln","startTime":3640.68,"endTime":3643.62,"body":"just for this guy to pick index"},{"speaker":"Nick Lincoln","startTime":3643.62,"endTime":3646.2,"body":"trackers. No, I'm sure, if"},{"speaker":"Nick Lincoln","startTime":3643.62,"endTime":3646.2,"body":"you're a shareholder in the"},{"speaker":"Nick Lincoln","startTime":3646.2,"endTime":3648.6,"body":"underlying in the holding"},{"speaker":"Nick Lincoln","startTime":3646.2,"endTime":3648.6,"body":"company that owns ominous you're"},{"speaker":"Nick Lincoln","startTime":3648.6,"endTime":3651.6,"body":"happy, as Larry with this. I'm"},{"speaker":"Nick Lincoln","startTime":3648.6,"endTime":3651.6,"body":"not. It's outrageous. Coming"},{"speaker":"Nick Lincoln","startTime":3651.7799999999997,"endTime":3653.88,"body":"back to the theme that Carl"},{"speaker":"Nick Lincoln","startTime":3651.7799999999997,"endTime":3653.88,"body":"brought into the show the"},{"speaker":"Nick Lincoln","startTime":3653.88,"endTime":3657.2,"body":"meeting that this, there's this"},{"speaker":"Nick Lincoln","startTime":3653.88,"endTime":3657.2,"body":"illusion, this keeping stuff"},{"speaker":"Nick Lincoln","startTime":3657.2,"endTime":3660.44,"body":"complicated. I wrote a piece in"},{"speaker":"Nick Lincoln","startTime":3657.2,"endTime":3660.44,"body":"the summer of last year, and I"},{"speaker":"Nick Lincoln","startTime":3660.44,"endTime":3664.46,"body":"put links to the so called show"},{"speaker":"Nick Lincoln","startTime":3660.44,"endTime":3664.46,"body":"notes about simplicity. 99% of"},{"speaker":"Nick Lincoln","startTime":3664.46,"endTime":3668.18,"body":"people in this country will be"},{"speaker":"Nick Lincoln","startTime":3664.46,"endTime":3668.18,"body":"served by three tax wrappers, a"},{"speaker":"Nick Lincoln","startTime":3668.18,"endTime":3672.38,"body":"financial plan and one equity"},{"speaker":"Nick Lincoln","startTime":3668.18,"endTime":3672.38,"body":"fund. And that's that's all you"},{"speaker":"Nick Lincoln","startTime":3672.38,"endTime":3676.6,"body":"need. What did I say? Where's my"},{"speaker":"Nick Lincoln","startTime":3672.38,"endTime":3676.6,"body":"stupid quote? Yeah. One. Plan to"},{"speaker":"Nick Lincoln","startTime":3676.6,"endTime":3680.14,"body":"guide them all, three pots, to"},{"speaker":"Nick Lincoln","startTime":3676.6,"endTime":3680.14,"body":"drive them one fund, to fuel"},{"speaker":"Nick Lincoln","startTime":3680.14,"endTime":3684.52,"body":"them all. And in the simplicity"},{"speaker":"Nick Lincoln","startTime":3680.14,"endTime":3684.52,"body":"mind them just, just playing on"},{"speaker":"Nick Lincoln","startTime":3684.52,"endTime":3687.7599999999998,"body":"the on the token. Well, nice"},{"speaker":"Nick Lincoln","startTime":3684.52,"endTime":3687.7599999999998,"body":"thing, but it's so true poetry,"},{"speaker":"Nick Lincoln","startTime":3687.7599999999998,"endTime":3689.92,"body":"but people don't want to hear"},{"speaker":"Nick Lincoln","startTime":3687.7599999999998,"endTime":3689.92,"body":"it, right? As Andy said, they"},{"speaker":"Nick Lincoln","startTime":3689.92,"endTime":3690.94,"body":"don't. They want to sizzle."},{"speaker":"Carl Widger","startTime":3692.14,"endTime":3694.48,"body":"The other thing,"},{"speaker":"Carl Widger","startTime":3692.14,"endTime":3694.48,"body":"Nick as well, right? If you have"},{"speaker":"Carl Widger","startTime":3694.48,"endTime":3698.04,"body":"one fun solutions, right? You"},{"speaker":"Carl Widger","startTime":3694.48,"endTime":3698.04,"body":"have your platform cost, you"},{"speaker":"Carl Widger","startTime":3698.04,"endTime":3703.2,"body":"have your fund cost, and you"},{"speaker":"Carl Widger","startTime":3698.04,"endTime":3703.2,"body":"have your advisor fee, right it?"},{"speaker":"Carl Widger","startTime":3703.2,"endTime":3708.12,"body":"And it's so, so straightforward."},{"speaker":"Carl Widger","startTime":3703.2,"endTime":3708.12,"body":"Now go back to the example I"},{"speaker":"Carl Widger","startTime":3708.12,"endTime":3714.0,"body":"said earlier on. The client says"},{"speaker":"Carl Widger","startTime":3708.12,"endTime":3714.0,"body":"I'm paying a half percent."},{"speaker":"Carl Widger","startTime":3715.14,"endTime":3717.98,"body":"That's all I'm paying. And you"},{"speaker":"Carl Widger","startTime":3715.14,"endTime":3717.98,"body":"try and drill down. Now, number"},{"speaker":"Carl Widger","startTime":3717.98,"endTime":3720.8599999999997,"body":"one is really hard to actually"},{"speaker":"Carl Widger","startTime":3717.98,"endTime":3720.8599999999997,"body":"find out what the client is"},{"speaker":"Carl Widger","startTime":3720.8599999999997,"endTime":3724.16,"body":"paying. So there's a half"},{"speaker":"Carl Widger","startTime":3720.8599999999997,"endTime":3724.16,"body":"percent thing in there, right?"},{"speaker":"Carl Widger","startTime":3724.16,"endTime":3727.16,"body":"And it's like, Oh, does that as"},{"speaker":"Carl Widger","startTime":3724.16,"endTime":3727.16,"body":"well? Oh, yeah, I forgot to"},{"speaker":"Carl Widger","startTime":3727.16,"endTime":3731.0,"body":"mention that I know some of the"},{"speaker":"Carl Widger","startTime":3727.16,"endTime":3731.0,"body":"Oh, you have private equity. So"},{"speaker":"Carl Widger","startTime":3731.0,"endTime":3734.06,"body":"that's sorry, but that, no,"},{"speaker":"Carl Widger","startTime":3731.0,"endTime":3734.06,"body":"that's about 3% and there's"},{"speaker":"Carl Widger","startTime":3734.06,"endTime":3739.0,"body":"harden rates in there as well."},{"speaker":"Carl Widger","startTime":3734.06,"endTime":3739.0,"body":"But hey, in the multi MPs, multi"},{"speaker":"Carl Widger","startTime":3739.0,"endTime":3744.88,"body":"portfolio solution, whatever you"},{"speaker":"Carl Widger","startTime":3739.0,"endTime":3744.88,"body":"call it, there's no advisor fee"},{"speaker":"Carl Widger","startTime":3744.88,"endTime":3748.18,"body":"on that, because that's in the"},{"speaker":"Carl Widger","startTime":3744.88,"endTime":3748.18,"body":"fee. And by the way, oh well,"},{"speaker":"Carl Widger","startTime":3748.18,"endTime":3750.8199999999997,"body":"we've downloaded the fact sheet"},{"speaker":"Carl Widger","startTime":3748.18,"endTime":3750.8199999999997,"body":"on that, and it says that it's"},{"speaker":"Carl Widger","startTime":3750.8199999999997,"endTime":3754.2999999999997,"body":"1.6 I know there's an"},{"speaker":"Carl Widger","startTime":3750.8199999999997,"endTime":3754.2999999999997,"body":"institutional share class at"},{"speaker":"Carl Widger","startTime":3754.2999999999997,"endTime":3761.4,"body":"this time. It's actually not so."},{"speaker":"Carl Widger","startTime":3754.2999999999997,"endTime":3761.4,"body":"So what ordinary clients are"},{"speaker":"Carl Widger","startTime":3761.4,"endTime":3765.3599999999997,"body":"paying is not what this Yeah, so"},{"speaker":"Carl Widger","startTime":3761.4,"endTime":3765.3599999999997,"body":"you have a different share"},{"speaker":"Carl Widger","startTime":3765.3599999999997,"endTime":3767.46,"body":"class, you've different fund,"},{"speaker":"Carl Widger","startTime":3765.3599999999997,"endTime":3767.46,"body":"basically,"},{"speaker":"Unknown","startTime":3767.46,"endTime":3768.96,"body":"they've done"},{"speaker":"Carl Widger","startTime":3768.96,"endTime":3771.42,"body":"your deal. So"},{"speaker":"Carl Widger","startTime":3768.96,"endTime":3771.42,"body":"what's, what's the, what's the"},{"speaker":"Carl Widger","startTime":3771.42,"endTime":3775.68,"body":"fee, guys, yeah, hmm, we'll have"},{"speaker":"Carl Widger","startTime":3771.42,"endTime":3775.68,"body":"to come back to you on that,"},{"speaker":"Carl Widger","startTime":3775.98,"endTime":3780.2,"body":"right? And it's, it's, it's"},{"speaker":"Carl Widger","startTime":3775.98,"endTime":3780.2,"body":"bloody disgraceful. It is"},{"speaker":"Carl Widger","startTime":3780.2,"endTime":3781.64,"body":"absolutely disgraceful."},{"speaker":"Andy Hart","startTime":3781.64,"endTime":3783.92,"body":"On some DFMS, I've"},{"speaker":"Andy Hart","startTime":3781.64,"endTime":3783.92,"body":"seen the whole fee section go to"},{"speaker":"Andy Hart","startTime":3783.92,"endTime":3787.8199999999997,"body":"page nine. See the fee section"},{"speaker":"Andy Hart","startTime":3783.92,"endTime":3787.8199999999997,"body":"is literally blank. The whole"},{"speaker":"Andy Hart","startTime":3787.8199999999997,"endTime":3788.7799999999997,"body":"page is blank. Yeah?"},{"speaker":"Alan Smith","startTime":3788.7799999999997,"endTime":3791.96,"body":"It just says on"},{"speaker":"Alan Smith","startTime":3788.7799999999997,"endTime":3791.96,"body":"request. Ask Us On request, and"},{"speaker":"Alan Smith","startTime":3792.08,"endTime":3794.3599999999997,"body":"we'll have a long phone call"},{"speaker":"Alan Smith","startTime":3792.08,"endTime":3794.3599999999997,"body":"with you and bamboozle you."},{"speaker":"Alan Smith","startTime":3795.3199999999997,"endTime":3800.2,"body":"Yeah, I know. Yeah. Said"},{"speaker":"Nick Lincoln","startTime":3803.56,"endTime":3807.52,"body":"Simplicity is the"},{"speaker":"Nick Lincoln","startTime":3803.56,"endTime":3807.52,"body":"keynote of all true elegance."},{"speaker":"Nick Lincoln","startTime":3807.52,"endTime":3809.08,"body":"And how true is that? Sorry,"},{"speaker":"Nick Lincoln","startTime":3807.52,"endTime":3809.08,"body":"gone."},{"speaker":"Alan Smith","startTime":3811.06,"endTime":3814.0,"body":"Yeah, this is naive"},{"speaker":"Alan Smith","startTime":3811.06,"endTime":3814.0,"body":"complexity versus elegant"},{"speaker":"Alan Smith","startTime":3814.0,"endTime":3817.5,"body":"sophistication. That's a weird"},{"speaker":"Alan Smith","startTime":3814.0,"endTime":3817.5,"body":"elegant sophistication that"},{"speaker":"Alan Smith","startTime":3817.5,"endTime":3820.44,"body":"delivers results, not this, all"},{"speaker":"Alan Smith","startTime":3817.5,"endTime":3820.44,"body":"this other stuff. And Carl, what"},{"speaker":"Alan Smith","startTime":3820.44,"endTime":3823.2,"body":"you just said there, I can so"},{"speaker":"Alan Smith","startTime":3820.44,"endTime":3823.2,"body":"relate to that. Over the years,"},{"speaker":"Alan Smith","startTime":3823.2,"endTime":3825.2999999999997,"body":"the amount of times I've gone"},{"speaker":"Alan Smith","startTime":3823.2,"endTime":3825.2999999999997,"body":"through, and my colleagues have"},{"speaker":"Alan Smith","startTime":3825.2999999999997,"endTime":3828.9,"body":"gone through exactly that with"},{"speaker":"Alan Smith","startTime":3825.2999999999997,"endTime":3828.9,"body":"well known big brand, kind of,"},{"speaker":"Alan Smith","startTime":3828.9,"endTime":3833.04,"body":"yeah, your posh. DFM, posh ones,"},{"speaker":"Alan Smith","startTime":3828.9,"endTime":3833.04,"body":"ones that advise, you know, the"},{"speaker":"Alan Smith","startTime":3833.04,"endTime":3837.98,"body":"the elites that the royal"},{"speaker":"Alan Smith","startTime":3833.04,"endTime":3837.98,"body":"family, you You name it, and you"},{"speaker":"Alan Smith","startTime":3837.98,"endTime":3840.08,"body":"try and you know the, and I"},{"speaker":"Alan Smith","startTime":3837.98,"endTime":3840.08,"body":"think we talked about this"},{"speaker":"Alan Smith","startTime":3840.08,"endTime":3843.8599999999997,"body":"before, it does ring a bell that"},{"speaker":"Alan Smith","startTime":3840.08,"endTime":3843.8599999999997,"body":"we, the client just is caught in"},{"speaker":"Alan Smith","startTime":3843.8599999999997,"endTime":3846.68,"body":"the middle of all this. You're"},{"speaker":"Alan Smith","startTime":3843.8599999999997,"endTime":3846.68,"body":"saying, No, I'm telling you,"},{"speaker":"Alan Smith","startTime":3846.68,"endTime":3849.74,"body":"this is the truth. But they're,"},{"speaker":"Alan Smith","startTime":3846.68,"endTime":3849.74,"body":"they're mate from posh, DFM, or"},{"speaker":"Alan Smith","startTime":3849.74,"endTime":3852.14,"body":"you want to call them, he's been"},{"speaker":"Alan Smith","startTime":3849.74,"endTime":3852.14,"body":"looking after them for a number"},{"speaker":"Alan Smith","startTime":3852.14,"endTime":3854.9,"body":"of years and probably taking"},{"speaker":"Alan Smith","startTime":3852.14,"endTime":3854.9,"body":"them to Wimbledon of the opera"},{"speaker":"Alan Smith","startTime":3854.9,"endTime":3857.74,"body":"or something else. He's saying"},{"speaker":"Alan Smith","startTime":3854.9,"endTime":3857.74,"body":"something, something different."},{"speaker":"Alan Smith","startTime":3857.74,"endTime":3860.3199999999997,"body":"And the poor clients in the"},{"speaker":"Alan Smith","startTime":3857.74,"endTime":3860.3199999999997,"body":"middle say, Who the hell? Who"},{"speaker":"Alan Smith","startTime":3860.3199999999997,"endTime":3862.7799999999997,"body":"the hell do I believe? And I've,"},{"speaker":"Alan Smith","startTime":3860.3199999999997,"endTime":3862.7799999999997,"body":"you know, had this, and it's"},{"speaker":"Alan Smith","startTime":3863.08,"endTime":3865.48,"body":"just so awful. It's frustrating."},{"speaker":"Alan Smith","startTime":3863.08,"endTime":3865.48,"body":"Sometimes"},{"speaker":"Andy Hart","startTime":3865.6,"endTime":3868.12,"body":"there's generations"},{"speaker":"Andy Hart","startTime":3865.6,"endTime":3868.12,"body":"Alan, so like, the parents are"},{"speaker":"Andy Hart","startTime":3868.12,"endTime":3870.22,"body":"involved in it, the kids are"},{"speaker":"Andy Hart","startTime":3868.12,"endTime":3870.22,"body":"involved in it. And you're"},{"speaker":"Andy Hart","startTime":3870.22,"endTime":3872.5,"body":"telling the kids, it's a load of"},{"speaker":"Andy Hart","startTime":3870.22,"endTime":3872.5,"body":"Garth. And it's like, well, my"},{"speaker":"Andy Hart","startTime":3872.5,"endTime":3874.24,"body":"mum and dad have been using them"},{"speaker":"Andy Hart","startTime":3872.5,"endTime":3874.24,"body":"for years,"},{"speaker":"Alan Smith","startTime":3874.2999999999997,"endTime":3876.8399999999997,"body":"and he's Roger,"},{"speaker":"Alan Smith","startTime":3874.2999999999997,"endTime":3876.8399999999997,"body":"that's lovely chap. And, you"},{"speaker":"Alan Smith","startTime":3876.8399999999997,"endTime":3879.96,"body":"know, we visited my grandfather"},{"speaker":"Alan Smith","startTime":3876.8399999999997,"endTime":3879.96,"body":"and all this sort of stuff, and"},{"speaker":"Alan Smith","startTime":3879.96,"endTime":3881.7599999999998,"body":"that's what you're up against,"},{"speaker":"Alan Smith","startTime":3879.96,"endTime":3881.7599999999998,"body":"ultimately,"},{"speaker":"Nick Lincoln","startTime":3881.7599999999998,"endTime":3882.3599999999997,"body":"bloody, bloody"},{"speaker":"Alan Smith","startTime":3882.3599999999997,"endTime":3885.18,"body":"good bunch of his"},{"speaker":"Alan Smith","startTime":3882.3599999999997,"endTime":3885.18,"body":"cold room, yep, oh, I'll tell"},{"speaker":"Alan Smith","startTime":3885.3599999999997,"endTime":3887.8199999999997,"body":"you. I'll tell you a quick story"},{"speaker":"Alan Smith","startTime":3885.3599999999997,"endTime":3887.8199999999997,"body":"about this. I don't want for a"},{"speaker":"Alan Smith","startTime":3887.8199999999997,"endTime":3892.2,"body":"while, very, very great story"},{"speaker":"Alan Smith","startTime":3887.8199999999997,"endTime":3892.2,"body":"about exactly that. Yeah, look"},{"speaker":"Alan Smith","startTime":3892.2,"endTime":3893.94,"body":"it up quick. Come on, still this"},{"speaker":"Alan Smith","startTime":3892.2,"endTime":3893.94,"body":"morning,"},{"speaker":"Unknown","startTime":3897.3599999999997,"endTime":3902.24,"body":"grab yourself a drink,"},{"speaker":"Unknown","startTime":3897.3599999999997,"endTime":3902.24,"body":"a very long drink. It's story"},{"speaker":"Unknown","startTime":3902.24,"endTime":3904.4,"body":"time with Alan Smith,"},{"speaker":"Alan Smith","startTime":3906.92,"endTime":3910.58,"body":"years ago, before I"},{"speaker":"Alan Smith","startTime":3906.92,"endTime":3910.58,"body":"knew any better, we outsourced,"},{"speaker":"Alan Smith","startTime":3910.64,"endTime":3913.52,"body":"we intentionally put our clients"},{"speaker":"Alan Smith","startTime":3910.64,"endTime":3913.52,"body":"into these sort of things."},{"speaker":"Alan Smith","startTime":3913.52,"endTime":3916.42,"body":"Didn't know any better. Thought,"},{"speaker":"Alan Smith","startTime":3913.52,"endTime":3916.42,"body":"well, it's particularly if the"},{"speaker":"Alan Smith","startTime":3916.42,"endTime":3919.06,"body":"numbers got higher and higher"},{"speaker":"Alan Smith","startTime":3916.42,"endTime":3919.06,"body":"and bigger, I thought, well, I'm"},{"speaker":"Alan Smith","startTime":3919.06,"endTime":3921.3399999999997,"body":"out of my depth here. So we"},{"speaker":"Alan Smith","startTime":3919.06,"endTime":3921.3399999999997,"body":"referred on to it. I won't"},{"speaker":"Alan Smith","startTime":3921.3399999999997,"endTime":3923.62,"body":"actually be unfair to mention"},{"speaker":"Alan Smith","startTime":3921.3399999999997,"endTime":3923.62,"body":"them by name. They're still"},{"speaker":"Alan Smith","startTime":3923.62,"endTime":3929.3199999999997,"body":"around, though. And we referred"},{"speaker":"Alan Smith","startTime":3923.62,"endTime":3929.3199999999997,"body":"on to this proper posh DFM, you"},{"speaker":"Alan Smith","startTime":3929.3199999999997,"endTime":3932.08,"body":"know, everyone had the right"},{"speaker":"Alan Smith","startTime":3929.3199999999997,"endTime":3932.08,"body":"double barreled names and spoke"},{"speaker":"Alan Smith","startTime":3932.08,"endTime":3935.08,"body":"with the right accents and went"},{"speaker":"Alan Smith","startTime":3932.08,"endTime":3935.08,"body":"to the right schools. And I this"},{"speaker":"Alan Smith","startTime":3935.08,"endTime":3938.64,"body":"client who's effectively kind of"},{"speaker":"Alan Smith","startTime":3935.08,"endTime":3938.64,"body":"retired Colonel or something,"},{"speaker":"Alan Smith","startTime":3938.64,"endTime":3943.2599999999998,"body":"sort of ex military guy, really"},{"speaker":"Alan Smith","startTime":3938.64,"endTime":3943.2599999999998,"body":"posh himself. And we set up a"},{"speaker":"Alan Smith","startTime":3943.2599999999998,"endTime":3946.74,"body":"meeting, set up a meeting to so"},{"speaker":"Alan Smith","startTime":3943.2599999999998,"endTime":3946.74,"body":"we came in to this, this firms,"},{"speaker":"Alan Smith","startTime":3946.74,"endTime":3949.2599999999998,"body":"and, you know, really fancy"},{"speaker":"Alan Smith","startTime":3946.74,"endTime":3949.2599999999998,"body":"office in the West End of"},{"speaker":"Alan Smith","startTime":3949.2599999999998,"endTime":3951.6,"body":"London, and you could just tell"},{"speaker":"Alan Smith","startTime":3949.2599999999998,"endTime":3951.6,"body":"the wealth dripping, dripping"},{"speaker":"Alan Smith","startTime":3951.6,"endTime":3953.94,"body":"off the place. And we go into"},{"speaker":"Alan Smith","startTime":3951.6,"endTime":3953.94,"body":"the board meeting. We meet like"},{"speaker":"Alan Smith","startTime":3953.94,"endTime":3955.92,"body":"they bring in about three"},{"speaker":"Alan Smith","startTime":3953.94,"endTime":3955.92,"body":"people, this sort of Chief"},{"speaker":"Alan Smith","startTime":3955.92,"endTime":3959.12,"body":"Investment Officer, and someone"},{"speaker":"Alan Smith","startTime":3955.92,"endTime":3959.12,"body":"else and someone else are all"},{"speaker":"Alan Smith","startTime":3959.12,"endTime":3961.3399999999997,"body":"sort of sitting around there,"},{"speaker":"Alan Smith","startTime":3959.12,"endTime":3961.3399999999997,"body":"and then a big, you know, polite"},{"speaker":"Alan Smith","startTime":3961.3399999999997,"endTime":3964.2799999999997,"body":"knock on the door. And I"},{"speaker":"Alan Smith","startTime":3961.3399999999997,"endTime":3964.2799999999997,"body":"couldn't believe it, this guy"},{"speaker":"Alan Smith","startTime":3964.58,"endTime":3967.46,"body":"comes in, this kind of really"},{"speaker":"Alan Smith","startTime":3964.58,"endTime":3967.46,"body":"elderly bloke, but with a frock"},{"speaker":"Alan Smith","startTime":3967.46,"endTime":3970.58,"body":"coat, you know, you know, the"},{"speaker":"Alan Smith","startTime":3967.46,"endTime":3970.58,"body":"long coat that people had, sort"},{"speaker":"Alan Smith","startTime":3970.58,"endTime":3973.46,"body":"of almost the military style"},{"speaker":"Alan Smith","startTime":3970.58,"endTime":3973.46,"body":"with the tea and all the"},{"speaker":"Alan Smith","startTime":3973.46,"endTime":3975.68,"body":"biscuits and cakes and"},{"speaker":"Alan Smith","startTime":3973.46,"endTime":3975.68,"body":"everything else he wheels this"},{"speaker":"Alan Smith","startTime":3975.74,"endTime":3979.48,"body":"COVID. This thing, you know,"},{"speaker":"Alan Smith","startTime":3975.74,"endTime":3979.48,"body":"very elegantly, pause the tea"},{"speaker":"Alan Smith","startTime":3979.48,"endTime":3981.88,"body":"and all this stuff. And it was,"},{"speaker":"Alan Smith","startTime":3979.48,"endTime":3981.88,"body":"it was a it was a piece of"},{"speaker":"Alan Smith","startTime":3981.88,"endTime":3984.7,"body":"theater. It was, it was"},{"speaker":"Alan Smith","startTime":3981.88,"endTime":3984.7,"body":"wonderful. It was really good"},{"speaker":"Alan Smith","startTime":3984.7599999999998,"endTime":3988.2999999999997,"body":"from what they did. Was amazing."},{"speaker":"Alan Smith","startTime":3984.7599999999998,"endTime":3988.2999999999997,"body":"It was only, you know, some"},{"speaker":"Alan Smith","startTime":3988.2999999999997,"endTime":3991.18,"body":"years later, when I started"},{"speaker":"Alan Smith","startTime":3988.2999999999997,"endTime":3991.18,"body":"paying much more attention to"},{"speaker":"Alan Smith","startTime":3991.18,"endTime":3995.2,"body":"this stuff, that I realized that"},{"speaker":"Alan Smith","startTime":3991.18,"endTime":3995.2,"body":"was the most expensive cup of"},{"speaker":"Alan Smith","startTime":3995.2,"endTime":3999.66,"body":"tea that client has ever had in"},{"speaker":"Alan Smith","startTime":3995.2,"endTime":3999.66,"body":"his life by some margin, and and"},{"speaker":"Alan Smith","startTime":3999.66,"endTime":4004.7,"body":"we had to extract him and offer"},{"speaker":"Alan Smith","startTime":3999.66,"endTime":4004.7,"body":"him you could send him a case of"},{"speaker":"Alan Smith","startTime":4004.7,"endTime":4007.04,"body":"tea and coffee and everything"},{"speaker":"Alan Smith","startTime":4004.7,"endTime":4007.04,"body":"else the rest of his life for a"},{"speaker":"Alan Smith","startTime":4007.04,"endTime":4010.4,"body":"fraction of the cost. But I must"},{"speaker":"Alan Smith","startTime":4007.04,"endTime":4010.4,"body":"say, how they delivered it was,"},{"speaker":"Alan Smith","startTime":4010.4,"endTime":4012.92,"body":"was a, was a lovely experience."},{"speaker":"Alan Smith","startTime":4010.4,"endTime":4012.92,"body":"And you know, a lot of these"},{"speaker":"Alan Smith","startTime":4012.92,"endTime":4015.3199999999997,"body":"things come back to that. And as"},{"speaker":"Alan Smith","startTime":4012.92,"endTime":4015.3199999999997,"body":"they call the people that you're"},{"speaker":"Alan Smith","startTime":4015.3199999999997,"endTime":4018.52,"body":"talking about, I have no doubt"},{"speaker":"Alan Smith","startTime":4015.3199999999997,"endTime":4018.52,"body":"that they have a very enjoyable"},{"speaker":"Alan Smith","startTime":4018.52,"endTime":4021.58,"body":"experience, which is all that a"},{"speaker":"Alan Smith","startTime":4018.52,"endTime":4021.58,"body":"lot of people's all you've got"},{"speaker":"Alan Smith","startTime":4021.58,"endTime":4025.18,"body":"to go by. He was lovely. She was"},{"speaker":"Alan Smith","startTime":4021.58,"endTime":4025.18,"body":"lovely. Yeah? Nice, nice office,"},{"speaker":"Alan Smith","startTime":4025.18,"endTime":4028.8399999999997,"body":"yeah, send us nice emails and"},{"speaker":"Alan Smith","startTime":4025.18,"endTime":4028.8399999999997,"body":"bulletins and stop reports."},{"speaker":"Alan Smith","startTime":4028.8399999999997,"endTime":4032.08,"body":"Blahdy blah. So the experience"},{"speaker":"Alan Smith","startTime":4028.8399999999997,"endTime":4032.08,"body":"is important and you're up"},{"speaker":"Alan Smith","startTime":4032.08,"endTime":4036.46,"body":"against it, yeah? Let me just, I"},{"speaker":"Alan Smith","startTime":4032.08,"endTime":4036.46,"body":"had a seminar."},{"speaker":"Carl Widger","startTime":4036.46,"endTime":4038.58,"body":"Just, just, just,"},{"speaker":"Carl Widger","startTime":4036.46,"endTime":4038.58,"body":"just, let me tell a quick story"},{"speaker":"Carl Widger","startTime":4038.58,"endTime":4043.08,"body":"on that one, we had a similar"},{"speaker":"Carl Widger","startTime":4038.58,"endTime":4043.08,"body":"one. Mettis was only maybe two"},{"speaker":"Carl Widger","startTime":4043.08,"endTime":4046.2,"body":"years old, and we were pitching"},{"speaker":"Carl Widger","startTime":4043.08,"endTime":4046.2,"body":"for a big piece of business, and"},{"speaker":"Carl Widger","startTime":4046.2,"endTime":4049.14,"body":"I thought it was going really"},{"speaker":"Carl Widger","startTime":4046.2,"endTime":4049.14,"body":"well. And I think I've told you"},{"speaker":"Carl Widger","startTime":4049.2,"endTime":4054.42,"body":"this before, but that the"},{"speaker":"Carl Widger","startTime":4049.2,"endTime":4054.42,"body":"clients were also being courted"},{"speaker":"Carl Widger","startTime":4054.42,"endTime":4059.42,"body":"by some of the big banks,"},{"speaker":"Carl Widger","startTime":4054.42,"endTime":4059.42,"body":"private banks in the UK, and we"},{"speaker":"Carl Widger","startTime":4059.42,"endTime":4062.06,"body":"didn't get the business. And one"},{"speaker":"Carl Widger","startTime":4059.42,"endTime":4062.06,"body":"of the reasons we didn't get the"},{"speaker":"Carl Widger","startTime":4062.06,"endTime":4066.02,"body":"business was that the clients"},{"speaker":"Carl Widger","startTime":4062.06,"endTime":4066.02,"body":"were brought to lunch with"},{"speaker":"Carl Widger","startTime":4066.44,"endTime":4068.3599999999997,"body":"Prince Harry and Meghan Markle."},{"speaker":"Nick Lincoln","startTime":4069.56,"endTime":4073.3399999999997,"body":"Oh my god, he just"},{"speaker":"Nick Lincoln","startTime":4069.56,"endTime":4073.3399999999997,"body":"crushed. I'd have been straight"},{"speaker":"Nick Lincoln","startTime":4073.3399999999997,"endTime":4073.8199999999997,"body":"over to you."},{"speaker":"Carl Widger","startTime":4076.04,"endTime":4079.06,"body":"Yeah, the same"},{"speaker":"Carl Widger","startTime":4076.04,"endTime":4079.06,"body":"clients came back to us last"},{"speaker":"Carl Widger","startTime":4079.06,"endTime":4081.52,"body":"year, and we did win some"},{"speaker":"Carl Widger","startTime":4079.06,"endTime":4081.52,"body":"business from those same"},{"speaker":"Carl Widger","startTime":4081.52,"endTime":4084.3399999999997,"body":"clients. But, uh, yeah. So look,"},{"speaker":"Carl Widger","startTime":4081.52,"endTime":4084.3399999999997,"body":"they Yeah, they hate the"},{"speaker":"Carl Widger","startTime":4084.3399999999997,"endTime":4087.94,"body":"experience. Look, we're all for"},{"speaker":"Carl Widger","startTime":4084.3399999999997,"endTime":4087.94,"body":"the experience too. And I've"},{"speaker":"Carl Widger","startTime":4087.94,"endTime":4090.7,"body":"been to your office, Alan, and I"},{"speaker":"Carl Widger","startTime":4087.94,"endTime":4090.7,"body":"got a beautiful cup of coffee"},{"speaker":"Carl Widger","startTime":4090.7,"endTime":4095.02,"body":"with your your logo. And so look"},{"speaker":"Carl Widger","startTime":4090.7,"endTime":4095.02,"body":"where the experience is"},{"speaker":"Andy Hart","startTime":4095.5,"endTime":4098.04,"body":"not lost. He's"},{"speaker":"Andy Hart","startTime":4095.5,"endTime":4098.04,"body":"working out the CO work now,"},{"speaker":"Andy Hart","startTime":4098.1,"endTime":4099.84,"body":"sort of it. Yeah, it's"},{"speaker":"Carl Widger","startTime":4099.84,"endTime":4102.4800000000005,"body":"very, I've been in"},{"speaker":"Carl Widger","startTime":4099.84,"endTime":4102.4800000000005,"body":"that co workers. It is really,"},{"speaker":"Carl Widger","startTime":4102.4800000000005,"endTime":4103.56,"body":"really, really cool"},{"speaker":"Andy Hart","startTime":4104.82,"endTime":4106.68,"body":"work out of a co"},{"speaker":"Andy Hart","startTime":4104.82,"endTime":4106.68,"body":"working space. That's the"},{"speaker":"Andy Hart","startTime":4106.68,"endTime":4108.42,"body":"question you got to ask"},{"speaker":"Andy Hart","startTime":4106.68,"endTime":4108.42,"body":"yourself. Hey,"},{"speaker":"Carl Widger","startTime":4109.08,"endTime":4111.18,"body":"I thought it was"},{"speaker":"Carl Widger","startTime":4109.08,"endTime":4111.18,"body":"very cool anyway. But yeah,"},{"speaker":"Carl Widger","startTime":4111.24,"endTime":4114.54,"body":"look, the experience is the"},{"speaker":"Carl Widger","startTime":4111.24,"endTime":4114.54,"body":"experience. It's, it's under the"},{"speaker":"Carl Widger","startTime":4114.54,"endTime":4118.58,"body":"bonnet. Under the bonnet is"},{"speaker":"Carl Widger","startTime":4114.54,"endTime":4118.58,"body":"where people need to get to, and"},{"speaker":"Carl Widger","startTime":4118.58,"endTime":4120.68,"body":"they don't want to go there."},{"speaker":"Carl Widger","startTime":4118.58,"endTime":4120.68,"body":"They don't want to go there,"},{"speaker":"Carl Widger","startTime":4120.74,"endTime":4124.22,"body":"but, but it's our duty to go"},{"speaker":"Carl Widger","startTime":4120.74,"endTime":4124.22,"body":"there on their behalf. Well,"},{"speaker":"Carl Widger","startTime":4124.22,"endTime":4127.82,"body":"that's it. Tell the truth. What"},{"speaker":"Carl Widger","startTime":4124.22,"endTime":4127.82,"body":"can we do about the money? What"},{"speaker":"Carl Widger","startTime":4127.82,"endTime":4128.54,"body":"can we do better?"},{"speaker":"Alan Smith","startTime":4130.58,"endTime":4132.56,"body":"I'll give a couple"},{"speaker":"Alan Smith","startTime":4130.58,"endTime":4132.56,"body":"of couple of thoughts on that. I"},{"speaker":"Alan Smith","startTime":4132.56,"endTime":4136.22,"body":"just want to read out this quote"},{"speaker":"Alan Smith","startTime":4132.56,"endTime":4136.22,"body":"from Who else but Warren"},{"speaker":"Alan Smith","startTime":4136.22,"endTime":4139.96,"body":"Buffett. Warren Buffett said a"},{"speaker":"Alan Smith","startTime":4136.22,"endTime":4139.96,"body":"few years ago, the financial"},{"speaker":"Alan Smith","startTime":4140.02,"endTime":4143.14,"body":"elites, wealthy individuals,"},{"speaker":"Alan Smith","startTime":4140.02,"endTime":4143.14,"body":"pension funds, college"},{"speaker":"Alan Smith","startTime":4143.14,"endTime":4146.5,"body":"endowments and the like, have"},{"speaker":"Alan Smith","startTime":4143.14,"endTime":4146.5,"body":"great trouble meekly signing up"},{"speaker":"Alan Smith","startTime":4146.5,"endTime":4149.02,"body":"for a financial product or"},{"speaker":"Alan Smith","startTime":4146.5,"endTime":4149.02,"body":"service that's available as well"},{"speaker":"Alan Smith","startTime":4149.02,"endTime":4153.04,"body":"to people investing only a few"},{"speaker":"Alan Smith","startTime":4149.02,"endTime":4153.04,"body":"$1,000 this reluctance of the"},{"speaker":"Alan Smith","startTime":4153.04,"endTime":4156.96,"body":"rich normally prevails, even"},{"speaker":"Alan Smith","startTime":4153.04,"endTime":4156.96,"body":"though the product at issue is"},{"speaker":"Alan Smith","startTime":4157.02,"endTime":4161.16,"body":"on an expectancy basis, clearly"},{"speaker":"Alan Smith","startTime":4157.02,"endTime":4161.16,"body":"the best choice. Warren Buffett,"},{"speaker":"Alan Smith","startTime":4161.16,"endTime":4164.64,"body":"letter to shareholders, 2016"},{"speaker":"Alan Smith","startTime":4161.16,"endTime":4164.64,"body":"Warren Buffett, one of the"},{"speaker":"Alan Smith","startTime":4164.64,"endTime":4167.22,"body":"finest investors ever in"},{"speaker":"Alan Smith","startTime":4164.64,"endTime":4167.22,"body":"history, is saying exactly the"},{"speaker":"Alan Smith","startTime":4167.22,"endTime":4170.4000000000005,"body":"same thing as we're all saying."},{"speaker":"Alan Smith","startTime":4167.22,"endTime":4170.4000000000005,"body":"He lives and breathes amongst"},{"speaker":"Alan Smith","startTime":4170.4000000000005,"endTime":4175.08,"body":"billionaires and experiences"},{"speaker":"Alan Smith","startTime":4170.4000000000005,"endTime":4175.08,"body":"this in his own life, and it"},{"speaker":"Alan Smith","startTime":4175.08,"endTime":4178.0999999999995,"body":"often talks about these wealthy"},{"speaker":"Alan Smith","startTime":4175.08,"endTime":4178.0999999999995,"body":"people who hire Wall Street"},{"speaker":"Alan Smith","startTime":4178.0999999999995,"endTime":4181.04,"body":"hedge funds to manage their"},{"speaker":"Alan Smith","startTime":4178.0999999999995,"endTime":4181.04,"body":"wealth when they'd be better off"},{"speaker":"Alan Smith","startTime":4181.76,"endTime":4185.9,"body":"doing something much more simple"},{"speaker":"Alan Smith","startTime":4181.76,"endTime":4185.9,"body":"and less complex. Without"},{"speaker":"Alan Smith","startTime":4185.9,"endTime":4190.28,"body":"question. We've talked about"},{"speaker":"Alan Smith","startTime":4185.9,"endTime":4190.28,"body":"this in the past. I, tongue in"},{"speaker":"Alan Smith","startTime":4190.28,"endTime":4194.36,"body":"cheek said in the past, if our"},{"speaker":"Alan Smith","startTime":4190.28,"endTime":4194.36,"body":"investments so this is about"},{"speaker":"Alan Smith","startTime":4194.42,"endTime":4199.42,"body":"words and language and framing,"},{"speaker":"Alan Smith","startTime":4194.42,"endTime":4199.42,"body":"and we use things like, we'll"},{"speaker":"Alan Smith","startTime":4199.42,"endTime":4202.0599999999995,"body":"just buy the greatest companies"},{"speaker":"Alan Smith","startTime":4199.42,"endTime":4202.0599999999995,"body":"in the world, but buy a low cost"},{"speaker":"Alan Smith","startTime":4202.0599999999995,"endTime":4205.72,"body":"index fund. It's good enough,"},{"speaker":"Alan Smith","startTime":4202.0599999999995,"endTime":4205.72,"body":"and it just goes against the"},{"speaker":"Alan Smith","startTime":4205.72,"endTime":4207.58,"body":"grain for a lot of"},{"speaker":"Alan Smith","startTime":4205.72,"endTime":4207.58,"body":"sophisticated, wealthy"},{"speaker":"Alan Smith","startTime":4207.58,"endTime":4210.64,"body":"individuals who pretty much"},{"speaker":"Alan Smith","startTime":4207.58,"endTime":4210.64,"body":"everything else in their life,"},{"speaker":"Alan Smith","startTime":4210.64,"endTime":4214.0,"body":"they go for the best. They go"},{"speaker":"Alan Smith","startTime":4210.64,"endTime":4214.0,"body":"for, you know, a nice car, a"},{"speaker":"Alan Smith","startTime":4214.0,"endTime":4216.16,"body":"nice house to go on good"},{"speaker":"Alan Smith","startTime":4214.0,"endTime":4216.16,"body":"holidays, all that other stuff."},{"speaker":"Alan Smith","startTime":4216.16,"endTime":4220.32,"body":"And you're saying, this is the"},{"speaker":"Alan Smith","startTime":4216.16,"endTime":4220.32,"body":"same fund that my my driver, my"},{"speaker":"Alan Smith","startTime":4220.32,"endTime":4224.28,"body":"cleaner, my whoever also can get"},{"speaker":"Alan Smith","startTime":4220.32,"endTime":4224.28,"body":"access to. It doesn't, doesn't"},{"speaker":"Alan Smith","startTime":4224.28,"endTime":4229.5,"body":"feel right. You know, half"},{"speaker":"Alan Smith","startTime":4224.28,"endTime":4229.5,"body":"children. I said we should just"},{"speaker":"Alan Smith","startTime":4229.5,"endTime":4231.84,"body":"rebrand our investment"},{"speaker":"Alan Smith","startTime":4229.5,"endTime":4231.84,"body":"portfolios and call them"},{"speaker":"Alan Smith","startTime":4231.84,"endTime":4236.04,"body":"something like the quant, you"},{"speaker":"Alan Smith","startTime":4231.84,"endTime":4236.04,"body":"know, the global quant wealth"},{"speaker":"Alan Smith","startTime":4236.04,"endTime":4239.0,"body":"preservation fund, because"},{"speaker":"Alan Smith","startTime":4236.04,"endTime":4239.0,"body":"that's kind of what if you use"},{"speaker":"Alan Smith","startTime":4239.0,"endTime":4242.24,"body":"dimensional by the way, they use"},{"speaker":"Alan Smith","startTime":4239.0,"endTime":4242.24,"body":"quantitative analysis. That's a"},{"speaker":"Alan Smith","startTime":4242.24,"endTime":4245.78,"body":"core part of their philosophy"},{"speaker":"Alan Smith","startTime":4242.24,"endTime":4245.78,"body":"and but it's but they but"},{"speaker":"Alan Smith","startTime":4245.78,"endTime":4248.42,"body":"dimensional themselves, and"},{"speaker":"Alan Smith","startTime":4245.78,"endTime":4248.42,"body":"everyone who uses them refer to"},{"speaker":"Alan Smith","startTime":4248.42,"endTime":4251.78,"body":"this thing called Evidence Based"},{"speaker":"Alan Smith","startTime":4248.42,"endTime":4251.78,"body":"Investing that's a bit weak to"},{"speaker":"Alan Smith","startTime":4251.78,"endTime":4253.76,"body":"these. What do you mean evidence"},{"speaker":"Alan Smith","startTime":4251.78,"endTime":4253.76,"body":"based this? You know, the"},{"speaker":"Alan Smith","startTime":4253.76,"endTime":4256.5999999999995,"body":"private you can produce evidence"},{"speaker":"Alan Smith","startTime":4253.76,"endTime":4256.5999999999995,"body":"of whatever you want within"},{"speaker":"Alan Smith","startTime":4256.5999999999995,"endTime":4259.42,"body":"reason, using time scales and"},{"speaker":"Alan Smith","startTime":4256.5999999999995,"endTime":4259.42,"body":"what have you. It's not the most"},{"speaker":"Alan Smith","startTime":4259.42,"endTime":4264.0999999999995,"body":"compelling descriptor. I don't"},{"speaker":"Alan Smith","startTime":4259.42,"endTime":4264.0999999999995,"body":"think evidence based. And this"},{"speaker":"Alan Smith","startTime":4264.0999999999995,"endTime":4266.38,"body":"thing, by the way, wealth"},{"speaker":"Alan Smith","startTime":4264.0999999999995,"endTime":4266.38,"body":"preservation. Everyone loves"},{"speaker":"Alan Smith","startTime":4266.38,"endTime":4270.04,"body":"that idea. Wealth preservation"},{"speaker":"Alan Smith","startTime":4266.38,"endTime":4270.04,"body":"is quite good, but actually is"},{"speaker":"Alan Smith","startTime":4270.04,"endTime":4273.58,"body":"what we do. We're preserving"},{"speaker":"Alan Smith","startTime":4270.04,"endTime":4273.58,"body":"your wealth in defense of the"},{"speaker":"Alan Smith","startTime":4273.58,"endTime":4276.04,"body":"prevailing rate of inflation"},{"speaker":"Alan Smith","startTime":4273.58,"endTime":4276.04,"body":"over time. That's kind of a."},{"speaker":"Alan Smith","startTime":4276.12,"endTime":4280.0199999999995,"body":"Core thing of what we do, so"},{"speaker":"Alan Smith","startTime":4276.12,"endTime":4280.0199999999995,"body":"package it up. I mean, my"},{"speaker":"Alan Smith","startTime":4280.0199999999995,"endTime":4283.2,"body":"integrity means I can't do that."},{"speaker":"Alan Smith","startTime":4280.0199999999995,"endTime":4283.2,"body":"I can't sort of use those words"},{"speaker":"Alan Smith","startTime":4283.2,"endTime":4286.5599999999995,"body":"in language. But that's using an"},{"speaker":"Alan Smith","startTime":4283.2,"endTime":4286.5599999999995,"body":"extreme example in terms of how"},{"speaker":"Alan Smith","startTime":4286.5599999999995,"endTime":4288.84,"body":"you would use your description."},{"speaker":"Alan Smith","startTime":4286.5599999999995,"endTime":4288.84,"body":"I think we could maybe get"},{"speaker":"Alan Smith","startTime":4288.84,"endTime":4293.46,"body":"better at describing this stuff."},{"speaker":"Alan Smith","startTime":4288.84,"endTime":4293.46,"body":"The other tip, I would say,"},{"speaker":"Alan Smith","startTime":4294.36,"endTime":4297.74,"body":"depending on the client, a lot"},{"speaker":"Alan Smith","startTime":4294.36,"endTime":4297.74,"body":"of our clients are, as you guys"},{"speaker":"Alan Smith","startTime":4297.74,"endTime":4300.32,"body":"are, as well. Are kind of"},{"speaker":"Alan Smith","startTime":4297.74,"endTime":4300.32,"body":"successful business people, and"},{"speaker":"Alan Smith","startTime":4300.32,"endTime":4302.78,"body":"they always seem to want the"},{"speaker":"Alan Smith","startTime":4300.32,"endTime":4302.78,"body":"best. You know, they do what"},{"speaker":"Alan Smith","startTime":4302.78,"endTime":4305.3,"body":"they strive and what is the best"},{"speaker":"Alan Smith","startTime":4302.78,"endTime":4305.3,"body":"solution? What's the secret"},{"speaker":"Alan Smith","startTime":4305.3,"endTime":4308.24,"body":"sauce? Where does it go? And I"},{"speaker":"Alan Smith","startTime":4305.3,"endTime":4308.24,"body":"think you can say quite a lot"},{"speaker":"Alan Smith","startTime":4308.3,"endTime":4312.2,"body":"about our investment philosophy"},{"speaker":"Alan Smith","startTime":4308.3,"endTime":4312.2,"body":"in that honestly, really, really"},{"speaker":"Alan Smith","startTime":4312.2,"endTime":4316.0999999999995,"body":"smart people, particularly those"},{"speaker":"Alan Smith","startTime":4312.2,"endTime":4316.0999999999995,"body":"who know their stuff. And I mean"},{"speaker":"Alan Smith","startTime":4316.16,"endTime":4320.68,"body":"academics, you will not find a"},{"speaker":"Alan Smith","startTime":4316.16,"endTime":4320.68,"body":"professor of economics in any"},{"speaker":"Alan Smith","startTime":4320.68,"endTime":4323.26,"body":"university or any sort of"},{"speaker":"Alan Smith","startTime":4320.68,"endTime":4323.26,"body":"academic place around the world"},{"speaker":"Alan Smith","startTime":4323.44,"endTime":4326.14,"body":"who buys this junk that you're"},{"speaker":"Alan Smith","startTime":4323.44,"endTime":4326.14,"body":"talking about. They just don't"},{"speaker":"Alan Smith","startTime":4326.14,"endTime":4329.2,"body":"do it. Those who spend their"},{"speaker":"Alan Smith","startTime":4326.14,"endTime":4329.2,"body":"life deep in the weeds of the"},{"speaker":"Alan Smith","startTime":4329.2,"endTime":4335.2,"body":"data you just you won't most of"},{"speaker":"Alan Smith","startTime":4329.2,"endTime":4335.2,"body":"the, yeah, most of the you know,"},{"speaker":"Alan Smith","startTime":4335.2,"endTime":4339.18,"body":"the experts on this stuff. So"},{"speaker":"Alan Smith","startTime":4335.2,"endTime":4339.18,"body":"positioning something that is"},{"speaker":"Alan Smith","startTime":4339.18,"endTime":4342.9,"body":"more sophisticated, because none"},{"speaker":"Alan Smith","startTime":4339.18,"endTime":4342.9,"body":"of us just use pure index funds"},{"speaker":"Alan Smith","startTime":4342.9,"endTime":4346.0199999999995,"body":"and nothing else even that would"},{"speaker":"Alan Smith","startTime":4342.9,"endTime":4346.0199999999995,"body":"be good enough. But it's a bit"},{"speaker":"Alan Smith","startTime":4346.0199999999995,"endTime":4349.2,"body":"more sophisticated. And, you"},{"speaker":"Alan Smith","startTime":4346.0199999999995,"endTime":4349.2,"body":"know, mentioned before,"},{"speaker":"Alan Smith","startTime":4349.2,"endTime":4353.34,"body":"mentioned again, the idea of"},{"speaker":"Alan Smith","startTime":4349.2,"endTime":4353.34,"body":"family fortress, use that words"},{"speaker":"Alan Smith","startTime":4353.34,"endTime":4356.72,"body":"and language. This is, this is"},{"speaker":"Alan Smith","startTime":4353.34,"endTime":4356.72,"body":"the important stuff for a bit of"},{"speaker":"Alan Smith","startTime":4356.72,"endTime":4361.94,"body":"fun, bit of sophistication. You"},{"speaker":"Alan Smith","startTime":4356.72,"endTime":4361.94,"body":"want investment, playpen, buy"},{"speaker":"Alan Smith","startTime":4361.94,"endTime":4364.34,"body":"your body, private equity and"},{"speaker":"Alan Smith","startTime":4361.94,"endTime":4364.34,"body":"all your other stuff out there."},{"speaker":"Alan Smith","startTime":4364.34,"endTime":4366.68,"body":"If you want, you want to have a"},{"speaker":"Alan Smith","startTime":4364.34,"endTime":4366.68,"body":"punt. You want to go Bitcoin,"},{"speaker":"Alan Smith","startTime":4366.68,"endTime":4369.74,"body":"you know, you name it. You can"},{"speaker":"Alan Smith","startTime":4366.68,"endTime":4369.74,"body":"that. You can do that. But your"},{"speaker":"Alan Smith","startTime":4369.74,"endTime":4373.94,"body":"family's financial security is"},{"speaker":"Alan Smith","startTime":4369.74,"endTime":4373.94,"body":"far more more important than"},{"speaker":"Alan Smith","startTime":4373.94,"endTime":4376.96,"body":"sort of taking a bet on what"},{"speaker":"Alan Smith","startTime":4373.94,"endTime":4376.96,"body":"some other, you know, third"},{"speaker":"Alan Smith","startTime":4376.96,"endTime":4379.66,"body":"party fund manager thinks is the"},{"speaker":"Alan Smith","startTime":4376.96,"endTime":4379.66,"body":"right thing this week, and may"},{"speaker":"Alan Smith","startTime":4379.66,"endTime":4382.9,"body":"change his mind next week. So"},{"speaker":"Alan Smith","startTime":4379.66,"endTime":4382.9,"body":"build your core family fortress."},{"speaker":"Alan Smith","startTime":4383.0199999999995,"endTime":4386.38,"body":"Build your investment playpen on"},{"speaker":"Alan Smith","startTime":4383.0199999999995,"endTime":4386.38,"body":"the sides. And the last thing"},{"speaker":"Alan Smith","startTime":4386.38,"endTime":4388.96,"body":"I'd say as well, I'm sure we've"},{"speaker":"Alan Smith","startTime":4386.38,"endTime":4388.96,"body":"mentioned this in the past, and"},{"speaker":"Alan Smith","startTime":4388.96,"endTime":4391.54,"body":"joining the dots back to the"},{"speaker":"Alan Smith","startTime":4388.96,"endTime":4391.54,"body":"conversation about the Norwegian"},{"speaker":"Alan Smith","startTime":4391.54,"endTime":4394.84,"body":"Oil Fund, where people have"},{"speaker":"Alan Smith","startTime":4391.54,"endTime":4394.84,"body":"said, Yes, but I've got 8"},{"speaker":"Alan Smith","startTime":4394.84,"endTime":4398.0999999999995,"body":"million, 10 million, 20 million,"},{"speaker":"Alan Smith","startTime":4394.84,"endTime":4398.0999999999995,"body":"of assets. You're never going to"},{"speaker":"Alan Smith","startTime":4398.0999999999995,"endTime":4400.5,"body":"have as much as what have they"},{"speaker":"Alan Smith","startTime":4398.0999999999995,"endTime":4400.5,"body":"got trillion?"},{"speaker":"Andy Hart","startTime":4402.0,"endTime":4404.22,"body":"We've got some 7"},{"speaker":"Andy Hart","startTime":4402.0,"endTime":4404.22,"body":"trillion USD, $1.7"},{"speaker":"Alan Smith","startTime":4405.0599999999995,"endTime":4408.5999999999995,"body":"trillion and they"},{"speaker":"Alan Smith","startTime":4405.0599999999995,"endTime":4408.5999999999995,"body":"are predominantly invested in"},{"speaker":"Alan Smith","startTime":4408.5999999999995,"endTime":4411.0599999999995,"body":"the fact that they are an index"},{"speaker":"Alan Smith","startTime":4408.5999999999995,"endTime":4411.0599999999995,"body":"fund themselves. They just buy"},{"speaker":"Alan Smith","startTime":4411.0599999999995,"endTime":4415.0199999999995,"body":"companies some bonds. They run"},{"speaker":"Alan Smith","startTime":4411.0599999999995,"endTime":4415.0199999999995,"body":"the edges. And if it's good"},{"speaker":"Alan Smith","startTime":4415.0199999999995,"endTime":4418.4,"body":"enough for $1.7 trillion of"},{"speaker":"Alan Smith","startTime":4415.0199999999995,"endTime":4418.4,"body":"assets, that's good enough. You"},{"speaker":"Alan Smith","startTime":4418.4,"endTime":4424.0999999999995,"body":"10 million pounds, my friend."},{"speaker":"Alan Smith","startTime":4418.4,"endTime":4424.0999999999995,"body":"And finally, recognize that you"},{"speaker":"Alan Smith","startTime":4424.0999999999995,"endTime":4428.0599999999995,"body":"can't win them all. I say, if"},{"speaker":"Alan Smith","startTime":4424.0999999999995,"endTime":4428.0599999999995,"body":"someone's absolutely dead set on"},{"speaker":"Alan Smith","startTime":4428.0599999999995,"endTime":4430.76,"body":"having some complex thing, then"},{"speaker":"Alan Smith","startTime":4428.0599999999995,"endTime":4430.76,"body":"again, you stick to your"},{"speaker":"Alan Smith","startTime":4430.76,"endTime":4433.76,"body":"philosophy. You talk the"},{"speaker":"Alan Smith","startTime":4430.76,"endTime":4433.76,"body":"unvarnished truth. We've got a"},{"speaker":"Alan Smith","startTime":4433.76,"endTime":4436.96,"body":"very comprehensive investment"},{"speaker":"Alan Smith","startTime":4433.76,"endTime":4436.96,"body":"philosophy document which is"},{"speaker":"Alan Smith","startTime":4436.96,"endTime":4439.36,"body":"backed up by data and evidence,"},{"speaker":"Alan Smith","startTime":4436.96,"endTime":4439.36,"body":"what she'll be happy to share"},{"speaker":"Alan Smith","startTime":4439.36,"endTime":4442.18,"body":"parts of with any particular"},{"speaker":"Alan Smith","startTime":4439.36,"endTime":4442.18,"body":"client. And beyond that, if you"},{"speaker":"Alan Smith","startTime":4442.18,"endTime":4444.7,"body":"want to, if they want to fight"},{"speaker":"Alan Smith","startTime":4442.18,"endTime":4444.7,"body":"their battles, then we can only"},{"speaker":"Alan Smith","startTime":4444.7,"endTime":4447.64,"body":"help people that will want to be"},{"speaker":"Alan Smith","startTime":4444.7,"endTime":4447.64,"body":"helped by us. Andrew,"},{"speaker":"Andy Hart","startTime":4449.26,"endTime":4453.46,"body":"yeah, no. Some good"},{"speaker":"Andy Hart","startTime":4449.26,"endTime":4453.46,"body":"points, I think, pick your"},{"speaker":"Andy Hart","startTime":4453.46,"endTime":4456.0999999999995,"body":"battles here, as you mentioned."},{"speaker":"Andy Hart","startTime":4453.46,"endTime":4456.0999999999995,"body":"Alan, people would always want"},{"speaker":"Andy Hart","startTime":4456.0999999999995,"endTime":4459.54,"body":"status purchases is no different"},{"speaker":"Andy Hart","startTime":4456.0999999999995,"endTime":4459.54,"body":"when it comes to their money. In"},{"speaker":"Andy Hart","startTime":4459.54,"endTime":4462.66,"body":"some ways, they're almost"},{"speaker":"Andy Hart","startTime":4459.54,"endTime":4462.66,"body":"seeking a status purchase. Even"},{"speaker":"Andy Hart","startTime":4462.66,"endTime":4465.12,"body":"more stronger when it comes to"},{"speaker":"Andy Hart","startTime":4462.66,"endTime":4465.12,"body":"their money and their life"},{"speaker":"Andy Hart","startTime":4465.3,"endTime":4468.48,"body":"savings, I will say to younger"},{"speaker":"Andy Hart","startTime":4465.3,"endTime":4468.48,"body":"financial advisors, we work"},{"speaker":"Andy Hart","startTime":4468.48,"endTime":4470.82,"body":"really well. I work really well."},{"speaker":"Andy Hart","startTime":4468.48,"endTime":4470.82,"body":"We're slightly clued up."},{"speaker":"Andy Hart","startTime":4470.82,"endTime":4474.84,"body":"Insiders, it's slightly clued"},{"speaker":"Andy Hart","startTime":4470.82,"endTime":4474.84,"body":"up. They understand that there's"},{"speaker":"Andy Hart","startTime":4474.84,"endTime":4478.76,"body":"a lot of BS out there, and"},{"speaker":"Andy Hart","startTime":4474.84,"endTime":4478.76,"body":"they're not going to be sold"},{"speaker":"Andy Hart","startTime":4478.76,"endTime":4481.5199999999995,"body":"some, you know, long winded"},{"speaker":"Andy Hart","startTime":4478.76,"endTime":4481.5199999999995,"body":"investment story. So we work"},{"speaker":"Andy Hart","startTime":4481.5199999999995,"endTime":4483.92,"body":"slightly well. We work well with"},{"speaker":"Andy Hart","startTime":4481.5199999999995,"endTime":4483.92,"body":"slightly clued up insiders."},{"speaker":"Andy Hart","startTime":4483.92,"endTime":4486.32,"body":"People have got a little bit of"},{"speaker":"Andy Hart","startTime":4483.92,"endTime":4486.32,"body":"knowledge, and they understand"},{"speaker":"Andy Hart","startTime":4486.32,"endTime":4489.44,"body":"that, you know, probably index"},{"speaker":"Andy Hart","startTime":4486.32,"endTime":4489.44,"body":"investing is okay. They"},{"speaker":"Andy Hart","startTime":4489.44,"endTime":4492.68,"body":"understand half of our story"},{"speaker":"Andy Hart","startTime":4489.44,"endTime":4492.68,"body":"anyway, because you can spend a"},{"speaker":"Andy Hart","startTime":4492.68,"endTime":4496.84,"body":"lot of time as advisors trying"},{"speaker":"Andy Hart","startTime":4492.68,"endTime":4496.84,"body":"to unpick these situations and"},{"speaker":"Andy Hart","startTime":4496.84,"endTime":4500.68,"body":"trying to win these clients"},{"speaker":"Andy Hart","startTime":4496.84,"endTime":4500.68,"body":"over, but you might be wasting a"},{"speaker":"Andy Hart","startTime":4500.68,"endTime":4503.62,"body":"shed load of your time. So yeah,"},{"speaker":"Andy Hart","startTime":4500.68,"endTime":4503.62,"body":"pick your battles when you come"},{"speaker":"Andy Hart","startTime":4503.62,"endTime":4505.78,"body":"across these things in real"},{"speaker":"Andy Hart","startTime":4503.62,"endTime":4505.78,"body":"life, because people have got a"},{"speaker":"Andy Hart","startTime":4505.78,"endTime":4511.18,"body":"strong force towards these"},{"speaker":"Andy Hart","startTime":4505.78,"endTime":4511.18,"body":"status purchases. Nick, okay,"},{"speaker":"Andy Hart","startTime":4511.18,"endTime":4512.08,"body":"all right, well, I"},{"speaker":"Nick Lincoln","startTime":4512.08,"endTime":4513.94,"body":"think we'll wrap"},{"speaker":"Nick Lincoln","startTime":4512.08,"endTime":4513.94,"body":"this up, if that's okay with"},{"speaker":"Nick Lincoln","startTime":4513.94,"endTime":4516.5199999999995,"body":"you. James, I think this is a"},{"speaker":"Nick Lincoln","startTime":4513.94,"endTime":4516.5199999999995,"body":"really pressing issue, and I'm"},{"speaker":"Nick Lincoln","startTime":4516.5199999999995,"endTime":4519.78,"body":"really glad that Carly brought"},{"speaker":"Nick Lincoln","startTime":4516.5199999999995,"endTime":4519.78,"body":"this into the into the show for"},{"speaker":"Nick Lincoln","startTime":4519.78,"endTime":4522.84,"body":"episode 58 a couple of things. I"},{"speaker":"Nick Lincoln","startTime":4519.78,"endTime":4522.84,"body":"did meet a very young guy who"},{"speaker":"Nick Lincoln","startTime":4522.84,"endTime":4527.4,"body":"works for a DFM firm at a recent"},{"speaker":"Nick Lincoln","startTime":4522.84,"endTime":4527.4,"body":"CIS I ethics event. He sort of"},{"speaker":"Nick Lincoln","startTime":4527.4,"endTime":4532.62,"body":"came over to me. So you Lincoln."},{"speaker":"Nick Lincoln","startTime":4527.4,"endTime":4532.62,"body":"I loved, I worked for DFM, but I"},{"speaker":"Nick Lincoln","startTime":4532.62,"endTime":4535.86,"body":"love trap. I won't give away his"},{"speaker":"Nick Lincoln","startTime":4532.62,"endTime":4535.86,"body":"name, but it works for the"},{"speaker":"Nick Lincoln","startTime":4535.86,"endTime":4538.16,"body":"oldest stock, I think, in the"},{"speaker":"Nick Lincoln","startTime":4535.86,"endTime":4538.16,"body":"country. Rhymes with Mighty"},{"speaker":"Nick Lincoln","startTime":4538.16,"endTime":4541.16,"body":"Quinn. So nice to meet him. And"},{"speaker":"Nick Lincoln","startTime":4538.16,"endTime":4541.16,"body":"this is a more prosaic just,"},{"speaker":"Nick Lincoln","startTime":4541.16,"endTime":4543.68,"body":"just think about language and"},{"speaker":"Nick Lincoln","startTime":4541.16,"endTime":4543.68,"body":"how we just give it away terms,"},{"speaker":"Nick Lincoln","startTime":4543.68,"endTime":4546.86,"body":"and we should be too"},{"speaker":"Nick Lincoln","startTime":4543.68,"endTime":4546.86,"body":"straightforward terms. You know,"},{"speaker":"Nick Lincoln","startTime":4546.86,"endTime":4549.62,"body":"it's not, it's like, it's not"},{"speaker":"Nick Lincoln","startTime":4546.86,"endTime":4549.62,"body":"accumulation, it's saving, it's"},{"speaker":"Nick Lincoln","startTime":4549.62,"endTime":4553.58,"body":"not decumulation, it's spending."},{"speaker":"Nick Lincoln","startTime":4549.62,"endTime":4553.58,"body":"You've got tax free cash and"},{"speaker":"Nick Lincoln","startTime":4553.58,"endTime":4555.98,"body":"you've got taxable cash. Your"},{"speaker":"Nick Lincoln","startTime":4553.58,"endTime":4555.98,"body":"Flexi access drawdown is a"},{"speaker":"Nick Lincoln","startTime":4555.98,"endTime":4558.5199999999995,"body":"taxable cash. Just use words"},{"speaker":"Nick Lincoln","startTime":4555.98,"endTime":4558.5199999999995,"body":"that people can relate to,"},{"speaker":"Nick Lincoln","startTime":4558.5199999999995,"endTime":4561.22,"body":"right? That we just get caught"},{"speaker":"Nick Lincoln","startTime":4558.5199999999995,"endTime":4561.22,"body":"up in this. And a very prosaic"},{"speaker":"Nick Lincoln","startTime":4561.22,"endTime":4563.68,"body":"example, yesterday, I went to"},{"speaker":"Nick Lincoln","startTime":4561.22,"endTime":4563.68,"body":"town with my boy. We go to"},{"speaker":"Nick Lincoln","startTime":4563.68,"endTime":4566.08,"body":"Houston. We're walking through"},{"speaker":"Nick Lincoln","startTime":4563.68,"endTime":4566.08,"body":"Houston Concourse, and some of"},{"speaker":"Nick Lincoln","startTime":4566.08,"endTime":4568.0599999999995,"body":"this voice comes over the town,"},{"speaker":"Nick Lincoln","startTime":4566.08,"endTime":4568.0599999999995,"body":"or he says, For those not"},{"speaker":"Nick Lincoln","startTime":4568.0599999999995,"endTime":4571.36,"body":"familiar with Euston, welcome."},{"speaker":"Nick Lincoln","startTime":4568.0599999999995,"endTime":4571.36,"body":"We're serviced by the northern"},{"speaker":"Nick Lincoln","startTime":4571.36,"endTime":4574.12,"body":"and Victoria lines. Around the"},{"speaker":"Nick Lincoln","startTime":4571.36,"endTime":4574.12,"body":"corner is Euston square, and on"},{"speaker":"Nick Lincoln","startTime":4574.12,"endTime":4576.9,"body":"there, you've got the Met line,"},{"speaker":"Nick Lincoln","startTime":4574.12,"endTime":4576.9,"body":"Hammersmith and. City in circle"},{"speaker":"Nick Lincoln","startTime":4576.9,"endTime":4580.5,"body":"nine. If you want to reach"},{"speaker":"Nick Lincoln","startTime":4576.9,"endTime":4580.5,"body":"Euston square, it five minute"},{"speaker":"Nick Lincoln","startTime":4580.5,"endTime":4584.04,"body":"walk, just turn westbound on"},{"speaker":"Nick Lincoln","startTime":4580.5,"endTime":4584.04,"body":"Euston road. Now, Euston is full"},{"speaker":"Nick Lincoln","startTime":4584.04,"endTime":4587.76,"body":"of people from Birmingham,"},{"speaker":"Nick Lincoln","startTime":4584.04,"endTime":4587.76,"body":"Manchester, Carlisle, Scotland."},{"speaker":"Nick Lincoln","startTime":4588.12,"endTime":4590.5199999999995,"body":"They don't know London's East"},{"speaker":"Nick Lincoln","startTime":4588.12,"endTime":4590.5199999999995,"body":"from West, right, and you can't"},{"speaker":"Nick Lincoln","startTime":4590.5199999999995,"endTime":4592.8,"body":"see the sun engaging because"},{"speaker":"Nick Lincoln","startTime":4590.5199999999995,"endTime":4592.8,"body":"we're in the UK. It's November."},{"speaker":"Nick Lincoln","startTime":4592.8,"endTime":4595.86,"body":"The sun is a myth until next"},{"speaker":"Nick Lincoln","startTime":4592.8,"endTime":4595.86,"body":"year. Want to just say, leave"},{"speaker":"Nick Lincoln","startTime":4595.86,"endTime":4599.72,"body":"the station and turn right. Now"},{"speaker":"Nick Lincoln","startTime":4595.86,"endTime":4599.72,"body":"he's got to say, Turn westbound."},{"speaker":"Nick Lincoln","startTime":4599.72,"endTime":4603.8,"body":"It's just like this everywhere."},{"speaker":"Nick Lincoln","startTime":4599.72,"endTime":4603.8,"body":"More important and our business,"},{"speaker":"Nick Lincoln","startTime":4603.8,"endTime":4607.34,"body":"this thing about is just laden"},{"speaker":"Nick Lincoln","startTime":4603.8,"endTime":4607.34,"body":"with jargon that does nothing to"},{"speaker":"Nick Lincoln","startTime":4608.0599999999995,"endTime":4609.74,"body":"help anybody feel"},{"speaker":"Andy Hart","startTime":4609.74,"endTime":4611.84,"body":"right. Are you"},{"speaker":"Andy Hart","startTime":4609.74,"endTime":4611.84,"body":"feeling right? Nick you left"},{"speaker":"Andy Hart","startTime":4611.9,"endTime":4613.58,"body":"South Watford. Okay, that's five"},{"speaker":"Andy Hart","startTime":4611.9,"endTime":4613.58,"body":"minutes"},{"speaker":"Nick Lincoln","startTime":4615.68,"endTime":4618.16,"body":"for 15 minutes for"},{"speaker":"Nick Lincoln","startTime":4615.68,"endTime":4618.16,"body":"15 minutes on a fast train, not"},{"speaker":"Nick Lincoln","startTime":4618.16,"endTime":4620.86,"body":"the 40 minutes from hatch end"},{"speaker":"Nick Lincoln","startTime":4618.16,"endTime":4620.86,"body":"for you, right? Let's move on to"},{"speaker":"Nick Lincoln","startTime":4620.86,"endTime":4623.2,"body":"put your North question, because"},{"speaker":"Nick Lincoln","startTime":4620.86,"endTime":4623.2,"body":"I can see post is at our"},{"speaker":"Andy Hart","startTime":4623.2,"endTime":4624.5199999999995,"body":"front door. Sorry,"},{"speaker":"Andy Hart","startTime":4623.2,"endTime":4624.5199999999995,"body":"North waffle. I"},{"speaker":"Nick Lincoln","startTime":4624.5199999999995,"endTime":4626.38,"body":"am in I am in"},{"speaker":"Nick Lincoln","startTime":4624.5199999999995,"endTime":4626.38,"body":"North waffle, but I can't pick"},{"speaker":"Nick Lincoln","startTime":4626.38,"endTime":4628.9,"body":"up every detail. We wouldn't get"},{"speaker":"Nick Lincoln","startTime":4626.38,"endTime":4628.9,"body":"the show finished. There is"},{"speaker":"Nick Lincoln","startTime":4628.9,"endTime":4630.58,"body":"TRAPPIST at the front door,"},{"speaker":"Nick Lincoln","startTime":4628.9,"endTime":4630.58,"body":"ringing the"},{"speaker":"Unknown","startTime":4630.58,"endTime":4631.3,"body":"front door bell. I"},{"speaker":"Nick Lincoln","startTime":4631.3,"endTime":4633.16,"body":"can see she's"},{"speaker":"Nick Lincoln","startTime":4631.3,"endTime":4633.16,"body":"holding the bulging sack of"},{"speaker":"Nick Lincoln","startTime":4633.16,"endTime":4636.72,"body":"TRAPPIST questions, dear"},{"speaker":"Nick Lincoln","startTime":4633.16,"endTime":4636.72,"body":"TRAPPIST, if you want to leave a"},{"speaker":"Nick Lincoln","startTime":4636.72,"endTime":4639.48,"body":"question for us. Please do so"},{"speaker":"Nick Lincoln","startTime":4636.72,"endTime":4639.48,"body":"via the pinned X or the pin"},{"speaker":"Nick Lincoln","startTime":4639.48,"endTime":4642.0,"body":"tweet, whatever you want to call"},{"speaker":"Nick Lincoln","startTime":4639.48,"endTime":4642.0,"body":"it. Also, there's a link in the"},{"speaker":"Nick Lincoln","startTime":4642.0,"endTime":4645.24,"body":"so called show notes. Now let's"},{"speaker":"Nick Lincoln","startTime":4642.0,"endTime":4645.24,"body":"see who this first letter is"},{"speaker":"Nick Lincoln","startTime":4645.24,"endTime":4647.46,"body":"from. We're gonna do two"},{"speaker":"Nick Lincoln","startTime":4645.24,"endTime":4647.46,"body":"questions today, so let's keep"},{"speaker":"Nick Lincoln","startTime":4647.46,"endTime":4651.42,"body":"our answers cogent and on point."},{"speaker":"Nick Lincoln","startTime":4647.46,"endTime":4651.42,"body":"The first one is from our repeat"},{"speaker":"Nick Lincoln","startTime":4651.42,"endTime":4654.96,"body":"offender, young Mr. Aaron"},{"speaker":"Nick Lincoln","startTime":4651.42,"endTime":4654.96,"body":"gunning him, who's on Twitter as"},{"speaker":"Nick Lincoln","startTime":4655.0199999999995,"endTime":4659.66,"body":"at Aaron gunningham. And this"},{"speaker":"Nick Lincoln","startTime":4655.0199999999995,"endTime":4659.66,"body":"one is for Alan and Carl ray to"},{"speaker":"Nick Lincoln","startTime":4659.66,"endTime":4662.54,"body":"address. I think this question"},{"speaker":"Nick Lincoln","startTime":4659.66,"endTime":4662.54,"body":"might be more appropriate to our"},{"speaker":"Nick Lincoln","startTime":4662.54,"endTime":4665.5999999999995,"body":"multi advice business owners, as"},{"speaker":"Nick Lincoln","startTime":4662.54,"endTime":4665.5999999999995,"body":"you have grown your client banks"},{"speaker":"Nick Lincoln","startTime":4665.5999999999995,"endTime":4668.24,"body":"and therefore exceeded your"},{"speaker":"Nick Lincoln","startTime":4665.5999999999995,"endTime":4668.24,"body":"capacity, how have you dealt"},{"speaker":"Nick Lincoln","startTime":4668.24,"endTime":4670.34,"body":"with the workload, and what"},{"speaker":"Nick Lincoln","startTime":4668.24,"endTime":4670.34,"body":"terms have you offered new"},{"speaker":"Nick Lincoln","startTime":4670.34,"endTime":4673.5199999999995,"body":"advisors regarding the sharing"},{"speaker":"Nick Lincoln","startTime":4670.34,"endTime":4673.5199999999995,"body":"of existing clients and new"},{"speaker":"Nick Lincoln","startTime":4673.5199999999995,"endTime":4676.28,"body":"leads? For example, have you"},{"speaker":"Nick Lincoln","startTime":4673.5199999999995,"endTime":4676.28,"body":"kept all of your existing"},{"speaker":"Nick Lincoln","startTime":4676.28,"endTime":4679.24,"body":"clients and given away your"},{"speaker":"Nick Lincoln","startTime":4676.28,"endTime":4679.24,"body":"leads or introduced your clients"},{"speaker":"Nick Lincoln","startTime":4679.24,"endTime":4682.0,"body":"to new advisors. Has your"},{"speaker":"Nick Lincoln","startTime":4679.24,"endTime":4682.0,"body":"success? That's about 18th"},{"speaker":"Nick Lincoln","startTime":4682.0599999999995,"endTime":4684.88,"body":"question I only doing well here."},{"speaker":"Nick Lincoln","startTime":4682.0599999999995,"endTime":4684.88,"body":"Has your success negatively"},{"speaker":"Nick Lincoln","startTime":4684.88,"endTime":4687.82,"body":"affected any of your existing"},{"speaker":"Nick Lincoln","startTime":4684.88,"endTime":4687.82,"body":"client relationships? Right?"},{"speaker":"Nick Lincoln","startTime":4687.82,"endTime":4693.28,"body":"Guys, brief, cogent to the point"},{"speaker":"Nick Lincoln","startTime":4687.82,"endTime":4693.28,"body":"I'll take that. I"},{"speaker":"Carl Widger","startTime":4693.28,"endTime":4697.8,"body":"go because you go."},{"speaker":"Carl Widger","startTime":4693.28,"endTime":4697.8,"body":"Alan, no, no, you go. Because"},{"speaker":"Carl Widger","startTime":4697.98,"endTime":4701.22,"body":"everything I'm gonna say is"},{"speaker":"Carl Widger","startTime":4697.98,"endTime":4701.22,"body":"basically what Alan told me,"},{"speaker":"Carl Widger","startTime":4701.28,"endTime":4704.22,"body":"bro, because I had to go and"},{"speaker":"Carl Widger","startTime":4701.28,"endTime":4704.22,"body":"talk to Alan about this"},{"speaker":"Carl Widger","startTime":4704.28,"endTime":4709.08,"body":"particular issue, right? So just"},{"speaker":"Carl Widger","startTime":4704.28,"endTime":4709.08,"body":"so go for it. Yeah,"},{"speaker":"Alan Smith","startTime":4709.74,"endTime":4713.46,"body":"didn't we have a"},{"speaker":"Alan Smith","startTime":4709.74,"endTime":4713.46,"body":"whole episode on this. The Yeah,"},{"speaker":"Alan Smith","startTime":4713.46,"endTime":4717.5,"body":"you're handing across clients,"},{"speaker":"Alan Smith","startTime":4713.46,"endTime":4717.5,"body":"you know, briefly, brief. Years"},{"speaker":"Alan Smith","startTime":4717.5,"endTime":4722.24,"body":"and years ago, years and years"},{"speaker":"Alan Smith","startTime":4717.5,"endTime":4722.24,"body":"ago. What Aaron just described,"},{"speaker":"Alan Smith","startTime":4722.24,"endTime":4725.0599999999995,"body":"I've been through exactly that."},{"speaker":"Alan Smith","startTime":4722.24,"endTime":4725.0599999999995,"body":"Got to capacity. Briefly, got to"},{"speaker":"Alan Smith","startTime":4725.0599999999995,"endTime":4728.9,"body":"capacity. Shush, you're"},{"speaker":"Alan Smith","startTime":4725.0599999999995,"endTime":4728.9,"body":"interrupting. Got to capacity"},{"speaker":"Alan Smith","startTime":4728.9,"endTime":4735.5599999999995,"body":"myself and, long story short,"},{"speaker":"Alan Smith","startTime":4728.9,"endTime":4735.5599999999995,"body":"distributed all my client"},{"speaker":"Alan Smith","startTime":4735.5599999999995,"endTime":4738.7,"body":"relationships amongst other"},{"speaker":"Alan Smith","startTime":4735.5599999999995,"endTime":4738.7,"body":"advisors in the team, therefore"},{"speaker":"Alan Smith","startTime":4738.7,"endTime":4742.36,"body":"freed up capacity for myself,"},{"speaker":"Alan Smith","startTime":4738.7,"endTime":4742.36,"body":"which worked really well. And"},{"speaker":"Alan Smith","startTime":4742.36,"endTime":4744.22,"body":"now we're going through, we're"},{"speaker":"Alan Smith","startTime":4742.36,"endTime":4744.22,"body":"going through another phase of"},{"speaker":"Alan Smith","startTime":4744.22,"endTime":4748.0599999999995,"body":"that right now. We've We've"},{"speaker":"Alan Smith","startTime":4744.22,"endTime":4748.0599999999995,"body":"recruited more advisors, and"},{"speaker":"Alan Smith","startTime":4748.24,"endTime":4752.44,"body":"those existing ones are handing"},{"speaker":"Alan Smith","startTime":4748.24,"endTime":4752.44,"body":"across client relationships to"},{"speaker":"Alan Smith","startTime":4752.44,"endTime":4754.72,"body":"others. There's an ongoing,"},{"speaker":"Alan Smith","startTime":4752.44,"endTime":4754.72,"body":"cascading approach. It's a"},{"speaker":"Alan Smith","startTime":4754.72,"endTime":4757.2,"body":"perfectly rational and"},{"speaker":"Alan Smith","startTime":4754.72,"endTime":4757.2,"body":"reasonable thing to do this"},{"speaker":"Alan Smith","startTime":4757.2,"endTime":4760.38,"body":"historical strategy, which is"},{"speaker":"Alan Smith","startTime":4757.2,"endTime":4760.38,"body":"when the industry came from a"},{"speaker":"Alan Smith","startTime":4760.38,"endTime":4764.46,"body":"sales industry entirely to like"},{"speaker":"Alan Smith","startTime":4760.38,"endTime":4764.46,"body":"a sales industry, where it's"},{"speaker":"Alan Smith","startTime":4764.46,"endTime":4767.82,"body":"more of a service profession."},{"speaker":"Alan Smith","startTime":4764.46,"endTime":4767.82,"body":"Nowadays, you need to be far"},{"speaker":"Alan Smith","startTime":4767.82,"endTime":4771.3,"body":"smarter about aligning people,"},{"speaker":"Alan Smith","startTime":4767.82,"endTime":4771.3,"body":"relationships, personalities,"},{"speaker":"Alan Smith","startTime":4771.3,"endTime":4774.72,"body":"with clients. Just because, you"},{"speaker":"Alan Smith","startTime":4771.3,"endTime":4774.72,"body":"know, the advisor was in the"},{"speaker":"Alan Smith","startTime":4774.72,"endTime":4777.14,"body":"office that day when a phone"},{"speaker":"Alan Smith","startTime":4774.72,"endTime":4777.14,"body":"call came in, doesn't mean they"},{"speaker":"Alan Smith","startTime":4777.14,"endTime":4779.42,"body":"should always be the advisor to"},{"speaker":"Alan Smith","startTime":4777.14,"endTime":4779.42,"body":"look after them. Therefore,"},{"speaker":"Alan Smith","startTime":4779.42,"endTime":4782.54,"body":"we've segregated these things"},{"speaker":"Alan Smith","startTime":4779.42,"endTime":4782.54,"body":"out. We distributed clients"},{"speaker":"Alan Smith","startTime":4782.66,"endTime":4786.8,"body":"amongst existing advisors."},{"speaker":"Alan Smith","startTime":4782.66,"endTime":4786.8,"body":"Advisors are, you know, and how"},{"speaker":"Alan Smith","startTime":4786.8,"endTime":4790.58,"body":"people get paid, what she asked"},{"speaker":"Alan Smith","startTime":4786.8,"endTime":4790.58,"body":"for as well. But I go into huge"},{"speaker":"Alan Smith","startTime":4790.58,"endTime":4794.5999999999995,"body":"detail, but people are rewarded"},{"speaker":"Alan Smith","startTime":4790.58,"endTime":4794.5999999999995,"body":"like like any professional, you"},{"speaker":"Alan Smith","startTime":4795.44,"endTime":4798.0999999999995,"body":"know, any professional should"},{"speaker":"Alan Smith","startTime":4795.44,"endTime":4798.0999999999995,"body":"do. They get paid a very healthy"},{"speaker":"Alan Smith","startTime":4798.28,"endTime":4801.88,"body":"salary, plus a very"},{"speaker":"Alan Smith","startTime":4798.28,"endTime":4801.88,"body":"comprehensive set of benefits,"},{"speaker":"Alan Smith","startTime":4802.24,"endTime":4805.12,"body":"and there are rewards and"},{"speaker":"Alan Smith","startTime":4802.24,"endTime":4805.12,"body":"bonuses for various activities,"},{"speaker":"Alan Smith","startTime":4805.12,"endTime":4808.18,"body":"KPIs and, you know, managing new"},{"speaker":"Alan Smith","startTime":4805.12,"endTime":4808.18,"body":"business and taking on new"},{"speaker":"Alan Smith","startTime":4808.18,"endTime":4811.72,"body":"clients, every firm is a bit"},{"speaker":"Alan Smith","startTime":4808.18,"endTime":4811.72,"body":"different. You know, just how we"},{"speaker":"Alan Smith","startTime":4811.72,"endTime":4814.48,"body":"remunerate people doesn't mean"},{"speaker":"Alan Smith","startTime":4811.72,"endTime":4814.48,"body":"it will apply to Aaron or car or"},{"speaker":"Alan Smith","startTime":4814.48,"endTime":4817.62,"body":"anyone else, but it kind of, it"},{"speaker":"Alan Smith","startTime":4814.48,"endTime":4817.62,"body":"kind of works, but I think it's"},{"speaker":"Alan Smith","startTime":4817.62,"endTime":4821.76,"body":"very important that the client"},{"speaker":"Alan Smith","startTime":4817.62,"endTime":4821.76,"body":"sees you as a team, as opposed"},{"speaker":"Alan Smith","startTime":4821.76,"endTime":4824.46,"body":"to one individual. That's what"},{"speaker":"Alan Smith","startTime":4821.76,"endTime":4824.46,"body":"we've tried to do all the time,"},{"speaker":"Alan Smith","startTime":4824.46,"endTime":4826.74,"body":"and bring other people into"},{"speaker":"Alan Smith","startTime":4824.46,"endTime":4826.74,"body":"meetings and make sure there's"},{"speaker":"Alan Smith","startTime":4826.74,"endTime":4831.54,"body":"other resources for client"},{"speaker":"Alan Smith","startTime":4826.74,"endTime":4831.54,"body":"communication. It's it's very"},{"speaker":"Alan Smith","startTime":4831.54,"endTime":4835.08,"body":"it's fairly straightforward, and"},{"speaker":"Alan Smith","startTime":4831.54,"endTime":4835.08,"body":"the the problem is more in your"},{"speaker":"Alan Smith","startTime":4835.08,"endTime":4837.44,"body":"head as the advisor than it is"},{"speaker":"Alan Smith","startTime":4835.08,"endTime":4837.44,"body":"the advisor than it is the"},{"speaker":"Alan Smith","startTime":4837.44,"endTime":4840.68,"body":"clients. The client just wants"},{"speaker":"Alan Smith","startTime":4837.44,"endTime":4840.68,"body":"an ongoing relationship, as long"},{"speaker":"Alan Smith","startTime":4840.68,"endTime":4842.96,"body":"as you're still around in the"},{"speaker":"Alan Smith","startTime":4840.68,"endTime":4842.96,"body":"background. That's that goes on,"},{"speaker":"Alan Smith","startTime":4842.96,"endTime":4844.16,"body":"anything to add to that. Carl,"},{"speaker":"Carl Widger","startTime":4845.78,"endTime":4849.8,"body":"yeah, I that last"},{"speaker":"Carl Widger","startTime":4845.78,"endTime":4849.8,"body":"point you made. I think I left"},{"speaker":"Carl Widger","startTime":4849.8,"endTime":4854.9,"body":"it way, way, way too long. And"},{"speaker":"Carl Widger","startTime":4849.8,"endTime":4854.9,"body":"I'd say, got to close to burnout"},{"speaker":"Carl Widger","startTime":4854.9,"endTime":4858.58,"body":"as a result. And I was thinking,"},{"speaker":"Carl Widger","startTime":4854.9,"endTime":4858.58,"body":"Oh, the clients only want me."},{"speaker":"Carl Widger","startTime":4859.18,"endTime":4862.0599999999995,"body":"They actually don't. And you"},{"speaker":"Carl Widger","startTime":4859.18,"endTime":4862.0599999999995,"body":"know what? For absolute I'm"},{"speaker":"Carl Widger","startTime":4862.0599999999995,"endTime":4866.08,"body":"absolutely positive about this."},{"speaker":"Carl Widger","startTime":4862.0599999999995,"endTime":4866.08,"body":"Now the clients are getting a"},{"speaker":"Carl Widger","startTime":4866.08,"endTime":4869.92,"body":"much better level of service."},{"speaker":"Carl Widger","startTime":4866.08,"endTime":4869.92,"body":"Now, because I was ending up, I"},{"speaker":"Carl Widger","startTime":4869.92,"endTime":4872.92,"body":"was so busy, I was just"},{"speaker":"Carl Widger","startTime":4869.92,"endTime":4872.92,"body":"reacting. And I know all of our"},{"speaker":"Carl Widger","startTime":4872.92,"endTime":4877.08,"body":"private client managers are so"},{"speaker":"Carl Widger","startTime":4872.92,"endTime":4877.08,"body":"proactive. It to have a plan for"},{"speaker":"Carl Widger","startTime":4877.08,"endTime":4880.68,"body":"every single client for the year"},{"speaker":"Carl Widger","startTime":4877.08,"endTime":4880.68,"body":"ahead, right? I was just like,"},{"speaker":"Carl Widger","startTime":4880.86,"endTime":4883.68,"body":"Oh, Jesus, another query coming"},{"speaker":"Carl Widger","startTime":4880.86,"endTime":4883.68,"body":"in, and you're trying to deal"},{"speaker":"Carl Widger","startTime":4883.68,"endTime":4887.64,"body":"with it all. So I would say, if"},{"speaker":"Carl Widger","startTime":4883.68,"endTime":4887.64,"body":"you're looking to build a firm"},{"speaker":"Carl Widger","startTime":4887.7,"endTime":4893.46,"body":"over time, start doing this"},{"speaker":"Carl Widger","startTime":4887.7,"endTime":4893.46,"body":"very, very quickly and leave"},{"speaker":"Carl Widger","startTime":4893.46,"endTime":4896.5999999999995,"body":"yourself loads and loads of"},{"speaker":"Carl Widger","startTime":4893.46,"endTime":4896.5999999999995,"body":"time, because the more time then"},{"speaker":"Carl Widger","startTime":4896.5999999999995,"endTime":4901.16,"body":"that I found I've freed myself"},{"speaker":"Carl Widger","startTime":4896.5999999999995,"endTime":4901.16,"body":"up to do, the more, it's a bit"},{"speaker":"Carl Widger","startTime":4901.16,"endTime":4903.62,"body":"of a silly word, but the more"},{"speaker":"Carl Widger","startTime":4901.16,"endTime":4903.62,"body":"kind of rain making, because I'm"},{"speaker":"Carl Widger","startTime":4903.62,"endTime":4906.38,"body":"free to be out there and to be"},{"speaker":"Carl Widger","startTime":4903.62,"endTime":4906.38,"body":"talking to other people, and"},{"speaker":"Carl Widger","startTime":4906.38,"endTime":4911.18,"body":"then I'll often sit in on the"},{"speaker":"Carl Widger","startTime":4906.38,"endTime":4911.18,"body":"first meeting, maybe even two,"},{"speaker":"Carl Widger","startTime":4911.3,"endTime":4913.82,"body":"and in a really big case, maybe"},{"speaker":"Carl Widger","startTime":4911.3,"endTime":4913.82,"body":"even three or four meetings,"},{"speaker":"Carl Widger","startTime":4913.82,"endTime":4916.7,"body":"right? That's okay, but I will"},{"speaker":"Carl Widger","startTime":4913.82,"endTime":4916.7,"body":"have the client will know, this"},{"speaker":"Carl Widger","startTime":4916.7,"endTime":4919.24,"body":"is your private client manager,"},{"speaker":"Carl Widger","startTime":4916.7,"endTime":4919.24,"body":"this is your financial your"},{"speaker":"Carl Widger","startTime":4919.24,"endTime":4922.12,"body":"financial planner, and so they"},{"speaker":"Carl Widger","startTime":4919.24,"endTime":4922.12,"body":"know that I'm not going to be"},{"speaker":"Carl Widger","startTime":4922.12,"endTime":4925.54,"body":"the lead person going forward,"},{"speaker":"Carl Widger","startTime":4922.12,"endTime":4925.54,"body":"but more than happy to sit in in"},{"speaker":"Carl Widger","startTime":4925.54,"endTime":4930.46,"body":"the early days, and Alan would"},{"speaker":"Carl Widger","startTime":4925.54,"endTime":4930.46,"body":"have said it to me, Jesus, Alan,"},{"speaker":"Carl Widger","startTime":4930.46,"endTime":4933.46,"body":"you probably said it to me six"},{"speaker":"Carl Widger","startTime":4930.46,"endTime":4933.46,"body":"years ago, right? And I didn't"},{"speaker":"Carl Widger","startTime":4933.46,"endTime":4936.9,"body":"do it, and I didn't really do it"},{"speaker":"Carl Widger","startTime":4933.46,"endTime":4936.9,"body":"until I only started doing it to"},{"speaker":"Carl Widger","startTime":4937.0199999999995,"endTime":4940.26,"body":"at the start of last year, still"},{"speaker":"Carl Widger","startTime":4937.0199999999995,"endTime":4940.26,"body":"haven't completed it, so it's"},{"speaker":"Carl Widger","startTime":4940.26,"endTime":4943.86,"body":"still work in progress, but I"},{"speaker":"Carl Widger","startTime":4940.26,"endTime":4943.86,"body":"definitely left it way too long,"},{"speaker":"Carl Widger","startTime":4944.16,"endTime":4948.54,"body":"and it probably stunted our"},{"speaker":"Carl Widger","startTime":4944.16,"endTime":4948.54,"body":"growth a small but I would say,"},{"speaker":"Carl Widger","startTime":4948.54,"endTime":4952.2,"body":"as a result, so And since I"},{"speaker":"Carl Widger","startTime":4948.54,"endTime":4952.2,"body":"freed it up, the business has"},{"speaker":"Carl Widger","startTime":4952.2,"endTime":4955.14,"body":"just flourished, absolutely"},{"speaker":"Carl Widger","startTime":4952.2,"endTime":4955.14,"body":"flourished. Yep,"},{"speaker":"Alan Smith","startTime":4955.32,"endTime":4956.28,"body":"it's the right thing"},{"speaker":"Alan Smith","startTime":4955.32,"endTime":4956.28,"body":"to do."},{"speaker":"Nick Lincoln","startTime":4956.34,"endTime":4958.22,"body":"Okay, great stuff,"},{"speaker":"Nick Lincoln","startTime":4956.34,"endTime":4958.22,"body":"great answers. Thanks guys."},{"speaker":"Nick Lincoln","startTime":4958.28,"endTime":4961.22,"body":"Okay, on the second question,"},{"speaker":"Nick Lincoln","startTime":4958.28,"endTime":4961.22,"body":"this is from anonymous name on"},{"speaker":"Nick Lincoln","startTime":4961.22,"endTime":4964.94,"body":"has to be, isn't this is from a"},{"speaker":"Nick Lincoln","startTime":4961.22,"endTime":4964.94,"body":"K Penny packer, can we carefully"},{"speaker":"Nick Lincoln","startTime":4964.94,"endTime":4972.62,"body":"say that wrong ways? I know. K"},{"speaker":"Nick Lincoln","startTime":4964.94,"endTime":4972.62,"body":"Penny packer, advising,"},{"speaker":"Alan Smith","startTime":4972.74,"endTime":4973.16,"body":"okay,"},{"speaker":"Nick Lincoln","startTime":4974.36,"endTime":4976.66,"body":"yes, yeah,"},{"speaker":"Nick Lincoln","startTime":4974.36,"endTime":4976.66,"body":"advising for three years with"},{"speaker":"Nick Lincoln","startTime":4976.66,"endTime":4979.18,"body":"around 5 million funds under"},{"speaker":"Nick Lincoln","startTime":4976.66,"endTime":4979.18,"body":"management. I work for the"},{"speaker":"Nick Lincoln","startTime":4979.36,"endTime":4982.18,"body":"sorry, I work under the open"},{"speaker":"Nick Lincoln","startTime":4979.36,"endTime":4982.18,"body":"work partnership, and I'm"},{"speaker":"Nick Lincoln","startTime":4982.18,"endTime":4985.18,"body":"surprised for them, the number"},{"speaker":"Nick Lincoln","startTime":4982.18,"endTime":4985.18,"body":"of advisors using the network's"},{"speaker":"Nick Lincoln","startTime":4985.18,"endTime":4988.48,"body":"own funds on this who we"},{"speaker":"Nick Lincoln","startTime":4985.18,"endTime":4988.48,"body":"discussed earlier, for all their"},{"speaker":"Nick Lincoln","startTime":4988.48,"endTime":4991.54,"body":"clients, simply because the"},{"speaker":"Nick Lincoln","startTime":4988.48,"endTime":4991.54,"body":"network encourages this. Does"},{"speaker":"Nick Lincoln","startTime":4991.54,"endTime":4994.12,"body":"it? Kay Penny packer, wow. Who'd"},{"speaker":"Nick Lincoln","startTime":4991.54,"endTime":4994.12,"body":"have thought when I have"},{"speaker":"Nick Lincoln","startTime":4994.12,"endTime":4996.54,"body":"mentioned to other advisors that"},{"speaker":"Nick Lincoln","startTime":4994.12,"endTime":4996.54,"body":"I try and use a range of"},{"speaker":"Nick Lincoln","startTime":4996.54,"endTime":4999.24,"body":"different funds. On the"},{"speaker":"Nick Lincoln","startTime":4996.54,"endTime":4999.24,"body":"proposition panel, I am met with"},{"speaker":"Nick Lincoln","startTime":4999.24,"endTime":5002.24,"body":"looks of confusion. I'm"},{"speaker":"Nick Lincoln","startTime":4999.24,"endTime":5002.24,"body":"interested in the thoughts of"},{"speaker":"Nick Lincoln","startTime":5002.24,"endTime":5005.12,"body":"the trap team about restricted"},{"speaker":"Nick Lincoln","startTime":5002.24,"endTime":5005.12,"body":"advisors and the funds available"},{"speaker":"Nick Lincoln","startTime":5005.12,"endTime":5007.88,"body":"to them. Thank you for reading"},{"speaker":"Nick Lincoln","startTime":5005.12,"endTime":5007.88,"body":"Ultra you kick off. Well,"},{"speaker":"Andy Hart","startTime":5008.5999999999995,"endTime":5010.7,"body":"this is quite an"},{"speaker":"Andy Hart","startTime":5008.5999999999995,"endTime":5010.7,"body":"interesting point. This is all"},{"speaker":"Andy Hart","startTime":5010.7,"endTime":5016.16,"body":"around vertical integration and"},{"speaker":"Andy Hart","startTime":5010.7,"endTime":5016.16,"body":"firms that have their own funds"},{"speaker":"Andy Hart","startTime":5016.22,"endTime":5019.36,"body":"and then their their advisor"},{"speaker":"Andy Hart","startTime":5016.22,"endTime":5019.36,"body":"network can recommend it."},{"speaker":"Andy Hart","startTime":5019.72,"endTime":5020.32,"body":"Obviously,"},{"speaker":"Unknown","startTime":5020.38,"endTime":5024.04,"body":"you underestimate the"},{"speaker":"Unknown","startTime":5020.38,"endTime":5024.04,"body":"power of a dark side. I was just"},{"speaker":"Unknown","startTime":5024.04,"endTime":5024.28,"body":"gonna"},{"speaker":"Andy Hart","startTime":5024.28,"endTime":5027.22,"body":"say, if we take the"},{"speaker":"Andy Hart","startTime":5024.28,"endTime":5027.22,"body":"extreme example of SJP, they can"},{"speaker":"Andy Hart","startTime":5027.22,"endTime":5031.0599999999995,"body":"only recommend SJP fund. So this"},{"speaker":"Andy Hart","startTime":5027.22,"endTime":5031.0599999999995,"body":"is an open work advisor saying"},{"speaker":"Andy Hart","startTime":5032.0199999999995,"endTime":5035.38,"body":"it's recommended that they"},{"speaker":"Andy Hart","startTime":5032.0199999999995,"endTime":5035.38,"body":"recommend the internal funds,"},{"speaker":"Andy Hart","startTime":5035.38,"endTime":5038.34,"body":"but they have the option to go"},{"speaker":"Andy Hart","startTime":5035.38,"endTime":5038.34,"body":"elsewhere. And then there are"},{"speaker":"Andy Hart","startTime":5038.34,"endTime":5041.7,"body":"other companies, like quilter."},{"speaker":"Andy Hart","startTime":5038.34,"endTime":5041.7,"body":"And also, I think you picked up"},{"speaker":"Andy Hart","startTime":5041.7,"endTime":5045.42,"body":"on it recently, didn't you? Nick"},{"speaker":"Andy Hart","startTime":5041.7,"endTime":5045.42,"body":"with best invest to invest in,"},{"speaker":"Andy Hart","startTime":5045.42,"endTime":5049.44,"body":"till knee funds, till knee"},{"speaker":"Andy Hart","startTime":5045.42,"endTime":5049.44,"body":"owned, best invest. So, so this"},{"speaker":"Andy Hart","startTime":5049.44,"endTime":5053.34,"body":"is a wider issue and all that,"},{"speaker":"Andy Hart","startTime":5049.44,"endTime":5053.34,"body":"yeah, all perfectly, perfectly"},{"speaker":"Andy Hart","startTime":5053.34,"endTime":5056.84,"body":"legal. So, yeah, this is"},{"speaker":"Andy Hart","startTime":5053.34,"endTime":5056.84,"body":"vertical integration and the"},{"speaker":"Andy Hart","startTime":5056.84,"endTime":5062.9,"body":"limitations, or the over"},{"speaker":"Andy Hart","startTime":5056.84,"endTime":5062.9,"body":"reliance on recommending funds"},{"speaker":"Andy Hart","startTime":5062.9,"endTime":5065.96,"body":"within the groups of the"},{"speaker":"Andy Hart","startTime":5062.9,"endTime":5065.96,"body":"different companies. So he's"},{"speaker":"Andy Hart","startTime":5065.96,"endTime":5069.98,"body":"right to question it. But again,"},{"speaker":"Andy Hart","startTime":5065.96,"endTime":5069.98,"body":"I think other things are more"},{"speaker":"Andy Hart","startTime":5069.98,"endTime":5072.5599999999995,"body":"important, like proper financial"},{"speaker":"Andy Hart","startTime":5069.98,"endTime":5072.5599999999995,"body":"planning, getting the asset"},{"speaker":"Andy Hart","startTime":5072.5599999999995,"endTime":5076.66,"body":"allocation right. If he's"},{"speaker":"Andy Hart","startTime":5072.5599999999995,"endTime":5076.66,"body":"invested in 100% global equity"},{"speaker":"Andy Hart","startTime":5076.66,"endTime":5081.58,"body":"fund that's, you know, a white"},{"speaker":"Andy Hart","startTime":5076.66,"endTime":5081.58,"body":"label that the company that he"},{"speaker":"Andy Hart","startTime":5081.58,"endTime":5085.0,"body":"works for. I haven't really got"},{"speaker":"Andy Hart","startTime":5081.58,"endTime":5085.0,"body":"a problem with it. As I say,"},{"speaker":"Andy Hart","startTime":5085.0,"endTime":5087.34,"body":"there's, there's, there's other"},{"speaker":"Andy Hart","startTime":5085.0,"endTime":5087.34,"body":"issues, I think, slightly more"},{"speaker":"Andy Hart","startTime":5087.34,"endTime":5089.74,"body":"important. But yeah, it's a"},{"speaker":"Andy Hart","startTime":5087.34,"endTime":5089.74,"body":"wider issue going on vertically"},{"speaker":"Andy Hart","startTime":5089.74,"endTime":5093.22,"body":"integrated firms. Is it right?"},{"speaker":"Andy Hart","startTime":5089.74,"endTime":5093.22,"body":"Is it wrong? Nick over to"},{"speaker":"Nick Lincoln","startTime":5094.24,"endTime":5096.5999999999995,"body":"you. Yeah,"},{"speaker":"Nick Lincoln","startTime":5094.24,"endTime":5096.5999999999995,"body":"quickly. I'm sure that your"},{"speaker":"Nick Lincoln","startTime":5096.5999999999995,"endTime":5099.66,"body":"network does encourage you to"},{"speaker":"Nick Lincoln","startTime":5096.5999999999995,"endTime":5099.66,"body":"use the ominous funds. I'm sure"},{"speaker":"Nick Lincoln","startTime":5099.66,"endTime":5102.18,"body":"that they it sells through"},{"speaker":"Nick Lincoln","startTime":5099.66,"endTime":5102.18,"body":"compliance far more easily than"},{"speaker":"Nick Lincoln","startTime":5102.18,"endTime":5105.12,"body":"if you don't use ominous funds."},{"speaker":"Nick Lincoln","startTime":5102.18,"endTime":5105.12,"body":"I'm sure that your network gives"},{"speaker":"Nick Lincoln","startTime":5105.12,"endTime":5108.18,"body":"you lovely drafted paragraphs to"},{"speaker":"Nick Lincoln","startTime":5105.12,"endTime":5108.18,"body":"put into the suitability letters"},{"speaker":"Nick Lincoln","startTime":5108.18,"endTime":5110.94,"body":"when you use their own funds,"},{"speaker":"Nick Lincoln","startTime":5108.18,"endTime":5110.94,"body":"maybe not quite so forthcoming"},{"speaker":"Nick Lincoln","startTime":5110.94,"endTime":5113.04,"body":"if you don't use their own"},{"speaker":"Nick Lincoln","startTime":5110.94,"endTime":5113.04,"body":"funds. Read between the lines"},{"speaker":"Nick Lincoln","startTime":5113.04,"endTime":5115.5599999999995,"body":"there. K pennypack, I gave my"},{"speaker":"Nick Lincoln","startTime":5113.04,"endTime":5115.5599999999995,"body":"views on the omnis fund earlier"},{"speaker":"Nick Lincoln","startTime":5115.5599999999995,"endTime":5118.58,"body":"on. I think I'll leave it at"},{"speaker":"Nick Lincoln","startTime":5115.5599999999995,"endTime":5118.58,"body":"that. Okay, let's go on to"},{"speaker":"Nick Lincoln","startTime":5118.58,"endTime":5120.0199999999995,"body":"culture corner."},{"speaker":"Alan Smith","startTime":5126.68,"endTime":5130.34,"body":"Am I first? I have"},{"speaker":"Alan Smith","startTime":5126.68,"endTime":5130.34,"body":"the thing in front of me, right?"},{"speaker":"Alan Smith","startTime":5130.34,"endTime":5135.5,"body":"I'm gonna recommend this is,"},{"speaker":"Alan Smith","startTime":5130.34,"endTime":5135.5,"body":"this is a book recommendation"},{"speaker":"Alan Smith","startTime":5135.5599999999995,"endTime":5139.84,"body":"for anyone who is building a"},{"speaker":"Alan Smith","startTime":5135.5599999999995,"endTime":5139.84,"body":"business, any business at all,"},{"speaker":"Alan Smith","startTime":5139.84,"endTime":5142.42,"body":"financial planning business"},{"speaker":"Alan Smith","startTime":5139.84,"endTime":5142.42,"body":"would be appropriate. It's not a"},{"speaker":"Alan Smith","startTime":5142.42,"endTime":5145.0599999999995,"body":"financial planning book. It's a"},{"speaker":"Alan Smith","startTime":5142.42,"endTime":5145.0599999999995,"body":"book about business building."},{"speaker":"Alan Smith","startTime":5145.0599999999995,"endTime":5149.5599999999995,"body":"There's a gentleman by the name"},{"speaker":"Alan Smith","startTime":5145.0599999999995,"endTime":5149.5599999999995,"body":"of Paul Lewin, l, u e n. His"},{"speaker":"Alan Smith","startTime":5149.5599999999995,"endTime":5152.32,"body":"book is called eight figure"},{"speaker":"Alan Smith","startTime":5149.5599999999995,"endTime":5152.32,"body":"entrepreneur. Links from the"},{"speaker":"Alan Smith","startTime":5152.32,"endTime":5155.5599999999995,"body":"show notes. I read it recently"},{"speaker":"Alan Smith","startTime":5152.32,"endTime":5155.5599999999995,"body":"prior to having him on my"},{"speaker":"Alan Smith","startTime":5155.5599999999995,"endTime":5158.22,"body":"podcast, bulletproof"},{"speaker":"Alan Smith","startTime":5155.5599999999995,"endTime":5158.22,"body":"entrepreneur to talk about it."},{"speaker":"Alan Smith","startTime":5158.22,"endTime":5161.64,"body":"And effectively, he's built,"},{"speaker":"Alan Smith","startTime":5158.22,"endTime":5161.64,"body":"he's created, built businesses"},{"speaker":"Alan Smith","startTime":5161.64,"endTime":5163.92,"body":"from scratch. He's sold them."},{"speaker":"Alan Smith","startTime":5161.64,"endTime":5163.92,"body":"He's done everything the whole"},{"speaker":"Alan Smith","startTime":5163.92,"endTime":5166.44,"body":"kind of entrepreneurial journey."},{"speaker":"Alan Smith","startTime":5163.92,"endTime":5166.44,"body":"And he's effectively why I"},{"speaker":"Alan Smith","startTime":5166.44,"endTime":5169.2,"body":"describe it is, he's distilled"},{"speaker":"Alan Smith","startTime":5166.44,"endTime":5169.2,"body":"everything down to almost like a"},{"speaker":"Alan Smith","startTime":5169.2,"endTime":5171.84,"body":"business owner playbook about"},{"speaker":"Alan Smith","startTime":5169.2,"endTime":5171.84,"body":"marketing, growth, pricing,"},{"speaker":"Alan Smith","startTime":5172.98,"endTime":5176.04,"body":"culture, how to run a board"},{"speaker":"Alan Smith","startTime":5172.98,"endTime":5176.04,"body":"meeting, all sorts of really."},{"speaker":"Alan Smith","startTime":5176.12,"endTime":5178.4,"body":"Interesting stuff. It's quite a"},{"speaker":"Alan Smith","startTime":5176.12,"endTime":5178.4,"body":"few a quick and easy read."},{"speaker":"Alan Smith","startTime":5178.4,"endTime":5181.7,"body":"Anyone who is currently running"},{"speaker":"Alan Smith","startTime":5178.4,"endTime":5181.7,"body":"a business or plans to start and"},{"speaker":"Alan Smith","startTime":5181.7,"endTime":5184.64,"body":"grow a business, you'd be well"},{"speaker":"Alan Smith","startTime":5181.7,"endTime":5184.64,"body":"worth buying downloading that"},{"speaker":"Alan Smith","startTime":5184.64,"endTime":5186.98,"body":"book, eight figure entrepreneur."},{"speaker":"Alan Smith","startTime":5184.64,"endTime":5186.98,"body":"I thank you."},{"speaker":"Andy Hart","startTime":5188.3,"endTime":5189.98,"body":"Have you read it all"},{"speaker":"Andy Hart","startTime":5188.3,"endTime":5189.98,"body":"year? Is it decent? Yeah,"},{"speaker":"Alan Smith","startTime":5192.08,"endTime":5194.96,"body":"yep. I read it. I've"},{"speaker":"Alan Smith","startTime":5192.08,"endTime":5194.96,"body":"read it. I've highlighted it a"},{"speaker":"Alan Smith","startTime":5194.96,"endTime":5197.74,"body":"lot. You only go on Kindle,"},{"speaker":"Alan Smith","startTime":5194.96,"endTime":5197.74,"body":"that's where I read books and I"},{"speaker":"Alan Smith","startTime":5197.74,"endTime":5201.16,"body":"highlight. And eventually"},{"speaker":"Alan Smith","startTime":5197.74,"endTime":5201.16,"body":"Kindle, there's a there's a"},{"speaker":"Alan Smith","startTime":5201.16,"endTime":5203.5,"body":"limit so many highlights Kindle"},{"speaker":"Alan Smith","startTime":5201.16,"endTime":5203.5,"body":"allows you to do, because"},{"speaker":"Alan Smith","startTime":5203.5,"endTime":5205.42,"body":"eventually you end up"},{"speaker":"Alan Smith","startTime":5203.5,"endTime":5205.42,"body":"highlighting the entire book."},{"speaker":"Alan Smith","startTime":5205.42,"endTime":5208.3,"body":"And it was pretty close to the"},{"speaker":"Alan Smith","startTime":5205.42,"endTime":5208.3,"body":"limit. There's a lot of good"},{"speaker":"Alan Smith","startTime":5208.3,"endTime":5211.18,"body":"stuff in there, as I say, not"},{"speaker":"Alan Smith","startTime":5208.3,"endTime":5211.18,"body":"financial services book. One"},{"speaker":"Alan Smith","startTime":5211.18,"endTime":5214.18,"body":"interesting point he makes, just"},{"speaker":"Alan Smith","startTime":5211.18,"endTime":5214.18,"body":"from a pricing viewpoint, he"},{"speaker":"Alan Smith","startTime":5214.18,"endTime":5216.58,"body":"said, you should, you should"},{"speaker":"Alan Smith","startTime":5214.18,"endTime":5216.58,"body":"pitch your services about 15%"},{"speaker":"Alan Smith","startTime":5217.36,"endTime":5221.28,"body":"above the market rate. This is"},{"speaker":"Alan Smith","startTime":5217.36,"endTime":5221.28,"body":"again, back to behavioral price,"},{"speaker":"Alan Smith","startTime":5221.28,"endTime":5224.76,"body":"you know, framing, but you've"},{"speaker":"Alan Smith","startTime":5221.28,"endTime":5224.76,"body":"got to have the service"},{"speaker":"Alan Smith","startTime":5224.76,"endTime":5227.22,"body":"experience to deliver it. Why"},{"speaker":"Alan Smith","startTime":5224.76,"endTime":5227.22,"body":"it's worthwhile? You're paying a"},{"speaker":"Alan Smith","startTime":5227.22,"endTime":5230.0999999999995,"body":"bit more. But it's just if you"},{"speaker":"Alan Smith","startTime":5227.22,"endTime":5230.0999999999995,"body":"if you are the same as everyone"},{"speaker":"Alan Smith","startTime":5230.0999999999995,"endTime":5232.68,"body":"else, then the client, the"},{"speaker":"Alan Smith","startTime":5230.0999999999995,"endTime":5232.68,"body":"prospective client, is going to"},{"speaker":"Alan Smith","startTime":5232.68,"endTime":5234.84,"body":"assume you are the same as"},{"speaker":"Alan Smith","startTime":5232.68,"endTime":5234.84,"body":"everyone else. If your price is"},{"speaker":"Alan Smith","startTime":5234.84,"endTime":5237.98,"body":"the same, interesting, and"},{"speaker":"Alan Smith","startTime":5234.84,"endTime":5237.98,"body":"there's a ton of other stuff in"},{"speaker":"Alan Smith","startTime":5237.98,"endTime":5239.0,"body":"there. I do recommend it."},{"speaker":"Andy Hart","startTime":5240.2,"endTime":5242.96,"body":"Wow, good. Maybe"},{"speaker":"Andy Hart","startTime":5240.2,"endTime":5242.96,"body":"check that out. Okay, over to"},{"speaker":"Andy Hart","startTime":5242.96,"endTime":5246.74,"body":"me. My recommendation is a"},{"speaker":"Andy Hart","startTime":5242.96,"endTime":5246.74,"body":"podcast. It's on YouTube. I"},{"speaker":"Andy Hart","startTime":5246.74,"endTime":5249.26,"body":"watched it on YouTube and watch"},{"speaker":"Andy Hart","startTime":5246.74,"endTime":5249.26,"body":"it on podcast platforms. It's"},{"speaker":"Andy Hart","startTime":5249.26,"endTime":5254.54,"body":"Errol musk, who's the father of"},{"speaker":"Andy Hart","startTime":5249.26,"endTime":5254.54,"body":"Elon Musk, growing up in South"},{"speaker":"Andy Hart","startTime":5254.54,"endTime":5257.86,"body":"Africa, Elon Musk, Donald Trump,"},{"speaker":"Andy Hart","startTime":5254.54,"endTime":5257.86,"body":"various other things that they"},{"speaker":"Andy Hart","startTime":5257.86,"endTime":5261.16,"body":"cover. I think it's brilliant."},{"speaker":"Andy Hart","startTime":5257.86,"endTime":5261.16,"body":"His entrepreneurial journey is"},{"speaker":"Andy Hart","startTime":5261.16,"endTime":5266.14,"body":"insane on its own, let alone"},{"speaker":"Andy Hart","startTime":5261.16,"endTime":5266.14,"body":"with the Elon connection, yeah,"},{"speaker":"Andy Hart","startTime":5266.14,"endTime":5268.84,"body":"strong recommendation."},{"speaker":"Andy Hart","startTime":5266.14,"endTime":5268.84,"body":"Definitely worth checking it"},{"speaker":"Andy Hart","startTime":5268.84,"endTime":5273.58,"body":"out. He's had some very colorful"},{"speaker":"Andy Hart","startTime":5268.84,"endTime":5273.58,"body":"stories in the past, shall we"},{"speaker":"Andy Hart","startTime":5273.58,"endTime":5279.0599999999995,"body":"say, living in living in South"},{"speaker":"Andy Hart","startTime":5273.58,"endTime":5279.0599999999995,"body":"Africa through apartheid and all"},{"speaker":"Andy Hart","startTime":5279.0599999999995,"endTime":5281.16,"body":"the other different changes"},{"speaker":"Andy Hart","startTime":5279.0599999999995,"endTime":5281.16,"body":"that's going on there. So yeah,"},{"speaker":"Andy Hart","startTime":5281.16,"endTime":5285.36,"body":"it's well worth a listen of your"},{"speaker":"Andy Hart","startTime":5281.16,"endTime":5285.36,"body":"time. Over to you. Nicholas,"},{"speaker":"Nick Lincoln","startTime":5286.68,"endTime":5289.44,"body":"hockey, Rocky. So"},{"speaker":"Nick Lincoln","startTime":5286.68,"endTime":5289.44,"body":"mine is a book that I read on"},{"speaker":"Nick Lincoln","startTime":5289.5,"endTime":5293.0999999999995,"body":"Kindle, like storyteller. Mine"},{"speaker":"Nick Lincoln","startTime":5289.5,"endTime":5293.0999999999995,"body":"is the missing crypto queen. And"},{"speaker":"Nick Lincoln","startTime":5293.16,"endTime":5295.26,"body":"this is quite an old story"},{"speaker":"Nick Lincoln","startTime":5293.16,"endTime":5295.26,"body":"actually, somehow must have"},{"speaker":"Nick Lincoln","startTime":5295.26,"endTime":5298.4,"body":"passed me by. It was originally"},{"speaker":"Nick Lincoln","startTime":5295.26,"endTime":5298.4,"body":"a BBC podcast. It's about this."},{"speaker":"Nick Lincoln","startTime":5298.82,"endTime":5301.5199999999995,"body":"Well, everyone's an entrepreneur"},{"speaker":"Nick Lincoln","startTime":5298.82,"endTime":5301.5199999999995,"body":"these days. Apparently, there's"},{"speaker":"Nick Lincoln","startTime":5301.5199999999995,"endTime":5305.36,"body":"this, this, this Bulgarian lady"},{"speaker":"Nick Lincoln","startTime":5301.5199999999995,"endTime":5305.36,"body":"and Gorgeous George barbots"},{"speaker":"Nick Lincoln","startTime":5305.36,"endTime":5309.08,"body":"gonna kill me, but I think it's"},{"speaker":"Nick Lincoln","startTime":5305.36,"endTime":5309.08,"body":"Dr ruya Ignatova. I think you"},{"speaker":"Nick Lincoln","startTime":5309.08,"endTime":5313.16,"body":"pronounce it ruya. And again, it"},{"speaker":"Nick Lincoln","startTime":5309.08,"endTime":5313.16,"body":"was just get the book. It reads"},{"speaker":"Nick Lincoln","startTime":5313.16,"endTime":5315.8,"body":"really well. It's fast paced."},{"speaker":"Nick Lincoln","startTime":5313.16,"endTime":5315.8,"body":"It's like a spy novel. There's"},{"speaker":"Nick Lincoln","startTime":5315.8,"endTime":5319.3,"body":"all these various shady figures"},{"speaker":"Nick Lincoln","startTime":5315.8,"endTime":5319.3,"body":"involved. It was pyramid selling"},{"speaker":"Nick Lincoln","startTime":5319.5999999999995,"endTime":5323.0199999999995,"body":"of crypto five, six years ago."},{"speaker":"Nick Lincoln","startTime":5328.3,"endTime":5328.78,"body":"Yeah."},{"speaker":"Andy Hart","startTime":5329.0199999999995,"endTime":5332.26,"body":"Does it feature that"},{"speaker":"Andy Hart","startTime":5329.0199999999995,"endTime":5332.26,"body":"guy, Nick, who's like, the the"},{"speaker":"Andy Hart","startTime":5332.26,"endTime":5335.14,"body":"best in the world? The guy, yes,"},{"speaker":"Andy Hart","startTime":5332.26,"endTime":5335.14,"body":"yes,"},{"speaker":"Nick Lincoln","startTime":5335.2,"endTime":5337.8,"body":"he does, yeah,"},{"speaker":"Nick Lincoln","startTime":5335.2,"endTime":5337.8,"body":"yeah, yeah, yeah. Millions"},{"speaker":"Andy Hart","startTime":5338.04,"endTime":5339.54,"body":"and millions and"},{"speaker":"Andy Hart","startTime":5338.04,"endTime":5339.54,"body":"millions."},{"speaker":"Nick Lincoln","startTime":5340.86,"endTime":5343.5,"body":"I think, I think"},{"speaker":"Nick Lincoln","startTime":5340.86,"endTime":5343.5,"body":"she, Dr ruya might have"},{"speaker":"Nick Lincoln","startTime":5343.5,"endTime":5345.9,"body":"reappeared recently, but then"},{"speaker":"Nick Lincoln","startTime":5343.5,"endTime":5345.9,"body":"suddenly in the book, she just"},{"speaker":"Nick Lincoln","startTime":5345.96,"endTime":5349.26,"body":"vanishes off into, I think it's"},{"speaker":"Nick Lincoln","startTime":5345.96,"endTime":5349.26,"body":"Greece she goes to and never to"},{"speaker":"Nick Lincoln","startTime":5349.26,"endTime":5352.68,"body":"be seen again when her scheme"},{"speaker":"Nick Lincoln","startTime":5349.26,"endTime":5352.68,"body":"collapses. And where did the"},{"speaker":"Nick Lincoln","startTime":5352.68,"endTime":5353.88,"body":"money go? And it's just,"},{"speaker":"Alan Smith","startTime":5355.08,"endTime":5357.62,"body":"well, you know,"},{"speaker":"Alan Smith","startTime":5355.08,"endTime":5357.62,"body":"well, a lot of people are"},{"speaker":"Alan Smith","startTime":5358.34,"endTime":5360.92,"body":"people. People are gullible."},{"speaker":"Alan Smith","startTime":5358.34,"endTime":5360.92,"body":"People agree what they want to"},{"speaker":"Alan Smith","startTime":5360.92,"endTime":5361.0999999999995,"body":"hear."},{"speaker":"Nick Lincoln","startTime":5361.0999999999995,"endTime":5363.8,"body":"It's greed. It's"},{"speaker":"Nick Lincoln","startTime":5361.0999999999995,"endTime":5363.8,"body":"green and it is tragic. You"},{"speaker":"Nick Lincoln","startTime":5363.8,"endTime":5366.14,"body":"know, there's people, they're"},{"speaker":"Nick Lincoln","startTime":5363.8,"endTime":5366.14,"body":"like villages in Africa that put"},{"speaker":"Nick Lincoln","startTime":5366.14,"endTime":5369.44,"body":"their money into this. There are"},{"speaker":"Nick Lincoln","startTime":5366.14,"endTime":5369.44,"body":"working, not people with much"},{"speaker":"Nick Lincoln","startTime":5369.44,"endTime":5371.9,"body":"money, who put all their savings"},{"speaker":"Nick Lincoln","startTime":5369.44,"endTime":5371.9,"body":"into because perhaps the only"},{"speaker":"Nick Lincoln","startTime":5371.9,"endTime":5373.94,"body":"thing they can see out of their"},{"speaker":"Nick Lincoln","startTime":5371.9,"endTime":5373.94,"body":"situation, you know, yeah,"},{"speaker":"Nick Lincoln","startTime":5373.94,"endTime":5376.5199999999995,"body":"working people. I mean, these"},{"speaker":"Nick Lincoln","startTime":5373.94,"endTime":5376.5199999999995,"body":"people exist. I mean, the four"},{"speaker":"Nick Lincoln","startTime":5376.5199999999995,"endTime":5378.8,"body":"of us don't know anything about"},{"speaker":"Nick Lincoln","startTime":5376.5199999999995,"endTime":5378.8,"body":"it, but apparently there are"},{"speaker":"Nick Lincoln","startTime":5378.8,"endTime":5381.04,"body":"people. Apparently there are"},{"speaker":"Nick Lincoln","startTime":5378.8,"endTime":5381.04,"body":"people out there who work, and"},{"speaker":"Nick Lincoln","startTime":5381.04,"endTime":5383.5599999999995,"body":"these poor saps put put all"},{"speaker":"Nick Lincoln","startTime":5381.04,"endTime":5383.5599999999995,"body":"their money into it. So it's a"},{"speaker":"Nick Lincoln","startTime":5383.68,"endTime":5386.26,"body":"it's a good read, the missing"},{"speaker":"Nick Lincoln","startTime":5383.68,"endTime":5386.26,"body":"crypto queen."},{"speaker":"Carl Widger","startTime":5389.2,"endTime":5392.38,"body":"On next nothing to"},{"speaker":"Carl Widger","startTime":5389.2,"endTime":5392.38,"body":"do with financial planning or"},{"speaker":"Carl Widger","startTime":5392.38,"endTime":5394.96,"body":"investing or anything like that,"},{"speaker":"Carl Widger","startTime":5392.38,"endTime":5394.96,"body":"because I got awful serious"},{"speaker":"Carl Widger","startTime":5394.96,"endTime":5400.92,"body":"earlier on. This is wilderness"},{"speaker":"Carl Widger","startTime":5394.96,"endTime":5400.92,"body":"by with Simon Reeve. It's on the"},{"speaker":"Carl Widger","startTime":5400.92,"endTime":5404.16,"body":"RT player, but it's a BBC"},{"speaker":"Carl Widger","startTime":5400.92,"endTime":5404.16,"body":"series, so you guys have"},{"speaker":"Carl Widger","startTime":5404.16,"endTime":5410.16,"body":"probably already seen it. It's"},{"speaker":"Carl Widger","startTime":5404.16,"endTime":5410.16,"body":"absolutely incredible, and it's"},{"speaker":"Carl Widger","startTime":5411.66,"endTime":5415.0199999999995,"body":"it just kind of proved to me how"},{"speaker":"Carl Widger","startTime":5411.66,"endTime":5415.0199999999995,"body":"little of the world I've seen,"},{"speaker":"Carl Widger","startTime":5415.08,"endTime":5421.28,"body":"and also proved to me, that's a"},{"speaker":"Carl Widger","startTime":5415.08,"endTime":5421.28,"body":"scratch that I definitely an"},{"speaker":"Carl Widger","startTime":5421.28,"endTime":5425.18,"body":"itch that I need to scratch. I"},{"speaker":"Carl Widger","startTime":5421.28,"endTime":5425.18,"body":"should say the first program,"},{"speaker":"Carl Widger","startTime":5425.54,"endTime":5430.22,"body":"yeah, whatever. The first one"},{"speaker":"Carl Widger","startTime":5425.54,"endTime":5430.22,"body":"is, he went to the Congo. Second"},{"speaker":"Carl Widger","startTime":5430.22,"endTime":5434.18,"body":"when he went to Patagonia. And"},{"speaker":"Carl Widger","startTime":5430.22,"endTime":5434.18,"body":"it's like, these are incredible,"},{"speaker":"Carl Widger","startTime":5434.18,"endTime":5438.5199999999995,"body":"incredible, incredible places"},{"speaker":"Carl Widger","startTime":5434.18,"endTime":5438.5199999999995,"body":"that, you know, I definitely"},{"speaker":"Carl Widger","startTime":5438.5199999999995,"endTime":5442.48,"body":"want to go and see some of these"},{"speaker":"Carl Widger","startTime":5438.5199999999995,"endTime":5442.48,"body":"places. But just the program is"},{"speaker":"Carl Widger","startTime":5442.48,"endTime":5446.5,"body":"beautifully put together. It's"},{"speaker":"Carl Widger","startTime":5442.48,"endTime":5446.5,"body":"really, really well done with"},{"speaker":"Carl Widger","startTime":5446.5,"endTime":5450.64,"body":"the, the the the, basically the"},{"speaker":"Carl Widger","startTime":5446.5,"endTime":5450.64,"body":"team that he has traveling with"},{"speaker":"Carl Widger","startTime":5450.64,"endTime":5455.32,"body":"them. I would highly recommend"},{"speaker":"Carl Widger","startTime":5450.64,"endTime":5455.32,"body":"everybody have a look at this."},{"speaker":"Alan Smith","startTime":5455.32,"endTime":5456.22,"body":"I like, I like"},{"speaker":"Carl Widger","startTime":5457.84,"endTime":5461.04,"body":"all your idea,"},{"speaker":"Carl Widger","startTime":5457.84,"endTime":5461.04,"body":"yeah, yeah, yeah, how small your"},{"speaker":"Carl Widger","startTime":5461.04,"endTime":5463.92,"body":"little old world that you're"},{"speaker":"Carl Widger","startTime":5461.04,"endTime":5463.92,"body":"operating is in, you know, and"},{"speaker":"Carl Widger","startTime":5463.92,"endTime":5466.26,"body":"how big the world out there is."},{"speaker":"Carl Widger","startTime":5463.92,"endTime":5466.26,"body":"Should"},{"speaker":"Alan Smith","startTime":5466.26,"endTime":5471.0599999999995,"body":"we get trap? Trap"},{"speaker":"Alan Smith","startTime":5466.26,"endTime":5471.0599999999995,"body":"trip to Patagonia. Hey,"},{"speaker":"Carl Widger","startTime":5471.54,"endTime":5474.24,"body":"I'm telling you. I"},{"speaker":"Carl Widger","startTime":5471.54,"endTime":5474.24,"body":"was like, this is, you know,"},{"speaker":"Carl Widger","startTime":5474.3,"endTime":5478.16,"body":"that all the com guy, he went on"},{"speaker":"Carl Widger","startTime":5474.3,"endTime":5478.16,"body":"the guy. He went to the Congo."},{"speaker":"Carl Widger","startTime":5478.16,"endTime":5481.88,"body":"Looked like hard work now, but"},{"speaker":"Carl Widger","startTime":5478.16,"endTime":5481.88,"body":"Patagonia, he went to the ice"},{"speaker":"Carl Widger","startTime":5482.24,"endTime":5483.44,"body":"blood, bloody Congo,"},{"speaker":"Nick Lincoln","startTime":5484.82,"endTime":5487.04,"body":"Conrad, Jesus"},{"speaker":"Nick Lincoln","startTime":5484.82,"endTime":5487.04,"body":"Christ. No,"},{"speaker":"Carl Widger","startTime":5488.42,"endTime":5492.62,"body":"all right, the"},{"speaker":"Carl Widger","startTime":5488.42,"endTime":5492.62,"body":"doctor had to. The doctor had to"},{"speaker":"Carl Widger","startTime":5492.62,"endTime":5496.72,"body":"do something. Oh, my God. Oh,"},{"speaker":"Carl Widger","startTime":5492.62,"endTime":5496.72,"body":"this is incredible stuff. So"},{"speaker":"Carl Widger","startTime":5496.72,"endTime":5499.9,"body":"anyway, yeah, highly recommend"},{"speaker":"Carl Widger","startTime":5496.72,"endTime":5499.9,"body":"it on the RG player for the"},{"speaker":"Carl Widger","startTime":5499.9,"endTime":5501.04,"body":"Irish listeners."},{"speaker":"Alan Smith","startTime":5501.0999999999995,"endTime":5502.48,"body":"Excellent. Thanks."},{"speaker":"Alan Smith","startTime":5501.0999999999995,"endTime":5502.48,"body":"Great stuff."},{"speaker":"Nick Lincoln","startTime":5502.48,"endTime":5505.12,"body":"Great stuff. Thank"},{"speaker":"Nick Lincoln","startTime":5502.48,"endTime":5505.12,"body":"you trap pack. Well, listen,"},{"speaker":"Nick Lincoln","startTime":5505.12,"endTime":5508.66,"body":"we're at 90 minutes. God help"},{"speaker":"Nick Lincoln","startTime":5505.12,"endTime":5508.66,"body":"us, more or less, let's, let's,"},{"speaker":"Nick Lincoln","startTime":5508.66,"endTime":5511.18,"body":"let's. Let's tie a bow on this."},{"speaker":"Nick Lincoln","startTime":5508.66,"endTime":5511.18,"body":"Let's wrap this episode up."},{"speaker":"Nick Lincoln","startTime":5511.18,"endTime":5513.58,"body":"Thank you, dear TRAPPIST, for"},{"speaker":"Nick Lincoln","startTime":5511.18,"endTime":5513.58,"body":"your precious time and input on"},{"speaker":"Nick Lincoln","startTime":5513.58,"endTime":5517.08,"body":"the show. Please do rate and"},{"speaker":"Nick Lincoln","startTime":5513.58,"endTime":5517.08,"body":"review us. Six out of five stars"},{"speaker":"Nick Lincoln","startTime":5517.08,"endTime":5519.5999999999995,"body":"would be lovely. We have broken"},{"speaker":"Nick Lincoln","startTime":5517.08,"endTime":5519.5999999999995,"body":"through the 1000 subscribers on"},{"speaker":"Nick Lincoln","startTime":5519.5999999999995,"endTime":5523.08,"body":"YouTube, which is some kind of"},{"speaker":"Nick Lincoln","startTime":5519.5999999999995,"endTime":5523.08,"body":"achievement, I guess I know. So"},{"speaker":"Nick Lincoln","startTime":5523.08,"endTime":5525.84,"body":"thank you for all the folks who"},{"speaker":"Nick Lincoln","startTime":5523.08,"endTime":5525.84,"body":"watch us on there, but I think"},{"speaker":"Nick Lincoln","startTime":5525.84,"endTime":5528.66,"body":"until the next time that's it,"},{"speaker":"Nick Lincoln","startTime":5525.84,"endTime":5528.66,"body":"folks, take care out there and"},{"speaker":"Nick Lincoln","startTime":5528.66,"endTime":5532.08,"body":"we'll see you on the other side."},{"speaker":"Nick Lincoln","startTime":5528.66,"endTime":5532.08,"body":"Goodbye, peeps. You."}]}